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<p style="TEXT-ALIGN: center; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0.1in; MARGIN-RIGHT: 0.2in; mso-margin-top-alt: 0in; mso-element: frame; mso-element-frame-hspace: 9.35pt; mso-element-wrap: around; mso-element-anchor-vertical: paragraph; mso-element-anchor-horizontal: column; mso-height-rule: exactly" align="center"><font face="System"><font color="black" size="2"><span style="COLOR: black; FONT-SIZE: 11pt"><img id="Picture_x0020_1" alt="quote header 5.png" src="http://zjjhling.zj01.0755lvshi.net/peterc/1000/image001.png" height="85" width="597"><b><span style="FONT-WEIGHT: bold"><a href="http://cta.websol.barchart.com/index.php?page=default" target="_blank">Quotes</a> </span></b></span></font><font face="Calibri" size="2"><span style="FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt"><a href="http://www.cmegroup.com/education/market-commentary/ir/" target="_blank"><b><span style="FONT-WEIGHT: bold">C.M.E.</span></b></a> <font color="blue"><span style="COLOR: blue"><a href="http://www.bloomberg.com/news/bonds/" target="_blank"><b><span style="FONT-WEIGHT: bold">Bloomberg</span></b></a> </span></font><b><font color="black"><span style="COLOR: black; FONT-WEIGHT: bold"><a href="http://www.straitsfinancial.com/en/home" target="_blank">Straits
Financial</a> <a href="http://www.cmegroup.com/education/econ_calendar.html" target="_blank">Economic calendar</a> </span></font></b><a href="https://portal.straitsfinancial.com/user/Register.aspx" target="_blank"><b><span style="FONT-WEIGHT: bold">Open an
account</span></b></a><font color="black"><span style="COLOR: black"><br><b><span style="FONT-WEIGHT: bold">For more information or to be removed from this list
email <a href="mailto:peterc22001@gmail.com" target="_blank">peterc22001@gmail.com</a></span></b><br></span></font></span></font><a href="http://petercatranis.wordpress.com/" target="_blank"><font color="black" face="Calibri"><span style="FONT-FAMILY: Calibri,sans-serif; COLOR: black; TEXT-DECORATION: none"><img id="Picture_x0020_2" alt="Firefox_Screenshot_2013-12-09T21-51-41.952Z.png" src="http://zjjhling.zj01.0755lvshinet/peterc/1000/image022.png" border="0" height="23" width="26"></span></font></a><a href="https://plus.google.com/118213516833968255989/posts/p/pub" target="_blank"><font color="black" face="Calibri"><span style="FONT-FAMILY: Calibri,sans-serif; COLOR: black; TEXT-DECORATION: none"><img id="Picture_x0020_3" alt="Google+" src="http://zjjhling.zj01.0755lvshi.net/peterc/1000/image023.jpg" border="0" height="24" width="24"></span></font></a><a href="https://twitter.com/petercatranis" target="_blank"><font color="black" face="Calibri"><span style="FONT-FAMILY: Calibri,sans-serif; COLOR: black; TEXT-DECORATION: none"><img id="Picture_x0020_4" alt="Twitter" src="http://zjjhling.zj01.0755lvshinet/peterc/1000/image024.jpg" border="0" height="23" width="23"></span></font></a><a href="https://www.facebook.com/peter.catranis.7" target="_blank"><font color="black" face="Calibri"><span style="FONT-FAMILY: Calibri,sans-serif; COLOR: black; TEXT-DECORATION: none"><img id="Picture_x0020_5" alt="Facebook" src="http://zjjhling.zj01.0755lvshi.net/peterc/1000/image025.jpg" border="0" height="25" width="25"></span></font></a><a href="http://www.linkedin.com/company/cme-group" target="_blank"><font color="black" face="Calibri"><span style="FONT-FAMILY: Calibri,sans-serif; COLOR: black; TEXT-DECORATION: none"><img id="Picture_x0020_6" alt="LinkedIn" src="http://zjjhling.zj01.0755lvshi.net/peterc/1000/image026.jpg" border="0" height="23" width="23"></span></font></a><font color="black"><span style="COLOR: black">
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<td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 9.35pt; PADDING-RIGHT: 9.35pt; PADDING-TOP: 0in" valign="top"><font face="System"><b>One way to capture the long term move higher in
short term rates.<br><br>1954-2013 all time low <font color="#008000">0.07%</font>, contract value = <font color="#008000">$292</font>,
contract price 99.93<br>Current Fed funds rate <font color="#008000">0.10%</font>,
contract value = <font color="#008000">$417</font>, contract price 99.90<br>Top of
the Feds current range <font color="#008000">0.25%</font>, contract value =<font color="#008000"> $1,041</font>, contract price 99.75<br>The Feds target by end of
2016 <font color="#008000">2.00%</font>, contract value = <font color="#008000">$8,334</font>, contract price 98.00<br>The Feds target at full
employment <font color="#008000">4.00%</font>, contract value = <font color="#008000">$16,667</font>, contract price 96.00<br>1954-2013 average <font color="#008000">5.18%</font>, contract value = <font color="#008000">$21,579</font>,
contract price 94.82<br>1954-2013 all time high <font color="#008000">1910%</font>, contract value = <font color="#008000">$79,583</font>, contract price 80.90<br><br><a href="unsaved:///petercatranis.wordpress.com/2013/10/03/trading-interest-rates-higher/">Click
here</a> for the complete report on how we are trading this rate higher, no
registration is required.<br><br>Fed funds 1991-2013 rate/contract price
valuation chart.<br>To enlarge any chart or table on any report page click on it
</b></font><font face="System"><span style="FONT-SIZE: 12pt"><a href="http://petercatranis.files.wordpress.com/2013/10/1991-2013-fed-funds-final.png" target="_blank"><b><font size="3"><span style="FONT-WEIGHT: bold; TEXT-DECORATION: none"><img id="Picture_x0020_36" alt="1991-2013-fed-funds-final" src="http://zjjhling.zj01.0755lvshi.net/peterc/1000/image004.jpg" border="0" height="317" width="640"></span></font></b></a></span><b><span style="FONT-FAMILY: Calibri,sans-serif; FONT-WEIGHT: bold"><br><br><font color="black"><span style="COLOR: black">The Fed is giving us clear guidance as to
where they believe interest rates will be and by
when.<br></span></font></span><font color="black" face="Calibri" size="1"><span style="FONT-FAMILY: Calibri,sans-serif; COLOR: black; FONT-SIZE: 5pt; FONT-WEIGHT: bold"><br></span></font><font color="black" face="Calibri"><span style="FONT-FAMILY: Calibri,sans-serif; COLOR: black; FONT-WEIGHT: bold"><a href="http://petercatranis.wordpress.com/2013/09/27/1930/" target="_blank">All at
the Fed expect the Fed funds rate at <font color="#006600"><span style="COLOR: #006600">2.00% </span></font>by Dec 2016 and <font color="#006600"><span style="COLOR: #006600">4.00% </span></font>at full
employment</a><br><a href="http://petercatranis.wordpress.com/2013/12/10/feds-fisher-wants-december-taper-clear-path-to-end-of-qe3/" target="_blank">Fed's Fisher wants December taper, clear path to end of
QE3</a><br><a href="http://petercatranis.wordpress.com/2013/12/10/fed-on-track-to-taper-in-march-chances-of-december-or-january-rise-reuters-poll/" target="_blank">Fed on track to taper in March; chances of December or
January</a><br><a href="http://petercatranis.wordpress.com/2013/12/10/policy-centrist-says-ready-to-taper-fed-bond-buys/" target="_blank">James Bullard says ready to taper Fed bond buys</a><br><a href="http://petercatranis.wordpress.com/2013/12/10/feds-plosser-we-need-to-begin-to-get-rid-of-qe/" target="_blank">Fed's Plosser: We need to begin to get rid of QE</a><br><a href="http://petercatranis.wordpress.com/2013/12/10/it-increasingly-appears-that-tapering-is-coming-at-the-feds-meeting-next-week/" target="_blank">It increasingly appears that tapering is coming at the Fed's
meeting next week</a>.</span></font></b><font color="black" face="Calibri"><span style="FONT-FAMILY: Calibri,sans-serif; COLOR: black"><br></span></font><b><span style="FONT-FAMILY: Calibri,sans-serif; FONT-WEIGHT: bold"><br>Trading the Fed
funds rate higher requires establishing a net short position.<br>As the rate
increases the contract price falls to reflect the increase in the
rate.<br></span><font face="Calibri" size="1"><span style="FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 5pt; FONT-WEIGHT: bold"><br></span></font><span style="FONT-FAMILY: Calibri,sans-serif; FONT-WEIGHT: bold">Each 0.01 change in
the contract price = $41.67</span></b><br><b><span style="FONT-WEIGHT: bold">To
calculate the rate the contract price represents take 100.00 -- the price = the
rate.</span></b><br><b><span style="FONT-WEIGHT: bold">Example, 100.00 -- a
contract price of 99.90 = 0.10 or a rate of 0.10%.</span></b><br><b><span style="FONT-WEIGHT: bold">A contract price of 100.00 represents a rate of
0.00%<br></span><font face="Calibri" size="1"><span style="FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 5pt; FONT-WEIGHT: bold"><br></span></font><span style="FONT-FAMILY: Calibri,sans-serif; FONT-WEIGHT: bold">Fed Funds
links<br></span><font face="Calibri" size="1"><span style="FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 5pt; FONT-WEIGHT: bold"><br></span></font><span style="FONT-FAMILY: Calibri,sans-serif; FONT-WEIGHT: bold"><a href="http://petercatranis.wordpress.com/2013/09/27/what-this-fed-funds-rate-is-and-how-this-rate-is-set/" target="_blank">For information on the Feds funds rate and how it is
set.</a><br><a href="http://petercatranis.wordpress.com/2013/09/29/an-introductions-to-what-the-fed-funds-rate-is-the-underlying-futures-contact-and-translating-price-change-into-profit-or-loss/" target="_blank">For information on the corresponding Fed funds futures
contract</a><br><a href="http://research.stlouisfed.org/fred2/graph/?id=FEDFUNDS" target="_blank">1954-2013 Fed Funds historical price data</a><br></span><font face="Calibri" size="1"><span style="FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 5pt; FONT-WEIGHT: bold"><br></span></font><span style="FONT-FAMILY: Calibri,sans-serif; FONT-WEIGHT: bold"><a href="http://cta.websol.barchart.com/index.php?page=quote&sym=ZQU13&mode=i" target="_blank">Fed Funds futures quotes, 100.00 -- price = rate</a>.<br><a href="http://www.cmegroup.com/trading/interest-rates/stir/30-day-federal-fund_contract_specifications.html" target="_blank">Fed funds futures daily price chart.</a><br><a href="http://cta.websol.barchart.com/index.php?page=bccharts&sym=zqz13&cc=Currencies&mon=&year=&data=E&date=123013&page=bccharts&size=d&den=high&jav=adv&expm=0&grid=Y&sly=L&ivol=0&ch1=011&arga=&argb=&argc=&ov1=&argd=&arge=&argf=&ch2=&argg=&argh=&argi=&ov2=&argj=" target="_blank">Weekly chart August 2008 through 2013.</a><br><a href="http://cta.websol.barchart.com/?page=bccharts&sym=ZQH13&cc=ZQ&mon=H&year=13&data=H&date=123013&page=bccharts&size=d&den=high&jav=adv&expm=0&grid=Y&sly=L&ivol=I&ch1=011&arga=&argb=&argc=&ov1=&argd=&arge=&argf=&ch2=&argg=&argh=&argi=&ov2=&argj=&argk=&argl=&c" target="_blank">Monthly chart, 1991-2013</a>.<br><a href="http://www.bloomberg.com/quote/FDFD:IND/chart" target="_blank">Bloomberg
interactive Fed Funds cash rate chart</a><br></span><font face="Calibri" size="1"><span style="FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 5pt; FONT-WEIGHT: bold"><br></span></font><span style="FONT-FAMILY: Calibri,sans-serif; FONT-WEIGHT: bold">In the examples below
we<font color="black"><span style="COLOR: black"> a</span></font>re establishing
long term position trades in the <a href="http://petercatranis.wordpresscom/2013/09/29/an-introductions-to-what-the-fed-funds-rate-is-the-underlying-futures-contact-and-translating-price-change-into-profit-or-loss/" target="_blank">Fed funds futures contract</a> with the objective of capturing the
long term move higher.</span></b> (I<font color="black"><span style="COLOR: black"> a</span></font>m implementing similar strategy in 3 month,
2 year, and hedged 5, 10, and 30 year Treasury rates).<br><font face="Calibri" size="1"><span style="FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 5pt"><br></span></font><b><font color="black" face="Calibri"><span style="FONT-FAMILY: Calibri,sans-serif; COLOR: black; FONT-WEIGHT: bold">Trade =
short the C.M.E. Fed funds futures contract at 99.90, contract value =
$416.67.</span></font></b> </font><font face="System"><span style="FONT-SIZE: 12pt"><a href="http://petercatranis.files.wordpress.com/2013/10/long-term-entry1.png" target="_blank"><font size="3"><span style="TEXT-DECORATION: none"><img id="Picture_x0020_37" alt="long-term-entry" src="http://zjjhling.zj01.0755lvshi.net/peterc/1000/image005.jpg" border="0" height="321" width="640"></span></font></a></span><b><span style="FONT-WEIGHT: bold"><br><br><a href="http://petercatranis.wordpress.com/2013/10/24/9-capturing-the-long-term-move-higher-in-short-term-rates-to-feds-target-of-2-00-by-the-end-of-2016-and-4-00-when-the-u-s-returns-to-full-employment-the-impact-of-contract-rolls/" target="_blank">Click here</a> for full disclosure of strategy enabling you to
understand risk<font color="black"><span style="COLOR: black">,</span></font>
potential reward<font color="black"><span style="COLOR: black">,</span></font> and
the impact of contract rolls to establish and maintain a long term position
trading the Fed funds rate higher over the next 36 to 90 months.</span></b>
</font>
<p style="MARGIN-LEFT: -0.1in; MARGIN-RIGHT: 0.2in; mso-margin-top-alt: auto; mso-element: frame; mso-element-frame-hspace: 9.35pt; mso-element-wrap: around; mso-element-anchor-vertical: paragraph; mso-element-anchor-horizontal: column; mso-height-rule: exactly"><font face="System"><b><a href="http://cta.websol.barchart.com/index.php?page=default§ion=Financials" target="_blank"><font color="black" size="3"><span style="COLOR: black; FONT-SIZE: 12pt; FONT-WEIGHT: bold">Click here
</span></font></a><span style="COLOR: black; FONT-SIZE: 12pt; FONT-WEIGHT: bold"><font color="black" size="3">for other durations we are trading<br></font></span><font color="black" face="Calibri" size="1"><span style="FONT-FAMILY: Calibri,sans-serif; COLOR: black; FONT-SIZE: 4pt; FONT-WEIGHT: bold"><br></span></font><span style="FONT-FAMILY: Calibri,sans-serif; FONT-WEIGHT: bold">If you have any
questions at any time call, text, email or Skype<font color="black"><span style="COLOR: black"><br><br></span></font></span></b><strong><b><font color="black" face="Calibri"><span style="FONT-FAMILY: Calibri,sans-serif; COLOR: black; FONT-WEIGHT: normal">1</span></font><span style="FONT-FAMILY: Calibri,sans-serif; FONT-WEIGHT: normal">.</span><font face="Calibri" size="1"><span style="FONT-SIZE: 7pt"> </span></font><a href="http://www.cmegroup.com/" target="_blank"><span style="FONT-WEIGHT: normal">Chicago Mercantile
Exchange</span></a></b></strong><br><font color="black"><span style="COLOR: black">2</span></font>.<font face="Calibri" size="1"><span style="FONT-SIZE: 7pt"> </span></font><a href="http://cta.websol.barchart.com/index.php?page=default§ion=All%20Markets" target="_blank">Markets and sectors traded</a><br><strong><b><font color="black" face="Calibri"><span style="FONT-FAMILY: Calibri,sans-serif; COLOR: black; FONT-WEIGHT: normal">3</span></font><span style="FONT-FAMILY: Calibri,sans-serif; FONT-WEIGHT: normal">.</span><font face="Calibri" size="1"><span style="FONT-SIZE: 7pt"> </span></font><a href="http://petercatraniswordpress.com/2013/10/01/5-clearing-and-exchange-members/" target="_blank"><span style="FONT-WEIGHT: normal">Clearing and Exchange
Members</span></a></b></strong><br><strong><b><font color="black" face="Calibri"><span style="FONT-FAMILY: Calibri,sans-serif; COLOR: black; FONT-WEIGHT: normal">4</span></font><span style="FONT-FAMILY: Calibri,sans-serif; FONT-WEIGHT: normal">.</span><font face="Calibri" size="1"><span style="FONT-SIZE: 7pt"> </span></font><a href="http://petercatraniswordpress.com/2013/10/01/6-how-funds-are-protected/" target="_blank"><span style="FONT-WEIGHT: normal">How funds are guaranteed plus or
minus trading activity</span></a></b></strong><br><strong><b><font color="black" face="Calibri"><span style="FONT-FAMILY: Calibri,sans-serif; COLOR: black; FONT-WEIGHT: normal">5</span></font><span style="FONT-FAMILY: Calibri,sans-serif; FONT-WEIGHT: normal">.</span><font face="Calibri" size="1"><span style="FONT-SIZE: 7pt"> </span></font><a href="http://www.straitsfinancial.com/en/home" target="_blank"><span style="FONT-WEIGHT: normal">U.S. brokerage
services</span></a></b></strong><br><strong><b><font color="black" face="Calibri"><span style="FONT-FAMILY: Calibri,sans-serif; COLOR: black; FONT-WEIGHT: normal">6</span></font><span style="FONT-FAMILY: Calibri,sans-serif; FONT-WEIGHT: normal">.</span><font face="Calibri" size="1"><span style="FONT-SIZE: 7pt"> </span></font><a href="http://www.atlasratings.com/" target="_blank"><span style="FONT-WEIGHT: normal">Atlasrankings</span></a></b></strong><br><strong><b><font color="black" face="Calibri"><span style="COLOR: black; FONT-WEIGHT: normal">7</span></font>.<font face="Calibri" size="1"><span style="FONT-SIZE: 7pt"> </span></font><a href="http://www.nfa.futures.org/basicnet/Details.aspx?entityid=oTkfmYaZFro%3d&rn=Y" target="_blank"><span style="FONT-WEIGHT: normal">Catranis 2005-2013 Trading
Advisory Regulatory and compliance record</span></a></b></strong><br><font color="black"><span style="COLOR: black">8</span></font>.<font face="Calibri" size="1"><span style="FONT-SIZE: 7pt"> </span></font><strong><b><a href="http://www.nfa.futures.org/basicnet/Details.aspx?entityid=0%2fH1eemND9k%3d&rn=N" target="_blank"><span style="FONT-WEIGHT: normal">Catranis 1987-2013 Brokerage
compliance and regulatory record</span></a></b></strong><br><font color="black"><span style="COLOR: black">9</span></font>.<font face="Calibri" size="1"><span style="FONT-SIZE: 7pt"> </span></font><strong><b><a href="http://www.nfa.futures.org/basicnet/Details.aspx?entityid=6rL5qX9EWrY%3d&rn=Y" target="_blank"><span style="FONT-WEIGHT: normal">Tanner 1993-2013 compliance and
regulatory record</span></a></b></strong><br>1<font color="black"><span style="COLOR: black">0</span></font>.<font face="Calibri" size="1"><span style="FONT-SIZE: 7pt"> </span></font><a href="https://portal.straitsfinancial.com/user/Register.aspx" target="_blank">To
open an account online (for broker please enter Catranis 624)</a><b><span style="FONT-WEIGHT: bold"> </span></b></font></p>
<p><font face="System"><b><font size="3"><span style="FONT-SIZE: 12pt; FONT-WEIGHT: bold">Below are account opening
instructions for Individual or Joint accounts please contact me for Corporate,
Trust or IRA.</span></font></b> </font></p>
<p style="mso-margin-top-alt: auto"><font face="System"><b><font size="3"><span style="FONT-SIZE: 12pt; FONT-WEIGHT: bold">To open an account online <a href="https://portal.straitsfinancial.com/user/Register.aspx" target="_blank">click here</a> for broker please enter Peter C. broker
624.</span></font></b><br>Please print outfile 2,Position Trade Time and Price
Discretion Agreement signature pages<br>Email the completed pages with a copy of
your ID to<a href="mailto:peterc22001@gmail.com" target="_blank">peterc22001@gmail.com</a>please cc<a href="mailto:peterc22001@gmail.com" target="_blank">peterc22001@gmail.com</a>
</font></p>
<p style="mso-margin-top-alt: auto"><font face="System"><b><font size="3"><span style="FONT-SIZE: 12pt; FONT-WEIGHT: bold">If you prefer to print out and
complete the forms</span></font></b>please download the .pdf files below, if you
have trouble downloading the files email or call and I will send them to
you. </font></p>
<p style="mso-margin-top-alt: auto"><font face="System"><b><a href="http://catranis2.com/files/File1SFaccount_forms_pages_that_need_to_be_completed.pdf" target="_blank"><font size="3"><span style="FONT-SIZE: 12pt; FONT-WEIGHT: bold">Straits Financial account form pages
that need to be completed</span></font></a></b> </font></p>
<p style="mso-margin-top-alt: auto"><font face="System"><b><a href="http://petercatranis.files.wordpress.com/2013/09/file-2-position-trade-time-and-price-discretion-agreement-signature-pages.pdf" target="_blank"><font size="3"><span style="FONT-SIZE: 12pt; FONT-WEIGHT: bold">Position trade time and price
discretion pages that need to be completed</span></font></a></b>
</font></p>
<p style="mso-margin-top-alt: auto"><font face="System"><b><a href="http://petercatranis.files.wordpress.com/2013/09/file-3-sf_acct-forms.pdf" target="_blank"><font size="3"><span style="FONT-SIZE: 12pt; FONT-WEIGHT: bold">Complete Straits Financial account
forms</span></font></a></b> </font></p>
<p style="MARGIN-RIGHT: 0.2in; mso-margin-top-alt: auto; mso-element: frame; mso-element-frame-hspace: 9.35pt; mso-element-wrap: around; mso-element-anchor-vertical: paragraph; mso-element-anchor-horizontal: column; mso-height-rule: exactly"><font face="System"><b><a href="http://petercatranis.files.wordpress.com/2013/09/file-4-complete-position-trade-time-and-price-discretion-agreement.pdf" target="_blank"><font size="3"><span style="FONT-SIZE: 12pt; FONT-WEIGHT: bold">Complete Position Trade Time and
Price Discretion Agreement</span></font></a></b><font color="black"><span style="COLOR: black"> </span></font></font></p>
<p style="MARGIN-LEFT: -0.1in; MARGIN-RIGHT: 0.2in; mso-margin-top-alt: auto; mso-element: frame; mso-element-frame-hspace: 9.35pt; mso-element-wrap: around; mso-element-anchor-vertical: paragraph; mso-element-anchor-horizontal: column; mso-height-rule: exactly"><font face="System"><b><font color="black" size="3"><span style="COLOR: black; FONT-SIZE: 12pt; FONT-WEIGHT: bold">R</span></font><span style="FONT-FAMILY: Calibri,sans-serif; FONT-WEIGHT: bold">egards,</span></b><br><b><span style="FONT-WEIGHT: bold">Peter G. Catranis<br>Derivatives Trading
Advisor<br>Primary Assets Management</span></b><br><b><span style="FONT-WEIGHT: bold">Toll Free 800-994-5757 U.S. and
Canada</span></b><br><b><span style="FONT-WEIGHT: bold">Mobile and Texts
949-302-9652</span></b><br>Skype Peter.Catranis<br>Cane Garden Bay,
Tortola<br>British Virgin Islands<br>PB 3252, VG1110<b><font color="black"><span style="COLOR: black; FONT-WEIGHT: bold">
</span></font></b></font></p>
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<p align="center"><font face="System">RISK DISCLOSURE STATEMENT</font>
</p><p><font face="System"><br><br>PAST RESULTS ARE NOT NECESSARILY INDICATIVE OF
FUTURE RESULTS EXAMPLES OF HISTORIC PRICE MOVES OR EXTREME MARKET CONDITIONS ARE
NOT MEANT TO IMPLY THAT SUCH MOVES OR CONDITIONS ARE COMMON OCCURRENCES OR ARE
LIKELY TO OCCUR.<br><br>HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT
LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE
THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE
SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL
PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED BY ANY
PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE
RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF
HINDSIGHT.<br><br>IN ADDITION, HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL
RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT
OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE ABILITY TO WITHSTAND
LOSSES OR TO ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES
ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS
THERE ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE
IMPLEMENTATION OF ANY SPECIFIC TRADE PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR
IN THE PREPARATION OF THE HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN
ADVERSELY AFFECT ACTUAL TRADING RESULTS.<br><br>BID/ASK SPREADS, BROKERAGE
COMMISSION, CLEARING, EXCHANGE AND REGULATORY FEES WILL HAVE AN ADVERSE IMPACT
ON THE NET OVERALL PERFORMANCE OF YOUR ACCOUNT. PRIOR TO MAKING A DECISION TO
PARTICIPATE IN ANY INVESTMENT MAKE SURE YOU FULLY UNDERSTAND THE FEES ASSOCIATED
WITH TRADING.<br><br>THE INFORMATION PROVIDED IN THIS REPORT CONTAINS RESEARCH,
MARKET COMMENTARY AND TRADE RECOMMENDATIONS. YOU MAY BE SOLICITED FOR AN ACCOUNT
BY PRIMARY ASSETS MANAGEMENT OR ONE OF ITS REPRESENTATIVES OR EMPLOYEES. IT
SHOULD BE KNOWN THAT THE REPRESENTATIVES OF PRIMARY ASSETS MANAGEMENT MAY TRADE
FUTURES AND OPTIONS FOR THEIR OWN ACCOUNTS OR THOSE OF OTHERS. DUE TO VARIOUS
FACTORS (SUCH AS MARGIN REQUIREMENTS, RISK FACTORS, TRADING OBJECTIVES, TRADING
INSTRUCTIONS, TRADING STRATEGIES, AND OTHER FACTORS) SUCH TRADING MAY RESULT IN
THE LIQUIDATION OR INITIATION OF FUTURES OR OPTIONS POSITIONS THAT DIFFER FROM
THE OPINIONS AND RECOMMENDATIONS FOUND IN THIS REPORT.<br><br>PAST PERFORMANCE
IS NOT NECESSARILY INDICATIVE OF FUTURE PERFORMANCE. THE RISK OF LOSS IN TRADING
FUTURES CONTRACTS OR COMMODITY OPTIONS CAN BE SUBSTANTIAL, AND THEREFORE
INVESTORS SHOULD UNDERSTAND THE RISKS INVOLVED IN TAKING LEVERAGED POSITIONS AND
MUST ASSUME RESPONSIBILITY FOR THE RISKS ASSOCIATED WITH SUCH INVESTMENTS AND
FOR THEIR RESULTS.<br><br>YOU SHOULD CAREFULLY CONSIDER WHETHER SUCH TRADING IS
SUITABLE FOR YOU IN LIGHT OF YOUR CIRCUMSTANCES AND FINANCIAL RESOURCES. YOU
SHOULD READ THE "RISK DISCLOSURE" WEBPAGE ACCESSED AT THE TOP OF THE HOMEPAGE.
PRIMARY ASSETS MANAGEMENT IS NOT AFFILIATED WITH NOR DOES IT ENDORSE ANY TRADING
SYSTEM, NEWSLETTER OR OTHER SIMILAR SERVICE.<br><br>PRIMARY ASSETS MANAGEMENT
DOES NOT GUARANTEE OR VERIFY ANY PERFORMANCE CLAIMS MADE BY SUCH SYSTEMS OR
SERVICES. THIS MATERIAL IS CONVEYED AS A SOLICITATION FOR ENTERING INTO A
FUTURES AND OPTIONS
TRANSACTION.</font></p></td></tr></tbody></table></td></tr></tbody></table></div>