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[Swiss Trader]

Just a quick reminder....again....

In November 2013, the Commodity Futures Trading Commission (“CFTC”) implemented new customer protection rules. As part of these rules, there is a new standard Risk Disclosure Statement that is required to be used beginning April 14, 2014


RISK DISCLOSURE STATEMENT

The risk of loss in trading commodity futures contracts can be substantial. You should, therefore, carefully
consider whether such trading is suitable for you in light of your circumstances and financial resources. You should
be aware of the following points:

(1) You may sustain a total loss of the funds that you deposit with your broker to establish or maintain a position
in the commodity futures market, and you may incur losses beyond these amounts. 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 time required by your
broker, your position may be liquidated at a loss, and you will be liable for any resulting deficit in your account.

(2) The funds you deposit with a futures commission merchant for trading futures positions are not protected by
insurance in the event of the bankruptcy or insolvency of the futures commission merchant, or in the event your funds
are misappropriated.


(3) The funds you deposit with a futures commission merchant for trading futures positions are not protected by
the Securities Investor Protection Corporation even if the futures commission merchant is registered with the
Securities and Exchange Commission as a broker or dealer.

(4) The funds you deposit with a futures commission merchant are generally not guaranteed or insured by a
derivatives clearing organization in the event of the bankruptcy or insolvency of the futures commission merchant, or
if the futures commission merchant is otherwise unable to refund your funds. Certain derivatives clearing
organizations, however, may have programs that provide limited insurance to customers. You should inquire of your
futures commission merchant whether your funds will be insured by a derivatives clearing organization and you
should understand the benefits and limitations of such insurance programs.

(5) The funds you deposit with a futures commission merchant are not held by the futures commission
merchant in a separate account for your individual benefit. Futures commission merchants commingle the funds
received from customers in one or more accounts and you may be exposed to losses incurred by other customers if
the futures commission merchant does not have sufficient capital to cover such other customers' trading losses.

(6) The funds you deposit with a futures commission merchant may be invested by the futures commission
merchant in certain types of financial instruments that have been approved by the Commission for the purpose of
such investments. Permitted investments are listed in Commission Regulation 1.25 and include: U.S. government
securities; municipal securities; money market mutual funds; and certain corporate notes and bonds. The futures
commission merchant may retain the interest and other earnings realized from its investment of customer funds. You
should be familiar with the types of financial instruments that a futures commission merchant may invest customer
funds in.

(7) Futures commission merchants are permitted to deposit customer funds with affiliated entities, such as
affiliated banks, securities brokers or dealers, or foreign brokers. You should inquire as to whether your futures
commission merchant deposits funds with affiliates and assess whether such deposits by the futures commission
merchant with its affiliates increases the risks to your funds.


(8) You should consult your futures commission merchant concerning the nature of the protections available to
safeguard funds or property deposited for your account.

(9) Under certain market conditions, you may find it difficult or impossible to liquidate a position. This can occur,
for example, when the market reaches a daily price fluctuation limit (“limit move”).

(10) All futures positions involve risk, and a “spread” position may not be less risky than an outright “long” or
“short” position.

(11) The high degree of leverage (gearing) that is often obtainable in futures trading because of the small
margin requirements can work against you as well as for you. Leverage (gearing) can lead to large losses as well as
gains.

(12) In addition to the risks noted in the paragraphs enumerated above, you should be familiar with the futures
commission merchant you select to entrust your funds for trading futures positions. The Commodity Futures Trading
Commission requires each futures commission merchant to make publicly available on its Web site firm specific
disclosures and financial information to assist you with your assessment and selection of a futures commission
merchant.

ALL OF THE POINTS NOTED ABOVE APPLY TO ALL FUTURES TRADING WHETHER FOREIGN OR
DOMESTIC. IN ADDITION, IF YOU ARE CONTEMPLATING TRADING FOREIGN FUTURES OR OPTIONS
CONTRACTS, YOU SHOULD BE AWARE OF THE FOLLOWING ADDITIONAL RISKS:

(13) Foreign futures transactions involve executing and clearing trades on a foreign exchange. This is the case
even if the foreign exchange is formally “linked” to a domestic exchange, whereby a trade executed on one exchange
liquidates or establishes a position on the other exchange. No domestic organization regulates the activities of a
foreign exchange, including the execution, delivery, and clearing of transactions on such an exchange, and no
domestic regulator has the power to compel enforcement of the rules of the foreign exchange or the laws of the
foreign country. Moreover, such laws or regulations will vary depending on the foreign country in which the
transaction occurs. For these reasons, customers who trade on foreign exchanges may not be afforded certain of the
protections which apply to domestic transactions, including the right to use domestic alternative dispute resolution
procedures. In particular, funds received from customers to margin foreign futures transactions may not be provided
the same protections as funds received to margin futures transactions on domestic exchanges. Before you trade, you
should familiarize yourself with the foreign rules which will apply to your particular transaction.

(14) Finally, you should be aware that the price of any foreign futures or option contract and, therefore, the
potential profit and loss resulting therefrom, may be affected by any fluctuation in the foreign exchange rate between
the time the order is placed and the foreign futures contract is liquidated or the foreign option contract is liquidated or
exercised.

THIS BRIEF STATEMENT CANNOT, OF COURSE, DISCLOSE ALL THE RISKS AND OTHER ASPECTS OF THE
COMMODITY MARKETS.