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Individually Managed Accounts Poised for Explosive Growth Tamarac Well Positioned to Benefit with Veteran Management Team and the Release of Tamarac 4.0

Seattle May 4, 2004 - Tamarac Inc., the premier provider of portfolio management systems which fully automate investment management and trading functions for financial advisors, today named financial services veteran Richard Thomas to its management team. The firm also announced that its chairman, Mark Spangler, has assumed the position of Chief Executive Officer.

In making the announcement, the firm said that Mr. Thomas was appointed Executive Vice President in charge of Business Development. Prior to joining Tamarac, Mr. Thomas spent more than a decade with Fremont Investment Advisors Inc. and over ten years at Charles Schwab & Co. During his tenure at Charles Schwab, he was responsible for the development and management of the Charles Schwab Mutual Fund Marketplace, the predecessor of the Schwab One Source Program.

"I'm excited to assume day-to-day responsibilities at Tamarac as the firm continues to grow its customer base," said Mr. Spangler. "We continue to extend our focus from software systems developer to operating company and the strengthening of our business development team is a big plus in that regard."

For his part, Mr. Thomas, said, "It's tremendously exciting for me to be a part of the Tamarac team after spending more than 20 years in other areas of the financial services industry. This is clearly an exciting time for the firm in terms of its product offerings and where individual account management is headed. In fact, it really feels like One Source all over again."

Industry Set to Grow Exponentially

In the next couple of years, according to Forrester Research, individually managed accounts will explode. In 2001, total assets under management reached $415 billion and assets are predicted to reach $1.0 trillion within the next four years. If current growth rates continue, assets in separate accounts will surpass those invested in mutual funds by year 2014.

Tamarac is poised to capitalize on this growth with a technology platform that will automate the entire front end of investment management. It allows, for example, the creation and application of customized portfolio strategies. Rebalancing takes less time and tax efficiencies are easier to achieve.

Says Mr. Thomas, "In most instances, it takes one person for every 500 accounts to implement investment management decision like these. Tamarac will virtually allow one person to process 5000 of these transactions. Simply stated, Tamarac lowers costs, increases profitability and enhances returns."

A well positioned product offering

In addition to changes in management, Tamarac also announced today the release of the latest enhanced version of its highly acclaimed individual account investment management system, Tamarac 4.0. Tamarac 4.0 is available in two different versions, Tamarac Embedded

and Tamarac Enterprise

.

Tamarac Embedded

is the only fully-embedded individual account investment management system available in the marketplace. The product allows wealth manager service providers to fully integrate Tamarac Embedded

into their existing service platforms. Once integrated, Tamarac Embedded

provides a seamless, firm-wide solution.

Tamarac Enterprise

provides investment managers with a system that will fully automate the investment management, modeling, trading and compliance functions of their businesses.

About Tamarac Inc.

Founded in 2000, Tamarac focuses on web-based portfolio rebalancing and trading software and consulting services for investment professionals that enable them to grow their business by automating critical portfolio management tasks. Tamarac is the leading portfolio rebalancing software provider with a collective client AUM in excess of $100 billion. Tamarac maintains over a 95% client renewal rate by working with each client to implement its technology and providing continuous support.

Tamarac is headquartered in Seattle, WA. Its website address is: http://www.tamaracinc.com