Philip J. Andryc Named President and Chief Operating Officer of

Philip J. Andryc, formerly a Managing Director with Morgan Stanley Dean Witter, has been named President and Chief Operating Officer of, Inc. reporting to Ronald DeKoven, Chairman and Chief Executive Officer of the company. ereorg is a business-to-business e-commerce enterprise which has introduced the first global online auction market for trading bank loans, trade claims and sovereign bank debt. Mr. Andryc will join ereorg on January 3, 2000 and oversee the company's day-to-day operations. Mr. Andryc will also be a member of ereorg's board of directors. During his twenty year career at Morgan Stanley, Mr. Andryc held a variety of management positions. Most recently, Mr. Andryc was the Chief Operating Officer of the Information Technology Group which supported the technology needs of those business units which were part of Morgan Stanley prior to the merger with Dean Witter. Mr. Andryc also headed Morgan Stanley's Private Client Services business, managed the Risk Arbitrage Group and served as the Chief Administrative Officer for the Fixed Income Division. Like Mr. DeKoven, Mr. Andryc has had significant international experience. He has managed several international businesses and worked for several years in Morgan Stanley's London office. Announcing Mr. Andryc's appointment, Mr. DeKoven said, "Phil's management skills, technology expertise and relationships with leading financial institutions will enable him immediately to contribute to ereorg's operating success. I am thrilled that we have attracted a person of Phil's extraordinary caliber." Explaining his decision to join ereorg, Mr. Andryc said, "I am very enthusiastic about the opportunities that the Internet will provide to the financial services industry. In particular, I believe that the fixed income markets will be transformed dramatically by the Internet over the next several years. Ron and his team have developed a business model which, combined with ereorg's unique auction system, places ereorg at the cutting edge of that transformation." The public area of ereorg's web site is now open and can be found at ereorg is a registered broker- dealer and member of the National Association of Securities Dealers, Inc. (NASD). ereorg will not serve as a principal in any transaction and plans to begin auctions in January of 2000. Registration material for participation on the site can be obtained by contacting ereorg. ots Original Text Service:, Inc. Internet: Contact: Steven Bruce or Mary Beth Kissane, both of Abernathy MacGregor Frank, Tel. (USA) 212-371-5999, for, Inc. or, Inc., Tel. (USA) 212-418-1150 Web site:

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