Progress Software confirms no material exposure to SVB or Signature Bank failures

PROGRESS SOFTWARE CORP /MA

No cash deposits or operating accounts maintained with Silicon Valley Bank.
SVB is a credit agreement lender but has no outstanding funding obligations to the company.
Fixed-income securities previously purchased via SVB are held by U.S. Bank as custodian.
No relationships with Signature Bridge Bank, N.A.
Company believes liquidity concerns at SVB will not disrupt business, operations, or capital access.

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