Clariden Leu Ltd. Integrates AIR’s Modeling Software to Manage Catastrophe Bond Risk

BOSTON, Oct. 22, 2007 ─ AIR Worldwide Corporation (AIR) today announced that Clariden Leu Ltd., a member of the Credit Suisse Group, has licensed CATRADER® , the industry standard application for analyzing catastrophe reinsurance and insurance-linked securities, to assess and manage the risks associated with its portfolio of catastrophe bond investments. In conjunction with CATRADER, Clariden Leu Ltd. will also be using AIR’s ALERT™, a value-added service that provides reliable catastrophe loss information in real time.

Clariden Leu Ltd. currently manages a number of insurance-linked security investment products, covering a wide spectrum of insurance risks, totaling more than 700 million USD. “We selected AIR because they offer a wide range of scientifically-based models,” said Hilary Paul, at Clariden Leu Ltd. “We use AIR’s CATRADER for evaluating catastrophe bonds with a range of trigger types, including indemnity, index and notional portfolio-based triggers. This will help us to assess the default probability and potential return on specific catastrophe-related instruments. In addition, the tool permits us to examine the correlation between investments, improve diversification and better manage our overall portfolio risk.”

The property catastrophe bond market has developed considerably over the past ten years. Issuances have grown from more than $1 billion in 2002 to nearly $5 billion in 2006. This year issuances have already reached $6 billion, representing a 26% growth over 2006, with two months still remaining. As the catastrophe bond industry has grown, so has the need for sophisticated analysis tools.

“CATRADER’s versatility and reliability makes it the system of choice for hedge funds and other financial institutions to evaluate the risk associated with catastrophe-related financial instruments,” said Yörn Tatge, Managing Director of AIR Worldwide, GmbH in Munich, Germany. “Sophisticated investors such as Clariden Leu Ltd. are using CATRADER to help them make better investment decisions and establish a competitive advantage.”

AIR is the leading provider of catastrophe risk modeling and analytical services for insurance-linked securities. Since modeling the first large-scale catastrophe bond in 1997, AIR has participated in many of the insurance industry's landmark securitization transactions. This year AIR has provided modeling support for more than 3 billion dollars in insurance-linked securities.

About AIR Worldwide Corporation
AIR Worldwide Corporation (AIR) is the scientific leader and most respected provider of risk modeling software and consulting services. AIR founded the catastrophe modeling industry in 1987 and today models the risk from natural catastrophes and terrorism in more than 50 countries. More than 400 insurance, reinsurance, financial, corporate and government clients rely on AIR software and services for catastrophe risk management, insurance-linked securities, site-specific seismic engineering analysis, and property replacement cost valuation. AIR is a member of the ISO family of companies and is headquartered in Boston with additional offices in North America, Europe and Asia. For more information, please visit www.air-worldwide.com.

About Clariden Leu
Clariden Leu Ltd. formed following the merger of Credit Suisse's four private banks – Clariden, Bank Leu, Bank Hofmann, and BGP Banca di Gestione Patrimoniale – as well as the securities dealer Credit Suisse Fides, on January 26, 2007. It is a leading private bank offering a comprehensive and high-quality range of products and advisory services in private banking. Clariden Leu Ltd. serves wealthy clients with demanding wealth management and product requirements, external asset managers, and wholesale clients from over 20 offices worldwide. With assets under management of CHF 133 billion (as at June 30, 2007), Clariden Leu Ltd. is one of Switzerland's leading asset managers. www.claridenleu.com

Disclaimer
This publication does not constitute an offer or invitation on behalf of Clariden Leu Ltd. to any person to purchase or sell any investments or to participate in any particular trading strategy in any jurisdiction. It has been prepared without taking account of the objectives, financial situation or needs of any particular investor. Nothing in this publication constitutes investment, legal, accounting or tax advice, or a representation that any investment or strategy is suitable or appropriate to individual circumstances, or otherwise constitutes a personal recommendation to any specific investor. Any reference to past performance is not necessarily a guide to the future.

Release: Immediate

Contact:
Kevin Long (AIR)
617-267-6645
klong@air-worldwide.com