ORCO PROPERTY GROUP SELECTS XRT GLOBE$ FOR TREASURY CASH AND RISK MANAGEMENT

November 9, 2005

Represents First Significant Czech Republic Contract for 2005

Orco Property Group (Orco) – a leading real estate company in the Central & Eastern European regions, including the Czech Republic - has selected XRT Globe$ from leading treasury solutions supplier XRT for its offices throughout Central & Eastern Europe, with the installation centralized in Prague. The announcement represents the first significant treasury infrastructure implementation in the Czech Republic in recent years, and is the first and only contract to be awarded this year. Once implementation is complete, XRT Globe$ will provide a sophisticated treasury infrastructure incorporating cash management, risk management and dealing activity across the Group’s operations.

Orco selected XRT following a competitive tender that included eight different supplier solutions. Together with local partner Facility SRO, XRT’s implementation of XRT Globe$ started in mid-October and the system is expected to go live in early December. The initial phase provides full XRT Globe$ access to cash and risk managers in Prague, Paris and Luxembourg, with integration across the company’s subsidiaries to follow in early 2006.

With offices Bratislava, Budapest, Hvar, Moscow, Luxembourg, Paris and Prague, Orco has a decentralised treasury structure with cash managers in each country and a risk manager based in Paris. Combined market and business issues meant its existing treasury infrastructure – consisting largely of accounting systems and spreadsheets – was no longer able to keep pace with the treasury needs of a company operating across different markets, where the ability to manage cash and risk effectively is central to financial stability.

Orco’s pioneering decision to restructure its treasury operations was a response to changing business requirements and company growth - revenue has almost doubled in the past year. The region’s developing competitive landscape and evolving commercial marketplace has made it a focus for investment and growth, which is having a natural impact on national companies and the way in which their operations need to be managed.

Emmanuel Leonard, finance director of the Czech operations, Orco, explains, "The role of treasury is becoming increasingly critical to our business – this is fairly typical for many organisations across the CEE region, which has been experiencing a huge transition in recent years."

"As market conditions continue to change and we are faced with increasing opportunities, so our need to effectively communicate and manage our cash and risk position is imperative to our stability and future growth. We need a system that will provide us with functionality across all our financial processes and critically, allow us to monitor our cash position throughout the group. This in turn is central to our ability to successfully manage our risk position and make effective investment decisions."

Orco’s selection of XRT was a result of its ability to deliver in two key areas. Firstly, the XRT Globe$ solution provides superior risk management and dealing capability integrated with cash management, thus enabling a seamless treasury infrastructure across the business. Secondly, XRT’s partnership with Facility SRO, a well-respected and experienced financial sector consultancy, offered unprecedented local knowledge combined with world-class solutions, and clearly demonstrates XRT’s commitment to the region.

"It was important to us to work with a partner who understood both our business needs, and the local market in which we operate. In partnership with Facility SRO, XRT clearly had both the functional expertise and the all-important local knowledge to deliver a solution that matched our requirements," said Leonard.

Central to the development of Orco’s treasury infrastructure is the fact that XRT Globe$ enables cash managers to communicate their cash forecasting and liquidity positions on a regular basis by connecting to a central database in Prague. This in turn delivers a coherent overview of the group’s cash position, allowing the treasury to monitor its financial position, and ascertain how to use its cash more efficiently. By measuring exposure to risk in this way, it is able to make more effective dealing and investment decisions that support and protect the business.

Gary Thomas, senior sales manager CEE, XRT, said, "We are excited about our work with Orco Property Group and the fact that it is the first recent treasury implementation in the Czech Republic. Equally exciting is our partnership with Facility SRO who will work with us, providing invaluable expertise, commitment and local knowledge in this evolving region. We believe our combined skills offer unparalleled benefits for local clients."

David Pirner, managing partner, Facility SRO, concluded, "Treasury is a new concept for Czech companies, and there is a growing awareness of the pivotal role it plays in future commercial growth and success. For many, the transition to treasury systems will be a huge leap. Unlike Western Europe, which has experienced a more gradual shift, rapid growth in the region means treasury infrastructures need to be quickly implemented. The expertise and support that we can offer together with XRT is a powerful resource for local organisations."

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