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FINEOS appoints William Burgess as chairman of the board

London/Portland (ME), 4th July 2003 - FINEOS, a leading innovator of banking
and insurance software, today announced the appointment of William Burgess
as Chairman of its board of directors. Burgess assumes the chairmanship from
Tom Mulcahy, who steps down from the board having held the position since
August 2001.

William Burgess has over 35 years' experience as a technology industry
executive and is a leading figure in the Irish business community. He served
as Managing Director of IBM Ireland from 1991 to 2002. During his 11-year
tenure, Burgess facilitated the growth of IBM's Irish operations where the
company became one of the largest technology players in Ireland, employing
over 4,000 people.

In addition, Burgess has also made significant contributions to Irish
business life in general and is currently Chairman of both the Irish
National Competitiveness Council and the Digital Hub - two initiatives set
up by the Irish government to promote enterprise development. He also enjoys
several other commercial interests.

"William's considerable business acumen, coupled with his profound
understanding of the technology and business environment makes him an
important addition to our management team and consolidates the strength of
the FINEOS board," said Michael Kelly, CEO of FINEOS. "William has a strong
track record of strategic planning and business development and I believe he
will play an important role in adding to Tom Mulcahy's significant
contribution through the next phase of our growth."

Commenting on his FINEOS appointment, William Burgess said: "FINEOS is a
strong and vibrant company with a very focused business strategy. I am
delighted to join the company at such an important stage in its development
and look forward to helping FINEOS build upon its impressive success
achieved to date. The company has developed a modern innovative software
product offering, which I believe financial institutions will adopt in order
to improve sales, customer service, operational efficiency and product
flexibility."

This appointment follows the recent announcement that Prudential Director
Isabel Hudson has also joined FINEOS as a non-executive director.