Statement re SPV Update

    TRIO Finance Limited ("TRIO")

Lions Hill Limited (Lions Hill) - a TRIO SPV Update

In previous trading updates, Trio has noted that one of its SPV's, Lions Hill,
had entered into a standstill agreement with its lender. This standstill
agreement expired on the 19th January 2008 with the Lions Hill board unwilling
to prolong it, and Lions Hill has been served a notice of default on the
US$400m facility by its Lender.  Following such notice, the Lender has
appointed Margaret Mills and Alan Hudson of Ernst & Young, London and David
Hughes of Ernst & Young, Dublin as joint receivers of the company.

In the light of the standstill agreement, and as noted in its last trading
update on 22nd November 2007, TRIO had fully written down its US$21m investment
in Lions Hill in its audited accounts for the year ended 30 September 2007 and
had furthermore assumed that no further income would be derived from Lions
Hill.  Consequently this event has no impact on Trio's income expectations for
the future.

In addition, under International Financial Reporting Standards ("IFRS"), TRIO
is deemed to have relinquished control of Lions Hill and its assets and
liabilities will be deconsolidated.

Enquiries:

Simon Parry 020 7490 8062

Rostron Parry & Co



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