ARBOR SOFTWARE NAMED ONE OF THE TOP 250 COMPANIES IN THE DIGITAL UNIVERSE

RECOGNIZED BY THE RED HERRING MAGAZINE AND KPMG PEAT MARWICK LLP FOR
CONTRIBUTING TO THE TECHNOLOGY REVOLUTION

SUNNYVALE, CALIF., MAY 28, 1996 - Arbor Software Corporation (Nasdaq:
ARSW), a leading provider of client/server software for business planning,
analysis and management reporting, today announced its selection as one of
the top 250 companies in the digital universe. Arbor Software develops,
markets and supports the Essbase multidimensional database server.

The Red Herring, with the assistance of KPMG Peat Marwick LLP, awarded
Arbor Software for its outstanding efforts to drive the technology
revolution. The top 250 companies were selected from nearly 1000 companies
through interviews with venture capitalists, investment bankers, industry
analysts and high-technology executives worldwide. The companies are
profiled in "The Red Herring Guide to the Digital Universe," a 500 page,
hard cover volume published by Warner Books. "The Guide" analyzes the
converging computer, communications and entertainment industries, looking
at where they are today and where they will be tomorrow. It includes
company profiles and an in-depth, up-to-date look at the stars in the
digital universe.

"We set out with KPMG Peat Marwick LLP to identify the companies that are
driving the digital universe," said Anthony Perkins, publisher and
editor-in-chief of The Red Herring. "Arbor Software stands out as one of
the hottest technology leaders and is revolutionizing the market with the
Essbase multidimensional database server. We commend Arbor's technology
innovations and are pleased to name Arbor among the 250 companies driving
this dynamic field."

"To be selected among the ranks of elite companies in `The Red Herring's
Guide to the Digital Universe' is a strong statement about our Essbase
technology and business strategy," said Jim Dorrian, Arbor's president and
CEO. "This recognition reinforces the enthusiasm of the growing number of
Essbase customers worldwide using our OLAP technology to drive their
business performance."

Arbor Software's selection was based on criteria which included:
contribution to a paradigm shift (technology, marketing, organization,
finance, alliance activity, business model), management team (vision,
strategy, execution, ability to attract and retain top people, charisma,
grounding in reality), financial resources (cash-flow, debt burden,
proportion of revenues from recurring sources, revenue and earnings
consistency), market dominance (ability to set terms of competition,
market share), and market potential (technology leadership, percentage
revenues from products introduced in last five years, "first-to-market"
ability).

ABOUT THE RED HERRING

The Red Herring, published by Herring Communications, Inc. of San
Francisco, CA, is the first monthly magazine dedicated to covering top
private and public technology companies, venture capital trends, and
public investment activities. Herring Communications was founded with the
mission of communicating high-level business information on technology and
entertainment.

ABOUT ARBOR SOFTWARE

Arbor Software Corporation (Nasdaq:ARSW) develops and markets client/server
software for business planning, analysis and management reporting. Arbor's
products are used by more than 650 corporations spanning a broad range of
industries and business applications including Bank of Boston, Emery
Worldwide, Fidelity, Los Angeles Times, Neutrogena, Pennzoil, PEPSICO,
Prudential and Sears. Arbor has over 100 application, services, tools and
platform partners, including Comshare, Hewlett- Packard, IBM and
Microsoft. Arbor's products are sold direct, as well as through system
integrators and VARs worldwide. Arbor's offices are located in Atlanta,
Boston, Chicago, Dallas, Houston, Los Angeles, New York, Sunnyvale,
Washington D.C., London and Paris. More information on Arbor products and
services can be found on Arbor's World Wide Web (WWW) site at
http://www.arborsoft.com.

For Arbor Software product information, please call 1-800-858-1666. For
more information on "The Guide to the Digital Universe" visit The Red
Herring's WWW site at http://www.herring.com or call Stephanie Andolina at
415-865-2277 x207.
 
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