GIS Announces Acquisition of FutureFirst Software, Inc.

Acquisition Establishes Firm as Major Player in Alternative Investment Software Market

Hackensack, NJ, November 18, 2003 - Global Investment Systems Ltd. (GIS), the leading supplier of specialized accounting software for the securities industry, announced today the acquisition of FutureFirst Software, Inc., a Chicago based hedge fund and alternative investment software company.

"GIS has always taken pride in providing complete solutions and responding to client and industry needs," said Nigel Wilson, GIS’ president and CEO. "With the integration of FutureFirst’s software, GIS is now able to offer two new software suites, which not only allow us to better meet the growing needs of our current clients, but also better penetrate the expanding alternative investments marketplace. "

The new software suites, MHEDGESM and MPARTNERSM will work cohesively with MFACT®, the GIS fund accounting system that supports all aspects and phases of investment and financial accounting, particularly for mutual funds, hedge funds and unit trusts; and MSHARE®, GIS’s transfer agency and shareholder recordkeeping system. These suites will provide specific functionality for partnership accounting and tax reporting, managed futures funds as well as for "fund of funds" accounting.

Founded in 1991, FutureFirst Software supplies accounting, compliance, and risk management software to the hedge fund and alternative investment community. Their software provides a high level of flexibility to accommodate the many different accounting and fee structures used by the alternative investment market. FutureFirst Software’s clients include over 25 traders in seven countries with over 200 funds with nearly $5 billion in assets under management.

GIS, which will retain the Chicago office of FutureFirst, plans to expand the staff there in the near future. "There is no question that FutureFirst has a quality team in place, and we intend to build on that infrastructure," said Wilson.

Formed 10 years ago after a management buyout from Price Waterhouse, GIS is headquartered in Hackensack, N.J., and has an office Dublin, Ireland. The company maintains over 100 installations of its products throughout the world in 16 countries, servicing more than 3,500 mutual funds, hedge funds and portfolio accounts with more than $294 billion in assets under management. More information about the company and its products and services can be found on its web site.

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