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CheckFree and Tamarac Partner On Separate Accounts

Firm Recognizes Tamarac's Ability to Analyze Risk and Taxes for Tax-Managed Equity Mutual Fund

JERSEY CITY, August 19th, 2002 - CheckFree Investment Services, a division of CheckFree Corporation (NASDAQ: CKFR), today announced a joint marketing agreement with Tamarac Inc., a Seattle-based developer of specialized tax optimization applications for financial firms including broker/dealers, money managers, mutual funds and registered investment advisors. CheckFree Investment Services is the leader in portfolio management and trading software services, and its APL platform is the most widely used among firms engaged in separate accounts including asset managers and broker/dealers. Together, CheckFree and Tamarac will bring tax optimization services to CheckFree APL clients for enhancing decisions about buying and selling assets within separately managed accounts.

"This new arrangement allows CheckFree's clients to provide highly customized tax optimization treatment to their separate accounts," said CheckFree Investment Services Vice President, Hilary Fiorella.

Operationally, a CheckFree Investment Services client uploads an account to Tamarac's secure Web-based system, and utilizes the application to locate tax efficiencies, rebalance and generate trades. An interface between CheckFree APL and Tamarac will enable clients to run Tamarac's portfolio analysis tool, and export trade files via a simple FTP (file transfer protocol). Tamarac's customizable portfolio analysis application augments CheckFree's own Gain/Loss Trade Modeling (GLTM) tool designed to address tax lot issues on a macro level.

"By working with CheckFree and its APL clients, Tamarac can deliver on the promise of customization and tax-efficiency of separate accounts in a scalable environment," said Tamarac CEO, Matt Springer.

Institutional money managers use CheckFree APL to enter and maintain account data, manage trades and measure portfolio performance. CheckFree APL also serves as the leading separately managed accounts platform, providing remote processing services to sponsor firms, money managers and financial advisors for the automation of investment management, trading, portfolio performance and investor reporting. CheckFree APL's open platform enables 38 of the top 50 Wall Street (sponsor) firms and 36 of the top 40 managers to interface with each other. M-Search, the leading database of institutional money managers, provides industry professionals with the most comprehensive source of manager performance. M-Watch, another CheckFree Investment Services product, offers tools for performance reporting and evaluation.

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