BUTTONWOOD TREE BRINGS COST OPTIMISATION TO JAPANESE BANK'S UK MARKET DATA ENVIRONMENT

UFJI Plc undertakes market data strategic review and managed service offering to support ongoing cost reduction drive

London, UK, 12 January 2004 - The Buttonwood Tree Group, a rapidly expanding
business and technology consultancy focused on the financial services sector, today announces it is working closely with UFJ International Plc (UFJI), to bring increased cost efficiencies to its market data environment in London. UFJI is the first international customer to undertake the Market Data Optimisation (MDO) service launched by the Buttonwood Tree Group earlier in 2003.

Buttonwood Tree has undertaken a strategic review of the bank's market data
environment to identify where cost reductions could be made, without
impacting the day-to-day business operations of UFJI's trading room. The
strategic review has identified cost-savings of over 25% of annual budget,
together with a future strategy recommendation for streamlining products and
vendors.

Buttonwood Tree is also providing UFJI with a managed service offering to
ensure market data cost reductions are sustained over time. Buttonwood Tree
will provide UFJI with cost efficiencies on a continual, multi-year basis, as well as providing additional value in terms of strategic advice and guidance.

Buttonwood Tree has also been working in conjunction with partner Market Data Services Ltd (MDSL), the world leader in trading room cost management software tools, to implement processes, procedures and tools to manage UFJI's market data environment.

Sally Hinds, head of Buttonwood Tree's Asset Optimisation division, comments: "The biggest advantage of the managed service is that UFJI will
benefit from tight management controls and ongoing sustainable cost reductions, including strategic reviews, which would normally only be achievable with a large in-house team. This is a very cost-effective solution for UFJI."

Paul Hartwell, COO, UFJI Plc comments: "The experienced team at Buttonwood
Tree has worked together with our business heads and IT teams to truly optimise how we use market data and to build an efficient inventory system. They have helped us to identify areas for cost-savings in content usage and invoice/vendor management. By having continual access to experienced staff on a managed service basis, we are confident that we will be able to sustain these cost savings without losing any quality of service."

Ben Mendoza, Founder and CEO, MDSL, comments: "Successful market data management is an end-to-end process covering strategic needs, business-aligned technical infrastructure and inventory management. We assist Buttonwood Tree in providing the skills and tools required to deliver this service efficiently. UFJI Plc will gain significant benefits and cost efficiencies by outsourcing their market data requirements to our joint offering."

Carl Jones, Head of European Sales, MDSL, comments: "By utilising our ASP
delivered Inventory Management Solution MDS2000, Buttonwood Tree can provide
clients with greater efficiencies and cost savings by automating tasks which
are traditionally manual. Furthermore they do not have to provide hardware or database management, as MDSL provides all of this on their behalf."

The flexibility of Buttonwood Tree's MDO solution means that institutions wishing to keep certain market data aspects in-house can work with Buttonwood Tree to design a total solution that meets their entire needs. Buttonwood Tree is not aligned to any market data vendor or supplier, therefore it is able to provide an independent review of market data on a case-by-case basis. Buttonwood Tree guarantees a high quality service at the same or lower cost than the existing market data management.

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