You should be with PFG.

PFG’s diversifi ed scope of investment

capabilities and intense focus on core

strengths of futures trading and investor

advocacy are advantages for all clients.

Because it recognizes its boutique qualities

and capitalizes on these strengths, PFG

rivals the ungainly behemoth fi rms that

shy away from individuals with legitimate

trading and diversifi cation needs. PFG’s

mission is to help you become a more

knowledgeable and successful trader.

Peregrine Financial Group, Inc. (PFG) is a growth company dedicated to helping investors explore and capture portfolio diversifi cation and trading opportunities in derivatives markets. Founded by Russell Wasendorf, Sr., a personal trader since 1972, it is a top tier non-clearing futures commission merchant (FCM), ranked among the top three U.S. fi rms as measured by customer-segregated funds.

PFG developed the BEST DirectTM online trading system for electronic order routing in the 1980s, when other futures competitors were resisting technology and investing in fl oor operations. In the 1990s, the company adopted a rapid growth business strategy and sped the buildup of its existing sales distribution network. At the end of 1998, the fi rm maintained customer segregated balances of $18 million. By mid 2005, the fi rm had grown to $144 million.

The company is an established leader in providing electronic and non-electronic futures brokerage and execution services to individuals, institutional traders and fund managers. PFG’s distribution network for derivative products and trading services spans from its Chicago headquarters to more than 70 branch offi ces and introducing brokers in the U.S., and sales affi liates in more than 20 countries.

PFG, as a non-clearing FCM, does not pay exchange membership fees, and it does not pass them along to you. Instead, PFG is at the forefront of customer demand for improving technologies to enhance online trader advantages. The client benefi t of PFG’s status is that it can carry and clear trades through any exchange member fi rm with highly specifi c market expertise. This allows PFG to maximize customer satisfaction by getting the best service for each exchange fl oor traded product.

Russell Wasendorf, Sr.

“At PFG, our mandate is to make sure that retail investors and anyone who trades futures electronically will receive every possible advantage.”

2

IT ALL STARTED WITH ONE MAN’S INTEREST...

PFG IB Location PFG Branch Offi ce

PFG is proud of its growth of more than 23% per year in customer activity and accounts for over fi ve years. One of the many reasons PFG is growing so steadily: it has proven itself as an outspoken leader in a marketplace that is ripe with explosive global opportunities for new market participants and experienced veterans alike. An aggressive stance on trader advocacy, education and on-demand service has resulted in PFG’s solid position of industry leadership.

PFG’s client-focused point of view is regularly sought out and featured in business broadcasts and publications addressing the status of the futures industry, online trading, global competition and investor rights and privileges.

PFG’s founder, Russell R. Wasendorf, Sr., remains an active personal trader. He speaks through the voice of a market participant and an industry leader, serving on the advisory committee of the National Futures Association (NFA). He also represents customer interests on a special industry council to foster growth in single stock futures. To learn more, and to access articles quoting PFG’s president, chief operations offi cer and chief information offi cer in addition to its CEO, see the press room content at http://www.pfgbest.com/about/press/press.asp.

1972 1980 1986 1987 1990 1998 Today

Russell R. Wasendorf begins to trade futures, hosting seminars and educational programs for commodity fi rms and introduces the technical-driven Wasendorf Trading System™.

Wasendorf & Son, Inc. is cre-ated to satisfy growing demand for futures market education and research. Initial goals are to alert clients to long-term price trends, provide global intelligence and develop and distribute index products.

Wasendorf launches work on an electron-ic trading platform that will be a pro-prietary tool for the fi rm’s commercial clients. This involved scouring the industry for the best minds in technology. This very early work became the foundation for direct access to the markets. Wasendorf himself became deeply involved in electronic trading best practices.

As widely reported in Financial Times, The Wall Street Journal, Business Week and beyond, Wasendorf clients following an Oct. 9 advisory went short fi nancial futures markets just before “Black Mon-day” occurred Oct. 19. Wasendorf used an enormous profi t windfall to expand his enterprises and to invest in technol-ogy, decisions that provided the impetus for growth over many more years.

Peregrine Financial Group, Inc. (PFG) is born of the original Wasendorf & Son, Inc., founded on the belief that an educated trader will enjoy a longer, more satisfying experience of the market. New offi ces continued to open and headquarters moved from Cedar Falls, Iowa, to Chicago. Collective knowledge and experience of PFG employees and brokers remains as the core of the company’s sense of responsibil-ity to assist traders in their understanding of futures markets.

BEST Direct online trading system is created, tested and ready to make a direct connection for personal traders into the CME’s Globex trading engine. It was the fi rst to do so. The company is growing at more 20% annually. PFG’s management group is widely quoted in broadcast media and national business periodicals on adapt-ing to customer needs and demand for online trading and direct, electronic access to futures markets. To this day, PFG maintains high public visibility as an advocate for retail market participants.

Managed futures experience explosive growth as investors worldwide seek diver-sifi cation opportuni-ties that expand their universe of products and strategies. PFG remains on the cutting edge of identifying and fostering the trading talent of registered Commodity Trading Advisors (CTAs) so that PFG retail custom-ers can enjoy access to existing and new proprietary funds that previously were only available for institu-tional participants. PFG in 2004 opens a New York operation for forex execution and hires a professional trading group from Royal Bank of Canada to expand its services and meet demand for this capability.

“Eurex is going in the right direction as far as the fees are concerned. That’s music to my ears. It’s pretty clear that the CBOT is going to have to change their business model to lower their fees,”

Russell Wasendorf, chairman and CEO of

PFG -- Reuters excerpt

3

...AND QUICKLY GREW TO $144 MILLION.

The BEST Direct online trading system – taking you directly to the trading engines of futures exchanges around the world. The fi rst system to link directly to Globex in 1998, BEST Direct gives you a real edge by

being fast, simple and reliable. It’s ahead of the curve. http://www.pfgbest.com/best/aboutbest.asp

Credible and knowledgeable service from people you can talk to 24 hours a day via telephone or internet. Account size doesn’t matter – if you are with PFG, you will get service on demand.

http://www.pfgbest.com/contact/customer_support.asp

Strong commitment to educated clients and tools to help you learn and practice – real-time trading simulation, e-tools, books, articles, seminars.

http://www.pfgbest.com/traders_tools/index.asp

Futures and forex products and market research – choose from an array of advisory services and strategies, and the brokerage specialists to help you develop and implement

your selected investment program and reach your specifi c goals. http://www.forexdealer.com

Portfolio diversifi cation – PFG hosts the annual “CTA Challenge” to help identify and incubate emerging portfolio management talent as a way to help you gain and incubate emerging portfolio management talent as a way to help you gain

access to the fastest-growing industry segment, managed futures. Through a strategic alliance with an independent fi rm, PFG has the unique ability to selectively match alternative investment managers to customer objectives

while a third party monitors performance and risk. http://www.pfgbest.com/managed_futures/managed.asp

Expertise and thought leadership from one of the industry’s best management teams – history, leadership, integrity. A living legacy of

creativity, accountability, and experience. http://www.pfgbest.com/about/leadership.asp

4

PFG COMBINES TRADING TALENT WITH TECHNOLOGY. IT IS ALL ABOUT YOUR INVESTMENT GOALS AND TRADING RESULTS.

Main View Message Quick Trade FOREX Charts Refresh Help

BEST Online – V7.0 - Customer Account DXXXX System A

Code Open High Low Last Chg Bid Ask

Connected Status 12/11 1:24 PM

Status Order Code Buy Sell Q-Fill B/S Price Spec Fill Price

ID Code Long Short Fill Price Last Price Profit/Loss

BEST Direct Account

Submit

Clear

Buy

Sell

Position Reference

Quote Window

Buy / Sell

Option

PUTSCALLSOPENCLOSE

Account Status

Cash

LV.

M/R

M/E

Open

Close

Net

Qty Year Month Order SpecMarket Selection

D1009

731883 MSFT1CH3

INT1NH3

50.7500

50.7500

49.3800

49.3800

01•28•2003

01•28•2003

010

20

0731891

INT1NH3 16.10 16.20 16.10 16.20 (60)16.02 (10)16.07

CSC1NH3 0 0 0 0 (10)13.98 (20)14.02

MSFT1CH3 49.47 49.95 48.75 49.05 (25)49.24 (30)49.31

879E•02

0

0

10 04 MAR LIMIT

46.50Microsoft Corporation (OneChicago

GTC MOC

53652.50

56692.50

32672.00

24020.50

3040.00

.00

3040.00

Working 731909 10 0 0 46.50 LIMIT 0BUY

0 10 0 18.00 LIMIT 0SELL0 0 10 0 MARKET 15.8BUY

0 0 20 0 MARKET 50.75SELL

MSFT1CH3

731900 INT1NH3Working731891 INT1NH3Filled

731883 MSFT1CH3Filled

49.15

49.14

49.13

49.12

49.11

49.10

49.09

49.08

49.07

49.06

49.05

49.04

49.03

49.02

49.01

49.00

48.99

48.98

48.97

48.96

48.95

Main View Message Quick Trade FOREX Charts Refresh Help

BEST Online – V7.0 - Customer Account DXXXX System A

Code Open High Low Last Chg Bid Code Open High Low Last Chg Bid Code Open High Low Last Chg Bid Code Open High Low Last Chg Bid Code Open High Low Last Chg Bid Code Open High Low Last Chg Bid Code Open High Low Last Chg Bid Ask

Connected

Status Order Code Buy Sell Q-Fill B/S Price Spec Fill PriceStatus Order Code Buy Sell Q-Fill B/S Price Spec Fill PriceStatus Order Code Buy Sell Q-Fill B/S Price Spec Fill PriceStatus Order Code Buy Sell Q-Fill B/S Price Spec Fill Price

ID Code Long Short Fill Price Last Price Code Long Short Fill Price Last Price Code Long Short Fill Price Last Price Code Long Short Fill Price Last Price Code Long Short Fill Price Last Price Code Long Short Fill Price Last Price Profit/Loss

BEST Direct Account

Buy

Sell

Position Reference

Quote Window

Buy / Sell

Option

PUTSCALLSOPENCLOSE

Account Status

Cash

LV.

M/R

M/E

Qty Year Month Order SpecMarket Selection

D1009

731883 MSFT1CH3

INT1NH3

50.7500

50.7500

49.3800

49.3800

01•28•2003

01•28•2003

010

20

0731891

INT1NH3 16.10 16.20 16.10 16.20 (60)16.02 (10)16.07

CSC1NH3 0 0 0 0 (10)13.98 (20)14.02

MSFT1CH3 49.47 49.95 48.75 49.05 (25)49.24 (30)49.31

879E•02879E•02

0

0

10 04 MAR LIMIT

Microsoft Corporation (OneChicago

Working 731909

731900Working731891Filled

731883Filled

49.15

49.14

49.13

49.12

49.11

49.10

49.09

49.08

PFG developed its proprietary systems for order entry, clearing and risk management when online trading was in its infancy. The BEST Direct platform sprang from the impetus of customer demand in the early 1980s for the introduction of simulated online trading as a learning tool. Today, BEST Direct is still widely considered to be one of the best performing online trading systems in addition to being one of the best educational resources for sharpening trading skills, testing strategies, and evaluating recommendation resources before committing funds.

BEST Direct is designed for speed and accuracy in placing customer orders. It takes only seconds in total transmission time for orders placed on BEST Direct to enter the trading fl oor, exchange system, or broker hand held terminal. And, BEST Direct is the only order routing system that enables portfolio managers and CTAs to electronically enter a block order and then automatically allocate individual positions to the appropriate accounts.

Individual clients, large-scale CTAs and institutional forex traders who command state of the art online trading and risk management capabilities choose PFG’s BEST Direct system and the many customized solutions it offers.

5

BEST DIRECT PERFORMS!IT IS A SIMPLE, FAST, AND RELIABLE EDGE.

Your Computer

The Exchange

49.0749.07QT - ESZ3

Ask Price / Qty

Close Position

Buy

Sell

Cancel ALL Orders

File

Bid Qty / Price

12/11 10:46 AM

Positions

Clear

Open High Low Last Change BID ASK

12 1067.75 1068.00 550

1069.001068.75

1068.50

1068.25

290

390

375

319

718

360

478

301

1067.50

1067.25

1067.00

1066.75+2

1065.50 1068.75 1059.25 1067.75 7.25 (12)1067.75 (550)1068.00

ESM4

2

LIMIT

1067.00

Close Position

Cancel ALL Orders

Bid Qty / Price

360

478

301+2

Status Order Code Buy Sell Q-Fill B/S Price Spec Fill PriceStatus Order Code Buy Sell Q-Fill B/S Price Spec Fill Price

Submit

Clear

Account Status

Open

Close

Net

46.50Microsoft Corporation (OneChicago

GTC MOC

53652.50

56692.50

32672.00

24020.50

3040.00

.00

3040.00

Code Open High Low Last Chg Bid Ask ESZ3 1021.25 1025.00 1019.25 1024.00 2.75 (827)1024.00 (206)1024.25

NQZ3 1336.50 1379.00 1364.50 1377.50 11 (782)1377.00 (136)1377.50

ER2Z3 512.00 516.20 515.80 515.80 3.8 (8)515.80 (13)516.00

Quote Window

File

Parked Orders

TransmitCheckedOrders

DeleteSelected

Order

Exit Delete Order

Uncheck after send Add From MainTicket

Send B / S Qty Code OrderPrice OrderSpec OrderType

BUY 2 ESZ3 MARKET DAY

BUY 1 NQZ3 MARKET DAY

SELL 1 ZNZ3 MARKET DAY

Status Order Code Buy Sell Q-Fill B/S Price Spec Fill PriceStatus Order Code Buy Sell Q-Fill B/S Price Spec Fill Price

Bid Qty / Price

12/11

Open High Low Last Change BID ASKOpen High Low Last Change BID ASK

1065.50 1068.75 1059.25 1067.75 7.25 (12)1067.75 (550)1068.001065.50 1068.75 1059.25 1067.75 7.25 (12)1067.75 (550)1068.00

Status 12/11 1:24 PM

Status Order Code Buy Sell Q-Fill B/S Price Spec Fill PriceStatus Order Code Buy Sell Q-Fill B/S Price Spec Fill PriceStatus Order Code Buy Sell Q-Fill B/S Price Spec Fill PriceStatus Order Code Buy Sell Q-Fill B/S Price Spec Fill PriceStatus Order Code Buy Sell Q-Fill B/S Price Spec Fill PriceStatus Order Code Buy Sell Q-Fill B/S Price Spec Fill PriceStatus Order Code Buy Sell Q-Fill B/S Price Spec Fill PriceStatus Order Code Buy Sell Q-Fill B/S Price Spec Fill PriceStatus Order Code Buy Sell Q-Fill B/S Price Spec Fill Price10 0 0 46.50 LIMITBUY

0 10 0 18.00 LIMITSELL0 0 10 0 MARKETBUY

0 0 20 0 MARKETSELL

MSFT1CH3

INT1NH3

INT1NH3

MSFT1CH3

Status Order Code Buy Sell Q-Fill B/S Price Spec Fill PriceStatus Order Code Buy Sell Q-Fill B/S Price Spec Fill Price

50.75

Status Order Code Buy Sell Q-Fill B/S Price Spec Fill Price

Bid Qty / Price

Status Order Code Buy Sell Q-Fill B/S Price Spec Fill PriceStatus Order Code Buy Sell Q-Fill B/S Price Spec Fill PriceStatus Order Code Buy Sell Q-Fill B/S Price Spec Fill PriceStatus Order Code Buy Sell Q-Fill B/S Price Spec Fill PriceStatus Order Code Buy Sell Q-Fill B/S Price Spec Fill PriceStatus Order Code Buy Sell Q-Fill B/S Price Spec Fill PriceStatus Order Code Buy Sell Q-Fill B/S Price Spec Fill PriceStatus Order Code Buy Sell Q-Fill B/S Price Spec Fill PriceStatus Order Code Buy Sell Q-Fill B/S Price Spec Fill PriceFX Quote

AUD/USD

GBP/USD

EUR/USD

USD/CAD

USD/JPY

USD/CHF

High Low Last Bid Ask

.6809 .6760 .6779 .6777 .6781

1.6565 1.6453 1.6524 1.6522 1.6526

1.1525 1.1448 1.1464 1.1462 1.1466

1.3578 1.3463 1.3557 1.3555 1.3559

1112.34 110.95 111.75 111.73 111.77

1.3560 1.3468 1.3545 1.3542 1.3547

DeleteSelected

Order

SELLBuy

Open High Low Last Change BID ASK

1065.50 1068.75 1059.25 1067.75 7.25 (12)1067.75 (550)1068.00

BEST Direct Charts

Connected

Main Chart Options Help

ESZ3 1 Min

23:59 01:01 02:03 03:05 04:07 05:09 06:11 07:13 08:15 09:35 10:37

1025.00

1024.50

1024.00

1023.50

1023.00

1022.50

1022.00

1021.50

1021.00

1020.50

1020.00

1019.50

1020.25

1021.50

1021.00

1020.50

1020.001020.25

Order Management

12/11 1:24 PM

Order Code Buy Sell Q-Fill B/S Price Spec Strike Put Call Fill Price Status Type Date

452355 SPH4 0 0 1 BUY 0 MARKET 0 0 0 1146.5 Filled DAY 27-Feb @ 8:00:48 AM452378 68H4 2 0 0 BUY 1.8446 LIMIT 0 0 0 0 Filled GTC 27-Feb @ 8:00:56 AM452501 EUR 1 0 0 BUY 1.2291 LIMIT 0 0 0 0 Working DAY 27-Feb @ 8:08:36 AM452589 YMH4 3 0 0 BUY 10345.0 LIMIT 0 0 0 0 Working GTC 27-Feb @ 8:10:30 AM

Traders were introduced to the fast, simple, reliable way to trade on PFG’s proprietary BEST Direct online order entry system. Critical analysis of traders’ needs - coupled with technological genius - means BEST Direct is relied upon by a wide cross-section of traders. The built-in risk management system, quotes, charts, lightning-speed transmission and ease of use make BEST Direct an important element to many traders’ programs.

Add Value with a Trading Advisor through PFG Broker ServicesBeyond its sophisticated online, direct trading for individuals, PFG offers a brokerage network through branch offi ces and introducing brokers (IBs) to help you fi nd your match in a dedicated broker who will help you achieve your stated goals. We make certain that it is someone with deep knowledge of the markets you select. Someone to speak your language, understand your investment objectives and provide strategic guidance that is based on experience. PFG-affi liated brokers work diligently to earn your loyalty, and they are supported by a larger team standing behind their personal care, to ensure the PFG brand quality of rigorous customer focus and service excellence.

You can fi ll out forms speedily online, or call for an experienced broker who can guide you to trading information, advice and services.

Let PFG Take Care of You by:

Keeping you current on market news, trading strategies, and product recommendations

Placing your orders

Making sure your contingency orders are executed, and your parameters are adhered to, when you are too busy to watch and react.

Monitoring your selected advisory service and placing orders based on recommendations issued.

As a PFG client you can access commentaries, advisory bulletins, and read featured analysis. And, of course, contact your broker anytime to go over your trading orders, discuss markets, plan your trades, create and implement a strategy, or review your overall investment plan.

Experience the World of Alternative Investments. PFG Excels in Managed Futures.Benefi t from opportunities to participate in strategies which other fi rms do not make available to accounts of less than $5 million. View your account online to oversee activity, daily returns, bar charts, and additional investment selections.

You should be with PFG for:

Third party consultants to monitor performance of numerous managers to fi nd and work with the best CTAs

Placement power – PFG clients can enter a managed futures fund with $100,000 or possibly less

Five minute account set-up

Transparency – you want to know that the money you have turned over to a CTA is performing. View your account online, anytime, in detail. Learn more at http://www.pfgfunds.com.

PFG IS A BOUTIQUE THAT MATCHES ITSELF TO YOUR PERSONAL REQUIREMENTS – YOUR STYLE, YOUR NEEDS, YOUR OBJECTIVES.

6

Real People Serving You And Communicating With YouThe best in service through PFG’s Client Relationship Management (CRM) centers -- where help is available to all PFG customers and affi liates around the clock -- as well as through expert brokers, trading room personnel, and 250 professionals worldwide, is a strong motivator for you to be with PFG. You can send an online message or telephone PFG at 1-888-274-2916 to reach a dedicated, experienced, and well-trained service manager anytime the markets are open. He or she will be able to take an order, report a fi ll, or keep you updated about your account even if you have a technical problem with your computer. PFG has hired the industry’s best, and it stakes its brand on your satisfaction.

190 S. LaSalle St., 7th FloorChicago, Il 60603

800.333.5673312.775.3000

http://www.pfgbest.com