VERMEG APPOINTS NEW EXECUTIVES

Sydney - 10 October 2006

Vermeg, the specialist Securities Processing and Fund Management software provider, announced today the appointment of new executives.

Amicie Verspieren has been appointed as Chief Financial Officer. Amicie started her career at Ernst &Young, first as an auditor and then as a group manager. She subsequently joined the M&A division of Societe Generale, where she was involved in various privatisation projects. In 1999, Amicie joined Cora / Louis Delhaize, the Europe-wide distribution group, with responsibilities at the holding company level for planning, acquisitions and financial engineering. Latterly, she had been appointed CEO of Houra, the e-commerce subsidiary of Cora / Louis Delhaize, with a turnover of €50 million.

Frédéric Saunier has been appointed Director of Professional Services of the Group. He was co-founder of Optifinances, a French provider of corporate treasury software, subsequently merged with Diagram, which became one of Europe’s leading providers of corporate and banking back office solutions and was bought by Reuters in 2001. Frederic Saunier was successively R&D Director and Director of Consulting of Diagram. In 2002, he became the Director of the Kondor Trade Processing (KTP) product, in charge of its commercial development globally, and in particular, in Asia and Northern Europe.

"The addition of both Amicie and Frederic will greatly benefit Vermeg as it enters a new phase of its expansion. Amicie has proven experience in assisting in a company's international expansion, while Frederic has extensive experience of providing excellent professional services to an international client base." commented Badreddine Ouali, founder and CEO of Vermeg.

Following the recent retirement of Philippe Rey as President of Vermeg, the Steering Committee of the Vermeg Group is now composed of, Badreddine Ouali (CEO), Amicie Verspieren (CFO), Marwan Hanifeh (R&D Director), Christian Cure (Commercial Director), and Frédéric Saunier (Director of the Professional Services).

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