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PricewaterhouseCoopers and NetRisk Merge Operational Risk Offerings, Creating OpVantage

NEW YORK and GREENWICH, CT, April 25, 2001 -- PricewaterhouseCoopers and
NetRisk have combined the resources of their operational risk services to
form OpVantage, a new software company, established to become the global
market leader in quantifying operational risk for financial institutions.

Both PricewaterhouseCoopers and NetRisk have contributed staff to establish
OpVantage, which is headquartered in Greenwich, CT. Dan Mudge, a co-founder of NetRisk, is President and CEO of OpVantage.

In order to best serve this burgeoning market and to develop the widest
range of services to institutions around the world, OpVantage purchased from
PricewaterhouseCoopers its OpVaR® risk management methodology and data.
NetRisk has contributed its RiskOps(tm) operational risk measurement and
management software, databases, methodologies, and other offerings to
OpVantage. Historically, PricewaterhouseCoopers and NetRisk have been the
market leaders in quantifying operational risk.

By combining the OpVaR* database and methodology with the RiskOps(tm)
software and database, OpVantage will offer the most comprehensive
operational risk quantification software and loss databases. The combined
software will provide for the measurement and management of operational risk
through data collection, analysis and quantification methodologies.

OpVantage provides the largest commercially available database of
operational risk data, containing approximately 8,000 operational risk loss
events. OpVantage also has the largest installed base of sophisticated
operational risk software and methodologies, with a combined client base of
over 20 institutions.

By combining the risk management capabilities provided by
PricewaterhouseCoopers and NetRisk, OpVantage is in a position to help
financial institutions fully comply with the recommendations of the New
Basel Capital Accord, which for the first time calls for a capital charge
for operational risk in addition to the changes already required for market
and credit risks. The New Accord covers all "significant banks" on a
worldwide basis.

In particular, OpVantage's software and methodology satisfy the New Accord's
Qualifying Criteria that are necessary to use the more advanced Standard and
Internal Measurement Approaches for determining operational risk capital
requirements. In the New Accord, operational risk is defined as "the risk of
direct or indirect loss resulting from inadequate or failed internal
processes, people, and systems or from external events".

Juan Pujadas, a PricewaterhouseCoopers partner and head of its Global
Financial Risk Management practice said, "The creation of OpVantage will
allow PricewaterhouseCoopers to provide our clients throughout the world
with state-of-the-art software and methodologies that are setting the
standard for operational risk analysis and quantification. The combination
of RiskOps* and OpVar* will ensure that OpVantage delivers the industry's
leading operational risk software." PricewaterhouseCoopers will offer the
software to its clients in combination with its services related to
operational and enterprise-wide risk management and will support software

Dan Mudge, President and CEO of OpVantage said, "OpVantage will be the
market leader in operational risk management for financial institutions. It
is an exciting opportunity to combine the leading risk advisory and software
groups in the operational risk field to provide the best quantitative risk
consulting and operational risk software to financial institutions
worldwide." He also announced that Lloyd Hardin from PricewaterhouseCoopers
will lead OpVantage's product management group and Rob Ceske from NetRisk
will lead the sales, marketing and customer support team; both will share
specialized consulting responsibilities.

Michael Haubenstock, New York, and Andrew Gray, London, PricewaterhouseCoopers partners in the Global Financial Risk Management practice and designated agents for the OpVantage alliance, added, "We are excited about the creation of OpVantage. It will provide our clients with the ability to leverage off the expertise of the leaders in operational risk through the market's most sophisticated software and most complete data. We look forward to working with OpVantage."

About OpVantage

OpVantage has a staff of 14 people from the combined PwC and NetRisk
operational risk groups. OpVantage is the operational risk quantification
leader, providing financial and other institutions with the RiskOps* and
OpVar* software and database of 8,000 operational loss events,
quantification methodologies and specialized consulting services. Dan Mudge,
President and CEO of OpVantage, is a co-founder of NetRisk. Previous to
NetRisk, Mr. Mudge was a Senior Managing Director at Bankers Trust,
responsible for its Global Risk Management function. Mr. Mudge is widely
recognized as one of the pioneers and early founders of the corporate Risk
Management profession on Wall Street.

About PricewaterhouseCoopers

PricewaterhouseCoopers is the world's largest professional services organization. Drawing on the knowledge and skills of more than 150,000 people in 150 countries, the organization helps clients solve complex business problems and measurably enhances their ability to build value, manage risk and improve performance in an Internet-enabled world.

About NetRisk

NetRisk's mission is to bring cost-effective, practical, and leading edge
risk solutions to its financial institution clients. It is fulfilling these
goals by providing risk analytic software and data, delivered via the
Internet and advice on market, credit and operational risk. Products and
services offered by NetRisk include: RiskOps(tm) - through OpVantage;
CrystalBox - interactive performance and risk reporting for the investment
professional; and Risk Advisory - enterprise risk management consulting,
advice and solutions to the financial services industry. Gene Shanks, the
former President of Bankers Trust, founded NetRisk, Inc. in 1997. NetRisk
has offices in Greenwich, CT and New York City.