Peregrine Financial Group Appoints
Jim Kelly Senior Vice President

Chicago, February 20, 2003 – Peregrine Financial Group, Inc. (PFG) today announced the promotion of Jim Kelly to Senior Vice President, Introducing Broker Division. Mr. Kelly has been with PFG for ten years and was most recently responsible for overseeing and directing branch managers and was the Chicago branch manager. In his new position of senior vice president, Mr. Kelly will be responsible for new business development and ongoing management with PFG brokers and IBs.

Mr. Kelly, 45, is a twenty-seven year veteran of the industry and has experience in trading, sales and operations, and now will be a part of PFG’s senior management team. Mr. Kelly has been one of PFG’s most successful brokers for the past five years.

PFG Chairman & CEO, Russell R. Wasendorf, Sr., comments, “Having worked in most facets of our industry, Jim has a keen understanding of what it takes to manage and lead our branches. Jim’s emphasis on education and teaching has made him a successful and highly respected broker. His background fits our corporate philosophy that the most educated investor is the investor who is most likely to enjoy the benefits of the futures markets.”

Peregrine Financial Group, Inc., is a highly respected multi-product Futures Commission Merchant ranking among the top 40 in size, as measuring by customer funds. Its proprietary BEST Direct electronic order routing system is used by both retail clients and institutional trading operations. Over the years, PFG has earned a reputation as one of the finest providers of quality educational platforms for the individual investor. PFG offers a full spectrum of investment services designed to meet the broad range of needs in today's challenging financial environment.