OMV and Aspen Technology Sign 5-Year Alliance Agreement

The initial projects to be executed under this Agreement will be installed at OMV’s Schwechat Refinery site. Implementation will start this quarter and completion is expected by early 2001. OMV’s commitment, for the implementation of these projects, has a value of several millions US dollars in services revenue over the next few years. The initial technologies provided will comprise the latest Multivariable Control, Real-time, Closed-Loop, On-line optimization, offline modeling and performance monitoring. OMV views these technologies as critical for it to maintain a competitive position in the marketplace.

The goal of the Alliance is to significantly improve the operational efficiency and flexibility of OMV’s Schwechat refinery. An additional goal will be to minimise life cycle costs of the enterprise optimisation systems which will be installed initially over the next two years and over the balance of the agreement, as OMV’s business needs and longer term operational strategy dictates.

"OMV intends to maintain its position as the leading oil and gas group in Central Europe," advised Dipl.-Ing. Jochen Berger, Senior Vice President of Refining, OMV AG. "Our ‘Structure Project’, which involves the process revamp and rationalisation of our Schwechat site, will enable us to achieve our medium-term objective to increase the value of our product slate while at the same time comply with the European Auto Oil Specification. Our Alliance with AspenTech will allow us to take full advantage of their integrated enterprise optimisation solutions to maximise the performance of our business."

OMV and AspenTech (formerly through the Setpoint group) have had a business relationship for the past 15 years primarily in the technological areas of classical advanced process control and information systems.

"OMV was an early adopter of the classical advanced control algorithms. AspenTech’s multivariable control technology, DMCplus, has already shown itself to be easily implemented, very robust, and able to consistently deliver significant operating benefits," said Dr. Stefan Graebe, Manager of Control & Optimisation at OMV’s Schwechat refinery. "AspenTech’s integrated suite of control and optimisation technologies are critical components to assist us in maintaining a leading position. Such technologies will also ensure that OMV will get maximal operating benefits from the 'Structure Project' revamp investments. We are certainly looking forward to working with AspenTech's very experienced staff on these key projects!"

AspenTech’s Vice President of Operations, AC&O Division Ms. Cheryl Lejune added, "Since our relationship began 15 years ago, it has been very gratifying for us to work with OMV in the implementation of refinery-wide automation projects that have produced significant economic benefits to the plant. OMV was pushing the envelope of automation in both technology and people skills at that time, and now, with the combination of a new generation of integrated technology and the experience, knowledge, and infrastructure of OMV's staff, we look forward to helping OMV become one of the most competitive refiners in Europe."

About OMV
With consolidated sales of almost ATS 50 billion (for the period January to September 1998), a workforce of approximately 6,300 and a market capitalisation of ATS 30 bn at yearend 1998, OMV (www.omv.com) is Austria's largest quoted industrial company. It is one of the leading oil and gas groups in Central and Eastern Europe. Outside these core regions, OMV maintains international exploration and production activities and operates integrated chemicals and geotextile companies.

OMV AG is headquartered in Vienna, Austria. OMV AG operates two refineries, one in Schwechat near Vienna (Austria) and one in Burghausen in Bavaria (Germany). The Schwechat refinery is one of Europe’s largest and most complex inland refineries. It supplies the Central European markets with oil products and also produces raw materials for the petrochemical industry. The Burghausen plant produces petrochemicals and middle distillates.

The group's market leadership in Austria and its favourable geographical location constitute a strong platform for expansion and give it the opportunity to profit from the growth of the European economy as a whole.

About AspenTech
Aspen Technology, Inc. (www.aspentech.com) is a leading supplier of software and services for the design and automation of process manufacturing plants and the optimization of the supply chain in process industries including chemicals, petrochemicals, petroleum refining, pulp and paper, metals and minerals, electric power, pharmaceuticals, semiconductor, consumer packaged goods, and food and beverage. Process manufacturers use AspenTech's solutions to improve the way they design, operate and manage their plants and global supply chain. These solutions enable manufacturers to reduce their raw material, energy and capital expenses; meet environmental and safety regulations; improve customer service levels; reduce inventory requirements; improve product quality; and shorten the time required to get new production processes on stream. AspenTech employs more than 1,500 and is headquartered in Cambridge, Mass., with offices in 21 countries worldwide.

Plantelligence™, AspenTech's suite of products and services, is the process manufacturing industry's only complete solution for optimizing manufacturing enterprises from supply chain to plant execution. Deep process knowledge, combined with world-leading optimization expertise and integration with enterprise resource planning (ERP) and open control systems, brings AspenTech manufacturing customers’ businesses closer to their True Potential™.

This press release contains forward-looking statements that involve a number of risks and uncertainties. Important factors that could cause actual results to differ materially from those indicated by such forward-looking statements include the risks set forth under the caption "Risk Factors" in Aspen Technology’s Amendment No. 1 to the S-3, filed on December 23, 1998 (file number 333-68789) with the Securities and Exchange Commission, which factors are incorporated herein by reference.

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