New Smart Loan Browser

A new browser-based user interface (UI) for Smart Loan is currently being deployed and will be available to all new and existing Smart Loan clients. The new UI provides you with greater flexibility when displaying / researching data and customizing individual screen configurations. The new Smart Loan Browser is currently in Beta test with a planned live date in the 1st Quarter of 2007. Additional phases will be released in the 2nd and 4th Quarters of 2007. In addition to the new UI, the browser contains additional functionality not in the current Smart Loan application.

Phase I includes:

• Real-time stock borrow requirements and loan availabilities
• Open contract information
• Conduit functionality
• Ability to download selected information to Microsoft® Excel format

Please contact Brian Carroll (212-806-4919) to discuss UI features as well as delivery dates for your firm.