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Toronto, Canada - July 10, 2006 -

Algorithmics today announced that its operational risk solution, Algo OpVantage, has continued to build significant momentum throughout the first half of 2006. The Algo OpVantage solution, which encompasses services, software and content, has received very positive industry recognition, won new clients, and unveiled the latest version of its industry-leading software, Algo OpVar 6.

Algorithmics was the only vendor positioned in the "quadrant of stability" in a recent review of market requirements and the current vendor offerings in operational risk IT solutions by leading financial industry analyst and research firm Financial Insights IDC. The report recognized "the acquisition of Algorithmics by Fitch added the market-leading operational risk software to the strongest of the enterprise risk platforms. Most vendors are focusing on self-assessment tools as they relate to compliance activities, so Algorithmics' strength in financial engineering may prove valuable if institutions start demanding more capital modeling to support the Basel II AMA or other quantitative approaches. Algorithmics now has one of the strongest suites of operational risk software on the market and is unlikely to be threatened by the other players. Operational risk will remain important to the firm, as its stated goal is to be the enterprise risk platform across all types of risk." Financial Insights IDC #FIN201846 Deborah Williams; Andrew Liegel.

On other fronts, in its fourth annual financial technology rankings, Waters readers selected Algorithmics as the industry's "Best Operational Risk Compliance Provider." Algorithmics dominated the category, receiving over 60% of the votes submitted independently by Waters readership.

"It wasn't even a close race when the readers of Waters, over 10,000 financial technologist spread across the globe, decided who they look to for operational risk compliance," said Rob Daly, Deputy Editor for Waters. "In one of the few landslide victories in the fourth annual Waters Rankings, Algorithmics easily trounced its nearest competition by walking away with approximately three times the votes."

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Dan Mudge, Algorithmics' Group Managing Director for operational risk believes that both the Waters and Financial Insights IDC recognition are based on a combination of factors. "I think we are really at a point where our expertise, experience and resources are perfectly aligned, said Mudge. "We have the largest and best operational risk team in the world, and we deliver software that includes functionality defined collaboratively with our global client base, as well as an unparalleled operational risk content offering. We feel that is a winning combination and we're very pleased with the external recognition."

Algorithmics clients have also been recognized for their achievements in operational risk management programming. Algorithmics was pleased to congratulate Gary Dingley of St George Bank for his recent win in the third annual Operational Risk & Compliance Achievement Awards announced April 6 in London. Dingley, Group Operational Risk Manager at St George Bank, was voted as the Operational Risk Executive of the Year by his peers in the operational risk community.

About Financial Insights, an IDC Company
Financial Insights provides independent research, custom consulting, and detailed multiclient studies on the technology issues and challenges facing the financial services industry. Our global research covers topics of strategic importance to corporate and retail banks, insurance carriers, asset management firms, securities and brokerage firms. Our local practices in Asia Pacific, Europe, Latin America and Canada add an in-depth regional viewpoint. Financial Insights, an IDC company, is headquartered in Framingham, Massachusetts, USA. IDC is a subsidiary of IDG, the world's leading IT media, research, and exposition company.Visit www.financial-insights.com for more information.

About Algo OpVantage
Algo OpVantage is a fully integrated, comprehensive solution for identifying, managing, measuring, and mitigating operational risk. It helps institutions successfully meet their Basel II, Sarbanes-Oxley, and compliance goals through software, content, and advisory services. Algo OpVantage provides management with an integrated analysis of operational risk, bringing together internal loss data, external loss data, risk and control self-assessments, key risk indicators, structured scenario analyses, capital modeling, and risk mitigation strategies. The Algo OpVantage solution is based on the best practices that currently exist in operational risk management  many of which were first introduced by Algorithmics thought leaders and professionals. These experts have served over 100 clients around the world  in banking, insurance, brokerage, and other financial sectors.

About Algorithmics
Founded in 1989, Algorithmics is recognized as the world's leading provider of enterprise risk management solutions and services that enable financial institutions to effectively understand and manage their financial risk. Algorithmics has over 300 clients, including more than 70 of the 100 largest financial institutions in the world. Algorithmics was voted as the leading enterprise risk solution provider for Basel II, market risk, credit risk, operational risk and collateral management in Risk magazine's 2005 Technology Rankings. Algorithmics is a member of the Fitch Group.

About Fitch Group
Fitch Group is the parent company of Fitch Ratings, a leading global rating agency committed to providing the world's credit markets with accurate, timely and prospective credit opinions. Fitch Ratings is dual-headquartered in New York and London, operating offices and joint ventures in more than 50 locations and covering entities in more than 80 countries. Fitch Group is a subsidiary of Fimalac, S.A., an international business support services group listed and headquartered in Paris, France.

© Algorithmics Software LLC, 2006, all rights reserved. ALGORITHMICS, AI & design, MARK-TO-FUTURE, ALGO CAPITAL, ALGO COLLATERAL, ALGO CREDIT, ALGO MARKET, ALGO OPVANTAGE, ALGO RISK, and ALGO SUITE are trademarks of Algorithmics Trademarks LLC.

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