YOU SHOULD CAREFULLY CONSIDER WHETHER YOUR FINANCIAL CONDITION PERMITS YOU TO PARTICIPATE IN A MANAGED FUTURES ACCOUNT, COMMODITY POOL OR OTHER FORM OF FUTURES INVESTMENT OR TRADING. IN SO DOING, YOU SHOULD BE AWARE THAT FUTURES AND OPTIONS TRADING CAN QUICKLY LEAD TO LARGE LOSSES AS WELL AS GAINS. SUCH TRADING LOSSES CAN SHARPLY REDUCE THE NET ASSET VALUE OF THE POOL OR ACCOUNT AND CONSEQUENTLY THE VALUE OF YOUR INTEREST IN THE POOL OR ACCOUNT.

FURTHER, MANAGED COMMODITY ACCOUNTS AND COMMODITY POOLS MAY BE SUBJECT TO SUBSTANTIAL CHARGES FOR MANAGEMENT, AND ADVISORY AND BROKERAGE FEES. IT MAY BE NECESSARY FOR THOSE ACCOUNTS AND POOLS THAT ARE SUBJECT TO THESE CHARGES TO MAKE SUBSTANTIAL TRADING PROFITS TO AVOID DEPLETION OR EXHAUSTION OF THEIR ASSETS. YOU MUST BE PROVIDED A COMPLETE EXPLANATION OF EACH EXPENSE TO BE CHARGED ANY OR OTHER FORM OF MANAGED ACCOUNT BEFORE YOU INVEST TOGETHER WITH A STATEMENT OF THE PERCENTAGE RETURN NECESSARY TO BREAK EVEN AT THE END OF YOUR FIRST YEAR IN THE INVESTMENT.

THIS BRIEF RISK DISCLOSURE STATEMENT CANNOT DISCLOSE ALL THE RISKS AND OTHER FACTORS NECESSARY TO EVALUATE YOUR PARTICIPATION IN A MANAGED FUTURES ACCOUNT, COMMODITY POOL OR OTHER FORM OF FUTURES INVESTMENT OR TRADING. THEREFORE, BEFORE YOU DECIDE TO PARTICIPATE IN COMMODITY TRADING, YOU SHOULD CAREFULLY STUDY THE DISCLOSURE DOCUMENT PROVIDED BY THE COMMODITY POOL OR TRADING MANAGER. YOU SHOULD PAY PARTICULAR ATTENTION TO THE DESCRIPTION OF THE PRINCIPAL RISK FACTORS ATTENDANT TO ANY INVESTMENT BEFORE YOU INVEST.

YOU SHOULD ALSO BE AWARE THAT COMMODITY POOLS AND OTHER MANAGED FUTURES ACCOUNTS MAY TRADE FOREIGN FUTURES OR OPTIONS CONTRACTS. TRANSACTIONS ON MARKETS LOCATED OUTSIDE THE UNITED STATES, INCLUDING MARKETS FORMALLY LINKED TO A UNITED STATES MARKET, MAY BE SUBJECT TO REGULATIONS WHICH OFFER DIFFERENT OR DIMINISHED PROTECTION TO THE POOL AND YOU. FURTHER, UNITED STATES REGULATORY AUTHORITIES MAY BE UNABLE TO COMPEL THE ENFORCEMENT OF THE RULES OF REGULATORY AUTHORITIES OR MARKETS IN NON-UNITED STATES JURISDICTIONS WHERE TRANSACTIONS FOR THE POOL OR ACCOUNT MAY BE EFFECTED.

THE INFORMATION PRESENTED HEREIN IS NOT AN OFFER TO SELL SECURITIES OR FUTURES ACCOUNTS OF ANY KIND.

ALL TRADING INVOLVES A HIGH DEGREE OF RISK. PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. THERE HAVE BEEN NO PROMISES, GUARANTEES OR WARRANTIES SUGGESTING THAT ANY TRADING WILL RESULT IN A PROFIT OR WILL NOT RESULT IN A LOSS.