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KALAHARI ANNOUNCES SECOND QUARTER OPERATING RESULTS AND AFFIRMS 2003 BUSINESS STRATEGY

London. 28th August, 2003 – Kalahari, a global provider of real-time analytic and decision support solutions, as well as strategic consulting services to financial and energy institutions in over 15 countries, today is delighted to report that revenue for the three months ending July 31, 2003 increased by 12%.

Kalahari’s second quarter for the financial year 2003 closed at the end of July. The Company was successful in increasing its top-line revenue by 12% over the same period last year, with quarter on quarter growth experiencing a modest gain. At the same time, Kalahari continued to increase its investment in professional services, new product research and development, strategic alliances and marketing activity.

Highlights for the second quarter of fiscal year 2003 include:

- Achieved 12% increase in revenue over the same period 2002
- During the quarter, signed new European licensing agreement with notable industry leading financial intermediary in the equity and fixed income markets
- Increased product development and research by more than 15 man-months through the Company’s offshore development partner, Blue Star Infotech. This enhanced capability will benefit Kalahari’s new and existing customers as they require more sophisticated and robust software applications to meet market demand
- Appointment of financial industry veteran as Region Director for Europe, Middle East and Africa
- Kalahari announced its licensing renewal agreement with Tradition North America (a subsidiary of Compagnie Financière Tradition), a leading brokerage service for banks and other institutional clients around the world. Tradition and its brokers will continue to use kACE as its primary price discovery and analytics tool. This renewal follows Tradition’s selection of Kalahari’s kACE solution two years ago.

Commenting today, David Harrelson, Global Managing Director for Kalahari said: "Kalahari performed solidly in the 2nd quarter in the midst of a very difficult and uncertain economic climate. I am extremely pleased with the consistent progress our team of professionals continues to make as we pursue our corporate goals. Through a lot of very hard work, we continue to deliver on our defined strategy of investing in our technology, improving the value of our professional service offerings, strengthening our customer relationships, introducing new solutions and services, and enhancing our global delivery capability. Fundamentally, we seek to meet customer requirements and provide a high-degree of value for money. Through that effort, we are experiencing an increase in demand for our products and services, and believe that Kalahari’s competitiveness is stronger than ever."

Kalahari’s customers benefit from more than 150 years of combined industry expertise through its team of business professionals in Europe, The Americas and Asia-Pacific. Kalahari is committed to helping customers improve their business activities by consistently reaching new levels of performance.