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DAVID URE JOINS THE BOARD OF IRIS FINANCIAL AS CHAIRMAN

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Thursday 28th October, 2004: Iris Financial announces that David Ure, a 35 year veteran of the financial technology industry, has assumed the role of Chairman of the Board of Directors of Iris Financial. He joins Michael Laven (CEO), Richard Vaughan (Founder) and Robin Phillips (CFO) of Iris Financial, and Michael Chalfen from Apax Partners in rounding out the company’s Board.

David recently retired from Reuters after a long career where he was on the main Reuters Board and in his last position was strategic advisor to the Board with responsibility for group strategy, marketing and new business development.

David joined Reuters as a trainee journalist in1968 and worked in all facets of Reuters’ operations and strategy. He was responsible for Reuters’ acquisition of Teknekron and the resulting public offering of TIBCO Software, and he led the project resulting in the creation of Radianz, the Reuters/Equant joint venture, to create a financial market extranet. In addition to his role on the Reuters Board, David was Chairman of Radianz and served as a non-executive Director on the Boards of TIBCO Software, WebEx and Woolwich Bank. He is currently a non-executive Director of Blackwell Publishing and Independent Television News (ITN).

Michael Laven, CEO of Iris Financial, said: "Last year, as part of our strategy of expanding the breadth and depth of the solutions we offer our clients, Iris Financial received a substantial investment from Apax Partners. David brings a wealth of experience in financial markets and technology that will help us deliver on that vision. David will help us to strengthen relationships with the world's leading investment banks, bring the advantages of Iris Financial's technology to an expanded set of clients and develop further opportunities in the growing world of electronic trading. David’s leadership of our Board will bring substantial benefits to our company and clients."

David Ure comments: "I am very excited by Iris Financial's track record in delivering solutions that have enabled its clients to take advantage of the increasing trading volumes, complexity and pace of change across electronic markets. Agility is increasingly necessary for success in the rapidly evolving area of electronic trading. Iris Financial’s component based solutions offer investment banks a key competitive advantage in enabling high performance, mission critical systems to be continually adapted to lead in the market."

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