Acupay's Tax Reclaim Service for German Securities Is the First to Deliver Refunds in 2009

NEW YORK, NY, Jun 16 (MARKET WIRE) --
Acupay's tax reclaim service for German securities hit a home run when it
became the first to credit tax refunds on German ADR dividend payments
made in 2009! The first round of tax reclaim payments to bank and broker
custodians that utilized Acupay's service has already been paid by the
German tax authorities.

Beginning in January 2009, more than 75 custodians registered to file
German tax reclaims via Acupay's innovative and cost effective system.
Claims have been filed by many of these custodians on more than two dozen
issues and many of these claims have already been paid by the German tax
authorities beginning in May. While withholding tax relief at source is
always preferred, it is not available under German regulations. Therefore,
the next best thing is to be able to file fast and cost effective tax
reclaims that result in the return of withheld tax by foreign tax
authorities in a timely manner. Acupay is pleased to report that our
service for Germany has delivered!

Stemming from the announcement last year of the discontinuation of the
previous DTC "Elective Dividend Service" program on German securities,
Acupay leveraged its technology and servicing capability, and negotiated
with the German tax authorities to establish an efficient and cost
effective process for bank and broker custodians to file tax reclaims on
German securities. Germany's withholding tax rules require 26.375% tax to
be withheld on dividend payments to cross-border investors and for
reclaims to be filed by investors that are resident in countries that
have income tax treaties with Germany in order to obtain refunds of any
excess tax withheld. Most investors can usually qualify for a reduction
in the effective rate to 15% and many non-profit organizations and
pension funds can obtain a full refund of the 26.375% withheld.

The Acupay System works in concert with Germany's proprietary electronic
refund procedure (the "Datentraegerverfahren" or DTV) allowing such claims
to be filed electronically with minimal physical documentation required
for most claims. Please refer to Important Tax Notices at www.acupay.com
for more information on Acupay's tax refund service for German securities.
Annex C of the Important Tax Notices contains a list of eligible German
securities sorted by payment date.

Acupay working together with depositaries, depositories, custodians,
issuers, tax authorities and others, employs innovative technology and
processes to simplify and demystify the tax relief process. In addition to
withholding tax relief on securities held at DTC, Acupay's services can be
used for tax relief on securities held at Euroclear, Clearstream and
elsewhere. Acupay is an affiliate of Bondholder Communications Group LLC
www.bondcom.com and has offices in New York, London and Madrid.

For more information on Acupay's services please visit www.acupay.com or
contact William Salva (wsalva@acupay.com) or Andrew Rose
(arose@acupay.com) at 212-422-1222.

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