Charles River Development Reports Record 2006 Results

Boston, London, Melbourne, Paris and Singapore – 11 January 2007

Financial Strength and Product Innovation Drive Client Growth

Charles River Development (Charles River), a provider of technology systems and services for investment professionals, today announced that 2006 was its sixth consecutive year of double-digit revenue and net-income growth. The firm added 56 new clients and 29 substantive expansions of business with existing clients. In addition, Charles River brought 50 new clients live on the Charles River Investment Management System (Charles River IMS), its front- and middle-office software suite for all asset classes and security types including credit and other derivatives. Charles River serves 235 clients in the institutional, mutual fund, banking, hedge fund, wealth management, insurance and pension industries in 30 countries.

Within the Europe, Middle East and Africa (EMEA) region new clients included UK listed F & C Asset Management, UK fund-manager Artemis Investment Management and Metropolitan Asset Managers in South Africa. In the Americas, Charles River added Janus Capital Group, Inc., independent investment advisory firm Rainier Investment Management and AGF Management Ltd in Canada. Notable client wins in the Asia Pacific market included Japanese investment managers Nissay Asset Management Corporation and Daiwa SB Investments Ltd, the Australian firm of Coppers Investors P/L and the Asia-Pacific desk of Aberdeen Investment Management.

“These results speak to Charles Rivers’ continued investment in research and development, which has allowed us to deliver products and services that help clients excel in a demanding marketplace,” said Peter Lambertus, president and CEO at Charles River Development. “Our new service oriented and multi-tiered architecture, coupled with continuous new functionality, maintains our positioning as a market leader.”

Charles River successfully completed Phase Three of its Four Phase technology migration to a service-oriented architecture (SOA). New features and improvements were made to Version 8 of Charles River IMS, including expanded support for derivatives including SWAPs, fixed income analytics, global investment compliance regulations and the web-based Charles River Anywhere. The firm also saw increased acceptance of its Charles River FIX Network which now has 60 buy-side clients, more than 200 brokers and over 1,000 client-broker connection agreements since beginning operations in July 2005.

In 2007, Charles River will complete its technology migration with the release of Version 9 which will feature fully integrated execution management (EMS) capabilities, additional analytics, expanded derivatives functionality and foreign exchange (FX) mechanisms, as well as increased scalability and operational performance.

Charles River continued to gain recognition throughout 2006 for its innovative technology that helps investment professionals address complex needs and achieve results. Key awards included Financial News’ “Buy Side Software Leader for the 21st Century,” Waters’ “Best Portfolio Management Solution,” Financial-i’s “Most Innovative Order Management System,” and a ranking in Securities Industry News’ “Technology 50” for front-office providers.

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