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Kalahari wins global k.A.C.E. contract with Tullett & Tokyo Liberty PLC

London. April 18, 2001. Kalahari Limited has entered into a contract
with Tullett and Tokyo Liberty PLC, whereby it will provide price
discovery technology for the international money broking company on a
global basis.

The contract consists of several different areas, and k.A.C.E. (Kalahari
Advanced Calculation Environment) is being developed according to
specific requirements before implementation.

Since signing the contract however, k.A.C.E. is already being used
across a number of areas of Tullett and Tokyo Liberty:

Publishing Data Sales
Tullett and Tokyo Liberty is using k.A.C.E. as a publishing engine for
data sales. The k.A.C.E. system collates prices from the brokers' desks
and publishes to data vendors, as well as being used internally.

k.A.C.E. is also being used in the capital markets and fixed income
areas of Tullett and Tokyo Liberty for pricing on a number of desks.

Development for other sections of the project is still in progress, and
implementation will take place later on in the year.

Graham Mansfield, Deputy Managing Director, Kalahari Limited said:
"We are delighted to have been chosen as global provider to Tullett and
Tokyo Liberty. Tullett and Tokyo has been a Kalahari customer for a
number of years now, using WinDiamond32 and Trio Arbitrage, and we are
pleased to be able to continue the working relationship with them using
our latest product k.A.C.E.

"The beauty is that working side by side with a customer we can identify
the issues that really matter on the front line of the trading
operation, and translate them into an excellent product that will not
only aid traders but enable them to compete on a global scale."

k.A.C.E. (Kalahari Advanced Calculation Environment) is an intelligent
price discovery system. It is designed as a superior pricing tool for
traders in banks, money broking firms, utility companies, corporations
and other trading institutions and has flexibility that allows bespoke
design for each customer's requirements.

With over 1600 calculations embedded into the system from the best maths
library experts in the industry, along with Kalahari's own libraries,
k.A.C.E. is capable of pricing the most complex financial instruments,
including overnight index swaps, currently traded within the money and
energy markets.