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VANGUARD INVESTMENTS AUSTRALIA LTD SELECTS TLM™ CORPORATE ACTIONS FROM SMARTSTREAM TECHNOLOGIES.

London & Sydney, July 28th, 2004. SmartStream Technologies today announced that Vanguard Investments Australia Ltd has selected SmartStream's TLM™ Corporate Actions solution. Vanguard Investments Australia Ltd, based in Melbourne, is a wholly owned subsidiary of The Vanguard Group Inc., based in the US, which manages approximately A$955 Billion for more than 17 million individual and institutional investor accounts.

Vanguard will deploy all modules of TLM™ Corporate Actions to centrally capture and process events in all major markets, including it's own domestic equity and fixed income businesses. Commenting on the purchase Philip Roe, Head of IT, Vanguard Investments Australia Ltd, stated, "The use of SmartStream's Corporate Actions solution is part of Vanguard's ongoing commitment to adopt world class processes that reduce operational cost and risk and ultimately deliver exceptional customer service."

Vanguard's decision to purchase SmartStream's TLM™ Corporate Actions was based upon the solution's flexibility and scalability in managing the end to end processing of Corporate Actions. Stefan Wawrzyniak, Director, Asia Pacific, SmartStream Technologies, commented, "We are delighted that Vanguard will be deploying TLM™ Corporate Actions to enable them to automate all aspects of their event processing from event capture and cleansing through to entitlement calculation and their compliance and reporting requirements."