The Bank of New York Announces the Release Of BNY Trade Workstation.

Business Editors

NEW YORK--(BUSINESS WIRE)--Feb. 11, 2003

The Bank of New York announced the release of BNY Trade(SM) Workstation, its next generation import letter of credit software.

As the latest addition to The Bank of New York's innovative suite of e-commerce products,

Importers will be able to use BNY Trade Workstation to access information concerning their letters of credit processed around the world. This state-of-the-art technology is designed to enable customers to input and transmit applications and instructions for letters of credit, to monitor letter of credit activity, and to generate reports via the Internet using one comprehensive and flexible solution. Advanced features of BNY Trade Workstation include purchase order processing, integration with ERP systems through F.A.S.T. Processing(R) L/C, access to document images during discrepancy resolution and user-friendly customized reporting. BNY Trade Workstation is written in Java(R), is J2EE(TM) compliant and is designed to meet the high volume demands of the largest importers.

Howard Bascom, managing director and head of The Bank of New York's Global Trade Financial Services Division, said, "Our import customers will be able to use BNY Trade Workstation to create real efficiencies in their international sourcing operations. In addition, BNY Trade Workstation can be privately labeled for our bank customers, who will then be able to offer it to their corporate customers under their own brand."

The Bank of New York is one of the leading providers of trade service products around the world. In addition to its U.S. processing centers, the Bank has overseas trade operations in Hong Kong, Seoul, Tokyo, Shanghai, Singapore, Taipei, Frankfurt and London.

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.

Java(R) is a registered trademark and J2EE(TM) is a trademark of Sun Microsystems, Inc. BNY Trade and F.A.S.T. Processing(R) L/C are trademarks of The Bank of New York.