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Press Release

Scivantage Launches New Brokerage Solution to Drive Tax Optimization and Efficiency

Feb 14, 2007

NEW YORK, February 14, 2007 – Scivantage, the premier provider of web-based, front- and middle-office brokerage products, today announced the availability of Maxit, the most comprehensive, automated cost basis and portfolio tax reporting system available for financial institutions, financial professionals and retail investors.

Financial advisors and investors are continuously searching for better ways to reduce the complexity of the investment tax process. If not managed effectively, capital gains tax can reduce the after-tax performance of investments by up to 35 percent. With Maxit, Scivantage helps financial advisors turn tax into a strategic advantage, with a full range of tools that help their clients track capital gains, generate IRS Schedule D for tax filing and improve investment tax decisions.

“We are very excited about the value this new product will deliver to our clients and individual investors”, said Adnane Charchour, President and CEO of Scivantage. “Proposals put forth by President Bush as part of his budget last week, calling for financial institutions to provide more detailed analysis of their customers’ capital gains for tax purposes are driving many institutions to consider whether they are currently well enough positioned to offer this level of granularity. With Maxit, Scivantage clients can be confident that they have this perspective automatically and that they are able to more efficiently manage the tax liabilities of their customers.”

Maxit reduces the complexity of the challenging investment tax decision process by analyzing actionable cost basis scenarios, simplifying tax reporting, eliminating the need for research on corporate actions and identifying wash sales. Maxit is available as a core component of Scivantage Professional and Scivantage Investor or it can be integrated as a stand-alone application into a firm’s proprietary systems. Maxit’s open, flexible architecture is designed to integrate with all major back offices and third-party software providers.

Key features of Maxit include:

• Automatic processing of corporate actions, including voluntary events, across accounts while maintaining cost basis continuity
• Tax lot matching and short-term--long-term characterization
• Real-time, actionable trade analysis of short- and long-term gain/loss opportunities
• Calculations utilize proper lot relief methods including FIFO, LIFO, HIFO, Specific ID, MinTax, MaxGain and Average Cost
• Wash sale identification, calculation and deferral
• Customized, on-demand reports for realized and unrealized gains/losses, IRS Schedule D and Form 6781