Lines Overseas Management Limited Earnings Announcement

Hamilton, Bermuda - 03 August, 2009 - LOM (Holdings) Limited (LOM.BH) releases half year earnings results and letter to shareholders.

To our Shareholders:

Global equity markets began 2009 under severe pressure and reached a nadir in early March. Since then we have witnessed a strong recovery in global equity markets as stimulus actions around the world have held off the worst fears.

Along with the recovery in the last 3 months we have witnessed stronger commodity prices and signs of a pickup in business in the emerging markets. Cost cuts have helped second quarter profits of US corporations, however, revenue lines have been flat or disappointing. It would be a bit unrealistic to expect significant general revenue gains until the economy gains some upward traction and that is unlikely to happen as long as home prices remain weak and job losses continue.

LOM's business activity continued to experience low revenues (down 37% year-on-year) and the group plunged into the red in the 1^st quarter of the year. We again reduced staffing levels and these cost reductions fed through in the 2^nd quarter. Revenues picked up somewhat with the recovery in the markets and with the reductions in cost the group reduced the scale of losses to break even on a monthly basis by the end of the half year.

LOM's first half net loss for 2009 was $725,000 versus a profit of $47,000 for the same period in 2008.

Revenues had the following year-on-year changes:

• Broking fees fell 31% to represent 53% of group revenues.
• Management and advisory fee revenues fell 22%.
• Fees realized from corporate finance work declined to almost nothing in the first half.
• Foreign Exchange revenues fell 49%.
• Net interest earnings declined 67% as interest rates went effectively to zero.
• We showed a small loss on proprietary trading.

Costs for the group were as follows:

• Operating costs, ex the commission payments, were reduced 20%.
• Overall operating expenses fell 24%.
• Employee expenses fell 15% as head count was reduced.

On other financial measures:

• LOM's assets under administration fell to $710 million as of June 30, 2009.  Though this was down from the $976 million at this time last year, it was up from the $639 million in assets at the end of 2008.
• LOM remains in a strong financial position with net equity of $18.9 million and no debt.
• LOM holds cash and equivalents of $4.6 million, representing 24% of net equity. 
• As of June 30, 2009 LOM's book value was $3.01 per share.

LOM has suspended its regular dividend until conditions in the financial markets improve.

Our current share price on the Bermuda Stock Exchange is $3.50.

LOM will continue to buy back shares for cancellation to a total outlay not exceeding $500,000.  Over the first half of the year, the Company purchased for cancellation 30,050 shares.

Again, I would like to thank our customers very much for their continued support and our staff for all of the hard work and dedication during these trying times.

Scott Lines, CEO

About LOM:
The LOM Group is an offshore international financial services company, providing a complete range of investment services and products through its regulated subsidiaries in Bermuda, Bahamas and Grand Cayman and a marketing office in London, England.  In business for over 16 years, LOM today provides brokerage, asset management, and corporate finance services to its primarily high net-worth individual and institutional customers in over 75 countries around the world. The parent company, LOM (Holdings) Limited, is publicly listed on the Bermuda Stock Exchange (symbol LOM.BH). The consolidated group is debt-free and has shareholder's equity of over $19 million.