Bank of Ireland Private Banking Limited Selects Yardi Voyager to Manage EUR 2.2 Billion European Portfolio.

SANTA BARBARA, Calif. & NEW YORK & LONDON & AMSTERDAM, The Netherlands -- Yardi Systems, the global leader in asset and property management software, is pleased to announce that Bank of Ireland Private Banking Limited (Private Banking), a rapidly growing company within the Bank of Ireland Group, has selected Yardi Voyager[TM] to manage their property management systems. In a deal that promises significant efficiency improvements, Private Banking's private equity customers can look forward to more value-added services across its portfolio.

Following an intense period of acquisition in commercial and residential property, Private Banking is now set to improve the strategic management of its portfolio. Emma Costello, Property Financial Controller, Private Banking, said: "We manage a complex property portfolio with a mix of direct and indirectly managed assets across a wide territory. The majority of our assets are currently in Europe, but as we improve our efficiencies, we plan to expand further into North America. We selected Yardi, following an extensive due diligence, on the strength of its reputation and experience in global and residential property management systems."

Bank of Ireland Private Banking took a scientific approach to the selection of its asset and property management solution, assessing a number of suppliers and, after extensive testing and analysis, found Yardi to have the highest average weighting. In addition, Costello said: "Yardi has a great client base and displays an entrepreneurial spirit. Our impression is that their systems have been developed by listening to its clients' needs."

The project will go live in July 2007 in the Netherlands, and will be followed with the UK, France and Belgium. The implementation of Yardi Voyager International, which is being assisted by specialist real estate consulting company RealFoundations, will replace the current manual system of data collation from external management firms. Costello said, "We are looking forward to efficiency improvements in the range of 20-30% in the first year and more significant improvements in the second year."

Additionally, Costello had a few tips for other companies wanting to implement a similar system: "When selecting an asset and property management system companies should be very clear about how they want to structure their portfolio. Yardi Voyager is a very flexible system with powerful reporting features, but to get the best out of any system you need to know exactly how you want to use it."

Yardi Systems is delighted to welcome Bank of Ireland Private Banking to its growing portfolio of forward looking and exciting property investment clients. Steve Coppock, Sales Director, Yardi Systems, said: "Bank of Ireland Private Banking was hard won, but well deserved. It is a testament to the strength and breadth of Yardi Voyager that we came out top of the tough selection criteria. It is great to see the seriousness and rigor that Private Banking applies to its property management and we are looking forward to working with them as their portfolio grows."

About Yardi Systems

Yardi Systems, Inc. is the global leader in the design, development, and support of integrated Asset and Property Management software for organizations of all sizes. For more than 25 years, Yardi's technology and services have led the industry through responsiveness and innovation, becoming the premier application for real estate software solutions worldwide. Yardi's is client-driven and serves more than 15,000 businesses, corporations, and government agencies, representing more than 5 billion square feet of commercial space and 5 million residential units globally.

Yardi enjoys a customer base that incorporates some of the world's leading international companies. Its European customers include: Deloitte, Sachsenfonds, Cushman & Wakefield, CBRE I, and Erinaceous.

Headquartered in Santa Barbara, California, Yardi Systems is a privately held corporation with offices throughout the United States, Canada, Europe, Asia, and Australia. More information about Yardi products and services may be found by visiting www.yardi.com.

About RealFoundations

RealFoundations is a full-service management consultancy focused on helping companies in the real estate industry improve their operations and achieve their potential. We were founded in 2000 after concluding that the real estate industry was being poorly served by the big consulting firms. Since the founders and executive team of RealFoundations have years upon years of experience working for those big firms, we also shared a great deal of frustration at the lack of importance placed on deep industry content knowledge.