Disclaimer - Please Read Carefully

Any statements of fact herein contained are derived from sources believed reliable, but are not guaranteed as to accuracy, nor do they purport to be complete. No responsibility is assumed with respect to any expression of opinion herein contained.

Futures trading involves risk and is not necessarily appropriate for all investors. Past results of particular trading strategies are not necessarily indicative of future results. Hypothetical performance results have many inherent limitation, some of which are described below.

No representation is being made that any account will or is likely to achieve profits or losses similar to those shown. In fact, there are frequently sharp differences between hypothetical performance results and the actual results subsequently achieved by any particular trading program. One of the limitations of hypothetical performance results is that they are generally prepared with the benefit of hindsight. In addition, hypothetical trading does not involve financial risk, and no hypothetical trading record can completely account for the impact of financial risk in actual trading results.

There are numerous other factors related to the markets in general or to the implementation of any specific trading program which cannot be fully accounted for in the preparation of the hypothetical performance results and all of which can adversely affect actual trading results.

Losses from commodity investments may be greater than the initial investment(s).

Commodity trading my not be appropriate for all investors and commodity investments must be evaluated in light of the potential risk of loss as well as the possibility of profit.

Past performance results of a particular trading strategy or program are not necessarily indicative of future results. Only you can determine if commodity trading is suitable for you.

CFTC regulations require:  "HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN INHERENT LIMITATIONS.  UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING.  ALSO, SINCE THE TRADES HAVE NOT ACTUALLY BEEN EXECUTED, THE RESULTS MAY HAVE UNDER-OR-OVER COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY.  SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT.  NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN.