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The winners of Lipper�s first Hedge Fund Awards were announced in London last night. Over 3,600 funds were eligible for the eighteen awards across the European and Offshore fund domiciles. A total of fifteen portfolio managers were rewarded, with Thalia SA, Gems Management and UG Investment Advisers each winning in two categories. Dr Gabriel Burstein, Lipper�s Global Head of Research, said: "Lipper Hedge Fund Awards, based on our quantitative fund rating methodology, recognise the combined return and risk achievements of hedge fund managers. Congratulations to Lipper's award winners in what was a very difficult year across all markets. Despite this fact, hedge fund assets under management continued to grow significantly last year". EUROPEAN WINNERS � LIPPER HEDGE FUND AWARDS Hedge Fund Classification � Winning Fund � Portfolio Manager CTA Commodity Trading Advisors Transtrend Diversified Trend Program Enhanced Risk EUR Transtrend B.V. Emerging Markets Mango Capital Mango Capital Management Event Driven GHF Sicav - Event Driven Class B Thalia SA Fixed Income Arbitrage GHF Sicav - Fixed Income Arbitrage Class B Thalia SA Global Macro LODH Multiadvisers - Global Trading EUR Lombard Odier Darier Hentsch & Cie Long/Short Equity Real Return Asian EUR Veritas Asset Management (UK) Ltd Managed Futures Prim' EssenCiel Prim'Alternative Investment SA Multi-Strategies Gems Recovery Portfolio Regular EUR Gems Management Ltd OFFSHORE WINNERS � LIPPER HEDGE FUND AWARDS Hedge Fund Classification � Winning Fund � Portfolio Manager Convertible Arbitrage UG Great Wall Hidden Value UG Investment Advisers Ltd Emerging Markets China Alpha II Fund Ltd China Alpha Investment Management Ltd Equity Market Neutral Talentum Enhanced Ltd EUR Arkos Capital SA Event Driven Vision Opportunity Capital Partners Ltd Vision Capital Advisors LLC Fixed Income Arbitrage MKP Opportunity Offshore Ltd MKP Capital Management LLC Global Macro Pivot Global Value Pivot Capital Management (UK) Ltd Long Only UG Hidden Dragon Undervalued Assets UG Investment Advisers Ltd Long/Short Equity Passport Offshore Ltd Global Strategy Passport Capital LLC Managed Futures Tulip Trend Ltd (Class A) EUR Progressive Capital Partners Ltd Multi-Strategies Gems Perennial Segregated Portfolio Regular 3Y USD Gems Management Ltd A second Lipper Hedge Fund Award event will recognise the leading hedge funds domiciled in North America and take place in New York on 9th April. Notes to Editors: Only existing hedge funds in the Lipper TASS and Lipper Global Fund Databases were eligible for this year�s Hedge Fund Awards. Awards were made for those Lipper hedge fund strategy classifications that contained at least ten eligible hedge funds. In line with Lipper�s existing mutual fund award methodology, the winning hedge funds were those with the highest Effective Return value within each eligible Lipper Global Classification for hedge fund strategies. The Effective Return is the basis for the calculation of the Lipper Leader rating for Consistent Return. The calculation period for the awards extended over twelve consecutive months ending 31 December 2007. Calculations were made in US dollars for the Offshore hedge fund domicile universe and in Euros for the European hedge fund domicile universe. The Lipper Leader fund rating system uses investor-centred criteria to deliver a simple, clear description of a fund's success in meeting certain goals, such as preserving capital or building wealth through consistent, strong returns. Used independently or in conjunction with one another, the four Lipper Leader ratings (Consistent Return, Preservation, Total Return and Expense) can effectively identify funds that meet the particular characteristics sought by the investor. For more information, please refer to www.lipperweb.com. Lipper, a wholly-owned subsidiary of Reuters, provides independent insight on global collective investments including mutual funds, retirement funds, hedge funds, fund fees and expenses to the asset management and media communities. Covering over 172,000 share classes and over 95,000 funds in 53 registered for sale (RFS) universes. Lipper is the world's leading fund research and analysis organisation. It provides the free Lipper Leader ratings for mutual funds registered for sale in 27 countries. Additional information is available at www.lipperweb.com. Information provided by Lipper has been obtained from or is based upon sources believed to be reliable but is not warranted to be accurate or complete. Lipper makes no representation or warranty, express or implied, to investors or any member of the public regarding the advisability of investing in securities generally or in any product or mutual fund particularly. Past performance is not necessarily a guide to future performance and investors should remember that past performance is not guarantee of future results.