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in part based on trading activity. The views do not include and are not intended as trading ideas, investment advice or recommendations specifically tailored for the needs of

any particular investor.

This communication is provided for information purposes only, is subject to change without notice and is not binding. Any prices or quotations in the information provided

are indicative only, are subject to change without notice and may not be used or relied on for any purpose, including valuation purposes. This communication is not

a solicitation to buy or sell any product, or to engage in, or refrain from engaging in, any transaction, except to the extent covered by the CFTC Rules (see Important

Derivatives Disclosure). Nor does it constitute investment research, a research report or a personal or other recommendation. Nothing in the information provided should be

construed as legal, financial, accounting, tax or other advice.

Important Derivatives Disclosure: This material constitutes a solicitation for entering into a derivatives transaction only for the purposes of, and to the extent it

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(the "CFTC Rules"). Futures options and derivatives products are not suitable for all investors and trading in these instruments involves substantial risk of loss.

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