7th May 1999

To Whom It May Concern:

RE: COST REDUCTION ANALYSTS (CRA)

CRA worked with EULER Trade Indemnity plc on a project to reexamine our spending on stationery and office consumables.

CRA carried out a full analysis of our spending pattern and in addition to identifying alternative suppliers made several extremely helpful suggestions for improving our processes.

During the project CRA's consultants worked in a very professional and efficient manner with minimal impact on our day-to-day activities.

I would have no hesitation in recommending CRA and I would be happy to work with them again on future projects.

Paul Flanagan
Chief Financial Officer

EULER Trade Indemnity plc
Registered in England No. 149786
Registered Office: 1 Canada Square London E14 5DX
http://www.tradeindemnity.com