AFA Names Lynch CEO

New York - October 30 2006

Signals Increased Management Strength to Accelerate Business Development

Advanced Financial Applications, Inc. (AFA), a leading provider of trading technologies to buy and sell side financial organizations, today named Patrick Lynch as its CEO. Lynch joins AFA from SunGard/BRASS where he both revitalized the firm and reenergized the product suite. He joins AFA at a critical point in its history. AFA’s robust application now requires an emphasis on marketplace presence to mid-tier broker-dealers, hedge funds, and institutions. Lynch is expected to increase AFA’s market share by providing its cost effective and easily deployed platform against legacy and entrenched competitors.

AFA’s IMPACTPro™ platform provides unique, Integrated Order Processing™ (IOP) to both the buy and sell sides. The product enables front-end order entry, middle office allocation and back-office clearing and settlement from an internet based application. The application is broker agonistic on the front end and multi-prime broker on the back end. Mid-tier brokers deploy the application to their institutional clients, and are thus able to compete against bulge-bracket firms in technology, while simultaneously increasing order flow. Institutions and hedge funds garner substantial benefits in order processing efficiency and in reduced transactions costs. They also gain advantage by having open access to process orders in multiple venues, using the most current trading techniques, including brokers’ advanced algorithms.

Lynch brings 22 years of industry and management experience to his role, both in technology and brokerage. His expertise will enable AFA to strengthen the management team while at the same time helping to build the franchise. The firm has experienced significant internal and external growth over the course of the last two years, and is now poised for “next stage” development in products, revenues, and profits.

Prior to joining AFA Lynch served as President and CEO of SunGard/Brass, where he had also served as COO and Executive Vice-President. As President and CEO of SECTOR, Inc., a SIAC subsidiary, he restructured the firm and built a sustainable business model that rapidly improved revenues. In brokerage he has worked in senior level sales and marketing positions at ING Baring Furman Selz, LLC, and Morgan Stanley & Co. He also served as CEO of Javelin Securities, a division of James Capel & Co. He was EVP of Bridge Information Systems earlier in his career.

Said Ameet Shah, AFA Chairman: “AFA is committed to providing applications that not only serve institutional and broker needs, but which actually advance trade management and processing in ways previously unavailable. AFA’s innovations in open order trade processing strike a balance between meeting current and future market needs. The cost equation continues to be the basis of industry profitability. Our business is predicated on providing clients with technology and a level of service that makes their trade processing more efficient while reducing costs. We are convinced that Pat’s experience in growing client-driven technology and prime broker firms, at a service level of consistent excellence, mean that our clients will have substantial advantages in their own competitive environments. We believe that through Pat’s leadership, our firm’s growth is set to accelerate into 2007 and beyond.”

Said Patrick (Pat) Lynch: “When we look at the landscape of current trade processing and industry needs, AFA provides an alternative to both legacy and expensive systems. The firm has internal strength, innovative current products, and plans for development which provide an opportunity to establish a leadership position in the trade management and processing space. I look forward to contributing to developing and implementing plans for robust and continued growth over the next several years.”

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