Pamplona Capital Management Launches an Emerging Market Fund of
Hedge Funds

LONDON, Oct 3 2006-- Pamplona Capital Management LLP launched an Emerging Market fund of hedge funds ("Pamplona FOF EM Limited") on 1 October 2006. Pamplona FOF EM Ltd. will target long term returns of between 15% and 20% with a target annualized monthly volatility of below 10%. The fund has secured committed investments from institutional investors of USD85m.

Alex Knaster, Chairman and Chief Executive Officer of Pamplona Capital Management, commented: "An Emerging Market fund of hedge funds represents the logical next step for Pamplona in building its range of managed fund of hedge funds, given the extensive experience, expertise and contacts that our Partners have in these regions''. John Haam, Chief Investment Officer of the Pamplona fund of hedge funds, commented:

"We believe that the global Emerging Markets represent a broad opportunity set and the fundamentals of the region remain very positive. The volatility experienced in the second quarter of 2006 has created good entry opportunities for the cautious investor."

Pamplona Capital Management presently manages a multistrategy fund of hedge funds, Pamplona FOF I Limited., launched in May 2005. It targets returns of USD Libor plus 300-800bps, while aiming to provide capital protection.

Pamplona Capital Management LLP is a London-based alternative investments firm. It was established at the end of 2004 and manages approximately USD1bn in fund of hedge funds and private equity investments (as at 1 October 2006).

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