Summary

Emission Instruments Program - On January 2, 2007 Lone Wolf initiated trading of the company's Emissions Instruments Program. The exact nature of Lone Wolf's emission trading program is proprietary and confidential. The following description is of necessity general and is not intended to be exhaustive. Lone Wolf's emission trading program is technically driven and has been developed specifically for emission markets by incorporating concepts that Lone Wolf Investments believe are essential to successfully trading these markets. The program is designed to provide commodity-specific exposure to global emission markets and provide superior risk-adjusted returns that are non-correlated to other asset classes. Currently the program trades the European Carbon Financial Instrument (CFI) Futures contract which trades at the European Climate Exchange (ECX). The program trades both the current year's emission vintage and the next year's emission vintage so at this time the program trades the December 2010 and December 2011 contracts. Lone Wolf Investments has also built a database of systems to trade other emission products such as Sulfur Financial Instrument (SFI) futures and Nitrogen Financial Instrument (NFI) futures which trade at the Chicago Climate Futures Exchange and Lone Wolf may include these instruments in our program at our discretion.