Leverage Alert: Fannie Mae

ALL LEVERAGE SERVICES

WEDNESDAY, JANUARY 12, 2005
FINAL ¼ CLOSEOUT INSTRUCTIONS!

CANCEL ANY OPEN ORDERS AND PLACE A DAY-LIMIT ORDER TO SELL
(TO CLOSE) THE FINAL ONE-QUARTER OF YOUR POSITION IN THE FANNIE MAE JANUARY
2005 75 PUT (FNMMO) AT 3.80 OR BETTER.

FOR EXAMPLE, IF YOU ORIGINALLY PURCHASED 12 CONTRACTS UPON INITIATION OF
THIS POSITION, YOU SHOULD SELL 3 CONTRACTS AT THIS TIME.

THIS WILL LEAVE 0% OF YOUR ORIGINAL POSITION OPEN.

IF THIS POSITION HAS NOT CLOSED BY 11:00 A.M. EASTERN TIME, CANCEL YOUR
LIMIT ORDER AND PLACE AN ORDER TO SELL (TO CLOSE) AT THE CURRENT MARKET
PRICE.

THIS POSITION IS BID AT 4.30, ASKED AT 4.50.

FNM IS CURRENTLY AT 70.61.

WE RECOMMEND EXITING THE FINAL QUARTER POSITION IN ORDER TO LOCK IN PROFITS
ON THE ENTIRE POSITION.