Legal

THE SECURITIES MENTIONED HEREIN HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT (DEFINED HEREAFTER) OR THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION AND ARE NOT BEING OFFERED OR SOLD EXPEPT THROUGH DELIVERY OF PRIVATE PLACEMENT MEMORANDUM AND PLEDGE DOCUMENTS AND IN RELIANCE ON EXEMPTIONS FROM REGISTRATION UNDER THE SECURITIES ACT AND SUCH LAWS. THESE SECURITIES MAY NOT BE TRANSFERRED OR RESOLD EXCEPT AS PERMITTED UNDER THE SECURITIES ACT OR SUCH LAWS PURSUANT TO REGISTRATION OR AN EXEMPTION THEREFROM.

CFTC RULE 4.41 – HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING. ALSO, SINCE THE TRADES HAVE NOT BEEN EXECUTED, THE RESULTS MAY HAVE UNDER-OR-OVER COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFIT OR LOSSES SIMILAR TO THOSE SHOWN.