European Investment bank Bryan, Garnier & Co, acting as sole placement agent, led the €40 Million second round of financing of Reef, with Goldman Sachs Principal Investments and 3i Group, as lead investors

This closing enhances the bank’s leading position in the placement of later stage equity financing for European technology companies

Paris — October 26, 2000 —  Bryan, Garnier & Co (bryangarnier.com), a pan-European independent investment bank focusing on European growth companies, announced today that it has led the placement and the syndication of a €40 million ($35 million) second round of equity financing of Reef (www.reef.com), a leading global Internet software company that offers an open software foundation for e-business.

The lead investors of this round are investment bank Goldman Sachs and European venture capital company 3i. Previous investors also participated in this round of financing, including Profrigo NV and Viventures.

This second round follows a previous equity round of €14.25 million in October 1999 also led by Bryan, Garnier & Co which was syndicated to Viventures, Cisco Systems, Profrigo, Net Fund Europe and EDB Singapore; it brings the Company’s total private funding to date to almost €55 million ($50 million).

Commenting on the announcement, Gregoire Revenu, Bryan, Garnier &, Co Managing Director, Corporate Finance, said, “Reef is one of the most promising European companies in the buoyant e-business applications software market, combining a real pioneering vision with a unique execution capacity. This significant equity round, which gathers leading venture capital funds, provides Reef with the financial resources and the shareholders’ support necessary to reach its ambitious goals. For us, at Bryan, Garnier & Co, building our reputation on our clients’ success is what drives our growth.“

This placement enhances Bryan, Garnier & Co’s leading position in the syndication of later stage private placement for Technology companies in Europe. With a very selective approach, the bank has built a significant track record of international fund-raisings with average placements of €30 million in 2000 among European and American venture capitalists. These transactions require our bankers to have a deep understanding of emerging technologies, strong advisory skills and a very solid grasp of the venture capital industry. To this end, Bryan, Garnier & Co has developed a unique know-how of private placements thanks to a team that unites experienced investment bankers and former venture capitalists. In 2000, Bryan, Garnier & Co has been the investment banker of companies such as Reef, Attol Testware, Stella Electronics, Double-Trade.com, OmniTicket Networks among others.

About Reef

Reef is a leading global Internet software company that provides an open, integrated, software-based foundation for managing dynamic e-business. Companies of all sizes use Reef Internetware® to embrace continuous change and maximise e-business efficiencies by empowering non-technical business professionals to directly manage online content, commerce, community services, and business process co-ordination using a standard Web browser. Recently named one of Europe’s 50 Hottest Technology Firms by TIME Magazine, Reef is a privately-held company funded by Goldman Sachs, 3i, Cisco Systems, Net Fund Europe, Profrigo, Viventures, and other investors. Led by a seasoned management team with proven industry success, the company serves a broad mix of industries, including media/entertainment, telecommunications, healthcare, information technology, finance, and retail. With offices in Asia-Pacific, Europe, and North America, Reef can be found on the Web at www.reef.com.