Press Release

—High Volume Conversion-to-Live Project Completed in One Quarter —

Boston, MA, May 10, 2004 — Eagle Investment Systems Corp. today announced that McDonnell Investment Management has gone live with Eagle STAR®, a Web-based, global investment accounting solution. With more than $7 billion in assets under management, McDonnell has fully deployed Eagle STAR as its core accounting and record keeping system to support multiple fixed income investment styles for institutional and private clients. Eagle's Professional Services assisted McDonnell with the implementation, which was completed in less than four months.

In support of its goal to provide efficient, real-time straight-through processing, McDonnell selected Eagle STAR to replace its existing legacy accounting system in an effort to better serve its growing and varied client base. Eagle's Web-based technology and ability to handle high volumes of transactions were key factors in McDonnell's selection. Additionally, Eagle STAR will enable McDonnell to provide Schedule D statutory reporting on behalf of its insurance clients in the future.

"We are very happy with the results of this system implementation," said Fabian Gomez, McDonnell's managing director and chief technology officer. "Not only did we accomplish this effort with little disruption to our firm's normal day-to-day business, but we completed our accounting system conversion in less than four months — a process that typically takes 12-24 months."

"Eagle is proud to have the opportunity to be part of McDonnell's continued success," said David Palten, Eagle president and chief executive officer. "The combination of rich functionality, proven scalability, and the ability to support multiple business lines via one instance, makes Eagle STAR an ideal solution for companies like McDonnell."

Eagle STAR is a Web-based, multi-currency, global investment accounting system. Built with an advanced architecture, Eagle STAR supports organizations of all sizes and complexities and can support the highest transaction volumes demanded from the industry today. Delivered with a standard set of operational and accounting reports, its fully integrated reporting component enables organizations to deliver accurate and timely information. Eagle STAR offers tailored functionality to meet specific industry accounting needs for insurance, brokerage, mutual funds, hedge funds, and banks/trusts — all on one platform.

About McDonnell
McDonnell Investment Management, LLC is a registered investment adviser located in Oak Brook, Illinois that manages approximately $7.8 billion and provides customized investment management services to institutions (including corporations, Taft-Hartley plans, public funds, insurance companies and trust companies), private clients, wrap program sponsors, and sub-advised mutual funds. With a history of proven investment performance, McDonnell is committed to being a premier investment manager of assets for its diverse client base. The management styles for these separately managed portfolios encompass many investment mandates, with a specialty in fixed income strategies including core, limited maturity/duration and multi-sector. McDonnell is wholly-owned by its team of professionals who have been instrumental in growing its business since 1987. To learn more about McDonnell's investment management capabilities, visit them at www.mcdonnellinvestments.com.

About Eagle Investment Systems
Eagle, a Mellon Financial Company^SM (NYSE:MEL), is a global provider of financial services technology. Eagle's Web-based systems automate internal systems to support STP requirements of money managers, mutual funds, hedge funds, brokers, plan sponsors, banks, corporate trusts, and insurance companies. Eagle provides solutions for portfolio management, investment accounting, performance measurement, attribution, AIMR/GIPS compliance, reporting, messaging, reference data management, and outsourcing. To learn more about Eagle's solutions, contact us at 1.800.810.3819 or sales@eagleinvsys.com or visit www.eagleinvsys.com.

About Mellon Financial Corporation
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 high net worth individuals, providing institutional asset management, mutual funds, private wealth management, asset servicing, human resources and investor solutions, and treasury services. Mellon has approximately $3.6 trillion in assets under management, administration or custody, including more than $675 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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