LIONHART UNVEILS PLANS FOR ASIAN EXPANSION

London, 2 October 2006

- Lionhart opens new offices in Singapore and Hong Kong, and spins out existing Asian business

Lionhart Investments Ltd. (Lionhart), a leading multi-strategy arbitrage hedge fund, today announced its expansion plans for Asia. It is due to open a new office in Singapore and restructure its operations in Hong Kong, by opening a new office and spinning out a part of its existing Asian business. The new organisational structure will enable Lionhart to continue to grow its business in Asia and focus on consolidating its presence in the region.

Lionhart Asia Pte., incorporated in Singapore, and Lionhart Asia Ltd., incorporated in Hong Kong, are both due to open in early November and will each have dedicated, in-country staff. The headcount in Singapore and Hong Kong is set to rise in the coming months, with plans to grow both teams organically over the next year. The assets under management will be invested with an Asian focus using a cross-asset, multi-strategy arbitrage approach, with investment roadshows to start in the early part of 2007.

Terry Duffy, CEO, commented, "Asia is a key aspect of our strategy. In fact, we have been investing in the region for ten years. The opening of these new offices reinforces our global infrastructure and enables us to continue to offer our investors absolute, non-correlated annual returns while maintaining a strong commitment to preservation of capital. We feel that by combining this mandate with an innovative investment approach by Lionhart's experienced and committed trading team, we are in an excellent position to benefit from opportunities in the region.
Investors are looking more and more to Asia to enhance their returns and we have the experience to make it happen."

Simultaneous to the new office openings, Lionhart will complete the successful spin out of its Hong Kong - based equity fund. Although maintaining an economic and financial interest in the spin out, this transaction will enable Lionhart to pursue continued expansion in the region with a wholly cross-asset focus.

"Asia has been a key market for Lionhart from the start and our increased footprint demonstrates our strong belief in the region's potential," said Duffy.

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