Butterfield Contracts with GIS for MFACT® and MSHARE®

Hackensack, NJ, June 18, 2003 – Global Investment Systems Ltd. (GIS), a global supplier of specialized accounting software for the securities industry, announced today that it has added Butterfield Fund Managers (Guernsey) Limited (BFM) to their growing roster of European clients.

"We are delighted that Butterfield has chosen to use both MFACT and MSHARE. Their addition to GIS’ client family demonstrates the high degree of functionality and flexibility inherent in both systems," said Barry McConville, Managing Director of Global Investment Systems (Ireland).

Located in Guernsey, BFM will use both GIS’ MFACT® system for mutual fund accounting and administration and GIS’ MSHARE® system for their transfer agency services. A division of The Bank of N.T. Butterfield & Son Limited and part of Butterfield Fund Services, BFM provides a full range of offshore third party administration services to clients throughout the world. In addition to Guernsey, Butterfield Fund Services has offices in Bermuda and Cayman.

MFACT is a fully automated system designed for "in-house" operations to support all aspects and phases of investment and financial accounting, particularly for mutual funds, hedge funds and unit trusts that must compute a net asset value (NAV).

MSHARE is completely scalable, employs the most recent advances in client/server technology and can support a wide range of transfer agency operations. With its open architecture, it can interface with a variety of third party reporting and data analysis tools. When used together, the two systems interact with each other allowing for straight through processing between MFACT and MSHARE, eliminating the potential for manual data entry errors.

"We were very impressed with the functionality and automation of both MFACT and MSHARE. The interaction between the two systems will allow us to automate a number of processes and enhance our services to clients and investors." said Patrick Firth, Managing Director of Butterfield Fund Managers (Guernsey) Limited. "These features, along with GIS’ excellent reputation for quality support and easy system implementation made GIS our first choice."

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 in 16 countries around the world, servicing more than 3,500 mutual funds, hedge funds and portfolio accounts.

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