Goodnight Capital Management

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Prior to opening an individual managed account with Goodnight Capital Management ("GCM"), investors must read the entire GCM Disclosure Document. GCM became registered as a CTA in December of 2006. Prior trading of the program was pursuant to a Power of Attorney by Timothy Goodnight as an AP of TFG Financial, a registered IB. All accounts were traded pursuant to the offered trading program.

Please click here to download a .pdf version of the GCM Disclosure Document.

	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec	YTD
2005	-	-	-	.91	1.58	(.47)	1.65	2.33	1.66	1.04	1.28	1.79	12.38
2006	1.98	.87	.53	1.81	3.97	.72	1.56	1.26	.28	.89	1.18	.87	17.08
2007	1.70	(13.03)	7.48	.75	3.82	1.35	(4.27)	8.39	.83	2.22	3.21	(1.15)	9.97
2008	(24.28)	0.44	1.18	0.90	0.96	-	-	-	-	-	-	-	(21.60)

PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE PERFORMANCE.

Largest monthly drawdown, February, 2007: -13.03%. Worst peak-to-valley drawdown February 2007: -13.03%.

Draw-Down is defined as losses experienced by the program over a specified period of time.
Worst Peak-to-Valley Draw-down is defined as the greatest cumulative percentage decline in month-end net asset value due to losses sustained by the account during any period in which the initial month-end net asset value is not equaled or exceeded by a subsequent month-end net asset value. Such decline is expressed as a percentage of the initial month-end net asset value to the lowest month-end net asset value of such decline.

		Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec	YTD
2005	GCM	-	-	-	0.91	1.58	(0.47)	1.65	2.33	1.66	1.04	1.28	1.79	12.39
2005	S&P	-	-	-	(2.01)	3.00	(0.01)	3.60	(1.12)	0.69	(1.77)	3.51	(0.09)	5.75
2006	GCM	1.98	0.87	0.53	1.81	3.97	0.72	1.56	1.26	0.28	0.89	1.18	0.87	17.08
2006	S&P	2.55	0.05	1.11	1.22	-3.09	0.01	0.51	2.13	2.46	3.15	1.65	1.26	13.65
2007	GCM	1.70	(13.03)	7.48	0.75	3.82	1.35	(4.27)	8.39	0.83	2.22	3.21	(1.15)	9.97
2007	S&P	1.41	(2.18)	1.00	4.33	3.25	(1.78)	(3.20)	1.29	3.58	0.15	(4.40)	(0.69)	3.55
2008	GCM	(24.28)	0.44	1.18	0.90	0.96	-	-	-	-	-	-	-	(21.60)
2008	S&P	(6.12)	(3.48)	(0.60)	4.75	1.05	-	-	-	-	-	-	-	(4.66)

Futures and options trading involves substantial risk of loss and is not suitable for all investors. Clients may lose more than their initial investment. Past performance is not indicative of future results.