JMH Financial Services Group Acquires Demica

Dublin and London, 23 October, 2002 - The JMH Financial Services Group today announced that it has made a recommended offer to acquire Demica plc. This offer has now been declared unconditional. The JMH Financial Services Group is a division of J.M. Huber Corporation, one of the largest privately held companies in the United States.

The acquisition of Demica will further strengthen the Group's position as the leading independent provider of liquidity management solutions. The acquired company to be known as JMH Demica will retain its full customer support infrastructure based near the City of London. The senior management team will continue to be led by Chief Executive, Tim Nicolle and Chief Operating Officer, Simon Creed.

Stephen Gunning, President of JMH Financial Services comments, "Demica has a range of proven technologies that enable companies to gain valuable competitive advantages in their markets. These technologies are complementary to our existing corporate treasury outsourcing business, JMH Treasury - and bringing these groups together significantly extends the reach and scope of solutions that we provide."

Tim Nicolle, Chief Executive of JMH Demica, adds, "We already have an international and blue chip client base focusing on using our systems to generate and administer tax and structured financing transactions based upon invoices and inventory. Now, as part of the JMH Financial Services Group, the reach and depth of our capabilities will be greatly extended. Existing and prospective clients will all benefit from the financial strength of the group and the additional supports provided by tax and corporate finance specialists in the international network of JMH offices."

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