Cap Gemini Ernst & Young Portugal successfully concludes data migration project at BES in collaboration with Crystal Systems Solutions

Migrating data as part of the merger process between BES and BIC was Cap Gemini Ernst & Young Portugal challenge in this project

Lisbon, 25 February 2002 - Cap Gemini Ernst & Young Portugal, in collaboration with Crystal Systems Solutions, recently concluded the data migration project that was integrated in the merger process between Banco Espírito Santo (BES) and Banco Internacional de Crédito (BIC). Crystal's Crysware for Transformation was the technology used to acheive a smooth and concise migration.

José Granado, Counsellor to BES Board of Directors "we never doubted that this would be a very challenging project, with a tight schedule and a lot of work to do. The excellent result of this project is mainly thanks to the professionalism and team spirit of all people involved in this operation".

Consolidating all the back office operations, including both IT departaments), was part of BES plan to rationalize, modernize and improve the support to its financial services. Cap Gemini Ernst & Young Portugal developed and implemented the automatic data migration processes, the data validation processes and the testing processes, with the cooperation from sales, operational and technical areas of both Financial Institutions. This integrated planning work culminated in the "migration week-end": on 18 October 2001 began the execution of the over 1.000 scheduled tasks, and the migration was successfully concluded in 72 hours.

According to Francisco Duarte, Country Manager of Cap Gemini Ernst & Young Portugal "This project is a reference to us in many ways: we worked as an integrator in a multi-skilled project involving process management, people management, and technology. The success of this 10 months intensive work demanded a very strict and results oriented project management, and this could not have been achieved without the close collaboration between BES, Crystal and Cap Gemini Ernst & Young teams of specialists".

"Working with the Cap Gemini Ernst & Young team at BES, was a privilege" Says Chanan Weiss, CEO of Crystal Systems Solutions. "Our collaboration with CGE&Y Portugal provides our clients with the technology and management skills required to successfully meet their modernization objectives."

The project was ten months long, 30 Cap Gemini Ernst & Young Portugal and Crystal consultants and migration specialists were involved.

About the Group Cap Gemini Ernst & Young

The Group Cap Gemini Ernst & Young is one of the largest management and IT consulting organisation in the world. The company offers management and IT consulting services, systems integration, and technology development, design and outsourcing capabilities on a global scale to help businesses continue to implement growth strategies and leverage technology in the new economy. The organization employs about 56,500 people worldwide and reports 2001 global revenues of more than 8.4 billion euros.

More information about individual service lines, offices and research is available at www.cgey.com

About Banco Espírito Santo

Banco Espirito Santo's roots go back to the bank's creation in 1869 by José Maria do Espirito Santo Silva. From its foundation, Banco Espirito Santo has been linked to the Espirito Santo family, enjoying a solid tradition in the banking business.

After a period of nationalization (that began in 1975), the Espirito Santo Financial Group, together with Credit Agricole, assured control of the Bank in 1991/92. Implementing an aggressive organic growth strategy, the Bank initiated an administrative re-organization of its non-commercial departments, launched an extensive technological modernization program and focused efforts on improving the quality of retail banking services. The Group also set up various specialized units, notably the Banco Espirito Santo de Investimento (investment bank) in 1993.

About Crystal Systems Solutions

Crystal Systems Solutions Ltd. (NASDAQ: CRYS) is a global provider of software products and tools for the modernization of existing legacy applications. Crystal's solutions enhance the software functionality within the corporate environment while efficiently deploying updated business processes and technologies. It provides comprehensive enterprise products spanning mainframe, midrange, and client/server computing platforms, enhancing its expertise through the successful completion of projects for prestigious, Fortune 1000 organizations, establishing solid credibility and achieving global recognition and presence. Crystal is totally committed to supporting its customers, both directly and via its partners, offering end-to-end solutions through consultancy, assistance, and service in conjunction with its variety of proprietary software products. Crystal Systems Solutions is a member of the Formula Group (NASDAQ: FORTY), the largest Israeli IT group.