GTCR Announces Agreement to Invest in Leading Agency Brokerage and Technology Company

GTCR Golder Rauner, LLC, a leading private equity firm,announced today that it will join forces with The Bank of New YorkCompany, Inc. (NYSE:BK) and Eze Castle Software, a major provider oftrade order management and related technologies, to form BNY ConvergExGroup, LLC. BNY ConvergEx will be a leading global agency brokerageand technology company offering a complete spectrum of pre-trade,trade and post-trade solutions for traditional money managers, hedgefunds, broker-dealers, corporations and plan sponsors. The company'scomprehensive suite of services, advanced technology offerings andbreadth of distribution channels will enable its customers to manageall aspects of the trade cycle including idea generation, research,analysis, trading and execution, risk management, compliance, andportfolio management.

The company had pro forma 2005 revenues of approximately $340million and is experiencing attractive growth in revenues andprofitability. BNY ConvergEx will have a strong capital base tosupport its future growth.

GTCR, in conjunction with GTCR Fund VIII, LP and other affiliates,is partnering with a management team led by Joseph M. Velli, seniorexecutive vice president of The Bank of New York, to form the newcompany, of which Velli will serve as both Chairman and CEO. The Bankof New York and the GTCR affiliates will own equal stakes in the newenterprise, with the balance held by Eze Castle Software's investorsand BNY ConvergEx's management team. BNY ConvergEx will combine theexpertise of BNY Securities Group, a global institutional agencybrokerage organization and a leading provider of trade execution,commission management, independent research, and transition managementservices, with Eze Castle Software, a provider of technology solutionsfor all aspects of the investment management process includingportfolio analysis, order creation, execution, compliance, andsettlement. In addition, The Bank of New York's B-Trade and G-Tradebusinesses are expected to become part of BNY ConvergEx Group in 2008,although in the interim they will be continue to be owned by The Bankof New York.

Velli's substantial experience in the financial services arenaincludes more than twenty years at The Bank of New York, where he hasserved as head of global issuer services, consumer banking, custodyadministration, and the Company's global marketing and sales group. In1992 he was elected to Executive Vice President, the youngest toattain this position in the company's history. He is currently SeniorExecutive Vice President with responsibility for the Bank's Executionand Clearing Services Sector, which includes the agency brokeragebusiness and Pershing, LLC, the world's largest correspondent clearingfirm that was acquired and integrated into BNY Securities Group in2003.

"We are thrilled to partner with The Bank of New York, Joe Velli,Eze Castle CEO Tom Gavin and management of both companies to form anew company that will leverage the complementary strengths of BNYSecurities and Eze Castle," said Collin Roche, Principal at GTCR. "Webelieve BNY ConvergEx will be well-positioned to participate in stronggrowth and technological innovation in the securities industry asmanagement works to better integrate the investment and tradingworkflow. The Bank of New York is a premier participant in thesecurities industry, and we are flattered to work with them on thisimportant initiative."

"The dynamic, ongoing evolution of the financial marketplace hascreated the need for flexible, innovative technology solutionsproviders," said Velli. "By partnering with GTCR and Eze Castle, wecan create an entrepreneurial organization that will move quickly toenhance and expand our product offerings, leveraging our collectiveexperience and market leadership to create superior growth."

"I am very excited to join forces with GTCR and The Bank of NewYork," said Tom Gavin, CEO of Eze Castle Software. "Our team at EzeCastle is pleased to be joining with BNY Securities Group to harnessthe combined power of our two firms. Our industry-leading trade ordermanagement capabilities have helped investment management firmsworldwide to automate their investment processes and we look forwardto providing an even broader suite of investment technology solutionsas part of BNY ConvergEx."

The transaction highlights GTCR's unique method of identifying andpartnering with exceptional management teams to build dominantcompanies in high-growth industries, a strategy which it pioneered andhas implemented successfully for more than 25 years.

Legal counsel for the transaction included Kirkland & Ellis LLPadvising GTCR, Sullivan & Cromwell LLP advising The Bank of New York,and Nixon Peabody LLP advising Eze Castle.

About The Bank of New York

BNY Securities Group is the global institutional agency brokerageorganization of The Bank of New York Company Inc. BNY Securities Groupbusinesses included in BNY ConvergEx are BNY Brokerage Inc. (memberNYSE, NASD, SIPC), Lynch, Jones & Ryan, Inc/ (member NASD, SIPC),G-Port, Westminster Research Associates, Inc. (member NASD, SIPC) andBNY Jaywalk Inc. BNY Brokerage is a premier institutional agencybrokerage firm that provides full-value brokerage solutions toinstitutional asset owners, asset managers, and broker-dealersworldwide. It offers a full range of execution services, includingspecialized global transition management capabilities, commissionmanagement services, research and wholesale services. Lynch, Jones &Ryan, a subsidiary of BNY Brokerage, is a pioneer and global leader incommission recapture, providing services to over 2,000 funds worldwidewith assets totaling more than $3 trillion. G-Port provides electronicglobal trading, liquidations and transitions. Westminster Research isa broker-dealer providing access to independent research coupled witha unique multiple trading approach to execution. BNY Jaywalk is aleading provider of independent research.

The Bank of New York Company, Inc. (NYSE:BK) is a global leader inproviding a comprehensive array of services that enable institutionsand individuals to move and manage their financial assets in more than100 markets worldwide. The Company has a long tradition ofcollaborating with clients to deliver innovative solutions through itscore competencies: securities servicing, treasury management, assetmanagement, and private banking. The Company's extensive global clientbase includes a broad range of leading financial institutions,corporations, government entities, endowments and foundations. Itsprincipal subsidiary, The Bank of New York, founded in 1784, is theoldest bank in the United States and has consistently played aprominent role in the evolution of financial markets worldwide.Additional information is available at www.bankofny.com.

About Eze Castle Software

Since 1995, Eze Castle Software (ECS) has provided investmentmanagement firms with cutting-edge technology solutions to automatethe investment process. With over 260 clients and offices in Boston,New York, San Francisco, Stamford, and London, Eze Castle Software isone of the largest order management product firms in the industry. EzeCastle Software's Product Suite provides multi-strategy globalinvestment managers with the technology to support multi-asset-classorder management, compliance, portfolio modeling, electronic trading,third-party data integration, mobile connectivity, real-time p/l, andcommission management. For information about the company please visitour web site at www.ezecastlesoftware.com

About GTCR Golder Rauner, LLC

Founded in 1980, GTCR Golder Rauner, LLC is a leading privateequity investment firm and long-term strategic partner for outstandingmanagement teams. The Chicago-based firm pioneered the investmentstrategy of identifying and partnering with exceptional executives toacquire and build companies through a combination of acquisitions andstrong internal growth. GTCR currently manages more than $8 billion ofequity capital invested in a wide range of companies and industries.More information about GTCR may be found at www.gtcr.com.