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T. Rowe Price Selects Charles River IMS for Fixed Income Trading, Order Management, and Compliance

BURLINGTON, MA (August 11, 2003) – Charles River Development, a leading provider of financial software and consulting services to the global investment management, banking, pension, and insurance industries today announced that T. Rowe Price is live on the Charles River Investment Management System (Charles River IMS) for fixed income trading and order management. T. Rowe Price is a global investment manager with $161.2 billion in assets under management, $53 billion of which is invested in fixed income instruments (June 30, 2003). Charles River IMS is an integrated, front and middle office suite for portfolio management (Charles River Manager), order management (Charles River Trader), and real-time compliance (Charles River Compliance).

T. Rowe Price’s compliance and fixed income trading departments independently issued two RFPs and both departments selected the Charles River system. The phased implementation began in April 2002 and T. Rowe rolled out Charles River Trader for trading and order management to 75 fixed income users across six trading desks in Baltimore and London in late May 2003. The desks, which average over 11,000 trades on the system per month, trade a variety of securities including Taxable Money Market, Municipal Short Term, Municipal Long Term, Corporates, and High Yield. The Charles River Compliance implementation is still underway.

"We selected Charles River due to the high quality of their staff and their demonstrable commitment to the fixed income arena," John Sadowski, Fixed Income Operations Manager, T. Rowe Price. "We are confident that Charles River will continue to provide updated fixed income functionality and that the system is scalable to support our needs as we grow."

"So far, the implementation has affected seven internal T. Rowe Price systems and included the development of 15 external interfaces to/from Charles River IMS. Charles River IMS seamlessly transfers data from user to user and system to system, from order creation straight through to settlement," said Peter Lambertus, President and CEO, Charles River.

T. Rowe plans to extend its STP capabilities in the fixed income arena by rolling-out Charles River IMS’s third component, Charles River Manager, to its portfolio management teams for portfolio modeling, "what if" analysis and security swapping, and through the use of Charles River’s new seamless interface to TradeWeb for electronic fixed income execution and settlement.