JPMorgan Chase Extends License for Pegasystems Software

CAMBRIDGE, Mass., Aug. 5, 2003 — Pegasystems Inc. (NASDAQ: PEGA), a leading provider of rules-based, smart business process management (BPM) software, today announced that JPMorgan Chase signed an agreement in the first quarter of 2003 to extend its license for Pegasystems software in its Treasury & Securities Services and Chase Financial Services divisions. Pegasystems supports JPMorgan Chase in both global funds transfer operations and check research and adjustments. In addition, JPMorgan Chase utilizes Pegasystems technology to support service delivery in its lockbox, electronic funds transfer services, and foreign exchange businesses.

"We are committed to providing the highest quality solutions to help deliver measurable returns on investment to clients," said Henry Ancona, president and COO, Pegasystems. "JPMorgan Chase and its predecessors have been valued customers of Pegasystems for more than 18 years, and we are eager to continue to work with them in developing solutions that meet clients' needs."

With Pegasystems' comprehensive solution for funds transfer operations (foreign or domestic), organizations are able to automate investigations and exceptions processing to provide faster, more cost effective customer service. Pegasystems software helps organizations automate investigations and exception processing. It can help banks provide improved customer service, while supporting the special handling requirements of key customers, including helping to reduce servicing timeframes, financial risk and unit cost.

With PegaCHECK Smart Adjust, a rules-based, image-enabled product, organizations can intelligently automate check exceptions processing. With a comprehensive set of pre-packaged business processes that handle nearly all error types, PegaCHECK Smart Adjust can help banks streamline implementation, increase productivity and respond to changing business conditions.

In addition to helping to increase operational efficiencies and helping to reduce costs, Pegasystems' solutions integrate with an institution's front- and back-office applications. Additionally, the software can be modified so that both the solution and the organization remain current with the increasing rate of change in the global payments industry.

Forward-Looking Statements

Certain statements contained in this press release may be construed as "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. The words "believe," "expect," "hope," "anticipate," "plan," and similar expressions identify forward-looking statements, which speak only as of the date the statement was made. Pegasystems does not undertake and specifically disclaims any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. These statements are based on current expectations and assumptions and involve various risks and uncertainties, which could cause Pegasystems' actual results to differ from those expressed in such forward-looking statements. These risks and uncertainties include impact of pending regulatory proceedings, difficulty in predicting the completion of product implementations and consequently the timing of revenue recognition, the inability to attract and retain key employees, reliance on key third-party relationships, management of Pegasystems' growth, and other risks and uncertainties. Further information regarding these and other factors which could cause Pegasystems' actual results to differ materially from any forward-looking statements contained in this press release is contained in Pegasystems' Quarterly Report on Form 10Q for the quarter ended June 30, 2003 on file with the Securities and Exchange Commission. Investors are cautioned not to place undue reliance on such forward-looking statements and there are no assurances that the matters contained in such statements will be achieved.

NOTE: Pegasystems is a registered trademark of Pegasystems Inc. Other product and company names may be trademarks of their respective owners.

About Pegasystems

Pegasystems (NASDAQ: PEGA) develops strategic applications for marketing, sales, service, and operations. Pega’s applications streamline critical business operations, connect enterprises to their customers seamlessly in real-time across channels, and adapt to meet rapidly changing requirements. Pega’s Global 3000 customers include many of the world’s most sophisticated and successful enterprises. Pega’s applications, available in the cloud or on-premises, are built on its unified Pega 7 platform, which uses visual tools to easily extend and change applications to meet clients’ strategic business needs. Pega’s clients report that Pega gives them the fastest time to value, extremely rapid deployment, efficient re-use, and global scale. For more information, please visit us at

All trademarks are the property of their respective owners.

The information contained in this press release is not a commitment, promise, or legal obligation to deliver any material, code or functionality. The development, release and timing of any features or functionality described remains at the sole discretion of Pegasystems, Pegasystems specifically disclaims any liability with respect to this information.


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