The Bank of New York Introduces XpressDox(SM)

Through XpressDox, exporters and financial institutions can reducethe time spent managing the letter of credit document examinationprocess. This simple and cost-effective service allows clients tosecurely transmit images of their letter of credit documents from anylocation with Internet access directly to the Bank's processingsystem, resulting in reduced expenses, improved days sales outstandingand the faster resolution of discrepancies. The Bank of New York isthe first U.S. bank to offer this capability on a private-label basisto correspondent banks.

Eric Kamback, executive vice president and head of global paymentand trade services at The Bank of New York, said, "Our innovativesolutions are flexible enough to meet all our clients' trade needs,whether their objective is to accelerate cash flow or to improveoperating efficiency. XpressDox provides exporters with a simplemethod for the submission and management of letter of creditdocuments, while offering a major competitive advantage to the Bank byincreasing our trade processing efficiency."

The Bank of New York Company, Inc. (NYSE: BK) is a global leaderin providing a comprehensive array of services that enableinstitutions and individuals to move and manage their financial assetsin more than 100 markets worldwide. The Company has a long traditionof collaborating with clients to deliver innovative solutions throughits core competencies: securities servicing, treasury management,investment management, and individual & regional banking services. TheCompany's extensive global client base includes a broad range ofleading financial institutions, corporations, government entities,endowments and foundations. Its principal subsidiary, The Bank of NewYork, founded in 1784, is the oldest bank in the United States and hasconsistently played a prominent role in the evolution of financialmarkets worldwide. Additional information is available atwww.bankofny.com.