Cheyne Capital Management (UK) LLP

Stornoway House 13 Cleveland Row

London SW1A 1DH

Tel: +44 (0)20 7968 7450

Fax: +44 (0)20 7968 7650

PRESS RELEASE
JOHN HYMAN JOINS CHEYNE CAPITAL MANAGEMENT (UK) LLP

London, 17 November 2010 – Cheyne Capital Management (UK) LLP (“Cheyne Capital”) is pleased to announce the appointment of
John Hyman as a Partner. Mr. Hyman will leverage his extensive industry experience to help Cheyne Capital to further develop its equity
business, launch new products and research investment ideas.

This appointment follows a period of renewed momentum at Cheyne Capital which has seen capital inflows from new and existing clients
since early 2009. Cheyne Capital’s Real Estate Debt Fund, launched in August 2009, its Total Return Credit Fund, launched in May 2009
and the European Event Driven Fund, launched in October 2009, have all returned over 20% since inception.

“John Hyman’s appointment comes at an important time in Cheyne’s development as the firm sees strong returns from flagship funds.
John’s global markets expertise will be invaluable to Cheyne as we build out our equities business,” said Jonathan Lourie, Chief
Executive.

“John will be a key addition to our team. We are seeing a raft of new opportunities in the markets and we look forward to benefiting from
John’s considerable insight and knowledge as Cheyne continues to innovate and pioneer new ways to secure strong returns for
investors,” commented Stuart Fiertz, President.

John Hyman said: “I am delighted to be joining Cheyne, a firm with a leading position in Europe and considerable intellectual capital in
key asset classes such as credit, real estate debt and equities. I look forward to contributing to its growth and supporting its continued
development.”

John Hyman has over twenty-three years experience in the equities industry. He worked at Morgan Stanley for seventeen years as Co
Head of Global Capital Markets, Co Head of Global Equity Capital Markets and oversaw all Morgan Stanley’s Equity transactions in
EMEA and Asia from 2005 to 2009. John was also a member of Morgan Stanley’s Global Management Committee. Before that, John
spent six years at Lehman Brothers.

About Cheyne Capital

Cheyne Capital is one of Europe’s leading alternative asset managers. Cheyne launched its first fund in 2000 and today manages net
assets in excess of $6 billion across a diversified range of products. The Cheyne group currently employs approximately 140 people with
its primary offices in London, Switzerland, and Bermuda.

Cheyne Capital Management (UK) LLP is a limited liability partnership registered in England (Registered no. OC321484)
Registered Office: Stornoway House, 13 Cleveland Row London SW1A 1DH
Authorised and Regulated by The Financial Services Authority