DISCLAIMER: TRADING IN ALL FORMS INVOLVES SUBSTANTIAL RISK OF LOSS AND IS NOT SUITABLE FOR EVERY INVESTOR. THE VALUATION OF THE PRODUCT OR INSTRUMENT TRADED MAY FLUCTUATE, AND, AS A RESULT, CLIENTS MAY LOSE MORE THAN THEIR ORIGINAL INVESTMENTS. THE IMPACT OF SEASONAL AND GEOPOLITICAL EVENTS IS ALREADY FACTORED INTO MARKET PRICES. THE HIGH DEGREE OF LEVERAGE THAT IS OFTEN AVAILABLE IN FUTURES, OPTIONS AND FOREX TRADING CAN WORK AGAINST YOU AS WELL AS FOR YOU. THE USE OF LEVERAGE CAN LEAD TO LARGE LOSSES AS WELL AS GAINS. IN NO EVENT SHOULD THE CONTENT OF THIS CORRESPONDENCE BE CONSTRUED AS AN EXPRESS OR IMPLIED PROMISE, GUARANTEE OR IMPLICATION THAT YOU WILL PROFIT OR THAT LOSSES CAN OR WILL BE LIMITED IN ANY MANNER WHATSOEVER. PAST RESULTS ARE NO INDICATION OF FUTURE PERFORMANCE. INFORMATION PROVIDED IN THIS CORRESPONDENCE IS INTENDED SOLELY FOR INFORMATIONAL PURPOSES AND IS OBTAINED FROM SOURCES BELIEVED TO BE RELIABLE. INFORMATION IS IN NO WAY GUARANTEED. NO GUARANTEE OF ANY KIND IS IMPLIED OR POSSIBLE WHERE PROJECTIONS OF FUTURE CONDITIONS ARE ATTEMPTED. YOU SHOULD CAREFULLY CONSIDER WHETHER SUCH TRADING IS SUITABLE FOR YOU IN LIGHT OF YOUR FINANCIAL CONDITION. NEVER TRADE WITH MONEY THAT YOU CANNOT AFFORD TO LOSE.