Fortis Prime Fund Solutions appoints Michael Secondo Director of new business development (08/05)

Division Also Adds Four Professionals; Signals Commitment to Building Administration and Leverage Financing Capabilities for North American Alternative Investments Clients

New York, NY, May 8, 2007 – Fortis Prime Fund Solutions (USA) LLC, a division of Fortis Merchant and Private Banking, today announced the appointment of Michael Secondo as Director of New Business Development and the hiring of four additional new members to the Relationship Management Team and Credit Support Group. The moves enhance Fortis Prime Fund Solutions' efforts to build its administration and leveraged finance product offerings to alternative investments clients in North America.“These appointments are part of Fortis' unwavering commitment to service the needs of an increasingly sophisticated client base,” said Jacques Bofferding, Regional Managing Director Fortis Prime Fund Solutions of the Western Hemisphere. “More and more, our clients are telling us that they need a consolidated package of services on a cost effective basis, from back door operations to the use of the balance sheet to provide bridge, currency, leverage and synthetic financings. With these additions to our growing U.S.-based professional staff, we are continuing our responsiveness to these needs.”

As Director of New Business Development, Michael Secondo has responsibility to market Fortis' leveraged finance products to alternative investment clients. Mr. Secondo was previously with Citigroup for more than 15 years, most recently as a sales director in the Global Prime Brokerage and Administration Business. As Director of New Business Development for Fortis Prime Fund Solutions, Secondo reports to Clay Burton, Managing Director and Head of New Business Development.

In addition, Vito Pizzullo, Mathieu Santerre and Laurence Headlam have joined the Relationship Management Team to support the growing North American client base, reporting to Rhonda Eldridge, Director of Relationship Management. Mr. Pizzullo brings to Fortis extensive experience in the financial services sector, having held senior roles with Morgan Stanley, UBS, Citco Fund Services and the RiskMetrics Group.

Mr. Santerre, a Canadian Chartered Accountant, joins the New York team from the Fortis BVI office bringing with him wide ranging knowledge in fund administration. Prior to his work with Fortis, he was an auditor for Deloitte in Canada and in the British Virgin Islands.

Mr. Headlam transfers from Fortis London where he specialized in large and complex credit transactions. He is an associate of The Chartered Institute of Bankers and before Fortis, spent three years at Allied Irish Bank.

Also, Andrew Laird joins the Fortis Prime Fund Solutions' Credit Support Group in New York. Prior to joining Fortis, Mr. Laird worked for four years with UBS Financial Securities Lending.

About Fortis Prime Fund Solutions

Fortis Prime Fund Solutions (USA) LLC, is a division of Fortis Merchant and Private Banking. The main activities of Prime Funds Solutions, the unit of Fortis dedicated to servicing the alternative investment community, include providing fund administration services from eight global operations sites and financing to fund of funds.