Reval Partners with Financial Innovations to Offer Hedging and Risk Management Outsourcing Services in Italian Market

Milan, 26 September 2006 – Reval announced today a strategic partnership with Financial Innovations SpA, an Italian treasury consulting firm, to provide IAS 39 outsourcing solution to corporates and financial institutions in Italy. Reval is the leading derivative risk management solution provider delivered under the SaaS or Software as a Solution model, used by 100 companies for derivative risk management and hedge accounting.

"The Italian market is very difficult for outsiders to penetrate and I am very excited to have created this alliance with a local firm with such an excellent reputation" noted Jiro Okochi, CEO and Co-founder of Reval. "Now together with Financial Innovations, we can service and support the needs of Italian companies who need help with hedging and IAS 39."

Financial Innovations will utilize HedgeRx®, Reval’s flagship derivatives solution, to provide an outsourced valuation and hedge accounting service for small and medium size Italian enterprises that use interest rates, foreign exchange, and commodities derivatives, but do not have the time, resources or expertise to manage the process themselves.

"Within the companies, the risk management activity is constantly increasing its strategic role even if characterized by elevated complexity. The possibility to approach solid methodologies and timely information allows the management to dominate the process and not to suffer the events." noted Maurizio Belli co-founder, together with Emanuele Facile, of Financial Innovations. "We are delighted to begin the co-operation with Reval because of its sound reputation and reliability of the technology. The partnership will provide a unique service to our clients."

About Financial Innovations

Financial Innovations is a consultancy firm focused on providing highly-specialised services on Finance (Risk Management, Treasury, Financial Planning and Control) integrating consultancy, outsourcing of operations and information systems.

The distinctive element of the firm is a team combining consulting skills and a long-standing operational experience within companies and banks.

Financial Innovations’ team consists in professionals with backgrounds ranging from international consulting firms and investment banks, university professors with quantitative and methodological competencies, former CFOs and corporate treasurers.

Founded in 2001 and based in Milan, Padua and Rome, Financial Innovations provides its services to several banks and medium and large Italian corporates.

For more information, visit www.fin-innovations.com or email info@fin-innovations.com.

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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