Press Release

Morrison & Foerster Acts as U.S. Counsel to Apax Funds in $11 Million Investment

10/30/2003

London, 30 October, 2003 - The London and San Francisco offices of Morrison & Foerster acted as U.S. counsel for funds advised by Apax Partners in relation to an $11 million investment in global financial software company Iris Financial Engineering.

Iris Financial Engineering Holdings Ltd, formerly known as Iris Financial Systems, is a leading provider of component-based financial software solutions for the world's largest investment banks. The company operates global development and sales offices in London, San Francisco, New York and Tokyo.

Kristian Wiggert, a U.S. corporate finance partner, led the transaction from the London office assisted by a team of attorneys from London and San Francisco. Mr. Wiggert commented, "This transaction played to the cross-border strengths and IP expertise of our U.S. law transactional team."

SJ Berwin advised the Apax funds on U.K. aspects of the deal.

The multidisciplinary MoFo team included Diane Cree, Tom O'Toole and Rupert Russell (Corporate), Liz Allor and Mary Ferrer Hansbury (Labor), Genevieve Burch and Masato Hayakawa (IP), Stu Offer (Tax), Peter Aitelli and Kyla Chin (Real Estate) and Paul Borden and Tim Verrall (ERISA).

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