HAUPPAUGE, NY, USA and CENTRAL, HONG KONG, November 25, 2002, Data consolidation and web reporting technology provider, CorrectNet, Inc and hedge fund accounting software solutions provider, Pacific Fund Systems (PFS), today announced a partnership to offer an integrated and complementary, web reporting solution for Hedge Fund Administrator enterprises, called infiPOINTtm for PFS-Paxus.

Hedge Fund Administrators and users of PFS-Paxus will directly benefit from the partnership by being able to quickly deploy web-reporting services to hedge fund clients. The integration of CorrectNetís infiPOINT technology allows PFS-PAXUS users to deliver information via the Internet to hedge fund managers and investors ‚ increasing customer satisfaction and extending client services, while significantly reducing operational costs. The partnership will leverage CorrectNetís world-class infrastructure for hosting, assuring robust application performance and ultra high data security.

"PFS-PAXUS is an end-to-end solution for our clients and we see web reporting as business critical feature for hedge fund administratorsî said Graeme Vollemaere, Principal, Pacific Fund Systems, Limited. ìWe researched many options for PAXUS users and selected CorrectNet, a proven industry leader. Their infiPOINT platform will provide our customers with an unmatched ability to get rich, interactive reporting to their clients - easily, affordably and quickly. With the growing need for transparency in the industry we see this partnership as a very effective way of delivering the required information to the authorised users of such information."

"PFS is an industry leader, with an outstanding reputation for providing the tools for administrators of all sizes to effectively manage their back-office operations," said Robert Miller, Chief Executive Officer, Correctnet, Inc. "We are pleased to be able to work with PFS to empower their clients with the ability to enhance their hedge fund services". Correctnet has provided electronic publishing and secure web services to the alternative investment community since 1996. Itsí infiPOINT platform rapidly consolidates data from existing databases and reporting systems to create powerful web publishing services that securely delivers data to hedge funds and their investors. PFSí PFS-PAXUS product is a sophisticated accounting and administration software solution for hedge funds. It provides a full solution to offshore fund administration requirements, including portfolio valuation, price feeds, automated management and incentive fee calculations and an integrated share registry which includes offshore equalization and multi-series accounting methodology.

About CorrectNet, Inc.

CorrectNet (www.correctnet.com) utilizes innovative web-services and mass-customization technologies to develop powerful web-based business solutions. The company specializes in helping investment and wealth management firms create powerful data consolidation and Internet publishing platforms. With over 1,000 client installations, CorrectNet is a leading service provider to the Alternative Investment and Wealth Management industries. About Pacific Fund Systems:

Pacific Fund Systems (www.pacificfundsystems.com) was founded in 1999 and is a leading global provider of financial software to the Hedge Fund Administration industry. The PFS-PAXUS product is the engine behind the accounting and administration functions for over 200 hedge funds representing many billions of dollars under administration. PFSís founders are from the Hedge Fund industry and ensure that the PFS Paxus product is up to date with industry changes through regular enhancement releases.