1. © Copyright 2002-2003 Dolphin Capital Management Ltd. All rights reserved internationally. Introducing

2. Overview  Registered with the Commodities Futures Trading Commission as a Commodities Trading Advisor.  Founded in September 1994  20 Employees  Sub-Advisory Relations  Registered Investment Advisor with the Securities Commission of the Bahamas

3. © Copyright 2002-2003 Dolphin Capital Management Ltd. All rights reserved internationally. Founding Member  Bartholomew P. Bacon Founder and President of Dolphin Capital  Management Inc. (“DCMI”)  Developer of DCMI’s proprietary trading systems.  Over 20 years of trading experience including positions at Commodities Corporation, Moore Capital Management Inc., and Tudor Investment Corporation  M.BA. in Finance, Wharton School of Business,  B.A. in Physics, University of North Carolina, Chancellor’s Award – Physics and Navy ROTC.  Captain, United States Marine Corps.

4. © Copyright 2002-2003 Dolphin Capital Management Ltd. All rights reserved internationally. Leadership  Dolphin Capital Management, Ltd. Bartholomew P. Bacon Founder and President of Dolphin Capital Management Inc. Randal S. Gustafson Chief Operating Officer Charles H. Moses II Vice President, Research, Systems, and Verification & Vice President, Trade Administration Brant A. Brubaker Vice President, Trade Execution Don L. Ellingsworth Chief Information Officer Alexander F. Maggi Chief Financial Officer Mr. Bartholomew P. Bacon is the President, Chairman of the Board of Dolphin Capital Management, Ltd. Mr. Bacon is responsible for making trading decisions and guiding overall strategy and product development for Dolphin. He is registered with the Commodity Futures Trading Commission as Principal and an Associated Person of Dolphin and is a member of the National Futures Association in such capacities. Quote: “Our greatest asset is the exceptionally talented staff at Dolphin Capital.”

5. © Copyright 2002-2003 Dolphin Capital Management Ltd. All rights reserved internationally. Organizational Chart

6. © Copyright 2002-2003 Dolphin Capital Management Ltd. All rights reserved internationally. Departments  Research, Systems and Verification Section Conducts all trading system research and development, as well as routine trading system operations.  Trade Administration Section Responsible for fund and managed account administration; regulatory compliance; client, industry, and clearing broker relations; and management of back office operations.  Trade Execution Section Tracks, monitors, and executes all trades for the firm as directed by the company's trading systems and Mr. Bacon. - Responsible for collecting data, updating and maintaining various databases, maintaining market feeds, and maintaining executing broker and dealer relations.  Information Technology Section Responsible for developing and maintaining all aspects of the company's technology infrastructure (with the exception of the trading algorithms) including internal networks, PC hardware and software, and the company Web site. - Developed over a dozen proprietary software programs to help run critical operational and administrative processes. - Oversees proprietary software programs as well as commercially available software, and regularly upgrades hardware and software to maintain current technologies.  Business Administration Section Responsible for all corporate accounting, facility maintenance, and human resource functions of the company.

7. © Copyright 2002-2003 Dolphin Capital Management Ltd. All rights reserved internationally. Trading Programs  Each trading program represents a combination of the various trading systems applied to a portfolio using a target level of leverage.  Multiple computerized trading systems are employed simultaneously to create a highly disciplined, time-tested, and unique blend of technical analysis and risk control.

8. © Copyright 2002-2003 Dolphin Capital Management Ltd. All rights reserved internationally. Diversified Programs  Dolphin's Global Diversified programs trade over fifty markets diversified among short-term interest rates, bonds, currencies, stock indices, agriculturals, energies, and precious metals. Futures contracts, options on futures, forward contracts, and cash commodity positions are utilized.

9. © Copyright 2002-2003 Dolphin Capital Management Ltd. All rights reserved internationally. Global Diversified Funds  Global Diversified I Dolphin's flagship program for non-U.S. clients.  Global Diversified II Dolphin's flagship program for U.S. clients.  Global Diversified I-SC Uses the same methodologies as Global Diversified I, with client-specific portfolio modifications.

10. © Copyright 2002-2003 Dolphin Capital Management Ltd. All rights reserved internationally. Annual Performance

11. © Copyright 2002-2003 Dolphin Capital Management Ltd. All rights reserved internationally. Last 12 Months

12. © Copyright 2002-2003 Dolphin Capital Management Ltd. All rights reserved internationally. Vehicles & Assets  Estimate Past results are not necessarily indicative of future results. There can be no assurance that a participating client will make any profits at all or will be able to avoid incurring substantial losses.

13. © Copyright 2002-2003 Dolphin Capital Management Ltd. All rights reserved internationally. Dolphin Global Fund  Principal Objective  Trading strategies achieve appreciation of client assets through speculative trading of financial instruments.  Portfolio  Comprised of over fifty markets diversified among short-term interest rates, bonds, currencies, stock indices, agriculturals, energies and precious metals.  Tools  Exchange-traded futures contracts, options on futures and options on equity indices, as well as spot and forward contracts in the foreign exchange markets, for it's trading.  Systems  Computerized trading systems simultaneously create a highly disciplined, time-tested and unique blend of technical analysis and risk control.

14. © Copyright 2002-2003 Dolphin Capital Management Ltd. All rights reserved internationally. Fund Returns

15. © Copyright 2002-2003 Dolphin Capital Management Ltd. All rights reserved internationally. Monthly PCT Returns

16. © Copyright 2002-2003 Dolphin Capital Management Ltd. All rights reserved internationally. Fund vs. S&P

17. © Copyright 2002-2003 Dolphin Capital Management Ltd. All rights reserved internationally. Fund Statistics

18. © Copyright 2002-2003 Dolphin Capital Management Ltd. All rights reserved internationally. Assets Under Mgmt

19. © Copyright 2002-2003 Dolphin Capital Management Ltd. All rights reserved internationally. Trading Methodology - Data Management - Trade Decisions - Trade Desk Operations - Trade/Position Tracking  “Technical Analysis” The theory that market prices repeat similar patterns over time.  “Systems Trading” Trading based on computer systems that identify trends across a broad range of markets to provide buy and sell signals to trade instruments in these markets in an attempt to profit from the price trends.  Proprietary Systems Trading Methodology Developed by Bartholomew P. Bacon utilizing pattern recognition techniques (including Elliott Wave Theory), moving averages and volatility statistics.  Sophisticated, Autonomous Trading Highlighted by automated:

20. © Copyright 2002-2003 Dolphin Capital Management Ltd. All rights reserved internationally. Trading Systems  System 25 - long-term trend following system.  System 55 - medium-term trend following system, excludes grains and cotton.  System 54 - medium-term trend following system, includes grains and cotton.  Incorporates an “add on” feature that gradually adds to a given position consistent with a profitable trend.  Systems 25, 55 and 54 are applied to almost all of the markets in the portfolio at all times.  The medium-term (55 and 54) and long-term (25) systems are designed to work together.  System 16 – infrequently traded cyclical pattern recognition system that attempts to profit from major bear markets in stock indices only.

21. © Copyright 2002-2003 Dolphin Capital Management Ltd. All rights reserved internationally. External Variables  Open, High, Low and Close price information is the main data input used by the systems.  Cash currency interest rates and forward points are used for currencies.  Foreign exchange rates are utilized for non-U.S. futures instruments.

22. © Copyright 2002-2003 Dolphin Capital Management Ltd. All rights reserved internationally. System Characteristics  Can be “flat” – no position in market.  Entry stops are far away from market  No order generated by the system.  Long-term and medium-term systems can take opposite positions, resulting in a very small net position.  The systems’ diversification, risk control, and trend-following techniques provide an expectation of profits whenever markets are trending over the medium and long term.  Conversely, if many markets are simultaneously displaying non-trending, choppy patterns, the system may generate losses.

23. © Copyright 2002-2003 Dolphin Capital Management Ltd. All rights reserved internationally. Diversification & Risk Management  Diversified across an average of about 50 different markets every day, including currency, short interest rate, bond, stock index, precious metal, agricultural and energy instruments.  Risk between 0.1% and 0.6% of the total portfolio equity from entry price to stop loss on each trade.  Position size scaled based on correlation between markets.

24. © Copyright 2002-2003 Dolphin Capital Management Ltd. All rights reserved internationally. Types of Instruments Traded  Futures contracts, cash and forward contracts, options on futures contracts and physical commodities, foreign exchange forwards contracts, and other financial instruments are traded the following underlying: Currencies Agriculturals Short-Term Interest Rates Soft Commodities Bonds Energies Stock Indices Precious Metals  Accordingly, given its commitment to research, DCMI may change the portfolios of its trading programs at any time to take advantage of trading any liquid market in the world.  Technical Analysis is a continuous process, and the challenge is to find algorithms and pattern recognition in a dynamic environment.

25. © Copyright 2002-2003 Dolphin Capital Management Ltd. All rights reserved internationally. Discipline  Positions and trades are determined almost entirely by the algorithms of the systems.  Discretionary overrides occur infrequently, when either unusual risk or unusual opportunity is present in the markets.  Example of discretionary override - No short energy positions due to Crisis in the Middle East

26. © Copyright 2002-2003 Dolphin Capital Management Ltd. All rights reserved internationally. Average Length & Range of Trade SystemsWinning TradeLosing Trade Medium- Term Average – 12Weeks Minimum – Undetermined Maximum – Greater than 6 Months Average – 1 to 2 Weeks Minimum – 1 Day Maximum – Undetermined Long- Term Average – 24 Weeks Minimum – Undetermined Maximum – Greater than 1 year Average – 2 to 4 Weeks Minimum – 1 Day Maximum – Undetermined

27. © Copyright 2002-2003 Dolphin Capital Management Ltd. All rights reserved internationally. Trade Entry  Systems generate entry signals based on pattern recognition and/or trend following.  System 16 enters positions mainly against the trend.  The trading algorithms not only calculate the entry point for a given position, but also the stop loss price before that position is entered, thereby allowing the system to determine how many contracts to trade in order to risk a defined amount of equity.  Systems 25, 54, and 55 enter positions only with the trend.

28. © Copyright 2002-2003 Dolphin Capital Management Ltd. All rights reserved internationally. Trade Exit  System calculates an exit stop on every existing position every day and exit stops are resting in the market every minute the markets are open. 50% - On trailing stop prices, which move to lock in profit as the market is in a middle of a trend. 40% - On reversal prices, when the trend has reversed direction. 10% - On signal that trend has ended.  Losing positions are exited according to the stop loss price predetermined at entry by the system.  Winning positions are exited as follows:

29. © Copyright 2002-2003 Dolphin Capital Management Ltd. All rights reserved internationally. Trade Execution  8 AM to 8 PM EST - Trading Desk watches the stops using alarms on market machines.  8 PM to 8 AM EST - Brokers and Dealers watch stops and have access to multiple DCMI traders every night.  When a stop is triggered, the Trading Desk immediately exercises discretion on how to execute the order at the best possible fill price.  Explicit Trading Rules emphasize limitation of risk and protection of capital as primary tenets.  Slippage - the difference between the system- generated stop price and the market fill price - is reviewed for each trade every day to monitor the quality of trade execution.

30. © Copyright 2002-2003 Dolphin Capital Management Ltd. All rights reserved internationally. Your Decision to Invest  “Heart” of the systems derived from the principals and philosophies utilized by Mr. Bacon in the architecture and development – DISCIPLINE and RISK CONTROL  DISCIPLINE – to follow the systems algorithms with diligence and vigor  RISK CONTROL – to preserve the client’s capital via broad diversification and minimization of risk on any given market position. - Double-digit returns in 8 of the past 9 years in a non-correlated asset class.

31. © Copyright 2002-2003 Dolphin Capital Management Ltd. All rights reserved internationally. Investment Vehicles Fund:The Dolphin Capital Fund Limited Partnership (U.S. Investors) Dolphin Global Fund Limited (Non-U.S. Investors) Minimum Investment:USD$100,000 Subscriptions:Monthly, with 10 days prior notice Redemptions:Monthly, with 10 days prior notice Trading Advisor:Dolphin Capital Management Inc. Management Fee:3% per annum Incentive Fee:20% of the Net New Profit payable at the end of the calendar quarter Customized Managed Accounts are available subject to a minimum investment of $2.5 million.

32. © Copyright 2002-2003 Dolphin Capital Management Ltd. All rights reserved internationally. Appendix  Appendix A - Sample Trade including DELMEs, charts, etc.  Appendix B - Bios

33. © Copyright 2002-2003 Dolphin Capital Management Ltd. All rights reserved internationally. Dolphin Capital Management Ltd. Goodman's Bay Corporate Centre P.O. Box CB-12407 Nassau, Bahamas Phone:242.502.7044 Fax:242.325.5689 http://www.DolphinCap.com Info@DolphinCap.com