Cutwater Asset Management and Calypso Technology Partner to Deliver Innovative ALM Platform

New York, May 17, 2010 — Cutwater Asset Management, one of the world's largest fixed-income investment managers, and Calypso Technology Inc., a global application software provider of an integrated trading, risk and processing platform to financial institutions and corporate treasuries, today announced a partnership to build a unique asset / liability management (ALM) portfolio-construction solution.

The decision to develop a totally new platform design was made in response to the chaotic financial market conditions experienced in 2008 and 2009, especially those connected to funding risk and sharp volatility of returns. The result will be the creation of a strategic asset allocation and portfolio construction application designed to provide optimal trading and portfolio solutions while increasing risk awareness.

“This new application is yet another innovation from Cutwater,” said Cliff Corso, CEO of Cutwater Asset Management. "Our goal for all of our clients is to minimize risk and volatility while meeting their investment objectives - we enter into this exciting partnership with the Calypso team as part of our ongoing dedication to performance and client service.”

As part of this new platform, Calypso Technology will combine Cutwater’s forward-looking capital risk framework, the Risk Analysis Manager (“RAM”), with Calypso’s evolutionary optimization platform, Galapagos. This solution will provide a multi-faceted risk budgeting, asset allocation and scenario management platform enabling Cutwater clients to explore a wide range of optimal investment strategies. Integrating Cutwater’s risk framework into the Galapagos environment will bring a unique and innovative offering that will allow clients to model a wide range of investment objectives, funding specifications and constraints while considering forecasts over an extended time horizon.

Charles Marston, CEO of Calypso Technology, said, “Through partnering with our customers, we continue to bring innovation to new levels. We are very privileged and excited to be able to work with Cutwater Asset Management to deliver a groundbreaking portfolio solutions tool based on the Galapagos technology platform. We believe this initiative will create significant value to both parties. It shows our commitment to the buy-side, where we see enormous growth potential.”

About Cutwater
Cutwater Asset Management is a client-focused and solutions-based investment advisor focused exclusively on fixed income investments. With $43 billion in assets under management, Cutwater Asset Management ranks among the world's 50 largest fixed-income investment managers. Cutwater's model combines world-class investment expertise and risk management capabilities with exceptional client service, in-depth consultation, and extensive interaction between clients and the investment team. Our clients include state and local governments, financial institutions, pension funds, unions, insurance companies, and corporations.

Crédito Agricola Goes Live on Calypso

• Calypso Technology providing front-to-back office FX functions for leading Portuguese cooperative banking group
• Calypso Technology continues expansion in Southern Europe

San Francisco, May 12, 2010 — Calypso Technology a global application software provider of an integrated trading, risk and processing platform to financial institutions and corporate treasuries, today announced that Crédito Agricola, the leading Portuguese cooperative banking group, has gone live with the Calypso system to support front-to-back office FX functions. The system has been implemented to specifically support the treasury transactions of Caixa Central, the Group’s central coordinating bank. The Treasury Department centrally manages the Group’s liquidity, operates in the money, foreign exchange and capital markets, and provides treasury and financial products to the Group’s local banks and customers.

Crédito Agricola sought a robust, scalable and complete system solution that would allow it to replace administrative procedures and reduce processing costs as well as provide functionality to improve internal control and risk management. The Calypso system delivers a fully integrated trading, risk management and processing platform to manage Crédito Agricola’s cross-product coverage. The Calypso system gives Crédito Agricola the flexibility necessary to address the Group’s evolving business needs, as well as the ability to start trading new treasury products that will be fully supported throughout the trade lifecycle. Through the Calypso platform, Crédito Agricola is able to reduce operational risk by moving away from manual work and instituting STP.

“By fully covering the products we needed and comply to the specific requirements of the Portuguese market, the Calypso system provides exactly what we need to further develop and diversify Crédito Agricola’s treasury business. The implementation of the Calypso system has allowed us to improve our processes and boost our performance,” according to Pedro Sampaio, Director at Crédito Agricola. “Further, we anticipate that the implementation of the Calypso system will bring additional value to Crédito Agricola by helping us offer our customers a wider variety of products and services while reducing costs and ensuring effective risk management control. We anticipate a cost saving in the region of 35% in our back office and administration department as we have seen our processes being fully automated.”

The FX implementation is the second of three planned implementation phases and includes support for spot, forward and swap contracts. Crédito Agricola first went live on the Calypso system in 2008 for a range of functions, including interest rate swaps and simple money market functions. Phase three of the implementation started in March 2010 and is focusing on fixed income primary bonds, repos, commercial paper and Interest Rate Futures.

Charles Marston, CEO of Calypso Technology, comments, “Calypso Technology and Crédito Agricola have already achieved great success at this point in the partnership, and we look forward to working with Crédito Agricola to complete the final phase of the implementation.” He continues, “Calypso Technology is pleased to continue its growth in Southern Europe, and Crédito Agricola is a welcome addition to our expanding client base in the region.”

About Crédito Agricola
The Crédito Agricola Group is the fifth Portuguese financial group composed by a large number of small to medium-sized Cooperative Banks and some specialized Companies - like the shared services centre CA Serviços - under the supervision of the Caixa Central de Crédito Agrícola Mutúo.

Integrating 87 Cooperative Banks and involving a network of 682 branches all across the country, the Crédito Agricola Group also holds more than 400,000 associates and more than one million of customers.