Winkler Capital Management, Ltd

Storojinets-FX

PLEASE NOTE--PERFORMANCE FROM 9/2004 TO 6/2007 IS FROM ADVISORS PROPRIETARY ACCOUNT AND THE RESULTS ARE PRO-FORMA AND ARE NET OF 2/20 FEES---The Advisor is the sole developer of the Storojinets-FX Program. The Storojinets-FX Program trades the spot (cash) foreign exchange (forex or FX) market, but not the currency futures market. The Storojinets-FX Program is a short-term, systematic trading system that does not have a long-side or short-side bias. Positions are typically held approximately five days, although they may be held for a shorter duration if the position is closed due to the triggering of a stop-loss order, or if the Advisor applies discretion to exit a position. All positions are typically closed at approximately the close of the trading day on Friday afternoon; positions are generally not held over to the following trading week. Stop-loss orders are placed so that the maximum risk per trade is approximately 4% of the nominal value of the assets under management. Leverage per trade is set at approximately two times the nominal value of the assets under management. Risk is further mitigated by not maintaining constant exposure to the currency markets. The program is out of the market approximately 50% of the time. The Storojinets-FX Program is systematic and technical in nature, not dependent upon fundamental analysis. Furthermore, it utilizes a trading methodology that is not dependent upon long-term trend following techniques. The Storojinets-FX Program attempts to exploit the price movements of the various cross rates amongst the Euro, the Japanese Yen, the British Pound, and the Swiss Franc. The Advisor reserves the right to add or delete trading in various currency pairs that in the Advisor’s judgment would be in the best interest of clients.