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Class B SharesFor

Forfaiting & Trade Finance

Tricon Trade Management Tricon Trade Management LimitedLimitedNov/09Nov/09

Enhancing Global Investment ReturnsEnhancing Global Investment ReturnswithwithTrade Finance AssetsTrade Finance AssetsHigher Comparable Returns with Less RiskHigher Comparable Returns with Less Risk

Global income fund units

2Increasing Risk

Incre

asin

g

Rew

ard

Universal investment challenge:

Enhance yield Manage Risk

The Trade Finance Asset Class

3Increasing Risk

Incre

asin

g

Rew

ard

Excess risk adjusted return+

Preferred payment+

Global markets diversification+

Reduced volatility & correlation

Trade Finance =

Solution:

The Trade Finance Asset Class

4

ImporterExporter

Importer

Bank

Exporter

Bank

Issues L/C

How does trade finance work …

5

ImporterExporter

Importer

Bank

Exporter

Bank

Issues L/C

Tricon

Funds

Invests in acceptance payment obligation for shipped goods$

How does trade finance work …

6

ImporterExporter

Importer

Bank

Exporter

Bank

Tricon

Funds

Receives guaranteed payment at maturity $

How does trade finance work …

7

Banks

Sovereigns

State owned entities

Preeminent multi-national corporations

Trade finance assets… standard banking documentation

… issued / guaranteed / accepted by

What is the quality of trade finance …

8

Secondary MarketMature

Inter-bank Market(Since 1950’s)100 Billion+

GlobalFinancial Activity

(All Major Markets)

How large is the market …

Primary Market2-3 Trillion+ Trade Finance

Instruments are recognized by

Standard & Poor’s as a distinct Asset

Class

9

Trade Goods are a currencyGovernments and Banks have a strong incentive not to reschedule or default on trade finance obligationsIf trade payments are interrupted

… trade is interrupted

… imports cease

Trade finance obligations can be

from most regional market “meltdowns”

largely insulated

final

Analysis & Benefits of Trade Finance

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Fund Type: Open ended mutual fund

Fund Domicile: Bermuda

Registration: Bermuda Monetary Authority

Currency: US Dollar

Rating: Unrated

Offering: 3,000,000 Redeemable non-voting Class B Shares

Minimum Investment: $100,000

Net Asset Value: Monthly

Subscriptions / Redemptions: Monthly

Distributions: Quarterly distribution of profits (with option to reinvest without fee)

Management Expense Ratio : 1.25% p/a

Tricon Class B Shares for Forfaiting & Trade Finance …

The CLASS B SHARES – Structure / Support / Diligence

Investment Manager: Tricon Trade Management Limited

Investment Advisor: Standard Bank Plc

Administrator: JPMorgan Hedge Fund Services (Ireland) Limited

Custodian: JPMorgan Trust Company (Cayman) Limited

Sub-Custodian Standard Bank Plc

Auditors: PricewaterhouseCoopers

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Yield:Yield targeted to exceed: •3-month US$ LIBOR + 100bp to 200bp

Stability: Sharpe Ratio targeted to exceed:•risk-free rates of return (e.g. LIBOR and Treasuries)•trade finance market returns (e.g. LTP Index)•emerging markets returns (e.g. (EMBI+)

Non-Correlation:Beta targeted to exceed:

•less than 0.75 of risk-free interest rate movement (e.g. LIBOR and Treasuries)•

•less than 0.50 of trade finance market movement (e.g. LTP Index)•

•less than 0.25 of emerging markets movement (e.g. (EMBI+)

Class B Shares

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EquitiesIncome

Long Term

Short Term

6 Month Treasuries

Long

Mat

urity

Bon

ds

1 Month Commercial Paper

Overnight Deposits

Medium Maturity

Bonds

Class B Shares

Investment positioning … … medium term TREASURY MANAGEMENT-or-

CASH MANGEMENT

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About the Manager …About the Manager …

Bermuda corporation; approved Bermuda Monetary Authority

Wholly owned subsidiary of Tricon Trade Acceptance Limited; privately held company; principal offices - St. Helier, Jersey, Channel Islands

Active in global trade finance markets since 1991 as principals and brokers

Arranged more than USD 100 million in short and medium term trade credits

Successfully managed continuous balance of USD 100 million+ funds since launch in October 2000

Tricon Trade Management Limited

The Investment Manager - TRICON

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Provides full documentation agency services to Fund

Reviews all relevant documentation for each transaction prior to Fund’s investment

Co-advises Fund investment decisions

Supplies investment research and due diligence to Fund

Maintains Fund sub-custody account

Performs Fund back office administration for all trade finance assets

Standard Bank Plc

About the Investment Advisor …About the Investment Advisor …

The Investment Advisor – Standard Bank Plc

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About the Administrator …About the Administrator …

Mutual fund administration services worldwide

International banking and trust services worldwide

Administers fund assets in excess US$ 15 billion

JPMorgan Chase & Co. - leading global financial services firm with assets of US$ 1.1 trillion & operations in more than 50 countries.

JPMorgan Hedge Fund Services (Ireland) Limited

The Administrator – JPMorgan

How well has it been performing …

17

Our volatility is below market volatility = excess risk adjusted return

Existing Funds’ Performance

18

Monthly Sharpe Ratios – Prior Funds / EMBI+ / MARKIT Trade Finance Index

Existing Funds’ Performance

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Diversification through a unique & differentiated asset class

A Management Team with proven expertise in asset class

The experience, expertise and services of “Best Trade Finance Bank”

Proprietary & tested investment platforms for … … asset trading / clearing /

custody / administration

Proven track record … risk-adjusted returns consistently exceed benchmarks Global asset diversification with effective risk management

Low volatility and low correlation with interest rate movements

Recognized auditor, administrator, legal counsel and bankers

Benefits of incorporating CLASS B SHARESinto an investment portfolio …Benefits of incorporating CLASS B SHARESinto an investment portfolio …

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Conservative investing …… for global marketsConservative investing …… for global markets

Tricon Forfaiting Fund Limited

Class B SharesforForfaiting & Trade Finance

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Subscription for the Fund’s Class B Shares may only be made by Offering Memorandum.This material is not intended as an offer or solicitation for the purchase or sale of any security

or any other action.

This information has been prepared by Tricon Forfaiting Fund Limited (the “Fund”). The information, including any opinions herein based upon the information, has been obtained from sources believed to be reliable, but which may not have been independently verified, and no guarantees, representations or warranties are made as to its accuracy, completeness or suitability for any purpose. Any opinion or estimate expressed herein is the current opinion of the Fund and is subject to change without notice. Past performance is not an indication of future return. The Fund, Standard Bank Plc, Tricon Trade Acceptance Limited, and/or their principals, employees or affiliates, may own Fund Shares, and may have a long or short position or may transact in the securities referred to herein or hold or transact derivative instruments, including options, warrants or rights with securities, or may act as a market maker in the securities or companies discussed herein and may sell such securities to or buy from customers on a principal basis and may also perform or seek to perform investment banking services for those companies. Transactions involving the purchase or sale of assets between the Fund and Standard Bank Plc are conducted on an arms-length basis in according with the Fund’s legal structure and operating policies.These details are intended for information purposes only and are not for publication in the press or elsewhere. No part of this information may be copied or redistributed to other persons or firms without the prior written consent of the Fund. Our reference to the J.P. Morgan Emerging Markets Bond Index Plus ™ is intended solely for informational purposes and carries no express or implied warranties from J.P. Morgan relating to the data presented in this report. The LTP Trade Finance Index ™ appears with the permission of LTPtrade.net Limited and may not be reproduced without their prior written consent.Copyright: 2005 Tricon Forfaiting Fund Limited. All rights reserved.

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Securities are offered through registered representatives of Cesium Capital OSJ (Cesium), a division of MLP Real Estate Securities, Inc. (MLP). MLP is a Financial Industry Regulatory Authority (FINRA) member firm and registered broker dealer. Certain of Cesium’s principals are licensed through MLP. Cesium acts as an introducer on behalf of sponsors of a range of funds offered for private placement. The promotion of these instruments, either within the United States or from the United States, is regulated by the U.S. Securities and Exchange Commission (SEC), FINRA and various state and territory jurisdictions, and is clearly restricted by statute. The funds and security interests therein, being introduced by Cesium, have not been registered or qualified pursuant to various federal and/or state regulations providing exemptions from registration and/or qualification. Consequently, and in order to preserve such exempt status, these materials are intended for and made available only to Qualified Institutional Buyers, Sophisticated Investors, Qualified Investors, Qualified Purchasers or Accredited Investors, as such terms are defined under the Securities Act of 1933, Regulation D promulgated thereunder, and/or respective state securities laws. Cesium will request that each potential investor attest that they fall within one of the aforementioned categories. Any solicitation, offer or sale shall be contingent upon the potential investor’s qualification. Any person receiving information who does not qualify under the above definitions should return the materials and all information immediately to the sender.  Shares or interests in these funds should only be purchased by persons with professional experience of participating in unregulated, illiquid, risk oriented and potentially leveraged investments and any other person who receives these materials should not rely upon them. Securities described herein are not registered with or qualified by the SEC or any State or any other regulatory authority, nor has the SEC or any State or other regulatory authority passed upon the accuracy or adequacy of these materials or any securities described herein. Any representation to the contrary is a criminal offense. Receipt of these materials is not an offer to purchase or sell securities. Solicitations are made only pursuant to a Private Placement Memorandum.  Materials related to these investments contain information derived from information published by or on behalf of the investment funds concerned and is believed to be reliable. However, Cesium and MLP are not responsible for the verification of any of the information contained in the materials. Most recent performance figures are estimates and therefore indicative, unaudited and are subject to change. Cesium’s services and the financial promotion material herein must not be construed as investment advice or an offer or recommendation to buy or sell an investment. The value of investments may fall as well as rise and past performance should not be viewed as guides to future performance.

Investment in unregulated funds carries the risk of total loss of capital.

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