BSG Bisys Grp.

BISYS, a leading provider of outsourcing solutions for the financial services industry, announced today that it has completed its previously disclosed settlement with the Securities and Exchange Commission (SEC) with respect to the SEC�s investigation into its 2004 and 2005 restatements. Under the settlement, the Company has agreed, without admitting or denying any wrongdoing, to refrain from future violations of the reporting, books and records and internal control provisions of the federal securities laws and related SEC rules. As previously disclosed, the Company will pay $25.1 million in disgorgement and prejudgment interest, which amount was placed in escrow in January 2007 as part of the settlement. This settlement concludes the SEC�s investigation of this matter with respect to the Company. "Led by the Audit Committee, our Board and management have cooperated fully with the SEC staff and we are pleased to have reached this resolution, which we believe is in the best interest of BISYS and its shareholders,� said Robert Casale, Chairman, and Interim CEO and President of BISYS. �We have improved controls and procedures in our accounting practices, replaced key individuals throughout the firm, and worked to foster high ethical standards and produce reliable financial reporting for our shareholders.� 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, separately managed accounts, 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. 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 impact of the Company�s proposed merger with Citibank N.A, and the outcome of pending and future litigation 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, including its Annual Report on Form 10-K for the year ended June 30, 2006 and quarterly report on Form 10-Q for the quarter ended March 31, 2007. 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. ADDITIONAL INFORMATION AND WHERE TO FIND IT This release may be deemed to be soliciting material in respect of the proposed merger of BISYS and Citibank N.A. In connection with the proposed merger and required stockholder approval, BISYS will file with the Securities and Exchange Commission (the "SEC") a proxy statement. The proxy statement will be mailed to BISYS stockholders and will contain information about BISYS, the proposed merger and related matters. STOCKHOLDERS ARE URGED TO READ THE PROXY STATEMENT CAREFULLY WHEN IT IS AVAILABLE, AS IT WILL CONTAIN IMPORTANT INFORMATION THAT STOCKHOLDERS SHOULD CONSIDER BEFORE MAKING A DECISION ABOUT THE MERGER. In addition to receiving the proxy statement from BISYS by mail, stockholders will be able to obtain the proxy statement, as well as other filings containing information about BISYS, without charge, from the SEC's website (http://www.sec.gov) or, without charge, from BISYS at www.bisys.com. PARTICIPANTS IN SOLICITATION BISYS and its directors and executive officers and certain other members of management may be deemed to be participants in the solicitation of proxies in connection with the merger. Information concerning BISYS' participants is set forth in BISYS� Annual Report on Form 10-K for the fiscal year ended June 30, 2006, which was filed with the SEC on December 18, 2006. Additional information regarding the interests of participants of BISYS in the solicitation of proxies in connection with the merger will be included in the proxy statement to be filed with the SEC. BISYS� press releases and other Company information are available at BISYS� website located at www.bisys.com.