JERSEY CITY, N.J., Sept. 23, 2004--Pershing LLC, a member of BNY Securities Group and a subsidiary of The Bank of New York, will provide its nearly 1,100 customers and their investment professionals with access to NaviPlan Extended(R), a powerful financial planning tool developed by Emerging Information Systems Inc.

NaviPlan Extended builds upon the capabilities of NaviPlan Standard, which has been available to Pershing's customers for the past year. It is designed to meet the needs of investment professionals who support high- and ultra-high-net-worth investors and offers several enhanced features, including the efficient calculation of the Alternative Minimum Tax at the federal level, and the ability to easily perform detailed federal and state income tax calculations, allowing for itemized deductions, standard deductions, and bracketed tax rates.

In addition, NaviPlan Extended provides investment professionals with the ability to quickly perform detailed estate analysis, including gifting assets to heirs, creating charitable trusts, and family limited partnerships. A small business planning component is also included that assesses the impact of C-Corporations and flow-through entities, including limited liability companies, partnerships, and S-Corporations, on an individual's financial plan.

Brian T. Shea, chief operating officer of Pershing, said, "Achieving success in today's investing environment requires access to wealth management tools that support high-net-worth customers. NaviPlan Extended offers a best-of-breed solution that will help streamline the planning process for investment professionals and enable them to focus even more of their energy on building client relationships."

Pershing is a leading global provider of clearing and financial services outsourcing solutions to nearly 1,100 institutional and retail financial organizations and independent investment advisors who collectively represent more than 5 million individual investors. Located in 23 offices worldwide, Pershing provides customers with innovative technology solutions and a wide range of value-added products and services, including asset-gathering products and managed account services, extensive trading and financing capabilities, and website development. Pershing LLC (member NYSE/NASD/SIPC) is a member of every major U.S. securities exchange and its international affiliates are members of the Frankfurt, Irish, and London Stock Exchanges. Pershing LLC is a member of BNY Securities Group and a subsidiary of The Bank of New York. BNY Securities Group is the global agency brokerage, clearing and financial services outsourcing sector of The Bank of New York.

The Bank of New York Company, Inc. (NYSE: BK) is a global leader in securities servicing for issuers, investors and financial intermediaries. The Company plays an integral role in the infrastructure of the capital markets, servicing securities in more than 100 markets worldwide. The Company provides quality solutions through leading technology for global financial institutions, asset managers, governments, non-profit organizations, corporations, and individuals. Its principal subsidiary, The Bank of New York, founded in 1784, is the oldest bank in the United States and has a distinguished history of serving clients around the world through its five primary businesses: Securities Servicing and Global Payment Services, Private Client Services and Asset Management, Corporate Banking, Global Market Services, and Retail Banking. Additional information on the Company is available at www.bankofny.com.

Pershing LLC
Barbara Gallo, 201-413-2930
bgallo@pershing.com