Daniel Moses Joins Longacre

Longacre Fund Management, LLC (“Longacre”) is pleased to announce that Daniel Moses has joined the firm effective, May 7, 2007, as a Managing Director with senior research analyst duties on Longacre’s distressed strategies and primary responsibility for Longacre’s special equities portfolios. Prior to joining Longacre, Dan was a Director of Credit Suisse Group focusing on distressed/special situations research and investing. Dan has won numerous industry awards for his work in distressed investing, including the number one ranking among distressed analysts on the Institutional Investor 2005 All-American Research Team.

The addition of Dan Moses to Longacre’s team, as well as the recent hiring of Xavier Demierre (formerly of Avenue Capital Group) as a research analyst with our London-based affiliate Longacre Fund Management (UK) LLP, reflects Longacre’s ongoing effort to further build the firm’s core analytical and professional resources.

About Longacre

Longacre Fund Management, LLC was founded in 1998. With headquarters in New York, the firm and its affiliates (Longacre Fund Management (UK) LLP, Longacre European Fund Management, LLC, and LSE Fund Management, LLC) (collectively “Longacre”) manage approximately $2.4 billion in client assets.

Longacre is a fundamental specialist in U.S. and European distressed debt, highly leveraged-credits and reorganized/stressed equities.

For information on Longacre please contact:

Scott J. Vota

CFA

212-259-4324

svota@longacrellc.com