BISYS Selects GainsKeeper, Inc. Tax Lot Accounting Services to Power Mutual Fund Services.

Business/Technology Editors

BOSTON--(BUSINESS WIRE)--May 22, 2001

GainsKeeper's Sophisticated Tax Lot Accounting Engine Strengthens

BISYS' Industry-Leading, Third-Party Fund Services

GainsKeeper Institutional Services (GKIS), an ASP provider for financial institutions, today announced that it has entered into an agreement with BISYS(R), a leading third-party fund services provider. Under terms of the agreement, GainsKeeper's tax lot accounting (TLA) engine will provide capital gains calculations for 33 funds under BISYS administration. Using GainsKeeper's TLA engine, BISYS virtually eliminates the need for manual wash sales calculations, resulting in increased efficiency and accuracy.

According to Bill Tomko, president of BISYS' Investment Services group, "The use of GainsKeeper's TLA engine greatly enhances our ability to provide tax basis information to our clients. The TLA engine enhances our ability to track wash sale activity, allowing our tax services group to focus on providing value-added services to our clients."

"Wash sales calculations are extremely complicated, labor-intensive, and costly for most fund administrators to manage," remarked Chad Cook, GainsKeeper's President. "They are, unfortunately, unavoidable for actively traded funds, and administrators must go through the painstaking process of manually calculating and verifying loss deferrals and basis adjustments in order to generate accurate fund distributions. GKIS can mimic a fund's trading and corporate action activity to arrive at the same book gain/loss as a base, and add value by modifying these calculations for wash sales adjustments. By working with GKIS, BISYS has demonstrated continued commitment to providing its customers with leading-edge fund services. We are honored to be selected by an industry leader and to aid in their efforts."