Fulcrum Appoints Tim Calveley as CFO, Announces Executive Promotions

Hamilton Bermuda - 13 December 2006

Fulcrum Limited, a leading global administrator for the hedge fund and alternative asset management industry, is pleased to announce today that Tim Calveley has been appointed Chief Financial Officer, joining the company from West End Capital Management (Bermuda) Ltd. In addition, Steve Slessor has been promoted to Director, Client Services.

Mr. Calveley, CFA, ACA, is to be based in Bermuda, and is to oversee strategic planning and financial control of Fulcrum’s group and subsidiary operations. The Canadian operations will also now report directly to Mr. Calveley. Previously, he served as CFO for West End Capital Management (Bermuda) Limited, an investment management firm specializing in global fixed income markets which managed more than $1 billion in assets.. From this position, Mr. Calveley was part of a team that launched Flagstone Reinsurance Limited, founded with capital of over $700 million raised by the management of West End Capital. He served as CFO until June 2006. Mr. Calveley previously held positions as a senior auditor for KPMG in London and Bermuda.

“Tim joins us with a thorough understanding of our client service and technology model, from the client’s perspective,” said Glenn Henderson, CEO of Fulcrum Limited. “Tim’s experience and background from the fund management side of the business illustrates Fulcrum’s dedication to building the most experienced executive team possible in order to serve our clients,” he said.

“Having been a client of Fulcrum’s for many years, I had always been impressed with the product knowledge, client service, timely delivery of NAV, and technology platform at Fulcrum,” said Mr. Calveley. “Fulcrum’s position in the industry, combined with its recent strategic and rapid expansion, made this a very exciting opportunity to join the senior management team,” he said.

Another strategic executive change for Fulcrum is the promotion of Steve Slessor to Director of Client Services. He was recently appointed as the manager of the Cayman Island’s office. In addition to his current duties, he will join Fulcrum’s Global Client Acquisition Team to ensure that client’s expectations on all aspects of the transition process is met and surpassed. Mr. Slessor will work jointly with Tim Thornton, Managing Director, Global Client Acquisition Group and Director of Risk, to make certain that the quality of reporting is maintained on an ongoing basis.

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