VOLATILITY SUMMARY - SOFTS 
As of: 052202    :  CCN02 |  CCU02 |  KCN02 |  SBN02 |  CTN02 |  JON02 |
Underlying Settle:  1560.s|  1544.s|  50.70s|   5.72s|  37.15s|  90.40s|
           Change:   -31. |   -25. |  -2.00 |   +.12 |   +.70 |   +.05 |
                 :        |        |        |        |        |        |
Implied Volatility  30.89s|  32.70s|  43.16s|  40.90s|  33.66s|  N/A   |
 Change from Prev:  -3.63 |   +.52 |  N/A   |  -6.30 |  +4.24 |  N/A   |
 last 20Days High:  36.73 |  34.20 |  N/A   |  47.20 |  33.66 |  N/A   |
              Avg:  34.35 |  32.60 |  N/A   |  34.48 |  30.86 |  N/A   |
              Low:  30.89 |  30.84 |  N/A   |  29.08 |  29.42 |  N/A   |
 last 60Days High:  40.08 |  38.79 |  N/A   |  47.20 |  36.35 |  N/A   |
              Avg:  34.58 |  33.62 |  N/A   |  32.77 |  32.35 |  N/A   |
              Low:  29.34 |  28.29 |  N/A   |  27.67 |  27.30 |  N/A   |
                 :        |        |        |        |        |        |
Historical 20 Day: 28.25% | 25.41% | 32.93% | 45.88% | 32.98% | 13.88% |
Volatility 30 Day: 26.38% | 23.78% | 35.88% | 44.36% | 30.56% | 11.89% |
           50 Day: 25.13% | 23.45% | 39.61% | 37.93% | 28.87% | 12.93% |
          100 Day: 28.14% | 27.69% | 36.28% | 35.17% | 28.61% | 14.10% |
          200 Day: 30.34% | 30.01% | 34.28% | 30.26% | 28.95% | 14.41% |
Notes: Implied Volatility is interpolated for the at-the-money straddle.

VOLATILITY CHEAPNESS INDEX - SOFTS
As of: 052202    :  CCN02 |  CCU02 |  KCN02 |  SBN02 |  CTN02 |  JON02 |
Implied Volatility  30.89s|  32.70s|  43.16s|  40.90s|  33.66s|  N/A   |
   change        :  -3.63 |   +.52 |  N/A   |  -6.30 |  +4.24 |  N/A   |
Historical Volat :        |        |        |        |        |        |
          Max    :   56.5 |   44.1 |  135.5 |   45.7 |   47.1 |   59.6 |
          Median :   23.4 |   23.8 |   34.0 |   22.9 |   21.5 |   28.7 |
          Min    :    6.8 |   14.4 |   15.1 |    9.2 |   10.4 |   12.7 |
Vol Cheapness Ind:   82.7 |   91.2 |   73.6 |   98.3 |   95.3 |  N/A   |
   change        :  -11.0 |   +1.7 |   unch |   -1.7 |   +4.3 |  N/A   |
   Last 20 sess  :        |        |        |        |        |        |
          High   :   93.7 |   91.2 |  N/A   |  100.0 |   95.3 |  N/A   |
          Avg    :   88.2 |   90.3 |  N/A   |   99.1 |   93.2 |  N/A   |
          Low    :   82.7 |   89.5 |  N/A   |   98.3 |   91.0 |  N/A   |
   Last 60 sess  :        |        |        |        |        |        |
          High   :   93.7 |   91.2 |  N/A   |  100.0 |   95.3 |  N/A   |
          Avg    :   89.1 |   89.9 |  N/A   |   99.4 |   93.7 |  N/A   |
          Low    :   82.7 |   89.1 |  N/A   |   98.3 |   91.0 |  N/A   |
Days to Expiration     16 |     72 |     23 |     23 |     23 |     30 |
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 - SOFTS
As of: 052202    :  CCN02 |  CCU02 |  KCN02 |  SBN02 |  CTN02 |  JON02 |
Today: +1 Std Dev:    30. |    32. |   1.40 |    .15 |    .79 |  N/A   |
       -1 Std Dev:    30. |    31. |   1.36 |    .14 |    .78 |  N/A   |
            68% H:  1590. |  1576. |  52.10 |   5.87 |  37.94 |  N/A   |
                L:  1530. |  1512. |  49.34 |   5.57 |  36.37 |  N/A   |
            95% H:  1621. |  1608. |  53.49 |   6.02 |  38.74 |  N/A   |
                L:  1500. |  1481. |  47.98 |   5.43 |  35.59 |  N/A   |
            99% H:  1652. |  1640. |  54.89 |   6.17 |  39.54 |  N/A   |
                L:  1470. |  1449. |  46.62 |   5.28 |  34.81 |  N/A   |
20Days +1 Std Dev:  N/A   |   149. |   6.55 |    .70 |   3.69 |  N/A   |
  Out: -1 Std Dev:  N/A   |   136. |   5.80 |    .62 |   3.36 |  N/A   |
To     +1 Std Dev:   104. |   241. |   5.80 |    .62 |   3.27 |  N/A   |
Expir- -1 Std Dev:    97. |   208. |   5.20 |    .56 |   3.01 |  N/A   |
ation       68% H:  1664. |  1785. |  56.50 |   6.34 |  40.42 |  N/A   |
                L:  1462. |  1335. |  45.49 |   5.16 |  34.14 |  N/A   |
            95% H:  1768. |  2026. |  62.30 |   6.95 |  43.70 |  N/A   |
                L:  1364. |  1126. |  40.28 |   4.60 |  31.13 |  N/A   |
            99% H:  1872. |  2268. |  68.10 |   7.57 |  46.97 |  N/A   |
                L:  1267. |   918. |  35.08 |   4.04 |  28.12 |  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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