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PFPC LAUNCHES INTEGRATED 22C-2 SOLUTION THAT WILL OFFER DIRECT ACCESS TO OVER 90 MILLION ACCOUNTS

WILMINGTON, May 15, 2006 – PFPC today announced it will offer a comprehensive Rule 22c-2 compliance solution for mutual fund companies that will provide a Web-based monitoring tool with direct access to more than 50 million broker/dealer and 43 million retirement subaccounts — creating one of the most integrated and cost-effective solutions available for monitoring market timing.

PFPC’s 22c-2 services provide a user-friendly Web interface, analytics engine, contract management, data warehousing and request monitoring through a secure portal. These capabilities combined with direct access to data will establish an economy of scale that helps reduce the expenses associated with obtaining intermediary data. Designed for both PFPC clients and as a stand-alone product, it will be available prior to the October 2006 deadline set by the Securities and Exchange Commission (SEC).

“As a recognized leading provider of shareholder services and the industry’s largest provider of subaccounting services, the marketplace is looking to us to provide an innovative approach to complying with 22c-2. We are already in implementation discussions with many fund companies,” said Michael DeNofrio, PFPC executive vice president and senior managing director, transfer agency. “PFPC’s PR3 file is considered by many to be the industry-standard for delivering broker/dealer subaccounting data. This expertise led us to develop a robust solution that will embrace a risk-based approach to monitoring market timing.”

PFPC selected the SunGard Transaction Network (STN) to provide the technology underpinnings of the service via PFPC’s secure, Web-based portal. By combining the technical and subaccounting proficiency of two of the industry’s leading service providers, the solution will establish an integrated connection to thousands of financial intermediaries and fund companies creating one of the most industrial strength, cost-efficient Rule 22c-2 solutions in the industry.

“By integrating PFPC’s and STN’s 22c-2 technology and connectivity throughout the industry, our collective 22c-2 solution becomes a much richer source of intermediary data for fund providers,” said Marty Burns, vice president, SunGard Transaction Network. “This scale helps bring a more powerful end-to-end solution to customers to help them identify and prevent market timing.”

Rule 22c-2 is intended to prevent short-term trading and market timing by requiring mutual fund companies to establish agreements compelling intermediaries to provide funds with underlying shareholder trading information so funds can monitor and enforce their market timing policies.

A flexible and user-friendly tool, PFPC’s 22c-2 services are customized to support each fund company’s approach to market timing monitoring which could include a risk-based approach that analyzes omnibus activity or the review of data on a periodic basis. PFPC’s 22c-2 solution will help create efficiencies and cost savings by streamlining the review process through the identification, tracking and storing of exception items.