Integral Introduces Browser-based Capital Markets System.

PALO ALTO, Calif.(BUSINESS WIRE)--May 3, 1999--

Provides Industry's First Enterprise JavaBeans(TM) Trading

and Risk Management System

Integral (www.integral.com) today announced Integral 4, the first browser-based capital markets trading and risk management system based on Enterprise JavaBeans(TM) Integral 4 enables financial organizations to immediately respond to changing market dynamics, delivering trading and risk management products to global users in record times. Integral 4 includes a financial application server, a suite of trading and risk management applications and FinXML, the industry's first capital markets XML implementation. (FinXML was also announced today. See press release titled "Integral Announces FinXML the First XML for Capital Markets" dated May 3, 1999.)

"Integral is delivering one of the first trading and risk management systems based on Enterprise JavaBeans components," said Rob Hall, vice president, worldwide financial services, Sun Microsystems. "Integral 4 delivers on the vision of browser-based, mission-critical applications for the enterprise. We look forward to working with Integral to provide our financial clients with an Internet applications platform designed to deliver time-to-market advantages."

"Competing in the Internet economy means responding in Internet time," says Harpal Sandhu, CEO of Integral. "Just as capital markets led the technology transition to client/server, it will lead the transition to the Internet and browser-based applications. Most capital markets applications will be browser based to provide the flexibility and responsiveness required in today's dynamically changing financial markets. Integral has always focused on delivering a time-to-market advantage to its clients, so it's natural that we would be the first to bring Internet technology to mission-critical, capital markets systems."

In the last decade, capital markets have witnessed a period of unprecedented change. Waves of deregulation, an increasingly sophisticated customer base, and broad industry consolidation increased the pressure for the financial industry to cut costs and to invent new and more complex financial instruments. Further, substantial investments were necessary to have the IT infrastructure in place to develop modern financial instruments and cut time to market. Initially, the industry responded very effectively with methods such as outsourcing and mergers to improve the economics. Since the mid-90s, Internet technology, and most recently Java(TM)offer new solutions. Integral is pioneering efforts to leverage these capabilities for the capital markets area and to stimulate market development.

"HV has a long history of responding to changes in the financial market, delivering new products quickly and efficiently to retain our market leadership position," said Franz Baur, head of IT at HypoVereinsbank. "We believe that Integral 4 will help us to respond in "Internet time" to today's market changes. Integral 4 will enable us to deliver new products faster, to bring remote offices on-line with record efficiency and to reach customers with products and services that solidify our competitive advantage."

Integral 4 is currently available in limited release, with general availability scheduled for the end of Q2 99.

Integral 4 is comprised of three main components including the Internet Financial Server(TM), iTrader(TM) and FinXML.

Internet Financial Server (IFS)

The Internet Financial Server (IFS) is a financial application server designed to deliver browser-based trading and risk management applications. Using Enterprise JavaBeans, the IFS provides a scalable, extensible and flexible platform for hosting Integral, in-house or third-party applications. The Internet Financial Server easily integrates information from disparate systems, using industry standard, application integration mechanisms. The IFS provides a complete set of application services for capital markets transactions. Its financial object model delivers a rich set of re-useable financial application components that can be easily customized or extended using Integral's IFS SDK(TM).

IFS key features include:

-    Financial instruments completely based on Enterprise JavaBeans
-    Enterprise scalability through distributed processing, server
     clustering and SMP threads support
-    Embedded security model
-    Comprehensive pricing and analytics
-    JHTML-based application framework
-    XML-based data import/export
-    Full auditing and versioning of objects

iTrader

iTrader is the first browser-based trading application deployed using Integral's Internet Financial Server. iTrader supports straight-through processing for a wide range of financial products and transactions. Specific capabilities are provided for front- middle- and back-office operations. A sophisticated workflow capability allows users to configure iTrader to process each type of instrument in a different way. iTrader creates transaction-processing environments tailored for complex derivative products, as well as to high-volume OTC and exchange-traded instruments.

iTrader key features include:
-    Support for complex derivatives, fixed income equities and
     foreign exchange
-    Reference data for securities, indices and counterparties
-    Trading risk management
-    Confirmation generation and transmission
-    Accounting and reporting functionality
-    Comprehensive security and access system
-    Full auditing and versioning
-    XML-based data import/export

FinXML

FinXML is the first Extensible Markup Language (XML) designed specifically for capital markets. FinXML provides application data integration among legacy mainframe and client/server systems and third-party applications. FinXML is freely available to the financial marketplace as a de facto implementation of the XML standard for financial markets. FinXML enables organizations to represent complex financial instruments in electronic form, sharing these transactions among disparate internal and external systems. FinXML provides a broad set of XML elements that define financial instruments, transactions, reference data and market data. As a standard data interchange language for capital markets, applications for FinXML are emerging in the areas of:

-    Enterprise risk management-- data consolidation from disparate
     systems;
-    Straight-through processing-- passing the instrument from system
     to system throughout its lifecycle; and
-    Electronic settlement-- language for interbank communication.

About Integral

Integral is the leading provider of Internet technologies for capital markets applications. The company has a proven track record of delivering products that enable financial institutions to leverage technology innovation for market leadership. Today, Integral's products drive competitive advantage for industry leaders including J.P. Morgan, Chase, Citibank, Merrill Lynch and HypoVereinsbank. Leading industry vendors, including IBM, Oracle, Sun Microsystems and Sybase have aligned with Integral to deliver state-of-the-art browser-based trading and risk management solutions to their financial services clients.

Founded in 1993, Integral is privately held. Investors include Accel Partners, a leading Silicon Valley venture capital firm, www.accel.com. Headquartered in Palo Alto, the company has offices in New York, London and Munich. For more information, visit the Integral Web site at www.integral.com.

Integral 4, Internet Financial Server (IFS), iTrader and FinXML are registered trademarks of Integral. All other trade names and trademarks are the property of their respective owners.

Sun, Sun Microsystems, Java and Enterprise JavaBeans are trademarks or registered trademarks of Sun Microsystems, Inc. in the United States and other countries.