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THE RISK OF LOSS IN TRADING COMMODITIES CAN BE SUBSTANTIAL. YOU SHOULD THEREFORE CAREFULLY CONSIDER WHETHER SUCH TRADING IS SUITABLE FOR YOU IN LIGHT OF YOUR FINANCIAL CONDITION.

THE HIGH DEGREE OF LEVERAGE THAT IS OFTEN OBTAINABLE IN COMMODITY TRADING CAN WORK AGAINST YOU AS WELL AS FOR YOU. THE USE OF LEVERAGE CAN LEAD TO LARGE LOSSES AS WELL AS GAINS.

IN SOME CASES, MANAGED COMMODITY ACCOUNTS ARE SUBJECT TO SUBSTANTIAL CHARGES FOR MANAGEMENT AND ADVISORY FEES. IT MAY BE NECESSARY FOR THOSE ACCOUNTS THAT ARE SUBJECT TO THESE CHARGES TO MAKE SUBSTANTIAL TRADING PROFITS TO AVOID DEPLETION OR EXHAUSTION OF THEIR ASSETS. THE DISCLOSURE DOCUMENT CONTAINS A COMPLETE DESCRIPTION OF THE PRINCIPAL RISK FACTORS AND EACH FEE TO BE CHARGED TO YOUR ACCOUNT BY THE COMMODITY TRADING ADVISOR ("CTA").

CUSTOMERS OF A CTA MUST RECEIVE A DISCLOSURE DOCUMENT WHEN THEY ARE SOLICITED TO ENTER INTO AN AGREEMENT WHEREBY THE CTA WILL DIRECT OR GUIDE THE CLIENT'S COMMODITY INTEREST TRADING AND THAT CERTAIN RISK FACTORS BE HIGHLIGHTED. THIS BRIEF STATEMENT CANNOT DISCLOSE ALL OF THE RISKS AND OTHER SIGNIFICANT ASPECTS OF THE COMMODITY MARKETS. THEREFORE, YOU SHOULD  STUDY THE DISCLOSURE DOCUMENT CAREFULLY ONCE YOU RECEIVE IT, TO DETERMINE WHETHER SUCH TRADING IS APPROPRIATE FOR YOU IN LIGHT OF YOUR FINANCIAL CONDITION.  YOU MAY ALSO REQUEST DELIVERY OF A HARD COPY OF THE DISCLOSURE DOCUMENT, WHICH WILL ALSO BE PROVIDED TO YOU AT NO ADDITIONAL COST. THE CFTC HAS NOT PASSED UPON THE MERITS OF PARTICIPATING IN ANY OF THESE TRADING PROGRAMS NOR ON THE ADEQUACY OR ACCURACY OF ANY OF THESE DISCLOSURE DOCUMENTS.

THE PRECEDING INFORMATION CONTAINED HEREIN HAS BEEN DERIVED FROM SOURCES CONSIDERED RELIABLE, BUT IS NOT GUARANTEED BY US AS TO ITS ACCURACY OR THAT ANY COMPUTATION REPORTED WAS IN ACCORDANCE WITH CFTC OR NFA REQUIREMENTS. THE FOREGOING DOES NOT PURPORT TO BE A COMPLETE ANALYSIS OR DISCUSSION OF THE SUBJECT MATTER. THE ARTICLES MENTIONED ARE NOT TO BE CONSTRUED AS A SOLICITATION OR AN OFFER TO BUY OR SELL OR PROVIDE ADVICE AS TO THE VALUE OR THE ADVISABILITY OF TRADING IN ANY FUTURES CONTRACT, OPTION CONTRACT OR INTEREST THEREIN. NO WARRANTIES, EXPRESSED OR IMPLIED, ARE MADE REGARDING THE FOLLOWING INFORMATION.

OTHER DISCLOSURE STATEMENTS ARE REQUIRED TO BE PROVIDED YOU BEFORE A COMMODITY ACCOUNT MAY BE OPENED FOR YOU. FINALLY, ALTHOUGH REVIEW OF THE PAST PERFORMANCE OF A CTA IS ESSENTIAL IN EVALUATING PARTICIPATION IN THE PROGRAM, PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. PROSPECTIVE INVESTORS MUST BE MADE AWARE THAT THEIR ACCOUNT MAY EXPERIENCE RETURNS MATERIALLY DIFFERENT FROM THE PRIOR PERFORMANCE OF THE ADVISOR. THE RISK OF LOSS EXISTS IN FUTURES TRADING.

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