COMMODITY PRODUCTS 2008 Moore Research Report Seasonals • Charts • Strategies CATTLE Welcome to the 2008 Moore Historical Cattle Report This comprehensive report provides historical daily charts, cash and basis charts, and seasonal strategies to help you trade. In addition to the Moore Historical Report, CME Group offers the following free trading tools for Live Cattle and Feeder Cattle futures and options: • www.cmegroup.com/elivestockquotes Free real-time price quotes on electronic Live Cattle and Feeder Cattle futures, as well as Live Cattle options, complete with: – Best bids and offers – Daily trading activity –Outright and spread markets • www.DailyLivestockReport.com Free one-page daily e-mail commentary on the fundamental drivers of the livestock markets • www.cmegroup.com/elivestockdemo An introductory look at trading electronic Livestock options on the CME Globex platform For more information on CME Group Livestock products, visit www.cmegroup.com/commodities or contact commodities@cmegroup.com. To begin trading Livestock futures and options on the CME Globex electronic trading platform, contact your broker directly. Table of Contents Historical Live Cattle/Feeder Cattle Report 2008 Edition Live Cattle (LC) Section Index .....................................................................................................5 CME Futures & Options Contract Specifications..............................................6 Nearby Weekly & Monthly Charts ....................................................................7 Seasonal Pattern/Average and Weekly Continuation Charts .............................8 Seasonal & Spread Strategies ..........................................................................20 Feeder Cattle (FC) Section Index ...................................................................................................39 CME Futures & Options Contract Specifications............................................40 CME Feeder Cattle Index ................................................................................41 Seasonal Pattern and Weekly Continuation Charts .........................................42 Seasonal Strategies ..........................................................................................54 Nearby Weekly & Monthly Charts ..................................................................64 Inter-Market Spreads Section Index ...................................................................................................65 Seasonal Average and Weekly Continuation Charts .......................................66 LC/FC Spread Strategies .................................................................................74 Cash & Basis Section Index ...................................................................................................83 Historical Basis: Seasonal Average Charts .....................................................84 Cash: Seasonal Pattern Charts ......................................................................101 Historical Daily Section Index .................................................................................................103 Live Cattle Historical Daily Charts ...............................................................104 Feeder Cattle Historical Daily Charts ............................................................116 Miscellaneous How to Interpret Bull/Bear & Volatility Charts ............................................132 Section Index .................................................................................................133 Bull/Bear Charts ............................................................................................134 Historical Volatility Charts ............................................................................138 Cattle Crush Charts ........................................................................................142 Cattle Cycles and Prices — Bill Gary ..........................................................144 Chronological Summary ................................................................................147 (Charts current through December 2007) Moore Research Center, Inc. (MRCI), located on 73 secluded acres outside Eugene, Oregon, is sought for its futures market analysis, combining many years of intensive computerized study and the experience of real-time trading. Our hardware and software both are constantly upgraded, giving MRCI the speed and depth of capability to study price movement that we believe are state-of-the-art for the industry. —————————————————————— Copyright ©1989-2008. Moore Research Center, Inc. No part of this publication may be reproduced or transmitted in any form or by any means, electronic or mechanical, including photocopy, recording, facsimile, or any information storage and retrieval system, without written permission. Retransmission by fax or other means which results in the creation of an additional copy is unlawful. Preface K nowledge is the foundation essential to making consistently successful decisions. Would a prudent businessman market product or purchase raw material without researching profit and cost potential first? Would a successful trader/investor jump at a “hot tip” or a story in The Wall St. Journal? Or would he look before he leaped? The purpose of this publication is to quantify price history—both cash and futures—in the cattle complex, offer it from a variety of relevant perspectives, and present it in a format useful to those whose commerce is substantially affected by fluctuations in cattle prices. Not only traders but producers, processors, buyers, and other business executives throughout the industry are encouraged to examine the following thoroughly, for seasonality can be a primary component in price movement. Windows of Opportunity From these seasonal patterns, one can derive a seasonal approach to both cash and futures markets that is designed to anticipate, enter, and capture recurrent price trends as they emerge and exit before they are “realized.” Within these patterns may exist certain “windows of opportunity” wherein well-defined seasonal tops, bottoms, or trends tend to appear. Moore Research Center, Inc. (MRCI) computer programs have analyzed trends that have recurred in the same direction during a similar period of time in at least 80% of the last 15 years. The underlying theory assumes that causal fundamental factors specific to that time period must have existed and may be influential again, thus making each historically 80%-or-more reliable strategy valid as a potential trading idea. Remember, however, that past performance is not necessarily indicative of future results. These strategies are not recommendations but rather presentations of quantified historical fact. Essentially, these seasonal strategies identify computeroptimzed dates on which prices have consistently been higher (lower) than on a previous date. Feeder/Live Cattle Equity Spreads Weekly charts depict the nominal price difference between feeder cattle and live cattle contracts. However, because contract sizes are different, calculations for entry and exit prices in strategy tables reflect the difference in contract equity values. To find such a difference, first multiply the price/lb. of feeders by 50,000 lbs. and then subtract the price/lb. of live cattle multiplied by 40,000 lbs. Cash Data Sources Cash prices used to construct cash and basis charts are courtesy of the Chicago Mercantile Exchange Inc. database and Livestock Marketing Information Center (Lakewood, CO). ! Preface Seasonal Patterns Nearly all markets—real estate, T-Bills, cash cattle, grain futures—are affected by various fundamental forces, many of which are seasonal in nature. Such forces as weather, fiscal calendars, Treasury refundings, and specific characteristics of futures contracts (such as delivery and expiration) tend to recur and influence, to one degree or another, certain markets every year. As any market responds to a series of annually recurring factors, seasonal price patterns tend to evolve. Daily seasonal patterns, both the 15- and most recent 5-year, are derived from and a composite of historical daily price activity in the specific contract or cash market under consideration. The numerical index to the right on a seasonal pattern chart reflects the historical tendency for that contract to reach its seasonal high (100) or low (0) at a given time. These charts illustrate typical patterns of price behavior. Seasonal average charts for spreads portray the averaged difference between the two contracts. Not only patterns of price behavior but also typical price relationships are apparent in these. Weekly continuation charts are also contract-specific. They are intended to illustrate historical relative value, turning points, and long-term trends for particular hedging, basis, and trading strategies. Points on basis charts are plotted by subtracting the futures price from the designated cash price, thereby obtaining a cash quote of “$2 under” or “$1.50 over” futures. The averaged cash basis charts presented in this publication offer perspective on typical cash/futures relationships. 2 HISTORICAL LIVE CATTLE/FEEDER CATTLE REPORT Seasonal Pattern Chart Explanation chart consists of two aspects of a market’s seasonal pattern—the most recent 15-year (solid line) and its most Each recent 5-year (dotted line), December 2007 contracts inclusive. Thus, any evolution in the pattern may be perceived, as well as trends, tops, and bottoms coincident to both. The numerical index to the right measures the greatest historical tendency for the market to make a seasonal high (100) or low (0) at a given time. Besides illustrating the more obvious seasonal tops, seasonal bottoms, and seasonal trends, these patterns also suggest certain cause/effect phenomena which may present secondary opportunities. For instance, do smaller but well-defined breaks/rallies typically precede certain events, such as Thanksgiving or first deliveries against a lead contract? If so, does there exist an implied opportunity? ! February Live Cattle(CME) Seasonal Patterns(1993-2007) 100 80 15 Year Pattern 60 40 5 Year Pattern 20 0 Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Seasonal Average Chart Explanation average charts for spreads and basis portray an averaged difference between two futures contracts. Per Seasonal industry standard, the price of the second-named contract is subtracted from the price of the first. Because futures markets are designed to enable those involved in the commerce of the underlying commodity to manage their risk of price fluctuation, a direct relationship between cash and futures is vital. Charts in the Basis section portray an averaged difference between a designated cash price and a designated futures contract price, commonly referred to as “basis.” Per industry standard, the daily futures closing price is subtracted from the underlying cash price to determine chart points and cash quotes of “$5 over” or “$2.50 under” futures — the fluctuation of cash around futures. Because futures prices are the reference against which cash quotes are made, futures prices are represented on the charts by the 0-line. Thus, the degree to which basis typically widens/narrows at any given time of the year appears as does the “rubber-band effect” of the delivery and cash-settlement processes.! Feb Live Cattle(CME) - Apr Live Cattle(CME) 15 Year Average(93-07) 4.000 3.000 15 Year Pattern 2.000 1.000 5 Year Pattern 0.000 -1.000 Mar Apr May MOORE RESEARCH CENTER, INC. Jun Jul Aug Sep Oct Nov Dec Jan Feb 3 Seasonal Pattern & Seasonal Average Explanation Mar Strategy Sheet Explanation MRCI strategy sheets present each historically reliable seasonal trade with a table of its relevant detail. Unique Traders are encouraged to evaluate each strategy individually; some may be more speculative in nature than others. To detect a trade, MRCI’s computer system scrutinizes the last 15 years (when available) of historical price data for those trends recurrent, with a minimum historical reliability of 80%, during similar time windows. Those strategies are then subjected to further criteria established for average profit and duration of time window. (Special reports may present strategies with duplication/overlap and trading in “spot month” contracts that have commercial application.) Once discovered and initially evaluated, a trading strategy is outlined and its crucial data tabulated and presented in the following format for closer analysis. Reading the Table & The Methodology For each contract year studied, the table lists entry date and price, exit date and price, and the ultimate profit or loss. Entry and exit prices are definitively based on the settlement prices of the dates listed, as are profit and loss values. If an optimized trade date fell on a weekend or holiday, entry was posted on the following trading day while exit on the prior. In order to represent historical fact and the full extent of relevant price movement, these strategy sheets do not utilize equity protection methods (STOPS). Thus, the table encourages further evaluation by providing peak equity and worst drawdown dates and the amount of each. The bottom section of the table calculates the strategy’s historical reliability and overall average results. Because of certain inherent limitations in applying historical strategies to current market conditions, MRCI urges all traders to employ proper money-management techniques at all times. ! Live Cattle(CME)—April Contract Size: 40,000 lbs Strategy Explanation Buy on approximately 01/02 - Exit on approximately 01/10 CONT YEAR BUY DATE 2008 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995 1994 01/02/08 01/03/07 01/03/06 01/03/05 01/02/04 01/02/03 01/02/02 01/02/01 01/03/00 01/04/99 01/02/98 01/02/97 01/02/96 01/03/95 01/03/94 BUY PRICE Percentage Correct Average Profit on Winning Trades Average Loss on Trades Average Net Profit Per Trade 99.05 94.27 95.02 86.27 71.95 79.40 73.30 79.17 71.72 62.60 67.27 65.32 65.97 73.57 75.22 87 EXIT DATE 01/10/08 01/10/07 01/10/06 01/10/05 01/09/04 01/10/03 01/10/02 01/10/01 01/10/00 01/08/99 01/09/98 01/10/97 01/10/96 01/10/95 01/10/94 EXIT PRICE 96.00 94.77 95.47 88.97 75.70 79.85 73.82 79.75 72.80 65.52 66.75 66.72 66.00 73.70 76.37 PROFIT BEST EQUITY DATE PROFIT AMOUNT -3.05 0.50 0.45 2.70 3.75 0.45 0.52 0.58 1.08 2.92 -0.52 1.40 0.03 0.13 1.15 -1220.00 200.00 180.00 1080.00 1500.00 180.00 208.00 232.00 432.00 1168.00 -208.00 560.00 12.00 52.00 460.00 1.20 -1.78 0.81 481.85 -714.00 322.40 BEST EQUITY AMOUNT 01/10/07 01/10/06 01/10/05 01/09/04 01/03/03 01/09/02 01/10/01 01/07/00 01/08/99 200.00 180.00 1080.00 1500.00 228.00 340.00 232.00 512.00 1168.00 01/10/97 01/05/96 01/09/95 01/10/94 560.00 352.00 120.00 460.00 Winners Losers Total trades WORST EQUITY DATE WORST EQUITY AMOUNT 01/09/08 01/04/07 01/05/06 -1268.00 -268.00 -188.00 01/04/02 01/08/01 01/04/00 -20.00 -520.00 -188.00 01/09/98 -208.00 01/05/95 -100.00 13 2 15 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. 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 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 TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE. 4 HISTORICAL LIVE CATTLE/FEEDER CATTLE REPORT Live Cattle (LC) Page Contract Information (refer to CME Rulebook at http://www.cmegroup.com) Futures & Options Contract Specifications .......................................................................... 6 Nearby Live Cattle Weekly & Monthly Charts.................................................................... 7 Seasonal Pattern/Average and Weekly Continuation Charts Feb; Feb vs: Apr, Jun .......................................................................................................... 8 Apr; Apr vs: Jun, Aug ....................................................................................................... 10 Jun; Jun vs: Aug, Oct ........................................................................................................ 12 Aug; Aug vs: Oct, Dec ...................................................................................................... 14 Oct; Oct vs: Dec, Feb ........................................................................................................ 16 Dec; Dec vs: Feb, Apr ....................................................................................................... 18 Live Cattle Seasonal Strategies Strategy Summary............................................................................................................... 20 Strategy Detail Tables ......................................................................................................... 22 MOORE RESEARCH CENTER, INC. 5 CME Live Cattle Futures & Options Specifications Ticker Symbol Trading Unit LC (pit); LE (electronic) Price Quote Minimum Price Fluctuation (Tick) Cents per pound Daily Price Limit Contract Months Trading Hours1 (Chicago Time) 3.00 ¢/pound = $1,200/contract 40,000 lbs. of 55%-Choice/45%Select USDA-grade live steers Calls: CK Premium Quotations Minimum Price1 Fluctuation (Tick) Daily Price Limit Contract Months Trading Hours2 (Chicago Time) cents per pound; e.g., 2.00 premium = $800 .025 = $10.00/contract (2.5¢/hundred pounds or .025¢/pound) Feb, Apr, Jun, Aug, Oct, Dec RTH: 9:05 AM - 1:00 PM Last day: 9:05 AM - 12:00 PM Globex: Mon-Thu 9:05AM - 4PM Shutdown period 4PM - 5PM Re-open 5:00PM - 4:00PM Friday Close at 1:30PM LTD: 12:10PM (if LTD is on a day that the market closes early, then the time is 11:10AM) CME Live Cattle Futures & Options Specifications Ticker Symbols Underlying Contract Strike Prices Last Trading Day Last business day of the contract month. Delivery Days2 Any business day of the contract month and the first seven business days of the next calendar month, except that live-graded deliveries may not be made prior to the seventh business day following the first Friday of the contract month and carcass-graded deliveries (if called for by long) may not be made prior to the fourth business day following the first Friday of the contract month. 1 Closing times may vary; consult CME for holiday schedule. 2 Consult CME rulebook for a more detailed description of tender, demand, retender, reclaim, and assignment of Certificates of Delivery, as well as for premiums and discounts. Long positions outstanding during the contract month may be assigned delivery. Puts: PK One Live Cattle futures contract Even intervals of 2 cents per pound, e.g., 62¢, 64¢, 66¢; except front two months are at one-cent-per-pound intervals, e.g., 68¢, 69¢, 70¢ .025 cents per pound = $10.00/contract (cabinet = $5.00) None Feb, Apr, Jun, Aug, Oct, Dec RTH: 9:05 AM - 1:02 PM Globex: Mon-Thu 9:05AM - 4PM Shutdown period 4PM - 5PM Re-open 5:00PM - 4:00PM Friday Close at 1:30PM LTD: 12:10PM (if LTD is on a day that the market closes early, then the time is 11:10AM) Last Day of Trading The first Friday of the underlying futures contract; if that Friday is not a business day, then trading shall terminate on the preceding business day. Minimum Performance Bond No performance bond required for put or call buyers, but the premium must be paid in full; option sellers must meet additional performance bond requirements as determined by the Standard Portfolio Analysis of Risk (SPAN®) performance bond system. Exercise Procedure3 An option may be exercised by the buyer up to and including the last day of trading. To exercise, the clearing member representing the buyer submits an Exercise Notice to the Clearing House by 7:00 PM on the day of exercise. 1 A trade may occur at a nominal price – a cabinet – whether or not it results in liquidation of positions for both parties to the trade. 2 Closing time may vary; consult CME for holiday schedule. 3 Consult your brokerage firm for additional or specific requirements, policies, and procedures. 6 HISTORICAL LIVE CATTLE/FEEDER CATTLE REPORT Nearby Live Cattle Weekly & Monthly Charts Live Cattle (CME) — Weekly 105.000 100.000 95.000 90.000 85.000 80.000 75.000 70.000 65.000 60.000 55.000 1999 2000 2001 2002 2003 2004 2005 2006 2007 Nearby Live Cattle Weekly & Monthly Charts 1998 Live Cattle (CME) — Monthly 105.000 100.000 95.000 90.000 85.000 80.000 75.000 70.000 65.000 60.000 55.000 50.000 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 MOORE RESEARCH CENTER, INC. 7 February Live Cattle(CME) Seasonal Patterns(1993-2007) 100 80 15 Year Pattern 60 40 5 Year Pattern 20 0 Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Feb Live Cattle(CME) - Apr Live Cattle(CME) 15 Year Average(93-07) 4.000 3.000 Live Cattle Seasonal Pattern & Average: February 15 Year Pattern 2.000 1.000 5 Year Pattern 0.000 -1.000 Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Feb Live Cattle(CME) - Jun Live Cattle(CME) 15 Year Average(93-07) 9.000 8.000 7.000 15 Year Pattern 6.000 5.000 4.000 5 Year Pattern 3.000 2.000 Mar 8 Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb HISTORICAL LIVE CATTLE/FEEDER CATTLE REPORT Weekly Feb Live Cattle(CME) 110.000 100.000 90.000 80.000 70.000 60.000 50.000 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2006 2007 2006 2007 Weekly Feb Live Cattle(CME) - Apr Live Cattle(CME) 12.00 10.00 8.00 6.00 4.00 2.00 0.00 -2.00 -4.00 -6.00 1998 1999 2000 2001 2002 2003 2004 2005 Live Cattle Weekly: February Weekly Feb Live Cattle(CME) - Jun Live Cattle(CME) 20.00 15.00 10.00 5.00 0.00 -5.00 -10.00 1998 1999 MOORE RESEARCH CENTER, INC. 2000 2001 2002 2003 2004 2005 9 April Live Cattle(CME) Seasonal Patterns(1993-2007) 100 80 15 Year Pattern 60 40 5 Year Pattern 20 0 May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr Apr Live Cattle(CME) - Jun Live Cattle(CME) 15 Year Average(93-07) 6.500 6.000 5.500 15 Year Pattern 5.000 Live Cattle Seasonal Pattern & Average: April 4.500 4.000 5 Year Pattern 3.500 3.000 2.500 May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr Apr Live Cattle(CME) - Aug Live Cattle(CME) 15 Year Average(93-07) 7.500 7.000 6.500 15 Year Pattern 6.000 5.500 5.000 5 Year Pattern 4.500 4.000 3.500 May 10 Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr HISTORICAL LIVE CATTLE/FEEDER CATTLE REPORT Weekly Apr Live Cattle(CME) 110.000 100.000 90.000 80.000 70.000 60.000 50.000 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2006 2007 2006 2007 Weekly Apr Live Cattle(CME) - Jun Live Cattle(CME) 10.00 8.00 6.00 4.00 2.00 0.00 -2.00 -4.00 1998 1999 2000 2001 2002 2003 2004 2005 Weekly Apr Live Cattle(CME) - Aug Live Cattle(CME) 12.00 Live Cattle Weekly: April 10.00 8.00 6.00 4.00 2.00 0.00 -2.00 -4.00 1998 1999 MOORE RESEARCH CENTER, INC. 2000 2001 2002 2003 2004 2005 11 June Live Cattle(CME) Seasonal Patterns(1993-2007) 100 80 15 Year Pattern 60 40 5 Year Pattern 20 0 Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jun Live Cattle(CME) - Aug Live Cattle(CME) 15 Year Average(93-07) 2.500 2.000 1.500 15 Year Pattern Live Cattle Seasonal Pattern & Average: June 1.000 0.500 5 Year Pattern 0.000 -0.500 Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jun Live Cattle(CME) - Oct Live Cattle(CME) 15 Year Average(93-07) 0.500 0.000 -0.500 15 Year Pattern -1.000 -1.500 5 Year Pattern -2.000 -2.500 Jul 12 Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun HISTORICAL LIVE CATTLE/FEEDER CATTLE REPORT Weekly Jun Live Cattle(CME) 100.000 90.000 80.000 70.000 60.000 50.000 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2006 2007 2006 2007 Weekly Jun Live Cattle(CME) - Aug Live Cattle(CME) 8.00 6.00 4.00 2.00 0.00 -2.00 -4.00 -6.00 1998 1999 2000 2001 2002 2003 2004 2005 Weekly Jun Live Cattle(CME) - Oct Live Cattle(CME) 6.00 Live Cattle Weekly: June 4.00 2.00 0.00 -2.00 -4.00 -6.00 -8.00 -10.00 1998 1999 MOORE RESEARCH CENTER, INC. 2000 2001 2002 2003 2004 2005 13 August Live Cattle(CME) Seasonal Patterns(1993-2007) 100 80 15 Year Pattern 60 40 5 Year Pattern 20 0 Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Aug Live Cattle(CME) - Oct Live Cattle(CME) 15 Year Average(93-07) -0.500 -1.000 -1.500 Live Cattle Seasonal Pattern & Average: August 15 Year Pattern -2.000 -2.500 5 Year Pattern -3.000 -3.500 Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Aug Live Cattle(CME) - Dec Live Cattle(CME) 15 Year Average(93-07) -2.000 -2.500 -3.000 15 Year Pattern -3.500 -4.000 5 Year Pattern -4.500 -5.000 Sep 14 Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug HISTORICAL LIVE CATTLE/FEEDER CATTLE REPORT Weekly Aug Live Cattle(CME) 100.000 90.000 80.000 70.000 60.000 50.000 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2006 2007 2006 2007 Weekly Aug Live Cattle(CME) - Oct Live Cattle(CME) 2.00 1.00 0.00 -1.00 -2.00 -3.00 -4.00 -5.00 -6.00 1998 1999 2000 2001 2002 2003 2004 2005 Weekly Aug Live Cattle(CME) - Dec Live Cattle(CME) Live Cattle Weekly: August 4.00 2.00 0.00 -2.00 -4.00 -6.00 -8.00 1998 1999 MOORE RESEARCH CENTER, INC. 2000 2001 2002 2003 2004 2005 15 October Live Cattle(CME) Seasonal Patterns(1993-2007) 100 80 15 Year Pattern 60 40 5 Year Pattern 20 0 Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Oct Live Cattle(CME) - Dec Live Cattle(CME) 15 Year Average(93-07) 3.000 2.000 Live Cattle Seasonal Pattern & Average: October 15 Year Pattern 1.000 0.000 5 Year Pattern -1.000 -2.000 Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Oct Live Cattle(CME) - Feb Live Cattle(CME) 15 Year Average(93/94-07/08) 2.000 1.000 0.000 15 Year Pattern -1.000 -2.000 5 Year Pattern -3.000 -4.000 Nov 16 Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct HISTORICAL LIVE CATTLE/FEEDER CATTLE REPORT Weekly Oct Live Cattle(CME) 110.000 100.000 90.000 80.000 70.000 60.000 50.000 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2006 2007 2006 2007 Weekly Oct Live Cattle(CME) - Dec Live Cattle(CME) 12.00 10.00 8.00 6.00 4.00 2.00 0.00 -2.00 -4.00 -6.00 1998 1999 2000 2001 2002 2003 2004 2005 Weekly Oct Live Cattle(CME) - Feb Live Cattle(CME) Live Cattle Weekly: October 20.00 15.00 10.00 5.00 0.00 -5.00 -10.00 1998 1999 MOORE RESEARCH CENTER, INC. 2000 2001 2002 2003 2004 2005 17 December Live Cattle(CME) Seasonal Patterns(1993-2007) 100 80 15 Year Pattern 60 40 5 Year Pattern 20 0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Dec Live Cattle(CME) - Feb Live Cattle(CME) 15 Year Average(93/94-07/08) 0.000 Live Cattle Seasonal Pattern & Average: December -0.500 15 Year Pattern -1.000 5 Year Pattern -1.500 -2.000 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Dec Live Cattle(CME) - Apr Live Cattle(CME) 15 Year Average(93/94-07/08) 3.000 2.000 15 Year Pattern 1.000 0.000 5 Year Pattern -1.000 -2.000 Jan 18 Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec HISTORICAL LIVE CATTLE/FEEDER CATTLE REPORT Weekly Dec Live Cattle(CME) 110.000 100.000 90.000 80.000 70.000 60.000 50.000 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2006 2007 2006 2007 Weekly Dec Live Cattle(CME) - Feb Live Cattle(CME) 8.00 6.00 4.00 2.00 0.00 -2.00 -4.00 -6.00 1998 1999 2000 2001 2002 2003 2004 2005 Live Cattle Weekly: December Weekly Dec Live Cattle(CME) - Apr Live Cattle(CME) 20.00 15.00 10.00 5.00 0.00 -5.00 -10.00 1998 1999 MOORE RESEARCH CENTER, INC. 2000 2001 2002 2003 2004 2005 19 Seasonal Live Cattle Strategies Live Cattle Strategy Summary Seasonal Strategy Entry Date Exit Date Win Pct Win Loss Total Years Years Years Average Profit Ave Pft Per Day Pg No 1 Buy Live Cattle(CME)—April 1/02 1/10 87 13 2 15 322 36/9 22 2 Buy Live Cattle(CME)—February 1/04 1/17 80 12 3 15 362 26/14 22 3 Buy Feb Live Cattle(CME) Sell Aug Live Cattle(CME) 1/06 1/16 80 12 3 15 206 19/11 23 4 Sell Live Cattle(CME)—February 1/18 1/27 93 14 1 15 462 46/10 23 5 Buy Aug Live Cattle(CME) Sell Feb Live Cattle(CME) 1/18 1/28 87 13 2 15 331 30/11 24 6 Buy Live Cattle(CME)—June 2/21 3/11 80 12 3 15 409 20/20 24 7 Sell Live Cattle(CME)—April 2/28 3/29 80 12 3 15 558 18/31 25 8 Buy Dec Live Cattle(CME) Sell Jun Live Cattle(CME) 3/06 3/25 93 14 1 15 443 22/20 25 9 Sell Live Cattle(CME)—June 3/10 3/30 93 14 1 15 650 31/21 26 10 Sell Live Cattle(CME)—June 3/10 4/16 87 13 2 15 863 23/38 26 11 Buy Dec Live Cattle(CME) Sell Jun Live Cattle(CME) 3/10 4/16 93 14 1 15 581 15/38 27 12 Buy Aug Live Cattle(CME) Sell Jun Live Cattle(CME) 3/10 5/10 93 14 1 15 661 11/62 27 13 Buy Aug Live Cattle(CME) Sell Jun Live Cattle(CME) 3/11 4/29 93 14 1 15 491 10/50 28 14 Buy Dec Live Cattle(CME) Sell Jun Live Cattle(CME) 3/13 3/24 100 15 0 15 352 29/12 28 15 Sell Live Cattle(CME)—June 4/09 4/25 87 13 2 15 601 35/17 29 16 Buy Live Cattle(CME)—June * 5/25 6/04 80 12 3 15 487 44/11 29 17 Buy Jun Live Cattle(CME) Sell Oct Live Cattle(CME) * 5/26 6/07 93 14 1 15 361 28/13 30 18 Sell Live Cattle(CME)—August 6/05 6/21 80 12 3 15 362 21/17 30 19 Buy Live Cattle(CME)—October 6/19 7/07 93 14 1 15 477 25/19 31 20 Buy Oct Live Cattle(CME) Sell Apr Live Cattle(CME) 6/22 7/28 87 13 2 15 477 13/37 31 For other MRCI products and information: 1-800-927-7259 or (541) 484-7256 - Fax: (541) 484-0243 Website: http://www.mrci.com Email: sales@mrci.com Note: These trade strategies have worked with historical consistency. No representation is being made that they will work this year or in the future. Please check current market fundamentals and technical conditions before considering these trades. This information is not a recommendation to buy or sell at this time, but merely a historical presentation of trade strategies. Past results are not necessarily indicative of future results. No representation is being made that an account will or is likely to achieve profits or incur losses similar to those shown. SEASONAL TENDENCIES ARE A COMPOSITE OF SOME OF THE MORE CONSISTENT COMMODITY FUTURES SEASONALS THAT HAVE OCCURRED OVER THE PAST 15 YEARS. THERE ARE USUALLY UNDERLYING FUNDAMENTAL CIRCUMSTANCES THAT OCCUR ANNUALLY THAT TEND TO CAUSE THE FUTURES MARKETS TO REACT IN A SIMILAR DIRECTIONAL MANNER DURING A CERTAIN CALENDAR PERIOD OF THE YEAR. EVEN IF A SEASONAL TENDENCY OCCURS IN THE FUTURE, IT MAY NOT RESULT IN A PROFITABLE TRANSACTION AS FEES, AND THE TIMING OF THE ENTRY AND LIQUIDATION MAY IMPACT ON THE RESULTS. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT HAS IN THE PAST OR WILL IN THE FUTURE ACHIEVE PROFITS UTILIZING THESE STRATEGIES. NO REPRESENTATION IS BEING MADE THAT PRICE PATTERNS WILL RECUR IN THE FUTURE. 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. 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 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 TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE. Copyright ©1989-2008 Moore Research Center, Inc. 20 HISTORICAL LIVE CATTLE/FEEDER CATTLE REPORT Seasonal Live Cattle Strategies Seasonal Strategy Entry Date Exit Date Win Pct Win Loss Total Years Years Years Average Profit Ave Pft Per Day Pg No 21 Buy Oct Live Cattle(CME) Sell Apr Live Cattle(CME) 6/22 9/12 80 12 3 15 560 7/83 32 22 Buy Live Cattle(CME)—December 6/26 9/11 80 12 3 15 947 12/78 32 23 Buy Oct Live Cattle(CME) Sell Apr Live Cattle(CME) 8/25 9/14 80 12 3 15 323 15/21 33 24 Buy Live Cattle(CME)—December 8/30 9/11 87 13 2 15 431 33/13 33 25 Sell Live Cattle(CME)—December 9/15 9/28 80 12 3 15 426 30/14 34 26 Buy Feb Live Cattle(CME) Sell Dec Live Cattle(CME) 9/15 11/07 93 14 1 15 429 8/54 34 27 Buy Live Cattle(CME)—February 10/14 11/24 80 12 3 15 336 8/42 35 28 Buy Aug Live Cattle(CME) Sell Feb Live Cattle(CME) 11/17 12/11 87 13 2 15 385 15/25 35 29 Buy Live Cattle(CME)—February 12/12 1/17 80 12 3 15 408 11/37 36 30 Buy Live Cattle(CME)—February 12/12 12/24 93 14 1 15 419 32/13 36 31 Buy Feb Live Cattle(CME) Sell Aug Live Cattle(CME) 12/12 12/24 93 14 1 15 268 21/13 37 32 Buy Live Cattle(CME)—April 12/27 1/16 87 13 2 15 256 12/21 37 For other MRCI products and information: 1-800-927-7259 or (541) 484-7256 - Fax: (541) 484-0243 Website: http://www.mrci.com Email: sales@mrci.com Note: These trade strategies have worked with historical consistency. No representation is being made that they will work this year or in the future. Please check current market fundamentals and technical conditions before considering these trades. This information is not a recommendation to buy or sell at this time, but merely a historical presentation of trade strategies. Past results are not necessarily indicative of future results. No representation is being made that an account will or is likely to achieve profits or incur losses similar to those shown. SEASONAL TENDENCIES ARE A COMPOSITE OF SOME OF THE MORE CONSISTENT COMMODITY FUTURES SEASONALS THAT HAVE OCCURRED OVER THE PAST 15 YEARS. THERE ARE USUALLY UNDERLYING FUNDAMENTAL CIRCUMSTANCES THAT OCCUR ANNUALLY THAT TEND TO CAUSE THE FUTURES MARKETS TO REACT IN A SIMILAR DIRECTIONAL MANNER DURING A CERTAIN CALENDAR PERIOD OF THE YEAR. EVEN IF A SEASONAL TENDENCY OCCURS IN THE FUTURE, IT MAY NOT RESULT IN A PROFITABLE TRANSACTION AS FEES, AND THE TIMING OF THE ENTRY AND LIQUIDATION MAY IMPACT ON THE RESULTS. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT HAS IN THE PAST OR WILL IN THE FUTURE ACHIEVE PROFITS UTILIZING THESE STRATEGIES. NO REPRESENTATION IS BEING MADE THAT PRICE PATTERNS WILL RECUR IN THE FUTURE. 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. 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 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 TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE. Copyright ©1989-2008 Moore Research Center, Inc. MOORE RESEARCH CENTER, INC. 21 Live Cattle Strategy Summary * Caution: Trade exit can be during delivery period. Longs may be subject to delivery. Live Cattle(CME)—April Contract Size: 40,000 lbs Buy on approximately 01/02 - Exit on approximately 01/10 CONT YEAR BUY DATE 2008 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995 1994 01/02/08 01/03/07 01/03/06 01/03/05 01/02/04 01/02/03 01/02/02 01/02/01 01/03/00 01/04/99 01/02/98 01/02/97 01/02/96 01/03/95 01/03/94 BUY PRICE 99.05 94.27 95.02 86.27 71.95 79.40 73.30 79.17 71.72 62.60 67.27 65.32 65.97 73.57 75.22 87 Percentage Correct EXIT DATE 01/10/08 01/10/07 01/10/06 01/10/05 01/09/04 01/10/03 01/10/02 01/10/01 01/10/00 01/08/99 01/09/98 01/10/97 01/10/96 01/10/95 01/10/94 EXIT PRICE 96.00 94.77 95.47 88.97 75.70 79.85 73.82 79.75 72.80 65.52 66.75 66.72 66.00 73.70 76.37 Average Profit on Winning Trades Average Loss on Trades Average Net Profit Per Trade PROFIT BEST EQUITY DATE PROFIT AMOUNT -3.05 0.50 0.45 2.70 3.75 0.45 0.52 0.58 1.08 2.92 -0.52 1.40 0.03 0.13 1.15 -1220.00 200.00 180.00 1080.00 1500.00 180.00 208.00 232.00 432.00 1168.00 -208.00 560.00 12.00 52.00 460.00 1.20 -1.78 0.81 481.85 -714.00 322.40 BEST EQUITY AMOUNT 01/10/07 01/10/06 01/10/05 01/09/04 01/03/03 01/09/02 01/10/01 01/07/00 01/08/99 200.00 180.00 1080.00 1500.00 228.00 340.00 232.00 512.00 1168.00 01/10/97 01/05/96 01/09/95 01/10/94 560.00 352.00 120.00 460.00 WORST EQUITY DATE WORST EQUITY AMOUNT 01/09/08 01/04/07 01/05/06 -1268.00 -268.00 -188.00 01/04/02 01/08/01 01/04/00 -20.00 -520.00 -188.00 01/09/98 -208.00 01/05/95 -100.00 13 2 15 Winners Losers Total trades 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. 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 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 TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE. Live Cattle(CME)—February Contract Size: 40,000 lbs Live Cattle Strategy Tables Buy on approximately 01/04 - Exit on approximately 01/17 CONT YEAR BUY DATE 2008 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995 1994 01/04/08 01/04/07 01/04/06 01/04/05 01/05/04 01/06/03 01/04/02 01/04/01 01/04/00 01/04/99 01/05/98 01/06/97 01/04/96 01/04/95 01/04/94 BUY PRICE Percentage Correct Average Profit on Winning Trades Average Loss on Trades Average Net Profit Per Trade 94.55 92.22 96.47 90.47 75.30 80.77 70.07 76.97 69.07 59.62 63.92 65.35 66.37 73.25 72.57 80 EXIT DATE 01/17/08 01/17/07 01/17/06 01/14/05 01/16/04 01/17/03 01/17/02 01/17/01 01/14/00 01/15/99 01/16/98 01/17/97 01/17/96 01/17/95 01/17/94 EXIT PRICE 90.90 92.55 96.55 91.32 78.70 79.67 71.07 80.20 70.82 63.20 66.42 65.60 65.80 73.62 74.12 PROFIT BEST EQUITY DATE PROFIT AMOUNT -3.65 0.33 0.08 0.85 3.40 -1.10 1.00 3.23 1.75 3.58 2.50 0.25 -0.57 0.37 1.55 -1460.00 132.00 32.00 340.00 1360.00 -440.00 400.00 1292.00 700.00 1432.00 1000.00 100.00 -228.00 148.00 620.00 1.57 -1.77 0.90 629.67 -709.33 361.87 BEST EQUITY AMOUNT 01/07/08 01/10/07 01/10/06 01/12/05 01/16/04 01/09/03 01/15/02 01/16/01 01/07/00 01/15/99 01/16/98 01/14/97 01/05/96 01/17/95 01/14/94 20.00 692.00 32.00 632.00 1360.00 400.00 632.00 1640.00 720.00 1432.00 1000.00 248.00 20.00 148.00 712.00 Winners Losers Total trades WORST EQUITY DATE WORST EQUITY AMOUNT 01/16/08 01/12/07 01/11/06 01/06/05 01/06/04 01/15/03 01/11/02 01/08/01 01/05/00 -1800.00 -168.00 -900.00 -848.00 -560.00 -568.00 -80.00 -320.00 -40.00 01/08/97 01/10/96 01/13/95 -432.00 -380.00 -340.00 12 3 15 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. 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 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 TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE. 22 HISTORICAL LIVE CATTLE/FEEDER CATTLE REPORT Buy Feb Live Cattle(CME) / Sell Aug Live Cattle(CME) Enter on approximately 01/06 - Exit on approximately 01/16 CONT YEAR ENTRY DATE 2008 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995 1994 01/07/08 01/08/07 01/06/06 01/06/05 01/06/04 01/06/03 01/07/02 01/08/01 01/06/00 01/06/99 01/06/98 01/06/97 01/08/96 01/06/95 01/06/94 ENTRY PRICE -1.50 5.50 9.78 8.62 2.75 10.61 0.25 2.51 -0.23 -2.29 -4.12 2.39 4.34 7.84 -0.34 80 Percentage Correct EXIT DATE 01/16/08 01/16/07 01/13/06 01/14/05 01/16/04 01/16/03 01/16/02 01/16/01 01/14/00 01/15/99 01/16/98 01/16/97 01/16/96 01/16/95 01/14/94 EXIT PRICE -5.53 4.11 9.79 10.00 5.04 11.85 1.02 6.96 -0.20 -1.42 -3.45 1.86 4.46 8.20 1.09 Average Profit on Winning Trades Average Loss on Trades Average Net Profit Per Trade PROFIT PROFIT AMOUNT -4.03 -1.38 0.02 1.37 2.30 1.23 0.77 4.45 0.03 0.88 0.68 -0.53 0.12 0.35 1.45 -1612.00 -552.00 8.00 548.00 920.00 492.00 308.00 1780.00 12.00 352.00 272.00 -212.00 48.00 140.00 580.00 1.14 -1.98 0.51 455.00 -792.00 205.60 BEST EQUITY DATE BEST EQUITY AMOUNT 01/10/07 01/10/06 01/12/05 01/16/04 01/10/03 01/15/02 01/16/01 01/07/00 01/15/99 01/16/98 292.00 140.00 720.00 920.00 612.00 360.00 1780.00 120.00 352.00 272.00 01/15/96 01/16/95 01/14/94 180.00 140.00 580.00 WORST EQUITY DATE WORST EQUITY AMOUNT 01/14/08 01/12/07 01/11/06 01/07/05 01/13/04 -1640.00 -768.00 -252.00 -12.00 -128.00 01/11/02 -172.00 01/12/00 01/07/99 01/14/98 01/08/97 01/10/96 01/10/95 -8.00 -40.00 -116.00 -500.00 -132.00 -12.00 12 3 15 Winners Losers Total trades 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. 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 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 TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE. Live Cattle(CME)—February Contract Size: 40,000 lbs CONT YEAR SELL DATE 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995 1994 1993 01/18/07 01/18/06 01/18/05 01/20/04 01/21/03 01/18/02 01/18/01 01/18/00 01/19/99 01/20/98 01/20/97 01/18/96 01/18/95 01/18/94 01/18/93 SELL PRICE Percentage Correct 92.40 96.07 91.12 80.20 79.67 71.55 79.62 70.70 62.97 65.95 66.15 65.20 74.60 73.50 80.65 93 EXIT DATE 01/26/07 01/27/06 01/27/05 01/27/04 01/27/03 01/25/02 01/26/01 01/27/00 01/27/99 01/27/98 01/27/97 01/26/96 01/27/95 01/27/94 01/27/93 Average Profit on Winning Trades Average Loss on Trades Average Net Profit Per Trade EXIT PRICE 90.22 93.90 89.25 79.00 79.30 72.42 78.80 69.52 61.97 65.25 64.97 63.05 74.37 73.12 77.87 PROFIT PROFIT AMOUNT 2.18 2.17 1.87 1.20 0.37 -0.87 0.82 1.18 1.00 0.70 1.18 2.15 0.23 0.38 2.78 872.00 868.00 748.00 480.00 148.00 -348.00 328.00 472.00 400.00 280.00 472.00 860.00 92.00 152.00 1112.00 1.30 -0.87 1.16 520.29 -348.00 462.40 BEST EQUITY DATE BEST EQUITY AMOUNT 01/23/07 01/27/06 01/24/05 01/26/04 01/27/03 01/22/02 01/23/01 01/27/00 01/27/99 01/27/98 01/24/97 01/26/96 01/24/95 01/25/94 01/27/93 1132.00 868.00 968.00 612.00 148.00 152.00 560.00 472.00 400.00 280.00 600.00 860.00 100.00 232.00 1112.00 Winners Losers Total trades WORST EQUITY DATE WORST EQUITY AMOUNT 01/19/06 -20.00 01/21/04 01/22/03 01/25/02 -600.00 -312.00 -348.00 01/25/99 01/23/98 -92.00 -300.00 01/20/95 -160.00 14 1 15 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. 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 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 TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE. MOORE RESEARCH CENTER, INC. 23 Live Cattle Strategy Tables Sell on approximately 01/18 - Exit on approximately 01/27 Buy Aug Live Cattle(CME) / Sell Feb Live Cattle(CME) Enter on approximately 01/18 - Exit on approximately 01/28 CONT YEAR ENTRY DATE 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995 1994 1993 01/18/07 01/18/06 01/18/05 01/20/04 01/21/03 01/18/02 01/18/01 01/18/00 01/19/99 01/20/98 01/20/97 01/18/96 01/18/95 01/18/94 01/18/93 Percentage Correct ENTRY PRICE -4.20 -10.34 -9.80 -6.10 -11.85 -1.29 -6.32 -0.03 1.82 3.64 -1.68 -4.20 -9.57 -0.82 -9.05 87 EXIT DATE 01/26/07 01/27/06 01/28/05 01/28/04 01/28/03 01/28/02 01/26/01 01/28/00 01/28/99 01/28/98 01/28/97 01/26/96 01/27/95 01/28/94 01/28/93 EXIT PRICE -2.20 -9.43 -9.42 -5.06 -11.53 -2.29 -6.62 0.70 2.39 4.67 -0.41 -2.57 -9.32 -0.03 -6.25 Average Profit on Winning Trades Average Loss on Trades Average Net Profit Per Trade PROFIT BEST EQUITY DATE PROFIT AMOUNT 2.00 0.92 0.38 1.03 0.32 -1.00 -0.31 0.73 0.57 1.02 1.26 1.62 0.26 0.80 2.80 800.00 368.00 152.00 412.00 128.00 -400.00 -124.00 292.00 228.00 408.00 504.00 648.00 104.00 320.00 1120.00 1.05 -0.66 0.83 421.85 -262.00 330.67 BEST EQUITY AMOUNT 01/26/07 01/25/06 01/25/05 01/28/04 01/27/03 01/23/02 01/19/01 01/28/00 01/28/99 01/28/98 01/28/97 01/26/96 01/24/95 01/25/94 01/28/93 800.00 408.00 460.00 412.00 300.00 8.00 360.00 292.00 228.00 408.00 504.00 648.00 120.00 424.00 1120.00 WORST EQUITY DATE WORST EQUITY AMOUNT 01/22/04 -888.00 01/28/02 01/26/01 -400.00 -124.00 01/20/99 01/23/98 -72.00 -172.00 01/19/96 01/20/95 -40.00 -240.00 13 2 15 Winners Losers Total trades 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. 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 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 TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE. Live Cattle(CME)—June Contract Size: 40,000 lbs Live Cattle Strategy Tables Buy on approximately 02/21 - Exit on approximately 03/11 CONT YEAR BUY DATE 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995 1994 1993 02/21/07 02/21/06 02/22/05 02/23/04 02/21/03 02/21/02 02/21/01 02/22/00 02/22/99 02/23/98 02/21/97 02/21/96 02/21/95 02/22/94 02/22/93 BUY PRICE Percentage Correct Average Profit on Winning Trades Average Loss on Trades Average Net Profit Per Trade 93.67 83.45 81.25 70.37 70.85 70.25 73.32 67.82 64.80 66.05 65.02 62.12 66.77 74.50 73.97 80 EXIT DATE 03/09/07 03/10/06 03/11/05 03/11/04 03/11/03 03/11/02 03/09/01 03/10/00 03/11/99 03/11/98 03/11/97 03/11/96 03/10/95 03/11/94 03/11/93 EXIT PRICE 98.60 79.10 85.85 76.45 68.47 70.45 73.67 69.37 65.07 67.32 65.15 62.85 66.32 74.67 76.20 PROFIT BEST EQUITY DATE PROFIT AMOUNT 4.93 -4.35 4.60 6.08 -2.38 0.20 0.35 1.55 0.27 1.27 0.13 0.73 -0.45 0.17 2.23 1972.00 -1740.00 1840.00 2432.00 -952.00 80.00 140.00 620.00 108.00 508.00 52.00 292.00 -180.00 68.00 892.00 1.88 -2.39 1.02 750.33 -957.33 408.80 BEST EQUITY AMOUNT 03/08/07 2032.00 03/09/05 03/11/04 02/24/03 03/07/02 03/07/01 03/03/00 02/25/99 03/11/98 02/28/97 02/26/96 02/28/95 03/07/94 03/11/93 2500.00 2432.00 188.00 108.00 500.00 740.00 528.00 508.00 192.00 632.00 252.00 288.00 892.00 Winners Losers Total trades WORST EQUITY DATE WORST EQUITY AMOUNT 03/10/06 -1740.00 03/11/03 02/26/02 02/23/01 -952.00 -272.00 -48.00 02/25/98 03/06/97 -32.00 -220.00 03/09/95 02/23/94 02/25/93 -300.00 -40.00 -108.00 12 3 15 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. 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 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 TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE. 24 HISTORICAL LIVE CATTLE/FEEDER CATTLE REPORT Live Cattle(CME)—April Contract Size: 40,000 lbs Sell on approximately 02/28 - Exit on approximately 03/29 CONT YEAR SELL DATE 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995 1994 1993 02/28/07 02/28/06 02/28/05 03/01/04 02/28/03 02/28/02 02/28/01 02/28/00 04/30/99 04/30/98 02/28/97 02/28/96 02/28/95 02/28/94 04/30/93 SELL PRICE 97.05 87.22 86.05 77.80 75.82 74.20 81.37 71.47 68.25 65.07 69.62 64.65 74.27 77.10 80.05 80 Percentage Correct EXIT DATE 03/29/07 03/29/06 03/29/05 03/29/04 03/28/03 03/28/02 03/29/01 03/29/00 03/29/99 03/27/98 03/27/97 03/29/96 03/29/95 03/29/94 03/29/93 EXIT PRICE 96.37 80.62 90.10 77.77 75.60 70.42 78.82 71.67 66.77 64.02 67.95 63.42 66.27 76.55 82.70 Average Profit on Winning Trades Average Loss on Trades Average Net Profit Per Trade PROFIT PROFIT AMOUNT 0.68 6.60 -4.05 0.03 0.22 3.78 2.55 -0.20 1.48 1.05 1.67 1.23 8.00 0.55 -2.65 272.00 2640.00 -1620.00 12.00 88.00 1512.00 1020.00 -80.00 592.00 420.00 668.00 492.00 3200.00 220.00 -1060.00 2.32 -2.30 1.40 928.00 -920.00 558.40 BEST EQUITY DATE BEST EQUITY AMOUNT 04/30/07 03/29/06 360.00 2640.00 03/25/04 03/11/03 03/25/02 03/19/01 02/29/00 03/25/99 03/26/98 03/20/97 03/07/96 03/29/95 03/21/94 420.00 1220.00 1800.00 1648.00 120.00 920.00 720.00 860.00 1252.00 3200.00 452.00 WORST EQUITY DATE WORST EQUITY AMOUNT 03/12/07 -1988.00 03/09/05 03/16/04 -2160.00 -1928.00 03/08/02 03/06/01 03/28/00 03/09/99 03/13/98 -668.00 -112.00 -680.00 -108.00 -232.00 03/15/96 -248.00 03/04/94 03/22/93 -40.00 -1468.00 12 3 15 Winners Losers Total trades 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. 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 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 TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE. Buy Dec Live Cattle(CME) / Sell Jun Live Cattle(CME) Enter on approximately 03/06 - Exit on approximately 03/25 ENTRY DATE 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995 1994 1993 03/06/07 03/06/06 03/07/05 03/08/04 03/06/03 03/06/02 03/06/01 03/06/00 03/08/99 03/06/98 03/06/97 03/06/96 03/06/95 03/07/94 03/08/93 ENTRY PRICE Percentage Correct 0.57 5.28 -1.12 1.90 0.42 2.45 1.95 4.23 1.12 3.25 4.93 -0.83 -0.76 -1.26 -2.06 93 EXIT DATE 03/23/07 03/24/06 03/24/05 03/25/04 03/25/03 03/25/02 03/23/01 03/24/00 03/25/99 03/25/98 03/25/97 03/25/96 03/24/95 03/25/94 03/25/93 Average Profit on Winning Trades Average Loss on Trades Average Net Profit Per Trade EXIT PRICE 1.95 8.19 0.64 4.40 0.75 3.90 2.42 4.64 3.03 3.75 5.82 -0.55 1.54 -0.54 -3.31 PROFIT PROFIT AMOUNT 1.37 2.92 1.77 2.50 0.32 1.45 0.48 0.42 1.90 0.50 0.90 0.28 2.32 0.72 -1.25 548.00 1168.00 708.00 1000.00 128.00 580.00 192.00 168.00 760.00 200.00 360.00 112.00 928.00 288.00 -500.00 1.27 -1.25 1.11 510.00 -500.00 442.67 BEST EQUITY DATE BEST EQUITY AMOUNT 03/23/07 03/24/06 03/24/05 03/25/04 03/17/03 03/19/02 03/21/01 03/21/00 03/25/99 03/25/98 03/25/97 03/07/96 03/23/95 03/16/94 548.00 1168.00 708.00 1000.00 448.00 800.00 360.00 280.00 760.00 200.00 360.00 372.00 1028.00 448.00 Winners Losers Total trades WORST EQUITY DATE WORST EQUITY AMOUNT 03/12/07 -852.00 03/09/05 03/17/04 03/07/03 -184.00 -492.00 -32.00 03/15/00 03/09/99 03/18/98 03/12/97 03/15/96 -160.00 -120.00 -188.00 -400.00 -368.00 03/16/93 -672.00 14 1 15 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. 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 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 TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE. MOORE RESEARCH CENTER, INC. 25 Live Cattle Strategy Tables CONT YEAR Live Cattle(CME)—June Contract Size: 40,000 lbs Sell on approximately 03/10 - Exit on approximately 03/30 CONT YEAR SELL DATE 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995 1994 1993 03/12/07 03/10/06 03/10/05 03/10/04 03/10/03 03/11/02 03/12/01 03/10/00 03/10/99 03/10/98 03/10/97 03/11/96 03/10/95 03/10/94 03/10/93 SELL PRICE 98.42 79.10 86.72 76.37 69.62 70.45 73.67 69.37 65.85 67.22 64.65 62.85 66.32 74.55 76.15 93 Percentage Correct EXIT DATE 03/30/07 03/30/06 03/30/05 03/30/04 03/28/03 03/28/02 03/30/01 03/30/00 03/30/99 03/30/98 03/27/97 03/29/96 03/30/95 03/30/94 03/30/93 EXIT PRICE 94.87 75.90 85.17 76.15 70.02 65.80 72.67 68.80 63.97 65.55 64.17 62.47 61.67 73.92 75.80 Average Profit on Winning Trades Average Loss on Trades Average Net Profit Per Trade PROFIT BEST EQUITY DATE PROFIT AMOUNT 3.55 3.20 1.55 0.22 -0.40 4.65 1.00 0.57 1.88 1.67 0.48 0.38 4.65 0.63 0.35 1420.00 1280.00 620.00 88.00 -160.00 1860.00 400.00 228.00 752.00 668.00 192.00 152.00 1860.00 252.00 140.00 1.77 -0.40 1.63 708.00 -160.00 650.13 BEST EQUITY AMOUNT 03/27/07 03/29/06 03/18/05 03/24/04 03/17/03 03/27/02 03/23/01 03/17/00 03/25/99 03/26/98 03/20/97 03/29/96 03/29/95 03/29/94 03/30/93 2028.00 1740.00 1048.00 1380.00 600.00 1992.00 600.00 260.00 1052.00 768.00 472.00 152.00 2100.00 272.00 140.00 WORST EQUITY DATE WORST EQUITY AMOUNT 03/13/06 -8.00 03/16/04 03/25/03 -392.00 -172.00 03/13/01 03/28/00 -40.00 -232.00 03/12/98 03/11/97 03/15/96 -100.00 -200.00 -660.00 03/11/94 03/22/93 -48.00 -468.00 14 1 15 Winners Losers Total trades 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. 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 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 TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE. Live Cattle(CME)—June Contract Size: 40,000 lbs Live Cattle Strategy Tables Sell on approximately 03/10 - Exit on approximately 04/16 CONT YEAR SELL DATE 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995 1994 1993 03/12/07 03/10/06 03/10/05 03/10/04 03/10/03 03/11/02 03/12/01 03/10/00 03/10/99 03/10/98 03/10/97 03/11/96 03/10/95 03/10/94 03/10/93 SELL PRICE Percentage Correct Average Profit on Winning Trades Average Loss on Trades Average Net Profit Per Trade 98.42 79.10 86.72 76.37 69.62 70.45 73.67 69.37 65.85 67.22 64.65 62.85 66.32 74.55 76.15 87 EXIT DATE 04/16/07 04/13/06 04/15/05 04/16/04 04/16/03 04/16/02 04/16/01 04/14/00 04/16/99 04/16/98 04/16/97 04/16/96 04/13/95 04/15/94 04/16/93 EXIT PRICE 92.90 75.27 84.42 76.07 70.47 62.57 72.45 69.35 63.35 68.12 63.90 60.02 61.90 73.17 75.00 PROFIT BEST EQUITY DATE PROFIT AMOUNT 5.52 3.83 2.30 0.30 -0.85 7.88 1.22 0.02 2.50 -0.90 0.75 2.83 4.42 1.38 1.15 2208.00 1532.00 920.00 120.00 -340.00 3152.00 488.00 8.00 1000.00 -360.00 300.00 1132.00 1768.00 552.00 460.00 2.62 -0.88 2.16 1049.23 -350.00 862.67 BEST EQUITY AMOUNT 04/12/07 04/04/06 04/07/05 03/24/04 03/17/03 04/12/02 04/11/01 04/04/00 04/15/99 03/26/98 04/07/97 04/16/96 03/29/95 04/14/94 04/16/93 2376.00 2392.00 1320.00 1380.00 600.00 3332.00 628.00 280.00 1072.00 768.00 560.00 1132.00 2100.00 712.00 460.00 Winners Losers Total trades WORST EQUITY DATE WORST EQUITY AMOUNT 03/13/06 -8.00 04/12/04 04/07/03 -1032.00 -932.00 03/13/01 03/28/00 -40.00 -232.00 04/09/98 04/15/97 03/15/96 -492.00 -300.00 -660.00 04/06/94 03/22/93 -128.00 -468.00 13 2 15 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. 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 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 TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE. 26 HISTORICAL LIVE CATTLE/FEEDER CATTLE REPORT Buy Dec Live Cattle(CME) / Sell Jun Live Cattle(CME) Enter on approximately 03/10 - Exit on approximately 04/16 CONT YEAR ENTRY DATE 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995 1994 1993 03/12/07 03/10/06 03/10/05 03/10/04 03/10/03 03/11/02 03/12/01 03/10/00 03/10/99 03/10/98 03/10/97 03/11/96 03/10/95 03/10/94 03/10/93 ENTRY PRICE -1.54 6.50 -0.92 1.28 0.54 2.67 2.17 4.19 0.90 3.04 4.29 -0.38 -0.44 -0.82 -2.60 93 Percentage Correct EXIT DATE 04/16/07 04/13/06 04/15/05 04/16/04 04/16/03 04/16/02 04/16/01 04/14/00 04/16/99 04/16/98 04/16/97 04/16/96 04/13/95 04/15/94 04/16/93 EXIT PRICE 2.75 6.68 1.42 3.53 0.84 5.85 2.42 4.62 2.60 1.82 5.44 2.42 1.39 0.03 -1.18 Average Profit on Winning Trades Average Loss on Trades Average Net Profit Per Trade PROFIT PROFIT AMOUNT 4.30 0.18 2.35 2.25 0.30 3.18 0.24 0.42 1.70 -1.22 1.15 2.81 1.85 0.86 1.42 1720.00 72.00 940.00 900.00 120.00 1272.00 96.00 168.00 680.00 -488.00 460.00 1124.00 740.00 344.00 568.00 1.64 -1.22 1.45 657.43 -488.00 581.07 BEST EQUITY DATE BEST EQUITY AMOUNT 04/12/07 03/28/06 04/11/05 03/25/04 03/17/03 04/16/02 03/21/01 03/29/00 03/31/99 03/25/98 04/08/97 04/16/96 03/31/95 04/14/94 04/16/93 1768.00 828.00 1020.00 1248.00 400.00 1272.00 268.00 392.00 900.00 280.00 832.00 1124.00 948.00 412.00 568.00 WORST EQUITY DATE WORST EQUITY AMOUNT 03/17/04 04/02/03 -244.00 -272.00 04/05/01 03/15/00 -304.00 -148.00 04/09/98 03/12/97 03/15/96 -600.00 -148.00 -548.00 04/06/94 03/16/93 -28.00 -460.00 14 1 15 Winners Losers Total trades 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. 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 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 TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE. Buy Aug Live Cattle(CME) / Sell Jun Live Cattle(CME) Enter on approximately 03/10 - Exit on approximately 05/10 ENTRY DATE 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995 1994 1993 03/12/07 03/10/06 03/10/05 03/10/04 03/10/03 03/11/02 03/12/01 03/10/00 03/10/99 03/10/98 03/10/97 03/11/96 03/10/95 03/10/94 03/10/93 ENTRY PRICE Percentage Correct -3.87 1.27 -3.26 -1.62 -2.92 -0.60 -1.15 0.44 -2.79 0.57 -1.30 -0.57 -2.94 -1.62 -4.03 93 EXIT DATE 05/10/07 05/10/06 05/10/05 05/10/04 05/09/03 05/10/02 05/10/01 05/10/00 05/10/99 05/08/98 05/09/97 05/10/96 05/10/95 05/10/94 05/10/93 Average Profit on Winning Trades Average Loss on Trades Average Net Profit Per Trade EXIT PRICE -0.29 1.67 -0.04 2.07 -4.62 0.87 0.43 0.57 0.36 1.25 0.27 1.70 -0.30 -0.43 -3.13 PROFIT PROFIT AMOUNT 3.57 0.40 3.22 3.70 -1.71 1.47 1.58 0.13 3.17 0.67 1.57 2.28 2.65 1.20 0.90 1428.00 160.00 1288.00 1480.00 -684.00 588.00 632.00 52.00 1268.00 268.00 628.00 912.00 1060.00 480.00 360.00 1.89 -1.71 1.65 757.43 -684.00 661.33 BEST EQUITY DATE BEST EQUITY AMOUNT 05/10/07 03/22/06 05/09/05 04/30/04 03/17/03 05/10/02 05/07/01 04/06/00 05/10/99 03/25/98 05/08/97 04/29/96 05/10/95 05/04/94 04/20/93 1428.00 444.00 1608.00 1628.00 380.00 588.00 648.00 188.00 1268.00 388.00 712.00 1432.00 1060.00 504.00 632.00 Winners Losers Total trades WORST EQUITY DATE WORST EQUITY AMOUNT 03/13/06 -8.00 03/16/04 05/09/03 03/12/02 -252.00 -684.00 -52.00 04/25/00 -212.00 04/09/98 03/11/97 03/27/96 -164.00 -100.00 -328.00 04/05/94 03/11/93 -160.00 -20.00 14 1 15 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. 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 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 TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE. MOORE RESEARCH CENTER, INC. 27 Live Cattle Strategy Tables CONT YEAR Buy Aug Live Cattle(CME) / Sell Jun Live Cattle(CME) Enter on approximately 03/11 - Exit on approximately 04/29 CONT YEAR ENTRY DATE 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995 1994 1993 03/12/07 03/13/06 03/11/05 03/11/04 03/11/03 03/11/02 03/12/01 03/13/00 03/11/99 03/11/98 03/11/97 03/11/96 03/13/95 03/11/94 03/11/93 ENTRY PRICE -3.87 1.25 -2.89 -1.48 -2.71 -0.60 -1.15 0.23 -2.14 0.65 -1.55 -0.57 -2.63 -1.71 -4.07 93 Percentage Correct EXIT DATE 04/27/07 04/28/06 04/29/05 04/29/04 04/29/03 04/29/02 04/27/01 04/28/00 04/29/99 04/29/98 04/29/97 04/29/96 04/28/95 04/29/94 04/29/93 EXIT PRICE -1.25 2.04 0.37 1.17 -4.17 0.45 0.04 0.38 -1.13 0.71 0.03 3.00 -1.85 -1.67 -3.04 Average Profit on Winning Trades Average Loss on Trades Average Net Profit Per Trade PROFIT BEST EQUITY DATE PROFIT AMOUNT 2.62 0.80 3.28 2.65 -1.45 1.05 1.20 0.15 1.02 0.07 1.58 3.58 0.78 0.04 1.03 1048.00 320.00 1312.00 1060.00 -580.00 420.00 480.00 60.00 408.00 28.00 632.00 1432.00 312.00 16.00 412.00 1.42 -1.45 1.23 567.14 -580.00 490.67 BEST EQUITY AMOUNT 04/26/07 03/22/06 04/29/05 04/22/04 03/17/03 04/16/02 04/20/01 04/06/00 04/19/99 03/25/98 04/28/97 04/29/96 04/19/95 04/14/94 04/20/93 1060.00 452.00 1312.00 1544.00 300.00 480.00 580.00 276.00 508.00 360.00 748.00 1432.00 452.00 228.00 652.00 WORST EQUITY DATE WORST EQUITY AMOUNT 03/16/04 04/29/03 03/12/02 -308.00 -580.00 -52.00 04/25/00 -124.00 04/09/98 -192.00 03/27/96 -328.00 04/05/94 -124.00 14 1 15 Winners Losers Total trades 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. 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 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 TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE. Buy Dec Live Cattle(CME) / Sell Jun Live Cattle(CME) Live Cattle Strategy Tables Enter on approximately 03/13 - Exit on approximately 03/24 CONT YEAR ENTRY DATE 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995 1994 1993 03/13/07 03/13/06 03/14/05 03/15/04 03/13/03 03/13/02 03/13/01 03/13/00 03/15/99 03/13/98 03/13/97 03/13/96 03/13/95 03/14/94 03/15/93 ENTRY PRICE Percentage Correct Average Profit on Winning Trades -0.85 6.59 -0.26 1.68 0.54 3.20 2.23 4.13 2.40 3.04 4.22 -1.59 0.25 -0.42 -3.52 100 EXIT DATE 03/23/07 03/24/06 03/24/05 03/24/04 03/24/03 03/22/02 03/23/01 03/24/00 03/24/99 03/24/98 03/24/97 03/22/96 03/24/95 03/24/94 03/24/93 EXIT PRICE 1.95 8.19 0.64 4.39 1.10 3.65 2.42 4.64 2.44 3.06 5.28 -0.75 1.54 -0.37 -3.38 PROFIT BEST EQUITY DATE PROFIT AMOUNT 2.80 1.60 0.92 2.72 0.55 0.45 0.20 0.52 0.05 0.02 1.05 0.85 1.30 0.04 0.14 1120.00 640.00 368.00 1088.00 220.00 180.00 80.00 208.00 20.00 8.00 420.00 340.00 520.00 16.00 56.00 0.88 352.27 Average Loss on Trades Average Net Profit Per Trade BEST EQUITY AMOUNT 03/23/07 03/24/06 03/24/05 03/24/04 03/17/03 03/19/02 03/21/01 03/21/00 03/24/99 03/17/98 03/20/97 03/22/96 03/23/95 03/16/94 03/19/93 1120.00 640.00 368.00 1088.00 400.00 500.00 248.00 320.00 20.00 120.00 560.00 340.00 620.00 108.00 220.00 Winners Losers 0.88 352.27 Total trades WORST EQUITY DATE WORST EQUITY AMOUNT 03/16/05 03/17/04 -164.00 -404.00 03/15/00 03/16/99 03/18/98 -120.00 -180.00 -108.00 03/15/96 -60.00 03/16/93 -92.00 15 0 15 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. 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 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 TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE. 28 HISTORICAL LIVE CATTLE/FEEDER CATTLE REPORT Live Cattle(CME)—June Contract Size: 40,000 lbs Sell on approximately 04/09 - Exit on approximately 04/25 CONT YEAR SELL DATE 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995 1994 1993 04/09/07 04/10/06 04/11/05 04/12/04 04/09/03 04/09/02 04/09/01 04/10/00 04/09/99 04/09/98 04/09/97 04/09/96 04/10/95 04/11/94 04/12/93 SELL PRICE 96.70 74.85 83.67 78.95 71.92 64.00 73.45 69.12 65.20 68.45 64.20 62.65 63.42 74.10 76.42 87 Percentage Correct EXIT DATE 04/25/07 04/25/06 04/25/05 04/23/04 04/25/03 04/25/02 04/25/01 04/25/00 04/23/99 04/24/98 04/25/97 04/25/96 04/25/95 04/25/94 04/23/93 EXIT PRICE 93.33 73.52 87.12 76.47 71.47 61.27 71.27 69.65 62.72 68.15 63.82 54.80 63.15 72.02 75.82 Average Profit on Winning Trades Average Loss on Trades Average Net Profit Per Trade PROFIT PROFIT AMOUNT 3.37 1.33 -3.45 2.48 0.45 2.73 2.18 -0.53 2.48 0.30 0.38 7.85 0.27 2.08 0.60 1348.00 532.00 -1380.00 992.00 180.00 1092.00 872.00 -212.00 992.00 120.00 152.00 3140.00 108.00 832.00 240.00 2.04 -1.99 1.50 815.38 -796.00 600.53 BEST EQUITY DATE BEST EQUITY AMOUNT 04/20/07 04/24/06 1768.00 652.00 04/22/04 04/16/03 04/24/02 04/25/01 04/17/00 04/22/99 04/20/98 04/25/97 04/25/96 04/17/95 04/25/94 04/16/93 1312.00 580.00 1500.00 872.00 60.00 1012.00 312.00 152.00 3140.00 760.00 832.00 568.00 WORST EQUITY DATE WORST EQUITY AMOUNT 04/19/06 04/25/05 -568.00 -1380.00 04/25/00 -212.00 04/22/98 04/15/97 -140.00 -480.00 04/24/95 -152.00 04/14/93 -40.00 13 2 15 Winners Losers Total trades 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. 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 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 TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE. Live Cattle(CME)—June Contract Size: 40,000 lbs CONT YEAR BUY DATE 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995 1994 1993 05/25/07 05/25/06 05/25/05 05/25/04 05/27/03 05/28/02 05/25/01 05/25/00 05/25/99 05/26/98 05/27/97 05/28/96 05/25/95 05/25/94 05/25/93 BUY PRICE Percentage Correct 91.05 78.42 84.60 82.32 74.37 62.82 73.90 67.42 62.70 65.30 64.90 60.57 61.60 62.47 75.60 80 EXIT DATE 06/04/07 06/02/06 06/03/05 06/04/04 06/04/03 06/04/02 06/04/01 06/02/00 06/04/99 06/04/98 06/04/97 06/04/96 06/02/95 06/03/94 06/04/93 Average Profit on Winning Trades Average Loss on Trades Average Net Profit Per Trade EXIT PRICE PROFIT PROFIT AMOUNT 91.13 0.08 32.00 80.32 1.90 760.00 84.97 0.37 148.00 90.50 8.18 3272.00 75.95 1.58 632.00 61.82 -1.00 -400.00 74.27 0.37 148.00 68.42 1.00 400.00 64.90 2.20 880.00 65.30 0.00 0.00 64.12 -0.78 -312.00 62.37 1.80 720.00 62.35 0.75 300.00 63.42 0.95 380.00 76.47 0.87 348.00 Caution: This Trade Enters Deliverable Period 1.67 668.33 -0.59 -237.33 1.22 487.20 BEST EQUITY DATE BEST EQUITY AMOUNT 05/31/07 06/02/06 05/31/05 06/04/04 06/02/03 40.00 760.00 328.00 3272.00 980.00 06/01/01 06/02/00 06/04/99 06/02/98 05/28/97 06/04/96 06/02/95 05/31/94 06/04/93 328.00 400.00 880.00 200.00 200.00 720.00 300.00 1520.00 348.00 Winners Losers Total trades WORST EQUITY DATE WORST EQUITY AMOUNT 05/30/07 -140.00 06/01/05 -60.00 05/31/02 -940.00 05/26/00 -200.00 05/28/98 06/04/97 05/30/96 05/31/95 -472.00 -312.00 -28.00 -232.00 06/02/93 -240.00 12 3 15 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. 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 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 TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE. MOORE RESEARCH CENTER, INC. 29 Live Cattle Strategy Tables Buy on approximately 05/25 - Exit on approximately 06/04 Buy Jun Live Cattle(CME) / Sell Oct Live Cattle(CME) Enter on approximately 05/26 - Exit on approximately 06/07 - Caution: This Trade Enters Deliverable Period CONT YEAR ENTRY DATE 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995 1994 1993 05/29/07 05/26/06 05/26/05 05/26/04 05/27/03 05/28/02 05/29/01 05/26/00 05/26/99 05/26/98 05/27/97 05/28/96 05/26/95 05/26/94 05/26/93 ENTRY PRICE -4.12 -4.21 -1.46 -4.00 3.75 -2.77 -1.34 -3.09 -1.12 -1.75 -3.86 -4.05 -0.50 -3.48 1.04 93 Percentage Correct EXIT DATE 06/07/07 06/07/06 06/07/05 06/07/04 06/06/03 06/07/02 06/07/01 06/07/00 06/07/99 06/05/98 06/06/97 06/07/96 06/07/95 06/07/94 06/07/93 EXIT PRICE -3.76 -3.55 -0.40 1.65 4.21 -2.87 -1.23 -1.75 -0.60 -0.82 -3.37 -3.30 0.29 -3.46 1.46 Average Profit on Winning Trades Average Loss on Trades Average Net Profit Per Trade PROFIT BEST EQUITY DATE PROFIT AMOUNT 0.36 0.67 1.07 5.65 0.47 -0.09 0.12 1.35 0.53 0.92 0.50 0.75 0.80 0.01 0.42 144.00 268.00 428.00 2260.00 188.00 -36.00 48.00 540.00 212.00 368.00 200.00 300.00 320.00 4.00 168.00 0.97 -0.09 0.90 389.14 -36.00 360.80 BEST EQUITY AMOUNT 06/04/07 06/07/06 06/06/05 06/04/04 05/30/03 284.00 268.00 448.00 2312.00 488.00 06/06/01 06/07/00 06/02/99 06/02/98 05/29/97 06/07/96 06/07/95 05/31/94 06/07/93 88.00 540.00 420.00 480.00 340.00 300.00 320.00 392.00 168.00 WORST EQUITY DATE WORST EQUITY AMOUNT 06/02/06 -164.00 05/31/02 06/01/01 -460.00 -92.00 05/28/98 -240.00 05/30/96 05/31/95 -188.00 -212.00 06/04/93 -52.00 14 1 15 Winners Losers Total trades 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. 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 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 TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE. Live Cattle(CME)—August Contract Size: 40,000 lbs Live Cattle Strategy Tables Sell on approximately 06/05 - Exit on approximately 06/21 CONT YEAR SELL DATE 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995 1994 1993 06/05/07 06/05/06 06/06/05 06/07/04 06/05/03 06/05/02 06/05/01 06/05/00 06/07/99 06/05/98 06/05/97 06/05/96 06/05/95 06/06/94 06/07/93 SELL PRICE Percentage Correct Average Profit on Winning Trades Average Loss on Trades Average Net Profit Per Trade 91.03 80.67 83.57 91.12 69.87 61.17 74.05 68.57 64.77 66.02 63.65 65.10 62.70 63.72 75.47 80 EXIT DATE 06/21/07 06/21/06 06/21/05 06/21/04 06/20/03 06/21/02 06/21/01 06/21/00 06/21/99 06/19/98 06/20/97 06/21/96 06/21/95 06/21/94 06/21/93 EXIT PRICE 89.93 83.25 79.72 87.37 67.57 63.70 73.62 66.92 63.52 65.07 63.45 65.27 60.42 63.65 74.45 PROFIT BEST EQUITY DATE PROFIT AMOUNT 1.10 -2.58 3.85 3.75 2.30 -2.53 0.43 1.65 1.25 0.95 0.20 -0.17 2.28 0.07 1.02 440.00 -1032.00 1540.00 1500.00 920.00 -1012.00 172.00 660.00 500.00 380.00 80.00 -68.00 912.00 28.00 408.00 1.57 -1.76 0.90 628.33 -704.00 361.87 BEST EQUITY AMOUNT 06/07/07 06/12/06 06/16/05 06/15/04 06/16/03 06/07/02 06/14/01 06/21/00 06/21/99 06/18/98 06/09/97 600.00 820.00 1660.00 2388.00 1128.00 40.00 380.00 660.00 500.00 448.00 192.00 06/21/95 06/07/94 06/21/93 912.00 520.00 408.00 Winners Losers Total trades WORST EQUITY DATE WORST EQUITY AMOUNT 06/19/07 06/19/06 -108.00 -1292.00 06/18/02 -1120.00 06/12/00 06/14/99 06/09/98 06/16/97 06/11/96 06/09/95 06/10/94 06/11/93 -20.00 -180.00 -300.00 -448.00 -628.00 -120.00 -420.00 -192.00 12 3 15 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. 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 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 TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE. 30 HISTORICAL LIVE CATTLE/FEEDER CATTLE REPORT Live Cattle(CME)—October Contract Size: 40,000 lbs Buy on approximately 06/19 - Exit on approximately 07/07 CONT YEAR BUY DATE 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995 1994 1993 06/19/07 06/19/06 06/20/05 06/21/04 06/19/03 06/19/02 06/19/01 06/19/00 06/21/99 06/19/98 06/19/97 06/19/96 06/19/95 06/20/94 06/21/93 BUY PRICE 94.88 86.65 82.47 87.35 68.45 65.37 75.02 69.47 64.72 64.35 66.62 66.40 62.22 67.97 74.67 93 Percentage Correct EXIT DATE 07/06/07 07/07/06 07/07/05 07/07/04 07/07/03 07/05/02 07/06/01 07/07/00 07/07/99 07/07/98 07/07/97 07/05/96 07/07/95 07/07/94 07/07/93 EXIT PRICE 96.90 89.12 83.40 88.00 72.57 66.82 75.12 69.72 63.70 64.37 67.12 68.90 64.85 68.82 75.07 Average Profit on Winning Trades Average Loss on Trades Average Net Profit Per Trade PROFIT PROFIT AMOUNT 2.02 2.47 0.93 0.65 4.12 1.45 0.10 0.25 -1.02 0.02 0.50 2.50 2.63 0.85 0.40 808.00 988.00 372.00 260.00 1648.00 580.00 40.00 100.00 -408.00 8.00 200.00 1000.00 1052.00 340.00 160.00 1.35 -1.02 1.19 539.71 -408.00 476.53 BEST EQUITY DATE BEST EQUITY AMOUNT 07/06/07 07/05/06 07/06/05 06/24/04 07/07/03 07/02/02 06/28/01 07/05/00 06/22/99 06/23/98 06/30/97 07/05/96 07/07/95 07/07/94 07/02/93 808.00 1520.00 560.00 920.00 1648.00 720.00 340.00 252.00 132.00 280.00 500.00 1000.00 1052.00 340.00 320.00 WORST EQUITY DATE WORST EQUITY AMOUNT 06/26/07 06/20/06 06/21/05 06/30/04 -920.00 -160.00 -80.00 -420.00 06/24/02 07/05/01 06/28/00 06/28/99 07/02/98 06/20/97 -180.00 -120.00 -348.00 -440.00 -140.00 -88.00 06/21/95 06/27/94 06/22/93 -188.00 -568.00 -360.00 14 1 15 Winners Losers Total trades 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. 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 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 TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE. Buy Oct Live Cattle(CME) / Sell Apr Live Cattle(CME) Enter on approximately 06/22 - Exit on approximately 07/28 ENTRY DATE 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995 1994 1993 06/22/07 06/22/06 06/22/05 06/22/04 06/23/03 06/24/02 06/22/01 06/22/00 06/22/99 06/22/98 06/23/97 06/24/96 06/22/95 06/22/94 06/22/93 ENTRY PRICE Percentage Correct -3.67 -0.42 -2.65 2.03 -5.78 -4.03 -2.12 -5.95 -4.01 -4.31 -5.71 0.29 -2.37 -3.52 -1.53 87 EXIT DATE 07/27/07 07/28/06 07/28/05 07/28/04 07/28/03 07/26/02 07/27/01 07/28/00 07/28/99 07/28/98 07/28/97 07/26/96 07/28/95 07/28/94 07/28/93 Average Profit on Winning Trades Average Loss on Trades Average Net Profit Per Trade EXIT PRICE -1.28 -0.22 -2.04 2.12 -0.07 -2.71 -3.79 -5.66 -3.58 -4.85 -3.85 2.50 -1.37 0.42 -1.50 PROFIT PROFIT AMOUNT 2.39 0.20 0.60 0.10 5.70 1.31 -1.67 0.28 0.44 -0.53 1.87 2.20 1.00 3.95 0.03 956.00 80.00 240.00 40.00 2280.00 524.00 -668.00 112.00 176.00 -212.00 748.00 880.00 400.00 1580.00 12.00 1.54 -1.10 1.19 617.54 -440.00 476.53 BEST EQUITY DATE BEST EQUITY AMOUNT 07/27/07 06/29/06 07/06/05 06/24/04 07/28/03 07/18/02 06/27/01 07/18/00 07/26/99 07/08/98 07/28/97 07/25/96 07/26/95 07/28/94 06/28/93 956.00 812.00 328.00 340.00 2280.00 700.00 220.00 380.00 308.00 220.00 748.00 1060.00 560.00 1580.00 180.00 Winners Losers Total trades WORST EQUITY DATE WORST EQUITY AMOUNT 06/26/07 07/25/06 07/18/05 07/20/04 -220.00 -636.00 -300.00 -932.00 06/25/02 07/27/01 07/25/00 07/20/99 07/13/98 07/08/97 -16.00 -668.00 -52.00 -172.00 -272.00 -452.00 06/24/94 07/23/93 -24.00 -740.00 13 2 15 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. 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 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 TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE. MOORE RESEARCH CENTER, INC. 31 Live Cattle Strategy Tables CONT YEAR Buy Oct Live Cattle(CME) / Sell Apr Live Cattle(CME) Enter on approximately 06/22 - Exit on approximately 09/12 CONT YEAR ENTRY DATE 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995 1994 1993 06/22/07 06/22/06 06/22/05 06/22/04 06/23/03 06/24/02 06/22/01 06/22/00 06/22/99 06/22/98 06/23/97 06/24/96 06/22/95 06/22/94 06/22/93 ENTRY PRICE -3.67 -0.42 -2.65 2.03 -5.78 -4.03 -2.12 -5.95 -4.01 -4.31 -5.71 0.29 -2.37 -3.52 -1.53 80 Percentage Correct EXIT DATE 09/12/07 09/12/06 09/12/05 09/10/04 09/12/03 09/12/02 09/10/01 09/12/00 09/10/99 09/11/98 09/12/97 09/12/96 09/12/95 09/12/94 09/10/93 EXIT PRICE PROFIT -5.79 0.54 -2.03 -1.38 7.75 -3.59 -5.25 -5.53 -2.55 -3.39 -5.39 6.15 -1.56 0.50 -1.25 Average Profit on Winning Trades Average Loss on Trades Average Net Profit Per Trade BEST EQUITY DATE PROFIT AMOUNT -2.13 0.98 0.62 -3.41 13.53 0.43 -3.12 0.42 1.47 0.92 0.32 5.85 0.81 4.02 0.28 -852.00 392.00 248.00 -1364.00 5412.00 172.00 -1248.00 168.00 588.00 368.00 128.00 2340.00 324.00 1608.00 112.00 2.47 -2.89 1.40 988.33 -1154.67 559.73 BEST EQUITY AMOUNT 07/31/07 08/11/06 08/01/05 06/24/04 09/11/03 07/18/02 06/27/01 08/23/00 09/07/99 09/11/98 07/28/97 09/12/96 08/02/95 08/03/94 09/03/93 1308.00 1452.00 520.00 340.00 5552.00 700.00 220.00 532.00 696.00 368.00 748.00 2340.00 660.00 2156.00 332.00 WORST EQUITY DATE WORST EQUITY AMOUNT 09/12/07 07/25/06 08/16/05 09/09/04 -852.00 -636.00 -660.00 -1832.00 08/26/02 09/10/01 07/25/00 07/20/99 08/21/98 07/08/97 -480.00 -1248.00 -52.00 -172.00 -452.00 -452.00 08/25/95 06/24/94 07/23/93 -476.00 -24.00 -740.00 12 3 15 Winners Losers Total trades 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. 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 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 TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE. Live Cattle(CME)—December Contract Size: 40,000 lbs Live Cattle Strategy Tables Buy on approximately 06/26 - Exit on approximately 09/11 CONT YEAR BUY DATE 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995 1994 1993 06/26/07 06/26/06 06/27/05 06/28/04 06/26/03 06/26/02 06/26/01 06/26/00 06/28/99 06/26/98 06/26/97 06/26/96 06/26/95 06/27/94 06/28/93 BUY PRICE Percentage Correct Average Profit on Winning Trades Average Loss on Trades Average Net Profit Per Trade 94.30 90.82 84.52 86.90 73.42 66.67 75.55 71.07 65.12 65.70 69.80 64.72 63.90 67.95 75.45 80 EXIT DATE 09/11/07 09/11/06 09/09/05 09/10/04 09/11/03 09/11/02 09/10/01 09/11/00 09/10/99 09/11/98 09/11/97 09/11/96 09/11/95 09/09/94 09/10/93 EXIT PRICE 99.60 91.75 87.80 88.10 85.20 71.47 74.27 69.47 69.27 63.75 69.92 68.50 66.72 69.75 75.82 PROFIT BEST EQUITY DATE PROFIT AMOUNT 5.30 0.93 3.28 1.20 11.78 4.80 -1.28 -1.60 4.15 -1.95 0.12 3.78 2.82 1.80 0.37 2120.00 372.00 1312.00 480.00 4712.00 1920.00 -512.00 -640.00 1660.00 -780.00 48.00 1512.00 1128.00 720.00 148.00 3.36 -1.61 2.37 1344.33 -644.00 946.67 BEST EQUITY AMOUNT 09/04/07 09/05/06 09/09/05 07/27/04 09/11/03 09/11/02 06/28/01 07/06/00 09/10/99 06/29/98 07/28/97 09/09/96 09/08/95 08/05/94 07/08/93 2700.00 1212.00 1312.00 1820.00 4712.00 1920.00 208.00 520.00 1660.00 260.00 1248.00 1580.00 1188.00 1600.00 428.00 Winners Losers Total trades WORST EQUITY DATE WORST EQUITY AMOUNT 07/25/06 08/15/05 07/16/04 07/03/03 -1600.00 -708.00 -500.00 -48.00 08/27/01 09/06/00 07/15/99 08/03/98 08/29/97 06/27/96 08/25/95 -660.00 -1028.00 -200.00 -2140.00 -420.00 -120.00 -120.00 08/26/93 -512.00 12 3 15 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. 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 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 TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE. 32 HISTORICAL LIVE CATTLE/FEEDER CATTLE REPORT Buy Oct Live Cattle(CME) / Sell Apr Live Cattle(CME) Enter on approximately 08/25 - Exit on approximately 09/14 CONT YEAR ENTRY DATE 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995 1994 1993 08/27/07 08/25/06 08/25/05 08/25/04 08/25/03 08/26/02 08/27/01 08/25/00 08/25/99 08/25/98 08/25/97 08/26/96 08/25/95 08/25/94 08/25/93 ENTRY PRICE -2.87 1.57 -3.53 -2.35 3.75 -5.23 -4.67 -5.39 -3.59 -4.96 -5.75 4.37 -3.56 -0.21 -2.65 80 Percentage Correct EXIT DATE 09/14/07 09/14/06 09/14/05 09/14/04 09/12/03 09/13/02 09/14/01 09/14/00 09/14/99 09/14/98 09/12/97 09/13/96 09/14/95 09/14/94 09/14/93 EXIT PRICE PROFIT -5.28 -0.71 -1.65 -1.23 7.75 -3.34 -5.45 -5.14 -2.75 -3.47 -5.39 6.20 -1.53 0.69 -1.66 Average Profit on Winning Trades Average Loss on Trades Average Net Profit Per Trade PROFIT AMOUNT -2.40 -2.29 1.88 1.12 4.00 1.88 -0.78 0.25 0.85 1.49 0.35 1.83 2.04 0.92 0.98 -960.00 -916.00 752.00 448.00 1600.00 752.00 -312.00 100.00 340.00 596.00 140.00 732.00 816.00 368.00 392.00 1.47 -1.82 0.81 586.33 -729.33 323.20 BEST EQUITY DATE BEST EQUITY AMOUNT 08/29/07 09/05/06 09/14/05 09/14/04 09/11/03 09/13/02 09/04/01 09/14/00 09/07/99 09/11/98 09/12/97 09/13/96 09/08/95 09/01/94 09/03/93 20.00 552.00 752.00 448.00 1740.00 752.00 88.00 100.00 528.00 628.00 140.00 732.00 1036.00 676.00 780.00 WORST EQUITY DATE WORST EQUITY AMOUNT 09/12/07 09/14/06 09/01/05 09/09/04 -1168.00 -916.00 -268.00 -80.00 09/14/01 09/06/00 -312.00 -240.00 09/03/98 08/28/97 09/05/96 -52.00 -380.00 -16.00 12 3 15 Winners Losers Total trades 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. 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 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 TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE. Live Cattle(CME)—December Contract Size: 40,000 lbs CONT YEAR BUY DATE 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995 1994 1993 08/30/07 08/30/06 08/30/05 08/30/04 09/02/03 08/30/02 08/30/01 08/30/00 08/30/99 08/31/98 09/02/97 08/30/96 08/30/95 08/30/94 08/30/93 BUY PRICE Percentage Correct 99.90 92.90 85.60 87.30 81.37 70.17 74.20 69.02 67.25 60.97 69.25 68.05 64.37 69.55 75.32 87 EXIT DATE 09/11/07 09/11/06 09/09/05 09/10/04 09/11/03 09/11/02 09/10/01 09/11/00 09/10/99 09/11/98 09/11/97 09/11/96 09/11/95 09/09/94 09/10/93 Average Profit on Winning Trades Average Loss on Trades Average Net Profit Per Trade EXIT PRICE 99.60 91.75 87.80 88.10 85.20 71.47 74.27 69.47 69.27 63.75 69.92 68.50 66.72 69.75 75.82 PROFIT PROFIT AMOUNT -0.30 -1.15 2.20 0.80 3.83 1.30 0.07 0.45 2.02 2.78 0.67 0.45 2.35 0.20 0.50 -120.00 -460.00 880.00 320.00 1532.00 520.00 28.00 180.00 808.00 1112.00 268.00 180.00 940.00 80.00 200.00 1.36 -0.73 1.08 542.15 -290.00 431.20 BEST EQUITY DATE BEST EQUITY AMOUNT 09/04/07 09/05/06 09/09/05 09/10/04 09/11/03 09/11/02 09/04/01 09/07/00 09/10/99 09/11/98 09/11/97 09/09/96 09/08/95 09/06/94 09/02/93 460.00 380.00 880.00 320.00 1532.00 520.00 240.00 192.00 808.00 1112.00 268.00 248.00 1000.00 168.00 272.00 Winners Losers Total trades WORST EQUITY DATE WORST EQUITY AMOUNT 09/07/07 09/11/06 09/01/05 09/07/04 -180.00 -460.00 -480.00 -560.00 09/03/02 09/06/01 09/06/00 09/01/99 09/03/98 09/04/97 09/05/96 -120.00 -60.00 -208.00 -32.00 -240.00 -172.00 -140.00 08/31/94 08/31/93 -192.00 -8.00 13 2 15 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. 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 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 TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE. MOORE RESEARCH CENTER, INC. 33 Live Cattle Strategy Tables Buy on approximately 08/30 - Exit on approximately 09/11 Live Cattle(CME)—December Contract Size: 40,000 lbs Sell on approximately 09/15 - Exit on approximately 09/28 CONT YEAR SELL DATE 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995 1994 1993 09/17/07 09/15/06 09/15/05 09/15/04 09/15/03 09/16/02 09/17/01 09/15/00 09/15/99 09/15/98 09/15/97 09/16/96 09/15/95 09/15/94 09/15/93 SELL PRICE 98.55 90.35 88.90 88.82 84.37 72.05 73.25 69.62 68.92 64.37 69.82 68.22 66.57 68.47 75.05 80 Percentage Correct EXIT DATE 09/28/07 09/28/06 09/28/05 09/28/04 09/26/03 09/27/02 09/28/01 09/28/00 09/28/99 09/28/98 09/26/97 09/27/96 09/28/95 09/28/94 09/28/93 EXIT PRICE 99.80 89.77 88.72 86.65 83.25 70.40 67.32 70.52 68.72 61.97 68.07 67.70 67.10 68.02 73.35 Average Profit on Winning Trades Average Loss on Trades Average Net Profit Per Trade PROFIT BEST EQUITY DATE PROFIT AMOUNT -1.25 0.58 0.18 2.17 1.12 1.65 5.93 -0.90 0.20 2.40 1.75 0.52 -0.53 0.45 1.70 -500.00 232.00 72.00 868.00 448.00 660.00 2372.00 -360.00 80.00 960.00 700.00 208.00 -212.00 180.00 680.00 1.55 -0.89 1.06 621.67 -357.33 425.87 BEST EQUITY AMOUNT 09/20/06 09/21/05 09/27/04 09/19/03 09/27/02 09/28/01 09/20/00 09/20/99 09/28/98 09/24/97 09/23/96 09/20/95 09/28/94 09/27/93 600.00 412.00 960.00 720.00 660.00 2372.00 48.00 548.00 960.00 820.00 548.00 128.00 180.00 760.00 WORST EQUITY DATE WORST EQUITY AMOUNT 09/24/07 09/18/06 09/27/05 09/16/04 09/23/03 09/19/02 -892.00 -300.00 -68.00 -252.00 -172.00 -120.00 09/27/00 09/27/99 09/17/98 -420.00 -12.00 -80.00 09/25/95 09/22/94 -492.00 -532.00 12 3 15 Winners Losers Total trades 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. 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 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 TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE. Buy Feb Live Cattle(CME) / Sell Dec Live Cattle(CME) Live Cattle Strategy Tables Enter on approximately 09/15 - Exit on approximately 11/07 CONT YEAR ENTRY DATE 2008 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995 1994 09/17/07 09/15/06 09/15/05 09/15/04 09/15/03 09/16/02 09/17/01 09/15/00 09/15/99 09/15/98 09/15/97 09/16/96 09/15/95 09/15/94 09/15/93 ENTRY PRICE Percentage Correct Average Profit on Winning Trades Average Loss on Trades Average Net Profit Per Trade 1.48 0.70 1.00 0.78 -2.40 0.71 1.42 1.14 -0.20 -0.30 2.25 -2.79 -1.04 -0.96 0.87 93 EXIT DATE 11/07/07 11/07/06 11/07/05 11/05/04 11/07/03 11/07/02 11/07/01 11/07/00 11/05/99 11/06/98 11/07/97 11/07/96 11/07/95 11/07/94 11/05/93 EXIT PRICE 3.17 3.62 2.85 3.36 -4.69 3.42 3.44 1.70 0.75 0.76 2.37 -2.74 -0.20 -0.50 1.37 PROFIT BEST EQUITY DATE PROFIT AMOUNT 1.69 2.92 1.85 2.59 -2.30 2.71 2.03 0.55 0.95 1.07 0.13 0.05 0.85 0.47 0.51 676.00 1168.00 740.00 1036.00 -920.00 1084.00 812.00 220.00 380.00 428.00 52.00 20.00 340.00 188.00 204.00 1.31 -2.30 1.07 524.86 -920.00 428.53 BEST EQUITY AMOUNT 11/07/07 11/07/06 10/31/05 11/05/04 09/19/03 11/07/02 10/18/01 11/07/00 10/29/99 09/28/98 10/03/97 10/14/96 11/07/95 11/07/94 11/05/93 676.00 1168.00 972.00 1036.00 72.00 1084.00 1004.00 220.00 420.00 640.00 332.00 472.00 340.00 188.00 204.00 Winners Losers Total trades WORST EQUITY DATE WORST EQUITY AMOUNT 09/24/07 09/27/06 -192.00 -60.00 09/16/04 10/17/03 -52.00 -1272.00 09/27/00 -120.00 09/17/98 10/30/97 10/30/96 09/25/95 09/22/94 10/22/93 -68.00 -448.00 -232.00 -240.00 -252.00 -356.00 14 1 15 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. 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 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 TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE. 34 HISTORICAL LIVE CATTLE/FEEDER CATTLE REPORT Live Cattle(CME)—February Contract Size: 40,000 lbs Buy on approximately 10/14 - Exit on approximately 11/24 CONT YEAR BUY DATE 2008 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995 1994 10/15/07 10/16/06 10/14/05 10/14/04 10/14/03 10/14/02 10/15/01 10/16/00 10/14/99 10/14/98 10/14/97 10/14/96 10/16/95 10/14/94 10/14/93 BUY PRICE 99.83 90.05 91.70 89.52 88.17 73.52 69.85 71.60 69.27 65.52 68.97 63.00 67.00 67.95 74.70 80 Percentage Correct EXIT DATE 11/23/07 11/24/06 11/23/05 11/24/04 11/24/03 11/22/02 11/23/01 11/24/00 11/24/99 11/24/98 11/24/97 11/22/96 11/24/95 11/23/94 11/24/93 EXIT PRICE 98.70 90.35 94.30 89.95 91.45 78.25 70.10 75.17 70.80 62.65 69.35 63.32 67.40 68.27 73.20 Average Profit on Winning Trades Average Loss on Trades Average Net Profit Per Trade PROFIT PROFIT AMOUNT -1.13 0.30 2.60 0.43 3.28 4.73 0.25 3.57 1.53 -2.87 0.38 0.32 0.40 0.32 -1.50 -452.00 120.00 1040.00 172.00 1312.00 1892.00 100.00 1428.00 612.00 -1148.00 152.00 128.00 160.00 128.00 -600.00 1.51 -1.83 0.84 603.67 -733.33 336.27 BEST EQUITY DATE BEST EQUITY AMOUNT 10/26/06 11/07/05 10/19/04 11/10/03 11/22/02 11/01/01 11/20/00 11/18/99 10/23/98 11/21/97 11/12/96 11/13/95 11/11/94 10/18/93 1008.00 1180.00 420.00 2180.00 1892.00 760.00 1600.00 680.00 260.00 200.00 788.00 648.00 768.00 268.00 WORST EQUITY DATE WORST EQUITY AMOUNT 11/01/07 11/14/06 10/17/05 11/09/04 10/22/03 10/18/02 11/12/01 -1132.00 -660.00 -100.00 -1548.00 -2148.00 -268.00 -1880.00 10/25/99 11/23/98 10/29/97 10/22/96 10/23/95 10/18/94 11/24/93 -368.00 -1568.00 -408.00 -132.00 -140.00 -192.00 -600.00 12 3 15 Winners Losers Total trades 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. 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 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 TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE. Buy Aug Live Cattle(CME) / Sell Feb Live Cattle(CME) Enter on approximately 11/17 - Exit on approximately 12/11 ENTRY DATE 2008 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995 1994 11/19/07 11/17/06 11/17/05 11/17/04 11/17/03 11/18/02 11/19/01 11/17/00 11/17/99 11/17/98 11/17/97 11/18/96 11/17/95 11/17/94 11/17/93 Percentage Correct ENTRY PRICE -3.42 -3.96 -8.94 -8.73 -16.32 -8.53 -1.59 -2.54 -1.50 -0.05 1.75 -1.32 -5.77 -5.06 -2.21 87 EXIT DATE 12/11/07 12/11/06 12/09/05 12/10/04 12/11/03 12/11/02 12/11/01 12/11/00 12/10/99 12/11/98 12/11/97 12/11/96 12/11/95 12/09/94 12/10/93 Average Profit on Winning Trades Average Loss on Trades Average Net Profit Per Trade EXIT PRICE -2.21 -2.44 -8.50 -7.44 -15.21 -7.57 -0.20 -3.29 -0.20 3.60 3.58 -0.55 -5.69 -6.65 -1.00 PROFIT PROFIT AMOUNT 1.20 1.52 0.45 1.28 1.10 0.96 1.40 -0.75 1.30 3.65 1.83 0.77 0.08 -1.58 1.22 480.00 608.00 180.00 512.00 440.00 384.00 560.00 -300.00 520.00 1460.00 732.00 308.00 32.00 -632.00 488.00 1.29 -1.17 0.96 515.69 -466.00 384.80 BEST EQUITY DATE BEST EQUITY AMOUNT 12/05/07 12/04/06 11/21/05 11/22/04 12/10/03 12/09/02 12/10/01 11/30/00 12/10/99 12/11/98 12/11/97 12/06/96 12/11/95 11/29/94 12/08/93 588.00 780.00 248.00 772.00 468.00 432.00 648.00 440.00 520.00 1460.00 732.00 408.00 32.00 268.00 648.00 Winners Losers Total trades WORST EQUITY DATE WORST EQUITY AMOUNT 11/20/07 11/20/06 12/01/05 11/26/04 12/02/03 11/21/02 -192.00 -32.00 -512.00 -136.00 -1252.00 -188.00 12/07/00 -340.00 11/21/97 11/19/96 12/01/95 12/09/94 -228.00 -32.00 -408.00 -632.00 13 2 15 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. 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 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 TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE. MOORE RESEARCH CENTER, INC. 35 Live Cattle Strategy Tables CONT YEAR Buy Feb Live Cattle(CME) / Sell Aug Live Cattle(CME) Enter on approximately 12/12 - Exit on approximately 12/24 CONT YEAR ENTRY DATE 2008 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995 1994 12/12/07 12/12/06 12/12/05 12/13/04 12/12/03 12/12/02 12/12/01 12/12/00 12/13/99 12/14/98 12/12/97 12/12/96 12/12/95 12/12/94 12/13/93 ENTRY PRICE 1.84 2.20 9.07 7.54 14.71 7.62 0.00 3.32 -0.09 -3.23 -4.25 1.08 5.23 6.41 0.45 93 Percentage Correct EXIT DATE 12/24/07 12/22/06 12/23/05 12/23/04 12/24/03 12/23/02 12/24/01 12/22/00 12/23/99 12/24/98 12/24/97 12/24/96 12/22/95 12/23/94 12/23/93 EXIT PRICE -0.37 3.04 9.95 10.34 15.92 9.03 0.62 3.75 -0.03 -3.10 -2.68 2.40 5.37 6.60 1.15 Average Profit on Winning Trades Average Loss on Trades Average Net Profit Per Trade PROFIT BEST EQUITY DATE PROFIT AMOUNT -2.22 0.85 0.87 2.80 1.20 1.40 0.62 0.42 0.07 0.13 1.57 1.32 0.14 0.18 0.70 -888.00 340.00 348.00 1120.00 480.00 560.00 248.00 168.00 28.00 52.00 628.00 528.00 56.00 72.00 280.00 0.88 -2.22 0.67 350.57 -888.00 268.00 BEST EQUITY AMOUNT 12/19/06 12/16/05 12/23/04 12/23/03 12/17/02 12/24/01 12/22/00 12/14/99 12/24/98 12/24/97 12/24/96 12/15/95 12/14/94 12/16/93 468.00 756.00 1120.00 480.00 688.00 248.00 168.00 60.00 52.00 628.00 528.00 160.00 180.00 488.00 WORST EQUITY DATE WORST EQUITY AMOUNT 12/24/07 -888.00 12/14/04 12/18/03 -152.00 -256.00 12/13/01 12/14/00 12/20/99 12/15/98 -68.00 -240.00 -108.00 -348.00 12/21/95 -44.00 14 1 15 Winners Losers Total trades 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. 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 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 TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE. Live Cattle(CME)—February Contract Size: 40,000 lbs Live Cattle Strategy Tables Buy on approximately 12/12 - Exit on approximately 01/17 CONT YEAR BUY DATE 2008 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995 1994 12/12/07 12/12/06 12/12/05 12/13/04 12/12/03 12/12/02 12/12/01 12/12/00 12/13/99 12/14/98 12/12/97 12/12/96 12/12/95 12/12/94 12/13/93 BUY PRICE Percentage Correct Average Profit on Winning Trades Average Loss on Trades Average Net Profit Per Trade 96.80 88.45 95.20 87.45 88.62 77.35 67.97 77.50 68.37 59.12 65.67 63.70 66.65 69.52 72.87 80 EXIT DATE 01/17/08 01/17/07 01/17/06 01/14/05 01/16/04 01/17/03 01/17/02 01/17/01 01/14/00 01/15/99 01/16/98 01/17/97 01/17/96 01/17/95 01/17/94 EXIT PRICE 90.90 92.55 96.55 91.32 78.70 79.67 71.07 80.20 70.82 63.20 66.42 65.60 65.80 73.62 74.12 PROFIT BEST EQUITY DATE PROFIT AMOUNT -5.90 4.10 1.35 3.87 -9.92 2.32 3.10 2.70 2.45 4.08 0.75 1.90 -0.85 4.10 1.25 -2360.00 1640.00 540.00 1548.00 -3968.00 928.00 1240.00 1080.00 980.00 1632.00 300.00 760.00 -340.00 1640.00 500.00 2.66 -5.56 1.02 1065.67 -2222.67 408.00 BEST EQUITY AMOUNT 01/10/07 12/20/05 01/12/05 12/23/03 01/09/03 01/15/02 01/16/01 01/07/00 01/15/99 12/26/97 01/14/97 12/15/95 01/17/95 12/20/93 2200.00 828.00 1840.00 820.00 1768.00 1472.00 1428.00 1000.00 1632.00 512.00 908.00 460.00 1640.00 592.00 Winners Losers Total trades WORST EQUITY DATE WORST EQUITY AMOUNT 01/16/08 12/14/06 01/11/06 12/14/04 12/31/03 -2700.00 -52.00 -392.00 -372.00 -6040.00 12/13/01 01/08/01 -308.00 -532.00 12/15/98 01/05/98 12/17/96 01/10/96 -600.00 -700.00 -180.00 -492.00 01/03/94 -120.00 12 3 15 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. 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 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 TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE. 36 HISTORICAL LIVE CATTLE/FEEDER CATTLE REPORT Live Cattle(CME)—February Contract Size: 40,000 lbs Buy on approximately 12/12 - Exit on approximately 12/24 CONT YEAR BUY DATE 2008 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995 1994 12/12/07 12/12/06 12/12/05 12/13/04 12/12/03 12/12/02 12/12/01 12/12/00 12/13/99 12/14/98 12/12/97 12/12/96 12/12/95 12/12/94 12/13/93 BUY PRICE 96.80 88.45 95.20 87.45 88.62 77.35 67.97 77.50 68.37 59.12 65.67 63.70 66.65 69.52 72.87 93 Percentage Correct EXIT DATE 12/24/07 12/22/06 12/23/05 12/23/04 12/24/03 12/23/02 12/24/01 12/22/00 12/23/99 12/24/98 12/24/97 12/24/96 12/22/95 12/23/94 12/23/93 EXIT PRICE 94.58 89.82 95.72 91.55 89.17 79.15 70.47 77.75 69.42 60.32 66.32 64.95 67.67 70.67 73.40 Average Profit on Winning Trades Average Loss on Trades Average Net Profit Per Trade PROFIT PROFIT AMOUNT -2.22 1.37 0.52 4.10 0.55 1.80 2.50 0.25 1.05 1.20 0.65 1.25 1.02 1.15 0.53 -888.00 548.00 208.00 1640.00 220.00 720.00 1000.00 100.00 420.00 480.00 260.00 500.00 408.00 460.00 212.00 1.28 -2.22 1.05 512.57 -888.00 419.20 BEST EQUITY DATE BEST EQUITY AMOUNT 12/18/06 12/20/05 12/23/04 12/23/03 12/23/02 12/24/01 12/18/00 12/23/99 12/24/98 12/17/97 12/24/96 12/15/95 12/23/94 12/20/93 808.00 828.00 1640.00 820.00 720.00 1000.00 288.00 420.00 480.00 392.00 500.00 460.00 460.00 592.00 WORST EQUITY DATE WORST EQUITY AMOUNT 12/24/07 12/14/06 -888.00 -52.00 12/14/04 12/18/03 -372.00 -228.00 12/13/01 12/14/00 -308.00 -280.00 12/15/98 12/15/97 12/17/96 -600.00 -140.00 -180.00 14 1 15 Winners Losers Total trades 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. 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 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 TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE. Live Cattle(CME)—April Contract Size: 40,000 lbs CONT YEAR BUY DATE 2008 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995 1994 12/27/07 12/27/06 12/27/05 12/27/04 12/29/03 12/27/02 12/27/01 12/27/00 12/27/99 12/28/98 12/29/97 12/27/96 12/27/95 12/27/94 12/27/93 BUY PRICE Percentage Correct 98.35 93.62 93.90 88.40 73.72 77.82 73.32 78.72 71.27 63.55 68.87 65.42 66.65 72.00 75.30 87 EXIT DATE 01/16/08 01/16/07 01/13/06 01/14/05 01/16/04 01/16/03 01/16/02 01/16/01 01/14/00 01/15/99 01/16/98 01/16/97 01/16/96 01/16/95 01/14/94 Average Profit on Winning Trades Average Loss on Trades Average Net Profit Per Trade EXIT PRICE 93.40 94.17 94.40 89.15 76.07 77.85 74.10 80.65 72.80 65.97 68.95 66.35 65.87 73.90 76.87 PROFIT PROFIT AMOUNT -4.95 0.55 0.50 0.75 2.35 0.03 0.78 1.93 1.53 2.42 0.08 0.93 -0.78 1.90 1.57 -1980.00 220.00 200.00 300.00 940.00 12.00 312.00 772.00 612.00 968.00 32.00 372.00 -312.00 760.00 628.00 1.18 -2.86 0.64 471.38 -1146.00 255.73 BEST EQUITY DATE BEST EQUITY AMOUNT 01/02/08 01/10/07 01/10/06 01/11/05 01/16/04 01/03/03 01/15/02 01/16/01 01/07/00 01/15/99 01/16/98 01/14/97 01/05/96 01/12/95 01/14/94 280.00 460.00 628.00 640.00 940.00 860.00 532.00 772.00 692.00 968.00 32.00 592.00 80.00 788.00 628.00 Winners Losers Total trades WORST EQUITY DATE 01/16/08 01/04/07 01/11/06 12/30/04 12/31/03 01/15/03 01/04/02 01/08/01 12/29/99 01/04/99 01/12/98 01/02/97 01/16/96 12/28/94 12/28/93 WORST EQUITY AMOUNT -1980.00 -8.00 -320.00 -1112.00 -888.00 -40.00 -28.00 -340.00 -28.00 -380.00 -928.00 -40.00 -312.00 -100.00 -152.00 13 2 15 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. 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 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 TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE. MOORE RESEARCH CENTER, INC. 37 Live Cattle Strategy Tables Buy on approximately 12/27 - Exit on approximately 01/16 Personal Notes 38 HISTORICAL LIVE CATTLE/FEEDER CATTLE REPORT Feeder Cattle (FC) Page Contract Specifications (refer to CME Rulebook at http://www.cmegroup.com) Futures................................................................................................................................. 40 Options ................................................................................................................................ 40 CME Feeder Cattle Index ................................................................................................... 41 Seasonal Patterns and Weekly Continuation Charts Jan, Mar, Apr, May ............................................................................................................. 42 Aug, Sep, Oct, Nov ............................................................................................................. 44 Jan/Mar, Jan/Apr, Mar/Apr, Mar/May ............................................................................... 46 Apr/May, Apr/Aug, May/Aug, May/Sep ........................................................................... 48 Aug/Sep, Aug/Oct, Sep/Oct, Sep/Nov................................................................................ 50 Oct/Nov, Oct/Jan, Nov/Jan, Nov/Mar ................................................................................ 52 Seasonal Strategies Nearby Feeder Cattle Weekly & Monthly Charts .............................................................. 64 MOORE RESEARCH CENTER, INC. Feeder Cattle Seasonal Strategy Summary ............................................................................................... 54 Seasonal Strategy Detail Tables ......................................................................................... 55 39 CME Feeder Cattle Futures & Options Futures CME Feeder Cattle Futures &Options Specifications Ticker Symbol Trading Unit Options FC (pit); GF (electronic) ** Effective August 2005 contract: 50,000 lbs. of 650-849 -lb. Medium and Large Frame #1 and Medium and Large Frame #1-2 feeder steers. Price Quote Minimum Price Fluctuation (Tick) cents per pound Daily Price Limit 3.00 = $1,500/contract ($3.00/hundred pounds or 3.0 ¢/pound) Contract Months Jan, Mar, Apr, May, Aug, Sep, Oct, Nov Trading Hours1 (Chicago Time) RTH: 9:05 AM - 1:00 PM Last day: 9:05 AM - 12:00 PM .025 = $12.50/contract (2.5¢/hundred pounds or .025¢/pound) Globex: Mon-Thu 9:05AM - 4PM Shutdown period 4PM - 5PM Re-open 5:00PM - 4:00PM Friday Close at 1:30PM LTD: 12:10PM (if LTD is on a day that the market closes early, then the time is 11:10AM) Last Day of Trading Settlement 1 The last Thursday of the contract month, except that trading in the November contract shall terminate on the Thursday prior to Thanksgiving Day unless a holiday falls on that Thursday or on any of the four weekdays prior to that Thursday, in which case trading shall terminate on the first prior Thursday that is not a holiday and is not so preceded by a holiday. Ticker Symbols Underlying Contract Strike Prices Calls: KF Premium Quotations Minimum Price1 Fluctuation (Tick) Daily Price Limit Contract Months cents per pound, e.g., 2.00 premium = $1000 Trading Hours2 (Chicago Time) RTH: 9:05 AM - 1:02 PM Last Day: 9:05 AM - 12:00 PM One Feeder Cattle futures contract (50,000 pounds) Even intervals of 2 cents per pound, e.g., 78¢, 80¢, 82¢; except front two months are at one-cent-perpound intervals, e.g., 78¢, 79¢, 80¢ .025 cents/pound = $12.50/contract (cabinet = $6.25) None Jan, Mar, Apr, May, Aug, Sep, Oct, Nov Globex: Mon-Thu 9:05AM - 4PM Shutdown period 4PM - 5PM Re-open 5:00PM - 4:00PM Friday Close at 1:30PM LTD: 12:10PM (if LTD is on a day that the market closes early, then the time is 11:10AM) Last Day of Trading Same as last day of trading for the underlying Feeder Cattle futures contract. Minimum Performance Bond No performance bond required for put or call option buyers, but the premium must be paid in full; option sellers must meet additional performance bond requirements as determined by the Standard Portfolio Analysis of Risk (SPAN®) performance bond system. Cash Settled to the CME Feeder Cattle Index™ Trading hours vary. Check the CME holiday schedule. Puts: JF Exercise Procedure3 An option may be exercised by the buyer up to and including the settlement date. Early exercise is accomplished by the clearing member representing the buyer presenting an Exercise Notice to the Clearing House by 7:00 PM on the day of exercise. In-the-money Feeder Cattle options are automatically exercised and settled on the day after the last day of trading. 1 A trade can be made at the value of a half tick (cabinet) whether or not it results in liquidation of positions for both parties to the trade. 2 Trading hours vary. Check with the CME for holiday shedule. 3 Consult your brokerage firm for additional or specific requirements, policies, and procedures. 40 HISTORICAL LIVE CATTLE/FEEDER CATTLE REPORT CME Feeder Cattle Index What is the CME Index? CME Index Price The total dollars within the 12-state region during that seven-day period is divided by the total pounds of feeder steers sold in the same region and time period, yielding the CME index price. Total Dollars =CME Index™ Total Pounds To access the daily CME index, visit the CME web site at http://www.cmegroup.com/ and click on Market Data, Historical Data, and, lastly, Cash-Settled Commodity Index Prices. CME Feeder Cattle Index The Feeder Cattle contract currently settles by cash to the CME Feeder Cattle Index™. This index is a seven-day weighted average of United States Department of Agriculture (USDA) prices from 12 states: Colorado, Iowa, Kansas, Missouri, Montana, Nebraska, New Mexico, North Dakota, Oklahoma, South Dakota, Texas, and Wyoming. This 12-state region produces nearly two-thirds of the total feeder cattle supply. This CME index is not a moving average but rather a weighted average. A moving average assigns the same importance to each day’s transactions; in other words, Monday’s sales count the same as those on Tuesday or any other day of the week. A weighted average assigns the same importance to the index value for every pound of feeder steer sold during the previous 7 calendar days, regardless of when or where it was sold. Prices for auctions, video sales, direct trades, and Internet sales included in index calculations can be obtained at this USDA website: http://www.ams.usda.gov/LSMNpubs/index.htm On this site can be found the different locations included in the index and relevant reports used to calculate it. The CME Feeder Cattle Index™ is calculated according the following procedure: Total Pounds: (1) For each USDA report, the number of head that match contract specifications is multiplied by the corresponding weighted-average weight to obtain the total pounds of feeder steers sold. (2) All reports for the current day are aggregated to obtain the total pounds. (3) The previous six days’ calculations for total pounds of feeder steers are then added to the current day’s to obtain the total pounds sold within the 12-state region during that seven-day period. Total Dollars: (1) For each USDA report, the number of head that match contract specifications is multiplied by the corresponding weighted-average weight, with the resulting product then multiplied by the corresponding weighted-average price to obtain the total dollars of feeder steers sold. (2) All reports for the current day are aggregated to obtain the total dollars. (3) The previous six days’ calculations for total dollars are then added to the current day’s to obtain the total dollars of feeder steers sold within the 12-state region during that seven-day period. MOORE RESEARCH CENTER, INC. 41 January Feeder Cattle(CME) Seasonal Patterns(1993-2007) 100 80 15 Year Pattern 60 40 5 Year Pattern 20 0 Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan March Feeder Cattle(CME) Seasonal Patterns(1993-2007) 100 80 15 Year Pattern 60 40 5 Year Pattern 20 0 Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar April Feeder Cattle(CME) Seasonal Patterns(1993-2007) 100 80 15 Year Pattern 60 Feeder Cattle Seasonal Patterns 40 5 Year Pattern 20 0 May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Feeder Cattle(CME) Seasonal Patterns(1993-2007) 100 80 15 Year Pattern 60 40 5 Year Pattern 20 0 Jun 42 Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May HISTORICAL LIVE CATTLE/FEEDER CATTLE REPORT Weekly Jan Feeder Cattle(CME) 120.000 110.000 100.000 90.000 80.000 70.000 60.000 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2004 2005 2006 2007 2004 2005 2006 2007 2005 2006 2007 Weekly Mar Feeder Cattle(CME) 120.000 110.000 100.000 90.000 80.000 70.000 60.000 1998 1999 2000 2001 2002 2003 Weekly Apr Feeder Cattle(CME) 120.000 110.000 100.000 90.000 80.000 70.000 60.000 1998 1999 2000 2001 2002 2003 Feeder Cattle Weeklies Weekly May Feeder Cattle(CME) 120.000 110.000 100.000 90.000 80.000 70.000 60.000 1998 1999 MOORE RESEARCH CENTER, INC. 2000 2001 2002 2003 2004 43 August Feeder Cattle(CME) Seasonal Patterns(1993-2007) 100 80 15 Year Pattern 60 40 5 Year Pattern 20 0 Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug September Feeder Cattle(CME) Seasonal Patterns(1993-2007) 100 80 15 Year Pattern 60 40 5 Year Pattern 20 0 Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep October Feeder Cattle(CME) Seasonal Patterns(1993-2007) 100 80 15 Year Pattern 60 Feeder Cattle Seasonal Patterns 40 5 Year Pattern 20 0 Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct November Feeder Cattle(CME) Seasonal Patterns(1993-2007) 100 80 15 Year Pattern 60 40 5 Year Pattern 20 0 Dec 44 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov HISTORICAL LIVE CATTLE/FEEDER CATTLE REPORT Weekly Aug Feeder Cattle(CME) 120.000 110.000 100.000 90.000 80.000 70.000 60.000 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2004 2005 2006 2007 2004 2005 2006 2007 2004 2005 2006 2007 Weekly Sep Feeder Cattle(CME) 120.000 110.000 100.000 90.000 80.000 70.000 60.000 1998 1999 2000 2001 2002 2003 Weekly Oct Feeder Cattle(CME) 120.000 110.000 100.000 90.000 80.000 70.000 60.000 1998 1999 2000 2001 2002 2003 Feeder Cattle Weeklies Weekly Nov Feeder Cattle(CME) 120.000 110.000 100.000 90.000 80.000 70.000 60.000 1998 1999 MOORE RESEARCH CENTER, INC. 2000 2001 2002 2003 45 Jan Feeder Cattle(CME) - Mar Feeder Cattle(CME) 15 Year Average(93-07) 4.0 3.5 3.0 15 Year Pattern 2.5 2.0 1.5 5 Year Pattern 1.0 0.5 Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Jan Feeder Cattle(CME) - Apr Feeder Cattle(CME) 15 Year Average(93-07) 5.0 4.5 4.0 15 Year Pattern 3.5 3.0 2.5 5 Year Pattern 2.0 1.5 1.0 Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Mar Feeder Cattle(CME) - Apr Feeder Cattle(CME) 15 Year Average(93-07) 1.5 Feeder Cattle Spread Seasonal Patterns 1.0 0.5 15 Year Pattern 0.0 -0.5 5 Year Pattern -1.0 -1.5 Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Mar Feeder Cattle(CME) - May Feeder Cattle(CME) 15 Year Average(93-07) 1.5 1.0 0.5 15 Year Pattern 0.0 -0.5 -1.0 5 Year Pattern -1.5 -2.0 Apr 46 May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar HISTORICAL LIVE CATTLE/FEEDER CATTLE REPORT Weekly Jan Feeder Cattle(CME) - Mar Feeder Cattle(CME) 8.00 6.00 4.00 2.00 0.00 -2.00 -4.00 -6.00 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2005 2006 2007 2006 2007 2006 2007 Weekly Jan Feeder Cattle(CME) - Apr Feeder Cattle(CME) 10.00 8.00 6.00 4.00 2.00 0.00 -2.00 -4.00 -6.00 1998 1999 2000 2001 2002 2003 2004 Weekly Mar Feeder Cattle(CME) - Apr Feeder Cattle(CME) 4.00 3.00 2.00 1.00 0.00 -1.00 Feeder Cattle Spread Weeklies -2.00 -3.00 -4.00 1998 1999 2000 2001 2002 2003 2004 2005 Weekly Mar Feeder Cattle(CME) - May Feeder Cattle(CME) 6.00 5.00 4.00 3.00 2.00 1.00 0.00 -1.00 -2.00 -3.00 -4.00 -5.00 1998 1999 MOORE RESEARCH CENTER, INC. 2000 2001 2002 2003 2004 2005 47 Apr Feeder Cattle(CME) - May Feeder Cattle(CME) 15 Year Average(93-07) 1.5 1.0 15 Year Pattern 0.5 0.0 5 Year Pattern -0.5 -1.0 May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr Apr Feeder Cattle(CME) - Aug Feeder Cattle(CME) 15 Year Average(93-07) 0.5 0.0 -0.5 15 Year Pattern -1.0 -1.5 -2.0 5 Year Pattern -2.5 -3.0 May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Feeder Cattle(CME) - Aug Feeder Cattle(CME) 15 Year Average(93-07) 0.0 Feeder Cattle Spread Seasonal Patterns -0.5 15 Year Pattern -1.0 -1.5 5 Year Pattern -2.0 -2.5 Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May May Feeder Cattle(CME) - Sep Feeder Cattle(CME) 15 Year Average(93-07) 0.0 -0.5 15 Year Pattern -1.0 5 Year Pattern -1.5 -2.0 Jun 48 Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May HISTORICAL LIVE CATTLE/FEEDER CATTLE REPORT Weekly Apr Feeder Cattle(CME) - May Feeder Cattle(CME) 5.00 4.00 3.00 2.00 1.00 0.00 -1.00 -2.00 -3.00 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2006 2007 2006 2007 2006 2007 Weekly Apr Feeder Cattle(CME) - Aug Feeder Cattle(CME) 4.00 3.00 2.00 1.00 0.00 -1.00 -2.00 -3.00 -4.00 -5.00 -6.00 1998 1999 2000 2001 2002 2003 2004 2005 Weekly May Feeder Cattle(CME) - Aug Feeder Cattle(CME) 4.00 3.00 2.00 1.00 0.00 -1.00 -2.00 -3.00 Feeder Cattle Spread Weeklies -4.00 -5.00 -6.00 1998 1999 2000 2001 2002 2003 2004 2005 Weekly May Feeder Cattle(CME) - Sep Feeder Cattle(CME) 6.00 4.00 2.00 0.00 -2.00 -4.00 -6.00 1998 1999 MOORE RESEARCH CENTER, INC. 2000 2001 2002 2003 2004 2005 49 Aug Feeder Cattle(CME) - Sep Feeder Cattle(CME) 15 Year Average(93-07) 2.0 1.5 15 Year Pattern 1.0 5 Year Pattern 0.5 0.0 Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Aug Feeder Cattle(CME) - Oct Feeder Cattle(CME) 15 Year Average(93-07) 3.0 2.5 2.0 15 Year Pattern 1.5 1.0 5 Year Pattern 0.5 0.0 Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Feeder Cattle(CME) - Oct Feeder Cattle(CME) 15 Year Average(93-07) 2.5 Feeder Cattle Spread Seasonal Patterns 2.0 1.5 15 Year Pattern 1.0 0.5 5 Year Pattern 0.0 -0.5 Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Sep Feeder Cattle(CME) - Nov Feeder Cattle(CME) 15 Year Average(93-07) 4 3 15 Year Pattern 2 1 5 Year Pattern 0 -1 Oct 50 Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep HISTORICAL LIVE CATTLE/FEEDER CATTLE REPORT Weekly Aug Feeder Cattle(CME) - Sep Feeder Cattle(CME) 7.00 6.00 5.00 4.00 3.00 2.00 1.00 0.00 -1.00 -2.00 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2006 2007 2006 2007 2006 2007 Weekly Aug Feeder Cattle(CME) - Oct Feeder Cattle(CME) 10.00 8.00 6.00 4.00 2.00 0.00 -2.00 1998 1999 2000 2001 2002 2003 2004 2005 Weekly Sep Feeder Cattle(CME) - Oct Feeder Cattle(CME) 5.00 4.00 3.00 2.00 1.00 0.00 Feeder Cattle Spread Weeklies -1.00 -2.00 -3.00 1998 1999 2000 2001 2002 2003 2004 2005 Weekly Sep Feeder Cattle(CME) - Nov Feeder Cattle(CME) 7.00 6.00 5.00 4.00 3.00 2.00 1.00 0.00 -1.00 -2.00 -3.00 -4.00 1998 1999 MOORE RESEARCH CENTER, INC. 2000 2001 2002 2003 2004 2005 51 Oct Feeder Cattle(CME) - Nov Feeder Cattle(CME) 15 Year Average(93-07) 3.0 2.5 2.0 15 Year Pattern 1.5 1.0 0.5 5 Year Pattern 0.0 -0.5 -1.0 Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Oct Feeder Cattle(CME) - Jan Feeder Cattle(CME) 15 Year Average(93/94-07/08) 6 5 4 15 Year Pattern 3 2 1 5 Year Pattern 0 -1 Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Feeder Cattle(CME) - Jan Feeder Cattle(CME) 15 Year Average(93/94-07/08) 4.0 3.5 Feeder Cattle Spread Seasonal Patterns 3.0 15 Year Pattern 2.5 2.0 1.5 5 Year Pattern 1.0 0.5 0.0 Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Nov Feeder Cattle(CME) - Mar Feeder Cattle(CME) 15 Year Average(93/94-07/08) 8 7 6 15 Year Pattern 5 4 3 5 Year Pattern 2 1 Dec 52 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov HISTORICAL LIVE CATTLE/FEEDER CATTLE REPORT Weekly Oct Feeder Cattle(CME) - Nov Feeder Cattle(CME) 8.00 6.00 4.00 2.00 0.00 -2.00 -4.00 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2005 2006 2007 2006 2007 2006 2007 Weekly Oct Feeder Cattle(CME) - Jan Feeder Cattle(CME) 14.00 12.00 10.00 8.00 6.00 4.00 2.00 0.00 -2.00 -4.00 -6.00 -8.00 1998 1999 2000 2001 2002 2003 2004 Weekly Nov Feeder Cattle(CME) - Jan Feeder Cattle(CME) 10.00 8.00 6.00 4.00 2.00 Feeder Cattle Spread Weeklies 0.00 -2.00 -4.00 1998 1999 2000 2001 2002 2003 2004 2005 Weekly Nov Feeder Cattle(CME) - Mar Feeder Cattle(CME) 14.00 12.00 10.00 8.00 6.00 4.00 2.00 0.00 -2.00 -4.00 1998 1999 MOORE RESEARCH CENTER, INC. 2000 2001 2002 2003 2004 2005 53 Seasonal Feeder Cattle Strategies Feeder Cattle Strategy Summary Seasonal Strategy Entry Date Exit Date Win Pct Win Loss Total Years Years Years Average Profit Ave Pft Per Day Pg No 1 Buy Feeder Cattle(CME)—May 1/02 1/09 80 12 3 15 508 63/8 55 2 Sell Feeder Cattle(CME)—March 1/10 2/04 93 14 1 15 878 34/26 55 3 Buy Apr Feeder Cattle(CME) Sell May Feeder Cattle(CME) 2/27 4/18 87 13 2 15 521 10/52 56 4 Buy Feeder Cattle(CME)—September 4/22 5/01 93 14 1 15 513 51/10 56 5 Buy Feeder Cattle(CME)—August 4/25 8/06 93 14 1 15 2385 23/104 57 6 Buy Feeder Cattle(CME)—August 5/09 8/06 93 14 1 15 1978 22/90 57 7 Buy Feeder Cattle(CME)—August 5/21 7/09 93 14 1 15 1424 28/50 58 8 Buy Feeder Cattle(CME)—September 5/21 9/11 93 14 1 15 2181 19/114 58 9 Buy Feeder Cattle(CME)—October 6/17 7/08 87 13 2 15 978 44/22 59 10 Buy Sep Feeder Cattle(CME) Sell Nov Feeder Cattle(CME) 6/20 9/21 87 13 2 15 493 5/94 59 11 Buy Feeder Cattle(CME)—September 6/23 7/09 93 14 1 15 753 44/17 60 12 Buy Feeder Cattle(CME)—August 6/30 7/07 87 13 2 15 559 70/8 60 13 Buy Feeder Cattle(CME)—September 8/25 9/15 87 13 2 15 707 32/22 61 14 Buy Oct Feeder Cattle(CME) Sell Nov Feeder Cattle(CME) 9/09 10/17 87 13 2 15 500 13/39 61 15 Sell Feeder Cattle(CME)—November 9/14 9/28 80 12 3 15 475 32/15 62 16 Buy Oct Feeder Cattle(CME) Sell Nov Feeder Cattle(CME) 9/25 10/17 93 14 1 15 340 15/23 62 17 Buy May Feeder Cattle(CME) Sell Mar Feeder Cattle(CME) 11/02 2/02 87 13 2 15 535 6/93 63 For other MRCI products and information: 1-800-927-7259 or (541) 484-7256 - Fax: (541) 484-0243 Website: http://www.mrci.com Email: sales@mrci.com Note: These trade strategies have worked with historical consistency. No representation is being made that they will work this year or in the future. Please check current market fundamentals and technical conditions before considering these trades. This information is not a recommendation to buy or sell at this time, but merely a historical presentation of trade strategies. Past results are not necessarily indicative of future results. No representation is being made that an account will or is likely to achieve profits or incur losses similar to those shown. SEASONAL TENDENCIES ARE A COMPOSITE OF SOME OF THE MORE CONSISTENT COMMODITY FUTURES SEASONALS THAT HAVE OCCURRED OVER THE PAST 15 YEARS. THERE ARE USUALLY UNDERLYING FUNDAMENTAL CIRCUMSTANCES THAT OCCUR ANNUALLY THAT TEND TO CAUSE THE FUTURES MARKETS TO REACT IN A SIMILAR DIRECTIONAL MANNER DURING A CERTAIN CALENDAR PERIOD OF THE YEAR. EVEN IF A SEASONAL TENDENCY OCCURS IN THE FUTURE, IT MAY NOT RESULT IN A PROFITABLE TRANSACTION AS FEES, AND THE TIMING OF THE ENTRY AND LIQUIDATION MAY IMPACT ON THE RESULTS. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT HAS IN THE PAST OR WILL IN THE FUTURE ACHIEVE PROFITS UTILIZING THESE STRATEGIES. NO REPRESENTATION IS BEING MADE THAT PRICE PATTERNS WILL RECUR IN THE FUTURE. 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. 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 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 TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE. Copyright ©1989-2008 Moore Research Center, Inc. 54 HISTORICAL LIVE CATTLE/FEEDER CATTLE REPORT Feeder Cattle(CME)—May Contract Size: 50,000 lbs Buy on approximately 01/02 - Exit on approximately 01/09 CONT YEAR BUY DATE 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995 1994 1993 01/03/07 01/03/06 01/03/05 01/02/04 01/02/03 01/02/02 01/02/01 01/03/00 01/04/99 01/02/98 01/02/97 01/02/96 01/03/95 01/03/94 01/04/93 Percentage Correct BUY PRICE 100.15 113.25 95.72 81.37 82.55 83.25 89.87 85.87 70.27 76.47 68.42 58.32 72.07 79.55 82.57 80 EXIT DATE 01/09/07 01/09/06 01/07/05 01/09/04 01/09/03 01/09/02 01/09/01 01/07/00 01/08/99 01/09/98 01/09/97 01/09/96 01/09/95 01/07/94 01/08/93 EXIT PRICE 99.17 114.20 97.50 86.27 81.30 84.65 88.92 86.85 73.32 77.45 69.72 58.77 72.32 80.65 83.85 Average Profit on Winning Trades Average Loss on Trades Average Net Profit Per Trade PROFIT PROFIT AMOUNT -0.98 0.95 1.78 4.90 -1.25 1.40 -0.95 0.98 3.05 0.98 1.30 0.45 0.25 1.10 1.28 -490.00 475.00 890.00 2450.00 -625.00 700.00 -475.00 490.00 1525.00 490.00 650.00 225.00 125.00 550.00 640.00 1.54 -1.06 1.02 767.50 -530.00 508.00 BEST EQUITY DATE BEST EQUITY AMOUNT 01/09/06 01/04/05 01/09/04 01/03/03 01/09/02 475.00 1240.00 2450.00 175.00 700.00 01/07/00 01/08/99 01/08/98 01/09/97 01/08/96 01/09/95 01/07/94 01/07/93 490.00 1525.00 490.00 650.00 525.00 125.00 550.00 650.00 WORST EQUITY DATE WORST EQUITY AMOUNT 01/09/07 01/04/06 -490.00 -50.00 01/09/03 -625.00 01/08/01 01/04/00 -735.00 -110.00 01/05/98 -200.00 01/04/96 01/05/95 01/04/94 -35.00 -110.00 -75.00 12 3 15 Winners Losers Total trades 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. 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 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 TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE. Feeder Cattle(CME)—March Contract Size: 50,000 lbs CONT YEAR SELL DATE 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995 1994 1993 01/10/07 01/10/06 01/10/05 01/12/04 01/10/03 01/10/02 01/10/01 01/10/00 01/11/99 01/12/98 01/10/97 01/10/96 01/10/95 01/10/94 01/11/93 Percentage Correct SELL PRICE 96.85 113.62 101.35 83.37 80.32 85.57 90.50 86.85 72.95 76.15 68.70 58.30 74.32 81.47 86.97 93 EXIT DATE 02/02/07 02/03/06 02/04/05 02/04/04 02/04/03 02/04/02 02/02/01 02/04/00 02/04/99 02/04/98 02/04/97 02/02/96 02/03/95 02/04/94 02/04/93 Average Profit on Winning Trades Average Loss on Trades Average Net Profit Per Trade EXIT PRICE 95.62 107.82 99.27 82.22 78.25 84.32 85.67 84.85 74.30 76.02 68.47 56.47 72.45 80.45 84.77 PROFIT PROFIT AMOUNT 1.23 5.80 2.08 1.15 2.07 1.25 4.83 2.00 -1.35 0.13 0.23 1.83 1.87 1.02 2.20 615.00 2900.00 1040.00 575.00 1035.00 625.00 2415.00 1000.00 -675.00 65.00 115.00 915.00 935.00 510.00 1100.00 1.98 -1.35 1.76 988.93 -675.00 878.00 BEST EQUITY DATE BEST EQUITY AMOUNT 01/22/07 02/03/06 02/04/05 02/04/04 01/28/03 01/22/02 01/31/01 01/20/00 01/13/99 02/03/98 01/15/97 01/30/96 02/01/95 02/04/94 02/01/93 2240.00 2900.00 1040.00 575.00 1110.00 1185.00 2765.00 1090.00 315.00 65.00 265.00 965.00 1110.00 510.00 1585.00 Winners Losers Total trades WORST EQUITY DATE WORST EQUITY AMOUNT 01/11/05 01/21/04 -860.00 -1215.00 01/11/01 -110.00 01/25/99 01/23/98 01/31/97 01/17/96 -785.00 -1450.00 -485.00 -335.00 01/28/94 -715.00 14 1 15 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. 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 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 TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE. MOORE RESEARCH CENTER, INC. 55 Feeder Cattle Strategy Tables Sell on approximately 01/10 - Exit on approximately 02/04 Buy Apr Feeder Cattle(CME) / Sell May Feeder Cattle(CME) Enter on approximately 02/27 - Exit on approximately 04/18 CONT YEAR ENTRY DATE 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995 1994 1993 02/27/07 02/27/06 02/28/05 02/27/04 02/27/03 02/27/02 02/27/01 02/28/00 07/19/22 02/27/98 02/27/97 02/27/96 02/27/95 02/28/94 06/05/79 ENTRY PRICE -1.88 -0.46 0.67 -1.06 -1.40 -0.72 0.06 -0.62 -0.20 -0.25 -1.82 0.10 0.67 0.46 0.71 87 Percentage Correct EXIT DATE 04/18/07 04/18/06 04/18/05 04/16/04 04/17/03 04/18/02 04/18/01 04/18/00 04/16/99 04/17/98 04/18/97 04/18/96 04/18/95 04/18/94 04/16/93 EXIT PRICE -1.01 -0.37 4.08 3.73 0.87 0.85 0.09 0.09 0.05 0.14 0.46 -0.88 -0.01 0.50 1.28 Average Profit on Winning Trades Average Loss on Trades Average Net Profit Per Trade PROFIT BEST EQUITY DATE PROFIT AMOUNT 0.86 0.09 3.41 4.80 2.28 1.58 0.03 0.73 0.25 0.40 2.29 -0.98 -0.69 0.03 0.56 430.00 45.00 1705.00 2400.00 1140.00 790.00 15.00 365.00 125.00 200.00 1145.00 -490.00 -345.00 15.00 280.00 1.33 -0.84 1.04 665.77 -417.50 521.33 BEST EQUITY AMOUNT 04/13/07 03/22/06 04/18/05 04/08/04 04/17/03 04/11/02 04/11/01 04/17/00 03/17/99 03/30/98 04/08/97 02/29/96 04/10/95 03/14/94 03/15/93 700.00 295.00 1705.00 2445.00 1140.00 815.00 380.00 440.00 250.00 500.00 1360.00 75.00 115.00 40.00 340.00 WORST EQUITY DATE WORST EQUITY AMOUNT 03/07/07 03/07/06 03/11/05 03/02/04 -170.00 -365.00 -125.00 -40.00 03/06/02 03/28/01 02/29/00 04/06/99 03/06/98 -160.00 -350.00 -60.00 -210.00 -225.00 04/17/96 04/18/95 04/04/94 04/06/93 -940.00 -345.00 -310.00 -45.00 13 2 15 Winners Losers Total trades 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. 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 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 TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE. Feeder Cattle(CME)—September Contract Size: 50,000 lbs Feeder Cattle Strategy Tables Buy on approximately 04/22 - Exit on approximately 05/01 CONT YEAR BUY DATE 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995 1994 1993 04/23/07 04/24/06 04/22/05 04/22/04 04/22/03 04/22/02 04/23/01 04/24/00 04/22/99 04/22/98 04/22/97 04/22/96 04/24/95 04/22/94 04/22/93 Percentage Correct BUY PRICE 111.40 100.55 106.95 92.07 82.45 76.05 88.45 85.80 73.80 79.00 75.15 54.95 67.47 79.50 83.90 93 Average Profit on Winning Trades Average Loss on Trades Average Net Profit Per Trade EXIT DATE 05/01/07 05/01/06 04/29/05 04/30/04 05/01/03 05/01/02 05/01/01 05/01/00 04/30/99 05/01/98 05/01/97 05/01/96 05/01/95 04/29/94 04/30/93 EXIT PRICE 112.15 103.82 107.40 97.10 84.77 77.60 88.50 85.85 74.17 79.17 76.47 55.60 67.50 78.52 84.27 PROFIT BEST EQUITY DATE PROFIT AMOUNT 0.75 3.27 0.45 5.03 2.32 1.55 0.05 0.05 0.37 0.17 1.32 0.65 0.03 -0.98 0.37 375.00 1635.00 225.00 2515.00 1160.00 775.00 25.00 25.00 185.00 85.00 660.00 325.00 15.00 -490.00 185.00 1.17 -0.98 1.03 585.00 -490.00 513.33 BEST EQUITY AMOUNT 04/30/07 05/01/06 04/26/05 04/29/04 05/01/03 04/30/02 04/27/01 04/28/00 04/27/99 04/30/98 05/01/97 05/01/96 04/27/95 04/25/94 04/30/93 425.00 1635.00 560.00 2675.00 1160.00 775.00 50.00 300.00 325.00 160.00 660.00 325.00 15.00 50.00 185.00 Winners Losers Total trades WORST EQUITY DATE WORST EQUITY AMOUNT 04/25/07 -425.00 04/24/03 04/24/02 04/25/01 -175.00 -1340.00 -215.00 04/23/99 04/24/98 -40.00 -440.00 04/25/96 04/26/95 04/26/94 04/23/93 -1425.00 -210.00 -600.00 -125.00 14 1 15 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. 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 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 TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE. 56 HISTORICAL LIVE CATTLE/FEEDER CATTLE REPORT Feeder Cattle(CME)—August Contract Size: 50,000 lbs Buy on approximately 04/25 - Exit on approximately 08/06 CONT YEAR BUY DATE 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995 1994 1993 04/25/07 04/25/06 04/25/05 04/26/04 04/25/03 04/25/02 04/25/01 04/25/00 04/26/99 04/27/98 04/25/97 04/25/96 04/25/95 04/25/94 04/26/93 Percentage Correct BUY PRICE 111.00 101.37 109.25 95.72 82.10 74.40 88.05 85.65 74.15 78.15 75.55 50.55 67.87 79.42 84.82 93 EXIT DATE 08/06/07 08/04/06 08/05/05 08/06/04 08/06/03 08/06/02 08/06/01 08/04/00 08/06/99 08/06/98 08/06/97 08/06/96 08/04/95 08/05/94 08/06/93 EXIT PRICE 116.25 115.12 110.40 114.05 91.47 77.62 88.85 86.35 76.57 69.42 80.52 64.40 67.95 81.27 89.35 Average Profit on Winning Trades Average Loss on Trades Average Net Profit Per Trade PROFIT PROFIT AMOUNT 5.25 13.75 1.15 18.33 9.37 3.22 0.80 0.70 2.42 -8.73 4.97 13.85 0.08 1.85 4.53 2625.00 6875.00 575.00 9165.00 4685.00 1610.00 400.00 350.00 1210.00 -4365.00 2485.00 6925.00 40.00 925.00 2265.00 5.73 -8.73 4.77 2866.79 -4365.00 2384.67 BEST EQUITY DATE BEST EQUITY AMOUNT 07/31/07 06/27/06 06/07/05 07/28/04 08/06/03 05/07/02 06/25/01 07/05/00 06/14/99 05/01/98 07/24/97 08/06/96 04/27/95 08/04/94 08/06/93 3175.00 8090.00 2135.00 10050.00 4685.00 2325.00 2225.00 1185.00 2135.00 660.00 3650.00 6925.00 40.00 1090.00 2265.00 WORST EQUITY DATE WORST EQUITY AMOUNT 06/13/07 -2200.00 07/15/05 04/27/04 -1550.00 -110.00 05/21/02 05/09/01 05/22/00 05/07/99 08/03/98 -115.00 -290.00 -1140.00 -1090.00 -5865.00 06/15/95 05/25/94 04/27/93 -1800.00 -3910.00 -25.00 14 1 15 Winners Losers Total trades 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. 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 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 TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE. Feeder Cattle(CME)—August Contract Size: 50,000 lbs CONT YEAR BUY DATE 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995 1994 1993 05/09/07 05/09/06 05/09/05 05/10/04 05/09/03 05/09/02 05/09/01 05/09/00 05/10/99 05/11/98 05/09/97 05/09/96 05/09/95 05/09/94 05/10/93 Percentage Correct BUY PRICE 112.18 103.42 110.05 100.10 84.97 77.32 87.47 85.32 72.17 77.92 77.40 54.45 64.85 77.47 85.17 93 EXIT DATE 08/06/07 08/04/06 08/05/05 08/06/04 08/06/03 08/06/02 08/06/01 08/04/00 08/06/99 08/06/98 08/06/97 08/06/96 08/04/95 08/05/94 08/06/93 Average Profit on Winning Trades Average Loss on Trades Average Net Profit Per Trade EXIT PRICE 116.25 115.12 110.40 114.05 91.47 77.62 88.85 86.35 76.57 69.42 80.52 64.40 67.95 81.27 89.35 PROFIT PROFIT AMOUNT 4.07 11.70 0.35 13.95 6.50 0.30 1.38 1.03 4.40 -8.50 3.12 9.95 3.10 3.80 4.18 2035.00 5850.00 175.00 6975.00 3250.00 150.00 690.00 515.00 2200.00 -4250.00 1560.00 4975.00 1550.00 1900.00 2090.00 4.85 -8.50 3.96 2422.50 -4250.00 1977.67 BEST EQUITY DATE BEST EQUITY AMOUNT 07/31/07 06/27/06 06/07/05 07/28/04 08/06/03 07/12/02 06/25/01 07/05/00 06/14/99 2585.00 7065.00 1735.00 7860.00 3250.00 515.00 2515.00 1350.00 3125.00 07/24/97 08/06/96 08/04/95 08/04/94 08/06/93 2725.00 4975.00 1550.00 2065.00 2090.00 Winners Losers Total trades WORST EQUITY DATE WORST EQUITY AMOUNT 06/13/07 -2790.00 07/15/05 05/17/04 05/20/03 05/21/02 -1950.00 -315.00 -1000.00 -1575.00 05/22/00 -975.00 08/03/98 06/06/97 05/16/96 06/15/95 05/25/94 05/20/93 -5750.00 -725.00 -40.00 -290.00 -2935.00 -200.00 14 1 15 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. 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 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 TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE. MOORE RESEARCH CENTER, INC. 57 Feeder Cattle Strategy Tables Buy on approximately 05/09 - Exit on approximately 08/06 Feeder Cattle(CME)—August Contract Size: 50,000 lbs Buy on approximately 05/21 - Exit on approximately 07/09 CONT YEAR BUY DATE 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995 1994 1993 05/21/07 05/22/06 05/23/05 05/21/04 05/21/03 05/21/02 05/21/01 05/22/00 05/21/99 05/21/98 05/21/97 05/21/96 05/22/95 05/23/94 05/21/93 Percentage Correct BUY PRICE 113.70 106.70 110.42 105.35 83.90 74.17 90.95 83.37 75.02 75.95 77.65 55.55 65.80 72.72 84.92 93 EXIT DATE 07/09/07 07/07/06 07/08/05 07/09/04 07/09/03 07/09/02 07/09/01 07/07/00 07/09/99 07/09/98 07/09/97 07/09/96 07/07/95 07/08/94 07/09/93 EXIT PRICE 114.48 115.90 111.97 112.55 87.02 76.30 91.10 87.32 77.12 72.17 80.10 61.70 67.20 76.85 87.12 Average Profit on Winning Trades Average Loss on Trades Average Net Profit Per Trade PROFIT BEST EQUITY DATE PROFIT AMOUNT 0.78 9.20 1.55 7.20 3.12 2.13 0.15 3.95 2.10 -3.78 2.45 6.15 1.40 4.13 2.20 390.00 4600.00 775.00 3600.00 1560.00 1065.00 75.00 1975.00 1050.00 -1890.00 1225.00 3075.00 700.00 2065.00 1100.00 3.32 -3.78 2.85 1661.07 -1890.00 1424.33 BEST EQUITY AMOUNT 07/06/07 06/27/06 06/07/05 06/25/04 07/08/03 06/18/02 06/25/01 07/05/00 06/14/99 05/26/98 07/01/97 07/05/96 06/09/95 07/08/94 06/11/93 500.00 5425.00 1550.00 4400.00 1975.00 2075.00 775.00 2325.00 1700.00 185.00 1900.00 3460.00 810.00 2065.00 1775.00 WORST EQUITY DATE WORST EQUITY AMOUNT 06/13/07 -3550.00 06/17/05 05/25/04 05/22/03 -1425.00 -500.00 -65.00 07/05/01 -265.00 06/30/99 06/26/98 06/06/97 -235.00 -2500.00 -850.00 06/15/95 05/25/94 -765.00 -560.00 14 1 15 Winners Losers Total trades 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. 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 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 TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE. Feeder Cattle(CME)—September Contract Size: 50,000 lbs Feeder Cattle Strategy Tables Buy on approximately 05/21 - Exit on approximately 09/11 CONT YEAR BUY DATE 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995 1994 1993 05/21/07 05/22/06 05/23/05 05/21/04 05/21/03 05/21/02 05/21/01 05/22/00 05/21/99 05/21/98 05/21/97 05/21/96 05/22/95 05/23/94 05/21/93 Percentage Correct BUY PRICE 113.35 106.30 109.45 104.35 84.40 74.30 90.42 83.52 75.15 76.20 77.55 56.12 65.50 72.95 84.00 93 Average Profit on Winning Trades Average Loss on Trades Average Net Profit Per Trade EXIT DATE 09/11/07 09/11/06 09/09/05 09/10/04 09/11/03 09/11/02 09/10/01 09/11/00 09/10/99 09/11/98 09/11/97 09/11/96 09/11/95 09/09/94 09/10/93 EXIT PRICE 118.53 118.65 114.57 112.30 100.37 79.10 91.40 85.07 79.37 68.05 80.42 63.82 65.70 74.52 87.12 PROFIT BEST EQUITY DATE PROFIT AMOUNT 5.18 12.35 5.12 7.95 15.97 4.80 0.98 1.55 4.22 -8.15 2.87 7.70 0.20 1.57 3.12 2590.00 6175.00 2560.00 3975.00 7985.00 2400.00 490.00 775.00 2110.00 -4075.00 1435.00 3850.00 100.00 785.00 1560.00 5.26 -8.15 4.36 2627.86 -4075.00 2181.00 BEST EQUITY AMOUNT 09/06/07 09/07/06 09/09/05 08/17/04 09/11/03 08/30/02 06/25/01 07/05/00 09/10/99 05/22/98 07/24/97 08/06/96 08/02/95 08/04/94 08/06/93 3065.00 6460.00 2560.00 5685.00 7985.00 2710.00 740.00 2275.00 2110.00 50.00 2660.00 4340.00 835.00 3735.00 2085.00 Winners Losers Total trades WORST EQUITY DATE WORST EQUITY AMOUNT 06/18/07 -3285.00 07/15/05 06/01/04 06/12/03 05/30/02 08/27/01 -2375.00 -600.00 -90.00 -125.00 -900.00 05/27/99 09/09/98 06/09/97 -325.00 -5125.00 -815.00 06/15/95 06/07/94 -1050.00 -525.00 14 1 15 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. 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 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 TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE. 58 HISTORICAL LIVE CATTLE/FEEDER CATTLE REPORT Feeder Cattle(CME)—October Contract Size: 50,000 lbs Buy on approximately 06/17 - Exit on approximately 07/08 CONT YEAR BUY DATE 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995 1994 1993 06/18/07 06/19/06 06/17/05 06/17/04 06/17/03 06/17/02 06/18/01 06/19/00 06/17/99 06/17/98 06/17/97 06/17/96 06/19/95 06/17/94 06/17/93 Percentage Correct BUY PRICE 107.00 111.27 105.15 106.42 84.75 77.25 90.55 86.87 76.95 73.70 78.35 60.95 63.60 72.07 85.82 87 EXIT DATE 07/06/07 07/07/06 07/08/05 07/08/04 07/08/03 07/08/02 07/06/01 07/07/00 07/08/99 07/08/98 07/08/97 07/08/96 07/07/95 07/08/94 07/08/93 EXIT PRICE 115.40 114.65 109.60 107.52 88.17 77.07 90.72 88.05 77.07 72.32 80.15 61.50 65.70 75.97 86.15 Average Profit on Winning Trades Average Loss on Trades Average Net Profit Per Trade PROFIT PROFIT AMOUNT 8.40 3.38 4.45 1.10 3.42 -0.18 0.17 1.18 0.12 -1.38 1.80 0.55 2.10 3.90 0.33 4200.00 1690.00 2225.00 550.00 1710.00 -90.00 85.00 590.00 60.00 -690.00 900.00 275.00 1050.00 1950.00 165.00 2.38 -0.78 1.96 1188.46 -390.00 978.00 BEST EQUITY DATE BEST EQUITY AMOUNT 07/06/07 06/26/06 07/07/05 06/25/04 07/08/03 06/18/02 06/25/01 07/05/00 07/06/99 4200.00 2265.00 2225.00 1865.00 1710.00 475.00 750.00 865.00 475.00 07/01/97 07/05/96 07/07/95 07/08/94 06/25/93 1275.00 375.00 1050.00 1950.00 300.00 WORST EQUITY DATE WORST EQUITY AMOUNT 06/20/06 -50.00 07/01/04 -310.00 06/28/02 07/05/01 06/29/00 06/30/99 06/26/98 06/19/97 06/25/96 06/21/95 -600.00 -215.00 -285.00 -775.00 -1375.00 -515.00 -875.00 -75.00 07/06/93 -575.00 13 2 15 Winners Losers Total trades 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. 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 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 TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE. Buy Sep Feeder Cattle(CME) / Sell Nov Feeder Cattle(CME) Enter on approximately 06/20 - Exit on approximately 09/21 ENTRY DATE 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995 1994 1993 06/20/07 06/20/06 06/20/05 06/21/04 06/20/03 06/20/02 06/20/01 06/20/00 06/21/99 06/22/98 06/20/97 06/20/96 06/20/95 06/20/94 06/21/93 ENTRY PRICE Percentage Correct -0.29 1.81 1.87 2.73 -0.29 -0.54 -0.40 -1.48 -0.54 -1.32 -1.61 -2.00 -0.53 -1.10 0.20 87 EXIT DATE 09/21/07 09/21/06 09/21/05 09/21/04 09/19/03 09/20/02 09/21/01 09/21/00 09/21/99 09/21/98 09/19/97 09/20/96 09/21/95 09/21/94 09/21/93 Average Profit on Winning Trades Average Loss on Trades Average Net Profit Per Trade EXIT PRICE 0.02 3.29 2.51 3.29 6.68 -0.26 2.65 -0.77 -0.87 -3.20 -1.45 -0.51 0.14 -0.84 0.57 PROFIT PROFIT AMOUNT 0.32 1.48 0.64 0.57 6.98 0.28 3.05 0.71 -0.32 -1.87 0.17 1.48 0.68 0.25 0.38 160.00 740.00 320.00 285.00 3490.00 140.00 1525.00 355.00 -160.00 -935.00 85.00 740.00 340.00 125.00 190.00 1.31 -1.10 0.99 653.46 -547.50 493.33 BEST EQUITY DATE BEST EQUITY AMOUNT 07/23/07 09/20/06 07/07/05 07/12/04 09/19/03 08/09/02 09/21/01 09/06/00 425.00 825.00 1110.00 1560.00 3490.00 500.00 1525.00 440.00 09/02/98 08/22/97 08/20/96 09/18/95 08/02/94 09/14/93 265.00 610.00 1050.00 455.00 625.00 275.00 Winners Losers Total trades WORST EQUITY DATE WORST EQUITY AMOUNT 08/07/07 08/24/06 -300.00 -1385.00 08/16/04 -340.00 07/22/02 08/09/01 06/30/00 09/14/99 09/21/98 07/11/97 06/21/96 06/21/95 06/24/94 07/16/93 -165.00 -325.00 -160.00 -675.00 -935.00 -115.00 -265.00 -160.00 -110.00 -335.00 13 2 15 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. 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 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 TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE. MOORE RESEARCH CENTER, INC. 59 Feeder Cattle Strategy Tables CONT YEAR Feeder Cattle(CME)—September Contract Size: 50,000 lbs Buy on approximately 06/23 - Exit on approximately 07/09 CONT YEAR BUY DATE 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995 1994 1993 06/25/07 06/23/06 06/23/05 06/23/04 06/23/03 06/24/02 06/25/01 06/23/00 06/23/99 06/23/98 06/23/97 06/24/96 06/23/95 06/23/94 06/23/93 Percentage Correct BUY PRICE 109.00 114.92 108.10 110.30 85.87 76.10 91.90 86.12 77.25 72.00 78.30 58.80 64.55 72.92 85.77 93 EXIT DATE 07/09/07 07/07/06 07/08/05 07/09/04 07/09/03 07/09/02 07/09/01 07/07/00 07/09/99 07/09/98 07/09/97 07/09/96 07/07/95 07/08/94 07/09/93 EXIT PRICE 115.38 115.65 111.02 111.42 87.42 76.75 90.60 87.22 77.42 72.20 80.05 61.00 66.15 76.05 86.17 Average Profit on Winning Trades Average Loss on Trades Average Net Profit Per Trade PROFIT BEST EQUITY DATE PROFIT AMOUNT 6.38 0.73 2.92 1.12 1.55 0.65 -1.30 1.10 0.17 0.20 1.75 2.20 1.60 3.13 0.40 3190.00 365.00 1460.00 560.00 775.00 325.00 -650.00 550.00 85.00 100.00 875.00 1100.00 800.00 1565.00 200.00 1.71 -1.30 1.51 853.57 -650.00 753.33 BEST EQUITY AMOUNT 07/09/07 06/27/06 07/07/05 06/25/04 07/08/03 07/02/02 3190.00 1175.00 1575.00 1025.00 1140.00 575.00 07/05/00 07/06/99 06/29/98 07/01/97 07/05/96 07/07/95 07/08/94 06/30/93 975.00 225.00 335.00 1310.00 1475.00 800.00 1565.00 575.00 WORST EQUITY DATE WORST EQUITY AMOUNT 06/26/07 06/30/06 06/24/05 07/01/04 06/24/03 -375.00 -25.00 -165.00 -1250.00 -60.00 07/05/01 06/29/00 06/30/99 06/26/98 06/24/97 06/25/96 -875.00 -400.00 -1175.00 -415.00 -40.00 -75.00 06/27/94 07/06/93 -50.00 -310.00 14 1 15 Winners Losers Total trades 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. 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 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 TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE. Feeder Cattle(CME)—August Contract Size: 50,000 lbs Feeder Cattle Strategy Tables Buy on approximately 06/30 - Exit on approximately 07/07 CONT YEAR BUY DATE 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995 1994 1993 07/02/07 06/30/06 06/30/05 06/30/04 06/30/03 07/01/02 07/02/01 06/30/00 06/30/99 06/30/98 06/30/97 07/01/96 06/30/95 06/30/94 06/30/93 Percentage Correct BUY PRICE 110.95 115.20 109.42 109.40 86.70 76.27 91.32 86.45 74.55 71.77 80.87 59.97 66.35 74.67 87.85 87 Average Profit on Winning Trades Average Loss on Trades Average Net Profit Per Trade EXIT DATE 07/06/07 07/07/06 07/07/05 07/07/04 07/07/03 07/05/02 07/06/01 07/07/00 07/07/99 07/07/98 07/07/97 07/05/96 07/07/95 07/07/94 07/07/93 EXIT PRICE 114.70 115.90 112.07 111.10 87.77 76.95 90.95 87.32 76.82 71.92 80.90 62.47 67.20 75.85 86.60 PROFIT BEST EQUITY DATE PROFIT AMOUNT 3.75 0.70 2.65 1.70 1.07 0.68 -0.37 0.87 2.27 0.15 0.03 2.50 0.85 1.18 -1.25 1875.00 350.00 1325.00 850.00 535.00 340.00 -185.00 435.00 1135.00 75.00 15.00 1250.00 425.00 590.00 -625.00 1.42 -0.81 1.12 707.69 -405.00 559.33 BEST EQUITY AMOUNT 07/06/07 07/05/06 07/07/05 07/06/04 07/07/03 07/02/02 1875.00 1025.00 1325.00 1000.00 535.00 350.00 07/05/00 07/06/99 07/06/98 07/01/97 07/05/96 07/07/95 07/07/94 785.00 1400.00 475.00 290.00 1250.00 425.00 590.00 Winners Losers Total trades WORST EQUITY DATE WORST EQUITY AMOUNT 07/01/04 07/03/03 -500.00 -215.00 07/05/01 -450.00 07/02/97 -125.00 07/03/95 -175.00 07/06/93 -815.00 13 2 15 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. 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 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 TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE. 60 HISTORICAL LIVE CATTLE/FEEDER CATTLE REPORT Feeder Cattle(CME)—September Contract Size: 50,000 lbs Buy on approximately 08/25 - Exit on approximately 09/15 CONT YEAR BUY DATE 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995 1994 1993 08/27/07 08/25/06 08/25/05 08/25/04 08/25/03 08/26/02 08/27/01 08/25/00 08/25/99 08/25/98 08/25/97 08/26/96 08/25/95 08/25/94 08/25/93 Percentage Correct BUY PRICE 118.58 116.35 109.95 113.17 93.87 78.95 88.62 84.82 77.85 66.60 80.45 62.40 63.57 75.40 86.60 87 EXIT DATE 09/14/07 09/15/06 09/15/05 09/15/04 09/15/03 09/13/02 09/14/01 09/15/00 09/15/99 09/15/98 09/15/97 09/13/96 09/15/95 09/15/94 09/15/93 EXIT PRICE 116.83 117.55 115.37 113.97 100.45 80.85 90.30 85.55 79.20 68.25 80.82 64.12 65.27 72.82 87.05 Average Profit on Winning Trades Average Loss on Trades Average Net Profit Per Trade PROFIT PROFIT AMOUNT -1.75 1.20 5.42 0.80 6.58 1.90 1.68 0.73 1.35 1.65 0.37 1.72 1.70 -2.58 0.45 -875.00 600.00 2710.00 400.00 3290.00 950.00 840.00 365.00 675.00 825.00 185.00 860.00 850.00 -1290.00 225.00 1.97 -2.17 1.41 982.69 -1082.50 707.33 BEST EQUITY DATE BEST EQUITY AMOUNT 09/06/07 09/07/06 09/15/05 09/15/04 09/12/03 09/13/02 09/10/01 09/15/00 09/14/99 08/28/98 08/26/97 09/13/96 09/08/95 09/06/94 09/02/93 450.00 1435.00 2710.00 400.00 3315.00 950.00 1390.00 365.00 825.00 1135.00 235.00 860.00 1090.00 125.00 475.00 WORST EQUITY DATE WORST EQUITY AMOUNT 09/14/07 -875.00 09/03/04 -1885.00 08/29/00 -250.00 09/09/98 08/29/97 -325.00 -890.00 09/15/94 08/26/93 -1290.00 -165.00 13 2 15 Winners Losers Total trades 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. 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 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 TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE. Buy Oct Feeder Cattle(CME) / Sell Nov Feeder Cattle(CME) Enter on approximately 09/09 - Exit on approximately 10/17 ENTRY DATE 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995 1994 1993 09/10/07 09/11/06 09/09/05 09/09/04 09/09/03 09/09/02 09/10/01 09/11/00 09/09/99 09/09/98 09/09/97 09/09/96 09/11/95 09/09/94 09/09/93 ENTRY PRICE Percentage Correct -0.50 -0.15 0.75 0.62 1.15 -0.29 -0.35 -0.56 -0.98 -1.28 -1.05 -0.46 -0.51 -1.14 -0.32 87 EXIT DATE 10/17/07 10/17/06 10/17/05 10/15/04 10/17/03 10/17/02 10/17/01 10/17/00 10/15/99 10/16/98 10/17/97 10/17/96 10/17/95 10/17/94 10/15/93 Average Profit on Winning Trades Average Loss on Trades Average Net Profit Per Trade EXIT PRICE 0.00 2.18 2.29 1.75 4.87 -0.07 1.84 -0.20 -1.01 -2.14 0.07 -0.14 1.04 -0.62 0.03 PROFIT PROFIT AMOUNT 0.50 2.33 1.55 1.12 3.73 0.23 2.20 0.37 -0.04 -0.87 1.13 0.32 1.57 0.52 0.35 250.00 1165.00 775.00 560.00 1865.00 115.00 1100.00 185.00 -20.00 -435.00 565.00 160.00 785.00 260.00 175.00 1.22 -0.46 1.00 612.31 -227.50 500.33 BEST EQUITY DATE BEST EQUITY AMOUNT 10/05/07 10/10/06 10/17/05 10/01/04 10/17/03 10/01/02 10/15/01 10/16/00 10/14/99 09/14/98 10/17/97 10/14/96 10/12/95 10/10/94 10/11/93 475.00 1350.00 775.00 845.00 1865.00 415.00 1450.00 225.00 165.00 250.00 565.00 310.00 870.00 475.00 460.00 Winners Losers Total trades WORST EQUITY DATE WORST EQUITY AMOUNT 09/30/05 -140.00 09/18/02 -85.00 09/28/00 10/06/99 10/09/98 09/29/97 09/30/96 09/14/95 09/19/94 09/10/93 -90.00 -285.00 -1000.00 -140.00 -415.00 -40.00 -40.00 -5.00 13 2 15 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. 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 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 TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE. MOORE RESEARCH CENTER, INC. 61 Feeder Cattle Strategy Tables CONT YEAR Feeder Cattle(CME)—November Contract Size: 50,000 lbs Sell on approximately 09/14 - Exit on approximately 09/28 CONT YEAR SELL DATE 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995 1994 1993 09/14/07 09/14/06 09/14/05 09/14/04 09/15/03 09/16/02 09/14/01 09/14/00 09/14/99 09/14/98 09/15/97 09/16/96 09/14/95 09/14/94 09/14/93 Percentage Correct SELL PRICE 117.13 114.92 112.47 110.20 95.40 81.07 90.20 86.20 81.40 70.20 82.37 65.77 65.42 73.87 86.65 80 EXIT DATE 09/28/07 09/28/06 09/28/05 09/28/04 09/26/03 09/27/02 09/28/01 09/28/00 09/28/99 09/28/98 09/26/97 09/27/96 09/28/95 09/28/94 09/28/93 EXIT PRICE 116.63 111.52 113.77 109.47 95.47 80.57 85.12 87.22 81.12 69.70 80.12 65.10 65.00 73.35 84.87 Average Profit on Winning Trades Average Loss on Trades Average Net Profit Per Trade PROFIT BEST EQUITY DATE PROFIT AMOUNT 0.50 3.40 -1.30 0.73 -0.07 0.50 5.08 -1.02 0.28 0.50 2.25 0.67 0.42 0.52 1.78 250.00 1700.00 -650.00 365.00 -35.00 250.00 2540.00 -510.00 140.00 250.00 1125.00 335.00 210.00 260.00 890.00 1.39 -0.80 0.95 692.92 -398.33 474.67 BEST EQUITY AMOUNT 09/20/07 09/28/06 09/21/05 09/27/04 09/19/03 09/26/02 09/28/01 09/21/00 09/20/99 09/28/98 09/24/97 09/23/96 09/18/95 09/19/94 09/27/93 815.00 1700.00 260.00 550.00 440.00 325.00 2540.00 40.00 590.00 250.00 1350.00 960.00 500.00 485.00 915.00 WORST EQUITY DATE WORST EQUITY AMOUNT 09/18/06 09/28/05 09/20/04 09/24/03 09/19/02 -365.00 -650.00 -900.00 -485.00 -400.00 09/27/00 -625.00 09/18/98 -910.00 09/22/94 -315.00 12 3 15 Winners Losers Total trades 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. 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 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 TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE. Buy Oct Feeder Cattle(CME) / Sell Nov Feeder Cattle(CME) Feeder Cattle Strategy Tables Enter on approximately 09/25 - Exit on approximately 10/17 CONT YEAR ENTRY DATE 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995 1994 1993 09/25/07 09/25/06 09/26/05 09/27/04 09/25/03 09/25/02 09/25/01 09/25/00 09/27/99 09/25/98 09/25/97 09/25/96 09/25/95 09/26/94 09/27/93 ENTRY PRICE Percentage Correct Average Profit on Winning Trades Average Loss on Trades Average Net Profit Per Trade -0.29 1.17 0.57 1.55 3.04 -0.18 -0.09 -0.54 -1.23 -1.44 -1.20 -0.85 -0.09 -0.65 -0.04 93 EXIT DATE 10/17/07 10/17/06 10/17/05 10/15/04 10/17/03 10/17/02 10/17/01 10/17/00 10/15/99 10/16/98 10/17/97 10/17/96 10/17/95 10/17/94 10/15/93 EXIT PRICE 0.00 2.18 2.29 1.75 4.87 -0.07 1.84 -0.20 -1.01 -2.14 0.07 -0.14 1.04 -0.62 0.03 PROFIT BEST EQUITY DATE PROFIT AMOUNT 0.30 1.01 1.72 0.20 1.83 0.11 1.95 0.35 0.21 -0.70 1.28 0.70 1.15 0.02 0.08 150.00 505.00 860.00 100.00 915.00 55.00 975.00 175.00 105.00 -350.00 640.00 350.00 575.00 10.00 40.00 0.78 -0.70 0.68 389.64 -350.00 340.33 BEST EQUITY AMOUNT 10/05/07 10/10/06 10/17/05 10/01/04 10/17/03 10/01/02 10/15/01 10/16/00 10/14/99 10/05/98 10/17/97 10/14/96 10/12/95 10/10/94 10/11/93 375.00 690.00 860.00 385.00 915.00 355.00 1325.00 215.00 290.00 215.00 640.00 500.00 660.00 225.00 325.00 Winners Losers Total trades WORST EQUITY DATE WORST EQUITY AMOUNT 09/27/07 -15.00 09/30/05 10/12/04 10/07/03 10/14/02 09/26/01 09/28/00 10/06/99 10/09/98 09/29/97 09/30/96 09/27/95 10/03/94 09/29/93 -55.00 -150.00 -600.00 -120.00 -40.00 -100.00 -160.00 -915.00 -65.00 -225.00 -100.00 -50.00 -75.00 14 1 15 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. 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 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 TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE. 62 HISTORICAL LIVE CATTLE/FEEDER CATTLE REPORT Buy May Feeder Cattle(CME) / Sell Mar Feeder Cattle(CME) Enter on approximately 11/02 - Exit on approximately 02/02 CONT YEAR ENTRY DATE 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995 1994 1993 11/02/06 11/02/05 11/02/04 11/03/03 11/04/02 11/02/01 11/02/00 11/02/99 11/02/98 11/03/97 11/04/96 11/02/95 11/02/94 11/02/93 11/02/92 ENTRY PRICE Percentage Correct 0.09 -2.21 -0.84 -2.20 -0.25 -0.45 -0.42 -0.15 0.31 0.87 0.13 -0.42 -1.34 -0.96 -2.01 87 EXIT DATE 02/02/07 02/02/06 02/02/05 02/02/04 01/31/03 02/01/02 02/02/01 02/02/00 02/02/99 02/02/98 01/31/97 02/02/96 02/02/95 02/02/94 02/02/93 Average Profit on Winning Trades Average Loss on Trades Average Net Profit Per Trade EXIT PRICE 3.57 0.92 -0.78 2.12 0.95 0.48 0.64 0.38 0.75 0.96 1.28 0.30 -1.67 -1.81 -1.93 PROFIT PROFIT AMOUNT 3.48 3.14 0.07 4.32 1.20 0.93 1.07 0.53 0.43 0.09 1.15 0.73 -0.32 -0.85 0.09 1740.00 1570.00 35.00 2160.00 600.00 465.00 535.00 265.00 215.00 45.00 575.00 365.00 -160.00 -425.00 45.00 1.33 -0.59 1.07 662.69 -292.50 535.33 BEST EQUITY DATE BEST EQUITY AMOUNT 02/02/07 01/18/06 11/09/04 01/13/04 01/24/03 02/01/02 02/02/01 11/18/99 12/16/98 01/05/98 01/31/97 01/25/96 11/29/94 11/30/93 11/05/92 1740.00 1835.00 350.00 2210.00 700.00 465.00 535.00 275.00 875.00 645.00 575.00 615.00 250.00 310.00 125.00 Winners Losers Total trades WORST EQUITY DATE 11/03/06 11/29/05 01/11/05 11/10/03 11/08/02 01/08/02 01/09/01 11/16/99 01/25/99 11/13/97 11/11/96 12/05/95 01/03/95 01/28/94 01/20/93 WORST EQUITY AMOUNT -60.00 -390.00 -910.00 -325.00 -415.00 -275.00 -490.00 -125.00 -135.00 -180.00 -240.00 -360.00 -600.00 -530.00 -340.00 13 2 15 Feeder Cattle Strategy Tables 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. 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 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 TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE. MOORE RESEARCH CENTER, INC. 63 Nearby Feeder Cattle Weekly & Monthly Charts Feeder Cattle (CME) — Weekly 120.000 115.000 110.000 105.000 100.000 95.000 90.000 85.000 80.000 75.000 70.000 65.000 Feeder Cattle Weekly & Monthly Charts 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 Feeder Cattle (CME) — Monthly 120.000 110.000 100.000 90.000 80.000 70.000 60.000 50.000 40.000 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 64 HISTORICAL LIVE CATTLE/FEEDER CATTLE REPORT Inter-Market Spreads (FC/LC) Page Seasonal Average and Weekly Continuation Charts Feeder Cattle - Live Cattle Jan minus: Feb, Apr ............................................................................................................ 66 Mar minus: Apr, Jun ........................................................................................................... 66 Apr minus: Apr, Jun ............................................................................................................ 68 May minus: Jun, Aug .......................................................................................................... 68 Aug minus: Aug, Oct .......................................................................................................... 70 Sep minus: Oct, Dec............................................................................................................ 70 Oct minus: Oct, Dec ............................................................................................................ 72 Nov minus: Dec, Feb .......................................................................................................... 72 Seasonal Strategies Inter-Market Seasonal Spread Strategy Summary ................................................................................... 74 Seasonal Spread Strategy Detail Tables ............................................................................. 75 MOORE RESEARCH CENTER, INC. 65 Jan Feeder Cattle(CME) - Feb Live Cattle(CME) 15 Year Average(93-07) 15 14 13 15 Year Pattern 12 11 10 5 Year Pattern 9 8 Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Jan Feeder Cattle(CME) - Apr Live Cattle(CME) 15 Year Average(93-07) 18 16 14 15 Year Pattern 12 10 5 Year Pattern 8 6 Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Mar Feeder Cattle(CME) - Apr Live Cattle(CME) 15 Year Average(93-07) 14 12 15 Year Pattern 10 8 Inter-Market Seasonal Average 5 Year Pattern 6 4 Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Mar Feeder Cattle(CME) - Jun Live Cattle(CME) 15 Year Average(93-07) 20 18 16 15 Year Pattern 14 12 5 Year Pattern 10 8 Apr 66 May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar HISTORICAL LIVE CATTLE/FEEDER CATTLE REPORT Weekly Jan Feeder Cattle(CME) minus Feb Live Cattle(CME) 25.00 20.00 15.00 10.00 5.00 0.00 -5.00 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2006 2007 2006 2007 2006 2007 Weekly Jan Feeder Cattle(CME) minus Apr Live Cattle(CME) 25.00 20.00 15.00 10.00 5.00 0.00 -5.00 1998 1999 2000 2001 2002 2003 2004 2005 Weekly Mar Feeder Cattle(CME) minus Apr Live Cattle(CME) 25.00 20.00 15.00 10.00 5.00 0.00 -5.00 1998 1999 2000 2001 2002 2003 2004 2005 Inter-Market Weeklies Weekly Mar Feeder Cattle(CME) minus Jun Live Cattle(CME) 30.00 25.00 20.00 15.00 10.00 5.00 0.00 1998 1999 MOORE RESEARCH CENTER, INC. 2000 2001 2002 2003 2004 2005 67 Apr Feeder Cattle(CME) - Apr Live Cattle(CME) 15 Year Average(93-07) 14 12 15 Year Pattern 10 8 5 Year Pattern 6 4 May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr Apr Feeder Cattle(CME) - Jun Live Cattle(CME) 15 Year Average(93-07) 20 18 16 15 Year Pattern 14 12 5 Year Pattern 10 8 May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Feeder Cattle(CME) - Jun Live Cattle(CME) 15 Year Average(93-07) 20 18 16 15 Year Pattern 14 12 Inter-Market Seasonal Average 5 Year Pattern 10 8 Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May May Feeder Cattle(CME) - Aug Live Cattle(CME) 15 Year Average(93-07) 22 20 18 15 Year Pattern 16 14 5 Year Pattern 12 10 Jun 68 Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May HISTORICAL LIVE CATTLE/FEEDER CATTLE REPORT Weekly Apr Feeder Cattle(CME) minus Apr Live Cattle(CME) 25.00 20.00 15.00 10.00 5.00 0.00 -5.00 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2006 2007 2006 2007 2006 2007 Weekly Apr Feeder Cattle(CME) minus Jun Live Cattle(CME) 30.00 25.00 20.00 15.00 10.00 5.00 0.00 1998 1999 2000 2001 2002 2003 2004 2005 Weekly May Feeder Cattle(CME) minus Jun Live Cattle(CME) 30.00 25.00 20.00 15.00 10.00 5.00 1998 1999 2000 2001 2002 2003 2004 2005 Inter-Market Weeklies Weekly May Feeder Cattle(CME) minus Aug Live Cattle(CME) 30.00 25.00 20.00 15.00 10.00 5.00 1998 1999 MOORE RESEARCH CENTER, INC. 2000 2001 2002 2003 2004 2005 69 Aug Feeder Cattle(CME) - Aug Live Cattle(CME) 15 Year Average(93-07) 30 25 15 Year Pattern 20 5 Year Pattern 15 10 Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Aug Feeder Cattle(CME) - Oct Live Cattle(CME) 15 Year Average(93-07) 26 24 22 15 Year Pattern 20 18 16 5 Year Pattern 14 12 10 Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Feeder Cattle(CME) - Oct Live Cattle(CME) 15 Year Average(93-07) 26 24 22 15 Year Pattern 20 18 16 Inter-Market Seasonal Average 5 Year Pattern 14 12 10 Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Sep Feeder Cattle(CME) - Dec Live Cattle(CME) 15 Year Average(93-07) 24 22 20 15 Year Pattern 18 16 14 5 Year Pattern 12 10 8 Oct 70 Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep HISTORICAL LIVE CATTLE/FEEDER CATTLE REPORT Weekly Aug Feeder Cattle(CME) minus Aug Live Cattle(CME) 40.00 35.00 30.00 25.00 20.00 15.00 10.00 5.00 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2006 2007 2006 2007 2006 2007 Weekly Aug Feeder Cattle(CME) minus Oct Live Cattle(CME) 40.00 35.00 30.00 25.00 20.00 15.00 10.00 5.00 1998 1999 2000 2001 2002 2003 2004 2005 Weekly Sep Feeder Cattle(CME) minus Oct Live Cattle(CME) 35.00 30.00 25.00 20.00 15.00 10.00 5.00 1998 1999 2000 2001 2002 2003 2004 2005 Inter-Market Weeklies Weekly Sep Feeder Cattle(CME) minus Dec Live Cattle(CME) 30.00 25.00 20.00 15.00 10.00 5.00 0.00 1998 1999 MOORE RESEARCH CENTER, INC. 2000 2001 2002 2003 2004 2005 71 Oct Feeder Cattle(CME) - Oct Live Cattle(CME) 15 Year Average(93-07) 24 22 20 15 Year Pattern 18 16 14 5 Year Pattern 12 10 Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Oct Feeder Cattle(CME) - Dec Live Cattle(CME) 15 Year Average(93-07) 22 20 18 15 Year Pattern 16 14 12 5 Year Pattern 10 8 Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Feeder Cattle(CME) - Dec Live Cattle(CME) 15 Year Average(93-07) 22 20 18 15 Year Pattern 16 14 12 Inter-Market Seasonal Average 5 Year Pattern 10 8 Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Nov Feeder Cattle(CME) - Feb Live Cattle(CME) 15 Year Average(93/94-07/08) 22 20 18 15 Year Pattern 16 14 12 5 Year Pattern 10 8 Dec 72 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov HISTORICAL LIVE CATTLE/FEEDER CATTLE REPORT Weekly Oct Feeder Cattle(CME) minus Oct Live Cattle(CME) 30.00 25.00 20.00 15.00 10.00 5.00 0.00 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2006 2007 2006 2007 2006 2007 Weekly Oct Feeder Cattle(CME) minus Dec Live Cattle(CME) 30.00 25.00 20.00 15.00 10.00 5.00 0.00 1998 1999 2000 2001 2002 2003 2004 2005 Weekly Nov Feeder Cattle(CME) minus Dec Live Cattle(CME) 30.00 25.00 20.00 15.00 10.00 5.00 1998 1999 2000 2001 2002 2003 2004 2005 Inter-Market Weeklies Weekly Nov Feeder Cattle(CME) minus Feb Live Cattle(CME) 30.00 25.00 20.00 15.00 10.00 5.00 0.00 1998 1999 MOORE RESEARCH CENTER, INC. 2000 2001 2002 2003 2004 2005 73 Live Cattle/Feeder Cattle Seasonal Spread Strategies Seasonal Strategy Entry Date Exit Date Win Pct Win Losing Total Years Years Years Average Profit Ave Pft Per Day Pg No 1 Buy Jun Live Cattle(CME) Sell Mar Feeder Cattle(CME) 1/09 2/07 93 14 1 15 643 21/30 75 2 Buy Jun Live Cattle(CME) Sell Mar Feeder Cattle(CME) 1/09 3/07 87 13 2 15 881 15/59 75 3 Buy Jun Live Cattle(CME) Sell Mar Feeder Cattle(CME) 1/18 2/03 93 14 1 15 406 24/17 76 4 Buy Apr Feeder Cattle(CME) Sell Jun Live Cattle(CME) 3/11 4/18 87 13 2 15 1069 27/39 76 5 Buy May Feeder Cattle(CME) Sell Jun Live Cattle(CME) 3/14 5/20 93 14 1 15 1398 21/68 77 6 Buy May Feeder Cattle(CME) Sell Jun Live Cattle(CME) 4/05 5/19 93 14 1 15 962 21/45 77 7 Buy Nov Feeder Cattle(CME) Sell Dec Live Cattle(CME) 4/14 7/12 87 13 2 15 1168 13/90 78 8 Buy Aug Feeder Cattle(CME) Sell Feb Live Cattle(CME) 4/16 7/12 93 14 1 15 1431 16/88 78 9 Buy May Feeder Cattle(CME) Sell Jun Live Cattle(CME) 4/25 5/20 93 14 1 15 831 32/26 79 10 Buy Aug Feeder Cattle(CME) Sell Aug Live Cattle(CME) 4/25 7/09 87 13 2 15 1530 20/76 79 11 Buy Aug Feeder Cattle(CME) Sell Feb Live Cattle(CME) 5/16 7/08 93 14 1 15 1109 21/54 80 12 Buy Sep Feeder Cattle(CME) Sell Dec Live Cattle(CME) 5/26 7/10 93 14 1 15 924 20/46 80 13 Buy Feb Live Cattle(CME) Sell Nov Feeder Cattle(CME) 9/14 11/11 93 14 1 15 1150 19/59 81 14 Buy Jun Live Cattle(CME) Sell Mar Feeder Cattle(CME) 12/05 3/07 93 14 1 15 1140 12/94 81 15 Buy Apr Live Cattle(CME) Sell Apr Feeder Cattle(CME) 12/11 3/10 93 14 1 15 807 9/91 82 16 Buy Apr Live Cattle(CME) Sell Jan Feeder Cattle(CME) 12/23 1/14 87 13 2 15 563 24/23 82 Inter-Market Strategy Summary * Caution: Trade exit can be during delivery period. Longs may be subject to delivery. For other MRCI products and information: 1-800-927-7259 or (541) 484-7256 - Fax: (541) 484-0243 Website: http://www.mrci.com Email: sales@mrci.com Note: These trade strategies have worked with historical consistency. No representation is being made that they will work this year or in the future. Please check current market fundamentals and technical conditions before considering these trades. This information is not a recommendation to buy or sell at this time, but merely a historical presentation of trade strategies. Past results are not necessarily indicative of future results. No representation is being made that an account will or is likely to achieve profits or incur losses similar to those shown. SEASONAL TENDENCIES ARE A COMPOSITE OF SOME OF THE MORE CONSISTENT COMMODITY FUTURES SEASONALS THAT HAVE OCCURRED OVER THE PAST 15 YEARS. THERE ARE USUALLY UNDERLYING FUNDAMENTAL CIRCUMSTANCES THAT OCCUR ANNUALLY THAT TEND TO CAUSE THE FUTURES MARKETS TO REACT IN A SIMILAR DIRECTIONAL MANNER DURING A CERTAIN CALENDAR PERIOD OF THE YEAR. EVEN IF A SEASONAL TENDENCY OCCURS IN THE FUTURE, IT MAY NOT RESULT IN A PROFITABLE TRANSACTION AS FEES, AND THE TIMING OF THE ENTRY AND LIQUIDATION MAY IMPACT ON THE RESULTS. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT HAS IN THE PAST OR WILL IN THE FUTURE ACHIEVE PROFITS UTILIZING THESE STRATEGIES. NO REPRESENTATION IS BEING MADE THAT PRICE PATTERNS WILL RECUR IN THE FUTURE. 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. 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 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 TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE. Copyright ©1989-2008 Moore Research Center, Inc. 74 HISTORICAL LIVE CATTLE/FEEDER CATTLE REPORT Buy Jun Live Cattle(CME) / Sell Mar Feeder Cattle(CME) Enter on approximately 01/09 - Exit on approximately 02/07 CONT YEAR ENTRY DATE 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995 1994 1993 01/09/07 01/09/06 01/10/05 01/09/04 01/09/03 01/09/02 01/09/01 01/10/00 01/11/99 01/09/98 01/09/97 01/09/96 01/09/95 01/10/94 01/11/93 Percentage Correct ENTRY PRICE -12977 -22037 -17755 -13575 -11617 -14565 -15440 -15197 -10607 -11022 -9042 -4135 -10072 -10955 -13697 93 EXIT DATE 02/07/07 02/07/06 02/07/05 02/06/04 02/07/03 02/07/02 02/07/01 02/07/00 02/05/99 02/06/98 02/07/97 02/07/96 02/07/95 02/07/94 02/05/93 EXIT PRICE -12747 -20417 -16817 -13555 -9815 -13610 -14205 -14262 -10937 -10717 -8502 -4002 -9397 -10875 -13195 PROFIT AMOUNT 230.00 1620.00 938.00 20.00 1802.00 955.00 1235.00 935.00 -330.00 305.00 540.00 133.00 675.00 80.00 502.00 BEST EQUITY DATE 01/16/07 02/03/06 02/04/05 01/13/04 02/07/03 01/29/02 01/31/01 02/07/00 02/01/99 02/06/98 02/04/97 02/02/96 01/31/95 01/13/94 02/01/93 712.14 -330.00 642.67 Average Profit on Winning Trades Average Loss on Trades Average Net Profit Per Trade BEST EQUITY AMOUNT 2680.00 1695.00 1088.00 650.00 1802.00 1015.00 1583.00 935.00 160.00 305.00 575.00 628.00 805.00 223.00 805.00 WORST EQUITY DATE WORST EQUITY AMOUNT 01/18/05 01/21/04 -402.00 -625.00 01/10/02 01/11/01 -120.00 -100.00 01/25/99 01/16/98 01/21/97 01/17/96 -585.00 -780.00 -98.00 -602.00 01/28/94 01/12/93 -707.00 -85.00 14 1 15 Winners Losers Total trades 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. 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 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 TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE. Buy Jun Live Cattle(CME) / Sell Mar Feeder Cattle(CME) Enter on approximately 01/09 - Exit on approximately 03/07 ENTRY DATE 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995 1994 1993 01/09/07 01/09/06 01/10/05 01/09/04 01/09/03 01/09/02 01/09/01 01/10/00 01/11/99 01/09/98 01/09/97 01/09/96 01/09/95 01/10/94 01/11/93 Percentage Correct ENTRY PRICE -12977 -22037 -17755 -13575 -11617 -14565 -15440 -15197 -10607 -11022 -9042 -4135 -10072 -10955 -13697 87 EXIT DATE 03/07/07 03/07/06 03/07/05 03/05/04 03/07/03 03/07/02 03/07/01 03/07/00 03/05/99 03/06/98 03/07/97 03/07/96 03/07/95 03/07/94 03/05/93 Average Profit on Winning Trades Average Loss on Trades Average Net Profit Per Trade EXIT PRICE -12957 -20202 -17602 -13922 -9967 -12817 -13732 -14175 -9965 -11045 -7910 -3302 -8457 -10912 -12507 PROFIT AMOUNT 20.00 1835.00 153.00 -347.00 1650.00 1748.00 1708.00 1022.00 642.00 -23.00 1132.00 833.00 1615.00 43.00 1190.00 1045.46 -185.00 881.40 BEST EQUITY DATE BEST EQUITY AMOUNT 01/16/07 02/27/06 02/25/05 01/13/04 02/12/03 03/04/02 02/12/01 02/10/00 03/05/99 02/10/98 02/18/97 03/07/96 03/06/95 01/13/94 02/26/93 2680.00 1920.00 1315.00 650.00 1940.00 2018.00 1743.00 1322.00 642.00 475.00 1170.00 833.00 1735.00 223.00 1400.00 Winners Losers Total trades WORST EQUITY DATE WORST EQUITY AMOUNT 03/02/07 -773.00 01/18/05 03/01/04 -402.00 -850.00 01/10/02 01/11/01 -120.00 -100.00 01/25/99 02/18/98 01/21/97 01/17/96 -585.00 -790.00 -98.00 -602.00 01/28/94 01/12/93 -707.00 -85.00 13 2 15 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. 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 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 TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE. MOORE RESEARCH CENTER, INC. 75 Inter-Market Strategy Tables CONT YEAR Buy Jun Live Cattle(CME) / Sell Mar Feeder Cattle(CME) Enter on approximately 01/18 - Exit on approximately 02/03 CONT YEAR ENTRY DATE 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995 1994 1993 01/18/07 01/18/06 01/18/05 01/20/04 01/21/03 01/18/02 01/18/01 01/18/00 01/19/99 01/20/98 01/20/97 01/18/96 01/18/95 01/18/94 01/18/93 Percentage Correct ENTRY PRICE -10835 -20700 -18157 -14017 -11070 -13787 -15377 -14937 -10952 -11725 -8947 -4415 -9592 -11017 -13530 93 EXIT DATE 02/02/07 02/03/06 02/03/05 02/03/04 02/03/03 02/01/02 02/02/01 02/03/00 02/03/99 02/03/98 02/03/97 02/02/96 02/03/95 02/03/94 02/03/93 EXIT PRICE -11430 -20342 -16800 -13892 -10837 -13777 -13935 -14590 -10740 -10882 -8677 -3507 -9365 -10970 -13227 BEST EQUITY DATE PROFIT AMOUNT -595.00 358.00 1357.00 125.00 233.00 10.00 1442.00 347.00 212.00 843.00 270.00 908.00 227.00 47.00 303.00 01/22/07 02/03/06 02/03/05 01/29/04 01/28/03 01/29/02 01/31/01 02/02/00 02/01/99 02/03/98 02/03/97 02/02/96 01/31/95 02/03/94 02/01/93 477.29 -595.00 405.80 Average Profit on Winning Trades Average Loss on Trades Average Net Profit Per Trade BEST EQUITY AMOUNT 278.00 358.00 1357.00 527.00 280.00 237.00 1520.00 472.00 505.00 843.00 270.00 908.00 325.00 47.00 638.00 WORST EQUITY DATE WORST EQUITY AMOUNT 01/31/07 01/27/06 -1150.00 -422.00 01/21/04 01/22/03 01/31/02 -183.00 -117.00 -85.00 01/26/00 01/25/99 01/30/98 01/21/97 01/23/96 01/24/95 01/28/94 01/20/93 -88.00 -240.00 -65.00 -193.00 -2.00 -113.00 -645.00 -62.00 14 1 15 Winners Losers Total trades 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. 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 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 TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE. Buy Apr Feeder Cattle(CME) / Sell Jun Live Cattle(CME) Inter-Market Strategy Tables Enter on approximately 03/11 - Exit on approximately 04/18 CONT YEAR ENTRY DATE 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995 1994 1993 03/12/07 03/13/06 03/11/05 03/11/04 03/11/03 03/11/02 03/12/01 03/13/00 03/11/99 03/11/98 03/11/97 03/11/96 03/13/95 03/11/94 03/11/93 Percentage Correct ENTRY PRICE 14192 20062 17620 13405 9722 13055 14092 14232 10122 10747 7450 3135 8225 10807 12320 87 Average Profit on Winning Trades Average Loss on Trades Average Net Profit Per Trade EXIT DATE 04/18/07 04/18/06 04/18/05 04/16/04 04/17/03 04/18/02 04/18/01 04/18/00 04/16/99 04/17/98 04/18/97 04/18/96 04/18/95 04/18/94 04/16/93 EXIT PRICE 16508 21652 21880 16047 11410 13087 14900 14577 10485 11325 9897 1830 7657 11167 12800 BEST EQUITY DATE PROFIT AMOUNT 2316.00 1590.00 4260.00 2642.00 1688.00 32.00 808.00 345.00 363.00 578.00 2447.00 -1305.00 -568.00 360.00 480.00 1377.62 -936.50 1069.07 BEST EQUITY AMOUNT 04/03/07 03/21/06 04/18/05 04/16/04 04/16/03 03/15/02 04/16/01 04/11/00 04/08/99 04/07/98 04/08/97 03/20/96 04/10/95 04/18/94 04/16/93 3098.00 2143.00 4260.00 2642.00 1790.00 155.00 953.00 445.00 705.00 778.00 2607.00 255.00 82.00 360.00 480.00 Winners Losers Total trades WORST EQUITY DATE WORST EQUITY AMOUNT 03/18/04 03/12/03 04/11/02 03/15/01 03/14/00 03/12/99 03/31/98 -268.00 -77.00 -1473.00 -125.00 -222.00 -160.00 -275.00 04/12/96 03/29/95 03/28/94 04/12/93 -1518.00 -728.00 -122.00 -488.00 13 2 15 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. 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 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 TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE. 76 HISTORICAL LIVE CATTLE/FEEDER CATTLE REPORT Buy May Feeder Cattle(CME) / Sell Jun Live Cattle(CME) Enter on approximately 03/14 - Exit on approximately 05/20 CONT YEAR ENTRY DATE 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995 1994 1993 03/14/07 03/14/06 03/14/05 03/15/04 03/14/03 03/14/02 03/14/01 03/14/00 03/15/99 03/16/98 03/14/97 03/14/96 03/14/95 03/14/94 03/15/93 Percentage Correct ENTRY PRICE 15517 20730 17407 13012 10712 13147 14157 14050 9880 11067 8207 3390 7837 10467 11562 93 EXIT DATE 05/18/07 05/19/06 05/20/05 05/20/04 05/20/03 05/20/02 05/18/01 05/19/00 05/20/99 05/20/98 05/20/97 05/20/96 05/19/95 05/20/94 05/20/93 EXIT PRICE 17505 20637 21487 18762 11215 13427 14985 14377 10462 11337 12075 3802 7982 11577 12482 PROFIT AMOUNT 1988.00 -93.00 4080.00 5750.00 503.00 280.00 828.00 327.00 582.00 270.00 3868.00 412.00 145.00 1110.00 920.00 BEST EQUITY DATE 04/03/07 03/20/06 05/19/05 05/17/04 03/21/03 05/20/02 05/09/01 04/28/00 04/08/99 05/19/98 05/15/97 03/20/96 05/16/95 05/20/94 05/14/93 1504.50 -93.00 1398.00 Average Profit on Winning Trades Average Loss on Trades Average Net Profit Per Trade BEST EQUITY AMOUNT 2248.00 1507.00 4140.00 6218.00 560.00 280.00 1440.00 652.00 1047.00 400.00 4168.00 475.00 433.00 1110.00 1085.00 WORST EQUITY DATE WORST EQUITY AMOUNT 03/22/07 05/09/06 03/18/05 03/18/04 04/10/03 04/11/02 03/15/01 05/10/00 03/17/99 03/30/98 -72.00 -518.00 -22.00 -810.00 -295.00 -2015.00 -130.00 -258.00 -40.00 -862.00 04/26/96 03/29/95 -1875.00 -540.00 03/17/93 -272.00 14 1 15 Winners Losers Total trades 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. 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 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 TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE. Buy May Feeder Cattle(CME) / Sell Jun Live Cattle(CME) Enter on approximately 04/05 - Exit on approximately 05/19 ENTRY DATE 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995 1994 1993 04/05/07 04/05/06 04/05/05 04/05/04 04/07/03 04/05/02 04/05/01 04/05/00 04/05/99 04/06/98 04/07/97 04/08/96 04/05/95 04/05/94 04/05/93 Percentage Correct ENTRY PRICE 17393 20580 19047 12930 10695 12255 14420 14235 10912 11347 9675 2375 7840 10900 11790 93 EXIT DATE 05/18/07 05/19/06 05/19/05 05/19/04 05/19/03 05/17/02 05/18/01 05/19/00 05/19/99 05/19/98 05/19/97 05/17/96 05/19/95 05/19/94 05/19/93 Average Profit on Winning Trades Average Loss on Trades Average Net Profit Per Trade EXIT PRICE 17505 20637 21547 18945 10850 13035 14985 14377 10407 11467 11907 3667 7982 10967 12540 PROFIT AMOUNT 112.00 57.00 2500.00 6015.00 155.00 780.00 565.00 142.00 -505.00 120.00 2232.00 1292.00 142.00 67.00 750.00 1066.36 -505.00 961.60 BEST EQUITY DATE BEST EQUITY AMOUNT 04/11/07 04/18/06 05/19/05 05/17/04 05/01/03 05/06/02 05/09/01 04/28/00 04/08/99 05/19/98 05/15/97 05/16/96 05/16/95 05/19/94 05/14/93 355.00 1262.00 2500.00 6300.00 437.00 797.00 1177.00 467.00 15.00 120.00 2700.00 1472.00 430.00 67.00 857.00 Winners Losers Total trades WORST EQUITY DATE WORST EQUITY AMOUNT 04/25/07 05/09/06 04/07/05 -735.00 -368.00 -455.00 04/10/03 04/11/02 04/10/01 05/10/00 04/23/99 04/24/98 04/16/97 04/26/96 04/21/95 04/28/94 04/12/93 -278.00 -1123.00 -173.00 -443.00 -690.00 -882.00 -125.00 -860.00 -288.00 -410.00 -298.00 14 1 15 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. 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 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 TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE. MOORE RESEARCH CENTER, INC. 77 Inter-Market Strategy Tables CONT YEAR Buy Nov Feeder Cattle(CME) / Sell Dec Live Cattle(CME) Enter on approximately 04/14 - Exit on approximately 07/12 CONT YEAR ENTRY DATE 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995 1994 1993 04/16/07 04/17/06 04/14/05 04/14/04 04/14/03 04/15/02 04/16/01 04/14/00 04/14/99 04/14/98 04/14/97 04/15/96 04/17/95 04/14/94 04/14/93 Percentage Correct ENTRY PRICE 15990 18522 17782 13052 12690 11785 14452 14337 11277 11522 10075 4102 8260 10897 11752 87 EXIT DATE 07/12/07 07/12/06 07/12/05 07/12/04 07/11/03 07/12/02 07/12/01 07/12/00 07/12/99 07/10/98 07/11/97 07/12/96 07/12/95 07/12/94 07/12/93 EXIT PRICE 18285 19752 18737 18312 14022 11970 15142 15775 13292 10265 13140 4282 7027 10957 13050 BEST EQUITY DATE PROFIT AMOUNT 2295.00 1230.00 955.00 5260.00 1332.00 185.00 690.00 1438.00 2015.00 -1257.00 3065.00 180.00 -1233.00 60.00 1298.00 07/11/07 06/26/06 06/07/05 07/12/04 07/07/03 06/18/02 06/25/01 07/12/00 07/06/99 05/01/98 07/11/97 06/04/96 04/28/95 04/21/94 06/14/93 1538.69 -1245.00 1167.53 Average Profit on Winning Trades Average Loss on Trades Average Net Profit Per Trade BEST EQUITY AMOUNT 2563.00 2625.00 2160.00 5260.00 1512.00 755.00 1385.00 1438.00 2070.00 85.00 3065.00 1360.00 427.00 60.00 1595.00 WORST EQUITY DATE WORST EQUITY AMOUNT 06/18/07 04/24/06 -995.00 -1172.00 04/16/04 04/16/03 04/25/02 04/19/01 05/04/00 05/06/99 06/26/98 04/16/97 04/25/96 06/19/95 06/15/94 -92.00 -133.00 -850.00 -10.00 -470.00 -230.00 -1742.00 -165.00 -212.00 -1530.00 -1967.00 13 2 15 Winners Losers Total trades 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. 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 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 TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE. Buy Aug Feeder Cattle(CME) / Sell Feb Live Cattle(CME) Inter-Market Strategy Tables Enter on approximately 04/16 - Exit on approximately 07/12 CONT YEAR ENTRY DATE 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995 1994 1993 04/16/07 04/17/06 04/18/05 04/16/04 04/16/03 04/16/02 04/16/01 04/17/00 04/16/99 04/16/98 04/16/97 04/16/96 04/17/95 04/18/94 04/16/93 Percentage Correct ENTRY PRICE 17130 18645 19405 12922 11835 11225 13900 13375 10087 10860 8485 2575 7350 10927 12600 93 Average Profit on Winning Trades Average Loss on Trades Average Net Profit Per Trade EXIT DATE 07/12/07 07/12/06 07/12/05 07/12/04 07/11/03 07/12/02 07/12/01 07/12/00 07/12/99 07/10/98 07/11/97 07/12/96 07/12/95 07/12/94 07/12/93 EXIT PRICE 17750 20580 20337 21687 13375 11327 14257 14625 12075 9177 11407 4262 7420 11045 13465 BEST EQUITY DATE PROFIT AMOUNT 620.00 1935.00 932.00 8765.00 1540.00 102.00 357.00 1250.00 1988.00 -1683.00 2922.00 1687.00 70.00 118.00 865.00 1653.64 -1683.00 1431.20 BEST EQUITY AMOUNT 05/18/07 07/05/06 06/07/05 07/12/04 07/08/03 05/07/02 06/25/01 07/12/00 07/12/99 05/01/98 07/01/97 07/05/96 04/25/95 07/12/94 06/11/93 1035.00 3112.00 1947.00 8765.00 1742.00 640.00 1950.00 1250.00 1988.00 335.00 3472.00 2640.00 737.00 118.00 1487.00 Winners Losers Total trades WORST EQUITY DATE WORST EQUITY AMOUNT 06/18/07 04/24/06 05/02/05 -2557.00 -1475.00 -318.00 04/17/03 04/25/02 -43.00 -1073.00 05/12/00 05/06/99 06/26/98 -1223.00 -472.00 -2245.00 04/26/96 06/15/95 06/17/94 -1485.00 -835.00 -2735.00 14 1 15 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. 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 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 TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE. 78 HISTORICAL LIVE CATTLE/FEEDER CATTLE REPORT Buy May Feeder Cattle(CME) / Sell Jun Live Cattle(CME) Enter on approximately 04/25 - Exit on approximately 05/20 CONT YEAR ENTRY DATE 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995 1994 1993 04/25/07 04/25/06 04/25/05 04/26/04 04/25/03 04/25/02 04/25/01 04/25/00 04/26/99 04/27/98 04/25/97 04/25/96 04/25/95 04/25/94 04/26/93 Percentage Correct ENTRY PRICE 16658 20567 19477 16105 10972 11842 15177 14140 10407 10530 11057 1905 7815 10867 12122 93 EXIT DATE 05/18/07 05/19/06 05/20/05 05/20/04 05/20/03 05/20/02 05/18/01 05/19/00 05/20/99 05/20/98 05/20/97 05/20/96 05/19/95 05/20/94 05/20/93 EXIT PRICE 17505 20637 21487 18762 11215 13427 14985 14377 10462 11337 12075 3802 7982 11577 12482 PROFIT AMOUNT 847.00 70.00 2010.00 2657.00 243.00 1585.00 -192.00 237.00 55.00 807.00 1018.00 1897.00 167.00 710.00 360.00 BEST EQUITY DATE 05/17/07 04/27/06 05/19/05 05/17/04 05/20/03 05/20/02 05/09/01 04/28/00 05/12/99 05/19/98 05/15/97 05/16/96 05/16/95 05/20/94 05/14/93 904.50 -192.00 831.40 Average Profit on Winning Trades Average Loss on Trades Average Net Profit Per Trade BEST EQUITY AMOUNT 1045.00 623.00 2070.00 3125.00 243.00 1585.00 420.00 562.00 453.00 937.00 1318.00 1942.00 455.00 710.00 525.00 WORST EQUITY DATE WORST EQUITY AMOUNT 05/09/06 -355.00 05/05/04 05/09/03 -60.00 -507.00 05/18/01 05/10/00 05/18/99 -192.00 -348.00 -32.00 04/30/97 04/26/96 05/09/95 04/28/94 04/27/93 -457.00 -390.00 -13.00 -377.00 -247.00 14 1 15 Winners Losers Total trades 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. 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 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 TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE. Buy Aug Feeder Cattle(CME) / Sell Aug Live Cattle(CME) Enter on approximately 04/25 - Exit on approximately 07/09 ENTRY DATE 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995 1994 1993 04/25/07 04/25/06 04/25/05 04/26/04 04/25/03 04/25/02 04/25/01 04/25/00 04/26/99 04/27/98 04/25/97 04/25/96 04/25/95 04/25/94 04/26/93 Percentage Correct ENTRY PRICE 18780 20585 20217 15912 14042 12500 15457 14997 12355 11487 12147 2215 9515 11510 12982 87 EXIT DATE 07/09/07 07/07/06 07/08/05 07/09/04 07/09/03 07/09/02 07/09/01 07/07/00 07/09/99 07/09/98 07/09/97 07/09/96 07/07/95 07/08/94 07/09/93 Average Profit on Winning Trades Average Loss on Trades Average Net Profit Per Trade EXIT PRICE 20228 23822 24245 22555 15082 12622 16142 16700 13432 10577 14550 4022 8032 11877 13760 PROFIT AMOUNT 1448.00 3237.00 4028.00 6643.00 1040.00 122.00 685.00 1703.00 1077.00 -910.00 2403.00 1807.00 -1483.00 367.00 778.00 1949.08 -1196.50 1529.67 BEST EQUITY DATE BEST EQUITY AMOUNT 07/06/07 06/27/06 07/08/05 07/09/04 06/30/03 05/06/02 06/21/01 07/06/00 07/06/99 04/30/98 07/07/97 07/05/96 1570.00 3402.00 4028.00 6643.00 1360.00 1245.00 1055.00 1945.00 1172.00 290.00 2895.00 2132.00 07/05/94 06/25/93 652.00 1183.00 Winners Losers Total trades WORST EQUITY DATE WORST EQUITY AMOUNT 06/18/07 -1915.00 04/29/05 05/06/04 -567.00 -902.00 07/01/02 05/04/01 05/10/00 05/07/99 06/26/98 04/30/97 04/26/96 06/23/95 05/23/94 04/27/93 -273.00 -57.00 -662.00 -950.00 -1820.00 -167.00 -125.00 -1718.00 -1278.00 -25.00 13 2 15 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. 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 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 TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE. MOORE RESEARCH CENTER, INC. 79 Inter-Market Strategy Tables CONT YEAR Buy Aug Feeder Cattle(CME) / Sell Feb Live Cattle(CME) Enter on approximately 05/16 - Exit on approximately 07/08 CONT YEAR ENTRY DATE 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995 1994 1993 05/16/07 05/16/06 05/16/05 05/17/04 05/16/03 05/16/02 05/16/01 05/16/00 05/17/99 05/18/98 05/16/97 05/16/96 05/16/95 05/16/94 05/17/93 Percentage Correct ENTRY PRICE 17898 18462 20762 16147 12495 10810 14365 12330 10092 10337 10010 2617 7332 9657 13232 93 EXIT DATE 07/06/07 07/07/06 07/08/05 07/08/04 07/08/03 07/08/02 07/06/01 07/07/00 07/08/99 07/08/98 07/08/97 07/08/96 07/07/95 07/08/94 07/08/93 EXIT PRICE 17970 21382 21137 20280 13577 10860 14887 14260 11737 9210 11325 5132 7440 10597 13387 BEST EQUITY DATE PROFIT AMOUNT 72.00 2920.00 375.00 4133.00 1082.00 50.00 522.00 1930.00 1645.00 -1127.00 1315.00 2515.00 108.00 940.00 155.00 05/18/07 07/05/06 06/07/05 06/25/04 07/08/03 06/18/02 06/25/01 07/05/00 07/06/99 06/10/98 07/01/97 07/05/96 06/09/95 07/08/94 06/11/93 1268.71 -1127.00 1109.00 Average Profit on Winning Trades Average Loss on Trades Average Net Profit Per Trade BEST EQUITY AMOUNT 267.00 3295.00 590.00 5068.00 1082.00 990.00 1485.00 2280.00 1955.00 133.00 1947.00 2598.00 450.00 940.00 855.00 WORST EQUITY DATE WORST EQUITY AMOUNT 06/18/07 05/18/06 06/17/05 -3325.00 -277.00 -1437.00 05/22/03 05/21/02 -230.00 -525.00 05/22/00 05/19/99 06/26/98 06/06/97 05/17/96 06/15/95 06/17/94 07/06/93 -13.00 -12.00 -1722.00 -235.00 -5.00 -817.00 -1465.00 -250.00 14 1 15 Winners Losers Total trades 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. 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 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 TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE. Buy Sep Feeder Cattle(CME) / Sell Dec Live Cattle(CME) Inter-Market Strategy Tables Enter on approximately 05/26 - Exit on approximately 07/10 CONT YEAR ENTRY DATE 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995 1994 1993 05/29/07 05/26/06 05/26/05 05/26/04 05/27/03 05/28/02 05/29/01 05/26/00 05/26/99 05/26/98 05/27/97 05/28/96 05/26/95 05/26/94 05/26/93 Percentage Correct ENTRY PRICE 17323 19930 19892 17122 13427 11287 15105 13455 10987 10725 10725 3415 7037 9150 12532 93 Average Profit on Winning Trades Average Loss on Trades Average Net Profit Per Trade EXIT DATE 07/10/07 07/10/06 07/08/05 07/09/04 07/10/03 07/10/02 07/10/01 07/10/00 07/09/99 07/10/98 07/10/97 07/10/96 07/10/95 07/08/94 07/09/93 EXIT PRICE 18598 21322 21462 20982 14140 11442 15107 14747 12542 9690 12170 3957 7112 10117 12577 BEST EQUITY DATE PROFIT AMOUNT 1275.00 1392.00 1570.00 3860.00 713.00 155.00 2.00 1292.00 1555.00 -1035.00 1445.00 542.00 75.00 967.00 45.00 1063.43 -1035.00 923.53 BEST EQUITY AMOUNT 07/06/07 06/27/06 07/07/05 07/09/04 07/07/03 06/18/02 06/25/01 07/05/00 07/06/99 06/10/98 07/07/97 06/04/96 06/12/95 07/08/94 06/14/93 1365.00 2325.00 1633.00 3860.00 750.00 918.00 557.00 1652.00 1735.00 247.00 1530.00 1132.00 720.00 967.00 900.00 Winners Losers Total trades WORST EQUITY DATE WORST EQUITY AMOUNT 06/18/07 06/01/06 06/17/05 06/01/04 06/12/03 05/31/02 07/05/01 -2313.00 -138.00 -425.00 -247.00 -185.00 -677.00 -110.00 05/27/99 06/26/98 06/09/97 -245.00 -1420.00 -565.00 06/15/95 06/17/94 07/06/93 -757.00 -858.00 -217.00 14 1 15 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. 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 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 TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE. 80 HISTORICAL LIVE CATTLE/FEEDER CATTLE REPORT Buy Feb Live Cattle(CME) / Sell Nov Feeder Cattle(CME) Enter on approximately 09/14 - Exit on approximately 11/11 CONT YEAR ENTRY DATE 2008 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995 1994 09/14/07 09/14/06 09/14/05 09/14/04 09/15/03 09/16/02 09/14/01 09/14/00 09/14/99 09/14/98 09/15/97 09/16/96 09/14/95 09/14/94 09/14/93 Percentage Correct ENTRY PRICE -18285 -21352 -20575 -19300 -14912 -11427 -15192 -14812 -13012 -9660 -12357 -6717 -6502 -9775 -12977 93 EXIT DATE 11/09/07 11/10/06 11/11/05 11/11/04 11/11/03 11/11/02 11/09/01 11/10/00 11/11/99 11/11/98 11/11/97 11/11/96 11/10/95 11/11/94 11/11/93 EXIT PRICE -14643 -13900 -20145 -18790 -14577 -11055 -15650 -14495 -12667 -8760 -11405 -6552 -5490 -9312 -12162 PROFIT AMOUNT 3642.00 7452.00 430.00 510.00 335.00 372.00 -458.00 317.00 345.00 900.00 952.00 165.00 1012.00 463.00 815.00 BEST EQUITY DATE 11/08/07 11/08/06 10/26/05 11/11/04 11/11/03 10/31/02 10/02/01 11/07/00 10/27/99 11/11/98 10/08/97 10/14/96 11/01/95 10/07/94 11/10/93 1265.00 -458.00 1150.13 Average Profit on Winning Trades Average Loss on Trades Average Net Profit Per Trade BEST EQUITY AMOUNT 3750.00 7557.00 1003.00 510.00 335.00 782.00 985.00 457.00 600.00 900.00 1745.00 667.00 1275.00 675.00 925.00 WORST EQUITY DATE WORST EQUITY AMOUNT 09/15/06 10/13/05 10/12/04 10/16/03 09/19/02 11/09/01 09/27/00 10/01/99 10/09/98 -38.00 -860.00 -1120.00 -2263.00 -228.00 -458.00 -305.00 -535.00 -850.00 11/05/96 -420.00 10/31/94 10/28/93 -505.00 -88.00 14 1 15 Winners Losers Total trades 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. 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 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 TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE. Buy Jun Live Cattle(CME) / Sell Mar Feeder Cattle(CME) Enter on approximately 12/05 - Exit on approximately 03/07 ENTRY DATE 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995 1994 1993 12/05/06 12/05/05 12/06/04 12/05/03 12/05/02 12/05/01 12/05/00 12/06/99 12/07/98 12/05/97 12/05/96 12/05/95 12/05/94 12/06/93 12/07/92 Percentage Correct ENTRY PRICE -13730 -22512 -16902 -15892 -12822 -14317 -15430 -14655 -10020 -12412 -7937 -6137 -9810 -11127 -12875 93 EXIT DATE 03/07/07 03/07/06 03/07/05 03/05/04 03/07/03 03/07/02 03/07/01 03/07/00 03/05/99 03/06/98 03/07/97 03/07/96 03/07/95 03/07/94 03/05/93 Average Profit on Winning Trades Average Loss on Trades Average Net Profit Per Trade EXIT PRICE -12957 -20202 -17602 -13922 -9967 -12817 -13732 -14175 -9965 -11045 -7910 -3302 -8457 -10912 -12507 PROFIT AMOUNT 773.00 2310.00 -700.00 1970.00 2855.00 1500.00 1698.00 480.00 55.00 1367.00 27.00 2835.00 1353.00 215.00 368.00 1271.86 -700.00 1140.40 BEST EQUITY DATE BEST EQUITY AMOUNT 01/16/07 02/27/06 12/30/04 12/30/03 02/12/03 03/04/02 02/12/01 02/10/00 12/22/98 01/05/98 12/18/96 03/07/96 03/06/95 01/13/94 02/26/93 3433.00 2395.00 1150.00 4455.00 3145.00 1770.00 1733.00 780.00 1180.00 2222.00 267.00 2835.00 1473.00 395.00 578.00 Winners Losers Total trades WORST EQUITY DATE WORST EQUITY AMOUNT 12/08/06 12/20/05 01/18/05 -967.00 -3.00 -1255.00 01/10/02 12/22/00 01/07/00 01/25/99 -368.00 -347.00 -612.00 -1172.00 01/21/97 12/07/95 01/04/95 01/28/94 01/12/93 -1203.00 -160.00 -530.00 -535.00 -907.00 14 1 15 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. 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 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 TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE. MOORE RESEARCH CENTER, INC. 81 Inter-Market Strategy Tables CONT YEAR Buy Apr Live Cattle(CME) / Sell Apr Feeder Cattle(CME) Enter on approximately 12/11 - Exit on approximately 03/10 CONT YEAR ENTRY DATE 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995 1994 1993 12/11/06 12/12/05 12/13/04 12/11/03 12/11/02 12/11/01 12/11/00 12/13/99 12/11/98 12/11/97 12/11/96 12/11/95 12/12/94 12/13/93 12/11/92 Percentage Correct ENTRY PRICE -13382 -18415 -14395 -11440 -10077 -12620 -13800 -13920 -9682 -11825 -7382 -4017 -7402 -10197 -11240 93 EXIT DATE 03/09/07 03/10/06 03/10/05 03/10/04 03/10/03 03/08/02 03/09/01 03/10/00 03/10/99 03/10/98 03/10/97 03/08/96 03/10/95 03/10/94 03/10/93 EXIT PRICE -12730 -18095 -16405 -10982 -8037 -10877 -11702 -13135 -9075 -11505 -5945 -3400 -5812 -10057 -9930 BEST EQUITY DATE PROFIT AMOUNT 652.00 320.00 -2010.00 458.00 2040.00 1743.00 2098.00 785.00 607.00 320.00 1437.00 617.00 1590.00 140.00 1310.00 01/16/07 03/10/06 01/03/05 12/30/03 02/27/03 03/04/02 03/06/01 02/10/00 03/09/99 01/05/98 03/10/97 01/04/96 03/03/95 01/13/94 02/24/93 1008.36 -2010.00 807.13 Average Profit on Winning Trades Average Loss on Trades Average Net Profit Per Trade BEST EQUITY AMOUNT 3850.00 320.00 978.00 1020.00 2592.00 1803.00 2510.00 880.00 615.00 1140.00 1437.00 1620.00 2057.00 660.00 1628.00 WORST EQUITY DATE WORST EQUITY AMOUNT 03/05/07 12/30/05 03/10/05 02/02/04 -338.00 -1065.00 -2010.00 -2150.00 01/10/02 -227.00 01/05/00 01/19/99 02/20/98 02/03/97 -422.00 -1068.00 -532.00 -1143.00 12/16/94 02/22/94 12/22/92 -253.00 -185.00 -175.00 14 1 15 Winners Losers Total trades 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. 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 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 TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE. Buy Apr Live Cattle(CME) / Sell Jan Feeder Cattle(CME) Inter-Market Strategy Tables Enter on approximately 12/23 - Exit on approximately 01/14 CONT YEAR ENTRY DATE 2008 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995 1994 12/24/07 12/26/06 12/23/05 12/23/04 12/23/03 12/23/02 12/24/01 12/26/00 12/23/99 12/23/98 12/23/97 12/23/96 12/26/95 12/23/94 12/23/93 Percentage Correct ENTRY PRICE -13138 -11772 -19467 -17280 -14322 -10497 -13362 -14482 -14050 -9175 -10770 -7487 -4470 -9012 -11195 87 Average Profit on Winning Trades Average Loss on Trades Average Net Profit Per Trade EXIT DATE 01/14/08 01/12/07 01/13/06 01/14/05 01/14/04 01/14/03 01/14/02 01/12/01 01/14/00 01/14/99 01/14/98 01/14/97 01/12/96 01/13/95 01/14/94 EXIT PRICE -11135 -9737 -18475 -17265 -13947 -9247 -12382 -13042 -14015 -10407 -12035 -7465 -3415 -8400 -11062 BEST EQUITY DATE PROFIT AMOUNT 2003.00 2035.00 992.00 15.00 375.00 1250.00 980.00 1440.00 35.00 -1232.00 -1265.00 22.00 1055.00 612.00 133.00 842.08 -1248.50 563.33 BEST EQUITY AMOUNT 01/14/08 01/12/07 01/13/06 12/30/04 12/31/03 01/14/03 01/14/02 01/12/01 12/28/99 2003.00 2035.00 992.00 628.00 3462.00 1250.00 980.00 1440.00 205.00 12/31/97 12/26/96 01/05/96 01/13/95 01/13/94 343.00 240.00 1250.00 612.00 258.00 Winners Losers Total trades WORST EQUITY DATE WORST EQUITY AMOUNT 12/31/07 01/04/07 12/30/05 12/27/04 -12.00 -523.00 -138.00 -270.00 12/27/02 12/31/01 -60.00 -180.00 01/04/00 01/14/99 01/14/98 01/09/97 -335.00 -1232.00 -1265.00 -323.00 12/28/94 01/06/94 -238.00 -317.00 13 2 15 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. 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 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 TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE. 82 HISTORICAL LIVE CATTLE/FEEDER CATTLE REPORT Cash & Historical Basis Page Basis: Seasonal Averages for Feeder Cattle Amarillo 700-800# Feeders ................................................................................................ 84 Oklahoma City 700-800# Feeders ...................................................................................... 86 Dodge City 700-800# Feeders ............................................................................................ 88 Colorado 700-800# Feeders ................................................................................................ 90 Wyoming 700-800# Feeders .............................................................................................. 92 Billings 700-800# Feeders .................................................................................................. 94 Basis: Seasonal Averages for Live Cattle Amarillo 1100-1300# Steers ............................................................................................... 96 West Kansas 1100-1300# Steers ........................................................................................ 98 Amarillo 700-800# Feeders .............................................................................................. 100 Oklahoma City 700-800# Feeders .................................................................................... 100 Dodge City 700-800# Feeders .......................................................................................... 100 Colorado 700-800# Feeders .............................................................................................. 101 Wyoming 700-800# Feeders ............................................................................................ 101 Billings 700-800# Feeders ................................................................................................ 101 Cash: Seasonal Patterns for Live Cattle Amarillo 1100-1300# Steers ............................................................................................. 102 West Kansas 1100-1300# Steers ...................................................................................... 102 MOORE RESEARCH CENTER, INC. Cash & Basis Cash: Seasonal Patterns for Feeder Cattle 83 Amarillo 7-800# Feeder Steers - Jan Feeder Cattle(CME) 15 Year Average(93-07) 8.000 6.000 4.000 15 Year Pattern 2.000 0.000 5 Year Pattern -2.000 -4.000 Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Amarillo 7-800# Feeder Steers - Mar Feeder Cattle(CME) 15 Year Average(93-07) 10.000 8.000 6.000 15 Year Pattern 4.000 2.000 5 Year Pattern 0.000 -2.000 Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Amarillo 7-800# Feeder Steers - Apr Feeder Cattle(CME) 15 Year Average(93-07) 10.000 8.000 6.000 15 Year Pattern 4.000 2.000 5 Year Pattern 0.000 -2.000 May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr Basis: Feeder Cattle Amarillo 7-800# Feeder Steers - May Feeder Cattle(CME) 15 Year Average(93-07) 10.000 8.000 6.000 15 Year Pattern 4.000 2.000 5 Year Pattern 0.000 -2.000 Jun 84 Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May HISTORICAL LIVE CATTLE/FEEDER CATTLE REPORT Amarillo 7-800# Feeder Steers - Aug Feeder Cattle(CME) 15 Year Average(93-07) 5.000 4.000 3.000 15 Year Pattern 2.000 1.000 0.000 5 Year Pattern -1.000 -2.000 -3.000 Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Amarillo 7-800# Feeder Steers - Sep Feeder Cattle(CME) 15 Year Average(93-07) 6.000 4.000 2.000 15 Year Pattern 0.000 -2.000 5 Year Pattern -4.000 -6.000 Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Amarillo 7-800# Feeder Steers - Oct Feeder Cattle(CME) 15 Year Average(93-07) 6.000 4.000 2.000 15 Year Pattern 0.000 -2.000 -4.000 5 Year Pattern -6.000 -8.000 Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct 6.000 4.000 2.000 15 Year Pattern 0.000 -2.000 -4.000 5 Year Pattern -6.000 -8.000 Dec Jan Feb MOORE RESEARCH CENTER, INC. Mar Apr May Jun Jul Aug Sep Oct Nov 85 Basis: Feeder Cattle Amarillo 7-800# Feeder Steers - Nov Feeder Cattle(CME) 15 Year Average(93-07) Oklahoma City 7-800# Feeder Steers - Jan Feeder Cattle(CME) 15 Year Average(93-07) 12.000 10.000 8.000 15 Year Pattern 6.000 4.000 2.000 5 Year Pattern 0.000 -2.000 Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Oklahoma City 7-800# Feeder Steers - Mar Feeder Cattle(CME) 15 Year Average(93-07) 14.000 12.000 10.000 15 Year Pattern 8.000 6.000 4.000 5 Year Pattern 2.000 0.000 Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Oklahoma City 7-800# Feeder Steers - Apr Feeder Cattle(CME) 15 Year Average(93-07) 14.000 12.000 10.000 15 Year Pattern 8.000 6.000 4.000 5 Year Pattern 2.000 0.000 May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr Basis: Feeder Cattle Oklahoma City 7-800# Feeder Steers - May Feeder Cattle(CME) 15 Year Average(93-07) 14.000 12.000 10.000 15 Year Pattern 8.000 6.000 4.000 5 Year Pattern 2.000 0.000 -2.000 Jun 86 Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May HISTORICAL LIVE CATTLE/FEEDER CATTLE REPORT Oklahoma City 7-800# Feeder Steers - Aug Feeder Cattle(CME) 15 Year Average(93-07) 12.000 10.000 8.000 15 Year Pattern 6.000 4.000 2.000 5 Year Pattern 0.000 -2.000 Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Oklahoma City 7-800# Feeder Steers - Sep Feeder Cattle(CME) 15 Year Average(93-07) 10.000 8.000 6.000 15 Year Pattern 4.000 2.000 5 Year Pattern 0.000 -2.000 Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oklahoma City 7-800# Feeder Steers - Oct Feeder Cattle(CME) 15 Year Average(93-07) 10.000 8.000 6.000 15 Year Pattern 4.000 2.000 5 Year Pattern 0.000 -2.000 Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct 8.000 6.000 15 Year Pattern 4.000 2.000 5 Year Pattern 0.000 -2.000 Dec Jan Feb MOORE RESEARCH CENTER, INC. Mar Apr May Jun Jul Aug Sep Oct Nov 87 Basis: Feeder Cattle Oklahoma City 7-800# Feeder Steers - Nov Feeder Cattle(CME) 15 Year Average(93-07) Dodge City 7-800# Feeder Steers - Jan Feeder Cattle(CME) 15 Year Average(93-07) 10.000 8.000 6.000 15 Year Pattern 4.000 2.000 5 Year Pattern 0.000 -2.000 Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Dodge City 7-800# Feeder Steers - Mar Feeder Cattle(CME) 15 Year Average(93-07) 14.000 12.000 10.000 15 Year Pattern 8.000 6.000 4.000 5 Year Pattern 2.000 0.000 Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Dodge City 7-800# Feeder Steers - Apr Feeder Cattle(CME) 15 Year Average(93-07) 14.000 12.000 10.000 15 Year Pattern 8.000 6.000 4.000 5 Year Pattern 2.000 0.000 May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr Basis: Feeder Cattle Dodge City 7-800# Feeder Steers - May Feeder Cattle(CME) 15 Year Average(93-07) 14.000 12.000 10.000 15 Year Pattern 8.000 6.000 4.000 5 Year Pattern 2.000 0.000 -2.000 Jun 88 Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May HISTORICAL LIVE CATTLE/FEEDER CATTLE REPORT Dodge City 7-800# Feeder Steers - Aug Feeder Cattle(CME) 15 Year Average(93-07) 12.000 10.000 8.000 15 Year Pattern 6.000 4.000 2.000 5 Year Pattern 0.000 -2.000 Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Dodge City 7-800# Feeder Steers - Sep Feeder Cattle(CME) 15 Year Average(93-07) 8.000 6.000 15 Year Pattern 4.000 2.000 5 Year Pattern 0.000 -2.000 Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Dodge City 7-800# Feeder Steers - Oct Feeder Cattle(CME) 15 Year Average(93-07) 8.000 6.000 15 Year Pattern 4.000 2.000 5 Year Pattern 0.000 -2.000 Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct 8.000 6.000 15 Year Pattern 4.000 2.000 5 Year Pattern 0.000 -2.000 Dec Jan Feb MOORE RESEARCH CENTER, INC. Mar Apr May Jun Jul Aug Sep Oct Nov 89 Basis: Feeder Cattle Dodge City 7-800# Feeder Steers - Nov Feeder Cattle(CME) 15 Year Average(93-07) Colorado 7-800# Feeder Steers - Jan Feeder Cattle(CME) 15 Year Average(93-07) 10.000 8.000 6.000 15 Year Pattern 4.000 2.000 5 Year Pattern 0.000 -2.000 Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Colorado 7-800# Feeder Steers - Mar Feeder Cattle(CME) 15 Year Average(93-07) 12.000 10.000 8.000 15 Year Pattern 6.000 4.000 2.000 5 Year Pattern 0.000 -2.000 Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Colorado 7-800# Feeder Steers - Apr Feeder Cattle(CME) 15 Year Average(93-07) 12.000 10.000 8.000 15 Year Pattern 6.000 4.000 2.000 5 Year Pattern 0.000 -2.000 May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr Basis: Feeder Cattle Colorado 7-800# Feeder Steers - May Feeder Cattle(CME) 15 Year Average(93-07) 12.000 10.000 8.000 15 Year Pattern 6.000 4.000 2.000 5 Year Pattern 0.000 -2.000 Jun 90 Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May HISTORICAL LIVE CATTLE/FEEDER CATTLE REPORT Colorado 7-800# Feeder Steers - Aug Feeder Cattle(CME) 15 Year Average(93-07) 8.000 6.000 4.000 15 Year Pattern 2.000 0.000 5 Year Pattern -2.000 -4.000 Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Colorado 7-800# Feeder Steers - Sep Feeder Cattle(CME) 15 Year Average(93-07) 6.000 4.000 15 Year Pattern 2.000 0.000 5 Year Pattern -2.000 -4.000 Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Colorado 7-800# Feeder Steers - Oct Feeder Cattle(CME) 15 Year Average(93-07) 6.000 4.000 15 Year Pattern 2.000 0.000 5 Year Pattern -2.000 -4.000 Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct 5.000 4.000 3.000 15 Year Pattern 2.000 1.000 0.000 5 Year Pattern -1.000 -2.000 -3.000 Dec Jan Feb MOORE RESEARCH CENTER, INC. Mar Apr May Jun Jul Aug Sep Oct Nov 91 Basis: Feeder Cattle Colorado 7-800# Feeder Steers - Nov Feeder Cattle(CME) 15 Year Average(93-07) Wyoming 7-800# Feeder Steers - Jan Feeder Cattle(CME) 15 Year Average(93-07) 12.000 10.000 8.000 15 Year Pattern 6.000 4.000 2.000 5 Year Pattern 0.000 -2.000 Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Wyoming 7-800# Feeder Steers - Mar Feeder Cattle(CME) 15 Year Average(93-07) 16.000 14.000 12.000 15 Year Pattern 10.000 8.000 6.000 5 Year Pattern 4.000 2.000 0.000 Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Wyoming 7-800# Feeder Steers - Apr Feeder Cattle(CME) 15 Year Average(93-07) 16.000 14.000 12.000 15 Year Pattern 10.000 8.000 6.000 5 Year Pattern 4.000 2.000 0.000 May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr Basis: Feeder Cattle Wyoming 7-800# Feeder Steers - May Feeder Cattle(CME) 15 Year Average(93-07) 16.000 14.000 12.000 15 Year Pattern 10.000 8.000 6.000 5 Year Pattern 4.000 2.000 0.000 Jun 92 Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May HISTORICAL LIVE CATTLE/FEEDER CATTLE REPORT Wyoming 7-800# Feeder Steers - Aug Feeder Cattle(CME) 15 Year Average(93-07) 12.000 10.000 8.000 15 Year Pattern 6.000 4.000 2.000 5 Year Pattern 0.000 -2.000 Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Wyoming 7-800# Feeder Steers - Sep Feeder Cattle(CME) 15 Year Average(93-07) 8.000 6.000 15 Year Pattern 4.000 2.000 5 Year Pattern 0.000 -2.000 Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Wyoming 7-800# Feeder Steers - Oct Feeder Cattle(CME) 15 Year Average(93-07) 8.000 6.000 15 Year Pattern 4.000 2.000 5 Year Pattern 0.000 -2.000 Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct 8.000 6.000 15 Year Pattern 4.000 2.000 5 Year Pattern 0.000 -2.000 Dec Jan Feb MOORE RESEARCH CENTER, INC. Mar Apr May Jun Jul Aug Sep Oct Nov 93 Basis: Feeder Cattle Wyoming 7-800# Feeder Steers - Nov Feeder Cattle(CME) 15 Year Average(93-07) Billings 7-800# Feeder Steers - Jan Feeder Cattle(CME) 15 Year Average(93-07) 10.000 5.000 15 Year Pattern 0.000 5 Year Pattern -5.000 -10.000 Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Billings 7-800# Feeder Steers - Mar Feeder Cattle(CME) 15 Year Average(93-07) 12.000 10.000 8.000 15 Year Pattern 6.000 4.000 2.000 5 Year Pattern 0.000 -2.000 -4.000 Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Billings 7-800# Feeder Steers - Apr Feeder Cattle(CME) 15 Year Average(93-07) 12.000 10.000 8.000 15 Year Pattern 6.000 4.000 2.000 5 Year Pattern 0.000 -2.000 -4.000 May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr Basis: Feeder Cattle Billings 7-800# Feeder Steers - May Feeder Cattle(CME) 15 Year Average(93-07) 12.000 10.000 8.000 15 Year Pattern 6.000 4.000 2.000 5 Year Pattern 0.000 -2.000 -4.000 Jun 94 Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May HISTORICAL LIVE CATTLE/FEEDER CATTLE REPORT Billings 7-800# Feeder Steers - Aug Feeder Cattle(CME) 15 Year Average(93-07) 6.000 4.000 2.000 15 Year Pattern 0.000 -2.000 5 Year Pattern -4.000 -6.000 Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Billings 7-800# Feeder Steers - Sep Feeder Cattle(CME) 15 Year Average(93-07) 6.000 4.000 2.000 15 Year Pattern 0.000 -2.000 5 Year Pattern -4.000 -6.000 Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Billings 7-800# Feeder Steers - Oct Feeder Cattle(CME) 15 Year Average(93-07) 6.000 4.000 2.000 15 Year Pattern 0.000 -2.000 5 Year Pattern -4.000 -6.000 Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct 6.000 4.000 2.000 15 Year Pattern 0.000 -2.000 -4.000 5 Year Pattern -6.000 -8.000 Dec Jan Feb MOORE RESEARCH CENTER, INC. Mar Apr May Jun Jul Aug Sep Oct Nov 95 Basis: Feeder Cattle Billings 7-800# Feeder Steers - Nov Feeder Cattle(CME) 15 Year Average(93-07) Amarillo 11-1300# Steers - Feb Live Cattle(CME) 15 Year Average(93-07) 4.000 2.000 0.000 15 Year Pattern -2.000 -4.000 5 Year Pattern -6.000 -8.000 Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Amarillo 11-1300# Steers - Apr Live Cattle(CME) 15 Year Average(93-07) 4.000 2.000 15 Year Pattern 0.000 -2.000 5 Year Pattern -4.000 -6.000 May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr Amarillo 11-1300# Steers - Jun Live Cattle(CME) 15 Year Average(93-07) 8.000 6.000 15 Year Pattern 4.000 2.000 5 Year Pattern 0.000 -2.000 Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Basis: Live Cattle Jul 96 HISTORICAL LIVE CATTLE/FEEDER CATTLE REPORT Amarillo 11-1300# Steers - Aug Live Cattle(CME) 15 Year Average(93-07) 10.000 8.000 6.000 15 Year Pattern 4.000 2.000 0.000 5 Year Pattern -2.000 -4.000 Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Amarillo 11-1300# Steers - Oct Live Cattle(CME) 15 Year Average(93-07) 8.000 6.000 4.000 15 Year Pattern 2.000 0.000 -2.000 5 Year Pattern -4.000 -6.000 Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Amarillo 11-1300# Steers - Dec Live Cattle(CME) 15 Year Average(93-07) 6.000 4.000 2.000 15 Year Pattern 0.000 -2.000 -4.000 5 Year Pattern -6.000 -8.000 Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Basis: Live Cattle Jan MOORE RESEARCH CENTER, INC. 97 West Kansas 11-1300# Steers - Feb Live Cattle(CME) 15 Year Average(93-07) 6.000 4.000 2.000 15 Year Pattern 0.000 -2.000 -4.000 5 Year Pattern -6.000 -8.000 Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb West Kansas 11-1300# Steers - Apr Live Cattle(CME) 15 Year Average(93-07) 4.000 2.000 15 Year Pattern 0.000 -2.000 5 Year Pattern -4.000 -6.000 May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr West Kansas 11-1300# Steers - Jun Live Cattle(CME) 15 Year Average(93-07) 8.000 6.000 15 Year Pattern 4.000 2.000 5 Year Pattern 0.000 -2.000 Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Basis: Live Cattle Jul 98 HISTORICAL LIVE CATTLE/FEEDER CATTLE REPORT West Kansas 11-1300# Steers - Aug Live Cattle(CME) 15 Year Average(93-07) 10.000 8.000 6.000 15 Year Pattern 4.000 2.000 0.000 5 Year Pattern -2.000 -4.000 Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug West Kansas 11-1300# Steers - Oct Live Cattle(CME) 15 Year Average(93-07) 8.000 6.000 4.000 15 Year Pattern 2.000 0.000 -2.000 5 Year Pattern -4.000 -6.000 Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct West Kansas 11-1300# Steers - Dec Live Cattle(CME) 15 Year Average(93-07) 6.000 4.000 2.000 15 Year Pattern 0.000 -2.000 5 Year Pattern -4.000 -6.000 Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Basis: Live Cattle Jan MOORE RESEARCH CENTER, INC. 99 Amarillo 7-800# Feeder Steers 15 Year Seasonal(93-07) 100 80 15 Year Pattern 60 40 5 Year Pattern 20 0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Oklahoma City 7-800# Feeder Steers 15 Year Seasonal(93-07) 100 80 15 Year Pattern 60 40 5 Year Pattern 20 0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Dodge City 7-800# Feeder Steers 15 Year Seasonal(93-07) 100 Seasonal Patterns: Cash Feeder Cattle 80 15 Year Pattern 60 40 5 Year Pattern 20 0 Jan 100 Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec HISTORICAL LIVE CATTLE/FEEDER CATTLE REPORT Colorado 7-800# Feeder Steers 15 Year Seasonal(93-07) 100 80 15 Year Pattern 60 40 5 Year Pattern 20 0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Wyoming 7-800# Feeder Steers 15 Year Seasonal(93-07) 100 80 15 Year Pattern 60 40 5 Year Pattern 20 0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Billings 7-800# Feeder Steers 15 Year Seasonal(93-07) 100 15 Year Pattern 60 40 5 Year Pattern 20 0 Jan Feb Mar MOORE RESEARCH CENTER, INC. Apr May Jun Jul Aug Sep Oct Nov Dec 101 Seasonal Patterns: Cash Feeder Cattle 80 Amarillo 11-1300# Steers 15 Year Seasonal(93-07) 100 80 15 Year Pattern 60 40 5 Year Pattern 20 0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec West Kansas 11-1300# Steers 15 Year Seasonal(93-07) 100 80 15 Year Pattern 60 40 5 Year Pattern 20 0 Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Seasonal Patterns: Cash Live Cattle Jan 102 HISTORICAL LIVE CATTLE/FEEDER CATTLE REPORT Historical Daily Charts Page Live Cattle February (1992 - 2007)...............................................................................104 April (1992 - 2007) ....................................................................................106 June (1992 - 2007) ......................................................................................108 August (1992 - 200) ...................................................................................110 October (1992 - 2007) ................................................................................112 December (1992 - 2007).............................................................................114 Daily Charts Feeder Cattle January (1992 - 2007).................................................................................116 March (1992 - 2007)...................................................................................118 April (1992 - 2007) ....................................................................................120 May (1992 - 2007) ......................................................................................122 August (1992 - 2007) .................................................................................124 September (1992 - 2007) ............................................................................126 October (1992 - 2007) ................................................................................128 November (1992 - 2007) ............................................................................130 MOORE RESEARCH CENTER, INC. 103 Feb92 Live Cattle(CME) Feb93 Live Cattle(CME) 80.00 84.00 79.00 82.00 78.00 77.00 80.00 76.00 78.00 75.00 74.00 76.00 73.00 74.00 72.00 71.00 72.00 70.00 70.00 69.00 68.00 68.00 M A M J J A S O N D J F M A M J Feb94 Live Cattle(CME) J A S O N D J F Feb95 Live Cattle(CME) 77.00 76.00 76.50 75.00 76.00 74.00 75.50 73.00 75.00 72.00 74.50 71.00 74.00 70.00 73.50 69.00 73.00 72.50 68.00 72.00 67.00 71.50 66.00 M A M J J A S O N D J F M A M J Feb96 Live Cattle(CME) J A S O N D J F Feb97 Live Cattle(CME) 69.00 69.00 68.50 68.00 68.00 67.00 67.50 67.00 66.00 66.50 66.00 65.00 65.50 64.00 65.00 63.00 64.50 64.00 62.00 63.50 61.00 63.00 62.50 60.00 Live Cattle: February M A M J J A S O N D J F M A M J Feb98 Live Cattle(CME) J A S O N D J F Feb99 Live Cattle(CME) 74.00 74.00 73.00 72.00 72.00 70.00 71.00 70.00 68.00 69.00 68.00 66.00 67.00 64.00 66.00 62.00 65.00 64.00 60.00 63.00 58.00 62.00 56.00 61.00 M 104 A M J J A S O N D J F M A M J J A S O N D J F HISTORICAL LIVE CATTLE/FEEDER CATTLE REPORT Feb00 Live Cattle(CME) Feb01 Live Cattle(CME) 71.50 84.00 83.00 82.00 81.00 71.00 70.50 70.00 80.00 79.00 78.00 77.00 69.50 69.00 68.50 76.00 75.00 74.00 68.00 67.50 67.00 73.00 72.00 71.00 70.00 66.50 66.00 65.50 M A M J J A S O N D J F M A M J Feb02 Live Cattle(CME) J A S O N D J F Feb03 Live Cattle(CME) 78.00 84.00 77.00 82.00 76.00 80.00 75.00 74.00 78.00 73.00 76.00 72.00 74.00 71.00 70.00 72.00 69.00 70.00 68.00 68.00 67.00 66.00 66.00 64.00 65.00 M A M J J A S O N D J F M A M J Feb04 Live Cattle(CME) J A S O N D J F Feb05 Live Cattle(CME) 96.00 94.00 94.00 92.00 92.00 90.00 90.00 88.00 88.00 86.00 84.00 86.00 82.00 84.00 80.00 82.00 78.00 76.00 80.00 74.00 78.00 72.00 70.00 76.00 A M J J A S O N D J F M A M J Feb06 Live Cattle(CME) J A S O N D J F Feb07 Live Cattle(CME) 98.00 96.00 95.00 94.00 93.00 96.00 94.00 92.00 91.00 90.00 92.00 90.00 89.00 88.00 87.00 86.00 88.00 86.00 85.00 84.00 83.00 82.00 84.00 82.00 M A M J J A MOORE RESEARCH CENTER, INC. S O N D J F M A M J J A S O N D J F 105 Live Cattle: February M Apr92 Live Cattle(CME) Apr93 Live Cattle(CME) 80.00 86.00 79.00 84.00 78.00 82.00 77.00 80.00 76.00 78.00 75.00 76.00 74.00 74.00 73.00 72.00 72.00 71.00 70.00 70.00 68.00 M J J A S O N D J F M A M J J A Apr94 Live Cattle(CME) S O N D J F M A Apr95 Live Cattle(CME) 78.00 76.00 75.00 77.50 74.00 77.00 73.00 76.50 72.00 71.00 76.00 70.00 75.50 69.00 75.00 68.00 67.00 74.50 66.00 74.00 65.00 M J J A S O N D J F M A M J J A Apr96 Live Cattle(CME) S O N D J F M A Apr97 Live Cattle(CME) 69.00 71.00 68.00 70.00 67.00 66.00 69.00 65.00 68.00 64.00 63.00 67.00 62.00 61.00 66.00 60.00 65.00 59.00 58.00 64.00 57.00 63.00 56.00 M J J A S O N D J F M A M J J A Live Cattle: April Apr98 Live Cattle(CME) S O N D J F M A Apr99 Live Cattle(CME) 76.00 75.00 74.00 73.00 73.00 72.00 71.00 70.00 72.00 71.00 70.00 69.00 69.00 68.00 67.00 68.00 67.00 66.00 66.00 65.00 64.00 63.00 65.00 64.00 63.00 62.00 62.00 61.00 60.00 59.00 M 106 J J A S O N D J F M A M J J A S O N D J F M A HISTORICAL LIVE CATTLE/FEEDER CATTLE REPORT Apr00 Live Cattle(CME) Apr01 Live Cattle(CME) 75.00 82.00 81.00 74.00 80.00 73.00 79.00 72.00 78.00 71.00 77.00 76.00 70.00 75.00 69.00 74.00 68.00 73.00 67.00 72.00 M J J A S O N D J F M A M J J A Apr02 Live Cattle(CME) S O N D J F M A Apr03 Live Cattle(CME) 80.00 81.00 80.00 79.00 78.00 78.00 76.00 77.00 76.00 75.00 74.00 74.00 72.00 70.00 73.00 72.00 71.00 68.00 66.00 70.00 69.00 68.00 67.00 64.00 62.00 M J J A S O N D J F M A M J J A Apr04 Live Cattle(CME) S O N D J F M A Apr05 Live Cattle(CME) 90.00 95.00 88.00 94.00 93.00 86.00 92.00 84.00 91.00 82.00 90.00 80.00 89.00 78.00 88.00 76.00 87.00 86.00 74.00 85.00 72.00 84.00 70.00 83.00 68.00 82.00 J J A S O N D J F M A M J J A Apr06 Live Cattle(CME) S O N D J F M A Apr07 Live Cattle(CME) 96.00 104.00 94.00 102.00 92.00 100.00 98.00 90.00 96.00 88.00 94.00 86.00 92.00 84.00 90.00 82.00 88.00 80.00 86.00 78.00 84.00 76.00 82.00 M J J A S O MOORE RESEARCH CENTER, INC. N D J F M A M J J A S O N D J F M A 107 Live Cattle: April M Jun92 Live Cattle(CME) Jun93 Live Cattle(CME) 76.00 79.00 75.00 78.00 77.00 74.00 76.00 73.00 75.00 72.00 74.00 71.00 73.00 72.00 70.00 71.00 69.00 70.00 68.00 69.00 68.00 67.00 J A S O N D J F M A M J J A S O Jun94 Live Cattle(CME) N D J F M A M J Jun95 Live Cattle(CME) 76.00 75.00 74.00 73.00 70.00 69.00 68.00 67.00 72.00 71.00 70.00 69.00 66.00 65.00 64.00 68.00 67.00 66.00 63.00 62.00 61.00 65.00 64.00 63.00 62.00 60.00 59.00 58.00 J A S O N D J F M A M J J A S O Jun96 Live Cattle(CME) N D J F M A M J Jun97 Live Cattle(CME) 65.00 67.00 64.00 66.50 63.00 66.00 62.00 65.50 61.00 65.00 60.00 64.50 59.00 64.00 58.00 63.50 57.00 56.00 63.00 55.00 62.50 54.00 62.00 J A S O N D J F M A M J J A S O Live Cattle: June Jun98 Live Cattle(CME) N D J F M A M J Jun99 Live Cattle(CME) 73.00 68.00 72.00 67.00 71.00 66.00 70.00 65.00 69.00 68.00 64.00 67.00 63.00 66.00 62.00 65.00 61.00 64.00 60.00 63.00 62.00 59.00 J 108 A S O N D J F M A M J J A S O N D J F M A M J HISTORICAL LIVE CATTLE/FEEDER CATTLE REPORT Jun00 Live Cattle(CME) Jun01 Live Cattle(CME) 71.00 75.00 70.50 74.50 70.00 74.00 69.50 73.50 69.00 73.00 68.50 72.50 68.00 72.00 67.50 71.50 67.00 66.50 71.00 66.00 70.50 65.50 70.00 65.00 69.50 J A S O N D J F M A M J J A S O Jun02 Live Cattle(CME) N D J F M A M J Jun03 Live Cattle(CME) 76.00 77.00 76.00 74.00 75.00 72.00 74.00 70.00 73.00 72.00 68.00 71.00 66.00 70.00 64.00 69.00 68.00 62.00 67.00 60.00 66.00 58.00 65.00 J A S O N D J F M A M J J A S O Jun04 Live Cattle(CME) N D J F M A M J Jun05 Live Cattle(CME) 94.00 92.00 90.00 88.00 88.00 86.00 84.00 82.00 80.00 85.00 87.00 86.00 84.00 83.00 78.00 76.00 74.00 82.00 81.00 72.00 70.00 68.00 66.00 80.00 79.00 78.00 A S O N D J F M A M J J A S O Jun06 Live Cattle(CME) N D J F M A M J Jun07 Live Cattle(CME) 88.00 100.00 86.00 98.00 96.00 84.00 94.00 82.00 92.00 80.00 90.00 78.00 88.00 76.00 86.00 74.00 84.00 72.00 82.00 J A S O N D MOORE RESEARCH CENTER, INC. J F M A M J J A S O N D J F M A M J 109 Live Cattle: June J Aug92 Live Cattle(CME) Aug93 Live Cattle(CME) 76.00 77.00 75.00 76.00 74.00 75.00 73.00 74.00 72.00 73.00 71.00 72.00 70.00 71.00 69.00 70.00 68.00 67.00 69.00 66.00 68.00 65.00 67.00 S O N D J F M A M J J A S O N D Aug94 Live Cattle(CME) J F M A M J J A Aug95 Live Cattle(CME) 74.00 68.00 73.00 67.00 72.00 66.00 71.00 65.00 70.00 69.00 64.00 68.00 63.00 67.00 62.00 66.00 61.00 65.00 60.00 64.00 59.00 63.00 58.00 62.00 57.00 61.00 S O N D J F M A M J J A S O N D Aug96 Live Cattle(CME) J F M A M J J A Aug97 Live Cattle(CME) 68.50 72.00 68.00 70.00 67.50 67.00 68.00 66.50 66.00 66.00 65.50 64.00 65.00 64.50 62.00 64.00 60.00 63.50 63.00 58.00 62.50 56.00 62.00 S O N D J F M A M J J A S O N D Live Cattle: August Aug98 Live Cattle(CME) J F M A M J J A Aug99 Live Cattle(CME) 67.00 72.00 66.50 70.00 66.00 65.50 68.00 65.00 66.00 64.50 64.00 64.00 63.50 63.00 62.00 62.50 60.00 62.00 61.50 58.00 61.00 56.00 60.50 S 110 O N D J F M A M J J A S O N D J F M A M J J A HISTORICAL LIVE CATTLE/FEEDER CATTLE REPORT Aug00 Live Cattle(CME) Aug01 Live Cattle(CME) 71.50 76.00 71.00 75.50 70.50 75.00 70.00 74.50 74.00 69.50 73.50 69.00 73.00 68.50 72.50 68.00 72.00 67.50 71.50 67.00 71.00 66.50 70.50 66.00 70.00 65.50 69.50 S O N D J F M A M J J A S O N D Aug02 Live Cattle(CME) J F M A M J J A Aug03 Live Cattle(CME) 76.00 86.00 74.00 84.00 82.00 72.00 80.00 70.00 78.00 68.00 76.00 66.00 74.00 72.00 64.00 70.00 62.00 68.00 60.00 66.00 58.00 64.00 S O N D J F M A M J J A S O N D Aug04 Live Cattle(CME) J F M A M J J A Aug05 Live Cattle(CME) 94.00 87.00 92.00 86.00 90.00 85.00 88.00 86.00 84.00 84.00 83.00 82.00 82.00 80.00 78.00 81.00 76.00 80.00 74.00 79.00 72.00 78.00 70.00 68.00 77.00 O N D J F M A M J J A S O N D Aug06 Live Cattle(CME) J F M A M J J A Aug07 Live Cattle(CME) 92.00 97.00 96.00 95.00 94.00 90.00 88.00 93.00 92.00 91.00 86.00 84.00 90.00 89.00 88.00 87.00 82.00 80.00 78.00 86.00 85.00 84.00 83.00 76.00 74.00 S O N D J F MOORE RESEARCH CENTER, INC. M A M J J A S O N D J F M A M J J A 111 Live Cattle: August S Oct92 Live Cattle(CME) Oct93 Live Cattle(CME) 77.00 77.00 76.00 76.00 75.00 75.00 74.00 74.00 73.00 72.00 73.00 71.00 72.00 70.00 71.00 69.00 70.00 68.00 69.00 67.00 66.00 68.00 N D J F M A M J J A S O N D J F Oct94 Live Cattle(CME) M A M J J A S O Oct95 Live Cattle(CME) 75.00 67.00 66.50 66.00 74.00 73.00 65.50 65.00 64.50 64.00 72.00 71.00 70.00 63.50 63.00 62.50 62.00 61.50 69.00 68.00 67.00 61.00 60.50 60.00 66.00 65.00 N D J F M A M J J A S O N D J F Oct96 Live Cattle(CME) M A M J J A S O Oct97 Live Cattle(CME) 74.00 71.50 71.00 70.50 72.00 70.00 69.50 69.00 68.50 68.00 70.00 68.00 66.00 67.50 67.00 66.50 66.00 64.00 62.00 65.50 65.00 64.50 60.00 58.00 Live Cattle: October N D J F M A M J J A S O N D J F Oct98 Live Cattle(CME) M A M J J A S O Oct99 Live Cattle(CME) 74.00 73.00 72.00 72.00 71.00 70.00 70.00 68.00 69.00 66.00 68.00 64.00 67.00 66.00 62.00 65.00 60.00 64.00 58.00 63.00 56.00 62.00 N 112 D J F M A M J J A S O N D J F M A M J J A S O HISTORICAL LIVE CATTLE/FEEDER CATTLE REPORT Oct00 Live Cattle(CME) Oct01 Live Cattle(CME) 77.00 74.00 76.00 73.00 75.00 74.00 72.00 73.00 71.00 72.00 71.00 70.00 70.00 69.00 69.00 68.00 68.00 67.00 66.00 67.00 65.00 66.00 64.00 N D J F M A M J J A S O N D J F Oct02 Live Cattle(CME) M A M J J A S O Oct03 Live Cattle(CME) 73.00 105.00 72.00 100.00 71.00 70.00 95.00 69.00 90.00 68.00 85.00 67.00 66.00 80.00 65.00 75.00 64.00 70.00 63.00 62.00 65.00 N D J F M A M J J A S O N D J F Oct04 Live Cattle(CME) M A M J J A S O Oct05 Live Cattle(CME) 92.00 92.00 90.00 91.00 88.00 90.00 86.00 89.00 88.00 84.00 87.00 82.00 86.00 80.00 85.00 78.00 84.00 76.00 83.00 74.00 82.00 72.00 81.00 70.00 80.00 68.00 79.00 D J F M A M J J A S O N D J F Oct06 Live Cattle(CME) M A M J J A S O Oct07 Live Cattle(CME) 96.00 102.00 94.00 100.00 92.00 98.00 90.00 96.00 88.00 94.00 86.00 92.00 84.00 90.00 82.00 88.00 80.00 78.00 86.00 N D J F M A MOORE RESEARCH CENTER, INC. M J J A S O N D J F M A M J J A S O 113 Live Cattle: October N Dec92 Live Cattle(CME) Dec93 Live Cattle(CME) 80.00 77.00 79.00 76.50 78.00 76.00 77.00 75.50 76.00 75.00 75.00 74.50 74.00 74.00 73.00 73.50 72.00 73.00 71.00 72.50 70.00 72.00 69.00 71.50 68.00 71.00 67.00 70.50 J F M A M J J A S O N D J F M A Dec94 Live Cattle(CME) M J J A S O N D Dec95 Live Cattle(CME) 75.00 70.00 74.00 69.00 73.00 68.00 72.00 67.00 71.00 66.00 70.00 65.00 69.00 64.00 68.00 63.00 67.00 62.00 66.00 61.00 J F M A M J J A S O N D J F M A Dec96 Live Cattle(CME) M J J A S O N D Dec97 Live Cattle(CME) 69.00 74.00 68.00 73.00 67.00 72.00 66.00 71.00 65.00 70.00 64.00 69.00 63.00 68.00 62.00 61.00 67.00 60.00 66.00 Live Cattle: December 59.00 65.00 J F M A M J J A S O N D J F M A Dec98 Live Cattle(CME) M J J A S O N D Dec99 Live Cattle(CME) 74.00 72.00 72.00 71.00 70.00 70.00 68.00 69.00 66.00 68.00 64.00 67.00 62.00 66.00 60.00 65.00 58.00 56.00 64.00 J 114 F M A M J J A S O N D J F M A M J J A S O N D HISTORICAL LIVE CATTLE/FEEDER CATTLE REPORT Dec00 Live Cattle(CME) Dec01 Live Cattle(CME) 81.00 78.00 80.00 76.00 79.00 74.00 78.00 77.00 72.00 76.00 75.00 70.00 74.00 68.00 73.00 66.00 72.00 71.00 64.00 70.00 62.00 69.00 60.00 68.00 J F M A M J J A S O N D J F M A Dec02 Live Cattle(CME) M J J A S O N D Dec03 Live Cattle(CME) 77.00 100.00 76.00 95.00 75.00 74.00 90.00 73.00 72.00 85.00 71.00 70.00 80.00 69.00 68.00 75.00 67.00 66.00 70.00 65.00 65.00 64.00 J F M A M J J A S O N D J F M A Dec04 Live Cattle(CME) M J J A S O N D Dec05 Live Cattle(CME) 94.00 98.00 92.00 96.00 90.00 94.00 88.00 92.00 86.00 84.00 90.00 82.00 88.00 80.00 86.00 78.00 84.00 76.00 82.00 74.00 80.00 J F M A M J J A S O N D J F M A Dec06 Live Cattle(CME) M J J A S O N D Dec07 Live Cattle(CME) 94.00 93.00 92.00 91.00 102.00 101.00 100.00 99.00 90.00 89.00 88.00 87.00 98.00 97.00 96.00 86.00 85.00 84.00 95.00 94.00 93.00 83.00 82.00 81.00 80.00 92.00 91.00 90.00 J F M A M J MOORE RESEARCH CENTER, INC. J A S O N D J F M A M J J A S O N D 115 Live Cattle: December 72.00 Jan92 Feeder Cattle(CME) Jan93 Feeder Cattle(CME) 88.00 89.00 88.00 87.00 86.00 87.00 86.00 85.00 85.00 84.00 83.00 82.00 84.00 83.00 82.00 81.00 81.00 80.00 79.00 80.00 79.00 78.00 78.00 77.00 76.00 75.00 77.00 76.00 75.00 F M A M J J A S O N D J F M A Jan94 Feeder Cattle(CME) M J J A S O N D J Jan95 Feeder Cattle(CME) 87.00 81.00 80.00 86.00 79.00 85.00 78.00 84.00 77.00 83.00 76.00 75.00 82.00 74.00 81.00 73.00 80.00 72.00 79.00 71.00 F M A M J J A S O N D J F M A Jan96 Feeder Cattle(CME) M J J A S O N D J Jan97 Feeder Cattle(CME) 72.00 72.00 71.00 70.00 70.00 68.00 69.00 68.00 66.00 67.00 66.00 64.00 65.00 62.00 64.00 60.00 63.00 62.00 58.00 61.00 56.00 Feeder Cattle: January 60.00 54.00 59.00 F M A M J J A S O N D J F M A Jan98 Feeder Cattle(CME) M J J A S O N D J Jan99 Feeder Cattle(CME) 85.00 82.00 84.00 80.00 83.00 78.00 82.00 76.00 81.00 80.00 74.00 79.00 72.00 78.00 70.00 77.00 68.00 76.00 66.00 75.00 74.00 64.00 F 116 M A M J J A S O N D J F M A M J J A S O N D J HISTORICAL LIVE CATTLE/FEEDER CATTLE REPORT Jan00 Feeder Cattle(CME) Jan01 Feeder Cattle(CME) 88.00 87.00 86.00 85.00 92.50 92.00 91.50 91.00 90.50 90.00 89.50 84.00 83.00 82.00 81.00 89.00 88.50 88.00 87.50 87.00 80.00 79.00 78.00 77.00 76.00 75.00 74.00 86.50 86.00 85.50 F M A M J J A S O N D J F M A Jan02 Feeder Cattle(CME) M J J A S O N D J Jan03 Feeder Cattle(CME) 92.00 91.00 90.00 89.00 88.00 86.00 84.00 88.00 87.00 86.00 82.00 85.00 84.00 83.00 82.00 80.00 78.00 76.00 81.00 80.00 79.00 78.00 74.00 72.00 F M A M J J A S O N D J F M A Jan04 Feeder Cattle(CME) M J J A S O N D J Jan05 Feeder Cattle(CME) 104.00 112.00 110.00 108.00 106.00 102.00 100.00 98.00 104.00 102.00 100.00 98.00 96.00 94.00 92.00 90.00 96.00 94.00 92.00 88.00 86.00 84.00 90.00 88.00 86.00 84.00 82.00 80.00 78.00 M A M J J A S O N D J F M A Jan06 Feeder Cattle(CME) M J J A S O N D J Jan07 Feeder Cattle(CME) 118.00 116.00 116.00 114.00 114.00 112.00 112.00 110.00 108.00 110.00 106.00 108.00 104.00 106.00 102.00 104.00 100.00 102.00 98.00 100.00 96.00 98.00 94.00 96.00 92.00 F M A M J J MOORE RESEARCH CENTER, INC. A S O N D J F M A M J J A S O N D J 117 Feeder Cattle: January F Mar92 Feeder Cattle(CME) Mar93 Feeder Cattle(CME) 88.00 87.00 86.00 85.00 88.00 84.00 83.00 82.00 81.00 84.00 87.00 86.00 85.00 83.00 82.00 81.00 80.00 79.00 78.00 80.00 79.00 78.00 77.00 76.00 75.00 74.00 77.00 76.00 75.00 A M J J A S O N D J F M A M J Mar94 Feeder Cattle(CME) J A S O N D J F M Mar95 Feeder Cattle(CME) 85.50 82.00 85.00 80.00 84.50 84.00 78.00 83.50 76.00 83.00 82.50 74.00 82.00 72.00 81.50 81.00 70.00 80.50 68.00 80.00 79.50 66.00 A M J J A S O N D J F M A M J Mar96 Feeder Cattle(CME) J A S O N D J F M Mar97 Feeder Cattle(CME) 68.00 72.00 67.00 70.00 66.00 65.00 68.00 64.00 66.00 63.00 62.00 64.00 61.00 60.00 62.00 59.00 60.00 58.00 57.00 58.00 56.00 56.00 55.00 A M J J A S O N D J F M A M J Feeder Cattle: March Mar98 Feeder Cattle(CME) J A S O N D J F M Mar99 Feeder Cattle(CME) 85.00 80.00 84.00 78.00 83.00 82.00 76.00 81.00 74.00 80.00 79.00 72.00 78.00 70.00 77.00 76.00 68.00 75.00 66.00 74.00 73.00 64.00 A 118 M J J A S O N D J F M A M J J A S O N D J F M HISTORICAL LIVE CATTLE/FEEDER CATTLE REPORT Mar00 Feeder Cattle(CME) Mar01 Feeder Cattle(CME) 88.00 87.00 86.00 85.00 91.50 91.00 90.50 90.00 89.50 89.00 88.50 88.00 84.00 83.00 82.00 81.00 80.00 79.00 78.00 87.50 87.00 86.50 86.00 77.00 76.00 75.00 74.00 85.50 85.00 84.50 A M J J A S O N D J F M A M J Mar02 Feeder Cattle(CME) J A S O N D J F M Mar03 Feeder Cattle(CME) 91.00 90.00 89.00 88.00 84.00 87.00 86.00 85.00 81.00 83.00 82.00 80.00 79.00 84.00 83.00 82.00 81.00 78.00 77.00 76.00 80.00 79.00 78.00 77.00 75.00 74.00 73.00 A M J J A S O N D J F M A M J Mar04 Feeder Cattle(CME) J A S O N D J F M Mar05 Feeder Cattle(CME) 98.00 108.00 96.00 106.00 94.00 104.00 92.00 102.00 100.00 90.00 98.00 88.00 96.00 86.00 94.00 84.00 92.00 82.00 90.00 80.00 88.00 78.00 86.00 76.00 84.00 M J J A S O N D J F M A M J Mar06 Feeder Cattle(CME) J A S O N D J F M Mar07 Feeder Cattle(CME) 118.00 112.00 116.00 110.00 114.00 108.00 112.00 106.00 110.00 104.00 108.00 102.00 106.00 100.00 104.00 98.00 102.00 96.00 100.00 94.00 98.00 92.00 96.00 90.00 A M J J A S MOORE RESEARCH CENTER, INC. O N D J F M A M J J A S O N D J F M 119 Feeder Cattle: March A Apr92 Feeder Cattle(CME) Apr93 Feeder Cattle(CME) 87.00 86.00 85.00 84.00 87.00 83.00 82.00 81.00 83.00 86.00 85.00 84.00 82.00 81.00 80.00 79.00 78.00 77.00 80.00 79.00 78.00 77.00 76.00 75.00 74.00 73.00 76.00 75.00 74.00 M J J A S O N D J F M A M J J Apr94 Feeder Cattle(CME) A S O N D J F M A Apr95 Feeder Cattle(CME) 85.00 77.00 76.00 75.00 74.00 84.50 84.00 83.50 73.00 72.00 71.00 70.00 83.00 82.50 82.00 69.00 68.00 67.00 81.50 81.00 80.50 66.00 65.00 64.00 63.00 80.00 79.50 79.00 M J J A S O N D J F M A M J J Apr96 Feeder Cattle(CME) A S O N D J F M A Apr97 Feeder Cattle(CME) 68.00 73.00 72.00 71.00 70.00 66.00 64.00 69.00 68.00 67.00 62.00 60.00 66.00 65.00 64.00 63.00 58.00 56.00 54.00 62.00 61.00 60.00 59.00 52.00 50.00 M J J A S O N D J F M A M J J Feeder Cattle: April Apr98 Feeder Cattle(CME) A S O N D J F M A Apr99 Feeder Cattle(CME) 85.00 79.00 84.00 78.00 83.00 77.00 82.00 76.00 75.00 81.00 74.00 80.00 73.00 79.00 72.00 78.00 71.00 77.00 70.00 76.00 69.00 75.00 68.00 74.00 67.00 73.00 66.00 M 120 J J A S O N D J F M A M J J A S O N D J F M A HISTORICAL LIVE CATTLE/FEEDER CATTLE REPORT Apr00 Feeder Cattle(CME) Apr01 Feeder Cattle(CME) 88.00 87.00 86.00 85.00 91.00 90.50 90.00 89.50 84.00 83.00 82.00 81.00 89.00 88.50 88.00 80.00 79.00 78.00 87.50 87.00 86.50 77.00 76.00 75.00 74.00 86.00 85.50 85.00 M J J A S O N D J F M A M J J Apr02 Feeder Cattle(CME) A S O N D J F M A Apr03 Feeder Cattle(CME) 92.00 84.00 90.00 83.00 88.00 82.00 86.00 81.00 84.00 80.00 82.00 79.00 80.00 78.00 78.00 77.00 76.00 76.00 74.00 75.00 72.00 74.00 M J J A S O N D J F M A M J J Apr04 Feeder Cattle(CME) A S O N D J F M A Apr05 Feeder Cattle(CME) 98.00 112.00 96.00 110.00 94.00 108.00 106.00 92.00 104.00 90.00 102.00 88.00 100.00 86.00 98.00 84.00 96.00 82.00 94.00 80.00 92.00 78.00 90.00 J J A S O N D J F M A M J J Apr06 Feeder Cattle(CME) A S O N D J F M A Apr07 Feeder Cattle(CME) 116.00 114.00 114.00 112.00 112.00 110.00 110.00 108.00 106.00 108.00 104.00 106.00 102.00 104.00 100.00 102.00 98.00 100.00 96.00 98.00 94.00 96.00 92.00 94.00 90.00 M J J A S O MOORE RESEARCH CENTER, INC. N D J F M A M J J A S O N D J F M A 121 Feeder Cattle: April M May92 Feeder Cattle(CME) May93 Feeder Cattle(CME) 87.00 88.00 86.00 86.00 85.00 84.00 84.00 83.00 82.00 82.00 81.00 80.00 80.00 79.00 78.00 78.00 76.00 77.00 76.00 74.00 75.00 72.00 74.00 J J A S O N D J F M A M J J A May94 Feeder Cattle(CME) S O N D J F M A M May95 Feeder Cattle(CME) 85.00 78.00 84.00 76.00 83.00 82.00 74.00 81.00 72.00 80.00 79.00 70.00 78.00 68.00 77.00 76.00 66.00 75.00 64.00 74.00 73.00 62.00 J J A S O N D J F M A M J J A May96 Feeder Cattle(CME) S O N D J F M A M May97 Feeder Cattle(CME) 66.00 78.00 64.00 76.00 62.00 74.00 60.00 72.00 58.00 70.00 56.00 68.00 54.00 66.00 52.00 50.00 64.00 48.00 62.00 46.00 60.00 J J A S O N D J F M A M J J A Feeder Cattle: May May98 Feeder Cattle(CME) S O N D J F M A M May99 Feeder Cattle(CME) 85.00 77.00 84.00 76.00 83.00 75.00 82.00 81.00 74.00 80.00 73.00 79.00 72.00 78.00 77.00 71.00 76.00 70.00 75.00 69.00 74.00 68.00 73.00 67.00 72.00 J 122 J A S O N D J F M A M J J A S O N D J F M A M HISTORICAL LIVE CATTLE/FEEDER CATTLE REPORT May00 Feeder Cattle(CME) May01 Feeder Cattle(CME) 88.00 90.00 87.00 89.50 86.00 89.00 85.00 84.00 88.50 83.00 88.00 82.00 87.50 81.00 80.00 87.00 79.00 86.50 78.00 86.00 77.00 85.50 76.00 75.00 85.00 J J A S O N D J F M A M J J A May02 Feeder Cattle(CME) S O N D J F M A M May03 Feeder Cattle(CME) 92.00 84.00 90.00 83.00 88.00 82.00 86.00 81.00 84.00 82.00 80.00 80.00 79.00 78.00 78.00 76.00 77.00 74.00 76.00 72.00 75.00 70.00 68.00 74.00 J J A S O N D J F M A M J J A May04 Feeder Cattle(CME) S O N D J F M A M May05 Feeder Cattle(CME) 110.00 112.00 110.00 105.00 108.00 100.00 106.00 104.00 95.00 102.00 90.00 100.00 98.00 85.00 96.00 80.00 94.00 75.00 92.00 J A S O N D J F M A M J J A May06 Feeder Cattle(CME) S O N D J F M A M May07 Feeder Cattle(CME) 116.00 114.00 114.00 112.00 112.00 110.00 108.00 110.00 106.00 108.00 104.00 106.00 102.00 104.00 100.00 102.00 98.00 100.00 96.00 98.00 94.00 96.00 92.00 J J A S O N MOORE RESEARCH CENTER, INC. D J F M A M J J A S O N D J F M A M 123 Feeder Cattle: May J Aug92 Feeder Cattle(CME) Aug93 Feeder Cattle(CME) 88.00 90.00 89.00 88.00 87.00 86.00 84.00 86.00 85.00 84.00 83.00 82.00 80.00 82.00 81.00 80.00 78.00 76.00 79.00 78.00 77.00 76.00 74.00 72.00 S O N D J F M A M J J A S O N Aug94 Feeder Cattle(CME) D J F M A M J J A Aug95 Feeder Cattle(CME) 83.00 73.00 82.00 72.00 81.00 71.00 80.00 70.00 79.00 78.00 69.00 77.00 68.00 76.00 67.00 75.00 66.00 74.00 65.00 73.00 64.00 72.00 71.00 63.00 S O N D J F M A M J J A S O N Aug96 Feeder Cattle(CME) D J F M A M J J A Aug97 Feeder Cattle(CME) 66.00 84.00 64.00 82.00 62.00 80.00 78.00 60.00 76.00 58.00 74.00 56.00 72.00 54.00 70.00 52.00 68.00 50.00 66.00 48.00 64.00 S O N D J F M A M J J A S O N Feeder Cattle: August Aug98 Feeder Cattle(CME) D J F M A M J J A Aug99 Feeder Cattle(CME) 84.00 79.00 82.00 78.00 80.00 77.00 78.00 76.00 76.00 75.00 74.00 74.00 72.00 73.00 70.00 72.00 68.00 71.00 66.00 70.00 64.00 69.00 S 124 O N D J F M A M J J A S O N D J F M A M J J A HISTORICAL LIVE CATTLE/FEEDER CATTLE REPORT Aug00 Feeder Cattle(CME) Aug01 Feeder Cattle(CME) 89.00 93.00 92.50 92.00 88.00 87.00 91.50 91.00 90.50 90.00 86.00 85.00 84.00 89.50 89.00 88.50 88.00 87.50 83.00 82.00 81.00 87.00 86.50 86.00 80.00 79.00 S O N D J F M A M J J A S O N Aug02 Feeder Cattle(CME) D J F M A M J J A Aug03 Feeder Cattle(CME) 90.00 98.00 88.00 96.00 86.00 94.00 92.00 84.00 90.00 82.00 88.00 80.00 86.00 78.00 84.00 76.00 82.00 74.00 80.00 72.00 78.00 70.00 76.00 S O N D J F M A M J J A S O N Aug04 Feeder Cattle(CME) D J F M A M J J A Aug05 Feeder Cattle(CME) 120.00 114.00 115.00 112.00 110.00 110.00 108.00 105.00 106.00 100.00 104.00 95.00 102.00 90.00 100.00 85.00 98.00 80.00 96.00 O N D J F M A M J J A S O N Aug06 Feeder Cattle(CME) D J F M A M J J A Aug07 Feeder Cattle(CME) 118.00 120.00 118.00 116.00 116.00 114.00 114.00 112.00 112.00 110.00 110.00 108.00 108.00 106.00 104.00 106.00 102.00 100.00 104.00 98.00 102.00 96.00 100.00 94.00 S O N D J F MOORE RESEARCH CENTER, INC. M A M J J A S O N D J F M A M J J A 125 Feeder Cattle: August S Sep92 Feeder Cattle(CME) Sep93 Feeder Cattle(CME) 85.00 89.00 84.00 88.00 83.00 87.00 82.00 86.00 81.00 85.00 80.00 84.00 79.00 83.00 78.00 82.00 77.00 81.00 76.00 80.00 75.00 79.00 74.00 78.00 73.00 77.00 72.00 76.00 O N D J F M A M J J A S O N D Sep94 Feeder Cattle(CME) J F M A M J J A S Sep95 Feeder Cattle(CME) 82.00 73.00 81.00 72.00 80.00 71.00 79.00 70.00 78.00 69.00 77.00 68.00 76.00 67.00 75.00 66.00 74.00 73.00 65.00 72.00 64.00 71.00 63.00 O N D J F M A M J J A S O N D Sep96 Feeder Cattle(CME) J F M A M J J A S Sep97 Feeder Cattle(CME) 66.00 84.00 82.00 64.00 80.00 62.00 78.00 60.00 76.00 58.00 74.00 72.00 56.00 70.00 54.00 68.00 52.00 66.00 Feeder Cattle: September 50.00 64.00 O N D J F M A M J J A S O N D Sep98 Feeder Cattle(CME) J F M A M J J A S Sep99 Feeder Cattle(CME) 84.00 80.00 82.00 79.00 80.00 78.00 77.00 78.00 76.00 76.00 75.00 74.00 74.00 72.00 73.00 70.00 72.00 68.00 71.00 66.00 70.00 64.00 69.00 O 126 N D J F M A M J J A S O N D J F M A M J J A S HISTORICAL LIVE CATTLE/FEEDER CATTLE REPORT Sep00 Feeder Cattle(CME) Sep01 Feeder Cattle(CME) 88.50 92.00 88.00 91.50 91.00 87.50 90.50 87.00 90.00 86.50 89.50 86.00 89.00 85.50 88.50 88.00 85.00 87.50 84.50 87.00 84.00 86.50 86.00 83.50 O N D J F M A M J J A S O N D Sep02 Feeder Cattle(CME) J F M A M J J A S Sep03 Feeder Cattle(CME) 88.00 104.00 102.00 100.00 98.00 86.00 84.00 96.00 94.00 92.00 82.00 80.00 90.00 88.00 86.00 84.00 78.00 76.00 74.00 82.00 80.00 78.00 76.00 72.00 70.00 O N D J F M A M J J A S O N D Sep04 Feeder Cattle(CME) J F M A M J J A S Sep05 Feeder Cattle(CME) 120.00 118.00 116.00 115.00 114.00 110.00 112.00 105.00 110.00 108.00 100.00 106.00 95.00 104.00 90.00 102.00 100.00 85.00 98.00 96.00 O N D J F M A M J J A S O N D Sep06 Feeder Cattle(CME) J F M A M J J A S Sep07 Feeder Cattle(CME) 120.00 120.00 118.00 118.00 116.00 116.00 114.00 114.00 112.00 112.00 110.00 110.00 108.00 108.00 106.00 106.00 104.00 104.00 102.00 102.00 100.00 100.00 98.00 98.00 96.00 O N D J F M MOORE RESEARCH CENTER, INC. A M J J A S O N D J F M A M J J A S 127 Feeder Cattle: September 80.00 Oct92 Feeder Cattle(CME) Oct93 Feeder Cattle(CME) 85.00 88.00 84.00 87.00 83.00 86.00 82.00 85.00 81.00 84.00 80.00 83.00 79.00 82.00 78.00 81.00 77.00 80.00 76.00 79.00 75.00 78.00 74.00 77.00 73.00 76.00 72.00 75.00 N D J F M A M J J A S O N D J Oct94 Feeder Cattle(CME) F M A M J J A S O Oct95 Feeder Cattle(CME) 82.00 72.00 81.00 71.00 80.00 70.00 79.00 69.00 78.00 77.00 68.00 76.00 67.00 75.00 66.00 74.00 65.00 73.00 64.00 72.00 63.00 71.00 70.00 62.00 N D J F M A M J J A S O N D J Oct96 Feeder Cattle(CME) F M A M J J A S O Oct97 Feeder Cattle(CME) 66.00 65.00 64.00 63.00 84.00 82.00 80.00 62.00 61.00 60.00 78.00 76.00 59.00 58.00 57.00 56.00 74.00 72.00 70.00 55.00 54.00 53.00 52.00 68.00 66.00 Feeder Cattle: October N D J F M A M J J A S O N D J Oct98 Feeder Cattle(CME) F M A M J J A S O Oct99 Feeder Cattle(CME) 84.00 83.00 82.00 81.00 80.00 82.00 80.00 79.00 78.00 77.00 78.00 76.00 74.00 76.00 75.00 74.00 73.00 72.00 70.00 72.00 71.00 70.00 69.00 68.00 66.00 64.00 N 128 D J F M A M J J A S O N D J F M A M J J A S O HISTORICAL LIVE CATTLE/FEEDER CATTLE REPORT Oct00 Feeder Cattle(CME) Oct01 Feeder Cattle(CME) 89.00 93.00 88.50 92.00 88.00 91.00 87.50 90.00 87.00 89.00 86.50 88.00 86.00 87.00 85.50 85.00 86.00 84.50 85.00 84.00 84.00 N D J F M A M J J A S O N D J Oct02 Feeder Cattle(CME) F M A M J J A S O Oct03 Feeder Cattle(CME) 88.00 115.00 86.00 110.00 84.00 105.00 82.00 100.00 80.00 95.00 78.00 90.00 76.00 85.00 74.00 80.00 72.00 75.00 N D J F M A M J J A S O N D J Oct04 Feeder Cattle(CME) F M A M J J A S O Oct05 Feeder Cattle(CME) 120.00 120.00 118.00 115.00 116.00 110.00 114.00 112.00 105.00 110.00 100.00 108.00 106.00 95.00 104.00 90.00 102.00 100.00 85.00 98.00 80.00 96.00 D J F M A M J J A S O N D J Oct06 Feeder Cattle(CME) F M A M J J A S O Oct07 Feeder Cattle(CME) 120.00 120.00 118.00 118.00 116.00 116.00 114.00 114.00 112.00 112.00 110.00 110.00 108.00 108.00 106.00 106.00 104.00 104.00 102.00 102.00 100.00 100.00 98.00 98.00 96.00 N D J F M A MOORE RESEARCH CENTER, INC. M J J A S O N D J F M A M J J A S O 129 Feeder Cattle: October N Nov92 Feeder Cattle(CME) Nov93 Feeder Cattle(CME) 85.00 88.00 84.00 87.00 83.00 86.00 82.00 81.00 85.00 80.00 84.00 79.00 83.00 78.00 77.00 82.00 76.00 81.00 75.00 80.00 74.00 79.00 73.00 78.00 72.00 D J F M A M J J A S O N D J F Nov94 Feeder Cattle(CME) M A M J J A S O N Nov95 Feeder Cattle(CME) 82.00 73.00 81.00 72.00 80.00 71.00 79.00 70.00 78.00 69.00 77.00 68.00 76.00 67.00 75.00 66.00 74.00 73.00 65.00 72.00 64.00 71.00 63.00 D J F M A M J J A S O N D J F Nov96 Feeder Cattle(CME) M A M J J A S O N Nov97 Feeder Cattle(CME) 67.00 86.00 66.00 84.00 65.00 82.00 64.00 63.00 80.00 62.00 78.00 61.00 76.00 60.00 59.00 74.00 58.00 72.00 57.00 70.00 56.00 68.00 55.00 66.00 Feeder Cattle: November 54.00 D J F M A M J J A S O N D J F Nov98 Feeder Cattle(CME) M A M J J A S O N Nov99 Feeder Cattle(CME) 84.00 84.00 82.00 82.00 80.00 80.00 78.00 78.00 76.00 76.00 74.00 74.00 72.00 72.00 70.00 70.00 68.00 66.00 68.00 D 130 J F M A M J J A S O N D J F M A M J J A S O N HISTORICAL LIVE CATTLE/FEEDER CATTLE REPORT Nov00 Feeder Cattle(CME) Nov01 Feeder Cattle(CME) 89.50 93.00 89.00 92.00 88.50 91.00 88.00 90.00 87.50 89.00 87.00 88.00 86.50 87.00 86.00 86.00 85.50 85.00 85.00 84.00 83.00 84.50 D J F M A M J J A S O N D J F Nov02 Feeder Cattle(CME) M A M J J A S O N Nov03 Feeder Cattle(CME) 88.00 110.00 86.00 105.00 84.00 100.00 82.00 95.00 80.00 90.00 78.00 85.00 76.00 80.00 74.00 72.00 75.00 D J F M A M J J A S O N D J F Nov04 Feeder Cattle(CME) M A M J J A S O N Nov05 Feeder Cattle(CME) 115.00 118.00 116.00 110.00 114.00 112.00 105.00 110.00 108.00 100.00 106.00 95.00 104.00 102.00 90.00 100.00 98.00 85.00 96.00 94.00 D J F M A M J J A S O N D J F Nov06 Feeder Cattle(CME) M A M J J A S O N Nov07 Feeder Cattle(CME) 120.00 120.00 118.00 118.00 116.00 116.00 114.00 114.00 112.00 112.00 110.00 110.00 108.00 108.00 106.00 106.00 104.00 104.00 102.00 102.00 100.00 100.00 98.00 98.00 96.00 96.00 94.00 D J F M A M MOORE RESEARCH CENTER, INC. J J A S O N D J F M A M J J A S O N 131 Feeder Cattle: November 80.00 How to Interpret a Bull/Bear Chart bull/bear chart consists of one composite pattern for bull years (solid line) and one for bear years (dotted line), Each with component contract years for each indicated in the box (“73” denotes 1973) for reference. Rather than chronologically, the order in which contract years are listed is determined by the degree of inclination/declination of the line best describing its scatterplot. In other words, the most bullish (as defined by comparing slopes) of the bull years is listed first, but the most bearish of the bear years is listed last. That neither bull nor bear pattern reaches either 0 or 100 reflects a conscious decision made to better reproduce the vigor of dynamic trends. When MRCI constructs a 15-year pattern, averaged raw percentage values for each calendar day typically lie between 35 and 65—and are then blown out to between 0 and 100 to reflect greatest tendency for a seasonal high or low. That final step is not taken when constructing these bull/bear patterns, and thus each better represents the vigor of the typical bull or bear move. February Live Cattle(CME) Seasonal Patterns(1993-2007) 100 Bull years: 73 72 03 89 66 06 93 90 05 79 00 04 07 69 84 88 85 91 87 01 Bear years: 75 86 82 98 02 67 99 77 68 80 15 Year Pattern 60 40 5 Year Pattern 20 0 How to Interpret a Bull/Bear & Volatility Chart Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb How to Interpret Historical Volatility Charts options on futures to place or protect positions or hedges can provide tremendous advantages, including Using additional flexibility, leverage, income, and/or reduced cash-flow problems and performance requirements. However, one must understand the dynamics of option trading and the various components that create premium value to benefit from the opportunities they offer. The three primary variables that determine the value of an option premium are (1) the relationship of the underlying futures contract to the option’s strike price, (2) the time remaining until expiration, and (3) volatility. Option volatility charts presented in this publication portray the 15-year average historical volatility (the central line) for the futures contract. The dotted lines above and below are each at 1 Standard Deviation (STD). Historical volatility remained between these two STD lines 68% of the time but was found above the upper one 16% of the time and below the lower one 16% of the time during the last 15 years. Feb Live Cattle(CME) 15 Year Ave Volatility(93-07) 25% 20% +1 STD Above 15% Central Tendency 10% 5% -1 STD Below 0% Mar 132 Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb HISTORICAL LIVE CATTLE/FEEDER CATTLE REPORT Miscellaneous Page Bull/Bear Charts Live Cattle ......................................................................................................................... 134 Feeder Cattle ..................................................................................................................... 136 Historical Volatility Charts Live Cattle ......................................................................................................................... 138 Feeder Cattle ..................................................................................................................... 140 Cattle Crush Seasonal Patterns Miscellaneous Jan, Mar, Apr, May ........................................................................................................... 142 Aug, Sep, Oct, Nov ........................................................................................................... 143 Cattle Cycles and Prices — Bill Gary ...................................................................................... 144 MOORE RESEARCH CENTER, INC. 133 February Live Cattle(CME) Bull/Bear Patterns(1966-2007) 100 Bull years: 73 72 03 89 66 06 93 90 05 79 00 04 07 69 84 88 85 91 87 01 Bear years: 75 86 82 98 02 67 99 77 68 80 Bear Pattern 60 40 Bull Pattern 20 0 Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb April Live Cattle(CME) Bull/Bear Patterns(1968-2007) 100 Bull years: 72 73 93 03 84 00 79 70 89 07 87 88 90 69 71 91 01 78 05 97 Bear years: 86 02 68 98 77 80 Bear Pattern 60 40 Bull Pattern 20 0 Bull/Bear Charts: Live Cattle May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr June Live Cattle(CME) Bull/Bear Patterns(1965-2007) 100 Bull years: 93 73 65 69 72 79 78 87 70 71 88 07 03 83 04 00 91 84 90 05 Bear years: 89 85 80 77 94 74 81 95 86 98 02 67 80 Bear Pattern 60 40 Bull Pattern 20 0 Jul 134 Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun HISTORICAL LIVE CATTLE/FEEDER CATTLE REPORT August Live Cattle(CME) Bull/Bear Patterns(1965-2007) 100 Bull years: 65 72 69 87 93 78 04 07 73 90 68 71 79 83 70 96 97 92 03 Bear years: 77 86 67 95 76 94 85 02 98 81 66 80 Bear Pattern 60 40 Bull Pattern 20 0 Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug October Live Cattle(CME) Bull/Bear Patterns(1965-2007) 100 Bull years: 87 90 96 92 04 78 72 71 88 03 68 65 07 93 97 75 89 73 69 05 Bear years: 02 01 00 74 94 77 76 81 85 66 98 80 Bear Pattern 60 40 Bull Pattern 20 0 Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct December Live Cattle(CME) Bull/Bear Patterns(1965-2007) 100 Bull years: 03 88 71 75 87 78 04 90 96 92 05 72 65 99 89 68 95 84 Bear years: 77 67 81 76 70 74 01 66 98 94 80 Bear Pattern 60 40 Bull Pattern 20 0 Jan Feb Mar MOORE RESEARCH CENTER, INC. Apr May Jun Jul Aug Sep Oct Nov Dec 135 Bull/Bear Charts: Live Cattle Nov January Feeder Cattle(CME) Bull/Bear Patterns(1978-2007) 100 Bull years: 89 00 06 79 91 88 85 93 97 05 84 04 90 78 87 Bear years: 86 02 92 82 95 96 99 80 Bear Pattern 60 40 Bull Pattern 20 0 Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan March Feeder Cattle(CME) Bull/Bear Patterns(1973-2007) 100 Bull years: 73 00 93 88 91 97 79 76 87 89 06 85 84 05 90 83 78 Bear years: 86 94 99 82 95 74 77 02 75 92 96 80 Bear Pattern 60 40 Bull Pattern 20 0 Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar April Feeder Cattle(CME) Bull/Bear Patterns(1973-2007) 100 Bull years: 73 93 00 79 84 91 97 78 88 87 83 76 05 06 90 03 Bear years: 86 98 95 74 96 94 92 02 80 Bear Pattern 60 Bull/Bear Charts: Feeder Cattle 40 Bull Pattern 20 0 May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Feeder Cattle(CME) Bull/Bear Patterns(1972-2007) 100 Bull years: 73 93 79 72 97 91 78 00 87 76 88 90 05 84 03 06 04 Bear years: 80 86 94 81 98 92 96 95 74 02 80 Bear Pattern 60 40 Bull Pattern 20 0 Jun 136 Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May HISTORICAL LIVE CATTLE/FEEDER CATTLE REPORT August Feeder Cattle(CME) Bull/Bear Patterns(1972-2007) 100 80 Bear Pattern 60 Bull years: 78 93 97 87 90 05 04 72 91 07 73 00 75 03 99 01 79 88 06 Bear years: 86 94 80 74 02 98 81 95 40 Bull Pattern 20 0 Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug September Feeder Cattle(CME) Bull/Bear Patterns(1972-2007) 100 80 Bear Pattern Bull years: 78 04 97 87 90 93 07 05 72 73 88 03 91 75 99 01 92 89 06 79 Bear years: 76 83 85 80 02 74 94 81 98 95 60 40 Bull Pattern 20 0 Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep October Feeder Cattle(CME) Bull/Bear Patterns(1972-2007) 100 80 Bear Pattern 60 20 Bull years: 78 04 90 87 72 07 97 92 93 05 88 75 03 99 82 73 89 91 Bear years: 80 02 85 81 83 74 95 94 98 0 Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct November Feeder Cattle(CME) Bull/Bear Patterns(1972-2007) 100 80 Bear Pattern 60 40 Bull Pattern 20 Bull years: 78 92 04 72 90 87 05 03 93 88 99 07 97 82 75 89 96 Bear years: 80 02 76 81 74 85 83 94 98 95 0 Dec Jan Feb MOORE RESEARCH CENTER, INC. Mar Apr May Jun Jul Aug Sep Oct Nov 137 Bull/Bear Charts: Feeder Cattle 40 Bull Pattern Feb Live Cattle(CME) 15 Year Ave Volatility(93-07) 25% 20% +1 STD Above 15% Central Tendency 10% 5% -1 STD Below 0% Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Apr Live Cattle(CME) 15 Year Ave Volatility(93-07) 25% 20% +1 STD Above 15% Central Tendency 10% 5% -1 STD Below 0% May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr Jun Live Cattle(CME) 15 Year Ave Volatility(93-07) Volatility: Live Cattle 25% 20% +1 STD Above 15% Central Tendency 10% 5% -1 STD Below 0% Jul 138 Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun HISTORICAL LIVE CATTLE/FEEDER CATTLE REPORT Aug Live Cattle(CME) 15 Year Ave Volatility(93-07) 20% 15% +1 STD Above 10% Central Tendency 5% -1 STD Below 0% Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Oct Live Cattle(CME) 15 Year Ave Volatility(93-07) 20% 15% +1 STD Above 10% Central Tendency 5% -1 STD Below 0% Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Dec Live Cattle(CME) 15 Year Ave Volatility(93-07) 20% 16% +1 STD Above 14% 12% Central Tendency 10% 8% -1 STD Below 6% 4% Jan Feb Mar MOORE RESEARCH CENTER, INC. Apr May Jun Jul Aug Sep Oct Nov Dec 139 Volatility: Live Cattle 18% Jan Feeder Cattle(CME) 15 Year Ave Volatility(93-07) 25% 20% +1 STD Above 15% Central Tendency 10% 5% -1 STD Below 0% Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Mar Feeder Cattle(CME) 15 Year Ave Volatility(93-07) 25% 20% +1 STD Above 15% Central Tendency 10% 5% -1 STD Below 0% Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr Feeder Cattle(CME) 15 Year Ave Volatility(93-07) 20% 18% 16% +1 STD Above 14% 12% Central Tendency 10% 8% -1 STD Below 6% 4% Volatility: Feeder Cattle May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Feeder Cattle(CME) 15 Year Ave Volatility(93-07) 25% 20% +1 STD Above 15% Central Tendency 10% 5% -1 STD Below 0% Jun 140 Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May HISTORICAL LIVE CATTLE/FEEDER CATTLE REPORT Aug Feeder Cattle(CME) 15 Year Ave Volatility(93-07) 20% 18% 16% +1 STD Above 14% 12% Central Tendency 10% 8% -1 STD Below 6% 4% Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Feeder Cattle(CME) 15 Year Ave Volatility(93-07) 20% 15% +1 STD Above 10% Central Tendency 5% -1 STD Below 0% Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Feeder Cattle(CME) 15 Year Ave Volatility(93-07) 20% 15% +1 STD Above 10% Central Tendency 5% -1 STD Below 0% Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Feeder Cattle(CME) 15 Year Ave Volatility(93-07) 18% 16% 14% +1 STD Above 12% 10% Central Tendency 8% 6% -1 STD Below 4% 2% Dec Jan Feb MOORE RESEARCH CENTER, INC. Mar Apr May Jun Jul Aug Sep Oct Nov 141 Volatility: Feeder Cattle Nov 2 Jan Feeder Cattle(CME) + Mar Corn (CBOT) - 4 Jun Live Cattle(CME) 15 Year Seasonal(93-07) 100 80 15 Year Pattern 60 40 5 Year Pattern 20 0 Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan 2 Mar Feeder Cattle(CME) + May Corn (CBOT) - 4 Aug Live Cattle(CME) 15 Year Seasonal(93-07) 100 80 15 Year Pattern 60 40 5 Year Pattern 20 0 Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar 2 Apr Feeder Cattle(CME) + May Corn (CBOT) - 4 Aug Live Cattle(CME) 15 Year Seasonal(93-07) 100 80 15 Year Pattern 60 40 Cattle Crush Seasonal Patterns 5 Year Pattern 20 0 May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr 2 May Feeder Cattle(CME) + May Corn (CBOT) - 4 Oct Live Cattle(CME) 15 Year Seasonal(93-07) 100 80 15 Year Pattern 60 40 5 Year Pattern 20 0 Jun 142 Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May HISTORICAL LIVE CATTLE/FEEDER CATTLE REPORT 2 Aug Feeder Cattle(CME) + Dec Corn (CBOT) - 4 Dec Live Cattle(CME) 15 Year Seasonal(93-07) 100 80 15 Year Pattern 60 40 5 Year Pattern 20 0 Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug 2 Sep Feeder Cattle(CME) + Dec Corn (CBOT) - 4 Feb Live Cattle(CME) 15 Year Seasonal(93-07) 100 80 15 Year Pattern 60 40 5 Year Pattern 20 0 Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep 2 Oct Feeder Cattle(CME) + Dec Corn (CBOT) - 4 Feb Live Cattle(CME) 15 Year Seasonal(93-07) 100 80 15 Year Pattern 60 40 20 0 Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct 2 Nov Feeder Cattle(CME) + Dec Corn (CBOT) - 4 Apr Live Cattle(CME) 15 Year Seasonal(93-07) 100 80 15 Year Pattern 60 40 5 Year Pattern 20 0 Dec Jan Feb MOORE RESEARCH CENTER, INC. Mar Apr May Jun Jul Aug Sep Oct Nov 143 Cattle Crush Seasonal Patterns 5 Year Pattern Cattle Cycles and Prices Bill Gary; Commodity Information Systems; Oklahoma City, OK cattle industry has followed a boom and Thebustnation’s cycle for the past century. The average cycle The Bust Phase normally spans a period of ten years from trough-totrough. However, recent advancements in cattle genetics and feedlot efficiency have flattened out the cycle in recent years . . . The Cattle Cycle The bust phase of the cycle is a period of herd liquidation that normally extends from two to five years. At the trough of this phase, supply falls below demand and prices move high enough to return profitability to the industry. It is important to note the most recent liquidation phase was extended to eight years and reduced the nation’s cattle herd to the lowest level since 1964. The boom phase of the cycle is a period of herd building that extends for five to seven years. At the peak of the boom phase, supply begins to exceed demand and prices fall below the cost of production. This leads to herd liquidation and the traditional bust phase begins. The most recent expansion cycle began in 2004 and ended in 2007. As illustrated in the following graph, this phase of the cycle was terminated early in 2007. The bust phase occurs when cattlemen reduce herds by taking cows to slaughter and heifers to feedlots. When more cows are slaughtered, more beef is produced. When more heifers are placed on feed, feedlot inventories swell and slaughter expands. The combination of more cows and heifers in the slaughter mix expands supply and, as a result, prices decline. The Boom Phase The boom phase occurs when cattlemen hold back cows and heifers from slaughter to build herds. When cows are held back from slaughter for breeding, beef production is reduced. When heifers are held back to expand the cow herd, fewer feeder cattle are available to place in feedlots. The combination of holding back cows and heifers restricts supply and, as a result, prices advance. Cow Slaughter and Prices The Boom – Bust Cycle % Cows Percent of Slaughter vs Cattle Prices ($/CWT) 1/ $ January 1 Cattle Inventory – Million Head Bust Steer prices Bust Boom Boom Bust Bust Bust Boom Bust Bust Boom % Cow slaughter Boom Cattle Cycles and Prices Boom * *CIS estimate The cattle inventory tends to peak about every ten years. Recent peaks were attained in 1935, 1945, 1955, 1965, 1975, 1982, 1996 and 2007. The cycle peak occurred late in 1996 due to changes in tax laws and a recession. The latest expansion cycle lasted only three years due to severe drought and record high hay prices. It appears a new bust cycle is now operative. 144 * *CIS estimates 1/ Nebraska Direct Choice Steers When cow slaughter increases, beef production increases and prices of feedlot cattle are normally pressured. However, cattle prices have been trending strongly higher over the past 37 years due to greater demand for quality beef cuts. In addition, much more beef is now produced per cow. Therefore, the impact of expanding cow slaughter has had a diminishing impact on cattle prices in recent years. In 2007, cow slaughter increased a significant 7% over the previous year and was the highest in four years. However, the increase in cow beef supply had virtually no effect on choice steer prices. Therefore, demand for better grades of beef has begun to overshadowed the supply increase produced by greater cow slaughter. HISTORICAL LIVE CATTLE/FEEDER CATTLE REPORT Over recent years, tremendous strides have been made in the cattle industry. In 2007, the cattle inventory had decreased 27% from the 1975 peak, but beef production increased 10%. Because of new genetic advances and a more efficient industry, fewer cattle are needed to produce the volume of beef needed. The age old cattle cycle continues to impact cattle prices during boom/bust phases. However, the price exaggeration has been muted in recent years due to strides made in animal genetics and feedlot efficiencies. More Beef – Fewer Cows More Beef – Less Slaughter Pounds of Beef Produced per Cow in Breeding Herd Pounds of Beef Produced per Head Slaughtered * *CIS estimate Tremendous advances in genetics, combined with greater feedlot efficiency, have produced much heavier weight cattle in recent years. Beef produced per head slaughtered was 614 pounds in 1970 compared to 784 pounds in 2007. The 28% increase in beef produced per head has leveled out the peaks and troughs in the cattle cycle. Cattle Cycles and Prices 1 In 1970, for every cow in the nation’s herd, 441 pounds of beef were produced. From 1970 to 2007, cow numbers declined 14%, but beef production increased 22%. Dairy cows declined 24% as milk production increased dramatically per cow. Beef cows declined only 10%, but a much larger portion of the calf crop goes into a feedlot before slaughter. The US can now produce the same volume of beef as 1970 with 29% fewer cows. Therefore, additional beef produced during herd liquidation (bust phase) has much less impact on cattle prices than during the Seventies and Eighties. (See Cow Slaughter and Prices graph on previous page.) * *CIS estimate MOORE RESEARCH CENTER, INC. 145 Personal Notes 146 HISTORICAL LIVE CATTLE/FEEDER CATTLE REPORT Seasonal Live Cattle & Feeder Cattle Strategies Entry Date Exit Date Win Pct Win Loss Total Years Years Years Average Profit Ave Pft Per Day Pg No 1 Buy Feeder Cattle(CME)—May 1/02 1/09 80 12 3 15 508 63/8 55 2 Buy Live Cattle(CME)—April 1/02 1/10 87 13 2 15 322 36/9 22 3 Buy Live Cattle(CME)—February 1/04 1/17 80 12 3 15 362 26/14 22 4 Buy Feb Live Cattle(CME) Sell Aug Live Cattle(CME) 1/06 1/16 80 12 3 15 206 19/11 23 5 Buy Jun Live Cattle(CME) Sell Mar Feeder Cattle(CME) 1/09 2/07 93 14 1 15 643 21/30 75 6 Buy Jun Live Cattle(CME) Sell Mar Feeder Cattle(CME) 1/09 3/07 87 13 2 15 881 15/59 75 7 Sell Feeder Cattle(CME)—March 1/10 2/04 93 14 1 15 878 34/26 55 8 Sell Live Cattle(CME)—February 1/18 1/27 93 14 1 15 462 46/10 23 9 Buy Aug Live Cattle(CME) Sell Feb Live Cattle(CME) 1/18 1/28 87 13 2 15 331 30/11 24 10 Buy Jun Live Cattle(CME) Sell Mar Feeder Cattle(CME) 1/18 2/03 93 14 1 15 406 24/17 76 11 Buy Live Cattle(CME)—June 2/21 3/11 80 12 3 15 409 20/20 24 12 Buy Apr Feeder Cattle(CME) Sell May Feeder Cattle(CME) 2/27 4/18 87 13 2 15 521 10/52 56 13 Sell Live Cattle(CME)—April 2/28 3/29 80 12 3 15 558 18/31 25 14 Buy Dec Live Cattle(CME) Sell Jun Live Cattle(CME) 3/06 3/25 93 14 1 15 443 22/20 25 15 Sell Live Cattle(CME)—June 3/10 3/30 93 14 1 15 650 31/21 26 16 Sell Live Cattle(CME)—June 3/10 4/16 87 13 2 15 863 23/38 26 17 Buy Dec Live Cattle(CME) Sell Jun Live Cattle(CME) 3/10 4/16 93 14 1 15 581 15/38 27 18 Buy Aug Live Cattle(CME) Sell Jun Live Cattle(CME) 3/10 5/10 93 14 1 15 661 11/62 27 19 Buy Apr Feeder Cattle(CME) Sell Jun Live Cattle(CME) 3/11 4/18 87 13 2 15 1069 27/39 76 For other MRCI products and information: 1-800-927-7259 or (541) 484-7256 - Fax: (541) 484-0243 Website: http://www.mrci.com Email: sales@mrci.com Note: These trade strategies have worked with historical consistency. No representation is being made that they will work this year or in the future. Please check current market fundamentals and technical conditions before considering these trades. This information is not a recommendation to buy or sell at this time, but merely a historical presentation of trade strategies. Past results are not necessarily indicative of future results. No representation is being made that an account will or is likely to achieve profits or incur losses similar to those shown. SEASONAL TENDENCIES ARE A COMPOSITE OF SOME OF THE MORE CONSISTENT COMMODITY FUTURES SEASONALS THAT HAVE OCCURRED OVER THE PAST 15 YEARS. THERE ARE USUALLY UNDERLYING FUNDAMENTAL CIRCUMSTANCES THAT OCCUR ANNUALLY THAT TEND TO CAUSE THE FUTURES MARKETS TO REACT IN A SIMILAR DIRECTIONAL MANNER DURING A CERTAIN CALENDAR PERIOD OF THE YEAR. EVEN IF A SEASONAL TENDENCY OCCURS IN THE FUTURE, IT MAY NOT RESULT IN A PROFITABLE TRANSACTION AS FEES, AND THE TIMING OF THE ENTRY AND LIQUIDATION MAY IMPACT ON THE RESULTS. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT HAS IN THE PAST OR WILL IN THE FUTURE ACHIEVE PROFITS UTILIZING THESE STRATEGIES. NO REPRESENTATION IS BEING MADE THAT PRICE PATTERNS WILL RECUR IN THE FUTURE. 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. 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 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 TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE. Copyright ©1989-2008 Moore Research Center, Inc. MOORE RESEARCH CENTER,INC. 147 Chronological Summary Seasonal Strategy Chronological Summary Seasonal Live Cattle & Feeder Cattle Strategies Seasonal Strategy Entry Date Exit Date Win Pct Win Loss Total Years Years Years Average Profit Ave Pft Per Day Pg No 20 Buy Aug Live Cattle(CME) Sell Jun Live Cattle(CME) 3/11 4/29 93 14 1 15 491 10/50 28 21 Buy Dec Live Cattle(CME) Sell Jun Live Cattle(CME) 3/13 3/24 100 15 0 15 352 29/12 28 22 Buy May Feeder Cattle(CME) Sell Jun Live Cattle(CME) 3/14 5/20 93 14 1 15 1398 21/68 77 23 Buy May Feeder Cattle(CME) Sell Jun Live Cattle(CME) 4/05 5/19 93 14 1 15 962 21/45 77 24 Sell Live Cattle(CME)—June 4/09 4/25 87 13 2 15 601 35/17 29 25 Buy Nov Feeder Cattle(CME) Sell Dec Live Cattle(CME) 4/14 7/12 87 13 2 15 1168 13/90 78 26 Buy Aug Feeder Cattle(CME) Sell Feb Live Cattle(CME) 4/16 7/12 93 14 1 15 1431 16/88 78 27 Buy Feeder Cattle(CME)—September 4/22 5/01 93 14 1 15 513 51/10 56 28 Buy May Feeder Cattle(CME) Sell Jun Live Cattle(CME) 4/25 5/20 93 14 1 15 831 32/26 79 29 Buy Aug Feeder Cattle(CME) Sell Aug Live Cattle(CME) 4/25 7/09 87 13 2 15 1530 20/76 79 30 Buy Feeder Cattle(CME)—August 4/25 8/06 93 14 1 15 2385 23/104 57 31 Buy Feeder Cattle(CME)—August 5/09 8/06 93 14 1 15 1978 22/90 57 32 Buy Aug Feeder Cattle(CME) Sell Feb Live Cattle(CME) 5/16 7/08 93 14 1 15 1109 21/54 80 33 Buy Feeder Cattle(CME)—August 5/21 7/09 93 14 1 15 1424 28/50 58 34 Buy Feeder Cattle(CME)—September 5/21 9/11 93 14 1 15 2181 19/114 58 35 Buy Live Cattle(CME)—June * 5/25 6/04 80 12 3 15 487 44/11 29 36 Buy Jun Live Cattle(CME) Sell Oct Live Cattle(CME) * 5/26 6/07 93 14 1 15 361 28/13 30 37 Buy Sep Feeder Cattle(CME) Sell Dec Live Cattle(CME) 5/26 7/10 93 14 1 15 924 20/46 80 38 Sell Live Cattle(CME)—August 6/05 6/21 80 12 3 15 362 21/17 30 For other MRCI products and information: 1-800-927-7259 or (541) 484-7256 - Fax: (541) 484-0243 Website: http://www.mrci.com Email: sales@mrci.com Note: These trade strategies have worked with historical consistency. No representation is being made that they will work this year or in the future. Please check current market fundamentals and technical conditions before considering these trades. This information is not a recommendation to buy or sell at this time, but merely a historical presentation of trade strategies. Past results are not necessarily indicative of future results. No representation is being made that an account will or is likely to achieve profits or incur losses similar to those shown. SEASONAL TENDENCIES ARE A COMPOSITE OF SOME OF THE MORE CONSISTENT COMMODITY FUTURES SEASONALS THAT HAVE OCCURRED OVER THE PAST 15 YEARS. THERE ARE USUALLY UNDERLYING FUNDAMENTAL CIRCUMSTANCES THAT OCCUR ANNUALLY THAT TEND TO CAUSE THE FUTURES MARKETS TO REACT IN A SIMILAR DIRECTIONAL MANNER DURING A CERTAIN CALENDAR PERIOD OF THE YEAR. EVEN IF A SEASONAL TENDENCY OCCURS IN THE FUTURE, IT MAY NOT RESULT IN A PROFITABLE TRANSACTION AS FEES, AND THE TIMING OF THE ENTRY AND LIQUIDATION MAY IMPACT ON THE RESULTS. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT HAS IN THE PAST OR WILL IN THE FUTURE ACHIEVE PROFITS UTILIZING THESE STRATEGIES. NO REPRESENTATION IS BEING MADE THAT PRICE PATTERNS WILL RECUR IN THE FUTURE. 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. 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 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 TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE. Copyright ©1989-2008 Moore Research Center, Inc. 148 HISTORICAL LIVE CATTLE/FEEDER CATTLE REPORT Seasonal Live Cattle & Feeder Cattle Strategies Entry Date Exit Date Win Pct Win Loss Total Years Years Years Average Profit Ave Pft Per Day Pg No 39 Buy Feeder Cattle(CME)—October 6/17 7/08 87 13 2 15 978 44/22 59 40 Buy Live Cattle(CME)—October 6/19 7/07 93 14 1 15 477 25/19 31 41 Buy Sep Feeder Cattle(CME) Sell Nov Feeder Cattle(CME) 6/20 9/21 87 13 2 15 493 5/94 59 42 Buy Oct Live Cattle(CME) Sell Apr Live Cattle(CME) 6/22 7/28 87 13 2 15 477 13/37 31 43 Buy Oct Live Cattle(CME) Sell Apr Live Cattle(CME) 6/22 9/12 80 12 3 15 560 7/83 32 44 Buy Feeder Cattle(CME)—September 6/23 7/09 93 14 1 15 753 44/17 60 45 Buy Live Cattle(CME)—December 6/26 9/11 80 12 3 15 947 12/78 32 46 Buy Feeder Cattle(CME)—August 6/30 7/07 87 13 2 15 559 70/8 60 47 Buy Oct Live Cattle(CME) Sell Apr Live Cattle(CME) 8/25 9/14 80 12 3 15 323 15/21 33 48 Buy Feeder Cattle(CME)—September 8/25 9/15 87 13 2 15 707 32/22 61 49 Buy Live Cattle(CME)—December 8/30 9/11 87 13 2 15 431 33/13 33 50 Buy Oct Feeder Cattle(CME) Sell Nov Feeder Cattle(CME) 9/09 10/17 87 13 2 15 500 13/39 61 51 Sell Feeder Cattle(CME)—November 9/14 9/28 80 12 3 15 475 32/15 62 52 Buy Feb Live Cattle(CME) Sell Nov Feeder Cattle(CME) 9/14 11/11 93 14 1 15 1150 19/59 81 53 Sell Live Cattle(CME)—December 9/15 9/28 80 12 3 15 426 30/14 34 54 Buy Feb Live Cattle(CME) Sell Dec Live Cattle(CME) 9/15 11/07 93 14 1 15 429 8/54 34 55 Buy Oct Feeder Cattle(CME) Sell Nov Feeder Cattle(CME) 9/25 10/17 93 14 1 15 340 15/23 62 56 Buy Live Cattle(CME)—February 10/14 11/24 80 12 3 15 336 8/42 35 57 Buy May Feeder Cattle(CME) Sell Mar Feeder Cattle(CME) 11/02 2/02 87 13 2 15 535 6/93 63 58 Buy Aug Live Cattle(CME) Sell Feb Live Cattle(CME) 11/17 12/11 87 13 2 15 385 15/25 35 For other MRCI products and information: 1-800-927-7259 or (541) 484-7256 - Fax: (541) 484-0243 Website: http://www.mrci.com Email: sales@mrci.com Note: These trade strategies have worked with historical consistency. No representation is being made that they will work this year or in the future. Please check current market fundamentals and technical conditions before considering these trades. This information is not a recommendation to buy or sell at this time, but merely a historical presentation of trade strategies. Past results are not necessarily indicative of future results. No representation is being made that an account will or is likely to achieve profits or incur losses similar to those shown. SEASONAL TENDENCIES ARE A COMPOSITE OF SOME OF THE MORE CONSISTENT COMMODITY FUTURES SEASONALS THAT HAVE OCCURRED OVER THE PAST 15 YEARS. THERE ARE USUALLY UNDERLYING FUNDAMENTAL CIRCUMSTANCES THAT OCCUR ANNUALLY THAT TEND TO CAUSE THE FUTURES MARKETS TO REACT IN A SIMILAR DIRECTIONAL MANNER DURING A CERTAIN CALENDAR PERIOD OF THE YEAR. EVEN IF A SEASONAL TENDENCY OCCURS IN THE FUTURE, IT MAY NOT RESULT IN A PROFITABLE TRANSACTION AS FEES, AND THE TIMING OF THE ENTRY AND LIQUIDATION MAY IMPACT ON THE RESULTS. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT HAS IN THE PAST OR WILL IN THE FUTURE ACHIEVE PROFITS UTILIZING THESE STRATEGIES. NO REPRESENTATION IS BEING MADE THAT PRICE PATTERNS WILL RECUR IN THE FUTURE. 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. 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 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 TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE. Copyright ©1989-2008 Moore Research Center, Inc. MOORE RESEARCH CENTER,INC. 149 Chronological Summary Seasonal Strategy Seasonal Live Cattle & Feeder Cattle Strategies Seasonal Strategy Entry Date Exit Date Win Pct Win Loss Total Years Years Years Average Profit Ave Pft Per Day Pg No 59 Buy Jun Live Cattle(CME) Sell Mar Feeder Cattle(CME) 12/05 3/07 93 14 1 15 1140 12/94 81 60 Buy Apr Live Cattle(CME) Sell Apr Feeder Cattle(CME) 12/11 3/10 93 14 1 15 807 9/91 82 61 Buy Live Cattle(CME)—February 12/12 1/17 80 12 3 15 408 11/37 36 62 Buy Live Cattle(CME)—February 12/12 12/24 93 14 1 15 419 32/13 36 63 Buy Feb Live Cattle(CME) Sell Aug Live Cattle(CME) 12/12 12/24 93 14 1 15 268 21/13 37 64 Buy Apr Live Cattle(CME) Sell Jan Feeder Cattle(CME) 12/23 1/14 87 13 2 15 563 24/23 82 65 Buy Live Cattle(CME)—April 12/27 1/16 87 13 2 15 256 12/21 37 Chronological Summary * Caution: Trade exit is during delivery period. Longs may be subject to delivery. For other MRCI products and information: 1-800-927-7259 or (541) 484-7256 - Fax: (541) 484-0243 Website: http://www.mrci.com Email: sales@mrci.com Note: These trade strategies have worked with historical consistency. No representation is being made that they will work this year or in the future. Please check current market fundamentals and technical conditions before considering these trades. This information is not a recommendation to buy or sell at this time, but merely a historical presentation of trade strategies. Past results are not necessarily indicative of future results. No representation is being made that an account will or is likely to achieve profits or incur losses similar to those shown. SEASONAL TENDENCIES ARE A COMPOSITE OF SOME OF THE MORE CONSISTENT COMMODITY FUTURES SEASONALS THAT HAVE OCCURRED OVER THE PAST 15 YEARS. THERE ARE USUALLY UNDERLYING FUNDAMENTAL CIRCUMSTANCES THAT OCCUR ANNUALLY THAT TEND TO CAUSE THE FUTURES MARKETS TO REACT IN A SIMILAR DIRECTIONAL MANNER DURING A CERTAIN CALENDAR PERIOD OF THE YEAR. EVEN IF A SEASONAL TENDENCY OCCURS IN THE FUTURE, IT MAY NOT RESULT IN A PROFITABLE TRANSACTION AS FEES, AND THE TIMING OF THE ENTRY AND LIQUIDATION MAY IMPACT ON THE RESULTS. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT HAS IN THE PAST OR WILL IN THE FUTURE ACHIEVE PROFITS UTILIZING THESE STRATEGIES. NO REPRESENTATION IS BEING MADE THAT PRICE PATTERNS WILL RECUR IN THE FUTURE. 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. 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 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 TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE. Copyright ©1989-2008 Moore Research Center, Inc. 150 HISTORICAL LIVE CATTLE/FEEDER CATTLE REPORT MRCI Staff President: Steve Moore swm@mrci.com MRCI INTERNET SUBSCRIPTIONS Research Director: Nick Colley nac@mrci.com VISIT our website: http://www.mrci.com Editor: Jerry Toepke jerry@mrci.com RECEIVE Dynamic Historical Research Operations Manager: Melissa Moore melissa@mrci.com Office Manager Amy Prince amy@mrci.com Sales Representives Rachel Heinze rachel@mrci.com Trading Assistant Mary Hatfield mary@mrci.com JOIN MRCI Online Anticipate future trading opportunities with unlimited website access into: Historical trading strategies - approximately 15 outright and 15 spread strategies are featured each month, all at least 80% historically reliable between specific dates. Seasonal pattern charts - our stock-in-trade and updated monthly, can be of value to traders even of a non-seasonal persuasion. This section contains over 250 charts displaying 5- and 15-year seasonal patterns for over 40 cash and futures markets. Correlation studies - Updated daily, evaluate up to 55 years of history against current contracts and statistically determine which previous years behaved most similarly to the current market for both futures and spreads. Historical daily charts - you will find nearly 6,000 historical daily charts of futures and cash markets as far back as 1910. Option volatility charts - Daily, weekly and monthly charts reflecting the 15-year average of 20-day historical volatility, both its central tendency and one standard deviation in either direction. All material in this report is copyrighted, and all rights are reserved unless specifically stated otherwise. Material is provided for information only; no recommendation to buy or sell futures is made. Opinions expressed are solely those of the author(s). All information is derived from sources believed to be reliable, but MRCI does not guarantee its accuracy. Any losses resulting from following information contained herein are the sole responsibility of the reader. While representatives of MRCI may have a position in and/or intend to buy or sell futures referred to, their positions and intentions may not necessarily be consistent with the enclosed material. When reviewing performance results, please consider the added impact of transaction costs and slippage. Market conditions may prevent execution of a stop-loss order at its specified price. Also, results shown in this report do not include a deduction for transaction costs (commissions and fees). MOORE RESEARCH CENTER, INC. Scenario Analysis - studies up to 45 years of history to determine if and/or when the direction of a monthly close has been statistically significant. Emailed weekly updates - transmitted every Wednesday afternoon. Monthly long-term charts - 8-1/2 x 11-inch Adobe PDF nearby charts with volume and open interest. Howe’s limit rule and open limits - Updated daily, lists active futures contracts which have reached but not exceeded a limit price within the last year. Plus a whole lot more with NEW features added regularly! For other MRCI products and information: 1-800-927-7259 or (541) 484-7256 - Fax: (541) 484-0243 Website: http://www.mrci.com Email: sales@mrci.com Address: 85180 Lorane Highway Eugene, OR 97405 THERE IS A RISK OF LOSS IN FUTURES TRADING. 151 MRCI Fax Order Form (541) 484-0243 MRCI Subscription Rates Period Each 60 to 80-page monthly report presents historical detail on as many as 15 seasonal and 15 spread strategies, each at least 80% historically reliable between specific dates; includes other technical studies, computer analyses and articles by industry professionals. Mailed 12 Issues/1 Year 6 Issues/6 Months 3 Issues/3 Months 1 Issue/Monthly* Back Issue Extra Copy/Per Mth The Weekly Spread Commentary discusses two upcoming seasonal spread strategies and is sent via e-mail each Friday. Online $499 299 169 *64 45 19 $379 219 129 *49 1 Year 135 3 Months 55 Both Total $799 469 269 *99 U.S. funds please. International shipments are an additional $25.00 per month (except Canada). Express shipment costs subject to destination. Special Reports are Hardcopy Only SPECIAL HISTORICAL REPORTS Seasonal Pattern Charts - features 5- and 15- year seasonal and Bull/Bear patterns for each contract of over 60 major U.S. and International futures and cash indices of major U.S. and International stock markets. Special Historical Reports feature year-round seasonal analysis for the complex, including 15year seasonal and spread patterns (also cash and basis if available) and specific trading and spread strategies of 80%-or- greater historical reliability. Traders Desk Reference books are designed to serve as a comprehensive historical reference for daily price activity in major futures markets. Daily bar charts as far back as 24 years illustrate price movement by each contract. From these one may detect market activity, range of trade, general trends, and the dates and prices for important highs and lows. Seasonal Pattern Charts (200+Pages) **Market Seasonal Patterns Report (20 Pages) 2008 Soybean Complex (170+ Pages) 2008 Grains (135+ Pages) 2008 Soybean/Grain Spread (140+ Pages) 2008 Live Cattle/Feeder Cattle (140+ Pages) 2008 Lean Hogs/Pork Bellies (110+ Pages) 2008 Live Cattle/Lean Hog Spread (45+ Pages) 2008 Lumber (86+ Pages) **2007 Metals (80+ Pages) **2007 Forex (130+ Pages) **2007 Interest Rates (120+ Pages) **2007 Indices (100+ Pages) 2007 Energy (270+ Pages) 2007 Softs (150+ Pages) 2008 Dairy (108+ Pages) Shipping & Handling is an additional $8 per report. ($25 for Int’l Air Mail). Express International shipment costs subject to destination. * Month-to-Month subscriptions are charged monthly to your credit card and can be canceled at any time. **Reports available in PDF format via Email less $10.00 each in price and no shipping and handling charges. Price $124 49 149 149 69 89 89 49 69 59 59 69 69 149 149 69 Shipping Total Prices and rates current as of November, 2000 and are subject to change without notice. THERE IS RISK OF FINANCIAL LOSS IN FUTURES TRADING. Name: Daytime Phone: Address: Suite/Apt #: City: State: Country: Zip/Postal Code: FAX: E-mail: Exp. Date: Visa MasterCard American Express Signature: Date: (Required if using a credit card) 152 HISTORICAL LIVE CATTLE/FEEDER CATTLE REPORT Futures trading is not suitable for all investors, and involves the risk of loss. Futures are a leveraged investment, and because only a percentage of a contract’s value is required to trade, it is possible to lose more than the amount of money deposited for a futures position. Therefore, traders should only use funds that they can afford to lose without affecting their lifestyles. And only a portion of those funds should be devoted to any one trade because they cannot expect to profit on every trade. All references to options refer to options on futures. The Globe Logo, CME®, Chicago Mercantile Exchange®, CME Group™, Globex® and CME EOS Trader™ are trademarks of Chicago Mercantile Exchange Inc. The information within this document has been compiled by CME Group for general purposes only. Although every attempt has been made to ensure the accuracy of the information within this document, CME Group assumes no responsibility for any errors or omissions. Additionally, any examples in this document are hypothetical situations, used for explanation purposes only, and should not be considered investment advice or the results of actual market experience. All matters pertaining to rules and specifications herein are made subject to and are superseded by official CME, CBOT and CME Group rules. Current rules should be consulted in all cases concerning contract specifications. Copyright © 2008 CME Group. All rights reserved. CME Group headquarters CME Group global offices 20 South Wacker Drive Chicago, Illinois 60606 cmegroup.com Chicago 312 930 1000 Hong Kong London 44 20 7796 7100 info@cmegroup.com 852 3101 7696 asiateam@cmegroup.com Sydney 61 2 9231 7475 Tokyo 81 3 5403 4828 Washington D.C. 312 930 1000 asiateam@cmegroup.com asiateam@cmegroup.com info@cmegroup.com europe@cmegroup.com AC167.1/0/0108