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Wheat(KCBT) Seasonal Spread Update as of - November 19, 2008
	Sprd	Status	Entry Date	Entry Prices	Entry Spread	Exit Date	Last Prices	Last Spread	Last Equity	Best Equity	Worst Equity	Win Pct	Win Yrs	Tot Yrs	Hist Avg
1	Long KWH8 Short WH8	Closed	1/7	915.75 903.00	12.75	2/27	1337.00 1280.00	57.00	2212	2462	-662	93	14	15	672
2	Long KWH8 Short WH8	Closed	1/8	909.25 907.50	1.75	1/23	954.75 905.00	49.75	2400	2450	-112	93	14	15	433
3	Long KWH8 Short WH8	Closed	1/31	967.25 929.50	37.75	2/22	1107.25 1049.50	57.75	1000	1212	-100	87	13	15	382
4	Long SN8 Short KWN8	Closed	2/11	1354.50 1078.50	276.00	2/15	1402.50 1016.25	386.25	5512	5525		87	13	15	708
5	Long SN8 Short KWN8	Closed	2/11	1354.50 1078.50	276.00	2/28	1523.75 1131.00	392.75	5838	6300		80	12	15	1136
6	Long CK8 Short KWK8	Closed	2/27	538.00 1308.00	-770.00	3/20	507.50 1032.00	-524.50	12275	12275		80	12	15	1022
7	Long SK8 Short 2 KWK8	Closed	3/5	1508.50 1174.75	-841.00	4/1	1211.00 950.00	-689.00	7600	7600	-21025	100	15	15	1800
8	Long KWK8 Short WK8	Closed	3/24	1068.50 1020.00	48.50	4/14	950.75 896.00	54.75	312	538	-762	93	14	15	400
9	Long KWK8 Short MWK8	Closed	3/28	1022.25 1254.00	-231.75	4/18	939.75 1230.00	-290.25	-2925	1338	-6950	87	13	15	330
10	Long KWN8 Short WN8	Closed	3/28	1026.25 996.00	30.25	6/27	925.00 895.50	29.50	-38	1512	-62	93	14	15	856
11	Long KWU8 Short WU8	Closed	3/31	980.00 946.00	34.00	4/18	945.00 899.50	45.50	575	925	-262	87	13	15	304
12	Long KWU8 Short CU8	Closed	4/7	1000.00 605.50	394.50	6/27	945.00 767.75	177.25	-10862	125	-11225	80	12	15	1333
13	Long KWZ8 Short CZ8	Closed	4/9	1022.00 620.00	402.00	5/16	851.00 616.75	234.25	-8388		-9025	87	13	15	894
14	Long KWN8 Short WN8	Closed	4/10	980.00 936.25	43.75	6/27	925.00 895.50	29.50	-712	638	-738	93	14	15	762
15	Long MWK8 Short KWK8	Closed	4/21	1210.00 914.50	295.50	4/25	1120.00 855.00	265.00	-1525		-1725	80	12	15	313
16	Long MWU8 Short KWU8	Closed	5/22	852.00 814.00	38.00	7/11	896.50 864.50	32.00	-300	962	-862	93	14	15	456
17	Long KWN8 Short WN8	Closed	5/27	805.00 759.00	46.00	6/27	925.00 895.50	29.50	-825	225	-850	87	13	15	467
18	Long SN8 Short KWN8	Closed	6/3	1359.50 788.00	571.50	6/19	1545.50 930.00	615.50	2200	3638		80	12	15	652
19	Long KWZ8 Short CZ8	Closed	6/18	978.00 780.00	198.00	10/1	704.00 484.00	220.00	1100	7638	-3025	80	12	15	2664
20	Long MWU8 Short KWU8	Closed	6/19	982.00 941.00	41.00	7/3	938.00 912.25	25.75	-762	812	-762	93	14	15	422
21	Long MWZ8 Short KWZ8	Closed	6/20	981.50 946.00	35.50	7/8	900.75 884.00	16.75	-938	575	-938	100	15	15	353
22	Long KWH9 Short KWN9	Closed	7/7	904.00 915.00	-11.00	9/12	780.00 786.50	-6.50	225	700	-450	80	12	15	908
23	Long KWZ8 Short KWN9	Closed	7/8	884.00 910.00	-26.00	7/29	849.75 887.00	-37.25	-562	175	-938	87	13	15	342
24	Long KWH9 Short KWK9	Closed	7/8	903.00 913.00	-10.00	9/26	765.75 778.25	-12.50	-125	475	-250	80	12	15	441
25	Long KWZ8 Short SX8	Closed	7/14	873.00 1559.00	-686.00	7/28	847.25 1396.00	-548.75	6862	7875		100	15	15	1305
26	Long KWU8 Short CU8	Closed	7/14	851.00 663.75	187.25	7/23	812.00 571.50	240.50	2662	3162		87	13	15	749
27	Long KWU8 Short SU8	Closed	7/14	851.00 1568.50	-717.50	8/1	822.25 1355.50	-533.25	9212	9212		100	15	15	1547
28	Long KWU8 Short CU8	Closed	7/14	851.00 663.75	187.25	8/26	865.75 575.25	290.50	5162	8000		87	13	15	939
29	Long KWZ8 Short CZ8	Closed	7/14	873.00 682.25	190.75	9/30	712.00 487.50	224.50	1688	8000		87	13	15	2221
30	Long KWU8 Short MWU8	Closed	7/18	837.75 888.00	-50.25	8/11	825.00 881.75	-56.75	-325	212	-325	100	15	15	383
31	Long KWZ8 Short MWZ8	Closed	7/21	847.00 885.00	-38.00	8/1	849.00 886.50	-37.50	25	175	-162	93	14	15	303
32	Long KWZ8 Short CZ8	Closed	8/14	923.50 577.25	346.25	9/26	745.75 543.00	202.75	-7175		-7512	93	14	15	1468
33	Long KWZ8 Short KWN9	Closed	8/19	902.75 932.00	-29.25	10/10	605.00 640.00	-35.00	-288	512	-900	80	12	15	820
34	Long KWZ8 Short SX8	Closed	9/4	819.00 1235.00	-416.00	10/3	670.50 992.00	-321.50	4725	4725	-1325	87	13	15	1418
35	Long KWZ8 Short WZ8	Closed	9/8	784.75 743.75	41.00	9/23	781.50 750.50	31.00	-500	175	-500	100	15	15	308
36	Long KWZ8 Short WZ8	Closed	9/8	784.75 743.75	41.00	11/4	609.00 572.50	36.50	-225	175	-612	87	13	15	513
37	Long KWZ8 Short CZ8	Closed	9/15	763.50 562.00	201.50	9/29	705.00 513.00	192.00	-475	988	-475	93	14	15	734
38	Long KWZ8 Short SX8	Closed	9/15	763.50 1179.00	-415.50	10/1	704.00 1053.00	-349.00	3325	4125	-775	93	14	15	1130
39	Long KWZ8 Short SX8	Closed	9/22	774.00 1205.00	-431.00	9/29	705.00 1094.00	-389.00	2100	2100		93	14	15	837
40	Long CZ8 Short KWZ8	Closed	10/1	484.00 704.00	-220.00	10/31	401.50 573.00	-171.50	2425	2875		80	12	15	921
41	Long CH9 Short KWH9	Closed	10/1	503.00 724.75	-221.75	11/19	394.50 573.00	-178.50	2162	2938		80	12	15	1209
42	Long CK9 Short KWK9	Open	10/3	484.75 703.00	-218.25	12/3	407.00 591.00	-184.00	1712	2775	-138	93	14	15	732
43	Long SH9 Short KWH9	Open	10/3	1021.50 690.00	331.50	12/26	904.00 573.00	331.00	-25	2350	-2738	87	13	15	2437
44	Long SH9 Short 2 KWH9	Closed	10/6	951.50 648.25	-345.00	11/19	904.00 573.00	-242.00	5150	7238	-388	93	14	15	2615
45	Long SH9 Short KWH9	Open	10/20	950.50 612.00	338.50	12/26	904.00 573.00	331.00	-375	2000	-2050	93	14	15	1930
46	Long SN9 Short KWN9	Open	10/21	941.50 620.00	321.50	11/20	945.00 596.00	349.00	1375	2825	-1325	93	14	15	1230
47	Long KWN9 Short KWH9	Open	10/22	588.00 565.50	22.50	1/30	596.00 573.00	23.00	25	88	-212	87	13	15	1248
48	Long KWN9 Short KWZ8	Closed	10/22	588.00 549.50	38.50	11/3	633.75 597.75	36.00	-125	100	-125	80	12	15	404
49	Long CH9 Short KWH9	Closed	10/22	400.75 565.50	-164.75	11/19	394.50 573.00	-178.50	-688	88	-2288	87	13	15	918
50	Long SH9 Short KWH9	Open	10/22	873.25 565.50	307.75	12/12	904.00 573.00	331.00	1162	3538	-512	100	15	15	1549
51	Long SH9 Short 2 KWH9	Closed	11/10	957.25 578.75	-200.25	11/18	910.25 575.00	-239.75	-1975		-5488	100	15	15	990
52	Long KWU9 Short KWK9	Open	11/12	623.25 600.00	23.25	1/30	608.00 591.00	17.00	-312		-312	100	15	15	612
53	Buy KWH9 Sell WH9		12/2			2/27						87	13	15	624
54	Buy KWN9 Sell KWK9		12/5			1/20						100	15	15	497
55	Buy KWN9 Sell KWH9		12/17			1/2						100	15	15	531
56	Buy KWN9 Sell KWH9		12/17			1/16						93	14	15	911
57	Buy KWK9 Sell KWH9		12/17			2/11						93	14	15	400
58	Buy KWU9 Sell KWK9		12/17			3/31						100	15	15	1094
59	Buy KWU9 Sell KWH9		12/23			1/9						100	15	15	624
60	Buy KWH9 Sell WH9		1/7			2/27						93	14	15	672
61	Buy KWH9 Sell WH9		1/8			1/23						93	14	15	433
62	Buy KWH9 Sell WH9		2/2			2/20						87	13	15	382
63	Buy SN9 Sell KWN9		2/9			2/17						87	13	15	708
64	Buy SN9 Sell KWN9		2/10			2/27						80	12	15	1136
65	Buy CK9 Sell KWK9		2/27			3/20						80	12	15	1022
66	Buy SK9 Sell 2 KWK9		3/5			4/1						100	15	15	1800
67	Buy KWK9 Sell WK9		3/23			4/14						93	14	15	400
68	Buy KWK9 Sell MWK9		3/30			4/20						87	13	15	330
69	Buy KWN9 Sell WN9		3/30			6/29						93	14	15	856
70	Buy KWU9 Sell WU9		3/30			4/17						87	13	15	304
71	Buy KWU9 Sell CU9		4/6			6/26						80	12	15	1333
72	Buy KWZ9 Sell CZ9		4/9			5/18						87	13	15	894
73	Buy KWN9 Sell WN9		4/10			6/29						93	14	15	762
74	Buy MWK9 Sell KWK9		4/20			4/27						80	12	15	313
Equity Total									50575.00

SEASONAL TENDENCIES ARE A COMPOSITE OF SOME OF THE MORE CONSISTENT COMMODITY FUTURES SEASONALS THAT HAVE OCCURRED OVER THE PAST 15 YEARS. THERE ARE USUALLY UNDERLYING FUNDAMENTAL CIRCUMSTANCES THAT OCCUR ANNUALLY THAT TEND TO CAUSE THE FUTURES MARKETS TO REACT IN A SIMILAR DIRECTIONAL MANNER DURING A CERTAIN CALENDAR PERIOD OF THE YEAR. EVEN IF A SEASONAL TENDENCY OCCURS IN THE FUTURE, IT MAY NOT RESULT IN A PROFITABLE TRANSACTION AS FEES, AND THE TIMING OF THE ENTRY AND LIQUIDATION MAY IMPACT ON THE RESULTS. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT HAS IN THE PAST OR WILL IN THE FUTURE ACHIEVE PROFITS UTILIZING THESE STRATEGIES. NO REPRESENTATION IS BEING MADE THAT PRICE PATTERNS WILL RECUR IN THE FUTURE. HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION, HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. RESULTS NOT ADJUSTED FOR COMMISSION AND SLIPPAGE.