Clarke Capital Management, Inc.

Millennium

Clarke Capital Management trades a strictly technically based system with no consideration given to fundamental analysis. Mr. Clarke’s strategy was built on the analysis of daily market price patterns and movements. Currently 20 different trading models are utilized and independently traded of each other. The overall program strategy can be characterized as trend-following in nature with most trade initiations and liquidations being done with the current market trend. Each model has it’s own specific time horizon from intermediate to long-term and will trade both long and short ends of the 37 markets being tracked. Comprehensive testing was done to select only those systems that showed good risk to reward characteristics across a wide range of conditions. How well each model would complement the performance of the other models making up the group was also considered. None of the models have been custom tailored to any individual market or group of markets. The Global Magnum program trades approximately 44 domestic and international commodity interests utilizing the five models used in the Global Basic program plus six additional models with similiar time frame, risk control and profit-taking characteristics to the Glogal Basic models. These eleven models have been selected for their ability as a group to provide a high return for the amount of exposure or time that a posistion is held. This program, like the Worldwide and Global Basic programs has a high percentage of interest rate futures in the group that it follows.