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RBC Global Services Australia Implements Charles River Compliance to Monitor AUS$17 Billion in Custody Assets

First Custodian to Provide Australian Fund Managers with Real-Time Compliance Monitoring

MELBOURNE, SYDNEY and BURLINGTON, MA FEBRUARY 15, 2005 — Charles River Development (Charles River) today announced it has completed a two month implementation of Charles River Compliance at RBC Global Services Australia (RBC), for monitoring its AUS$17 billion assets held in custody. RBC is the first custodian in Australia to offer fund managers real-time compliance monitoring services and comprehensive reports to help ensure their funds conform to regulatory and legal mandates, prospectus guidelines, and client directives.

"In the past few years, fund managers have come under increased scrutiny that their funds comply with regulatory, legal and client mandates," said Alex Muto, managing director of RBC Global Services Australia. "This new alliance is a significant strategic initiative that will enable RBC to meet the needs of our clients by providing access to Charles River’s leading edge compliance monitoring and reporting services in the Australian marketplace."

"We are pleased to help RBC provide a new compliance service to Australian fund managers and we are confident they will find it invaluable," said Cameron Field, Charles River’s Asian-Pacific managing director. "RBC’s offering will help them monitor compliance effectively, adopt new rules and policies as appropriate, and most importantly, avoid violations and penalties."

"Furthermore, we feel that RBC’s selection of Charles River Compliance is a testament to our ability to service the needs of Asia-Pacific investment managers, and our willingness to work with individual clients to create solutions," he said. "For example, due to the fast and easy implementation, and quick time to market for RBC, they have realized an immediate return on investment. Our system architecture and business approach provide the flexibility needed to solve problems for our clients."

Charles River Compliance, one of three components of the award-winning Charles River Investment Management System (Charles River IMS), is a global, real-time, pre-trade, post-execution, and portfolio-level compliance-monitoring tool. Charles River Compliance supports all currencies and security types; provides more than 1,000 standard compliance rules including coverage of the ASX substantial shareholding rules, U.S. SEC 1940 Act including Rule 2a-7, UK FSA, Canada NI 81-102, UCITS III, German KAGG, France AMF, and other regulatory rule libraries; and offers flexible rule writing capabilities to create client-defined mandates. Available as a stand alone application, or fully integrated with Charles River Manager and Charles River Trader, the firm’s portfolio management and order management/electronic trading applications, Charles River Compliance ensures consistent adherence to the most stringent client, fund, regulatory, and complex-wide guidelines.

The implementation also includes interfaces to RBC’s existing systems, including to DST’s HiPortfolio and S&P’s Rating Services, to facilitate the seamless transfer of data and daily reconciliation of accounts.