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AIS Fund Administration Receives SAS 70 Type II Certification

AIS Fund Administration (“AIS”) announced today that it has successfully completed a SAS 70 Type II examination of specified
middle-back-office and fund administration controls by accounting and auditing firm Rothstein Kass.

Operational procedures and controls included in the examination scope support new fund set-up, transaction processing, position reconciliation, cash receipts and disbursements, month-end process, investment valuation and investor relations. It covers middle and back office operations for both the US and European offices. The examination also included controls related to logical and physical security, data transmission, change and problem management, and system back-up and recovery processes.

“We are pleased to announce that AIS’ SAS 70 report came back from Rothstein Kass without any noted exceptions,” said Boris Tiomkin, CEO. “SAS 70 Type II certification independently confirms AIS’ success in providing daily operational and financial accounting support to our clients. Our ability to provide daily NAV and daily financial statement reporting across all strategies is what differentiates AIS from other fund administrators. This is not news to our clients as reflected in the Global Custodian Administration Surveys over the last three years.”

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 and an independent assessment of a service organization's specified controls as they relate to processing of transactions in connection with audits of financial statements.

The independent examination evaluated the design of AIS’ specified controls as of October 31, 2008, and the operating effectiveness of the specified controls for the period from January 1 to October 31, 2008.