Serco Group Plc Selects Reval’s IAS 39 Solution

New York, June 21, 2005 – Reval, a provider of financial risk management technology solutions and services, is pleased to announce that the Serco Group plc ("Serco") has selected Reval’s HedgeRx for foreign exchange and interest rate risk management and IAS 39 reporting. Serco is a UK-based company with over 40,000 employees delivering essential public services in more than 30 countries.

Under IAS 39, derivatives are no longer off-balance sheet and now must be marked to market every period. In order to minimize P&L volatility, derivative users complying with the International Financial Reporting Standards must demonstrate that these hedging transactions will be highly effective to receive a more beneficial accounting treatment.

Serco chose Reval to replace existing spreadsheets and an alternative system for IAS 39 compliance. Serco found that there was a need to have deeper functionality and support around IAS 39. Reval could accommodate all of Serco’s requirements off the shelf.

Craig Nunn of Serco Group plc, said "We are looking forward to benefiting from the proven track record of Reval in the complex and time-consuming area of IAS39 compliance."

"We are very excited to be working with another UK client in the form of Serco." noted Peter Reynolds, Director of European Sales of Reval. "Serco was looking for a system that could deal with the complicated issues surrounding IAS 39 and we look forward to getting them live very quickly"

With the sale to Serco, Reval continues its rapid growth in Europe and continues to maintain its lead in offering the most comprehensive derivatives and hedge accounting solution for corporate treasury.

About Serco

Serco has grown to become one of the world’s leading service companies by working in partnership with our customers and staff to manage change smoothly and positively – and pursue continuous improvement relentlessly.

Through innovation, Serco helps governments improve services across many areas of public life – from justice to healthcare, education to defense.

The company’s services range from the management of facilities, projects and IT systems, through to the creation of entirely new businesses. This includes the financing, design and construction of new facilities, including hospitals and transport systems, as well as their day-to-day operation. Serco runs world-class scientific establishments, provides critical information to manage traffic, maintain buildings, operate railways and detain offenders.

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.

Note to editors: Trademarks and registered trademarks remain the property of their respective owners.