Palo Alto, CA. March 26, 2004 - Application Networks, Inc, a leading provider of financial software for trading, trading support, and risk management solutions, today announced its flagship product JRisk™ has been selected by Wachovia to support its global fixed income business.

JRisk will be used for front- and middle-office on-demand risk management across its entire fixed income business to include interest rate derivatives, credit derivatives, bonds and FX. JRisk will perform real-time sensitivity and scenario calculations for traders and risk managers in addition to sophisticated reporting and analysis.

"JRisk is the ideal integrated risk platform," says Tom Gwydir, DIO (Division Information Officer) for Wachovia's Fixed Income Division. "JRisk will be integrated with all of our other trading systems to provide a real-time view of risk, along with sophisticated scenario analysis based on our proprietary models," he adds.
"One of the key drivers is the reporting layer, JRisk Analyzer," continues Dave Neilson, COO of Wachovia's Fixed Income Division. "It is an intuitive tool that meets the requirements of all levels of users, from management to technologists."

"Application Networks is delighted that Wachovia has selected JRisk," says Evrard Van Hertsen, CEO of Application Networks. "This alliance cements the JRisk product as the leading solution for trading and risk management and confirms the business requirement for a real-time cross asset solution," he adds.

About Wachovia

Corporate and investment banking services, including fixed income products and services, are offered by Wachovia Capital Markets, LLC, member NYSE, NASD, SIPC and by various non-broker dealer subsidiaries of Wachovia Corporation.

Wachovia Corporation (NYSE:WB) is one of the largest providers of financial services to retail, brokerage and corporate customers throughout the East Coast and the nation, with assets of $401 billion, market capitalization of $61 billion and stockholders' equity of $32 billion at Dec. 31, 2003. Its four core businesses, the General Bank, Capital Management, Wealth Management, and the Corporate and Investment Bank, serve 9 million households, including 900,000 businesses, primarily in 11 East Coast states and Washington, D.C. Its broker-dealer, Wachovia Securities, LLC, serves clients in 49 states. Global services are provided through 32 international offices. Online banking and brokerage products and services also are available through Wachovia.com

About Application Networks

Application Networks provides JRisk™ financial software for fast, flexible trading, trading support, and risk management solutions. JRisk´s innovative design supports activity across all financial products. It has been designed both with and for leading industry players to meet the most sophisticated functional requirements. JRisk is chosen by global Investment Banks to allow the fast delivery of new business applications at a fraction of the cost.
JRisk has business solutions across credit trading, equity, interest rate derivatives, structured / hybrid products and treasury / money markets and is in production at leading investment banks globally.

JRisk is the 2004 Risk Magazine "Trading technology product of the year".

If you require further information contact us by email at: info@appl.net