Northern Trust in full production with Algo Credit for pre-deal Credit Limits

Toronto, Canada - November 11, 2004 -

Algorithmics Incorporated, a world leader in enterprise risk management solutions, today announced that Northern Trust Corporation of Chicago, Illinois, is in full production with Algo Credit for pre-deal limits management. Northern Trust has deployed the Algo Credit solution to support intra-day and 24 x 7 trading operations originating from their Chicago, London and Singapore dealing rooms. Algo Credit Limits provides a powerful risk calculation, aggregation and consolidation framework for comprehensive exposure and limit management.

While Northern Trust went live with Algo Credit for overnight batch operations in September of 2003, Algo Credit pre-deal limits management now adds the intra-day FX and money market activity of over 50 GT-Win live dealer workstations worldwide. The implementation also captures automated broker trades through the Northern Trust FX Passport, FX Caleo, and Reuters Electronic Broker Services. Algo Credit provides Northern Trust with 'what-if' pre-deal limit checking,real-time a vailability under exposure, settlement and country risk limits.

"Algo Credit's limit and exposure management functionality has enhanced our business potential by streamlining the credit approval process while providing multi-operational shared access to limits information," said Robert Seston, Vice President at Northern Trust.

Northern Trust is now focusing on integrating other business lines into the risk management framework provided by Algorithmics to facilitate both the global consolidation of risks across multiple business lines.

"Northern Trust is a solid example of how Algo Credit provides a consistent, integrated framework for managing credit risk across the enterprise," said Michael Zerbs, Algorithmics' Chief Executive Officer. "Not only is Northern Trust able to manage its credit limits and exposures through one central framework, but this information can also be leveraged by the front office in making risk-based business decisions."

About Northern Trust
Northern Trust Corporation (Nasdaq: NTRS) is a leading provider of investment management, asset and fund administration, fiduciary and banking solutions for corporations, institutions and affluent individuals worldwide. Northern Trust, a multibank holding company based in Chicago, has a growing network of offices in 15 U.S. states and has international offices in six countries. As of September 30, 2004, Northern Trust had assets under administration of $2.4 trillion, assets under investment management of $535 billion and banking assets of $41 billion. Northern Trust, founded in 1889, has earned distinction as an industry leader in combining high-touch service and expertise with innovative products and technology. For more information, visit www.northerntrust.com

About Algorithmics
Algorithmics Incorporated is the leading provider of enterprise risk management solutions that enable financial institutions to effectively understand and manage their financial risk. Algorithmics' clients include more than 150 of the world's leading financial institutions. Its Algo Suite of enterprise risk management solutions are in use in 31 countries by over 50 of the 100 largest financial institutions in the world.

©2004 Algorithmics Incorporated. All rights reserved. ALGORITHMICS, ALGO SUITE, MARK-TO-FUTURE, MtF and the Ai logo are trademarks of Algorithmics Incorporated and/or its affiliates.

Press Contact

Heather Smith
Senior Communications Manager
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Mobile: +44 (0) 7515 974 223
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email: Heather.Smith@algorithmics.com