CFTC/SEC Disclaimer: HYPOTHETICAL TRADING SYSTEM PERFORMANCE RESULTS HAVE CERTAIN LIMITATIONS, AND SOME OF THOSE DIFFERENCES ARE DESCRIBED BELOW. WITH NO REPRESENTATION BEING MADE THAT ANY MEMBER WILL OR IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. THERE ARE FREQUENTLY DIFFERENCES BETWEEN HYPOTHETICAL TRADING PERFORMANCE RESULTS AND RESULTS USING REAL MONEY SUBSEQUENTLY ACHIEVED BY ANY PARTICULAR TRADING PROGRAM. IN ADDITION, HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF THE FINANCIAL RISK OF ACTUALLY TRADING. FOR EXAMPLE, THE ABILITY TO WITHSTAND LOSSES OR TO ADHERE TO A PARTICULAR TRADING SYSTEM IN SPITE OF TRADING LOSSES ARE REALISTIC POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE ARE MANY OTHER VARIABLES RELATED TO THE MARKETS IN GENERAL, OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING SYSTEM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF HYPOTHETICAL PERFORMANCE RESULTS AND ALL WHICH CAN ADVERSELY AFFECT TRADING RESULTS.