ALGORITHMICS INCORPORATED APPOINTS JIM MAIKRANZ TO BOARD OF DIRECTORS

TORONTO, CANADA - May 20, 2004 - Algorithmics Incorporated today announced that Jim Maikranz has been appointed to its Board of Directors. Formerly holding executive positions with SAP and J.D. Edwards, and currently serving on the Boards of a number of successful organizations, Jim's significant experience in building comprehensive customer-focused sales, marketing and services strategies will be a great asset to Algorithmics.

Jim Maikranz joins the Board following Algorithmics' recent announcement that it had secured long-term refinancing from its existing investors including Morgan Stanley, Commerzbank, American International Group (AIG), CIBC Capital Partners, Royal Bank of Canada, and Vengrowth Investment Fund. The move came in recognition of the company's solid performance in fiscal 2004, which included sixteen new clients and the introduction of Algo Suite 4.4, the most advanced version of its industry leading Algo Suite of enterprise risk management solutions.

"I am very selective about the Boards I join. They must represent companies that have great potential and require a truly active contribution from its board members. Algorithmics is one of those companies," said Maikranz. "It has great market potential and is taking a very strategic approach to its client engagement model. I look forward to supporting the company's continued performance and market leadership."

Mr. Maikranz served as senior vice president sales for SAP where he developed sales strategies and established competitive positioning initiatives for markets in Europe, Asia and Africa. At J.D. Edwards, he served as senior vice president, worldwide sales, responsible for the development and overall execution of international sales strategies, sales support activities, and strategic alliances. Mr. Maikranz is a member of the Board of Taleo Corporation (formerly Recruitsoft, Inc.), a leading global provider of enterprise staffing management solutions. He has also served on the Boards of a number of successful high-growth, early stage software companies including DataSynapse, i2, Iona, netfish, Healy Hudson, Splash Pond, and Servigistics and is a Special Advisor to Bain Capital ventures.

"Jim's vision enhances our global go-to-market approach, an important component in taking Algorithmics to the next level," said Dr. Michael Zerbs, Chief Executive Officer and member of Algorithmics Board of Directors. "We have established a market leading position as experts in enterprise risk management solutions. Recent additions to both our Board and management team will ensure Algorithmics meets its growth potential."

This announcement also marks the resignation of Dr. Stephen Ross from Algorithmics' Board of Directors. A director since March 1998, Dr. Ross has made a significant contribution to Algorithmics. He will continue as The Franco Modigliani Professor of Finance and Economics at MIT, and will also be spending time on a variety of business activities.

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