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PROGRESS SOFTWARE’S APAMA PLATFORM NAMED THE BANKER ‘BUY-SIDE INNOVATION’ WINNER FOR 2006

Progress® Apama® EventStore™ and Progress® Apama® Research Studio Recognized for Powerful Backtesting and Analysis Capabilities

BEDFORD, Mass., U.S.A – June 5, 2006 – Progress Software Corporation (Nasdaq: PRGS), a global supplier of application infrastructure software used to develop, deploy, integrate and manage business applications and the provider of the Progress® Apama® Algorithmic Trading Platform, announced today that it has been selected as this year’s winner of The Banker Technology Award for Buy-Side Innovation. The Banker has been publishing global financial intelligence since 1926. Apama, favored by leading global investment banks and hedge funds for its ability to perform real-time monitoring and analysis of event streams from sources such as external stock market feeds and internal transaction data traffic, was recognized for its Progress Apama EventStore™ and Progress Apama Research Studio products. These new products enable customers to interactively backtest new trading strategies and analyze the performance of existing ones.

The Apama EventStore product is a sophisticated time-series data store that captures both market data and internally-calculated analytics in a common repository. It provides a comprehensive record of trading activity and any supporting calculations, together with the market context in which the trading activity took place.

In conjunction with the Apama EventStore product, the Apama Research Studio product provides customers with unique event replay features that enable traders to evaluate new trade strategies and analyze existing ones. The highly interactive Apama Research Studio environment puts trading strategists in control, enabling them to select the market data, time periods and replay speeds that govern the testing environment. Together, the products provide users with a unique method of analyzing trade strategies in real time – with actual market data.

Dan Barnes, Technology Editor, The Banker, and member of the judging panel, comments: “Buy-side firms using algorithmic trading need to develop their own strategies quickly, and be confident that those strategies are the right ones, before they go live. The Apama technology allows traders to spot patterns within the market, quickly develop strategies that capitalize on those patterns and test those strategies before they are deployed. The system's flexibility really captured the attention of the judges and so the winning position.”

Dr John Bates, Vice President Apama Products, Progress Software, comments: “We are delighted to be recognized for our innovation and excellence in providing innovative technology for the buy-side. Progress continues to see an increasing demand among buy-side firms for greater control over their trading strategies and is committed to the ongoing development of trading tools that allow them to stay ahead of the competition.”

Now in its fourth year, The Banker Technology Awards recognize the innovation and excellence of technical applications and services for front, middle, and back office functions within financial services firms. This year, The Banker received an unprecedented number of entries with almost 300 entrants vying for honors in 35 categories. This is the second award Apama has received. In 2004, The Banker recognised Apama’s strength in delivering sell-side capabilities when Deutsche Bank’s implementation of Apama won the award for ‘Best Use of IT in Wholesale Banking.’