Performance Breakdown

April 2012                       -0.4%

Last 3 Months                 5.6%

Year to Date                   18.1%

Inception to Date            22.4%

Performance results include commissions, exchanged, NFA and monthly accounting fee. Performance is net all fees.

Performance Breakdown

March 2012                             -0.7%

Last 3 Months                         18.5%

Year to Date                           18.5%

Inception to Date                    22.9%

Performance results include commissions, exchanged, NFA and monthly accounting fee. Performance is net all fees.

Value Added Monthly Index -VAMI

Performance Breakdown

February 2012                         5.6%

Last 3 Months                         20.6%

Year to Date                           19.4%

Inception to Date                    23.7%

Performance results include commissions, exchanged, NFA and monthly accounting fee. Performance is net all fees.

Value Added Monthly Index -VAMI

Performance Breakdown

January 2012                           13.1%

Last 3 Months                         9.0%

Year to Date                           13.1%

Inception to Date                    17.2%

Performance results include commissions, exchanged, NFA and monthly accounting fee. Performance is net all fees.

Value Added Monthly Index -VAMI

Performance Breakdown

December 2011                       1.1%

Last 3 Months                         -1.6%

Year to Date                           -33.5%

Inception to Date                    3.6%

Performance results include commissions, exchanged, NFA and monthly accounting fee. Performance is net all fees.

Value Added Monthly Index -VAMI

Performance Breakdown

 November 2011                      -4.6%

 Last 3 Months                         -17.5%

 Year to Date                           -34.2%

 Inception to Date                    2.5%

 Performance results include commissions, exchanged, NFA and monthly accounting fee. Performance is net all fees.

Value Added Monthly Index -VAMI

Performance Breakdown

October 2011                          2.1%

Last 3 Months                         -6.9%

Year to Date                           -30.9%

Inception to Date                    7.5%

Performance results include commissions, exchanged, NFA and monthly accounting fee.  Performance is net all fees.

PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.

Updated TBE Capital Results

Performance Breakdown

September 2011                      -15.3%

Last 3 Months                         -5.8%  

Year to Date                           -32.4%

Inception to Date                      5.3%

Performance results include commissions, exchanged, NFA and monthly accounting fee.  Performance is net all fees.

PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.

March Outlook:  The month of February has come to a close with an estimated 6% growth.  For the year the TBE Investment is up an estimated 20%.  The grain markets remain extremely quiet, which is typical for this time of the year.  We expect the volality to increase later in the month of March as key USDA reports will be released and the planting season for the corn and soybean crop approaches.  In the month of March we expect to trade hogs, cattle, soybeans and wheat. 

Updated TBE Capital Results

Performance Breakdown

August 2011                           7.60%

Last 3 Months                         13.73%           

Year to Date                           -20.12%

Inception to Date                    24.30%

Performance results include commissions, exchanged, NFA and monthly accounting fee.  Performance is net all fees.

PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.