CornerCap Investment Selects GIS' MFACT for Fund Administration.

Business Editors/High-Tech Writers

HACKENSACK, N.J.--(BUSINESS WIRE)--April 14, 2003

Global Investment Systems Ltd. (GIS), a global supplier of specialized accounting software for the securities industry, announced today that CornerCap Investment Counsel has contracted with the firm to use MFACT(R) for the accounting and administration of the CornerCap Group of Funds.

In making the announcement, Nigel Wilson, CEO and president of GIS, said, "We are delighted to have won this piece of business, and are happy that we can provide CornerCap with the high level of functionality and tax reporting capabilities that was lacking in their previous system."

MFACT is a fully automated system designed for "in-house" operations to support all aspects and phases of investment and financial accounting, particularly for mutual funds, hedge funds and unit trusts that must compute a net asset value (NAV). MFACT provides users with both standard and custom interfaces for a variety of automated data feeds and is continually updated to meet regulatory mandates. The latest version computes the SEC required before, after-tax pre-liquidation and after-tax post liquidation returns, as well as the new Tax Advantaged Liquidation Method.

"We looked at a variety of systems and were very impressed with the GIS organization and the MFACT system," said Karen Quinn, transfer agency director of CornerCap. "Because of MFACT's fully integrated functions, we no longer need to perform procedures offline. GIS delivered a cost effective, highly functional system that has allowed us improve our operations and increase productivity."

Headquartered in Atlanta, GA, with offices in Charlotte, North Carolina, CornerCap has been providing investment management services to private clients, institutions, foundations, and endowments since their inception in 1989. For more information, visit www.cornercap.com.

In addition to MFACT, GIS offers MSHARE(R), a transfer agency and shareholder record keeping system which is used by both retail and institutional investment funds. MSHARE is completely scalable, employs the most recent advances in client/server technology and can support a wide range of transfer agency operations. With its open architecture, it can interface with a variety of third party reporting and data analysis tools.

Formed 10 years ago after a management buyout from Price Waterhouse, GIS is headquartered in Hackensack, N.J., and has an office in Dublin, Ireland. The company maintains over 100 installations of its products throughout the world in 16 countries, servicing more than 3,500 mutual funds, hedge funds and portfolio accounts. More information about the company and its products and services can be found on its web site at www.gisltd.com.