July 24, 2001

The Halifax Group Announces Successful First Exit with the Sale of MTW Corporation

FORT WORTH, TX – July 24, 2001 – The Halifax Group announced today the sale of one of its portfolio companies, MTW Corporation, to The Innovation Group plc (“TiG”), a UK public entity. For The Halifax Group, the transaction represents a successful first exit in its initial fund, providing a significant premium to the initial investment it made in MTW just 11 months ago. Specific terms of the transaction were not disclosed.

According to Brent Williams, Principal of Halifax, “TiG recognized the value in MTW’s vertical market orientation, intellectual property and management talent, which were all part of our original investment thesis. Moving forward, the combined group presents an even more compelling entity.”

MTW’s President & Chief Executive Officer, Ed Ossie said, “The combination of TiG and MTW presents a huge opportunity to further advance the combined group’s technical expertise and our software market position. The Halifax Group has been an exceptional partner to MTW during the past year, helping us to create the value that we were able to realize through this transaction. They delivered on every promise that they made during their investment process, adding value as investors, board members and partners.”

MTW is a provider of processing solutions employing the use of component-based systems development, primarily to the insurance industry. MTW’s core offering is its P&CeComponents Plus solution. The solution offers a complete product development and processing system and is built to handle change and growth in the Property and Casualty (“P&C”) insurance industry. In addition, MTW offers PROgresssion, a proven development methodology that the Gartner Group recognizes as the most effective currently available. PROgression provides a framework for the efficient migration from legacy systems to P&CeComponents Plus and other solutions. MTW has software development centers in Kansas City, Missouri; Plano, Texas; Durham, North Carolina; Bel Air, Maryland; Morristown, New Jersey; and Hartford, Connecticut.

The Halifax Group was formed in January 1999 to capitalize on the rising number of equity investment opportunities in small-cap and mid-cap companies, both public and private. Halifax targets transactions with initial equity investments of between $10 and $40 million in companies with total equity values between $50 and $500 million. Halifax’s Founders and Managing Directors are David W. Dupree, a former Managing Director at The Carlyle Group; and William L. Rogers, a founding partner of Colony Investors and former principal and CFO of Robert M. Bass Group. Halifax was also founded by David Bonderman, a founding partner of Texas Pacific Group, and Thomas J. Barrack, Chairman and Chief Executive Officer of Colony Capital. Halifax has offices in Washington, D.C., Dallas, and Raleigh-Durham.

The Innovation Group, based in the UK, was formed in 1997 to develop a complete solution set for the global insurance industry, focusing on the key business drivers of efficiency and effectiveness. The Innovation Group’s Evolving Leading Practice solutions address the challenges of effectiveness while optimizing operational efficiency. The solution covers the entire claims process, from notice of loss, through “back office” functions, and out to the extended organization — integrating customers, suppliers, and regulators into the claims cycle. The Innovation Group has offices worldwide in London, Paris, Amsterdam, Toronto, and New York.

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