BISYS Updates Earnings Guidance for September 2003 Quarter and June 2004 Fiscal Year; Schedules Conference Call for Thursday, September 25

<body.content> <block> <p>NEW YORK, Sept. 24 /PRNewswire-FirstCall/ — The BISYS Group, Inc. , a leading provider of business process outsourcing solutions for the financialservices sector, today updated its earnings guidance for its current September quarter and its fiscal year ending June 30, 2004.</p> <p>For the fiscal quarter ending September 30, BISYSanticipates reporting earnings per diluted share of $0.15, before restructuring and other charges, which is seven cents per share lower than its previous guidance and five cents per share lower thanthat reported for its September 2002 quarter.</p> <p>This reduction in anticipated earnings is due primarily to lower than anticipated revenue from its life insurance business, and to alesser extent continued softness in its education services division, and some delay in new client installations in its retirement services business.</p> <p>The Company also announcedthat, absent an improvement in general market conditions that accelerates the internal growth of its life insurance and education services revenues and/or an acceleration of new business signings inits Investment Services group, earnings per diluted share for its fiscal year ending June 30, 2004, before restructuring charges, is likely to be in the range of $0.80 to $0.85.</p><p>Dennis Sheehan, president and CEO, stated, “Internal growth for the current quarter in our business overall will not meet the expectations we communicated at the beginning of the quarter,primarily due to lower than expected revenues in our life insurance business. We are implementing a number of initiatives in our life insurance business to return to long-term growth and enhancedprofitability.”</p> <p>The Company announced that it anticipates taking a charge related to the integration, consolidation and reorganization of certain business operations, particularlyin its European fund services business and Insurance and Education Services group. More guidance on the charge will be provided on the Web cast conference call scheduled for 8:30 a.m. on Thursday,September 25, 2003.</p> <p>The Company also announced that a live simulcast and replay of its earnings guidance conference call to be held at 8:30 a.m., EDT on Thursday, September 25,2003, will be available over the Internet. The live Web cast and archived replay may be accessed on the home page through the “Investor Relations” tab of the Company’s Web site at<a>http://www.bisys.com/</a>. Click on the “Earnings Guidance Web cast.” Those wishing to listen to the discussion are asked to logon five minutes prior to the scheduled start time. Anarchive of the call will be available on the BISYS Web site approximately two hours after the call ends.</p> <p>Management’s prepared presentation, including any additional financial andstatistical information, will be available on BISYS’ Web site prior to the Web cast. The additional information also can be accessed from the “Investor Relations” tab of the<a>http://www.bisys.com/</a> home page.</p> <p>About BISYS</p> <p>The BISYS Group, Inc. <org idsrc=”dummy” value=”dummy”><alt-code idsrc=”NYSE”value=”BSG”/></org>, headquartered in New York City, provides business process outsourcing solutions that enable investment firms, insurance companies, and banks to capitalize on convergenceby entering new segments of the financial services industry. BISYS currently supports more than 20,000 domestic and international financial institutions and corporate clients through three businessunits. Its Investment Services group provides administration and distribution services for approximately 380 clients, representing more than 2,200 mutual funds, hedge funds, private equity funds, andother alternative investment products with more than $650 billion in assets. BISYS’ largest group also provides retirement services to more than 15,000 companies in partnership with 40 of thenation’s leading banks and investment management companies, and offers analytical research and competitive intelligence through its Financial Research Corporation (FRC) subsidiary. Through itsInsurance and Education Services group, BISYS is the nation’s largest independent distributor of life insurance and the premier provider of the support services required to sell traditional andvariable life, annuity, long-term care, and disability products. BISYS is also the nation’s third largest independent wholesaler of commercial lines of property/casualty insurance. This groupcomplements its insurance distribution services with a comprehensive compliance management solution that supports insurance and investment firms and professionals with more than 225 certification andcontinuing education training courses, and a sophisticated suite of products and services that automates the entire licensing process. BISYS’ Information Services group provides informationprocessing and imaging solutions to more than 1,150 financial institutions. This group also supports more than 120 insurance companies with a suite of asset retention solutions, and provides completeprogram management for corporate-sponsored cash management accounts. Additional information is available at <a>http://www.bisys.com/</a>.</p> <p>Except for the historicalinformation 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 ReformAct of 1995. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially, including but not limited to economic, competitive,governmental and technological factors affecting the Company’s operations, markets, services and related products, prices and other factors discussed in the Company’s periodic filings with theSecurities and Exchange Commission. </p> <datasource>The BISYS Group, Inc.</datasource> </block> <block class=”contact”> <p>CONTACT: Dennis R. Sheehan, Presidentand Chief Executive Officer of The<br/>BISYS Group, Inc., +1-212-907-6081</p> </block> <block class=”website”> <p>Web site:<a>http://www.bisys.com/</a></p> </block> <block class=”company_oncall”> <p>Company News On-Call:<a>http://www.prnewswire.com/comp/851938.html</a></p> </block> </body.content>