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CMA adds Euro 80 million to Pantheon, reaches USD 1 billion level

Capital Management Advisors (CMA) has added Euro 80 million to the
Pantheon Fund, a fund of hedge funds created by BNP Paribas and managed
by CMA.

The assets were raised through the sale of various structured products linked to
the Pantheon Fund and sold to European institutional investors. This month
CMA also reached the USD 1 billion level in terms of assets under
management, up from USD 670 million a year ago.

CMA's Marcos Camhis said: "Our rapid growth over the past year was due to two
key factors. First, we took on a number of new European institutional clients
with mandates of at least USD 20-30 million each. These include pension
funds, insurance companies and banks."

He continued: "Second, we have grown our distribution capabilities by adding
new introducers rather than building an internal sales team, This means we can
use the benefits of our tight fixed costs structure to pay attractive incentives to
our distributors."

Luxembourg-based CMA has focused its recent internal recruitment drive on
building up its research capabilities, adding a new office in New York and taking
its staff numbers to 22.

Camhis added: "We are seeking to create and market at least one new and
innovative structured product in each quarter."

The Fund Derivatives group of BNP Paribas and CMA jointly develop structured
products linked to the Pantheon Fund. The latest offerings included three
capital guaranteed products and a leveraged product. All products were issued
in the form of listed Notes.

CMA previously launched a Euro 50 million 5-year Luxembourg-listed capital
guaranteed note issued by BNP Paribas linked to the CMA Global Balanced
Fund, two 5-year pass-through notes totaling Euro 100 million issued by Société
Générale, and a 15-year Euro 135 million capital guaranteed Note also issued
by Société Générale.

Pantheon's portfolio was launched on 1 February 2003 with 28 hedge funds.
The main strategies represented in the portfolio are Fixed Income Arbitrage,
Convertible Arbitrage, Equity Long/Short and Discretionary Market Timing.

Background Note: Capital Management Advisors is an independent financial
advisory group established in 1997 to assist high net-worth individuals, family
groups and institutions in the management of their financial assets. The group
specialises in the selection of both traditional and alternative investment
managers. The Capital Management Advisors Group currently manages USD 1
billion in institutional and private client assets.

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