The outsourcing process begins with a review of the offering documents for the fund. We examine the key provisions of these documents with regard to income and expense allocations, tax allocations, fees, amortization schedules and other items. If the fund document is still in the draft stage, we often make suggestions or point out discrepancies regarding certain aspects of the document. This information obtained from this review is used to setup the fund on CFATS.

With this service, our team of experienced professionals enters all financial and investor data into our proprietary system in order to produce a complete set of investor statements and financial reports for the fund. Outsourcing to Unkar Systems provides fund managers with a number of important benefits including:

• Experience - Unkar Systems has provided outsourced fund accounting services to the investment industry since 1977.
• Speed - investor statements and internal fund reports are generally available within 48 hours or less of our receipt of all financial data.
• Accuracy - For more than 20 years, Unkar Systems has provided accurate financial data to a wide array of investment funds and their investors.
• Flexibility - Our proprietary CFATS fund accounting system is a fully integrated application with the ability to automate the accounting for complex fund structures.
• Attractive Cost Structure - Outsourced services are typically billed on a fixed rate that is not directly tied to the size of the fund.
• Personal Service - Each fund is assigned a specific account representative who is primarily responsible for that fund.
• Customized Output - Investor statements and other reports are customized to suit the preferences of individual fund managers.
• Timely Tax Information - Unkar Systems can produce both federal and state investor tax and partnership tax forms shortly after the close of the fund's fiscal year.

Outsourcing to Unkar Systems is also cost effective. Because of our experience and proprietary systems, we can typically supply these services at a fraction of the cost of an in-house staff. In addition, Fund managers are relieved of the need to find and train additional personnel or to upgrade systems as their fund grows. The depth and versatility of our systems enables managers to add new investment vehicles without the need to purchase and install expensive new systems.

The use of an outside administrator may also enhance the marketing of the fund. Professional investors are sensitive to operational issues but want managers to focus on investment activities. This is particularly true of newer and smaller funds. Outsourcing to Unkar Systems will give prospective investors comfort that the fund's operations will be handled in a professional manner by a respected organization with depth and experience.