GFX Partners Morning Market Commentary

MORNING COMMENTARY

The information, opinions, estimates,projections and other materials contained herein are provided as of the datehereof and are subject to change without notice. Some of the information,opinions, estimates, projections and other materials contained herein have beenobtained from numerous sources, and, notwithstanding GFX Partners Inc. (GFX)makes every effort to ensure that the contents thereof have been compiled orderived from sources believed to be reliable and to contain information andopinions which are accurate and complete, GFX has not independently verifiedand makes no representation or warranty, express or implied, in respect thereofand takes no responsibility for any errors and omissions which may be containedtherein.  GFX shall not be liable for any loss arising from any use of orreliance on the information, opinions, estimates, projections and othermaterials contained herein whether relied upon by the recipient or user or anyother third party (including, without limitation, any customer of the recipientor user).  The information, opinions, estimates, projections and othermaterials contained herein shall not be considered as investment advice or as arecommendation to enter into any transaction. GFX, its affiliates, and/or theirrespective shareholders, directors, officers and/or employees may from time totime have long or short positions in any such products (including, withoutlimitation, commodities, securities or other financial instruments).

Information may be available to GFXwhich is not reflected herein and such additional information, if any, isavailable by contacting GFX directly.