OMEGA PROGRAM

The Alpha and Omega programs trade approximately 40 domestic and international commodity interests utilizing 14 models with a medium-to-long time frame, risk control and profit-taking characteristics. 9 of these commodity interests are either long or short interest rate contracts, reflecting interest rates in Europe, the US, Canada, Japan and Australia. The balance of commodity interests traded include currencies, grains, softs, metals, meats and fuels, both foreign and domestic. These fourteen models have been selected for their ability as a group to provide a high return for the amount of exposure or time that a position is held. 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 Alpha or Omega programs 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. The Alpha and Omega programs will, at times, have a significantly higher margin to equity ratio than the Worldwide Program, and at other times will trade very lightly due to the selectivity of its models. The Omega program’s trading models and the markets traded are the same as the Alpha program’s trading models and markets traded. However, the primary difference between the two programs is that the discretionary “liquidate and restart” decisions in the Omega program are made solely by CCM, whereas the “liquidate and restart” decisions in the Alpha program are made in consultation with the Alpha program’s sole client. While it is intended that the performance of each participating account in the Omega program match (as closely as possible) the published aggregate monthly performance of the Alpha program, clients should understand that, for various reasons, CCM cannot guarantee that the return of an account in the Omega program will, in fact, be comparable to the return of the Alpha program. To this end, CCM has established the following policies for new Omega program investors:

· All new Omega accounts must be opened at least 3 trading days prior to the end of the month.

· All new Omega accounts will commence trading on the last trading day of the month.

· Trading in a new Omega account will commence by immediately establishing the current positions held by current Omega program accounts.

Every effort will be made to enter the existing Omega program positions at or near the closing price of the last trading day of the month. In addition to all the markets followed for client accounts in all of its programs, CCM follows several additional markets which consist of illiquid domestic and foreign markets and markets otherwise deemed unsuitable for client programs. The principal of CCM currently trades several personal accounts. These accounts are traded under the same programs offered to clients. Although currently not the case, CCM or its principals may trade other models or commodities than those offered to clients in order to test the viability of incorporating them into programs for clients or for other reasons.

Past results are not necessarily indicative of future results.