Overlord Announces New Appointment

CALGARY, August 11, 2006 - The Board of Directors of Overlord Financial Inc. (TSX Venture: OFI) (the “Company”) is pleased to announce the immediate appointment of Mr. Eric Tremblay as Executive Chairman. In his capacity as Executive Chairman, Mr. Tremblay will continue to act as Chairman of the Board and will become responsible for overall strategic planning and the day to day direction and operations of the Calgary office on a full time basis.

Mr. Tremblay will be focused on the creation of various financial products specializing in the Canadian energy sector and the income trust sector. Mr. Tremblay is one of the pioneers of the income trust sector, having helped grow Canada’s first income trust to its present stature as one of Canada’s premier large cap funds. Mr. Tremblay’s expertise and experience in corporate development and capital markets will provide Overlord with a valuable resource.

Mr. Claude Blanchet, President & CEO, will continue in his current duties with an emphasis on developing institutional financial products and the day to day management of the Montreal office.

Overlord Financial Inc. is a Canadian specialty fund manager providing investors in Canada and abroad with a new generation of investment vehicles which offer superior rates of return, preservation of capital, liquidity, and capital appreciation.

For further information concerning this press release, please contact:

Eric Tremblay
Executive Chairman
Overlord Financial Inc.
(403) 770-4817

Larry Titley
Vice President and CFO
Overlord Financial Inc.
(403) 770-4808

The TSX Venture Exchange has neither approved nor disapproved the information contained herein.

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