Proactive, event-driven distressed investing in the emerging markets sector:

GDOF seeks to provide superior long-term capital appreciation through investing in corporate, sovereign, or quasi-sovereign entities in emerging markets, targeting 40% compound annual returns. GDOF seeks to extract value by playing an active role in the restructuring of these assets by applying the same proven skill-set utilized by Gramercy’s investment professionals over the past 20 years. GDOF exploits the growing combination of stressed/distressed/defaulted securities caused by the flow of liquidity out of emerging markets and we foresee a “target rich environment” for GDOF in 2009 and beyond, particularly the defaulted end of the distressed asset spectrum. GDOF has a 3 year fund life, enabling the Fund to more readily attack those opportunities which we envision to be of longer duration.

GEMF began in April 1999 and is a proactive, event-driven distressed fund investing in the emerging markets. This unique strategy differs from other emerging market vehicles due to our focus on buying distressed assets, consistently hedging the portfolio and maintaining cash positions to ensure our ability to be opportunistic, all without using leverage. The Team’s 20+ years of average experience in this market further enhances Gramercy’s ability to “buy assets right”. Our intestinal fortitude to fight for exit pricing within acceptable timeframes and a short-side mentality inspired by our skepticism of emerging markets protects the book in down markets and exploits declines to generate alpha.