Ivy Asset Management Names Sean Simon, Michael Singer Co-Presidents, Adam Geiger Chief Investment Officer; Larry Simon and Howard Wohl Named Vice Chairmen

In their new roles, Sean Simon and Michael Singer will beresponsible for establishing Ivy's strategic plan and managing thefirm's business. Mr. Simon will oversee Ivy's global clientrelationship development and servicing and Mr. Singer will oversee thefinance, compliance, information technology, human resources andadministration departments. Mr. Geiger will be in charge of the GlobalInvestment Team and will oversee manager research and selection,portfolio management, operational due diligence and risk management.He will also be responsible for the investment philosophy, portfoliostrategy and asset allocation for the firm. In his new role, Mr.Geiger will report to the co-Presidents. Larry Simon and Howard Wohlwill serve as strategic advisers to the firm, participating in thetactical development of key firm initiatives and providing mentorshipto Ivy executives.

"Sean and Michael's appointments as co-Presidents and Adam's asChief Investment Officer represent an important step in our strategicdevelopment and are designed to ensure succession and continuity atIvy," stated Larry Simon. "These three executives have served on ourstrategic operating committee over the past year, managing the day today operations of the firm."

"These three appointments are a clear recognition of Sean, Michaeland Adam's outstanding contributions to the firm and are a reflectionof our confidence in their leadership talents," said Howard Wohl."Their efforts have allowed Ivy to grow while maintaining our focus ondelivering outstanding investment returns and superior client serviceto our investors."

"Under Larry and Howard's leadership, Ivy has exceeded ourexpectations and we are grateful for their dedication and continuedcommitment to the firm," said Steven Pisarkiewicz, Executive VicePresident of the Bank of New York and a member of the Ivy Board ofDirectors. "Sean and Michael have the experience and industry insightneeded to further advance Ivy's record of success. Ivy is a criticalcomponent of our growing investment management business and isstrategically important to The Bank of New York."

Sean Simon joined Ivy in 1996 and was previously Head of GlobalClient Development for the firm. Prior to joining Ivy, Mr. Simon wasan Equity Research Associate with Credit Suisse First Boston.

Michael Singer was previously Chief Administrative Officer of Ivy.Mr. Singer was formerly a Senior Managing Director at Weiss, Peck &Greer, where he spent nine years before joining Ivy in October 2004.

Adam Geiger joined Ivy in 1997 and was previously Global Head ofInvestments at the firm. He joined Ivy after spending seven years withTwenty-First Securities Corp., a broker-dealer and money managementfirm, where he was most recently Vice President of Trading.

Lawrence Simon is the former President and Chief Executive Officerof Ivy Asset Management, which he co-founded with Howard Wohl in 1984.Mr. Wohl is the former Chief Investment Officer of Ivy AssetManagement.

Recent developments at Ivy include the launch of several newproducts with a focus on global equity long/short, credit and tradingstrategies. In addition, Ivy has broadened its European operations,based in London, and opened an Asia office in Tokyo. Each officeprovides both investment manager research and client service, servingto provide clients with a comprehensive global operation.

Ivy Asset Management Corp. provides real time client services inthe major financial markets around the world with over 170 employeesin New York, San Francisco, London and Tokyo. Founded in 1984 andoperating as a subsidiary of The Bank of New York Company, Inc. sinceOctober 2000, Ivy offers a wide range of risk-adjusted,performance-driven multi-manager products from diversified proprietaryfund portfolios to customized programs for a full range of globalinstitutional investors. Ivy Asset Management Corp. is registered asan Investment Adviser with the SEC, an Investment Manager with theIrish Financial Services Regulatory Authority and licensed as anon-discretionary resident Investment Advisor with the Japan FinancialServices Agency. Additionally, Ivy Asset Management (UK), Ltd. isauthorized and regulated by the UK Financial Services Authority. Formore information about Ivy Asset Management please visitwww.ivyasset.com.

The Bank of New York Company, Inc. (NYSE: BK) is a global leaderin providing a comprehensive array of services that enableinstitutions and individuals to move and manage their financial assetsin more than 100 markets worldwide. The Company has a long traditionof collaborating with clients to deliver innovative solutions throughits core competencies: securities servicing, treasury management,investment management, and individual & regional banking services. TheCompany's extensive global client base includes a broad range ofleading financial institutions, corporations, government entities,endowments and foundations. Its principal subsidiary, The Bank of NewYork, founded in 1784, is the oldest bank in the United States and hasconsistently played a prominent role in the evolution of financialmarkets worldwide. Additional information is available atwww.bankofny.com.