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News Release - 23 June 2008

City Networks and XSP provide Corporate Actions and Reconciliation Solution

City Networks, a world leading reconciliation and exception management specialist, announced today a new partnership agreement with XSP, a leading global provider of Corporate Actions software, enabling both companies to extend their current offering with an integrated Corporate Actions, Reconciliation and Exception Management solution.

Under this new partnership agreement, both City Networks and XSP will provide the global financial services markets with an integrated Corporate Actions and Reconciliation solution boasting state-of-the-art Exception Management, Business Process Management and Real Time KPI and KRI functionality from City Networks’ PROactiveTM range of integrated solutions in conjunction with the robust functionality from XSP’s technologically-advanced global Corporate Actions platform.

Richard Hill, City Networks’ CEO, “This is an exciting new partnership; it takes City Networks specialist expertise in operational efficiency and risk reduction into the Corporate Actions arena. It offers the market a complete and integrated solution for automating the processing, reconciliation and managing exceptions arising from Corporate Actions. We are confident that our PROactiveTM Process Management Software will achieve greater levels of automation in Corporate Actions.”
 
Brendan P. Farrell, Jr., Chief Executive Officer at XSP, said, “At XSP, we partner with solution providers that add value to our core offerings and help our global clients manage their operations more efficiently. The combined strengths of City Networks’ PROactive™ Reconciliation module and the XSP™ v5 Corporate Actions platform offer a state-of-the-art solution to global financial institutions to increase their levels of straight-through processing. The reconciliation functionality from City Networks is a natural extension of our proposition and allows us to provide our mutual clients with robust offerings to further streamline the end-to-end processing of Corporate Actions.”