Eagle Confirms Commitment to Clients and Financial Services Industry at Annual Users' Conference.

Business/Technology Editors

NEWTON, Mass.--(BUSINESS WIRE)--May 8, 2002

Continued investment in R&D and commitment to its clients and

channel partner relationships are key to its success.

Eagle Investment Systems Corp., a leader in Web-based and enterprise investment management software, showcased its products and services to the financial services industry at its 4th annual users' conference. The just-concluded event, which took place in Amelia Island, Fla., featured presentations by Steven G. Elliott, Senior Vice Chairman of Mellon Financial Corporation, Eagle's parent company; and David Littlewood, Director of Worldwide Financial Services at Sun Microsystems.

Eagle provided its more than 240 attendees, including 125 client attendees, a wealth of information. "We took on some major product expansion initiatives since our last conference and our clients were thrilled by our continued ability to innovate, execute and serve their business needs," said Jack Riley, CEO of Eagle. "We've greatly expanded our performance measurement, attribution and risk offerings, began work on our hedge fund and insurance accounting solutions, and we're close to completing the build-out of our mutual fund accounting product," continued Mr. Riley.

In addition to the many Eagle staff presentations, this year's conference included client and channel partner presentations as well. "The client and channel partner 'real-world' presentations were a welcome addition to this year's conference," said David Palten, President of Eagle. "Having worked with many of the top organizations in the financial services industry, our clients wanted to hear from those organizations on their experiences and how our software was solving their real problems," continued Mr. Palten.

This year's client speakers included representatives from such organizations as: Ark Asset Management, Howard Hughes Medical Institute, Mellon Global Investments, Merrill Lynch Investment Managers, OPSEU Pension Trust, and the Commonwealth of Pennsylvania's State Employees' Retirement System (SERS). In addition, many of Eagle's channel partners spoke along with Eagle representatives and clients. Represented companies included Access Data Corp., Beacon Consulting Group, Citisoft, Cutter Associates, Deloitte & Touche, ES Technology Inc., FT Interactive Data, InvestTech Systems Consulting, Inc., ix Partners, Oracle Corporation, Orbis Solutions, Outercurve, Pragma Group, The Rowan Group, and Solutions Atlantic.

Highlights of Eagle's 4th annual users' conference included:

Fund Performance. With the deployment of a number of Performance and Risk Management features in recent product releases, fund performance was a major theme for the conference. Discussions surrounding mutual fund performance, AIMR/GIPS compliance, and achieving an enterprise-wide performance system via Eagle's solution were discussed.

2001 Development Highlights. To support Eagle's growing client base, an expansive investment in product development took place in 2001. New product modules included: Eagle PACE(TM) Performance for Mutual Funds, Eagle STAR(R) for UK Accounting, Reference Manager, Message Center, Complex Fee Calculator, Cash Forecasting, and the real-time integration between Eagle's flagship products Eagle PACE and Eagle STAR. The Eagle suite has replaced its remaining client/server-based applications and is now fully Web-based, a move in tune with client and industry requirements.

2002 Development Initiatives. Eagle restated its commitment to support Straight-Through Processing (STP) and supported its position by discussing its 2002 product development initiatives and ongoing investment in R&D. Some of the items slated for development in 2002 include:

-- PT-Plus(TM). Following Eagle's recent announcement that it will work with leading prime broker Morgan Stanley to develop its technology solution for hedge funds, Eagle provided an inside look into the development of this product initiative including product specifications and functionality deliverables.

-- Eagle STAR. Expansion of Eagle STAR to support multiple business lines via one platform is already under development. In addition to further enhancing mutual fund functionality, Eagle STAR will be expanded to support insurance, private banking, and brokerage firm accounting requirements.

-- Eagle PACE. Development will focus on bringing greater front office functionality into Eagle PACE, specifically, pre- and post-trade compliance, further enhancements to performance and attribution, modeling, time series analysis, and expansion of the Eagle Portal functionality.

About Eagle Investment Systems Corp.

Eagle, a Mellon Financial Company(SM), is a leading provider of Web-based investment management software solutions. Serving the needs of money managers, mutual funds, hedge funds, plan sponsors, banks and corporate trusts, Eagle globally distributes Eagle PACE(TM) and Eagle STAR(R). To learn how Eagle's products and services can help your business achieve its Straight-Through Processing goals, contact us at 1 800 810-3819 (within the U.S.) or [phone], e-mail us at [e-mail], or visit our web site at www.eagleinvsys.com.

About Mellon

Mellon Financial Corporation is a global financial services company. Headquartered in Pittsburgh, Mellon is one of the world's leading providers of financial services for institutions, corporations and affluent individuals, providing institutional asset management, mutual funds, private wealth management, asset servicing, human resources services and treasury services. Mellon has more than $2.8 trillion in assets under management, administration or custody, including $610 billion under management. Its asset management companies include The Dreyfus Corporation and U.K.-based Newton Investment Management Limited. News and other information about Mellon is available at www.mellon.com.

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