TIPS UPDATE

Keith’s sale of a portion of our Tips position on October 20th looks exceedingly well timed in hindsight. We have had TIPS in the portfolio since early April, and will be looking to repurchase to raise our position level when our support lines are breached.   Our TRADE line support is at $102.89 while our TREND line support (intermediate term) remains $101.43.

Andrew Barber

Director

TIPS UPDATE - a1