Listing Announcement

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

Effective Date:12-Mar-2004
Name of Issuer:Lion Fund Limited, The

Up to 89,990,000 Participating Shares issued in series - Series 3


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


From: 11:30 a.m. on 12 March 2004


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