ALGORITHMICS ANNOUNCES JOHN COADY AS CHIEF FINANCIAL OFFICER

TORONTO, CANADA - May 24, 2004 - Algorithmics Incorporated, a world leader in enterprise risk management solutions, today announced that John Coady would be joining the company as Chief Financial Officer.

"We are pleased to welcome John to our executive team and we look forward to his contribution towards helping us to continue to achieve solid financial results, while maximizing our growth potential," said Michael Zerbs, Chief Executive Officer of Algorithmics.

Prior to joining Algorithmics, John was as a partner in RBC Capital Partner's venture capital group. Formerly, he served as the Chief Financial Officer of Solect, an IP billing software developer. A chartered accountant, he has also held financial and business development positions at Architel Systems and IMAX Systems Corporation.

"The company achieved solid performance in 2003 and has recently secured long-term refinancing. Algorithmics reputation as market leader in the risk management marketplace, coupled with business opportunities brought on by rapidly evolving regulatory changes, suggest that it has strong potential," remarked Coady.

Algorithmics recently obtained 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 comes in recognition of the company's solid performance in fiscal 2004, which included sixteen new clients and the introduction of the most advanced version of its industry leading Algo Suite of enterprise risk management solutions.

Over the past year, Algorithmics has made a number of important of senior management appointments that enhance the company's operational, professional services, and finance capabilities.

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