City Networks announces new CEO

Experienced industry figure to take top seat

London  July 18 2002, City Networks, an established leader in developing and implementing software and services to the treasury, securities and derivatives
markets, today announced the appointment of Costa Christodoulou to Chief Executive Officer.

Costa will be taking full responsibility for all global operating units and will report to the main board. Prior to this appointment to CEO, Costa was the Business Development Director at City Networks, having joined the company at the beginning of this year. Mr Christodoulou has over 19 years experience in the financial services IT industry and previous positions held have included
Director of European Operations ACT Financial Systems (Misys Group). He has also held management roles within ALLTEL and Unysis.

"The prospect of becoming CEO of City Networks when we have just achieved a further 20% growth in profit on the year is an exciting one, particularly with the pre-SIBOS launch of several new products to kick-off the new financial ear," said Costa Christodoulou, CEO of City Networks.

Founder and former CEO, Richard Hill, has been appointed President of City Networks and will remain on the Groups board.

"Having worked with Costa over the last six months in his previous role as Business Development Director, I have the greatest confidence in him and his ability to take the company on to even greater achievements." Richard Hill, President of City Networks said.

Costa's appointment follows the recent business acquisition of Future State Technology Ltd. This acquisition immediately allowed City Networks to extend
its existing banking and securities reconciliation product offerings to include a number of significant enhancements, with particular emphasis on generic message formatting and complex multiple system-to-system reconciliation. City Networks record of strong financial performance and cash generation makes it well equipped to pursue acquisitions to complement a 15-year track record of organic growth.

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