Trading Statement

Polar Capital Holdings PLC
16 January 2008

16 January 2008

                           Polar Capital Holdings plc
                                 Trading Update

Polar Capital Holdings plc ('Polar Capital' or the 'Group'), the specialist
asset management group, today provides a trading update in respect of current
trading in advance of the Group's year end of 31 March 2008 together with an
un-audited statement of its Assets under Management ('AUM') for the nine months
ended 31 December 2007.

Group AUM (unaudited)

Group AUM as at 31 December 2007 are up 6.2% since 31 March 2007 to US$.3.62
billion although they have fallen 6.6% since 30 September 2007 (US$3.87
billion).

The tables below sets out the Group's AUM as at 31 December 2007 and the
movements experienced in the periods since 31 March 2007 and 30 September 2007.


AUM movement                               Long         Hedge     Managed & Advisory       Total
9 months to 31 December 2007                 $m            $m             $m                  $m

As at 31 March 2007                       1,563         1,553            291               3,407
Transferred                                 -95            95              -                   -
Performance and currency movements          -23           119            -26                  70
Net subscriptions / redemptions            -207           349              -                 142

Total AUM at 31 December 2007           $1,238m       $2,116m          $265m             $3,619m


AUM movement                               Long         Hedge     Managed & Advisory       Total
3 months to 31 December 2007                 $m            $m             $m                  $m

As at 30 September 2007                   1,387         2,205            284               3,876
Performance and currency movements          -70            33            -19                 -56
Net subscriptions / redemptions             -79          -122              -                -201

Total AUM at 31 December 2007           $1,238m       $2,116m          $265m             $3,619m


Gross performance fees (unaudited)

The table below sets out the position relating to gross performance fees earned
and accrued in the first nine months of the year to 31 March 2008:


Performance fees                                                        As at            As at          As at
Gross of manager allocations                                        31 Dec 06        31 Mar 07      31 Dec 07
                                                                           £m        (year end)            £m
                                                                                            £m
Received                                                                 19.1             20.6           15.9
Accrued but not yet earned in funds with year ends on 31 March 2008       1.4              n/a            6.8

Total performance fees                                                 £20.5m           £20.6m         £22.7m


Commenting on today's trading update, Mark Kary, Chief Executive of Polar
Capital said:

'Given that the majority of our larger funds have their year ends in November
and December this trading statement is intended to give some guidance in respect
of our gross performance fees ahead of the company's March 2008 fiscal year end.
In what has been a challenging year for investment markets we are pleased with
the fees booked to date. The sensitivity between now and year end will hinge
largely on the continued success of the relatively large Elbrus and Conviction
Funds both of which have 31 March year ends and which together are responsible
for the £6.8m performance fee accrual which is gross of manager allocations.

Otherwise the themes are similar to those we discussed at the time of our
interims. On the one hand we have experienced some continued short term pressure
from our Japanese business where market conditions and performance have
continued to lead to some redemption pressures. On the other hand we are very
encouraged by the calendar 2007 performance of our younger Funds (notably
Elbrus, Latam, Global Utilities and Discovery) and some of our more established
Funds (notably Paragon and Forager). We are currently very active in the
marketing of all these funds, and we are already in the process of completing
the planned fund raising for the Forager Fund. We hope these initiatives should
contribute to our growth in assets and will enhance the overall diversification
of the business.'

For further information please contact:

Polar Capital                                                        [phone]
Mark Kary
John Mansell

Landsbanki
Simon Bridges                                                        [phone]
Claes Spang                                                          [phone]

Financial Dynamics
Ed Gascoigne-Pees                                                    [phone]
Felicity Murdoch                                                     [phone]




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