ADDITIONAL DISCLAIMER:

Please note: THERE IS A SIGNIFICANT RISK OF LOSS IN FUTURES TRADING. HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN INHERENT LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING. ALSO, SINCE THE TRADES HAVE NOT ACTUALLY BEEN EXECUTED, THE RESULTS MAY HAVE UNDER-OR-OVER-COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN.

It should also be noted that: Stop loss orders do not necessarily limit losses or lock in profits. Depending upon market conditions, stop loss orders may be executed at prices substantially below or above the specified stop price. Additionally, stop loss orders can be ineffective and not executed during times when a market may be in a locked limit bid or offer situation. Thomas Wnorowski does not manage accounts for clients and has never had power of attorney over accounts trading any of the strategies or recommendations published in The Commodity Compass newsletter. The information contained within The Commodity Compass newsletter is not to be construed as an offer to buy or sell specific commodity futures contracts and does not purport to be a complete statement of all material facts relating to futures or options trading.