GainsKeeper Press Release

1/18/07

Waltham, MA

Wolters Kluwer Financial Services today announced that Davenport & Company LCC is using the BasisPro™ cost basis analyzer to significantly reduce the amount of time it spends performing complicated calculations and research of cost basis and corporate action history of securities. Offered by GainsKeeper, a part of Wolters Kluwer Financial Services, BasisPro easily and automatically calculates historical cost basis for all equities traded on any U.S. stock exchange.

Davenport completes cost basis calculations and related corporate action research on a daily basis. When a security has a complicated or unknown corporate action history, it can take hours or even days to accurately research the cost basis, an expensive and often frustrating process. Now using BasisPro, employees can generate the correct cost basis within seconds by quickly and easily accessing BasisPro's built-in database of historical information for thousands of different securities.

"Wolters Kluwer Financial Services' industry-leading cost basis tools and information give investors and institutions simple ways to manage complicated tax issues related to cost basis," said Chuck Ross, general manager, GainsKeeper. "BasisPro is an extension of our excellence in this area."

For complex corporate actions, BasisPro relies on the industry standard tax analysis provided by CCH Capital Changes, also a part of Wolters Kluwer Financial Services. The Internal Revenue Service (IRS) also uses CCH Capital Changes data to verify and research corporate action information on taxpayer returns, which means BasisPro users have access to the same cost basis data that the IRS uses. 

"By using BasisPro, we are saving our administrative support staff what could easily add up to hundreds of hours each year in tedious manual cost basis research and calculations," said Winston Price, vice president and Service Delivery manager, at Davenport. "And we are happy with the fact that BasisPro uses CCH Capital Changes data, which we have come to know and trust as one of the best sources of accurate corporate actions information."

About Davenport & Company, LLC

Founded in 1863 and headquartered in Richmond, Davenport has fifteen branch offices primarily in Virginia and North Carolina.  A full service firm, Davenport offers a complete range of investment services, including comprehensive stock and bond brokerage, investment management, research, financial planning, insurance, public finance, and corporate finance services

About GainsKeeper

GainsKeeper®, a part of Wolters Kluwer Financial Services, provides automated tax-based financial tools and services to the investment community. GainsKeeper's solutions enable financial institutions to offer sophisticated tax lot accounting services to their customers, ranging from back-office outsourcing to fully integrated, web-based tools and services utilized by the brokerage, mutual fund, and fund administration industries. In addition, GainsKeeper offers products designed specifically for individual investors and accountants to meet their complex tax reporting and portfolio analysis needs. For more information, visit http://www.gainskeeper.com.

About Wolters Kluwer Financial Services

Wolters Kluwer Financial Services provides best-in-class compliance, content, and technology solutions and services that help financial organizations manage risk and improve efficiency and effectiveness across their enterprise. The organization's prominent brands include Bankers Systems, VMP® Mortgage Solutions, PCi, GainsKeeper®, CCH® Capital Changes, NILS INSource®, AuthenticWeb™, CCH Wall Street and GulfPak. Wolters Kluwer Financial Services' solutions include integrated and stand-alone compliance and work flow tools, documentation, analytics, authoritative information, and professional services. Customers include banks, credit unions, mortgage lenders, securities, and insurance organizations of all sizes throughout the United States. For more information on Wolters Kluwer Financial Services, visit www.WoltersKluwerFS.com. Wolters Kluwer Financial Services is a division of Wolters Kluwer, a leading global information services and publishing company. For more information, visit www.wolterskluwer.com.

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