Cambridge Consulting Signs Second Follow-On Contract

PRESS RELEASE

Cambridge Consulting Signs Second Follow-On Contract

LOS GATOS, CA, December 15th , 2000 — Cambridge Consulting, a leading provider of post payment auditing and consulting services, announced today that they have signed a second contract to consult with E*Trade Group to assist with their efforts to re-engineer and review the accounts payable systems and procurement processes and procedures.

"E*Trade felt the work we did in 1998 was so valuable that they invited us back to perform a second review. The company continues to grow incredibly fast, and as such the systems may have not necessarily kept up with the growth in all areas. We expect to have a revenue impact on the bottom line, and also help identify areas for improvement" states Marc dE Vallancey, Partner with Cambridge.

Cambridge Consulting will work closely with accounts payable, purchasing as well as shipping and receiving, and IS&T. Cambridge will use information obtained from the last 3 - 4 years of paid history files, to perform preliminary analyses on past transactions. This information along with careful examination of contracts and legal agreements will help identify potential system flaws.

"Cambridge is the ideal partner for us," said Linh Do, Accounts Payable Manager at E*Trade. "They present a significant influx of experience and knowledge in an area much needed by us. I hope and expect to benefit financially. However, more importantly, we need help designing and implementing processes and procedures, so as to add structure to our company. Engaging with Cambridge will help us accomplish this, as well as help us identify additional areas of potential improvement."

About E*Trade

E*TRADE invented the world of online investing. In October 1998, E*TRADE was named the #1 online investing site in the world by Lafferty Information and Research Group. E*TRADE went public in August 1996 and completed a follow-on offering one year later. The Companys common stock trades on the NASDAQ National Market System under the symbol EGRP, Options trade on the Chicago Board Options Exchange and the American Stock Exchange under the option root symbol QGR. E*TRADEs headquarters are in Menlo Park, California

About Cambridge Consulting

Cambridge Consulting is a leading provider of accounts payable and other audit recovery services as well as payment and procurement consulting to large corporations, and other transaction-intensive companies. Cambridge Consulting identifies and documents overpayments by using customer specific software programs and other advanced audit techniques and methodologies, and does so by employing highly trained, experienced audit recovery specialists. Cambridge Consulting continuously innovates and refines its auditing and consulting practices and techniques so as to ensure consistency, with the latest in accounting procedures, its auditors experiences, and its clients practices.

Cambridge Consulting is headquartered in Los Gatos, California, and has offices in Cambridge, Massachusetts, and Bristol, United Kingdom

Company names used are trademarks of their respective companies.

Contact

Marc d'E Vallancey, Managing Partner, Cambridge Consulting,
mvallancey@camcon.net

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