Drawdown Analysis

Depth  Length  Peak Valley  Recovery
 -5.7  4 Aug-01 Sep-01 Dec-01
-19.7  9 May-02  Aug-02 Feb-03
-2.6  N/A Feb-03 Mar-03 N/A

The tests ended in March  2003 and all  open positions were closed by the end of April 2003. In the summer 2004, the strategy became fully automated and was added to  the trading portfolio of the Iris Group.