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Thames River MultiLd (TRMA)

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Friday 05 March, 2004

Thames River MultiLd

Launch of Investment Company

Thames River Multi Hedge PCC Ltd
05 March 2004



               NOT FOR DISTRIBUTION IN THE USA, CANADA AND JAPAN

                 FOR IMMEDIATE RELEASE       5th March 2004

                 Thames River Capital Launch £45m London Listed
                       Multi-Manager Fund of Hedge Funds*


Thames River Capital (UK) Ltd is pleased to announce the successful launch of a
new London listed investment company, Thames River Multi Hedge PCC Limited, and
its sub-fund, Thames River Hedge+ ('Hedge+'). Hedge+ is managed by Thames River
Capital (UK) Ltd ('TRC'). TRC is one of the UK's leading providers of absolute
return focused funds with $3.8 billion under management.

Hedge+ started trading on the London Stock Exchange on 23rd February, having
raised an initial £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.

According to Ken Kinsey-Quick, Head of Multi Manager at TRC:

'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.'

Notes:

Ken Kinsey-Quick is Head of Multi-Manager investments at Thames River Capital
and has over 10 years experience of investing in hedge funds. He 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. UBS
Investment Bank acted solely for the company (Hedge+) in connection with the
placing and offer for subscription and was not responsible to anyone other than
TRC for providing the protections afforded to clients of UBS Investment Bank nor
for providing advice in relation to the placing and offer for subscription.







Structure: Hedge+ is a cell fund of Thames River Multi Hedge PCC Limited, a
Guernsey domiciled protected cell company with limited liability, with a primary
listing on the London Stock Exchange and a secondary listing on the Channel
Islands Stock Exchange. The Company offers two currency share classes
denominated in Sterling and Euros and hedged against the US Dollar.

Bloomberg ticker: TRMA LN (£ hedged share class) and TRMB LN (€ hedged share
class)

SEDOL Number: 3408151 and 3408162 (€ hedged share class)

ISIN Number: GB0034081512 (£ hedged share class) and GB0034081629
(€ hedged share class)


For further information contact:

Edward Morse, Director of Sales on tel. 0207 360 1270 or
emorse@thamesriver.co.uk.


                      This information is provided by RNS
            The company news service from the London Stock Exchange