Ebix Joins Chicago Climate Exchange As Associate Member

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Ebix Joins Chicago Climate Exchange As Associate Member

ATLANTA, GEORGIA, Mar. 18 -/E-Wire/Business Wire/-- Ebix, Inc., a leading international developer and supplier of software and e-commerce solutions to the insurance industry, today announced that it has committed to become an associate member of the Chicago Climate Exchange (CCX), a voluntary, multi-sector market for reducing and trading greenhouse gas emissions (GHG). Ebix is the first US software company to join CCX and will honor its commitment to purchase Carbon Financial Instruments (CFIs) equal to the firm's indirect greenhouse gas emissions. By doing so, Ebix will offset its entire greenhouse gas emissions that would otherwise contribute to global warming.

"Ebix is a recognized name globally in as many as 52 countries, in the insurance services market," says Dr. Richard L. Sandor, chairman and CEO of CCX. "We are excited to have Ebix as the first US-based insurance services company to join CCX, and we congratulate them for their vision by participating in our program."

"Ebix has always tried to be a socially responsible company globally, and this is another logical step in that direction," said Ebix CEO & President Robin Raina. "This represents our deep commitment to advancing environmentally sound business practices.

"Global warming needs to be addressed proactively by each citizen and collectively by socially responsible companies in the world. Participation in the Exchange gives us the means by which to reach our goals by buying CO2 credits and other means if we can't completely reduce our emissions adequately through the power we purchase. We urge other financial and insurance services companies to join the efforts to address global warming."

Ebix currently estimates that it will offset 12,000 tons of carbon emissions per year to become a carbon neutral company. This figure is based on employee travel and office energy usage. As an associate member of CCX, Ebix will purchase CFIs and retire them immediately, therefore removing them from the program. This could prompt an entity to consider ways to reduce their GHG emissions rather than purchase CFIs.

About Chicago Climate Exchange

The Chicago Climate Exchange (http://www.chicagoclimatex.com) is a self-regulatory exchange that administers the world's first multi-national and multi-sector marketplace for reducing and trading greenhouse gas emissions. It is designed to allow entities from the public and private sectors to use market-based mechanisms to account for greenhouse gas emissions reductions. CCX enables participants to receive credit for reductions and to buy and sell credits as a means of finding the most cost-effective way of achieving reductions.

CCX administers the program for emissions sources, farm and forest carbon sinks, offset projects and liquidity providers in North America. Pax World joins Tufts University, Ford Motor Co., International Paper and numerous other organizations in this effort. In the pilot phase of CCX, each associate member firm is required to have Carbon Financial Instruments (CFIs) in its CCX Registry(R) account in an amount equal to its verified indirect emissions for each year of the program 2003-2006. One Carbon Financial Instrument (CFI) is equivalent to 100 metric tons of CO2. Total emissions of CCX Members with direct emissions during 2003 were 8% below their emission reduction commitment. Each emission baselines and annual emission report was independently reviewed by NASD.

Founded in 1976, Ebix, Inc. is a leading international supplier of software and e-commerce solutions to the insurance industry. Ebix has recently been awarded the coveted Level 4 status of the Carnegie Mellon Software Engineering Institute's Capability Maturity Model (CMM).

Ebix strives to work collaboratively with clients to develop innovative technology strategies and solutions that address specific business challenges. Ebix combines the newest technologies with its capabilities in consulting, systems design and integration, IT and business process outsourcing, applications software, and Web and application hosting to meet the individual needs of organizations. Ebix has previously secured ISO 9001:2000 certification for both its development and call center units in India.

Ebix provides a series of application software products for the insurance industry ranging from carrier systems, agency systems, exchanges to custom software development for all entities involved in the insurance and financial industries. With bases in Singapore, Australia, the US, New Zealand, India and Canada, Ebix employs insurance and technology professionals who provide products, support and consultancy to more than 3,000 customers on six continents. For more information, visit the Company's Web site at www.ebix.com.

Robin Raina [REDACTED-PHONE] [REDACTED-EMAIL]

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