Garban to price Mexican IRS using Kalahari's k.A.C.E.

London - New York. January 28, 2002. Kalahari Limited has developed and installed a Mexican Peso Interest Rate Swap model of its pricing application
k.A.C.E. at Garban Capital Markets LLC in New York and SIF/Garban
Intercapital in Mexico City.

This is part of Kalahari's global agreement with ICAP plc to suply pricing
software to all its major offices (see September 4, 2001 press release).

Philip Moody, Executive Vice President, Garban Capital Markets LLC said:
"Kalahari's pricing model helped us significantly in our efforts to break
into the Mexican IRS market. We look forward to utilizing the flexibility of
the application as this market matures and Garban's share grows within it."

Nigel Weston, Director - Americas, Kalahari Limited said:
"We are very pleased to be part of Garban's expansion into the Mexican IRS
market. We look forward to having a continuing role in their success in this
and other fields."

k.A.C.E. (Kalahari Advanced Calculation Environment) is an intelligent price
discovery system. It is designed as a superior pricing tool for traders in
banks, money broking firms, utility companies, corporations and other
trading institutions.

With over 1600 calculations embedded into the system from the best maths
library experts in the industry, along with Kalahari's own libraries,
k.A.C.E. is capable of pricing the most complex financial instruments
currently traded within the money and energy markets.

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