WORLDWIDE PROGRAM

The Worldwide program currently trades 29 domestic & international commodity interests, 12 of which are either long or short interest rate contracts reflecting interest rates in the US, EMU, the UK and Australia. Also followed are several U.S. and Non-U.S. currencies, grains, softs, meats, metals and fuels. The number of models used in this program is currently 9. The time-frame focus is a blend of intermediate and long-term. It should be noted that there will be times when there is significant correlation between markets within a market sector or between market sectors, possibly in an adverse direction to positions held in the client’s account. Clients of the Worldwide program should be aware that this factor alone, although there are others, will lead to periods of extreme volatility and possibly very large drawdowns in an investor's equity.

Past results are not necessarily indicative of future results.