Morgan Summers

Acupay System LLC

Acupay System LLC is a financial technology company that provides data processing services for tax compliance, tax reporting and tax relief in relation to internationally held securities. Acupay is a world leader in the area of cross-border tax reporting and the management of payments of dividends and interest by securities issuers to investors without excess withholding. Its expertise in financial reporting, cross-border tax relief and securities processing, combined with its unique business approach, has enabled it to provide efficient solutions to difficult, if not impossible, operational and technical problems. Acupay has invented revolutionary new systems to allow issuers, custodians, brokers and investors to overcome the many hurdles to reducing excess foreign taxes on cross-border securities holdings. Acupay's impact on the world of foreign securities has been remarkable, including opening the door to new markets where investment activity was previously unsustainable. It utilizes a proprietary computer system which links 975 brokers and banks to bond and securities issuers. This system permits custodian banks to electronically prepare tax certificates and allows investors to receive their withholding tax relief "at source" or via retrospective tax reclaims, effectively neutralizing the impact of withholding tax. Acupay commenced operations in September 2005 and currently has offices in New York and London. The company has 40 full‐time employees.