Six Firms Launch New Equities Alternative Trading System.

Citigroup, Goldman Sachs, Lehman Brothers, Merrill Lynch, Morgan Stanley and UBS Fund Consortium to Increase Competition for Block Trading

NEW YORK -- Six brokerage firms announced today that they have agreed to form Block Interest Discovery Service ("BIDS"), an alternative trading system ("ATS") designed to increase competition and provide clients with a unique alternative liquidity source in the block trading market. Terms are not being disclosed.

BIDS allows qualified market participants to complete sizable block trades through continuous order matching as well as trade negotiation. Because of its innovative approach to market structure and information disclosure, BIDS resolves the classic paradox of the block trader -- the need to find legitimate trading counterparties without prematurely revealing trading intentions. Information about trading intentions is only revealed when both parties present a legitimate opportunity to trade with each other. Furthermore, orders and executions remain anonymous; the identity of one counterparty is never revealed to the other counterparty.

The concept and technology for BIDS was developed by Alberta Market Solutions, Ltd, a firm specializing in capital markets infrastructure, market design and technology. Alberta Market Solutions will provide ongoing support to BIDS.

"Our discussions with senior traders at different buy-side firms have been consistent - they look forward to the sell-side taking the lead to create a new low-cost industry utility that integrates disparate liquidity," said Paul Hanson, a Director at Alberta Market Solutions. "They believe this platform will provide a level playing field for market participants."

BIDS is accessible to all qualifying broker-dealers and their institutional clients, subject to basic credit and regulatory considerations. Use of BIDS as a block trading service will not be exclusive or subject to volume commitment and each participant may continue to use any ATS, ECN or exchange service that supports the trading needs of its customer base

BIDS expects to announce a CEO appointment in the next few weeks and, subject to regulatory approval, expects to commence trading in early 2007.

About Alberta Market Solutions Ltd

Alberta Market Solutions Ltd. has worked with exchanges, clearinghouses, central securities depositories (CSDs), investment banks, and technology partners in more than 30 countries. Each engagement has met the principal objective: applying expertise and technology to solve the challenges of the world's financial markets.

We provide only senior, proven resources who have demonstrated the ability to deliver solutions and provide expert advice at all points of the transaction chain.

Our goal in all of our projects is to provide low-cost, extensible solutions that give our customers the greatest benefit as early as possible and at the lowest risk.

About Citigroup Corporate and Investment Banking

Citigroup's Corporate and Investment Banking group achieves the extraordinary for its clients around the world. No financial institution is more committed to understanding and advancing the goals of its clients - our diverse and talented staff in some 100 countries advises companies, governments, and institutional investors on the best way to realize their strategic objectives. We create solutions for and provide the broadest possible capital and market access to thousands of issuer and investor clients, and no institution better executes the increasingly complex payment and cash management solutions required in today's global economy. Core business lines under Citigroup Corporate and Investment Banking include Global Capital Markets, Global Banking and Global Transaction Services.

About Goldman Sachs

Goldman Sachs is a leading global investment banking, securities and investment management firm that provides a wide range of services worldwide to a substantial and diversified client base that includes corporations, financial institutions, governments and high net worth individuals. Founded in 1869, it is one of the oldest and largest investment banking firms. The firm is headquartered in New York and maintains offices in London, Frankfurt, Tokyo, Hong Kong and other major financial centers around the world.

About Lehman Brothers

Lehman Brothers (ticker symbol: LEH), an innovator in global finance, serves the financial needs of corporations, governments and municipalities, institutional clients, and high-net-worth individuals worldwide. Founded in 1850, Lehman Brothers maintains leadership positions in equity and fixed income sales, trading and research, investment banking, private investment management, asset management and private equity. The Firm is headquartered in New York, with regional headquarters in London and Tokyo, and operates in a network of offices around the world. For further information about Lehman Brothers' services, products and recruitment opportunities, visit the Firm's Web site at www.lehman.com.

About Merrill Lynch

Merrill Lynch is one of the world's leading wealth management, capital markets and advisory companies with offices in 36 countries and territories and total client assets of approximately $1.8 trillion. As an investment bank, it is a leading global trader and underwriter of securities and derivatives across a broad range of asset classes and serves as a strategic advisor to corporations, governments, institutions and individuals worldwide. Through Merrill Lynch Investment Managers, the company is one of the world's largest managers of financial assets. Firmwide, assets under management total $589 billion. For more information on Merrill Lynch, please visit www.ml.com.

About Morgan Stanley

Morgan Stanley is a leading global financial services firm providing a wide range of investment banking, securities, investment management, wealth management and credit services. The Firm's employees serve clients worldwide including corporations, governments, institutions and individuals from more than 600 offices in 30 countries. For further information about Morgan Stanley, please visit www.morganstanley.com.

About UBS

UBS is one of the world's leading financial firms, serving a discerning global client base. As an organization, it combines financial strength with an international culture that embraces change. As an integrated firm, UBS creates added value for clients by drawing on the combined resources and expertise of all its businesses.

UBS is the world's largest wealth manager, a top tier investment banking and securities firm, and one of the largest global asset managers. In Switzerland, UBS is the market leader in retail and commercial banking.

UBS is present in all major financial centers worldwide. It has offices in 50 countries, with about 39% of its employees working in the Americas, 37% in Switzerland, 16% in the rest of Europe and 8% in Asia Pacific. UBS's financial businesses employ around 72,000 people around the world. Its shares are listed on the SWX Swiss Stock Exchange, the New York Stock Exchange (NYSE) and the Tokyo Stock Exchange (TSE).

Morgan Lewis & Bockius LLP acted as counsel to the consortium.