Cayman Islands, April 2006. – The Caledonian Group is pleased to announce the expansion of its US operations with the launch of Caledonian Fund Services (USA) LLC, which will be headquartered at 401 S. LaSalle Street, Chicago, Illinois.

Caledonian Fund Services (USA) LLC will provide US onshore fund administration and tax consulting services to hedge funds and fund of funds. The new entity is a result of a venture between the Caledonian Group and The Gabriele Group.

Heading the new company is Jim Gabriele, a CPA with more than 15 years experience in the financial services industry. Gabriele‘s experience with the prime broker community will make Caledonian Fund Services (USA) LLC a leading advisor to hedge funds. Allan Gabriele, a CPA with over 20 years tax advisory experience, will serve as Tax Director.

Caledonian Fund Services offers fund accounting, registrar and transfer agency, corporate secretarial, web-based reporting, anti-money laundering compliance and fund of fund custody to offshore funds from offices in the Cayman Islands and the Isle of Man. Caledonian Fund Services (USA) LLC provides US onshore fund administration and tax consulting from its Chicago office, while Caledonian Bank & Trust Limited provides banking facilities from its head office in the Cayman Islands.

The Caledonian Group has a staff of over 135 and is headquartered in the Cayman Islands. With over 35 years of experience in the financial industry and with offices in the Cayman Islands, Isle of Man, Chicago, New York and BVI, the Caledonian Group is expanding jurisdictional reach that enables efficient handling of European, Asian and North American clients.

The Gabriele Group is a full service fund accounting firm with over 20 years experience in the Chicago market.