Capital Trading Group

CTA Profile - Delta Capital,, LLC
Program - Delta Hybrid (P)
Principal(s): Jantz Hoffman, Zoran Cetusic & John Burnside
Trading Strategy: Systematic / Forex & Indices

Trading Description:
The Delta Hybrid program looks to capitalize on inefficient market movements through similar assets. The automated program trades Forex and futures contracts simultaneously to capitalize on the inefficiencies targeted. The objective is to profit as the market corrects and re-attains efficiency. The program may be long or short either futures or Forex positions but each position will always have a counter position in a correlating asset. Due to the efficient nature of the markets Delta Hybrid will often not have a market position as the algorithms wait to identify proper inefficiencies. Entry sizes and margin used will vary depending on the measure of divergence of efficiency in the market at the time of entry. The dynamic entry sizes allow for larger positions to be placed when the traded assets are calculated to be more inefficient and thus the larger divergences come with greater profit potential.

As futures and Forex accounts are handled differently with the FCMs, participants in the Delta Hybrid may be required to open both a futures and a Forex account. The funds within these accounts will be managed by Delta Capital and transferred as needed from futures account to Forex account, and vice versa, if needed to maintain sufficient margin requirements for the program to operate. Management and performance fees will be charged on the collective net sum of both accounts on a monthly basis. The Delta Hybrid Forex accounts may trade the spot currencies from the G12 countries (Australian dollar, Canadian dollar, Euro dollar, Japanese yen, Swiss franc, Great Britain pound, and United States dollar), while Delta Hybrid futures accounts may trade broad based indices, metals, agriculture and currency interest rate futures contracts.

Trading Approach

Systematic - 100.00%
Discretionary - 0.00%
Trading Methodology

Markets Traded
Non Diversified Interbank Forex Energies Agricultures Meats Stock Indicies
Sector
Global Markets
Contracts Traded
Futures Forex

Annual Performance Since 2003

2003	0.00%
2004	0.00%
2005	0.00%
2006	0.00%
2007	0.00%
2008	0.00%
2009	0.00%

Recent Performance

Currency Denomination - US Dollars

2010	Monthly Return	YTD Return	Assets Under Mgt
07/31/10	-0.62%	-13.92%	85,922
06/30/10	-8.30%	-13.38%	86,606
05/31/10	-11.12%	-5.54%	94,447
04/30/10	-2.36%	6.27%	106,263
03/31/10	2.30%	8.84%	110,000
02/28/10	3.71%	6.40%	105,000
01/31/10	2.59%	2.59%	102,000

VAMI Chart (Based on a $1,000 Initial Value)

Monthly Percentage Returns Chart

PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS

Investment Details

Disclosure Document Date	05/01/10
Starting Date of Program	01/20/10
Accepting New Money?	Yes
Average Annual Rate of Return	-23.86%
Peak to Valley Drawdown	-20.91 %
Average Margin as % of Equity	45.00%
Round Turns per Million	6,750
Minimum Sized Account	100,000
Currency Denomination	US Dollars
Management Fee	2.00%
Incentive Fee	20.00%
Notional Funding?	Yes
Member of NFA	Yes
Other Memberships	None

Statistical Definitions
(1) From January 1990 or Starting Date of Program - The Annual Average Rate of Return represents the compounded rate of return for each year or portion thereof presented. It is computed by applying successively respective monthly rate of return for each month beginning with the first month of that period. This includes all monthly data from the inception of the program or from January 1990, whichever is less.
(2) From January 1990 or Starting Date of Program - The Worst Peak-to-Valley Drawdown is defined as the greatest cumulative percentage decline in net asset value due to losses sustained by the trading program during any period in which the initial net asset value is not equaled or exceeded by a subsequent asset value. "Monthly" indicates that the Worst-Peak-to-Valley Drawdown" is based on monthly Data.

Risk Disclosure
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. A HARD COPY OF THESE RISK DISCLOSURE DOCUMENTS ARE READILY AVAILABLE BY CLICKING ON EACH CTA'S "REQUEST DISCLOSURE DOCUMENT" BUTTON. THE FULL RISK OF COMMODITY FUTURES, OPTIONS AND FOREX TRADING CAN NOT BE ADDRESSED IN THIS RISK DISCLOSURE STATEMENT. NO CONSIDERATION TO INVEST SHOULD BE MADE WITHOUT THOROUGHLY READING THE DISCLOSURE DOCUMENT OF EACH OF THE CTAS IN WHICH YOU MAY HAVE AN INTEREST. REQUESTING A DISCLOSURE DOCUMENT PLACES YOU UNDER NO OBLIGATION AND EACH DOCUMENT IS PROVIDED AT NO COST. THE CFTC HAS NOT PASSED UPON THE MERITS OF PARTICIPATING IN ANY OF THE FOLLOWING PROGRAMS NOR ON THE ADEQUACY OR ACCURACY OF THE DISCLOSURE DOCUMENTS. OTHER DISCLOSURE STATEMENTS ARE REQUIRED TO BE PROVIDED TO YOU BEFORE AN ACCOUNT MAY BE OPENED FOR YOU.

PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. 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 MAKING THE TRADING DECISIONS AND THE TERMS OF THE ADVISORY AGREEMENT INCLUDING THE MERITS AND RISKS INVOLVED.

THE ABOVE PERFORMANCE NUMBERS HAVE BEEN SUPPLIED BY THE CTAS. CAPTIAL TRADING GROUP LP 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 CTAS IN OUR DATABASE.

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