Banking Software News

Peoples Trust Goes Live with Portfolio Plus

Toronto, Canada – May 17th, 2004: Strategic Information Technology Limited ("SIT") announces that Peoples Trust has now gone live with the Portfolio Plus Platform.

"Particular mention needs to be made of the approach to this conversion taken by the joint Peoples Trust and the SIT team says G. Robert Leeming, president of SIT. The stability and state of conversion data was of major concern. The way the joint team sought innovative solutions to overcome this as well as the limited enthusiasm of the data supplier must be noted and the joint team congratulated for their efforts. True diligence was shown in the proving of the conversion through the "model office" process. On their becoming a member of the growing number of Portfolio Plus users, making SIT the lead independent banking system supplier in the country, we would like to thank and congratulate Peoples Trust.”

"Because the two systems were structured differently, careful set up, extensive training and quality assurance testing had to take place in order to have confidence in the migration, particularly when adopting a system that offers better functionality, flexibility and support." says Derek Peddlesden, Executive Vice President Operations and Chief Financial Officer for Peoples Trust. "Our staff, in conjunction with SIT, organized conversion testing activities, training programs, meticulous quality assurance and functionality verification which, as always, are the keys to making any transition a success. I believe this was the right move for Peoples Trust and look forward to taking advantage of the additional functionality of Portfolio Plus in order to deliver the best service possible to our customers and expand the products and services we provide."

About Peoples Trust

Peoples Trust has become a very successful provider of financial services by combining price competitive products with truly exceptional customer service and support.

Assets consist mainly of conventional and insured loans on predominantly multi-family residential properties located in major urban centers. Investor Services provide traditional short and long term RRSP and GIC products, together with mortgage servicing, securitization and banking for institutional investors. The company is particularly active in the Mortgage-Backed Securitization program as an Issuer.

Peoples Trust maintains a unique and enviable position among Canada's financial institutions as a result of long-term profitability, steady asset growth and the ability to perform above and beyond customers' expectations.

See www.peoplestrust.com for more information,

About Strategic Information Technology Limited

Strategic Information Technology Limited was formed in 1988. SIT develops and markets a core banking system Portfolio Plus. Portfolio Plus is a highly functional application designed to be easily tailored to customers' unique environments, to process information efficiently, and to provide timely access to information essential to competing effectively in the financial services industry today.

For further information please contact:

Patrick Lannigan
Strategic Information Technology
Telephone: 905-640-0808 x356
Email: patrickl@stratinfotech.com