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The following piece on Cheyne Capital is being published as part of our daily effort to track hedge funds in

the industry. To review other hedge fund research notes please see our Hedge Fund Tracker Tool.

Resource #1: (4.15.09) Hedge fund firm Cheyne Capital Management is to buy fund of hedge funds
manager Altedge Capital, the firms said on Tuesday, as the once-booming industry consolidates in the face
of client outflows. Under the deal, Altedge Chief Executive and Chief Investment Officer Chris Goekjian will
become partner and chief investment officer at Cheyne, which manages more than $6 billion in assets, and
will report to Chief Executive Jonathan Lourie.

Altedge, whose business will be integrated into Cheyne's over the next six months, hopes to benefit from
Cheyne's distribution.

"From Altedge's point of view it's an alliance with a larger platform," Altedge fund manager and co-founder
Cem Habib told Reuters. source

Resource #2: Cheyne Capital was founded in 1999 by Jonathan Lourie and Stuart Fiertz representing a
natural evolution for a team that developed a focused convertible bond management practice within
Morgan Stanley over the prior ten years.

Today, Cheyne Capital is one of Europe's largest hedge fund management groups. The firm's main areas of
expertise include corporate credit, event-driven, equity and equity-linked investing.

Cheyne Capital seeks to generate above-average, risk-adjusted absolute rates of return for clients. Central
to Cheyne's investment methodology is the combination of fundamental analysis with a pro-active approach
to trading. The flow of timely and actionable information is enhanced by the close integration of portfolio
managers, research analysts and in-house risk management technology. The Cheyne Capital group
comprises, inter alia, Cheyne Capital International Limited, a Bermuda-incorporated investment advisory
firm, and Cheyne Capital Management (UK) LLP, a London-based independent fund manager, which is
authorised and regulated by the FSA and, along with other entities in the Cheyne Capital group, is a
registered investment adviser with the SEC. Cheyne's principal office is located on Green Park at Stornoway
House, 13 Cleveland Row, St James's, London. source

Resource #3: Jonathan H. Lourie is the founder, Chief Executive Officer and Chief Investment Officer of
Cheyne Capital Management (UK) LLP. Under his leadership, Cheyne Capital has grown to become one of
the largest hedge funds in Europe. The firm's main areas of expertise include corporate credit, event-driven,
equity and equity-linked investing. Prior to the inception of Cheyne Capital in June 2000, Mr. Lourie worked
from 1985 at Morgan Stanley where he was responsible for the creation and development of the convertible
bond management practice. Mr. Lourie was educated from 1967 to 1979 at the International School of
Geneva and from 1979 to 1983 at Dartmouth College in Hanover, New Hampshire, from which he graduated
Phi Beta Kappa and Summa Cum Laude in 1983. source

Resource #4: (9.11.08) Cheyne Capital, a leading alternative asset manager, won 3 major awards for its
credit fund business at the Creditflux industry awards in London last night. Cheyne won the prestigious
Manager of the Year award, as well as the awards for the
Best Long/Short Credit Hedge Fund and Best Synthetic Equity CDO. These awards, together with a further
5 nominations, demonstrate Cheyne's wide-ranging expertise and continued leadership across the Credit
space.

The Creditflux winners are selected based on clear quantitative criteria, and nominees include the leading
credit managers world-wide. The Manager of the Year award specifically recognises Cheyne's consistent
performance across different credit products. source

Resource #5 (7.23.08): Cheyne Capital, the leading alternative asset management company, today
announces the appointment of Ravi Stickney as Portfolio Manager for the Cheyne Asset-Backed Fund and
the Cheyne Structured Solutions Fund.
Prior to joining Cheyne, Ravi worked for ING Bank's proprietary investments desk and was solely
responsible for managing a € 400 million long / short portfolio of predominantly subordinate interests in
European asset backed securities. Prior to that, Ravi worked at Lehman Brothers London on the structuring
and execution of European commercial and residential mortgage backed securities and non performing
loans. He also worked on the commercial real estate and securitisation teams at KPMG and Ernst & Young
in London. Ravi is a qualified chartered accountant and holds a Masters in Engineering from Cambridge
University. source

Resource #6 (7.4.08): Cheyne Capital, the leading alternative asset management company, today
announced that Mark Harrison has been appointed as Chief Operating Officer in a newly created role, based
in Cheyne's London offices.

Harrison joins from Carlyle Blue Wave where he was the Chief Operating Officer. He also worked for
Morgan Stanley and Deutsche Bank, where he was Executive Director and Managing Director respectively.

Jonathan Lourie, Founder and CEO of Cheyne Capital commented, "Mark's hire further reinforces the
maturity of our business and allows us to bring together the coordination of all the different product areas
under one administration umbrella and ensures that our clients benefit from streamlined and efficient
internal processes." source

Resource #7 (12.30.07): Cheyne Capital, the diversified asset management company, today announces the
first closing of a new Saudi-Spanish Infrastructure Fund with commitments of $680 million. The fund will be
managed together with infrastructure specialist
Arox Infrastructure.

The aim of the initiative is to promote infrastructure projects in Saudi Arabia, particularly in the six new
Economic Cities, which require $100 billion of investments in transportation assets and $300 billion in
energy assets by 2020. Electricity group Iberdrola, construction group Dragados, IT group Indra and
engineering group Tecnicas Reunidas are among the Spanish groups taking part in the project.

Stuart Fiertz, co-founder of Cheyne Capital commented, "There are enormous opportunities for both
investors and contractors. The fund will enhance bilateral co-operation, give companies in each country
access to the market of the other, increase the collaboration between the private sectors, allow the two
countries to capitalise on the competitive advantage of each other, and facilitate transfer of knowledge."

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