Corio Deepens Relationships with Fortune 1000 in Fourth Quarter; Corio Continues Momentum With New and Existing Customers.

Business Editors/High-Tech Writers

SAN CARLOS, Calif.--(BUSINESS WIRE)--Jan. 29, 2002

Corio, Inc. (Nasdaq:CRIO), a leading enterprise application service provider, today announced new business for its fourth quarter with enterprise customers including: Carlson Companies, CSAA (California State Automobile Association), ForestExpress, Harvard University, Hitachi America, and Ingersoll-Rand. Corio's business model to deliver application management services through Corio SRVCE -- Speed, Reliability, Visibility, Control and Economics -- continues to attract new business while expanding existing customer relationships.

Carlson Companies (www.carlson.com), a global leader in the relationship marketing, travel, and hospitality industries with over 180,000 people employed under its brands and services, expanded its relationship with Corio to include the management of its human resources application including all HRMS core, employee self service, and manager self service modules, as well as the data analysis and data mart functionality.

CSAA, California State Automobile Association, (www.csaa.com) a leading automobile club offering a wide array of automotive, travel, insurance, and financial services, signed an agreement with Corio.

ForestExpress, LLC (www.forestexpress.com), an e-business solutions provider dedicated to the paper and forest products industries, and founded by leading forest products companies Boise Cascade Corporation, Georgia-Pacific Corp., International Paper, The Mead Corporation, Weyerhaeuser Co., and Willamette Industries, Inc., has enhanced it's contract with Corio. The agreement will provide a follow-on contract, showing continued commitment for application management responsibilities including business operations and exchange services.

Harvard University (www.harvard.edu), a leading private university and the oldest institution of higher learning in the United States, engaged Corio to support their human resources deployment, adding to Corio's growing list of higher education customers.

Hitachi America, Ltd. further expanded its activities with Corio to extend the functionality of its SAP enterprise application. Hitachi America, a subsidiary of Hitachi, Ltd., markets and manufactures a broad range of electronics, computer systems and products, consumer electronics and semiconductors and provides industrial equipment and services throughout North America.

Ingersoll-Rand (www.irco.com), a leading diversified industrial firm, selected Corio to manage their enterprise application for their Global Business Services unit. Corio will augment the corporate shared services unit at Ingersoll-Rand to help lower costs and speed the deployment of their ERP application. Ingersoll-Rand chose to expand its existing customer relationship with Corio because of Corio's expertise with enterprise applications.

"Corio experienced momentum in the fourth quarter with Fortune 1000 companies as well as within our installed base of clients," said George Kadifa, CEO of Corio. "These wins indicate that Corio customers are experiencing a high level of satisfaction and that our enterprise application management model is gaining acceptance with the largest companies and institutions."

About Corio, Inc.

Corio, a leading enterprise application service provider, delivers best-of-breed enterprise applications over a secure global network for a fixed fee. Corio's experts deploy and manage applications from leading software vendors such as PeopleSoft, Oracle, SAP and Siebel Systems. Corio designs and deploys scalable, one-to-many architectures built using world-class infrastructure. Corio SRVCE(TM) enables customers to achieve superior speed, reliability, visibility, control and economics for their enterprise applications. Corio is headquartered in San Carlos, California. Additional information about Corio is available at http://www.corio.com.

FORWARD-LOOKING STATEMENTS:

Matters discussed in this release involving expectations, beliefs, plans, projections, intentions, future events or strategies are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities and Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995, and are made under their safe-harbor provisions. Such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those projected. Forward-looking statements herein include statements regarding the services to be provided by Corio and the ongoing nature of customer relationships and services and benefits to be provided by Corio. Some of the specific factors that may cause actual results to differ include: the fact that Corio operates in a new industry with a rapidly-evolving business model, the fact that the structure of relationships may change or terminate, uncertain market demand for information technology services, and Corio's ability to adapt its services to new customers with new requirements and for rapidly changing technology. Additional risks that could cause actual results to differ materially from those projected are discussed in our public filings with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect management's analysis only as of the date hereof. Corio undertakes no obligation to publicly release the results of any revision to these forward-looking statements that may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.