Under the terms of the agreement, Countrywide will use the AXS-One(R) Email Solution for operational email storage management as its corporate email archive standard. The AXS-One solution will help support and streamline the company's infrastructure operations and access to corporate-wide information. Implementation began in early December 2003. The decision to select AXS-One was made after competitive side-by-side pilot implementations involving several leading vendors.

"We don't have data silos at Countrywide therefore, the chosen solution had to allow us to archive the company's emails in one location for efficient storage and easy retrieval," said Richard Jones, Chief Technology Officer at Countrywide Financial Corporation. "We put several top-rated archival solutions from some of the industry's largest vendors through a rigorous testing process, and we selected the AXS-One Email Management Platform on the merits of its overall performance, flexibility and scalability."

AXS-One's archive serves as a transparent operational storage management software platform at Countrywide and manages Lotus Notes(TM) email documents, Countrywide's corporate email solution. The archive's policy engine automatically stores email from corporate email servers based on administrators' existing policies, and emails remain 100 percent accessible to end users at all times. The email archival storage system from AXS-One utilizes EMC's Centera Compliance Edition Content Addressed Storage (CAS) so that digital content will remain completely secure at Countrywide.

The AXS-One solution will help Countrywide reduce its capital and operational expenses incurred by the exploding use of email. It also enhances the company's ability to execute core business communications initiatives, including increasing storage utilization, full-text indexing of email attachments, advanced searching capabilities, retrieval of data, regulatory compliance, legal discovery and integration with other key systems.

"An ever increasing percentage of corporate knowledge, intellectual property and legal information is stored within email systems, organizations such as Countrywide require a scalable, platform approach to effectively manage email communications for operational efficiency, legal and regulatory compliance purposes," said John Rade, Chief Executive Officer of AXS-One Inc.

Rade continued, "AXS-One's solution delivers operational storage management, as a component of a complete digital archival and business process management platform. Unlike the many point solutions that are available today, the AXS-One solution is highly flexible and scalable, making it very attractive from a total cost of ownership (TCO) perspective. An email archive solution may serve one business function today, such as archiving emails to reduce the load on email servers, but companies may need it for an entirely different reason a year from now, when they launch their Sarbanes-Oxley initiatives, for instance. They should not have to, nor do they expect to, find another software application."

Countrywide executives will share their views of the selection process and their implementation experience in the AXS-One and EMC hospitality suite at Lotusphere 2004, taking place January 25-29 at The WALT DISNEY WORLD(R) Resort. Visit http://www.axsone.com/events_trade.shtml or contact AXS-One for further details.

About Countrywide Financial Corporation.

Founded in 1969, Countrywide Financial Corporation (NYSE: CFC), is a member of the S&P 500, Fortune 500 and Forbes 500. Countrywide, through its subsidiaries, provides mortgage banking and diversified financial services in domestic and international markets. Mortgage banking businesses include loan production and servicing principally through Countrywide Home Loans, Inc., which originates, purchases, securitizes, sells, and services primarily prime-quality loans. The company is headquartered in Calabasas, California and has more than 30,000 employees with over 500 offices. For more information, visit www.countrywide.com.

About AXS-One Inc.

AXS-One (AMEX: AXO) is a provider of e-business solutions for service industries that extend the finance function and allow organizations to work collaboratively with their partners, suppliers, employees, and customers while preserving investments in existing systems. AXS-One has implemented high-volume, interoperable, scalable and secure business solutions for the global 2000. Its Web Services-based technology has been critically acclaimed as best of class. AXS-One has approximately 250 employees in offices worldwide, including Australia, Canada, Singapore, United Kingdom, United States, and South Africa. AXS-One was founded in 1978, and is based in Rutherford, New Jersey, U.S.A. For further information, visit the AXS-One web site at http://www.AXS-One.com.

This press release contains forward-looking statements. Such statements are only predictions and actual events or results may differ materially. All forward-looking statements involve risks and uncertainties, including, without limitation, the risks detailed in the company's documents and reports filed from time to time with the Securities and Exchange Commission.

AXS-One, the AXS-One logo, "Access Tomorrow Today," AXSPoint, and TransAXS are registered trademarks of, and e-Cellerator, AXS Desk, "AXS-One Collaboration FrameWorks," SMART, and Tivity are trademarks of, AXS-One Inc., in the U.S. All other company and product names are trademarks or registered trademarks of their respective companies.

Company Contact:
Bernard Cassidy
AXS-One Inc.,
+1-201-372-6231
bcassidy@axsone.com

Press Contact:
Brian McManus
Springboard Public Relations
+1-732-863-1900 x 103
bmcmanus@springboarpr.com