September 23, 2009 - Formation of The Avingstone Fund

Dear Friends

We are pleased to announce the formation of The Avingstone Fund, a club fund focused on the European hotel sector recovery.

As many of you know, core to the Avington business model is assisting with all aspects of our clients' strategic and M&A objectives, including co-investment in instances where it is helpful. We also believe fundamentally in the long term prospects of the hotel industry and that now is an opportune time to demonstrate that commitment by seeking investments in European assets. A select group of investors who share these views have made some meaningful commitments to The Avingstone Fund with the objective of working with us and our client base to pursue these opportunities.

The Fund is independently managed by Avingstone GP, a joint venture between our affiliate, Avington International, and a lead investor.

Avington Financial remains keenly focused on offering the highest quality investment banking services with the exclusivity, integrity, independence and primacy of client interests that have always distinguished us.

We look forward to keeping you apprised of the development of the Fund and discussing how we can continue to be of assistance.

Click on the following links to read the Financial Times article and our formal announcement.

All press enquiries should be directed to our public relations advisor, David Tarsh at telephone: +44 (0) 207 602 5262 or via email at david@tarsh.com.

Regards

David C Mongeau
Chairman & Founder
Avington Financial