Charles River Development

Waters’ Readers Vote Charles River IMS “Best Portfolio Management System”

Charles River IMS Recognized by Industry for Third Consecutive Year

Burlington, MA, London, Melbourne and Singapore - June 28, 2006 — Charles River Development, a market leading provider of global investment management software and services, today announced that its Charles River Investment Management System (Charles River IMS) was voted “Best Portfolio Management System” for the second consecutive year by the global readers of Waters magazine. The annual rankings, revealed on June 28 at an awards ceremony in New York City and in the July issue of Waters, are the readers’ choice awards and acknowledge the combined leadership of technological capabilities and human expertise. This is the third consecutive year that Charles River IMS has been recognized.

Peter Lambertus, president and CEO of Charles River Development stated: “This year’s Waters’ Rankings as the ‘Best Portfolio Management System’ further solidifies Charles River’s position as the market’s leading provider of portfolio management and electronic trading tools. The sophisticated and easy-to-use modeling features and ‘what-if’ analysis capabilities of Charles River IMS provide our 200+ investment managers worldwide with the flexibility needed to implement their investment strategies.”

Charles River IMS is a comprehensive front- and middle-office software suite for portfolio management and modeling (Charles River Manager), order management and electronic trading (Charles River Trader), real-time compliance monitoring (Charles River Compliance), and the centralized management of trade matching, confirmation, and settlement workflow (Charles River Post-Trade) for all security types. Integrated, global FIX trading connectivity and services are available through the Charles River Network. Waters, which has over 10,000 readers in the financial technology sector, asked respondents to vote for the best software, hardware, and financial services vendors in 23 different categories. More than 500 buy- and sell-side end users, exchanges, and brokerage firms voted, representing a global breakdown of 55% from the U.S., 30% from Europe, 10% from Asia Pacific, and 5% from rest of the world.

Charles River is the recipient of numerous industry awards including Best Buy Side OMS / Waters Reader Rankings 2005, Best Portfolio Management System / Waters Reader Rankings 2005, Top Compliance System 2005 / Global Investor, Best Buy Side OMS / Waters Reader Rankings 2004, Best Buy Side OMS / Waters Awards 2004, Top OMS System 2004 / Global Investor and Vendor of the Year 2004 / Operations Management newsletter.