APAM:

Media: Jon Knight 407/843-7110





Cray Research:

Media:Steve Conway 612/683-7133

Financial:Laura Merriam 612/683-3538





APAM IS FIRST INVESTMENT ADVISORY FIRM TO ORDER A CRAY RESEARCH

SUPERCOMPUTER SYSTEM



ORLANDO, Fla.,  August 18, 1993 - Atlantic Portfolio Analytics and Management, Inc. (APAM),

an international investment advisory firm dealing in fixed income securities and derivative

products, has ordered a CRAY EL98 supercomputer system from Cray Research, Inc.

(NYSE:CYR), the companies jointly announced today.  The system is Cray's first order from an

investment advisory firm and is scheduled to be installed in the third quarter at APAM's

headquarters here.  Terms were not disclosed.



"Having the Cray system on site will allow us to provide more accurate, up-to-date information

and better service to our worldwide customer base," said Dr. Alp Kerestecioglu, director of

research at APAM.   "We will be able to perform continuous valuations for large universes of

securities and derivative instruments as market conditions change."  The supercomputer's

computational capacity, he added, will permit APAM to evaluate financial instruments without

having to use the simplifying assumptions now mandated by traditional hardware systems.



The CRAY EL98 system purchased by APAM features four parallel processors, peak performance

of 530 million calculations per second, a billion bytes (one gigabyte) of random access

memory, and "a powerful balanced architecture to provide the  highest performance, ease-of-

use and overall value in its class," according to John F. Carlson, Cray Research chairman and

CEO.



"We are pleased that APAM selected Cray Research as its main supplier of high-performance

computing systems," said Carlson.  "APAM's international reputation for high-quality research 

and analytic systems makes them a valuable financial-industry reference account for Cray

Research.  We will work closely with APAM to ensure that their advanced computing objectives

are fully met."  



Cray Research systems, Carlson said, are an ideal match for the sophisticated risk management

strategies required in today's global financial markets.  Cray Research recently announced

another financial-industry order, a second CRAY Y-MP EL system for the Federal Home Loan

Mortgage Association ("Freddie Mac").



APAM has approximately $3 billion under management, invests in portfolios of fixed-income

securities for pension funds, money center banks and other institutions.  Its clients are in the

U.S., the Far East, Latin America and Europe. 



Cray Research creates the most powerful, highest-quality computational tools for solving the

world's most challenging scientific and industrial problems.



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Editor's Note:  U.S. pricing for CRAY EL98 systems begins at $340,000.