Mercuria Services S.A. and Independent Risk Monitoring Ltd ('IRML') Today Announce the Creation of a New Jointly Owned Luxembourg Based Company: Mercuria Independent Risk Solutions S.A.

The creation of Mercuria Independent Risk Solutions ("MIRS")
coincides with the publication of CSSF Circular 07/308 which compels
UCITS III directors and fund officers to strengthen their risk
management process. It also coincides with the current turmoil in the
world's financial markets resulting from America's sub-prime crisis -
particularly in the field of derivative instruments and hedge &
alternative strategy funds. To meet this crisis, MIRS has
industry-leading expertise in the analysis and daily monitoring of
portfolio risk of complex derivatives such as CDO's, MBO's, CLN's etc.

Commenting on the launch, Nicolaus Bocklandt (MIRS Non-Executive
Director and Mercuria Services S.A. Managing Director) said:

"The creation of MIRS formalises a successful collaboration
between Mercuria Services and IRML over the past 3 years - a
collaboration which already monitors the risk profile of over 450
portfolios with total assets in excess of EUR 65 bln. MIRS will enable
the Board of Directors of UCITS vehicles to fulfil their legal
obligations, particularly under the new CSSF Circular 07/308, and is
compliant with most other European regulatory jurisdictions across
Europe".

Yves de Naurois (MIRS Chairman and IRML Managing Director) added:

"The increased use of derivative instruments coupled with the
wider investment powers under UCITS III, including new popular
products such as "130/30" funds, has dramatically modified the risk
profile of portfolios. The recent sub-prime events demonstrate how
risk can easily be misunderstood and mispriced. MIRS has been created
to resolve such issues".

Central to the MIRS solution is IRML's proprietary risk monitoring
and compliance software platform, RiskRadar(TM), which facilitates
daily analysis of risk and highlights of deviation and escalation from
parameters agreed by a fund's risk and compliance officers. Recent
turmoil in financial markets, coupled with growing pressure from
Regulators across Europe, such as the CSSF's Circular 07/308, is
compelling the Board of Directors of UCITS III structures, asset
managers, banks, insurance companies and other institutional
investors, to tighten and restructure their risk management and
compliance processes.

Bruno Vanderschelden and Chris Butterwick will be Joint Managing
Directors of Mercuria Independent Risk Solutions S.A.

Notes to Editors:

Mercuria Services S.A. is an independent Luxembourg Company
regulated by the CSSF as a "Professional of the Financial Sector"
offering services in the following areas:

-- Domiciliation of companies including accounting, tax,
administrative and corporate services

-- Investment Management Services which aim at enabling
Luxembourg domiciled Investment Companies (SICAV) and
Management Companies to comply with the substance requirements

Mercuria Services S.A. has two subsidiaries:

-- Mercuria Management Company offering an alternative to
Investment Companies in order comply with the substance
requirements

-- Mercuria Services Nederland B.V. which offers domiciliation
and administrative services to Netherland based companies

Independent Risk Monitoring Ltd (IRML) is London based and
provides practical, comprehensive risk monitoring & reporting services
for fund Directors/Trustees, compliance, fiduciary & risk managers,
fund managers and scheme sponsors that enable economic monitoring
processes that are best practice and compliant with regulations across
Europe.

IRML's service allows clients to implement an independent process
that:

-- responds to investor demands for greater transparency of the
risk profiles of investment products in which they invest

-- allows participants in the European marketplace to meet the
increasing requirements of regulators regarding investor
protection and the monitoring of risk.

IRML works with clients to create or improve their risk and
compliance capabilities using a multi-risk engine process and
web-based RiskRadar(TM) platform and extensive expertise in derivative
instruments, portfolio risk and global markets.

IRML employs an exception-based risk monitoring process to provide
time and cost effective the solutions for clients in Luxembourg,
Germany, Ireland, Belgium, Switzerland and the UK.

IRML was founded in 2003 by Yves de Naurois (formerly Head of
Global Investment Process at Citibank Private Bank) and Peter Jeffreys
(co-founder of Fund Research and former portfolio manager with
Fidelity) in response to the growing risk monitoring needs of the
asset management community. These requirements have largely arisen as
a direct result of the increasing usage of derivatives and
corresponding regulation.