Company Press Release

STAMFORD, Conn., Nov 11, 2008 (BUSINESS WIRE) -- O'Shaughnessy Asset Management (OSAM) today announced that it bought back a ten percent equity stake from a subsidiary of J.P. Morgan, a position that J.P. Morgan acquired through its purchase of Bear Stearns earlier this year. Bear Stearns originally acquired the ten percent ownership interest in OSAM as a part of the deal that allowed Jim O'Shaughnessy and 13 of his colleagues to leave Bear Stearns Asset Management in July, 2007 to start their own firm. While J.P. Morgan will no longer be an equity stakeholder in OSAM, they continue to be a key client of the firm. OSAM continues to be a manager for the clients of J.P. Morgan through their Bear Stearns Private Client Division.

"We wanted to take advantage of the opportunity to acquire our own equity back because we have a strong belief in the prospects for the growth of our firm. The business landscape has changed since our original deal with Bear Stearns, which opened the door for us to discuss this with J.P. Morgan. At the same time, J.P. Morgan felt that selling the equity stake was the right strategic decision. We feel this is the best outcome for both firms," said Jim O'Shaughnessy, Chairman and CEO, O'Shaughnessy Asset Management. "It is also important to note that our relationship with J.P. Morgan remains very strong, and we continue to maintain a clear commitment to servicing their clients."

With this transaction, approximately 89 percent of OSAM is owned by employees and their immediate family members. The Royal Bank of Canada (RBC), for which OSAM also serves as a sub-adviser to its family of mutual funds, owns approximately 11 percent of OSAM through an acquisition earlier this year. OSAM formally began independent operations last year and currently has over $7 billion in total assets under management. The transition of the firm's assets from Bear Stearns to OSAM held through financial intermediaries was completed in January 2008. Institutional accounts completed their transition at the end of March 2008.

About O'Shaughnessy Asset Management
O'Shaughnessy Asset Management is a Stamford, Connecticut-based quantitative money management firm. The firm delivers a broad range of equity portfolios to institutional investors and the high net-worth clients of financial advisors. O'Shaughnessy Asset Management also serves as a sub-adviser to a family of mutual funds through the Royal Bank of Canada. The firm's investment strategies are based on the research of Chairman and CEO James P. O'Shaughnessy, widely regarded as a pioneer in quantitative equity analysis. Mr. O'Shaughnessy and his team have identified the characteristics that have led to successful investing over the last fifty years, and it is these characteristics that form the foundation of the firm's strategies. As of September 30, 2008 O'Shaughnessy Asset Management managed over $7 billion. For more information, visit www.osam.com