Allan Gray select the Fundamental Portfolio Manager

Cape Town, January 30, 2006

Allan Gray Limited, the largest privately owned asset management company in South Africa, has chosen Fundamental Software to implement its Fundamental Portfolio Manager into their institutional environment. The Software will replace their existing in-house system and provide the full front-to-back administrative capability to Allan Gray, including funds administration and daily unit pricing.

The Fundamental Portfolio Manager solution is a South African based integrated front-to-back asset management solution, covering the full spectrum of asset management from order initiation to reporting.

It is designed as a complete solution for the small to large -tier asset manager, and as such is a unique market offering. Adding to its uniqueness is the fact that it is the only locally based company that offers a comprehensive solution to the asset management industry, including the idiosyncrasies surrounding local tax laws (such as Section 24j of the Income Tax Act and the monitoring of CGT).

Edgar Loxton, Director at Allan Gray and Project Sponsor comments: “Allan Gray have been through a rigorous selection procedure, and are very pleased at the selection of Fundamental as our chosen solution. We look forward to developing a very successful relationship.”

The implementation of the Fundamental Portfolio Manager represents a major victory for Fundamental.

Through the final quarter of 2005 Fundamental was involved in a competitive tender process, competing against several other Software vendors, all of whom were international players. Craig Arenhold, MD of Fundamental, is delighted with the result: “Being awarded a contract of this nature is the culmination of three years of dedicated effort from a small, niche team; and serves to elevate the Fundamental profile substantially. We are tremendously proud of the association, and look forward to a successful project.”

Arenhold is confident that the implementation and subsequent site support and maintenance will serve to elevate his company to the next level in terms of service delivery. “All credit must go to my great team who pulled together as one through the last quarter of 2005 – we look forward to the challenges of the
project, and competing in the global sphere.”

Fundamental has grown aggressively since incorporation in February 2003, and currently support a base of clients in diverse geographical locations, including Cape Town, Windhoek and Durban. Fundamental Software is part of the Smartsource Group of companies, and the Fundamental Portfolio Manager is
supported and maintained out of Smartsource House in Kenilworth, Cape Town.

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