Contact: Dori Flanagan
                 212-815-2291

For Immediate Release

NEW YORK, March 3, 2005 - The Bank of New York, a global leader in securities servicing, has begun using the Industry Classification Benchmark (ICB) for its Bank of New York ADR Index, which is the only index to track all depositary receipts traded on The New York Stock Exchange, The American Stock Exchange, and NASDAQ.

Developed by Dow Jones Indexes and FTSE Group, the ICB represents a global classification system covering 40,000 companies and 45,000 securities worldwide. It allows users to monitor broad industry trends and focus on small market niches, as well as perform qualitative and quantitative analysis.

“This enhancement supports our strategic focus on introducing innovative capabilities to help our investor, intermediary and issuer clients unlock the full potential of the depositary receipt market,” said Christopher Sturdy, managing director and Depositary Receipt division head.

The ICB has been adopted by exchanges, index calculators, and financial services providers worldwide and serves as a versatile tool for global sector analysis. More information about the system can be found at www.icbenchmark.com

The Bank of New York ADR Index is calculated on a continuous basis throughout the trading day. The indexes are capitalization-weighted and adjusted for free-float utilizing Dow Jones' current methodology. In addition to the Bank's Composite Index, there are 3 regional indices (Europe, Asia and Latin America), 4 market indices (Developed, Emerging, Euroland and Telebras), 3 sector indices (European Telecom, Latin Telecom and European Oil and Gas), 7 select indices (International 100, Europe 100, Developed Markets 100, Asia 50, Emerging Markets 50, Latin America 35 and International Telecom 35) and 39 country indices.

The Bank of New York is the world’s largest depositary for American and global depositary receipts, allowing non-U.S. companies to offer dollar-denominated securities to investors worldwide. The Bank currently issues depositary receipts for over 1,180 American and global depositary receipt programs from issuers in over 60 countries, representing 64 percent of all sponsored programs worldwide.

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. Additional information is available at www.bankofny.com