Press Release 18/06/2002

Ulysses Systems and Rydex Corporation Limited Form Strategic Alliance

LONDON 18 June 2002: Rydex Corporation Limited, an Immarsat Ventures company and Ulysses Systems, Inc. have created a strategic business alliance to jointly market and integrate their marine software and communication systems. The partnership will result in a powerful collaboration of technologies combining Ulysses state-of-the-art ship performance management software and a leading ship-shore communications delivery platform from Rydex.

Ulysses Systems offers a suite of applications including Planned Maintenance, Purchasing, Crewing, and Quality & Safety, based upon the company's innovative Task Assistant' software. Customers find that applications built on this unique platform are much more likely to be used by shipboard staff. This is because Ulysses Systems' applications require very little training to use, and are designed to work within the existing framework of an organization. In contrast to software packages that force customers to modify operations around the capabilities of software, Task Assistant is designed to understand existing roles and the tasks within the organization and to use that understanding to provide end-users with exactly the information they want at exactly the time they need it.

Rydex is a leading supplier of email and data communication solutions to the shipping industry. Its rmx2 product is optimized to ensure that all email and data traffic is transmitted and received as quickly and cost effectively as possible. rmx2 is compatible with any SMTP/POP3 email client; Outlook, Outlook Express, Lotus Notes R5, Eudora and runs in standalone or networked mode.

Rydex is committed to finding solutions for the shipping industry and by integrating its rmx2 product with Task Assistant it will provide ship operating companies with assurance that their choice of communications technology and ship management application will operate seamlessly together.

From our perspective, the integration of Rydex's rmx2 and Task Assistant is a very important development, said Bob Schumaker, Director of Global Alliances for Ulysses Systems. Our ship management solutions uniquely improve the performance and efficiency of a vessel's crew and assets. Our integration with rmx2 extends this performance and efficiency to meet the unique business demands of ship communications.

When asked about the Rydex / Ulysses alliance, Roger Adamson, Managing Director of Rydex said, Strategic partnerships are critical to our continuing success. The ultimate goal is to provide the maritime industry with best-of-breed solutions that work seamlessly and efficiently together.

About Ulysses Systems
With headquarters in Livonia, Mich., Ulysses Systems, Inc. is a leading provider of computer products and services that offer business intelligence solutions to a variety of industries. With about 100 employees worldwide, the company also maintains offices in Europe, South America and the Far East.

About Rydex Corporation
Since 1991, Rydex has been exclusively committed to developing software solutions for the Marine industry. Rydex delivers ship-shore communications software and services that meet the business needs of the shipping industry and the technical demands of ship operations. Currently, over 1100 deep-sea vessels use Rydex public, private and ASP hub communications technology and services worldwide. In March 2000, the business of Rydex Corporation Limited was acquired by Inmarsat Ventures plc, a leading global mobile satellite communications company.

About Inmarsat Ventures plc
Inmarsat Ventures plc owns and operates a global satellite network and distributes its solutions through a worldwide group of service providers to end customers in the maritime, aeronautical and multinational corporate sectors. The Group''s principal operational areas are: Global mobile
satellite communications, transportable broadband communications solutions, and provision of content and applications to its key markets. In April 1999 Inmarsat changed from being an intergovernmental organization to become a private limited company registered in the UK.

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