The Bank of New York Promotes Margo Cook to Executive Vice President; Responsibilities Expand to Include Equity Strategies for BNY Asset Management

Prior to her appointment, Ms. Cook led Institutional Fixed IncomeManagement for BNY Asset Management for nine years. She has heldseveral senior positions at the Company, including senior portfoliomanager and mortgage-backed securities specialist, and is a member ofthe firm's Investment Policy Committee. She holds a BS in Finance fromthe University of Rhode Island, an Executive MBA from ColumbiaUniversity, and the Chartered Financial Analyst designation.

"Margo has a keen understanding of the investment opportunitiesand challenges institutional investors face today, as well as thestrategies required to help them meet their goals," said Pisarkiewicz."Our clients will benefit from her guidance and expertise, as will ourentire asset management organization, which has enjoyed steady growthserving the institutional investor marketplace."

Patrick K. Byrne has been appointed Head of Institutional FixedIncome Management to replace Ms. Cook. Previously, Byrne was a seniorportfolio manager at BNY Asset Management focused on mortgage andasset-backed securities. He reports to Ms. Cook.

Last month, BNY Asset Management bolstered its extensive productcapabilities with the closing of the Company's acquisition of AlcentraGroup Limited, a $6.2 billion international asset management groupfocused on sub-investment grade and structured credit investments. Inaddition, the Company signed a definitive agreement to acquire thereal estate investment management firm Urdang Capital Management,Inc., which manages more than $3 billion in private equity investmentsand portfolios of REIT securities.

BNY Asset Management's assets under management have grown from $76billion at year-end 2002 to $105 billion at year-end 2005, making itone of the largest investment managers in the United States. BNY AssetManagement offers corporations, public funds, Taft/Hartley plans,nonprofit organizations and high net-worth individuals and families abroad range of equity, fixed-income and alternative investmentproducts.

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.