Summary

Valu-Trac Strategic (VT Strategic) is a systematic, global investment strategy. VT Strategic is diversified over 42 assets consisting of 15 equity markets, 6 bond markets, 6 currencies and 15 commodities; investments are executed primarily through futures and forwards. Four sub-strategies corresponding to the 4 asset classes invest according to the level and behavior of Intrinsic Value. VT Strategic started trading with proprietary capital in October 2002 and outside capital in March 2003. Outside capital consists of a Cayman Islands domiciled master feeder fund and a number of managed accounts. The strategy was developed by Peter Millar, CIO, and Peter Hart, Head of Alternative Investment. Prior to founding Valu-Trac in 1985, Peter Millar was: UL Senior Investment Manager in the Bond-Equity Department for the Abu Dhabi Investment authority 1977-1984, Director of Investment Services/Investment Manager at Touche Remnant in London 1970 - 1977, and Investment Analyst/Manager at Alliance Trust in Scotland 1963 - 1970. He is a member of the Institute of Chartered Accountants of Scotland. Peter Hart rejoined Valu-Trac in 1999 as Investment Director having previously been: Senior Credit Analyst/Assistant Manager at Sumitomo Bank Capital Markets 1994 - 1999, Research at Nomura Securities 1993 - 1994, An English/Japanese language teach/student in Japan 1991 - 1993, and Investment Analyst at Valu-Trac Research 1986 - 1990. He is an associate of the UK Society of Investment Professionals and received a BSc Honours in Mathematics from Manchester University in 1985.