Thames River's recent fund listing raised an initial GBP 45 million and is expected to be
fully invested by the end of March.

The listed fund of hedge funds, Thames River Multi Hedge PCC Limited, and its sub-
fund, Thames River Hedge+ ("Hedge+") (see previous Hedgeweek article) are managed
by Thames River Capital, one of the UK's leading providers of absolute return focused
funds with USD 3.8 billion under management.

Hedge+ started trading on the London Stock Exchange on 23 February, having raised
an initial GBP 45 million through a placing and public offer for subscription.

Hedge+ has been designed to have a low correlation to traditional equity and bond
markets and its investment objective will be to maximise capital appreciation, in all
market conditions through hedge fund and related investments.

Ken Kinsey-Quick, Head of Multi Manager at Thames River, said: "Hedge+ is now 87%
invested and we expect to be fully invested by end March 2004. The portfolio currently
consists of 10 funds and two more are envisaged shortly. As the top eight managers will
represent more than two-thirds of the portfolio, the portfolio is highly focused when
compared to other traditional fund-of-hedge-funds. Managers include Bluecrest,
Crescendo Europe, London Diversified, Avenue, Lydian, Paulson and Castlerigg."

Kinsey-Quick previously worked at Haussmann Holdings and Coronation International
where he managed a number of multi-manager funds across the various hedge fund
strategies and invested in both established and start-up managers.

UBS Investment Bank acted as sponsor, broker and placing agent in respect of the
placing and offer for subscription, which closed on 16th February 2004.