FUTURE DYNAMICS AND TULLETT AND TOKYO LIBERTY RENEW STRATEGIC DEVELOPMENT AGREEMENT

London/7 January 2002: Tullett and Tokyo Liberty plc (T&TL), the leading, diversified brokering Group, have recently renewed its two-year outsourcing agreement with financial software developers Future Dynamics (FD). The agreement, which was not put out to tender this time around, has provided clear value and demonstrated that outsourcing is a successful strategy.

The agreement means FD will continue to provide a resource pool for support and development of NT based trading applications. Two years on from the initial outsourcing deal FD have successfully transitioned 12 T&TL developed applications across to its support team, assimilated over 15 man-years of experience of T&TL applications and processes, delivered 11 new applications and are currently leading the Marker project which forms the cornerstone of T&TL’s electronic trading across multiple financial products and markets.

"A key element in helping T&TL to achieve speed of deployment and competitive edge through technology is the component based approach." said Steve Grob, CEO of FD. "For example, the price proxy component from our crossfire product was successfully used in the Marker applications giving a saving of 65 man-days on the development and a proven and robust price delivery mechanism."

T&TL has an international network of 19 offices offering price execution facilities across all markets, with leading positions in Fixed Income Securities, Global Money, Capital Markets, and Equities. One of the key principles of its expansion is the use of the latest technology and Internet based systems to expand the reach of its products on a truly global scale.

Pat Moran, Head of IT Development at T&TL, commented "To be successful, we have to combine the strengths of a global market player with the agility and responsiveness of a small, independent company. This means using state of the art technology. Our relationship with FD vindicates outsourcing as a strategic approach and has helped us to be flexible and innovative."

Over the past two years FD has demonstrated continued innovation being the first company to deploy a true thin client Internet futures trading platform early in 2000 and recently pioneering the use of handheld PDA’s for trading and risk management via wireless LANs and ‘3G’ technology at the Chicago Board of Trade.

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