Deloitte & Touche LLP Selects Reval’s Derivatives and IAS 39 Solution

New York, July 25, 2005 – Reval, a provider of financial risk management technology solutions and services, is pleased to announce that the UK firm of Deloitte & Touche LLP ("Deloitte") has selected Reval’s HedgeRx solution for auditing derivative valuations. Reval now has two out of the four "Big 4" accounting firms as end-users of its HedgeRx solution.

Deloitte selected Reval in order to enhance its own valuation capabilities in the UK. In addition to being able to leverage the analytics and integrated market data, Deloitte will be using HedgeRx to support an increase in demand to test fair values largely as a result of the impact of IAS 39.

Under IAS 39, derivatives are now on balance sheet and marked to market every period. In order to minimize P&L volatility, derivative users are finding the requirements to achieve hedge accounting challenging in terms of both the documentation and effectiveness requirements.

"Having Deloitte as a client is further validation for us as we continue our efforts to be the leader in offering derivatives solutions over the web" notes Jiro Okochi, CEO of Reval. "We look forward to developing a long-term relationship with Deloitte."

Mike Lloyd, UK Head of Treasury and Capital Markets at Deloitte, said "We underwent an assessment of the recognized tools in the market place and found that Reval best met our requirements for derivatives valuations and auditing IAS 39."

"Clearly this is an impressive win for us in Europe" said Peter Reynolds, Director of European Sales of Reval. "Deloitte were looking for a tool that could offer independent valuations in a robust and user friendly environment. I look forward to working closely with Deloitte in the future."

About Deloitte

References to Deloitte in this press release are references to Deloitte & Touche LLP, a limited liability partnership registered in England and Wales with registered number OC303675 whose registered office is at Stonecutter Court, 1 Stonecutter Street, London, EC4A 4TR, United Kingdom. Deloitte & Touche LLP is authorised and regulated by the Financial Services Authority. Deloitte & Touche LLP is the UK’s fastest growing major professional services firm based in 21 UK locations, with over 10,000 staff nationwide and fee income of £1,246 million in 2003/2004. For more information about Deloitte & Touche LLP please access Deloitte’s website at www.deloitte.co.uk
Deloitte & Touche LLP is a member firm of Deloitte Touche Tohmatsu (DTT), a leading professional services organisation, delivering world class audit, tax, consulting and corporate finance services, with around 120,000 people in over 140 countries. DTT is a Swiss Verein (association), and, as such, neither DTT nor any of its member firms has any liability for each other’s acts or omissions. Each member firm is a separate and independent legal entity operating under the names "Deloitte", "Deloitte Touche Tohmatsu", or other, related names. The services described herein are provided by the member firms and not by the DTT Verein.

About Reval

Reval is a global SaaS provider for Treasury and Risk Management, helping enterprises better manage cash, liquidity and financial risk, and account for and report on complex financial instruments and hedging activities.

For more information, visit www.reval.com or email info@reval.com.

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