The Bank of New York Receives Top Honors in Global Investor Magazine's 2003 Foreign Exchange Survey for Second Consecutive Year.

Business Editors

NEW YORK--(BUSINESS WIRE)--March 19, 2003

The Bank of New York announced today that it has been named "Best Provider of FX Services Overall" for the second year in a row in Global Investor magazine's 2003 Foreign Exchange Survey. The Global Investor survey results are announced annually each March.

The survey ranked the Bank in more than 25 "Top 5" categories this year, with number one rankings in six categories, including:

-- Best Provider of FX Services Overall (weighted)

-- Best FX Service Overall (Real Money) for North American respondents (weighted and unweighted categories)

-- Best FX Service Overall (Real Money) for European respondents (weighted)

-- Most Improved Service Over The Last 12 Months (unweighted)

Survey respondents included well-known corporations such as Goldman Sachs, Morgan Stanley, JPMorgan, Citibank, and State Street. The entire group consisted of 49% investment managers and 28% hedge fund managers, with the remaining 23% respondents divided among mutual funds, insurance companies, pension funds, overlay managers and CTAs (commodity trading advisors). Hedge fund and CTA responses were excluded from the "real money" results. Real money refers to assets that are not managed by hedge funds.

Global Investor's Foreign Exchange Survey is compiled based on responses received from Global Index 100 Asset Managers, a listing of the top investment managers in the industry who are asked to rate foreign exchange performance and related services.

Jorge Rodriguez, senior vice president and head of global markets sales at The Bank of New York, said, "We are proud to have been named Best Provider of FX Services Overall and to have received top honor recognition in multiple survey areas. Our goal has been to create a comprehensive and responsive suite of products and services that provides innovative solutions to our clients, and we are pleased to have our services recognized by the investment community."

The Bank of New York's Global Markets Division encompasses the Bank's foreign exchange and interest-rate risk management businesses, including global trading, currency overlay and sales activities. The Bank is a premier foreign exchange provider, trading in over 100 currency markets around the world. Additional information is available at http://gm.bankofny.com.

Since its launch in 1987, Global Investor has been a leading industry magazine for the international asset management community and is read by asset managers, pension plan sponsors, investment services providers and capital markets intermediaries. Global Investor's news service, features and departments provide readers with broad and consistent coverage of the business. For more information on Global Investor, visit http://globalinvestormagazine.com.

The Bank of New York, founded in 1784 by Alexander Hamilton, is the United States' oldest bank and is the principal subsidiary of The Bank of New York Company, Inc. (NYSE: BK), a financial holding company. With over $77 billion in total assets as of December 31, 2002, the Company provides a complete range of banking and other financial services to corporations and individuals worldwide through its basic businesses, namely, Securities Servicing and Global Payment Services, Corporate Banking, BNY Asset Management and Private Client Services, Retail Banking, and Global Market Services. Additional information on the Company is available at www.bankofny.com.