CALYPSO ADDS FOUR PROMINENT EXECUTIVES TO BOARD OF DIRECTORS

- Names Frank Fanzilli, Barry Sabloff, Paul Sallaberry and Hakim Erhili to Board

San Francisco, 21 September 2005 - Calypso Technology, Inc., a leading provider of capital markets trading solutions for global financial institutions, today announced the expansion of its Board with the appointment of three additional independent outside directors. Frank Fanzilli, former CIO of Credit Suisse First Boston, Barry Sabloff, former EVP and Head of The International Group at Bank One, and Paul Sallaberry, previously EVP of Worldwide Field Operations at Veritas Software, have all been added to Calypso's Board of Directors. Calypso Co-Founder and CTO Hakim Erhili also joins the company's Board. The company has spent the past 12 months in a selection process for its Board of Directors, and the recent appointments come as a result of this effort. Ronald Codd, former CFO of PeopleSoft, was appointed to the Calypso Board as an independent director earlier this year.

Frank Fanzilli brings to Calypso his extensive experience of managing the IT organization of a top Wall Street institution. During his 17 year tenure at Credit Suisse First Boston, Mr. Fanzilli consolidated and integrated the bank's extensive IT resources, managing 4,000 IT professionals and $1.5bn in spending. He also brings valuable public and private company board experience, which includes serving on the Board of Directors of PeopleSoft during its acquisition by Oracle.

Barry Sabloff has held several executive and board positions in the financial services industry and brings important insight into the capital markets industry to Calypso's Board. During his 30 year career with First Chicago and Bank One, Mr. Sabloff held a number of leadership roles including Head of Global Risk Management, which included responsibility for the front office of global derivatives and foreign exchange trading and the back office and systems for capital markets.

Paul Sallaberry joins the Board as the sales and professional services expert. Previously, he was the EVP of Field Operations at Veritas Software, prior to its acquisition by Symantec. Mr. Sallaberry was responsible for defining strategy and managing operational activity that generated revenue in excess of $1.5bn. Under his leadership, the firm consistently met profit goals for the corporation's global multi-tier sales distribution and professional services operations.

From the company's inception, Hakim Erhili has led the development of the highly successful Calypso system, a single integrated software platform addressing the trading and trade processing needs of capital markets. Prior to founding Calypso, Mr. Erhili was at Infinity Financial Technology, where he worked on the firm's core foundation products, and was involved with extensive customer consulting.

The expansion of the new board is part of the strategic plan to prepare the company for the next level of growth.

"We view our Board of Directors not just as a vehicle for sound corporate governance, but as a source of critical and strategic business insight," said Charles Marston, Chairman and CEO of Calypso Technology, Inc. "As we become a larger firm and continue our growth path, we believe Calypso shareholders will benefit from our director's wisdom and business experience. Our new board members bring a deep understanding of how to build and scale an organization to deliver consistent growth results year after year, which is based principally on our clients gaining real value from effectively using our software technology in their business."

Calypso's clients include Citigroup, Bear Stearns, HSBC, ING, Wachovia, Wells Fargo, SunTrust, BNP Paribas, Société Générale, Calyon, Rabobank, ING, HVB Group, Dresdner Bank and the Royal Bank of Scotland.

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