Issue of Equity

Polar Capital Holdings PLC
02 April 2007

Polar Capital Holdings plc (the 'Company')

2 April 2007

Issue of equity

The Company announces that on 30 March 2007, it issued and allotted 2,178,040
Ordinary Shares of 2.5p each under the crystallisation arrangements for fund
managers incentive scheme ('PCPL Preference Share Scheme') as described in the
Placing and admission document dated 31 January 2007.

This is the third and penultimate award from a crystallisation event which took
place in 2005.  A fourth and final award of a similar number of shares will be
made on 31 March 2008 subject to the terms of the PCPL Preference Share Scheme.

Application has been made for these shares to be admitted to trading on AIM and
dealings are expected to commence on 4 April 2007.

As at 31 March the Company had 64,724,320 voting shares in issue, none of which
are held in treasury and following admission of the new shares this will become
66,902,360 voting shares in issue, none of which are held in treasury.




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