Listing Announcement

The Cayman Islands Stock Exchange hereby admits the following securities to listing:

Effective Date:15-Apr-2005
Name of Issuer:Lion Fund Limited, The
Description:SERIES 4 - Up to 89,990,000 Participating Shares issued in series

Type of Issue: Primary listing of an open-ended mutual fund.

Copies of the listing document may be obtained during normal business hours at the offices of the Exchange.