ÿþ<!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN"> <HTML xmlns:fo = "http://www.w3.org/1999/XSL/Format"><HEAD><TITLE></TITLE> <META http-equiv=Content-Type content="text/html; charset=UTF-16"> <META content="MSHTML 6.00.2900.3395" name=GENERATOR></HEAD> <BODY style="FONT-SIZE: 8.5pt; FONT-FAMILY: Verdana"> <P> <TABLE id=Table1 style="FONT-SIZE: 8.5pt; FONT-FAMILY: Verdana" cellSpacing=1 cellPadding=1 width="100%" border=0> <TBODY> <TR> <TD colSpan=2> <TABLE id=Table12 style="FONT-SIZE: 8.5pt; FONT-FAMILY: Verdana" height="100%" cellSpacing=1 cellPadding=1 width="100%" border=0> <TBODY> <TR bgColor=cornsilk> <TD colSpan=2><STRONG>Summary</STRONG></TD></TR> <TR bgColor=lavender> <TD><STRONG>Advantage Aggressive2 - 2</STRONG></TD> <TD>NIFTY (NIFTY)</TD></TR> <TR> <TD>Simulation Date 2008-09-05 11:25:13</TD> <TD>1171 Daily Bars 2004-01-01 Through 2008-09-01 (1705 Days)</TD></TR> <TR> <TD><STRONG>Points Only Test</STRONG></TD> <TD></TD></TR></TBODY></TABLE></TD></TR> <TR> <TD width="50%"> <DIV id=DIV1 style="WIDTH: 10px; HEIGHT: 8px"></DIV> <TABLE id=Table2 style="FONT-SIZE: 8.5pt; FONT-FAMILY: Verdana" height="100%" cellSpacing=1 cellPadding=1 width="100%" border=0> <TBODY> <TR bgColor=cornsilk> <TD colSpan=2><STRONG>Performance</STRONG></TD></TR> <TR bgColor=lavender> <TD>Profit</TD> <TD>2058.7490 Pts</TD></TR> <TR> <TD>Performance</TD> <TD>N/A</TD></TR> <TR> <TD>Annualized Performance</TD> <TD>N/A</TD></TR> <TR> <TD>Buy &amp; Hold Profit</TD> <TD>2436.1131 Pts</TD></TR> <TR> <TD>Buy &amp; Hold Performance</TD> <TD>N/A</TD></TR> <TR> <TD>Buy &amp; Hold Annualized Performance</TD> <TD>N/A</TD></TR></TBODY></TABLE> <P> <TABLE id=Table4 style="FONT-SIZE: 8.5pt; FONT-FAMILY: Verdana" height="100%" cellSpacing=1 cellPadding=1 width="100%" border=0> <TBODY> <TR bgColor=cornsilk> <TD colSpan=2><STRONG>Trade Summary</STRONG></TD></TR> <TR> <TD>Total Trades</TD> <TD>119</TD></TR> <TR> <TD>Trade Efficiency</TD> <TD>8.35 %</TD></TR> <TR> <TD>Average Profit/Average Loss</TD> <TD>N/A</TD></TR></TBODY></TABLE></P> <P> <TABLE id=Table4 style="FONT-SIZE: 8.5pt; FONT-FAMILY: Verdana" height="100%" cellSpacing=1 cellPadding=1 width="100%" border=0> <TBODY> <TR bgColor=cornsilk> <TD colSpan=2><STRONG>Profitable Trades</STRONG></TD></TR> <TR> <TD>Total</TD> <TD>67</TD></TR> <TR> <TD>Long</TD> <TD>48</TD></TR> <TR> <TD>Short</TD> <TD>19</TD></TR> <TR> <TD style="HEIGHT: 9px"></TD> <TD style="HEIGHT: 9px"></TD></TR> <TR> <TD>Average Profit</TD> <TD>87.7753 Pts</TD></TR> <TR> <TD>Highest Profit</TD> <TD>274.7515 Pts</TD></TR> <TR> <TD>Lowest Profit</TD> <TD>2.2529 Pts</TD></TR> <TR> <TD>Most Consecutive</TD> <TD>8</TD></TR></TBODY></TABLE></P> <P> <TABLE id=Table9 style="FONT-SIZE: 8.5pt; FONT-FAMILY: Verdana" height="100%" cellSpacing=1 cellPadding=1 width="100%" border=0> <TBODY> <TR bgColor=cornsilk> <TD colSpan=2><STRONG>Unprofitable Trades</STRONG></TD></TR> <TR> <TD>Total</TD> <TD>52</TD></TR> <TR> <TD>Long</TD> <TD>29</TD></TR> <TR> <TD>Short</TD> <TD>23</TD></TR> <TR> <TD style="HEIGHT: 9px"></TD> <TD style="HEIGHT: 9px"></TD></TR> <TR> <TD>Average Loss</TD> <TD>-73.5038 Pts</TD></TR> <TR> <TD>Highest Loss</TD> <TD>-318.5832 Pts</TD></TR> <TR> <TD>Lowest Loss</TD> <TD>-3.1169 Pts</TD></TR> <TR> <TD>Most Consecutive</TD> <TD>5</TD></TR></TBODY></TABLE></P> <P> <TABLE id=Table10 style="FONT-SIZE: 8.5pt; FONT-FAMILY: Verdana" height="100%" cellSpacing=1 cellPadding=1 width="100%" border=0> <TBODY> <TR bgColor=cornsilk> <TD colSpan=2><STRONG>Maximum Position Excursions</STRONG></TD></TR> <TR> <TD>Long Favorable</TD> <TD>262.5313 Pts</TD></TR> <TR> <TD>Short Favorable</TD> <TD>328.1594 Pts</TD></TR> <TR> <TD>Long Adverse</TD> <TD>-335.5309 Pts</TD></TR> <TR> <TD>Short Adverse</TD> <TD>-274.6277 Pts</TD></TR></TBODY></TABLE></P> <P> <TABLE id=Table10 style="FONT-SIZE: 8.5pt; FONT-FAMILY: Verdana" height="100%" cellSpacing=1 cellPadding=1 width="100%" border=0> <TBODY> <TR bgColor=cornsilk> <TD colSpan=2><STRONG>Trade Efficiency</STRONG></TD></TR> <TR> <TD>Average Entry</TD> <TD>49.01 %</TD></TR> <TR> <TD>Average Exit</TD> <TD>59.35 %</TD></TR> <TR bgColor=lavender> <TD>Average Total</TD> <TD>8.35 %</TD></TR> <TR> <TD style="HEIGHT: 9px"></TD> <TD style="HEIGHT: 9px"></TD></TR> <TR> <TD>Average Long Entry</TD> <TD>49.50 %</TD></TR> <TR> <TD>Average Long Exit</TD> <TD>64.08 %</TD></TR> <TR> <TD>Average Long Total</TD> <TD>13.58 %</TD></TR> <TR> <TD style="HEIGHT: 9px"></TD> <TD style="HEIGHT: 9px"></TD></TR> <TR> <TD>Average Short Entry</TD> <TD>48.09 %</TD></TR> <TR> <TD>Average Short Exit</TD> <TD>50.68 %</TD></TR> <TR> <TD>Average Short Total</TD> <TD>-1.23 %</TD></TR></TBODY></TABLE></P></TD> <TD> <DIV style="WIDTH: 10px; HEIGHT: 8px"></DIV> <TABLE id=Table3 style="FONT-SIZE: 8.5pt; FONT-FAMILY: Verdana" height="100%" cellSpacing=1 cellPadding=1 width="100%" border=0> <TBODY> <TR bgColor=cornsilk> <TD colSpan=2><STRONG>Performance Indices</STRONG></TD></TR> <TR> <TD>Buy &amp; Hold Index</TD> <TD>-15.49 %</TD></TR> <TR> <TD>Profit/Loss Index</TD> <TD>35.01 %</TD></TR> <TR> <TD>Reward/Risk Index</TD> <TD>95.03 %</TD></TR></TBODY></TABLE> <P> <TABLE id=Table3 style="FONT-SIZE: 8.5pt; FONT-FAMILY: Verdana" height="100%" cellSpacing=1 cellPadding=1 width="100%" border=0> <TBODY> <TR bgColor=cornsilk> <TD colSpan=2><STRONG>Accounting</STRONG></TD></TR> <TR> <TD style="HEIGHT: 8px">Initial Equity</TD> <TD style="HEIGHT: 8px">0.0000 Pts</TD></TR> <TR> <TD>Trade Profit</TD> <TD>5880.9482 Pts</TD></TR> <TR> <TD>Trade Loss</TD> <TD>-3822.1991 Pts</TD></TR> <TR> <TD>Commissions</TD> <TD>118.4021 Pts</TD></TR> <TR> <TD>Interest Credited</TD> <TD>0.0000 Pts</TD></TR> <TR> <TD>Interest Charged</TD> <TD>0.0000 Pts</TD></TR> <TR bgColor=lavender> <TD>Final Equity</TD> <TD>2058.7490 Pts</TD></TR> <TR> <TD>Open Positions</TD> <TD>0.0000 Pts</TD></TR></TBODY></TABLE></P> <P> <TABLE id=Table6 style="FONT-SIZE: 8.5pt; FONT-FAMILY: Verdana" height="100%" cellSpacing=1 cellPadding=1 width="100%" border=0> <TBODY> <TR bgColor=cornsilk> <TD colSpan=2><STRONG>Account Variation</STRONG></TD></TR> <TR> <TD>Highest Account Balance</TD> <TD>2205.4030 Pts</TD></TR> <TR> <TD>Lowest Account Balance</TD> <TD>-107.6264 Pts</TD></TR> <TR> <TD>Highest Portfolio Value</TD> <TD>262.5313 Pts</TD></TR> <TR> <TD>Highest Open Drawdown</TD> <TD>-107.6264 Pts</TD></TR> <TR> <TD>Highest Closed Drawdown</TD> <TD>-105.6348 Pts</TD></TR></TBODY></TABLE></P> <P> <TABLE id=Table6 style="FONT-SIZE: 8.5pt; FONT-FAMILY: Verdana" height="100%" cellSpacing=1 cellPadding=1 width="100%" border=0> <TBODY> <TR bgColor=cornsilk> <TD colSpan=2><STRONG>Account Events</STRONG></TD></TR> <TR> <TD>Margin Calls</TD> <TD>0</TD></TR> <TR> <TD>Overdrafts</TD> <TD>0</TD></TR></TBODY></TABLE></P> <P> <TABLE id=Table5 style="FONT-SIZE: 8.5pt; FONT-FAMILY: Verdana" height="100%" cellSpacing=1 cellPadding=1 width="100%" border=0> <TBODY> <TR bgColor=cornsilk> <TD colSpan=2><STRONG>Profitable Timing</STRONG></TD></TR> <TR> <TD>Average Trade Length</TD> <TD>3</TD></TR> <TR> <TD>Longest Trade Length</TD> <TD>10</TD></TR> <TR> <TD>Shortest Trade Length</TD> <TD>1</TD></TR> <TR> <TD>Total Trade Length</TD> <TD>217</TD></TR></TBODY></TABLE></P> <P> <TABLE id=Table7 style="FONT-SIZE: 8.5pt; FONT-FAMILY: Verdana" height="100%" cellSpacing=1 cellPadding=1 width="100%" border=0> <TBODY> <TR bgColor=cornsilk> <TD colSpan=2><STRONG>Unprofitable Timing</STRONG></TD></TR> <TR> <TD>Average Trade Length</TD> <TD>3</TD></TR> <TR> <TD>Longest Trade Length</TD> <TD>6</TD></TR> <TR> <TD>Shortest Trade Length</TD> <TD>1</TD></TR> <TR> <TD>Total Trade Length</TD> <TD>166</TD></TR></TBODY></TABLE></P> <P> <TABLE id=Table8 style="FONT-SIZE: 8.5pt; FONT-FAMILY: Verdana" height="100%" cellSpacing=1 cellPadding=1 width="100%" border=0> <TBODY> <TR bgColor=cornsilk> <TD colSpan=2><STRONG>Out of Market Timing</STRONG></TD></TR> <TR> <TD>Average</TD> <TD>7</TD></TR> <TR> <TD>Longest</TD> <TD>62</TD></TR> <TR> <TD>Total</TD> <TD>788</TD></TR></TBODY></TABLE></P> <P></P></TD></TR></TBODY></TABLE></P></BODY></HTML>