TRADING PROGRAM

CCI will employ trading strategies developed by Mr. Hawkins. Decisions will not be made by employing any specific rigid technical trading system, but rather will be a result of Mr. Hawkins' continuous assessment of the implications of the fundamental factors pertinent to each particular market.

Essentially, CCI is continuously updating projections of the supply/demand outlook for each commodity. CCI will then interpret this information and make a judgment as to the extent to which this information is reflected in the existing price structure.

CCI focuses on the agricultural commodities and is primarily a spread trader. Spread trading involves taking a long position in one futures contract against a short position in another futures contract. Spreading can be conducted between commodities, between markets, and between different delivery months of the same commodity. Mr. Hawkins considers his primary task in correctly anticipating spread movements, to be a prediction of the expected relationship between cash and futures markets for each time period and for each commodity. Once this assessment has been made, CCI will make a judgment as to what it considers will be the relative demand for a given futures delivery month relative to some earlier or subsequent period. CCI seeks situations where its judgment of the expected relationship between delivery periods is not reflected in the existing market price structure.

The fact that CCI considers itself to be primarily a spread trader in agricultural commodities should in no way be taken to mean that it considers itself limited to this area. CCI does trade, and will continue to trade, outright positions in agricultural commodities.

CCI does trade, and will continue to trade, options on agricultural commodity futures. CCI does not adhere to any specified entry or exit rules when initiating or liquidating positions. Rather, CCI constantly evaluates and reevaluates the market and makes an assessment of the degree to which CCI should be participating in each particular individual position.

Accounts are traded in a proportional fashion with no increase in diversification as a result of larger account size. Positions are taken on the basis of $100,000 multiples such that, for example, a $500,000 account would contain five times the number of contracts in the minimum $100,000 account.

From time to time, CCI will permit its managed accounts to [make or] take delivery of the cash product underlying the futures contract. In these instances, the managed account will be charged with the cost of delivery, including storage, insurance and the full futures contract price. The delivered cash commodity will be held for appreciation and resold depending on market conditions.

The Client should consider this as a long term investment. If an account declines by 30% of the original investment, CCI will recommend that the Client either close the account or deposit additional funds.

CCI will trade account sizes starting at US $100,000.