Highbridge Capital

Re: Change of Trading Manager

Highbridge Capital Corporation
14 December 2004


                                        COMPANY ANNOUNCEMENT

For Immediate Release                                                                14 December 2004

                                   HIGHBRIDGE CAPITAL CORPORATION

                                    RE: Change of Trading Manager






The Board of Directors (the 'Board') of Highbridge Capital Corporation (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'.



New HCM



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
Association.



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.



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
giving.

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.

Ralph Berstecher.  Mr. Berstecher, Managing Director of Highbridge Capital
Management and Senior Portfolio Manager of the European Special Situations
Group, began his financial career in 1997 in the Goldman Sachs Risk Arbitrage
group in London where he focused on restructurings, relative value trades, risk
arbitrage and special situations.  Prior to joining Highbridge in July 2003, he
worked with Chris Hohn at Perry Partners in Europe focusing on fundamental
analysis in sectors such as financials and automobiles.  Ralph received his
Ph.D. in electrical engineering from the University of Bochum in Germany and is
the holder of several international patents.

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.

Evan Dick.  Mr. Dick, Managing Director of Highbridge Capital Management and
Senior Portfolio Manager for Statistical Arbitrage, joined the firm in January
2002.  Mr. Dick began his career at G. E. Astro-Space building a dynamic
simulator to test flight software and ground station hardware for satellites
pre-launch.  He also worked briefly at IBM on their OS/2 operating system.  He
previously was a Senior Vice President at D. E. Shaw Investments, where he spent
seven years as a strategist and manager of research in proprietary trading.  Mr.
Dick received his BS in Computer Science and Applied Math from Cornell
University in 1993.

Greg Howell.  Mr. Howell, Managing Director of Highbridge Capital Management and
Senior Portfolio Manager for Statistical Arbitrage, joined the firm in January
2002.  Mr. Howell began his career in finance extending an automated trading
model at IRC, a Chicago-based S&P outperformance fund.  He later worked as a
trader at Merrill Lynch and D. E. Shaw, trading listed and exotic equity options
globally.  His focus in the Statistical Arbitrage group is on electronic
execution and risk/reward optimization.  Mr. Howell received his doctorate in
mathematics from the University of Chicago.

Carl Huttenlocher.  Mr. Huttenlocher, Managing Director of Highbridge Capital
Management and Senior Portfolio Manager for Non-U.S. Equity Derivatives, began
his career trading European Convertible Bonds at Citadel Investments in Chicago.
  In 1995, Mr. Huttenlocher was head trader for Asian Convertibles and equity
derivatives at Long-Term Capital Management, where he started the Japanese
Convertible Bond strategy and later established a US options relative value
strategy.  In 1999, Mr. Huttenlocher founded Intelligent Markets, a financial
software company providing institutional trading technology to major investment
banks.

Alec McAree.  Mr. McAree, Managing Director of Highbridge Capital Management and
Senior Portfolio Manager for the Long/Short Equities group, began his career in
1991 as a research analyst at Lazard Freres & Co.  In 1992, Mr. McAree joined
Soros Fund Management as a research analyst following stocks in U.S. and Europe,
becoming Managing Director in 1996.  Prior to joining Highbridge in June 2003,
Mr. McAree was Director of Research of the Long/Short Diversified Fund and
Sector Head of Consumer/Business Services at Citadel Investment Group.

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.

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 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.

Ari Storch.  Mr. Storch, Managing Director of Highbridge Capital Management and
Senior Portfolio Manager of the Structured Investments Group, began his career
at the Federal Reserve Bank of New York, where his responsibilities included
analysis of foreign banking institutions and country risk analysis.  Prior to
joining Highbridge in 2001, Mr. Storch worked for five years at Angelo, Gordon &
Co., L.P., where he managed the firm's portfolio of private investments in
public companies.  Mr. Storch received an MBA from the Columbia University
Graduate School of Business in 1996.

Mark Vanacore.  Mr. Vanacore, Managing Director of Highbridge Capital Management
and Senior Portfolio Manager for Global Equity Derivatives, is the former
portfolio manager for equity derivatives at Taylor and Co., the investment
management division of the Bass organization in Fort Worth, Texas.  At Taylor &
Co., Mr. Vanacore had responsibilities for developing and trading various
arbitrage strategies including intermarket futures and options spreads, listed
and over-the-counter options on equities, and volatility arbitrage.  Mr.
Vanacore joined Highbridge in June 1992, where he assumed responsibility for
U.S. equity derivatives trading.

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 -
Madison.

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.

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.


Enquiries:

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







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