PARTNERSHIP WITH RISKWORX STRENGTHENS ALGORITHMICS’ ALGO INTEGRATOR PROGRAMME IN SOUTH AFRICA

TORONTO, CANADA / JOHANNESBURG, SOUTH AFRICA – July 1, 2002 – Leading international Enterprise Risk Management solutions provider, Algorithmics, has entered into a partnership with one of South Africa’s leading financial risk services company, RiskWorX, thus providing additional expertise in South Africa on risk management and Algorithmics products.

Under the terms of the partnership, RiskWorX will become an Algo Integrator in South Africa, joining many other international financial risk companies such as Deloitte Consulting and IBM. RiskWorX has extensive experience in dealing with strategic issues pertaining to risk management and detailed technical implementation of products. As the local Algo Integrator, RiskWorX will assist Algorithmics clients in South Africa with the implementation of Algorithmics risk management software.

Algorithmics is by far the largest such supplier in South Africa and offers blue- chip financial services clients a world-class management service.

Algorithmics’ Sales Manager for South Africa, Shona Bell, says the agreement with RiskWorX will give clients access to an able and knowledgeable systems integration firm that has the quality assured skills to assist clients in implementing Algorithmics software.

As part of the agreement, RiskWorX will have access to the Algorithmics products in-house, to further enhance the quality of the service Algorithmics offers to clients. RiskWorX staff will also undergo training through the Algo Academy

The Algo Academy offers a wide range of training programmes using a combination of classroom and exclusive computer based learning. After completion of all the relevant training, Algo Integrators are issued with Algorithmics Certified Engineer Certificates. The certification is available on areas such as market risk, credit risk, asset liability and operational risk.

"As Algorithmics Certified Engineers, RiskWorX will have the necessary depth of knowledge and resources to provide the most comprehensive service possible to Algorithmics clients. The partnership also opens possibilities for RiskWorX to offer a similar service to Algorithmics worldwide," said Bell.

The Algo Integrator programme was established five years ago with the aim of establishing a network of partners with the certified expertise to assist with the implementation of Algorithmics software.

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