MFK Renaissance Asset Management Limited


Dear Sirs,

The purpose of this letter is to provide information as to the work that the software development firm LASP has done for MFK Renaissance Asset Management over the past year and one half. LASP was hired by our firm to develop the integrated software system for our business on a start up basis, including the following functional modules:

Trading (equity, fixed income instruments, currency) Middle and back office (position and operations settlement) Accounting and management control Analytic Register transaction

LASP also produced a system disaster recovery plan that signed off by our group and fully implemented with their assistance.

All these projects with LASP were completed on a tight time frame due to our urgent start up requirements. However, this did not detract from the high quality of the product which the firm produced for us. LASP personnel exhibited a good knowledge and expertise in the area of finance and banking that greatly facilitated our working together on an effective basis.

In the process of the development of the above mentioned modules LASP utilised the most up to date technologies which allowed our systems to achieve the required level of data and application security and performance.

After the system was delivered LASP continued to provide support for the installed system and made refinements on an ongoing basis based on the operating experience of our operations team. This continued support from LASP allowed us to really target the system to meet our specific needs and squeeze the most value from the software development dollars spent. Furthermore, as our business requirements shifted over time LASP was able to modify the systems accordingly to adapt to our changing needs. In a sense, LASP allowed the system to grow with our business.

The system which was created by LASP was both user friendly, reliable, and had a sensible internal logic of operation. The system effectively manipulates large quantities of data, performs complex calculations, carries out these activities in an efficient manner that does not overload the server, correctly manages system traffic, and provides for simultaneous communication with peripheral stations. The system delivered by LASP was also designed for multiple users and is compatible with different systems platforms. Furthermore, effective cooperation with LASP in development of our systems and their employment of certain unique capabilities of the IBM DB2 software has allowed our business to increase the quality of the financial products.

In summary, we are quite pleased with the high quality of the system provided by LASP and its relative low cost as compared to other systems performing the same functions in the market place. We believe that use of this system has greatly improved the efficiency of our workforce and resulted in significant cost savings as compares to other systems available.


Sincerely,

Michael Vasileff

Chief Financial & Operating Officer


Cedar House

41 Cedar Avenue

Hamilton HM12, Bermuda