Risk Disclosure

Risk Disclosure:
   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").
   This brief statement cannot disclose all of the risks and other significant aspects of the commodity markets. The regulations of the Commodity Futures Trading Commission ("CFTC") require that prospective clients of a CTA receive a disclosure document at or prior to the time an advisory agreement is delivered and that certain risk factors be highlighted. The CFTC has not passed upon the merits of participating in this trading program nor on the adequacy or accuracy of the disclosure document.
   Other disclosure statements are required to be provided you before a commodity account may be opened for you.

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