MOODY’S KMV NAMES DR. JING ZHANG HEAD OF RESEARCH

San Francisco - 12 October 2006

Moody's KMV, the world's leading provider of quantitative credit risk measurement and management solutions to lenders, investors and corporations, today announced that Jing Zhang, Ph.D., has been named Managing Director and Head of Research. Dr. Zhang will be based at the Company’s headquarters in San Francisco and will report to Andrew Huddart, President of Moody's KMV.

Dr. Zhang brings broad experience to the position and has played a key role over the years in forming the current research practice. Joining Moody’s KMV in 1998 as part of the research team, Dr. Zhang progressed in the research department to become Deputy to Stephen Kealhofer, one of the founders of KMV. In the role of Deputy, as Director of Research, Dr. Zhang conducted credit risk research on key topics such as single obligor EDF credit measures, correlation and portfolio issues.

Since then, Dr. Zhang has held a number of additional senior roles at Moody’s KMV for the Americas, including Senior Director Client Solutions and, most recently, Senior Director, Head of the Credit Risk Specialist Group. Dr. Zhang’s exceptional understanding of the credit risk market and his ability to bring together research, data and the operational needs of clients make him a natural fit for the position.

"Naming Jing Zhang Head of Research demonstrates our commitment to providing the best credit risk solutions for our customers," said Mr. Huddart, President of Moody's KMV. "Jing, in his capacity as a Managing Director and as Head of Research, will provide exceptional insight to our clients in credit risk and active portfolio management. We believe that his experience and knowledge will ensure that Moody's KMV continues to stay at the forefront of developing the most innovative and leading edge research and related solutions in the industry."

Dr. Zhang obtained his Ph.D. from the Wharton School, University of Pennsylvania.

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