The Bank of New York Company, Inc. Establishes Securities Company in Japan

The Bank of New York Company, Inc. ("the Company"), aglobal leader in securities servicing, has established The Bank of NewYork Securities Company Japan Ltd., a wholly owned subsidiary thatwill allow the Company to offer commission management and transitionmanagement services, as well as establish a dedicated asset managementsales capability. The new subsidiary will also significantly enhancethe Company's ability to meet the needs of Japanese clients who useits global custody, securities lending, agency brokerage, globalcollateral management, offshore funds administration, and depositaryreceipts services.

Takahide Akiyama has been appointed president of The Bank of NewYork Securities Company Japan and will continue in his current role ascountry head of Japan. Sumiko Katsuhara, vice president, will succeedMr. Akiyama as general manager of The Bank of New York's Tokyo branch.

Kenneth A. Lopian, executive vice president and Head of The Bankof New York's Asia-Pacific Division, said, "We have been servicingclients in Japan for more than three decades, and this new subsidiarywill improve our ability to meet the growing and sophisticatedsecurities servicing needs of institutional investors across Japan."

The creation of The Bank of New York Securities Company Japan isthe latest move by the Company to expand its presence in theAsia-Pacific region and follows the opening of its representativeoffice in Kuala Lumpur in September 2005. The Company also has arepresentative office in Beijing and, through its subsidiaries IvyAsset Management and BNY Brokerage, recently opened new offices inTokyo and Sydney, respectively.

The Bank of New York has been conducting business in theAsia-Pacific region for over 50 years. The Company has 18 offices in12 countries in the region, including full-service branches inShanghai, Tokyo, Hong Kong, Singapore, Seoul, and Taipei, and employsover 1,500 staff.

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

BNY Brokerage Inc. is a member of NYSE/NASD/SIPC.