GlobeOp Financial Services; Preliminary Results for the Year Ended 31 December 2009

2 March 2010

GlobeOp® Financial Services S.A. ("GlobeOp®" or "the Company", LSE:GO.), a leading independent provider of business process outsourcing, financial technology services and analytics to the hedge fund industry and other targeted sectors of the financial services industry, today announces its preliminary results for the year ended 31 December 2009.

Highlights

* Assets under Administration (AuA) grew 24% in 2009 to $109 billion as at 31 December 2009 and were up 30% during second half of the year
* $33 billion of AuA added from new middle, back-office and fund administration (MBA) clients and new funds
* Added strategic new business in new sectors
* Aggregated client returns were positive for every month of the year
* Revenues of $156.5 million
* Adjusted Operating Profit* of $36.8 million
* Recognition of previously reported legal provision - $27 million after-tax impact, $43.5 million pre-tax
* Cash of $42.6 million as at 31 December 2009
* Improving adjusted operating profit margin - 27.1% in second half of 2009 versus 20.0% in first half
* Final dividend increased 23% versus 2008 to 1.35 pence per share


Financial Information 2009 2008
Revenues............................................................. $156.5m $185.2m
Operating (loss) profit+......................................... ($19.3)m $38.2m
(Loss) profit before tax+ ....................................... ($19.2)m $38.7m
(Loss) earnings per share-diluted ............................ ($0.06) $0.21

Key Performance Indicators
Adjusted operating profit* ...................................... $36.8m $50.0m
Adjusted operating profit margin...................................... 23.5% 27.0%
Profit before tax and exceptionals*.................................. $24.3m $37.3m
Profit before tax and exceptionals as a percentage of revenues 15.5% 20.2%
End of period AuA related to MBA revenues (in billions)*.. $109bn $88bn

* see explanatory note in financial review discussion below
+ includes the settlement of legal actions and insurance reimbursements
+ related to water damage to a company facility. See financial review
+ discussion below for details

Commenting on the results, Hans Hufschmid, Chief Executive Officer, said:

"I am pleased to report another solid set of full year results for GlobeOp. Despite extremely difficult market conditions, we have not only weathered the storm, but emerged stronger. AuA grew 24% in 2009 to $109bn with $33bn added in new business from existing and new clients. During 2009 we attracted new clients and expanded into new market segments taking advantage of recent market dynamics and increased demand for independent valuation and transparency.

Our performance in 2009 confirmed the fundamental strength of GlobeOp's business model. The continued focus on expanding and improving our service offerings while optimizing costs has built firm foundations for sustainable growth.

It was therefore disappointing in a year of such strong performance to record an operating loss due to a one-time charge. However, the settlement this past summer of a long-standing dispute freed the management team to focus on optimizing our client service offerings and infrastructure as new opportunities emerged. Looking ahead, while it is still early to know if the market recovery seen in 2009 can be sustained, there are encouraging signs with subscriptions outpacing redemptions and the addition of new clients so far in 2010. We have a promising new business pipeline and we will continue to explore potential strategic acquisitions to supplement organic growth. We remain firmly committed to our vision and we expect to make further progress in 2010."

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