NEW YORK, NY, January 29, 2004 – The Bank of New York today announced that its subsidiary, BNY Brokerage Inc., has sold The Commission Optimizer software product to Eze Castle Software, a leading provider of trade order management technology. As part of the transaction, the BNY Brokerage product support team will join Eze Castle® Software to help ensure a seamless transition for clients.

BNY Brokerage and Eze Castle Software have also developed an alliance to work together in offering the Commission Optimizer to institutional clients. As part of the alliance, BNY Brokerage will be a preferred broker for commission management services.

Commission Optimizer® is an innovative and comprehensive commission budgeting and expense management tool, which provides investment managers, directors of trading, market data services and brokerage coordinators, with a way to systematically plan, monitor and report on all aspects of fund expenses.

"Adding the Commission Optimizer software to our product line is part of our strategy to provide clients the tools to manage all aspects of their investment operations. Commission Optimizer provides money management clients with a state-of-the-art system enabling them to manage their commission expenditures more efficiently and cost-effectively," said David Quinlan, president of Eze Castle Software. "We look forward to working with and supporting the existing Commission Optimizer clients as well as introducing the product to our Eze Castle Software client base and other money managers."

"We believe the transfer of Commission Optimizer to Eze Castle Software will benefit our existing clients because of Eze Castle Software’s focus on investment management software development and service," said Carey S. Pack, president of BNY Brokerage. "Clients will continue to receive trade execution and commission management services from BNY Brokerage, which now together with Eze Castle gives clients a best of breed approach to maximize the value they receive from Commission Optimizer."

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