PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS. FUTURES AND OPTIONS TRADING INVOLVES SUBSTANTIAL RISK OF LOSS AND IS NOT SUITABLE FOR ALL INVESTORS.

ANY RESULTS FROM THE COMBINING OF CTAS SHOULD BE CONSIDERED HYPOTHETICAL AND HAVE THE ADVANTAGE OF HINDSIGHT. PLEASE READ THE FOLLOWING INHERENT RISKS OF HYPOTHETICAL COMPOSITE PERFORMANCE RESULTS.

RISK DISCLOSURE

THIS MATTER IS INTENDED AS A SOLICITATION FOR MANAGED FUTURES. THERE IS SUBSTANTIAL RISK OF LOSS IN TRADING COMMODITY FUTURES AND OPTIONS. PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.

PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. TRADING FUTURES AND OPTIONS INVOLVES SUBSTANTIAL RISK OF LOSS AND IS NOT SUITABLE FOR ALL INVESTORS. THERE IS UNLIMITED RISK OF LOSS IN SELLING OPTIONS. AN INVESTOR MUST READ AND UNDERSTAND THE CTA’S CURRENT DISCLOSURE DOCUMENT BEFORE INVESTING. THERE ARE NO GUARANTEES OF PROFIT NO MATTER WHO IS MANAGING YOUR MONEY.

A COMPLETE DISCUSSION OF FEES AND CHARGES ARE REPORTED IN THE CTA’S DISCLOSURE DOCUMENT.

THE FOLLOWING PERFORMANCE NUMBERS ARE BASED ON INFORMATION SUPPLIED BY THE CTA’S REPORTING TO AUTUMNGOLD. THESE INDIVIDUAL PROGRAM RESULTS ARE NET OF COMMISSIONS AND CTA MANAGEMENT AND PERFORMANCE FEES. MATERIAL ASSUMPTIONS INCLUDE THE INPUT INFORMATION USED TO DEVELOP THE HYPOTHETICAL PORTFOLIO SUCH AS THE SIZE OF THE INITIAL PORTFOLIO, THE PERCENTAGE OF THE PORTFOLIO TO BE ALLOCATED TO MANAGED FUTURES, THE ALLOCATION OF FUNDS TO EACH INDIVIDUAL CTA, WHETHER TO CHOOSE NOTIONAL FUNDING IF AVAILABLE, AND THE TIME FRAME CHOSEN FOR THE TEST PORTFOLIO. IT IS ALSO ASSUMED THAT PROFITS FROM THE INDIVIDUAL PROGRAMS ARE NOT DISTRIBUTED AND ARE REINVESTED IN THE PROGRAM.

SOME OF THE PROGRAMS INCLUDED IN THIS HYPOTHETICAL COMPOSITE PERFORMANCE MAY INCLUDE PROGRAMS THAT ALLOW FOR NOTIONAL FUNDING. NOTIONAL FUNDING CREATES ADDITIONAL LEVERAGE IN AN ACCOUNT RELATIVE TO THE CASH IN SUCH AN ACCOUNT. THIS ADDITIONAL LEVERAGE RESULTS IN A PROPORTIONATELY GREATER RISK OF LOSS (AND OPPORTUNITY FOR GAIN). WHILE THE POSSIBILITY OF LOSING ALL THE CASH IN AN ACCOUNT IS PRESENT IN ALL ACCOUNTS, ACCOUNTS THAT CONTAIN NOTIONAL EQUITY HAVE A PROPORTIONATELY GREATER RISK OF LOSS, AND IT IS POSSIBLE THAT YOU MAY HAVE LOSSES IN EXCESS OF YOUR ORIGINAL DEPOSIT. ALTHOUGH YOUR GAINS AND LOSSES, FEES AND COMMISSIONS MEASURED IN DOLLARS WILL BE THE SAME, THEY WILL BE GREATER WHEN EXPRESSED AS A PERCENTAGE OF ACCOUNT EQUITY. IN ADDITION, YOU MAY RECEIVE MORE FREQUENT AND LARGER MARGIN CALLS.

THIS COMPOSITE PERFORMANCE RECORD IS HYPOTHETICAL AND THESE TRADING ADVISORS HAVE NOT TRADED TOGETHER IN THE MANNER SHOWN IN THE COMPOSITE. HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY MULTI-ADVISOR MANAGED ACCOUNT OR POOL WILL OR IS LIKELY TO ACHIEVE A COMPOSITE PERFORMANCE RECORD SIMILAR TO THAT SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN A HYPOTHETICAL COMPOSITE PERFORMANCE RECORD AND THE ACTUAL RECORD SUBSEQUENTLY ACHIEVED.

ONE OF THE LIMITATIONS OF A HYPOTHETICAL COMPOSITE PERFORMANCE RECORD IS THAT DECISIONS RELATING TO THE SELECTION OF TRADING ADVISORS AND THE ALLOCATION OF ASSETS AMONG THOSE TRADING ADVISORS WERE MADE WITH THE BENEFIT OF HINDSIGHT BASED UPON THE HISTORICAL RATES OF RETURN OF THE SELECTED TRADING ADVISORS. THEREFORE, COMPOSITE PERFORMANCE RECORDS INVARIABLY SHOW POSITIVE RATES OF RETURN. ANOTHER INHERENT LIMITATION ON THESE RESULTS IS THAT THE ALLOCATION DECISIONS REFLECTED IN THE PERFORMANCE RECORD WERE NOT MADE UNDER ACTUAL MARKET CONDITIONS AND, THEREFORE, CANNOT COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FURTHERMORE, THE COMPOSITE PERFORMANCE RECORD MAY BE DISTORTED BECAUSE THE ALLOCATION OF ASSETS CHANGES FROM TIME TO TIME AND THESE ADJUSTMENTS ARE NOT REFLECTED IN THE COMPOSITE.

CUSTOMERS SHOULD BE PARTICULARLY WARY OF PLACING UNDUE RELIANCE ON THESE RESULTS, ESPECIALLY IF YOU HAVE HAD LITTLE OR NO EXPERIENCE ALLOCATING ASSETS AMONG PARTICULAR CTA PROGRAMS, AND BECAUSE THERE MAY BE NO ACTUAL ALLOCATIONS STARTING ON THE EXACT SAME DATES, WITH THE EXACT SAME CAPITAL, ETC. TO COMPARE TO THE PERFORMANCE RESULTS FROM THE HYPOTHETICAL ALLOCATION. IN THIS HYPOTHETICAL COMPOSITE PERFORMANCE, IT IS COMMON THAT PROGRAMS WILL HAVE DIFFERENT DATES OF INCEPTION. IN THIS CASE, THE PERFORMANCE LISTED ONLY REFLECTS THE PERFORMANCE OF THE ACTIVE CTA PROGRAMS AT THAT TIME. IT IS THEREFORE RECOMMENDED FOR THE MOST COMPREHENSIVE VIEW OF THE HYPOTHETICAL PORTFOLIO TO CHOOSE THE START DATE OF THE NEWEST CTA PROGRAM IN THE PORTFOLIO.