VOLATILITY SUMMARY - NYMEX ENERGY 
As of: 052202    :  CLN02 |  CLQ02 |  NGM02 |  HUM02 |  HOM02 |  HON02 |
Underlying Settle:  26.37s|  26.37s|  3.495 |  .7968s|  .6740 |  .6790 |
           Change:   -.06 |   -.04 |  +.075 | +.0124 | +.0063 | +.0054 |
                 :        |        |        |        |        |        |
Implied Volatility  34.19s|  34.77s|  55.45 |  39.14s|  65.94 |  34.53 |
 Change from Prev:  -7.95 |  -5.67 |  -8.07 |  -4.61 | +19.96 |  -5.70 |
 last 20Days High:  N/A   |  N/A   |  N/A   |  N/A   |  N/A   |  N/A   |
              Avg:  N/A   |  N/A   |  N/A   |  N/A   |  N/A   |  N/A   |
              Low:  N/A   |  N/A   |  N/A   |  N/A   |  N/A   |  N/A   |
 last 60Days High:  N/A   |  N/A   |  N/A   |  N/A   |  N/A   |  N/A   |
              Avg:  N/A   |  N/A   |  N/A   |  N/A   |  N/A   |  N/A   |
              Low:  N/A   |  N/A   |  N/A   |  N/A   |  N/A   |  N/A   |
                 :        |        |        |        |        |        |
Historical 20 Day: 29.61% | 27.96% | 48.09% | 32.44% | 34.30% | 34.19% |
Volatility 30 Day: 36.59% | 34.72% | 52.74% | 42.93% | 41.47% | 40.49% |
           50 Day: 33.46% | 31.55% | 59.49% | 37.13% | 35.91% | 35.28% |
          100 Day: 36.24% | 34.98% | 53.57% | 36.79% | 38.66% | 36.62% |
          200 Day: 36.50% | 34.09% | 48.96% | 34.69% | 36.72% | 35.48% |
Notes: Implied Volatility is interpolated for the at-the-money straddle.

VOLATILITY CHEAPNESS INDEX - NYMEX ENERGY
As of: 052202    :  CLN02 |  CLQ02 |  NGM02 |  HUM02 |  HOM02 |  HON02 |
Implied Volatility  34.19s|  34.77s|  55.45 |  39.14s|  65.94 |  34.53 |
   change        :  -7.95 |  -5.67 |  -8.07 |  -4.61 | +19.96 |  -5.70 |
Historical Volat :        |        |        |        |        |        |
          Max    :   53.3 |   49.8 |  222.5 |   73.7 |  122.7 |   52.1 |
          Median :   22.2 |   22.3 |   32.6 |   21.0 |   12.8 |   21.0 |
          Min    :    9.2 |   10.6 |    1.6 |    2.6 |     .0 |    5.9 |
Vol Cheapness Ind:   87.0 |   88.8 |   94.0 |   99.8 |   96.7 |   88.6 |
   change        :   -7.3 |   -5.0 |   unch |   unch |   unch |   -5.8 |
   Last 20 sess  :        |        |        |        |        |        |
          High   :   94.3 |   93.8 |   94.0 |   99.8 |   96.7 |   94.3 |
          Avg    :   90.7 |   91.3 |   94.0 |   99.8 |   96.7 |   91.5 |
          Low    :   87.0 |   88.8 |   94.0 |   99.8 |   96.7 |   88.6 |
   Last 60 sess  :        |        |        |        |        |        |
          High   :   94.3 |   94.1 |   94.0 |  100.0 |   96.7 |   94.3 |
          Avg    :   91.6 |   92.2 |   94.0 |   99.9 |   96.2 |   91.9 |
          Low    :   87.0 |   88.8 |   93.9 |   99.8 |   95.1 |   88.6 |
Days to Expiration     26 |     56 |      6 |      6 |      2 |     34 |
Notes: VCI ranks implied vol on a percentile basis (100 max, 0 min)
against historical vol for given days to expiration. Call for more info.

SIGMA BOUNDARY - NYMEX ENERGY
As of: 052202    :  CLN02 |  CLQ02 |  NGM02 |  HUM02 |  HOM02 |  HON02 |
Today: +1 Std Dev:    .57 |    .58 |   .124 |  .0199 |  .0286 |  .0149 |
       -1 Std Dev:    .56 |    .57 |   .120 |  .0194 |  .0274 |  .0146 |
            68% H:  26.94 |  26.95 |  3.619 |  .8167 |  .7026 |  .6939 |
                L:  25.81 |  25.80 |  3.375 |  .7774 |  .6466 |  .6644 |
            95% H:  27.52 |  27.54 |  3.743 |  .8366 |  .7311 |  .7088 |
                L:  25.24 |  25.22 |  3.255 |  .7580 |  .6191 |  .6498 |
            99% H:  28.09 |  28.12 |  3.867 |  .8564 |  .7597 |  .7238 |
                L:  24.68 |  24.65 |  3.135 |  .7386 |  .5917 |  .6351 |
20Days +1 Std Dev:   2.66 |   2.71 |  N/A   |  N/A   |  N/A   |  .0693 |
  Out: -1 Std Dev:   2.42 |   2.46 |  N/A   |  N/A   |  N/A   |  .0629 |
To     +1 Std Dev:   2.52 |   3.85 |   .257 |  .0410 |  .0337 |  .0754 |
Expir- -1 Std Dev:   2.30 |   3.36 |   .240 |  .0390 |  .0321 |  .0679 |
ation       68% H:  28.89 |  30.22 |  3.752 |  .8378 |  .7077 |  .7544 |
                L:  24.07 |  23.01 |  3.255 |  .7578 |  .6419 |  .6111 |
            95% H:  31.41 |  34.06 |  4.010 |  .8788 |  .7414 |  .8299 |
                L:  21.77 |  19.65 |  3.015 |  .7188 |  .6098 |  .5431 |
            99% H:  33.93 |  37.91 |  4.267 |  .9198 |  .7751 |  .9054 |
                L:  19.47 |  16.29 |  2.775 |  .6798 |  .5777 |  .4752 |
Notes:  Shows probability of closing within price range based on
 implied volatility on sub-annual basis.  Call for charts & info.