Discovering potential, delivering performance
26.03.2009
Griffin Capital Management proposes merging the assets of Griffin European Hedge Fund into Griffin European Opportunities Fund, an Irish UCITS III vehicle, and appoints Markus Rezny as lead manager of Griffin European Opportunities Fund.
Over the last few years, the hedge fund industry has seen significant demand and simultaneously a growing requirement for stronger regulation. At the same time, UCITS III rules now allow fund managers to use many of the investment techniques previously reserved for hedge funds. In line with a number of leading hedge fund managers, Griffin Capital Management plans to use hedge fund management skills in an UCITS III structure and proposes merging Griffin European Hedge Fund into Griffin European Opportunities Fund.

The investors in Griffin European Opportunities Fund will benefit from:
- An increase in fund assets and therefore lower costs
- Enhanced use of derivatives and hedging techniques
- A lead manager with a proven track record in challenging markets
Please CLICK HERE for the fund summary of Griffin European Opportunities Fund
The investors in Griffin European Hedge Fund will benefit from:
- Fund assets to form part of a larger vehicle with lower costs
- Improved liquidity through daily dealing
- Maximum transparency under UCITS III rules
Markus Rezny, one of Griffin's longest serving fund managers and lead manager of Griffin European Hedge Fund, has been appointed as lead manager of Griffin European Opportunities Fund. In his role, Markus is supported by Nick Stansbury, assistant fund manager, who has worked on Griffin European Opportunities Fund since May 2008. In challenging markets, Markus Rezny has achieved considerable success by not only preserving capital, but also generating a positive return of 9.5% in EUR terms in the period from 31 December 2006 to 27 February 2009, based on his individual performance within Griffin European Hedge Fund*.
*This information is provided for illustrative purposes only. It is internally calculated by Griffin Capital Management Ltd using portfolio management system data net of fees. Past performance is no guarantee of future returns.
Please note that Griffin European Hedge Fund no longer accepts any subscriptions.
- End -
For detailed information on Markus Rezny and the management of Griffin European Opportunities Fund, please contact us as follows:

English speaking investors:
German speaking investors:

Tel:
Fax:
Email:

+350 200 52392
+350 200 48239
InvestorRelations@griffincm.com		 Tel:
Fax:
Email:		 +350 200 73708
+350 200 48239
InvestorRelations-DE@griffincm.com
Notes for editors:
- Griffin Capital Management is an independent investment boutique founded in 1997.
- Griffin Capital Management manages a range of Dublin domiciled UCITS III funds, which have an investment focus on Emerging Europe and Western Europe. It also manages Emerging European and Western European long/short funds.
Griffin Capital Management Ltd
12/2 Tuckey's Lane
PO Box 608
Gibraltar
Tel: + 350 200 49460
Fax: + 350 200 48239
Email: info@griffincm.com
www.griffincm.com
Important information
Unsubscribing: It is our understanding that people on our distribution list wish to receive this notification, if this is not so, please reply to this email inserting "unsubscribe" in the first line of the text to your message. If you are receiving this email in error, please accept our apologies.

This document is issued by Griffin Capital Management Ltd, 12/2 Tuckey's Lane, PO Box 608 Gibraltar, Tel: + 350 200 49460, Email: info@griffincm.com
Past performance is no guarantee of future returns. The value of the investments in the sub-fund/s of Griffin Umbrella Fund plc (the 'Fund') may fall as well as rise as a result of market or exchange rate movements and investors may receive less than they have initially invested. This document is for professional advisors, professional investors and financial institutions (professional clients and eligible counterparties) and is not intended for private investors (retail clients) except those from countries where the sub-fund/s is/are registered for public distribution (currently in Austria, Germany and Sweden). If you invest indirectly through a third party provider you are advised to consult them directly as charges, performance and terms and conditions may differ materially. An investment in the sub-fund/s does not indicate a legal relationship with the Investment Manager or Investment Advisor. Performance data source: Bloomberg, unless otherwise indicated. Other data sources: Griffin Capital Management Ltd, PNC Global Investment Servicing (Europe) Ltd and Bloomberg. Any performance data in sub-funds' base currency, net of fees, gross income reinvested, excluding any initial charge.
No investment advice is offered or given to persons accessing information in this document. Any investment in interests in the sub-fund/s described in this document should solely be made on the basis of the prospectus relating thereto. Full details of the sub-fund/s including risk factors can be found in the prospectus; this, the annual and semi-annual reports and the simplified prospectus are available upon request from the Investment Manager and from the Paying and Information agent in Germany, BHF Bank AG, Bockenheimer Landstr. 10, 60323 Frankfurt/Main and from the Paying agent in Austria, Erste Bank, Graben 21, A-1010 Wien.
This document may include forward-looking statements, which are based on the Investment Manager's current opinions, expectations and projections. We undertake no obligation to update or revise any forward-looking statements. Actual results could differ materially from those anticipated. Whilst the Fund, the Investment Manager and the Investment Advisor have not signed any "material" side letters (as per AIMA's 2006 industry guidance), from time to time certain investors receive portfolio/performance data regarding the sub-fund/s, which may be more detailed than that contained in the monthly reports and may be issued sooner than these reports.
The Investment Manager of the Fund is Griffin Capital Management Limited, which is licensed by the Gibraltar Financial Services Commission as Collective Investment Scheme Manager under section 8 of the Financial Services (Collective Investment Schemes) Act 2005 and is authorised by the Gibraltar Financial Services Commission as Portfolio Manager under section 6 of the Financial Services (Markets in Financial Instruments) Act 2006 and registered in Gibraltar with company registration number 82263. The Investment Advisor to the Investment Manager is Griffin Capital Management (UK) Limited, which is authorised and regulated by the Financial Services Authority in the United Kingdom (Firm Reference No. 185638) and is registered in England with company registration number 3428268. The Fund is an open-ended umbrella investment company with variable capital incorporated with limited liability in Ireland under the Companies Acts 1963 to 2006 with registration number 282792, listed on the Irish Stock Exchange and authorised by the Irish Financial Services Regulatory Authority (IFSRA) as an undertaking for collective investment in transferable securities pursuant to the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, 2003, as amended and with segregated liability between sub-funds. This document has not been verified or approved by any relevant supervisory authority in the jurisdictions where the sub-fund/s is/are registered. Griffin Umbrella Fund plc and its sub-funds are not registered or offered for sale in United Kingdom. The Fund is not available for investment by a US Person, as defined in the Fund's prospectus, and it is not offered for sale or sold in the US, its territories or possessions.
This document may be used by any Griffin group company or branch, subject to their own approval and the relevant
regulatory requirements of the Group company's or branch’s domicile. © 2009 Griffin Capital Management Limited. All rights reserved.