Sao Paolo-based Angra Capital Management Limited is launching a new BVI-
domiciled equity-linked relative value arbitrage fund this month.

Angra Capital Management was founded by Bruno Miranda and Christian Laloe,
who both come from investment banking backgrounds. The new Angra Capital
Fund will launch with USD 5 million provided by the founders and a key investor,
and is expected to reach USD 10 million within 90 days.

Miranda has extensive trading experience on a range of instruments including
fixed income, equities, equity and index options, swaps, convertible bonds,
portfolio trading strategies and statistical arbitrage strategies.

He has over 10 years of investment experience as a trader and fund manager
with 8 years of proprietary trading and fund management experience at Merrill
Lynch He managed a large pool of assets for Merrill Lynch Brazil and Merrill
Lynch USA with consistent positive returns since 1995.

Laloe has over 10 years of investment experience gained in institutional trading,
portfolio management and private banking. He said: "I started in the US markets
as a CTA and advisor using technical trading models, gaining experience with
US futures and emerging market bonds. I have also worked very closely with the
hedge fund community as a client, providing solutions to my client base mainly
composed of family offices and sophisticated investors."

Explaining the investment process for the new fund, Miranda said: "The relative
value model consists of maintaining long and short positions in stocks or
derivatives positions that would replicate the equivalent exposure of stocks on a
delta neutral basis. It is based on a mathematical calculation based on Z scores
and mean reverting principles on highly correlated stocks and sectors."

He added: "We believe that the flexibility to take advantage of a wide spectrum
non-correlated trading strategies contributes to sustainable positive returns. Our
models screen the market for relative value opportunities and quantify the best
way to economically implement a trading opportunity. We then analyse and
decide whether or not to implement the trade - some arbitrage opportunities are
executed automatically. Once the trade is implemented it starts to be monitored
by the trader using the same models."

Laloe said: "We believe Angra Capital Management has strong competitive
advantages, including the following:
* The managers come from an investment banking background and are
used to managing large pool of assets
* We use accurate risk management controls and quantitative trading
models that are similar to those used in the institutional business
* We will provide full disclosure, liquidity and transparency, we do not
believe in 'black boxes'
* The trading model has an 8 year track record."