March 15, 2004 Duff & Phelps LLC Acquired by Management and Investor Group

Duff & Phelps LLC Acquired by Management and Investor Group

Chicago, IL and New York, NY, March 15, 2004 - Duff & Phelps, LLC, a leading U.S. financial advisory and middle-market investment banking firm, today announced that a partnership consisting of management, investment banking boutique Stone Ridge Partners, and an investor group led by Lovell Minnick Partners LLC, has acquired Duff & Phelps from Webster Financial Corporation (NYSE: WBS). The transaction creates an independent, well capitalized investment bank that will build upon Duff & Phelps' more than 70-year heritage of providing the highest-quality corporate advisory services to its clients. Terms of the transaction were not disclosed.

As part of the transaction, Stone Ridge Partners will be merged into Duff & Phelps and the investor group led by Lovell Minnick Partners will contribute significant growth capital to expand the business. Duff & Phelps will continue to provide corporate valuations, financial opinions, merger & acquisition advisory and private capital raising services. With operations in Chicago, New York, Los Angeles, San Francisco and Seattle, Duff & Phelps has a strong national presence and is well positioned to address what remains an under-served market: providing quality, independent investment banking services to the middle market.

The new management team will be led by Stone Ridge founder Noah Gottdiener, who has been named Chief Executive Officer of Duff & Phelps, and Chester ("Chet") Gougis, who will continue as President. The rest of the Duff & Phelps senior management team will remain in place. Gottdiener brings over 20 years of investment banking origination, execution and management experience. Prior to founding Stone Ridge, Gottdiener was a Partner of Thomas Weisel Partners and Furman Selz, and a Managing Director at Lehman Brothers, where he began his career. Chet Gougis joined Duff & Phelps in 1979 and has been instrumental in its evolution into today's national platform. Gougis will oversee the company's financial advisory and valuation business and its existing private equity initiatives.

Gottdiener said, "I am delighted to lead this talented organization and work with my new partner, Chet Gougis, to continue to build Duff & Phelps' M&A practice and to grow its financial advisory and valuation business. Duff & Phelps has maintained a stellar reputation in the financial markets for over 70 years, and we look forward to expanding its national presence in the under-served middle market."

"As a long-time employee and member of Duff & Phelps, it is very gratifying for me to see the firm once again become an independent company, with a capital base that will allow it to grow and realize the extraordinary potential of the Duff & Phelps franchise," said Gougis.

"We are excited to invest alongside an experienced management team in a unique investment banking franchise serving the middle market. We look forward to working with management and the employees of Duff & Phelps to continue to build this enterprise," said Jeffrey D. Lovell, Managing Director of Lovell Minnick Partners.

Duff & Phelps will continue to have a strategic relationship with Webster Financial. "Webster has been a supportive partner of ours over the past several years, and we believe that an ongoing commercial relationship with Webster will continue to benefit our firm and our clients," said Gougis.

About Duff & Phelps
Duff & Phelps, founded in 1932, is a leading national investment banking firm serving the middle market. Duff & Phelps provides the highest quality, independent merger & acquisition, private capital raising, financial advisory and valuation services to a broad range of publicly and privately owned companies.

About Lovell Minnick Partners
Lovell Minnick Partners is an independent company providing growth capital to developing companies in the global financial services industry. Lovell Minnick Partners manages partnerships totaling more than $150 million for qualified private and institutional investors, with a particular focus on investment management, securities brokerage, and related sectors. Portfolio companies manage in excess of $30 billion of assets for institutions, high-net-worth families and mutual fund clients. Institutions investing through Lovell Minnick Partners and its predecessor include AEGON U.S.A. Inc., AXA S.A., CDP Capital, GE Financial Assurance, and Nuveen Investments. Lovell Minnick Partners operates from offices in Los Angeles and New York.