FRS appoints new CFO to support future growth

Brussels and London - 10 April 2007

FRS, a leading global provider of enterprise risk and regulatory compliance solutions to financial institutions throughout the world, today announced the appointment of Serge Minne as chief financial officer (CFO). Serge’s key role will be to provide strategic counsel on the growth of FRS into new geographies as well as overseeing the strategic running of FRS’ finance, HR, legal and IT operations.

Serge Minne has over 20 years experience in financial and business management. Prior to joining FRS, Serge held senior financial roles within SITA, PeopleSoft and Sybase.

Steve Husk, CEO, FRS, commented: “We are delighted to have secured someone with the extensive experience that Serge has. He brings with him a wealth of experience which will help us to achieve our aggressive growth targets while retaining the level of service and product excellence our clients expect.”

Serge Minne commented: “With financial institutions facing a raft of new regulations, it is vital to have the support of a company like FRS whose job it is to stay on top of the latest regulatory and reporting procedures. My primary objective will be to direct the company’s financial affairs and oversee HR, legal and IT initiatives as FRS continues to grow and enter new territories.”

This appointment further strengthens FRS’ management team following the recent appointment of Steve Husk as CEO and the acquisition of FRS by The Carlyle Group and Kennet Partners in 2006.

Serge has a degree in commercial and financial services from the HEC Saint-Louis Business School, Brussels, Belgium.

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