DISCLOSURE DOCUMENT OF ECKHARDT TRADING COMPANY

An Illinois corporation registered with the Commodity Futures Trading Commission as a Commodity Trading Advisor and Commodity Pool Operator. 53 West Jackson Boulevard Suite 1240 Chicago, IL 60604 tel: (312) 939-4712 fax: (312) 939-1710 email: eckhardt@galeinvest.com

THE COMMODITY FUTURES TRADING COMMISSION HAS NOT PASSED UPON THE MERITS OF PARTICIPATING IN THIS TRADING PROGRAM NOR HAS THE COMMISSION PASSED ON THE ADEQUACY OR ACCURACY OF THIS DISCLOSURE DOCUMENT. No person is authorized by Eckhardt Trading Company to give any information or to make any representations that are not contained in this Disclosure Document.

The Date of this Disclosure Document is April 1, 2003

The delivery of this Disclosure Document at any time does not imply that the information contained herein is correct as of any time subsequent to the date shown above.

RISK DISCLOSURE STATEMENT

THE RISK OF LOSS IN TRADING COMMODITIES CAN BE SUBSTANTIAL. YOU SHOULD THEREFORE CAREFULLY CONSIDER WHETHER SUCH TRADING IS SUITABLE FOR YOU IN LIGHT OF YOUR FINANCIAL CONDITION. IN CONSIDERING WHETHER TO TRADE OR TO AUTHORIZE SOMEONE ELSE TO TRADE FOR YOU, YOU SHOULD BE AWARE OF THE FOLLOWING: IF YOU PURCHASE A COMMODITY OPTION, YOU MAY SUSTAIN A TOTAL LOSS OF THE PREMIUM AND OF ALL TRANSACTION COSTS. IF YOU PURCHASE OR SELL A COMMODITY FUTURE OR SELL A COMMODITY OPTION, YOU MAY SUSTAIN A TOTAL LOSS OF THE INITIAL MARGIN FUNDS AND ANY ADDITIONAL FUNDS THAT YOU DEPOSIT WITH YOUR BROKER TO ESTABLISH OR MAINTAIN YOUR POSITION. IF THE MARKET MOVES AGAINST YOUR POSITION, YOU MAY BE CALLED UPON BY YOUR BROKER TO DEPOSIT A SUBSTANTIAL AMOUNT OF ADDITIONAL MARGIN FUNDS, ON SHORT NOTICE, IN ORDER TO MAINTAIN YOUR POSITION. IF YOU DO NOT PROVIDE THE REQUIRED FUNDS WITHIN THE PRESCRIBED TIME, YOUR POSITION MAY BE LIQUIDATED AT A LOSS, AND YOU WILL BE LIABLE FOR ANY RESULTING DEFICIT IN YOUR ACCOUNT. UNDER CERTAIN MARKET CONDITIONS, YOU MAY FIND IT DIFFICULT OR IMPOSSIBLE TO LIQUIDATE A POSITION. THIS CAN OCCUR, FOR EXAMPLE, WHEN THE MARKET MAKES A LIMIT MOVE. THE PLACEMENT OF CONTINGENT ORDERS BY YOU OR YOUR TRADING ADVISOR, SUCH AS A STOP LOSS OR STOP LIMIT ORDER, WILL NOT NECESSARILY LIMIT YOUR LOSSES TO THE INTENDED AMOUNTS, SINCE MARKET CONDITIONS MAY MAKE IT IMPOSSIBLE TO EXECUTE SUCH ORDERS. A SPREAD POSITION MAY NOT BE LESS RISKY THAN A SIMPLE LONG OR SHORT POSITION. THE HIGH DEGREE OF LEVERAGE THAT IS OFTEN OBTAINABLE IN COMMODITY TRADING CAN WORK AGAINST YOU AS WELL AS FOR YOU. THE USE OF LEVERAGE CAN LEAD TO LARGE LOSSES AS WELL AS GAINS. IN SOME CASES, MANAGED COMMODITY ACCOUNTS ARE SUBJECT TO SUBSTANTIAL CHARGES FOR MANAGEMENT AND ADVISORY FEES. IT MAY BE NECESSARY FOR THOSE ACCOUNTS THAT ARE SUBJECT TO THESE CHARGES TO MAKE SUBSTANTIAL TRADING PROFITS TO AVOID DEPLETION OR EXHAUSTION OF THEIR ASSETS. THIS DISCLOSURE DOCUMENT CONTAINS, AT PAGE 4, A COMPLETE DESCRIPTION OF EACH FEE TO BE CHARGED TO YOUR ACCOUNT BY THE COMMODITY TRADING ADVISOR. THIS BRIEF STATEMENT CANNOT DISCLOSE ALL THE RISKS AND OTHER SIGNIFICANT ASPECTS OF THE COMMODITY MARKETS. YOU SHOULD THEREFORE CAREFULLY STUDY THIS DISCLOSURE DOCUMENT AND COMMODITY TRADING BEFORE YOU TRADE, INCLUDING THE DESCRIPTION OF THE PRINCIPAL RISK FACTORS OF THIS INVESTMENT, AT PAGE 6. YOU SHOULD ALSO BE AWARE THAT THIS COMMODITY TRADING ADVISOR MAY ENGAGE IN TRADING FOREIGN FUTURES OR OPTIONS CONTRACTS. TRANSACTIONS ON MARKETS LOCATED OUTSIDE THE UNITED STATES, INCLUDING MARKETS FORMALLY LINKED TO A UNITED STATES MARKET MAY BE SUBJECT TO REGULATIONS WHICH OFFER DIFFERENT OR DIMINISHED PROTECTION. FURTHER, UNITED STATES REGULATORY AUTHORITIES MAY BE

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UNABLE TO COMPEL THE ENFORCEMENT OF THE RULES OF REGULATORY AUTHORITIES OR MARKETS IN NON-UNITED STATES JURISDICTIONS WHERE YOUR TRANSACTIONS MAY BE EFFECTED. BEFORE YOU TRADE YOU SHOULD INQUIRE ABOUT ANY RULES RELEVANT TO YOUR PARTICULAR CONTEMPLATED TRANSACTIONS AND ASK THE FIRM WITH WHICH YOU INTEND TO TRADE FOR DETAILS ABOUT THE TYPES OF REDRESS AVAILABLE IN BOTH YOUR LOCAL AND OTHER RELEVANT JURISDICTIONS. THIS COMMODITY TRADING ADVISOR IS PROHIBITED BY LAW FROM ACCEPTING FUNDS IN THE TRADING ADVISORS NAME FROM A CLIENT FOR TRADING COMMODITY INTERESTS. YOU MUST PLACE ALL FUNDS FOR TRADING IN THIS TRADING PROGRAM DIRECTLY WITH A FUTURES COMMISSION MERCHANT.

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TABLE OF CONTENTS

Eckhardt Trading Company .............................................................................................................................................1 Principals Background....................................................................................................................................................1 The Trading Programs & Minimum Account Size .....................................................................................................2 The Trading Approach.......................................................................................................................................................3 Futures Commission Merchants, Introducing Brokers & Executing Brokers ....................................................4 Advisory Fees ......................................................................................................................................................................4 Conflicts of Interest ...........................................................................................................................................................5 Privacy Notice.....................................................................................................................................................................5 Risk Factors ........................................................................................................................................................................6 Notionally Funded Accounts............................................................................................................................................9 Past Performance Information......................................................................................................................................10 Standard Program Capsule Performance Table A.................................................................................................12 Higher Leveraged Program Capsule Performance Table B................................................................................13 Global Financial Program Capsule Performance Table C .................................................................................14 Eckhardt Futures Limited Partnership Capsule Performance Table D ...........................................................15 Eckhardt Futures Limited Partnership-Global Financial Program Capsule Performance Table E .......16 Notes to Capsule Tables ..................................................................................................................................................17

The date of this Disclosure Document is April 1, 2003.

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ECKHARDT TRADING COMPANY Eckhardt Trading Company (ETC), an Illinois corporation formed in May 1992, became registered as a Commodity Trading Advisor (CTA) and Commodity Pool Operator (CPO) and member of the National Futures Association (NFA) in June 1992. ETC succeeded to the business formerly conducted by William Eckhardt who was individually registered as a CTA and CPO and member of the NFA from June 1991 until his registration was changed over to ETC in June 1992. Past performance information for the client accounts managed by ETC and its principals is on pages 10-15 of this document. William Eckhardt is the Chairman, CEO and sole shareholder (as trustee of his revocable trust) of ETC; John D. Fornengo is President. ETC's business office is located at 53 West Jackson Boulevard, Ste. 1240, Chicago, IL 60604. The telephone, facsimile and email address are (312) 939-4712, (312) 939-1710 and eckhardt@galeinvest.com. Trading records of ETC are maintained at its office located at 250 S. Wacker Drive, Suite 650, Chicago, IL 60606. ETC employs Gale Investment Services (GIS) to provide or oversee various business related administrative functions including client services, accounting, compliance and marketing. The address of GIS is the same as ETC. The telephone, facsimile and email address are 312-939-1705, 312-939-1710 and info@galeinvest.com, respectively. (GIS may in the future merge with Gale Fund Management, Inc. (GFM)). Except for investments in the Eckhardt Futures Limited Partnership and Eckhardt Futures Limited Partnership-Global Financial Program, two limited partnerships for which ETC acts as the sole CTA and co-general partner and CPO (along with GFM), ETC and its principals do not currently trade for their own accounts (although they may in the future). Records of such trading (other than the partnerships) are not open to client inspection due to their proprietary nature. There have been no material administrative, civil, or criminal proceedings pending, on appeal or concluded against ETC or its principals at any time. PRINCIPALS BACKGROUND William Eckhardt has traded futures professionally for over 28 years. He received a B.A. in Mathematics from DePaul University in 1969 and a M.S. in Mathematics from the University of Chicago in 1970. In 1974, after four years of doctoral research at the University of Chicago in Mathematical Logic, he began trading for his own account at the Mid America Commodity Exchange. Mr. Eckhardt traded off-floor for his personal account from 1978 through July 1991. In July 1986, he began managing accounts for a small number of friends and business associates and in July 1991 he began managing accounts as a registered CTA. In conjunction with his trading, over the past 24 years Mr. Eckhardt has conducted extensive research into the nature of futures price action and risk management. He has developed numerous technical trading systems. Along with Richard Dennis, he co-developed certain trading systems and in 1984 and 1985, subsequently co-taught such systems to a group of individuals that have become known as the Turtles. Mr. Eckhardt was a full member of the Chicago Board of Trade from 1983 to 1988 and the Chicago Mercantile Exchange (CME) from 1979 to 1986 and held other memberships at various other times. He currently holds a seat at the CME Index and Option Market. From 1983 to 1991, Mr. Eckhardt was a partner of C&D Commodities, which was formerly active as a futures commission merchant and chiefly involved with clearing partner capital, futures research and trading administration. In 1991, the partnership (and FCM) ceased all business operations and C&D Commodities, Inc. (C&D, Inc.) was established to continue the futures research and trading administration activities previously conducted by the partnership. Mr. Eckhardt was an officer of C&D, Inc. until August 1997. In January 2001, ETC took over the employment of the individuals previously employed by C&D Commodities. Mr. Eckhardt is responsible for the overall activities of ETC and is solely responsible for ETCs system development and ongoing research.

John D. Fornengo, a 1980 honors graduate of Lake Forest College, Lake Forest, Illinois, has traded futures for over 16 years. He has been professionally involved with Mr. Eckhardt since the beginning of his trading career in April 1986. In 1991, he became registered as a CTA and began managing client accounts utilizing the technical indicators of ETCs systems, which he modified with systematically larger position sizes. (These accounts are the basis for the Higher Leveraged Program, see the Trading Programs and Capsule Performance Table B.) In January 1993, Mr. Fornengo began working with ETC to assist Mr. Eckhardt in the implementation and execution of ETCs trading program. In June 1995, Mr. Fornengo became Vice President of ETC and in August 1999, he became President. From January 1989 through June 1995, Mr. Fornengo managed a proprietary account for Mr. Eckhardt, the cash balance of which was invested in Eckhardt Futures Limited Partnership in July 1995. Mr. Fornengo is registered in his individual capacity as a sole proprietor CTA; he has no accounts under management. Mr. Fornengo is responsible for ETCs trading operations including the implementation and execution of ETCs trading programs. Mr. Fornengo and Mr. Eckhardt share in the responsibility of any judgment or discretion utilized for such implementation. THE TRADING PROGRAMS & MINIMUM ACCOUNT SIZE ETC currently offers three trading programs: The Standard Program, the Higher Leveraged Program and the Global Financial Program. All three programs are based on the same trading approach (see The Trading Approach below.) The programs typically are not invested in all markets at all times. ETC may add or delete markets it trades for any program at its discretion. The minimum Account Size for a separately managed account in the Standard, the Higher Leveraged Program and the Global Financial program is $10 million. Account Size determines the level of trading (i.e., the number of contracts purchased or sold) for the account and does not refer to the level or type of funding in the account. (See Notionally Funded Accounts.) ETC reserves the right to increase or decrease the minimum Account Size at any time or to stop accepting separately managed accounts. The Standard Program & the Higher Leveraged Program Both programs trade the same portfolio of Futures Interests (as described below). The programs differ only with respect to position sizes. The Higher Leveraged Program trades larger position sizes, currently averaging approximately 20% larger than those of the Standard program. (Such percentage is subject to change and certain individual positions, from time to time, may be up to 100% larger.) Therefore, due to the increased leverage, the Higher Leveraged Program entails a greater degree of risk than the Standard Program. ETC began managing accounts according to the Standard Program in August 1991 and the Higher Leveraged Program in October 1991. For these programs, ETC primarily engaged in trading futures contracts on U.S. exchanges and exchange for physical transactions (EFPs) in foreign currencies (see description under The Trading Approach) until June 1992. Beginning July 1992, ETC also began trading contracts on the London International Financial Futures Exchange (LIFFE) and has since expanded to other non-U.S. exchanges including, but not limited to Eurex (formerly Deutsche Terminborse (DTB)), Singapore International Monetary Exchange (SIMEX),Sydney Futures Exchange (SFE), the International Petroleum Exchange (IPE) and the Montreal Exchange (ME). Currently the market groups or contracts traded by ETC in the Standard and Higher Leveraged Programs include, but are not limited to, U.S. and international interest rates; currencies (including the Dollar Index), cross-rates; gold, and copper; energy products; grains and the soybean complex; cotton; coffee; and sugar. ETC may add or delete markets and/or exchanges at its discretion.

The Global Financial Program ETC began managing accounts according to the Global Financial Program in November 1997. The Global Financial Program is based on the same trading approach and position sizing utilized for the Standard Program. The difference between the two programs is in the markets traded. The Global Financial Program trades a financial subset of the markets currently traded for the Standard Program including, but not limited to, U.S. and international interest rates, currencies, cross-rates, and the Dollar Index. In addition, the Global Financial program trades certain financial futures contracts that are not traded by the Standard (or Higher Leveraged) Program. Currently such contracts include LIFFE Swapnotes, Canadian interest rates, the Australian Dollar and the Mexican Peso. Since the Global Financial program trades less markets than the Standard Program, overall, the Global Financial Program is expected to have correspondingly less trading activity and margin usage than the Standard Program. THE TRADING APPROACH The objective of ETC is to achieve appreciation of its clients assets through speculative trading of Futures Interests. ETC primarily engaged in trading futures contracts on U.S. exchanges and exchange for physical transactions (EFPs) in currencies (see description below) until June 1992. Beginning July 1992, ETC also began trading contracts on the LIFFE and has since added contracts on other non-U.S. exchanges. In addition, ETC may trade options on futures, forward contracts on commodities and currencies, cash currencies, and may engage in transactions in physical commodities, including EFPs (in addition to EFPs in currencies). The exact nature of ETCs methods are proprietary and confidential. The following description is, of necessity, general and is not exhaustive. ETCs trading approach is the product of over 24 years of intensive research on futures price action, risk management and trading system development. Diverse systems are melded in accordance with the modern mathematical theory of risk. The systems are technical in origin and trend following in thrust. They are not based on the analysis of fundamental supply and demand factors. ETCs trading approach is predominantly applied in an algorithmic or mechanical manner. Occasionally, discretion and judgment may be used; such discretion is nonetheless informed by investigations into historical price action and is often employed for risk management purposes. Discretion also may be utilized in connection with the timing of the entry of orders in the markets traded. ETC believes that research is a crucial component of the trading enterprise. Time and resources are devoted to it accordingly. The systems used have undergone an evolutionary development, some for protracted periods. Many of the current systems bear little resemblance to their prototypes. The systems are subject to change if ETCs methodological principles indicate that it is warranted. Clients will not be informed with respect to such changes in ETCs approach. Additionally, as stated earlier, trading decisions may require the exercise of judgment of ETC. The decision not to trade certain futures, not to make certain trades, or to reduce position sizes, may result at times in missing price moves and profits of great magnitude, which other trading advisors who are willing to trade such commodities, or trade larger positions in such futures, may be able to capture. There is no assurance that the performance of ETC will result in profitable trading. The markets traded have been chosen for historical performance, and for customary liquidity. From time to time ETC may trade in less liquid markets. There can be no assurance of liquidity. Execution of a futures contract always anticipates making or accepting delivery. In certain cases ETC may determine to accept or to make delivery, or market conditions may be such that an open position cannot be liquidated to avoid delivery. In the event of delivery it may be necessary for the account to borrow funds. Such borrowing may, but is not required to, be arranged by ETC from independent third parties, generally banks, at market rates for short-term loans; any such borrowing will be at the customer's expense. ETC engages in exchanges for physical transactions (EFPs). An EFP is a transaction permitted under the rules of many futures exchanges in which two parties holding futures positions may close out their positions without making an open, competitive trade on the exchange. Generally, the holder of a short futures position buys the physical commodity, while the holder of a long futures position sells the physical commodity. The prices at which such transactions are executed are negotiated between the parties.

FUTURES COMMISSION MERCHANTS, INTRODUCING BROKERS & EXECUTING BROKERS Each client of ETC is free to select a Futures Commission Merchant (FCM) which will carry the clients trading account (Trading Account) and through which trades will be cleared. For ease of order handling and administration in general, ETC reserves the right to limit the number of FCMs with which it will do business. Brokerage fees and other charges to such accounts by the FCM may vary significantly and are negotiated between the client and his FCM. In order to better facilitate the execution of orders, ETC maintains relationships with certain executing brokers, either independent or FCM affiliated, to execute trades on behalf of its clients. ETC reserves the right to direct all client orders to these executing brokers, the trades subsequently being given-up to the clients FCM. For certain markets, there are give-up related expenses (in addition to other brokerage-related fees) that will be charged to the clients account. Such expenses, which average $2.00 per round-turn trade, are deducted from the clients account by the clients FCM. ETC does not require clients to use any introducing broker (IB), but a client may select one to introduce trades for its account. The client should know that the use of an IB may increase per trade commission charges. ETC does not benefit directly or indirectly from the maintenance of a client's account with a FCM or the introduction of a client's account through an IB. ADVISORY FEES As compensation for its management services, ETC will charge clients a management fee based on Account Equity (as defined below) and/or an incentive fee based on performance. Certain persons, at the discretion of ETC, may pay reduced fees or may not be required to pay any fees to ETC. Fees, which will be deducted directly from the clients account, will be billed quarterly and calculated as follows: 1. ETC may charge a monthly management fee generally ranging from 0 to 1/2 of 1% of Account Equity (0%-6% annually), calculated at the end of each month and payable as of the end of each calendar quarter, and on the day an account closes, whether or not trading has been profitable. Account Equity shall mean an accounts total assets less total liabilities, to be determined on the basis of generally accepted accounting principles, consistently applied, unless otherwise specified below. Account Equity will include the sum of all cash, U.S. Government obligations or other securities at market value, accrued interest receivable, and the current market value of all open commodity positions, as indicated by the settlement prices determined by the exchanges on which such positions are maintained and any other funds which the client has stated is subject to ETCs trading discretion but have not been deposited in the Trading Account, which dollar amounts maybe represented by committed funds and/or Notional Equity (see Notionally Funded Accounts, page 8). No reduction shall be made for brokerage commissions and other charges which would be incurred upon liquidation of such open positions. 2. It should be noted that because the percentage of Account Equity, which is actually funded or committed in client accounts, varies, the management fee expressed as a percentage of actual and committed funds would also vary. For example, if an account is assessed a management fee of 2% of Account Equity and only 50% of the Account Equity is represented by actual and/or committed funds, the management fee for such account expressed as a percentage of the actual and /or committed funds in such account would be 4%. Since ETC may, in its discretion, accept accounts with a minimal amount of actual or committed funding, the management fee expressed as a percentage of actual or committed funds could be significantly higher than the amounts set forth above. At the end of the first calendar quarter in which an account has traded, and after the client has instructed ETC to are also charged on a pro rata basis. Management fees are payable whether or not the account is profitable managing its account, the management fee shall be calculated pro rata based upon the number of days in cease the quarter that the account was managed by ETC. Deposits to or withdrawals from the account during a quarter. 3. ETC may charge a quarterly incentive fee generally ranging from 15% to 33-1/3% of New Trading Profits. New Trading Profits represents, in general, the excess of the cumulative Gain/Loss from Commodity Trading, less management fees, over its highest past value of any prior quarterly period (i.e., its new trading profits). The Gain/Loss from Commodity Trading is the net realized gain/loss from closed and completed commodity transactions (after

brokerage commissions and exchange and NFA fees) plus the increase/decrease in the value of the open positions at the end of each quarter (without reduction for commissions which would be incurred by closing such open positions). Net Trading Profits do not include interest income earnings, if any. If the client withdraws funds from the account, or reduces the Account Equity (or Account Size) on a date other than the end of a quarter, the incentive fee described above would be determined on the portion of the equity no longer under the management of ETC as if such date were the end of a quarter and, if applicable, New Trading Profits would be proportionately reduced for the purpose of determining subsequent New Trading Profits. If ETC has a loss carryforward when a portion of the equity is withdrawn, or when the Account Size is reduced, whether at quarter-end or on another date, such loss would be proportionately reduced for purposes of determining subsequent New Trading Profits. Incentive fees, which have been paid, will not be returned in the event of subsequent losses. However, any account which has a decline in Account Equity as a result of trading losses (i.e., a decline in the cumulative Gain/Loss from Commodity Trading from its high) will not be required to pay an incentive fee until those losses are recovered. In addition to individual client accounts, ETC may solicit other types of accounts such as futures funds or institutional accounts. The exact terms of the agreement entered into with such clients are often the subject of negotiation and may differ substantially from the terms of the agreement entered into with individual clients. ETC has an agreement with Gale Investment Services which accordingly receives a percentage of ETCs fees for its services. CONFLICTS OF INTEREST ETC manages other client accounts, and will remain free to manage additional accounts, including accounts for itself or its principals, in the future. Such accounts may compete with the client for the same or similar positions. Also, ETC may have a conflict of interest in rendering advice to the client because it may have incentives, financial and otherwise, to favor such other accounts. In addition, because of price volatility, occasional variations in liquidity, and differences in order execution, it is impossible for ETC to obtain identical trade execution for all its clients. However, when block orders are filled at different prices, ETC assigns the executed trades on an unbiased systematic basis among all client accounts. Trades for any proprietary accounts of ETC or its principals will be subject to the same allocation procedures. ETC will not knowingly or deliberately favor one client account (on an overall basis) over another account for any reason. PRIVACY NOTICE The importance of protecting the privacy of natural person investors is recognized by Eckhardt Trading Company. We protect nonpublic personal information that we collect about you by maintaining physical, electronic and procedural safeguards to maintain the confidentiality and security of such information. These standards are reasonably designed to (i) ensure the security and confidentiality of your records and information; (ii) protect against any anticipated threats or hazards to the security or integrity of your records and information; and (iii) protect against unauthorized access to or use of your records or information that could result in substantial harm or inconvenience to you. Categories Of Information Collected. information concerning: In the normal course of business, we may collect the following types of

Information provided in the subscription agreements and other forms (including name, address, social security number, income, other financial-related information and, possibly, bank account numbers) and Data about investor transactions (such as the types of investments the investors have made and their status).

How the Collected Information is Used. Any and all nonpublic personal information received by us with respect to you, including the information provided to us by you in the subscription documents, will not be shared with nonaffiliated third parties which are not service providers to us without prior notice to you. The unaffiliated service providers with whom

such information may be shared include our accountants, brokers, banks, auditors and legal advisers. Additionally, we may disclose such nonpublic personal information as required by applicable laws, statutes, rules and regulations of any government, governmental agency or self-regulatory organization or a court order. The same privacy policy will also apply to the former natural person investors.

RISK FACTORS Among the risks of opening a futures trading account are the following: General . The transactions in which ETC generally will engage involve significant risks. Growing competition may limit ETCs ability to take advantage of trading opportunities in rapidly changing markets. No assurance can be given that a client will realize a profit on its account or that it will not lose some or all of its account equity. In addition, the client will be subject to margin calls in the event that the assets of its account on deposit with an FCM are insufficient to satisfy margin requirements. Because of the nature of the trading activities, the results of ETCs trading activities may fluctuate from month to month and from period to period. Accordingly, clients should understand that the results of a particular period will not necessarily be indicative of results in future periods. Futures Trading Is Speculative. Futures prices may be highly volatile. Price movements for futures are influenced by, among other things, government trade, fiscal, monetary and exchange control programs and policies; weather and climate conditions; changing supply and demand relationships; national and international political and economic events; changes in interest rates; and the psychological emotions of the market place. In addition, governments from time to time intervene, directly and by regulation, in certain markets, often with the intent to influence prices directly. The effects of governmental intervention may be particularly significant at certain times in the financial instrument and currency markets, and such intervention (as well as other factors) may cause these markets to move rapidly. Futures Trading is Highly Leveraged. The low margin deposits normally required in futures trading permit an extremely high degree of leverage. Accordingly, a relatively small price movement in a futures contract may result in immediate and substantial loss or gain to the client. For example, if at the time of purchase 10% of the price of a futures contract is deposited as margin, a 10% decrease in the price of the futures contract would, if the contract were then closed out, result in a total loss of the margin deposit before any deduction for brokerage commissions. Thus, like other leveraged investments, any futures trade may result in losses in excess of the amount invested. Futures Trading May Be Illiquid. Most United States exchanges limit fluctuations in most futures contract prices during a single day by regulations referred to as daily price fluctuation limits or daily limits. During a single trading day, no trades may be executed at prices beyond the daily limit. Once the price of a particular futures contract has increased or decreased to the limit point, positions in the futures contract neither can be taken nor liquidated unless traders are willing to effect trades at or within the limit, which would be unlikely if underlying market prices moved beyond the limit. Futures prices have occasionally moved the daily limit for several consecutive days with little or no trading. In addition, even if futures prices have not moved the daily limit, ETC may not be able to execute trades at favorable prices if little trading in the contracts it wishes to trade is taking place. It is also possible that an exchange or the CFTC may suspend trading, order the immediate settlement of a particular contract or order that trading in a particular contract be conducted for liquidation purposes only. Possible Effects of Speculative Position Limits. The CFTC and certain exchanges have established speculative position limits on the maximum net long or short futures and options positions which any person or group of persons acting in concert may hold or control in particular futures contracts. The CFTC has adopted a rule requiring each domestic exchange to set speculative position limits, subject to CFTC approval, for all futures contracts and options traded on such exchange which are not already subject to speculative position limits established by the CFTC or such exchange. The CFTC has jurisdiction to establish speculative position limits with respect to all futures contracts and options traded on exchanges located in the United States, and any exchange may impose additional limits on positions on that exchange. Generally, no speculative position limits are in effect with respect to the trading of forward contracts or trading on nonU.S. exchanges. All trading accounts owned or managed by ETC and its principals will be combined for speculative

position limit purposes. With respect to trading in futures subject to such limits, ETC may reduce the size of the positions, which would otherwise be taken in such futures and not trade certain futures in order to avoid exceeding such limits. Such modification, if required, could adversely affect the operations and profitability of the clients account. Forward Contract Trading. A portion of the account's assets may be traded in forward contracts. Such forward contracts are not traded on exchanges and are executed directly through forward contract dealers. There is no limitation on the daily price moves of forward contracts, and a dealer is not required to continue to make markets in such contracts. There have been periods during which forward contract dealers have refused to quote prices for forward contracts or have quoted prices with an unusually wide spread between the bid and asked price. Arrangements to trade forward contracts may therefore experience liquidity problems. The client, in trading forward contracts, will be subject to the risk of credit failure or the inability of or refusal of forward contract dealers to perform with respect to its forward contracts. Non-U.S. Exchanges and Markets. ETC may engage in trading on non-U.S. exchanges and markets. Trading on such exchanges and markets involves certain risks not applicable to trading on United States exchanges and is frequently less regulated. For example, certain of such exchanges may not provide the same assurances of the integrity (financial and otherwise) of the marketplace and its participants as do United States exchanges. Some non-U.S. exchanges, in contrast to domestic exchanges, are principals markets in which performance is the responsibility only of the individual member with whom the trader has dealt and is not the responsibility of an exchange or clearing association. Furthermore, trading on certain non-U.S. exchanges may be conducted in such a manner that all participants are not afforded an equal opportunity to execute certain trades and may also be subject to a variety of political influences and the possibility of direct government intervention. Certain markets and exchanges in non-U.S. countries have different clearance and settlement procedures than United States Markets for trades and transactions and in certain markets, there have been times when settlement procedures have been unable to keep pace with the volume of transactions, thereby making it difficult to conduct such transactions. Any difficulty with clearance or settlement procedures may expose the client to losses. Futures traded on non-U.S. markets would also be subject to the risk of fluctuations in the exchange rate between the local currency and the United States dollar and to the possibility of exchange controls. Finally, futures contracts traded on nonU.S. exchanges (other than non-U.S. currency contracts) might not be considered to be regulated futures contracts for Federal income tax purposes. Dependence on Key Personnel. ETC is dependent on the services of a limited number of persons, and if the services of such key persons were to become unavailable, ETC might deem it in the best interests of the client to cease trading activities. Other Clients of the Advisor. ETC manages other client accounts, and will remain free to manage additional accounts, including accounts for itself or its principals, in the future (see Conflicts of Interest). It is possible that such accounts may compete with the client for the same or similar positions in the futures markets. No assurance is given that the results of trading for the clients account will be similar to that of any other client account concurrently managed by ETC. Performance results (among accounts managed according to the same trading program) may differ due to several factors, including, but not limited to, varying advisory fees, brokerage commissions & miscellaneous expenses, the size of an account, the order in which executed trades are allocated among the various accounts and/or the order in which trades for the various accounts are entered, the date an account started trading and the length of time an account has been open. Additions of New Assets. Each new account and any addition to an existing account will encounter a startup period during which it may incur certain risks related to the initial investment of such assets. These periods represent a risk in that the level of diversification of an accounts portfolio may be lower than in a fully-committed portfolio. Alternatively, while moving to deploy newly invested capital, an accounts level of cash and cash equivalents may be higher thereby potentially damping returns (either positively or negatively). In an effort to manage such risk for managed accounts, ETC typically enters into new positions for new capital on new signals only. These procedures will be based in part on market judgment. These procedures may be modified from time to time in ETCs sole and absolute discretion or at the request of a client. No assurance is given that they will be successful in moving an account toward full portfolio commitment without substantial losses which might have been avoided, or foregoing substantial profits which might have been achieved, by other means of initiating investment in the markets. For fund accounts, ETC may employ different procedures to take account of new capital. Depending on market conditions and the amount of new capital, the performance for a new

account or an existing account with an addition may differ materially from other ETC accounts and such differences in positions may persist for a significant time period. Possible Adverse Effects of Increasing the Assets Managed by the Advisor. ETC has not agreed to limit the amount of additional equity, which it may manage. The rates of return achieved by trading advisors often tend to degrade as assets under management increase. There can be no assurance that ETCs strategies will not be adversely affected by additional equity accepted by ETC. Changes in Strategy. ETC has the power to expand, revise or alter its trading strategies without prior approval by, or notice to, the client. Decisions Based on Technical Analysis. The trading decisions made on behalf of the clients account will be based in part on trading strategies which utilize mathematical analyses of technical factors relating to past market performance. The buy and sell signals generated by a technical trading strategy may include a study of actual intraday, daily, weekly, and monthly price fluctuations, volume and open interest variations, and other market data and indicators. The profitability of any trading strategy based on this type of historical analysis is determined by the relationship of future price movements to historical prices and indicator values, and the ability of the strategy to adapt to future market conditions. ETC attempts to develop strategies, which will be successful under many possible future scenarios. However, there can be no guarantee that the strategies of ETC will be effective or applicable to future market conditions. In addition, ETC believes that in recent years there has been a substantial increase in the use of technical, trend following trading strategies. Concurrently, however, the overall volume of trading and liquidity of the futures markets has increased markedly. Any increase in the use of technical systems as a proportion of the overall volume of the futures markets as a whole or for particular futures contracts could result in traders attempting to initiate or liquidate substantial positions in a market at or about the same time or otherwise alter historical trading patterns, obscure developing price trends or affect the execution of trades to the detriment of its clients. Use of Discretion. While ETCs trading systems are predominantly algorithmic and mechanical; ETC reserves the right to exercise discretion. In light of increased market volatility which may result from significant domestic and international events, including, but not limited to, war and terrorism, ETC may institute automatic liquidations tied to such increases and/or over-ride trading signals. The liquidations are intended to be market neutral - up and down moves are treated symmetrically - and are meant to help protect accounts from explosive news. No assurance can be given that such use of discretion will enable the account to avoid losses and in fact such use of discretion may cause an account to forego profits which it may have otherwise earned had such discretion not been used. Bankruptcy Rules. Bankruptcy law applicable to all U.S. futures brokers requires that, in the event of the bankruptcy of such a broker, all property held by the broker, including certain property specifically traceable to a customer, will be returned, transferred or distributed to the brokers customers only to the extent of each customers pro rata share of all property available for distribution to customers. If any futures broker retained by the client were to become bankrupt, it is possible that the client would be able to recover none or only a portion of its assets held by such futures broker. Institutional Risks. Institutions, such as brokerage firms and banks, will have custody of the client's assets. These firms could encounter financial difficulties that may impair the operating capabilities or the capital position of the client or ETC. Counterparty Risk. The client will be subject to the risk of the inability of counterparties to perform with respect to transactions, whether due to insolvency, bankruptcy or other causes, which could subject the client to substantial losses. In an effort to mitigate such risks, ETC will attempt to limit its transactions to counterparties, which are established, well capitalized and creditworthy. The foregoing does not purport to be a complete explanation of the risks involved in trading futures. Potential clients should carefully study the entire Disclosure Document and commodity trading in general before determining to open an account with ETC.

NOTIONALLY FUNDED ACCOUNTS At ETCs discretion, it may agree to accept an account, which is funded at a lesser amount than its Account Size. In other words, the amount on deposit in, or committed to, the client's Trading Account at the FCM is less than the agreed upon Account Size. The amount by which the Account Size exceeds deposits to the Trading Account is hereinafter referred to as Notional Equity. CFTC SPECIAL DISCLOSURE FOR NOTIONALLY FUNDED ACCOUNTS YOU SHOULD REQUEST YOUR COMMODITY TRADING ADVISOR TO ADVISE YOU OF THE AMOUNT OF CASH OR OTHER ASSETS (ACTUAL FUNDS) WHICH SHOULD BE DEPOSITED TO THAT ADVISORS TRADING PROGRAM FOR YOUR ACCOUNT TO BE CONSIDERED FULLY-FUNDED. THIS IS THE AMOUNT UPON WHICH THE COMMODITY TRADING ADVISOR WILL DETERMINE THE NUMBER OF CONTRACTS TRADED IN YOUR ACCOUNTS AND SHOULD BE AN AMOUNT SUFFICIENT TO MAKE IT UNLIKELY THAT ANY FURTHER CASH DEPOSITS WOULD BE REQUIRED FROM YOU OVER THE COURSE OF YOUR PARTICIPATION IN THE COMMODITY TRADING ADVISORS PROGRAM. YOU ARE REMINDED THAT THE ACCOUNT SIZE YOU HAVE AGREED TO IN WRITING (THE NOMINAL ACCOUNT SIZE) IS NOT THE MAXIMUM POSSIBLE LOSS THAT YOU ACCOUNT MAY EXPERIENCE. YOU SHOULD CONSULT THE ACCOUNT STATEMENTS RECEIVED FROM YOUR FUTURES COMMISSION MERCHANT IN ORDER TO DETERMINE THE ACTUAL ACTIVITY IN YOUR ACCOUNT, INCLUDING PROFITS, LOSSES AND CURRENT CASH EQUITY BALANCE. TO THE EXTENT THAT THE EQUITY IN YOUR ACCOUNT IS AT ANY TIME LESS THAN THE NOMINAL ACCOUNT SIZE YOU SHOULD BE AWARE OF THE FOLLOWING: 1. ALTHOUGH YOUR GAINS AND LOSSES, FEES AND COMMISSIONS MEASURED IN DOLLARS WILL BE THE SAME, THEY WILL BE GREATER WHEN EXPRESSED AS A PERCENTAGE OF ACCOUNT EQUITY. 2. YOU MAY RECEIVE MORE FREQUENT AND LARGER MARGIN CALLS. 3. THE DISCLOSURES WHICH ACCOMPANY THE PERFORMANCE TABLE MAY BE USED TO CONVERT THE RATES-OF-RETURN (RORs) IN THE PERFORMANCE TABLE TO THE CORRESPONDING RORs FOR PARTICULAR PARTIAL FUNDING LEVELS. The CFTC believes it is important for a potential investor to understand the impact which different levels of funding may have on returns relative to cash invested. The following illustrates how varying levels of funding (cash and committed funding plus cumulative net performance to date) may affect a particular months return.

CONVERSION CHART FOR MONTHLY RATES OF RETURN BASED ON VARIOUS LEVELS OF FUNDING (3)
ACTUAL ROR (1) FUNDED @(2): 100.00% 40.00% 35.00% 30.00% 25.00% 20.00% 15.00% 10.00% 5.00% 0.00% -5.00% -10.00% -15.00% -20.00% -25.00% 40.00% 35.00% 30.00% 25.00% 20.00% 15.00% 10.00% 5.00% 0.00% -5.00% -10.00% -15.00% -20.00% -25.00 80.00% 50.00% 43.75% 37.50% 31.25% 25.00% 18.75% 12.50% 6.25% -0.00% -6.25% -12.50% -18.75% -25.00% -31.25% 60.00% 66.67% 58.33% 50.00% 41.67% 33.33% 25.00% 16.67% 8.33% 0.00% -8.33% -16.67% -25.00% -33.33% -41.67% 40.00% 100.00% 87.50% 75.00% 62.50% 50.00% 37.50% 25.00% 12.50% 0.00% -12.50% -25.00% -37.50% -50.00% -62.50% 20.00% 200.00% 175.00% 150.00% 125.00% 100.00% 75.00% 50.00% 25.00% 0.00% -25.00% -50.00% -75.00% -100.00% -125.00%

To convert a Monthly Rate of Return in Capsule Performance Tables A, B or C to a roughly comparable rate of return based on a different level of funding: 1) Using the left hand column, find the rate closest to the monthly rate of return from Capsule Table A or B; 2) From the bottom row, select the approximate level of funding for which the rate of return is being determined; 3) The rate of return in the column above the selected level of funding (2) which is in the same row as the Actual Rate of Return (1), is the conversion of that Actual Rate of Return (1) based on the selected level of funding (2).

PAST PERFORMANCE INFORMATION The following Capsule information sets forth the past performance (based on the Fully-Funded Subset Method and/or other CFTC approved methods see footnotes) of all client accounts managed on a discretionary basis by ETC and its principals. The multi-column detailed performance tables from which the Capsules are derived are available upon request. The Capsules do not include any trading for ETCs or the principals own accounts, with the exception of their investments in Eckhardt Futures Limited Partnership and Eckhardt Futures Limited Partnership-Global Financial Program. The Capsules present performance on a composite basis rather than account by account. Composite performance tends to have an averaging effect on the performance results and each individual accounts performance is likely to differ, in some cases, significantly, from the composite figures shown. ETC has modified and will continue to modify its trading approach. The results shown in the Capsules do not necessarily reflect the exact approach that will be used by ETC on behalf of future accounts. No representation is being made that any account will, or is likely to, receive profits or incur losses similar to those shown. PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.

10

Capsule A presents the composite past performance of ETCs client accounts managed pursuant to the Standard Program from January 1998 through February 2003. Performance from inception through December 1997 can be found on page 19. (William Eckhardt, in his individual capacity, managed such accounts from August 1991 until they were transferred to ETC in June 1992.) This capsule includes assets shown in Capsule E (Eckhardt Futures Limited Partnership). Capsule B presents the composite past performance of ETCs client accounts managed pursuant to the Higher Leveraged Program from January 1998 through February 2003. Performance from inception through December 1997 can be found on page 20. Capsule C presents the composite past performance of ETCs client accounts managed pursuant to the Global Financial Program from January 1998 through February 2003. Peformance from inception through December 1997 can be found on page 21. This capsule includes assets shown in Capsule E (Eckhardt Futures Limited Partnership-Global Financial Program). Differences among the accounts included in composite Capsules A, B and C may be due to several factors including, but not limited to, varying advisory fees, brokerage commissions, miscellaneous expenses, interest income and the size of the account. In addition, results may vary depending on such factors as the order in which executed trades are allocated among the various accounts and/or the order in which trades for the various accounts are entered, the date the account started trading, the timing of additions to an account and the length of time the account was open. As a result of the many variables, individual account performance may be more or less favorable than the composite performance herein. Capsule D presents the past performance of Eckhardt Futures Limited Partnership, a limited partnership for which ETC acts as the sole CTA, co-general partner and co-CPO from January 1998 through February 2003. Performance from inception through December 1997 can be found on page 22. Eckhardt Futures Limited Partnership is managed pursuant to ETCs Standard Program. The partnerships assets are included in Capsule A. Capsule E presents the past performance of Eckhardt Futures Limited Partnership-Global Financial Program, a limited partnership for which ETC acts as the sole CTA, co-general partner and co-CPO, from inception, February 1998, through February 2003. Eckhardt Futures Limited Partnership-Global Financial Program is managed pursuant to ETCs Global Financial Program. The partnerships assets are included in Capsule C. Since certain limited partners pay reduced or no advisory fees, for performance presentation purposes, for both Table D and Table E, the partnerships returns include pro forma adjustments to reflect the payment by all partners of the "standard" quarterly management fee of 0.5% (2% annually) and quarterly profit allocation of 25%.

11

CAPSULE PERFORMANCE TABLE A (UNAUDITED)

Name of the CTA: Eckhardt Trading Company Name of Trading Program: Standard Program Date CTA Began Trading Client Accounts: July 86 Date CTA Began Using Trading Program for Client Accounts: Aug 91 Total Assets Under Management (including Notional Funds): $649,070,600 Total Assets Under Management (excluding Notional Funds): $537,129,886 Total Assets Under Management Traded Pursuant to this Trading Program (including Notional Funds): $390,977,885 Total Assets Under Management Traded Pursuant to this Trading Program (excluding Notional Funds): $355,315,008 Number of Client Accounts Open: 9 Largest Monthly Drawdown (Since 1/1/98): -7.08% 03/99 Since Inception: -24.70% 01/94 Worst Peak-to-Valley Drawdown (Since 1/1/98): -27.92% 03/99 08/00 Since Inception: -27.90% Number of Accounts Using Trading Program Closed with Profits (Since 1/1/97): 7 Since Inception: 13 Number of Accounts Using Trading Programs Closed with Losses (Since 1/1/97): 2 Since Inception: 4

01/92 5/92

REQUIRED (Most recent 5 years and YTD) Rate of Return 2003 2002 2001 2000 Jan 1.56% 2.69% 1.63% -2.14% Feb 7.25% -4.55% -1.07% -0.61% Mar -0.99% 0.40% -1.94% Apr 3.92% -0.48% -0.29% May -0.68% 3.40% 1.88% Jun 2.59% -3.28% -1.45% Jul 2.24% -1.42% -2.71% Aug -0.34% 5.87% 0.43% Sep -1.01% -3.28% 1.48% Oct -1.90% 5.58% 0.83% Nov -1.40% -2.36% 12.30% Dec 10.79% 0.76% 10.02% Year 8.93% 11.07% 5.34% 17.96%

SUPPLEMENTAL (Inception through 1997)

1999 1.49% 5.12% -6.18% -2.59% -2.43% 1.43% 5.18% -5.62% 3.31% -2.86% 0.04% -0.73% -4.55%

1998 4.77% 2.48% -3.20% -5.17% 1.89% 1.57% -1.59% 25.28% 0.18% 0.39% -0.15% 0.65% 27.10%

1997 12.66% 6.91% 6.60% 1.24% 1.89% 5.39% 9.18% -4.11% 6.51% -0.41% -3.54% -2.35% 45.99%

1996 8.72% -5.40% 2.60% 17.48% -9.28% -3.32% -4.28% -1.20% 17.55% 16.24% 11.43% -5.51% 47.95%

1995 -1.39% 8.85% 14.13% 3.21% 20.13% -1.32% -10.31% -3.27% -2.80% -5.58% 9.24% 13.01% 47.33%

1994 -18.30% -0.70% 10.58% 2.17% 5.05% 1.66% -0.10% -8.59% 13.36% -10.50% 8.74% -10.45% -11.68%

1993 -1.38% 9.63% -8.28% 9.41% 3.81% 12.13% 9.41% 4.85% -6.67% 1.74% 4.90% 9.45% 57.93%

1992 -15.27% -7.56% -5.70% 2.22% -3.45% 9.35% 11.43% 7.51% -1.18% -4.35% 7.70% -4.60% -7.28%

1991

-1.00% 6.64% 0.25% 2.09% 27.92% 38.21%

See accompanying Past Performance Information on page 10 and Notes to Capsule Performance Tables p. 17.

PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.

12

CAPSULE PERFORMANCE TABLE B (UNAUDITED)

Name of the CTA: Eckhardt Trading Company Name of Trading Program: Higher Leveraged Program Date CTA Began Trading Client Accounts: July 86 Date CTA Began Using Trading Program for Client Accounts: Oct 91 Total Assets Under Management (including Notional Funds): $649,070,600 Total Assets Under Management (excluding Notional Funds): $537,129,886 Total Assets Under Management Traded Pursuant to this Trading Program (including Notional Funds): $52,596,201 Total Assets Under Management Traded Pursuant to this Trading Program (excluding Notional Funds): $37,936,201 Number of Client Accounts Open: 4 Largest Monthly Drawdown (Since 1/1/98): -8.27% 03/99 Since Inception: -30.00% Worst Peak-to-Valley Drawdown (Since 1/1/98): -24.59% 03/99 07/00 Since Inception: -40.39% Number of Accounts Using Trading Program Closed with Profits (Since 1/1/97): 7 Since Inception: 8 Number of Accounts Using Trading Programs Closed with Losses (Since 1/1/97): 0 Since Inception: 0

01/94 01/92 05/92

REQUIRED (Most recent 5 years and YTD) Rate of Return 2003 2002 2001 2000 Jan 2.00% 3.22% 2.08% -2.48% Feb 8.82% -5.27% -1.01% -0.59% Mar -1.10% 0.65% -2.15% Apr 4.68% -0.38% -0.14% May -0.62% 4.11% 2.44% Jun 3.07% -3.54% -1.50% Jul 2.65% -1.49% -3.01% Aug -0.33% 7.03% 0.71% Sep -1.14% -3.39% 1.65% Oct -2.41% 6.54% 1.03% Nov -1.41% -2.53% 15.98% Dec 13.20% 1.00% 11.28% Year 10.99% 14.23% 8.69% 23.74%

SUPPLEMENTAL (Inception through 1997) 1999 2.01% 6.42% -6.89% -3.07% -2.74% 1.87% 6.30% -6.42% 4.11% -3.23% 0.41% -0.75% -3.05% 1998 6.74% 3.70% -4.75% -6.55% 2.28% 2.04% -2.02% 32.07% 0.28% 0.57% -0.00% 1.20% 35.82% 1997 18.53% 8.97% 7.72% 1.48% 2.47% 6.35% 11.08% -4.64% 8.00% -0.46% -5.08% -2.91% 61.48% 1996 13.92% -8.27% 4.31% 26.29% -14.51% -5.92% -9.23% -1.95% 26.88% 24.25% 16.81% -7.64% 67.60% 1995 -2.59% 14.63% 20.81% 3.46% 26.71% -2.03% -16.91% -5.95% -4.79% -9.45% 15.16% 21.57% 63.44% 1994 -28.85% 0.11% 16.36% 6.06% 9.48% 2.01% 1.21% -13.18% 19.93% -17.61% 14.47% -15.90% -17.93% 1993 -1.85% 12.16% -9.22% 11.89% 6.03% 15.00% 16.09% 8.68% -7.72% 2.90% 7.71% 14.52% 101.48 % 1992 -19.25% -12.70% -12.52% 6.65% -9.37% 17.69% 25.69% 11.22% 0.50% -4.51% 9.76% -4.14% -0.98% 1991

-8.42% 3.25% 48.70% 40.60%

See accompanying Past Performance Information on page 10 and Notes to Capsule Performance Tables p. 17.

PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.

13

CAPSULE PERFORMANCE TABLE C (UNAUDITED)

Name of the CTA: Eckhardt Trading Company Name of Trading Program: Global Financial Program Date CTA Began Trading Client Accounts: July 86 Date CTA Began Using Trading Program for Client Accounts: Nov 97 Total Assets Under Management (including Notional Funds): $649,070,600 Total Assets Under Management (excluding Notional Funds): $537,129,886 Total Assets Under Management Traded Pursuant to this Trading Program (including Notional Funds): Total Assets Under Management Traded Pursuant to this Trading Program (excluding Notional Funds): Number of Client Accounts Open: 8 Worst Monthly Percentage Drawdown: -5.43% 04/98 Since Inception: Worst Peak-to-Valley Drawdown: -19.22% 03/99 07/00 Since Inception: Number of Accounts Using Trading Program Closed with Profits: 1 Since Inception: Number of Accounts Using Trading Programs Closed with Losses: 3 Since Inception:

$205,496,514 $143,878,677 -6.77% -6.77% 1 3 12/97 12/97

REQUIRED (Most recent 5 years and YTD) Rate of Return 2003 2002 Jan -0.08% 3.06% Feb 4.24% -4.26% Mar 0.03% Apr 3.11% May 0.29% Jun 3.19% Jul 4.12% Aug 0.24% Sep 0.42% Oct -0.81% Nov -0.15% Dec 7.49% Year 4.15% 17.54%

SUPPLEMENTAL

2001 1.84% -1.03% 0.67% 0.05% 1.77% -4.77% 0.36% 8.97% -2.33% 7.44% -3.11% 0.54% 9.99%

2000 -2.16% -0.79% -0.93% -1.11% -0.02% -1.41% -0.95% 1.16% 0.88% -0.24% 13.57% 11.26% 19.45%

1999 2.71% 5.16% -3.76% -2.02% -0.34% 1.63% 2.96% -4.24% -1.29% -0.62% -0.08% -0.70% -1.02%

1998 1.39% 2.16% -2.54% -5.44% 2.66% 1.30% -2.00% 22.88% 1.62% 1.14% 0.87% 0.86% 25.01%

1997

1.19% -6.77% -5.66%

See accompanying Past Performance Information on page 10 and Notes to Capsule Performance Tables p. 17.

PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.

14

CAPSULE PERFORMANCE TABLE D (UNAUDITED)

Name of Pool: Name of Trading Program: Type of Pool: Start Date: Aggregate Subscriptions: Current Net Asset Value: Largest Monthly Drawdown (Since 1/98) Worst Peak-to-Valley Drawdown (Since 1/98) Eckhardt Futures Limited Partnership Eckhardt Trading Companys Standard Program Privately Offered Pursuant to Regulation D under the Act June 1993 $49,490,701 $71,985,849 -5.76% 03/99 -14.36% 03/99 7/00

REQUIRED (Most recent 5 years and YTD) Pro Forma Rate of Return* 2003 2002 2001 2000 Jan 1.49% 2.63% 1.60% -1.90% Feb 7.00% -4.59% -0.93% -0.41% Mar -0.96% 0.60% -1.74% Apr 3.97% -0.45% -0.15% May -0.57% 3.41% 2.00% Jun 2.57% -3.04% -1.25% Jul 2.22% -1.32% -2.53% Aug -0.33% 5.90% 0.63% Sep -0.99% -3.05% 2.48% Oct -2.12% 5.49% 0.96% Nov -1.37% -2.22% 13.30% Dec 10.76% 0.76% 9.63% Year 8.59% 10.93% 6.43% 21.72%

SUPPLEMENTAL (Inception through 1997) 1999 1.54% 5.15% -5.76% -2.45% -2.36% 1.60% 5.32% -5.52% 3.45% -2.67% 0.16% -0.58% -2.85% 1998 5.40% 2.96% -3.54% -5.58% 1.97% 1.73% -1.46% 26.08% 0.28% 0.49% 0.02% 0.86% 29.50% 1997 11.74% 6.21% 6.10% 1.35% 1.99% 5.30% 8.98% -3.23% 6.48% -0.39% -3.94% -1.93% 44.42% 1996 9.80% -5.27% 2.71% 16.62% -9.33% -3.75% -5.00% -1.79% 18.02% 15.09% 10.89% -5.63% 44.18% 1995 -1.86% 9.32% 15.62% 2.80% 19.08% -1.33% -11.01% -3.42% -3.47% -5.87% 9.63% 14.15% 46.41% 1994 -17.95% -0.01% 11.44% 1.86% 5.43% 1.37% -0.02% -9.20% 13.48% -10.76% 8.96% -10.99% -11.26% 1993

11.27% 7.86% 5.77% -5.61% 1.67% 4.99% 8.28% 38.49%

See accompanying Past Performance Information on page 10 and Notes to Capsule Performance Tables p. 17. * Certain limited partners pay reduced or no advisory fees. Therefore, for performance presentation purposes, the partnership's returns include pro forma adjustments to reflect the payment by all partners of the "standard" quarterly management fee of 0.5% (2% annually) and quarterly profit allocation of 25%.

PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.

15

CAPSULE PERFORMANCE TABLE E (UNAUDITED)

Name of Pool: Name of Trading Program: Type of Pool: Start Date: Aggregate Subscriptions: Current Net Asset Value: Largest Monthly Drawdown: Worst Peak-to-Valley Drawdown: Eckhardt Futures Limited Partnership-Global Financial Program Eckhardt Trading Companys Global Financial Program Privately Offered Pursuant to Regulation D under the Act February 9, 1998 $16,580,220 $13,405,273 -5.45% 04/98 -11.12% 03/99 7/00

REQUIRED (Most recent 5 years and YTD) Pro Forma Rate of Return* Month 2003 2002 Jan -0.05% 2.99% Feb 4.10% -4.46% Mar 0.04% Apr 3.39% May 0.21% Jun 3.09% Jul 4.10% Aug 0.27% Sep 0.39% Oct -0.86% Nov -0.21% Dec 7.32% Year 4.05% 16.97%

2001 1.98% -0.71% 0.90% 0.36% 1.88% -4.20% 0.70% 8.60% -2.32% 7.10% -2.85% 0.49% 11.78%

2000 -1.78% -0.50% -0.47% -0.82% 0.36% -1.13% -0.71% 1.50% 1.47% 0.21% 13.84% 9.67% 22.47%

1999 2.58% 5.36% -3.72% -1.99% -0.23% 1.95% 2.86% -3.75% -0.92% -0.24% 0.06% -0.49% 1.05%

1998 -1.34% -2.60% -5.45% 2.63% 1.54% -1.92% 22.57% 1.68% 0.92% 0.99% 0.81% 18.91%

See accompanying Past Performance Information on page 10 and Notes to Capsule Performance Tables p. 17. * Certain limited partners pay reduced or no advisory fees. Therefore, for performance presentation purposes, the partnership's returns include pro forma adjustments to reflect the payment by all partners of the "standard" quarterly management fee of 0.5% (2% annually) and quarterly profit allocation of 25%.

PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.

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NOTES TO CAPSULE PERFORMANCE TABLES Total Assets Under Management (including Notional Funds): is the aggregate sum of total equity under management for all programs managed by ETC (or in Total Assets under Management traded pursuant to Trading Program, for a specific program), including Notional Funds. Certain accounts are comprised in whole or part of Notional Funds, i.e. the amount by which an accounts Account Size exceeds the cash deposited to or committed to the Trading Account at the clients FCM. Account Size determines the level of trading (i.e., the number of contracts purchased or sold) and does not refer to the level or type of funding in the account. See page 8, Notionally Funded Accounts for further explanation. Total Assets Under Management (excluding Notional Funds): is the aggregate sum of total actual cash or cash equivalents deposited in, or committed to, the Trading Accounts at the clients FCM for all programs managed by ETC, or in Total Assets under Management traded pursuant to Trading Program, for a specific program. Assets excluding Notional Funds may not be indicative of the overall level of trading since trading is based on cash plus Notional Funds, if any. Required and Supplemental time periods: The Required time period is the most recent five years and year-to-date. The Supplemental time period is from the inception of a trading program (or in Capsule D and Capsule E, the partnership) through the current year-to-date. Largest Monthly Drawdown: Represents the largest loss experienced by any individual account (or in Capsule D and Capsule E, the partnership) in any calendar month expressed as a percentage of beginning equity or beginning net asset value. Worst Peak-to-Valley Drawdown: Represents the greatest cumulative percentage decline in the month-end net asset value of any individual account (or in Capsule D and Capsule E, the partnership) due to losses sustained by ETC during any period in which the accounts initial month-end net asset value is not equaled or exceeded by a subsequent month-end net asset value. Monthly Rate of Return: Until July 1996 for Capsule A, August 1996 for Capsule B and for the entire period for Capsule D, monthly rate of return is determined by dividing net performance for a month by Beginning Equity plus or minus the weighted average of additions and withdrawals. Additions and withdrawals are time weighted based upon the day they occurred and the total days in the month. (For certain months, another more representative CFTC acceptable method was used.) Due to the inclusion of accounts that include Notional Equity, beginning July 1996 for Capsule A, August 1996 for Capsule B and November 1997 for Capsule C, the monthly rate of return is computed by using the Fully-Funded Subset (Subset) method. The Subset is composed of accounts which contain only actual (i.e., cash or committed) funds. In addition to excluding accounts which contain Notional Equity, for certain months, the Subset may also exclude fullyfunded accounts whose inclusion may distort performance due to circumstances such as: the accounts opened or closed mid-month or experienced material additions or withdrawals. (In addition, during the first 12 months of a programs performance history, if the only accounts under management are those that include Notional Equity, they may be used for performance purposes until a fully-funded account is brought under management.) The net performance of the Subset is divided by the beginning equity of the Subset. To view the effect that different levels of funding may have on an accounts rate of return, or in other words, the effect that funding an account at less than its Account Size (through the use of Notional Equity) has on its rate of return, see the conversion chart for monthly rates of return on page 9. For Capsule D and Capsule E, the monthly rate of return is determined by dividing net performance for a month by beginning equity plus additions. Performance is computed in accordance with generally accepted accounting principles. Annual or YTD Rate of Return: Represents the cumulative compounded rate of return for each calendar year or portion thereof.

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