1. Identifying Risk Management Partners for CGE&YL A B

2. Initial List of Vendors Shortlist of Companies
We developed a screening process to identify key global and niche partners
The Screening Process
Pre-screening
Initial List of Vendors
1st Phase
Agree selection criteria
Agree initial list of vendors for consideration:
Based on Gartnera and RTG—onlineb
According to input of regional managerc and reportsd
Shortlist of Companies
2nd Phase
We scored on these
criteria:
Completeness of offering
Founding year
Previous experience with CGE&Y
Number of staff
2–3 Potential Partners
Five global potential partners
Five niche potential partners
Based on recommended companies, the steering committee will make a final decision
Geographic presence
Number of staff
Level of specialisation
a. “Europe ESPs Help Financial Services Providing Manage Risk”, Gartner, 15/5/03. b. c. Richard Mais, John Ingold, Sylvia Wallerand, Rene Rust. d. Gent- Jan Van Dutsch. 6

3. We considered needs that chosen partners should fulfil and then identified critical success factors for selection
Selection Criteria
Criteria
Criteria Weighting
Completeness of offering:
Potential partners should have offerings on credit, market and operational risk management
Basel II compliant products are a must
High
Previous experience with CGEY:
Previously work with CGEY is an advantage
Existence of marketing collateral in case studies
High
Staff:
Critical mass and presence in the market helps with research and development
Staff must be skilled and numerous enough to work with CGEY’s large clients
Medium
Geographic presence:
Potential partners should be operationally ready to make interventions everywhere
Medium
Level of specialisation:
Some companies focus on 1 offering and are considered to be best players in their domain
Medium
Founding year:
Many software companies are high risk as they may lack maturity and experience
Low 6

4. Legend of Scores on Booz Balls
We used “booz balls” to indicate visually how vendors scored on the defined criteria
Needs of Alliance
Legend of Scores on Booz Balls No
Consistent
RM offering
Only 1
RM issue
covered
2 RM
issues
covered
3 RM
issues
covered
Integrated RM
offering
Completeness of offering
Previous experience with CGEY
Founding year
Staff
Geographic presence
Level of specialisation No
contacts
with CGEY
identified
No client
experience
with CGEY
identified
Client
experience
with CGEY
identified
Existing
CGEY
partner
Global
existing
CGEY
partner
Less than
3 years old
(after 2000)
Less than
10 years old
(between
1994 and 1999)
More than
10 years old
(before 1993)
Less than
15 years
old (after
1990)
Before 1990
(at least
15 years
old)
Less than
25 FTEs
Less than
40 FTEs
Less than
100 FTEs
Less than
200 FTEs
More
than
200 FTEs
Present in
1 country
Present in
1 region
Present in
2 regions
Present in
3 regions
Globally
present
Not mentioned as
an industry expert
by external sources (Gartner…)
Mentioned as an industry
specialist by Gartner or
other external sources

5. Offering Completeness
The screening of risk management IT solution providers, revealed a very fragmented market
Vendor
Product
Offering Completeness
Work with CGEY Before
Founding Yr
Staff
Global or Local
Specialist
Score
Algorithmics
Algo Suite
19 / 20
Askari
Risk Book
10 / 20
ATSM
4 / 20
Axiom SW Lab
Risk Monitor
13 / 20
Barra
Total Risk
13 / 20
Brady
Trinity
7 / 20

6. The screening of risk management IT solution providers, revealed a very fragmented market (Cont)
Vendor
Product
Offering Completeness
Work with CGEY Before
Founding Yr
Staff
Global or Local
Specialist
Score
Centerprise
OpRiskCenter, Center-Sphere
Gartnera
2 / 20
COR IBS
Profit-Master-Pro
3 / 20
DST Internat
HiRisk
1 / 20
Fermat
GEM
6 / 20
Fitch RM
Op Vantage! Credit Vantage
14 / 20
Financial Objects
Market Risk, D2
12 / 20
FNX Ltd
Sierra System
14 / 20
a. “Enterprise risk management Draws Finance Sector IT Spending”, Gartner Dataquest, 19/03/2003

7. Offering Completeness
The screening of risk management IT solution providers, revealed a very fragmented market (Cont)
Vendor
Product
Offering Completeness
Work with CGEY Before
Founding Yr
Staff
Global or Local
Specialist
Score
IPS-Sendero
Sendero
11 / 20
IQ Fin.Sys
Risk IQ
11 / 20
Financial Objects
Market Risk, D2
12 / 20
FNX Ltd
Sierra System
14 / 20
IPS-Sendero
Sendero
11 / 20
IQ Fin.Sys
Risk IQ
11 / 20
IRIS Int.RM
RiskPro
10 / 20

8. Offering Completeness Risk Vision, Summit (Trading system)
The screening of risk management IT solution providers, revealed a very fragmented market (Cont)
Vendor
Product
Offering Completeness
Work with CGEY Before
Founding Yr
Staff
Global or Local
Specialist
Score
Kamakura
KRIS,KRM
14 / 20
Login Acumen
6 / 20
Mantas
Nasdaqa
11 / 20
Misys
Risk Vision, Summit (Trading system)
19 / 20
Moody
KMV (edf)
Gartnerb
3 / 20
Murex
12 / 20
Norkom Techn
Alchemist?
Metagroupc
15 / 20
Op[Risk. Inc
ORCA & Core
2 / 20
a. Nasdaq preferred supplier, 03/05/ b. “Enterprise risk management Draws Finance Sector IT Spending”, Gartner Dataquest, 19/03/ c. 03/05/2003

9. The screening of risk management IT solution providers, revealed a very fragmented market (Cont)
Vendor
Product
Offering Completeness
Work with CGEY Before
Founding Yr
Staff
Global or Local
Specialist
Score
Open Link
Enterprise
13 / 20
PwC
OpVar
14 / 20
Quan-titativeRM
QRM
9 / 20
Raft Internat.
Radar
9 / 20
Reuters
Kondor+,KreditNet
18 / 20
RiskCare
Equimax?
7 / 20
Risk-Metrics
Credit Manager, Risk Manager
9 / 20
SAP
SAP Banking (CreditReform)
13 / 20
SAS
Risk Dimensions
Gartnera
18 / 20
a. “Introducing the CPM Suites Magic Quadrant”, Gartner Dataquest, 02/10/2002

10. The screening of risk management IT solution providers, revealed a very fragmented market (Cont)
Vendor
Product
Offering Completeness
Work with CGEY Before
Founding Yr
Staff
Global or Local
Specialist
Score
S&P
CreditPro
13 / 20
Sungard
Many products incl. Credient, Kronos, Panorama & BancWare
20 / 20
Trema
Finance Kit
13 / 20
WallStreet Sys
WallStreetSys
13 / 20
Then, the challenge was to select partners to work with going forward . . .

11. Potential Global Partners+
Based on our market screening, we propose five candidates as potential global partners
Potential Global Partners
Solution Provider
Characteristics
Risk Products
Strengths
Weaknesses
20/20
Integrated in 1998 from acquired companies (Tibco/Manof, Premier Solutions, Apsys, Infinity, BancWare…)
Credient (also Panorama)
Kronos (Top 3 Market Risk)
Panorama (migrates to EWRM),
Infinity
Extensive experience with CGEY
Considered by Gartner in the top 3 vendors
Experiences in all financial services areas
Global trackrecord of over 900 clients in 50+ countries
Very active in following Basel II and IAS developments
19/20
Algorithmics has been one of the industry leader since its creation in 1989
The company offers risk management package implementation, customised integration and financial engineering software
Algo Credit
Algo Market
Algo AML
Algo Asset Management
Algo Collateral
Algo Suite 4.3 for an integrated product
AlgoOpRisk
Considered by Gartner in the top 3 vendors
Excellent track record: more than 140 global clients with 150 installations in 26 countries
Truly global organisation
Was awarded "Technological Development of the Year" in 2001
Fully Basel II compliant products
Has already a strong alliance with Deloitte and Touch Tohmatsu and IBM Services
Very limited client experience with CGEY
19/20
Based on MKI, BIS Banking Systems and Kapiti
Have bought numerous other small vendors to acquire technologies
Risk Vision, inluding Carma
Extensive experience with CGEY
Considered by Gartner in the top 3 vendors in market risk management
Good and complete integrated Risk Solution reflected by modules
Global organisation with international trackrecord
No experience with CGEY on risk management assignments
Products are considered to be older than concurrents

12. Potential Global Partners+
Based on our market screening, we propose five candidates as potential global partners (Cont)
Potential Global Partners
Solution Provider
Characteristics
Risk Products
Strengths
Weaknesses
18/20
Reuters is more known as a financial news and information provider
Integrated solutions offering:
KVAR
Kreditnet)
Kondor(+)
Extensive regional experience with CGEY
Focussed on Basel II compliancy
Global structure
Excellent track record in all regions
Has posted financial losses lately
14/20
Strategic alliance with to Unisys and IPS-Sendero
Kamakura Risk Information Services (KRIS) for data analysis
Kamakura Risk Manager (KRM, one product for market and credit management and anti money laundering)
Strategic alliance with to Unisys and IPS-Sendero
Excellent track record: present at 6 of the world's 10 largest banks
KRM is integrating different categories of risk management into 1 software product
Considered as most dynamic research and development
Outsourcing offering on KRM
Fully Basel II compliant products
No work experience with CGEY to date

13. Five vendors could potentially be strong niche partners+
Five vendors could potentially be strong niche partners
Potential Niche Partners
Solution Provider
Focus Areas
Characteristics
Strengths
Weaknesses
Credit risk management
Formed in April 2002 with acquisition of KMV by Moody's Corp's risk management Services unit
Considered by Gartner as best Credit risk management vendor with product KMV
Dynamic research and development on credit risk
Basel II compliant
Excellent international track record in financial services industry
Single focus on credit risk management
No experience with CGEY yet
Focussed on Asian and US markets, limited presence in Europe
Anti Money Laundering and Fraud
SAS is a market leader provider of business intelligence software
Products integrate data warehousing, analytics and risk management
Existing global partnership with CGEY
Extensive client experience with CGEY on anti money laundering
Global organisation
Large structure
Dynamic and innovative
Awarded several IT and software prices
Global partnerships with most professional services companies
CGEY and SAS have only collateral experience in anti money laundering engagements
Anti Money Laundering and Fraud
Core products in:
eCRM to model consuming patterns
Marketing automation
Considered by The MetaGroup as leading software vendor in eCRM
Extensive client experience with CGEY on anti money laundering
Existing global parrtnership CGEY
Global geographic presence
Excellent international track record in financial services industry
Anti money laundering products have come later and were not in Norkom's strategic priorities

14. Five vendors could potentially be strong niche partners (Cont)+
Five vendors could potentially be strong niche partners (Cont)
Potential Niche Partners
Solution Provider
Focus Areas
Characteristics
Strengths
Weaknesses
Anti Money Laundering and Fraud
Mantas was created in 1995 for creating solutions on trading compliance for:
the National Association of Securities Dealers(NASD)
Merrill Lynch
US recognised position on anti money laundering products
Extensive client experience with CGEY on anti money laundering
Has an established global partnership with CGEY
Strong focus and knowledge on USA Patriot Act
Geographic presence in the UK and in the US only
No identified major track record
No integrated risk management products
Operational risk management
Solutions for financial services industry:
Outsourcing services
Reference data management
Risk Consulting
Considered by Gartner as best operational risk management vendor with product OpRiskCenter
Has integrated software suite CenterSphere for integrated risk management
Founded in 1999
Small operational staff, around 20 persons
No global structure yet