Robert G. Leslie and Marilyn B. Leslie - Page 9

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                    WING                               WING                           
          Short 50 Contracts of June GoldShort 50 Contracts of October Gold            
                                         BODY                                         
                             Long 100 Contracts of August Gold                        
               A "condor trade" is similar to a butterfly spread but has              
          four or more elements rather than three.  An example would be as            
          follows:                                                                    
                    WING                               WING                           
          Short 50 Contracts of June GoldShort 50 Contracts of December Gold           
                                         BODY                                         
                             Long 50 Contracts of August Gold                         
                             Long 50 Contracts of October Gold                        
               The purpose of butterfly or condor spreads is to establish a           
          position that will create a significant profit or loss on the               
          long or short position if there is a major move in the price of             
          gold so a tax benefit can be achieved.  At the same time, such a            
          spread establishes a position that creates a complementary profit           
          or loss on the other side of the position, thereby creating tax             
          benefits while eliminating the possibility of gaining or losing             
          significant equity.                                                         
          The Hunter Program                                                          
               Hunter was organized in late 1979 or early 1980 as a Nevada            
          limited partnership with its principal place of business in                 
          Newport Beach, California.  On February 20, 1980, Hunter first              
          registered with the Commodities Futures Trading Commission (CFTC)           
          as a Futures Commission Merchant (FCM) and remained an FCM for              
          all years relevant hereto.  All regulated futures transactions              







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Last modified: May 25, 2011