GlobeOp Enhances Platform with Markit's Credit Data

- Agreement Furthers Independence of Portfolio Valuations -

London and New York, 7 July 2005 - GlobeOp Financial Services (GFSSM or GlobeOp), a provider of fund administration and related support services for hedge funds, fund of funds, and high net worth family wealth offices, today announced an agreement with Markit Group Limited (Markit), a leading industry source for independent mark-to-market pricing, asset and OTC derivatives valuations, that will significantly enhance GlobeOp's portfolio valuation services and enable further automation of its operational processes. Through the agreement, GlobeOp will provide its clients with services that use Markit credit default swap (CDS) data and reference entity data (RED), products used in the fast growing global credit derivatives market.

"This alliance with Markit demonstrates GlobeOp's ongoing commitment to provide outstanding OTC processing and valuation services to the hedge fund industry," said Hans Hufschmid, GFS chairman and chief executive officer. "Markit RED is the market standard in CDS processing, and access to Markit's credit data enhances GlobeOp's capability to provide accurate and timely independent valuation services to our clients."

Kevin Gould, executive vice president of Markit, commented: "The increased participation of hedge funds in the credit markets, the volatility in the asset class in recent months, and the growing complexity of instruments traded have served to demonstrate the overwhelming need for accurate valuations. An alliance with GlobeOp will allow our data to hit more institutions and further enhance our market reputation."

Markit RED is a unique reference entity database that provides the industry standard reference entity names, reference obligations and codes used throughout the credit default swap markets.

Contacts:

Markit
Kevin Gould
Executive Vice President
Tel: +1 212 931 4901
Email: kevin.gould@markit.com

Teresa Chick
Marketing and Communications Manager
Tel: +44 20 7890 5094
Email: teresa.chick@markit.com

GlobeOp
Ed Condon
Director of Business Development
Tel: +44 20 7190 6602
Email: econdon@globeop.com

Rosemary Moothart/Rob Whetstone
PondelWilkinson Inc.
Tel: +1 310 279 5980 (US)
Email: rmoothart@pondel.com
or rwhetstone@pondel.com

About Markit

Markit is the leading industry source for asset valuation data and services supporting independent price verification and risk management in global financial and energy markets. Founded in 2001, the company is an independent enterprise with which the world's leading financial institutions and energy traders work strategically to create price transparency. Today, Markit enjoys the sponsorship of 13 financial institutions who manage assets in excess of $10 trillion, and data contribution relationships with over 50 dealing firms. Markit has designed, launched and acquired over 20 financial data services which are now used by over 300 institutions globally. Areas of product expertise and service include an independent valuation perspective on OTC derivatives (credit, equity, FX, rates, energy, power, metals and structured products), corporate bonds, syndicated loans, dividend forecasting and index and ETF management. For more information about Markit, see www.markit.com.

About GlobeOp

GlobeOp Financial Services specializes in middle- and back-office support services and fund administration for hedge funds, funds of hedge funds, asset managers and high net worth family wealth managers. GFS provides independent services essential to the successful operation of private investment entities with activities ranging across a wide spectrum of traded instruments. The firm's GlobeOp Risk subsidiary provides independent risk reporting and quantification to investors, creditors and managers. Company expertise is drawn from the senior levels of international banking and fund management and encompasses a wide range of relevant experience. More information about GFS can be found at www.globeop.com.