Sirius Announces New Contracts, Confirms Strong First Half Performance

July 22, 2002

Insurance technology provider, Sirius Financial Systems Plc, has reported June was an outstanding month for sales of its Sirius for Underwriting software, with a four new contracts being signed.

Three of the new customers are former users of PM Underwriting, which demonstrates the interest and commitment of this user base to upgrade to new technologies but remain with a familiar and trusted supplier. The fourth user is a new customer organization for Sirius.

The geographical spread of the contracts reflects the territories in which Sirius is strongest. Two contracts are with underwriters in the UK, one is based in the Caribbean and one in Africa. These mark the second sale of Sirius for Underwriting to an African insurer, the sixth sale of the software to a Caribbean- based insurer, and the sixth sale in the UK.

Between them, the four new users of Sirius for Underwriting will employ it to manage a range of personal lines and commercial lines business, supporting both direct operations and the intermediary channel. In size, they range to include one of the world’s largest general insurers.

The company also confirmed that the initial indications of its results for the half- year to June30, 2002 are in line with the Board’s expectations.

The Board expects the underlying trend to show growth in both revenues and profits in 2001. In addition the company benefited further from the deferral of certain revenues from 2001 into 2002, which will be reflected in the first half.

This excellent performance is supported by strong cash inflows reducing gearing to zero (28.9 percent on Dec. 31, 2001) with a net cash balance on June 30.

The Board expects to make a preliminary announcement of its half-year results during Sept. 2002.

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