ARTHUR PHILLIPS NAMED FIRST REGIONAL DIRECTOR FOR PRMIA SOUTH AFRICA

February 16, 2004 The Professional Risk Managers’ International Association (PRMIA) is pleased to announce that Arthur Phillips, Director of RiskWorX, has been named the first Regional Director for PRMIA South Africa, PRMIA's 45th chapter globally.

Mr. Phillips has 15 years of experience in Treasury and market risk management. Over this time he has worked extensively with South African banks and other investment firms, gaining exposure and developing expertise in the areas of market, credit and operational risk, as well as in the pricing and valuation of complex derivative products.

"We look forward to starting our activities in Johannesburg, then spreading to Pretoria, Durban and Cape Town," said Mr. Phillips. "The South African risk and finance community needs a forum like PRMIA can provide and standards for risk professionals like the PRM Standard."

Prior to starting RiskWorX, Mr. Phillips worked with Investec Bank and consulted to Algorithmics in Toronto. He has a B.Sc with Honors in Statistics and a B.Com in Accountancy and Economics and is currently finishing his MBA(Finance) at Manchester University.

"Arthur will do an excellent job creating a forum to discuss problems and solutions related to risk management in South Africa," said Andrzej Kulik, PRMIA Vice Chair and Member of the Regional Director Support and Standards Committee. "He is widely respected by his peers and his commitment allows us to bring an important offering to PRMIA members in South Africa - a local chapter to help local leaders establish standards and share best practices."

PRMIA Regional Directors include professors, regulators, senior analysts, consultants, traders and senior officers of their companies. They come from banking, energy, asset management, software, consulting and non-financial corporations as well as from universities and governmental bodies. Over 10,000 delegates have participated in events organized by PRMIA regional chapters in the past year.

PRMIA seeks to serve its members through promoting standards and education in the risk management profession, the benefits of risk management to those outside of the risk profession and through promoting the free exchange of ideas. Local chapters host free meetings that address the needs of the local risk management community. PRMIA also offers the Professional Risk Manager (PRM) program in over 140 countries worldwide.

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