ROLFE & NOLAN LAUNCHES 'NEXT GENERATION' MODULAR PROCESSING SOLUTION, 'MERLIN'

London, June 11th 2003.

Rolfe & Nolan formally launched Merlin, its next generation modular processing solution with a presentation and reception in London last night. Speaking before an audience of customers, prospects, journalists and suppliers, Bob Freeman, chief executive spoke confidently of Merlin's ability to address key industry concerns as a result of its rigorous design and build process and the industry's hands-on involvement. 'Rolfe & Nolan prides itself on its co-operation with the market. Merlin's usage of industry-leading procedures and technology - right from the design process through to the final product - has provided the industry with the features that it needs to take it into the future. Merlin is new from the ground upwards and the first modules are available right now.'

Mr Freeman also addressed the recent Management Buy Out carried out in
conjunction with EUR1.3 billion venture capital company HgCapital. 'The essential message underlying the MBO is 'business as usual' but with a better structure. HgCapital are completely behind our business strategy, notably Merlin. The new structure enables Rolfe & Nolan to respond much more quickly to the needs of the market.'

Jim Birney, global marketing director added that 'Merlin's design was in response to the key industry drivers identified during the design stage, namely the need for open technology solutions with extensible architecture and the need to handle new processing requirements on a cross-asset basis. Workflow efficiency also remained near the top of the industry's wish list, plus the realization that large-scale 'big bang' system conversions were riskier than the modular alternative, which also offered tactical benefits.'

Phil Reed, chief technology officer, stressed the competitive advantages of
Merlin's design, plus its availability on a wide range of standards and
platforms. 'Merlin is a thorough solution to the needs of tomorrow's market'
he concluded. 'It is a potent response to the industry's key concerns.'

On completion Merlin will consist of ten modules, namely brokerage, cash &
collateral management, commissions, customer reporting, exchange feeds, interest, price capture & distribution, margin, regulatory reporting, and trade & position management.

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