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                                                                   Exhibit 10.11

                              CONSULTING AGREEMENT

     This Agreement ("Agreement") effective as of this 28th day of July, 2000,
by and between MORGAN STANLEY & CO. INCORPORATED, a Delaware corporation
("COMPANY") with its principal place of business at 1585 Broadway, New York, NY
10036, and KANBAY INCORPORATED ("CONSULTANT"), with its principal place of
business at 6400 Shafer Court, Suite 100, Rosemont, Illinois 60018.

     WHEREAS, the COMPANY and CONSULTANT desire to enter into an agreement
whereby CONSULTANT will perform certain services for COMPANY;

     NOW, THEREFORE, in consideration of the mutual covenants hereinafter
recited, the parties agree as follows:

1.   TERM AND TERMINATION

     The term of this Agreement shall commence as of the date first written
above, and shall continue until terminated in accordance with the provisions of
paragraph 13 hereof. On termination, COMPANY's obligation to pay any
compensation, except for services and expenses already agreed and incurred,
shall cease and terminate.

2.   MASTER AGREEMENT; TASK ORDERS

     This Agreement is a master agreement consisting of individual Task Orders
("Task Orders"). COMPANY desires that CONSULTANT shall perform, and CONSULTANT
agrees to perform, such systems analysis and design services, computer
programming services and/or other consulting services the "Services" as are set
forth in the initial Task Order attached hereto as SCHEDULE A, and each future
Task Order executed by the parties (the "Services"). Each Task Order will be
attached as an additional SCHEDULE A to this Agreement. The terms and conditions
of this Agreement shall govern with respect to the Services, in accordance with
each Task Order. Should the terms of this Agreement conflict with the terms of
any Task Order, the terms of the Task Order will control.

3.   TECHNICAL DIRECTION

     CONSULTANT shall report to and receive technical direction only from such
COMPANY employees or officers as are listed in the applicable Task Order or as
shall be designated by such employees or officers.

4.   PRICE

     COMPANY agrees to pay CONSULTANT for the Services rendered in accordance
with the Payment Schedule specified in each Task Order. The parties can add
additional personnel and rates to any Task Order by mutual written agreement.

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5.   REIMBURSEMENT OF EXPENSES

     COMPANY shall not be liable to CONSULTANT for any expenses paid or incurred
by CONSULTANT unless agreed to in writing. CONSULTANT shall provide COMPANY with
appropriate documentation evidencing all approved expenses. CONSULTANT agrees to
abide by the policies set forth in COMPANY's Information Technology Division's
"Expense Reimbursement Policy for Consultants," attached hereto as Exhibit 1.

6.   PAYMENTS; TAXES

     Each invoice shall be due and payable in U.S. dollars within forty five
(45) calendar days after receipt of such invoice. In addition, COMPANY shall be
responsible for paying any applicable sales, use, value added, or similar taxes,
specified in the applicable invoice and imposed upon the Services rendered or
products provided hereunder by any federal, state, local, or foreign government
authority, exclusive of any taxes based upon CONSULTANT's income or payroll.

7.   INDEPENDENT CONTRACTOR

     CONSULTANT acknowledges that it is acting as an independent contractor,
that CONSULTANT is solely responsible for its actions or inactions, and that
nothing in this Agreement shall be construed to create an employment
relationship between the parties. CONSULTANT is not authorized to enter into
contracts or agreements on behalf of COMPANY or to otherwise create obligations
of COMPANY to third parties. CONSULTANT shall be responsible for and shall
maintain adequate records of expenses it shall incur in the course of performing
Services hereunder and shall be solely responsible for and shall file, on a
timely basis, tax returns and payments required to be filed with or made to any
federal or state or local tax authority with respect to its performance of
Services hereunder. Neither federal, nor state nor local income tax of any kind
shall be withheld or paid by COMPANY with respect to any amount paid to
CONSULTANT pursuant to this Agreement. CONSULTANT agrees that CONSULTANT is
responsible for payment of all applicable workers' compensation, disability
benefits and unemployment insurance, and for withholding and paying such
employment taxes and income withholding taxes as required, with respect to
CONSULTANT or any employee of CONSULTANT.

8.   CONSULTANT'S PERSONNEL

     The Services provided by CONSULTANT may be performed, as the case may be,
by CONSULTANT (if CONSULTANT is an individual) or by personnel who may be either
employees of CONSULTANT or, with COMPANY's consent as required below, of
independent subcontractors of CONSULTANT. CONSULTANT agrees that, with respect
to Services provided hereunder, neither CONSULTANT nor any personnel supplied by
CONSULTANT or a subcontractor thereof are COMPANY employees for any purpose,
including, without limitation by specification: (i) for federal, state or local
tax, employment, withholding or reporting purposes; or (ii) for eligibility or
entitlement to any benefit under any of the COMPANY's employee benefit plans
(including, without limitation, those that are subject to the Employee
Retirement Income Security Act of 1974, as amended), incentive, compensation or
other employee programs or policies

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(each, a "Benefit Plan"). CONSULTANT agrees that all such personnel shall be
informed that they are employees solely of CONSULTANT, or subcontractor if
applicable, and not eligible to participate in any Benefit Plan.

     In the event that any federal, state or local government or administrative
agency, or other regulatory entity, or any court, determines that CONSULTANT or
any personnel of CONSULTANT, or of a subcontractor thereof, acted as an employee
of COMPANY in performing Services, CONSULTANT: (i) waives any and all claims
that CONSULTANT may have as a result of any such determination and acknowledges
that CONSULTANT agreed to render Services under this Agreement with the
understanding that neither CONSULTANT nor any employee of CONSULTANT (nor any
employee of any subcontractor of CONSULTANT) has any right or entitlement to any
such benefit; and (ii) agrees to indemnify and hold COMPANY harmless from all
liabilities, costs and expenses (including, but not limited to, attorney's fees)
incurred by COMPANY as a result of, or related to, such a determination.

     In the event that any personnel performing Services hereunder are found to
be reasonably unacceptable to COMPANY, COMPANY shall notify CONSULTANT and
CONSULTANT shall promptly take appropriate corrective actions or remove said
personnel from performing Services hereunder and, if requested by COMPANY,
provide a qualified replacement.

     In the event that CONSULTANT provides replacement personnel, CONSULTANT
shall not charge COMPANY for the number of hours required to train the
replacement until such personnel are familiar with the particular project and
all work done prior thereto, so that such replacement personnel are capable of
performing the Services as efficiently as the replaced personnel at the time of
departure.

     CONSULTANT acknowledges that, in the course of providing Services,
CONSULTANT and personnel performing Services hereunder may have access to, or
acquire, knowledge of confidential, proprietary and/or sensitive information
regarding COMPANY, COMPANY's clients or other parties with whom COMPANY has a
relationship. CONSULTANT agrees that all such personnel will be advised of the
standards imposed upon them with respect to Services they render and of their
not being employees or agents of COMPANY for any purpose. Accordingly,
CONSULTANT agrees that with respect to personnel providing Services, it shall
institute for such personnel a Standard of Conduct (attached hereto as Exhibit
2) and shall obligate any subcontractor to do the same with respect to its
personnel providing Services hereunder. In addition, prior to performing any
Services hereunder, all personnel utilized by CONSULTANT (or by a subcontractor
of CONSULTANT) in connection with the Services will be provided with a copy of
such Standard of Conduct and will agree in writing to be bound by all of the
restrictions and covenants set forth therein; as well as agreeing that they are
employees of CONSULTANT or its subcontractor. If CONSULTANT is an individual he
or she shall execute an Individual Consultant Addendum and Exhibit 2 shall not
be applicable.

     Notwithstanding any other provision of this Agreement, CONSULTANT may not
assign or subcontract to another party any of the Services to be performed
hereunder without the express written consent of COMPANY. If such consent is
obtained, CONSULTANT agrees to indemnify COMPANY with respect to any liability,
cost, or expense (including, but not limited to, attorney's

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fees) relating to any Services provided by subcontractor or with respect to any
personnel of subcontractor.

     Upon execution of this Agreement, CONSULTANT shall provide to COMPANY the
following documents:

     (a)  if CONSULTANT is incorporated, a certificate of good standing of
CONSULTANT as a corporation under the laws of the state of CONSULTANT's
incorporation; and

     (b)  evidence of CONSULTANT's federal employer identification number.

     Failure by CONSULTANT to provide COMPANY any documents required under this
Section 8 shall be grounds for withholding payments of CONSULTANT's invoices.

9.   CONFIDENTIAL INFORMATION

     (a)  As used herein, "COMPANY Confidential Information" shall mean the
COMPANY Properties (as defined in Section 11(c) of this Agreement) and all
information of the COMPANY to which CONSULTANT has had access in connection with
performance of this Agreement, whether in oral, written, graphic or
machine-readable form, including without limitation, specifications, user,
operations or systems manuals, diagrams, graphs, models, sketches, technical
data, research, business or financial information, plans, strategies, forecasts,
forecast assumptions, business practices, marketing information and material,
customer names, proprietary ideas, concepts, know-how, methodologies and all
other information related to COMPANY's business. COMPANY Confidential
Information shall also include confidential information of a similar nature
received by COMPANY from a third party.

     (b)  As used herein, "CONSULTANT Confidential Information" shall mean
CONSULTANT Properties (as defined in Section 12(a) of this Agreement) furnished
by CONSULTANT to COMPANY in written, graphic or machine-readable form.

     (c)  The COMPANY Confidential Information and CONSULTANT Confidential
Information shall hereinafter be referred to as the "Confidential Information".
Notwithstanding anything to the contrary contained in this Agreement,
Confidential Information shall not include information which: (a) is in the
public domain at the time of disclosure; (b) was in the possession of or
demonstrably known by the recipient prior to its receipt from the disclosing
party; (c) is independently developed by recipient without use of the
Confidential Information; or (d) becomes known to recipient from a source other
than disclosing party without breach of this Agreement.

     (d)  Each party agrees to maintain the confidentiality of the Confidential
Information using procedures no less rigorous than those used to protect and
preserve the confidentiality of its own similar proprietary information (and in
any event not less than a reasonable degree of care) and shall not, directly or
indirectly; (a) transfer or disclose any Confidential Information to any third
party, except that the each party shall be permitted to disclose the
Confidential Information of the other party to its employees and independent
consultants to the extent necessary for the

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performances of the Services hereunder; (b) use any Confidential Information
other than as contemplated under this Agreement or (c) take any other action
with respect to the Confidential Information inconsistent with the confidential
and proprietary nature of such information.

     (e)  If the receiving party is requested or required to disclose
Confidential Information pursuant to a subpoena, court order or other similar
process ("Court Order"), it is agreed that the receiving party shall provide the
disclosing party with notice of such request(s) so that the disclosing party may
seek an appropriate protective order. In the event that the disclosing party is
not successful in obtaining a protective order and the receiving party is, in
the opinion of its counsel, compelled to disclose the Confidential Information
under pain of liability for contempt of court or other censure or penalty, the
receiving party may disclose such information in accordance with and for the
limited purpose of compliance with the Court Order, without liability hereunder.

     (f)  CONSULTANT agrees not to disclose the identity of COMPANY as a
customer or prospective customer of CONSULTANT or the existence or nature of the
relationship contemplated by this Agreement, except as such disclosure may be
required for CONSULTANT to comply with regulatory or other legal requirements.

10.  DISCLOSURE OF INVENTIONS; INNOVATIONS:

     CONSULTANT agrees to disclose promptly in writing to COMPANY any and all
inventions, improvements, discoveries and copyrightable material, computer
programs, processes, manufacturing techniques, trade secret formula or knowhow,
patentable or unpatentable, copyrightable or uncopyrightable, protectable or
unprotectable under any form of legal protection afforded to intellectual
property, that during the term of this Agreement, and in relation to the
performance of this Agreement, CONSULTANT may conceive, make, develop, author or
work on in whole or in part solely or jointly with others. COMPANY agrees to
hold all such disclosures in confidence as Confidential Information unless the
invention, improvement, discovery or work is or becomes COMPANY's property as
provided in Section 11.

11.  INVENTIONS, PATENTS, TRADE-MARKS AND COPYRIGHTS:

     (a)  DEFINITIONS.

          (i)  The term "work" means any and all writings, designs, models,
     drawings, photographs, physical property, reports, formulas, patterns,
     devices, compilations, etc., whether or not protectable under Title 17 of
     the U.S. Code, and that are created for COMPANY by CONSULTANT, whether
     alone or with others, and whether they be created by independent
     contractors, employees or agents of CONSULTANT.

          (ii) The term "trademark" means any name, word, phrase, logo, design
     or other graphic depiction generated during the performance of this
     Agreement that is or can be used to describe either a product or service of
     COMPANY, and that is created for COMPANY by CONSULTANT, whether alone or
     with others, and whether they be created by independent contractors,
     employees or agents of CONSULTANT.

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          (iii) The term "invention" means any designs, processes, inventions or
     discoveries, whether or not patentable or otherwise protectable under Title
     35 of the U.S. Code, that are created for COMPANY by CONSULTANT, whether
     alone or with others, and whether they be created by independent
     contractors, employees or agents of CONSULTANT.

     (b)  WORK MADE FOR HIRE. In relation to the performance of this Agreement
CONSULTANT may create certain works for COMPANY that may be copyrighted or
copyrightable under the laws of the United States. To the extent that any such
works are created, CONSULTANT will be considered to have created a "Work Made
for Hire" as defined in 17 U.S.C. Section 101, and COMPANY shall have the sole
right to the copyright. In the event that any such work created by CONSULTANT
does not qualify as a Work Made for Hire, CONSULTANT hereby assigns its
copyright and all rights, throughout the world, in and to the work to COMPANY,
as provided for in Section 11(c) below.

     (c)  TITLE TO WORKS, TRADE-MARKS, AND INVENTIONS PRODUCED. It is understood
and agreed that the entire right, title and interest throughout the world to all
works, trademarks, and/or inventions that are conceived of, prepared, procured,
generated or produced, whether or not reduced to practice, by CONSULTANT, either
solely or jointly with others during the course of, in connection with, or as
related to the performance of this Agreement, shall be and hereby are vested and
assigned by CONSULTANT to Company (collectively, the "COMPANY Properties").

     CONSULTANT agrees, at COMPANY's expense, to execute any and all documents
prepared by COMPANY, and to do all other lawful acts as may be necessary, useful
or convenient for COMPANY to establish, document, and protect such rights.

     CONSULTANT has acquired or shall acquire from each of its employees,
consultants, and subcontractors, if any, the necessary rights to all such works,
trademarks, and inventions produced by such employees, consultants, and
subcontractors, within the scope of their employment by CONSULTANT in performing
Services under this Agreement. CONSULTANT shall obtain the cooperation of each
such party to secure to COMPANY or its nominees the rights COMPANY may acquire
in accordance with the provisions of this Section 11.

12.  OWNERSHIP CONSULTANT PROPERTIES; AND RESIDUALS

     (a)  CONSULTANT Properties. Proprietary computer software, methodologies,
techniques, software libraries, tools, algorithms, materials, products, ideas,
designs, and know-how used by CONSULTANT in providing Services (including all
copies, enhancements, modifications, revisions, and derivative works of any of
the foregoing, other than the foregoing that results from or is related to the
Services) that: (a) existed prior to the effective date, or (b) are developed by
CONSULTANT independently of providing the Services hereunder shall be the
property of CONSULTANT ("CONSULTANT Properties"). As between CONSULTANT and
COMPANY, CONSULTANT shall at all times be and remain the sole and exclusive
owner of the CONSULTANT Properties. Except as expressly authorized in this
Agreement or a Task Order hereunder, COMPANY will not copy, modify, distribute
or transfer (by any means),

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display, sublicense, rent, reverse engineer, decompile, or disassemble the
CONSULTANT Properties.

     (b)  LICENSE TO USE CONSULTANT PROPERTIES. CONSULTANT hereby grants to
COMPANY a perpetual, world-wide, royalty-free, non-exclusive license to use,
execute, reproduce, transmit, display, perform, and create derivative works from
any CONSULTANT Properties incorporated into or made a part of the COMPANY
Properties hereunder or provided as part of the Services, only in connection
with the use, sale, licensing, modification, enhancement, or further development
of such COMPANY Properties or Deliverables.

     (c)  USE OF RESIDUALS. Notwithstanding anything to the contrary in this
Section 12, CONSULTANT, and its employees, shall be free to use and employ their
existing skills, and general ideas, general concepts, general knowledge, general
experience, general processes, and general know-how gained or learned during the
course of the Task Order (the "Residual Information"), to develop,
independently, materials similar to those of materials developed or prepared
hereunder, so long as CONSULTANT develops the same independently and without the
use or disclosure of any Confidential Information of the COMPANY. For the
avoidance of doubt, CONSULTANT may use or disclose the Residual Information that
may be incorporated in or result from development of the Deliverables (as
defined in Section 20) without restriction.

13.  TERMINATION

     (a)  Either party may discontinue the use of Services, or provision of
Services, as the case may be without reason or cause, at any time upon one
hundred twenty (120) days prior written notice to the other party.
Notwithstanding the foregoing, for a termination without cause by CONSULTANT
such termination date shall not be prior to CONSULTANT's completion of all
Services that CONSULTANT shall have agreed to perform.

     (b)  If a party ( the "Defaulting Party") is in material breach of this
Agreement or any Task Order, and the Defaulting Party does not remedy that
breach or default within thirty (30) calendar days after receipt from the other
party of written notice of breach, the non-defaulting party shall after the
expiration of such thirty (30) calendar day period have the right to terminate
the applicable Task Order. To the extent that the breach or default is of a
nature, which goes beyond the relevant Task Order, the non-defaulting party may
also terminate this Agreement. Termination of a Task Order or this Agreement
shall be without prejudice to any other rights or remedies, which the
non-defaulting party may have.

     (c)  In the event of any such termination, COMPANY shall make payments to
CONSULTANT for all work performed in accordance with the terms and conditions
herein up to the date of termination, and CONSULTANT shall immediately return or
provide to COMPANY, without limitation, all documents, drawings and other items
of whatever nature supplied to CONSULTANT by COMPANY or developed by CONSULTANT
in accordance with this Agreement.

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14.  CONFLICTS OF INTEREST:

     CONSULTANT hereby warrants that there is no conflict of interest (as
determined in accordance with applicable industry standards) between
CONSULTANT's other employment, if any, or other CONSULTANT contracts, if any,
and the activities to be performed hereunder. CONSULTANT shall advise COMPANY if
a conflict of interest arises in the future.

15.  REPRESENTATIONS AND WARRANTIES

     (a)  REPRESENTATIONS AND WARRANTIES OF COMPANY. COMPANY hereby represents
and warrants that it has all rights, titles, or interests in the COMPANY
Properties required for the performance of its obligations hereunder and has the
authority and the legal right to permit CONSULTANT to perform the Services
described herein and contemplated hereby.

     (b)  REPRESENTATIONS AND WARRANTIES OF CONSULTANT.

          (1)  RIGHTS AND TITLES. CONSULTANT hereby represents and warrants
     that: (i) it has all rights, titles or interests in the CONSULTANT
     Properties required for the performance of its obligations hereunder and
     has the authority and the legal right to perform the Services described
     herein and contemplated hereby; and (ii) it will not infringe or
     misappropriate any copyrights, patents, trademarks, trade secrets or other
     proprietary rights of any third party in connection with CONSULTANT's
     performance of the Services hereunder.

          (2)  SERVICES. CONSULTANT further represents and warrants that the
     Services provided under this Agreement will be: (i) performed in a good
     workmanlike manner by skilled, knowledgeable and experienced personnel in
     the subject matter of the applicable Services; and (ii) of commercially
     reasonable quality and will be performed in accordance with industry
     standards.

          (3)  NO VIRUSES. CONSULTANT further represents and warrants that the
     Deliverables shall not contain any computer code (i) designed to disrupt,
     disable, harm, or otherwise impede in any manner, including aesthetical
     disruptions or distortions, the operation of the Deliverables, or any of
     COMPANY's other associated software, firmware, hardware, computer system or
     network (sometimes referred to as "viruses" or "worms"), (ii) that would
     disable the Deliverables or impair in any way its operation based on the
     elapsing of a period of time, exceeding an authorized number of copies,
     advancement to a particular date or other numeral (sometimes referred to as
     "time bombs", "time locks", or "drop dead" devices) or (iii) that would
     permit the CONSULTANT or others to access the Deliverables to cause such
     disablement or impairment (sometimes referred to as "traps", "access codes"
     or "trap door" devices), or any other similar harmful, malicious or hidden
     procedures, routines or mechanisms which would cause such programs to cease
     functioning or to damage or corrupt data, storage media, programs,
     equipment or communications, or otherwise interfere with operations.

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     (c)  NO OTHER WARRANTY. EXCEPT AS PROVIDED IN THIS AGREEMENT, CONSULTANT
MAKES NO OTHER REPRESENTATION OR WARRANTY OF ANY KIND, WHETHER EXPRESS OR
IMPLIED, INCLUDING, BUT NOT LIMITED TO, THE IMPLIED WARRANTIES OF
MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE.

16.  LIMITATION OF LIABILITY

     Each party's liability to the other for claims relating to this Agreement,
whether for breach or in tort, shall be limited to the greater of three million
($3,000,000) dollars or the aggregate amount paid to CONSULTANT hereunder.

     IN NO EVENT WILL EITHER PARTY BE LIABLE FOR ANY INDIRECT, PUNITIVE,
SPECIAL, INCIDENTAL OR CONSEQUENTIAL DAMAGE OF THE OTHER PARTY IN CONNECTION
WITH OR ARISING OUT OF THIS AGREEMENT (INCLUDING LOST PROFITS). HOWEVER IT
ARISES, WHETHER FOR BREACH OF THIS AGREEMENT, INCLUDING BREACH OF WARRANTY, OR
IN TORT, EVEN IF THAT PARTY HAS BEEN PREVIOUSLY ADVISED OF THE POSSIBILITY OF
SUCH DAMAGE.

     The limitations of liability set forth in this paragraph 16 shall not apply
with respect to any indemnity set forth above, or to any claims (i) for personal
injury or property damage (including, without limitation, all costs associated
with the recovery or replacement of lost or damaged software and data), or (ii)
for breach of any confidentiality provision contained herein, or (iii) based on
either party's willful misconduct or gross negligence.

17.  REPORTS

     CONSULTANT, when directed at COMPANY'S expense, shall provide written
reports with respect to the Services rendered hereunder.

18.  LAWS AND REGULATIONS

     Each party and their employees shall comply with all applicable laws, rules
and regulations, as well as all applicable securities laws and/or compliance
regulations and procedures of the parties. In particular, and without limiting
the foregoing, if CONSULTANT is performing any services on behalf of COMPANY's
municipal finance business the following paragraph shall apply:

     COMPANY and CONSULTANT confirm that CONSULTANT is being retained solely to
provide technical and analytical services in connection with the matters
contemplated hereby and not for the purpose of obtaining or retaining municipal
finance business for COMPANY. Without limiting the generality of the foregoing,
CONSULTANT agrees that (a) neither it nor any of its officers, directors,
partners, and non-clerical employees will make any political contributions or
other payments, directly or indirectly, for the purposes of obtaining or
retaining municipal finance business, (b) it will not enter into any arrangement
with any third party to share in any of the fees payable hereunder without
COMPANY's prior written consent, (c) it will comply with all applicable laws,
rules and regulations including ethics rules governing conflicts of interest,
and (d)

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it will certify annually during the term of this Agreement to the effect set
forth in the next succeeding sentence. CONSULTANT represents to COMPANY that
neither it nor any of its officers, directors, partners and non-clerical
employees during the past two years has made or solicited any political
contribution to a state or local official in excess of $250 per candidate per
year in the jurisdiction in which CONSULTANT has been retained to work on behalf
of COMPANY pursuant to this Agreement.

19.  INSURANCE TO BE CONFIRMED BY MORGAN STANLEY AS TO COVERAGES

     CONSULTANT shall, at its own cost and expense, obtain and maintain in full
force and effect with sound and reputable insurers during the term of this
Agreement, the insurance coverage in the minimum amounts described as follows:

     (a)  Worker's Compensation in such form, and in such amounts, as may be
required by law from time to time;

     (b)  Broad Form Commercial General Liability Insurance (including
Products/Completed Operations, Contractual, and Broad Form Property Damage
coverage) in an amount of at least five million dollars ($5,000,000) combined
single limit written on an occurrence basis, and naming COMPANY and its
affiliates and subsidiaries as additional named insureds;

     (c)  Employer's Liability at no less than five hundred thousand dollars
($500,000);

     (d)  Non-Occupation Disability Insurance;

     (e)  Comprehensive crime coverage in the minimum amount of one million
dollars ($1,000,000); and

     Commercial Automobile Liability Insurance, covering owned, non-owned and
hired vehicles, providing bodily injury and property damage, having limits of
liability, per occurrence, of at least one million dollars ($1,000,000), and
naming COMPANY and its affiliates and subsidiaries as additional named insureds.

     All insurance required hereunder to be carried by CONSULTANT (or its
subcontractors or agents) shall be with a company or companies and on forms
reasonably satisfactory to COMPANY. No such insurance shall be deemed to be in
effect until such time as satisfactory certificates evidencing coverage are
provided to the non-insuring party at the inception of the contract and prior to
expiration of any insurance. The certificates should stipulate that if the
policies are canceled, non-renewed or materially changed during the policy term,
written notice will be submitted to the COMPANY within thirty (30) days.

     Certificates are to be delivered to the COMPANY at the address set forth
below prior to commencement any Services hereunder, and at least thirty (30)
days prior to any expiration of each insurance policy:

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Morgan Stanley & Co. Incorporated

1585 Broadway

New York, NY 10036

Attn: Richard Schultz

     CONSULTANT shall require all policies of insurance that are in any way
related to the Services to be provided by CONSULTANT hereunder and that are
secured and maintained by CONSULTANT (or any subcontractor or agent) to include
clauses providing that every underwriter shall waive all of its rights of
recovery under subrogation or otherwise, against COMPANY, CONSULTANT,
subcontractors and/or agents. CONSULTANT waives all rights of recovery against
COMPANY, subcontractors and/or agents which CONSULTANT may have or acquire
because of deductible clauses in or inadequacy of limits of any policies of
insurance that are secured and maintained by CONSULTANT. CONSULTANT shall
require all subcontractors and agents to waive the rights of recovery (as the
aforesaid waiver by CONSULTANT) against COMPANY, CONSULTANT and other
subcontractors or agents and deliver evidence of such waiver to COMPANY before
such subcontractors and agents perform any services.

     Nothing in this Paragraph shall be construed as limiting CONSULTANT's (or
any subcontractor's or agent's) liability to COMPANY or any third party.

     CONSULTANT shall promptly make a full written report to COMPANY as to all
accidents or claims for damage arising from or in connection with (i) this
Agreement; (ii) the discharge of CONSULTANT's duties hereunder; or (iii) the
presence of CONSULTANT or CONSULTANT's agents or employees on the premises.
CONSULTANT shall cooperate fully with COMPANY and with any insurance carrier in
the investigation and defense of all such accidents and claims, such obligation
to survive the termination or expiration of this Agreement.

     The mere purchase and existence of insurance does not reduce or release
CONSULTANT from liability incurred and/or assumed within the scope of this
Agreement. CONSULTANT's failure to maintain insurance shall not relieve it of
liability under this Agreement.

20.  YEAR 2000 COMPLIANCE

     CONSULTANT represents, warrants and covenants that the products and
services provided under this Agreement, including the CONSULTANT Properties and
any hardware, software, data or other deliverables and any derivative works
thereof (hereinafter "Deliverables") are year 2000 compatible and compliant
(i.e., will correctly calculate, compare, sort, extract, sequence, store and
otherwise process, in accordance with the Deliverables' intended use and
applicable specifications, date related information and associated date
calculations for dates before, during and after the year 2000, and will display
date information in ways that are unambiguous as to the determination of the

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century). CONSULTANT further represents, warrants and covenants that prior to
delivering any deliverables to COMPANY hereunder, CONSULTANT shall successfully
test the Deliverables to ensure that there will be no adverse effect by virtue
of date changes at any time from the delivery date thereof through the end of
year 2002, and will demonstrate that the Deliverables are year 2000 compatible
and compliant to COMPANY using test dates specified by COMPANY. In addition to
any other damages for any breach of such representations, warranties and
covenants, CONSULTANT agrees to assign immediately fully trained senior
engineering staff, reasonably acceptable to COMPANY, to work continuously to
correct such Deliverables at no additional cost or expense to COMPANY, and
without interruption to COMPANY's ongoing business, time being of the essence,
and CONSULTANT further agrees that in the event CONSULTANT fails immediately to
assign acceptable staff until such Deliverables are corrected, COMPANY shall
immediately be entitled to seek injunctive relief, as a court may deem
appropriate, to enforce such remedy, money damages being insufficient to make
COMPANY whole.

21.  INDEMNIFICATION

     (a)  INTELLECTUAL PROPERTY. If either party (the ("Indemnitee") promptly
notifies the other (the "Indemnitor") in writing of a claim (the "Claim")
against the Indemnitee that any portion of the Indemnitor's software or other
intellectual property used or subject to this Agreement (including, but not
limited to, COMPANY Properties or CONSULTANT Deliverables, as the case may be)
infringes a proprietary right of a third party, the Indemnitor shall, with
respect to and to the extent of the portion of the Claim pertaining to the
Indemnitor's software or other intellectual property, at its sole expense,
defend, indemnify and hold harmless the Indemnitee with respect to such Claim
and shall pay any costs or damages (including reasonable attorneys' fees) that
may be incurred or finally awarded against the Indemnitee.

     (b)  USE OF COMPANY MATERIALS. COMPANY shall indemnify, defend and
reimburse CONSULTANT for, and hold CONSULTANT harmless from, any and all
third-party Claims and any resulting costs (including reasonable attorneys'
fees), and damages awarded against CONSULTANT, based on the use by CONSULTANT of
any material provided by the COMPANY in connection with CONSULTANT's performance
of Services. At COMPANY'S direction, CONSULTANT shall immediately cease use of
the materials provided to CONSULTANT by COMPANY forming the basis of an
infringement Claim. COMPANY shall have no obligation to indemnify CONSULTANT for
damages awarded against CONSULTANT for use after such notice. COMPANY shall have
the sole right to conduct the defense of any Claim or action and all
negotiations for settlement or compromise. Notwithstanding foregoing, in the
event that COMPANY shall fail to appoint an attorney within ten (10) calendar
days after CONSULTANT has notified COMPANY of any such Claim, CONSULTANT shall
have the right to select and appoint an alternative attorney and the reasonable
cost and expenses thereof shall be paid by the COMPANY.

     (c)  INFRINGEMENT BY DELIVERABLES. CONSULTANT shall have the sole right to
conduct the defense of any Claim and all negotiations for its settlement or
compromise, provided that any such settlement shall not adversely affect
COMPANY'S use of the Deliverables. Notwithstanding the foregoing, in the event
that CONSULTANT shall fail to

                                     - 12 -
<Page>

appoint an attorney within ten (10) calendar days after COMPANY has notified
CONSULTANT of any such Claim, COMPANY shall have the right to select and appoint
an alternative attorney and the reasonable cost and expense thereof shall be
paid by CONSULTANT. If a Deliverable becomes or in CONSULTANT's reasonable
opinion is likely to become the subject of any such Claim, then, CONSULTANT
shall either: (i) procure for COMPANY the right to continue using the
Deliverable as contemplated hereunder; (ii) modify the Deliverable to render
same non-infringing (provided such modification does not adversely affect
COMPANY's use as reasonably determined by COMPANY) or (c) replace same with
equally suitable, functionally equivalent, compatible non-infringing
Deliverable. If none of the foregoing is possible and if such Deliverable is
found to infringe, COMPANY shall have the right to return the Deliverable to
CONSULTANT and CONSULTANT shall promptly refund to COMPANY all amounts paid by
COMPANY for the applicable Deliverable. In the event that COMPANY returns a
Deliverable to CONSULTANT in accordance with the foregoing and as a result
thereof any other Deliverable(s) can no longer be effectively used, as
reasonably determined by COMPANY, COMPANY shall be entitled to return such other
Deliverable(s) to CONSULTANT and CONSULTANT shall also refund to COMPANY all
amounts paid by COMPANY for such other Deliverable(s).

     (d)  SOLE CONTROL. To the extent of the portion of the Claim pertaining to
its own properties, the Indemnitor under any of the indemnities set forth in
this Section 21 shall have sole control of the defense of any such claim and all
negotiations for settlement.

22.  EMPLOYEE SOLICITATION/HIRING

     During the term of this Agreement, and for one year thereafter, neither
COMPANY nor CONSULTANT shall solicit, hire or knowingly engage any of the other
party's employees engaged in the subject matter of this Agreement for one year
following the termination of such employee's employment with the other party,
without such other party's prior written consent.

23.  ASSIGNMENT

     Neither party may assign or delegate any or all of its rights (other than
the right to receive payments) or its duties or obligations hereunder without
the consent of the other party, which consent shall not be unreasonably
withheld; provided, however, that either party may assign this Agreement,
without the need to obtain consent of the other party, to an affiliate of such
party or to a successor in interest to substantially all of the business of that
party, provided that in all cases the assignee agrees in writing to all the
obligations and liabilities under this Agreement and has the financial ability
to do so. An assignee of either party authorized hereunder shall be bound by the
terms of this Agreement and shall have all of the rights and obligations of the
assigning party set forth in this Agreement. If any assignee shall fail to agree
to be bound by all of the terms and obligations of this Agreement, then such
assignment shall be deemed null and void and of no force or effect. In addition
to the foregoing, and notwithstanding anything to the contrary, the COMPANY's
Affiliates shall be permitted to request Services and CONSULTANT shall perform
such Services under this Agreement. CONSULTANT agrees that all of its
obligations to COMPANY under this Agreement shall apply equally to all such
Affiliates. "Affiliate" is defined as Customer's parent corporation ("Parent")
and all entities controlled by Parent.

                                     - 13 -
<Page>

24.  SUBCONTRACTING

     Subject to Section 8, CONSULTANT shall have the right to subcontract, in
its own discretion, all or any portion of the Services to be provided hereunder
to any Affiliate of CONSULTANT.

25.  NO THIRD-PARTY BENEFIT

     Except as set forth to the contrary herein, the provisions of this
Agreement are for the sole benefit of the parties hereto. This Agreement confers
no rights, benefits, or claims upon any person or entity not a party hereto.

26.  NOTICES

     All notices, consents and demands hereunder shall be in writing and shall
be personally delivered or sent by certified or registered mail, return receipt
requested, addressed to the other party at its address set forth in this
Agreement, and shall be deemed given upon receipt. Notices to COMPANY shall be
addressed to the attention of one of the COMPANY employees listed in the related
Task Order and a copy thereof shall be addressed Attn.: Legal Dept., Technology
Unit. Notices to CONSULTANT shall be addressed to the attention of the President
and a copy thereof shall be addressed to Mark L. Gordon, Gordon & Glickson, LLC,
444 North Michigan Avenue, Chicago, Illinois 60611.

27.  COMPLETE AGREEMENT

     This Agreement supersedes all prior oral or written agreements and
understandings between the parties relating to the subject matter hereof,
constitutes the entire agreement between the parties, and cannot be changed
unless mutually agreed upon in writing by both parties.

28.  ENFORCEABILITY

     In the event any provision of this Agreement is found to be legally
unenforceable, such unenforceability shall not prevent the enforcement of any
other provision.

29.  NO WAIVER

     The failure by either party to insist upon strict performance of any of the
provisions contained in this Agreement on any occasions shall not be deemed a
waiver of its rights under that or any other provisions hereof.

30.  GOVERNING LAW

     This Agreement shall be governed by, and construed in accordance with, the
laws of the State of New York, without regard to choice of law rules.

                                     - 14 -
<Page>

31.  HEADINGS AND SUBSECTIONS

     Section headings are provided for convenience of reference and do not
constitute part of this Agreement. Any references to a particular section of
this Agreement shall be deemed to include reference to any and all subsections
thereof.

32.  FORCE MAJEURE

     Either party shall be excused from performance and shall not be liable for
any delay in whole or in part, caused by the occurrence of any contingency
beyond the reasonable control either of the excused party or its subcontractors
or suppliers. These contingencies include, but are not limited to, war,
sabotage, insurrection, riot or other act of civil disobedience, act of public
enemy, failure or delay in transportation, act of any government or any agency
or subdivision thereof affecting the terms hereof, accident, fire, explosion,
flood, severe weather or other act of God, or shortage of labor or fuel or raw
materials. In the event of a delay in excess of thirty (30) days caused by the
foregoing, the party whose performance has not been delayed shall have the right
to immediately terminate this Agreement or the applicable Task Order.

33.  SURVIVAL

     The provisions of Sections 1, 2, 4, 5, 6, 8, 9, 10, 11, 12, 13, 14, 15, 16,
18, 20, 21, 22, 23, 25, 26, 27, 28, 29, 30, 31, 32, and 33 shall survive
termination of this Agreement.

                                     - 15 -
<Page>

     IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
executed as of the date first written above.

KANBAY INCORPORATED                         MORGAN STANLEY & CO. INCORPORATED

By: /s/ William Weissman                    By: /s/ James A. Tilley
   -------------------------------             ---------------------------------
           Signature                                  Signature

Name: WILLIAM WEISSMAN                      Name: James A. Tilley
     -----------------------------               -------------------------------
           Printed                                    Printed

Title: VP & CFO                             Title:
      ----------------------------                ------------------------------

                                     - 16 -
<Page>

                     AMENDMENT NO. 1 TO CONSULTING AGREEMENT

     Amendment No. 1 (the "Amendment") dated as of June 25, 2002 to the
Consulting Agreement dated as of July 28, 2000 (the "Agreement") between Morgan
Stanley & Co. Incorporated ("Company") and Kanbay Incorporated (the
"Consultant").

                                   WITNESSTH:

     WHEREAS, the parties hereto have previously entered into the Agreement; and

     WHEREAS, the parties hereto wish to amend the Agreement in certain respects
as set forth herein;

     NOW, THEREFORE, in consideration of the premises and the mutual agreements
contained in this Amendment the parties agree as follows:

     SECTION 1. DEFINITIONS; REFERENCES. Unless otherwise defined herein, each
term used herein which is defined in the Agreement shall have the meaning set
forth in the Agreement. Each reference to "hereof", "hereunder", "herein" and
"hereby" and each other similar reference and each reference to the "Agreement"
shall from and after the date hereof refer to the Agreement as amended hereby.

     SECTION 2. AMENDMENTS. The Agreement is amended as follows:

     (a)  Section 2 of the Agreement is amended by adding the following language
          at the end thereof:

          "Each Task Order shall be substantially in the form of Exhibit A
          hereto, or as otherwise agreed by the parties, and shall include a
          description of the Services to be performed, shall include the Payment
          Schedule and, to the extent different from the Agreement, the
          termination provisions with respect to the Services provided under
          such Task Order."

     (b)  Section 8 of the Agreement is amended by adding the following new
          paragraph at the end thereof:

          "Consultant shall provide to Company weekly a report which shall
          identify each programmer or other staff of Consultant currently
          providing Services to Company (the "Staff") and shall specify whether
          those Services are related to projects, outsourced matters or
          co-sourced matters (the "Site Report"). The Site Report will be in a
          form reasonably satisfactory to Company. The Site Report shall also
          indicate all Eligible Staff (as defined in Section 13(a)).

     (c)  Section 13 (a) of the Agreement is amended by deleting the words "one
          hundred and twenty (120)" and replacing them with the words "sixty
          (60)" and by adding the following proviso at the end of the first
          sentence of such paragraph:

<Page>

          "PROVIDED that, with respect to any Staff currently providing Services
          who are not Eligible Staff (as provided in the Site Report), Company
          may immediately discontinue the use of any or all of such Staff's
          Services at any time upon thirty (30) days written notice to
          Consultant unless a specific Task Order covering the Staff at issue
          has an end date which is earlier than such notice period. Company's
          right to terminate Staff upon thirty (30) days written notice, as set
          forth in the preceding sentence, does not apply to Staff providing
          Services pursuant to Task Orders priced on a fixed fee basis. As used
          herein, "Eligible Staff" means Staff of the Consultant who (i) are
          currently providing Services to Company and (ii) as of the date on
          which notice is given under this paragraph, have provided Services to
          Company for 180 or more consecutive calendar days (counting all time
          off for weekends, holidays, and all other approved absences, such as
          vacations)."

     (d)  Section 30 of the Agreement is hereby amended by adding the following
          language at the end thereof:

          "The parties hereby consent to the exclusive jurisdiction of, and
          venue in, the federal or state courts with proper jurisdiction over
          the Borough of Manhattan, New York City for the purposes of
          adjudicating any matter arising from or in connection with the
          performance of this Agreement. THE PARTIES HEREBY UNCONDITIONALLY
          WAIVE THEIR RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF
          ACTION BASED UPON OR ARISING OUT OF THE PERFORMANCE OF THIS
          AGREEMENT."

     SECTION 4. COUNTERPARTS. This Amendment may be signed in counterparts, each
of which shall be an original, with the same effect as if the signatures thereto
and hereto were upon the same instrument.

     SECTION 5. EFFECTIVENESS. This Amendment shall become effective as of its
date immediately upon execution hereof by Company and the Consultant.

     IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be
executed as of the date first above written.

KANBAY INCORPORATED                      MORGAN STANLEY & CO. INCORPORATED

By:  /s/ William Weissman                By:  /s/ Scott R. Grafland
    -------------------------------          -------------------------------
      Signature                                Signature

Name: William Weissman                   Name: Scott R. Grafland
      -----------------------------            -----------------------------
      Printed                                  Printed

Title:   VP & CFO                        Title:   Managing Director
       ----------------------------             ----------------------------

[SEAL]

                                        2
<Page>

                                                                       Exhibit A

                                   TASK ORDER

This is a Task Order under the Consulting Agreement dated July 28, 2000 (the
"Consulting Agreement") between Kanbay Incorporated (the "Consultant") and
Morgan Stanley & Co. Incorporated ("Company"). If any of the terms and
conditions of the Consulting Agreement conflict with any of the terms and
conditions of this Task Order, the terms and conditions of this Task Order shall
control solely with respect to the Services performed by Consultant under this
Task Order. Capitalized terms used herein, unless otherwise defined, shall have
the meanings assigned to such terms in the Consulting Agreement.

I.     DESCRIPTION OF SERVICES TO BE PERFORMED OR PERSONNEL TO BE PROVIDED, AND
       DELIVERABLES (IF ANY):

II.    PAYMENT SCHEDULE

       Personnel                                Rate

       Maximum Fee (if any): ______________

       Fixed Fee: ______________

Maximum Authorized Expense Amount for reimbursement (if any): ________________

Manager:
Sr. Manager:
Cost Center:
Start Date:
End Date:
Location:
MER #:
Approved By:

                                        3
<Page>

III.   AUTHORIZED COMPANY EMPLOYEES

The above personnel will accept direction only from the following Company
employees or officers, or such other Company personnel, as they will designate:

       ----------------------

       ----------------------

Special Conditions (if any):

IV.    COMPANY RESPONSIBILITIES (IF ANY):

KANBAY INCORPORATED:                      MORGAN STANLEY & CO. INCORPORATED:

By:                                       By:
   ------------------------------            ------------------------------

Name:                                     Name:
     ----------------------------              ----------------------------

Title:                                    Title:
      ---------------------------               ---------------------------

Date:                                     Date:
     ----------------------------              ----------------------------

                                        4
<Page>

                     AMENDMENT NO. 2 TO CONSULTING AGREEMENT

     Amendment No. 2 ("Amendment") dated as of December 11, 2002 to the
Consulting Agreement dated as of July 28, 2000 (the "Agreement") between Morgan
Stanley & Co. Incorporated ("Company") and Kanbay Incorporated (the
"Consultant").

                                   WITNESSTH:

     WHEREAS, the parties hereto have previously entered into the Agreement; and

     WHEREAS, the parties hereto wish to amend the Agreement in certain respects
as set forth herein;

     NOW, THEREFORE, in consideration of the premises and the mutual agreements
contained in this Amendment the parties agree as follows:

     SECTION 1. DEFINITIONS; REFERENCES. Unless otherwise defined herein, each
term used herein which is defined in the Agreement shall have the meaning set
forth in the Agreement. Each reference to "hereof", "hereunder", "herein" and
"hereby" and each other similar reference, and each reference to the
"Agreement," shall refer to the Agreement, the Exhibits thereto, any Task
Orders, and any amendments to any of the foregoing. "Affiliate" means Company's
parent and any entity controlled, directly or indirectly, by Company's parent.

     SECTION 2. ADDITIONS. The Agreement is amended by the addition of the
following provisions:

     (a)  DISASTER RECOVERY. Consultant has implemented a number of disaster
          recovery measures, including, but not limited to: redundant
          communication links between Consultant's facilities; maintaining
          critical spare parts for network facilities; implementing daily
          automatic backups of all data stored on its facilities; the
          acquisition of offsite storage facilities for backup tapes; the use of
          devices to identify intrusions on Consultant's systems, as well as
          security reviews of all network devices and systems; detailed action
          plans in the event of a breach; the implementation of current virus
          protection; and the installation of backup power sources.

          Notwithstanding the foregoing, the parties will coordinate with each
          other to define, implement and integrate reasonable disaster recovery
          and contingency plans for the Services provided hereunder. This will
          include the development of improved recovery strategies, and the
          development and implementation of new preventative measures designed
          to minimize the impact of various business interruptions and
          disasters.

          Upon Company's request, Consultant shall provide Company copies of and
          access to any such disaster recovery measures for their review.

<Page>

     (b)  PERSONNEL INDEMNITY. Consultant shall indemnify, defend and hold
          harmless Company from any and all Employment Liabilities arising out
          of any act or omission of Consultant in its capacity as the employer
          or prospective employer of any person. As used herein, "Employment
          Liabilities" means claims, suits, demands, damages or other losses and
          damages arising in the course of the employment relationship,
          including claims of harassment, discrimination, wrongful discharge,
          payment of compensation, benefits or salary, non-payment of taxes,
          failure to withhold, or claims arising under workers compensation
          laws, unemployment compensation laws, occupational health and safety
          laws, disability laws, ERISA, or any other applicable federal, state,
          or local laws or regulations.

     (c)  THIRD PARTY SOFTWARE. Unless it obtains Company's prior written
          approval, in performing the Services, Consultant will not use any
          third party software or other third party work (including any software
          or work subject to an open source license (including the GNU Public
          License) or any "copyleft" restrictions): (i) to which a license is
          required in order to use any deliverables; (ii) the terms of which
          impose any restrictions on the use of any deliverables, or (iii) the
          terms of which in any way limit Company's intellectual property rights
          in any works, trademarks and/or inventions (as such terms are defined
          in Section 11 of the Agreement).

     (d)  AUDIT. Company (or its designee) may, on ten (10) days notice, conduct
          audits and reviews of Consultant on Consultant's premises with respect
          to the Services, including monitoring, supervising and examining
          Consultant's work, communications procedures (including e-mail and
          telephone), security, data protection processes, systems and
          procedures, and contractual compliance. Consultant will inform its
          Representatives that such monitoring, supervision and examination may
          occur. "Representatives" means Consultant's officers, directors,
          employees, consultants, attorneys, accountants, agents and independent
          subcontractors (and their employees) and other representatives.
          Company may provide Consultant with an audit report and Consultant
          will promptly make all reasonable efforts to correct any deficiencies
          identified in such audit report. Consultant will maintain business and
          financial records regarding any expenses in providing the Services for
          which it seeks reimbursement and upon reasonable notice Company may
          also audit Consultant concerning such expenses and records thereof.

     (e)  ACCEPTANCE TESTING.

          (i)    ACCEPTANCE TESTING. The parties may perform Acceptance Testing
                 of the Services including any and all deliverables. The term
                 "Acceptance Testing" means testing performed by or on behalf of
                 Company to determine whether the relevant Services or
                 deliverables comply with any requirements and specifications
                 set forth in the Task Order. Acceptance Testing criteria and
                 procedures, if any, shall be specified in the Task Order or
                 subsequently agreed by the parties in writing under the Task
                 Order.

                                        2
<Page>

                 Payment by Company of any fees or other consideration to
                 Consultant or use of the Services or any deliverables by
                 Company prior to Acceptance will not constitute Company's
                 Acceptance of such Services or deliverables.

          (ii)   FAILURE OF ACCEPTANCE TESTING. If Company notifies Consultant
                 that the relevant Services or deliverables or any portion
                 thereof fail to pass any material requirement of Acceptance
                 Testing, Consultant will correct all such deficiencies within
                 such time as is reasonable in light of the nature of the defect
                 or non-conformity and its effect on Company's operations, as
                 reasonably determined by the parties, or as otherwise set forth
                 in the Task Order, but no less than (10) calendar days after
                 receipt of Company's notice of such failure. Except as agreed
                 by the parties in writing, no more than ten (10) calendar days
                 after such corrections have been made, Company will retest the
                 relevant Services or deliverables. If the Services or
                 deliverables still fail any material requirement of Acceptance
                 Testing, Company may, in its sole discretion: (A) grant
                 Consultant additional time to correct the outstanding
                 deficiencies; or (B) without prejudice to any of Company's
                 other rights and remedies under the Agreement or at law or in
                 equity, terminate the relevant Task Order or the Agreement and
                 receive a refund from Consultant of any fees paid to Consultant
                 for work which has been rejected under this Section..

     (f)  CONFIDENTIAL INFORMATION.

          (i)    CONFIDENTIAL INFORMATION. Company Confidential Information
                 shall include all information of a third party to which Company
                 or any of its Affiliates have access (including any Personal
                 Information, as defined in Exhibit A of this Amendment below)
                 and to which Consultant has had or will have access, and all
                 notes, analyses and studies prepared by Consultant or any of
                 its Representatives, during the term of the Agreement or
                 anytime thereafter, incorporating any of the Company
                 Confidential Information. Confidential Information also
                 includes the terms and conditions of the Agreement.

          (ii)   NONPUBLIC PERSONAL INFORMATION AND FOREIGN DATA PROTECTION. For
                 purposes of compliance with (i) Title V of the
                 Gramm-Leach-Bliley Act of 1999 (the "Act") or any successor
                 federal statute to the Act, and the rules and regulations
                 thereunder, all as may be amended or supplemented from time to
                 time, (ii) the European Commission Data Protection Directive
                 (95/46/EC) or Data Protection Act 1998 or any implementing or
                 related legislation of any member state in the European
                 Economic Area (the "Data Protection Laws") and (iii) any other
                 applicable laws concerning persona] information, Consultant
                 will comply with the terms and conditions set forth in Exhibit
                 A attached hereto.

                                        3
<Page>

     (g)  INDEMNIFICATION.

          (i)    INDEMNIFICATION. For purposes of any Consultant indemnification
                 obligations in the Agreement, the term "Company" shall include
                 Company and its Affiliates and any of their officers,
                 directors, employees, agents, consultants and other
                 representatives. For purposes of any Company indemnification
                 obligations in the Agreement, the term "Consultant" shall
                 include Consultant and its Affiliates and any of their
                 officers, directors, employees, agents, consultants and other
                 representatives.

          (ii)   COMPANY'S RIGHT TO PARTICIPATE. Notwithstanding anything to the
                 contrary in Section 21(c) of the Agreement, Consultant may not,
                 without Company's prior written consent, settle, compromise or
                 consent to the entry of any judgment in any commenced or
                 threatened Claim or action which relates to Consultant's
                 indemnity obligations, unless such settlement, compromise or
                 consent: (A) includes an unconditional release of Company from
                 all liability arising out of such commenced or threatened Claim
                 or action; and (B) is solely monetary in nature and does not
                 include a statement as to, or an admission of fault,
                 culpability or failure to act by or on behalf of, Company or
                 otherwise adversely affect Company's use of the Deliverables.
                 If the attorney appointed by Consultant to defend any such
                 commenced or threatened Claim or action, is, in Company's
                 reasonable judgment, not suitably qualified to represent
                 Company, Company will have the right to select and appoint an
                 alternative attorney and the reasonable cost and expense
                 thereof will be paid by Consultant.

          (iii)  EXCEPTION. Notwithstanding Section 16 of the Agreement, the
                 limitations of liability set forth therein shall not apply with
                 respect to a party's indemnification obligations under the
                 Agreement.

     (h)  AFFILIATES. Any Company Affiliate may execute a Task Order hereunder
          and, by the act of such execution, thereby agrees to become a party to
          the Agreement as if it had been named as an original party thereto and
          (a) is entitled to all related services and all other rights and
          protections provided to Company thereunder with respect to such Task
          Order, and (b) is bound by the same terms and conditions contained in
          the Agreement with respect to such Task Order. In furtherance of the
          foregoing, for purposes of any Task Order submitted by a Company
          Affiliate, the name of such submitting entity shall be read in place
          of the words "Company" in the Agreement only wherever necessary to
          implement such Task Order, provided, however, that all parties agree
          that the limitation of liability contained in Section 16 of the
          Agreement shall be applied such that each of (i) Consultant's
          aggregate liability to Company and its Affiliates, and (ii) the
          aggregate liability of Company and its Affiliates to Consultant
          (excluding Services fees and expenses incurred and properly due
          hereunder), is limited to the greater of three million dollars
          ($3,000,000) or the aggregate amount paid to Consultant under the

                                        4
<Page>

          Agreement in the twelve (12) month period immediately preceding the
          month in which the event occurred upon which liability is predicated,
          and provided, further, that a Company Affiliate may exercise a remedy
          for any breach or alleged breach of this Agreement by Consultant only
          to the extent that such Affiliate has actually been adversely affected
          by such breach or alleged breach. Without limiting the generality of
          the foregoing, Consultant agrees that all of its obligations related
          to Consultant's performance of Services under the Agreement will apply
          equally to each Company Affiliate that is a party to a Task Order.
          Company hereby guarantees the payment obligations of each Company
          Affiliate provided that such obligations are not subject to a good
          faith dispute. Furthermore, the parties acknowledge and agree that
          Consultant is providing Services to such Company Affiliates in
          reliance on the effectiveness of this Section in making such Company
          Affiliates parties to the Agreement.

     SECTION 3. COUNTERPARTS. This Amendment may be signed in counterparts, each
of which shall be an original, with the same effect as if the signatures thereto
and hereto were upon the same instrument.

     SECTION 4. EFFECTIVENESS. This Amendment shall become effective as of its
date immediately upon execution hereof by Company and the Consultant.

     IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be
executed as of the date first above written.

KANBAY INCORPORATED                      MORGAN STANLEY & CO. INCORPORATED

By:  /s/ William Weissman                By:  /s/ Scott R. Grafland
    -------------------------------          -------------------------------
      Signature                                Signature

Name: William Weissman                   Name: Scott R. Grafland
      -----------------------------            -----------------------------
      Printed                                  Printed

Title:   VP & CFO                        Title:   Managing Director
       ----------------------------             ----------------------------

[SEAL]

<Page>

   EXHIBIT A: COMPLIANCE WITH GRAMM-LEACH-BLILEY AND NON- U.S. DATA PROTECTION

For purposes of compliance with (i) Title V of the Gramm-Leach-Bliley Act of
1999 (the "Act") or any successor federal statute to the Act, and the rules and
regulations thereunder, all as may be amended or supplemented from time to time,
(ii) the European Commission Data Protection Directive (95/46/EC) or Data
Protection Act 1998 or any implementing or related legislation of any member
state in the European Economic Area (the "Data Protection Laws") and (iii) any
other applicable laws concerning personal information, Consultant represents,
warrants and covenants that:

     -    it will process, use, maintain and disclose Personal Information only
          as necessary for the specific purpose for which this Information was
          disclosed to it and only in accordance with the Agreement;

     -    it will not disclose any Personal Information to any third party
          (including to the subject of such Information) or any Representative
          who does not have a need to know such Information, except where
          required by law to disclose such Information;

     -    it will implement and maintain an appropriate security program that is
          designed to (a) ensure the security and confidentiality of all
          Personal Information provided to it by Morgan Stanley, (b) protect
          against any threats or hazards to the security or integrity of such
          Information, including unlawful destruction or accidental loss,
          alteration and any other form of unlawful processing and (c) prevent
          unauthorized access to, use or disclosure of such Information;

     -    it will immediately notify Morgan Stanley in writing if it becomes
          aware of (a) any disclosure or use of any Personal Information by it
          or any of its Representatives in breach of this Exhibit, (b) any
          disclosure of any such Information to it or its Representatives where
          the purpose of such disclosure is not known, and (c) any request for
          disclosure or inquiry regarding such Information from a third party;

     -    it will cooperate with Morgan Stanley and the relevant supervisory
          authority in the event of litigation or a regulatory inquiry
          concerning the Personal Information and shall abide by the advice of
          Morgan Stanley and the relevant supervisory authority with regard to
          the processing of such Information;

     -    it will enter into further agreements as requested by Morgan Stanley
          if reasonably necessary to comply with data protection or privacy laws
          from time to time;

     -    it has no reason to believe that any applicable law will prevent it
          from fulfilling its obligations under this Exhibit;

     -    at Morgan Stanley's direction at any time, and in any event upon any
          termination or expiration of the Agreement, it will immediately return
          to Morgan Stanley any or all Personal Information and will destroy all
          records of such Information, provided,

                                        6
<Page>

          however, that Kanbay may retain such Information as may be necessary
          by law or regulation for tax and regulatory purposes, and that this
          return or destruction of such Information at the direction of Morgan
          Stanley shall not be deemed a material breach of this Agreement or any
          Task Order;

     -    it will cause its Representatives to act in accordance with this
          Exhibit;

     -    upon completion of any Task Order, it will return to Morgan Stanley
          any or all applicable Personal Information which is not necessary for
          the performance of another pending Task Order or destroy all records
          of such Information, provided, however, that Kanbay may retain such
          Information as may be necessary by law or regulation for tax and
          regulatory purposes; and

     -    to the extent that the Personal Information is subject to the Data
          Protection Laws, data subjects may enforce the provisions of this
          Exhibit as a third-party beneficiary against it with respect to their
          Personal Information but only in cases where Morgan Stanley has
          factually disappeared or has ceased to exist in law. The Consultant
          and Morgan Stanley do not object to the data subjects being
          represented by an association or other body if they so wish and if
          permitted by national law.

Morgan Stanley reserves the right to review Consultant's policies and procedures
used to maintain the security and confidentiality of information, including
auditing Consultant and its Representatives concerning such policies and
procedures. The provisions of this Exhibit supplement, are in addition to, and
will not be construed to limit any other confidentiality obligations under the
Agreement [or any Task Order]. Any exclusion from the definition of Confidential
Information contained in the Agreement will not apply to Personal Information
provided by Morgan Stanley under the Agreement or a Task Order.

"Personal Information" means: (i) personally identifiable information about or
relating to any former, current or prospective clients (or representatives of
clients), employee of Morgan Stanley or any other party with respect to whom
Morgan Stanley maintains information, in each case, which the Consultant
receives or otherwise has access to (the "Covered Parties"); and (ii) any list,
description, or other grouping of information of Covered Parties (and publicly
available information pertaining to them) that is derived using any personally
identifiable information. "Morgan Stanley" means Morgan Stanley & Co.
Incorporated and/or its Affiliates, as the context requires.

                                        7
<Page>

                     AMENDMENT NO. 3 TO CONSULTING AGREEMENT

Agreement:                          Consulting Agreement dated July 28, 2000, as
                                    amended from time to time, including
                                    (without limitation) by Amendment No. 1
                                    dated June 25, 2002 and Amendment No. 2
                                    dated December 11, 2002 (the "Agreement")
Morgan Stanley contracting entity:  Morgan Stanley & Co. Incorporated ("MS
                                    Entity")
Consultant:                         Kanbay Incorporated ("Provider")

This Amendment No. 3 ("Amendment"), effective as of May 1, 2003 ("Effective
Date"), supplements and amends the terms and conditions of the above referenced
Agreement by and between the identified MS Entity and Provider. In consideration
of the following and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the MS Entity and Provider hereby
agree to amend the Agreement as follows:

1. The parties acknowledge and agree that: (a) the Agreement exists and is in
effect as of the Effective Date; and (b) pursuant to the Agreement (or a portion
thereof), Provider provides services, goods or other materials to office
locations and facilities of the MS Entity and/or certain of its Affiliates (as
defined below) located in the State of New Jersey from time to time.

2. A new Affiliate of the MS Entity has been incorporated under the name Morgan
Stanley Management Services, Inc. ("MSMSI") and, as of the Effective Date, MSMSI
hereby assumes from the MS Entity and/or certain of its Affiliates their normal
business operations within the State of New Jersey. For purposes of this
Amendment, the term "Affiliate" means any entity that controls, is controlled
by, or is under common control with Morgan Stanley & Co. Incorporated. As used
in this paragraph 2, the term "control" means possessing, directly or
indirectly, the power to direct or cause the direction of the management,
policies or operations of an entity, whether through ownership of voting
securities, by contract or otherwise.

3. As of the Effective Date, the portion of the Agreement through which the MS
Entity and/or certain of its Affiliates receive services, goods or other
materials in the State of New Jersey is hereby assigned by the MS Entity to
MSMSI. Provider hereby consents to such assignment as provided herein. Without
limiting the foregoing, as of the Effective Date, all services, goods and other
materials provided by Provider in the State of New Jersey to the MS Entity
and/or certain of its Affiliates pursuant to a Task Order shall be delivered to
and provided for the benefit of MSMSI as if MSMSI was the signatory to the Task
Order for such services; goods or other materials. MSMSI is the assignee of all
such rights and obligations related thereto. For the avoidance of doubt: (i)
services shall be deemed to be provided by Provider within the State of New
Jersey only if such services are performed by Provider within the State of New
Jersey; and (ii) goods or other materials shall be deemed to be provided by
Provider within the State of New Jersey only if such goods or materials are
delivered by (or on behalf of) Provider to office locations or facilities of the
MS Entity or its Affiliates located in the State of New Jersey.

4. For Task Orders entered into following the execution of this Amendment,
Provider and the MS Entity (or its Affiliate, if applicable) shall jointly use
good faith efforts to identify in advance any Task Orders under which all or any
portion of Provider's goods, materials or services will be provided in the State
of New Jersey ("New Jersey Task Orders"). In accordance with the Agreement, New
Jersey Task Orders shall be executed by Provider and MSMSI. In the event that a
New Jersey Task Order is executed by Provider and the MS Entity or any Affiliate
(excluding MSMSI), goods, materials or services provided by Provider pursuant to
such New Jersey Task Order shall be deemed to be delivered to and provided for
MSMSI as set forth in this Amendment. Unless otherwise set forth in the
applicable New Jersey Task Order, invoices in connection with New Jersey Task
Orders shall be submitted for payment to, and paid by, MSMSI in accordance with
the terms of the New Jersey Task Order and the Agreement. Notwithstanding
anything in this Amendment or the Agreement, Provider shall not be liable under
any circumstances for any liability (including but not limited to tax liability)
incurred by the MS Entity or any of its Affiliates (including but not limited to
MSMSI) as a result of the failure of Provider or the MS Entity (or its
Affiliate, as applicable) to correctly identify MSMSI as the signatory of any
New Jersey Task Order, or Provider's failure to submit invoices directly to
MSMSI under a New Jersey Task Order. In the event that Provider submits an
invoice for a New Jersey Task Order to the MS Entity or any Affiliate (excluding
MSMSI), the MS Entity or any Affiliate (excluding MSMSI) shall: (i) not be
liable for such invoice (except as a guarantor to the extent provided in the
Agreement); and (ii) shall notify Provider of such error. Upon such
notification, Provider shall re-deliver said invoice to MSMSI.

5. Notwithstanding anything to the contrary herein or in the Agreement, MSMSI,
the MS Entity and its Affiliates may access and use the services, goods and
other materials assigned hereunder, as well as the services, goods and other
materials provided by Provider pursuant to a New Jersey Task Order, in order to
support their ordinary business

                                        1
<Page>

requirements. Provider hereby affirms that, as set forth in the Agreement, the
MS Entity or any of its Affiliates (including, without limitation, MSMSI) may
execute Task Order(s) to the Agreement to obtain services, goods or other
materials directly from Provider subject to and in accordance with the
Agreement.

6. In the event of a conflict between the terms and conditions of this Amendment
and the terms and conditions of the Agreement, the terms and conditions of this
Amendment shall control. Unless amended in this Amendment, all terms and
conditions contained in the Agreement shall remain in effect and are hereby
affirmed in their entirety. To the extent that the services, goods or other
materials are not provided to MSMSI pursuant to the Agreement as amended herein,
the Agreement remains in full force and effect between Provider and the MS
Entity and/or certain of its Affiliates as the case may be.

IN WITNESS WHEREOF, the parties have caused this Amendment to be executed and do
each hereby warrant and represent that their respective signatory whose
signature appears below has been and is on the Effective Date duly authorized by
all necessary and appropriate corporate action to execute this Amendment.

PROVIDER:                               MS ENTITY:
KANBAY INCORPORATED                     MORGAN STANLEY & CO. INCORPORATED

By:  /s/ William Weissman               By:  /s/ Richard Anfang
   -----------------------------------     -------------------------------------
   Name:  WILLIAM WEISSMAN                 Name:  RICHARD ANFANG
   Title: VP & CHIEF FINANCIAL OFFICER     Title: Managing Director
   Date:  11/20/03                         Date:  11/26/03

[SEAL]

                                        ACKNOWLEDGED AND AGREED ON BEHALF OF
                                        MORGAN STANLEY MANAGEMENT SERVICES, INC.

                                        By:  /s/ Richard Anfang
                                           -------------------------------------
                                           Name:  RICHARD ANFANG
                                           Title: Managing Director
                                           Date:  11/26/03

[SEAL]

                                        2<Page>

                                                                   Exhibit 10.12

                                                              MSA NO. AGE/2-2004

                               KANBAY INCORPORATED

                            MASTER SERVICES AGREEMENT
                                 (UNITED STATES)

     This Master Services Agreement ("Agreement") is made as of the 20th day of
February, 2004 ("Effective Date"), by and between Kanbay Incorporated, an
Illinois corporation with its principal place of business at 6400 Shafer Court,
Suite 100, Rosemont, Illinois 60018 ("Kanbay"), and A.G. Edwards Technology
Group, Inc., a Missouri corporation with its principal place of business at One
North Jefferson, St. Louis, MO 63103 ("A.G. Edwards"). The parties agree as
follows:

1. SCOPE OF WORK

    1.1. SERVICES. "Services" means the obligations of Kanbay under Sections 1
through and including 11 of this Agreement and all consulting, development,
programming, conversion, management, operations, and other services to be
performed by Kanbay pursuant to each mutually agreed upon and executed Statement
of Work (each a "Statement of Work"). Each Statement of Work entered into by the
parties shall reference this Agreement and shall be attached hereto and made a
part of this Agreement; provided, however, the contents of any Statement of Work
shall take precedence over any conflicting provision in this Agreement to the
extent necessary to resolve any such conflict. Kanbay shall perform all Services
at the location(s), on the date(s), and during the term provided for in such
Statement of Work, and any applicable Termination Assistance Period (as such
term is defined in Section 9.2.1 of this Agreement).

    1.2. RELATIONSHIP OF THE PARTIES. Kanbay shall be an independent contractor
of A.G. Edwards. As between Kanbay and A.G. Edwards, all persons retained by
Kanbay to perform Services for A.G. Edwards hereunder shall be employees or
subcontractors of Kanbay and shall not be employees of A.G. Edwards.

    1.3. PLACE OF WORK. Kanbay's personnel will perform all work for A.G.
Edwards at the A.G. Edwards' premises designated by A.G. Edwards in its sole
discretion, except when it is determined by A.G. Edwards that it is mutually
beneficial to have a project or task performed off-site or otherwise agreed by
the parties in an applicable Statement of Work. No Services shall be performed
from, through or using a location outside the United States, except as may be
expressly authorized by A.G. Edwards, in its sole discretion, in writing in an
applicable Statement of Work.

    1.4. KANBAY PERSONNEL. Unless otherwise provided in a Statement of Work,
before assigning an individual to perform Services for A.G. Edwards, Kanbay
shall notify A.G. Edwards of the proposed assignment and, subject to applicable
Law, provide A.G. Edwards with any information regarding the individual that
A.G. Edwards requests. A.G. Edwards may interview the personnel Kanbay proposes
to assign to A.G. Edwards' work, including to determine if such personnel are
appropriate for the work based on their specific or general skills or their
background and experience. A.G. Edwards has the right to require replacement of
any individual assigned to perform Services to A.G. Edwards who is
unsatisfactory to A.G. Edwards for any reason, and Kanbay shall use commercially
reasonable efforts to provide a qualified replacement as soon as practicable.
The individuals designated in the applicable Statement of Work as assigned to
perform Services for A.G. Edwards on a full-time basis will remain dedicated on
a full-time basis to the A.G. Edwards project for which they were assigned
throughout the duration of the project, and such individuals will not be
reassigned by Kanbay to any other project without A.G. Edwards' prior written
consent. In the event that any individual assigned to perform Services for A.G.
Edwards is replaced, Kanbay shall ensure an orderly succession and knowledge
transfer without disruption to such Services or A.G. Edwards' business.

                                                       MASTER SERVICES AGREEMENT
                                                                      V.09.17.03

                                       -1-
<Page>

    1.5. CONDUCT OF KANBAY PERSONNEL. While at A.G. Edwards' premises, Kanbay
and Kanbay personnel shall (a) comply with the requests, rules and regulations
of A.G. Edwards regarding safety and health, personal and professional conduct
(including adhering to general safety practices or procedures) generally
applicable to such A.G. Edwards premises and (b) otherwise conduct themselves in
a businesslike manner. Kanbay shall require all Kanbay personnel having access
to A.G. Edwards Confidential Information to maintain and enforce the provisions
of the Confidentiality Agreement referenced in Section 5.1 below.

    1.6. NON-COMPETITION. Kanbay shall not assign any Kanbay personnel
(including Kanbay employees or contractors) that are delivering Services to A.G.
Edwards hereunder to the account of any competitor of A.G. Edwards without A.G.
Edwards' prior consent while such personnel are assigned to A.G. Edwards'
account or otherwise providing any Services under this Agreement.

2. A.G. EDWARDS RESPONSIBILITIES

    2.1. COOPERATION. A.G. Edwards shall cooperate with Kanbay by providing to
Kanbay such information and access to A.G. Edwards's personnel, facilities,
equipment, databases, software, and other resources as are specifically set out
and agreed to in a Statement of Work.

3. FEES AND PAYMENTS

    3.1. FEES. The fees for Kanbay's Services will be charged in U.S. dollars on
the terms and at the rates specified in the applicable Statement of Work.

    3.2. EXPENSES. A.G. Edwards shall reimburse Kanbay for all actual expenses
that are authorized by A.G. Edwards in an applicable Statement of Work or
otherwise agreed in writing in advance, reasonably incurred by Kanbay and Kanbay
personnel in the course of performing the Services hereunder and evidenced by
receipts provided to A.G. Edwards ("Expenses").

    3.3. INVOICES. Unless otherwise specified in the applicable Statement of
Work, Kanbay will invoice A.G. Edwards monthly ("Invoice Period") for the
Services furnished and Expenses incurred during the immediately preceding
Invoice Period. Invoices for Services rendered on a time-and-materials basis
will indicate a breakdown and distribution of charges, by individual, at the
rates specified in the applicable Statement of Work. Statements of Work for
Services rendered on a fixed-fee basis will indicate the basis upon which the
fees are due and payable (E.G., milestones achieved or dates passing).

    3.4. TAXES. In addition, A.G. Edwards shall be responsible for paying any
applicable sales, use, excise, value added, or similar taxes, duties, or
assessments imposed upon the Services rendered hereunder by any federal, state,
local, or foreign government authority, exclusive of any taxes based upon
Kanbay's income or payroll; provided, however, that A.G. Edwards shall not be
responsible for any withholding tax on cross-border or other payments made
between Kanbay and its Affiliates or contractors. A.G. Edwards and Kanbay shall
cooperate to segregate the fees into the following separate payment streams: (a)
those for taxable Services; (b) those for nontaxable Services; and (b) those for
which a sales, use or other similar tax has already been paid. In addition, each
of A.G. Edwards and Kanbay shall cooperate with the other to more accurately
determine a party's tax liability and to minimize such liability, to the extent
legally permissible.

    3.5. PAYMENTS. Each accurate invoice shall be due and payable to Kanbay, at
the address specified in the preamble to this Agreement, in U.S. dollars within
thirty (30) calendar days after receipt of such accurate invoice and any past
due undisputed amounts shall thereafter accrue interest, until paid, at the
lesser of 1.5% per month or the maximum interest rate permitted under applicable
law.

    3.6. NO OTHER CHARGES. Except as expressly set forth in this Agreement,
including in an applicable Statement of Work, there shall be no charges, fees,
expenses, costs or other amounts payable by A.G. Edwards in respect of the
Services.

    3.7. COMPENSATION OF KANBAY'S PERSONNEL. Kanbay shall bear sole
responsibility for payment of compensation to its personnel. Kanbay shall pay
and report, for all personnel

                                                       MASTER SERVICES AGREEMENT
                                                                      V.09.17.03

                                       -2-
<Page>

assigned to A.G. Edwards' work, federal and state income tax withholding, social
security taxes, and unemployment insurance applicable to such personnel as
employees of Kanbay. Kanbay shall bear sole responsibility for any health or
disability insurance, retirement benefits, or other welfare or pension benefits,
if any, to which such personnel may be entitled. Kanbay agrees to, at its sole
expense, defend, indemnify, and hold harmless A.G. Edwards, A.G. Edwards'
Affiliates, officers, directors, employees and agents, and the administrators of
A.G. Edwards' benefit plans, from and against any claims, liabilities, or
expenses (including reasonable attorney fees) relating to Kanbay's obligations
or liabilities for such compensation, tax, insurance, or benefit matters,
provided that A.G. Edwards shall promptly notify Kanbay of each such claim when
and as it comes to A.G. Edwards's attention, A.G. Edwards shall cooperate with
Kanbay in the defense and resolution of such claim, and A.G. Edwards shall not
settle or otherwise dispose of such claim without Kanbay's prior written
consent, such consent not to be unreasonably withheld.

    3.8. REVIEW OF BACKGROUND. Kanbay shall obtain the consent from each person
assigned to perform Services for A.G. Edwards to allow A.G. Edwards or its
agents to conduct a review of such person's background, including but not
limited to, consent to obtain and use the fingerprints of each such person to
conduct a background review.

    3.9. LEGAL STATUS. Except to the extent A.G. Edwards authorizes Services to
be performed from a location outside the United States in accordance with
Section 1.3 of this Agreement, Kanbay shall only assign persons to perform
Services for A.G. Edwards who are legally eligible to work in the United States
in accordance with all local, state and federal Laws. Kanbay shall notify A.G.
Edwards in writing of any restrictions of any nature regarding the legal
eligibility to work of any person assigned to perform Services for A.G. Edwards,
including, but not limited to, the expiration dates for any work VISA or other
time-restricted work permit. The foregoing obligations of Kanbay shall not apply
with respect to the personnel formerly employed by A.G. Edwards and transitioned
to employment with Kanbay pursuant to Statement of Work No. 001.

    3.10. STATE AND FEDERAL TAXES. As neither Kanbay nor its personnel are A.G.
Edwards' employees, A.G. Edwards will not provide Kanbay's personnel with any
benefits or commitments inconsistent with any of the benefits or commitments
provided by Kanbay. Likewise, A.G. Edwards will not take any action with respect
to Kanbay's personnel inconsistent with any action taken by Kanbay. In
particular and without limiting the foregoing:

    -  A.G. Edwards will not withhold FICA (Social Security) from Kanbay's
       payments.

    -  A.G. Edwards will not make state or federal unemployment insurance
       contributions on behalf of Kanbay or its personnel.

    -  A.G. Edwards will not withhold state and federal income tax from payment
       to Kanbay.

    -  A.G. Edwards will not make disability insurance contributions on behalf
       of Kanbay.

    -  A.G. Edwards will not obtain workers' compensation insurance on behalf of
       Kanbay or its personnel.

4. OWNERSHIP

    4.1. A.G. EDWARDS PROPERTIES. Software, owned or developed by, or licensed
to A.G. Edwards, methodologies, techniques, software libraries, tools,
algorithms, materials, products, ideas, designs, and know-how (including all
copies, enhancements, modifications, revisions, and derivative works of any of
the foregoing) that existed prior to the Effective Date or are acquired by A.G.
Edwards from a third party thereafter or developed independently and outside the
scope of this Agreement (and associated intellectual property rights)
("Pre-existing A.G. Edwards Properties") and any

                                                       MASTER SERVICES AGREEMENT
                                                                      V.09.17.03

                                       -3-
<Page>

software, designs, content, methodologies, techniques, processes, inventions,
materials or other deliverables developed in whole or in part by Kanbay or its
Affiliates or contractors, or otherwise provided to A.G. Edwards or its
Affiliates, in connection with this Agreement (and associated intellectual
property rights) other than Kanbay Properties shall be the property of A.G.
Edwards ("Deliverables") (Pre-existing A.G. Edwards Properties and Deliverables
together shall be jointly referred to as "A.G. Edwards Properties"). As between
Kanbay and A.G. Edwards, A.G. Edwards will at all times be and remain the sole
and exclusive owner of the A.G. Edwards Properties. All Deliverables shall
belong exclusively to A.G. Edwards and shall, to the extent possible, be
considered a work made for hire for A.G. Edwards within the meaning of Title 17
of the United States Code. Kanbay automatically assigns, and shall cause its
Affiliates, contractors and personnel automatically to assign, at the time of
creation of the Deliverable, without any further consideration, any right,
title, or interest it or they may have in such Deliverable, including any
copyrights or other intellectual property rights pertaining thereto.
Notwithstanding the foregoing, A.G. Edwards shall have no ownership or other
rights in or with respect to any Deliverable (or portion thereof) created by
Kanbay hereunder until full payment has been made to Kanbay for the Services
relating to such Deliverable (or portion thereof). Except as expressly
authorized in a Statement of Work accepted hereunder, Kanbay will not copy,
modify, distribute or transfer (by any means), display, sublicense, rent,
reverse engineer, decompile, or disassemble the A.G. Edwards Properties.

    4.2. KANBAY PROPERTIES; GENERAL DEFINITION OF "PROPERTIES". Proprietary or
third party software, methodologies, techniques, software libraries, tools,
algorithms, materials, products, ideas, designs, and know-how used by Kanbay or
its Affiliates or contractors in providing Services (including all copies,
enhancements, modifications, revisions, and derivative works of any of the
foregoing) that: (a) existed prior to the Effective Date, or (b) are acquired by
Kanbay from a third party or developed independently of providing the Services
hereunder shall be the property of Kanbay ("Kanbay Properties"). As between
Kanbay and A.G. Edwards, Kanbay shall at all times be and remain the sole and
exclusive owner of the Kanbay Properties. Except as expressly authorized in
Section 4.3 of this Agreement or a Statement of Work accepted hereunder, A.G.
Edwards will not copy, modify, distribute or transfer (by any means), display,
sublicense, rent, reverse engineer, decompile, or disassemble the Kanbay
Properties. The term "Properties" shall mean the A.G. Edwards Properties and
Kanbay Properties collectively, and "Property" shall mean a A.G. Edwards
Property or Kanbay Property individually.

    4.3. LICENSE TO USE KANBAY PROPERTIES. Kanbay hereby grants to A.G. Edwards
a perpetual, world-wide, royalty-free, non-exclusive, non-transferable (except
in accordance with Section 11.10 of this Agreement), irrevocable license to (and
to permit A.G. Edwards Affiliates, agents and customers to) use, execute,
reproduce, transmit, display, perform, and create derivative works from any
Kanbay Properties incorporated into, made a part of or necessary for the use of
any of the A.G. Edwards Properties. So long as Kanbay is not in material breach
of any obligation under the applicable Statement of Work, the foregoing shall be
subject to Kanbay's receipt of payment of all undisputed amounts (and all
amounts that A.G. Edwards is obligated to pay upon conclusion of the Dispute
Resolution process provided in Section 11.13, below) for the Services that
produced the applicable Deliverables.

    4.4. RESIDUALS. Notwithstanding anything to the contrary herein, the parties
and their personnel shall be free to use and employ their general skills,
know-how, methods, techniques, or skills gained or learned during the provision
of any Services (if such have general applicability beyond the specific Services
delivered under the applicable Statement of Work and are not intentionally
memorized for the purpose of later recording or use), so long as they acquire
and apply such information without disclosure of any Confidential Information of

                                                       MASTER SERVICES AGREEMENT
                                                                      V.09.17.03

                                       -4-
<Page>

the other party and without unauthorized use or disclosure of the other party's
Properties.

    4.5. THIRD-PARTY PROPERTIES. Except to the extent necessary to effectuate
the assignments to A.G. Edwards of Deliverables and the license granted to A.G.
Edwards in respect of Kanbay Properties, under Sections 4.1 and 4.3 of this
Agreement, respectively, nothing herein shall cause or imply any sale, license,
or other transfer of proprietary rights of or in any third party software or
products from one party to this Agreement to the other party.

5. CONFIDENTIALITY

    5.1. GENERAL. The parties agree that the exchange of Confidential
Information between the parties shall be governed by the Confidentiality
Agreement between them dated December 16, 2003 (the "Confidentiality
Agreement"), the terms of which are incorporated herein and made an integral
part hereof. The parties agree that the Kanbay Properties and the A.G. Edwards
Properties are Confidential Information under the Confidentiality Agreement, as
are all documentation, descriptions, and embodiments thereof.

    5.2. AGE INDIVIDUAL DATA. Without limiting Kanbay's obligations under the
Confidentiality Agreement, Kanbay shall not, and shall ensure that its
Affiliates and contractors do not, access, alter, transfer or otherwise process
any AGE Individual Data except in accordance with any applicable Statement of
Work. A.G. Edwards shall not provide, deliver, or allow access to any AGE
Individual Data, or request Kanbay to process any AGE Individual Data, except in
accordance with any applicable Statement of Work. If an applicable Statement of
Work specifically requires Kanbay to access, alter, transfer or otherwise
process any AGE Individual Data, Kanbay shall, and shall cause its Affiliates
and contractors to, provide A.G. Edwards with such assistance, information and
cooperation as A.G. Edwards may request to enable A.G. Edwards to allow any
client, person or entity to exercise any of its, his or her or its rights under
Law in relation to the AGE Individual Data. "AGE Individual Data" shall mean any
data relating to employees or past, current or potential customers of A.G.
Edwards or its Affiliates, or which is personally identifiable to any
individual, including any data subject to any Laws relating to data privacy,
trans-border data flow or data protection, such as the Gramm-Leach-Bliley Act
(U.S.), the Personal Information Protection and Electronic Documents Act
(Canada) and the implementing legislation and regulations of the European Union
member states under the European Union Directive 95/46/EC. For purposes of
clarity, AGE Individual Data is and shall be treated as Confidential
Information, subject to the additional limitations of this Section 5.2.

    5.3. ACCESS AND RETURN OF CONFIDENTIAL INFORMATION. A.G. Edwards shall have
unrestricted access to, and the right to review and retain the entirety of, all
computer or other files containing Confidential Information of A.G. Edwards.
Upon request by A.G. Edwards at any time, Kanbay shall (a) promptly return to
A.G. Edwards, in the format and on the media as originally supplied by A.G.
Edwards, all or any part of A.G. Edwards Confidential Information and (b) erase
or destroy all or any part of A.G. Edwards Confidential Information in Kanbay's
possession or the possession of Kanbay's Affiliates or contractors, in each case
to the extent so requested by A.G. Edwards, and deliver to A.G. Edwards a
written certification of such erasure or destruction signed by an authorized
representative of Kanbay.

6. INDEMNIFICATION

    6.1. INTELLECTUAL PROPERTY. If either party (each, as applicable, an
"Indemnitee") becomes subject to a claim against it that any portion of the
Properties supplied by the other party (an "Indemnitor") (i.e., the A.G. Edwards
Properties in the case of A.G. Edwards as Indemnitor, and the Kanbay Properties
or Deliverables, in the case of Kanbay as Indemnitor) infringes a proprietary
right of a third party, the Indemnitor shall, with respect to and to the extent
of the portion of the claim pertaining to such Property, at its sole expense,
defend, indemnify and hold harmless the Indemnitee with respect to such claim
and all costs, expenses (including reasonable attorneys' fees), fines,
penalties, deficiencies, losses, liabilities (including

                                                       MASTER SERVICES AGREEMENT
                                                                      V.09.17.03

                                       -5-
<Page>

settlements and judgments) resulting from, arising from or relating to such
claim. THIS SECTION SETS FORTH THE COMPLETE LIABILITY OF THE PARTIES WITH
RESPECT TO INFRINGEMENT OF INTELLECTUAL PROPERTY RIGHTS.

    6.2. SOLE CONTROL. If an Indemnitee becomes subject to a third party claim,
notice thereof shall be given by the Indemnitee to the Indemnitor as promptly as
practicable. Any delay by the Indemnitee in providing such notice shall not
limit the Indemnitor's obligations pursuant to this Agreement except to the
extent of any losses caused by such delay. To the extent of the portion of the
claim for which the Indemnitor is responsible pursuant to this Agreement, the
Indemnitor under any of the indemnities set forth in this Agreement shall
promptly assume and have sole control of the defense of any such claim and all
negotiations for settlement; provided, however, that the Indemnitee may, at its
own cost, participate, through its attorneys or otherwise, in such
investigation, trial and defense of such claim and any appeal arising therefrom.
The Indemnitee shall cooperate, at the cost of the Indemnitor, with the
Indemnitor in the investigation, trial and defense of such claim and any appeal
arising therefrom. The Indemnitor shall not be obligated to indemnify the
Indemnitee under any settlement made without the Indemnitor's consent or in the
event the Indemnitee fails to reasonably cooperate (at the Indemnitor's expense)
in the defense of any such claim. The Indemnitor shall have no authority to make
any admission on behalf of the Indemnitee or enter into any agreement imposing
an affirmative obligation on the Indemnitee without the Indemnitee's prior
written consent.

    6.3. OPTION TO AVOID INFRINGEMENT. Without limiting Kanbay's indemnification
obligations hereunder, in the event that in Kanbay's opinion, any portion of the
Kanbay Properties or any Deliverable developed in connection with this Agreement
is likely to or does become the subject of a claim of infringement of any
letters patent, copyright, trademark, service mark, trade name, trade secret or
other intellectual or proprietary right of any third party (the "Disputed
Portion"), Kanbay may, at its sole option and expense, procure for A.G. Edwards
the right to continue using the Disputed Portion, modify the Disputed Portion to
make it noninfringing, or replace the Disputed Portion with a substantially
similar, noninfringing replacement. If Kanbay does not exercise one of the above
options, (i) Kanbay shall send A.G. Edwards a written notice requiring A.G.
Edwards to terminate its use of the Disputed Portion within a reasonable period
(but not less than thirty (30) days), (ii) A.G. Edwards shall terminate its use
of the Disputed Portion within said period, and (iii) Kanbay shall refund a pro
rata portion of fees paid by A.G. Edwards to Kanbay representing the fees paid
for the development or provision of the Disputed Portion. If, however, A.G.
Edwards fails to terminate its use of the Disputed Portion after such reasonable
notice period, A.G. Edwards shall indemnify Kanbay for any and all claims of
infringement against it to the extent resulting from A.G. Edwards's continued
use of the Disputed Portion.

7. REPRESENTATIONS AND WARRANTIES

    7.1. REPRESENTATIONS AND WARRANTIES OF A.G. EDWARDS. A.G. Edwards hereby
represents and warrants that it has and for the duration of this Agreement shall
have all rights, titles, or interests in the Pre-existing A.G. Edwards
Properties required for the performance of its obligations hereunder and has and
for the duration of this Agreement shall have the authority and the legal right
to enter into this Agreement.

    7.2. REPRESENTATIONS AND WARRANTIES OF KANBAY.

      7.2.1. RIGHTS AND TITLES. Kanbay hereby represents and warrants that it
   has and for the duration of this Agreement shall have all rights, titles or
   interests in the Kanbay Properties and Deliverables required for the
   performance of its obligations hereunder and has and for the duration of this
   Agreement shall have the authority and the legal right to enter into this
   Agreement.

      7.2.2. SERVICES. Kanbay further represents and warrants that the Services
   provided under this Agreement will be of commercially reasonable quality in
   accordance with any specifications or

                                                       MASTER SERVICES AGREEMENT
                                                                      V.09.17.03

                                       -6-
<Page>

   requirements set forth in a Statement of Work and will be performed in a good
   and workmanlike manner and in accordance with industry standards. Without
   prejudice to any other right or remedy available by law to A.G. Edwards, any
   claim for breach of Kanbay's warranties under this Section 7.2.2 must be
   made, by written notice to Kanbay, within sixty (60) days following the date
   of completion of the Services for which the claim is made (or, with respect
   to any Deliverables that were subject to acceptance testing specified in the
   applicable Statement of Work, within sixty (60) days following the date of
   acceptance). Kanbay shall have a thirty (30) day period following receipt of
   any such notice in which to cure a breach.

      7.2.3. COMPLIANCE WITH LAW. Kanbay is and for the duration of this
   Agreement shall be in compliance with all federal, state, local and foreign
   laws, governmental regulations, rules and requirements and binding
   administrative and court orders (collectively "Laws") applicable to Kanbay,
   including all Laws applicable to its provision of the Services.

    7.3. NO OTHER WARRANTY. EXCEPT AS PROVIDED IN THIS AGREEMENT, (A) NEITHER
PARTY MAKES ANY REPRESENTATION OR WARRANTY OF ANY KIND, WHETHER EXPRESS OR
IMPLIED, FROM A COURSE OF PERFORMANCE OR DEALING, TRADE USAGE, OR OF
UNINTERRUPTED OPERATION WITHOUT ERROR, INCLUDING, BUT NOT LIMITED TO, THE
IMPLIED WARRANTIES OF MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE AND
(B) WITHOUT LIMITING KANBAY'S OBLIGATION TO DELIVER THE SERVICES AND/OR
DELIVERABLES SET FORTH IN A STATEMENT OF WORK, KANBAY MAKES NO GUARANTEES WITH
REGARD TO THE RESULTS OBTAINED FROM THE OPERATION OR USE BY A.G. EDWARDS OF THE
A.G. EDWARDS PROPERTIES OR KANBAY PROPERTIES. THE LIMITED WARRANTY SET FORTH IN
THIS AGREEMENT IS MADE FOR THE BENEFIT OF A.G. EDWARDS ONLY.

8. LIMITATION OF LIABILITY

   KANBAY'S OR A.G. EDWARDS' LIABILITY FOR ANY REASON (EXCLUDING A.G. EDWARDS'
LIABILITY FOR PAYMENT OF KANBAY'S SERVICES FEES) AND UPON ANY CAUSE OF ACTION,
WHETHER SOUNDING IN TORT, CONTRACT, OR ANY OTHER LEGAL THEORY, SHALL AT ALL
TIMES AND IN THE AGGREGATE BE LIMITED TO THE GREATER OF: (A) $100,000.00, OR (B)
THE AMOUNTS PAID OR PAYABLE BY A.G. EDWARDS TO KANBAY UNDER THE APPLICABLE
STATEMENT OF WORK

   NEITHER PARTY SHALL BE LIABLE FOR ANY INDIRECT, CONSEQUENTIAL, EXEMPLARY,
INCIDENTAL, OR PUNITIVE DAMAGES, INCLUDING LOST PROFITS, EVEN IF THE PARTY HAS
BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES.

   THE FOREGOING LIMITATIONS OF LIABLITY (INCLUDING THE DAMAGES CAP AND THE
EXCLUSIONS SET FORTH IN THE IMMEDIATELY PRECEDING TWO PARAGRAPHS) SHALL NOT
APPLY TO THE INDEMNIFICATION OBLIGATIONS SET FORTH HEREIN, A BREACH OF THE
CONFIDENTIALITY AGREEMENT, OR DAMAGES CAUSED BY GROSS NEGLIGENCE, RECKLESS
CONDUCT OR WILLFUL MISCONDUCT.

9. TERM AND TERMINATION

9.1     The term of this Agreement shall commence on the Effective Date set
forth above and, unless earlier terminated in accordance with this Section 9,
shall continue through the end of A.G. Edwards' current fiscal year (which runs
from March 1 through February 28). At the end of A.G. Edwards' fiscal year, this
Agreement will be automatically renewed for successive one-year terms (to run
concurrently with A.G. Edwards' fiscal year) unless earlier terminated in
accordance with this Section 9.

This Agreement may be terminated (a) by either party if the other party defaults
in the performance of any of its material obligations

                                                       MASTER SERVICES AGREEMENT
                                                                      V.09.17.03

                                       -7-
<Page>

(or repeatedly defaults in the performance of any of its other obligations)
under this Agreement (i) upon at least thirty (30) days' notice to the breaching
party if such default is capable of being cured and the breaching party does not
cure such default within thirty (30) days from the non-breaching party's default
notice or (ii) immediately upon notice to the breaching party if such default is
not capable of being cured, and (b) by either party upon notice received 90 days
prior to the end of the then current term; provided that this Agreement shall
not be terminated under this clause (b) with respect to all outstanding
Statements of Work until such Statements of Work expire or are completed or
terminated in accordance with their terms, including any notice requirements
provided therein. Absent any breach by Kanbay regarding the applicable Services,
A.G. Edwards' obligation to make payment for Services performed by Kanbay prior
to termination shall survive any termination of this Agreement.

   Unless otherwise provided in a Statement of Work, A.G. Edwards may, at its
sole option, terminate any Statement of Work or any portion thereof, without
cause upon thirty (30) days prior written notice to the other party. Upon
receipt of notice of termination by A.G. Edwards, Kanbay shall advise A.G.
Edwards of the extent to which performance has been completed through the date
of the notice of termination. Kanbay shall be paid an equitable amount for all
work performed in accordance with this Agreement and the applicable Statement of
Work through the date of the notice of termination, or such other amount as may
be specified in the applicable Statement of Work.

9.2     TERMINATION ASSISTANCE SERVICES.

       9.2.1 GENERAL. Kanbay shall, upon A.G. Edwards' request during a
       Termination Assistance Period for a Statement of Work, provide
       Termination Assistance Services in respect of such Statement of Work.
       There shall be no additional charge for the Termination Assistance
       Services to the extent that the fees being paid by A.G. Edwards to Kanbay
       already include Kanbay resources that can be used to provide the
       Termination Assistance Services. To the extent the resources included in
       the fees being paid by A.G. Edwards to Kanbay cannot be used to provide
       the Termination Assistance Services, such Termination Assistance Services
       shall be provided at the rates set forth for such Services in the
       applicable Statement of Work, or if not so set forth, at Kanbay's
       standard rates then in effect for such services immediately prior to the
       Termination Assistance Period. The quality and level of Services during a
       Termination Assistance Period shall not be degraded and Kanbay shall
       provide the Termination Assistance Services without causing any material
       disruptions to the business of A.G. Edwards. After the expiration of a
       Termination Assistance Period, Kanbay shall answer questions from A.G.
       Edwards regarding the Services for a reasonable period of time on an "as
       needed" basis at Kanbay's then standard rates. "Termination Assistance
       Period" shall mean each period of time, as designated by A.G. Edwards,
       commencing on the earlier of (x) the effective date of expiration or
       termination of the applicable Statement of Work, and (y) another date
       designated by A.G. Edwards; and continuing for up to 6 months after such
       commencement, as designated by A.G. Edwards. "Termination Assistance
       Services" shall mean (i) the Services, to the extent requested by A.G.
       Edwards during a Termination Assistance Period, (ii) the cooperation of
       Kanbay, and Kanbay's Affiliates and contractors, with A.G. Edwards and
       any third party(ies) designated by A.G. Edwards in the transfer of the
       Services (or the wind-down, replacement or supplementation of Services)
       to A.G. Edwards or a third party and (iii) any new services requested by
       A.G. Edwards in order to facilitate the transfer of the Services (or the
       wind-down, replacement or supplementation of Services) to A.G. Edwards or
       a third party.

       9.2.2 RETURN OF A.G. EDWARDS PROPERTIES

                                                       MASTER SERVICES AGREEMENT
                                                                      V.09.17.03

                                       -8-
<Page>

       AND TERMINATION OF LICENSES TO KANBAY. Upon the expiration or termination
       of a Statement of Work (or an applicable Termination Assistance Period),
       (a) any and all licenses granted to Kanbay to perform Services under such
       Statement of Work, shall automatically terminate, and (b) Kanbay shall
       (1) deliver to A.G. Edwards, in the manner requested by A.G. Edwards, (A)
       all of the A.G. Edwards Properties (including all Deliverables, whether
       completed or in-progress) relating to such Statement of Work and (B) any
       Kanbay Properties incorporated into, or made a part of or necessary for
       the use of any of the A.G. Edwards Properties in connection with such
       Statement of Work; in each case, in the form then in use and (2) destroy
       or erase all other applicable copies of A.G. Edwards Properties relating
       to such Statement of Work that are then in the possession of Kanbay, its
       Affiliates or consultants. So long as Kanbay is not in material breach of
       any obligation under the applicable Statement of Work, the foregoing
       shall be subject to Kanbay's receipt of payment of all undisputed amounts
       (and all amounts that A.G. Edwards is obligated to pay upon conclusion of
       the Dispute Resolution process provided in Section 11.13, below) for the
       Services that produced the applicable Deliverables.

10. EMPLOYEE SOLICITATION/HIRING

   During the period beginning with the commencement date for Services under a
particular Statement of Work and ending six (6) months after the completion or
termination of the Statement of Work, each party and any individuals,
corporations, partnerships, limited liability companies, trusts, or legal
entities which control, are controlled by, or are under common control with such
party , or, in the case of A.G. Edwards, control, are controlled by or are under
common control with A.G. Edwards or its parent corporation, A.G., Edwards &
Sons, Inc. ("Affiliates") agree not to offer employment to or hire any
technical, sales, or managerial employee of the other party or its Affiliates
(collectively, the "Current Employer") who are directly involved in the Services
being performed under the Statement of Work. For purposes of the preceding
sentence, the term "employment" shall include any form of employment,
consulting, contract relationship, or other arrangement pursuant to which such
individual will, directly or indirectly, perform services for the new employer.

11. GENERAL

    11.1. COMPLETE AGREEMENT. This Agreement, including any Statements of Work
hereunder and the Confidentiality Agreement, is the complete and exclusive
statement of the agreement of the parties with respect to the subject matter
hereof and supersedes and merges all prior proposals, understandings, and
agreements, whether oral or written, between the parties with respect to the
subject matter hereof. This Agreement may not be modified except by a written
instrument executed by authorized representatives of the parties. For the
purposes of this Agreement, an authorized representative of Kanbay shall be
deemed to mean the Chief Executive Officer, Chief Operating Officer or the Chief
Financial Officer. The pre-printed terms and conditions of any purchase order or
other ordering document issued by either party in connection with this Agreement
shall not be binding on the other party and shall not be deemed to modify this
Agreement.

    11.2. NO WAIVER. No failure to exercise, and no delay in exercising, on the
part of either party, any right, power or privilege hereunder will operate as a
waiver thereof, nor will any party's exercise of any right, power or privilege
hereunder preclude further exercise of the same right or the exercise of any
other right hereunder.

    11.3. ENFORCEABILITY. If any part of this Agreement shall be adjudged by any
court of competent jurisdiction to be invalid, illegal or unenforceable, the
validity, legality and enforceability of the remaining provisions shall not be
affected or impaired thereby and shall be enforced to the maximum extent
permitted by applicable Law.

    11.4. FORCE MAJEURE. Either party shall be excused from performance and
shall not be

                                                       MASTER SERVICES AGREEMENT
                                                                      V.09.17.03

                                       -9-
<Page>

liable for any delay in whole or in part, to the extent caused by the occurrence
of any Force Majeure Event beyond the reasonable control either of the excused
party or its subcontractors or suppliers, for as long as the Force Majeure Event
continues and the excused party continues to use its best efforts to recommence
performance whenever and to whatever extent possible without delay, including
through the use of alternate sources, workaround plans or other means. "Force
Majeure Events" shall be limited to the following: fire, flood, earthquake,
elements of nature or acts of God, acts of war, terrorism, riots, civil
disorders, rebellions or revolutions, or any other similar cause beyond the
reasonable control of the excused party.

    11.5. NOTICES. Any notice required or permitted hereunder to the parties
hereto will be deemed to have been duly given only if in writing to the address
of the receiving party as set forth on the initial page hereof or such other
address as may be specified by such party in a notice delivered to the other
party in accordance with this Section and delivered by: (i) certified U.S. mail,
return receipt requested, postage prepaid; (ii) nationally recognized overnight
courier, delivery charges prepaid; or (iii) by hand delivery with signed
receipt. Any notice shall be deemed delivered: (a) on the fifth (5th) business
day following deposit of such notice with the U.S. Postal Service if notice is
given in accordance with (i), above; (b) on the second (2nd) business day
following deposit of such notice with the courier if notice is given in
accordance with (ii), above; or (c) on the date of actual delivery if notice is
given in accordance with (iii), above.

    11.6. GOVERNING LAW, JURISDICTION AND VENUE. This Agreement shall be deemed
to have been made in, and shall be construed pursuant to the Laws of, the State
of Illinois, excluding its choice of Law principles.

    11.7. PRESS RELEASE. Neither party shall use the other party's name in any
press release, advertising, promotional material or other public statement, or
communicate with a third party orally or in writing regarding the business
relationship of the parties, without the prior written consent of the other
party.

    11.8. HEADINGS; SUBSECTIONS; INTERPRETATION. Section headings are provided
for convenience of reference and do not constitute part of this Agreement. Any
references to a particular section of this Agreement shall be deemed to include
reference to any and all subsections thereof. References to the words
"including, "includes" or "include" or the abbreviation "e.g." in this Agreement
(including any Statement of Work) shall mean "including, without limitation."

    11.9. REFERENCES TO A.G. EDWARDS. For purposes of clarity, to the extent an
Affiliate of A.G. Edwards is receiving Services hereunder, references in this
Agreement (including a Statement of Work) to A.G. Edwards as the recipient of
Services shall include such entity, and references to Services being performed
for or received by A.G. Edwards shall include the performance of such Services
for and receipt of such Services by such entity.

    11.10. ASSIGNMENT. Neither party may assign or delegate any or all of its
rights (other than the right to receive payments) or its duties or obligations
hereunder without the consent of the other party, which consent shall not be
unreasonably withheld; provided, however, that either party may assign this
Agreement, without the need to obtain consent of the other party, to an
Affiliate of such party or to a successor in interest to substantially all of
the business of that party to which this Agreement relates. For purposes of
clarity, and without limitation, a non-assigning party's refusal to consent to
an assignment proposed by the other party shall be deemed reasonable if based on
grounds that the proposed assignee is not financially stable or is a competitor
of the non-assigning party. An assignee of either party authorized hereunder
shall be bound by the terms of this Agreement and shall have all of the rights
and obligations of the assigning party set forth in this Agreement. If any
assignee shall fail to agree to be bound by all of the terms and obligations of
this Agreement, then such assignment shall be deemed null and void and of no
force or effect.

    11.11. SUBCONTRACTING. Provided that the applicable Statement of Work
specifies that all or any portion of the Services will be performed in a
location outside of the United States,

                                                       MASTER SERVICES AGREEMENT
                                                                      V.09.17.03

                                      -10-
<Page>

Kanbay shall have the right to subcontract such Services to an Affiliate of
Kanbay located outside the United States. Kanbay agrees to provide all
information reasonably requested by A.G. Edwards regarding any Kanbay Affiliate
performing such Services both prior and subsequent to entering into a Statement
of Work.. Prior to subcontracting any of the Services to an Affiliate for
Services performed wholly within the United States or to any non-Affiliate,
Kanbay shall notify A.G. Edwards of the proposed subcontractor and shall obtain
A.G. Edwards' written approval of such subcontractor, to be provided in A.G.
Edwards' sole discretion. No subcontracting, whether to a Kanbay Affiliate or
any other party, shall release Kanbay from its responsibility for its
obligations under this Agreement. Kanbay shall be responsible for the work and
activities of each of its Affiliates and contractors, including compliance with
the terms of this Agreement. Kanbay shall be responsible for all payments to its
Affiliates and contractors. Kanbay shall promptly pay for all services,
materials, equipment and labor used by Kanbay in providing the Services. Kanbay
shall enter into confidentiality agreements with any subcontractors with
provisions at least as restrictive as the provisions of the Confidentiality
Agreement entered into between Kanbay and A.G. Edwards.

    11.12. AUDITS.

       11.12.1 GENERAL. Upon at least five (5) days prior written notice from
    A.G. Edwards, Kanbay and its Affiliates and contractors shall provide A.G.
    Edwards and A.G. Edwards' agents, regulators, accountants and auditors
    (collectively, "A.G. Edwards Auditors") with access to, and any assistance
    and information that they may reasonably require with respect to the
    Services. If, as a result of an audit or portion thereof concerning fees,
    A.G. Edwards determines that Kanbay has overcharged A.G. Edwards, A.G.
    Edwards shall notify Kanbay of the amount of such overcharge and Kanbay
    shall investigate the matter. If Kanbay's investigation confirms the
    overcharge, it shall promptly pay to A.G. Edwards the amount of the
    overcharge. If Kanbay's investigation does not confirm the overcharge, the
    parties will use the dispute resolution process set forth in this Agreement
    to resolve the matter.

       11.12.2 QUALITY CERTIFICATIONS. Kanbay agrees to provide all information
    and supporting documentation reasonably requested by A.G. Edwards regarding
    Kanbay's CMM assessments and ISO certifications. Kanbay further agrees to
    (i) provide audit reports related to the certifications and to update those
    reports as periodically requested by A.G. Edwards, but not more than once
    per year, (ii) make personnel available to discuss the certifications and
    audit reports with A.G. Edwards, and (iii) provide A.G. Edwards with
    documentation reflecting any corrective measures taken to address problems
    identified in any audit.

       11.12.3 COOPERATION AND RECORD RETENTION. Kanbay shall, and shall cause
    its Affiliates and contractors to, provide to A.G. Edwards Auditors all
    assistance required to enable A.G. Edwards to perform audits under this
    Section 11.12 and to comply with applicable Law. For the duration of the
    applicable Statement of Work and any subsequent Addenda thereto and for a
    period of 2 years thereafter, Kanbay shall retain records and supporting
    documentation sufficient to document the Services and the fees paid or
    payable by A.G. Edwards under this Agreement.

    11.13. DISPUTES.

       11.13.1. INTERNAL DISPUTE RESOLUTION. All disputes arising under or
    related to this Agreement shall be considered in person or by telephone by
    the Contract Managers within 10 days after receipt of a notice from either
    party's Contract Manager specifying the nature of the dispute (a "Dispute
    Notice"); provided, however, that nothing herein shall prevent or limit a
    party's right to immediately seek preliminary injunctive relief in a court
    of Law. Unless the Contract Managers otherwise agree, either party may

                                                       MASTER SERVICES AGREEMENT
                                                                      V.09.17.03

                                      -11-
<Page>

    pursue its rights and remedies after the earlier of (a) the occurrence of
    such meeting or telephone conversation and (b) 10 days after receipt of the
    Dispute Notice. Unless a respective party notifies the other party of a
    change in Contract Managers in accordance with Section 11.5 of this
    Agreement, the Contract Manager for Kanbay shall be Kelly Jones, and the
    Contract Manager for A.G. Edwards shall be Bob Gegg.

       11.13.2. CONTINUITY OF SERVICES. Kanbay acknowledges that the timely and
    complete performance of its obligations pursuant to this Agreement is
    important to the business, operations and prospects of A.G. Edwards.
    Accordingly, in the event of a dispute between A.G. Edwards and Kanbay,
    Kanbay shall continue to so perform its obligations under this Agreement and
    A.G. Edwards shall continue to make undisputed payments during the
    resolution of such dispute unless and until this Agreement has expired or is
    terminated in accordance with its provisions and, in either case, all
    applicable Termination Assistance Periods have expired.

    11.14. INSURANCE.

During the term of this Agreement and any Termination Assistance Period(s),
Kanbay shall obtain and maintain at its own cost insurance of the following
types and amounts: (a) statutory workers' compensation in accordance with Law;
(b) employer's liability insurance in an amount not less than $$2,000,000.00 per
occurrence, covering bodily injury by accident or disease, including death; (c)
Commercial General Liability (including contractual liability insurance) in an
amount not less than $2,000,000.00 per occurrence; (d) Comprehensive Automobile
Liability covering all vehicles that Kanbay owns, hires or leases in an amount
not less than $2,000,000.00 (combined single limit for bodily injury and
property damage); and (e) All Risk Property insurance coverage in an amount not
less than the higher of the (1) fair market value, (2) A.G. Edwards' book value
and (3) replacement cost of A.G. Edwards hardware used by Kanbay personnel;and
(f), Prior to providing any professional services under this Agreement,
including, but not limited to software development, Kanbay shall obtain and
maintain Professional Services Liability ("Errors and Omissions") coverages in
amount of not less than $5,000,000 per loss, per year. Such policy shall provide
coverage for losses occurring on or before the date that any professional
services are provided under this Agreement, and renewal policies shall include a
continuity date that retrospectively covers any losses occurring on or before
the date that any professional services are provided under this Agreement; and
(g) carry a Fidelity Bond that includes, but is not limited to, Employee
Dishonesty, Theft, Forgery, and Computer Related Crime. The General Liability
policy shall be endorsed to be specifically primary and non-contributory with
any other policies carried by A.G. Edwards. The Workers' Compensation and
General Liability policies shall include a waiver of subrogation in favor of
A.G. Edwards. These policies shall be written with insurance companies that have
a A- rating or better according to the most recent A.M. Best guide, and shall
apply to covered losses caused by Kanbay, Kanbay Affiliates and any contractors
delivering Services under this Agreement.

       11.14.1. Kanbay shall, upon A.G. Edwards' request, furnish to A.G.
    Edwards certificates of insurance or other appropriate documentation
    (including evidence of renewal of insurance) evidencing all coverages
    referenced in Section 11.14.1 and, if and to the extent applicable, naming
    A.G. Edwards as an additional insured under the Commercial General Liability
    and as a loss payee under the All Risk Property. Such certificates or other
    documentation shall include a provision whereby 30 days' notice must be
    received by A.G. Edwards prior to coverage cancellation or material
    alteration of the coverage by either Kanbay or Kanby's Affiliates or
    contractors providing Services, or the applicable insurer. Such cancellation
    or material alteration shall not relieve Kanbay of its continuing obligation
    to maintain insurance coverage in accordance with this Section 11.14.2.

    11.15. NO THIRD-PARTY BENEFIT. The provisions of this Agreement are for the
sole

                                                       MASTER SERVICES AGREEMENT
                                                                      V.09.17.03

                                      -12-
<Page>

benefit of the parties hereto. This Agreement confers no rights, benefits, or
claims upon any person or entity not a party hereto.

    11.16. EXPORT. Kanbay shall not knowingly export or re-export any personal
computer system, part, technical data or sub-elements under this Agreement,
directly or indirectly, to any destinations prohibited by the United States
Government. The term "technical data" in this context, means such data as is
defined as technical data by applicable United States export regulations.

    11.17. COVENANT OF FURTHER ASSURANCES. A.G. Edwards and Kanbay covenant and
agree that, subsequent to the execution and delivery of this Agreement and,
without any additional consideration, each of A.G. Edwards and Kanbay shall
execute and deliver any further legal instruments and perform any acts that are
or may become necessary to effectuate the purposes of this Agreement.

    11.18. SURVIVAL. Each of the provisions of this Agreement shall remain in
full force and effect through the End Date of this Agreement, and the terms of
Sections 1.2, 1.6, 4-6, 8, 9.2.2, 10, 11.1-11.3, 11.5-11.10, 11.12, 11.13,
11.15-11.19, and any other provisions which by their nature should survive,
shall survive such End Date. The "End Date" shall be the later of (a) the
effective date of the expiration or termination of this Agreement, and (b) the
last day of the last Termination Assistance Period to expire.

    11.19. COUNTERPARTS. This Agreement may be executed in any number of
counterparts (including facsimile counterparts), each of which will be deemed an
original, but all of which taken together shall constitute one single agreement
between the parties.

    IN WITNESS WHEREOF, the parties have executed this Agreement as of the
Effective Date.

KANBAY INCORPORATED:

By:    /s/ William Weissman
       ------------------------------
Name:  WILLIAM WEISSMAN
       ------------------------------
Title: VP & CFO
       ------------------------------

A.G. EDWARDS TECHNOLOGY GROUP,
INC.:

By:    /s/ John Parker
       ------------------------------
Name:  JOHN PARKER
       ------------------------------
Title: President & CIO
       ------------------------------

                                                       MASTER SERVICES AGREEMENT
                                                                      V.09.17.03

                                      -13-

<Page>

<Table>

<S>                                                 <C>

------------------------------------------
For Internal Kanbay Purposes Only:                             MSA No. _________

S.O. No. ________________                            Statement of Work No. _____

     New Client

     Extension

     Correction

     Add-On Sale
------------------------------------------

</Table>

                                STATEMENT OF WORK
                                       TO
                            MASTER SERVICES AGREEMENT

<Table>

<S>                                                         <C>

("KANBAY")                                                   ("A.G. EDWARDS")
Kanbay Incorporated                                          A.G. Edwards Technology Group, Inc.
6400 Shafer Court, Suite 100                                 One North Jefferson
Rosemont, IL 60018                                           St. Louis, MO 63102
(847) 384-6100

By:______________________________________________________    By:______________________________________________________
Print Name:______________________________________________    Print Name:______________________________________________
Title:___________________________________________________    Title:___________________________________________________
Date:____________________________________________________    Date:____________________________________________________

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This Statement of Work is made and entered into on ______________, ("Effective
Date") and is issued under and subject to all of the terms and conditions of the
Master Services Agreement No. AGE/2-2004 dated February 20, 2004 ("Agreement")
by and between Kanbay and A.G. Edwards. Unless otherwise defined in this
Statement of Work, all capitalized terms shall have the meanings set forth in
the Agreement. In the event of a conflict between the terms of this Statement of
Work and the terms of the Agreement, the terms of this Statement of Work shall
govern and control. By signing above, the parties agree to the terms and
conditions of this Statement of Work.

TERM. The term of this Statement of Work shall commence on the Effective Date
and end on __________ unless extended in writing by the parties or terminated in
accordance with the Agreement.

SERVICES.

         [List Services]

RESOURCES.

         [List Resources]

INVOICING.  Kanbay will invoice A.G. Edwards __________________________________
for the services performed __________________ as provided in the Agreement.

ADDITIONAL TERMS. [List Additional Terms]

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