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Raft Expands into North America and Appoints Peter J. Pavluk as Commercial Development Director

4th October 2002, Raft International today announced the opening of a new office in Houston, Texas as part of its continued strategy of bringing a complete suite of Credit Risk software solutions to the North American marketplace. Peter J. Pavluk has been appointed Commercial Development Director of Raft International and will be responsible for business development and operations in North America. Formerly, Pete was the Credit Director at Dynegy Inc. where he managed the enterprise-wide credit exposure over the entire energy convergence value chain from broadband, power generation, wholesale and retail marketing, trading, and asset origination.

David Priestley, Chairman of Raft International said, "We're very happy to announce Pete's appointment. With a strong background in accounting, system development, mergers and acquisitions, Pete brings expert technical and business skills that will be of great benefit to Raft and it's client base."