GemStone Systems Expands with New York Office, Jason Leinwand Joins as Regional Manager of Financial Services

Beaverton, Ore.- May 20, 2003- GemStone Systems, Inc., announced today that Jason Leinwand has joined the company as regional manager of financial services. Mr. Leinwand will be responsible for opening a sales office in New York as he applies his 16 years of experience in financial services to accelerate GemStone’s growth in this vertical industry.

“GemStone’s success in financial services created the need to expand in the New York area,” said Richard Lamb, president of GemStone Systems. “Jason brings a wealth of experience in financial services as a former trader and senior manager of business development for leading trading technology companies.”

Mr. Leinwand’s experience has been primarily focused in the financial services industry. From 1987 through 1999, he worked for a variety of financial service institutions including Lloyds Bank, Bank of Nova Scotia, Man Financial, and DLJ Capital Funding Inc., specializing in foreign exchange trading and sales. In 2000, he went on to work at ExchangeLab Inc., where he managed the development of a global liquidity trading platform using intelligent agents. He most recently served as vice president of sales for Powerllel Corporation, where he presented application solutions to top tier financial institutions and quantitative traders.

About GemStone Systems, Inc.

GemStone Systems is a privately held company with over 20 years of software experience in developing high performance object oriented technology and highly scalable systems for enterprise organizations. GemStone’s patented technology delivers the speed, performance and capabilities that enterprises need from the hardware and software they already own. Industry leading global organizations like IntercontinentalExchange Inc., JPMorgan Chase, UBS Warburg, BellSouth Telecommunications, eBucks and Orient Overseas Container Line depend on GemStone technology and expertise to build scalable, mission-critical applications that have set the standard in their industries, and given them the competitive edge to be increasingly profitable.

Headquartered in Beaverton, Oregon, GemStone sells and supports its solutions through its US sales force and a worldwide network of distributors. For detailed product and company information, please visit www.gemstone.com

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GemStone is a registered trademark of GemStone Systems, Inc. Other names of actual companies and products mentioned herein may be the trademarks of their respective owners.