Lone Wolf Investments LLC.

Diversified

TRADING PROGRAM: Diversified Futures Program On May 2, 2005 Lone Wolf initiated trading of the company’s Diversified Futures Trading Program. The exact nature of Lone Wolf’s trading program is proprietary and confidential. The following description is of necessity general and is not intended to be exhaustive. Our research is extensive, with a comprehensive review of each market in different trading environments (trending long, trending short, sideways, and event-driven). Lone Wolf’s Diversified Futures Trading program is technically driven and has been developed by thorough statistical testing and market analysis of each of the program’s components. Additionally, the components are tested for their correlations to other components of the program as well as the individual correlation to the program as a whole. Although the program is 95% mechanical in execution, under certain market conditions Lone Wolf’s individual traders may provide discretion regarding the execution of the trading model in order to reduce the risk in a particular market. There is no fundamental analysis used in the program. While we generally classify the program as trend-following, there is an element in our program that could be interpreted as counter-trend. The program is dynamic in that it relies on market-driven measures to determine entries and exits. While the program is a futures program there could be occasions where the strategy of buying or writing of options may be employed to reduce or eliminate the risk of existing positions. Our program can presently be employed across a diversified portfolio of 27 domestic futures contracts or forwards, one foreign futures contract and two foreign exchange forwards. Lone Wolf Investments LLC. currently trades and/or tracks the following commodity interests. Wheat, Corn, Soybeans, Soybean Oil, Soybean Meal, Crude Oil, Unleaded Gasoline, Natural Gas, Heating Oil, PJM Monthly Electricity, NEPOOL Monthly Electricity, Gold, Copper, Coffee, Cocoa, Cotton, 30-Year Treasury Bonds, 10-Year Treasury Notes, 5-Year Treasury Notes, 2-Year Treasury Notes, Dow Index, S&P 500 Index , S&P 400 Mid-Cap Index, Nasdaq Index, Russell 2000 Index, European Carbon Instrument (ECI), Euro/US $ and Japanese Yen/US $. Lone Wolf currently trades a program that is comprised of some of the aforementioned commodity interests and Lone Wolf may add or delete contracts to the program depending on market conditions and portfolio performance.