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Shadow Financial Services Names Joseph A. South President

- Experienced Industry Veteran Assumes Helm of Rapidly Growing Global Securities Software Company -

EDISON, N.J. (February 1, 2006) – Shadow Financial Services Corp., developers of the ShadoSuite® global securities processing and accounting system, today announced that Joseph (Joe) A. South has joined the Company as president. He will be responsible for defining the company’s strategic direction and the composition of the company’s product offering along with driving its sales and marketing efforts. In this newly created role, South reports to Shadow Financial Services’ founder and CEO, Donald J. Marino.

In making today’s announcement, Marino commented, “We are fortunate to have Joe join us as he has a proven background in growing, nurturing and developing boutique organizations in a very competitive industry that just happens to be our target market. He knows our clients, he knows our product, and he is already familiar with the Shadow Financial team. I am confident that his foresight, experience and knowledge will compliment our management team as we strive to achieve our goals for growth.”

South joined Shadow Financial Services from Greenwich, Conn.-based hedge fund Paloma Partners, where he was executive vice president of its broker-dealer, Paloma Securities. There, he was responsible for the U.S.-based domestic and international securities finance group and for business development of its hedge fund transparency offering.

Prior to that, he was senior vice president at Canadian-based Maple Financial Group where he ran their securities finance business unit working from its U.S. broker-dealer Maple Securities, U.S.A. During his tenure, South established and built the company’s securities finance presence in Canada, the U.K. and the U.S.

Earlier in his career, he held positions at Canadian-based Scotia Capital Markets in both their treasury management and financial reporting groups. South began his career at Ernst & Young in Toronto.

South earned a bachelor of commerce with honors from Queen’s University at Kingston, Ontario, Canada, and holds a professional accounting designation granted by the Certified General Accountants Association of Canada. He also holds Series 7, 24, 27, 55, and 63 certifications.

“I am very excited to join the Shadow Financial team,” stated South. “ShadoSuite is the most comprehensive and scalable global securities processing and accounting solution available on the market today for investment industry players. As a previously satisfied client, I’ve seen ShadoSuite’s benefits firsthand. Not only did it streamline our securities processing, it provided a better experience for the support staff and had a significant impact on the bottom line of the firm. I look forward to contributing to the continuing success story at Shadow Financial.”