UBITRADE and PRMIA to Hold a Breakfast Seminar on Credit Risk in Paris on June 26th 2003

Ubitrade, a leading supplier of advanced system solutions for trading, risk
management and back office on capital markets and The Professional Risk
Managers' International Association will be holding a breakfast seminar on
Thursday June 26th on the following topic: "Credit Risk transfer on the
markets (CDO, CDS, ?)". This seminar will be held at the "Maison de la
Recherche", 54 rue de Varenne, Paris (75007). Admission to the seminar is
free if you subscribe with either PRMIA or Ubitrade.

The seminar will begin with a typology of credit derivatives and a
presentation of credit derivative-linked risks. The speaker will be Didier
Marteau, Professor of Finance at ESCP (Ecole Supérieure de Commerce de
Paris), the French Business School, and Head of Research with Ernst &

Mr. Marteau will be followed by two bank professionals who will speak on
credit derivative trading and related risk management (speaker: Thomas
Spitz, Head of Credit derivatives trading with CAI London) and on CDO
structuring (speaker: Kurt Jais-Nielsen, Head of Structured derivative and
complex assets with CDC Ixis Capital Markets).

The third part of the seminar will give an investment company's point of
view on credit derivatives (speaker: Pierre-Emmanuel Juillard, from Axa
Investment Managers).

To conclude, Christian Jimenez, Risk Manager with Financial Company Eulia,
will hold a 30 minute round table with all the speakers.

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