Additional Listing

Polar Capital Holdings PLC
01 April 2008


Polar Capital Holdings plc

Issue of equity

Polar Capital Holdings plc ('Polar Capital' or 'the Company') announces the
issue and allotment of 3,860,755 ordinary shares of 2.5p each in the Company in
respect of the two previously announced crystallisations of Japan and UK
business units. Application has been made for those shares to be admitted to
trading on AIM and dealings are expected to commence on 2 April.


This is the final allotment of shares for the Japan business unit but as
previously announced there will be two further tranches of shares of 1,682,595
each to be issued in respect of the crystallisation of the UK business unit, in
March 2009 and March 2010.

As at 31 March 2008, following admission of the new ordinary shares, the total
number of ordinary shares allotted and in issue will be 71,443,979.


Background

Polar Capital has structured its fund management operations in such a way that
the fund management teams are placed in separate business units and remunerated
directly via performance and also given an incentive to become shareholders in
the Group.


Each business unit is a separate profit centre and the fund managers responsible
receive an annual payment which comprises a share of their unit's core operating
profit (operating profit before performance fees and related distributions) and
performance fees.

In addition each fund management team is offered the prospect of an interest in
the capital of the Company through the purchase of an individual class of
preference shares in Polar Capital Partners Limited, a wholly owned subsidiary
of the Company.  These preference shares have been structured in such a way as
to become convertible upon the occurrence of certain events know as
crystallisation events into cash or, at the option of the Company, ordinary
shares in the Company at a ratio that is intended to be earnings enhancing for
the Group.


Upon the occurrence of a crystallisation event the fund mangers concerned cease
to be eligible to receive their share of the business unit's core operating
profit and simultaneously going forward receive a reduced interest in their
performance fees.


Enquiries

Neil Taylor   Tel: [phone]


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