COMMODITY PRODUCTS Moore Research Report. Seasonals Charts Strategies PORK

Transcription

1 COMMODITY PRODUCTS 2008 Moore Research Report Seasonals Charts Strategies PORK

2 Welcome to the 2008 Moore Historical PORK 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 Lean Hog and Frozen Pork Belly futures and options: Free real-time price quotes on electronic Lean Hog futures and options complete with: Best bids and offers Daily trading activity Outright and spread markets Free one-page daily commentary on the fundamental drivers of the livestock markets An introductory look at trading electronic Livestock options on the CME Globex platform For more information on CME Group Livestock products, visit or contact To begin trading Livestock futures and options on the CME Globex electronic trading platform, contact your broker directly.

3 Historical Lean Hogs/Pork Bellies Report For Your Information Lean Hogs Pork Bellies Inter-Market Spreads Cash & Basis Historical Daily Miscellaneous Table of Contents Page Preface How to Interpret Seasonal & Seasonal Average Charts How to Interpret a Strategy Sheet Section Index Nearby Monthly Chart: Lean Hogs ( ) CME Futures & Options Contract Specifications How to Calculate the Lean Hog Index Nearby Weekly Chart: Lean Hogs ( ) Seasonal, Average, and Weekly Continuation Charts Seasonal & Spread Strategies Section Index Monthly Nearby Chart: Pork Bellies ( ) CME Futures & Options Contract Specifications - Frozen Nearby Weekly Chart: Pork Bellies ( ) Seasonal and Weekly Continuation Charts Seasonal Strategies Section Index Seasonal Average and Weekly Continuation Charts Spread Strategies Section Index Historical Cash & Basis: Seasonal Charts Section Index Lean Hogs Historical Daily Charts Pork Bellies Historical Daily Charts How to Interpret Bull/Bear & Volatility Charts Section Index Bull/Bear Charts Historical Volatility Charts Lean Hogs/Pork Bellies Daily Trading Statistics Chronological Summary Edition (Charts current through December 2007.) The 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 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.

4 Preface Preface Knowledge is the foundation essential to making consistently successful decisions. Would a prudent businessman market product or purchase raw material without first researching profit and cost potential? 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 in the hog and pork belly futures markets, 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 pork 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. Seasonal s Nearly all markets real estate, T-Bills, cash hogs, grain futures are affected by various fundamental forces, many of which are seasonal in nature. Such forces as weather, fiscal calendars, Treasury refundings, even 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 being considered. The numerical index to the right of the chart reflects a historical tendency to reach its seasonal high (100) or low (0) at a given time. Weekly continuation charts are also contract-specific. They are intended to illustrate historical relative value, turning points, and long-term trends for particular hedging, spread, and trading strategies. Seasonal average charts depict historical spread relationships. Per industry standard, spread charts are plotted by subtracting the sell side (the short leg ) from the buy side (the long leg ). Thus, the short leg functions as the 0-line, with the resultant chart depicting the fluctuation of the long leg above and below the short leg [from which are derived such quotes as $2 over (a premium) or $1.50 under (a discount)]. 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 well-defined seasonal tops, bottoms, and trends. 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. Thus, each 80%-or-more historically reliable strategy is valid as a potential trading idea. However, past performance is not necessarily indicative of future results. Seasonal strategies in this publication are quantifiably, historically factual but necessarily presented without the benefit of any current analysis of technical or fundamental conditions. Thus, such historical strategies are meant to be starting points rather than trading recommendations. Lean Hog Price Conversions The transition to Lean Hogs began with the February 1997 contract. In order to provide historical perspective on lean hogs, prices actually traded in Live Hog futures contracts have been converted. Therefore, all historical daily and weekly continuation charts herein reflect lean-hog equivalent prices. Daily seasonal pattern charts, updated through December 2007, will look exactly the same using either lean or live hog data. The overall seasonal behavior in Lean Hogs will presumably exhibit characteristics similar to those for Live Hogs although minor exceptions may evolve, for instance, as a result of changing from delivery to cash settlement. Likewise, seasonal spread average charts reflect Lean Hog differences. All historical trading and spread strategies also depict lean-hog equivalent values. 2 HISTORICAL LEAN HOGS/PORK BELLIES REPORT

5 Seasonal Chart Explanation ach chart consists of two aspects of a market s seasonal pattern the most recent 15-year (solid line) and its Emost 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 the expiration of a lead contract? If so, does there exist an implied opportunity?! February Lean Hogs(CME) Seasonal s( ) Year Year 20 Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb 0 Seasonal Average Chart Explanation urther perspective on the behavior of spreads may be gained from their seasonal average charts, which portray Ftheir averaged difference. Per industry standard, the price of the latter-named contract (the sell side) is subtracted from the price of the former (the buy side). On the chart, then, the contract on the sell side is represented by the 0-line, the reference around which the contract on the buy side fluctuates. From these seasonal spread average charts one can get a sense not only of seasonal trading patterns but also of normal spread premiums and discounts.! 15 Year 5 Year Feb Lean Hogs(CME) - Apr Lean Hogs(CME) 15 Year Average(93-07) Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Seasonal & Seasonal Average Explanation MOORE RESEARCH CENTER, INC. 3

6 Strategy Sheet Explanation nique MRCI strategy sheets present each historically reliable seasonal trade with a table of its relevant detail. UTraders 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 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 & 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 price of the dates listed, as are profit and loss values. If an optimized trade date fell on a weekend or holiday, entry was considered to have been made on the following trading day with exit on the trading day 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.! Strategy Explanation CONT BUY Buy on approximately 01/03 - Exit on approximately 01/25 BUY Lean Hogs(CME) June Contract Size: 40,000 lbs /03/ /25/ /25/ /09/ /03/ /25/ /09/ /25/ /03/ /25/ /19/ /10/ /05/ /23/ /20/ /12/ /03/ /24/ /14/ /21/ /03/ /25/ /25/ /03/ /25/ /19/ /03/ /25/ /21/ /05/ /04/ /25/ /22/ /05/ /23/ /23/ /08/ /03/ /24/ /24/ /17/ /03/ /25/ /11/ /19/ /03/ /25/ /23/ /06/ /03/ /25/ /25/ /04/ /25/ /11/ /05/ Percentage Correct 80 Average Profit on Winning Trades Winners 12 Average Loss on Trades Losers 3 Average Net Profit Per Trade Total trades 15 S OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED 4 HISTORICAL LEAN HOGS/PORK BELLIES REPORT

7 Lean Hogs Page Futures & Options Specifications & the Lean Hog Contract CME Lean Hog Futures & Options Contract Specifications How to Calculate the Lean Hog Index Seasonal, Seasonal Average and Weekly Continuation Charts Feb; Feb vs: Apr, Jun, Jul Apr; Apr vs: Jun, Jul, Aug Jun; Jun vs: Jul, Aug, Oct Jul; Jul vs: Aug, Oct, Dec Aug; Aug vs: Oct, Dec, Feb Oct; Oct vs: Dec, Feb, Apr Dec; Dec vs: Feb, Apr, Jun Strategies Strategy Summary Strategy Detail Tables Monthly Nearby Lean Hogs(CME) Lean Hogs MOORE RESEARCH CENTER, INC. 5

8 CME Lean Hog Futures/Options Lean Hog Futures & Options Specification Ticker Symbol Description 1 Trading Unit Price Quote Minimum Price Fluctuation (Tick) Daily Price Limit Contract Months Trading Hours (Chicago Time) Last Trading Day Final Settlement Option Strike Price Intervals Options Strike Price Listings Option Expiration LH (pit); HE (electronic) Average net price of slaughtered hogs 40,000 pounds $ per 100 pounds (cents per pound).025 = $10.00 per contract (2.5 /hundred pounds, or.025 /pound) 3.00 = $ per contract ($3.00/hundred pounds, or 3.0 /pound); no price limit on last two trading days Feb, Apr, May, Jun, Jul, Aug, Oct, Dec RTH: 9:05 AM - 1:00 PM (9:05 AM - 1:02 PM for options) Last day: 9:05 AM - 12:00 noon 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) 10th business day of the contract month Cash-settled to the CME Lean Hog Index, a two-day weighted average of USDA Lean Hog carcass slaughter cost prices Two cents (e.g., 62, 64 ); one cent for two nearby contracts (e.g., 62, 63 ) 11 total per contract month to start; additional strikes are posted as the market moves higher or lower Same day and time as underlying futures contract For additional information Chicago Mercantile Exchange Inc. has a variety of publications, audio-visual materials, and other information for anyone interested in learning more about the CME and its products. For your convenience, following are some of the most often called CME numbers: Contract Design 312/ Seminars/Information 312/ Publications 312/ Deliveries 312/ Performance Bonds 312/ Surveillance 312/ HISTORICAL LEAN HOGS/PORK BELLIES REPORT

9 How to Calculate the CME Lean Hog Index The CME Lean Hog Index is a two-day weighted average of average net prices for slaughtered hogs.* The data is collected by the U.S. Department of Agriculture (USDA). The Index represents the most active trade in lean-value or grade-and-yield hogs. The USDA supplies the following data: Total number of hogs slaughtered; Average hog carcass weight; Average net price. To calculate the Index, first, using data for producer-sold negotiated hogs, the number of hogs slaughtered is multiplied by the average carcass weight to determine the total pounds of producer-sold negotiated hogs slaughtered. Then, all three USDA figures are multiplied (head count x weight x average net price) to determine the total value in cents. The same process is then used with data for producer-sold swine-pork market formula hogs to determine the total poundage and total value. The negotiated poundage is combined with the formula poundage and the negotiated value is combined with the formula value. To get the CME Lean Hog Index value, add two consecutive combined daily total values, and then divide by the sum of the two days combined total poundage. This results in a two-day weighted average of slaughter values quoted in cents per pound Weekly Nearby Lean Hogs(CME) Combined Total Value = Total Head (negotiated) x Average Carcass Weight (negotiated) x Average Net Price (negotiated) plus Total Head (swine-pork market formula) x Average Carcass Weight (swine-pork market formula) x Average Net Price (swine-pork market formula) Combined Total Weight = Total Head (negotiated) x Average Carcass Weight (negotiated) plus Total Head (swine-pork market formula) x Average Carcass Weight (swine-pork market formula) To calculate the Index for Fri, January 3, 2003: 1) Use USDA data for Thu, January 2 and Fri, January 3 2) Combined Total Value for Thursday: Negotiated hogs: x x = 290,299, Formula hogs: x x = 1,363,244, ,653,543, ) Combined Total Value for Friday: Negotiated Hogs: x x = 744,173, Formula hogs: x x = 1,813,575, ,557,748, ) 2-Day Combined Total Value = 4,211,292, ) Combined Total Weight for Thursday: Negotiated hogs: x = 6,752, Formula hogs: x = 30,314, ,067, ) Combined Total Weight for Friday: Negotiated hogs: x = 16,847, Formula hogs: x = 40,150, ,997, ) 2-Day Combined Total Weight = 94,065, ) 2 Day Combined Total Value 4,211,292, Day Combined Total Weight 94,065, = MOORE RESEARCH CENTER, INC. 7 Calculating the CME Lean Hog Index

10 February Lean Hogs(CME) Seasonal s( ) Year Year 20 Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb 0 Feb Lean Hogs(CME) - Apr Lean Hogs(CME) 15 Year Average(93-07) Year Year -3-4 Lean Hogs Seasonal & Average: February 15 Year 5 Year 15 Year 5 Year Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Feb Lean Hogs(CME) - Jun Lean Hogs(CME) 15 Year Average(93-07) Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Feb Lean Hogs(CME) - Jul Lean Hogs(CME) 15 Year Average(93-07) Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb HISTORICAL LEAN HOGS/PORK BELLIES REPORT

11 Weekly Feb Lean Hogs(CME) Weekly Feb Lean Hogs(CME) - Apr Lean Hogs(CME) Weekly Feb Lean Hogs(CME) - Jun Lean Hogs(CME) Weekly Feb Lean Hogs(CME) - Jul Lean Hogs(CME) Lean Hogs Weekly: February MOORE RESEARCH CENTER, INC. 9

12 April Lean Hogs(CME) Seasonal s( ) Year Year 20 May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr 0 Apr Lean Hogs(CME) - Jun Lean Hogs(CME) 15 Year Average(93-07) Year Year May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr -11 Lean Hogs Seasonal & Average: April 15 Year 5 Year 15 Year 5 Year Apr Lean Hogs(CME) - Jul Lean Hogs(CME) 15 Year Average(93-07) May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr Apr Lean Hogs(CME) - Aug Lean Hogs(CME) 15 Year Average(93-07) May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr HISTORICAL LEAN HOGS/PORK BELLIES REPORT

13 Weekly Apr Lean Hogs(CME) Weekly Apr Lean Hogs(CME) - Jun Lean Hogs(CME) Weekly Apr Lean Hogs(CME) - Jul Lean Hogs(CME) Weekly Apr Lean Hogs(CME) - Aug Lean Hogs(CME) Lean Hogs Weekly: April MOORE RESEARCH CENTER, INC. 11

14 June Lean Hogs(CME) Seasonal s( ) Year Year 20 Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun 0 Jun Lean Hogs(CME) - Jul Lean Hogs(CME) 15 Year Average(93-07) Year Year 0-1 Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun -2 Lean Hogs Seasonal & Average: June 15 Year 5 Year 15 Year 5 Year Jun Lean Hogs(CME) - Aug Lean Hogs(CME) 15 Year Average(93-07) Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jun Lean Hogs(CME) - Oct Lean Hogs(CME) 15 Year Average(93-07) Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun HISTORICAL LEAN HOGS/PORK BELLIES REPORT

15 Weekly Jun Lean Hogs(CME) Weekly Jun Lean Hogs(CME) - Jul Lean Hogs(CME) Weekly Jun Lean Hogs(CME) - Aug Lean Hogs(CME) Weekly Jun Lean Hogs(CME) - Oct Lean Hogs(CME) Lean Hogs Weekly: June MOORE RESEARCH CENTER, INC. 13

16 July Lean Hogs(CME) Seasonal s( ) Year Year 20 Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul 0 Jul Lean Hogs(CME) - Aug Lean Hogs(CME) 15 Year Average(93-07) Year Year Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul 0.0 Lean Hogs Seasonal & Average: July 15 Year 5 Year 15 Year 5 Year Jul Lean Hogs(CME) - Oct Lean Hogs(CME) 15 Year Average(93-07) Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Jul Lean Hogs(CME) - Dec Lean Hogs(CME) 15 Year Average(93-07) Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul HISTORICAL LEAN HOGS/PORK BELLIES REPORT

17 Weekly Jul Lean Hogs(CME) Weekly Jul Lean Hogs(CME) - Aug Lean Hogs(CME) Weekly Jul Lean Hogs(CME) - Oct Lean Hogs(CME) Weekly Jul Lean Hogs(CME) - Dec Lean Hogs(CME) Lean Hogs Weekly: July MOORE RESEARCH CENTER, INC. 15

18 August Lean Hogs(CME) Seasonal s( ) Year Year 20 Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug 0 Aug Lean Hogs(CME) - Oct Lean Hogs(CME) 15 Year Average(93-07) Year Year 7 6 Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug 5 Lean Hogs Seasonal & Average: August 15 Year 5 Year 15 Year 5 Year Aug Lean Hogs(CME) - Dec Lean Hogs(CME) 15 Year Average(93-07) Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Aug Lean Hogs(CME) - Feb Lean Hogs(CME) 15 Year Average(93/94-07/08) Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug HISTORICAL LEAN HOGS/PORK BELLIES REPORT

19 Weekly Aug Lean Hogs(CME) Weekly Aug Lean Hogs(CME) - Oct Lean Hogs(CME) Weekly Aug Lean Hogs(CME) - Dec Lean Hogs(CME) Weekly Aug Lean Hogs(CME) - Feb Lean Hogs(CME) Lean Hogs Weekly: August MOORE RESEARCH CENTER, INC. 17

20 October Lean Hogs(CME) Seasonal s( ) Year Year 20 Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct 0 Oct Lean Hogs(CME) - Dec Lean Hogs(CME) 15 Year Average(93-07) Year Year Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct 0.0 Lean Hogs Seasonal & Average: October 15 Year 5 Year 15 Year 5 Year Oct Lean Hogs(CME) - Feb Lean Hogs(CME) 15 Year Average(93/94-07/08) Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Oct Lean Hogs(CME) - Apr Lean Hogs(CME) 15 Year Average(93/94-07/08) Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct HISTORICAL LEAN HOGS/PORK BELLIES REPORT

21 Weekly Oct Lean Hogs(CME) Weekly Oct Lean Hogs(CME) - Dec Lean Hogs(CME) Weekly Oct Lean Hogs(CME) - Feb Lean Hogs(CME) Weekly Oct Lean Hogs(CME) - Apr Lean Hogs(CME) Lean Hogs Weekly: October MOORE RESEARCH CENTER, INC. 19

22 December Lean Hogs(CME) Seasonal s( ) Year Year 20 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 0 Dec Lean Hogs(CME) - Feb Lean Hogs(CME) 15 Year Average(93/94-07/08) Year Year -4 Lean Hogs Seasonal & Average: December 15 Year 5 Year 15 Year 5 Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Dec Lean Hogs(CME) - Apr Lean Hogs(CME) 15 Year Average(93/94-07/08) Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Dec Lean Hogs(CME) - Jun Lean Hogs(CME) 15 Year Average(93/94-07/08) Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec HISTORICAL LEAN HOGS/PORK BELLIES REPORT

23 Weekly Dec Lean Hogs(CME) Weekly Dec Lean Hogs(CME) - Feb Lean Hogs(CME) Weekly Dec Lean Hogs(CME) - Apr Lean Hogs(CME) Weekly Dec Lean Hogs(CME) - Jun Lean Hogs(CME) Lean Hogs Weekly: December MOORE RESEARCH CENTER, INC. 21

24 Seasonal Strategy Entry Date Seasonal Lean Hogs Strategies Exit Date Win Pct Win Years Loss Years Total Years Average Profit Ave Pft Per Day 1 Buy Lean Hogs(CME) June 1/03 1/ /23 24 Pg No 2 Buy Jun Lean Hogs(CME) Sell Apr Lean Hogs(CME) 3 Buy Jul Lean Hogs(CME) Sell Apr Lean Hogs(CME) 1/07 3/ / /11 4/ / Buy Lean Hogs(CME) June 1/19 3/ / Buy Lean Hogs(CME) August 2/12 5/ / Buy Jul Lean Hogs(CME) Sell Jun Lean Hogs(CME) 3/09 5/ / Buy Lean Hogs(CME) July 3/29 5/ / Buy Aug Lean Hogs(CME) Sell Jul Lean Hogs(CME) 5/10 6/ / Sell Lean Hogs(CME) July 5/11 5/ / Buy Oct Lean Hogs(CME) Sell Jun Lean Hogs(CME) 5/18 6/ / Sell Lean Hogs(CME) June 5/19 5/ / Buy Lean Hogs(CME) August 5/29 6/ / Sell Lean Hogs(CME) August 6/18 6/ / Buy Oct Lean Hogs(CME) Sell Jul Lean Hogs(CME) 15 Buy Aug Lean Hogs(CME) Sell Feb Lean Hogs(CME) 6/23 7/ / /21 8/ / Buy Lean Hogs(CME) August 7/23 8/ / Buy Aug Lean Hogs(CME) Sell Oct Lean Hogs(CME) 7/31 8/ / Sell Lean Hogs(CME) October 8/06 8/ / Buy Feb Lean Hogs(CME) Sell Dec Lean Hogs(CME) 8/06 11/ /94 33 Lean Hogs Strategy Summary 20 Buy Lean Hogs(CME) December 8/28 9/ / Buy Lean Hogs(CME) February 8/29 9/ / Buy Lean Hogs(CME) October 8/29 9/ / Buy Lean Hogs(CME) April 8/30 9/ / Buy Lean Hogs(CME) April 8/30 11/ /78 35 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 S. 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. EVEN IF A SEASONAL TENDENCY OCCURS IN THE FUTURE, IT MAY NOT RESULT IN A ABLE TRANSACTION AS FEES, AND THE TIMING OF THE 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 S UTILIZING THESE STRATEGIES. NO REPRESENTATION IS BEING MADE THAT 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 S 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 Copyright Moore Research Center, Inc. 22 HISTORICAL LEAN HOGS/PORK BELLIES REPORT

25 Seasonal Lean Hogs Strategies Seasonal Strategy 25 Buy Oct Lean Hogs(CME) Sell Dec Lean Hogs(CME) 26 Buy Feb Lean Hogs(CME) Sell Dec Lean Hogs(CME) 27 Buy Apr Lean Hogs(CME) Sell Dec Lean Hogs(CME) Entry Date Exit Date Win Pct Win Years Loss Years Total Years Average Profit Ave Pft Per Day 9/04 10/ / /26 11/ / /27 10/ /33 37 Pg No 28 Sell Lean Hogs(CME) December 10/03 10/ / Buy Jun Lean Hogs(CME) Sell Dec Lean Hogs(CME) 30 Buy Apr Lean Hogs(CME) Sell Feb Lean Hogs(CME) 10/03 10/ / /05 1/ / Buy Lean Hogs(CME) July 10/06 11/ / Sell Lean Hogs(CME) December 10/11 10/ / Buy Jun Lean Hogs(CME) Sell Dec Lean Hogs(CME) 10/12 10/ / Buy Lean Hogs(CME) July 10/19 12/ / Buy Lean Hogs(CME) July 10/22 1/ / Buy Lean Hogs(CME) April 10/23 11/ / Buy Lean Hogs(CME) August 10/25 11/ / Buy Lean Hogs(CME) August 10/28 2/ / Buy Jun Lean Hogs(CME) Sell Feb Lean Hogs(CME) 40 Buy Apr Lean Hogs(CME) Sell Feb Lean Hogs(CME) 11/07 1/ / /07 1/ / Sell Lean Hogs(CME) February 12/01 12/ / Buy Apr Lean Hogs(CME) Sell Feb Lean Hogs(CME) 43 Buy Apr Lean Hogs(CME) Sell Feb Lean Hogs(CME) 12/02 1/ / /17 1/ / Buy Lean Hogs(CME) June 12/18 1/ / Buy Lean Hogs(CME) June 12/18 2/ / Buy Jun Lean Hogs(CME) Sell Feb Lean Hogs(CME) 12/29 1/ /9 46 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 S. 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. EVEN IF A SEASONAL TENDENCY OCCURS IN THE FUTURE, IT MAY NOT RESULT IN A ABLE TRANSACTION AS FEES, AND THE TIMING OF THE 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 S UTILIZING THESE STRATEGIES. NO REPRESENTATION IS BEING MADE THAT 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 S 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 Copyright Moore Research Center, Inc. MOORE RESEARCH CENTER, INC. 23 Lean Hogs Strategy Summary

26 CONT BUY Buy on approximately 01/03 - Exit on approximately 01/25 BUY Lean Hogs(CME) June Contract Size: 40,000 lbs /03/ /25/ /25/ /09/ /03/ /25/ /09/ /25/ /03/ /25/ /19/ /10/ /05/ /23/ /20/ /12/ /03/ /24/ /14/ /21/ /03/ /25/ /25/ /03/ /25/ /19/ /03/ /25/ /21/ /05/ /04/ /25/ /22/ /05/ /23/ /23/ /08/ /03/ /24/ /24/ /17/ /03/ /25/ /11/ /19/ /03/ /25/ /23/ /06/ /03/ /25/ /25/ /04/ /25/ /11/ /05/ Percentage Correct 80 Average Profit on Winning Trades Winners 12 Average Loss on Trades Losers 3 Average Net Profit Per Trade Total trades 15 S OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED Lean Hogs Strategy Tables CONT Buy Jun Lean Hogs(CME) / Sell Apr Lean Hogs(CME) Enter on approximately 01/07 - Exit on approximately 03/ /08/ /09/ /09/ /09/ /10/ /10/ /07/ /10/ /10/ /13/ /07/ /10/ /13/ /23/ /07/ /10/ /10/ /09/ /07/ /08/ /07/ /08/ /09/ /08/ /05/ /07/ /10/ /07/ /31/ /07/ /10/ /08/ /09/ /07/ /10/ /03/ /23/ /07/ /10/ /07/ /15/ /08/ /08/ /16/ /08/ /09/ /10/ /10/ /20/ /07/ /10/ /10/ /02/ /07/ /10/ /23/ /22/ Percentage Correct 93 Average Profit on Winning Trades Winners 14 Average Loss on Trades Losers 1 Average Net Profit Per Trade Total trades 15 S OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED 24 HISTORICAL LEAN HOGS/PORK BELLIES REPORT

27 CONT Buy Jul Lean Hogs(CME) / Sell Apr Lean Hogs(CME) Enter on approximately 01/11 - Exit on approximately 04/ /11/ /09/ /09/ /11/ /07/ /07/ /11/ /08/ /07/ /12/ /08/ /08/ /27/ /13/ /09/ /07/ /11/ /09/ /09/ /05/ /11/ /09/ /08/ /16/ /11/ /07/ /16/ /23/ /11/ /09/ /09/ /09/ /12/ /09/ /03/ /25/ /13/ /09/ /31/ /15/ /11/ /09/ /15/ /29/ /11/ /07/ /20/ /18/ /11/ /08/ /24/ /03/ /11/ /08/ /02/ /22/ Percentage Correct 93 Average Profit on Winning Trades Winners 14 Average Loss on Trades Losers 1 Average Net Profit Per Trade Total trades 15 S OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED CONT BUY Buy on approximately 01/19 - Exit on approximately 03/01 BUY Lean Hogs(CME) June Contract Size: 40,000 lbs /19/ /01/ /14/ /22/ /19/ /01/ /01/ /02/ /19/ /01/ /01/ /10/ /20/ /01/ /01/ /26/ /21/ /28/ /29/ /20/ /22/ /01/ /05/ /26/ /19/ /01/ /01/ /24/ /19/ /01/ /07/ /23/ /19/ /01/ /08/ /20/ /27/ /23/ /25/ /20/ /28/ /27/ /18/ /19/ /01/ /29/ /19/ /01/ /26/ /10/ /19/ /01/ /31/ /19/ /01/ /23/ /21/ Percentage Correct 93 Average Profit on Winning Trades Winners 14 Average Loss on Trades Losers 1 Average Net Profit Per Trade Total trades 15 S OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED MOORE RESEARCH CENTER, INC. 25 Lean Hogs Strategy Tables

28 CONT BUY Buy on approximately 02/12 - Exit on approximately 05/01 BUY Lean Hogs(CME) August Contract Size: 40,000 lbs /12/ /01/ /09/ /30/ /13/ /01/ /03/ /10/ /14/ /29/ /01/ /12/ /30/ /30/ /17/ /12/ /01/ /01/ /12/ /01/ /28/ /11/ /12/ /01/ /23/ /14/ /01/ /27/ /23/ /12/ /30/ /30/ /15/ /12/ /01/ /13/ /16/ /12/ /01/ /01/ /19/ /12/ /01/ /22/ /14/ /13/ /01/ /14/ /20/ /14/ /29/ /22/ /28/ /12/ /30/ /19/ /16/ Percentage Correct 80 Average Profit on Winning Trades Winners 12 Average Loss on Trades Losers 3 Average Net Profit Per Trade Total trades 15 S OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED Lean Hogs Strategy Tables CONT Buy Jul Lean Hogs(CME) / Sell Jun Lean Hogs(CME) Enter on approximately 03/09 - Exit on approximately 05/ /09/ /08/ /05/ /04/ /09/ /08/ /25/ /20/ /09/ /06/ /02/ /09/ /07/ /05/ /30/ /10/ /08/ /01/ /11/ /08/ /08/ /09/ /08/ /07/ /21/ /09/ /08/ /05/ /24/ /09/ /07/ /15/ /09/ /08/ /08/ /14/ /10/ /08/ /08/ /24/ /11/ /08/ /26/ /10/ /09/ /08/ /08/ /14/ /09/ /06/ /06/ /18/ /09/ /07/ /28/ /26/ Percentage Correct 100 Average Profit on Winning Trades Winners 15 Average Loss on Trades Losers 0 Average Net Profit Per Trade Total trades 15 S OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED 26 HISTORICAL LEAN HOGS/PORK BELLIES REPORT

29 CONT BUY Buy on approximately 03/29 - Exit on approximately 05/01 BUY Lean Hogs(CME) July Contract Size: 40,000 lbs /29/ /01/ /16/ /27/ /29/ /01/ /28/ /10/ /29/ /29/ /01/ /25/ /29/ /30/ /30/ /19/ /31/ /01/ /01/ /01/ /01/ /01/ /11/ /29/ /01/ /16/ /30/ /29/ /01/ /27/ /29/ /30/ /30/ /31/ /30/ /01/ /01/ /02/ /31/ /01/ /21/ /02/ /29/ /01/ /01/ /29/ /01/ /10/ /26/ /29/ /29/ /04/ /28/ /29/ /30/ /31/ /23/ Percentage Correct 80 Average Profit on Winning Trades Winners 12 Average Loss on Trades Losers 3 Average Net Profit Per Trade Total trades 15 S OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED CONT Buy Aug Lean Hogs(CME) / Sell Jul Lean Hogs(CME) Enter on approximately 05/10 - Exit on approximately 06/ /10/ /07/ /14/ /18/ /10/ /07/ /15/ /22/ /10/ /07/ /18/ /06/ /10/ /07/ /07/ /12/ /12/ /06/ /05/ /10/ /07/ /03/ /13/ /10/ /07/ /05/ /11/ /10/ /07/ /07/ /11/ /10/ /07/ /07/ /11/ /05/ /04/ /14/ /12/ /06/ /30/ /13/ /10/ /07/ /07/ /15/ /10/ /07/ /15/ /01/ /10/ /07/ /07/ /19/ /10/ /07/ /07/ /01/ Percentage Correct 100 Average Profit on Winning Trades Winners 15 Average Loss on Trades Losers 0 Average Net Profit Per Trade Total trades 15 S OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED Lean Hogs Strategy Tables MOORE RESEARCH CENTER, INC. 27

30 CONT SELL Sell on approximately 05/11 - Exit on approximately 05/28 SELL Lean Hogs(CME) July Contract Size: 40,000 lbs /11/ /25/ /25/ /17/ /11/ /26/ /25/ /19/ /11/ /27/ /24/ /12/ /11/ /28/ /26/ /12/ /28/ /27/ /19/ /13/ /28/ /28/ /11/ /25/ /25/ /11/ /26/ /24/ /11/ /28/ /27/ /11/ /28/ /27/ /12/ /28/ /28/ /13/ /28/ /24/ /20/ /11/ /26/ /12/ /24/ /11/ /27/ /26/ /11/ /28/ /28/ /24/ Percentage Correct 93 Average Profit on Winning Trades Winners 14 Average Loss on Trades Losers 1 Average Net Profit Per Trade Total trades 15 S OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED Lean Hogs Strategy Tables CONT Buy Oct Lean Hogs(CME) / Sell Jun Lean Hogs(CME) Enter on approximately 05/18 - Exit on approximately 06/ /18/ /01/ /01/ /22/ /18/ /02/ /01/ /18/ /03/ /03/ /27/ /18/ /03/ /20/ /28/ /19/ /03/ /02/ /20/ /03/ /30/ /18/ /01/ /22/ /25/ /18/ /02/ /01/ /18/ /03/ /03/ /21/ /18/ /03/ /27/ /19/ /03/ /20/ /28/ /20/ /03/ /24/ /18/ /02/ /02/ /23/ /18/ /03/ /03/ /18/ /03/ /20/ Percentage Correct 87 Average Profit on Winning Trades Winners 13 Average Loss on Trades Losers 2 Average Net Profit Per Trade Total trades 15 S OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED 28 HISTORICAL LEAN HOGS/PORK BELLIES REPORT

31 CONT SELL Sell on approximately 05/19 - Exit on approximately 05/27 SELL Lean Hogs(CME) June Contract Size: 40,000 lbs /21/ /25/ /23/ /19/ /26/ /25/ /19/ /27/ /26/ /19/ /27/ /20/ /24/ /19/ /27/ /27/ /20/ /24/ /22/ /21/ /25/ /22/ /19/ /26/ /24/ /23/ /19/ /27/ /27/ /21/ /19/ /27/ /27/ /19/ /27/ /23/ /21/ /20/ /24/ /24/ /19/ /26/ /25/ /24/ /19/ /27/ /25/ /23/ /19/ /27/ /27/ /20/ Percentage Correct 100 Average Profit on Winning Trades Winners 15 Average Loss on Trades Losers 0 Average Net Profit Per Trade Total trades 15 S OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED CONT BUY Buy on approximately 05/29 - Exit on approximately 06/07 BUY Lean Hogs(CME) August Contract Size: 40,000 lbs /29/ /07/ /04/ /30/ /07/ /07/ /31/ /07/ /03/ /01/ /07/ /03/ /02/ /29/ /06/ /06/ /29/ /07/ /06/ /30/ /29/ /07/ /01/ /30/ /07/ /06/ /01/ /07/ /07/ /02/ /29/ /05/ /05/ /29/ /06/ /04/ /29/ /07/ /05/ /30/ /07/ /06/ /31/ /07/ /07/ /03/ /01/ /07/ /07/ /03/ Percentage Correct 93 Average Profit on Winning Trades Winners 14 Average Loss on Trades Losers 1 Average Net Profit Per Trade Total trades 15 S OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED Lean Hogs Strategy Tables MOORE RESEARCH CENTER, INC. 29

32 CONT SELL Sell on approximately 06/18 - Exit on approximately 06/30 SELL Lean Hogs(CME) August Contract Size: 40,000 lbs /18/ /29/ /29/ /19/ /30/ /29/ /20/ /30/ /28/ /27/ /18/ /30/ /24/ /18/ /30/ /30/ /18/ /28/ /27/ /20/ /18/ /29/ /26/ /19/ /30/ /27/ /23/ /18/ /30/ /30/ /18/ /30/ /30/ /19/ /18/ /30/ /26/ /30/ /18/ /28/ /19/ /26/ /19/ /30/ /20/ /23/ /20/ /30/ /27/ /18/ /30/ /29/ /24/ Percentage Correct 80 Average Profit on Winning Trades Winners 12 Average Loss on Trades Losers 3 Average Net Profit Per Trade Total trades 15 S OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED Lean Hogs Strategy Tables CONT Buy Oct Lean Hogs(CME) / Sell Jul Lean Hogs(CME) Enter on approximately 06/23 - Exit on approximately 07/ /25/ /02/ /02/ /23/ /30/ /30/ /26/ /23/ /01/ /01/ /24/ /23/ /02/ /28/ /30/ /23/ /02/ /27/ /24/ /02/ /02/ /25/ /02/ /02/ /29/ /23/ /30/ /27/ /23/ /02/ /02/ /01/ /23/ /02/ /01/ /23/ /02/ /02/ /24/ /24/ /02/ /02/ /23/ /30/ /29/ /23/ /01/ /30/ /23/ /02/ /02/ Percentage Correct 93 Average Profit on Winning Trades Winners 14 Average Loss on Trades Losers 1 Average Net Profit Per Trade Total trades 15 S OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED 30 HISTORICAL LEAN HOGS/PORK BELLIES REPORT

33 CONT Buy Aug Lean Hogs(CME) / Sell Feb Lean Hogs(CME) Enter on approximately 07/21 - Exit on approximately 08/ /23/ /08/ /07/ /01/ /21/ /08/ /08/ /01/ /21/ /08/ /01/ /28/ /21/ /06/ /29/ /21/ /08/ /08/ /01/ /22/ /08/ /31/ /07/ /23/ /08/ /08/ /21/ /08/ /27/ /08/ /21/ /06/ /26/ /21/ /07/ /07/ /23/ /21/ /08/ /25/ /31/ /22/ /08/ /08/ /23/ /21/ /08/ /08/ /01/ /21/ /08/ /28/ /21/ /06/ /03/ Percentage Correct 87 Average Profit on Winning Trades Winners 13 Average Loss on Trades Losers 2 Average Net Profit Per Trade Total trades 15 S OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED CONT BUY Buy on approximately 07/23 - Exit on approximately 08/07 BUY Lean Hogs(CME) August Contract Size: 40,000 lbs /23/ /07/ /07/ /01/ /24/ /07/ /07/ /25/ /25/ /05/ /05/ /28/ /23/ /06/ /06/ /23/ /07/ /07/ /01/ /23/ /07/ /31/ /07/ /23/ /07/ /03/ /24/ /07/ /27/ /03/ /23/ /06/ /06/ /29/ /23/ /07/ /07/ /23/ /07/ /04/ /23/ /07/ /06/ /24/ /07/ /27/ /25/ /05/ /05/ /03/ /23/ /06/ /03/ /26/ Percentage Correct 87 Average Profit on Winning Trades Winners 13 Average Loss on Trades Losers 2 Average Net Profit Per Trade Total trades 15 S OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED Lean Hogs Strategy Tables MOORE RESEARCH CENTER, INC. 31

34 CONT Buy Aug Lean Hogs(CME) / Sell Oct Lean Hogs(CME) Enter on approximately 07/31 - Exit on approximately 08/ /31/ /10/ /08/ /03/ /31/ /11/ /04/ /01/ /12/ /10/ /04/ /02/ /12/ /12/ /03/ /31/ /12/ /12/ /01/ /31/ /12/ /02/ /09/ /31/ /10/ /09/ /01/ /31/ /11/ /02/ /11/ /02/ /12/ /12/ /31/ /12/ /11/ /31/ /12/ /11/ /01/ /31/ /12/ /12/ /02/ /31/ /11/ /11/ /02/ /01/ /12/ /03/ /02/ /12/ /12/ /06/ Percentage Correct 93 Average Profit on Winning Trades Winners 14 Average Loss on Trades Losers 1 Average Net Profit Per Trade Total trades 15 S OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED Lean Hogs Strategy Tables CONT SELL Sell on approximately 08/06 - Exit on approximately 08/15 SELL Lean Hogs(CME) October Contract Size: 40,000 lbs /06/ /15/ /15/ /07/ /15/ /09/ /11/ /08/ /15/ /10/ /15/ /06/ /13/ /12/ /06/ /15/ /15/ /08/ /06/ /15/ /15/ /09/ /06/ /15/ /13/ /07/ /15/ /15/ /06/ /13/ /12/ /10/ /06/ /14/ /11/ /13/ /06/ /15/ /15/ /14/ /06/ /15/ /15/ /07/ /15/ /09/ /08/ /15/ /15/ /06/ /13/ /10/ Percentage Correct 87 Average Profit on Winning Trades Winners 13 Average Loss on Trades Losers 2 Average Net Profit Per Trade Total trades 15 S OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED 32 HISTORICAL LEAN HOGS/PORK BELLIES REPORT

35 CONT Buy Feb Lean Hogs(CME) / Sell Dec Lean Hogs(CME) Enter on approximately 08/06 - Exit on approximately 11/ /06/ /07/ /06/ /07/ /07/ /24/ /24/ /08/ /07/ /01/ /22/ /06/ /05/ /22/ /24/ /06/ /07/ /07/ /10/ /06/ /07/ /27/ /08/ /06/ /07/ /24/ /02/ /07/ /07/ /07/ /11/ /06/ /05/ /14/ /02/ /06/ /06/ /06/ /29/ /06/ /07/ /07/ /07/ /06/ /07/ /20/ /09/ /07/ /07/ /07/ /25/ /08/ /07/ /07/ /06/ /05/ /03/ /08/ Percentage Correct 100 Average Profit on Winning Trades Winners 15 Average Loss on Trades Losers 0 Average Net Profit Per Trade Total trades 15 S OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED CONT BUY Buy on approximately 08/28 - Exit on approximately 09/11 BUY Lean Hogs(CME) December Contract Size: 40,000 lbs /28/ /11/ /04/ /06/ /28/ /11/ /05/ /29/ /29/ /09/ /09/ /02/ /30/ /10/ /01/ /08/ /28/ /11/ /11/ /28/ /11/ /11/ /28/ /10/ /10/ /28/ /11/ /08/ /29/ /30/ /10/ /02/ /09/ /28/ /11/ /11/ /31/ /28/ /11/ /03/ /09/ /28/ /11/ /11/ /29/ /28/ /11/ /11/ /30/ /29/ /09/ /06/ /30/ /10/ /08/ Percentage Correct 87 Average Profit on Winning Trades Winners 13 Average Loss on Trades Losers 2 Average Net Profit Per Trade Total trades 15 S OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED MOORE RESEARCH CENTER, INC. 33 Lean Hogs Strategy Tables

36 CONT BUY Buy on approximately 08/29 - Exit on approximately 09/14 BUY Lean Hogs(CME) February Contract Size: 40,000 lbs /29/ /14/ /14/ /31/ /29/ /14/ /05/ /29/ /14/ /13/ /01/ /30/ /14/ /14/ /08/ /29/ /12/ /11/ /29/ /13/ /13/ /03/ /29/ /14/ /14/ /30/ /29/ /14/ /14/ /30/ /14/ /07/ /09/ /31/ /14/ /14/ /29/ /12/ /03/ /10/ /29/ /13/ /13/ /29/ /14/ /14/ /30/ /29/ /14/ /06/ /08/ /30/ /14/ /14/ Percentage Correct 93 Average Profit on Winning Trades Winners 14 Average Loss on Trades Losers 1 Average Net Profit Per Trade Total trades 15 S OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED Lean Hogs Strategy Tables CONT BUY Buy on approximately 08/29 - Exit on approximately 09/17 BUY Lean Hogs(CME) October Contract Size: 40,000 lbs /29/ /17/ /30/ /17/ /29/ /15/ /05/ /14/ /29/ /16/ /13/ /02/ /30/ /17/ /17/ /08/ /29/ /17/ /11/ /29/ /17/ /17/ /03/ /29/ /17/ /13/ /30/ /29/ /15/ /15/ /30/ /17/ /02/ /16/ /31/ /17/ /17/ /01/ /29/ /17/ /16/ /09/ /29/ /17/ /13/ /29/ /15/ /15/ /30/ /29/ /16/ /30/ /15/ /30/ /17/ /13/ Percentage Correct 80 Average Profit on Winning Trades Winners 12 Average Loss on Trades Losers 3 Average Net Profit Per Trade Total trades 15 S OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED 34 HISTORICAL LEAN HOGS/PORK BELLIES REPORT

37 CONT BUY Buy on approximately 08/30 - Exit on approximately 09/14 BUY Lean Hogs(CME) April Contract Size: 40,000 lbs /30/ /14/ /14/ /30/ /14/ /05/ /08/ /30/ /14/ /13/ /01/ /30/ /14/ /14/ /08/ /02/ /12/ /08/ /30/ /13/ /13/ /03/ /30/ /14/ /04/ /30/ /14/ /14/ /30/ /14/ /14/ /09/ /31/ /14/ /10/ /02/ /12/ /03/ /09/ /30/ /13/ /10/ /30/ /14/ /14/ /30/ /14/ /13/ /02/ /30/ /14/ /14/ Percentage Correct 100 Average Profit on Winning Trades Winners 15 Average Loss on Trades Losers 0 Average Net Profit Per Trade Total trades 15 S OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED CONT BUY Buy on approximately 08/30 - Exit on approximately 11/15 BUY Lean Hogs(CME) April Contract Size: 40,000 lbs /30/ /15/ /14/ /30/ /30/ /15/ /08/ /26/ /30/ /15/ /07/ /01/ /30/ /15/ /15/ /08/ /02/ /14/ /15/ /29/ /30/ /15/ /11/ /03/ /30/ /15/ /04/ /15/ /30/ /15/ /15/ /30/ /15/ /12/ /09/ /31/ /13/ /13/ /05/ /02/ /14/ /03/ /11/ /30/ /15/ /20/ /25/ /30/ /15/ /21/ /30/ /15/ /13/ /18/ /30/ /15/ /12/ Percentage Correct 80 Average Profit on Winning Trades Winners 12 Average Loss on Trades Losers 3 Average Net Profit Per Trade Total trades 15 S OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED Lean Hogs Strategy Tables MOORE RESEARCH CENTER, INC. 35

38 CONT Buy Oct Lean Hogs(CME) / Sell Dec Lean Hogs(CME) Enter on approximately 09/04 - Exit on approximately 10/ /04/ /02/ /02/ /27/ /05/ /02/ /02/ /14/ /06/ /30/ /30/ /07/ /07/ /01/ /27/ /04/ /02/ /18/ /02/ /04/ /02/ /02/ /05/ /04/ /02/ /13/ /05/ /02/ /02/ /11/ /07/ /01/ /01/ /16/ /04/ /02/ /01/ /04/ /02/ /02/ /04/ /02/ /27/ /10/ /05/ /02/ /18/ /29/ /06/ /30/ /30/ /12/ /07/ /01/ /16/ Percentage Correct 93 Average Profit on Winning Trades Winners 14 Average Loss on Trades Losers 1 Average Net Profit Per Trade Total trades 15 S OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED Lean Hogs Strategy Tables CONT Buy Feb Lean Hogs(CME) / Sell Dec Lean Hogs(CME) Enter on approximately 09/26 - Exit on approximately 11/ /26/ /07/ /06/ /26/ /07/ /24/ /29/ /26/ /07/ /01/ /29/ /27/ /05/ /22/ /26/ /07/ /07/ /13/ /26/ /07/ /29/ /15/ /26/ /07/ /24/ /02/ /26/ /07/ /07/ /27/ /05/ /05/ /25/ /28/ /06/ /06/ /29/ /26/ /07/ /07/ /29/ /26/ /07/ /22/ /26/ /07/ /07/ /05/ /26/ /07/ /07/ /28/ /27/ /05/ /03/ /04/ Percentage Correct 100 Average Profit on Winning Trades Winners 15 Average Loss on Trades Losers 0 Average Net Profit Per Trade Total trades 15 S OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED 36 HISTORICAL LEAN HOGS/PORK BELLIES REPORT

39 CONT Buy Apr Lean Hogs(CME) / Sell Dec Lean Hogs(CME) Enter on approximately 09/27 - Exit on approximately 10/ /27/ /29/ /19/ /28/ /27/ /27/ /24/ /29/ /27/ /28/ /27/ /30/ /27/ /29/ /22/ /29/ /29/ /28/ /13/ /27/ /29/ /01/ /15/ /27/ /29/ /25/ /02/ /27/ /27/ /27/ /29/ /27/ /29/ /11/ /28/ /28/ /29/ /29/ /29/ /29/ /20/ /27/ /29/ /14/ /02/ /27/ /27/ /20/ /05/ /27/ /28/ /25/ /30/ /27/ /29/ /26/ /07/ Percentage Correct 100 Average Profit on Winning Trades Winners 15 Average Loss on Trades Losers 0 Average Net Profit Per Trade Total trades 15 S OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED CONT SELL Sell on approximately 10/03 - Exit on approximately 10/22 SELL Lean Hogs(CME) December Contract Size: 40,000 lbs /03/ /22/ /22/ /03/ /20/ /19/ /05/ /03/ /21/ /20/ /05/ /04/ /22/ /12/ /21/ /03/ /22/ /22/ /15/ /03/ /22/ /07/ /15/ /03/ /22/ /15/ /04/ /03/ /20/ /19/ /12/ /04/ /22/ /06/ /22/ /05/ /22/ /13/ /03/ /22/ /20/ /03/ /22/ /22/ /03/ /20/ /20/ /05/ /03/ /21/ /21/ /04/ /22/ /22/ /12/ Percentage Correct 87 Average Profit on Winning Trades Winners 13 Average Loss on Trades Losers 2 Average Net Profit Per Trade Total trades 15 S OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED Lean Hogs Strategy Tables MOORE RESEARCH CENTER, INC. 37

40 CONT Buy Jun Lean Hogs(CME) / Sell Dec Lean Hogs(CME) Enter on approximately 10/03 - Exit on approximately 10/ /03/ /24/ /19/ /03/ /24/ /24/ /05/ /03/ /24/ /21/ /04/ /22/ /22/ /03/ /24/ /24/ /15/ /03/ /24/ /04/ /15/ /03/ /24/ /24/ /04/ /03/ /24/ /19/ /12/ /04/ /22/ /11/ /05/ /23/ /23/ /13/ /03/ /24/ /21/ /07/ /03/ /24/ /24/ /03/ /24/ /20/ /05/ /03/ /24/ /21/ /04/ /22/ /22/ /05/ Percentage Correct 93 Average Profit on Winning Trades Winners 14 Average Loss on Trades Losers 1 Average Net Profit Per Trade Total trades 15 S OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED Lean Hogs Strategy Tables CONT Buy Apr Lean Hogs(CME) / Sell Feb Lean Hogs(CME) Enter on approximately 10/05 - Exit on approximately 01/ /05/ /12/ /03/ /30/ /05/ /13/ /13/ /11/ /05/ /13/ /13/ /04/ /06/ /13/ /12/ /15/ /07/ /13/ /13/ /11/ /05/ /11/ /11/ /10/ /05/ /12/ /11/ /05/ /13/ /15/ /23/ /05/ /13/ /21/ /13/ /06/ /13/ /05/ /19/ /07/ /13/ /13/ /20/ /05/ /12/ /21/ /05/ /13/ /06/ /05/ /13/ /10/ /07/ /05/ /13/ /12/ /09/ Percentage Correct 100 Average Profit on Winning Trades Winners 15 Average Loss on Trades Losers 0 Average Net Profit Per Trade Total trades 15 S OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED 38 HISTORICAL LEAN HOGS/PORK BELLIES REPORT

41 CONT BUY Buy on approximately 10/06 - Exit on approximately 11/15 BUY Lean Hogs(CME) July Contract Size: 40,000 lbs /08/ /15/ /09/ /26/ /06/ /15/ /08/ /06/ /15/ /07/ /17/ /06/ /15/ /15/ /27/ /06/ /14/ /08/ /22/ /07/ /15/ /15/ /24/ /08/ /15/ /15/ /15/ /06/ /15/ /15/ /09/ /06/ /15/ /19/ /06/ /13/ /13/ /06/ /14/ /24/ /08/ /07/ /15/ /09/ /22/ /06/ /15/ /13/ /09/ /06/ /15/ /11/ /17/ /06/ /15/ /15/ /04/ Percentage Correct 93 Average Profit on Winning Trades Winners 14 Average Loss on Trades Losers 1 Average Net Profit Per Trade Total trades 15 S OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED CONT SELL Sell on approximately 10/11 - Exit on approximately 10/22 SELL Lean Hogs(CME) December Contract Size: 40,000 lbs /11/ /22/ /22/ /11/ /20/ /19/ /13/ /11/ /21/ /20/ /11/ /22/ /12/ /21/ /13/ /22/ /22/ /15/ /11/ /22/ /21/ /15/ /11/ /22/ /15/ /11/ /20/ /19/ /12/ /11/ /22/ /22/ /12/ /22/ /22/ /13/ /13/ /22/ /20/ /14/ /11/ /22/ /22/ /11/ /20/ /20/ /11/ /21/ /21/ /11/ /22/ /22/ /12/ Percentage Correct 87 Average Profit on Winning Trades Winners 13 Average Loss on Trades Losers 2 Average Net Profit Per Trade Total trades 15 S OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED Lean Hogs Strategy Tables MOORE RESEARCH CENTER, INC. 39

42 CONT Buy Jun Lean Hogs(CME) / Sell Dec Lean Hogs(CME) Enter on approximately 10/12 - Exit on approximately 10/ /12/ /22/ /19/ /12/ /20/ /19/ /12/ /21/ /21/ /12/ /22/ /22/ /13/ /22/ /22/ /15/ /14/ /22/ /22/ /15/ /12/ /22/ /22/ /18/ /12/ /20/ /19/ /12/ /22/ /15/ /22/ /12/ /22/ /22/ /13/ /13/ /22/ /21/ /14/ /22/ /22/ /15/ /12/ /20/ /20/ /18/ /12/ /21/ /21/ /13/ /12/ /22/ /22/ Percentage Correct 93 Average Profit on Winning Trades Winners 14 Average Loss on Trades Losers 1 Average Net Profit Per Trade Total trades 15 S OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED Lean Hogs Strategy Tables CONT BUY Buy on approximately 10/19 - Exit on approximately 12/01 BUY Lean Hogs(CME) July Contract Size: 40,000 lbs /19/ /01/ /24/ /19/ /01/ /01/ /20/ /19/ /01/ /30/ /27/ /20/ /01/ /07/ /22/ /21/ /29/ /27/ /24/ /19/ /30/ /28/ /19/ /01/ /24/ /19/ /01/ /29/ /01/ /19/ /01/ /05/ /23/ /20/ /01/ /24/ /07/ /21/ /29/ /01/ /22/ /19/ /01/ /13/ /25/ /19/ /01/ /10/ /28/ /19/ /01/ /22/ /04/ /19/ /01/ /25/ /28/ Percentage Correct 93 Average Profit on Winning Trades Winners 14 Average Loss on Trades Losers 1 Average Net Profit Per Trade Total trades 15 S OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED 40 HISTORICAL LEAN HOGS/PORK BELLIES REPORT

43 CONT BUY Buy on approximately 10/22 - Exit on approximately 01/23 BUY Lean Hogs(CME) July Contract Size: 40,000 lbs /23/ /23/ /23/ /24/ /24/ /23/ /01/ /27/ /22/ /21/ /21/ /27/ /22/ /23/ /07/ /24/ /22/ /23/ /05/ /24/ /22/ /23/ /16/ /23/ /23/ /06/ /27/ /22/ /21/ /21/ /01/ /22/ /22/ /22/ /11/ /22/ /23/ /24/ /08/ /22/ /23/ /23/ /23/ /23/ /08/ /19/ /24/ /23/ /23/ /28/ /22/ /21/ /17/ /04/ /22/ /22/ /11/ /28/ Percentage Correct 93 Average Profit on Winning Trades Winners 14 Average Loss on Trades Losers 1 Average Net Profit Per Trade Total trades 15 S OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED CONT BUY Buy on approximately 10/23 - Exit on approximately 11/13 BUY Lean Hogs(CME) April Contract Size: 40,000 lbs /23/ /13/ /30/ /23/ /13/ /08/ /24/ /24/ /11/ /07/ /27/ /25/ /12/ /11/ /27/ /23/ /13/ /10/ /23/ /13/ /11/ /24/ /23/ /13/ /05/ /26/ /23/ /13/ /10/ /30/ /25/ /12/ /12/ /01/ /23/ /13/ /28/ /13/ /23/ /13/ /30/ /11/ /23/ /13/ /11/ /25/ /23/ /13/ /13/ /01/ /24/ /11/ /28/ /25/ /12/ /01/ /04/ Percentage Correct 87 Average Profit on Winning Trades Winners 13 Average Loss on Trades Losers 2 Average Net Profit Per Trade Total trades 15 S OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED Lean Hogs Strategy Tables MOORE RESEARCH CENTER, INC. 41

44 CONT BUY Buy on approximately 10/25 - Exit on approximately 11/16 BUY Lean Hogs(CME) August Contract Size: 40,000 lbs /25/ /16/ /15/ /25/ /16/ /08/ /25/ /16/ /07/ /27/ /25/ /16/ /15/ /27/ /27/ /14/ /31/ /28/ /25/ /15/ /15/ /25/ /16/ /16/ /12/ /25/ /16/ /16/ /30/ /25/ /16/ /12/ /01/ /26/ /16/ /05/ /02/ /27/ /14/ /30/ /11/ /25/ /15/ /08/ /25/ /16/ /13/ /01/ /25/ /16/ /10/ /25/ /16/ /16/ /04/ Percentage Correct 93 Average Profit on Winning Trades Winners 14 Average Loss on Trades Losers 1 Average Net Profit Per Trade Total trades 15 S OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED Lean Hogs Strategy Tables CONT BUY Buy on approximately 10/28 - Exit on approximately 02/02 BUY Lean Hogs(CME) August Contract Size: 40,000 lbs /30/ /02/ /02/ /13/ /28/ /02/ /09/ /28/ /02/ /19/ /28/ /02/ /31/ /31/ /28/ /31/ /05/ /29/ /29/ /01/ /01/ /12/ /30/ /02/ /01/ /28/ /02/ /01/ /01/ /28/ /02/ /20/ /07/ /28/ /02/ /30/ /08/ /28/ /31/ /31/ /26/ /30/ /02/ /08/ /31/ /28/ /02/ /26/ /28/ /28/ /02/ /31/ /04/ /28/ /02/ /12/ Percentage Correct 87 Average Profit on Winning Trades Winners 13 Average Loss on Trades Losers 2 Average Net Profit Per Trade Total trades 15 S OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED 42 HISTORICAL LEAN HOGS/PORK BELLIES REPORT

45 CONT Buy Jun Lean Hogs(CME) / Sell Feb Lean Hogs(CME) Enter on approximately 11/07 - Exit on approximately 01/ /07/ /12/ /12/ /08/ /07/ /13/ /13/ /11/ /08/ /13/ /12/ /30/ /07/ /13/ /25/ /07/ /13/ /12/ /11/ /07/ /11/ /12/ /31/ /07/ /12/ /10/ /11/ /08/ /13/ /12/ /02/ /09/ /13/ /16/ /10/ /07/ /13/ /13/ /13/ /07/ /13/ /13/ /02/ /07/ /12/ /28/ /13/ /07/ /13/ /06/ /28/ /08/ /13/ /28/ /09/ /13/ /06/ /16/ Percentage Correct 100 Average Profit on Winning Trades Winners 15 Average Loss on Trades Losers 0 Average Net Profit Per Trade Total trades 15 S OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED CONT Buy Apr Lean Hogs(CME) / Sell Feb Lean Hogs(CME) Enter on approximately 11/07 - Exit on approximately 01/ /07/ /12/ /03/ /08/ /07/ /13/ /13/ /09/ /08/ /13/ /13/ /24/ /07/ /13/ /12/ /31/ /07/ /13/ /13/ /11/ /07/ /11/ /11/ /07/ /12/ /11/ /14/ /08/ /13/ /12/ /23/ /09/ /13/ /21/ /07/ /13/ /05/ /19/ /07/ /13/ /13/ /20/ /07/ /12/ /21/ /13/ /07/ /13/ /06/ /28/ /08/ /13/ /10/ /09/ /13/ /12/ Percentage Correct 100 Average Profit on Winning Trades Winners 15 Average Loss on Trades Losers 0 Average Net Profit Per Trade Total trades 15 S OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED Lean Hogs Strategy Tables MOORE RESEARCH CENTER, INC. 43

46 CONT SELL Sell on approximately 12/01 - Exit on approximately 12/19 SELL Lean Hogs(CME) February Contract Size: 40,000 lbs /01/ /19/ /18/ /01/ /19/ /16/ /01/ /17/ /14/ /02/ /01/ /19/ /18/ /02/ /19/ /10/ /05/ /03/ /19/ /12/ /01/ /19/ /19/ /06/ /01/ /17/ /13/ /06/ /01/ /18/ /16/ /01/ /19/ /19/ /11/ /02/ /19/ /11/ /01/ /19/ /13/ /01/ /19/ /15/ /01/ /17/ /16/ /01/ /18/ /03/ Percentage Correct 87 Average Profit on Winning Trades Winners 13 Average Loss on Trades Losers 2 Average Net Profit Per Trade Total trades 15 S OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED Lean Hogs Strategy Tables CONT Buy Apr Lean Hogs(CME) / Sell Feb Lean Hogs(CME) Enter on approximately 12/02 - Exit on approximately 01/ /04/ /08/ /03/ /06/ /02/ /06/ /06/ /27/ /02/ /07/ /05/ /02/ /08/ /23/ /31/ /02/ /08/ /26/ /03/ /03/ /08/ /08/ /24/ /04/ /08/ /08/ /05/ /02/ /07/ /06/ /09/ /02/ /08/ /21/ /02/ /08/ /05/ /11/ /02/ /08/ /08/ /05/ /04/ /08/ /08/ /13/ /02/ /06/ /06/ /28/ /02/ /07/ /05/ /07/ /02/ /08/ /08/ /11/ Percentage Correct 100 Average Profit on Winning Trades Winners 15 Average Loss on Trades Losers 0 Average Net Profit Per Trade Total trades 15 S OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED 44 HISTORICAL LEAN HOGS/PORK BELLIES REPORT

47 CONT Buy Apr Lean Hogs(CME) / Sell Feb Lean Hogs(CME) Enter on approximately 12/17 - Exit on approximately 01/ /18/ /08/ /03/ /19/ /19/ /06/ /06/ /27/ /17/ /07/ /05/ /17/ /08/ /23/ /31/ /17/ /08/ /26/ /18/ /17/ /08/ /08/ /24/ /18/ /08/ /08/ /17/ /07/ /06/ /17/ /08/ /21/ /08/ /17/ /08/ /05/ /17/ /08/ /08/ /27/ /18/ /08/ /08/ /22/ /19/ /06/ /06/ /28/ /17/ /07/ /05/ /17/ /08/ /08/ /21/ Percentage Correct 93 Average Profit on Winning Trades Winners 14 Average Loss on Trades Losers 1 Average Net Profit Per Trade Total trades 15 S OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED CONT BUY Buy on approximately 12/18 - Exit on approximately 01/12 BUY Lean Hogs(CME) June Contract Size: 40,000 lbs /18/ /12/ /28/ /09/ /19/ /12/ /09/ /11/ /20/ /12/ /11/ /18/ /12/ /07/ /18/ /10/ /26/ /18/ /11/ /11/ /19/ /18/ /12/ /11/ /27/ /20/ /12/ /11/ /30/ /18/ /12/ /12/ /21/ /18/ /12/ /19/ /08/ /18/ /10/ /07/ /20/ /18/ /12/ /26/ /04/ /19/ /12/ /03/ /20/ /12/ /06/ /29/ /18/ /12/ /11/ Percentage Correct 87 Average Profit on Winning Trades Winners 13 Average Loss on Trades Losers 2 Average Net Profit Per Trade Total trades 15 S OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED MOORE RESEARCH CENTER, INC. 45

48 CONT BUY Buy on approximately 12/18 - Exit on approximately 02/01 BUY Lean Hogs(CME) June Contract Size: 40,000 lbs /18/ /01/ /31/ /09/ /19/ /01/ /09/ /25/ /20/ /01/ /19/ /18/ /30/ /20/ /18/ /31/ /26/ /28/ /18/ /01/ /01/ /19/ /18/ /01/ /01/ /27/ /20/ /01/ /01/ /30/ /18/ /01/ /22/ /21/ /18/ /30/ /23/ /08/ /18/ /31/ /27/ /20/ /18/ /01/ /26/ /19/ /19/ /01/ /26/ /20/ /01/ /31/ /29/ /18/ /01/ /11/ Percentage Correct 87 Average Profit on Winning Trades Winners 13 Average Loss on Trades Losers 2 Average Net Profit Per Trade Total trades 15 S OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED CONT Buy Jun Lean Hogs(CME) / Sell Feb Lean Hogs(CME) Enter on approximately 12/29 - Exit on approximately 01/ /29/ /06/ /06/ /29/ /06/ /06/ /29/ /06/ /06/ /02/ /30/ /06/ /03/ /31/ /04/ /04/ /29/ /05/ /04/ /29/ /06/ /06/ /03/ /29/ /06/ /04/ /29/ /06/ /06/ /31/ /30/ /06/ /03/ /29/ /05/ /05/ /29/ /06/ /06/ /29/ /06/ /05/ /31/ /29/ /06/ /06/ /30/ /30/ /06/ /06/ /31/ Percentage Correct 93 Average Profit on Winning Trades Winners 14 Average Loss on Trades Losers 1 Average Net Profit Per Trade Total trades 15 S OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED 46 HISTORICAL LEAN HOGS/PORK BELLIES REPORT

49 Pork Bellies Page Contract Specifications Futures & Options - Frozen Seasonal, Seasonal Average and Weekly Continuation Charts Feb, Mar, May Jul, Aug, Aug/Feb Seasonal Strategies Seasonal Strategy Summary Seasonal Strategy Detail Tables Monthly Nearby Pork Bellies(CME) Pork Bellies MOORE RESEARCH CENTER, INC. 47

50 CME Frozen Pork Bellies Futures CME Pork Bellies Futures - Frozen ew commodities offer the profit potential and market Faction of CME Frozen Pork Belly futures. However, with great profit opportunity often comes risk. With options on pork belly futures, there is a way to limit risk without limiting profit potential. In addition, pork belly futures, options, and combinations of the two can generate a multitude of new strategies that can be employed to take advantage of various market outlooks. Chicago Mercantile Exchange Inc. provides a centralized marketplace for investment and risk management. The CME was established in 1919 as the successor to the Butter and Egg Board which had been created in The Exchange comprises three divisions Chicago Mercantile Exchange Inc., on which are traded agricultural futures contracts; the International Monetary Market (IMM) division, established in 1972 for the trading of currency and, subsequently, interest rate futures; and the Index and Option Market (IOM) division, activated in 1982 for trading equity-related futures, in addition to options on futures. 1 Consult CME rules for a more detailed definition of delivery standards and procedures. 2 Trading hours vary. Check CME for holiday schedule Ticker Symbol Trading Unit 1 Price Quote Minimum Price Fluctuation (Tick) Daily Price Limit Contract Months Trading Hours 2 (Chicago Time) Last Day of Trading Delivery Days Delivery points Weekly Nearby Pork Bellies(CME) RTH: PB; GLOBEX: GPB 40,000 lbs., USDA-inspected (at a 1 discount), 14-16, or pound (at a 2-1/2 discount) Pork Bellies $ per 100 pounds (cents/pound).025 = $10.00/contract (2.5 /hundred pounds, or.025 /pound) 3.00 = $ /contract ($3.00/hundred pounds, or 3.0 /pound) Feb, Mar, May, Jul, Aug 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) The business day immediately preceding the last 3 business days of the contract month Any business day of the contract month, except that delivery may not be made prior to the second business day following the first Friday of the contract month Consult CME Clearing House for a current list of approved warehouses located east of the western boundaries of North Dakota, South Dakota, Nebraska, Kansas, Oklahoma and Texas HISTORICAL LEAN HOGS/PORK BELLIES REPORT

51 CME Options on Frozen Pork Bellies Futures Ticker Symbols Calls: KP Puts: JP Underlying Contract Strike Prices 1 Premium Quotations Minimum Price Fluctuation(Tick) 2 Daily Price Limit Contract Months Trading Hours (Chicago Time) Last Day of Trading Minimum Performance Bond Exercise Procedure 1 One Pork Belly futures contract (40,000 pounds) Even intervals of 2 cents per pound; e.g., 60, 62, 64 $ per 100 pound (cents per pound); e.g., 2.00 premium = $ = $10.00/contract cabinet = $5.00/contract None Feb, Mar, May, Jul, Aug 9:10 AM - 1:02 PM The first Friday of the delivery month of the underlying futures contract. If those Fridays are not business days, then trading shall terminate on the immediately preceding business day. 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. 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 Consult your brokerage firm for additional or specific requirements, policies, and procedures. 2 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. For additional information Chicago Mercantile Exchange Inc. has a variety of publications, audio-visual materials, and other information for anyone interested in learning more about the CME and its products. For your convenience, here follow some of the most often called CME numbers: Contract Design 312/ Seminars/Information 312/ Publications 312/ Deliveries 312/ Performance Bonds 312/ Surveillance 312/ CME Options on Pork Bellies Futures - Frozen MOORE RESEARCH CENTER, INC. 49

52 February Pork Bellies(CME) Seasonal s( ) Year Year 20 Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb 0 March Pork Bellies(CME) Seasonal s( ) Year Year 20 Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar 0 Pork Belly Seasonal s 15 Year 5 Year May Pork Bellies(CME) Seasonal s( ) Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May HISTORICAL LEAN HOGS/PORK BELLIES REPORT

53 Weekly Feb Pork Bellies(CME) Weekly Mar Pork Bellies(CME) Weekly May Pork Bellies(CME) Pork Belly Weekly MOORE RESEARCH CENTER, INC. 51

54 July Pork Bellies(CME) Seasonal s( ) Year Year 20 Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul 0 August Pork Bellies(CME) Seasonal s( ) Year Year 20 Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug 0 Pork Belly Seasonal s 15 Year 5 Year Aug Pork Bellies(CME) - Feb Pork Bellies(CME) 15 Year Average(93/94-07/08) Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug HISTORICAL LEAN HOGS/PORK BELLIES REPORT

55 Weekly Jul Pork Bellies(CME) Weekly Aug Pork Bellies(CME) Weekly Aug Pork Bellies(CME) - Feb Pork Bellies(CME) Pork Belly Weekly MOORE RESEARCH CENTER, INC. 53

56 Seasonal Strategy Entry Date Seasonal FROZEN Pork Bellies Strategies Exit Date Win Pct Win Years Loss Years Total Years Average Profit Ave Pft Per Day 1 Buy Pork Bellies(CME) May 1/13 3/ / Buy Pork Bellies(CME) March 1/16 2/ / Buy Pork Bellies(CME) May 2/15 3/ / Buy Pork Bellies(CME) March * 2/17 3/ / Sell Pork Bellies(CME) July 5/01 5/ / Sell Pork Bellies(CME) July 5/01 6/ / Buy Pork Bellies(CME) August 6/08 7/ / Buy Pork Bellies(CME) February 7/16 8/ / Buy Pork Bellies(CME) February 7/24 8/ /14 59 Pg No 10 Buy Feb Pork Bellies(CME) Sell Aug Pork Bellies(CME) * 7/26 8/ / Buy Pork Bellies(CME) February 10/20 11/ / Buy Pork Bellies(CME) March * 12/10 3/ /86 60 * Caution: Trade exit can be during delivery period. Longs may be subject to delivery. Pork Belly Seasonal Strategy Summary For other MRCI products and information: or (541) Fax: (541) Website: [email protected] 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 S. 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. EVEN IF A SEASONAL TENDENCY OCCURS IN THE FUTURE, IT MAY NOT RESULT IN A ABLE TRANSACTION AS FEES, AND THE TIMING OF THE 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 S UTILIZING THESE STRATEGIES. NO REPRESENTATION IS BEING MADE THAT 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 S 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 Copyright Moore Research Center, Inc. 54 HISTORICAL LEAN HOGS/PORK BELLIES REPORT

57 CONT BUY Buy on approximately 01/13 - Exit on approximately 03/23 BUY Pork Bellies(CME) May Contract Size: 40,000 lbs /16/ /23/ /09/ /13/ /23/ /02/ /02/ /13/ /23/ /14/ /22/ /13/ /23/ /19/ /16/ /13/ /21/ /21/ /21/ /14/ /22/ /28/ /16/ /23/ /23/ /13/ /23/ /06/ /13/ /23/ /05/ /15/ /13/ /23/ /30/ /27/ /13/ /21/ /28/ /19/ /15/ /22/ /11/ /19/ /13/ /23/ /15/ /13/ /23/ /02/ /14/ /13/ /23/ /22/ /28/ Percentage Correct 87 Average Profit on Winning Trades Winners 13 Average Loss on Trades Losers 2 Average Net Profit Per Trade Total trades 15 S OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED CONT BUY Buy on approximately 01/16 - Exit on approximately 02/01 BUY Pork Bellies(CME) March Contract Size: 40,000 lbs /16/ /01/ /01/ /17/ /01/ /01/ /18/ /01/ /28/ /16/ /30/ /30/ /22/ /16/ /31/ /31/ /21/ /16/ /01/ /25/ /28/ /16/ /01/ /17/ /18/ /01/ /01/ /27/ /19/ /01/ /22/ /16/ /30/ /30/ /16/ /31/ /24/ /17/ /16/ /01/ /29/ /19/ /16/ /01/ /19/ /17/ /01/ /31/ /24/ /18/ /01/ /21/ /28/ Percentage Correct 93 Average Profit on Winning Trades Winners 14 Average Loss on Trades Losers 1 Average Net Profit Per Trade Total trades 15 S OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED Pork Belly Strategy Tables MOORE RESEARCH CENTER, INC. 55

58 CONT BUY Buy on approximately 02/15 - Exit on approximately 03/26 BUY Pork Bellies(CME) May Contract Size: 40,000 lbs /15/ /26/ /09/ /26/ /15/ /24/ /02/ /16/ /15/ /24/ /22/ /22/ /17/ /26/ /26/ /04/ /18/ /26/ /21/ /05/ /15/ /26/ /28/ /15/ /26/ /23/ /15/ /24/ /06/ /16/ /26/ /26/ /15/ /17/ /26/ /23/ /27/ /18/ /26/ /28/ /19/ /15/ /26/ /11/ /15/ /24/ /15/ /17/ /15/ /25/ /22/ /14/ /16/ /26/ /22/ Percentage Correct 93 Average Profit on Winning Trades Winners 14 Average Loss on Trades Losers 1 Average Net Profit Per Trade Total trades 15 S OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED Pork Belly Strategy Tables CONT Pork Bellies(CME) March Buy on approximately 02/17 - Exit on approximately 03/04 - Caution: This Trade Enters Deliverable Period BUY BUY Contract Size: 40,000 lbs /20/ /02/ /22/ /17/ /03/ /30/ /17/ /04/ /30/ /22/ /17/ /04/ /02/ /18/ /04/ /21/ /19/ /04/ /30/ /21/ /20/ /02/ /27/ /17/ /03/ /03/ /17/ /04/ /19/ /02/ /17/ /04/ /18/ /27/ /18/ /04/ /30/ /20/ /04/ /04/ /21/ /17/ /03/ /22/ /17/ /04/ /22/ /17/ /04/ /04/ Percentage Correct 87 Average Profit on Winning Trades Winners 13 Average Loss on Trades Losers 2 Average Net Profit Per Trade Total trades 15 S OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED 56 HISTORICAL LEAN HOGS/PORK BELLIES REPORT

59 CONT SELL Sell on approximately 05/01 - Exit on approximately 05/31 SELL Pork Bellies(CME) July Contract Size: 40,000 lbs /01/ /31/ /03/ /11/ /01/ /31/ /31/ /18/ /02/ /31/ /31/ /11/ /03/ /28/ /19/ /11/ /01/ /30/ /28/ /01/ /31/ /28/ /02/ /01/ /31/ /16/ /01/ /31/ /30/ /03/ /28/ /24/ /10/ /01/ /29/ /27/ /08/ /01/ /30/ /29/ /22/ /01/ /31/ /31/ /09/ /01/ /31/ /08/ /23/ /02/ /31/ /26/ /03/ /03/ /28/ /28/ Percentage Correct 87 Average Profit on Winning Trades Winners 13 Average Loss on Trades Losers 2 Average Net Profit Per Trade Total trades 15 S OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED CONT SELL Sell on approximately 05/01 - Exit on approximately 06/11 SELL Pork Bellies(CME) July Contract Size: 40,000 lbs /01/ /11/ /07/ /11/ /01/ /09/ /31/ /08/ /02/ /10/ /10/ /11/ /03/ /10/ /09/ /03/ /01/ /11/ /11/ /28/ /01/ /11/ /10/ /02/ /01/ /11/ /16/ /01/ /09/ /30/ /03/ /11/ /11/ /10/ /01/ /11/ /27/ /08/ /01/ /11/ /11/ /22/ /01/ /11/ /31/ /09/ /01/ /09/ /08/ /23/ /02/ /10/ /08/ /03/ /03/ /11/ /11/ Percentage Correct 87 Average Profit on Winning Trades Winners 13 Average Loss on Trades Losers 2 Average Net Profit Per Trade Total trades 15 S OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED Pork Belly Strategy Tables MOORE RESEARCH CENTER, INC. 57

60 CONT BUY Buy on approximately 06/08 - Exit on approximately 07/25 BUY Pork Bellies(CME) August Contract Size: 40,000 lbs /08/ /25/ /14/ /10/ /08/ /25/ /13/ /09/ /08/ /25/ /25/ /30/ /08/ /23/ /23/ /22/ /09/ /25/ /10/ /23/ /10/ /25/ /19/ /08/ /25/ /25/ /08/ /25/ /07/ /19/ /08/ /23/ /09/ /12/ /08/ /24/ /02/ /15/ /09/ /25/ /18/ /09/ /10/ /25/ /22/ /19/ /08/ /25/ /23/ /13/ /08/ /25/ /16/ /25/ /08/ /23/ /23/ /29/ Percentage Correct 80 Average Profit on Winning Trades Winners 12 Average Loss on Trades Losers 3 Average Net Profit Per Trade Total trades 15 S OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED Pork Belly Strategy Tables CONT BUY Buy on approximately 07/16 - Exit on approximately 08/13 BUY Pork Bellies(CME) February Contract Size: 40,000 lbs /16/ /13/ /13/ /02/ /17/ /11/ /28/ /18/ /12/ /04/ /26/ /16/ /13/ /09/ /28/ /16/ /13/ /21/ /05/ /16/ /13/ /19/ /02/ /16/ /13/ /06/ /17/ /11/ /31/ /08/ /16/ /13/ /10/ /20/ /16/ /13/ /13/ /16/ /13/ /04/ /21/ /16/ /13/ /06/ /24/ /17/ /11/ /28/ /19/ /18/ /12/ /10/ /28/ /16/ /13/ /02/ Percentage Correct 80 Average Profit on Winning Trades Winners 12 Average Loss on Trades Losers 3 Average Net Profit Per Trade Total trades 15 S OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED 58 HISTORICAL LEAN HOGS/PORK BELLIES REPORT

61 CONT BUY Buy on approximately 07/24 - Exit on approximately 08/06 BUY Pork Bellies(CME) February Contract Size: 40,000 lbs /24/ /06/ /02/ /24/ /04/ /28/ /25/ /05/ /04/ /26/ /26/ /06/ /05/ /28/ /24/ /06/ /25/ /05/ /24/ /06/ /26/ /02/ /24/ /06/ /06/ /26/ /24/ /04/ /31/ /03/ /26/ /06/ /03/ /29/ /24/ /06/ /04/ /27/ /24/ /06/ /04/ /28/ /24/ /06/ /06/ /24/ /04/ /28/ /03/ /25/ /05/ /05/ /28/ /26/ /06/ /02/ /28/ Percentage Correct 80 Average Profit on Winning Trades Winners 12 Average Loss on Trades Losers 3 Average Net Profit Per Trade Total trades 15 S OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED CONT Buy Feb Pork Bellies(CME) / Sell Aug Pork Bellies(CME) Enter on approximately 07/26 - Exit on approximately 08/04 - Caution: This Trade Enters Deliverable Period /26/ /03/ /03/ /27/ /26/ /04/ /04/ /26/ /04/ /04/ /27/ /26/ /04/ /04/ /28/ /04/ /29/ /04/ /26/ /02/ /02/ /26/ /03/ /31/ /26/ /04/ /02/ /27/ /26/ /04/ /04/ /27/ /04/ /30/ /28/ /04/ /30/ /26/ /02/ /31/ /26/ /04/ /04/ /27/ /26/ /04/ /02/ /26/ /04/ /28/ /02/ Percentage Correct 80 Average Profit on Winning Trades Winners 12 Average Loss on Trades Losers 3 Average Net Profit Per Trade Total trades 15 S OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED Pork Belly Strategy Tables MOORE RESEARCH CENTER, INC. 59

62 CONT BUY Buy on approximately 10/20 - Exit on approximately 11/09 BUY Pork Bellies(CME) February Contract Size: 40,000 lbs /22/ /09/ /09/ /24/ /20/ /09/ /31/ /20/ /09/ /09/ /26/ /20/ /09/ /04/ /20/ /07/ /06/ /21/ /21/ /08/ /08/ /22/ /09/ /05/ /24/ /20/ /09/ /09/ /25/ /20/ /09/ /09/ /01/ /20/ /09/ /23/ /02/ /20/ /07/ /30/ /21/ /08/ /08/ /22/ /20/ /09/ /03/ /20/ /09/ /31/ /25/ /20/ /09/ /01/ /09/ Percentage Correct 87 Average Profit on Winning Trades Winners 13 Average Loss on Trades Losers 2 Average Net Profit Per Trade Total trades 15 S OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED Pork Belly Strategy Tables CONT Pork Bellies(CME) March Buy on approximately 12/10 - Exit on approximately 03/04 - Caution: This Trade Enters Deliverable Period BUY BUY Contract Size: 40,000 lbs /11/ /02/ /14/ /08/ /12/ /03/ /01/ /02/ /10/ /04/ /16/ /22/ /10/ /04/ /02/ /22/ /10/ /04/ /21/ /21/ /10/ /04/ /01/ /20/ /11/ /02/ /27/ /10/ /10/ /03/ /03/ /13/ /10/ /04/ /05/ /21/ /10/ /04/ /16/ /27/ /10/ /04/ /31/ /18/ /11/ /04/ /04/ /19/ /12/ /03/ /19/ /10/ /04/ /02/ /16/ /10/ /04/ /04/ /28/ Percentage Correct 87 Average Profit on Winning Trades Winners 13 Average Loss on Trades Losers 2 Average Net Profit Per Trade Total trades 15 S OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED 60 HISTORICAL LEAN HOGS/PORK BELLIES REPORT

63 Lean Hogs/Pork Bellies Spreads Page Seasonal Average and Weekly Continuation Charts Feb/Feb, Feb/Mar, Apr/May, Jun/Jul Jul/Jul, Aug/Aug, Oct/Feb, Dec/Feb Seasonal Strategies Seasonal Spread Strategy Summary Seasonal Spread Strategy Detail Tables Lean Hogs/Pork Bellies MOORE RESEARCH CENTER, INC. 61

64 Feb Lean Hogs(CME) - Feb Pork Bellies(CME) 15 Year Average(93-07) Year Year -25 Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb -30 Feb Lean Hogs(CME) - Mar Pork Bellies(CME) 15 Year Average(93-07) Year Year -25 Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb -30 Lean Hogs/Pork Bellies Spread Seasonal Average 15 Year 5 Year 15 Year 5 Year Apr Lean Hogs(CME) - May Pork Bellies(CME) 15 Year Average(93-07) May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr Jun Lean Hogs(CME) - Jul Pork Bellies(CME) 15 Year Average(93-07) Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun HISTORICAL LEAN HOGS/PORK BELLIES REPORT

65 10.00 Weekly Feb Lean Hogs(CME) - Feb Pork Bellies(CME) Weekly Feb Lean Hogs(CME) - Mar Pork Bellies(CME) Weekly Apr Lean Hogs(CME) - May Pork Bellies(CME) Weekly Jun Lean Hogs(CME) - Jul Pork Bellies(CME) Lean Hogs/Pork Bellies Spread Weekly MOORE RESEARCH CENTER, INC. 63

66 Jul Lean Hogs(CME) - Jul Pork Bellies(CME) 15 Year Average(93-07) Year Year Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul -30 Aug Lean Hogs(CME) - Aug Pork Bellies(CME) 15 Year Average(93-07) Year Year Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug -35 Lean Hogs/Pork Bellies Spread Seasonal Average 15 Year 5 Year 15 Year 5 Year Oct Lean Hogs(CME) - Feb Pork Bellies(CME) 15 Year Average(93/94-07/08) Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Dec Lean Hogs(CME) - Feb Pork Bellies(CME) 15 Year Average(93/94-07/08) Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec HISTORICAL LEAN HOGS/PORK BELLIES REPORT

67 20.00 Weekly Jul Lean Hogs(CME) - Jul Pork Bellies(CME) Weekly Aug Lean Hogs(CME) - Aug Pork Bellies(CME) Weekly Oct Lean Hogs(CME) - Feb Pork Bellies(CME) Weekly Dec Lean Hogs(CME) - Feb Pork Bellies(CME) Lean Hogs/Pork Bellies Spread Weekly MOORE RESEARCH CENTER, INC. 65

68 Seasonal Lean Hogs/Pork Bellies Strategies Seasonal Strategy 1 Buy May Pork Bellies(CME) Sell Apr Lean Hogs(CME) 2 Buy May Pork Bellies(CME) Sell Apr Lean Hogs(CME) 3 Buy May Pork Bellies(CME) Sell Apr Lean Hogs(CME) 4 Buy May Pork Bellies(CME) Sell Apr Lean Hogs(CME) 5 Buy Jun Lean Hogs(CME) Sell Jul Pork Bellies(CME) 6 Buy Aug Lean Hogs(CME) Sell Aug Pork Bellies(CME) 7 Buy Jun Lean Hogs(CME) Sell Jul Pork Bellies(CME) 8 Buy Aug Lean Hogs(CME) Sell Aug Pork Bellies(CME) 9 Buy Feb Lean Hogs(CME) Sell Feb Pork Bellies(CME) 10 Buy Oct Lean Hogs(CME) Sell Feb Pork Bellies(CME) Entry Date Exit Date Win Pct Win Years Losing Years Total Years Average Profit Ave Pft Per Day 1/16 3/ / /31 3/ / /17 3/ / /06 3/ / /03 6/ / /02 6/ / /02 6/ / /25 6/ / /22 9/ / /01 9/ /20 71 Pg No Lean Hogs/Pork Bellies Spread Strategy Summary 11 Buy Feb Pork Bellies(CME) Sell Feb Lean Hogs(CME) 12 Buy Feb Pork Bellies(CME) Sell Dec Lean Hogs(CME) 9/21 9/ / /17 11/ /23 72 ** Caution: Trade exit is during delivery period. Longs may be subject to delivery. For other MRCI products and information: or (541) Fax: (541) Website: [email protected] 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 S. 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. EVEN IF A SEASONAL TENDENCY OCCURS IN THE FUTURE, IT MAY NOT RESULT IN A ABLE TRANSACTION AS FEES, AND THE TIMING OF THE 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 S UTILIZING THESE STRATEGIES. NO REPRESENTATION IS BEING MADE THAT 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 S 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 Copyright Moore Research Center, Inc. 66 HISTORICAL LEAN HOGS/PORK BELLIES REPORT

69 CONT Buy May Pork Bellies(CME) / Sell Apr Lean Hogs(CME) Enter on approximately 01/16 - Exit on approximately 03/ /16/ /28/ /09/ /17/ /28/ /27/ /01/ /18/ /28/ /28/ /23/ /16/ /26/ /26/ /16/ /28/ /18/ /24/ /16/ /28/ /07/ /06/ /16/ /28/ /28/ /18/ /28/ /01/ /22/ /19/ /26/ /22/ /02/ /16/ /27/ /27/ /22/ /16/ /27/ /30/ /17/ /16/ /28/ /11/ /17/ /16/ /28/ /20/ /17/ /28/ /24/ /25/ /18/ /26/ /22/ /16/ Percentage Correct 100 Average Profit on Winning Trades Winners 15 Average Loss on Trades Losers 0 Average Net Profit Per Trade Total trades 15 S OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED CONT Buy May Pork Bellies(CME) / Sell Apr Lean Hogs(CME) Enter on approximately 01/31 - Exit on approximately 03/ /31/ /26/ /09/ /31/ /24/ /13/ /01/ /31/ /24/ /22/ /23/ /02/ /26/ /26/ /31/ /26/ /18/ /31/ /26/ /07/ /06/ /31/ /26/ /23/ /05/ /31/ /24/ /01/ /22/ /01/ /26/ /04/ /02/ /02/ /26/ /26/ /06/ /31/ /26/ /30/ /18/ /31/ /26/ /11/ /06/ /31/ /24/ /20/ /06/ /31/ /25/ /24/ /10/ /01/ /26/ /22/ /16/ Percentage Correct 93 Average Profit on Winning Trades Winners 14 Average Loss on Trades Losers 1 Average Net Profit Per Trade Total trades 15 S OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED Lean Hogs/Pork Bellies Spread Strategy Tables MOORE RESEARCH CENTER, INC. 67

70 CONT Buy May Pork Bellies(CME) / Sell Apr Lean Hogs(CME) Enter on approximately 02/17 - Exit on approximately 03/ /20/ /23/ /09/ /28/ /17/ /24/ /13/ /17/ /24/ /22/ /23/ /17/ /24/ /20/ /15/ /18/ /24/ /18/ /05/ /19/ /22/ /07/ /20/ /23/ /23/ /21/ /17/ /24/ /01/ /22/ /17/ /24/ /23/ /02/ /17/ /24/ /23/ /23/ /18/ /24/ /30/ /20/ /22/ /11/ /28/ /17/ /24/ /20/ /06/ /17/ /24/ /24/ /17/ /24/ /22/ /18/ Percentage Correct 93 Average Profit on Winning Trades Winners 14 Average Loss on Trades Losers 1 Average Net Profit Per Trade Total trades 15 S OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED Lean Hogs/Pork Bellies Spread Strategy Tables CONT Buy May Pork Bellies(CME) / Sell Apr Lean Hogs(CME) Enter on approximately 03/06 - Exit on approximately 03/ /06/ /23/ /09/ /16/ /06/ /23/ /13/ /17/ /07/ /23/ /22/ /09/ /08/ /23/ /19/ /15/ /06/ /21/ /18/ /06/ /22/ /07/ /11/ /06/ /23/ /23/ /06/ /23/ /22/ /08/ /23/ /23/ /11/ /06/ /23/ /23/ /11/ /06/ /21/ /11/ /19/ /06/ /22/ /11/ /19/ /06/ /23/ /20/ /07/ /23/ /23/ /14/ /08/ /23/ /22/ Percentage Correct 93 Average Profit on Winning Trades Winners 14 Average Loss on Trades Losers 1 Average Net Profit Per Trade Total trades 15 S OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED 68 HISTORICAL LEAN HOGS/PORK BELLIES REPORT

71 CONT Buy Jun Lean Hogs(CME) / Sell Jul Pork Bellies(CME) Enter on approximately 04/03 - Exit on approximately 06/ /03/ /13/ /04/ /14/ /03/ /13/ /19/ /27/ /04/ /13/ /31/ /07/ /05/ /10/ /15/ /10/ /03/ /13/ /11/ /28/ /03/ /13/ /10/ /30/ /03/ /13/ /16/ /03/ /13/ /10/ /07/ /05/ /11/ /17/ /02/ /03/ /12/ /27/ /12/ /03/ /13/ /13/ /22/ /03/ /13/ /16/ /02/ /03/ /13/ /01/ /12/ /04/ /13/ /13/ /05/ /11/ /11/ /14/ Percentage Correct 93 Average Profit on Winning Trades Winners 14 Average Loss on Trades Losers 1 Average Net Profit Per Trade Total trades 15 S OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED CONT Buy Aug Lean Hogs(CME) / Sell Aug Pork Bellies(CME) Enter on approximately 05/02 - Exit on approximately 06/ /02/ /08/ /04/ /10/ /02/ /09/ /31/ /08/ /02/ /09/ /31/ /19/ /03/ /09/ /08/ /17/ /02/ /09/ /05/ /06/ /02/ /07/ /07/ /02/ /08/ /16/ /02/ /09/ /05/ /03/ /09/ /08/ /10/ /04/ /09/ /26/ /08/ /02/ /09/ /05/ /22/ /02/ /07/ /03/ /02/ /09/ /05/ /23/ /02/ /09/ /09/ /03/ /03/ /09/ /09/ Percentage Correct 93 Average Profit on Winning Trades Winners 14 Average Loss on Trades Losers 1 Average Net Profit Per Trade Total trades 15 S OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED MOORE RESEARCH CENTER, INC. 69 Lean Hogs/Pork Bellies Spread Strategy Tables

72 CONT Buy Jun Lean Hogs(CME) / Sell Jul Pork Bellies(CME) Enter on approximately 05/02 - Exit on approximately 06/ /02/ /08/ /04/ /14/ /02/ /09/ /31/ /03/ /02/ /09/ /31/ /19/ /03/ /09/ /08/ /10/ /02/ /09/ /09/ /28/ /02/ /07/ /07/ /02/ /08/ /16/ /02/ /09/ /10/ /07/ /03/ /09/ /17/ /02/ /04/ /09/ /27/ /08/ /02/ /09/ /13/ /22/ /02/ /07/ /17/ /02/ /09/ /01/ /02/ /09/ /01/ /03/ /09/ /09/ /14/ Percentage Correct 100 Average Profit on Winning Trades Winners 15 Average Loss on Trades Losers 0 Average Net Profit Per Trade Total trades 15 S OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED Lean Hogs/Pork Bellies Spread Strategy Tables CONT Buy Aug Lean Hogs(CME) / Sell Aug Pork Bellies(CME) Enter on approximately 05/25 - Exit on approximately 06/ /25/ /08/ /04/ /25/ /09/ /31/ /08/ /25/ /10/ /10/ /25/ /10/ /08/ /26/ /27/ /10/ /05/ /28/ /28/ /10/ /10/ /31/ /25/ /08/ /04/ /29/ /25/ /09/ /05/ /25/ /10/ /10/ /02/ /26/ /10/ /08/ /27/ /10/ /10/ /28/ /10/ /10/ /25/ /09/ /05/ /30/ /25/ /10/ /09/ /02/ /25/ /10/ /09/ /02/ Percentage Correct 93 Average Profit on Winning Trades Winners 14 Average Loss on Trades Losers 1 Average Net Profit Per Trade Total trades 15 S OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED 70 HISTORICAL LEAN HOGS/PORK BELLIES REPORT

73 CONT Buy Feb Lean Hogs(CME) / Sell Feb Pork Bellies(CME) Enter on approximately 08/22 - Exit on approximately 09/ /22/ /19/ /11/ /22/ /19/ /13/ /01/ /22/ /19/ /19/ /23/ /17/ /13/ /08/ /22/ /19/ /03/ /08/ /22/ /19/ /23/ /17/ /22/ /19/ /23/ /05/ /22/ /19/ /19/ /01/ /23/ /17/ /14/ /24/ /24/ /18/ /14/ /22/ /19/ /19/ /22/ /19/ /16/ /23/ /22/ /19/ /18/ /30/ /22/ /19/ /19/ /30/ /23/ /17/ /15/ /27/ Percentage Correct 87 Average Profit on Winning Trades Winners 13 Average Loss on Trades Losers 2 Average Net Profit Per Trade Total trades 15 S OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED CONT Buy Oct Lean Hogs(CME) / Sell Feb Pork Bellies(CME) Enter on approximately 09/01 - Exit on approximately 09/ /04/ /20/ /10/ /14/ /01/ /20/ /11/ /01/ /20/ /19/ /08/ /01/ /20/ /15/ /08/ /02/ /19/ /03/ /08/ /03/ /20/ /06/ /13/ /04/ /20/ /19/ /01/ /20/ /20/ /01/ /20/ /03/ /01/ /18/ /16/ /04/ /02/ /19/ /19/ /04/ /03/ /20/ /16/ /01/ /20/ /18/ /01/ /20/ /14/ /02/ /01/ /20/ /15/ /09/ Percentage Correct 93 Average Profit on Winning Trades Winners 14 Average Loss on Trades Losers 1 Average Net Profit Per Trade Total trades 15 S OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED MOORE RESEARCH CENTER, INC. 71 Lean Hogs/Pork Bellies Spread Strategy Tables

74 CONT Buy Feb Pork Bellies(CME) / Sell Feb Lean Hogs(CME) Enter on approximately 09/21 - Exit on approximately 09/ /21/ /28/ /28/ /21/ /29/ /29/ /21/ /30/ /29/ /21/ /30/ /23/ /30/ /22/ /30/ /30/ /23/ /23/ /30/ /26/ /21/ /28/ /28/ /21/ /29/ /27/ /25/ /21/ /30/ /27/ /21/ /30/ /24/ /22/ /30/ /30/ /23/ /23/ /30/ /26/ /21/ /29/ /25/ /27/ /21/ /30/ /30/ /23/ /21/ /30/ /30/ Percentage Correct 87 Average Profit on Winning Trades Winners 13 Average Loss on Trades Losers 2 Average Net Profit Per Trade Total trades 15 S OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED Lean Hogs/Pork Bellies Spread Strategy Tables CONT Buy Feb Pork Bellies(CME) / Sell Dec Lean Hogs(CME) Enter on approximately 10/17 - Exit on approximately 11/ /17/ /08/ /06/ /24/ /17/ /08/ /24/ /08/ /17/ /08/ /28/ /26/ /18/ /08/ /08/ /20/ /17/ /07/ /06/ /20/ /17/ /08/ /08/ /17/ /08/ /08/ /30/ /17/ /08/ /08/ /18/ /18/ /08/ /03/ /29/ /19/ /06/ /04/ /20/ /17/ /07/ /23/ /06/ /17/ /08/ /18/ /05/ /17/ /08/ /20/ /08/ /17/ /08/ /07/ /18/ /08/ /29/ /19/ Percentage Correct 87 Average Profit on Winning Trades Winners 13 Average Loss on Trades Losers 2 Average Net Profit Per Trade Total trades 15 S OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED 72 HISTORICAL LEAN HOGS/PORK BELLIES REPORT

75 Cash & Historical Basis Page Cash: Seasonal s Iowa/So Minnesota Hogs Direct (base purchase price for 185-lb. carcass)...74 Basis: Seasonal Averages Iowa/So Minnesota Hogs Direct vs February Lean Hogs (CME) Iowa/So Minnesota Hogs Direct vs April Lean Hogs (CME) Iowa/So Minnesota Hogs Direct vs June Lean Hogs (CME) Iowa/So Minnesota Hogs Direct vs July Lean Hogs (CME) Iowa/So Minnesota Hogs Direct vs August Lean Hogs (CME) Iowa/So Minnesota Hogs Direct vs October Lean Hogs (CME) Iowa/So Minnesota Hogs Direct vs December Lean Hogs (CME) Cash & Basis MOORE RESEARCH CENTER, INC. 73

76 Hogs: Iowa/So Minnesota 9 Year Seasonal(99-07) Year Year 20 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 0 Hogs: Iowa/So Minnesota - Feb Lean Hogs(CME) 9 Year Average(99-07) Year Year Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Hogs: Iowa/So Minnesota - Apr Lean Hogs(CME) 9 Year Average(99-07) Year Year May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr Hogs: Iowa/So Minnesota - Jun Lean Hogs(CME) 9 Year Average(99-07) Basis: Lean Hogs 9 Year 5 Year Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun HISTORICAL LEAN HOG/PORK BELLIES REPORT

77 Hogs: Iowa/So Minnesota - Jul Lean Hogs(CME) 9 Year Average(99-07) Year Year Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Hogs: Iowa/So Minnesota - Aug Lean Hogs(CME) 9 Year Average(99-07) Year Year Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Hogs: Iowa/So Minnesota - Oct Lean Hogs(CME) 9 Year Average(99-07) Year Year Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Hogs: Iowa/So Minnesota - Dec Lean Hogs(CME) 9 Year Average(99-07) Year 5 Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Basis: Lean Hogs MOORE RESEARCH CENTER, INC. 75

78 Personal Notes 76 HISTORICAL LEAN HOG/PORK BELLIES REPORT

79 Historical Daily Charts Page Lean Hogs February ( ) April ( ) June ( ) July ( ) August ( ) October ( ) December ( ) Frozen Pork Bellies February ( ) March ( ) May ( ) July ( ) August ( ) Daily Charts MOORE RESEARCH CENTER, INC. 77

80 Feb92 Lean Hogs(CME) Feb93 Lean Hogs(CME) M A M J J A S O N D J F M A M J J A S O N D J F Feb94 Lean Hogs(CME) Feb95 Lean Hogs(CME) M A M J J A S O N D J F M A M J J A S O N D J F Feb96 Lean Hogs(CME) Feb97 Lean Hogs(CME) Lean Hogs Dailies: February M A M J J A S O N D J F Feb98 Lean Hogs(CME) M A M J J A S O N D J F M A M J J A S O N D J F Feb99 Lean Hogs(CME) M A M J J A S O N D J F HISTORICAL LEAN HOGS/PORK BELLIES REPORT

81 Feb00 Lean Hogs(CME) Feb01 Lean Hogs(CME) M A M J J A S O N D J F M A M J J A S O N D J F Feb02 Lean Hogs(CME) Feb03 Lean Hogs(CME) M A M J J A S O N D J F M A M J J A S O N D J F Feb04 Lean Hogs(CME) Feb05 Lean Hogs(CME) M A M J J A S O N D J F Feb06 Lean Hogs(CME) M A M J J A S O N D J F M A M J J A S O N D J F Feb07 Lean Hogs(CME) M A M J J A S O N D J F Lean Hogs Dailies: February MOORE RESEARCH CENTER, INC. 79

82 Apr92 Lean Hogs(CME) Apr93 Lean Hogs(CME) M J J A S O N D J F M A M J J A S O N D J F M A Apr94 Lean Hogs(CME) Apr95 Lean Hogs(CME) M J J A S O N D J F M A M J J A S O N D J F M A Apr96 Lean Hogs(CME) Apr97 Lean Hogs(CME) Lean Hogs Dailies: April M J J A S O N D J F M A Apr98 Lean Hogs(CME) M J J A S O N D J F M A M J J A S O N D J F M A Apr99 Lean Hogs(CME) M J J A S O N D J F M A HISTORICAL LEAN HOGS/PORK BELLIES REPORT

83 Apr00 Lean Hogs(CME) Apr01 Lean Hogs(CME) M J J A S O N D J F M A M J J A S O N D J F M A Apr02 Lean Hogs(CME) Apr03 Lean Hogs(CME) M J J A S O N D J F M A M J J A S O N D J F M A Apr04 Lean Hogs(CME) Apr05 Lean Hogs(CME) M J J A S O N D J F M A Apr06 Lean Hogs(CME) M J J A S O N D J F M A M J J A S O N D J F M A Apr07 Lean Hogs(CME) M J J A S O N D J F M A Lean Hogs Dailies: April MOORE RESEARCH CENTER, INC. 81

84 Jun92 Lean Hogs(CME) Jun93 Lean Hogs(CME) J A S O N D J F M A M J J A S O N D J F M A M J Jun94 Lean Hogs(CME) Jun95 Lean Hogs(CME) J A S O N D J F M A M J J A S O N D J F M A M J Jun96 Lean Hogs(CME) Jun97 Lean Hogs(CME) J A S O N D J F M A M J J A S O N D J F M A M J Lean Hogs Dailies: June Jun98 Lean Hogs(CME) J A S O N D J F M A M J Jun99 Lean Hogs(CME) J A S O N D J F M A M J HISTORICAL LEAN HOGS/PORK BELLIES REPORT

85 Jun00 Lean Hogs(CME) Jun01 Lean Hogs(CME) J A S O N D J F M A M J J A S O N D J F M A M J Jun02 Lean Hogs(CME) Jun03 Lean Hogs(CME) J A S O N D J F M A M J J A S O N D J F M A M J Jun04 Lean Hogs(CME) Jun05 Lean Hogs(CME) J A S O N D J F M A M J J A S O N D J F M A M J Jun06 Lean Hogs(CME) J A S O N D J F M A M J Jun07 Lean Hogs(CME) J A S O N D J F M A M J Lean Hogs Dailies: June MOORE RESEARCH CENTER, INC. 83

86 Jul92 Lean Hogs(CME) Jul93 Lean Hogs(CME) A S O N D J F M A M J J A S O N D J F M A M J J Jul94 Lean Hogs(CME) Jul95 Lean Hogs(CME) A S O N D J F M A M J J A S O N D J F M A M J J Jul96 Lean Hogs(CME) Jul97 Lean Hogs(CME) A S O N D J F M A M J J A S O N D J F M A M J J Lean Hogs Dailies: July Jul98 Lean Hogs(CME) A S O N D J F M A M J J Jul99 Lean Hogs(CME) A S O N D J F M A M J J HISTORICAL LEAN HOGS/PORK BELLIES REPORT

87 Jul00 Lean Hogs(CME) Jul01 Lean Hogs(CME) A S O N D J F M A M J J A S O N D J F M A M J J Jul02 Lean Hogs(CME) Jul03 Lean Hogs(CME) A S O N D J F M A M J J A S O N D J F M A M J J Jul04 Lean Hogs(CME) Jul05 Lean Hogs(CME) A S O N D J F M A M J J A S O N D J F M A M J J Jul06 Lean Hogs(CME) A S O N D J F M A M J J Jul07 Lean Hogs(CME) A S O N D J F M A M J J Lean Hogs Dailies: July MOORE RESEARCH CENTER, INC. 85

88 Aug92 Lean Hogs(CME) Aug93 Lean Hogs(CME) S O N D J F M A M J J A S O N D J F M A M J J A Aug94 Lean Hogs(CME) Aug95 Lean Hogs(CME) S O N D J F M A M J J A S O N D J F M A M J J A Aug96 Lean Hogs(CME) Aug97 Lean Hogs(CME) Lean Hogs Dailies: August S O N D J F M A M J J A Aug98 Lean Hogs(CME) S O N D J F M A M J J A S O N D J F M A M J J A Aug99 Lean Hogs(CME) S O N D J F M A M J J A HISTORICAL LEAN HOGS/PORK BELLIES REPORT

89 Aug00 Lean Hogs(CME) Aug01 Lean Hogs(CME) S O N D J F M A M J J A S O N D J F M A M J J A Aug02 Lean Hogs(CME) Aug03 Lean Hogs(CME) S O N D J F M A M J J A S O N D J F M A M J J A Aug04 Lean Hogs(CME) S O N D J F M A M J J A Aug06 Lean Hogs(CME) S O N D J F M A M J J A Aug05 Lean Hogs(CME) S O N D J F M A M J J A Aug07 Lean Hogs(CME) S O N D J F M A M J J A Lean Hogs Dailies: August MOORE RESEARCH CENTER, INC. 87

90 Oct92 Lean Hogs(CME) Oct93 Lean Hogs(CME) N D J F M A M J J A S O N D J F M A M J J A S O Oct94 Lean Hogs(CME) Oct95 Lean Hogs(CME) N D J F M A M J J A S O N D J F M A M J J A S O Oct96 Lean Hogs(CME) Oct97 Lean Hogs(CME) Lean Hogs Dailies: October N D J F M A M J J A S O Oct98 Lean Hogs(CME) N D J F M A M J J A S O N D J F M A M J J A S O Oct99 Lean Hogs(CME) N D J F M A M J J A S O HISTORICAL LEAN HOGS/PORK BELLIES REPORT

91 Oct00 Lean Hogs(CME) Oct01 Lean Hogs(CME) N D J F M A M J J A S O N D J F M A M J J A S O Oct02 Lean Hogs(CME) N D J F M A M J J A S O Oct03 Lean Hogs(CME) N D J F M A M J J A S O Oct04 Lean Hogs(CME) Oct05 Lean Hogs(CME) N D J F M A M J J A S O Oct06 Lean Hogs(CME) N D J F M A M J J A S O N D J F M A M J J A S O Oct07 Lean Hogs(CME) N D J F M A M J J A S O Lean Hogs Dailies: October MOORE RESEARCH CENTER, INC. 89

92 Dec92 Lean Hogs(CME) Dec93 Lean Hogs(CME) J F M A M J J A S O N D J F M A M J J A S O N D Dec94 Lean Hogs(CME) Dec95 Lean Hogs(CME) J F M A M J J A S O N D J F M A M J J A S O N D Dec96 Lean Hogs(CME) Dec97 Lean Hogs(CME) Lean Hogs Dailies: December J F M A M J J A S O N D Dec98 Lean Hogs(CME) J F M A M J J A S O N D J F M A M J J A S O N D Dec99 Lean Hogs(CME) J F M A M J J A S O N D HISTORICAL LEAN HOGS/PORK BELLIES REPORT

93 Dec00 Lean Hogs(CME) Dec01 Lean Hogs(CME) J F M A M J J A S O N D J F M A M J J A S O N D Dec02 Lean Hogs(CME) Dec03 Lean Hogs(CME) J F M A M J J A S O N D J F M A M J J A S O N D Dec04 Lean Hogs(CME) Dec05 Lean Hogs(CME) J F M A M J J A S O N D Dec06 Lean Hogs(CME) J F M A M J J A S O N D J F M A M J J A S O N D Dec07 Lean Hogs(CME) J F M A M J J A S O N D Lean Hogs Dailies: December MOORE RESEARCH CENTER, INC. 91

94 Feb92 Pork Bellies(CME) Feb93 Pork Bellies(CME) M A M J J A S O N D J F M A M J J A S O N D J F Feb94 Pork Bellies(CME) Feb95 Pork Bellies(CME) M A M J J A S O N D J F M A M J J A S O N D J F Feb96 Pork Bellies(CME) Feb97 Pork Bellies(CME) Pork Bellies Dailies: February M A M J J A S O N D J F Feb98 Pork Bellies(CME) M A M J J A S O N D J F M A M J J A S O N D J F Feb99 Pork Bellies(CME) M A M J J A S O N D J F HISTORICAL LEAN HOGS/PORK BELLIES REPORT

95 Feb00 Pork Bellies(CME) Feb01 Pork Bellies(CME) M A M J J A S O N D J F M A M J J A S O N D J F Feb02 Pork Bellies(CME) Feb03 Pork Bellies(CME) M A M J J A S O N D J F M A M J J A S O N D J F Feb04 Pork Bellies(CME) Feb05 Pork Bellies(CME) M A M J J A S O N D J F Feb06 Pork Bellies(CME) M A M J J A S O N D J F M A M J J A S O N D J F Feb07 Pork Bellies(CME) M A M J J A S O N D J F Pork Bellies Dailies: February MOORE RESEARCH CENTER, INC. 93

96 Mar92 Pork Bellies(CME) Mar93 Pork Bellies(CME) A M J J A S O N D J F M A M J J A S O N D J F M Mar94 Pork Bellies(CME) Mar95 Pork Bellies(CME) A M J J A S O N D J F M A M J J A S O N D J F M Pork Bellies Dailies: March Mar96 Pork Bellies(CME) A M J J A S O N D J F M Mar98 Pork Bellies(CME) A M J J A S O N D J F M Mar97 Pork Bellies(CME) A M J J A S O N D J F M Mar99 Pork Bellies(CME) A M J J A S O N D J F M HISTORICAL LEAN HOGS/PORK BELLIES REPORT

97 Mar00 Pork Bellies(CME) Mar01 Pork Bellies(CME) A M J J A S O N D J F M A M J J A S O N D J F M Mar02 Pork Bellies(CME) Mar03 Pork Bellies(CME) A M J J A S O N D J F M A M J J A S O N D J F M Mar04 Pork Bellies(CME) Mar05 Pork Bellies(CME) A M J J A S O N D J F M Mar06 Pork Bellies(CME) A M J J A S O N D J F M A M J J A S O N D J F M Mar07 Pork Bellies(CME) A M J J A S O N D J F M Pork Bellies Dailies: March MOORE RESEARCH CENTER, INC. 95

98 May92 Pork Bellies(CME) May93 Pork Bellies(CME) J J A S O N D J F M A M J J A S O N D J F M A M May94 Pork Bellies(CME) May95 Pork Bellies(CME) J J A S O N D J F M A M J J A S O N D J F M A M May96 Pork Bellies(CME) May97 Pork Bellies(CME) Pork Bellies Dailies: May J J A S O N D J F M A M May98 Pork Bellies(CME) J J A S O N D J F M A M J J A S O N D J F M A M May99 Pork Bellies(CME) J J A S O N D J F M A M HISTORICAL LEAN HOGS/PORK BELLIES REPORT

99 May00 Pork Bellies(CME) May01 Pork Bellies(CME) J J A S O N D J F M A M J J A S O N D J F M A M May02 Pork Bellies(CME) May03 Pork Bellies(CME) J J A S O N D J F M A M J J A S O N D J F M A M May04 Pork Bellies(CME) May05 Pork Bellies(CME) J J A S O N D J F M A M May06 Pork Bellies(CME) J J A S O N D J F M A M J J A S O N D J F M A M May07 Pork Bellies(CME) J J A S O N D J F M A M Pork Bellies Dailies: May MOORE RESEARCH CENTER, INC. 97

100 Jul92 Pork Bellies(CME) A S O N D J F M A M J J Jul93 Pork Bellies(CME) A S O N D J F M A M J J Jul94 Pork Bellies(CME) Jul95 Pork Bellies(CME) A S O N D J F M A M J J A S O N D J F M A M J J Jul96 Pork Bellies(CME) Jul97 Pork Bellies(CME) Pork Bellies Dailies: July A S O N D J F M A M J J Jul98 Pork Bellies(CME) A S O N D J F M A M J J A S O N D J F M A M J J Jul99 Pork Bellies(CME) A S O N D J F M A M J J HISTORICAL LEAN HOGS/PORK BELLIES REPORT

101 Jul00 Pork Bellies(CME) Jul01 Pork Bellies(CME) A S O N D J F M A M J J A S O N D J F M A M J J Jul02 Pork Bellies(CME) Jul03 Pork Bellies(CME) A S O N D J F M A M J J A S O N D J F M A M J J Jul04 Pork Bellies(CME) Jul05 Pork Bellies(CME) A S O N D J F M A M J J Jul06 Pork Bellies(CME) A S O N D J F M A M J J A S O N D J F M A M J J Jul07 Pork Bellies(CME) A S O N D J F M A M J J Pork Bellies Dailies: July MOORE RESEARCH CENTER, INC. 99

102 Aug92 Pork Bellies(CME) Aug93 Pork Bellies(CME) S O N D J F M A M J J A S O N D J F M A M J J A Aug94 Pork Bellies(CME) Aug95 Pork Bellies(CME) S O N D J F M A M J J A S O N D J F M A M J J A Aug96 Pork Bellies(CME) Aug97 Pork Bellies(CME) Pork Bellies Dailies: August S O N D J F M A M J J A Aug98 Pork Bellies(CME) S O N D J F M A M J J A S O N D J F M A M J J A Aug99 Pork Bellies(CME) S O N D J F M A M J J A HISTORICAL LEAN HOGS/PORK BELLIES REPORT

103 Aug00 Pork Bellies(CME) Aug01 Pork Bellies(CME) S O N D J F M A M J J A S O N D J F M A M J J A Aug02 Pork Bellies(CME) Aug03 Pork Bellies(CME) S O N D J F M A M J J A S O N D J F M A M J J A Aug04 Pork Bellies(CME) Aug05 Pork Bellies(CME) S O N D J F M A M J J A Aug06 Pork Bellies(CME) S O N D J F M A M J J A S O N D J F M A M J J A Aug07 Pork Bellies(CME) S O N D J F M A M J J A Pork Bellies Dailies: August MOORE RESEARCH CENTER, INC. 101

104 How to Interpret a Bull/Bear Chart Each bull/bear chart consists of one composite pattern for bull years (solid line) and one for bear years (dotted line), with component contract years for each indicated in the box ( 70 denotes 1970) for reference. Rather than chronologically, the order of contract years 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. That final step is not taken when constructing these bull/bear patterns, and thus each better represents the extent of the typical bull or bear move.! February Lean Hogs(CME) Bull/Bear s( ) Bear 60 Bull Bull years: Bear years: How to Interpret Bull/Bear & Volatility Charts How to Interpret Historical Volatility Charts Using options on futures to place or protect positions or hedges can provide tremendous advantages, including 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 price to the option s strike price, (2) the time remaining until expiration, and (3) volatility. The option volatility charts display the 15-year average historical volatility (the central line) for the futures contract. The lines above and below are each at 1 Standard Deviation. From these latter two, one may discern the levels between which historical volatility has been found 68% of the time during the last 15 years. Further, volatility has been found above the upper line 16% of the time and below the lower line 16% of the time.! +1 STD Above Central Tendency -1 STD Below Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Feb Lean Hogs(CME) 15 Year Ave Volatility(93-07) Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb 102 HISTORICAL LEAN HOGS/PORK BELLIES REPORT 0 50% 40% 30% 20% 10% 0%

105 Miscellaneous Page Bull/Bear Charts Lean Hogs Pork Bellies Historical Volatility Charts Lean Hogs Pork Bellies Lean Hogs and Pork Bellies Daily Trading Statistics Miscellaneous MOORE RESEARCH CENTER, INC. 103

106 February Lean Hogs(CME) Bull/Bear s( ) Bear Bull Bull years: Bear years: Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb 0 April Lean Hogs(CME) Bull/Bear s( ) Bear Bull Bull years: Bear years: May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr 0 Lean Hogs: Bull/Bear Charts Bear Bull June Lean Hogs(CME) Bull/Bear s( ) Bull years: Bear years: Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun HISTORICAL LEAN HOGS/PORK BELLIES REPORT

107 July Lean Hogs(CME) Bull/Bear s( ) Bear Bull Bull years: Bear years: Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul 20 0 August Lean Hogs(CME) Bull/Bear s( ) Bear Bull Bull years: Bear years: Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug 0 Bear Bull October Lean Hogs(CME) Bull/Bear s( ) Bull years: Bear years: Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Lean Hogs: Bull/Bear Charts MOORE RESEARCH CENTER, INC. 105

108 December Lean Hogs(CME) Bull/Bear s( ) Bear Bull Bull years: Bear years: Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 0 February Pork Bellies(CME) Bull/Bear s( ) Bear Bull Bull years: Bear years: Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb 20 0 Pork Bellies: Bull/Bear Charts Bear Bull March Pork Bellies(CME) Bull/Bear s( ) Bull years: Bear years: Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar HISTORICAL LEAN HOGS/PORK BELLIES REPORT

109 May Pork Bellies(CME) Bull/Bear s( ) Bear Bull Bull years: Bear years: Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May 20 0 July Pork Bellies(CME) Bull/Bear s( ) Bear Bull Bull years: Bear years: Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul 20 0 Bear Bull August Pork Bellies(CME) Bull/Bear s( ) Bull years: Bear years: Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Pork Bellies: Bull/Bear Charts MOORE RESEARCH CENTER, INC. 107

110 Feb Lean Hogs(CME) 15 Year Ave Volatility(93-07) 50% +1 STD Above Central Tendency 40% 30% 20% -1 STD Below 10% Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb 0% Apr Lean Hogs(CME) 15 Year Ave Volatility(93-07) 35% 30% +1 STD Above 25% Central Tendency -1 STD Below 20% 15% 10% May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr 5% Jun Lean Hogs(CME) 15 Year Ave Volatility(93-07) 30% Lean Hogs: Volatility +1 STD Above Central Tendency -1 STD Below Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun 25% 20% 15% 10% 5% 108 HISTORICAL LEAN HOGS/PORK BELLIES REPORT

111 Jul Lean Hogs(CME) 15 Year Ave Volatility(93-07) 35% 30% +1 STD Above 25% Central Tendency -1 STD Below 20% 15% 10% Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul 5% Aug Lean Hogs(CME) 15 Year Ave Volatility(93-07) 35% 30% +1 STD Above 25% Central Tendency -1 STD Below 20% 15% 10% Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug 5% Oct Lean Hogs(CME) 15 Year Ave Volatility(93-07) 40% +1 STD Above Central Tendency -1 STD Below Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct 35% 30% 25% 20% 15% 10% 5% Lean Hogs: Volatility MOORE RESEARCH CENTER, INC. 109

112 Dec Lean Hogs(CME) 15 Year Ave Volatility(93-07) 40% 35% +1 STD Above 30% 25% Central Tendency -1 STD Below 20% 15% 10% Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 5% Feb Pork Bellies(CME) 15 Year Ave Volatility(93-07) 50% 45% +1 STD Above Central Tendency -1 STD Below 40% 35% 30% 25% 20% 15% Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb 10% Mar Pork Bellies(CME) 15 Year Ave Volatility(93-07) 50% 45% Pork Bellies: Volatility +1 STD Above Central Tendency -1 STD Below Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar 40% 35% 30% 25% 20% 15% 10% 110 HISTORICAL LEAN HOGS/PORK BELLIES REPORT

113 May Pork Bellies(CME) 15 Year Ave Volatility(93-07) 50% 45% +1 STD Above Central Tendency -1 STD Below 40% 35% 30% 25% 20% 15% Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May 10% Jul Pork Bellies(CME) 15 Year Ave Volatility(93-07) 60% +1 STD Above Central Tendency 50% 40% 30% -1 STD Below 20% Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul 10% Aug Pork Bellies(CME) 15 Year Ave Volatility(93-07) 60% +1 STD Above Central Tendency -1 STD Below Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug 50% 40% 30% 20% 10% Pork Bellies: Volatility MOORE RESEARCH CENTER, INC. 111

114 Lean Hogs & Pork Bellies Statistics he following tables are merely a statistical analysis of daily ranges as traded by Lean Hogs and Pork Bellies Tfutures contracts. The average range has been computed, as has the frequency of higher, lower, and unchanged closes for each day of the week. The rows labeled gapped up and gapped down refer to the frequency of opening above the previous day s high or below the previous day s low, respectively. Un-filled gaps up denotes how often prices, after gapping above the previous day s range, did not return to trade at or below the previous day s high. The converse is true for un-filled gaps down. (Analysis reflects market activity of nearby contract only.) MRCI s Nearby Futures Summary for Lean Hogs(CME) from 1/ /2007 Summary Item Monday Summary Tuesday Summary Wednesday Summary Thursday Summary Friday Summary Yearly Summary Range 1.060($424) 1.033($413) 1.023($409) 1.002($401) 0.984($394) 1.020($408) Closed Up 754(49%) 761(46%) 824(50%) 822(51%) 842(53%) 4003(50%) Closed Dn 743(49%) 853(52%) 796(48%) 766(47%) 726(45%) 3884(48%) Closed Uchg 28(2%) 27(2%) 29(2%) 29(2%) 34(2%) 147(2%) Gapped up 251(16%) 199(12%) 197(12%) 215(13%) 227(14%) 1089(14%) Un-filled Gaps Up 106(42%) 49(25%) 67(34%) 81(38%) 83(37%) 386(35%) Gapped Down 253(17%) 279(17%) 250(15%) 192(12%) 168(10%) 1142(14%) Un-filled Gaps Down 97(38%) 105(38%) 83(33%) 48(25%) 60(36%) 393(34%) Copyright Moore Research Center, Inc. All Rights Reserved Daily Trading Statistics MRCI s Nearby Futures Summary for Pork Bellies(CME) from 1/ /2007 Summary Item Monday Summary Tuesday Summary Wednesday Summary Thursday Summary Friday Summary Yearly Summary Range 1.891($757) 1.835($734) 1.855($742) 1.812($725) 1.765($706) 1.831($732) Closed Up 703(46%) 752(46%) 821(50%) 865(53%) 832(52%) 3973(49%) Closed Dn 821(54%) 883(54%) 828(50%) 746(46%) 765(47%) 4043(50%) Closed Uchg 10(1%) 15(1%) 7(0%) 14(1%) 14(1%) 60(1%) Gapped up 268(17%) 209(13%) 254(15%) 288(18%) 276(17%) 1295(16%) Un-filled Gaps Up 98(37%) 70(33%) 109(43%) 112(39%) 97(35%) 486(38%) Gapped Down 282(18%) 306(19%) 301(18%) 225(14%) 201(12%) 1315(16%) Un-filled Gaps Down 126(45%) 106(35%) 123(41%) 74(33%) 68(34%) 497(38%) Copyright Moore Research Center, Inc. All Rights Reserved 112 HISTORICAL LEAN HOGS/PORK BELLIES REPORT

115 Seasonal Strategy Historical Lean Hogs & Pork Bellies Strategies Entry Date Exit Date Win Pct Win Years Loss Years Total Years Average Profit Ave Pft Per Day 1 Buy Lean Hogs(CME) June 1/03 1/ /23 24 Pg No 2 Buy Jun Lean Hogs(CME) Sell Apr Lean Hogs(CME) 3 Buy Jul Lean Hogs(CME) Sell Apr Lean Hogs(CME) 1/07 3/ / /11 4/ / Buy Pork Bellies(CME) May 1/13 3/ / Buy Pork Bellies(CME) March 1/16 2/ / Buy May Pork Bellies(CME) Sell Apr Lean Hogs(CME) 1/16 3/ / Buy Lean Hogs(CME) June 1/19 3/ / Buy May Pork Bellies(CME) Sell Apr Lean Hogs(CME) 1/31 3/ / Buy Lean Hogs(CME) August 2/12 5/ / Buy Pork Bellies(CME) May 2/15 3/ / Buy Pork Bellies(CME) March * 2/17 3/ / Buy May Pork Bellies(CME) Sell Apr Lean Hogs(CME) 13 Buy May Pork Bellies(CME) Sell Apr Lean Hogs(CME) 14 Buy Jul Lean Hogs(CME) Sell Jun Lean Hogs(CME) 2/17 3/ / /06 3/ / /09 5/ / Buy Lean Hogs(CME) July 3/29 5/ / Buy Jun Lean Hogs(CME) Sell Jul Pork Bellies(CME) 4/03 6/ / Sell Pork Bellies(CME) July 5/01 5/ / Sell Pork Bellies(CME) July 5/01 6/ / Buy Aug Lean Hogs(CME) Sell Aug Pork Bellies(CME) 5/02 6/ /39 69 For other MRCI products and information: or (541) Fax: (541) Website: [email protected] 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 S. 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. EVEN IF A SEASONAL TENDENCY OCCURS IN THE FUTURE, IT MAY NOT RESULT IN A ABLE TRANSACTION AS FEES, AND THE TIMING OF THE 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 S UTILIZING THESE STRATEGIES. NO REPRESENTATION IS BEING MADE THAT 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 S 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 Copyright Moore Research Center, Inc. Chronological Summary MOORE RESEARCH CENTER, INC. 113

116 Historical Lean Hogs & Pork Bellies Strategies Seasonal Strategy 20 Buy Jun Lean Hogs(CME) Sell Jul Pork Bellies(CME) 21 Buy Aug Lean Hogs(CME) Sell Jul Lean Hogs(CME) Entry Date Exit Date Win Pct Win Years Loss Years Total Years Average Profit Ave Pft Per Day 5/02 6/ / /10 6/ /29 27 Pg No 22 Sell Lean Hogs(CME) July 5/11 5/ / Buy Oct Lean Hogs(CME) Sell Jun Lean Hogs(CME) 5/18 6/ / Sell Lean Hogs(CME) June 5/19 5/ / Buy Aug Lean Hogs(CME) Sell Aug Pork Bellies(CME) 5/25 6/ / Buy Lean Hogs(CME) August 5/29 6/ / Buy Pork Bellies(CME) August 6/08 7/ / Sell Lean Hogs(CME) August 6/18 6/ / Buy Oct Lean Hogs(CME) Sell Jul Lean Hogs(CME) 6/23 7/ / Buy Pork Bellies(CME) February 7/16 8/ / Buy Aug Lean Hogs(CME) Sell Feb Lean Hogs(CME) 7/21 8/ / Buy Lean Hogs(CME) August 7/23 8/ / Buy Pork Bellies(CME) February 7/24 8/ / Buy Feb Pork Bellies(CME) Sell Aug Pork Bellies(CME) * 35 Buy Aug Lean Hogs(CME) Sell Oct Lean Hogs(CME) 7/26 8/ / /31 8/ / Sell Lean Hogs(CME) October 8/06 8/ / Buy Feb Lean Hogs(CME) Sell Dec Lean Hogs(CME) 8/06 11/ /94 33 Chronological Summary For other MRCI products and information: or (541) Fax: (541) Website: [email protected] 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 S. 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. EVEN IF A SEASONAL TENDENCY OCCURS IN THE FUTURE, IT MAY NOT RESULT IN A ABLE TRANSACTION AS FEES, AND THE TIMING OF THE 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 S UTILIZING THESE STRATEGIES. NO REPRESENTATION IS BEING MADE THAT 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 S 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 Copyright Moore Research Center, Inc. 114 HISTORICAL LEAN HOGS/PORK BELLIES REPORT

117 Historical Lean Hogs & Pork Bellies Strategies Seasonal Strategy 38 Buy Feb Lean Hogs(CME) Sell Feb Pork Bellies(CME) Entry Date Exit Date Win Pct Win Years Loss Years Total Years Average Profit Ave Pft Per Day 8/22 9/ /29 71 Pg No 39 Buy Lean Hogs(CME) December 8/28 9/ / Buy Lean Hogs(CME) February 8/29 9/ / Buy Lean Hogs(CME) October 8/29 9/ / Buy Lean Hogs(CME) April 8/30 9/ / Buy Lean Hogs(CME) April 8/30 11/ / Buy Oct Lean Hogs(CME) Sell Feb Pork Bellies(CME) 45 Buy Oct Lean Hogs(CME) Sell Dec Lean Hogs(CME) 46 Buy Feb Pork Bellies(CME) Sell Feb Lean Hogs(CME) 47 Buy Feb Lean Hogs(CME) Sell Dec Lean Hogs(CME) 48 Buy Apr Lean Hogs(CME) Sell Dec Lean Hogs(CME) 9/01 9/ / /04 10/ / /21 9/ / /26 11/ / /27 10/ / Sell Lean Hogs(CME) December 10/03 10/ / Buy Jun Lean Hogs(CME) Sell Dec Lean Hogs(CME) 51 Buy Apr Lean Hogs(CME) Sell Feb Lean Hogs(CME) 10/03 10/ / /05 1/ / Buy Lean Hogs(CME) July 10/06 11/ / Sell Lean Hogs(CME) December 10/11 10/ / Buy Jun Lean Hogs(CME) Sell Dec Lean Hogs(CME) 55 Buy Feb Pork Bellies(CME) Sell Dec Lean Hogs(CME) 10/12 10/ / /17 11/ /23 72 For other MRCI products and information: or (541) Fax: (541) Website: [email protected] 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 S. 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. EVEN IF A SEASONAL TENDENCY OCCURS IN THE FUTURE, IT MAY NOT RESULT IN A ABLE TRANSACTION AS FEES, AND THE TIMING OF THE 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 S UTILIZING THESE STRATEGIES. NO REPRESENTATION IS BEING MADE THAT 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 S 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 Copyright Moore Research Center, Inc. MOORE RESEARCH CENTER, INC. 115 Chronological Summary

118 Seasonal Strategy Historical Lean Hogs & Pork Bellies Strategies Entry Date Exit Date Win Pct Win Years Loss Years Total Years Average Profit Ave Pft Per Day 56 Buy Lean Hogs(CME) July 10/19 12/ / Buy Pork Bellies(CME) February 10/20 11/ / Buy Lean Hogs(CME) July 10/22 1/ / Buy Lean Hogs(CME) April 10/23 11/ / Buy Lean Hogs(CME) August 10/25 11/ / Buy Lean Hogs(CME) August 10/28 2/ /98 42 Pg No 62 Buy Jun Lean Hogs(CME) Sell Feb Lean Hogs(CME) 63 Buy Apr Lean Hogs(CME) Sell Feb Lean Hogs(CME) 11/07 1/ / /07 1/ / Sell Lean Hogs(CME) February 12/01 12/ / Buy Apr Lean Hogs(CME) Sell Feb Lean Hogs(CME) 12/02 1/ / Buy Pork Bellies(CME) March * 12/10 3/ / Buy Apr Lean Hogs(CME) Sell Feb Lean Hogs(CME) 12/17 1/ / Buy Lean Hogs(CME) June 12/18 1/ / Buy Lean Hogs(CME) June 12/18 2/ / Buy Jun Lean Hogs(CME) Sell Feb Lean Hogs(CME) 12/29 1/ /9 46 * Caution: Trade exit can be during delivery period. Longs may be subject to delivery. For other MRCI products and information: or (541) Fax: (541) Website: [email protected] Chronological Summary 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 S. 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. EVEN IF A SEASONAL TENDENCY OCCURS IN THE FUTURE, IT MAY NOT RESULT IN A ABLE TRANSACTION AS FEES, AND THE TIMING OF THE 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 S UTILIZING THESE STRATEGIES. NO REPRESENTATION IS BEING MADE THAT 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 S 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 Copyright Moore Research Center, Inc. 116 HISTORICAL LEAN HOGS/PORK BELLIES REPORT

119 MRCI Staff President: Steve Moore Research Director: Nick Colley Editor: Jerry Toepke Operations Manager: Melissa Moore Office Manager Amy Prince Sales Representives Rachel Heinze Trading Assistant Mary Hatfield 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). MRCI INTERNET SUBSCRIPTIONS VISIT our website: JOIN MRCI Online RECEIVE Dynamic Historical Research 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 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. 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. ed 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: or (541) Fax: (541) Website: [email protected] Address: Lorane Highway Eugene, OR THERE IS A RISK OF LOSS IN FUTURES TRADING. MOORE RESEARCH CENTER, INC. 117

120 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. MRCI Fax Order Form (541) MRCI Subscription Rates Period Mailed Online Both Total 12 Issues/1 Year $499 $379 $799 6 Issues/6 Months Issues/3 Months Issue/Monthly* *64 *49 *99 Back Issue 45 Extra Copy/Per Mth 19 The Weekly Spread Commentary discusses two upcoming seasonal spread strategies and is sent via 1 Year 135 each Friday. 3 Months 55 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 Price Seasonal 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 15- year 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 Charts (200+Pages) $124 **Market Seasonal s Report (20 Pages) Soybean Complex (170+ Pages) Grains (135+ Pages) Soybean/Grain Spread (140+ Pages) Live Cattle/Feeder Cattle (140+ Pages) Lean Hogs/Pork Bellies (110+ Pages) Live Cattle/Lean Hog Spread (45+ Pages) Lumber (86+ Pages) 69 **2007 Metals (80+ Pages) 59 **2007 Forex (130+ Pages) 59 **2007 Interest Rates (120+ Pages) 69 **2007 Indices (100+ Pages) Energy (270+ Pages) Softs (150+ Pages) Dairy (108+ Pages) 69 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 less $10.00 each in price and no shipping and handling charges. Prices and rates current as of November, 2000 and are subject to change without notice. THERE IS RISK OF FINANCIAL LOSS IN FUTURES TRADING. Shipping Total Name: Daytime Phone: Address: Suite/Apt #: City: State: Country: Zip/Postal Code: FAX: Visa MasterCard American Express Exp. Date: Signature: Date: (Required if using a credit card) 118 HISTORICAL LEAN HOGS/PORK BELLIES REPORT

121 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.

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