$2.8 billion AUM

has acquired

has acquired

Financial advisor to The Bank of New York

February 2006

Freeman & Co. Acted as Financial Advisor to The Bank of New York
February 2006
Asset Management, Real Estate
Buy-Side M&A

Urdang Capital Management, Inc. to be acquired by The Bank of New York Company, Inc

January 17, 2006 (Plymouth Meeting, PA) - Urdang Capital Management, Inc. (Urdang) announced that it has signed a definitive agreement to be acquired by The Bank of New York Company, Inc. Urdang manages more than $3 billion in private equity investments and portfolios of REIT securities.

The transaction is expected to close by the end of the first quarter, pending regulatory approval and other customary conditions of closing. The purchase price and terms were not disclosed.

E. Scott Urdang, chief executive officer of Urdang Capital Management, Inc., said, "Urdang's significant real estate expertise, coupled with The Bank of New York's substantial asset management and distribution strengths, makes this a perfect fit for both parties. Our entire investment management team will remain in place and continue to pursue the investment processes and strategies that have delivered consistently strong returns for our clients through all market cycles."

"The acquisition of Urdang underscores the continued expansion of our alternative investment solutions for our institutional and private clients, "said Thomas A. Renyi, chairman and chief executive officer of The Bank of New York Company, Inc. "Urdang has built a strong reputation over 18 years in the institutional real estate investment community and will provide our clients with an important asset class that supports their diversification and asset allocation strategies."

Steven Pisarkiewicz, head of BNY Asset Management and executive vice president of The Bank of New York, said, "Urdang's strong investment performance, variety of real estate investment vehicles and investment process significantly bolster our alternative investments platform, which will increase our ability to attract and retain asset management clients. We expect to significantly broaden the market's awareness of Urdang's expertise and success as we continue to expand our asset management capabilities through our global distribution network."