January 14, 2008. Full Circle Funding, LP (“Full Circle”) today announced that on January 1st it launched Full Circle Fund, Ltd. (the “Offshore Fund”), an offshore version of its 15-month old domestic ABL fund, Full Circle Partners, LP. (the “Domestic Fund”).

Both funds focus on buying senior secured loans of issuers where desirable collateral and risk adjusted loan-to-value ratios are available. Similar to the Domestic Fund, the Offshore Fund will have a primary area of focus on media and communications companies, as well as on issuers in other industries that exhibit similar collateral and risk/return opportunities.

Full Circle is the investment manager of both the Domestic Fund and the Offshore Fund, and its managing partners are John E. Stuart and Rob Blum, both based in Stamford, Connecticut. Full Circle’s primary areas of expertise to date has been in offering debt financing solutions to media and communications companies for the purpose of growth capital, new development, acquisitions, refinancing, recapitalizations and other financing areas. Specific areas of experience include financing billboards and other outdoor advertising sectors, radio broadcasting, cable, satellite video, and other underserved market segments, with loan sizes typically in the $3 million to $25 million range.

Since the Domestic Fund’s formation in October 2006, Full Circle has originated approximately $180 million in loans, of which approximately $70 million is currently held by the Domestic and Offshore Funds. The Domestic Fund returned approximately 14.67% in 2007. The Offshore Fund has been seeded with approximately $15 million in initial capital and commitments.

Please visit www.fcfcapital.com for more information about Full Circle.