HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND ACTUAL RESULTS SUBSEQUENTLY ACHIEVED BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION, HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. THE ABILITY TO WITHSTAND LOSSES OR TO ADHERE TO A PARTICULAR TRADING SYSTEM IN SPITE OF TRADING LOSSES MAY ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE ARE NUMEROUS OTHER FACTORS RELATING EITHER TO THE GENERAL MARKETS OR TO SPECIFIC IMPLEMENTATION OF A PARTICULAR TRADING SYSTEM OR PROGRAM WHICH MAY BE UNABLE TO BE FULLY ACCOUNTED FOR WHEN PREPARING HYPOTHETICAL PERFORMANCE RESULTS. ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. FUTURES TRADING IS SPECULATIVE, INVOLVES A HIGH DEGREE OF RISK AND IS NOT SUITABLE FOR ALL INVESTORS. CAREFULLY CONSIDER YOUR EXPERIENCE, FINANCIAL RESOURCES AND OBJECTIVES WHEN MAKING A DECISION WHETHER FUTURES TRADING IS APPROPRIATE FOR YOU. PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.