FXall Notice

FXALL IS NUMBER ONE MULTIBANK PORTAL IN GLOBAL INVESTOR SURVEY FOR THE THIRD CONSECUTIVE YEAR

New York, 23 March 2004 - FXall has been voted the number one multibank portal for the third year running in Global Investor's Foreign Exchange Survey for 2004, widening the margin over second place finisher State Street's Global Link.

Global Investor - the leading magazine for institutional investors, intermediaries and fund managers globally - asked 510 financial institutions which platform they currently used. A total of 49.35% of respondents selected FXall, while Global Link received 30.17% of the vote.

Financial institutions, including asset managers, hedge funds and CTAs are the fastest growing segment of FXall's client base, accounting for approximately 60% of total volumes, up from 40% in 2003.

About FXall

• FXall is an electronic trading platform offering customers foreign currency trade execution, access to research and straight through processing.
• FXall's comprehensive functionality includes easy multibank access, portfolio management tools that enable execution of entire portfolios of trade, leading quality research and analysis available through a single sign-on, and 24-hour access to a multi-lingual support center.
• In the past year FXall has won eight major awards, including all three multibank categories in the Euromoney Forex Poll 2003 for the second year in a row in May 2003.
• There are 47 leading financial institutions providing liquidity over FXall - the most of any multibank portal.
• FXall has more than 600 customers signed for trading.
• FXall's fully integrated liquidity providers now include:
• ABN AMRO
• AIG International, Inc.
• ANZ Investment Bank
• Bank of America
• The Bank of New York
• Bank of New Zealand
• Bank of Tokyo-Mitsubishi
• Bank One
• Barclays Capital
• BNP Paribas
• Brown Brothers Harriman
• Citigroup
• Commonwealth Bank of Australia
• Credit Agricole Indosuez
• CSFB
• Danske Bank
• Deutsche Bank
• Dresdner Kleinwort Wasserstein
• FleetBoston Financial
• Fortis Bank
• Goldman Sachs
• Handelsbanken Capital Markets
• HSBC
• HVB Group
• ING Financial Markets
• JPMorgan
• Jyske Bank
• KBC
• Lehman Brothers
• Lloyds TSB
• Mellon Financial Corporation
• Merrill Lynch
• Morgan Stanley
• National Australia Bank
• Nordea
• Northern Trust
• PNC Bank
• Royal Bank of Canada
• The Royal Bank of Scotland
• SEB Merchant Banking
• Standard Chartered Bank
• Trust & Custody Services Bank
• UBS
• UFJ Bank Limited
• Wachovia Corporation
• WestLB
• Westpac
• ABN Amro, Bank of America, Barclays Capital, BNP Paribas, Credit Agricole Indosuez, CSFB, Dresdner Kleinwort Wasserstein, HSBC, Lehman Brothers, RBC Capital Markets and The Royal Bank of Scotland have joined FXall's industry solution for prime brokerage.
• FXall has offices in New York, London, Tokyo, and Singapore.
• FXall is an independent company with its own board of directors and management team.

FXall's services are not intended for, and are not available to, private customers, and are not intended for distribution into any jurisdiction where such distribution is restricted by law or regulation. FXall's services do not constitute investment advice or an advertisement, offer, or solicitation of an offer, for the purchase or sale of any investment, securities or other property, or a representation that any investment, security or other property is suitable for any person.

FXall may act through FX Alliance, LLC (a Delaware, USA limited liability company), FX Alliance Limited (regulated by the Financial Services Authority), FX Alliance International, LLC (ARBN 097 253 640, a Delaware, USA company, members' liability limited).