As the client's agent, TMS operates within parameters and directives set by the client and has a fiduciary responsibility to the client rather than to the financial institution that is pricing the transaction. This is a very important distinction because the client, through its relationship with TMS, has the knowledge of prevailing market conditions, trends and the "true level" of market prices necessary to reduce the spreads that many financial institutions have traditionally enjoyed.

The narrowing of these spreads is of considerable value because the Interbank markets are not governed by any formal price regulation. This puts many companies in a position of caveat emptor and allows the banks' pricing to be governed only by the goodwill of their staff, the clients' sophistication or the competitive pressures applied in the pricing environment.

TMS subscribes to several international news, dealing, economic and analytical services that provide it with 24 hour a day real time price quotes on a wide range of over-the-counter and exchange-traded financial market products. This, along with our network of market contacts and price support institutions, enables TMS to check the market as to the advisability of executing a trade as well as ensuring that the prices we receive for our clients are "on the market." In addition TMS is actively trading in these markets, assuming proprietary risk for its own account.

It is the combination of the increased number of players competing for the client's business, the on-line trading systems used by TMS to monitor the markets and the expertise of the TMS staff that results in optimum price execution for the client.

For the risk averse client that is trying to neutralize its exposures by hedging at the most advantageous rate, the impact of reducing these spreads typically results in savings of between 2% and 5% of the face amount of their transactions. This goes directly to our client's bottom line.

For the client that is willing to take selective risks based on extensive economic and technical analysis along with the focused approach to risk management applied by TMS, the benefits to our client�s bottom line performance are typically of the same magnitude.

In short, the services provided by TMS expand the traditional role of consultant/advisor to that of an outsourced trading room that complements the client's existing Corporate Treasury Group by ensuring that the client's best interests are served in the marketplace.