Baldwin Commodity Corp.

Managed Account Program (MAP)

Baldwin Commodities investment objective is to generate above-average returns over time, creating an attractive opportunity for investors looking for enhancement and diversification. The program will seek to obtain this objective by trading a portfolio that may include, but is not limited to discretionary long/short trading in futures contracts based on US Treasury securities. Targeted annual return is 20 – 25%. Trading for each day is re-evaluated when the losses exceeds 1%. The program will use “technical” analysis based on the theory that a study of the markets themselves provides a means of anticipating price movements. Such analysis includes looking for, and participating in, long-term trends. The Advisor will also consider “fundamental” analysis. Such analysis attempts to examine the underlying factors which affect the supply and demand and hence the price of a commodity. Effective risk management is a crucial aspect of the trading program. With the goal of limiting potential loss, the Advisor uses calculated risk assessment techniques. Account size, expectation, volatility of markets traded and the nature of other positions taken are all factors in deciding whether to take a position and determining the amount of equity committed to that position.