The Bank of New York Ranked Top Debt Trustee for Third Consecutive Year.

Business Editors

NEW YORK--(BUSINESS WIRE)--Feb. 11, 2004

The Bank of New York has been ranked as the leading overall trustee for new debt issues for the U.S. taxable and long-term municipal debt markets during 2003, according to data compiled by Thomson Financial. This is the

Karen B. Peetz, executive vice president and Head of the corporate trust division at The Bank of New York, said, "We are one of the few providers with the expertise and infrastructure to service debt instruments, not only in the United States, but also around the world. We remain fully committed to using our market leading resources to our clients' advantage, and we fully expect this commitment to help increase our market share across all debt instruments."

Peetz noted that the Bank will maintain its top ranking even with the pending industry mergers that have been recently announced.

The Bank of New York is a leading provider of corporate trust and agency services. The Bank and its subsidiaries and affiliates administer a portfolio of more than 90,000 trustee and agency appointments, representing more than $1 trillion in outstanding securities for more than 30,000 clients around the world. The Bank is a recognized leader for trust services in several debt products, including mortgage-backed and asset-backed securities, corporate and municipal debt, derivative security services and international debt offerings.

The Bank of New York Company, Inc. (NYSE: BK) is a global leader in securities servicing for issuers, investors and financial intermediaries. The Company plays an integral role in the infrastructure of the capital markets, servicing securities in more than 100 markets worldwide. The Company provides quality solutions through leading technology for global corporations, financial institutions, asset managers, governments, non-profit organizations, and individuals. Its principal subsidiary, The Bank of New York, founded in 1784, is the oldest bank in the United States and has a distinguished history of serving clients around the world through its five primary businesses: Securities Servicing and Global Payment Services, Private Client Services and Asset Management, Corporate Banking, Global Market Services, and Retail Banking. Additional information on the Company is available at www.bankofny.com.