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Tradition, New York to utilise kACE® across multiple product lines.

London - New York. April 23, 2002.

Tradition (North America) Inc. has signed an agreement to implement Kalahari's flagship pricing application, kACE ®, across a variety of major product lines. The installation will initially focus on the Interest Rate Options and USD Capital Markets & Money Market desks, followed immediately by the FX Arbitrage and Forwards desks.

Ted Muller, Vice President & Director of Marketing and Research, Tradition
(NA) Inc. said:
"One of our main criteria when choosing a new pricing application was that the application be sufficiently adaptable to keep pace
with today's rapidly changing market environment. We chose kACE as the solution to our needs because it provides great flexibility as well as very comprehensive in-house modelling capabilities."

Nigel Weston, Director - Americas, Kalahari Ltd. said:

"We're extremely pleased to have been selected to be a part
of Tradition's continuing growth and success. We consider this agreement a
cornerstone of our own growth in North America and validation of our confidence in kACE as a multi-faceted pricing application."

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.

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 currently traded within the money and energy markets.