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DISCLAIMER

CFTC DISCLAIMER

Hypothetical performance results have many inherent limitations, 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 trading 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. For example, the ability to withstand losses or to adhere to a particular trading program in spite of trading losses are material points which can also adversely affect actual trading results.

There are other numerous 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 hypothetical performance results and all of which can adversely affect actual trading results. The historical performance data posted are
hypothetical. Past performance is not a guarantee of future results.

Hypothetical results do not represent actual trading. Simulated system trading is subject to the fact that they are designed with the benefit
of hindsight. Since trades have not actually been executed, results may vary due to broker service, slippage, commissions, and market liquidity. The sole purpose is to track what the systems did each day as simulated by the system. Your results may vary substantially.

All trading involves high risks and you can lose ALL your money.