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LOMBARD RISK SYSTEMS ACQUIRES ANOTHER CUSTOMER IN LUXEMBOURG

Press Release, 29th June 2001

Erste Europäische Pfandbrief – und Kommunalkreditbank AG in Luxembourg choose Oberon® and FirmRisk® for their business

The Erste Europäische have selected Lombard Risk Systems’ Oberon trading system and FirmRisk integrated risk management solution to support their future business needs. Erste Europäische is a specialized credit institution with authority from the Luxembourg Ministry of Finance to issue Pfandbriefe (lettres de gage). The main business of the bank consists of the granting of loans to central and regional governments, local municipalities, corporations, institutions and other public-law legal entities and state institutions domiciled in the countries of the European Union or in the OECD.

Before selecting Oberon as its preferred derivatives trading system and FirmRisk as its preferred risk management solution, Erste Europäische reviewed a number of alternative systems from different suppliers. Mr. Jean-Paul Frisch – Managing Director of Erste Europäische - comments that they decided on using Oberon and FirmRisk because of the short implementation period, user friendliness and fast reporting capabilities over a wide product range. The high flexibility of the system allows us to fulfil the special needs of a specialized credit institution. Oberon and FirmRisk will be used for trade pricing and management, risk and VaR reporting and back testing, as well as asset and liability management.

Lombard Risk Systems Ltd., part of the Lombard Risk Management group, is a leading provider of software for risk management and for derivatives trading. The Lombard Risk
Management group counts among its customers about 60 of the top 100 banks in the world. John Wisbey, Chairman and founder of Lombard Risk comments:

“We are extremely privileged to be working with Erste Europäische to provide them their core trading and risk management systems. As a major participant in the bond, mortgage and derivatives market, the bank has very demanding requirements for its core systems and we are delighted that Erste Europäische has selected Oberon and FirmRisk to meet its business needs.”