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Custom House announces receipt of SAS 70 Type II Report

Posted: 18 March 2008

Custom House, a well known hedge fund administrator, announced that it has received a SAS 70 Type II Report in an audit conducted by Ernst & Young.

Custom House received its SAS 70 Type I Report in May 2007 and both Reports were carried out by Ernst & Young, as independent auditors. Statement on Auditing Standards No. 70 (SAS 70) is an internationally recognized auditing standard that allows Custom House to disclose its control activities and related control objectives to clients and clients' auditors, in a uniform report format, reflecting an examination by an independent service auditor.

"I am immensely proud of all the staff responsible for this impressive achievement," said Dermot Butler, Chairman of Custom House.

"The institutionalization of the industry has created a demand for this level of reporting standard," commented David Blair, Managing Director of Custom House.

"We are very pleased that as one of the few hedge fund administrators with a Type II SAS 70, Custom House is at the front of the pack."

Custom House was the first hedge fund administrator awarded a "Management
Quality" rating from Moody's in 2002.

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