TMF GROUP GLOBAL INDEPENDENT ADMINISTRATORS

Acquisition of the Business Process Outsourcing Division from Ernst & Young Brazil

In May 2006, TMF acquired the business process outsourcing unit from Ernst & Young in Brazil, with offices in Sao Paolo and Rio de Janeiro. TMF now provides bookkeeping, accounting, payroll, in-house work, treasury services and tax compliance services to its clients comprising mainly of Brazilian subsidiaries of multi-national corporations.

The Brazilian team is managed by Mr. Adilson Galdeano. Adilson leads the team of 115 employees.

This acquisition provides TMF a strong base for future growth. The acquisition also forms part of the strategy to develop TMF's BPO business through-out Latin America.