Pendo Systems Completes Implementation with American Agricultural Insurance Co.

Montclair, NJ – 19 September 2007

Pendo Systems, Inc., a leading provider of financial accounting solutions, today announced that American Agricultural Insurance Company has completed its
implementation of the company’s BasisPoint® accounting system.

American Agricultural Insurance Company is the reinsurance company for the American Farm Bureau Federation.

Pendo Systems added American Ag to its client list in June 2007, and quickly began the implementation process. Through a diligent and proficient data conversion, leveraging Pendo Systems’ formal project approach, the companies were able to work together to launch BasisPoint on American Ag’s systems in a few short weeks.

“I am extremely pleased with the implementation process and efficiency of Pendo Systems. We needed a quality product with superior valueadded for our clients, that could be delivered rapidly and without interruption to our business. Pendo Systems met these needs,” said David Elstrom, Vice President of Accounting Systems and Internal Controls at American Agricultural Insurance Company. “With its market leading technology and continued innovation, Pendo Systems enables us to provide more sophisticated financial reporting to our partners who are already seeing the benefits.”

“Having just completed the successful implementation of BasisPoint, American Ag can now offer superior functionality, technology and reporting to its clients and partners in the American Farm Bureaus,” added Pamela Pecs Cytron, Chief Executive Officer of Pendo Systems.

“We are thrilled to have added American Ag to our expanding client roster, as we continue to provide superior accounting solutions to the insurance industry.”
Pendo Systems was founded in 2006, and is answering the need for increased accounting efficiency in the financial services sector. Its core product, BasisPoint, is a global enterprise-grade investment accounting engine that is multi-currency, multi-basis and multiclient.

It incorporates a full suite of process modules to manage investment trading and operations from the front office through the back office. The BasisPoint software features a unique, sophisticated functionality that is rapidly becoming the new standard in investment accounting system delivery. Pendo Systems’ use of the Microsoft solutions within BasisPoint enables the company to develop key
strengths in areas of scaling, resilience and functionality that is not available in many legacy platforms today.

“Pendo has developed BasisPoint utilizing the best traditions of Microsoft’s technology to enhance the capabilities and strengths of their core product. We are closely working with them to further leverage Microsoft’s solutions stack that will allow Pendo to rapidly develop additional areas of functionality for BasisPoint to ensure their continued leadership in the market,” said Bill Hartnett, head of
Microsoft Insurance Solutions.

Pendo Systems continues to enhance its current product offerings, add employees, develop new products and services and align with strategic partners to strengthen its position in the marketplace. With industry leading technology and continued innovation, Pendo Systems has approximately 10 customers.

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