Summary

The Orion program currently trades 27 domestic & international commodity interests, 12 of which are either long or short interest rate contracts reflecting interest rates in the US, EMU, the UK and Australia. Also followed are several US and Non-U.S. currencies, grains, softs, meats, metals and fuels. The program uses seven models. Five of the models are intermediate time-frame focus with similar characteristics to those in the Global Basic and Global Magnum programs. The other two models are long-term models and are variations of two of the more successful models used elsewhere by CCM. It should be noted that there will be times when there is significant correlation between markets within a market sector or between market sectors, possibly in an adverse direction to positions held in the client’s account. Clients of the Orion program should be aware that this factor alone, although there are others, will lead to periods of extreme volatility and possibly very large drawdowns in an investor's equity.