News Release

Real-Time Market Surveillance Capabilities Help Distinguish New Trading Platform

BEDFORD, Mass.--(BUSINESS WIRE)--Sept. 17, 2008--Progress Software Corporation (NASDAQ: PRGS), a leading provider of application infrastructure software to develop, deploy, integrate and manage business applications, today announced that Turquoise, the pan-European equity trading platform backed by nine of Europe's leading investment banks, has gone live with its deployment of the Progress(R) Apama(R) CEP platform as part of its real-time and post-trade market surveillance system. With its use of Progress Apama, Turquoise can assure traders that Turquoise has the electronic technology in place to capture breaches of trading rules and root out market irregularities, thereby ensuring a fair and open market.

As a newly launched multi-lateral trading facility (MTF), Turquoise has established a target of achieving 5% of European equities volume by the end of 2008. To reach that goal in competition with incumbent exchanges, Turquoise has taken an innovative approach to both its trading capabilities - with its combination of visible and dark orders - as well as associated services. Progress Apama is a key technology component within that effort, having been implemented through the efforts of Detica Ltd., a specialist business and technology consultancy. With market participants increasingly sensitive to potential market manipulation and other abuses, the complex event processing (CEP) capabilities of the Progress Apama platform offer real-time monitoring services that can help ensure the integrity of Turquoise transactions.

"Turquoise aspires to the highest compliance standards and requires the best technology, processes and policies to achieve that," noted Ian Werner, Head of Legal and Compliance, Turquoise. "Technology platforms like Apama provide us with a way to compete for liquidity by showcasing our commitment to being a scrupulously fair exchange."

"MiFiD has introduced new areas of competition within European equities markets, offering traders an ever-expanding array of choices for liquidity," said Dr. John Bates, founder and general manager of the Apama division of Progress Software. "Turquoise has shown itself to be a true innovator. Rather than view market oversight as a regulatory burden, it has embraced surveillance technology, thus enhancing the appeal of its exchange and encouraging liquidity. We are extremely excited to be a partner in this effort. With the Apama platform, Progress offers Turquoise the unique ability to monitor, analyze and act on trading irregularities in real time."

In addition to real-time monitoring, Turquoise is also using the Apama platform to add further value to the market data it collects for clients as well as offer services such as detailed analysis of transactions and a better understanding of price improvement and performance.

The Apama platform is recognized as the market's leading CEP product, having the largest client base in the securities industry with customers that include JP Morgan, ING, Turquoise, Deutsche Bank, and the FSA (Financial Services Authority).

About Turquoise

The Turquoise Multilateral Trading Facility (MTF) provides electronic execution services to buyers and sellers of pan-European equities. Turquoise's unique market model recognises the importance of visible order book activity in today's market structure and reconciles this small order, high frequency activity with traders' desire to find institutional-size liquidity.

Turquoise's integrated market segment, combines dark and visible orders to increase the likelihood of execution and price improvement for small orders whilst allowing the trading of large, institutional-size orders, efficiently and with minimisation of information leakage and market impact.

Turquoise is an independent company, whose members include the largest banks and brokers active in European trading, as well as specialist trading firms and institutions with local, regional and sector focus. The Turquoise MTF has secured market-making relationships with key stakeholders that, together with its wide membership, differentiated functionality and competitive pricing, ensure critical mass of natural liquidity and make it a venue that every trader will need to access.

The clearing & settlement function is being delivered by EuroCCP, a subsidiary of DTCC, a partnership that helps to drive down the total cost of trading.

    For further information, please visit: www.tradeturquoise.com

    About Progress Software Corporation

Progress Software Corporation (NASDAQ: PRGS) provides application infrastructure software for the development, deployment, integration and management of business applications. The Apama platform is powered by the world's most advanced and widely used complex event processing (CEP) technology, which allows traders, regulators and exchanges to instantly and continuously analyze, evaluate and respond to market events in real-time. Our goal is to maximize the benefits of information technology while minimizing its complexity and total cost of ownership. For further information, please visit www.progress.com or +1-781-280-4000.

Progress and Apama are trademarks or registered trademarks of Progress Software Corporation or one of its affiliates or subsidiaries. Any other trademarks or service marks contained herein are the property of their respective owners.

    CONTACT: Progress Software Corporation
             John Stewart, 781-280-4101
             jstewart@progress.com
             or
             Progress Software (EMEA)
             Rachel Harnden, +44 (0) 1753 216 387
             rharnden@progress.com
             or
             LEWIS PR
             Dan Gaffney, 617-226-8844
             progresssoftware@lewispr.com
             or
             M:Communications (Turquoise PR)
             Adrian Flook, +44 20 7153 1588
             flook@mcomgroup.com

    SOURCE: Progress Software Corporation