In terms of performance, April was broadly flat, driven by a few significant positive and negative outcomes in

the portfolio. Firstly, on the negative side, the Quindell (QPP) share price had a very difficult month. To recap,
this is a stock we like and have made money on life-to-date and even this year (although most of this years
profits were lost in April). When we first started looking at this company at the end of last year, our deep due
diligence highlighted many red flags. For example: exponential growth, but no evidence yet of free cash flow
to match; and a CEO and management team with a previous history at a company they controlled (Innovation
Group) that they also grew through acquisition. But this time, our in-depth research convinced us that there
were also differences to Innovation Group. Innovation had its IPO during the tech bubble at 30 to 40x earnings
and peaked at around 60x PE. In contrast, QPP traded intra-month at 40p with more than 4p of earnings
expected this year (and growing at more than 100%) and no debt (i.e., we believe that investors were already
punishing them for their previous history with a low multiple).
In the past, when Innovation Group did acquisitions, they did them fast, they bought all of the company and
then tried to figure out how to integrate and work with the new entity (which generally did not work). Now, QPP
tends to take a minority stake and then feeds the company business (as typically they are vertically integrating
into their supply chain, or horizontally expanding into customers or products). If this works, they keep
increasing ownership and ramping up the business until QPP own the entire company. While this sounds
sensible, technically this creates related-party transactions which may be considered a red flag for some
investors. We think that any shareholders should have been aware of this information, and would highlight one
short scare last year when the stock price halved before recovering to new highs. We also believed that the
companys change of accountants to KPMG was a promising development, as the accountants had nine
months before the announcement of QPPs results to analyse and sign off three years worth of financials to
enable QPP to move its listing to the main market by June 2014. In fact, we increased our position when
KPMG signed off the accounts at the end of March. In addition, the company acquired additional reputable
clients such as RAC, and insurers such as Direct Line, in the past six months which meant that external
validation checks were increasing.
What we didn't expect was a new short side research firm called Gotham (who appear to have been in
business for less than two years and provide little transparency about themselves on their website) to publish a
74-page (in our opinion, highly sensationalized) dossier rehashing QPP's historical red flags, and neglecting to
mention any of what we feel are strongly mitigating factors such as the valuation and high-quality new business
contracts which we have highlighted above. In fact, this report was not fact-checked with the company.
Unfortunately, the publication of the Gotham report caused QPPs share price to plummet by nearly half its
value, and QPPs comprehensive, well presented 22-page response got little press coverage. The weekend
press also focused primarily on the allegations in the Gotham report, causing further pressure on the shares.
So where do we go from here? We believe that QPPs listing should move to the main market from AIM by
June, and that it should be listed in the FTSE 250 by this September. The company, which currently has
limited analyst coverage by larger brokerages and investment banks, should start to attract wider research
coverage once this occurs. The stocks ownership profile should then evolve from retail to increasingly
institutional, undergo a much needed stock consolidation and, we think, the stock will become better
understood and less volatile. We, for one, believe the company is in the right place at the right time, and we
believe that Robert Terry and his team have learned from previous mistakes having experienced, and survived,
some difficult management situations (he was only 31 last time and is now in his mid-40s). The fact that the
company is considering a US listing is also a positive as, in our view, the US market rewards entrepreneurs and
accepts occasional failure as part of the learning process as compared to the UK market. But even in the UK,
many success stories have had their peaks and troughs just ask the venerable Tony Pidgley at Berkeley
Homes about his near-death career experiences during the 1970s. There are many other examples as well.
Stay tuned, and for the avoidance of doubt, we have been adding to QPP this month and it remains in our top
10 favourites.
On the positive side, Colonial, the Spanish real estate company, was one of our main winners in April. The
company completed its EUR 1.2 billion capital increase, which has reduced the loan-to-value of the company to
a very comfortable and sustainable 40%. Due to this capital increase, the company has reached a
capitalisation in excess of EUR 2 billion, de facto becoming the biggest and most liquid real estate company in
the country, and, we believe, an attractive vehicle to play the recovery in the Spanish economy. We have used
the opportunity of the dislocation created by the material capital increase to trade around our position at
attractive levels, subscribe our rights at a deep discount to the stock, and obtain a substantial allocation of
unexercised rights. The dynamics have allowed for a lot of volatility that we believe we have used to our
advantage. The company is now appropriately capitalised in our opinion, and has gained some key anchor
investors including the Qatar Investment Authority, as well as a core group of local shareholders being led by
Spanish construction mogul Mr. Villar Mir.
Colonials unique portfolio of prime offices in Madrid and Barcelona offers, in our view, substantial opportunities
for value creation, both in terms of increased rents and lower valuation yields given the improving
macroeconomic picture. There are many blind pools being listed in Spain this year, that are supposedly going
to acquire property at distressed levels, but Colonial is unique, in our opinion, as it already owns some of the
most attractive buildings in the country, and it is a fully functional and experienced company. With the valuation
still reflecting depressed levels of rent and elevated yields from the sovereign crisis, the reversal potential over
the following years is clear in our view. In addition, Colonial has become a prime candidate for inclusion in the
main Spanish index, the IBEX 35, based on its market cap and liquidity profile.
Meda AB was also one of our better performing strategies in April. The stock traded up 17% during the month
on the back of two approaches by Mylan, the US pharmaceutical company. Both approaches were rejected
and talks terminated by Medas board of directors. The last approach was rumoured to be at SEK 145/share
(with 70:30 mix of shares and cash) and the shares closed as high as 128.50 during the month. We believe
Meda is an attractive acquisition candidate (the company has seen approaches from three companies in the
past two years: Valeant, Sun Pharma and Mylan). The companys main shareholder, Stena, seems reluctant to
sell the company without a very significant premium and potentially with cash consideration only. We continue
to hold the shares as they trade at a small discount to the peer group, the growth outlook for the company is
attractive, and the potential for another takeover approach for the company is definitely a possibility.
European Equity Opportunity Fund
April 2014
Investors Monthly Equity Essentials





Fund Terms
Scope European Equity Events
Target Size US $1 Bn
Fees
1.5% Management
20% Performance
Min Investment USD $1m
Liquidity Quarterly with restrictions
Auditor KPMG
Administrator
GlobeOp Financial
Services
Reporting Monthly
Contact
Polygon Global Partners LLP
4 Sloane Terrace
London SW1X 9DQ
United Kingdom
ir@polygoninv.com
+44 20 7901 8300




Net Performance*
April 2014 -0.03%
3 month 5.66%
YTD 10.22%
12 month 29.87%
Since Inception (July 8, 2009) 105.31%
Net Annualized Return 16.12%
*Return numbers are final values as calculated by
GlobeOp, apart from the most recent month's internally-
calculated estimate. Please refer to last page for full
disclosure.


Market Indices
last month year
S&P 500 1884.0 0.6% 1.9%
Euro Stoxx 50 3198.4 1.2% 2.9%
Bberg Euro 500 230.2 1.0% 2.7%
Stoxx Europe 600 337.9 1.1% 2.9%
DXY $ Index 79.5 -0.8% -0.7%
US 10yr T Yld 2.6 -2.7% -12.6%
FTSE 100 6780.0 2.8% 0.5%
CAC 40 4487.4 2.2% 4.5%
DAX 9603.2 0.5% 0.5%
IBEX 35 10459.0 1.1% 5.5%
OMX 1364.4 -0.0% 2.4%
Other
last month year
VIX (vol pts) 13.4 -0.47 -0.31
WTI (vol/bbl) 99.74 -1.08 4.15
Copper ($/lb) 302.75 0.55 -35.75
Gold ($/oz) 1291.6 7.54 85.90
Page 1 of 3
Polygon Global Partners LLP is authorised and regulated by the Financial Conduct Authority.
SIGNATORY
Jun 13
Corporate Restructuring ended April at 44.3% of total LMV, or +7.8% vs 36.5% at the
previous month end, while Dislocation, M&A and Special Sits ended at 20.0% (-2.7%), 28.1%
(-4.2%) and 7.5% (-1.0%) of total LMV respectively.
European Equity Opportunity Fund
Polygon Global Partners LLP
4 Sloane Terrace
London SW1X 9DQ
United Kingdom

ir@polygoninv.com
+44 20 7901 8300

www.polygoninv.com
Page 2 of 3
April 2014
Investors Monthly Equity Essentials
Net Monthly Performance A1 Share Class
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD ITD
2014 4.31 2.71 2.91 -0.03 10.22 105.31
2013 2.31 -0.07 2.11 -1.24 1.09 0.47 3.76 2.05 1.74 3.01 2.25 2.23 21.48
2012 0.89 1.45 -1.36 0.06 -4.47 -4.52 -2.08 0.77 4.43 1.09 0.63 4.99 1.40
2011 -2.15 3.26 -0.11 3.42 0.43 -2.09 -0.78 -6.67 -1.13 -0.21 -1.94 1.10 -7.04
2010 2.89 1.61 2.66 4.82 1.05 -1.22 1.49 0.89 2.88 3.21 2.24 2.83 28.34
2009 2.23 1.07 12.72 3.43 3.75 1.41 26.74

Return numbers are percentages based on final values as calculated by GlobeOp, apart from the most recent months esti-
mate which is internally calculated based on available data. Please refer to the last page for full disclosure.
In terms of Market
Capitalisation, circa 84% of
LMV was allocated to
companies with market
capitalisations in excess of
$500m at the end of April
Polygon Global Partners LLP is authorised and regulated by the Financial Conduct Authority.
In terms of sectors, our top 3 net long exposures in declining order of size at the end of the month were
Industrials, Information Technology and Healthcare. Our biggest net sector short was in Materials. In
terms of liquidity, at the end of April we could liquidate approximately 60% of the portfolio in circa 16
trading days or 75% in about 42 days (assuming we were selling no more than 15% of the 90 day
average daily trading volume).
Portfolio Positioning in April
As at the end of April our top
10 positions accounted for
51.8% of Total LMV
Dislocation, M&A, and Special
Sits decreased in aggregate by
7.8% of LMV in April and
Corporate Restructuring
increased accordingly
0%
2%
4%
6%
8%
M&A
Eq Special
Sits
Dislocation
Corp Rest
Top Ten Positions LMV by Trade Category (in %)
(Apl 2014)
Source: Polygon
44.3% 20.0% 28.1% 7.5%
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
Corp Rest
Dislocation
M&A
Eq Special Sits
Source: Polygon
Portfolio LMV by Trade Category (in %)
(Apl 2014)
< $250mm $250mm - $500mm $500mm - $1,500mm $1,500mm - $5,000mm > $5,000mm
M&A
Eq Special Sits
Dislocation
Corp Rest
Portfolio LMV by Market Capitalisation (in %)
(Apl 2014)
Source: Polygon
25.1%
13.1%
2.8%
24.6%
34.4%
European Equity Opportunity Fund
LEGAL DISCLAIMER
This document comprises information concerning Polygon European Equity Opportunity Fund (the Fund) and is being furnished solely to existing
investors, certain counterparties and certain other persons in response to specific request.
In European Union (EU) countries, the Fund is being offered, and this document is being issued and communicated, by Polygon Global Partners LLP
(Polygon or the Investment Manager). Polygon is authorised and regulated by the UK Financial Conduct Authority (FCA) with its registered office at
4 Sloane Terrace, London SW1X 9DQ, United Kingdom.
The Fund is only available to persons to whom it may lawfully be promoted in any jurisdiction. To the extent that this document is communicated by
Polygon, the communication of this document is being made only to and/or directed only at, persons who are professional clients or eligible
counterparties for the purposes of the Conduct of Business Sourcebook contained in the FCAs Handbook of Rules and Guidance. To the extent that
this document is communicated by Polygon, no other person may act or rely on this document and the Fund is not available to such persons.
The contents of this document are confidential and are being supplied to you solely for your information and may not be publi shed, in whole or in part,
reproduced, redistributed or passed on, directly or indirectly, to any other person for any purpose except to your professional advisors under duties of
confidentiality.
Any investment involves substantial risks. The value of investments and the income from them can go down as well as up and you may not get
back the amount originally invested and may lose all of your investment. There is no assurance that the Fund will achieve its target return. An
investment in the Fund should only be made after review, and on the basis, of the terms set out in the Funds offering memorandum (the Offering
Memorandum).
This document does not constitute or form any part of, and should not be construed as, an offer to issue or sell, or any other solicitation of any offer to
purchase or subscribe for any securities or investments, including any interest in the Fund or any other offerings by the Investment Manager in any
jurisdiction, and the fact of this documents distribution or communication shall not form the basis of, or be relied on, in connection with any contract
therefore. The contents of this document neither constitute, nor should they be construed as, investment advice or a recommendation to buy, sell or
otherwise transact in any investment including the Fund. The information in this document is provided solely on the basis that you will make your own
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If the distribution of this document in, or to persons in, a jurisdiction is restricted by law, anyone in possession of this document should inform himself/
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liability is accepted for any such information, representations or opinions. While the Investment Manager believes the sources of information in this
document are reliable, neither the Investment Manager nor any other person makes any guarantee, representation or warranty, express or implied, as to
the accuracy, completeness or fairness of the information, representations and opinions contained in this document. Neither the Investment Manager,
nor any other person, to the maximum extent permitted by law, accepts any responsibility or liability whatsoever for any direct, indirect or consequential
loss (including loss of profit) incurred by you or a third party howsoever arising from the communication by the Investment Manager of this document or
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document is qualified in its entirety by the Offering Memorandum, and in the event any conflict exists between the Offering Memorandum and this
document, the Offering Memorandum shall prevail.
The interests in the Fund have not been, nor will they be, registered under the US Securities Act of 1933, as amended (the 1933 Act), the US
Investment Company Act of 1940 as amended, or the securities law of any state of the United States or other jurisdiction and the interests in the Fund
may not be offered or sold within the United States (as defined in regulations under the 1933 Act) except pursuant to any exemption from or in a
transaction not subject to the registration requirements of the 1933 Act and applicable state or local securities law. The interests in the Fund cannot be
offered, sold or transferred in the United States (including its territories and possessions) or to, or for the benefit of, directly or indirectly, any US person,
except pursuant to registration or an exemption therefrom.
By accessing or accepting this document, you will be taken to have represented, warranted and undertaken that: (i) you are a person into whose
possession this document may be lawfully delivered in accordance with the laws of the jurisdiction in which you are located; (ii) you are solely
responsible for your own assessment of the market, market position of the Fund and any interests in the Fund which you may acquire, and you will
conduct your own analysis and be solely responsible for forming a view of the potential future performance of the Fund, (iii) you will not deliver, disclose
or reproduce the contents of this document to any other person except to your professional advisors under duties of confidentiality; and (iv) you will treat
and safeguard as strictly private and confidential all the information, representations and opinions contained herein and take all reasonable steps to
preserve such confidentiality.
Fund performance is being made available solely to assist existing investors, as well as other persons who have specifically requested such information,
in making their own evaluation of the track record of the Fund and does not purport to be complete or to contain all of the i nformation that they may
consider material or desirable in deciding whether to retain or make an investment in the Fund. The information and data contained herein are not a
substitute for the recipients independent evaluation and analysis. Past performance or experience (actual or simulated) does not necessarily give a
guide for the future and no representation is being made that the Fund will or is likely to achieve profits or losses similar to those shown on the
performance table. In addition, information herein regarding certain investments of the Fund is not intended to be complete or representative of all
investments made by the Fund. Such investments were selected because they demonstrate some of the analysis and tactical decisions that are
involved in the Investment Managers decision making process. The Fund began trading July 8, 2009 with Class B shares which carry no incentive fee.
Class A shares commenced trading on December 1, 2009. Returns from inception through November 2009 for Class A shares have been pro forma
adjusted to match the Funds Class A share terms as set forth in the Offering Memorandum (1.5% management fee, 20% incentive fee and other items,
in each case, as set forth in the offering Memorandum). From December 2009 to February 2011, the table reflects actual Class A share performance on
the terms set forth in the Offering Memorandum. From March 2011, forward, the table reflects actual Class A1 share performance on the terms set forth
in the Offering Memorandum. Class A1 share performance is equivalent to Class A share performance for prior periods. The figure for the most recent
month is a preliminary estimate; all other performance numbers are final as calculated by the applicable administrator.
Any indices and other financial benchmarks are provided for illustrative purposes only. Comparisons to indices have limitati ons because, for example,
indices have volatility and other material characteristics that may differ from the fund. Any index information contained herein is included to show
general trends in the markets in the periods indicated, is not meant to imply that these indices are the only relevant indices, and is not intended to imply
that the portfolio or investment was similar to any particular index either in composition or element of risk.

Investors Monthly Equity Essentials
Global Partners LLP is authorised and regulated by the UK Financial Conduct Authority.