DISCLAIMER

THIS DOCUMENT IS ADDRESSED TO PROFESSIONAL AND WELL-INFORMED INVESTORS. IT GIVES A GENERAL IDEA OF FUNDAMENTAL TERMINOLOGY AND CONCEPTS; THE DOCUMENT’S CONTENT IS GENERAL AND IS NOT ADDRESSED TO ANY PARTICULAR INDIVIDUAL OR ENTITY OR ANY PARTICULAR NEEDS OR INVESTMENT OBJECTIVES AND/OR LEGAL, ACCOUNTING, REGULATORY, TAXATION, OR FINANCIAL SITUATION. YOU SHOULD SEEK QUALIFIED FINANCIAL OR OTHER PROFESSIONAL ADVICE CONCERNING ANY PARTICULAR MATTER OR CIRCUMSTANCES RELATED TO YOUR SPECIFIC SITUATION BASED ON THIS DOCUMENT’S CONTENT. IN PREPARING THIS DOCUMENT, WE DID NOT TAKE YOUR GOALS, FINANCIAL STANDING, AND NEEDS INTO ACCOUNT. BEFORE INVESTING, YOU SHOULD DECIDE WHETHER THIS INVESTMENT METHOD IS SUITABLE FOR YOUR GOALS, FINANCIAL STANDING, AND NEEDS. THE DOCUMENT’S CONTENT DOES NOT CONSTITUTE FINANCIAL, INVESTMENT, OR PROFESSIONAL ADVICE, AND NO INFORMATION THEREIN SHOULD BE CONSIDERED A FULL OR COMPLETE STATEMENT ON ANY MATTER. TAX RATES DEPEND ON INDIVIDUAL CIRCUMSTANCES AND MAY CHANGE IN THE FUTURE. REVENUES LINKED TO FOREIGN CURRENCIES MAY INCREASE OR DECREASE DUE TO EXCHANGE RATE FLUCTUATIONS. PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS. THE EXAMPLES INCLUDED ARE FOR ILLUSTRATIVE PURPOSES ONLY. INVESTMENT RESULTS AND RETURN ON CAPITAL ARE NOT GUARANTEED. THE TRADER CANNOT PROVIDE SERVICES TO US CITIZENS. THE ABOVE GENERAL SUMMARY SHOULD NOT BE TAKEN AS A COMPLETE LIST OF THE RISKS AND OTHER IMPORTANT DISCLOSURES INVOLVED IN INVESTING IN THE STRATEGY AND SUBJECT TO MORE COMPLETE AND SPECIFIC DISCLOSURE IN THE STRATEGY’S RESPECTIVE DOCUMENTS. RISK DISCLOSURE STATEMENT THE RISK OF LOSS IN TRADING COMMODITY INTERESTS CAN BE SUBSTANTIAL. THEREFORE, YOU SHOULD CAREFULLY CONSIDER WHETHER SUCH TRADING IS SUITABLE FOR YOU IN LIGHT OF YOUR FINANCIAL CONDITION. IN CONSIDERING WHETHER TO TRADE OR AUTHORIZE SOMEONE ELSE TO TRADE FOR YOU, YOU SHOULD BE AWARE OF THE FOLLOWING: IF YOU PURCHASE A COMMODITY OPTION, YOU MAY SUSTAIN A TOTAL LOSS OF THE PREMIUM AND ALL TRANSACTION COSTS. SUPPOSE YOU PURCHASE OR SELL A COMMODITY FUTURES CONTRACT OR SELL A COMMODITY OPTION OR ENGAGE IN OFF-EXCHANGE FOREIGN CURRENCY TRADING. IN THAT CASE, YOU MAY SUSTAIN A TOTAL LOSS OF THE INITIAL MARGIN FUNDS OR SECURITY DEPOSIT AND ANY ADDITIONAL FUNDS YOU DEPOSIT WITH YOUR BROKER TO ESTABLISH OR MAINTAIN YOUR POSITION. IF THE MARKET MOVES AGAINST YOUR POSITION, YOU MAY BE CALLED UPON BY YOUR BROKER TO DEPOSIT A SUBSTANTIAL AMOUNT OF ADDITIONAL MARGIN FUNDS ON SHORT NOTICE TO MAINTAIN YOUR POSITION. IF YOU DO NOT PROVIDE THE REQUESTED FUNDS WITHIN THE PRESCRIBED TIME, YOUR POSITION MAY BE LIQUIDATED AT A LOSS, AND YOU WILL BE LIABLE FOR ANY RESULTING DEFICIT IN YOUR ACCOUNT. THIS IS NOT INVESTMENT ADVICE. UNDER CERTAIN MARKET CONDITIONS, YOU MAY FIND IT DIFFICULT OR IMPOSSIBLE TO LIQUIDATE A POSITION. THIS CAN OCCUR, FOR EXAMPLE, WHEN THE MARKET MAKES A ‘‘LIMIT MOVE.’’ THE PLACEMENT OF CONTINGENT ORDERS BY YOU OR YOUR TRADING ADVISOR, SUCH AS A ‘‘STOP-LOSS’’ 5 OR ‘‘STOP-LIMIT’’ ORDER, WILL NOT NECESSARILY LIMIT YOUR LOSSES TO THE INTENDED AMOUNTS, SINCE MARKET CONDITIONS MAY MAKE IT IMPOSSIBLE TO EXECUTE SUCH ORDERS. A ‘‘SPREAD’’ POSITION MAY NOT BE LESS RISKY THAN A SIMPLE ‘‘LONG’’ OR ‘‘SHORT’’ POSITION. THE HIGH DEGREE OF LEVERAGE THAT IS OFTEN OBTAINABLE IN COMMODITY INTEREST TRADING CAN WORK AGAINST YOU AND YOU. THE USE OF LEVERAGE CAN LEAD TO SIGNIFICANT LOSSES AS WELL AS GAINS. THIS BRIEF STATEMENT CANNOT DISCLOSE ALL THE RISKS AND OTHER SIGNIFICANT ASPECTS OF THE COMMODITY INTEREST MARKETS. YOU SHOULD, THEREFORE, CAREFULLY STUDY RISKS AND COMMODITY INTEREST TRADING BEFORE YOU TRADE.