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DUBLIN (March 13, 2001): IFS (, the leading developer of
collateralised trading and Internet solutions for international financial
institutions, today announced a deal with The Citigroup Private Bank to take
its new web-enabled product called MarginMan-GATE for collateralised
trading. The Citigroup Private Bank is the first of the world's leading
financial institutions to implement the integrated product since IFS' recent
announcement of the $21million Dene acquisition. This merger allowed the two
companies to form the new MarginMan-GATE product that facilitates trading
across the web for the first time.

The merging of Dene's GATE and IFS' MarginMan technologies to produce
MarginMan-GATE will allow The Citigroup Private Bank to automate its
collateralised foreign exchange trading using the latest Internet

Citigroup's Private Bank Capital Market's Head, David Bee explains, "As an
existing MarginMan client we can take advantage of this web-enabled newly
combined product, to trade across the web using the GATE front-end and
MarginMan's risk management functionality. This new product will provide our
Private Bank clients even greater access to FX liquidity together with
helping improve our client services. The IFS solution will augment
Citigroup institutional pricing and transactional capabilities, ensuring
efficient delivery of the world's leading FX brand, CitiFX, via Citigroup
Private Bank. The preferred provider of Investment services to Private
Clients globally.

IFS' Managing Director, Ken Coldrick adds, "We are delighted to have struck
such a high calibre deal so soon after the Dene acquisition, which affirms
our customers' confidence in the new Internet product, MarginMan-GATE."

Citigroup Private Bank will initially roll out MarginMan-GATE to its
collateralised trading operations in London, Zurich and New York offices
with further overseas locations planned as part of the second phase

Dene's flagship product, GATE (Global Automated Transaction and Execution),
is one of the world's leading automated foreign exchange trading
applications and is currently being used by several of the world's leading
financial institutions including Barclays, Bank of America, Chase Manhattan,
Natwest and Allied Irish Banks.