DANSKE BANK GOES LIVE WITH ALGO COLLATERAL

TORONTO, CANADA / COPENHAGEN, DENMARK – May 8, 2003 – Algorithmics Incorporated, a world leader in enterprise risk management solutions, today announced that Danske Bank of Denmark has gone live with Algo Collateral as part of its strategic decision to expand its margining activities and collateralized counterparties.

A solution implemented by more than forty Algorithmics clients worldwide, Danske is the first Scandinavian bank to run Algo Collateral in production. This move to Algo Collateral follows the 2002 ISDA Margin Survey that showed an ever-increasing number of institutions are coming to rely on risk-managed collateralized trading.

"Algo Collateral allows us to open up new lines of business with minimal outlay of additional technical or financial resources," said Søren Bolvig, Project Manager at Danske. "We have been very pleased with its extensibility and that we could model the solution’s workflow to our existing operational procedures." Cooperation between Danske and Algorithmics has resulted in new functionality in Algo Collateral that allows the solution to recognize already authenticated database users to its operating system, thereby saving redundancy while maintaining security.

Danske plans to continue exploring its collateral risk management relationship with Algorithmics and is currently investigating Algo Collateral’s ability to host Straight-Through Processing.

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