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Graham Mansfield
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-- kACE to provide Sonia pricing and analysis for traders at HBOS --

London. 5th September, 2005. Kalahari, a global provider of real-time price discovery and analytic solutions to financial and energy trading institutions in over 16 countries, today announced that HBOS Treasury Services Plc, a fully-owned subsidiary of the HBOS Group, has signed a contract to upgrade to kACE™, the real-time price discovery solution from Kalahari, to provide Sonia pricing and analysis for their traders in London..

HBOS plc is the 4th largest UK banking group with total assets of £440bn and over 20 million customers. HBOS Treasury Services plc combines the treasury businesses of Halifax and Bank of Scotland. In addition to providing a number of key services to the Group, including management of its balance sheet, it provides a complete range of treasury services to its customers and those of the operating divisions.

HBOS has been a customer of Kalahari since 1997. Prior to upgrading to kACE, HBOS were using Kalahari’s WinDiamond32 pricing software for off balance sheet derivatives.

Shiv Sareen, Head of Derivatives at HBOS said: "We are pleased to extend our relationship with Kalahari and look forward to benefiting from the increased functionality provided by kACE."

Paul Farrand, Senior Trader STIR Derivatives added: "We perceive Kalahari as a leading provider of pricing analytics. The increased functionality adds value to our current pricing with the additional benefit of accurate OIS pricing."

Mark Holden, sales director, EMEA at Kalahari said: "We are delighted that HBOS has chosen to continue their relationship with us and upgrade to kACE, our flagship product. This upgrade demonstrates our ability to tailor solutions to meet the specific requirements of various customers, and further reflects our commitment to the banking market."

kACE is the leading real-time price discovery; analytics and decision support solution designed for enterprise-wide use at inter dealer brokers, banks, energy/utility firms 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 1200 calculations embedded in the system from the best maths library experts in the industry, along with Kalahari's own libraries, kACE is capable of pricing the most complex financial instruments currently traded within the financial markets.