• It has received applications for units in both the Richmond International (NZD) and (USD) Funds (the Funds) and has made an initial round of investment with various hedge fund managers as at the end of May.

• Investments have been made in to the following strategies:  Macro, Equity Long/Short, Fixed Income Relative Value, Quantitative.

• An NZD/USD forward exchange contract has been put in place in the Richmond International (NZD) Fund.

• Fund pricing (unit prices etc) will be carried out once the NAVs of the underlying investee managers’ funds are submitted.

• Applications for the Funds received by 21 June will participate in the next round of investing as scheduled for end June.

Contact: For more information please contact Richmond’s CEO, Warren Couillault ph 09 377-1100 or email warren@richmond.co.nz

Disclaimer: Refer to the Investment Statement for the Richmond International Funds dated 9 May 2011 available on the Richmond website www.richmond.co.nz for more information regarding details of the Funds, hedge funds in general, Richmond’s investment philosophy and risks inherent with investing in these Funds.  This is not a securities recommendation, nor does it contain securities advice nor is it intended to provide advice to investors.  In preparing this information, no individual investor’s personal circumstances have been taken in to account.  This document should not be relied upon as the basis for an investment decision.  Anyone considering investing in the Fund is referred to the Investment Statement and should consult their Financial Advisor.  There is no guarantee of investment performance in respect of any Fund and past or projected performance is no indication of current or future performance results.