Hedge and Hold strategy						Sell at $92 or July 10 which ever comes first.					Buy a Put Option
	Daily Close	Signal	Position Price	Gain/Loss from initial position	Cumulative Change in Margin Balance	Position Price	Gain/Loss from initial position	Cumulative Change in Margin Balance			Put Premium	Gain/Loss from initial position	Gain/Loss from initial position
	$/cwt			$/cwt	$						$/cwt	$/cwt	$/contract
3-Jun-04	88.15	Sell	88.15							3-Jun-04	$4.60
4-Jun-04	88.73			-0.57	-230.00					4-Jun-04	$4.40		-80
7-Jun-04	89.55			-1.40	-560.00					7-Jun-04	$4.20		-160
8-Jun-04	88.30			-0.15	-60.00					8-Jun-04	$4.55		-20
9-Jun-04	88.75			-0.60	-240.00					9-Jun-04	$4.50		-40
10-Jun-04	87.65			0.50	200.00					10-Jun-04	$4.95		140
14-Jun-04	86.73			1.43	570.00					14-Jun-04	$5.27		268
15-Jun-04	86.08			2.08	830.00					15-Jun-04	No data
16-Jun-04	86.15			2.00	800.00					16-Jun-04	$5.55		380
17-Jun-04	86.93			1.23	490.00					17-Jun-04	$4.97		148
18-Jun-04	86.75			1.40	560.00					18-Jun-04	$5.05		180
21-Jun-04	87.35			0.80	320.00					21-Jun-04	$4.75		60
22-Jun-04	87.50			0.65	260.00					22-Jun-04	$4.60		0
23-Jun-04	88.85			-0.70	-280.00					23-Jun-04	$4.20		-160
24-Jun-04	89.65			-1.50	-600.00					24-Jun-04	$3.85		-300
25-Jun-04	89.38			-1.22	-490.00					25-Jun-04	$3.95		-260
28-Jun-04	86.90			1.25	500.00					28-Jun-04	$5.20		240
29-Jun-04	88.12			0.03	12.00					29-Jun-04	$4.62		8
30-Jun-04	86.30			1.85	740.00					30-Jun-04	No data
1-Jul-04	86.72			1.43	572.00					1-Jul-04	$5.27		268
2-Jul-04	86.40			1.75	700.00					2-Jul-04	$5.60		400
6-Jul-04	88.87			-0.72	-288.00					6-Jul-04	$4.30		-120
7-Jul-04	88.00			0.15	60.00					7-Jul-04	$4.65		20
8-Jul-04	86.55			1.60	640.00					8-Jul-04	$5.25		260
9-Jul-04	86.95			1.20	480.00					9-Jul-04	$4.80		80
12-Jul-04	86.70			1.45	580.00	86.50	-0.20	-80		12-Jul-04	$4.90		120
13-Jul-04	86.75			1.40	560.00		-0.25	-100		13-Jul-04	$4.85		100
14-Jul-04	87.28			0.88	350.00		-0.78	-310		14-Jul-04	$4.47		-52
15-Jul-04	85.55			2.60	1040.00		0.95	380		15-Jul-04	$5.50		360
16-Jul-04	85.40			2.75	1100.00		1.10	440		16-Jul-04	$5.50		360
19-Jul-04	85.85			2.30	920.00		0.65	260		19-Jul-04	$5.10		200
20-Jul-04	85.55			2.60	1040.00		0.95	380		20-Jul-04	$5.15		220
21-Jul-04	87.13			1.03	410.00		-0.63	-250		21-Jul-04	$4.27		-132
22-Jul-04	90.12			-1.97	-788.00		-3.62	-1448		22-Jul-04	$3.00		-640
23-Jul-04	89.30			-1.15	-460.00		-2.80	-1120		23-Jul-04	$3.40		-480
26-Jul-04	90.72			-2.57	-1028.00		-4.22	-1688		26-Jul-04	$2.70		-760
27-Jul-04	90.95			-2.80	-1120.00		-4.45	-1780		27-Jul-04	$2.70		-760
28-Jul-04	90.35			-2.20	-880.00		-3.85	-1540		28-Jul-04	$2.80		-720
29-Jul-04	89.45			-1.30	-520.00		-2.95	-1180		29-Jul-04	$3.00		-640
30-Jul-04	88.75			-0.60	-240.00		-2.25	-900		30-Jul-04	$3.20		-560
2-Aug-04	88.50			-0.35	-140.00		-2.00	-800		2-Aug-04	$3.20		-560
3-Aug-04	86.37			1.78	712.00		0.13	52		3-Aug-04	$4.12		-192
4-Aug-04	87.50			0.65	260.00		-1.00	-400		4-Aug-04	$3.50		-440
5-Aug-04	86.75			1.40	560.00		-0.25	-100		5-Aug-04	$3.50		-440
6-Aug-04	86.97			1.18	472.00		-0.47	-188		6-Aug-04	$3.40		-480
9-Aug-04	88.87			-0.72	-288.00		-2.37	-948		9-Aug-04	$2.80		-720
10-Aug-04	88.77			-0.62	-248.00		-2.27	-908		10-Aug-04	$2.70		-760
11-Aug-04	87.30			0.85	340.00		-0.80	-320		11-Aug-04	$3.40		-480
12-Aug-04	87.52			0.63	252.00		-1.02	-408		12-Aug-04	$3.17		-572
13-Aug-04	89.80			-1.65	-660.00		-3.30	-1320		13-Aug-04	$2.35		-900
16-Aug-04	89.35			-1.20	-480.00		-2.85	-1140		16-Aug-04	$2.35		-900
17-Aug-04	89.02			-0.87	-348.00		-2.52	-1008		17-Aug-04	$2.35		-900
18-Aug-04	88.67			-0.52	-208.00		-2.17	-868		18-Aug-04	$2.37		-892
19-Aug-04	86.55			1.60	640.00		-0.05	-20		19-Aug-04	$3.20		-560
20-Aug-04	86.27			1.88	752.00		0.23	92		20-Aug-04	$3.47		-452
23-Aug-04	85.82			2.33	932.00		0.68	272		23-Aug-04	$3.67		-372
24-Aug-04	83.92			4.23	1692.00		2.58	1032		24-Aug-04	$4.85		100
25-Aug-04	83.55			4.60	1840.00		2.95	1180		25-Aug-04	$5.20		240
26-Aug-04	83.05			5.10	2040.00		3.45	1380		26-Aug-04	$5.55		380
27-Aug-04	82.85			5.30	2120.00		3.65	1460		27-Aug-04	$6.60		800
30-Aug-04	84.42			3.73	1492.00		2.08	832		30-Aug-04	$4.47		-52
31-Aug-04	84.65			3.50	1400.00		1.85	740		31-Aug-04	$4.15		-180
1-Sep-04	83.07			5.08	2032.00		3.43	1372		1-Sep-04	$5.47		348
2-Sep-04	82.77			5.38	2152.00		3.73	1492		2-Sep-04	$5.72		448
3-Sep-04	82.72			5.43	2172.00		3.78	1512		3-Sep-04	$5.72		448
7-Sep-04	82.37			5.78	2312.00		4.13	1652		7-Sep-04	$5.92		528
8-Sep-04	82.90			5.25	2100.00		3.60	1440		8-Sep-04	$5.50		360
9-Sep-04	82.60			5.55	2220.00		3.90	1560		9-Sep-04	$5.70		440
10-Sep-04	85.02			3.13	1252.00		1.48	592		10-Sep-04	$3.65		-380
13-Sep-04	85.02			3.13	1252.00		1.48	592		13-Sep-04	$3.57		-412
14-Sep-04	85.42			2.73	1092.00		1.08	432		14-Sep-04	$3.17		-572
15-Sep-04	85.70			2.45	980.00		0.80	320		15-Sep-04	$2.90		-680
16-Sep-04	86.42			1.73	692.00		0.08	32		16-Sep-04	$2.37		-892
17-Sep-04	85.45			2.70	1080.00		1.05	420		17-Sep-04	$3.05		-620
20-Sep-04	86.00			2.15	860.00		0.50	200		20-Sep-04	$2.60		-800
21-Sep-04	86.65			1.50	600.00		-0.15	-60		21-Sep-04	$2.75		-740
22-Sep-04	84.85			3.30	1320.00		1.65	660		22-Sep-04	$3.42		-472
23-Sep-04	84.15			4.00	1600.00		2.35	940		23-Sep-04	$3.50		-440
24-Sep-04	84.47			3.68	1472.00		2.03	812		24-Sep-04	$3.70		-360
27-Sep-04	83.80			4.35	1740.00		2.70	1080		27-Sep-04	$4.30		-120
28-Sep-04	84.10			4.05	1620.00		2.40	960		28-Sep-04	$3.97		-252
29-Sep-04	85.90			2.25	900.00		0.60	240		29-Sep-04	$2.30		-920
30-Sep-04	85.08			3.07	1228.00		1.42	568		30-Sep-04	$3.00		-640
1-Oct-04	85.88			2.28	910.00		0.63	250		1-Oct-04	$2.12		-992
4-Oct-04	85.83			2.33	930.00		0.67	270
5-Oct-04	86.18			1.98	790.00		0.33	130
6-Oct-04	86.23			1.93	770.00		0.28	110
7-Oct-04	85.45			2.70	1080.00		1.05	420
8-Oct-04	86.23			1.93	770.00		0.28	110
11-Oct-04	86.40			1.75	700.00		0.10	40
12-Oct-04	86.78			1.38	550.00		-0.28	-110
13-Oct-04	86.05
14-Oct-04	86.25
15-Oct-04	86.93
18-Oct-04	87.62
19-Oct-04	87.85
20-Oct-04	86.50
21-Oct-04	86.70
22-Oct-04	87.75
25-Oct-04	87.38
26-Oct-04	87.63
27-Oct-04	87.35
28-Oct-04	86.78
29-Oct-04	87.85