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SG CIB goes live with JRisk™ for its FX Options business

Palo Alto, CA - 26 July, 2004 - Application Networks announced today that SG Corporate & Investment Banking (SG CIB) has successfully gone into production with JRisk for its FX Options business. After a short implementation phase started in July 2003, the system, supporting the business globally, went live in February 2004.

JRisk is the leading trading and risk management technology for the world's major financial institutions and hedge funds.

The JRisk system has been implemented in Paris and rolled out globally. It is being used by traders, risk managers and middle office staff and provides official economic and accounting P&L, risk analysis and scenario simulations, real time risk and position management and VaR. The solution also delivers valuation reporting for customers of the bank. All vanilla and exotic forex options are supported.

"JRisk was chosen over and above other solutions because of the quality of the technology and architecture and the expertise of Application Networks' staff. With JRisk we were able to leverage and re-use our existing components and services and this allowed for a rapid integration. With Application Networks we have gone live on time and on budget," says Jean Habib Global Head of IT Foreign Exchange & Treasury in SG CIB.

"JRisk has rapidly given us the value added we expected," comments Richard Giltner, Global Head of FX Options at SG CIB. "The new solution provides us with mission critical analysis for our trading and risk management activities enabling us to run our business more effectively," he adds.

"The success of Application Networks has been built on the successful delivery of projects within short time frames," says Evrard Van Hertsen, President and Chief Executive of Application Networks. "Our customers know that with JRisk they not only get strategic business solutions but solutions that deliver and go into production on time and on budget."