JRISK™ WINS BUY SIDE TECHNOLOGY AWARD FROM THE BANKER AS GLOBEOP CAPITALISES ON THIS EXPERTISE FOR IT'S NEW REAL-TIME TRADING & RISK MANAGEMENT ASP

Palo Alto, CA. June 7, 2005 – Application Networks, Inc, a leading provider of financial software for trading, trade processing, and risk management solutions, today announced it’s flagship product, JRisk has received the 2005 Award for "Buy Side Technology" from The Banker, part of the Financial Times Group. The award is in recognition of the technology underpinning the new real-time risk ASP being launched by GlobeOp® Financial Services (GFSSM or GlobeOp®), a leading provider of fund administration and related support services for hedge funds, funds of hedge funds, and high net worth family wealth offices.

Branded as GoRisk this new ASP offering is powered by Application Networks’ JRisk technology and leverages the expertise of GlobeOp in the successful hosting and delivery of risk and administration services. GoRisk is a web-enabled, turnkey solution that has been fully packaged as an ASP providing real time risk management, pricing and scenario analysis across all asset classes and includes all the associated reference and market data in addition to advanced modelling and pricing analytics. Targeted at traders and risk managers within the hedge fund industry, GoRisk provides pre-trade analytics, sensitivity and “what-if” analyses as well as scenario analysis, stress testing, Value-at-Risk (VAR) and limit monitoring.

"JRisk immediately struck our judges as outstanding through its use of an ASP model for service provision to the buy-side, reducing the support and infrastructure costs such a system might otherwise require," comments Dan Barnes The Banker’s Technology Editor. "The panel saw further innovation in its use of a service-based, distributed architecture. It provides an application that could gain further functionality without disrupting the existing system, increased durability in case of hardware failure plus the potential for performance fine-tuning and enhancement," he adds.

"Such a prestigious award endorses the quality of our product and our expansion into the burgeoning hedge fund market", says Evrard Van Hertsen, CEO of Application Networks. "Increasing sophistication within the buy side firms and demands for greater accountability means an increasing need for the same quality of software expected by the sell-side," he continues.

The selection panel included the editorial staff of The Banker in addition to leading figures from investment banks, consultants and analysts.

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