Pantera IGS - an alternative investment fund and a low-risk European MTN trading platform

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• Pantera IGS is a cash fund that invests in time deposits at the highest-rated banks to use as cash collateral for the purchase of new-issue EMTNs and Bonds issued directly from European banks for immediate re-sale at a profit.

• Pantera IGS has been approved by the Luxembourg CSSF and is the first institutional fund to be listed on the Luxembourg Stock Exchange using this low-risk trading strategy.

• Pantera IGS offers the principal protection of time deposits while trading in new-issue bank MTNs and Bonds for immediate cash profits which stay in the trading account.

• These instruments (MTNs) are purchased from the issuing banks only after receiving firm buy order commitments from institutional account buyers with Pantera acting as intermediary.

• The Net Asset Value is calculated each month only from the cash position in the TDs plus the cash trading account at our custodian RBC Dexia Investor Services Bank SA.

• Cash NAV expected to accrete each month due to cash profits accumulated in trading account, and anticipated to have low volatility and upward momentum.

PRESS RELEASE

- RBC Dexia Investor Services

Pantera is an Alternative Investment Fund and

a Low-Risk European Medium Term Note Trading Platform

News and Market Info

27/10/2011

EU SUMMIT ACCORD SHOULD LEAD TO INCREASED BANK EMTN ISSUANCES

With the EU Debt Crisis Summit concluded, EU leaders have struck an accord to increase the European Financial Stability Facility Fund (EFSF) to €1 trillion or $1.4 trillion as well as for banks to write down their portion of the total €110 billion Greek bonds that are on their balance sheets. This agreement has created new confidence in the banking and financial system, with bank stocks up tremendously so far today. Credit Agricole (ACA) is up 15%, BNP Paribas (BNP) up 13%, and Deutsche Bank (DB) is up 10%.

An excerpt from a Bloomberg article this morning regarding banks states: “Europe also struck a bank-recapitalization accord, setting a June 30, 2012, deadline for lenders to reach core capital reserves of 9 percent after writing down their sovereign-debt holdings…the European Banking Authority estimated banks’ capital needs at 106 billion euros, with Spanish banks requiring 26.2 billion euros and Italian banks 14.8 billion euros. It gave them until Dec. 25 to submit money-raising plans to national supervisors. Banks that fail to raise enough capital on the markets will first tap national governments, falling back on the EFSF rescue fund only as a last resort.” You can ascertain that the EFSF has at least 10X more funding available than the combined 50% writedown of total Greek debt of which banks own a relatively small proportion, and the bank capital shortfalls estimated by the EBA.

This will affect the Pantera IGS Fund positively, with bank EMTN issuances expected to increase because of demand for relative value versus hi-grade corporates, treasuries and Eurobonds. The spreads on bank bonds should come in dramatically against the government benchmarks, because of more buying demand and bank debt refinancings into lower rates converging, meaning that trading volumes in EMTNs should immediately increase to record issuance amounts over the next year. The Pantera IGS Fund is poised to take part in these volumes of new-issue bank EMTNs for immediate profits for investors, and total returns could be much more than forecasted previously.