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Tamarac Chosen By Bishop Street Capital Management

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

Seattle, October 29, 2002 - Tamarac Inc. (www.tamaracinc.com), a leading provider of separate account management technology renowned for its unique abilities to provide true tax efficiency and customization, today announced the licensing of its product to Bishop Street Capital Management.

"The Tamarac product enables us to customize and automate a tax-efficient portfolio management process on a single, user-friendly platform. We are familiar with most portfolio software systems, and have chosen Tamarac to help us analyze the risk and tax situation of our new Tax-managed equity mutual fund." Said Joe Caballero, Senior Vice-President, Bishop Street Capital Management.

"We are excited to have as a customer a financial advisory firm with such a strong awareness of after tax returns for individual clients", said Matt Springer, Tamarac CEO. "We are the only automated separate account management technology on the market right now that can simultaneously harvest tax losses while factoring the risk associated with doing so in relation to a manager's model. This is a value added service that most other financial firms and money managers � even ones that offer separate accounts � simply do not offer their clients."

Tamarac's technology is extremely easy to implement, which is critical in terms of quickly delivering benefits to end customers. Tamarac works with most major portfolio accounting and trade order management systems to ensure that data is efficiently moved in and out of the system within a customers existing workflow. Users can use their own proprietary models or industry standard indices as benchmarks to compare portfolios against. The Tamarac system then creates a measurement of difference between the two and works to reduce the dispersion while factoring both the trading and tax costs to do so. The efficiency of the system allows the user to make more informed trading decisions in terms of reducing risk and balancing tax consequences and implement those decisions immediately for thousands of accounts. The end result is that the user can in fact deliver true client customization and tax-efficiency on scale without continually having to add manpower.

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

About Bishop Street Capital Management

Bishop Street Capital Management, a registered investment advisor and independent subsidiary of Bank West Corporation and First Hawaiian Bank, serves as investment advisor to the Bishop Street Funds. Bishop Street Capital Management manages $1.3 billion in assets for institutional investors and their consultants in Hawaii, the Pacific Rim and the Mainland U.S. Bank West Corporation, the parent company of Bishop Street Capital Management, First Hawaiian Bank and Bank of the West, is a bank holding company with total assets of $18 billion. For more information, please go to www.bishopstreet.com or www.bishopstreetfunds.com