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SmartStream's TLM Solution Selected by CLSA

Hong Kong, 24th November, 2003. SmartStream Technologies, the global
transaction management architecture provider announced today the selection
of the TLM? solution by CLSA Asia Pacific Markets, one of the region's
leading brokerage, investment banking and private equity firms,
headquartered in Hong Kong.

CLSA had been in the market for some time looking for an integrated cash and securities reconciliation solution that also could be deployed to
address the multitude of in-house and inter system audit and control
processes that are currently addressed via manual processes or bespoke
applications. CLSA selected the TLM? solution after reviewing the
offerings of many potential providers because CLSA feels that SmartStream is unique in its ability to provide technology to replace several legacy
and in-house solutions while at the same time deliver their long term
vision.

Mr. T Rajah, CIO of CLSA commented "One of the key factors in the decision is that SmartStream's STP Control Architecture vision and the CLSA's vision of the future are one and the same. We want a generic application with elements of workflow, matching, and middleware to provide integrated,
enterprise wide audit and control from one location across and among all of our operations. Their proven track record of deployment of TLM? globally and their thin client architecture were also key considerations. CLSA is a
large and growing organisation and we need the ability to consolidate and
control processes from a central point while seamlessly allowing users in
multiple locations to use the web to access reconciled positions, transactions and cash information in real time."

The TLM? solution forms the core of SmartStream's STP Control Architecture
and is a platform independent, component based product set designed to
connect, integrate, control and enrich transaction processes
enterprise-wide. It eliminates fragmentation and integrates disparate systems to realise end to end, real time control of risk and operations
within financial institutions.

SmartStream's long established presence in Hong Kong and Asia and the
proven ability of the company to deploy solutions throughout the region
were key considerations. Mr. David Ilett, Group Head of Trading
Operations, of CLSA comments "We have a high hurdle to meet with respect to
ROI but a low tolerance for potential implementation problems;
SmartStream's offering presents the highest ROI and lowest risk option for
CLSA."

Mr. Andrew Raymond, Managing Director, Asia for SmartStream comments "CLSA
is a very prestigious financial institution in Asia and is seen as a
technology leader - we are proud to have met and exceeded CLSA's
expectations with respect to all of their requirements and we look forward
to working with them on the rollout of this project in the coming months.
For us, CLSA represents the new breed of clients in Asia that are looking
to gain competitive advantage through the innovative use of a generic audit
and control infrastructure not only for the typical end of line
reconciliation requirement, but right through the entire lifecycle of the
various transaction types that they need to manage."