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The Bank of New York Completes Acquisition of Lynch, Jones & Ryan, A Global Leader in Commission Recapture Services

NEW YORK--(BUSINESS WIRE)--July 5, 2005--The Bank of New York has completed the acquisition of Lynch, Jones & Ryan, Inc. (LJR), a leading global provider of commission recapture services for the plan sponsor and institutional fund community.

The Bank's acquisition of LJR, first announced on April 22, 2005, builds upon its commitment to expand and strengthen its core capabilities and increase the value it delivers to plan sponsor clients. LJR will operate as a separate broker-dealer subsidiary of BNY Brokerage Inc., a wholly owned subsidiary of the Bank and a member of BNY Securities Group.

Already a major provider of commission recapture services, BNY Brokerage is merging its existing commission recapture business with the LJR commission recapture business. The new organization, which will continue to be globally marketed under the LJR brand, will be the industry's largest provider with a client base of more than 2,000 funds and more than $3 trillion in assets.

Joseph M. Velli, head of BNY Securities Group and senior executive vice president of The Bank of New York, said, "The LJR acquisition reflects our ongoing commitment to provide the broadest range of services available to plan sponsors worldwide. These complementary capabilities range from the BNY Securities Group's suite of trading, research, transition management and commission management resources to the Bank's industry leadership in clearing, custody and foreign exchange."

Carey S. Pack, president of BNY Brokerage Inc., said, "LJR's acknowledged market leadership in the commission management space and strong international presence offer the ideal platform for BNY Brokerage to expand its servicing of the European and Asian plan sponsor communities. We're particularly excited about the opportunity to introduce our transition management expertise to LJR's clients worldwide and believe clients from both companies will greatly benefit from this powerful combination and expanded trading presence."

LJR will continue to be led by Todd W. Burns, president. "The LJR team is enthusiastic about joining forces with BNY Brokerage because we know that they share our commitment to superior service," said Mr. Burns. "LJR's customers will gain access to a host of enhanced capabilities, including transition management and expanded trading resources. That spells new opportunities for us as well as for our clients."

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. Lynch, Jones & Ryan, Inc. is a member of 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.