Futures Margins and Commissions

Key

The XYZ investment house rates are perhaps the most appropriate for us. It is unlikely that we have accounts large enough to warrant the exchange minimum margin.

GRAINS & OILSEEDS

                                          XYZ RATES
                                          I      M       SI    SM     

CORN 486 360 100 100 WHEAT 810 600 300 200 BEANS 1296 1000 400 300 OATS 486 360 200 150 MEAL 648 480 250 200 OIL 648 480 200 150 KC WHT 648 480 300 200
 
                                         HEDGE        EX MIN        COMMISSIONS
                                          I      M     I     MS      0/N  DAY  SPD

CORN 300 300 405 300 80 70 100 WHEAT 500 500 675 500 80 70 100 BEANS 800 800 1080 800 80 70 100 OATS 300 300 405 300 80 70 100 MEAL 400 400 540 400 80 70 100 OIL 400 400 540 400 80 70 100 KC WHT 400 400 540 400 80 70 100

MEATSÄ

                                          XYZ RATES
                                          I      M      SI    SM

*CATTLE 972 720 406 300 FEEDER 1054 780 203 150 *BELLY 1296 960 200 150 *HOGS 972 720 324 240 *LUMBER 2880 1920 990 660 BROILER 486 360 200 150

                                          HEDGE        EX MIN        COMMISSIONS
                                          I    M       I     M       O/N  DAY  SPD

*CATTLE 600 600 810 600 80 70 100 FEEDER 650 650 878 650 80 70 100 *BELLY 800 800 1080 800 80 70 100 *HOGS 600 600 810 600 80 70 100 *LUMBER 1600 1600 2400 1600 85 70 110 BROILER 300 300 405 300

FOODS & FIBERSÄ

                                          XYZ RATES
                                          I    M      SI    SM

*COFFEE 3360 2400 450 338 *SUGAR 840 600 400 300 *COCOA 672 480 260 195 OJ 1500 1125 500 375 *COTTON 6300 4725 2100 1575 *SUGAR 11 HAS 2 SPOT MONTHS *COCOA HAS 2 SPOT MONTHS

                                         HEDGE        EX MIN        COMMISSIONS
                                          I    M       I     M       O/N  DAY  SPD

*COFFEE 2000 2000 2800 2000 2000 100 90 120 *SUGAR 500 500 700 500 100 90 120 *COCOA 400 400 560 400 100 90 120 OJ 500 375 1000 750 85 75 120 *COTTON 2250 2250 4500 3375 100 90 120

METALS

                                          XYZ RATES
                                          I    M      SI    SM

PLAT 1485 1022 400 300 PALL 972 681 400 300 SILV 3078 2280 100 75 COLD 1864 1380 100 75 *COPPER 2300 1704 672 504 1M SIL 324 240 150 100 ALUM 1596 1200 500 375

                                          HEDGE       EX MIN        COMMISSIONS
                                          I    M       I      M     O/N  DAY  SPD

PLAT 1215 851 1215 851 110 80 130 PALL 810 567 810 567 110 80 130 SILV 1900 1900 2565 1900 110 95 130 COLD 1150 1150 1553 1150 110 95 130 *COPPER 1420 1420 1917 1420 90 80 110 1M SIL 200 200 270 200 65 55 85 ALUM 1000 1000 1330 1000 90 80 100

INTEREST RATES

                                          XYZ RATES
                                          I    M      SI    SM

TBONDS 2836 2100 400 300 5 YR NOTE 1134 840 500 375 10 YR NOTE 1782 1320 500 375 2 YR NOTE 972 720 200 150 MUNIS 2430 1800 400 300 EUROS 810 600 360 270 TBILLS 810 600 406 300

                                          HEDGE        EX MIN       COMMISSIONS
                                          I    M       I     M      O/N  DAY  SPD

TBONDS 1750 1750 2363 1750 95 80 110 5 YR NOTE 700 700 945 700 10 YR NOTE 1100 1100 1485 1100 2 YR NOTE 600 600 810 600 MUNIS 1500 1500 2025 1500 95 80 110 EUROS 500 500 675 500 95 80 110 TBILLS 500 500 675 500 95 80 110

CURRENCIES

                 
                                          XYZ RATES
                                          I     M      SI    SM

AUST 1134 840 200 200 B PD 3888 2880 150 150 CAN 730 540 150 150 D MK 3240 2400 100 100 J YEN 7290 5400 100 100 S F 5508 4080 100 100 PESO 22500 18375 6920 5625

                                         HEDGE        EX MIN       COMMISSIONS
                                          I     M      I      M     O/N  DAY  SPD

AUST 700 700 945 700 95 80 110 B PD 2400 2400 3240 2400 95 80 110 CAN 450 450 608 450 95 80 110 D MK 2000 2000 2700 2000 95 80 110 J YEN 4500 4500 6075 4500 95 80 110 S F 3400 3400 4590 3400 95 80 110 PESO 12250 12250 15000 12250

ENERGIES

                                          XYZ RATES
                                          I    M      SI    SM

*CRUDE 2100 1575 1000 750 *HEAT 2100 1575 1000 750 *UNLEAD 2100 1575 1000 750 *PROPAN 2100 1575 1000 750 *NA GAS 2100 1575 700 525

                                          HEDGE       EX MIN         COMMISSIONS
                                          I    M      I     M      O/N  DAY  SPD

*CRUDE 1500 1125 1500 1125 95 80 100 *HEAT 1500 1125 1500 1125 95 80 100 *UNLEAD 1500 1125 1500 1125 95 80 100 *PROPAN 1500 1125 1500 1125 95 80 100 *NA GAS 1500 1125 1500 1125 95 80 100

INDEX FUTURES

                                          XYZ RATES
                                          I      M        SI    SM

S&P 18000 13500 240 180 NY IND 4000 3000 400 300 KC VAL 12000 9000 1000 1000 MX IND 5994 4440 400 300 NIKKEI 8100 6000 400 300 $ IND 2500 1875 400 300 S&P 400 2916 2160 244 180

                                                     
                                          HEDGE        EX MIN        COMMISSIONS
                                          I      M     I      MS     O/N  DAY  SPD

S&P 10000 10000 11250 10000 95 80 110 NY IND 2500 2500 3500 2500 80 70 220 KC VAL 5000 5000 10000 5000 95 80 110 MX IND 3700 3700 4995 3700 95 80 110 NIKEI 5000 5000 6750 5000 100 100 180 $ IND 1000 750 2000 1500 S&P 400 1800 1800 2430 1800

INTERMARKET SPREADS

                                          HEDGE        EX MIN       XYZ RATE
                                          I      M     I      M     I     M          

*ENERGIES VS EACH OTHER 1250 875 1250 875 2200 1650 (DOES NOT INCLUDE NATURAL GAS) 2 GOLD VS 3 SILVER 2800 2800 3724 2800 4700 3525 S&P VS VAL LINE 5000 5000 5500 5000 6600 6000 TED SPREAD 300 300 405 300 486 360 TBOND VS MUNI BOND 840 840 1134 840 1500 1125 TNOTE VS MUNI BOND 690 690 932 690 1200 900 TBOND VS 10 YR NOTE 570 570 770 570 924 684 TBOND VS TBILL 400 400 450 400 550 413 2 S&P 400 VS 1/500 1800 1800 2430 1800 3000 2250 3 S&P 400 VS 1/500 3000 3000 4050 3000 5000 3750 1 S&P 400 VS 1 NIKEI 3400 3400 4590 3400 5500 4125 1 S&P 400 VS 1/500 2300 2300 3105 2300 4000 3000

                                          HEDGE        EX MIN       XYZ RATES
                                          I      M     I      M     I    M    

BEANS VS CORN OR OATS 720 720 720 720 1000 750 CORN OR OATS VS WHEAT 459 450 450 450 490 400 CHI WHT VS KC WHT 450 450 450 450 700 525 KC WHT VS NPLS WHT 400 400 400 400 600 500 CRUSH 2400 2400 2400 2400 4000 3000 MEAL VS BEANS 600 600 600 600 1000 750 MEAL VS CORN 600 600 600 600 1000 750 MEAL VS WHEAT 800 800 800 800 1200 900 MEAL VS OATS 700 790 700 709 1000 750

                                          HEDGE        EX MIN       XYZ RATES
                                          I    M       I      M     I    M

BELLIES VS CATTLE 600 600 810 600 972 720 CATTLE VS FEEDERS 300 300 405 300 600 450 CATTLE VS HOGS 550 550 143 550 900 675 FEEDERS VS HOGS 400 400 540 400 640 400 BELLIES VS HOGS 550 550 743 550 892 660

CLEARING FEES

               
     EXCHANGE                             MEMBER      NON-MEMBER

NY FUTURES $0.08 $0.08 COFFEE,SUGAR,COCOA $0.20 $0.20 NY COTTON $0.25 $0.25 COMEX $0.12 $0.12 NY MERCANTILE $0.40 $0.85 CBOT $0.05 $0.05 CHICAGO MERCANTILE OPTIONS* FUTURES OPTIONS* FUTURES $0.07 $0.07 $0.35 $0.70 CLEARING FEES FOR CME PRODUCTS ARE DIFFERENT FOR OPTIONS AND FUTURES AS NOTED ABOVE. ALL OTHER EXCHANGES CHARGE THE SAME RATE FOR FUTURES AND OPTIONS. KANSAS CITY BOT $0.20 $0.20 MID-AMERICA N/A N/A MINN GRAIN N/A N/A WINNEPEG GRAIN N/A N/A IPE 0.075 STERLING 0.075 STERLIN0 LIFFE N/A N/A FOX 0.075 STERLING 0.075 STERLING MATIF N/A N/A LME 0.11 STERLING 0.11 STERLING N.B.FOR THOSE CONTRACTS NOT DENOMINATED IN STERLING, THE FEES WILL BE CONVERTED AT THE APPROPRIATE MONTHEND STERLING CONVERS10N RATE(S).

FLOOR BROKERAGE & EXCHANGE FEES

EXCHGE              FLOOR ---- CLEARING FEES -----      --- EXCHG FEES ---
                    BRKG    MEMBER       NON-MEM         MEMBER      NON-MEM

NYFE $2.25 $0.08 $0.08 $0.25 $1.00 CSCE COFFEE & COCOA $2.00 $0.10 $0.20 $0.55 $1.10 SUGAR $1.75 $0.10 $0.20 $0.55 $1.10 COFFEE+BRAZ.DIFF $2.00 N/A N/A N/A N/A NY COTTON EXCH $2.00 $0.25 $0.25 $1.00 $1.00 EXCEPT: 0 JUICE $2.50 $0.25 $0.25 $1.00 $1.00 2+5 YR TNOTES $1.75 $0.25 $0.25 $0.50 $0.50 US $ INDEX $1.75 $0.25 $0.25 $1.00 $1.00

                    BRKG    MEMBER       NON-MEM         MEMBER      NON-MEM

COMEX $2.00 $0.00 $0.00 $0.40 $1.35 COPPER $2.00 $0.00 $0.00 $0.40 $1.35 PLAT & PALL $2.00 $0.00 $0.00 N/A N/A EUROTP 100 IND $2.00 N/A N/A N/A N/A NY MERCANTILE $1.50 $0.40 $0.85 N/A $.50 EXCEPT:PLAT $2.00 N/A N/A N/A N/A & PALL ACCESS SURCHARGE - $1.00 CHICAGO BD OF TRADE FINANCIAL $0.85 $0.05 $0.05 $0.02 $0.50 SPREADS $0.75 AGRICULTURAL $1.25 $0.05 $0.05 $0.02 $0.50
                           OPTNS* FUTRS. OPTNS* FUTRS.

CHIC MERC EXCH $2.00 $0.07 $0.07 $0.35 $0.70 N/A N/A EXCEPT: CATTLE $1.75 $0.07 $0.07 $0.35 $0.70 N/A N/A LUMBER $3.00 $0.07 $0.07 $0.35 $0.70 N/A N/A IMM $1.25 $0.07 $0.07 $0.35 $0.70 N/A N/A EXCEPT: MMI/BP $1.50 $0.07 $0.07 $0.35 $0.70 N/A N/A EURO $1.00 $0.07 $0.07 $0.35 $0.70 N/A N/A S&P $1.75 $0.07 $0.07 $0.35 $0.70 N/A N/A YEN $1.00 $0.07 $0.07 $0.35 $0.70 N/A N/A ED,DM,SF OPT $1.00 $0.07 $0.07 $0.35 $0.70 N/A N/A BP OPT $1.25 $0.07 $0.07 $0.35 $0.70 N/A N/A *CLEARING FEES FOR THE CME ARE DIFFERENT FOR OPTIONS AND FUTURES AS NOTED ABOVE. ALL OTHER EXCHANGES CHARGE THE SAME RATE FOR BOTH FUTURES AND OPTIONS. KC BD OF TRADE WHEAT $1.50 $0.10 $0.10 $0.35 $0.35 VALUE LINE $2.00 $0.10 $0.10 $0.35 $0.35 MID-AM EXCHGE $2.25 N/A N/A $0.25 $0.25 MINN.GRAIN EXCHGE $1.50 $0.10 $0.10 $0.35 $0.35 WINPEG GRAIN EXCHG$2.50 $0.15 $0.15 N/A N/A MONTREAL BOND $12.50 $0.38 $0.38 N/A N/A TORONTO EXCH $3.00 $0.75 $0.75 N/A N/A

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