Business Review

Mondas PLC
21 October 2004

MONDAS PLC

Business Review

Following the appointment of Jarlath McGee as chief executive officer on 5
August 2004, a thorough review of the Group's strategy and operations has been
conducted.

The directors have concluded that the Company's activities should be more
clearly focussed in both its Banking & Securities and Resource divisions.

Banking & Securities Division

The directors believe that considerable opportunities exist in the asset
servicing sector of the banking and securities market.  Asset servicing systems
support trading activity by providing data to decision makers, which then update
back-office systems with the results of their decisions.  It is currently an
area of focus for major investment institutions, as they strive for greater
efficiencies in the operational systems, which help them to support those who
control the assets under management.

Some suppliers of systems designed to support asset managers, such as corporate
actions, reconciliations, collateral management, data management and messaging
systems, tend to be smaller suppliers and consolidation of the companies
operating in this area is taking place.  This presents an opportunity for Mondas
to use its public company status to be a consolidator of such suppliers in these
specialist areas. Our aim is to produce an integrated range of products - a
total solution - to global investment and fund management institutions.

A key area of growth within investment banking is securities finance, where
customers are investing in systems which support integrated trading and
collateral management. A number of institutions are reviewing this area with a
view to simplifying and consolidating the information flow to their trading
desks and the associated management of control information onto one platform.

We intend to acquire products, whether by an acquisition of intellectual
property, or by corporate activity, in areas which will extend our product
range, customer base, geographic reach and delivery capability and will also add
to the general intellectual property base required by our target market.

The review has also identified certain non-core systems which have a clear
value, but which are not part of our revised strategy.  We are holding
discussions with a potential trading partner, in order to more efficiently
exploit this intellectual property.

The directors believe that these actions will improve the Company's performance
and efficiency, and increase its competitiveness within asset servicing for
medium and large institutions.

Resource Division

Although Resource 32000 software is competing in a crowded market, this division
has been successful in developing an important niche in the further education
sector. The relationship announced with Pearson Phoenix in June this year,
whereby Mondas will exclusively provide Pearson Phoenix with an accounting
solution that will be embedded into their newly launched 'e1' education
management system for schools, is designed to take Resource into the wider
education market to which the Resource division remains committed. We will also
seek to increase indirect sales through additional similar strategic
partnerships.

The Company's recent contract wins from CSFB and Brewin Dolphin, which have an
aggregate value of over £1.425million in initial licence fees, project services
and support over five years, have reinforced the directors' belief in the
growing demand for software solutions for corporate actions and related
activities. Extending our range of software into other related areas of asset
servicing should provide a more comprehensive product range, which we can offer
to our target banking and securities sector. Furthermore, we intend to expand
our Resource division through strategic partnerships.

The company's Annual General Meeting will take place on Friday 29 October, when
an update on trading will be provided.

                                                                 21 October 2004

Enquiries:

Mondas PLC                                                   Tel: [phone]
Jarlath McGee, Chief Executive

College Hill                                                 Tel: [phone]
Matthew Smallwood/Clare Warren



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