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Toronto/London/Cannes - September 26, 2007 -

The Luxembourg private bank Sal. Oppenheim jr. & Cie and Algorithmics, the international provider of enterprise risk solutions, are today in Cannes announcing a plan to found a joint venture to provide a range of new risk and capital management services.

Based on Algorithmics' existing software applications Algo Market Analytics, Algo Credit Exposure and Algo Credit Economic Capital, the joint venture will develop integrated solutions for the management of risk and return which will cover market risk, liquidity risk and credit risk as well as all asset classes. The aim is to provide solutions which bring the management of risks and returns to a new level, not only to the Sal. Oppenheim group - which is also acquiring a license for its own usage - but to its clients and external third parties. The joint venture will be set up as an independent entity, which is equally owned by both parties.

Ulrik Lackschewitz, Managing Director of Risk Management at Sal. Oppenheim, explained, 'The past months have shown how essential it is to have a comprehensive view of total risk exposure and a consistent risk/return-estimation. The new solution will be an essential foundation of our future management decisions.'

Friedrich Carl Janssen, personally liable partner at Sal. Oppenheim and also responsible for the risk management of the group, is confident that advanced risk and capital management will become an indispensable premise for every financial institution. He said, 'A tailor-made solution which incorporates market and credit risk with economic and regulatory capital management of institutions is currently unique in the market. Therefore I look forward to a successful cooperation with Algorithmics as part of our joint venture.'

Dr. Michael Zerbs, President and COO of Algorithmics, said, 'Sal. Oppenheim and Algorithmics share a similar vision of risk management. It is based on the view that better use of capital and risk management can provide a strategic advantage for a financial institution and its clients, to support growth and shareholder value creation. For instance, sound and scalable enterprise risk management solutions can help companies get new products to market more quickly and communicate with clients more effectively, enhancing competitive advantage. It is an essential success factor for the joint venture that it can rely on the broad risk management and financial engineering know-how of Sal. Oppenheim.'

Notes to Editors:

Sal. Oppenheim jr. & Cie has regulatory capital of € 2.0 billion and total assets of € 41.6 billion. It is Europe's largest independent private bank. The Bank has been family-owned since its foundation in 1789. The focus of Sal. Oppenheim's activities lies in asset management and investment banking. The Asset Management Division serves both private and institutional investors. Corporate Finance and Financial Markets represent the core competencies in Investment Banking. Together with BHF-Bank, which it acquired at the beginning of 2005, Sal. Oppenheim manages assets totalling over € 148 billion and employs around 3,800 staff in Germany and Europe. For more information, please visit www.oppenheim.lu

Algorithmics is the world's leading provider of enterprise risk solutions. Financial organizations from around the world use Algorithmics' software, analytics and advisory services to help them make risk-aware business decisions, maximize shareholder value, and meet regulatory requirements. Supported by a global team of risk experts based in all major financial centers, Algorithmics offers proven, award-winning solutions for market, credit and operational risk, as well as collateral and capital management. Algorithmics is a member of the Fitch Group.

Algo Market Analytics combines industry-leading product coverage with an extensive library of advanced pricing models, scenario generation methodologies, calibration routines and statistical functions, allowing users to select tools in accordance with their needs. Its underlying Mark-to-Future, technology provides the basis for an integrated market and credit risk solution across the financial institution for both middle-office risk analysis and front-office, real-time decision support.

Algo Credit Exposure provides a comprehensive solution for measuring and managing counterparty credit risk, supporting the real-time demands of operations. By providing reliable exposure measures that can be reconciled with loan equivalents, organizations can achieve a single customer view across both commercial lending and treasury activities.

Algo Credit Economic Capital provides a comprehensive framework for calculating enterprise-wide economic capital across credit and market risks. It incorporates all credit exposures across the enterprise, including banking book and trading book activities, complex financial products and credit risk mitigation and hedging. It also performs stress testing and scenario-based analysis to evaluate the impact of extreme market movements. It enables multi-period analysis, simulating across multiple future horizons, tracking paths of both market and credit risk factors. In the context of Basel II, Algo Credit Economic Capital enables financial institutions to model and assess the impact of risk concentrations, correlations and stress tests on portfolio risk and economic capital levels, which are critical elements of Pillar 2. It gives institutions an unparalleled ability to determine how much capital is needed to offset risk across the enterprise, to allocate capital across different business lines in an efficient and rational manner, and to identify opportunities for diversification and hedging.

Fitch Group is the parent company of Fitch Ratings, a global rating agency dedicated to providing the world's credit markets with independent and prospective credit opinions, research and data. The Fitch Group also includes Derivative Fitch, an independent provider of a suite of ratings and comprehensive services for the credit derivatives market; Algorithmics, the world's leading provider of enterprise risk solutions; and Fitch Training, which offers high-quality analytical training for financial professionals. The Fitch Group is a majority-owned subsidiary of Fimalac, S.A., headquartered in Paris, France. For additional information, please visit www.fitchratings.com www.algorithmics.com www.fitchtraining.com and www.fimalac.com

© 2007 Algorithmics Software LLC. All rights reserved. ALGO, ALGORITHMICS, Ai & design, ALGORITHMICS & Ai & design, KNOW YOUR RISK, MARK-TO-FUTURE, RISKWATCH, ALGO RISK SERVICE, ALGO CAPITAL, ALGO COLLATERAL, ALGO CREDIT, ALGO MARKET, ALGO OPVANTAGE, ALGO OPVANTAGE FIRST, ALGO RISK and ALGO SUITE are trademarks of Algorithmics Trademarks LLC.

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