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Lombard Odier International
Portfolio Management Limited
Regulated by IMRO
21st November, 1997
Michael Paauwe
Titan Trading Analytics Inc.
5966 Broadway Road
Nanaimo, BC
Canada V9V 1C9
TO WHOM IT MAY CONCERN
RE: Titan Trading Currency System
Lombard Odier has been monitoring the progress of the above noted
proprietary software on a real time basis for one year.
We have been sufficiently impressed with the consistency of results,
relative to simulated back-testing, and the overall profitability of
the currency trading system to enter into a consultancy arrangement
with Titan for this area of their expertise.
Though it is relatively early on in the life of this agreement, we
are encouraged by the advice we have received during the last few
turbulent months in financial markets.
/S/ D.A. Robinson
D.A. Robinson
Director
Norfolk House - 13 Southampton Place - London WC1A 2AJ - UK
(Registered Office)
Telephone: (0171) 831 2350 - Telefax: (0171) 831 7284
Telex: 269151
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Lombard Odier International
Portfolio Management Limited
Regulated by IMRO
FACSIMILE
Name: Michael Paauwe Date: 9 Sep 1998
Nom --------------------- ----------------
Company: Titan Trading Analytics Inc.
Fax number 001-250 758 8322 Number of page
Numero FAX -------------- (including cover page): 2
Nombre de pages -------------
(y compris celle-ci)
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Sender: Tony Robinson Fax No: 0171 611 7801
Expediteur
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If this message is incomplete please call phone number Sam Moggan
Si ce message est incomplet veuillez svp appeler le telephone
- -------------------------------------------------------------------
Dear Mike,
Following is a proposed letter I am prepared to sign to attest
to the use of the currency system on a "whoever it may concern
basis":
Titan Currency Trading System
"Lombard Odier (UK) has been a subscriber to the above service
for exactly one year. We have used the signals generated for
$/Yen,$/DM and $/Sfr for hedging some or all of our overseas
equity exposure back into US Dollars.
Over that time, completed "short" trades into US dollars have
resulted in the following overall results:
Winning Trades Currency Basis Points P/L $P/L
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2/5 Sfr (185) x$12.50= $(2312.50)
per contract of $1.25mn
1/3 DM (92) x$12.50= $1150
"ditto"
4/6 JY 2101 x$12.50= $26262
"ditto"
____________________________________________________________________
7/14 2008 x$12.50= $25100
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THIS DOCUMENT IS INTENDED ONLY FOR THE USE OF THE PERSON TO WHOM IT
IS ADDRESSED. IT MAY CONTAIN INFORMATION THAT IS PRIVILEGED,
CONFIDENTIAL AND EXEMPT FROM DISCLOSURE UNDER APPLICABLE LAW.
If you are not the intended recipient, any dissemination,
distribution, copying or use of this document is strictly
prohibited. If you have received this communication in error,
please notify us by telephone (0171-831-2350) to arrange for
the destruction or return of the original document to us.
- -------------------------------------------------------------------
Norfolk House, 13 Southampton Place, London WC1A 2AJ - UK
(Registered Office)
Telephone 44(0) 171 831 - 2350 Telefax 44(0) 171 831-7284
Telex 269151
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We find the overall success ratio (P/Total trades) of 7/14 or 50%
to be well in line with the represented historical experience of
the currency system.
In addition there was an amount equal to $7775 of unrealised
profit on currently open trades per each contract of $1.25 mn
face value.
Relative to a leveraged futures trader using margin, the rate of
return on allocated funds would be positive and quite possibly
substantial, depending on the amount of leverage in use. Again
the total Dollar value of overall profit for this one year period
was in line with historical experience.
I have received daily faxes from Titan Trading giving information
to me on current positions, entry and exit levels, open
profit/loss on a regular basis and in timely fashion.
Yours faithfully
D.A Robinson"
Please call me or E-mail me with any queries.
Best regards,
\s\ Tony Robinson
Tony Robinson
- -------------------------------------------------------------------
THIS DOCUMENT IS INTENDED ONLY FOR THE USE OF THE PERSON TO WHOM IT
IS ADDRESSED. IT MAY CONTAIN INFORMATION THAT IS PRIVILEGED,
CONFIDENTIAL AND EXEMPT FROM DISCLOSURE UNDER APPLICABLE LAW.
If you are not the intended recipient, any dissemination,
distribution, copying or use of this document is strictly
prohibited. If you have received this communication in error,
please notify us by telephone (0171-831-2350) to arrange for
the destruction or return of the original document to us.
- -------------------------------------------------------------------
Norfolk House, 13 Southampton Place, London WC1A 2AJ - UK
(Registered Office)
Telephone 44(0) 171 831 - 2350 Telefax 44(0) 171 831-7284
Telex 2691