RUSSELL LICENSES UPSTREAM TECHNOLOGIES' INVESTMENT MANAGEMENT SYSTEM

BOSTON, MA– February 24, 2004 – Upstream Technologies LLC, a leading provider of investment management technology to the financial services industry, announced it has licensed its Investment Management System ("Upstream IMS") to Russell Investment Group, a global leader in multi-manager investment services. Russell will use the ASP version of Upstream IMS, which is hosted by Lava Trading Inc., a leading developer of high performance software for large securities trading floors, in Lava’s state-of-the-art data centers.

Upstream IMS provides financial services firms with a system that automates an investment manager’s work-flow while integrating into any portfolio accounting or trading system. Upstream IMS supports the management of multiple investment products, including Multi-Style Portfolios ("MSPs"), and a broad spectrum of financial instruments including domestic and international equities, fixed income instruments, exchange traded funds (ETFs), American Depositary Receipts (ADRs), cash, and mutual funds.

"We evaluated all the players in this space and determined that Upstream was by far the best solution," said Paul Reynolds, Managing Director, Russell Investment Group. "Upstream is highly customizable and intuitive and provides us with the tools we need today, as well as those we are planning to use."

Russell is deploying Upstream IMS across the enterprise in order to bring increased scale, efficiency and client service to numerous lines of institutional and individual investment management products and services.

"We conducted an exhaustive technology review," said Randy Kelley, Director of Technology for Implementation Services at Russell, "and found Upstream’s architecture to be the most scalable and easiest to integrate with our environment."

"Russell is a large, diverse and well-respected firm and we are delighted to have them as a client," said Evan Schulman, Chairman of Upstream. "This new business win is very timely for us as we are just launching our newest version of Upstream IMS. As with our existing clients, Russell will benefit from the versatility and ease of use of our application."

"Russell sees how we help to simplify complicated processes in a cost efficient way," said Upstream CEO Mark Hoffman. "We hear this consistently from our existing clients and are delighted to once again have our value proposition confirmed by Russell."

Press release contact:
Bill Haynes
T: 617-587-8907

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