BISYS Selects GainsKeeper, Inc. Tax Lot Accounting Services to Power Mutual Fund Services.

Business/Technology Editors

BOSTON--(BUSINESS WIRE)--May 22, 2001

GainsKeeper's Sophisticated Tax Lot Accounting Engine Strengthens

BISYS' Industry-Leading, Third-Party Fund Services

GainsKeeper Institutional Services (GKIS), an ASP provider for financial institutions, today announced that it has entered into an agreement with BISYS(R), a leading third-party fund services provider. Under terms of the agreement, GainsKeeper's tax lot accounting (TLA) engine will provide capital gains calculations for 33 funds under BISYS administration. Using GainsKeeper's TLA engine, BISYS virtually eliminates the need for manual wash sales calculations, resulting in increased efficiency and accuracy.

According to Bill Tomko, president of BISYS' Investment Services group, "The use of GainsKeeper's TLA engine greatly enhances our ability to provide tax basis information to our clients. The TLA engine enhances our ability to track wash sale activity, allowing our tax services group to focus on providing value-added services to our clients."

"Wash sales calculations are extremely complicated, labor-intensive, and costly for most fund administrators to manage," remarked Chad Cook, GainsKeeper's President. "They are, unfortunately, unavoidable for actively traded funds, and administrators must go through the painstaking process of manually calculating and verifying loss deferrals and basis adjustments in order to generate accurate fund distributions. GKIS can mimic a fund's trading and corporate action activity to arrive at the same book gain/loss as a base, and add value by modifying these calculations for wash sales adjustments. By working with GKIS, BISYS has demonstrated continued commitment to providing its customers with leading-edge fund services. We are honored to be selected by an industry leader and to aid in their efforts."

About GainsKeeper Institutional Services

GainsKeeper Institutional Services (GKIS), a division of GainsKeeper, Inc., provides ASP solutions for financial institutions, enabling its partners to offer sophisticated tax lot accounting to their customers without incurring the high cost of building, maintaining, and housing the systems and operations necessary to provide institutional-quality service. GKIS serves the brokerage, mutual fund, fund administrator, and banking industries, providing solutions ranging from back-office outsourcing to fully integrated Internet-based tools and services.

About GainsKeeper, Inc.

GainsKeeper, Inc. is a leading provider of automated financial tools and services for the investment community. Individual investors and professionals seeking cutting-edge investment tools and automated portfolio tracking services, including accounting for investment cost basis adjustments and capital gain/loss calculations, can access GainsKeeper directly via the World Wide Web at www.gainskeeper.com. "Powering investors to smarter results," GainsKeeper enables "tax-smart trading" decisions. Additional information is available by sending e-mail to [e-mail] or by calling 617-472-3314.

About BISYS' Fund Services

BISYS is the industry's leading third-party administrator of domestic and offshore mutual funds, strategically operating as a non-competitive business partner with each client. BISYS is uniquely positioned to perform both the high-level and task-oriented functions inherent in the mutual fund industry through its extensive array of outsourcing services, advanced technology, industry expertise, and award winning client service. These industry-leading capabilities are currently supporting more than 120 families of mutual funds, representing approximately 1,100 portfolios.

BISYS' extremely flexible array of outsourcing solutions supports fund design, administration and accounting, transfer agent and shareholder services, and compliance and legal support. An array of marketing and sales solutions, intended to identify and implement asset-generating opportunities, includes initial and ongoing sales training, strategic and tactical sales support, marketing and distribution programs, and growth-focused pricing and product strategies.

Proprietary variable annuity and managed investment programs, asset allocation capabilities, cash management and "B" share programs, common trust fund conversion expertise, wholesaling programs, and point-of-sale systems support also are available.

BISYS has Internet-enabled its entire suite of core outsourcing solutions to revolutionize its day-to-day business activities and generate material benefits for its clients and conveniences for their customers. Fundamental to BISYS' success is its ability to operate as a seamless resource, providing customized solutions focused on each client's asset growth.

About BISYS

The BISYS Group, Inc., headquartered in Little Falls, N.J., supports more than 15,000 financial institutions and corporate clients through three integrated business units. Its Investment Services Group administers and distributes more than 120 families of mutual funds with approximately 1,100 portfolios, provides retirement plan services to approximately 10,000 companies in partnership with 25 of the nation's leading bank and investment management companies, and offers regulatory consulting services. The Insurance and Education Services Group provides distribution solutions for annuities and life, long-term care, disability, and special risk insurance products; offers certification and continuing education training for insurance and investment professionals; and provides licensing-related software products and services. BISYS' Information Services Group provides information processing and check imaging solutions to approximately 1,000 financial institutions.