Notification of undersubscription of Entitlement

11 April 2007 Notification of undersubscription of Entitlement

Sydney, 11 April 2007 (ASX: BVA) – Bravura Solutions Limited (Bravura) – a leading global supplier of wealth management applications and professional services - advises that the undersubscription of shares from its recent one for six non-renounceable Entitlement Issue (“Entitlement Issue”) was 1,096,091 shares. The Entitlement Issue closed on 4 April 2007 with Bravura Solutions having received applications for 19,315,177 (95%) of the 20,411,268 new ordinary shares that were offered.

A total of $40.6m was raised under the Entitlement Issue. Management shareholders took up their full entitlement, which represents $15.70 million or 39% of the capital raised. The proceeds of the Entitlement Issue will enable Bravura to pursue its growth strategy through future acquisitions and growth opportunities.

Trading on ASX of new shares issued under the Entitlement Issue is expected to commence on Friday, 13 April 2007 on a deferred settlement basis, and on a normal basis on Tuesday 17 April 2007.

Chairman, Chris Ryan, on behalf of the Board, said “I am delighted with the success of the entitlement issue, which has raised approximately $40.6 million in a period of relatively volatile equity markets. This clearly demonstrates the ongoing support of our shareholders for Bravura’s future growth plans”.