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City Networks Appoints VP for US Sales and Announces Record Financial Profits

City Networks expands US operations with new appointment and announces record financial results.

New York, and London – 16 October 2002, City Networks, provider of software and services to the treasury, securities and derivatives markets, has announced the
appointment of a new Vice President for North American Sales, Ken O'Brien. This strategic appointment comes at the same time as the company announces record financial results with revenues of over $18 million and an increase in operating profit of 26% over the previous year.

Ken brings with him over ten years of experience in the financial services industry, specifically in the back office operations field and in the treasury market. Ken was most recently Managing Director for Sales and Operations in the Americas at FNX Limited, where he spent 8 years and held various senior roles including Product Manager for Back Office Operations. Ken is now responsible for sales and market expansion in North America for City Networks and for developing relationships with existing customers:

"I am very much looking forward to the challenge ahead and to be joining a company that has such a great track record of service and performance excellence is a bonus" said Ken "City Networks has an impressive customer base
in the US and worldwide has over 500 customers with more than 2000 installations, I aim to build upon this base and recreate the exponential success the company has experienced in Europe."

US Managing Director, Marcus Dutton said "We are especially pleased to welcome Ken into the company and at this stage of the company's development his experience in the market is vital to us."

Expect more US client announcements before the end of the month.