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FOR IMMEDIATE RELEASE

Pegasystems Supports Nordea to Automate Investigations with Business Process Management Software


CAMBRIDGE, Mass., October 29, 2004 — Pegasystems Inc. (NASDAQ: PEGA), a leader in rules-based, smart business process management (BPM) software, today announced that it has been chosen as the supplier of business process management software by Nordea, the leading Nordic financial services group.

The initial phase of the program will roll out PegaBANKING™ Smart Investigate™ to four of Nordea’s payment processing areas: Helsinki, Copenhagen, Oslo and Stockholm. Additional projects within global operational services, such as Treasury and Custody, will also be reviewed, with the goal of further enhancing operational processes across the entire organization.

PegaBANKING Smart Investigate, which Pegasystems recently made available on its PegaRULES Process Commander V4 platform, automates inquiry and exception processing activities across numerous wholesale banking departments, including payments, foreign exchange, Nostro reconciliations, and more. It handles the receipt and processing of incoming messages, sends outbound correspondence in SWIFT and other formats, searches for related transactions, and processes compensation claims and adjustments.

“This agreement with Nordea is a great endorsement of Smart Investigate and provides us with an opportunity to work with one of the Nordic region’s largest banks. I understand Nordea was impressed by the business case for Pegasystems and reassured by our successful implementations at UBS and Rabobank,” said David Wells, vice president, Europe, for Pegasystems.


About Nordea
Nordea is the leading financial services group in the Nordic and Baltic Sea region, with approximately EUR 262 billion in assets. It operates through three business areas: Retail Banking, Corporate and Institutional Banking, and Asset Management & Life. It has nearly 11 million customers and 1,240 branch offices, and is a world leader in Internet banking, with more than 3.5 million e-customers. Nordea shares are listed in Stockholm, Helsinki and Copenhagen. For more information, visit www.nordea.com.

About Pegasystems
Pegasystems Inc. (NASDAQ: PEGA) provides rules-based, smart business process management (BPM) software to large organizations, helping to deliver significant ROI and providing them with the flexibility and agility to respond to changing business needs. The company offers applications for the financial services, healthcare, insurance and government markets, as well as a cross-industry BPM application. Pegasystems is headquartered in Cambridge, Mass., and has regional offices in North America, Europe and the Pacific Rim. For more information, visit www.pega.com.

For information, contact:

Jeremy Payne
Pegasystems Europe
+44 118 965 1641
jeremy.payne@pega.com

Alex Crawshaw
Pirate Communications
+44 20 7760 7055
alex@piratecomms.com

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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, among others, identify forward-looking statements, which speak only as of the date the statement was made. The Company 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 the Company's actual results to differ significantly. Further information is contained in the Company’s most recent report on form 10-Q or 10-K and other recent filings on file with the Securities and Exchange Commission.

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

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