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Wednesday 12 December, 2001


Change of Director

Hibernian Alternative StrategiesTst
12 December 2001

                         STOCK EXCHANGE ANNOUNCEMENT

For Immediate Release     12 December, 2001

                    Hibernian Alternative Strategies trust

                         Re:      Change of Director

The Directors of Hibernian Investment Finance Limited (the 'Manager',) the
manager of Hibernian Alternative Strategies Trust (the 'Trust'), wish to
announce the resignation of Mr. Pramit Ghose as a Director of the Manager, for
business reasons, with effect from 20 November 2001.


J & E Davy                              Contact: Judith Murphy
Tel: +353 1 614 9950

Hibernian Investment Finance Limited    Contact: Pat McGorrian/Tony O'Riordan
Tel: * +353 1 607 8000


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