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Tuesday 14 December, 2004

Highbridge ED/RV Fd

Change of Trading Manager

Highbridge Event Driven/Rel Val Fd
14 December 2004


For Immediate Release                                           14 December 2004

                       RE: Change of Trading Manager

The Board of Directors (the 'Board') of Highbridge Event Driven/Relative Value
Fund, Ltd (the 'Company') wish to announce that pursuant to an assignment
agreement dated 13 December 2004 (the 'Agreement') between the Company and New
HCM, LLC  ('New HCM'), New HCM has taken on the role of Trading Manager to the
Company with effect from the date of the Agreement.

The assignment of the existing Trading Manager agreement from Highbridge Capital
Management, LLC ('Highbridge') to New HCM has been made in connection with the
acquisition by JPMorgan Fleming Asset Management Holdings, Inc. ('JPM') of a
majority interest in the membership interests of New HCM.  Immediately prior to
the acquisition by JPM, a substantial majority of the assets owned by Highbridge
were transferred to New HCM, including without limitation all of Highbridge's
rights and obligations under the Trading Manager agreement with the Company.  No
change in the day-to-day operations or personnel of New HCM in its capacity as
Trading Manager for the Company are anticipated.  Within 60 days after the
acquisition by JPM, New HCM will change its name to 'Highbridge Capital
Management, LLC'.


The Company will be one of New HCM's first clients.  In addition to the
assignment of the Company's Trading Manager agreement from Highbridge to New
HCM, certain other Trading Manager agreements have been assigned.  Total assets
under management of Highbridge as of September 30, 2004 is $6,668,000,000.  All
of the Trading Manager agreements representing all of the assets currently under
management will be transferred from Highbridge to New HCM as of the date of
assignment.  New HCM is registered as a Commodities Pool Operator with the
Commodity Futures Trading Commission and is a member of the National Futures

All of the personnel acting as investment manager to the Company pursuant to the
prior Trading Agreement with Highbridge will continue to act as investment
manager to the Company following the assignment of the Trading Manager agreement
to New HCM.

Richard Schneider.  Mr. Schneider, a Managing Director of Highbridge Capital
Management and Senior Portfolio Manager of the Event Driven/Relative Value
Group, began his career in 1981 as an Associate at the law firm of Kirkland &
Ellis.  In 1985, Mr. Schneider joined Paine Webber & Co. as a research analyst
focused on risk arbitrage and other event-driven investing, becoming a Co-Head
of the Risk Arbitrage Group in 1990 and Head of the Group and a Managing
Director in 1991.  Mr. Schneider joined Highbridge in 1994 to lead the founding
and development of the Risk Arbitrage/Event Driven Group.  In 2001, the Group's
mandate was broadened to include relative value equity investing.  Mr. Schneider
received his J.D. in 1981 from Harvard Law School and a B.S. in Civil
Engineering in 1978 from the University of Illinois.

Glenn Dubin.  Mr. Dubin is a Managing Member/Co-Founder of Highbridge Capital
Management which was founded in 1997 and has been Co-Chairman of Dubin & Swieca
since it was founded in 1984.  Prior to forming Highbridge Capital Management,
Mr. Dubin, along with his partner, Henry Swieca, founded Dubin & Swieca, an
asset management company specializing in alternative investment strategies.
Dubin & Swieca is widely recognized as being one of the pioneers in advocating
and employing multi-manager portfolio structures guided by the principles of
Modern Portfolio Theory.  Mr. Dubin began his career in 1978 at E.F. Hutton &
Co. where he was a Senior Vice President specializing in merger arbitrage and
special situation investments for a broad-based clientele of institutional and
private investors.  Mr. Dubin is also a founding board member of The Robin Hood
Foundation, an organization which applies investment principles to charitable

Henry Swieca.  Mr. Swieca is a Managing Member/Co-Founder and Chief Investment
Officer of Highbridge Capital Management which was founded in 1997 and has been
Co-Chairman of Dubin & Swieca since it was founded in 1984.  Mr. Swieca began
his career with Merrill Lynch & Co. in 1979 as a registered representative.  In
1982, Mr. Swieca was one of the original traders on the New York Futures
Exchange (NYFE) where he traded equity index options and futures.  Mr. Swieca
then joined Dillon Read & Co. as an advisor to institutional investors.  In
1984, he joined E.F. Hutton & Co. and later became a Senior Vice President
specializing in asset allocation and risk management.  While at Shearson Lehman
Hutton, Mr. Swieca and his partner, Glenn Dubin, co-founded Dubin & Swieca, an
asset management firm specializing in alternative investment strategies.  Mr.
Swieca received an M.B.A. in Finance with a concentration in options and
derivatives from the Columbia University Graduate School of Business in 1982.

Robert Caruso.  Mr. Caruso, Managing Director of Highbridge Capital Management
and Chief Operating Officer, joined the firm in September 2002.  He began his
career at PricewaterhouseCoopers as a member of its Global Capital Markets
Advisory Practice Team where he provided consulting services to various
investment banking and trading professionals on structured derivative
transactions, special purpose vehicles, valuation of investment and trading
portfolios and other financing/securitization structures.  From 1999 through
August 2002, Mr. Caruso was a Managing Director, Chief Financial Officer and
Treasurer of Robertson Stephens, a San Francisco based global investment bank.
At Robertson Stephens, Mr. Caruso was responsible for the financial, accounting,
treasury and risk management departments.

Ronald Resnick.  Mr. Resnick, Managing Director of Highbridge Capital
Management, Chief Administrative Officer and General Counsel, joined the firm in
January 1993.  He began his career in 1988 as an Associate at Skadden, Arps,
Slate, Meagher & Flom, where he represented hedge fund managers, organized
private investment funds and specialized in derivatives, commodities and
securities law until December 1992.  Mr. Resnick received a J.D. from the
University of Chicago Law School in 1988.

Richard Potapchuk.  Mr. Potapchuk, Managing Director of Highbridge Capital
Management and Chief Financial Officer, began his career in 1977 at Ernst &
Whinney, where he served as Audit Supervisor.  From 1981 to 1982, he was the
Assistant Controller of Moseley, Hallgarten, Estabrook & Weeden.  Mr. Potapchuk
held several senior operations positions at Lehman Brothers from 1982 to 1991,
where he was named First Vice President.  Prior to joining Highbridge in March
of 1994, Mr. Potapchuk was Senior Vice President and Chief Financial Officer of
Republic New York Securities Corporation.

Subu Venkataraman.  Mr. Venkataraman, Managing Director of Highbridge Capital
Management and Chief Risk Officer, joined the firm in September 2003.  He began
his career in risk management at the Federal Reserve Bank of Chicago in 1995,
where he served as a senior financial economist in the Economic Research &
Policy group.  Mr. Venkataraman's most recent position was Executive Director,
Market Risk, at Morgan Stanley, where he was the global head of risk monitoring
as well as the head of the risk analytics and methodology group.  Mr.
Venkataraman's received his PhD in finance from University of Wisconsin -

Jonathan Zhukovsky.  Mr. Zhukovsky, Managing Director of Highbridge Capital
Management and Chief Technology Officer since September 2001, began his career
as a consultant and developer for Sun Microsystems in Israel. He then joined
Merrill Lynch in 1995, where, as Assistant Vice President of Distributed Systems
Management, he designed and implemented UNIX and NT management tools for the
firm's global capital markets activities. He went on to lead the Systems and
Network team at Juno Online Services, Inc., a subsidiary of D. E. Shaw, LP. He
left to become co-founder and Chief Technology Officer of Media Partnerships,
Inc., a developer of online trading applications for television advertising.

Jason Esralew.  Mr. Esralew, Senior Vice President - Senior Analyst, joined the
firm in April 2000.  From 1998 to 2000, he was an Associate in the Investment
Banking Division, Mergers and Acquisitions Group, of Citigroup Inc.  From 1996
to 1998, he was an Associate in the Corporate Law Department of Weil, Gotshal &
Manges, LLC.  Mr. Esralew received a J.D. from Harvard Law School in 1996 and a
B.S. in Industrial Engineering from Stanford University in 1993.

Thomas Gillespie.  Mr. Gillespie, Vice President, Trader, joined the firm in May
2003.  From 1999 to 2003, he was the head equity products trader of the Event
Driven Group of Moore Capital Management, Inc.  From 1994 to 1999, he was a Vice
President with Bankers Trust Company in the Global Investment Management Group,
Structured Equity Products Division. He was a senior accountant with KPMG Peat
Marwick LLP from 1991 to 1994.  Mr. Gillespie received a B.A. in Accountancy,
cum laude, from the University of Massachusetts in 1991.

Geoffrey Engel.  Mr. Engel, CFA, Analyst, joined the firm in August 2001.  From
1999 to 2001, he was a Vice President, equity research analyst at Noroian
Capital Management.  From 1994 to 1998, he was a member of the equity research
department of Furman Selz, first as an associate then as Vice President, senior
analyst.  Mr. Engel received the Chartered Financial Analyst designation in
1996, an M.B.A. in Finance and Accounting from the Stern School of Business at
NYU in 1994 and received a B.A. in Economics from Tufts University in 1990.

The terms of the Agreement are the same as the terms set out in the original
Trading Manager Agreement as set out in the Listing Particulars approved by the
Irish Stock Exchange.


Highbridge Capital Management LLC                               Ms Carolyn Rubin
                                                          Phone: +1 212 287 4903

NCB Stockbrokers Limited                                      Ms Margot McDonagh
                                                          Phone: +353 1 611 5907

This announcement has been issued through the Companies Announcement Service of
                           the Irish Stock Exchange.

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

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