Press Release

The Bank of New York Company, Inc. Announces Quarterly Dividend

NEW YORK, October 10, 2006 -- The Bank of New York Company, Inc. today announced that its Board of Directors declared a quarterly cash dividend of 22 cents per share on the outstanding shares of the Company's Common Stock. The dividend is payable on November 3, 2006, to holders of record as of the close of business on October 25, 2006.

A dividend of 48.4375 cents per share was declared on the Company's 7.75% Cumulative Convertible Preferred Stock for the period from October 2, 2006, through January 1, 2007. The dividend is payable on January 2, 2007, to holders of record as of the close of business on December 15, 2006.

The Bank of New York, the Company's principal subsidiary, is the oldest bank in the United States and has consistently played a prominent role in the evolution of financial markets worldwide. The Bank of New York Company, Inc. or its subsidiary has paid a dividend since the Bank was founded in 1784 and, except for a one-year moratorium mandated by the government in 1837, has continued to do so uninterrupted for more than two centuries.

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, asset management, and private banking. The Company's extensive global client base includes a broad range of leading financial institutions, corporations, government entities, endowments and foundations. Additional information is available at www.bankofny.com.

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