ROLFE & NOLAN SECURES PARTICIPANTS IN MAJOR NEW TECHNOLOGY INITIATIVE

London, 3rd April 2001 - Rolfe & Nolan, the world's leading supplier of processing technology for futures and options, has announced a major collaborative initiative to deliver a set of brand new processing and information systems.

The initiative is being co-ordinated by Rolfe & Nolan with the active participation of UBS Warburg, The Royal Bank of Scotland and two other global banks. Each is contributing time and money to the venture. Rolfe & Nolan is drawing on their combined global expertise to prioritise the new developments.

The project - codenamed 'Project Merlin' - will deliver a functionally superior suite of platform-independent components which can be rapidly integrated into existing processing environments, while at the same time setting out a new workflow and data architecture for the future.

"This is not a big bang approach," commented John Lodge, Rolfe & Nolan's chief executive, "but a steady rollout of new technology which adds value at each stage. The resulting systems will offer our clients greatly improved transaction processing efficiencies, and even better control of
the business."

Rolfe & Nolan expects the state-of-the-art systems to open up new markets for them as well. "There's a whole new audience of market participants becoming involved in exchange trading." said Geoff Maskell, Rolfe & Nolan's strategic business development director. "Whether it's energy, single stock futures or new types of exchange trading on the Internet, there's an underlying need for efficient, secure transaction processing. We intend to gain a leading share of that business and the Project Merlin initiative ensures we'll be able to continue to grow our share in the years ahead."

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