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<html xmlns:o=3D"urn:schemas-microsoft-com:office:office"
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</head>

<body lang=3Den-US>

<div style=3D'direction:ltr;border-width:100%'>

<div style=3D'direction:ltr;margin-top:0in;margin-left:0in;width:6.943in'>

<div style=3D'direction:ltr;margin-top:0in;margin-left:.0215in;width:4.0305=
in'>

<p style=3D'margin:0in;font-family:Calibri;font-size:17.0pt' lang=3Den-AU>2=
6May08 Horseman
Analysis </p>

</div>

<div style=3D'direction:ltr;margin-top:.45in;margin-left:.0215in;width:6.60=
41in'>

<p style=3D'margin:0in;font-family:Calibri;font-size:11.0pt' lang=3Den-AU>H=
orseman
analysis is pointing to lower equity markets. With most stocks still over s=
old,
and looking to go lower before hitting any Fibonacci support. Banking looks
like it is about to break down into new lows</p>

</div>

<table border=3D0 cellpadding=3D0 cellspacing=3D0 cols=3D3 valign=3Dtop sty=
le=3D'direction:
 ltr;border-collapse:collapse;border-width:0pt;margin-top:.5944in;margin-le=
ft:
 0in;width:6.943in'>
 <tr>
  <td valign=3Dtop style=3D'vertical-align:top;margin:0in;padding:0pt;width=
:1px;
  height:1px;font-size:1pt'>
  <p style=3D'font-size:1pt'>&nbsp;</p>
  </td>
  <td valign=3Dtop style=3D'vertical-align:top;margin:0in;padding:0pt;width=
:2.4173in;
  height:1px;font-size:1pt'>
  <p style=3D'font-size:1pt'></p>
  </td>
  <td valign=3Dtop style=3D'vertical-align:top;margin:0in;padding:0pt;width=
:1.1034in;
  height:1px;font-size:1pt'>
  <p style=3D'font-size:1pt'></p>
  </td>
  <td valign=3Dtop style=3D'vertical-align:top;margin:0in;padding:0pt;width=
:3.4215in;
  height:1px;font-size:1pt'>
  <p style=3D'font-size:1pt'></p>
  </td>
 </tr>
 <tr>
  <td valign=3Dtop style=3D'vertical-align:top;margin:0in;padding:0pt;width=
:1px;
  height:.0208in;font-size:1pt'>
  <p style=3D'font-size:1pt'>&nbsp;</p>
  </td>
  <td rowspan=3D3 valign=3Dtop style=3D'vertical-align:top;margin:0in;paddi=
ng:0pt;
  width:2.4173in;height:3.0611in'>
  <p style=3D'margin:0in'><img src=3D"26May08_Horseman_Analysis_files/image=
001.png"
  width=3D228 height=3D260></p>
  <p style=3D'margin:0in;font-family:Calibri;font-size:11.0pt'>&nbsp;</p>
  <p style=3D'margin:0in;font-family:Tahoma;font-size:8.0pt;color:#666666'
  lang=3Den-AU>RIMM</p>
  </td>
  <td valign=3Dtop style=3D'vertical-align:top;margin:0in;padding:0pt;width=
:1.1034in;
  height:.0208in;font-size:1pt'>
  <p style=3D'font-size:1pt'></p>
  </td>
  <td valign=3Dtop style=3D'vertical-align:top;margin:0in;padding:0pt;width=
:3.4215in;
  height:.0208in;font-size:1pt'>
  <p style=3D'font-size:1pt'></p>
  </td>
 </tr>
 <tr>
  <td valign=3Dtop style=3D'vertical-align:top;margin:0in;padding:0pt;width=
:1px;
  height:.7576in;font-size:1pt'>
  <p style=3D'font-size:1pt'>&nbsp;</p>
  </td>
  <td valign=3Dtop style=3D'vertical-align:top;margin:0in;padding:0pt;width=
:1.1034in;
  height:.7576in;font-size:1pt'>
  <p style=3D'font-size:1pt'></p>
  </td>
  <td valign=3Dtop style=3D'vertical-align:top;margin:0in;padding:0pt;width=
:3.4215in;
  height:.7576in'>
  <p style=3D'margin:0in;font-family:Calibri;font-size:11.0pt' lang=3Den-AU=
>Instrument:
  RIMM</p>
  <p style=3D'margin:0in;font-family:Calibri;font-size:11.0pt' lang=3Den-AU=
>View:
  Bearish</p>
  <p style=3D'margin:0in;font-family:Calibri;font-size:11.0pt' lang=3Den-AU=
>Key
  Levels: 137.5, 112.5, </p>
  <p style=3D'margin:0in;font-family:Calibri;font-size:11.0pt' lang=3Den-AU=
>Strategy:
  Sell limit @ 137.5, Target =3D 112.5</p>
  </td>
 </tr>
 <tr>
  <td valign=3Dtop style=3D'vertical-align:top;margin:0in;padding:0pt;width=
:1px;
  height:2.2819in;font-size:1pt'>
  <p style=3D'font-size:1pt'>&nbsp;</p>
  </td>
  <td valign=3Dtop style=3D'vertical-align:top;margin:0in;padding:0pt;width=
:1.1034in;
  height:2.2819in;font-size:1pt'>
  <p style=3D'font-size:1pt'></p>
  </td>
  <td valign=3Dtop style=3D'vertical-align:top;margin:0in;padding:0pt;width=
:3.4215in;
  height:2.2819in;font-size:1pt'>
  <p style=3D'font-size:1pt'></p>
  </td>
 </tr>
</table>

<table border=3D0 cellpadding=3D0 cellspacing=3D0 cols=3D3 valign=3Dtop sty=
le=3D'direction:
 ltr;border-collapse:collapse;border-width:0pt;margin-top:.9388in;margin-le=
ft:
 0in;width:6.827in'>
 <tr>
  <td valign=3Dtop style=3D'vertical-align:top;margin:0in;padding:0pt;width=
:1px;
  height:1px;font-size:1pt'>
  <p style=3D'font-size:1pt'>&nbsp;</p>
  </td>
  <td valign=3Dtop style=3D'vertical-align:top;margin:0in;padding:0pt;width=
:2.0736in;
  height:1px;font-size:1pt'>
  <p style=3D'font-size:1pt'></p>
  </td>
  <td valign=3Dtop style=3D'vertical-align:top;margin:0in;padding:0pt;width=
:1.4472in;
  height:1px;font-size:1pt'>
  <p style=3D'font-size:1pt'></p>
  </td>
  <td valign=3Dtop style=3D'vertical-align:top;margin:0in;padding:0pt;width=
:3.3055in;
  height:1px;font-size:1pt'>
  <p style=3D'font-size:1pt'></p>
  </td>
 </tr>
 <tr>
  <td valign=3Dtop style=3D'vertical-align:top;margin:0in;padding:0pt;width=
:1px;
  height:.0208in;font-size:1pt'>
  <p style=3D'font-size:1pt'>&nbsp;</p>
  </td>
  <td rowspan=3D3 valign=3Dtop style=3D'vertical-align:top;margin:0in;paddi=
ng:0pt;
  width:2.0736in;height:2.759in'>
  <p style=3D'margin:0in'><img src=3D"26May08_Horseman_Analysis_files/image=
002.png"
  width=3D195 height=3D231></p>
  <p style=3D'margin:0in;font-family:Calibri;font-size:11.0pt'>&nbsp;</p>
  <p style=3D'margin:0in;font-family:Tahoma;font-size:8.0pt;color:#666666'
  lang=3Den-AU>GOOG</p>
  </td>
  <td valign=3Dtop style=3D'vertical-align:top;margin:0in;padding:0pt;width=
:1.4472in;
  height:.0208in;font-size:1pt'>
  <p style=3D'font-size:1pt'></p>
  </td>
  <td valign=3Dtop style=3D'vertical-align:top;margin:0in;padding:0pt;width=
:3.3055in;
  height:.0208in;font-size:1pt'>
  <p style=3D'font-size:1pt'></p>
  </td>
 </tr>
 <tr>
  <td valign=3Dtop style=3D'vertical-align:top;margin:0in;padding:0pt;width=
:1px;
  height:.7576in;font-size:1pt'>
  <p style=3D'font-size:1pt'>&nbsp;</p>
  </td>
  <td valign=3Dtop style=3D'vertical-align:top;margin:0in;padding:0pt;width=
:1.4472in;
  height:.7576in;font-size:1pt'>
  <p style=3D'font-size:1pt'></p>
  </td>
  <td valign=3Dtop style=3D'vertical-align:top;margin:0in;padding:0pt;width=
:3.3055in;
  height:.7576in'>
  <p style=3D'margin:0in;font-family:Calibri;font-size:11.0pt' lang=3Den-AU=
>Instrument:
  Goog</p>
  <p style=3D'margin:0in;font-family:Calibri;font-size:11.0pt' lang=3Den-AU=
>View:
  Bearish</p>
  <p style=3D'margin:0in;font-family:Calibri;font-size:11.0pt' lang=3Den-AU=
>Key
  Levels: 600, 562.5, 500</p>
  <p style=3D'margin:0in;font-family:Calibri;font-size:11.0pt' lang=3Den-AU=
>Strategy:
  Sell limit @ 562.5, Target =3D 500</p>
  </td>
 </tr>
 <tr>
  <td valign=3Dtop style=3D'vertical-align:top;margin:0in;padding:0pt;width=
:1px;
  height:1.9798in;font-size:1pt'>
  <p style=3D'font-size:1pt'>&nbsp;</p>
  </td>
  <td valign=3Dtop style=3D'vertical-align:top;margin:0in;padding:0pt;width=
:1.4472in;
  height:1.9798in;font-size:1pt'>
  <p style=3D'font-size:1pt'></p>
  </td>
  <td valign=3Dtop style=3D'vertical-align:top;margin:0in;padding:0pt;width=
:3.3055in;
  height:1.9798in;font-size:1pt'>
  <p style=3D'font-size:1pt'></p>
  </td>
 </tr>
</table>

<table border=3D0 cellpadding=3D0 cellspacing=3D0 cols=3D3 valign=3Dtop sty=
le=3D'direction:
 ltr;border-collapse:collapse;border-width:0pt;margin-top:.8826in;margin-le=
ft:
 0in;width:6.577in'>
 <tr>
  <td valign=3Dtop style=3D'vertical-align:top;margin:0in;padding:0pt;width=
:1px;
  height:1px;font-size:1pt'>
  <p style=3D'font-size:1pt'>&nbsp;</p>
  </td>
  <td valign=3Dtop style=3D'vertical-align:top;margin:0in;padding:0pt;width=
:2.1145in;
  height:1px;font-size:1pt'>
  <p style=3D'font-size:1pt'></p>
  </td>
  <td valign=3Dtop style=3D'vertical-align:top;margin:0in;padding:0pt;width=
:1.1562in;
  height:1px;font-size:1pt'>
  <p style=3D'font-size:1pt'></p>
  </td>
  <td valign=3Dtop style=3D'vertical-align:top;margin:0in;padding:0pt;width=
:3.3055in;
  height:1px;font-size:1pt'>
  <p style=3D'font-size:1pt'></p>
  </td>
 </tr>
 <tr>
  <td valign=3Dtop style=3D'vertical-align:top;margin:0in;padding:0pt;width=
:1px;
  height:.1284in;font-size:1pt'>
  <p style=3D'font-size:1pt'>&nbsp;</p>
  </td>
  <td rowspan=3D3 valign=3Dtop style=3D'vertical-align:top;margin:0in;paddi=
ng:0pt;
  width:2.1145in;height:3.0395in'>
  <p style=3D'margin:0in'><img src=3D"26May08_Horseman_Analysis_files/image=
003.png"
  width=3D199 height=3D258></p>
  <p style=3D'margin:0in;font-family:Calibri;font-size:11.0pt'>&nbsp;</p>
  <p style=3D'margin:0in;font-family:Tahoma;font-size:8.0pt;color:#666666'
  lang=3Den-AU>AAPL</p>
  </td>
  <td valign=3Dtop style=3D'vertical-align:top;margin:0in;padding:0pt;width=
:1.1562in;
  height:.1284in;font-size:1pt'>
  <p style=3D'font-size:1pt'></p>
  </td>
  <td valign=3Dtop style=3D'vertical-align:top;margin:0in;padding:0pt;width=
:3.3055in;
  height:.1284in;font-size:1pt'>
  <p style=3D'font-size:1pt'></p>
  </td>
 </tr>
 <tr>
  <td valign=3Dtop style=3D'vertical-align:top;margin:0in;padding:0pt;width=
:1px;
  height:.7576in;font-size:1pt'>
  <p style=3D'font-size:1pt'>&nbsp;</p>
  </td>
  <td valign=3Dtop style=3D'vertical-align:top;margin:0in;padding:0pt;width=
:1.1562in;
  height:.7576in;font-size:1pt'>
  <p style=3D'font-size:1pt'></p>
  </td>
  <td valign=3Dtop style=3D'vertical-align:top;margin:0in;padding:0pt;width=
:3.3055in;
  height:.7576in'>
  <p style=3D'margin:0in;font-family:Calibri;font-size:11.0pt' lang=3Den-AU=
>Instrument:
  aapl</p>
  <p style=3D'margin:0in;font-family:Calibri;font-size:11.0pt' lang=3Den-AU=
>View:
  Bearish</p>
  <p style=3D'margin:0in;font-family:Calibri;font-size:11.0pt' lang=3Den-AU=
>Key
  Levels: 187.5, 150, 125</p>
  <p style=3D'margin:0in;font-family:Calibri;font-size:11.0pt' lang=3Den-AU=
>Strategy:
  Sell limit @ 187.5, Target =3D 150</p>
  </td>
 </tr>
 <tr>
  <td valign=3Dtop style=3D'vertical-align:top;margin:0in;padding:0pt;width=
:1px;
  height:2.1527in;font-size:1pt'>
  <p style=3D'font-size:1pt'>&nbsp;</p>
  </td>
  <td valign=3Dtop style=3D'vertical-align:top;margin:0in;padding:0pt;width=
:1.1562in;
  height:2.1527in;font-size:1pt'>
  <p style=3D'font-size:1pt'></p>
  </td>
  <td valign=3Dtop style=3D'vertical-align:top;margin:0in;padding:0pt;width=
:3.3055in;
  height:2.1527in;font-size:1pt'>
  <p style=3D'font-size:1pt'></p>
  </td>
 </tr>
</table>

<table border=3D0 cellpadding=3D0 cellspacing=3D0 cols=3D3 valign=3Dtop sty=
le=3D'direction:
 ltr;border-collapse:collapse;border-width:0pt;margin-top:.818in;margin-lef=
t:
 0in;width:5.7083in'>
 <tr>
  <td valign=3Dtop style=3D'vertical-align:top;margin:0in;padding:0pt;width=
:1px;
  height:1px;font-size:1pt'>
  <p style=3D'font-size:1pt'>&nbsp;</p>
  </td>
  <td valign=3Dtop style=3D'vertical-align:top;margin:0in;padding:0pt;width=
:2.5736in;
  height:1px;font-size:1pt'>
  <p style=3D'font-size:1pt'></p>
  </td>
  <td valign=3Dtop style=3D'vertical-align:top;margin:0in;padding:0pt;width=
:.9472in;
  height:1px;font-size:1pt'>
  <p style=3D'font-size:1pt'></p>
  </td>
  <td valign=3Dtop style=3D'vertical-align:top;margin:0in;padding:0pt;width=
:2.1875in;
  height:1px;font-size:1pt'>
  <p style=3D'font-size:1pt'></p>
  </td>
 </tr>
 <tr>
  <td valign=3Dtop style=3D'vertical-align:top;margin:0in;padding:0pt;width=
:1px;
  height:.0201in;font-size:1pt'>
  <p style=3D'font-size:1pt'>&nbsp;</p>
  </td>
  <td rowspan=3D3 valign=3Dtop style=3D'vertical-align:top;margin:0in;paddi=
ng:0pt;
  width:2.5736in;height:2.4145in'>
  <p style=3D'margin:0in'><img src=3D"26May08_Horseman_Analysis_files/image=
004.png"
  width=3D243 height=3D198></p>
  <p style=3D'margin:0in;font-family:Calibri;font-size:11.0pt'>&nbsp;</p>
  <p style=3D'margin:0in;font-family:Tahoma;font-size:8.0pt;color:#666666'
  lang=3Den-AU>AMZN</p>
  </td>
  <td valign=3Dtop style=3D'vertical-align:top;margin:0in;padding:0pt;width=
:.9472in;
  height:.0201in;font-size:1pt'>
  <p style=3D'font-size:1pt'></p>
  </td>
  <td valign=3Dtop style=3D'vertical-align:top;margin:0in;padding:0pt;width=
:2.1875in;
  height:.0201in;font-size:1pt'>
  <p style=3D'font-size:1pt'></p>
  </td>
 </tr>
 <tr>
  <td valign=3Dtop style=3D'vertical-align:top;margin:0in;padding:0pt;width=
:1px;
  height:.7576in;font-size:1pt'>
  <p style=3D'font-size:1pt'>&nbsp;</p>
  </td>
  <td valign=3Dtop style=3D'vertical-align:top;margin:0in;padding:0pt;width=
:.9472in;
  height:.7576in;font-size:1pt'>
  <p style=3D'font-size:1pt'></p>
  </td>
  <td valign=3Dtop style=3D'vertical-align:top;margin:0in;padding:0pt;width=
:2.1875in;
  height:.7576in'>
  <p style=3D'margin:0in;font-family:Calibri;font-size:11.0pt' lang=3Den-AU=
>Instrument:
  amzn</p>
  <p style=3D'margin:0in;font-family:Calibri;font-size:11.0pt' lang=3Den-AU=
>View:
  Sideways</p>
  <p style=3D'margin:0in;font-family:Calibri;font-size:11.0pt' lang=3Den-AU=
>Key
  Levels: 87.5, 75.00</p>
  <p style=3D'margin:0in;font-family:Calibri;font-size:11.0pt' lang=3Den-AU=
>Strategy:
  No Trade </p>
  </td>
 </tr>
 <tr>
  <td valign=3Dtop style=3D'vertical-align:top;margin:0in;padding:0pt;width=
:1px;
  height:1.6361in;font-size:1pt'>
  <p style=3D'font-size:1pt'>&nbsp;</p>
  </td>
  <td valign=3Dtop style=3D'vertical-align:top;margin:0in;padding:0pt;width=
:.9472in;
  height:1.6361in;font-size:1pt'>
  <p style=3D'font-size:1pt'></p>
  </td>
  <td valign=3Dtop style=3D'vertical-align:top;margin:0in;padding:0pt;width=
:2.1875in;
  height:1.6361in;font-size:1pt'>
  <p style=3D'font-size:1pt'></p>
  </td>
 </tr>
</table>

<table border=3D0 cellpadding=3D0 cellspacing=3D0 cols=3D3 valign=3Dtop sty=
le=3D'direction:
 ltr;border-collapse:collapse;border-width:0pt;margin-top:.834in;margin-lef=
t:
 0in;width:6.943in'>
 <tr>
  <td valign=3Dtop style=3D'vertical-align:top;margin:0in;padding:0pt;width=
:1px;
  height:1px;font-size:1pt'>
  <p style=3D'font-size:1pt'>&nbsp;</p>
  </td>
  <td valign=3Dtop style=3D'vertical-align:top;margin:0in;padding:0pt;width=
:1.9486in;
  height:1px;font-size:1pt'>
  <p style=3D'font-size:1pt'></p>
  </td>
  <td valign=3Dtop style=3D'vertical-align:top;margin:0in;padding:0pt;width=
:1.5722in;
  height:1px;font-size:1pt'>
  <p style=3D'font-size:1pt'></p>
  </td>
  <td valign=3Dtop style=3D'vertical-align:top;margin:0in;padding:0pt;width=
:3.4215in;
  height:1px;font-size:1pt'>
  <p style=3D'font-size:1pt'></p>
  </td>
 </tr>
 <tr>
  <td valign=3Dtop style=3D'vertical-align:top;margin:0in;padding:0pt;width=
:1px;
  height:.0215in;font-size:1pt'>
  <p style=3D'font-size:1pt'>&nbsp;</p>
  </td>
  <td rowspan=3D3 valign=3Dtop style=3D'vertical-align:top;margin:0in;paddi=
ng:0pt;
  width:1.9486in;height:2.6652in'>
  <p style=3D'margin:0in'><img src=3D"26May08_Horseman_Analysis_files/image=
005.png"
  width=3D183 height=3D222></p>
  <p style=3D'margin:0in;font-family:Calibri;font-size:11.0pt'>&nbsp;</p>
  <p style=3D'margin:0in;font-family:Tahoma;font-size:8.0pt;color:#666666'
  lang=3Den-AU>CAT</p>
  </td>
  <td valign=3Dtop style=3D'vertical-align:top;margin:0in;padding:0pt;width=
:1.5722in;
  height:.0215in;font-size:1pt'>
  <p style=3D'font-size:1pt'></p>
  </td>
  <td valign=3Dtop style=3D'vertical-align:top;margin:0in;padding:0pt;width=
:3.4215in;
  height:.0215in;font-size:1pt'>
  <p style=3D'font-size:1pt'></p>
  </td>
 </tr>
 <tr>
  <td valign=3Dtop style=3D'vertical-align:top;margin:0in;padding:0pt;width=
:1px;
  height:.7569in;font-size:1pt'>
  <p style=3D'font-size:1pt'>&nbsp;</p>
  </td>
  <td valign=3Dtop style=3D'vertical-align:top;margin:0in;padding:0pt;width=
:1.5722in;
  height:.7569in;font-size:1pt'>
  <p style=3D'font-size:1pt'></p>
  </td>
  <td valign=3Dtop style=3D'vertical-align:top;margin:0in;padding:0pt;width=
:3.4215in;
  height:.7569in'>
  <p style=3D'margin:0in;font-family:Calibri;font-size:11.0pt' lang=3Den-AU=
>Instrument:
  CAT</p>
  <p style=3D'margin:0in;font-family:Calibri;font-size:11.0pt' lang=3Den-AU=
>View:
  Bearish</p>
  <p style=3D'margin:0in;font-family:Calibri;font-size:11.0pt' lang=3Den-AU=
>Key
  Levels: 84.37, 81.25, 78.12, 75.00</p>
  <p style=3D'margin:0in;font-family:Calibri;font-size:11.0pt' lang=3Den-AU=
>Strategy:
  Sell limit @ 84.37, Target =3D 75.00</p>
  </td>
 </tr>
 <tr>
  <td valign=3Dtop style=3D'vertical-align:top;margin:0in;padding:0pt;width=
:1px;
  height:1.8868in;font-size:1pt'>
  <p style=3D'font-size:1pt'>&nbsp;</p>
  </td>
  <td valign=3Dtop style=3D'vertical-align:top;margin:0in;padding:0pt;width=
:1.5722in;
  height:1.8868in;font-size:1pt'>
  <p style=3D'font-size:1pt'></p>
  </td>
  <td valign=3Dtop style=3D'vertical-align:top;margin:0in;padding:0pt;width=
:3.4215in;
  height:1.8868in;font-size:1pt'>
  <p style=3D'font-size:1pt'></p>
  </td>
 </tr>
</table>

<table border=3D0 cellpadding=3D0 cellspacing=3D0 cols=3D3 valign=3Dtop sty=
le=3D'direction:
 ltr;border-collapse:collapse;border-width:0pt;margin-top:.834in;margin-lef=
t:
 0in;width:6.8472in'>
 <tr>
  <td valign=3Dtop style=3D'vertical-align:top;margin:0in;padding:0pt;width=
:1px;
  height:1px;font-size:1pt'>
  <p style=3D'font-size:1pt'>&nbsp;</p>
  </td>
  <td valign=3Dtop style=3D'vertical-align:top;margin:0in;padding:0pt;width=
:1.9694in;
  height:1px;font-size:1pt'>
  <p style=3D'font-size:1pt'></p>
  </td>
  <td valign=3Dtop style=3D'vertical-align:top;margin:0in;padding:0pt;width=
:1.3013in;
  height:1px;font-size:1pt'>
  <p style=3D'font-size:1pt'></p>
  </td>
  <td valign=3Dtop style=3D'vertical-align:top;margin:0in;padding:0pt;width=
:3.5756in;
  height:1px;font-size:1pt'>
  <p style=3D'font-size:1pt'></p>
  </td>
 </tr>
 <tr>
  <td valign=3Dtop style=3D'vertical-align:top;margin:0in;padding:0pt;width=
:1px;
  height:.0215in;font-size:1pt'>
  <p style=3D'font-size:1pt'>&nbsp;</p>
  </td>
  <td rowspan=3D3 valign=3Dtop style=3D'vertical-align:top;margin:0in;paddi=
ng:0pt;
  width:1.9694in;height:1.8006in'>
  <p style=3D'margin:0in'><img src=3D"26May08_Horseman_Analysis_files/image=
006.png"
  width=3D185 height=3D139></p>
  <p style=3D'margin:0in;font-family:Calibri;font-size:11.0pt'>&nbsp;</p>
  <p style=3D'margin:0in;font-family:Tahoma;font-size:8.0pt;color:#666666'
  lang=3Den-AU>IBM</p>
  </td>
  <td valign=3Dtop style=3D'vertical-align:top;margin:0in;padding:0pt;width=
:1.3013in;
  height:.0215in;font-size:1pt'>
  <p style=3D'font-size:1pt'></p>
  </td>
  <td valign=3Dtop style=3D'vertical-align:top;margin:0in;padding:0pt;width=
:3.5756in;
  height:.0215in;font-size:1pt'>
  <p style=3D'font-size:1pt'></p>
  </td>
 </tr>
 <tr>
  <td valign=3Dtop style=3D'vertical-align:top;margin:0in;padding:0pt;width=
:1px;
  height:.7569in;font-size:1pt'>
  <p style=3D'font-size:1pt'>&nbsp;</p>
  </td>
  <td valign=3Dtop style=3D'vertical-align:top;margin:0in;padding:0pt;width=
:1.3013in;
  height:.7569in;font-size:1pt'>
  <p style=3D'font-size:1pt'></p>
  </td>
  <td valign=3Dtop style=3D'vertical-align:top;margin:0in;padding:0pt;width=
:3.5763in;
  height:.7569in'>
  <p style=3D'margin:0in;font-family:Calibri;font-size:11.0pt' lang=3Den-AU=
>Instrument:
  IBM</p>
  <p style=3D'margin:0in;font-family:Calibri;font-size:11.0pt' lang=3Den-AU=
>View:
  Bearish</p>
  <p style=3D'margin:0in;font-family:Calibri;font-size:11.0pt' lang=3Den-AU=
>Key
  Levels: 128.12, 125, 118.75, 115.62</p>
  <p style=3D'margin:0in;font-family:Calibri;font-size:11.0pt' lang=3Den-AU=
>Strategy:
  Sell limit @ 128.12, Target =3D 115.62</p>
  </td>
 </tr>
 <tr>
  <td valign=3Dtop style=3D'vertical-align:top;margin:0in;padding:0pt;width=
:1px;
  height:1.0222in;font-size:1pt'>
  <p style=3D'font-size:1pt'>&nbsp;</p>
  </td>
  <td valign=3Dtop style=3D'vertical-align:top;margin:0in;padding:0pt;width=
:1.3013in;
  height:1.0222in;font-size:1pt'>
  <p style=3D'font-size:1pt'></p>
  </td>
  <td valign=3Dtop style=3D'vertical-align:top;margin:0in;padding:0pt;width=
:3.5756in;
  height:1.0222in;font-size:1pt'>
  <p style=3D'font-size:1pt'></p>
  </td>
 </tr>
</table>

<table border=3D0 cellpadding=3D0 cellspacing=3D0 cols=3D3 valign=3Dtop sty=
le=3D'direction:
 ltr;border-collapse:collapse;border-width:0pt;margin-top:.6993in;margin-le=
ft:
 0in;width:6.8347in'>
 <tr>
  <td valign=3Dtop style=3D'vertical-align:top;margin:0in;padding:0pt;width=
:1px;
  height:1px;font-size:1pt'>
  <p style=3D'font-size:1pt'>&nbsp;</p>
  </td>
  <td valign=3Dtop style=3D'vertical-align:top;margin:0in;padding:0pt;width=
:2.2083in;
  height:1px;font-size:1pt'>
  <p style=3D'font-size:1pt'></p>
  </td>
  <td valign=3Dtop style=3D'vertical-align:top;margin:0in;padding:0pt;width=
:1.1875in;
  height:1px;font-size:1pt'>
  <p style=3D'font-size:1pt'></p>
  </td>
  <td valign=3Dtop style=3D'vertical-align:top;margin:0in;padding:0pt;width=
:3.4381in;
  height:1px;font-size:1pt'>
  <p style=3D'font-size:1pt'></p>
  </td>
 </tr>
 <tr>
  <td valign=3Dtop style=3D'vertical-align:top;margin:0in;padding:0pt;width=
:1px;
  height:.0215in;font-size:1pt'>
  <p style=3D'font-size:1pt'>&nbsp;</p>
  </td>
  <td rowspan=3D3 valign=3Dtop style=3D'vertical-align:top;margin:0in;paddi=
ng:0pt;
  width:2.2083in;height:2.4361in'>
  <p style=3D'margin:0in'><img src=3D"26May08_Horseman_Analysis_files/image=
007.png"
  width=3D208 height=3D200></p>
  <p style=3D'margin:0in;font-family:Calibri;font-size:11.0pt'>&nbsp;</p>
  <p style=3D'margin:0in;font-family:Tahoma;font-size:8.0pt;color:#666666'
  lang=3Den-AU>BA</p>
  </td>
  <td valign=3Dtop style=3D'vertical-align:top;margin:0in;padding:0pt;width=
:1.1875in;
  height:.0215in;font-size:1pt'>
  <p style=3D'font-size:1pt'></p>
  </td>
  <td valign=3Dtop style=3D'vertical-align:top;margin:0in;padding:0pt;width=
:3.4381in;
  height:.0215in;font-size:1pt'>
  <p style=3D'font-size:1pt'></p>
  </td>
 </tr>
 <tr>
  <td valign=3Dtop style=3D'vertical-align:top;margin:0in;padding:0pt;width=
:1px;
  height:.7569in;font-size:1pt'>
  <p style=3D'font-size:1pt'>&nbsp;</p>
  </td>
  <td valign=3Dtop style=3D'vertical-align:top;margin:0in;padding:0pt;width=
:1.1875in;
  height:.7569in;font-size:1pt'>
  <p style=3D'font-size:1pt'></p>
  </td>
  <td valign=3Dtop style=3D'vertical-align:top;margin:0in;padding:0pt;width=
:3.4381in;
  height:.7569in'>
  <p style=3D'margin:0in;font-family:Calibri;font-size:11.0pt' lang=3Den-AU=
>Instrument:
  BA</p>
  <p style=3D'margin:0in;font-family:Calibri;font-size:11.0pt' lang=3Den-AU=
>View:
  Bullish</p>
  <p style=3D'margin:0in;font-family:Calibri;font-size:11.0pt' lang=3Den-AU=
>Key
  Levels: 81.25, 84.37, 87.5</p>
  <p style=3D'margin:0in;font-family:Calibri;font-size:11.0pt' lang=3Den-AU=
>Strategy:
  Buy limit @ 81.25, Target =3D 87.50</p>
  </td>
 </tr>
 <tr>
  <td valign=3Dtop style=3D'vertical-align:top;margin:0in;padding:0pt;width=
:1px;
  height:1.6569in;font-size:1pt'>
  <p style=3D'font-size:1pt'>&nbsp;</p>
  </td>
  <td valign=3Dtop style=3D'vertical-align:top;margin:0in;padding:0pt;width=
:1.1875in;
  height:1.6569in;font-size:1pt'>
  <p style=3D'font-size:1pt'></p>
  </td>
  <td valign=3Dtop style=3D'vertical-align:top;margin:0in;padding:0pt;width=
:3.4381in;
  height:1.6569in;font-size:1pt'>
  <p style=3D'font-size:1pt'></p>
  </td>
 </tr>
</table>

<table border=3D0 cellpadding=3D0 cellspacing=3D0 cols=3D3 valign=3Dtop sty=
le=3D'direction:
 ltr;border-collapse:collapse;border-width:0pt;margin-top:1.0638in;margin-l=
eft:
 0in;width:6.6159in'>
 <tr>
  <td valign=3Dtop style=3D'vertical-align:top;margin:0in;padding:0pt;width=
:1px;
  height:1px;font-size:1pt'>
  <p style=3D'font-size:1pt'>&nbsp;</p>
  </td>
  <td valign=3Dtop style=3D'vertical-align:top;margin:0in;padding:0pt;width=
:1.9694in;
  height:1px;font-size:1pt'>
  <p style=3D'font-size:1pt'></p>
  </td>
  <td valign=3Dtop style=3D'vertical-align:top;margin:0in;padding:0pt;width=
:1.3013in;
  height:1px;font-size:1pt'>
  <p style=3D'font-size:1pt'></p>
  </td>
  <td valign=3Dtop style=3D'vertical-align:top;margin:0in;padding:0pt;width=
:3.3444in;
  height:1px;font-size:1pt'>
  <p style=3D'font-size:1pt'></p>
  </td>
 </tr>
 <tr>
  <td valign=3Dtop style=3D'vertical-align:top;margin:0in;padding:0pt;width=
:1px;
  height:.0201in;font-size:1pt'>
  <p style=3D'font-size:1pt'>&nbsp;</p>
  </td>
  <td rowspan=3D3 valign=3Dtop style=3D'vertical-align:top;margin:0in;paddi=
ng:0pt;
  width:1.9694in;height:2.7791in'>
  <p style=3D'margin:0in'><img src=3D"26May08_Horseman_Analysis_files/image=
008.png"
  width=3D185 height=3D233></p>
  <p style=3D'margin:0in;font-family:Calibri;font-size:11.0pt'>&nbsp;</p>
  <p style=3D'margin:0in;font-family:Tahoma;font-size:8.0pt;color:#666666'
  lang=3Den-AU>BAC</p>
  </td>
  <td valign=3Dtop style=3D'vertical-align:top;margin:0in;padding:0pt;width=
:1.3013in;
  height:.0201in;font-size:1pt'>
  <p style=3D'font-size:1pt'></p>
  </td>
  <td valign=3Dtop style=3D'vertical-align:top;margin:0in;padding:0pt;width=
:3.3444in;
  height:.0201in;font-size:1pt'>
  <p style=3D'font-size:1pt'></p>
  </td>
 </tr>
 <tr>
  <td valign=3Dtop style=3D'vertical-align:top;margin:0in;padding:0pt;width=
:1px;
  height:.7569in;font-size:1pt'>
  <p style=3D'font-size:1pt'>&nbsp;</p>
  </td>
  <td valign=3Dtop style=3D'vertical-align:top;margin:0in;padding:0pt;width=
:1.3013in;
  height:.7569in;font-size:1pt'>
  <p style=3D'font-size:1pt'></p>
  </td>
  <td valign=3Dtop style=3D'vertical-align:top;margin:0in;padding:0pt;width=
:3.3444in;
  height:.7569in'>
  <p style=3D'margin:0in;font-family:Calibri;font-size:11.0pt' lang=3Den-AU=
>Instrument:
  BAC</p>
  <p style=3D'margin:0in;font-family:Calibri;font-size:11.0pt' lang=3Den-AU=
>View:
  Bearish</p>
  <p style=3D'margin:0in;font-family:Calibri;font-size:11.0pt' lang=3Den-AU=
>Key
  Levels: 37.5, 31.25</p>
  <p style=3D'margin:0in;font-family:Calibri;font-size:11.0pt' lang=3Den-AU=
>Strategy:
  Sell limit @ 37.5, Target =3D 31.25</p>
  </td>
 </tr>
 <tr>
  <td valign=3Dtop style=3D'vertical-align:top;margin:0in;padding:0pt;width=
:1px;
  height:2.0006in;font-size:1pt'>
  <p style=3D'font-size:1pt'>&nbsp;</p>
  </td>
  <td valign=3Dtop style=3D'vertical-align:top;margin:0in;padding:0pt;width=
:1.3013in;
  height:2.0006in;font-size:1pt'>
  <p style=3D'font-size:1pt'></p>
  </td>
  <td valign=3Dtop style=3D'vertical-align:top;margin:0in;padding:0pt;width=
:3.3444in;
  height:2.0006in;font-size:1pt'>
  <p style=3D'font-size:1pt'></p>
  </td>
 </tr>
</table>

</div>

</div>

<div>

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