VOLATILITY SUMMARY - CME MEATS 
As of: 052202    :  FCK02 |  FCQ02 |  LCM02 |  LCQ02 |  LHM02 |  LHN02 |
Underlying Settle: 74.980s| 74.800s| 60.130s| 60.950s| 47.880s| 49.380s|
           Change:  +.080 |  +.630 |  +.730 |  +.380 | -1.300 |  -.400 |
                 :        |        |        |        |        |        |
Implied Volatility  14.11s| 158.43s|  17.19s|   8.74s|  N/A   |  N/A   |
 Change from Prev:-155.76 | -19.24 | -37.29 |-108.65 |  N/A   |  N/A   |
 last 20Days High: 169.87 | 177.67 |  N/A   |  N/A   |  N/A   |  N/A   |
              Avg:  62.09 |  27.90 |  N/A   |  N/A   |  N/A   |  N/A   |
              Low:  12.37 |   8.68 |  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: 15.46% | 17.69% | 22.81% | 19.64% | 31.06% | 28.01% |
Volatility 30 Day: 17.35% | 17.85% | 20.96% | 20.76% | 33.32% | 32.45% |
           50 Day: 17.50% | 17.20% | 19.46% | 17.92% | 29.14% | 28.73% |
          100 Day: 13.81% | 13.46% | 14.75% | 13.63% | 23.04% | 22.43% |
          200 Day: 12.67% |  N/A   | 13.48% | 12.21% | 18.73% | 17.76% |
Notes: Implied Volatility is interpolated for the at-the-money straddle.

VOLATILITY CHEAPNESS INDEX - CME MEATS
As of: 052202    :  FCK02 |  FCQ02 |  LCM02 |  LCQ02 |  LHM02 |  LHN02 |
Implied Volatility  14.11s| 158.43s|  17.19s|   8.74s|  N/A   |  N/A   |
   change        :-155.76 | -19.24 | -37.29 |-108.65 |  N/A   |  N/A   |
Historical Volat :        |        |        |        |        |        |
          Max    :   29.1 |   20.1 |   33.1 |   23.0 |   31.7 |   27.4 |
          Median :    9.6 |   11.6 |   11.0 |   10.8 |   16.1 |   17.5 |
          Min    :    2.7 |    6.6 |    3.7 |    6.8 |    4.5 |    6.7 |
Vol Cheapness Ind:   77.9 |  100.0 |   87.6 |   11.8 |     .0 |   89.6 |
   change        :  -22.1 |   unch |  -12.4 |  -88.2 | -100.0 |  +10.1 |
   Last 20 sess  :        |        |        |        |        |        |
          High   :  100.0 |  100.0 |  100.0 |  100.0 |  N/A   |   89.6 |
          Avg    :   88.9 |  100.0 |   93.8 |   55.9 |  N/A   |   89.6 |
          Low    :   77.9 |  100.0 |   87.6 |   11.8 |  N/A   |   89.6 |
   Last 60 sess  :        |        |        |        |        |        |
          High   :  100.0 |  100.0 |  100.0 |  100.0 |  N/A   |   89.6 |
          Avg    :   92.6 |   82.1 |   95.9 |   55.9 |  N/A   |   89.6 |
          Low    :   77.9 |   46.4 |   87.6 |   11.8 |  N/A   |   89.6 |
Days to Expiration      8 |     99 |     16 |     72 |     23 |     54 |
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 - CME MEATS
As of: 052202    :  FCK02 |  FCQ02 |  LCM02 |  LCQ02 |  LHM02 |  LHN02 |
Today: +1 Std Dev:   .680 |  7.850 |   .650 |   .330 |  N/A   |  N/A   |
       -1 Std Dev:   .680 |  7.100 |   .650 |   .330 |  N/A   |  N/A   |
            68% H: 75.650 | 82.650 | 60.780 | 61.280 |  N/A   |  N/A   |
                L: 74.300 | 67.700 | 59.480 | 60.630 |  N/A   |  N/A   |
            95% H: 76.330 | 90.500 | 61.430 | 61.630 |  N/A   |  N/A   |
                L: 73.650 | 60.600 | 58.830 | 60.280 |  N/A   |  N/A   |
            99% H: 76.980 | 98.350 | 62.100 | 61.950 |  N/A   |  N/A   |
                L: 72.980 | 53.480 | 58.180 | 59.950 |  N/A   |  N/A   |
20Days +1 Std Dev:  N/A   | 42.080 |  N/A   |  1.530 |  N/A   |  N/A   |
  Out: -1 Std Dev:  N/A   | 26.930 |  N/A   |  1.480 |  N/A   |  N/A   |
To     +1 Std Dev:  1.580 | 95.900 |  2.200 |  2.430 |  N/A   |  N/A   |
Expir- -1 Std Dev:  1.550 | 42.030 |  2.130 |  2.330 |  N/A   |  N/A   |
ation       68% H: 76.550 |170.700 | 62.330 | 63.380 |  N/A   |  N/A   |
                L: 73.430 | 32.780 | 58.000 | 58.630 |  N/A   |  N/A   |
            95% H: 78.150 |266.600 | 64.530 | 65.780 |  N/A   |  N/A   |
                L: 71.880 | -9.250 | 55.880 | 56.300 |  N/A   |  N/A   |
            99% H: 79.730 |362.500 | 66.730 | 68.200 |  N/A   |  N/A   |
                L: 70.330 |-51.280 | 53.750 | 53.980 |  N/A   |  N/A   |
Notes:  Shows probability of closing within price range based on
 implied volatility on sub-annual basis.  Call for charts & info.


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