Haar Capital Management

Program	Past 12 Months	Apr		YTD	CAROR	WDD	AUM	Min Inv	Visits
Discretionary Ag-Only Program					1.96	-10.73		250k	676
Discretionary Commodity Trading Program			1.33	0.14	7.26	-17.67	123.6M	250k	3268
Discretionary Tangible Commodity Program					-	-10.15		500k	688

CTA Introduction

Principal Bio: Stanley Haar joined Smith Barney (Citigroup) as a financial consultant in May 2002; he resigned on August 1, 2005 to begin organizing the managed account program at Haar Capital. Before joining Smith Barney, Mr. Haar spent three months (February 2002-May 2002) focused on proprietary commodity trading and investments. From November 1997 to February 2002, Mr. Haar was manager of international business development for Franklin Templeton Investments. He provided legal, administrative and marketing support for the successful start-up of Bradesco Templeton Asset Management Ltda., a joint venture with one of Brazil's largest banks. Mr. Haar also served on the investment committee of the Fundo Bradesco Templeton de Valor e Liquidez, a corporate governance equity fund, with portfolio management responsibility for the agribusiness and textile holdings in the fund. Earlier in his career, Mr. Haar spent 8 years with Continental Grain Company, holding various trading and management positions in the United States and Latin America. For 3 years he was the commercial director of Brazilian operations, with trading and risk management responsibilities for a soybean processing plant, country elevator network, vegetable oil refinery, feed mill, integrated poultry division, and grain export terminals.. Mr. Haar received a BA degree in Economics and International Studies from the School of International Service at American University (1971). He earned his degree in two calendar years with the highest GPA in university history, and was awarded a National Science Foundation Fellowship for graduate study in economics. In 1971-72, Mr. Haar was a Fulbright Scholar in Brazil, where his research focused on the International Coffee Agreement. Mr. Haar holds three graduate degrees from Stanford University: MBA (1977) from the Graduate School of Business, MA (1990) from the Food Research Institute (concentration in futures markets and international trade), and JD (1993) from Stanford Law School. He has written articles on futures markets and international investments for publications such as Commodities Magazine and the Global Finance Journal.