Risk Disclaimer and Disclosure Statement

PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.

The risk of trading commodity futures and options is substantial. The high degree of leverage associated with commodity futures and options can work against you as well as for you. This high degree of leverage can result in substantial losses, as well as gains. You should carefully consider whether commodity futures and options are suitable for you in light of your financial condition. If you are unsure you should seek professional advice.

Past performance does not guarantee future success. In some cases managed accounts are charged substantial commissions and advisory fees. Those accounts subject to these charges may need to make substantial trading profits just to avoid depletion of their assets. Each commodity trading advisor (“CTA”) is required by the commodity futures trading commission (“CFTC”) to issue to prospective clients a risk disclosure document outlining these fees, conflicts of interest and other associated risks. These risk disclosure documents are readily available upon request. The full risk of commodity futures and options trading cannot be addressed in this risk disclosure statement. No consideration to invest should be made without thoroughly reading the disclosure document of each of the CTAs in which you may have an interest. Requesting a disclosure document places you under no obligation and each document is provided at no cost. The CFTC has not passed upon the merits of participating in any of the following programs nor on the adequacy or accuracy of the disclosure documents. Other disclosure statements are required to be provided to you before an account may be opened for you. In making an investment decision, prospective clients must also rely on their own examination of the person or entity making the trading decisions and the terms of the advisory agreement including the merits and risks involved.

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