LIVE ACCOUNT PERFORMANCE FOR THE QUANT MICRO PORTFOLIO LISTED ABOVE IS SHADED IN LIGHT BLUE. LIVE ACCOUNT PERFORMANCE IS BASED ON THE CHANGE IN END OF MONTH NET LIQUIDATING VALUE (NLV) OF ACCOUNTS TRADING 1 UNIT OF EACH REPRESENTATIVE PORTFOLIO OFFERRED BY ALGORITHMIC FUTURES. THE FIGURES ABOVE ARE NOT COMPOUNDED AND ARE THE DISPOSITION OF ACTUAL TRADES COMPLETED AND EXECUTED VIA The FOX GROUP'S BLOCK ALLOCATION AT TRADESTATION. LIVE ACCOUNT PERFORMANCE LISTED ABOVE ARE NET OF ALL COMMISSIONS AND FEES ASSOCIATED WITH THE ACCOUNT (NOT INCLUDING THE MONTHLY SUBSCRIPTION FEE). IT IS IMPROTANT TO NOTE THAT PAST PERFORMACNE IS NOT INDICATIVE OF FUTURE PERFORMANCE.  TRADING FUTURES AND OPTIONS INVOLVES SUBSTANTIAL RISK OF LOSS AND IS NOT SUITABLE FOR ALL INVESTORS.

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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. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED BY ANY PARTICULAR TRADING PROGRAM. PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS. 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. FOR EXAMPLE, THE ABILITY TO WITHSTAND LOSSES OR TO ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS.