ÿþ<!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN"> <html xmlns:v xmlns:o> <head> <title></title> <meta content="Microsoft Visual Studio.NET 7.0" name="GENERATOR"> <meta content="http://schemas.microsoft.com/intellisense/ie5" name="vs_targetSchema"> <!--<STYLE type="text/css">A:link {COLOR: white; TEXT-DECORATION: none } A:visited { COLOR: white; TEXT-DECORATION: none } A:hover { COLOR: red; TEXT-DECORATION: none } </STYLE> --> <script language="javascript" id="clientEventHandlersJS"> <!-- //--> </script> </head> <body> <P> <TABLE id="Table2" style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; BORDER-LEFT: medium none; WIDTH: 535px; BORDER-BOTTOM: medium none; BORDER-COLLAPSE: collapse; HEIGHT: 2000px; mso-table-layout-alt: fixed; mso-border-alt: solid #99CCFF .5pt; mso-padding-alt: 0in 5.4pt 0in 5.4pt" cellSpacing="0" cellPadding="0" border="1" language="javascript"> <TBODY> <TR style="HEIGHT: 0.8in"> <TD style="BORDER-RIGHT: #333399 0.5pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: #99ccff 0.5pt solid; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: #99ccff 0.5pt solid; WIDTH: 197.4pt; PADDING-TOP: 0in; BORDER-BOTTOM: #99ccff 0.5pt solid; BACKGROUND-COLOR: transparent" width="200" background="" colSpan="2" height="114" mreach_id><P class="NLName1" style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align="center"><!--messageREACH-object-start--><FONT size="1"><FONT face="Arial"><IMG language="javascript" id="IMG2" alt="" src="logo_vertical_small.gif"><!--messageREACH-object-end--></FONT></FONT></P> </TD> <TD style="BORDER-RIGHT: #333399 0.5pt solid; PADDING-RIGHT: 5.4pt; BACKGROUND-POSITION: 0% 50%; BORDER-TOP: #333399 0.5pt solid; PADDING-LEFT: 5.4pt; BORDER-LEFT-COLOR: #d4d0c8; BACKGROUND-ATTACHMENT: scroll; BORDER-BOTTOM-COLOR: #d4d0c8; PADDING-BOTTOM: 0in; WIDTH: 220.2pt; PADDING-TOP: 0in; BACKGROUND-REPEAT: repeat; BACKGROUND-COLOR: #333399; mso-border-left-alt: solid #333399 .5pt" width="367" height="114"> <P class="NLTitle" style="MARGIN: 0in 0in 0pt" align="center"><EM><STRONG><FONT style="FONT-SIZE: 26pt" face="Arial" color="#ffffff" size="1"><EM><STRONG><FONT style="FONT-SIZE: 26pt" face="Arial" color="#ffffff" size="1">Beyond Gap</FONT></STRONG></EM></P> <P class="NLTitle" style="MARGIN: 0in 0in 0pt" align="center"></FONT></STRONG></EM></P> </TD> </TR> <TR style="HEIGHT: 0.3in"> <TD style="BORDER-RIGHT: #99ccff 0.5pt solid; PADDING-RIGHT: 0.05in; BACKGROUND-POSITION: 0% 50%; PADDING-LEFT: 5.75pt; BACKGROUND-ATTACHMENT: scroll; PADDING-BOTTOM: 0in; BORDER-LEFT: #99ccff 0.5pt solid; WIDTH: 133.35pt; BORDER-TOP-COLOR: #d4d0c8; PADDING-TOP: 0in; BORDER-BOTTOM: #99ccff 0.5pt solid; BACKGROUND-REPEAT: repeat; BACKGROUND-COLOR: #99ccff; mso-border-top-alt: solid #99CCFF .5pt" width="222" height="42"> <P class="NLDate" style="MARGIN: 0in 0in 0pt; tab-stops: right 533.65pt"><STRONG><EM><FONT face="Arial" color="#ffffff" size="1"></FONT></EM></STRONG>&nbsp;</P> </TD> <TD style="BORDER-RIGHT: #99ccff 0.5pt solid; PADDING-RIGHT: 5.4pt; BACKGROUND-POSITION: 0% 50%; PADDING-LEFT: 5.4pt; BORDER-LEFT-COLOR: #d4d0c8; BACKGROUND-ATTACHMENT: scroll; PADDING-BOTTOM: 0in; WIDTH: 284.25pt; BORDER-TOP-COLOR: #d4d0c8; PADDING-TOP: 0in; BORDER-BOTTOM: #99ccff 0.5pt solid; BACKGROUND-REPEAT: repeat; BACKGROUND-COLOR: #99ccff; mso-border-left-alt: solid #99CCFF .5pt; mso-border-top-alt: solid #99CCFF .5pt" width="474" colSpan="2" height="42"> <P class="NLDate" style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right; tab-stops: right 533.65pt 7.5in" align="right"><SPAN style="mso-bidi-font-size: 10.0pt"><FONT face="Arial Black"><SPAN style="mso-bidi-font-size: 10.0pt"><FONT face="Arial Black">Issue&nbsp;9 -&nbsp;February 2009</FONT></SPAN></FONT></SPAN></P> </TD> </TR> <TR> <TD style="BORDER-RIGHT: #99ccff 0.5pt solid; PADDING-RIGHT: 0.15in; BACKGROUND-POSITION: 0% 50%; PADDING-LEFT: 0.15in; BACKGROUND-ATTACHMENT: scroll; PADDING-BOTTOM: 0in; BORDER-LEFT: #333399 0.5pt solid; WIDTH: 133.35pt; BORDER-TOP-COLOR: #d4d0c8; PADDING-TOP: 0in; BORDER-BOTTOM: #333399 0.5pt solid; BACKGROUND-REPEAT: repeat; BACKGROUND-COLOR: #333399" vAlign="top" width="200" background="" mreach_id> <TABLE CELLPADDING=0 CELLSPACING=0 WIDTH=150 HEIGHT="100%"> <TR VALIGN=TOP HEIGHT="80%"><TD> <P>&nbsp;</P> <P> <P><FONT face="Arial Black" color="#ffffff" size="2"></P> <FONT face="Arial Black" color="#ffffff" size="2">In this issue:</FONT> <P></P> <P><FONT face="Arial Black" color="#000099" size="2"><FONT face="Arial Black" color="#000099" size="2"><FONT face="Arial Black" color="#000099" size="2"><FONT face="Arial Black" color="#000099" size="2"><FONT face="Arial Black" color="#000099" size="2"><FONT face="Arial Black" color="#ffffff" size="2"><FONT face="Arial Black" color="#ffffff"><FONT size="2"><A style="COLOR: white; TEXT-DECORATION: none" href="#ContactUs"></A></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></P> <P><FONT face="Arial Black" color="#ffffff" size="2">*&nbsp; <A style="COLOR: #feffff; TEXT-DECORATION: none" href="#ClientsGrow">Client list continues to grow</A></FONT></P> <P><FONT face="Arial Black" color="#ffffff" size="2">*&nbsp; <A style="COLOR: #feffff; TEXT-DECORATION: none" href="#Link7_1">Basis Point Sensitivity Report - Available Now</A></FONT></P> <P><FONT face="Arial Black" color="#ffffff" size="2">*&nbsp; <A style="COLOR: #feffff; TEXT-DECORATION: none" href="#Link7_2">Credit Risk - Available Now</A></FONT></P> <P><FONT face="Arial Black" color="#ffffff" size="2">*&nbsp; <A style="COLOR: #feffff; TEXT-DECORATION: none" href="#Link7_3">General Ledger - Coming Soon</A></FONT></P> <P><FONT face="Arial Black" color="#ffffff" size="2">*&nbsp; <A style="COLOR: #feffff; TEXT-DECORATION: none" href="#PreviousIssues">Previous Issues</A></FONT></P> <P><FONT face="Arial Black" color="#ffffff" size="2">*&nbsp; <A style="COLOR: #feffff; TEXT-DECORATION: none" href="#Contact Us">Contact Us</A></FONT></P> <P><FONT face="Arial Black" color="#ffffff" size="2"></FONT>&nbsp;</P> <P><FONT face="Arial Black" color="#ffffff" size="2"></FONT>&nbsp;</P> <P><FONT face="Arial Black" color="#ffffff" size="2">&nbsp;</P> <P><FONT face="Arial Black" color="#ffffff" size="2">Key features of Visual Risk"!</FONT></P> <P><FONT face="Arial Black" color="#ffffff" size="2"><FONT face="Arial Black" color="#ffffff"><FONT color="#ffffff" size="2">*&nbsp; Superior balance sheet projection </FONT></FONT></FONT> </P> <P><FONT face="Arial Black" color="#ffffff" size="2">*&nbsp; Optimal strategy selection</FONT></P> <P><FONT face="Arial Black" color="#ffffff" size="2">*&nbsp; Powerful risk analytics including Value-at-Risk</FONT></P> <P><FONT face="Arial Black" color="#ffffff" size="2">*&nbsp; Flexible interest sensitivity and stress testing</FONT></P> <P><FONT face="Arial Black" color="#ffffff" size="2">* Effortless treasury and balance sheet reporting</FONT></FONT><FONT face="Arial Black" color="#ffffff" size="2"></FONT> <P><FONT face="Arial Black" color="#ffffff" size="2"></FONT>&nbsp;</P> <P><FONT face="Arial Black" color="#ffffff" size="2"></FONT>&nbsp;</P> </TD></TR> <TR VALIGN=BOTTOM HEIGHT="20%"><TD> <P><FONT face="Arial Black" color="#ffffff" size="2"> <A name="Contact Us"></A> Visual Risk Pty Ltd</P> <P>Level 5, 66 King Street<br> <br> Sydney NSW 2000<br> <br> Australia</P> <P>Phone:<br> (+612) 9262 6969</P> <P>Fax:<br> (+612) 9262 5002</P> <P>E-mail:<br> <A style="COLOR: #feffff; TEXT-DECORATION: none" href="mailto:sales@visualrisk.com">sales@visualrisk.com</A></P> <P>Web:<br> <A style="COLOR: #feffff; TEXT-DECORATION: none" href="http://www.visualrisk.com">www.visualrisk.com</A></P> </FONT> <P></P> </TD></TR> </TABLE> </TD> <TD style="BORDER-RIGHT: #99ccff 0.5pt solid; PADDING-RIGHT: 0.2in; PADDING-LEFT: 0.2in; BORDER-LEFT-COLOR: #d4d0c8; PADDING-BOTTOM: 0in; WIDTH: 284.25pt; BORDER-TOP-COLOR: #d4d0c8; PADDING-TOP: 0in; BORDER-BOTTOM: #99ccff 0.5pt solid; BACKGROUND-COLOR: transparent; mso-border-left-alt: solid #99CCFF .5pt; mso-border-top-alt: solid #99CCFF .5pt" vAlign="top" width="460" background="" colSpan="2" height="2000" mreach_id><br> <!-- ********************* MAIN BODY OF ARTICLE *********************** --> <P><FONT style="FONT-SIZE: 9pt" face="Arial" size="1"><A name="Top"></A> Visual Risk<sup><FONT style="FONT-SIZE: 6pt" face="Arial">TM</FONT></sup>; is recognised as one of the leading Asset-Liability Management solutions for Financial Institutions, Government Bodies and Finance Companies. Our periodic newsletter,  Beyond Gap', aims to keep you informed of relevant system and market developments. </FONT> </P> <FONT face="Arial" size="1"> <hr id="HR1" color="#9fddff"> </FONT> <!-- ******************* ARTICLE 1 ************************* --> <P><FONT face="Arial Black" color="#000099" size="2"><A name="Link1"></A></P> <!-- ******************* TITLE OF ARTICLE 1 ************************* --> <P><FONT face="Arial Black" color="#000099" size="2"><A name="Link1"></A>MyState Financial  from an outsourced solution to in-house use of Visual Risk</FONT></P> <P><FONT style="FONT-SIZE: 9pt" face="Arial" size="1"><FONT style="FONT-SIZE: 9pt" face="Arial" size="1"></FONT></FONT></P> <P> <P><FONT style="FONT-SIZE: 9pt" face="Arial" size="1"></FONT></P> <P><FONT style="FONT-SIZE: 9pt" face="Arial" size="1"></FONT></P> <!-- ******************* BODY OF ARTICLE 1 ************************* --> <P><FONT color="#000000"><FONT style="FONT-SIZE: 9pt" face="Arial" size="1"> In 2007, the merger in Tasmania of Connect Credit Union and Island State Credit Union posed many challenges, not least of which was to thoroughly reassess treasury operations and importantly, Asset-Liability Management processes. Previously, all treasury and market risk related activities were managed through a mix of spreadsheets and an out-sourcing arrangement with a specialist provider of risk management services. <BR><BR> Given the increased size and sophistication of the newly merged entity it became clear that the building of in-house expertise, combined with the use of Visual Risk, would provide the best possible solution for MyState Financial. </FONT> </FONT> </P> <!-- ******************* QUOTE FOR ARTICLE 1 ************************* --> <P><FONT style="FONT-SIZE: 9pt" face="Arial" size="1" color="#000000"><I> &quot;The decision to implement Visual Risk was initially made in order to achieve several key benefits, most notably: <BR> <BR> 1) To provide management with a means of preparing risk management reports; <BR> 2) To support the creation of an in-house risk management function; <BR> 3) To enable the efficient calculation of Value-at-Risk; and <IMG alt="MyState Financial Credit Union" src="/images/cl_MyStateFinancial.JPG" ALIGN="right" WIDTH=130 HEIGHT=60> <BR> 4) To provide &quot;what if&quot; analysis for ALCO and senior management <BR> <BR>I believe Visual Risk has delivered on these key benefits.&quot; </I></FONT> <BR> </P> <P><FONT style="FONT-SIZE: 9pt" face="Arial" size="1" color="#000000"> Dean Morris, Manager Financial Development, <BR><B>MyState Financial Credit Union</B> </FONT> </P> <!-- ******************* FOOTER OF ARTICLE 1 ************************* --> <P><FONT style="FONT-SIZE: 9pt" face="Arial" size="1" color="#000000"> In today s volatile environment ever more pressure is being applied by regulators for ADI s to better manage and measure their risk. Visual Risk empowers your financial institution to secure its future by bringing the Asset-Liability Management process in-house. </FONT></P> <P></P> <P><FONT face="Arial" size="1"><A href="#Top">Top</A></FONT></P> <FONT face="Arial" size="1"> <HR id="HR1" color="#9fddff"> <P></P> </FONT> <!-- ******************* TITLE OF ARTICLE 2 ************************* --> <P><FONT face="Arial Black" color="#000099" size="2"><A name="Link2"></A>Orange Credit Union gains greater insights into interest rate risk management challenges ahead</FONT> </P> <!-- ******************* BODY OF ARTICLE 2 ************************* --> <P><FONT style="FONT-SIZE: 9pt" face="Arial" color="#000000" size="1"> Orange Credit Union ( OCU ) was a participant in last year's Annual Interest Rate Risk Management Survey. Following the results of that Survey, OCU sought to increase their understanding of some the challenges that they face and invited Visual Risk to provide follow up reporting and training to their Board members. </FONT> </P> <!-- ******************* QUOTE ARTICLE 2 ************************* --> <P> <FONT style="FONT-SIZE: 9pt" face="Arial" color="#000000" size="1"><I> <IMG ALIGN="left" ALT="Orange Credit Union" SRC="/images/cl_OrangeCU.jpg" WIDTH=192 HEIGHT=48> &quot;Using their proprietary software and its ability to present information in easily digestible graphical charts, Visual Risk was able to give our Board members a unique and fresh perspective on OCU s interest rate risk. I feel that the training provided by Visual Risk allowed our Board to gain a much better understanding of how interest rate risk affects the Credit Union s performance and most importantly how the current interest rate environment is impacting us.&quot; </I></FONT> </P> <P><FONT style="FONT-SIZE: 9pt" face="Arial" color="#000000" size="1"> Gavin Cook, Corporate Services Manager, <BR><B>Orange Credit Union</B></FONT> </P> <P></P> <P><FONT face="Arial" size="1"><A href="#Top">Top</A></FONT></P> <FONT face="Arial" size="1"> <HR id="HR1" color="#9fddff"> <P></P> </FONT> <!-- ******************* TITLE OF ARTICLE 3 ************************* --> <P><FONT face="Arial Black" color="#000099" size="2"><A name="Link1"></A>Visual Risk eases Arab Bank Australia s transition to IAS 39 compliance</FONT></P> <!-- ******************* BODY OF ARTICLE 3 ************************* --> <P><FONT style="FONT-SIZE: 9pt" face="Arial" size="1" color="#000000"> Many financial institutions are still experiencing issues relation to compliance with IAS 39 hedge accounting and reporting under IFRS 7. Visual Risk recently completed a successful implementation of our IAS 39 module for Arab Bank Australia. </FONT> </P> <!-- ******************* QUOTE FOR ARTICLE 3 ************************* --> <P><FONT style="FONT-SIZE: 9pt" face="Arial" size="1" color="#000000"><I> <IMG ALIGN="right" ALT="Arab Bank Australia" SRC="/images/cl_ArabBank.JPG" WIDTH=130 HEIGHT=60> &quot;As part of our recent process of implementing hedge accounting in line with AASB 139, we needed to implement a new software solution that would allow us to assess our interest rate swaps, apply hedge effectiveness testing and document them into AASB139 compliant hedge relationships. We assessed the available software solutions and at the end of that process we selected Visual Risk as being the most appropriate system for Arab Bank Australia. I am happy to report that within one month of implementation we successfully completed our conversion to hedge accounting. The Visual Risk team brought an enormous amount of expertise to the table and most importantly, they were able to work closely with our auditors to ensure that the project was a success.&quot; </FONT></I> </P> <P><FONT style="FONT-SIZE: 9pt" face="Arial" size="1" color="#000000"> Bernard Buncle, Chief Financial Officer, <BR><B>Arab Bank Australia</B> </FONT> </P> <!-- ******************* FOOTER OF ARTICLE 3 ************************* --> <P><FONT style="FONT-SIZE: 9pt" face="Arial" size="1" color="#000000"> Visual Risk remains the leading IAS 39 hedge accounting solution for financial institutions available today. We continue to meet the new challenges that the Standard presents and we are assisting a greater number of clients than ever before in transitioning to IAS 39 compliant hedge accounting. </FONT></P> <P></P> <P><FONT face="Arial" size="1"><A href="#Top">Top</A></FONT></P> <FONT face="Arial" size="1"> <HR id="HR1" color="#9fddff"> <P></P> </FONT> <!-- ******************* TITLE OF ARTICLE 4 ************************* --> <P><FONT face="Arial Black" color="#000099" size="2"><A name="ClientsGrow"></A> <A name="Link3"></A>CBS Canterbury added to growing list of NZ based Visual Risk clients</FONT> </P> <!-- ******************* BODY OF ARTICLE 4 ************************* --> <P><FONT style="FONT-SIZE: 9pt" face="Arial" color="#000000" size="1"> <IMG ALT="CBS Canterbury" SRC="/images/cl_CBSCanterbury.jpg" ALIGN="left" WIDTH=180 HEIGHT=29> Visual Risk welcomes our latest New Zealand based user, CBS Canterbury ( Canterbury Building Society ). Visual Risk now enjoys a client base of 12 users in New Zealand, making it one of the most commonly installed treasury systems in the country. <BR><BR> <!-- ******************* QUOTE OF ARTICLE 4 ************************* --> <I>&quot;Our client base in New Zealand continues to grow with the signing of our most recent new user, CBS Canterbury. Our geographical footprint is spread throughout the North and South Island including Auckland, Wellington, Christchurch and Dunedin. We look forward to continuing to service our expanding number of NZ clients.&quot;</I> <BR><BR> Ellena Mylonas, Business Development Manager, <BR><B>Visual Risk</B> </FONT> </P> <!-- ******************* FOOTER OF ARTICLE 4 ************************* --> <P> <FONT style="FONT-SIZE: 9pt" face="Arial" color="#000000" size="1">Please contact us for client testimonials and click <A href="http://www.visualrisk.com/clients.html" target="_blank">here</A> for a full client listing.<BR> </FONT> <BR> </P> <P></P> <P><FONT face="Arial" size="1"><A href="#Top">Top</A></FONT> </P> <P></P> <FONT face="Arial" size="1"> <HR id="HR1" color="#9fddff"> <P></P> <P> </FONT> <!-- ******************* TITLE ARTICLE 5 ************************* --> <P><FONT face="Arial Black" color="#000099" size="2"><A name="Link4"></A> Visit us at the AMI Conference in Canberra</FONT></P> <!-- ******************* BODY ARTICLE 5 ************************* --> <P> <TABLE CELLSPACING=0 CELLPADDING=2 WIDTH="400"> <TR VALIGN=TOP> <TD WIDTH=250><FONT style="FONT-SIZE: 9pt" face="Arial" color="#000000" size="1"> As one of Australia and New Zealand s leading providers of treasury and asset-liability management solutions Visual Risk re-affirms its commitment to the Mutuals sector by again exhibiting at the Annual Australian Mutual Institute Conference in Canberra, Australia. If attending, please keep an eye out for our booth: <BR><BR> <TABLE CELLSPACING=0 CELLPADDING=0 WIDTH=200> <TR VALIGN=TOP> <TD WIDTH=50> <FONT style="FONT-SIZE: 9pt" face="Arial" color="#000000" size="1">Time:</FONT> </TD> <TD WIDTH=150> <FONT style="FONT-SIZE: 9pt" face="Arial" color="#000000" size="1">15<SUP>th</SUP>  18<SUP>th</SUP> March 2009</FONT> </TD> </TR> <TR VALIGN=TOP> <TD WIDTH=50><FONT style="FONT-SIZE: 9pt" face="Arial" color="#000000" size="1"> Place:<BR><BR><BR> </FONT> </TD> <TD WIDTH=150><FONT style="FONT-SIZE: 9pt" face="Arial" color="#000000" size="1">Booth 73 <BR>National Exhibition Centre <BR>Constitution Avenue <BR>Canberra, ACT </FONT> </TD> </TR> </TABLE> </TD> <TD WIDTH=150><IMG ALT="AMI Conference" SRC="/images/aminstitute.jpg" WIDTH=125 HEIGHT=92></TD> </TR> </TABLE> </P> <P></P> <FONT face="Arial" size="1"> <HR id="HR1" color="#9fddff"> <P></P> <P> </FONT> <!-- ******************* ARTICLE 6 ************************* --> <P><FONT face="Arial Black" color="#000099" size="2"> <A name="Link6"></A>Visual Risk  Annual Interest Rate Risk Management Survey</FONT> </P> <!-- ******************* BODY OF ARTICLE 6 ************************* --> <P><FONT style="FONT-SIZE: 9pt" face="Arial" color="#000000" size="1"> The <B>Visual Risk Annual Interest Rate Risk Management Survey</B> is run in October each year and is provided free to our clients (with a small charge applied for non-clients who wish to participate). <BR><BR> We would like to thank those who participated in last year s Survey and we do hope that you found the results to be useful. In this period of increased volatility it is of heightened importance to have third party verification of your internal models and a robust comparison with the performance of your peers. <BR><BR> Please contact us if you would like to discuss the results from the Survey or to benchmark your institution s interest rate risk against your peers. </FONT> </P> <!-- ******************* FOOTER OF ARTICLE 6 ************************* --> <P> <A HREF="/images/almsurvey.jpg" TARGET="_blank" STYLE="border:none;"><IMG ALT="Visual Risk Annual Interest Rate Risk Management Survey" SRC="/images/almsurveysmall.jpg" width=360 BORDER=0></A> <BR> </P> <P></P> <P><FONT face="Arial" size="1"><A href="#Top">Top</A></FONT> </P> <P></P> <HR id="HR1" color="#9fddff"> <P></P> <!-- ******************* ARTICLE 7 ************************* --> <P><FONT face="Arial Black" color="#000099" size="2"> <A name="Link7"></A>Visual Risk  Enhancements</FONT> </P> <P><FONT style="FONT-SIZE: 9pt" face="Arial" color="#000000" size="1"> Our Treasury & Asset-Liability Management solution continues to rapidly evolve with a host of new features being added on a regular basis. </FONT> </P> <!-- ******************* BODY OF ARTICLE 7 ************************* --> <!-- ******************* SUB-ARTICLE 7.1 ************************* --> <P><FONT face="Arial Black" color="#000000" size="2"> <A name="Link7_1"></A>Basis Point Sensitivity Report  now available</FONT> </P> <P><FONT style="FONT-SIZE: 9pt" face="Arial" color="#000000" size="1"> The shape of the current yield curve is raising concerns regarding the impact of the various tenors on the risk inherent in any interest rate book. The stressful economic conditions have highlighted the limitations of the delta sensitivity or sensitivity to the Net Present value for a parallel shift of one basis point to the yield curve. To enhance the best practice in risk reporting Visual Risk has released its new Basis Point Sensitivity Report which shows sensitivity to the market value for each point on the yield curve. Some of the key features of this report are: <BR> <BR><IMG SRC="/images/tick.bmp">&nbsp;Ability to focus either on a particular product group or the aggregated book. <BR><IMG SRC="/images/tick.bmp">&nbsp;Highlights the sensitivity to a tenor on the yield curve. <BR><IMG SRC="/images/tick.bmp">&nbsp;The customised report writer allows the generation of user-defined reports that are exportable to MS Office applications using a simple cut and paste method </FONT> <BR> <BR> <IMG ALT="Basis Point Sensitivity Report" SRC="/images/bpsreport.jpg" width=360> <BR> </P> <!-- ******************* SUB-ARTICLE 7.2 ************************* --> <P></P> <P><FONT face="Arial Black" color="#000000" size="2"> <A name="Link7_2"></A>Credit Risk Module  now available</FONT> </P> <P><FONT style="FONT-SIZE: 9pt" face="Arial" color="#000000" size="1"> Close scrutiny of counterparty credit risk has become a critical task for treasuries. Visual Risk has responded by making significant enhancements to its Credit Risk Module that enable users to dynamically track these risks as derivative valuations rapidly change in volatile markets. <BR> <BR>The system now provides the following enhanced capability: <BR> <BR><IMG SRC="/images/tick.bmp">&nbsp;Total Credit Exposure is calculated on an instrument type and sub-type basis and separated into PCE (potential credit exposure) and mark-to-market value components. <BR><IMG SRC="/images/tick.bmp">&nbsp;The calculation of PCE can be defined by the user or by each instrument type and sub-type. PCE s can be calculated based on complex user-defined formulae. <BR><IMG SRC="/images/tick.bmp">&nbsp;The customised report writer allows the generation of user-defined reports and graphs that are exportable to MS Office applications for easy and quick reporting. </FONT> <BR> <BR> <A HREF="/images/creditriskchartslarge.jpg" TARGET="_blank"><IMG BORDER=0 ALT="Credit Risk" SRC="/images/creditriskcharts.jpg" WIDTH=380></A> <BR> </P> <!-- ******************* SUB-ARTICLE 7.3 ************************* --> <P></P> <P><FONT face="Arial Black" color="#000000" size="2"> <A name="Link7_3"></A>General Ledger Module  coming soon</FONT> </P> <P><FONT style="FONT-SIZE: 9pt" face="Arial" color="#000000" size="1"> The new General Ledger module eases the process of posting treasury accounting entries to your accounting system and provides for far greater data transfer integrity. This robust platform ensures efficiency gains are maximised, and user error is minimised through a seamless and automated process. <BR><BR> <A HREF="/images/generalledger.jpg" TARGET="_blank"><IMG BORDER=0 ALT="General Ledger Module" SRC="/images/generalledgersmall.jpg" ALIGN="right" WIDTH=200></A> The key features of the module are: <BR> <BR><IMG SRC="/images/tick.bmp">&nbsp;Chart of accounts including the ability to import. <BR><IMG SRC="/images/tick.bmp">&nbsp;A granular account mapping function for mapping accounts to relevant month-end accounting outputs. <BR><IMG SRC="/images/tick.bmp">&nbsp;Consolidated accounting processing feature to quickly generate multi-portfolio, multi-currency accounting output. <BR><IMG SRC="/images/tick.bmp">&nbsp;Export of accounting output for import by various accounting systems. </FONT> <BR> </P> </TD> </TR> </TBODY> </TABLE> </P> <P class="MsoNormal" style="MARGIN: 0in 0in 0pt"><FONT face="Arial" size="1"></FONT>&nbsp;</P> </body> </html>