Statement re Funds Raised 22 February 2005 Tapestry Investment Company PCC Limited The board of Tapestry Investment Company PCC Limited (the "Company"), a new investment company to be listed on the London Stock Exchange, is pleased to announce that �45 million (before expenses) was raised in the recent Placing and Offer for Subscription in relation to its cell, Tapestry Investment Company - Multi-Strategy (GBP), a fund of hedge funds. All valid applications for Shares received under the Placing and Offer for Subscription will be accepted in full. The Company will therefore issue 45 million Shares at 100p each which includes 627,300 shares issued under the Offer for Subscription. Dealings in the Shares are expected to commence on the London Stock Exchange on Wednesday 23 February 2005. Terms defined in the Prospectus dated 1 February 2005 bear the same meanings when used in this announcement. Enquiries: Kleinwort Benson (Channel Islands) Fund 01481 727111 Services Limited Nigel Massey Dresdner Kleinwort Wasserstein 020 7623 8000 Andrew Zychowski Tom Harris Dresdner Kleinwort Wasserstein Securities Limited (which is authorised and regulated by The Financial Services Authority) is acting exclusively for the Company in connection with the Placing and Offer for Subscription, and will not regard any other person (whether or not a recipient of this announcement or other information) as its customer in relation to the Placing and Offer for Subscription and will not be responsible to any other person for providing the protections afforded to its customers or for providing any advice in connection with the Placing, Offer for Subscription and/or the contents of this announcement. Persons requiring advice should consult an independent financial adviser. N.T.Massey Kleinwort Benson (Channel Islands) Fund Services Limited END

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