12.15.2009

Opus Fund Services successfully completes SAS 70 examination

15 December 2009 HAMILTON, BERMUDA – Opus Fund Services announced today that it has successfully completed a SAS 70 Type I examination of its middle, back-office and fund administration controls by an independent auditing firm. The independent examination evaluated the design and operating effectiveness of specified Opus controls as of November 5, 2009 assessing whether they are suitably designed to achieve the stated control objectives.

“With increased global scrutiny by regulators, and a greater demand by investors for broad independent and transparent adherence to operational best practices, it is now essential to be able to demonstrate a comprehensive internal control process which has been independently assessed for effectiveness.” said Robin Bedford, Opus’ CEO.

“The decision making process when identifying service providers has never been more important. A SAS70 compliant process is now an essential requirement by investors to do business. The Opus operating culture achieves excellence through disciplined execution and is core to the Opus strategy to providing first class service at the absolute best price.” said Stephen Giannone, Opus’ President.

Opus controls within the examination scope included: implementation; account management; security master setup and maintenance; trade capture; price master valuation and price verification; gains and losses recognition and capture; corporate actions processing; income and expense recognition and capture; cash management; net asset value reporting; subscription, redemption and transfer activity; and investor standing data maintenance. From an information technology perspective, the examination included controls related to change management; information security; and back-up and recovery.

Statement on Auditing Standards No. 70 (SAS 70) was established by the American Institute of Certified Public Accountants. A SAS 70 report is intended for a service organization’s management, its user organizations and the independent auditors of the user organizations. It provides information about, and an independent assessment of, a service organization’s specified controls as they relate to the processing of transactions in connection with audits of financial statements.

Opus Fund Services (Bermuda) Ltd. is licensed by the Bermuda Monetary Authority under the Investment Funds Act 2006