Financial Performance Update
Trading for the period has been in line with management's expectations. Assets under Administration (AuA) have grown to $91 billion1 as of 31 March 2009 from $88 billion at 31 December 2008. As anticipated, first quarter revenue has been impacted by the 9% decline in average AuA versus the same period last year. Adjusted operating profit2 has continued to perform well as expenses remain closely managed.

Hans Hufschmid, chief executive officer, said: "I am encouraged by the level of fund inflows during the first quarter of 2009. New clients with AuA of nearly $12 billion, along with new funds from existing clients of $5 billion and subscription inflows of $3 billion, offset first quarter redemptions and terminations, which we knew would be substantial, as referenced in our 2008 preliminary results announcement. In addition, client fund performance generated over $1 billion, a positive sign that hedge fund managers may have begun adapting to the changing market environment. I am also pleased with our profit and cash flow performance, which are a result of our focus on cost management and continuing efforts to enhance productivity. The significant investments in people, processes and technology that we have been making over the years enable us to deliver innovative and high quality services to our clients while generating strong financial results. We continue to invest in the business and we are further strengthening our competitive position."

Financial Position
GlobeOp's financial position remains strong. Cash totaled $43 million (unaudited) as at 31 March 2009 - up $6 million from March 2008. The Company continues to have no debt.

Outlook
We note a sustained investor demand for greater transparency, independent portfolio verification and control of capital. Fund managers are looking for operational solutions to meet these requirements and to improve their own operational cost structures that are challenged by redemptions and lower fees. We believe these combined factors will produce significant long-term opportunities for GlobeOp. However, looking ahead we expect the market turmoil and uncertainty experienced over the past several months to continue to impact the remainder of the first half of 2009. Funds will remain under pressure from redemptions by investors and raising new capital will continue to be challenging. Thus, while GlobeOp's current pipeline for new business is promising, we remain focused on prudent cost management and productivity improvements. At the same time, we are aggressively pursuing new business prospects and emerging opportunities such as managed accounts, in which we have considerable experience and in-depth expertise. We believe our highly efficient operating model, financial strength and proven ability to meet the evolving needs of the industry place us at the forefront of the hedge fund administration sector, and positions us well for the long term.

Notes:
1 Assets under Administration. Consistent with past disclosure the performance of clients' funds for the current month is not included in the measurement of AuA at the end of that month. Thus, March 2009 client fund performance is not within the 31 March 2009 figure.

2 A non-IFRS financial measure that is calculated by the Company as operating profit prior to depreciation and amortization expense, employee costs related to share options and restricted stock, tax reserves and legal claims, net of insurance reimbursements received, and the costs related to water damage at the Company's Harrison facility, net of insurance reimbursements received.