Capital Trading Group

Rankings by Calmar Ratio
For Traders Reporting Results as of Wednesday, November 19, 2008

Untitled Document

Rank	Manager	3 Year Calmar Ratio	3 Year Annualized ROR	3 Year Maximum Drawdown	Assets Under Mgt Millions	Minimum Investment
1	Tri Global FX Metro Forex Inc. Managed Accounts	23.34	33.29%	-1.43%	119.46	1,000,000
2	Edge Investment Mgt Ltd Global Diversified Program	11.16	171.63%	-15.38%	15.24	250,000
3	John Locke Investments High Frequency Prg	4.78	7.47%	-1.56%	17.00	10,000
4	Quantam S.A. Quantam GSA 1X Fund	4.34	6.42%	-1.48%	549.09	10,000
5	Attain Portfolio Advisors LLC Strategic Diversified Program	3.92	24.32%	-6.20%	24.33	1,000,000
6	Global Advisors LP Global Commodity Systematic Class	3.76	20.52%	-5.45%	243.50	250,000
7	Plimsoll Capital Headwind Program	3.69	5.66%	-1.53%	22.10	500,000
8	Molinero Capital Management LLP Global Markets Program	3.00	17.60%	-5.87%	55.73	3,000,000
9	Rochester Capital Ltd Managed Account Prg	2.96	25.02%	-8.44%	75.00	3,000,000
10	Paskewitz Asset Mgt Contrarian 3X S&P Prg	2.94	33.22%	-11.30%	85.09	1,000,000
11	EuroCapital Management LLC ECM Eurofin (Proprietary)	2.86	28.03%	-9.80%	0.38	100,000
12	Transtrend B.V. Standard Risk (USD)	2.52	13.25%	-5.26%	138.00	10,000,000
13	FX Concepts Trading Advisor, Inc Global Currency Prg (Funded)	2.51	13.77%	-5.48%	3,200.00	250,000
14	Clarke Capital Mgt, Inc. Orion Program	2.25	18.38%	-8.17%	4.90	1,000,000
15	Scully Capital Mgt, LLC Poniente Program	2.19	32.49%	-14.85%	16.18	5,000,000
16	Dominion Capital Mgt, Inc. Sapphire Program	2.15	8.48%	-3.94%	25.00	3,000,000
17	Merit Alternative Investments GmbH MERIT Futures Portfolio	2.10	9.10%	-4.33%	25.00	2,000,000
18	Transtrend B.V. DTP - Enhanced Risk (USD)	2.09	19.25%	-9.19%	4,894.00	10,000,000
19	EMC Capital Mgt, Inc. EMC Classic Program	2.09	28.32%	-13.52%	207.79	2,000,000
20	Rhicon Currency Mgt (UK) Ltd Rhicon Strategic Program	2.05	10.37%	-5.07%	445.00	5,000,000
21	Eckhardt Trading Company Standard Program	2.02	15.99%	-7.91%	416.00	10,000,000
22	Scully Capital Mgt, LLC Mistral Program	2.01	42.80%	-21.26%	15.49	5,000,000
23	Quantitative Investment Mgt LLC Global Program	2.00	15.54%	-7.77%	3,459.47	20,000,000
24	John Locke Investments Cyril Systematic USD	1.99	20.37%	-10.25%	76.00	100,000
25	Traderight Limited Global Resources Programme	1.93	8.99%	-4.65%	16.00	5,000,000
26	Transtrend B.V. DTP - Enhanced Risk (EUR)	1.93	19.11%	-9.91%	1,359.00	10,000,000
27	Clarke Capital Mgt, Inc. Jupiter Program	1.86	31.40%	-16.85%	15.60	3,000,000
28	Red Rock Capital Mgt, Inc. Diversified Program	1.86	21.75%	-11.71%	4.98	500,000
29	Eckhardt Trading Company Standard HL Program	1.85	17.26%	-9.34%	238.50	10,000,000
30	Dighton Capital Multi-Strategy Program	1.83	19.02%	-10.37%	15.00	50,000
31	Winton Capital Mgt Ltd Diversified Programme	1.79	17.24%	-9.65%	5,000.00	10,000,000
32	DeSoto Capital Mgt E-Mini Program	1.76	28.19%	-16.06%	2.13	100,000
33	Beach Horizon LLP MAP	1.74	26.92%	-15.43%	139.00	5,000,000
34	Golden West CTA, LLC Options Program	1.74	23.58%	-13.58%	1.11	100,000
35	Mobius Asset Mgt Energy Weighted Program	1.71	12.05%	-7.06%	8.40	250,000
36	Heyden & Steindl TOMAC 2	1.70	27.77%	-16.38%	39.30	3,000,000
37	FTC Capital GmbH FTC Commodity Fund Alpha	1.67	22.79%	-13.66%	66.95	100,000
38	MIGFX Retail Program	1.65	23.20%	-14.08%	10.50	100,000
39	Transtrend B.V. DTP - Enhanced Risk (JPY)	1.65	17.34%	-10.53%	0.10	10,000,000
40	Zone Capital FX Managed Account	1.62	27.73%	-17.14%	1.50	100,000
41	Transtrend B.V. Standard Risk (EUR)	1.61	11.05%	-6.86%	631.00	10,000,000
42	TYL Trading, LLC Blend Diversified Program	1.58	12.74%	-8.04%	9.08	100,000
43	Abraham Trading Company Diversified Program	1.58	23.34%	-14.79%	290.75	10,000,000
44	Fall River Capital LLC Global Strategies High Leverage Prg	1.56	29.20%	-18.67%	86.43	1,000,000
45	NuWave Investment Corp Combined Futures Portfolio (2x)	1.52	21.18%	-13.91%	407.44	20,000,000
46	Claughton Capital Institutional Program	1.48	19.65%	-13.29%	34.10	1,000,000
47	MIGFX Institutional Program	1.46	12.73%	-8.72%	28.00	1,000,000
48	Fall River Capital LLC Global Strategies STD Program	1.45	13.47%	-9.29%	54.93	1,000,000
49	Altis Partners (Jersey) Limited Altis Global Futures Portfolio - Composite	1.44	33.94%	-23.58%	1,344.07	10,000,000
50	Hyman Beck & Company Global Portfolio	1.43	24.70%	-17.23%	428.91	1,000,000
51	Clarke Capital Mgt, Inc. Millennium Program	1.42	33.60%	-23.74%	72.20	1,000,000
52	Livestock CTA, LLC MAP	1.39	77.09%	-55.42%	6.54	25,000
53	Alpha Asset Mgt s.r.l. Stock Index Premium Collection	1.38	11.64%	-8.46%	0.27	15,000
54	Jaguar Investments Ltd Commodity Trading Program	1.35	6.66%	-4.93%	42.00	250,000
55	Eckhardt Trading Company Global Financial Program	1.34	12.74%	-9.50%	153.60	10,000,000
56	Tactical Investment Mgt Corp Institutional Commodity Program	1.34	29.81%	-22.23%	34.60	2,000,000
57	Dighton Capital Aggressive SP	1.33	54.82%	-41.13%	200.00	50,000
58	Rivoli Fund Management Rivoli International Fund	1.33	20.64%	-15.49%	106.01	5,000,000
59	Northfield Trading L.P. Diversified Program	1.33	14.65%	-11.01%	104.70	2,000,000
60	Waypoint Capital Management Diversified Futures	1.27	21.37%	-16.87%	50.66	1,500,000
61	RAM Management Grp, Ltd MRTP Aggressive Program	1.26	45.65%	-36.36%	2.04	250,000
62	Saxon Investment Corp Aggressive Diversified Program	1.24	31.44%	-25.34%	51.40	5,000,000
63	Rivoli Fund Management Rivoli Managed Account Program	1.23	17.71%	-14.35%	32.40	5,000,000
64	Reynoso Asset Mgt, LLC Options Arbitrage Program	1.20	9.85%	-8.18%	1.94	1,000,000
65	Hawksbill Capital Mgt Global Diversified Half Leverage	1.17	17.26%	-14.76%	3.20	1,000,000
66	FTC Capital GmbH FTC Futures Fund Classic	1.17	22.66%	-19.40%	83.99	100,000
67	Red Oak Advisors, Inc. Fundamental Program	1.15	24.97%	-21.78%	35.40	5,000,000
68	Strategic Investments Equity Hedge Program	1.13	11.58%	-10.22%	2.24	350,000
69	Madgroup Investments LLC Aggressive Growth	1.12	34.90%	-31.18%	0.13	100,000
70	RAM Management Grp, Ltd MRTP 1X Conservative Program	1.12	14.51%	-13.01%	6.56	750,000
71	Somers Brothers Capital, LLC Diversified Futures Program #1	1.11	37.14%	-33.53%	4.10	1,000,000
72	Dighton Capital USA Swiss Futures Trading Program	1.09	40.14%	-36.91%	28.70	100,000
73	Saxon Investment Corp Diversified Program	1.08	16.82%	-15.56%	10.60	5,000,000
74	FTC Capital GmbH FTC Futures Fund Dynamic	1.07	33.11%	-30.94%	38.14	100,000
75	Hawksbill Capital Mgt Global Diversified Program	1.05	33.58%	-31.87%	60.70	2,000,000
76	Briarwood Capital Mgt, Inc Diversified Trading Program	1.05	10.66%	-10.14%	180.81	2,000,000
77	Global Wealth Analytics, Inc. Class B Program	1.04	51.55%	-49.72%	0.46	200,000
78	John Locke Investments Cyril Systematic	1.03	14.83%	-14.36%	59.00	6,000,000
79	Vaca Capital Mgt, LLC Global Diversified Program	1.01	14.38%	-14.30%	3.30	1,000,000
80	Millburn Ridgefield Corp Millburn Diversified Program	0.98	14.56%	-14.84%	1.25	250,000
81	Keck Capital Mgt, LLC Keck Program	0.96	27.89%	-28.98%	33.44	2,000,000
82	Rosetta Capital Mgt, L.L.C. Rosetta Trading Program	0.95	18.34%	-19.24%	87.60	50,000
83	Strategic Investments Commodity Program	0.93	13.25%	-14.31%	1.76	200,000
84	Scalae Management, LLC Diversified Program	0.92	12.82%	-14.00%	29.00	1,000,000
85	Clarke Capital Mgt, Inc. Worldwide Program	0.90	23.48%	-26.04%	18.70	250,000
86	Covenant Capital Mgt of Tennessee Aggressive Program	0.90	18.32%	-20.41%	1.90	500,000
87	Clarke Capital Mgt, Inc. Global Basic Program	0.89	22.25%	-24.87%	15.00	100,000
88	Merit Alternative Investments GmbH CRISTL	0.88	7.45%	-8.47%	11.00	2,000,000
89	Parizek Capital Inc. Diversified Program	0.88	36.08%	-41.21%	0.00	1,000,000
90	Dominion Capital Mgt, Inc. Forex Program	0.87	6.22%	-7.13%	10.00	3,000,000
91	2100 Xenon Group LLC 2100 Xenon Diversified Program	0.85	6.27%	-7.37%	27.94	3,000,000
92	FX Concepts Trading Advisor, Inc Multi-Strategy Prg (Funded)	0.84	8.80%	-10.45%	3,500.00	250,000
93	Alder Capital Alder Capital 10	0.84	5.88%	-7.04%	34.00	2,000,000
94	Tamarkin Managed Futures LLC Managed Account Program	0.81	17.42%	-21.38%	0.17	1,000,000
95	Mobius Asset Mgt New Diversified Program	0.81	8.51%	-10.56%	6.20	300,000
96	District Capital Mgt Diversified Program	0.79	36.90%	-46.72%	5.35	150,000
97	Sunrise Capital Mgt, Inc Expanded Diversified Program	0.77	14.91%	-19.32%	998.59	10,000,000
98	Mobius Asset Mgt Combo Program	0.74	7.87%	-10.61%	0.00	100,000
99	Madgroup Investments LLC Standard Growth Program	0.74	15.59%	-21.12%	0.63	25,000
100	John W. Henry & Company Global Analytics	0.73	22.24%	-30.57%	161.00	20,000,000

Excerpts from "Building Wealth with Managed Futures"

Annualized Compound Rate of Return: "...the higher the Rate of Return, the great the historical annual rate of performance."

Annualized Standard Deviation: "indicates variance of return from the mean return.."

Annualized Sharpe Ratio: "a rusk-adjusted return statistic calcuated using a 5.0% Risk-Free Rate of Return."

Downside Deviation: "Measures downside volatility by only including monthly performance less than a 7.5% Minimal Acceptable Rate of Return."

Annualized Sortino Ratio "considers excess return over Minimum Acceptable Rate of Return (7.50%) and divides it by Downside Deviation."

Sterling Ratio "a rusk-adjusted return statistic calcuated using the last 36 months of data."

Calmar Ratio -"...represents the historical amount gained for each dollar risked � it is calculated over the last 36 month period."

PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE SUCCESS

THE RISK OF TRADING COMMODITY FUTURES, OPTIONS AND FOREIGN EXCHANGE ("FOREX") IS SUBSTANTIAL. THE HIGH DEGREE OF LEVERAGE ASSOCIATED WITH COMMODITY FUTURES, OPTIONS AND FOREX CAN WORK AGAINST YOU AS WELL AS FOR YOU. THIS HIGH DEGREE OF LEVERAGE CAN RESULT IN SUBSTANTIAL LOSSES, AS WELL AS GAINS. YOU SHOULD CAREFULLY CONSIDER WHETHER COMMODITY FUTURES, OPTIONS AND FOREX IS SUITABLE FOR YOU IN LIGHT OF YOUR FINANCIAL CONDITION. IF YOU ARE UNSURE YOU SHOULD SEEK PROFESSIONAL ADVICE. PAST PERFORMANCE DOES NOT GUARANTEE FUTURE SUCCESS. IN SOME CASES MANAGED ACCOUNTS ARE CHARGED SUBSTANTIAL COMMISSIONS AND ADVISORY FEES. THOSE ACCOUNTS SUBJECT TO THESE CHARGES, MAY NEED TO MAKE SUBSTANTIAL TRADING PROFITS JUST TO AVOID DEPLETION OF THEIR ASSETS. EACH COMMODITY TRADING ADVISOR ("CTA") IS REQUIRED BY THE COMMODITY FUTURES TRADING COMMISSION ("CFTC") TO ISSUE TO PROSPECTIVE CLIENTS A RISK DISCLOSURE DOCUMENT OUTLINING THESE FEES, CONFLICTS OF INTEREST AND OTHER ASSOCIATED RISKS.

PROSPECTIVE CLIENTS SHOULD NOT BASE THEIR DECISION ON INVESTING IN THIS TRADING PROGRAM SOLELY ON THE PAST PERFORMANCE PRESENTED. ADDITIONALLY, IN MAKING AN INVESTMENT DECISION, PROSPECTIVE CLIENTS MUST ALSO RELY ON THEIR OWN EXAMINATION OF THE PERSON OR ENTITY.

THE ABOVE PERFORMANCE NUMBERS HAVE BEEN SUPPLIED BY THE CTAS. CAPITAL TRADING GROUP, IN NO WAY GUARANTEES THE ACCURACY OF THESE NUMBERS AND HAS SUPPLIED THEM TO YOU FOR INFORMATIONAL PURPOSES ONLY. THIS DOES NOT CONSTITUTE A SOLICITATION TO BUY OR AN OFFER TO SELL. NO INVESTMENT SHOULD BE MADE WITHOUT FULLY REVIEWING THE ASSOCIATED RISK FACTORS, FEES AND CONFLICTS OF INTEREST AS OUTLINED IN EACH CTA'S RISK DISCLOSURE DOCUMENT. THERE MAY BE CTAS WHO HAVE CHOSEN NOT TO PARTICIPATE THAT MAY HAVE BETTER OR WORSE PERFORMANCE THAN THOSE LISTED HERE.

PLEASE NOTE THAT THERE IS AN INHERENT RISK OF LOSS ASSOCIATED WITH TRADING FUTURES AND OPTIONS CONTRACTS. PLEASE CAREFULLY CONSIDER YOUR FINANCIAL CONDITION BEFORE INVESTING IN FUTURES AND OPTIONS CONTRACTS. FUTURES TRADING IS NOT SUITABLE FOR ALL INVESTORS.