Gramercy Expands into Europe, Opens London Office; Names Doug Krehbiel Managing Director and European Regional Head

GREENWICH, Connecticut and LONDON, November 30, 2010 - Gramercy, a dedicated emerging markets investment manager, today
announced it has opened an office in London. The firm also announced that
Doug Krehbiel recently joined as Managing Director and European Regional
Head. His appointment was effective in early summer and he is based in
London.

In his new position, Mr. Krehbiel is responsible for leading the research
and the investment management process relating to the allocation of capital
to Central and Eastern Europe, Middle East and Africa ("CEEMEA") positions
and will work in concert with Gramercy's investment management team. Mr.
Krehbiel is also a member of the firm's centralized investment committee.

Mr. Krehbiel's 18 years of emerging markets performing and distressed
debt experience will strengthen the firm's investment, trading and client
service capabilities. Mr. Krehbiel was previously at BlueCrest Capital
Management where he led global emerging markets credit research.

Robert Koenigsberger, Managing Partner and Chief Investment Officer of
Gramercy, said, "Doug's senior leadership and diverse global experience will
be important to Gramercy's continued success as we expand our overall
European presence and establish a true beachhead via our new London-based
investment practice." Mr. Krehbiel will source regional assets and help
manage portfolios along with other members of Gramercy in both Europe and the
US.

Robert Rauch, Partner and Head of Research at Gramercy, commented, "We
are pleased to have Doug join Gramercy's emerging markets team to oversee our
CEEMEA investments as we see tremendous opportunities in the region. Doug's
nearly two decades of global emerging markets experience will complement the
efforts of our current Eastern European team based in Bulgaria, as well as
leverage the Gramercy team in all locations."

Since 2003 Mr. Krehbiel has been based in London and his career has
afforded him broad investment experience in private debt, Eurobonds and
special situations throughout the emerging markets. During his 14 year tenure
with JP Morgan, Mr. Krehbiel was a team leader of an Institutional Investor
top ranking research team.

"Gramercy's long-standing commitment to emerging markets and its
rigorous, collegial culture, make it a unique platform from which to exploit
credit opportunities," said Mr. Krehbiel. "We will build on the firm's
successes in the CEEMEA region including performing and distressed debt as
well as mezzanine finance."

The office is located at 1 Knightsbridge Green, London SW1X 7NE and the
phone number is +44-20-3330-0545.

About Gramercy:

Gramercy is a dedicated emerging markets investment manager based in
Greenwich, CT. The firm offers investors superior risk-adjusted returns
through a comprehensive approach to emerging markets supported by a
transparent and robust global platform. Gramercy offers both alternative and
long-only strategies across all asset classes (external debt, local currency
debt, corporate high yield debt, distressed debt, equity, macro, private
equity, and special situation).

For Further Information Contact:

    Investors: Ed Beshlian
    Gramercy
    +1-203-552-1920
    ebeshlian@gramercy.com

    Media: Steven Bruce/Monica Everett
    ASC Advisors
    +1-203-992-1230

Investors: Ed Beshlian, Gramercy, +1-203-552-1920, ebeshlian at gramercy.com; Media: Steven Bruce or Monica Everett, ASC Advisors, +1-203-992-1230