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TRADITION (NA) RENEWS ITS AGREEMENT FOR KALAHARI’S FLAGSHIP PRICING AND ANALYTICS SOLUTION

-- KACE™ to help Tradition (NA) to keep pace with rapidly changing markets --

New York and London. 12 August, 2003. Kalahari, a global provider of real-time analytic solutions and strategic consulting services to financial and energy trading institutions, in over 15 countries, today announced that Tradition (North America) Inc. (a subsidiary of Compagnie Financière Tradition) has renewed its agreement for Kalahari’s flagship pricing and analytics solution, KACE, across its Interest Rate Swaps, Foreign Exchange and Interest Rate Options desks.

Tradition (North America) Inc., a brokerage service for banks and other institutional clients around the world, will continue to use KACE as its primary price discovery and analytics tool. KACE will be used by Tradition’s brokers for extended pricing and analytics capabilities. This agreement renewal follows Tradition’s selection of Kalahari’s KACE solution two years ago.

"We operate in a time of rapid change and evolution. Qualitative and quantitative information is the most vital source of value we supply to our clients. To meet the challenges, and to provide imaginative and reliable answers to help our clients reach their financial objectives, we need state-of-the-art pricing and analytical tools with a level of functionality that allows our brokers to create new models with the most up to date formulas." Said Ted Muller, Vice President & Director of Marketing and Research, Tradition (NA) Inc. "KACE has repeatedly proven that it can help us maintain our competitive advantage."

"We are delighted that Tradition (NA) has renewed their agreement with Kalahari and that they have now expanded their use of our flagship analytics & pricing application, KACE." Said Nigel Weston, Director, Kalahari Americas. "Tradition provide a first-rate brokerage service, and count on solutions that are sufficiently adaptable to keep pace with the fast-moving financial services market."

KACE is the industry’s leading real-time analytics, price discovery and decision support solution designed for enterprise-wide use at broking firms, banks and other financial institutions and corporations. KACE has been designed with flexibility in mind, and allows bespoke design for each customer and individual end-user requirements. With over 1600 calculations embedded in the system from the best maths library experts in the industry (FinancialCad and Financial Engineering Associates), along with Kalahari's own libraries, KACE is capable of pricing the most complex financial instruments currently traded within the financial markets. KACE captures real-time data from a number of diverse sources and massages that data into a common, useable format.

KACE can incorporate third party and in-house libraries as well as spreadsheet models, and users can either select from a series of pre-built pricing screens or build their own using the in-built designer. The open architecture of KACE provides a fast track development for a firm’s IT department, where bespoke analytics can be developed on site and without the assistance of Kalahari.

Prices and calculations can be shared across the firm’s Internet, an Intranet or via the network. Any data can be analysed in two or three dimensions, allowing users to slice and dice the data, and switch back and forth between different data presentations at any time.

KACE creates an environment of control for every level within the dealing room, ensuring that a firm’s traders are using the same basis for their calculations.

"While our customers' requirements are extremely sophisticated and comprehensive, they also need solutions that are easy to use." Said David Harrelson, Managing Director, Kalahari. "The renewal of our licensing agreement with Tradition continues to validate that our capabilities and our technologies are adding bottom-line value to the some of world’s largest and brightest financial institutions. We are grateful for the continued confidence Tradition NA places in Kalahari."