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Macgregor Posts 32% Growth in 2002 Despite Tough Market

18 New Clients, 500 New Users and 1,200 New FIX Connections Account for Strong Performance

BOSTON--March 17, 2003--Macgregor(R), a global provider of buy-side trade order management systems (OMS) and FIX network services, today announced an increase in revenue of 32% in 2002. Factors fueling this growth include the signing of 18 new OMS clients and extended revenue from existing accounts, including over 1,200 new FIX connections, 500 new users and strong soft dollar revenue
generated through Macgregor's Blackwatch Brokerage Inc. subsidiary.

Steve Levy, President and CEO, Macgregor, commented, "Tough market conditions are driving unprecedented cost cutting measures for the buy-side. As a result buy-side IT spending is focused on front office automation and support for new revenue streams. Macgregor's extended business model has been able to deliver new products and services to capture a significant share of this very selective market. New OMS capabilities for hedge funds and private client business coupled with our FIX network, soft dollar broker and alliance program have allowed us to maintain healthy double digit growth in both clients and revenue."

Along with 3 new hedge fund customers, Macgregor signed 15 new institutions in the US and Europe, including M&I Investment Management Corp., Harris Associates, Chicago Equity Partners, State of Michigan, Royal London Asset Management, and Mellon Capital Management.

Levy continued, "Our 2003 development pipeline and enhanced global operations put us in a great position for growth in the coming year. Major enhancements to our OMS's portfolio management capabilities, post-trade functionality, advanced electronic trading capabilities and best execution initiatives will extend our market leading position."