Dear Cantillion Crew

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Re: Cantillion Capital Closing Up Shop, letter from von Mueffling:

17 June 2009
Dear Investor,
After eleven years in the hedge fund business, six of which have been at Cantillon, my colleagues and I have concluded that the opportunity going forward for our investors is to focus on our long-only Global Equity business exclusively. This decision has been made for two reasons.

Firstly, in recent weeks, we have found ourselves covering a large number of shorts in the Cantillon World and Cantillon Europe hedge funds (the "Funds"). This is likely to continue and therefore the Funds' portfolios in the future are not likely to exhibit the characteristics that we have always targeted for the Funds.
Secondly, we want to focus on our long-only strategy which we launched in 2005. Today, the stocks that we own in this strategy have the best characteristics that we have seen in a decade.
Given the above, we have recently concluded that the best approach is to continue reducing the balance sheet and ultimately to wind up the Funds. Our goal will be to maximize the value of the Funds' respective portfolios through an orderly liquidation; we would expect this process to take no longer than three months. It is our intention to make an initial distribution of cash representing approximately 95 percent of the Funds' net assets to all investors no later than September 30 2009, with the balance to follow after completion of a final audit of the Funds' financial statements. We would expect this process to be completed within 30 to 45 days after September 30th.
In order to facilitate an orderly wind up and to ensure all investors are treated equally throughout this process, the Funds have suspended redemptions and withdrawals with effect from and after July 1, 2009 through the date of final distribution.
The principals of Cantillon will be transferring a substantial portion of their investments in the Funds to the Cantillon Global Equity funds post the liquidation of the hedge funds. For our clients we currently offer Cantillon Global Equity LP, a Delaware limited partnership, to a limited number of qualified U.S. investors. In addition, we also offer Cantillon Funds plc, an Irish company, that might be more suitable for U.S. tax-exempt
and non-U.S. investors. We would be delighted if you would like to transfer all or part of your investment into our Global Equity funds. If you are interested in doing this please send an email to globalequity@cantillon.com so we can attend to this as a matter of priority. In any event we will be writing separately to all investors concerning this option within the next three weeks.
We will be making some changes to our investment team and other parts of our business to reflect the fact that we will now be a long-only firm, and we will advise you shortly of the team's new structure. These changes will give us a strong, well resourced platform for growth.
It has been my pleasure and privilege to manage money on your behalf, and I appreciate the trust that our investors have placed in my colleagues and me over many years. I very much hope that you will continue to invest with Cantillon in the future.
If you have any questions, please do not hesitate to contact us at the numbers below.
Yours faithfully
William von Mueffling
President and CIO
Cantillon Capital Management LLC

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