Embargoed 0700hrs 6 January 2004

                           Sky Capital Holdings Ltd                            

                       ("Sky Capital" or the "Company")                        

                           Notification of Interest                            

Sky Capital Holdings Ltd. announces that on 31 December 2003 Ross H. Mandell,
its Chief Executive Officer, made a gift of 100,000 shares of his Sky Capital
common stock to endow the "Leaders For Tomorrow" initiative at the University
of Maryland, College Park, MD. Mr. Mandell is a December 1978 graduate of the
University. The "Leaders For Tomorrow" program will provide the University's
most accomplished students with a broad array of intellectual, cultural and
personal enrichment opportunities so they can compete successfully for
post-graduate honors and fellowships, such as Rhodes and Marshall Scholarships.
C. Thomas McMillen, Chairman and a director of the Company, is also a graduate
of the University, a Rhodes Scholar and is one of the forces behind this
initiative. Following the gift Mr. Mandell remains directly and indirectly
interested in 7,505,667 (32.8 per cent.) of the common shares of US$ 0.0001 in
the capital of the Company.

The shares contributed to the University will be used to implement and expand
the "Leaders For Tomorrow" initiative. The shares are subject to certain lock
in agreements.

Mr. Mandell commented,

"This gift gives me the opportunity to give back to the University a small
measure of what has been given to me. More importantly, it enables the
University to aggressively improve the post graduate opportunities of its top
students which will enable these students to be well positioned for leadership
roles in their chosen careers and the community at large. This is but a small
step to repay my debt to the University and help it further build its
reputation for excellence in scholarship."

For further information please contact,

Ross H. Mandell

Sky Capital Holdings Limited

Tel. 00 1 212 709 1900

Adam Reynolds / Ben Simons

Hansard Communications

Tel. 020 7245 1100



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