VOLATILITY SUMMARY - CBOT INTEREST RATES 
As of: 052202    :  USM02 |  USU02 |  TYM02 |  TYU02 |  FVM02 |  FVU02 |
Underlying Settle: 101-26s| 100-21s|106-000s|104-210s|106-225s|105-130s|
           Change:  +0-18 |  +0-18 | +0-120 | +0-120 | +0-090 | +0-090 |
                 :        |        |        |        |        |        |
Implied Volatility   9.24s|  10.27s|   6.93s|   7.44s|   4.99s|   4.91s|
 Change from Prev:   -.39 |   -.11 |   -.02 |   -.39 |   +.28 |   -.05 |
 last 20Days High:  11.69 |  11.66 |   9.58 |  N/A   |   6.09 |  N/A   |
              Avg:  10.59 |  11.12 |   8.77 |  N/A   |   5.61 |  N/A   |
              Low:   5.27 |  10.27 |   6.93 |  N/A   |   4.71 |  N/A   |
 last 60Days High:  11.69 |  N/A   |   9.74 |  N/A   |  N/A   |  N/A   |
              Avg:  10.56 |  N/A   |   8.60 |  N/A   |  N/A   |  N/A   |
              Low:   5.27 |  N/A   |   6.93 |  N/A   |  N/A   |  N/A   |
                 :        |        |        |        |        |        |
Historical 20 Day:  9.68% |  9.72% |  6.65% |  6.80% |  4.48% |  4.62% |
Volatility 30 Day:  8.87% |  8.94% |  5.84% |  5.98% |  3.93% |  4.05% |
           50 Day:  9.10% |  9.16% |  6.08% |  6.15% |  3.99% |  4.04% |
          100 Day:  9.75% | 10.05% |  6.48% |  6.48% |  4.63% |  N/A   |
          200 Day: 11.14% |  N/A   |  N/A   |  N/A   |  N/A   |  N/A   |
Notes: Implied Volatility is interpolated for the at-the-money straddle.

VOLATILITY CHEAPNESS INDEX - CBOT INTEREST RATES
As of: 052202    :  USM02 |  USU02 |  TYM02 |  TYU02 |  FVM02 |  FVU02 |
Implied Volatility   9.24s|  10.27s|   6.93s|   7.44s|   4.99s|   4.91s|
   change        :   -.39 |   -.11 |   -.02 |   -.39 |   +.28 |   -.05 |
Historical Volat :        |        |        |        |        |        |
          Max    :   35.0 |   12.7 |   22.8 |    8.9 |   16.3 |    6.0 |
          Median :    7.4 |    8.6 |    4.8 |    6.1 |    3.3 |    4.2 |
          Min    :     .0 |    6.1 |     .2 |    3.5 |     .2 |    2.3 |
Vol Cheapness Ind:   72.2 |   78.1 |   76.5 |   89.5 |   73.2 |   80.7 |
   change        :   unch |   -3.9 |   unch |   -4.3 |   unch |   -3.3 |
   Last 20 sess  :        |        |        |        |        |        |
          High   :   72.2 |   82.0 |   76.5 |   93.8 |   73.2 |   84.0 |
          Avg    :   72.2 |   80.1 |   76.5 |   91.6 |   73.2 |   82.3 |
          Low    :   72.2 |   78.1 |   76.5 |   89.5 |   73.2 |   80.7 |
   Last 60 sess  :        |        |        |        |        |        |
          High   :   84.3 |   86.6 |   95.8 |  100.0 |   93.6 |  N/A   |
          Avg    :   76.3 |   82.2 |   82.9 |   94.4 |   80.0 |  N/A   |
          Low    :   72.2 |   78.1 |   76.5 |   89.5 |   73.2 |  N/A   |
Days to Expiration      3 |     93 |      3 |     93 |      3 |     94 |
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 - CBOT INTEREST RATES
As of: 052202    :  USM02 |  USU02 |  TYM02 |  TYU02 |  FVM02 |  FVU02 |
Today: +1 Std Dev:   0-19 |   0-21 |  0-150 |  0-155 |  0-105 |  0-105 |
       -1 Std Dev:   0-19 |   0-21 |  0-150 |  0-155 |  0-105 |  0-105 |
            68% H: 102-13 | 101-10 |106-150 |105-045 |107-010 |105-235 |
                L: 101-07 | 100-00 |105-170 |104-055 |106-120 |105-025 |
            95% H: 103-00 | 101-31 |106-295 |105-205 |107-120 |106-020 |
                L: 100-20 |  99-11 |105-025 |103-215 |106-010 |104-240 |
            99% H: 103-19 | 102-20 |107-125 |106-040 |107-225 |106-125 |
                L: 100-01 |  98-23 |104-195 |103-060 |105-225 |104-135 |
20Days +1 Std Dev:  N/A   |   2-31 |  N/A   |  2-070 |  N/A   |  1-150 |
  Out: -1 Std Dev:  N/A   |   2-28 |  N/A   |  2-055 |  N/A   |  1-145 |
To     +1 Std Dev:   0-27 |   5-11 |  0-215 |  4-000 |  0-155 |  2-210 |
Expir- -1 Std Dev:   0-27 |   5-03 |  0-215 |  3-275 |  0-155 |  2-190 |
ation       68% H: 102-21 | 106-00 |106-215 |108-210 |107-060 |108-020 |
                L: 100-31 |  95-18 |105-105 |100-255 |106-070 |102-260 |
            95% H: 103-17 | 111-12 |107-110 |112-215 |107-215 |110-235 |
                L: 100-04 |  90-16 |104-215 | 96-300 |105-235 |100-070 |
            99% H: 104-12 | 116-23 |108-000 |116-215 |108-050 |113-125 |
                L:  99-08 |  85-13 |104-000 | 93-025 |105-085 | 97-200 |
Notes:  Shows probability of closing within price range based on
 implied volatility on sub-annual basis.  Call for charts & info.


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