CHICAGO, December 5, 2005 – Horizon Cash Management LLC, a leading cash
manager to alternative asset investment funds, today announced that
Michael O’Phelan has been appointed as Senior Director of Sales, a newly
created position.

Mr. O’Phelan, 40, will oversee sales efforts globally and is
responsible for building a sales team. Mr. O’Phelan reports to Diane Mix,
President, and Pauline Slager, Senior Managing Partner of Horizon Cash
Management.

“We are excited to have a professional on board who is dedicated
solely to sales,” said Ms. Slager. “Michael will aid us tremendously as we
continue to build business in our core markets and gain
considerable traction in new areas.”

Mr. O’Phelan brings more than 15 years of financial sales and marketing
experience to Horizon. Most recently, Mr. O’Phelan was a Principal at
Kilimanjaro Asset Management, a San-Francisco based hedge fund, where he
was responsible for sales and client services. Prior to Kilimanjaro, he
was Director of Global Client Service & Marketing at Moody’s KMV. He was
previously Head of Marketing at Bloomberg L.P. where he directed global
marketing and product development for derivative products. He received a
Bachelor of Science in Physics and Mathematics from Loyola University of
Chicago.

Established in 1991, Chicago-based Horizon Cash Management LLC
(www.horizoncash.com) provides customized portfolio and treasury
services to hedge funds, funds-of-funds, futures funds and family
offices worldwide.  With more than $3 billion in assets under
management, Horizon seeks to maximize cash balance returns while
providing daily risk management for alternative fund investors and
managers.  Horizon is a registered investment adviser with the US
Securities and Exchange Commission.