Legal disclaimer and risk disclosure

Risk Disclosure Statement - The risk of loss in trading currencies can be substantial. Trading in currencies is not suitable for many members of the general public. You should therefore carefully consider whether such trading is suitable for you in light of your experience, objectives, financial resources, and other relevant circumstances. In choosing whether to trade or to authorize someone else to trade for you, you should be aware of the following: A) If you buy or sell a currency, you may sustain a total loss of the initial margin funds and any additional funds that you deposit with your broker to establish or maintain your position. If the market moves against your position, you may be called upon by your broker to deposit a substantial amount of additional margin funds, on short notice, in order to maintain your position. If you do not provide the required funds within the prescribed time, your position may be liquidated at a loss, and you will be liable for any resulting defecit in your account. B) Under certain market conditions you may find it extremely difficult to liquidate a position. This can occur at any time. C) The placement of contingent orders by you or your trading advisor, such as a "stop loss" or "stop-limit" order, will not necessary limit your losses to the intended amounts, since market conditions may make it impossible to execute such orders. D) 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. E) 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. This brief statement cannot disclose all the risks and other significant aspects of the commodity markets. You should therefore carefully study commodity trading before you trade.