DMG News

HRJ Capital

April 15, 2009

To: Limited Partners of HRJ Capital Funds

Re: Key Personnel Announcement

Effective April 15, 2009, Richard G. Couch has been appointed Chief Executive Officer of HRJ Capital. In addition to this role, he retains his responsibilities as Chief Restructuring Officer and Interim CFO.

As a point of clarification, the March 5, 2009 Priorities Update to Limited Partners disclosed the following individuals as members of an “Operating Committee”: Jeff Bloom, Richard Couch, Frank Currie, Esq., and Patrick Costello, Esq.

The “Operating Committee” is a cross-functional label intended merely to identify individuals whose experience, efforts and advice HRJ deems critical to HRJ’s restructuring activities and its performance of its obligations to the Funds: it is not intended to denote the individuals who exercise management authority or control of the operations of HRJ. Mr. Bloom and Mr. Couch are part of HRJ’s management team. Mr. Currie and Mr. Costello are outside legal counsel who provide advice critical to the efforts of the management team, but they do not participate in the management or operation of HRJ’s business.

The HRJ Capital Team

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