FUND OF FUNDS SECTOR DEVELOPMENTS.
Sciens International Investments & Holdings S.A. announces that its 100% affiliated company Sciens International Holdings 3 Ltd, holder of 79,2% of the Junior Notes of the investment capital Sciens CFO I, was informed by the trustee of Sciens CFO I, Deutsche Bank, acting on the instructions of bond holders in excess of 50% of the outstanding Principal Amount of Class A Notes of Sciens CFO I that a liquidation event has occurred and therefore each note of each Class issued by Sciens CFO I, is immediately due and payable, while payment of the Senior Notes will be realized via the orderly liquidation of the existing holdings of Sciens CFO I.
Given that during the 4th quarter of 2008 investment losses of Sciens CFO I devalued completely the Group's investment, which as at 30.9.2008 amounted at 6.3% of Group's total equity or approximately ? 13.6mln, the Group does not expect to receive any proceeds from the liquidation. No further obligation of the Group exists or arises to any Class of securities (lending or not) of Sciens CFO I.
The Group's strategy is now focused on further concentration in direct and indirect Private Equity investments and Asset Management Companies while the Fund of Hedge Funds sector and investments similar to Sciens CFO I may be re-considered when markets present signs of stabilization.