CLEARS ALL PRINCIPAL U.S. AND INTERNATIONAL EXCHANGES OUR MISSION IS TO PROVIDE OUR CLIENTS THE FINEST SERVICE IN THE INDUSTRY

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2 CLEARS ALL PRINCIPAL U.S. AND INTERNATIONAL EXCHANGES GLOBAL CLEARING SERVICES Refco maintains memberships on all Refco s ability to provide superior execution and clearing services is reflected in the substantial volume it transacts daily on behalf of its clients, in all global product sectors. Refco ranks as one of the top clearing members, based on client transaction volume. Our centralized clearing services give clients a single facility for clearing global exchange-traded derivatives. Centralized clearing allows clients to manage their global trading activity, margin requirements and cash management operations more efficiently and effectively. REFCO IS THE CLEARING FIRM FOR OVER 600 OUR MISSION IS TO PROVIDE OUR CLIENTS THE FINEST SERVICE IN THE INDUSTRY principal U.S. and international exchanges including the following: Chicago Board of Trade Chicago Mercantile Exchange EUREX REGISTERED INTRODUCING BROKERS AND AFFILIATES FROM THROUGHOUT THE WORLD. Refco has offices in: Chicago, Kansas City, London, Memphis, Miami, Minneapolis, Montreal, New York, Paris, Singapore, Taipei, Tokyo, Toronto, Vienna, Zurich and other strategic locations. Refco, LLC, LFG Division provides clients with a wide range of product and service offerings by combining the latest The technological advances that have been made over the past few years have expanded the scope and range of available products in the futures industry. To realize the unlimited potential in the development of information technology requires a proven, dependable connection a connection to global markets, electronic trading, online brokerage services, market information and research that links firm, brokers and clients. Kansas City Board of Trade London International Financial Futures and Option Exchange London Metal Exchange MATIF Minneapolis Grain Exchange New York Board of Trade New York Mercantile Exchange advancements in technology with our years of experience in the futures industry. Refco is your connection. As a firm that recognizes the important role that information technology has in financial services, we began our investment in technology by creating and developing products and services for our clients. Today, we have the expertise in developing the tools investment professionals need to succeed in a world that is becoming increasingly competitive. Singapore Exchange 8 1

3 COMMITTED TO CLIENT SERVICE AND TRADING TECHNOLOGY SPECIALIZED EXECUTION SERVICES We recognize the special DEDICATED TO CLIENT SERVICE execution requirements of professional futures traders. We Throughout our growth, we have maintained a clear focus on the cornerstone of our success client service. make available to our account executives and affiliates a wide variety of execution OUR COMMITMENT Our commitment to client service and technology has enabled our business to grow, expanding the scope and quality of This requires a commitment to maintaining flexibility and accommodating changes in our clients needs without sacrificing quality. We provide our clients with insightful research, advanced technology, reliability in trade execution and back office services. Refco maintains a dedicated staff of floor brokers, analysts, market specialists and operations personnel to support our clients and clearing affiliates. From our headquarters in Chicago, we connect to our strategically located operations at the Chicago Mercantile Exchange, the Chicago Board of Trade, the New York Mercantile Exchange, the New York Board of Trade and other financial centers worldwide. Our financial professionals have the skills and the necessary tools to provide you with the highest level of service. GLOBAL EXECUTION SERVICES Our professional staff provides 24-hour access to global cash and futures markets including electronic trading sessions for the major exchanges. Futures markets can be accessed through electronic trading sessions utilizing various technology platforms. Markets include: currency and stock index futures using the Chicago Mercantile Exchange s GLOBEX2 TM system; U.S. Treasury bond and grain futures using the Chicago Board of Trade and EUREX platform, alliance/cbot/eurex (a/c/e); and metal and energy futures using the New York Mercantile Exchange s NYMEX ACCESS system. In addition, futures can be executed on Canadian and international exchanges through Refco s worldwide network of floor brokers and electronic platforms. services including: GIVE-UP EXECUTION SERVICES EXCHANGE FOR PHYSICAL (EFP s) ARBITRAGE DESKS FLOOR ACCESS DESKS MAIN ORDER DESK SPECIAL SERVICES DESK 24-HOUR ELECTRONIC ORDER DESK FOREIGN MARKET DESK FOREIGN EXCHANGE DESK the services we offer. FOREIGN EXCHANGE Refco has an expansive global network which includes domestic branches, independent and guaranteed introducing brokers, and non-u.s. brokers from Refco provides access to a 24-hour foreign exchange market for its clients. It features an active Exchange For Physical (EFP) market on all currencies traded on U.S. futures exchanges. The dealers are experienced inter-bank professionals who quote competitive two-way market spreads. We have the ability to meet the foreign exchange needs of our professional clients. around the world. 2 7

4 RESEARCH AND TRADING SERVICES WEB SERVICES Communications for the 21st century will rely on the Internet. Refco has prepared by investing in building our links to the Internet and developing products that will allow our clients to use this technology to its fullest. The LFG website is a resource for both our affiliates and their clients. Our proprietary research is easily viewed or downloaded. Our other Internet products, such as LEOWeb, AIM, and ClearView, are available, along with account documents and other information. Visitors and affiliates alike can browse through our Bookstore, or review the latest product offerings from Refco. RESEARCH Refco Global Research is widely known as one of the best commodity information products in the futures industry. Reports are posted in both audio and text files on the easy-tonavigate Refco Research website. Refco s analytical staff has accumulated years of experience in commodity price forecasting. Trade recommendations are posted in each report and summarized on a daily trade recommendations table. Refco Global Research provides: Daily and weekly reports on interest rates, equities, currencies, agricultural, energy, metals and softs markets. Pre-opening and closing audio broadcasts for interest rates, equities, currencies, agricultural, energy, metals and softs markets. Audio analysis of key U.S. and European economic releases and crop reports. Three in-depth seasonal reports per year on interest rates, equities, currencies, agricultural, energy, metals and softs markets. Special feature reports on key industry meetings and/or dominant factors driving price discovery. Summaries of monthly crop conference calls from March through October. Audio reports (5 to 10 minute audio presentations on various markets). Once they ve made a trading decision, our clients demand efficient and professional service; and at Refco, our floor staff and back office personnel are dedicated to meeting this demand. Prompt and accurate handling of client orders, trade confirmations and statements represents our dedication to client service. LEADERS IN TECHNOLOGY Our technological expertise will allow us to continue to deliver on the Refco service standard well into the 21st century. Financial services will become ever more dependent upon events that occur anytime, anywhere, around the world. The complexity and speed with which markets change demand instant 24- hour access to the futures, options and cash markets. A leader in the use of Internet communications, we provide access to the services and information required to make and execute trading decisions. While continuing to expand the scope and quality of the services we offer, we pledge to continue to maintain the professional and personal service that our clients have come to appreciate. OUR DEDICATION Refco succeeds because we have a dedicated team that works together in order to maximize the value we can provide our existing and prospective clients. 6 3

5 AN INDUSTRY LEADER IN THE ADVANCES OF COMMUNICATION AND TRADING TECHNOLOGY ACCOUNT INFORMATION MANAGER Refco s Account Information Manager, AIM, allows an account executive or a clearing affiliate to download updated account information directly from our servers on a scheduled or on-demand basis. With this direct connection, AIM eliminates the need for , faxing or mailing account information. The result is a faster, more efficient and secure method of getting updated data. The AIM advantages: one-step retrieval of account information direct server access to daily summaries, equity runs and other reports increased speed and security through encryption and compression pdf file format for readability and accuracy user-defined download schedules ELECTRONIC ACCOUNT STATEMENT Refco s Electronic Account Statement, ClearView, allows clients to access near real-time account information over the Internet. Clients can view their daily and monthly account statements using Adobe s Portable Document File (PDF). Clients also have the ability to view account value, open positions, offsetting positions, and mark-to-market values. ELECTRONIC ORDER ENTRY Refco s Internet Electronic Order Entry System, LEOWeb, is used by clients throughout the world to transmit orders securely over the Internet from their personal computer directly to an exchange every trading day 24-hours a day. Fill information is also routed over the Internet back to the client s personal computer through LEOWeb. The system operates on personal computers with Microsoft Windows operating software. LEOWeb provides clients with increased efficiency and speed of order execution. Telephone calls and written orders are eliminated, vastly reducing the possibility of errors and delays. LEOWeb has been developed by experts in communications and information technology working alongside traders with years of experience in the futures industry. LIVE MARKET REPORTS Refco s Live Market Reports, MarketVoice SM, brings live reports and analysis directly to the desktop through the Internet, enabling our clients to hear the latest information from the floor of the exchanges, remote locations across the U.S., and directly from Refco Global Research. With MarketVoice SM you can enjoy the benefits of information delivered directly from the floor as well as timely analysis from industry experts. ClearView has several sections. The first section contains open futures and options positions, cash and securities. The second section contains matched trades. In the last section, a list of the day s transactions can be viewed. ClearView provides clients with electronic access to account information on demand and is part of our overall commitment to providing technology solutions for our clients. Wire services attempt to capture and analyze information from the trading floors and other locations, but their approach is slow in a world where time waits for no trade. The time delay for a wire service to process, edit, and transmit news and information can be costly. MarketVoice SM delivers critical information with the speed of the spoken word. In addition to breaking news, MarketVoice SM schedules over 40 regular broadcasts every day to make sure that you stay informed on market news that s important to you. In addition, morning and afternoon roundtables provide in-depth discussions of today s markets from a broad spectrum of trading perspectives. 4 5

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