Gottex Fund Management Holdings Limited : GFMH 30Jan12 Preclose Trading Update (final)

Gottex Fund Management Holdings Ltd. Media Release 30 January 2012 2011 PRECLOSE TRADING STATEMENT STRONG PERFORMANCE OF CORE MARKET NEUTRAL, MULTI-STRATEGY AND ALTERNATIVE CREDIT STRATEGIES, AHEAD OF BENCHMARKS

Gottex Fund Management Holdings Limited (Gottex), a leading independent global alternative asset management group, announces its trading statement for the quarter ended
31 December 2011.
Highlights:
• Strong fund outperformance during 2011 with our flagship market neutral strategies 2% to 3%1 ahead of their benchmarks. Our alternative credit strategy and Constellar multi- strategies returned respectively +3.8% and +3.4% for the year.

• Total fee earning assets for the group stood at USD 7.34 billion, a decrease of 10% compared to USD 8.16 billion at 30 September 2011, as a result of net client outflows and impact from foreign exchange and technical factors.

• Gottex launched the US onshore RIC version of the Multi Asset Endowment Fund in early January 2012, which received its first inflows during the month.

• Company targets further 15% of operating cost efficiencies in 2012 on a like for like basis.

• The company expects the 2011 Annual Results to show a small operating profit, but, after taking into consideration financial items and investments, an expected small net loss when reported in March (subject to audit and final review).

Commenting, Joachim Gottschalk, Chairman and CEO, stated:

"The global uncertainty in financial markets that started in the summer of 2011 did not really abate in the fourth quarter with uncertainty about the Euro, the global economic recovery, the sovereign debt crisis and China's economy at the forefront. Against this backdrop, we are pleased that our flagship market neutral strategies have shown a strong relative performance for the year returning nearly flat results versus the overall hedge fund market which lost around 5%2. Impressively, our alternative credit strategy and our Constellar multi- strategy product generated positive returns during 2011 of respectively +3.8% and +3.4%, which puts both strategies in the top quartile of fund of hedge funds tables for the year. As mentioned at the third quarter, investor appetite remains low and asset flows remain slow. We do expect that it will take some time for the uncertainties facing global financial markets to work through and for the related volatility to diminish.

"We are pleased to announce that we launched the US onshore RIC version of our Multi Asset Endowment Fund, which has resulted in the first inflows for this product in January of this year. The product is particularly well suited to implement the 'Outsourced CIO' concept, which is seeing growing interest amongst small- and mid-sized institutional investors in the US."

For Additional Information

Gottex Fund Management Holdings Citigate Dewe Rogerson Andre Keijsers Caroline Merrell/Kate Lehane Tel: [phone] Tel: [phone]

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Gottex Fund Management Holdings Ltd. Assets

Gottex's total fee-earning assets were USD 7.34 billion at 31 December 2011, compared to
USD 8.16 billion at 30 September 2011, a decrease of 10%. This total consisted of USD
5.60 billion in assets under management (AuM) and GSS assets of USD 1.74 billion.
AuM of USD 5.60 billion were unsurprisingly affected by the severe downturn in global financial markets during the second half of 2011, causing certain investors, we believe, to prefer cash as a safe haven, and declined 9.8% compared to USD 6.21 billion at 30
September 2011. Performance had a negative impact of USD 80 million while net flows reduced assets by USD 260 million (USD 50 million of subscriptions being offset by client redemptions of USD 310 million). Foreign exchange movements reduced GFM assets during the quarter by USD 80 million, while USD 10 million was returned to run-off share classes and other technical factors (including deleveraging funds) eased GFM assets by USD 180 million.
GSS was affected by the impact of foreign exchange movements during the quarter, reducing assets by USD 70 million. Net asset outflows amounted to USD 100 million, other technical factors reduced assets by USD 40 million and net performance had no material impact on assets. As a result, GSS assets stood at USD 1.74 billion at 31 December 2011 compared to USD 1.95 billion at 30 September 2011, a decrease of 10.8%. Since the beginning of 2011 GSS's assets increased by 10%.

Gottex Assets	Dec 2011 (USD billion)	Sep 2011 (USD billion)	Change (%)
Market Neutral & Directional Strategies	3.28	3.77	-13.0%
Asset Based Strategies	1.20	1.34	-10.2%
Enhanced Index Strategies	0.38	0.35	+8.1%
Advisory Mandates	0.75	0.76	-1.0%
Total GFM assets	5.60	6.21	-9.8%
GSS assets	1.74	1.95	-10.8%
Total fee earning assets3	7.34	8.16	-10.0%

3) Client assets represented in both GFM and GSS amount to USD 0.84 billion.

Note: change percentages are actual, amounts are rounded.

Other developments

Gottex's core market neutral products came through the turmoil in 2011 relatively well and were only slightly negative at the end of the year, finishing 2% to 3% ahead of their benchmark1. As a result of the earlier setback in the third quarter, they were between 3.0% and 8.3% away from regaining their high water marks at the end of December 2011.
The diversified Constellar multi-strategies had an excellent year, returning +3.4% of positive performance for 2011, which is 9% ahead of its benchmark1. Similarly, our alternative credit strategy, which is a diversified fixed income portfolio offering higher yields with lower correlation to the general fixed income market, has returned +3.8% since inception in February 2011, more than 9% ahead of the HFRI FOF Composite Index1.
The company is continuously reviewing its cost base and operating efficiencies and in light of the slowdown in asset flows, management will be targeting a further 15% of operating

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Gottex Fund Management Holdings Ltd.

efficiencies in 2012 on a like for like basis, predominantly through reduced staff compensation and G&A cost.
The company believes there is secular growth in the multi-asset and dynamic asset space, which is augmented by the growing demand, in particular by small and medium sized institutions, for the 'Outsourced CIO' concept where institutional investors transfer all their investment requirements across all asset classes to one investment manager. In January
2011 we launched the MAE RIC (Regulated Investment Company) in the US, a mutual fund version of our multi-asset product.

Outlook

The markets have remained challenging during the second half of the year. Looking forward, we expect uncertainty to remain for the remainder of this year, which will impact investor willingness to make allocation decisions. On the other hand, we expect that we will benefit from the meaningful relative outperformance of our market neutral flagship products. Similarly, the strong positive performance of our alternative credit strategy and Constellar multi-strategies product should enable us to benefit. In addition, we are building credible activities in growth areas like absolute return multi-asset investments, Asia and managed account platforms to broaden our business platform.
There will be an analyst and investor conference call in English at 9am CET (8am UK time) today. For dial-in details please contact Lydia Keen at Citigate Dewe Rogerson ([e-mail]).
Gottex will announce its 2011 annual results on 27 March 2012 and release its Q1 2012 trading update on 23 April 2012. To view the presentation accompanying this release, please visit www.gottexholdings.com/Presentations.aspx.

About Gottex Fund Management Holdings Limited

Incorporated in Guernsey, Gottex is the holding company of a leading independent global alternative investment management group whose core business is providing investment management services to a diversified range of hedge funds and funds of hedge funds. In this capacity, the Gottex group provides portfolio selection and asset allocation advice, as well as risk management and investment monitoring and advisory services to a broad and diversified institutional clientele. The Gottex group also structures and manages specialized fund of hedge funds, multi asset endowment style products, bespoke managed accounts, private equity style real asset funds and provides related services, including a managed account platform and outsourced middle office services, through its subsidiaries Gottex Solutions Services and LUMA Solutions Services
With offices in Guernsey, Lausanne, London, Hong Kong, New York, Boston, Luxembourg and Zurich, the Gottex group advises funds that are invested with more than 175 hedge fund managers around the world, investing in a wide range of strategies and geographies on behalf of predominantly institutional investors. As at 31 December 2011, Gottex had USD
7.3 billion of total fee-earning assets.

1) Benchmarks are respectively the HFRI FoF Conservative Index (fund of hedge funds that primarily invest in conservative strategies), and the HFRI FOF Composite Index. These indices are unmanaged and uninvestable and the figures do not reflect any deductions for fees, expenses or taxes. Gottex has

not selected or eliminated any index based on fees.

2) As measured by the HFRI Fund Weighted Composite Index.