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FIMAT GROUP APPOINTED PRIME BROKER TO MAPLE LEAF CAPITAL MACRO VOLATILITY FUND

LONDON - OCTOBER 20, 2004 - The Fimat Group, one of the world’s leading global brokerage organizations, is pleased to announce its appointment as Prime Broker to the Maple Leaf Macro Volatility Fund.

Maple Leaf Capital will launch the Macro Volatility Fund to external investors on November 1 2004. Maple Leaf have stated that the strategy, +18% at Sept 2004 with a Sharpe Ratio of 2.1 since starting with internal capital on January 1, 2004, treats implied volatility as an asset class within and across four markets (equity, fixed income, currency, and commodity) with a dual approach to trades from a volatility and macro perspective.

"Significant supply and demand imbalances continuously appear in derivative markets because the principal users of options (pension funds, corporates, mutual funds, insurance companies, retail and hedge funds) express a view on
the direction of the underlying asset, not the volatility of that asset. As
a result, they make non-economic volatility decisions which create opportunities for our strategy", says Michael Wexler, CIO of the two year
old firm.

According to Wexler, "Maple Leaf Capital aims to be the premier hedge fund in volatility trading with expertise in modeling, executing and managing risk in derivative markets based on four fundamental principles:

1. Dynamic allocation of capital between asset classes.
2. Diversification of returns due to involvement in different asset classes and strategies.
3. Double Alpha approach of screening every trade through a macro and a volatility filter.
4. Transfer of derivative knowledge across markets in order to turn synergies into profits".

Fimat Group is the fund’s Prime Broker.

"We are interested in the strategy shift occurring within the volatility space as increasing numbers of managers are focusing on absolute returns through relative value or outright (long or short) volatility trading, thus complementing traditional long only volatility profiles", says Philippe Teilhard de Chardin, Managing Director of Fimat Alternative Investment Solutions in London. "Fimat, through its dedicated cross-margining product, risk management skill and worldwide market access, is uniquely placed to help managers such as Maple Leaf Capital optimize their strategies"