City Networks signs Distribution Contract with Singularity

Active Workflow TM to compliment and enhance City Networks product range

London – Aug 6th 2002, City Networks, an established leader in developing and
implementing software and services to the treasury, securities and derivatives
markets, today announced that it has signed a 3 year Distribution Contract with
Singularity, a software house based in Northern Ireland, giving City Networks
the global rights to distribute ActiveWorkflowâ„¢, a revolutionary business process automation platform.

ActiveWorkflowâ„¢ provides a flexible and highly integrated component-based
architecture, enabling end-to-end automation with high visibility of key
performance indicators. The platform can deliver the complex, but business-
driven, component and data management solutions demanded by today's high
throughput line-of-business requirements. ActiveWorkflowâ„¢ will enable the
automation of the manually repetitive task of processing exceptions and will
enable these exceptions to be dealt with immediately and effectively.

"ActiveWorkflowâ„¢ compliments our own products in the areas of exception
management, reconciliations and confirmation matching, and easily integrates
with our customers transaction processing systems," said Costa Christodoulou,
CEO of City Networks. "This contract is a key component in City Networks’
growth strategy, which adds another important dimension to our portfolio of
proven products and enhances our commitment to deliver the improved STP
(Straight Through Processing) rates our clients demand." he adds.

Padraig Canavan, Managing Director at Singularity said, "We are very pleased to
be working with City Networks - there is a good fit within the City Networks
portfolio for the ActiveWorkflowâ„¢ solution and both our companies are
committed to delivering ROI on technology investments for our clients by
driving down operational costs, improving STP flow rates and minimising risk
throughout the transaction process."

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