Gerova Shareholder Conference Call Rescheduled to Monday, Dec. 13

HAMILTON, Bermuda, December 10, 2010 - Gerova Financial Group, Ltd. ("Gerova") (NYSE: GFC) today announced that
due to technical difficulties with the conference call service provider, the
Gerova Shareholder Conference Call scheduled for this morning has been
rescheduled to Monday, December 13, 2010, at 11:00 a.m. EST. The sole purpose
of the call is to review the events described in recent public releases.

The call-in number and conference passcode will be provided in a press
release to be issued later today.

About Gerova Financial Group, Ltd.

Gerova Financial Group, Ltd. is diversified financial services company
formed to acquire private equity portfolios and to provide reinsurance
capacity principally to life and annuity insurance carriers. The company went
public as a Special Purpose Acquisition Company (SPAC) and later successfully
became an operating company in January 2010 after acquiring nine private
equity portfolios from hedge funds in exchange for its public stock. In June
2010 Gerova Reinsurance Ltd received a class 3 insurance license from the
Bermuda Monetary Authority. Gerova was admitted to trade on the NYSE in
September 2010 and is listed in the Russell 2000(R) index published by
Russell Investments, a ranking of the top US listed public companies.

CONTACT: Jeff Lloyd or Thomas Mulligan, both of Sitrick and Company,
+1-212-573-6100

Jeff Lloyd or Thomas Mulligan, both of Sitrick and Company, +1-212-573-6100