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Leslie Bonacum
Neil Allen

Wolters Kluwer Will Acquire Bankers Systems, Inc, Prominent Provider of Information, Software, Services to Financial Institutions Will Become Part of CCH INCORPORATED

(CHICAGO, July 6, 1999) – Wolters Kluwer announced today that it has reached a definitive agreement to acquire Bankers Systems, Inc. (BSI), St. Cloud, Minn., for U.S. $190 million (Euro 185 million). BSI, a leading provider of legal documents, software, and services for the financial services industry, will become part of CCH INCORPORATED (CCH), Riverwoods, Ill., a leading provider of tax and business law information and software and a Wolters Kluwer U.S. company. Sellers are the investment firms Goldner Hawn Johnson & Morrison Incorporated, Minneapolis, and BancBoston Ventures, Inc., Boston. The sale is subject to regulatory review in the USA.

BSI’s products and services facilitate regulatory compliance and meet a number of critical needs for operations, training, support, and marketing for financial service organizations. Its major activities include a comprehensive line of electronic and print forms for account, loan, and retirement plan administration, disclosure, and compliance. In addition to the more traditional compliance information, the company sells and licenses advanced compliance software products that support regulatory analysis and loan and deposit documentation. The software compliance product line integrates compliance information into the customer’s workflow. BSI also provides newsletters, training seminars, account administration services, and retirement plan consulting services. The BSI customer base consists of 14,000 financial institutions, and it has a high penetration rate in the banking market.

BSI had 1999 fiscal year revenues of approximately U.S. $100 million. The company has 870 employees and is expected to maintain its headquarters in St. Cloud.

The two highly regarded companies each have an extensive history of providing information and tools for understanding, analyzing, and complying with complex federal and state laws and regulations. In addition, both CCH and BSI are widely recognized as leaders in developing sophisticated Windows -based legal and regulatory software and innovative Internet applications for professionals.

BSI will become part of the Business and Finance Group (BFG) of CCH. BFG provides more than 60 print and electronic legal and regulatory research and compliance products for attorneys and business professionals. For those in the financial services industry, CCH offers timely and authoritative coverage on banking, securities, mortgage and loan, capital changes, insurance, consumer credit, and bankruptcy.

Wolters Kluwer expects BSI to contribute to net earnings from the year 2000 onwards.

Wolters Kluwer U.S. is a unit of Wolters Kluwer nv, Amsterdam. Its North American operations include a number of highly respected companies specializing in tax, legal and regulatory publishing services and software, including Aspen Publishers, CCH Canadian, CCH INCORPORATED, CCH Tax Compliance, and Legal Information Services.

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