QSR Management Limited licenses the Principia System

Jersey City, New Jersey, October 23, 2002 - Principia Partners LLC, a leading provider of full front-to-back office systems for global capital markets, today announced that QSR Management Limited, a wholly owned subsidiary of The Bank of New York, has licensed the Principia System to support its business operations.

The Principia System combines rich core functionality with fully customizable facilities to enable dynamic portfolio and risk management of commonly held Structured Investment Vehicle (SIV) assets (asset-backed and mortgage-backed securities), liabilities (commercial paper and medium term notes) and hedge derivatives, ranging from vanilla to highly complex. The Principia System also provides full accounting functionality.

Business entities managing SIVs require the same level of operations as large banks, ranging from deal capture and risk management to reporting and accounting. However, SIVs typically have much leaner staffs and shorter implementation timeframes. The Principia System delivers the required straight-through functionality in a package that can be rapidly deployed and easy to maintain.

"We are proud to count the Bank of New York and its world class SIV management team as clients," states Theresa Adams, one of Principia Partners' founding partners. "We view this relationship as integral and strategic to our continued leadership in, and commitment to, the SIV market."

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