Bravura Solutions

BRAVURA SOLUTIONS LIMITED LODGES PROSPECTUS FOR A$40 MILLION IPO

31 May 2006

Bravura Solutions Limited (ABN 15 11 148 826) (Bravura Solutions) has lodged a
prospectus with Australian Securities and Investments Commission (ASIC) and will be applying to be admitted to the official list of Australian Stock Exchange (ASX). The Company is seeking to raise approximately A$40 million, issuing approximately 35.7 million shares at an Offer Price of A$1.12 per share.

Bravura Solutions is one of Asia Pacific’s largest providers of specialised wealth
management applications and professional consulting services to the superannuation and pension, investment management and life insurance industries. More than 120 financial institutions use Bravura Solutions applications to administer more than A$300 billion in funds under management from over 10 million accounts.

Bravura Solutions has established positions in Australia, New Zealand, the UK and Asia. Many of Australia’s largest third party administrators are clients of Bravura Solutions, with major clients including Perpetual, AMP, Commonwealth Bank and ING. Bravura Solutions employs more than 240 employees staffing 11 offices across Australia, New Zealand, UK, Hong Kong, South Africa and India (through a joint venture alliance).

Bravura Solutions was founded in 2004 by Chief Executive Officer Mr Iain Dunstan and Chief Operating Officer Mr Simon Woodfull through the acquisition of the corporate and superannuation business unit of Computer Sciences Corporation (Australia) Pty Limited.

Since then, the company has grown rapidly through a combination of strategic
acquisitions and organic growth. Chairman of Bravura Solutions, Mr Chris Ryan, said that the primary purpose of the Offer was to facilitate further company expansion in a global financial services market that was rapidly moving to scalable back office systems.

“The Company’s future growth strategy is focused on a number of market opportunities in the UK and Asia and a public listing provides us with an appropriate capital structure to achieve this outcome.

In addition, it will be more efficient to operate through a listed vehicle that provides
interested parties easy access to our financial information and corporate governance guidelines. This is particularly relevant for our large institutional clients and those foreign market targets where we see material growth”, Mr Ryan said.

Mr Dunstan said that Bravura Solutions’ recent success had occurred through identifying and leading a process of industry consolidation and developing a top tier client base.

“Our management team has a demonstrated ability to successfully identify, acquire and integrate complementary businesses, without sacrificing organic growth opportunities,” Mr Dunstan said.

The proceeds of the Offer are being applied primarily to fund product development,
future acquisition and growth opportunities, retire outstanding bank debt, enable a buy back of shares from an existing shareholder and facilitate ownership by management and staff.

On completion of the Offer and the buy back, existing shareholders will retain
approximately 71% of issued Shares in Bravura Solutions.