22 November 2010

DISTRIBUTION PURSUANT TO A COMPULSORY REDEMPTION OF SHARES, AND

CASH PAYMENTS FROM THE COMPANY'S DECEMBER 2008, MARCH 2009 AND JUNE 2009 ENTITLEMENT POOLS

The Board of CMA Global Hedge PCC Limited (the "Company") today announces that it intends to make distributions as follows:

·     a redemption of Shares, pursuant to the resolution passed at the Extraordinary General Meeting of the Company on 15 December 2009 (the "Redemption Distribution");

·     a fourth cash payment to Entitlement Pool Notional Shareholders who participated in the Company's December 2008 Redemption Offer;

·     a third cash payment to Entitlement Pool Notional Shareholders who participated in the Company's March 2009 Redemption Offer; and

·     a second cash payment to Entitlement Pool Notional Shareholders who participated in the Company's June 2009 Redemption Offer,

and these distributions are together described in this announcement as the "Payments". The Payments are expected to be made on or around 30 November 2010.

The Redemption Distribution

Details of the cash payment to be received by each Shareholder pursuant to the Redemption Distribution are set out below. Each Shareholder will have the following percentage of his shares redeemed at the NAV per Share on 30 September 2010, rounded down to the nearest integer, because the remaining Shares cannot have decimal places.

The record date for participation in the Redemption Distribution is 5.00 p.m. on Thursday 25 November 2010.

Shareholders should note that this is the first redemption distribution since December 2009, when shareholders who elected for the Redemption Option had 73.43 per cent. of their then held US Dollar Shares, 73.55 per cent. of their Euro Shares, and 73.61 per cent. of their Sterling Shares redeemed at the Net Asset Value of the Company as at 4 December 2009.

Following the Redemption Distribution, Shareholders will have redeemed a total of 86.50 per cent. of their US Dollar Shares, 86.59 per cent. of their Euro Shares and 86.40 per cent. of their Sterling Shares (based on their holding as at 4 December 2009).

Settlement

Shares held in CREST under the existing ISIN will be disabled and a new ISIN will be applied to the remaining Shares that have not been compulsorily redeemed.

In the case of Shares held in certificated form (that is, not in CREST), redemptions will take effect automatically. Because the Shares will be compulsorily redeemed, Certificated Shareholders do not need to return their Share certificates to the Company in order to claim their Distribution Proceeds. Shareholders' existing Share certificates will be cancelled and new Share certificates will be issued for the balance of their shareholding after the Redemption Date. Cheques will automatically be issued to Certificated Shareholders upon the cancellation of their Shares.

New ISIN Codes

For Shareholders' remaining Shares, the ISIN codes for each class of Shares have been changed to the following: 

The new ISIN codes will take effect on 26 November 2010.

Payment relating to the December 2008 Redemption Offer

Certain of the assets contained in the December 2008 Entitlement Pool have been realised by the Company's investment manager, C.M. Advisors Limited (the "Manager") and, in accordance with the terms of the December Redemption Offer, the Company is to make a payment of these realisation proceeds, less a four per cent. Redemption Fee payable to the Manager, to Entitlement Pool Notional Shareholders who participated in the December Redemption Offer.

Entitlement Pool Notional Shareholders will receive their payment in the currency of the Shares that were redeemed. The realisation proceeds of the December 2008 Entitlement Pool are in US Dollars and the Company will convert the realisation proceeds into either Euros or Sterling, as necessary, prior to making the payment (using the prevailing exchange rate on 17 November 2010).

The value of the net payment after the deduction of the 4% Redemption Fee and rounded to four decimal places will be $0.3389 per Entitlement Pool Notional Share (or the Euro or Sterling equivalents which are 0.2500 EUR and 0.2126 GBP per Entitlement Pool Notional Share respectively). The aggregate gross US dollar value of the payment, before the deduction of the Redemption Fee, represents approximately 25.82 per cent. of the unaudited estimated NAV of the December 2008 Entitlement Pool calculated as at 30 September 2010.

Shareholders should note that the initial payment made pursuant to the December 2008 Redemption Offer represented 52.37 per cent. of the total redemption value at the prevailing NAV in December 2008. The Entitlement Pool represented the remaining 47.63 per cent., and this will be the fourth cash distribution out of the December 2008 Entitlement Pool. Including this fourth distribution, Entitlement Pool Notional Shareholders will have received a total of US$2.70, €1.92, and £1.70 per Share for their US Dollar, Euro and Sterling Shares respectively. These amounts represent 72.46 per cent. for US Dollar Shareholders, 72.10 per cent. for Euro Shareholders and 66.61 per cent. for Sterling shareholders of the value of the Entitlement Pool at creation in December 2008, net of exit fees (the differences between the currencies are due to foreign exchange movements). This means that Shareholders who participated in the December 2008 Redemption Offer will have received in cash around 87 per cent. of their redemption value at the prevailing NAV in December 2008.

To enable Entitlement Pool Notional Shareholders to obtain an indicative value of the potential realisation proceeds of the December 2008 Entitlement Pool, the table below sets out how the Shares that were accepted for redemption in the December Redemption Offer correspond to the "Entitlement Pool Notional Shares" of the December 2008 Entitlement Pool. The net value of the cash payment per December 2008 Entitlement Pool Notional Share is also included.

Payment relating to the March 2009 Redemption Offer

Certain of the assets contained in the March 2009 Entitlement Pool have been realised by the Company's investment manager, C.M. Advisors Limited (the "Manager") and, in accordance with the terms of the March Redemption Offer, the Company is to make a payment of these realisation proceeds, less a four per cent. Redemption Fee payable to the Manager, to Entitlement Pool Notional Shareholders who participated in the March Redemption Offer.

Entitlement Pool Notional Shareholders will receive their payment in the currency of the Shares that were redeemed. The realisation proceeds of the March 2009 Entitlement Pool are in US Dollars and the Company will convert the realisation proceeds into either Euros or Sterling, as necessary, prior to making the payment (using the prevailing exchange rate on 17 November 2010).

The value of the net payment after the deduction of the 4% Redemption Fee and rounded to four decimal places will be $0.3454 per Entitlement Pool Notional Share (or the Euro or Sterling equivalents which are 0.2548 EUR and 0.2167 GBP per Entitlement Pool Notional Share respectively). The aggregate gross US dollar value of the payment, before the deduction of the Redemption Fee, represents approximately 25.75 per cent. of the unaudited estimated NAV of the March 2009 Entitlement Pool calculated as at 30 September 2010.

Shareholders should note that the initial payment made pursuant to the March 2009 Redemption Offer represented 60.44 per cent. of the total redemption value at the prevailing NAV in March 2009. The Entitlement Pool represented the remaining 39.56 per cent., and this will be the third cash distribution out of the March 2009 Entitlement Pool. Including this third distribution, Entitlement Pool Notional Shareholders will have received a total of US$2.13, €1.52, and £1.35 per Share for their US Dollar, Euro and Sterling Shares respectively. These amounts represent 70.16 per cent. for US Dollar Shareholders, 66.62 per cent. for Euro Shareholders and 64.12 per cent. for Sterling shareholders of the value of the Entitlement Pool at creation in March 2009, net of exit fees (the differences between the currencies are due to foreign exchange movements). This means that Shareholders who participated in the March 2009 Redemption Offer will have received in cash around 88 per cent. of their redemption value at the prevailing NAV in March 2009.

To enable Entitlement Pool Notional Shareholders to obtain an indicative value of the potential realisation proceeds of the March 2009 Entitlement Pool, the table below sets out how the Shares that were accepted for redemption in the March Redemption Offer correspond to the "Entitlement Pool Notional Shares" of the March 2009 Entitlement Pool. The net value of the cash payment per March Redemption Entitlement Pool Share is also included.

Payment relating to the June 2009 Redemption Offer

Certain of the assets contained in the Entitlement Pool attributable to the June 2009 Redemption Offer of the Company (the "June 2009 Entitlement Pool") have been realised by the Company's investment manager, C.M. Advisors Limited (the "Manager") and, in accordance with the terms of the June 2009 Redemption Offer, the Company is to make a payment of these realisation proceeds, less a four per cent. Redemption Fee payable to the Manager, to Entitlement Pool Notional Shareholders who participated in the June 2009 Redemption Offer.

Entitlement Pool Notional Shareholders will receive their payment in the currency of the Shares that were redeemed. The realisation proceeds of the June 2009 Entitlement Pool are in US Dollars and the Company will convert the realisation proceeds into either Euros or Sterling, as necessary, prior to making the payment (using the prevailing exchange rate on 17 November 2010).

The value of the net payment after the deduction of the 4% Redemption Fee and rounded to four decimal places will be $0.5719 per Entitlement Pool Notional Share (or the Euro or Sterling equivalents which are 0.4219 EUR and 0.3588 GBP per Entitlement Pool Notional Share respectively). The aggregate gross US dollar value of the payment, before the deduction of the Redemption Fee, represents approximately 38.37 per cent. of the unaudited estimated NAV of the June 2009 Entitlement Pool calculated as at 30 September 2010.

Shareholders should note that the initial payment made pursuant to the June 2009 Redemption Offer represented 64.03 per cent. of the total redemption value at the prevailing NAV in June 2009. The Entitlement Pool represented the remaining 35.97 per cent., and this will be the second cash distribution out of the June 2009 Entitlement Pool. Including this second distribution, Entitlement Pool Notional Shareholders will have received a total of US$1.91, €1.40, and £1.22 per Share for their US Dollar, Euro and Sterling Shares respectively. These amounts represent 67.18 per cent. for US Dollar Shareholders, 69.03 per cent. for Euro Shareholders and 70.76 per cent. for Sterling shareholders of the value of the Entitlement Pool at creation in June 2009, net of exit fees (the differences between the currencies are due to foreign exchange movements). This means that Shareholders who participated in the June 2009 Redemption Offer will have received in cash around 89 per cent. of their redemption value at the prevailing NAV in June 2009.

To enable Entitlement Pool Notional Shareholders to obtain an indicative value of the potential realisation proceeds of the June 2009 Entitlement Pool, the table below sets out how the Shares that were accepted for redemption in the June 2009 Redemption Offer correspond to the "Entitlement Pool Notional Shares" of the June 2009 Entitlement Pool. The net value of the cash payment per June 2009 Redemption Entitlement Pool Share is also included.

The Entitlement Pools

The Company will continue to publish, on a monthly basis, an unaudited estimated NAV per Entitlement Pool Notional Share for the December 2008, March 2009 and June 2009 Entitlement Pools, which Entitlement Pool Shareholders may choose to take as indicative of the potential realisation costs of those Entitlement Pools and the Actual Cash Proceeds they may receive. Entitlement Pool Shareholders should be aware that the realisation proceeds of the December 2008, March 2009 and June 2009 Entitlement Pools will be affected by the ability of the Manager to realise assets at the same price as those assets are held at NAV, taking into account the market conditions and the deduction of costs and expenses associated with the December 2008, March 2009 and June 2009 Redemption Offers. Therefore, the Actual Cash Proceeds received by Entitlement Pool Shareholders may be materially different to the indicated by the unaudited estimated NAV per Entitlement Pool Notional Share published by the Company for the December 2008, March 2009 and June 2009 Entitlement Pools.

Definitions

Unless otherwise defined in this Announcement:

·     capitalised terms used in relation to the Redemption Distribution shall have the same meaning given to the them in the Circular sent by the Company to its Shareholders on 27 November 2009; and

·     capitalised terms used in relation to the Entitlement Pool payments shall have the same meaning given to them in the Circular sent by the Company to its Shareholders on 2 December 2008.

All disclosure information including NAV reporting is available on: www.cmaglobalhedge.com

Enquiries

CMA

+1 441 295 5929

Keri Wong

Oriel Securities Limited

 +44 (0) 20 7710 7600

Joe Winkley

Neil Langford