HSBC Renews Global Licence with Rolfe & Nolan for a Further Five Years

London, 8th June 2004. Rolfe & Nolan announced today that HSBC Bank plc has
renewed its global licence for a further five years. HSBC has been a customer since 1987 and uses a comprehensive range of Rolfe & Nolan products to process its listed derivatives business worldwide.

The global renewal encompasses wide-ranging functionality and includes RANsys - one of Rolfe & Nolan's core processing systems - a relational database, a web-delivery infrastructure, a task automation and reconciliation module and E-route, a data distribution module.

HSBC's Greg Totts, Director, Global Clearing Services & Head of Futures (Europe) commented: 'Our close relationship with Rolfe & Nolan underpins the
extensive range of their products that we employ on a truly international basis. The global licence enables us to use their products in other market locations when it makes strategic sense for us to do so. We already use them in the major financial centres in the Far East, Australia, US and Europe. Being a large customer using multiple products on a global basis enables us to capture numerous processing synergies and deliver a top quality service to our customers.'

'A global renewal with a first-rate global player such as HSBC is not negotiated overnight', said Bob Freeman, Rolfe & Nolan's Chief Executive. 'Substantial discussions have taken place in terms of both product and service to enable this outcome to be achieved. To agree the terms of a
complicated global licence with a top tier global investment bank underlines
the continuing quality of our products and service and the value placed on
it in the global derivatives marketplace.'

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