Leverage Alert: Fannie Mae

ALL LEVERAGE SERVICES

WEDNESDAY, DECEMBER 22, 2004
NEW RECOMMENDATION!

PLACE A DAY-LIMIT ORDER TO BUY (TO OPEN) THE FANNIE MAE JANUARY 2005 75 PUT
(FNMMO) AT A MAXIMUM ENTRY PRICE OF 3.10 OR LESS.

*** IF YOU ARE UNABLE TO ENTER THIS POSITION BEFORE THE CLOSE TODAY, WE
RECOMMEND THAT YOU REPEAT THIS PROCEDURE THROUGH THE NEXT TRADING DAY. DO
NOT ATTEMPT TO GET INTO THIS TRADE AFTER THE NEXT TRADING DAY’S CLOSE. ***

THIS OPTION IS CURRENTLY BID AT 2.40, OFFERED AT 2.70.

FNM IS CURRENTLY TRADING AT 73.15.

NEVER PAY MORE THAN THE MAXIMUM ENTRY PRICE FOR THIS OR ANY OTHER
RECOMMENDATION. DO NOT INVEST MORE THAN 10% OF YOUR AVAILABLE CASH
ALLOCATED TO THIS PROGRAM IN ANY ONE TRADE.

IF YOU ARE A SUBSCRIBER OF MULTIPLE LEVERAGE SERVICES, ENTER THIS TRADE
ACCORDING TO THE NUMBER OF SERVICES YOU OWN. FOR EXAMPLE, IF YOU OWN TWO
LEVERAGE SERVICES, BUY TWO TIMES AS MANY CONTRACTS AS YOU NORMALLY WOULD
FOR A SINGLE TRADE.

YOU WILL NOT RECEIVE FURTHER COMMUNICATION CONCERNING THIS TRADE, INCLUDING
CLOSEOUT INSTRUCTIONS, IF YOUR SUBSCRIPTION IS NOT ACTIVE AT THE TIME WE
ISSUE FOLLOW-UP INSTRUCTIONS.