Orsay Alternative Fd - Appointment of Deutsche Bank AG

The Directors of Orsay Alternative Funds plc (the "Directors") wish to announce that the Company has appointed Deutsche Bank AG ("Deutsche Bank") as a prime broker to the Fund pursuant to the Deutsche Bank Prime Brokerage Agreement. Deutsche Bank is domiciled in Frankfurt am Main, Germany and operates in the United Kingdom through its branch at Winchester House, 1 Great Winchester Street, London EC2N 2DB. The long-term debt of Deutsche Bank AG has been assigned a credit rating of A+ by Standard ∓ Poor's and Aa3 (SNP: ^AA3Y - news) by Moody's. The short-term debt of Deutsche Bank AG has been assigned a credit rating of A-1 by Standard ∓ Poor's and P-1 by Moody's. The financial resources of Deutsche Bank AG exceed U.S.$200,000,000

Under the Deutsche Bank Prime Brokerage Agreement dated 22 December 2011 between the Company and Deutsche Bank, Deutsche Bank will provide prime brokerage services in relation to the Fund. These services may include cash and/or securities financing, margin financing, clearing, settlement and other services.

As security for the payment and discharge of the liabilities from time to time of the Fund to Deutsche Bank, Deutsche Bank will have a security interest over all investments, cash and assets held by Deutsche Bank for the Fund. The Fund's investments may be appropriated and dealt with (whether by sale, rehypothecation or otherwise) by Deutsche Bank for its own account, whereupon such investments will become the property of Deutsche Bank and the Fund will have a right against Deutsche Bank for the return of equivalent assets, provided that the total value of Fund's investments available to Deutsche Bank for this purpose shall at no point exceed 150% of the Fund's indebtedness to Deutsche Bank, as calculated in accordance with the Deutsche Bank Prime Brokerage Agreement.

The Deutsche Bank Prime Brokerage Agreement may be terminated by the Fund serving written notice on Deutsche Bank or Deutsche Bank serving 30 calendar days prior written notice on the Fund. In addition, the Deutsche Bank Prime Brokerage Agreement may be terminated in certain other circumstances, including following an event of default. The Deutsche Bank Prime Brokerage Agreement contains indemnities in favour of Deutsche Bank.

Any fees due to Prime Brokers pursuant to the Prime Brokerage Agreements shall be at normal commercial rates.

Pursuant to a sub-custody agreement dated 22 December 2011 between the Custodian and Deutsche Bank AG, (the "DB Sub-Custody Agreement"), the Custodian has appointed Deutsche Bank to provide, as sub-custodian, a custody service for all of the Company's assets passed to Deutsche Bank other than those which Deutsche Bank has appropriated and dealt with for its own account (as described in the preceding paragraph). Deutsche Bank may use other sub-custodians for the safekeeping of assets and will use reasonable skill, care and diligence in the selection of any other sub-custodians, and shall be responsible to the Fund for itself as to the ongoing suitability of the other sub-custodians to provide custodial services to the Fund.

All capitalised terms used in this announcement and not defined herein shall have the same meaning as given to them in the Fund's listing particulars.

The delay in announcing this appointment was due to an oversight of an administrative nature.

This announcement has been issued through the Companies Announcement Service of

the Irish Stock Exchange.