Cantor Fitzgerald, Tokyo sign for Kalahari's k.A.C.E.

London. May 3, 2001. Kalahari, the analytical and price discovery
software expert, is pleased to announce that Cantor Fitzgerald has
signed a contract for the use of k.A.C.E. in its Tokyo offices.

k.A.C.E. (Kalahari Advanced Calculation Environment) is being used at
Cantor Fitzgerald primarily for the pricing of Yen interest rate swaps
on its newly created interest rate swap desk. k.A.C.E. will also be used
to price interest rate swaps in US Dollar, Euro and Sterling.

Graham Mansfield, Deputy Managing Director, Kalahari Limited said:
'Cantor Fitzgerald has been a customer of Kalahari for a number of years
now, and I am delighted with this latest partnership. Once again, the
project has highlighted the flexibility and capability of k.A.C.E.'

k.A.C.E. is an intelligent price discovery system from Kalahari. It is
designed as a superior pricing tool for traders in banks, money broking
firms, corporations, utility companies 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.

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