CorVu to Roll Out Automated Balanced Scorecard to 400 Users At Oil Specialist, Nynas.

Business Editors

MINNEAPOLIS--(BUSINESS WIRE)--June 19, 2000

Specialist oil refiner AB Nynas Petroleum has selected CorVu's CorManage(TM) business intelligence and Balanced Scorecard application to re-engineer performance measurement and management within the group. The contract, valued at six figures, includes the roll-out of CorVu's Balanced Scorecard to 400 users throughout the Nynas Group, making this the largest CorVu (NASDAQ OTCBB: CRVU) Balanced Scorecard implementation in Europe.

AB Nynas Petroleum is a leading international, supplier of bitumen and naphthenic oils, which imports crude predominantly from Venezuela for refining at two sites in the United Kingdom, two in Sweden and one in Belgium. The Balanced Scorecard project is being developed and managed for the group from the United Kingdom.

The oil business is a volatile one, dominated currently by rising crude prices, restricted crude supply and trailing product prices which have the inevitable effect of squeezing margins. This increased pressure accentuates the need for accurate and timely business intelligence and proactive performance management systems. CorVu's Balance Scorecard will speed up performance reporting and relate it to high level measures. Managers will, for example, be able to correlate refining efficiency directly to profit performance.

Against this business scenario, CorVu's Balanced Scorecard solution was selected from a field of 19 possible suppliers. The detailed evaluation was carried out by Nynas' performance matrix work team headed by UK finance director Keith Sherlock working in conjunction with management consultants, PWC.

"We were impressed by the professionalism of CorVu who also demonstrated that the product is proven and working in other industries. CorManage provides the closest match to our new measurement philosophy. It is leading edge and we liked the easy-to-assimilate graphical way that information is displayed. CorVu also demonstrated strength in integrating to our existing operational databases. Over 80 per cent of the data can be extracted automatically into CorManage. You don't have to be a computer whizz-kid to use this product."

Alan Missroon, vice president, marketing at CorVu in announcing the order said: "We are starting to see positive results from our expansion into Europe with the recent opening of operations in Stockholm, Munich and Rotterdam. We are delighted that Nynas has selected CorManage, which recently gained certification from the Balanced Scorecard Collaborative standards body, from such a strong field of competitors."

AB Nynas Petroleum decided to adopt a new approach to performance measurement based on key performance indicators (KPIs) and the Balanced Scorecard following a major business process re-engineering exercise in late 1998.

Keith Sherlock explains: "The major driving force for the project is to focus on strategy and monitor the cause and effect that individual KPIs have on that strategy. We also wanted a means of communicating strategy across the whole workforce in a way that everyone can understand and use. CorVu's Balanced Scorecard is an effective way of achieving those goals." CorVu uses a simple traffic light system to provide rapid visual verification of KPI or individual score performance. "Once implemented we are confident that the scorecards for the five business areas will reveal not only if targets are being met but if they are not, then we will be able to quickly drill down into the supporting information to pinpoint the root causes of the problem."

The implementation team, based at Ellesmere Port expects to roll out CorManage to 400 users by the end of November 2000.

About the Balanced Scorecard

The Balanced Scorecard is an organizational framework for implementing and managing strategy at all levels of an enterprise by linking objectives, initiatives, and measures to an organization's strategy. The Scorecard provides an enterprise view of an organization's overall performance by integrating financial measures with other key performance indicators around customer perspectives, internal business processes, and organizational growth, learning, and innovation. Since the concept was introduced in 1992, Balanced Scorecards have been implemented at corporate, strategic business unit, shared service functions, and even individual levels at hundreds of organizations - in both the private and public sectors - worldwide.

About CorVu

CorVu is a global provider of enterprise business performance management, Balanced Scorecard and e-business intelligence solutions which help thousands of companies effectively execute strategy and monitor operational results from a position of knowledge.

CorVu builds accountability into every action and provides a consistent basis for reacting to real-time events, empowering executives to drive organizational change, achieve continuous improvement and exceed performance targets.

More than 2500 customers, including companies such as American Express, British Airways, Mincom, Prudential, Ford Motor Company, Sara Lee and Star-Kist Foods have selected CorVu's enterprise business performance and Balanced Scorecard solutions. For more information, please visit www.corvu.com or call [phone].

CorVu is a registered trademark and CorManage is a trademark of CorVu Corporation.

All other trademarks are the properties of their respective companies.