Article 01

Presentation in:

Pantera IGS Fund Update and EMTN Market Info

Luxembourg, January 10, 2010

We are scheduled to launch the Pantera IGS Fund in early May and we are taking subscriptions now. As you know, Pantera is an alternative cash fund that invests in time deposits at the highest-rated banks in Europe as collateral for purchasing new-issue EMTNs from the largest European banks for immediate re-sale and same-day trades in order to realize immediate trading profits.

The European MTN market continues to be very active, and the profit margins for block trading of 50M euro have come in somewhat but the margins for larger trades of 100M are still very attractive to participants in this market.

Most of the new-issue maturities of EMTNs are 10 years, with coupons of 4.50% - 5.00% for discount bonds. Prices have been steadily climbing from the low 90´s to close to par on "A" and "AA" rated paper during the recent rally in treasury yields. With current yields of around 2.60% for 10-year US treasuries and 2.40% for 10-year Bunds, EMTN spreads had widened considerably but are now narrowing as treasuries are finding a trading range.

EMTN issuances remain large per issuing bank, and we believe that the final version of Basel III rules will increase MTN issuance as banks may tend to avert risk by placing bonds to offset debt financings in order to lock in spreads. Pantera is operationally set to take part in these issuances upon launch, and we hope that you can participate in our initial offering by the end of February .

Mark Porcelli

Fund Manager

Pantera IGS Fund

+39 011 660 5050

mobile +39 347 141 8635

www.panteraIGSfund.com

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