BISYS(R) Delivers a Full-Service 22c-2 Solution; To Ensure '40 Act Funds are in Compliance with Rule 22c-2, BISYS Offers a Total Technology, Compliance, and Service Solution.

ROSELAND, N.J. -- BISYS, a leading provider of outsourcing solutions for the financial services sector, today introduced the BISYS 22c-2 Solution, the industry's first full-service compliance solution of its kind. In response to Investment Company Act Rule 22c-2, BISYS developed a complete technology, compliance and service solution to help fund boards meet the anticipated compliance deadline of October 16, 2006. The Rule is designed to help mutual funds combat the market timing and frequent trading abuses that were identified over the past several years.

"22c-2 represents the most challenging and potentially cost-draining compliance requirement for fund companies that we've seen in recent years," said Fred Naddaff, president, BISYS Fund Services. "There are several facets of compliance, such as transaction detail management, that are not resident in existing transfer agent or portfolio systems. Additional burdens include the administration and negotiation of shareholder information agreements with intermediaries; market timing monitoring on direct accounts; and the reports and communications with intermediaries, the board of directors, and chief compliance officers. Though technology is a major component, it doesn't solve a mutual fund's total 22c-2 compliance obligation. Since July 2005, we've been investing significant resources, leveraging our legal, regulatory and compliance expertise, as well as our technology partners, to design a cost-effective solution that encompasses the full scope of support," he said. "We are very proud to unveil the culmination of this diligent thought leadership, the BISYS 22c-2 Solution."

Available to clients who employ BISYS as a transfer agent and distributor, the BISYS 22c-2 Solution includes:

--Shareholder information agreement negotiations and execution

--Tracking and monitoring technology

--Trade compliance

--Ongoing analysis of account-level transaction data

--Reports tailored to the needs of the fund, boards, and CCOs

--Management of trade exceptions

BISYS has been an active participant, along with numerous investment companies and broker dealers, in several working groups over the past several months, including the Investment Company Institute (ICI), and Depository Trust & Clearing Corporation (DTCC). Under the guidance of Bruce Treff, executive vice president and general counsel for BISYS Fund Services, BISYS is helping clients to remain abreast of Rule developments and understand the Rule's practical application and requirements.

According to Mr. Treff, "Rule 22c-2 poses major challenges to the mutual fund industry that require creative and collaborative initiatives to address the Rule's requirements. The BISYS 22c-2 Solution is an innovative full-service solution that enables our clients, who may be struggling with the demands of the mandate, to cost-effectively outsource the burdens of compliance. BISYS, on our clients' behalf, is closely monitoring the proposed amendments to Rule 22c-2 and will make modifications, as appropriate, to our solution. BISYS' clients can continue to focus on their core competencies: managing and distributing investments."

About BISYS Fund Services

BISYS Fund Services is an industry-leading provider of outsourcing solutions for mutual funds, separately managed accounts (SMAs), and other investment programs, worldwide. Recognized by various industry publications and surveys for its service excellence and compliance focus, BISYS administers more than $400 billion in assets for approximately 2,000 portfolios. Its core offerings include compliance and regulatory consulting and oversight, treasury and financial administration, broker/dealer compliance, tax and legal services, fund accounting, distribution support, and transfer agency services. Investment managers of all types and sizes turn to BISYS for innovative and tailored solutions. BISYS Fund Services is a division of The BISYS Group, Inc.'s Investment Services group.

About BISYS

The BISYS Group, Inc. (NYSE: BSG) provides outsourcing solutions that enable investment firms and insurance companies to more efficiently serve their customers, grow their businesses, and respond to evolving regulatory requirements. Its Investment Services group provides administration and distribution services for mutual funds, hedge funds, private equity funds, retirement plans and other investment products. Through its Insurance Services group, BISYS is the nation's largest independent wholesale distributor of life insurance and a leading independent wholesale distributor of commercial property/casualty insurance, long-term care, disability, and annuity products. Additional information is available at www.bisys.com.

Except for the historical information contained herein, the matters discussed in the press release are forward-looking statements within the meaning of the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on management's current reasonable expectations and are subject to certain assumptions, risks, uncertainties and changes in circumstances due to future events as well as changes in economic, competitive, regulatory and/or technological factors affecting BISYS' business, including, without limitation, the ongoing government investigations and litigations involving the company. More detailed information about risk factors that could cause actual results to differ materially are noted in BISYS' periodic filings with the Securities and Exchange Commission. These documents can be accessed on BISYS' website at www.bisys.com under the "Investor Relations" tab. Forward-looking statements are only predictions, not guarantees of performance, and speak only as of the date they are made. BISYS disclaims any obligation to update or amend these statements in light of new information, future events or otherwise.