Important Note Regarding Hypothetical Performance. To the extent performance results of any index, product or sector are included in this presentation, such results are presented as “hypothetical” unless otherwise specified. The use of hypothetical performance is subject to inherent limitations. As compared to actual performance, hypothetical results do not reflect the results of actual trading, and may under- or over-estimate the impact of real factors such as market illiquidity or overall market conditions prevalent during the period in which hypothetical performance is presented. There can be sharp differences between hypothetical and actual trading performance results. Hypothetical performance presentations are also limited by the fact that they are typically prepared with the benefit of hindsight, and cannot factor in financial risks or limitations unique to an actual account, such as specific investment limitations, risk tolerances and abilities to withstand losses. These factors will impact how actual trading and trading strategies are executed and implemented, and are not reflected in hypothetical trading presentations. No representation is made that any account will or is likely to achieve profits or losses similar to that reflected in a hypothetical presentation.