Merrin Financial Signs One of the Largest Public Pension Funds for Order Management System.

NEW YORK--(BUSINESS WIRE)--Nov. 4, 1997--Merrin Financial announced today the signing of the tenth largest public pension fund in the United States.

The State of Wisconsin Investment Board (SWIB) will implement Merrin Financial's Multi-Currency Trading Platform including CompALERT, Merrin's pre-trade compliance system.

"After a rigorous search and selection process in which SWIB was assisted by Price Waterhouse, we selected the Merrin suite of products based on proven technology and solid functionality at a reasonable cost," stated Mike Bestul, SWIB's Information Technology Director. He went on to say, "The Merrin representatives have made it clear that they desire a partnership with SWIB as we go forward with our overall systems integration efforts."

SWIB, the 10th largest public pension fund in the nation with net assets under management of more than $46 billion, is also planning to sign on to use Merrin's InterMarket Trading Network (ITN). ITN is one of the industry's largest buy-to-sell side order routing network that allows traders and portfolio managers to send trades and receive indications of interest electronically across a network directly and securely to and from their broker. Seth Merrin, president and CEO of Merrin Financial said, "We are honored to add another state agency to our client base, especially one of SWIB's magnitude. And it is equally as satisfying to have been chosen after Price Waterhouse's stringent evaluation process."

Merrin Financial, a division of Automatic Data Processing Inc. (ADP) has become the recognized leader in providing trade order management systems to institutional money managers. Merrin's product suite, which includes order management (MFTP), order routing (InterMarket Trading Network), compliance systems (CompALERT, CompPLUS, Rule EXPERT), and portfolio modeling and rebalancing, is designed to automate the entire investment from the investment decision through to the dissemination of trade data.

Merrin Financial is a part of ADP Financial Information Services (ADP FIS), a subsidiary of Automatic Data Processing Inc. ADP FIS brings to institutions advanced, integrated solutions for securities processing, market information and investor communications services. As the leading outsourcing vendor, ADP (FIS) is leveraging its position in these core businesses to provide cost-effective, reliable systems that are backed by "world class" customer service. ADP FIS is committed to providing this service to its over 3,800 clients through the Year 2000. Automatic Data Processing Inc. (NYSE: AUD), with over $4 billion in annual revenues and more than 400,000 clients, is one of the largest independent computing services firms in the world.

CONTACT: Merrin Financial

Marc Mandelbaum, 212/708-2771

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