The Bank of New York to Provide Commission Recapture Services to QIC.

NEW YORK -- The Bank of New York, a global leader in securities services, has been appointed by QIC (previously known as Queensland Investment Corporation) to provide commission recapture services for its clients through BNY Brokerage Inc., a wholly owned subsidiary of the Bank and a member of BNY Securities Group.

Michael Cottier, general manager corporate services at QIC, said, "After a thorough and competitive search for a commission recapture provider, we selected BNY Brokerage because we were impressed with its robust electronic and broker-assisted trading capabilities, as well as with its comprehensive commission management service and broad correspondent broker network. We are confident that this diverse product suite will provide our money managers with all the trading resources they need while fulfilling our requirements for controlling commission costs."

Boyd Lees, managing director of BNY Securities Australia Limited, said, "We are delighted to welcome QIC as The Bank of New York's first Australian commission recapture client. Establishing a foothold in the Australian superannuation marketplace is a critical part of the Bank's expansion plans in the Asia-Pacific region, as underscored by the opening of its Sydney office earlier this year."

With its acquisition of Lynch, Jones & Ryan, Inc., which is expected to close on July 1, the Bank will become the industry's largest commission recapture provider. In addition, the acquisition will provide the Bank with the ideal platform to introduce its full suite of securities services to the plan sponsor communities in Asia and Europe.

QIC is Australia's fourth largest wholesale fund managers with close to $40 billion of client funds invested on behalf of a range of public and private sector companies, including major superannuation funds.

BNY Brokerage is a leading institutional agency brokerage firm offering a broad range of execution and commission management services to money managers, institutional broker-dealers, and plan sponsors. Additional information on BNY Brokerage is available at www.bnybrokerage.com.

BNY Securities Group is the global agency brokerage, clearing and financial services outsourcing sector of The Bank of New York Company, Inc. It provides institutions, broker-dealers and corporations with a broadly diversified suite of services and "The Power of Choice" through multiple business models. Through its broad range of businesses, BNY Securities Group offers creative solutions in trade execution, commission management, independent research, securities clearing and financial services outsourcing. BNY Securities Group is the largest provider of commission management services, has 21 New York Stock Exchange seats, and offers global execution and clearing services in over 80 markets with offices in the U.S., Europe, Asia, and Australia. BNY Securities Group is an organization consisting of several broker-dealers and other companies. BNY Brokerage Inc. is a member of NYSE/NASD/SIPC.

The Bank of New York Company, Inc. (NYSE: BK) is a global leader in providing a comprehensive array of services that enable institutions and individuals to move and manage their financial assets in more than 100 markets worldwide. The Company has a long tradition of collaborating with clients to deliver innovative solutions through its core competencies: securities servicing, treasury management, investment management, and individual & regional banking services. The Company's extensive global client base includes a broad range of leading financial institutions, corporations, government entities, endowments and foundations. Its principal subsidiary, The Bank of New York, founded in 1784, is the oldest bank in the United States and has consistently played a prominent role in the evolution of financial markets worldwide. Additional information is available at www.bankofny.com.