Ashland Selects Reval's Web-based Financial Risk Management Solution -With Reval's HedgeRx System, Ashland Gains Better Visibility into Hedging Results-

NEW YORK CITY (June 8, 2004) -- Reval, a provider of financial risk management solutions and services, today announced that Ashland Inc. (NYSE: ASH), a Fortune 500 transportation construction, chemicals and petroleum company, has selected the HedgeRx(tm) system. Reval's HedgeRx will enable Ashland to have better visibility of forecasted exposures, thereby reducing volatility and enabling proactive management of hedging activities.

Jiro Okochi, Reval's CEO, said, "Ashland is implementing best practices for financial risk management and we are excited that they have selected HedgeRx as part of their approach."

Ashland employs approximately 22,500 employees and reported revenues of $7.5 billion in 2003. The Company has made a strong commitment to the adoption of corporate governance principles that support compliance with the law and ethical business behavior. Okochi continuedOkoc, "More and more companies turn to Reval's solutions and services as a critical element to ensure alignment with FAS 133 and Sarbanes-Oxley. We're delighted to welcome Ashland to our growing client roster and look forward to a long and productive relationship between our companies."

More About HedgeRx
HedgeRx is a Web-hosted application that delivers comprehensive front-to-back office capabilities for managing interest rate, foreign exchange, and commodity hedging portfolios, enabling organizations to comply with complex derivative accounting regulations, such as FAS 133, IAS 39 and AcG 13.

The most recent version - HedgeRx Version 4.0 - includes the addition of exchange-traded and over-the-counter futures and options to Reval's existing agricultural commodities coverage. HedgeRx now supports agricultural futures, forwards, ET and OTC options for a variety of soft commodities including wheat, corn, soybeans, soybean meal, and soybean oil. Historical data is also available for all CBOT and KCBT futures and options contracts.

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