Abbey National Treasury Services plc selects Algo Collateral

Toronto, Canada / London, UK - December 4, 2003 -

Algorithmics Incorporated, a world leader in enterprise risk management solutions, today announced that Abbey National Treasury Services plc has licensed Algo Collateral for cross product margining. Implementation of Algo Collateral is scheduled to begin immediately in London.

Algo Collateral is a proven enterprise-wide solution, dedicated to reducing operational and credit risk, while simultaneously providing cost-effective support throughout the entire collateral management process. Abbey National Treasury Services will now be able to consolidate for management purposes all collateral agreement and exposure information from multiple business lines and manage the associated collateral positions and margining events. The flexible workflow will more easily define and guide all the critical activities of Treasury Services' collateral management operation.

Nathan Bostock, Head of Abbey National Treasury Services said: "Algo Collateral comes with the reputation of exceptionally low project implementation risk and has some of the largest names in banking around the world as clients. Knowing that we are dealing with a mature solution that has set the market standard was very important in our selection of this solution."

"The centralized margining framework offered by Algo Collateral was also an important component in our decision because it enables us to enhance operational efficiencies and optimize collateral assets," Bostock continued. "Algo Collateral will allow us to expand beyond the use of cash and more efficiently allocate the most appropriate collateral for a specific call."

"Abbey National Treasury Services joins a significant number of Algo Collateral clients requiring a proven solution for integrated collateral management," said Michael Zerbs, Chief Operating Officer at Algorithmics. "Today, 43 clients worldwide have selected Algo Collateral due to its advanced analytics, scalable architecture and integrated approach across the trading and banking books."

About Abbey National Treasury Services plc
Abbey National Treasury Services plc is part of Abbey National plc ('Abbey') one of the UK's leading personal financial services companies. It is the largest bank that only focuses on UK personal financial services.

Abbey offers a full range of personal financial services both direct and through intermediaries, to more than 18 million UK customers and expatriates. The range of services includes mortgages and savings, bank accounts, loans and credit cards, long term investments including pensions and unit trusts, life, critical illness and unemployment cover, and household, motor and travel insurance. It also provides offshore banking for expatriates.

Abbey's goal is to be the leading provider offering only personal financial services in the UK via both direct and intermediary channels. Abbey intends to offer the highest level of service and advice to UK consumers.

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.

©2003 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
Tel:  +44 (0)20 7392 5820
Mobile: +44 (0) 7515 974 223
Fax: +44 (0)20 7395 5701
email: Heather.Smith@algorithmics.com