Pictures from the Past –1988

CHICAGO----Falling delinquencies within Fitch's equipment lease ABS delinquency index reflects stabilizing credit quality within the leasing industry over the past 21 months, despite an up-tick in volatility and the growth of the 91+ bucket, according to a new Fitch report.

After dropping a substantial 57 basis points (bps) to 5.58% as of the second-quarter ended June 30, 2002, total equipment lease ABS delinquencies greater than 30 days past due for the quarter ended September 30, 2002 declined another 13 bps to 5.45%.

Although delinquencies are declining, the index continues to reveal significant delinquency migration from the 31-60 day bucket to the older 61-90 and 91+ day buckets. Holding a 31.66% share of total delinquencies, the 91+ day past due bucket reached its largest-ever proportion of total delinquencies in the third quarter. Consequently, Fitch expects to see higher gross defaults in the near term if the 91+ day bucket continues to grow as a percent of total delinquencies.

In addition to highlighting the delinquency index, Fitch's 'ABS Equipment Expo' newsletter features an 'Investor Roundtable' discussion focused on how recovery values factor into the ratings process of equipment lease securitizations as well as a 'Commercial Finance and Leasing Industry Outlook.'

The ABS Equipment Expo' is a publication that tracks equipment lease ABS performance, industry trends and developments within the securitization market. Both current and historical editions of the newsletter are available on Fitch's website at 'www.fitchratings.com' or by contacting Products & Services at 212-908-0800 ( or see below.editor )

CONTACT:

Fitch Ratings

Sara Grohl, 312/368-5467

John Bella, Jr., 312/368-2058, Chicago.

Media Relations:

Matt Burkhard, 212/908-0540, New York.

Go here: http://www.fitchratings.com/corporate/sectors/newsletters.cfm?sector_flag=1&marketsector=2&detail=

Open: 25 Nov 2002

The ABS Equipment Expo

Use Adobe Acrobat to open the file, as the file is in Adobe ( you may need to first

download in zip, and then use Adobe, depending on your browser.editor )

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U.S. Bankruptcies Break Record

In Switch, Consumer Filings Rose in Late Summer

By Caroline E. Mayer

Washington Post Staff Writer

Strapped by debt, Americans filed for bankruptcy protection in record numbers in the three months that ended Sept. 30.

Bankruptcies totaled 401,306 for the quarter, up 12 percent from the same period of last year, according to data released yesterday from the Administrative Office of the U.S. Courts.

The number of recent bankruptcy filings was up only 0.2 percent from the three months that ended June 30, when bankruptcies totaled 400,686. But even that slight increase worried bankruptcy experts, who noted that historically the number of filings usually declines in the late summer.

"I am a little surprised," said Samuel J. Gerdano, executive director of the American Bankruptcy Institute, a nonpartisan group that researches insolvency issues. "Last year we had a 10 percent drop between the end of June and the end of September. This reflects that the debt of the '90s is hanging over us. Consumer debt is very high, and families are under a lot of stress.

“They are living paycheck to paycheck and haven't saved, so when something bad happens that they haven't anticipated" there is no way out but bankruptcy protection. As long as consumer spending remains robust and personal savings stay low, more bankruptcies can be expected, said Gerdano, whose organization compiled the latest figures.

As usual, consumer filings accounted for the largest number of bankruptcies: 391,873 for the quarter, up 12 percent from 349,981 in the year-earlier quarter. Business filings, on the other hand, were down 1 percent from last year, to 9,433 from 9,537. Of all bankruptcies, more than 70 percent were for Chapter 7 -- which allows consumers to cancel all their debts.

The latest numbers will give more fuel to credit card firms and financial institutions that have been pressing to change the nation's bankruptcy laws to make it more difficult for debtors to file for bankruptcy and wipe out their debts. Such legislation, which has been considered by Congress in one form or another for the past decade, came close to passing this year until a last-minute squabble over a provision affecting abortion protesters.

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THE GRASSHOPPER AND THE ANT:

(With apologies to Aesop)

by Phil Cerasoli

Once there was this grasshopper

Who loved to play all day,

Or lay beneath the warming sun

And dream the hours away.

While his friend...a little ant,

Would work the whole day through

To round up all the food he could;

His stockpile grew and grew.

And he would chide the grasshopper

With words of sound advice:

"The summer's almost over

And soon the snow and ice...

Will cover all the land around

And there will be no food.

You'll spend each and every day

In a cold and hungry mood".

The grasshopper just smiled at him

And kept on with his play;

Then he lay back and dreamed some more

And this went on each day.

But soon the summer faded

And snow began to fall.

Then hunger hit the grasshopper

But there was no food at all.

But he refused to panic

He didn't rave or rant.

He just hopped down the icy road

And ate his friend, the ant.

MORAL:

It's nice to be methodical

'Til all the work is gone.

But, in the end, the pragmatist

Is just the dreamer's pawn.

by Kit Menkin

Wait until the subprime mortgage market gets hit, backed by bank loans for cashflow. Many people borrowed for "living capital" and to pay off large debts ( which they did not),using the equity in their house from high market real estate conditions. If it gets soft, and they can't make the payments, the collateral may not be there for the lender to make the loan "whole." April, 2003, will be the

month to learn the direction of not only consumer confidence, but ability

to meet debt. Banks and financial groups who have bought their

way into the marketplace with a fast growth pattern will be the first to

go. Look for the bankruptcy of Commercial Money Center to give you

a hint of who the fast money players are---one bank with a “N” in its name may

lose $80 million, it is reported.

It is deceptive to compare the Home resales to October,2001. Sales of existing houses jumped 6.1 percent, to a 5.77 million-unit annual pace, the third- highest on record, from 5.44 million in September, the National Association of Realtors said. The median home price was $159,600, up 9.8 percent from October 2001, for the biggest year-over-year gain since July 1987.

Remember, statistics can be very misleading. A man with one foot in a bucket

of ice and the other in a bucket of hot coals is not comfortable on the average.

October,2001, followed the shock of the terrorist bombing in New York on September 11^th, and the country went into shock for several months, particularly

October. This November also finds Thanksgiving at the end of the month, pushing sales into the first week of December, which has 4 ½ weekends for

Christmas sales. December retailers will pull out all the stops, then the rest will follow in January with the pace to start then with February and March to slacken, making April (the second quarter) the deciding month. This then makes the three-quarter the key to economist prediction of “recovery.” Many businesses and

families don’t have the equity to hang on that long. Editor )

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---States to Look at Equipment Leasing More than ever---

States Face $40 Billion 2003 Budget Deficit

By Christina Ling

WASHINGTON (Reuters) - Sunk in the worst financial doldrums since World War II, states face a possible collective budget shortfall of $40 billion by the end of the fiscal year, the National Governors Association said on Monday.

Nor is the picture any brighter as new governors elected just weeks ago start turning to 2004 spending plans, since underlying problems are likely to cripple state budgets even if the sour economy turns around.

"My sense is probably we have a shortfall at least of $40 billion now," NGA director Ray Scheppach told a news briefing, saying states were likely to cut support for higher education and health care and to raise taxes on corporation and individual incomes to make ends meet.

States are bound by law to balance their budgets and must therefore cut spending or raise revenues to avoid actually ending the year with a deficit.

(If life gives you only a lemon, make lemonade and sell an annual contract

with payments)

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Peter Nevitt -- equipment lessor

by Harriet Chiang, San Francisco Chronicle Staff Writer

San Francisco -- Peter Nevitt, a San Francisco financier who gained international prominence as one of the pioneers of tax-driven leases of aircraft, trains and other capital equipment, died Monday of cancer.

Mr. Nevitt, who was 75, died at his home in Kentfield.

For 10 years, he was the CEO of Mitsui Nevitt Capital Corp., one of the major leasing companies in the United States, until he retired in 1998. Mitsui is a subsidiary of Mitsui Leasing and Development in Tokyo, one of the major leasing companies in Japan.

From 1977 to 1988, he was president and eventually chairman of BankAmeriLease, which was comprised of Bank of America's leasing subsidiaries. Under his leadership, the company became one of the most successful equipment leasing companies and brokers in the world.

Prior to joining Bank of America, he founded Chicago Leasing Corp., which quickly grew to become one of the largest leasing companies in the United States and the United Kingdom.

He was regarded as the inventor of leveraged and synthetic leases, helping countless companies optimize their balance sheets and minimize the tax consequences.

He wrote more than 100 articles and booklets on equipment leasing and co- authored three editions of the book "Equipment Leasing." He is also the author of five editions of Project Financing, published by Euromoney, and co-authored the sixth and seventh editions with Frank J. Fabozzi.

He was born and raised in Bradford, Ill. He earned his undergraduate degree and a law degree from Northwestern University. He served in the military at the end of World War II and during the Korean War.

After practicing law in Chicago, he became a vice president of the Greyhound Corp. In 1967 he helped found GATX Leasing Corp.

He is survived by his wife of 51 years, Marjorie; five children -- Dr. Courtney Nevitt-Silverman of Olympia, Wash., Dr. Andrew Nevitt of Aptos, Cornelia Nevitt of Woodacre, Dr. Gabrielle Nevitt of Davis, Dr. Adam Nevitt of Corte Madera -- and nine grandchildren.

A memorial service will be held Saturday, Dec. 8 at 2 p.m. at St. John's Episcopal Church, 14 Lagunitas Road, Ross. Donations may be made to the Hospice of Marin Foundation, 21 Tamal Vista Blvd., Suite 101, Corte Madera, CA 94925.

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PFSC announces LeaseServ DataMart

Portfolio Financial Servicing Company (PFSC) announces

the availability of DataMart, a software and services offering that provides

PFSC's clients with enhanced detailed portfolio analysis, reporting, and

forecasting capabilities.

PFSC's Chief Technology Officer, Brad McInnes, commented

"With the release of DataMart, PFSC continues to build on "LeaseServ",

PFSC's next generation lease and loan servicing platform. By using

Microsoft's .NET architecture and database technology, PFSC is able to

quickly build solutions to meet the diverse needs of our clients."

LeaseServ's DataMart provides PFSC's clients with the

ability to go beyond standard portfolio reporting and creates analysis of

portfolio data using pivot tables, graphs, etc. and provides reports such

as: Portfolio Runoff Projections, Portfolio Concentrations - Equipment,

Customer, Geographic, Industry, Lease Modification Analysis, Static Pool

Analysis, Booked Residual Analysis and Rate/Yield Analysis.

PFSC's President, Jerry Hudspeth, commented, "Recent

industry events have dictated the requirement for additional portfolio data

analysis and forecasting. LeaseServ DataMart provides PFSC's clients

with an insight into their portfolios unmatched in the industry."

About PFSC

PFSC is the largest independent commercial lease and loan

servicing company in the U.S. and is headquartered in Portland, Oregon. PFSC

provides primary/master servicing, backup/successor servicing, and

consulting for lease and loan portfolios. PFSC currently services over $3.0

billion in assets. More information can be found at http://www.pfsc.com.

Contact: Jerry Hudspeth, PFSC, (800) 547-4905,

jhudspeth@pfsc.com

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Rave Financial Services Portfolio/Infrastructure for Sale

Rick Darter, President of Rave Computer Associations, announces that they were exploring strategic alternatives including the sale of the portfolio and infrastructure of affiliate, Rave Financial Services, Inc. in order to focus on Rave's core business. Rave recently signed a global OEM Technology Provider (OTP) agreement with Sun Microsystems.

"This opportunity is a win-win for Rave and Sun Microsystems because our OEM strategy has moved away from the one-size fit all OEM engagement model and we have strategically position the company to focus on customers unique requirements", said Doris Block-Tomlinson, Director of Channel Development and Marketing. Rave develops OEM solutions in the simplest, safest, and swiftest way, by using the latest SPARC base or complimentary products to get a companies business up and running. Our agreement with Sun enables Rave to bring SPARC, Linux, and Intel based solutions to OEM customers that are unavailable through Sun's normal product offering."

Rave Financial Services, Inc. has been serving the IT industry since 1992 as a full service lessor of computer and related equipment. "As a profitable small ticket lessor with the strongest prospects for growth in our history, our goal is to align ourselves with an aggressive partner that is looking to grow finance income" said Frank Latourell, Director of Rave Financial Services, Inc. "We look at this as an opportunity to leverage our operational discipline and marketing savvy as well as provide the opportunity for Rave Computer Assoc. to hone their focus within their core operation"

About Rave Financial Services Inc.

Rave Financial Services, located in Sterling Heights, MI is a national, independent full service lessor specializing in the computer industry. The company is a member of MSP Alliance and has developed the first private label leasing program specifically tailored to the emerging MSP market.

About Rave Computer Association, Inc.

Rave Computer Association, Inc., a privately held company based in Sterling Heights, Michigan, designs custom IT solutions for the ever-changing business requirements for today and the future. Our extensive technical knowledge and expertise in the high-tech arena enables Rave Computer to partner with leading edge IT vendors to devise optimal custom-built solutions and products for our customers. Rave Computer has successfully delivered high density, application specific solutions among the following industries: medical, government, manufacturing and telecommunications. More information about Rave Computer and its services can be found at www.rave.com or by calling toll free at 1-800-966-7283. E-mail inquiries may be sent to sales@rave.com .

Contact: Frank Latourell

(800) 500-7283

fml@ravefinancial.com

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Wellington Equipment Files Bankruptcy

By Kathleen Gallagher, JSOnline.com

Brookfield-based Wellington Management Corp.'s troubles continue, with its Wellington Equipment subsidiary filing for bankruptcy and most of the brokers leaving its Wellington Investment subsidiary.

Some 400 creditors and investors have told a Waukesha County Circuit judge that Wellington owes them about $8.7 million. Just three brokers - from a total of 27 just two months ago - are still working at Wellington Investment.

Meanwhile, state regulators have been investigating Wellington in connection with its equipment leasing partnerships. The company is on the verge of losing its Country Club of Wisconsin golf course at a sheriff's auction in December, and Wellington's founder and his son both have formed separate new companies.

Arnold K. Leas, Wellington's founder and top executive, started a company in August called Barrington Management Co. LLC, according to filings with the state Department of Financial Institutions.

Leas several weeks later ran local radio ads where he referred to himself as Barrington Management's top executive and promoted a seminar based on a book he said he wrote called "Your Window to Wealth." The ads are no longer running, and the seminar hasn't occurred.

Gregory K. Leas, Leas' son who was Wellington Management's lawyer and the broker supervisor for Wellington Investments, started a company called Orion Investments LLC in August, state filings show.

Gregory Leas in late October transferred his securities license to Hartland-based Freedom Investors Corp. from Wellington, according to records provided by the state. Leas also is employed by Whalen's Wonder Bar in Madison and the Madison law firm of Arthur Miller & Erlandson, according to the National Association of Securities Dealers Web site.

Neither Arnold nor Gregory Leas returned a reporter's phone calls requesting comments.

Wellington Equipment Corp., also known as Black Hawk Rental Service & Sales, stopped operating in summer. The company rented and sold equipment such as aerial platforms and scissors lifts. It borrowed money to buy the equipment from companies - Marine Bank, Russ Darrow Group and GE Capital Corp., among them - and investors who bought interests in at least 10 equipment partnerships throughout the 1990s.

Wellington Equipment in October filed for a Chapter 128 bankruptcy in Waukesha County Circuit Court. Chapter 128 is a state court proceeding used to liquidate the assets of a financially troubled company.

Wellington said in a January filing with the state that Wellington Equipment had about $20 million worth of equipment, but the company has not yet filed a statement of its assets in Waukesha County.

Wellington Equipment has total liabilities of about $8.7 million, said Michael S. Polsky, an attorney at the Milwaukee law firm of Beck Chaet & Bamberger who was appointed as the receiver over Wellington Equipment's assets.

Those liabilities include a $3.2 million court judgment in favor of Marine Bank and a nearly $1.1 million judgment in favor of Russ Darrow Leasing Co. Inc., Polsky said.

Polsky has sold Wellington Equipment's property on Carmen Drive in Butler, is completing the sale of its property in Waterloo, Iowa, and is attempting to sell the company's real estate in Neenah.

"Much of the equipment has already been sold or returned to parties that have a security interest," Polsky said.

At Wellington Investment, just Arnold Leas and two other brokers - Garret T. Nakama and Radovan Tirnanisch - are still licensed with the firm.

Of the 24 brokers who left during the past month: Five, including radio personality Cynthia J. Stormfischer, transferred to Appleton-based SII Investments Inc. and are still working out of Wellington's Brookfield offices; three transferred to Minot, S.D.- based Capital Financial Services Inc.; three transferred to Milwaukee-based Briggs-Ficks Securities LLC; two, including former Heartland Advisors Inc. fixed income director Patrick J. Retzer, transferred to Burlington-based Polar Investment Counsel Inc.; one transferred to St. Petersburg, Fla.-based Raymond James Financial Services Inc.; and one, Greg Leas, transferred to Freedom Investors.

The remaining nine brokers who left Wellington are no longer registered as securities agents, according to records provided by the state.

Regarding Wellington's golf course, an Ozaukee County circuit judge in May ruled that Orix Real Estate Capital Markets LLC of Dallas could foreclose on Country Club of Wisconsin - the upscale Town of Grafton public golf course that Wellington and its subsidiaries developed and to which they hold title.

If Wellington doesn't pay Orix the more than $6 million it owes, the course will be sold at a sheriff's auction, scheduled for Dec. 23.

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De Lage Landen Financial Services names Robert Timm as Director, New Business Development for its Office Equipment Strategic Business Unit

De Lage Landen Financial Services, a leading international provider of asset-based finance products to manufacturers and distributors of capital goods, has named Robert Timm as Director, New Business Development for its Office Equipment Strategic Business Unit.

In his new capacity, Timm, of Dallas, TX, will be responsible for identifying and acquiring new business partners for the company’s core business unit, which provides comprehensive financing programs to office technology manufacturers, distributors, resellers and end-users.

He will report directly to Pat Neary, Vice President of Sales for the Office Equipment business unit.

Timm brings more than 20 years of experience in sales, sales management and lease financing to his new role.

Most recently, he served as Vice President of Sales for Citicorp (formerly Copelco Capital) in Dallas. From 1998 to 2001 he was District Manager for the Southwest and, subsequently, for the Southeast.

( Courtesy of ELAonline.com )

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TODAY'S FOCUS: THE CRACKS IN CREDIT SCORING

reprint from:

FINANCIAL INSTITUTIONS CONSULTING, INC.

475 Fifth Avenue, 19th Floor

New York, NY 10017

212-252-6700

www.ficinc.com

NOVEMBER 25, 2002

=====================================================

The headline for this week's newsletter is taken from the title of an

article in the November 25th issue of BUSINESS WEEK. Credit scoring, widely

viewed as a standard tool for risk evaluation, is experiencing some

problems. Considering the appropriate use for credit scoring (that is, when

and how to apply it) will become even more critical in an economic

environment that promises continued volatility.

Make no mistake that credit scoring is here to stay and that is the way it

should be. When applied to the appropriate circumstances, it has

demonstrated its success. Our concern is that its use is being promoted in

customer segments and in countries that do not possess the fundamental

infrastructure to support reliance on scoring technology. We expect that

before the next explosion in reliance on credit scoring occurs, the banking

industry will reduce scores for auto-decisioning and substitute touch for

technology.

WHEN SCORING IS A MISTAKE

Scoring works when sufficient credit information exists depicting a

borrower's performance over a multi-year period and when sufficient credit

information exists depicting similar borrowers' performance over a

multi-year period. In 2000, Fair Isaacs, the company whose scoring model

seems to dominate the U.S. banking industry, released the categories it

assesses in determining a score and the weight it suggests attaching to each

category. They recommend basing 35% of the score on a borrower's debt

repayment history (do they pay back?), 30% on credit available to a borrower

(are they maxxing out on their credit lines?), 15% on the length of the

borrower's credit history (longer is better), and 10% each on type of credit

(short term is preferred) and pattern of credit use (have debt levels

suddenly increased?).

Subprime borrowers may provide one example of a group that is not ideally

suited for credit scoring. The BUSINESS WEEK article cited Metris Cos., the

10th largest credit-card issuer, noting that one rating agency recently

downgraded its debt because charge-offs had increased by 30% over the last

12 months, far beyond projections. As an FDIC executive said, "When you

place too much hope on past experiences, you're setting yourself up for

trouble."

BUSINESS WEEK goes on to discuss four issues that impact the reliability of

credit scores: most scoring models use only two-years of customer data; the

credit bureau reports used to create scores are often inaccurate; some

consumers work with specialty companies to "polish" scores by rearranging

finances; and minorities are unfairly treated. Basically, the article

infers that the quality of the input that comprises scores is not as high as

many lenders have thought.

SMALL BUSINESS - SELECTIVE USE ONLY

Virtually all credit card loans and 70% of home loans leverage credit

scoring to make loan decisions. On the other hand, less than 30% of small

business loans are auto-decisioned. At many banks, that percentage has

declined in the past year.

Why? The reasons include: small business score cards are still a relatively

new phenomenon and credit officers remain wary of total reliance on them;

most banks rely on a generic scorecard for decision-making, meaning the

"black box" making a decision belongs to a third-party; and business scoring

results have yet to make it through a full business cycle. Ironically, the

small business bankers' concern about credit scoring may have caused them to

monitor their portfolios more closely and, therefore, avoid problems with

the result that most scored small business portfolios are performing

extremely well.

We know one bank that makes a personal visit to any small business borrower,

even if it is for a $25,000 loan. That visit plays as great a part in

decision-making as any score. By the way, they can afford to make that visit

because they focus on capturing a high percentage of customer wallet share.

That personal visit helps to do so.

INTERNATIONAL EXPANSION - GO SLOW

In the past year we have worked in about ten countries, encompassing Africa,

Asia, Europe and Latin America. While the use of credit scoring is often a

topic of discussion, the likelihood of relying on it to make consumer or

business credit decisions in countries such as Nigeria, Bangladesh, or even

Mexico seems at best a significant distance from prudent decision-making.

None of the fundamentals for acceptable credit scoring exist in these

countries: most lack a central credit bureau that collects information from

multiple borrowers; many of their banks are wary about sharing information;

and even comprehensive internal bank information about customers is lacking

(a problem that many banks operating in supposedly highly developed

countries also share). Further, the required debt repayment track-record

does not exist.

STEP ONE: SCORE TO SCREEN, NOT TO DECISION

Credit scoring is not a replacement for strong risk management practices.

For many banks, it may not even be a near-term option. But, while

auto-decisioning is not possible, scoring can play an essential role in

highlighting priority segments and in screening customers for increased

focus.

Lacking quality bureau input, banks can develop an initial "score" based on

whatever customer and industry information they have in-house. That score

can then be used in concert with more traditional risk management

procedures. This part-way application of credit scoring does not provide

decisions, but it does begin to build a methodology that in the near term

clarifies marketing priorities and within a few years may offer a more

streamlined credit approval process.

======================================================

FIC NOW OFFERS A ONE-DAY SEMINAR/BRAINSTORMING SESSION ON STRATEGIES OF

BUSINESS BANKING. This workshop, specifically tailored to address your

bank's needs, focuses on the issues and topics of critical importance to

small business bankers, including: customer's needs and desires, customer

profitability and retention, segmentation, cross-sell, deposit gathering,

and priorities for success. For more information, click on the link below

or e-mail mharvey@ficinc.com

http://www.ficinc.com/Workshop/biz_banking_workshop.htm

=====================================================

NOW AVAILABLE FOR ONLY $500: 2001 SMALL BUSINESS STATE OF THE MARKET

REPORT - a comprehensive study of the small business market and its use of

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over 400 small business owners with FIC's extensive knowledge of the small

business market and financial services industry, the report looks at market

size, use of products, product providers, credit cards, credit, primary

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information or to purchase, e-mail: mharvey@ficinc.com.

=====================================================

ABOUT FINANCIAL INSTITUTIONS CONSULTING

FIC is a strategy consulting firm addressing issues related to growth and

profitability for financial services clients. We emphasize practical,

bottom-line results based on quantitative and qualitative research and an

in-depth understanding of industry dynamics.

For more information about our consulting services or if you have questions

or comments, please e-mail info@ficinc.com.

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Regions Bank Goes Live with OpenLink's Findur (TM)

(Leasing one of products)

Fast-track Implementation Delivers Support for Bank's Interest Rate

Derivatives Trading

MITCHEL FIELD, N.Y., -- OpenLink (http://www.olf.com), an industry leader in financial trading and risk management software solutions, today announced that Regions Bank has completed its implementation of Findur as its interest rate derivative products platform at the bank's trading centers in Birmingham, AL; Atlanta, GA; and Memphis, TN.

"We selected Findur as our commercial trading and risk management system after a comprehensive review process," said Dan Meade, senior vice president of Capital Markets Trading at Regions Bank. "We were seeking a front-to-back office system that complements Regions' conservative approach to risk management.

"Findur provides us with advanced interest rate derivative product functionality and an ability to support our expansion into other areas of capital markets," Meade added. "We were also impressed with OpenLink's relationship-oriented service record with existing clients."

Regions' three-and-a-half-month installation success was a direct result of OpenLink's rigorous implementation management methodology. Working closely with the bank's internal team, Findur product consultants utilized a combination of both standard and custom market convention models and reports to decrease the project's length.

"The addition of Regions Bank to our Findur client base is very exciting, as it gives OpenLink an excellent entry into the competitive regional bank market," said Coleman Fung, OpenLink founder and CEO. "An efficient, seamless front-through-back-office environment is paramount for Regions and other regional banking institutions. Built upon our Adaptive, Dynamic, and Integration-friendly (ADI) framework, Findur is the best-fit integrated solution. Regions Bank will greatly benefit from the breadth and depth of market and product coverage that currently exist within Findur, while gaining a future-proof solution."

About Regions Bank

Regions Bank is a subsidiary of Regions Financial Corp. With $47.4 billion in assets, Regions ranks among the 25 largest financial services companies in the nation. Serving customers throughout the South, it provides traditional, commercial, and retail banking services and other financial services in the fields of investment banking, asset management, trust, mutual funds, securities brokerage, insurance, leasing and mortgage banking. Regions Bank offers banking services online from its Web site at http://www.regions.com and from more than 680 offices in Alabama, Arkansas, Florida, Georgia, Louisiana, North Carolina, South Carolina, Tennessee and Texas. Regions provides investment and brokerage services from more than 140 offices of Morgan Keegan & Co. Inc., one of the South's largest investment firms. Regions ranks on both the Forbes 500 and Fortune 500 listings of America's largest companies; its common stock is listed on the New York Stock Exchange (NYSE) under the ticker symbol RF.

About OpenLink

OpenLink is a leading provider of financial trading and risk management software solutions. The company's Adaptive, Dynamic, and Integration-friendly (ADI) framework-based solutions support the most rigorous risk management requirements of firms trading in interest rate derivatives, fixed income securities, foreign exchange, money markets, energy, metals and soft commodities. OpenLink's global client base includes Bank for International Settlements, Bank of Canada, Deutsche Bank, Duke, EnCana, Hamburgische Electricitats-Werke (HEW), Equiva Services LLC, Mobil UK, KeyBank, Mirant, Nexen, Shell Trading, Westdeutsche Landesbank (West LB) and Zurich Capital Markets. Headquartered on Long Island, NY, OpenLink employs more than 280 professionals worldwide at offices in London, Houston, New York City, and Berlin.

EDITORIAL CONTACT:

Justin Wilson

OpenLink

Phone: +1 516 227 6600 x308

Fax: +1 516 394 1196

E-mail: jwilson@olf.com