KALAHARI REPORTS RECORD OPERATING RESULTS FOR YEAR-END

Improved profitability and continued investment in new product development and customer services

London. 4th June, 2003 – Kalahari, a global provider of real-time analytic solutions and strategic consulting services to financial and energy institutions in over 15 countries, today is delighted to announce that the company bucked the industry trend in difficult market conditions by achieving record operating results.

Kalahari’s financial year closed at the end of January, 2002. Their total revenue grew by more than 18% compared to 2001, with license revenue growing in excess of 30% compared to 2001. At the same time, Kalahari was also able to substantially improve overall profitability while continuing to increase investment in business development, professional services, new product development and marketing.

"Year-end 2002 was a benchmark year for Kalahari," commented Peter Trenier, Executive Chairman for Kalahari. "We have seen some very positive financial results and extended business opportunities at Kalahari since the arrival of David Harrelson as Managing Director in November last year. Given the difficult industry conditions, as well as tech sector slow-down over the past 18 months, these results are all the more welcome."

2002 Operating Highlights:

Signed 5 new customers across the globe, during the year. Including a 3-year agreement with Tullett & Tokyo Liberty. Kalahari now has customers in over 15 countries.

Signed first two k.A.C.E. Energy clients, including London Electricity.

Saw 85% growth in sales of k.A.C.E. (Kalahari’s advanced calculation environment).

Sales in the Americas regions grew by 243%.

Enhanced our professional services organisation to help achieve total customer satisfaction through high-quality planning, architecture, programme management and implementation.

Completed first releases of our South American trading Model; Hong Kong Dollar Model, and Australian Dollar Model.

"Real-time decision support and analytics is not a nice-to-have…it’s mission critical especially to the markets like financial institutions and energy traders, where Kalahari has a exceptionally strong reputation." Said David Harrelson, Managing Director, Kalahari. "Enterprises require a proven and reliable solution that will monitor and alert, in real-time, key performance information which can be shared by a company’s key information stakeholders."

"Our extensive knowledge of analytical technology solutions, along with a proven delivery capability has helped us to consistently win new business and retain our existing customers." Continued Harrelson. "Kalahari has remained entirely focused on assuring its clients best-in-class solutions and services in today’s market."

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