Carlisle Management Company Responds to IRS Tax Rulings

June 22, 2009

LUXEMBURG–(WiredPRNews.com Press Release Service - June 22nd, 2009) On May first, the Internal Revenue Service (IRS) issued two Revenue Rulings that constitute the official position of the IRS on certain key tax issues in the life settlement arena. Uncertainty in this area plagued taxpayers and tax practitioners for years. Due to these recent developments, Carlisle Management Company SCA, a Luxembourg based Management Company, found it prudent to clarify the tax situation of The Peninsula Life Settlement Funds FCP SIF, a Luxembourg based fund. The Peninsula Life Settlement Fund FCP SIF is an umbrella mutual investment fund organised under the laws of Luxembourg managed by Carlisle Management Company SCA.

About Luxembourg FCP’s

A Luxembourg FCP is considered as being a tax transparent entity in Luxembourg. A tax transparent entity is an entity which is not taxed either in representative capacity or in its own capacity as a tax paying entity, but the tax is levied on the investors, in their domicile, on their share of income in the entity.

Aside from being considered tax transparent from a Luxembourg perspective, care should be given to the acknowledgement of the tax transparency of the FCP by respectively:

• The tax authorities of the investor’s home jurisdiction (domicile);

• The tax authorities of investment country (USA), which may levy withholding taxes on income and/or gains arising on investments held by the FCP.

Indeed, investors in the FCP should be no worse off as a result of pooling their investments than if they had invested directly in the relevant investments held by the FCP on their behalf. This can be achieved by the tax authorities of the investor’s domicile and the tax authorities where investments are located (USA) agreeing to apply tax treaty benefits (double taxation treaty) as if the FCP did not exist i.e. considering it as tax transparent.

The recent IRS tax revenue rulings have provided additional clarity to the life settlement investment community and have also highlighted the need for transparent investment vehicles. Jose Garcia -Chief Executive Officer said, “Our long term goal was to develop a new breed of life settlement funds that would respond well to market conditions and in this case significant tax rulings”.

About Carlisle Management Company SCA

Carlisle Management Company SCA (CMC) is a Luxembourg based fund management firm that is focused on the United Stated secondary life insurance market known as life settlements. The company operates The Peninsula Funds, offering institutional investors with access to investment strategies based on life settlement products. Carlisle Management Company also specializes in alternative asset strategy consulting and portfolio development.

Press inquiries:

Javier Casares

VP of Operations

+352.268.4.53.59

Carlisle Management Company

9, Rue Sainte Zithe

4th Floor

L-2763 Luxembourg

Tel: +352.621.255.513

Fax:+352 26 383 615

Email: info@carlislemanagementcompany.com

www.carlislemanagementcompany.com