United Bank Limited Licenses the Principia System for Fixed Income and Derivatives Trading and Portfolio Management

Front-to-Back Office System to Drive First Derivatives Business in Pakistan

Jersey City, New Jersey, May 26, 2004 -- Principia Partners LLC, a leading provider of full front-to-back office systems for global capital markets, today announced that United Bank Limited (UBL), one of the largest commercial banks in Pakistan, has licensed the Principia System for managing its growing portfolio of fixed income and derivatives. The bank is the first one in the country to adopt derivatives in its trading and risk management practices.

UBL will leverage the full front-to-back office capabilities of the Principia System for managing a wide range of assets. In addition, the bank will value its structured loan portfolio using the system's flexible modeling and pricing capabilities. The installation is planned for the bank's treasury division at its head office in Karachi.

"We selected Principia on the basis of its flexible platform, which provides us with significant competitive advantages that will enable us to rapidly grow our business and bring new products to market," states Mr. Risha Mohyeddin, Global Head of Treasury and Capital Markets at UBL. "Furthermore, the Principia System can be used off the shelf with little modification for our general applications, so we can be assured of a rapid deployment of our business. When we looked at the total owning costs of purchasing and maintaining a system to manage our business, Principia offered the best combination of technology, functionality and economy," Mr. Mohyeddin added.

The Principia System will be used to manage products through their entire life cycle, including deal capture, pricing, risk management, reporting and accounting, handling both local and foreign currencies. The market data included with the unified system will ensure data integrity throughout the system and minimize the risk of pricing discrepancies resulting from using product and market data from multiple systems.

"We are pleased to be part of this important milestone in the development of the derivatives market in Pakistan," states Theresa L. Adams, President and CEO at Principia Partners. "This relationship will further strengthen our sales and marketing, as well as client services strategy for the Middle East and Asia."

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