European Investment Firm Purchases Fisher Island Holdings LLC; New Owners Will Enhance Global Appeal of Ultra-Exclusive Private Resort

FISHER ISLAND, Fla.--(BUSINESS WIRE)--Dec. 27, 2004--David Aim, chief executive officer, today announced Euro Fund Properties' (EFP) US subsidiary (Fisher Island Investments, Inc.) purchase of 100 percent of the membership interests in Fisher Island Holdings LLC, which develops and manages one of the world's most exclusive private resorts.

"We look forward to expanding the appeal of Fisher Island in the global luxury resort and residential marketplace," said Aim, a UK resident who recently purchased a unit on Fisher Island and who has a joint-venture with The Setai Group, for the international expansion of the Setai Club, a luxury Miami Beach resort.

"We plan to make investments in Fisher Island's key assets - including its private club, spa and hotel, restaurants and recreational amenities - while building an extraordinary level of personal service for owners and guests."

Once the private winter retreat of William K. Vanderbilt, Fisher Island is home to 675 of the world's leading families, representing 40 nations. Accessible only by air and water, the secluded 216-acre residential and private club community is located just south of Miami Beach.

Under Aim's management, Fisher Island Investments Inc., purchased 100 percent of the membership interests of Fisher Island Holdings LLC from the father-son team of John and Daniel Melk, who bought the company in 1998 from Mutual Benefit Life for a reported $50 million. The purchase price of today's transaction was not disclosed. EFP's acquisition was financed by Fortress Credit Corp., an affiliate of Fortress Investment Group. Fortress Investment Group is a global alternative investment and asset management firm founded in 1998 with over $11 billion in equity capital currently under management. EFP was advised by financial advisor Alexis Gurdjian from Galaxis Advisory and attorneys Didier Bruere-Dawson of the Paris-based law firm DeGaulle Fleurance and Associes, supported by Weil, Gotshal & Manges LLP and De La Cruz & Cutler.

With the completion of the sale, EFP acquires full rights to the Island's residential development program, its inventory of for-sale condominiums, yacht slips in the island's marina, and equity and annual memberships in The Fisher Island Club as well as other assets belonging to the company.

Aim will be the chief executive officer and Cedrik Denain, a long-time Fisher Island resident, will be the chief operating officer. "Our EFP team is dedicated to improving the island's facilities," said Denain, "while enhancing real estate values on the island."

About Euro Fund Properties

Euro Fund Properties (EFP) is an open-ended real estate investment vehicle managed by London International Asset Management (LIAM) a member of London International Bank Holdings Group, which specializes in the acquisition, development, management, and financing of high-quality European commercial real estate properties located throughout the pan-European zone - primarily in France, Spain, the United Kingdom and Morocco.

LIAM currently manages a portfolio of commercial real estate assets valued at EUR 400 million in France. In Spain, EFP focuses on real estate development projects of luxury resorts located around the Marbella area, and is expected to generate sales of over EUR 120 million. The group's real estate strategy is to continue to focus on growing its European presence, but also to expand its activities throughout the world. EFP is currently reviewing other investment opportunities in the United States and the Dominican Republic.

EFP provides financial services through London International Bank Limited (LIB). Authorized and regulated by the UK Financial Services Authority, LIB is an investment services provider offering services to institutional investors, as well as to high net worth, sophisticated investors. Originally focused exclusively on securities and equities markets, LIB recently increased its array of asset management products and services in response to customer requests arising from LIB's rapidly expanding investor base. The asset management products are managed by LIB Alternative Investments (LIBAI). LIBAI is currently managing, with Lehman Brothers, more than US$200 million in assets through the LIB Global Diversity Fund.

London International Bank Holdings Group is a diversified group of companies operating in four main segments: financial services (investment services, fund of funds and securitization), real estate, commodities trading and venture funding.

Additional information related to companies from the group can be found on the following websites: www.londonintbank.com and www.eurofundproperties.com.

Christine Sanchez,