News Release

Contact:
Elaine Everhart
212-635-1569

The Bank of New York Selected to Provide Image Cash Letter Services to A.G. Edwards

NEW YORK, August 16, 2006 – The Bank of New York, a global leader in treasury management services, has been appointed by A.G. Edwards to provide image cash letter and return-item processing services, greatly reducing clearing costs and improving funds availability for the firm.

By using The Bank of New York’s end-to-end image deposit solutions, A.G. Edwards will be able to electronically transmit check images from remote locations along with related deposit information to the Bank for processing and forward presentment. These electronic solutions increase the speed of reporting and the resolution of returned checks.

The Bank of New York worked closely with A.G. Edwards’ vendor, RemitPro, and is now certified to accept RemitPro image cash letters. Through RemitPro, A.G. Edwards will deploy check scanners to capture images of daily checks that are received into branch offices and then transmit them to The Bank of New York. RemitPro’s electronic check processing capabilities provides A.G. Edwards with an efficient and cost-effective means of transmitting funds from its branch offices to The Bank of New York.

“We chose The Bank of New York after a competitive selection process because of its consultative approach to identifying a solution that generated a positive return on investment, a flexible functionality and an aggressive funds availability schedule,” said XX, of A.G. Edwards. “Their solution greatly streamlines our processing of checks, and gives us quicker access to information and funds.”

Eric Kamback, executive vice president and head of global payment and trade services at The Bank of New York, said, “Our long-term investment in Internet-based services and end-to-end image deposit solutions significantly enhances the cost-effectiveness and efficiency of payments processing for our clients. The services provided to A.G. Edwards will help reduce their costs, improve funds availability and fully streamline their payments processing capabilities.”

Drawn to the firm's client-first philosophy, individuals and businesses have turned to A.G. Edwards & Sons, Inc. (NYSE: AGE) for sound advice and access to a wide array of investment products and services that can help them meet their financial goals and objectives. Founded in 1887, A.G. Edwards and its affiliates employ nearly 7,000 financial consultants in more than 700 offices nationwide and two European locations in London and Geneva. More information is available at www.agedwards.com.

RemitPro is a technology provider focused on treasury management and risk management applications in a service bureau environment. RemitPro offers Remote Deposit Capture, Check21 and ACH solutions to facilitate cash receipt processing. More information is available at www.remitpro.com.

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 private 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.

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