Listing Announcement

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

Effective Date:6-May-2005
Name of Issuer:Lion Fund Limited, The
Description:Up to 89,990,000 Participating Shares issued in series - Series 5


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


From: 4:30 p.m. on 6 May 2005


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