You are on page 1of 16

Account Setup

ALTAVRA

To setup your managed futures or managed forex account: Review the program documentation.
This typically includes a disclosure document, advisory agreement and a trading authorization form. Many of these documents are available for download at forms.altavra.com or can be requested by sending an email to clientservices@altavra.com. If you would like a copy sent to you via U.S. Mail, please visit formsbymail.altavra.com.

Establish an account at Peregrine Financial Group, Inc. (PFGBEST).


An account can be setup online at open.altavra.com. Account forms can also be downloaded at forms.altavra.com or ordered to be delivered by U.S. Mail at formsbymail.altavra.com.

Complete the forms relevant to the investment that you have chosen.
Once the account application is complete, the advisory agreement and trading authorization must be completed. Other forms may be required.

Submit completed forms.


Submit via fax to 1-800-998-7871 (international +1-561-829-8190) or scan and email to clientservices@altavra.com. If you have any questions, please visit ALTAVRA.com, send an email to clientservices@altavra.com, or call 1-800-998-7870 (international +1-561-829-8291).

.Managed Futures / Managed Forex Database Access


To access the database: 1. Request a free access key at altavra.com - The access key will be automatically generated and sent immediately to your email address 2. After you receive your access key, you can enter the database at login.altavra.com *PLEASE NOTE: There is no fee to access the database. This is not a trial. The access key does not expire.

THE RISK OF LOSS IN TRADING FUTURES, OPTIONS AND OFF-EXCHANGE FOREX CAN BE SUBSTANTIAL. PAST RESULTS ARE NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. ALTAVRA Inc. | 390 SE Mizner Boulevard #1809 Boca Raton, FL 33432 | 1-800-998-7870 | ALTAVRA.com
.

Liberty Trading Group


A Florida corporation

Registered with the Commodity Futures Trading Commission Member of the National Futures Association

DISCLOSURE DOCUMENT
For The

Diversified Option Seller Trading Program

The Delivery Of This Disclosure Document Does Not Imply That The Information It Contains Is Correct Subsequent To The Date Shown Below.

THE COMMODITY FUTURES TRADING COMMISSION HAS NOT PASSED UPON THE MERITS OF PARTICIPATING IN THIS TRADING PROGRAM NOR HAS THE COMMISSION PASSED ON THE ADEQUACY OR ACCURACY OF THIS DISCLOSURE DOCUMENT.

December 15, 2010 Not to be utilized after September 15, 2011

Liberty Trading Group 401 East Jackson Street Suite 2340 Tampa, FL 33602 813-472-5760 800-346-1949

RISK DISCLOSURE STATEMENT THE RISK OF LOSS IN TRADING COMMODITY INTERESTS CAN BE SUBSTANTIAL. YOU SHOULD THEREFORE CAREFULLY CONSIDER WHETHER SUCH TRADING IS SUITABLE FOR YOU IN LIGHT OF YOUR FINANCIAL CONDITION. IN CONSIDERING WHETHER TO TRADE OR TO AUTHORIZE SOMEONE ELSE TO TRADE FOR YOU, YOU SHOULD BE AWARE OF THE FOLLOWING: IF YOU PURCHASE A COMMODITY OPTION YOU MAY SUSTAIN A TOTAL LOSS OF THE PREMIUM AND OF ALL TRANSACTION COSTS. IF YOU PURCHASE OR SELL A COMMODITY FUTURES CONTRACT OR SELL A COMMODITY OPTION OR ENGAGE IN OFF-EXCHANGE FOREIGN CURRENCY TRADING YOU MAY SUSTAIN A TOTAL LOSS OF THE INITIAL MARGIN FUNDS OR SECURITY DEPOSIT AND ANY ADDITIONAL FUNDS THAT YOU DEPOSIT WITH YOUR BROKER TO ESTABLISH OR MAINTAIN YOUR POSITION. 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 REQUESTED FUNDS WITHIN THE PRESCRIBED TIME, YOUR POSITION MAY BE LIQUIDATED AT A LOSS, AND YOU WILL BE LIABLE FOR ANY RESULTING DEFICIT IN YOUR ACCOUNT. UNDER CERTAIN MARKET CONDITIONS YOU MAY FIND IT DIFFICULT OR IMPOSSIBLE TO LIQUIDATE A POSITION. THIS CAN OCCUR, FOR EXAMPLE, WHEN A MARKET MAKES A LIMIT MOVE. THE PLACEMENT OF CONTINGENT ORDERS BY YOU OR YOUR TRADING ADVISOR, SUCH AS A STOP LOSS OR STOP LIMIT ORDER, WILL NOT NECESSARILY LIMIT YOUR LOSSES TO THE INTENDED AMOUNTS, SINCE MARKET CONDITIONS MAY MAKE IT IMPOSSIBLE TO EXECUTE SUCH ORDERS. A SPREAD POSITION MAY NOT BE LESS RISKY THAN A SIMPLE LONG OR SHORT POSITION. THE HIGH DEGREE OF LEVERAGE THAT IS OFTEN OBTAINABLE IN COMMODITY INTEREST TRADING CAN WORK AGAINST YOU AS WELL AS FOR YOU. THE USE OF LEVERAGE CAN LEAD TO LARGE LOSSES AS WELL AS GAINS. IN SOME CASES, MANAGED COMMODITY ACCOUNTS ARE SUBJECT TO SUBSTANTIAL CHARGES FOR MANAGEMENT AND ADVISORY FEES. IT MAY BE NECESSARY FOR THOSE ACCOUNTS THAT ARE SUBJECT TO THESE CHARGES TO MAKE SUBSTANTIAL TRADING PROFITS TO AVOID DEPLETION OR EXHAUSTION OF THEIR ASSETS. THE DISCLOSURE DOCUMENT CONTAINS, AT PAGES 2 AND 3, A COMPLETE DESCRIPTION OF EACH FEE TO BE CHARGED TO YOUR ACCOUNT BY THE COMMODITY TRADING ADVISOR. THIS BRIEF STATEMENT CANNOT DISCLOSE ALL THE RISKS AND OTHER SIGNIFICANT ASPECTS OF THE COMMODITY INTEREST MARKETS. YOU SHOULD THEREFORE CAREFULLY STUDY THIS DISCLOSURE DOCUMENT AND COMMODITY INTEREST TRADING BEFORE YOU TRADE, INCLUDING THE DESCRIPTION OF THE PRINCIPAL RISK FACTORS OF THIS INVESTMENT AT PAGES 3-5. YOU SHOULD ALSO BE AWARE THAT THIS COMMODITY TRADING ADVISOR MAY ENGAGE IN TRADING FOREIGN FUTURES OR OPTIONS CONTRACTS. TRANSACTIONS ON MARKETS LOCATED OUTSIDE THE UNITED STATES, INCLUDING MARKETS FORMALLY LINKED TO A UNITED STATES MARKET MAY BE SUBJECT TO REGULATIONS WHICH OFFER DIFFERENT OR DIMINISHED PROTECTION. FURTHER, UNITED STATES REGULATORY AUTHORITIES MAY BE UNABLE TO COMPEL THE ENFORCEMENT OF THE RULES OF REGULATORY AUTHORITIES OR MARKETS IN NON-UNITED STATES JURISDICTIONS WHERE YOUR TRANSACTIONS MAY BE EFFECTED. BEFORE YOU TRADE YOU SHOULD INQUIRE ABOUT ANY RULES RELEVANT TO YOUR PARTICULAR CONTEMPLATED TRANSACTIONS AND ASK THE FIRM WITH WHICH YOU INTEND TO TRADE FOR DETAILS ABOUT THE TYPES OF REDRESS AVAILABLE IN BOTH YOUR LOCAL AND OTHER RELEVANT JURISDICTIONS.

THIS COMMODITY TRADING ADVISER IS PROHIBITED BY LAW FROM ACCEPTING FUNDS IN THE TRADING ADVISORS NAME FROM A CLIENT FOR TRADING COMMODITY INTERESTS. YOU MUST PLACE ALL FUNDS FOR TRADING IN THIS TRADING PROGRAM DIRECTLY WITH A FUTURES COMMISSION MERCHANT OR RETAIL FOREIGN EXCHANGE DEALER, AS APPLICABLE.

ii

Table of Contents RISK DISCLOSURE STATEMENT..ii INTRODUCTION. 1 The Advisor.1 The Principal of the Advisor...1 THE ADVISORS TRADING PROGRAM.1 Diversified Option Seller Trading Program Description............1 Commitment Requirement......2 BROKERAGE ARRANGEMENTS2 FEES AND EXPENSES..2 Brokerage Fees..2 Management Fee2 Incentive Fee...3 POTENTIAL CONFLICTS OF INTEREST3 RISK FACTORS3 PAST PERFORMANCE...5 Performance of the Diversified Option Seller Trading Program.................................5 Performance of Other Client Accounts.........................................................................7 ADDITIONAL INFORMATION....8

EXHIBITS EXHIBIT A ADVISORY AGREEMENT AND ACKNOWLEDGMENT OF RECEIPT OF DISCLOSURE DOCUMENT.... A-1 EXHIBIT B -- PRIVACY STATEMENT ............................................................................... B-1

iii

INTRODUCTION The Advisor Liberty Trading Group, Inc. (referred to herein as LTG or the Advisor) is a Florida corporation. LTG was registered as an introducing broker with the Commodity Futures Trading Commission (the CFTC) and became a member of the National Futures Association (the NFA) as an introducing broker in February 1999. LTG was registered as a commodity trading advisor (CTA) from Feb. 2004 to Dec 2005 although no CTA operations were conducted pursuant to that registration. LTG became registered as a CTA again in June 2010. The Advisors address is 401 East Jackson St., Suite 2340, Tampa, FL 33602. Its telephone number is 813-472-5760 or 800-346-1949. The Principal of the Advisor James Cordier is the president and sole shareholder of the Advisor. Mr. Cordiers background in the fundamentals of physical commodities markets has made him a regular guest on CNBC, Bloomberg Television and Fox Business News. His book, The Complete Guide to Option Selling, was published in its second edition by McGraw Hill in 2009 and has been featured by Morningstar Advisors, SFO Magazine and CNBCs Squawkbox. James commodities market comments are featured regularly by the Wall Street Journal, Barrons, Forbes, MarketWatch and Reuters World News. Mr. Cordier has been registered as an associated person and listed as a principal of LTG since February 1999. Mr. Cordier is considered the Trading Principal for the Advisor and is the person responsible for making the trading decisions on behalf of LTG. The past performance for the Diversified Option Seller Trading Program and for other accounts over which Mr. Cordier has had discretion in his capacity as an associated person of an introducing Broker is contained herein beginning on page 6.

THE ADVISORS TRADING PROGRAM The Diversified Option Seller Trading Program Description The trading strategy used by the Advisor is proprietary and confidential. The Advisor uses an approach developed over 25 years of market observation, study, and analysis. The following description is of necessity general and is not intended to be all inclusive. The Advisors program consists of selling deep out of the money call and/or put options on a diversified group of physical commodities including but not limited to Corn, Soybeans, Wheat, Coffee, Sugar, Orange Juice, Cocoa, Cattle, Crude Oil, Heating Oil, Reformulated Gasoline, Natural Gas, Gold and Silver. The strategy uses a combination of naked options and credit spreads based on the discretion of LTG. Trading decisions are made based on fundamental, seasonal and technical factors of the underlying futures contracts as well as volatility levels in the options themselves. Options are sold with time values of 3 -12 months with the objective of expiring worthless or buying back at a profit prior to expiration. Risk is managed

based on predetermined premium levels and overall exposure in the portfolio. Positions meeting or exceeding predetermined risk parameters will be reduced or closed outright. This is done at the discretion of the Advisor. Of course, there can be no guarantee that the use of such strategies will be successful. Position quantities are determined by account equity levels at the sole discretion of the Advisor. The program is designed to utilize 50% of the equity in the account to margin positions, although this percentage may vary greatly depending on market or position conditions at the sole discretion of the Advisor. The Advisor is continually analyzing the program and market conditions and there may be revisions in strategies from time to time as the result of this analysis. These changes may differ significantly from the strategies currently used. Clients will not be informed of these changes individually as they may occur unless they are considered to be material, in which case notification will be given within 21 days. Commitment Requirement The Advisor requires that Clients open accounts with a minimum of $100,000. The Advisor will not accept Notionally Funded accounts. The Advisor believes that a long-term commitment to its program provides the best opportunity for profitable trading. A Client should be willing to commit capital to the program for at least one year for a reasonable chance to ascertain the level of return targeted by the Advisor. This is a speculative program and only funds that could be categorized as risk capital should be utilized in a clients account. Of course, there can be no guarantee that profits will be achieved or that losses will not occur.

BROKERAGE ARRANGEMENTS Clients are required to open their account with Peregrine Financial Group (PFG), a futures commission merchant based in Chicago. Accounts will be introduced to PFG by LTG pursuant to its introducing broker registration.

FEES AND EXPENSES Brokerage Fees Commissions for clients utilizing this program will be $69 per round turn trade or option paid to LTG plus approximately $3.00 per side floor brokerage fees. LTG reserves the right to modify this rate. Clients will be informed prior to any change in the rate. Management Fee Unlike traditional managed programs which may charge as much as a 2% or 3% management fee, LTG has made the decision to be compensated only by commissions. Therefore, Clients will not be charged a percentage management fee. While the Advisor may decide to institute such a fee in the future, Clients will be notified prior to any change.

Incentive Fee Unlike traditional managed programs which may charge as much as 20% or 30% of the quarterly profits in an account, LTG does not charge an incentive fee. All profits in the account (after payment of commissions) are credited to the Client. While the Advisor may decide to institute such a fee in the future, Clients will be notified prior to any change.

POTENTIAL CONFLICTS OF INTEREST

Share in Commissions. LTG is also the introducing broker and will thereby receive the commissions generated in the account. This provides the Advisor with an incentive to overtrade the account to generate commissions. However, the Advisor has no intention of deviating from the Advisors strategy and all accounts will be traded pursuant to the same trading strategy. Other Clients and Business Activities. LTG and the principal of the Advisor may trade in the commodity markets for the accounts of brokerage clients and in doing so may take positions opposite to those held by Clients or be competing with Clients for positions in the marketplace. Such trading may create conflicts of interest on behalf of one or more such persons in respect of their obligations to Clients. Additionally, the Advisor may have financial incentives to favor other accounts. However, the Advisor has no intention to enter opposing trades or to favor one account over any other and all trades for Clients will utilize a standardized allocation system so that no Client is intentionally favored. The principal of LTG devotes himself full time to the operation of LTG and the study and analysis of the futures markets. Proprietary trading. Neither the Advisor nor its principal or affiliates trade the commodity markets for their own accounts. While there is currently no intention to do so, the Advisor and its principal and affiliates do have the right to open and trade such accounts. In the unlikely event that such accounts are opened, such trading may create conflicts of interest on behalf of one or more of such persons in respect to their obligations to Clients. Such conflicts may include trading their proprietary accounts more aggressively or such persons may from time to time take positions in their proprietary accounts, which are opposite or ahead of the positions taken for Clients. However, should the Advisor or its principal decide to open such accounts, the trading results for the Advisor and its principal are available for review by clients upon reasonable notice.

RISK FACTORS A prospective client interested in opening a managed account with the Advisor should carefully consider the speculative nature of trading commodity interests and, despite the risk controls established by the trading plan of the Advisor, the possibility that he may lose more than the amount of money initially deposited in his commodity brokerage account.

ONLY FUNDS CONSIDERED TO BE RISK CAPITAL SHOULD FUND CLIENT ACCOUNTS. The risks of opening an account with the Advisor include, but are not limited to, the fact that: 1. Futures prices are highly volatile. Price movements of commodity futures contracts are influenced by, among other things changing supply and demand relationships, weather, government, agricultural trade, fiscal, monetary and exchange control programs and policies, national and international political and economic events, and changes in interest rates. In addition, governments from time to time intervene, directly and by regulation, in certain markets, particularly currencies and gold. Such intervention is often intended to influence prices directly. Volatility relates directly to the risks associated with trading. Particularly, the Advisors program may suffer during periods of extreme volatility. LTG can control none of these factors and no assurance can be given that LTGs advice will result in profitable trades for a participating customer or that a customer will not incur substantial losses. 2. Trading commodity futures contracts and options thereon is highly leveraged and a small move in the price of a futures or options contract may result in immediate and substantial losses. Clients may incur, and will be responsible for, any trading losses in excess of the capital contributed to the account. All funds deposited into the account must represent risk capital. Clients acknowledge that no safe trading system has ever been devised and that no one can guarantee profits or freedom from loss in trading commodity futures and options thereon. 3. Commodity markets may be illiquid making it impossible or difficult to liquidate a losing position. This could result in substantial losses to an account. However, the Advisor makes it a point to trade in only the most active markets in order to minimize this risk as much as possible. 4. The existence of speculative position limits may limit the number of futures positions the Advisor can control for any account limiting or reducing profit opportunities. 5. Accounts will incur brokerage commissions regardless of whether profits are realized (see, Fees and Expenses). 6. Currently the Advisor relies exclusively on the services of Mr. Cordier. If Mr. Cordier is unable to trade on behalf of the Advisor, the Advisor will continue its operations with a new trading principal. Since the Advisors strategy is largely technical, the Advisor believes that a substitute Trading Principal will be able to adequately implement the trading system. However, there can be no assurance that such new Trading Principal will be able to implement the Advisors trading strategies and exercise judgment and discretion exactly as that exercised by Mr. Cordier. 7. The Advisor manages, and intends in the future to manage, other accounts. The larger the amount of equity under its management, the more difficult it may be for it to trade successfully. There appears to be a tendency for the rates of return achieved by Trading Advisors to decrease as assets under management increase. The Advisor has not agreed to limit the amount of funds it will manage. There can be no assurance that the Advisors trading of increased funds will not have an adverse effect on performance. 8. The profitability of an account will be determined solely by the success of the Advisors trading strategy. Futures trading is a zero sum, risk-transferring activity in which, by

definition, for every gain there is an equal and corresponding loss. Regardless of past performance, there is no guarantee that the strategies used by the Advisor will be successful or will not incur losses. 9. Unlike buying options or buying spreads, selling (writing) uncovered options and writing unbalanced spreads can create the potential for unlimited losses. LTG may also take a position in the underlying futures market. Futures contracts can expose the account to the potential for unlimited loss. 10. Although the Advisor intends to utilize approximately 50% of account equity as a cushion against market losses, this means that approximately 50% of the account value will be utilized to margin positions. The Advisor has chosen this trading level to protect against margin calls and considers such calls unlikely. However, Clients should be aware that there is still potential market volatility, particularly in fast moving markets, which could result in margin calls from an accounts FCM and the liquidation of the account at an inopportune time if such margin calls are not, or cannot, be met. The Advisor will utilize its best efforts to avoid margin calls. 11. The use of futures as a spread against options positions may not decrease the risk to an account. A spread trade means that a position taken to benefit from a move in one direction will be offset by another position taken to benefit from a move in the opposite direction. However, such spread trading does not always limit risks. Sometimes the change in price relative to one side of a spread may not be directly offset by a move in the opposite side of the spread. The portfolio could experience significant losses under such circumstances. Further, the Advisor may position the portfolio in an unbalanced fashion. An unbalanced spread means that one side of the spread has a different number of net options than the other side and is sometimes considered a high risk strategy. Additionally, the use of spreads in an attempt to limit the risk in an account will result in additional commission charges since commissions would be generated on both sides of the spread. 12. Participating customer's FCM may fail. Under CFTC regulations, FCM's are required to maintain customer's assets in a segregated account. If a customer's FCM fails to do so, the customer may be subject to risk of loss of funds in the event of its bankruptcy. Even if such funds are properly segregated, the customer may still be subject to a risk of a loss of his funds on deposit with the FCM should another customer of the FCM or the FCM itself fail to satisfy deficiencies in such other customer's accounts. In the event of a bankruptcy of such a broker, all property held by the broker, including certain property specifically traceable to the customer, will be returned, transferred or distributed to the broker's customers only to the extent of each customer's pro-rata share of all property available for distribution to customers. Therefore, it is possible that the customer would be able to recover none or only a portion of its assets held by such futures broker. THE FOREGOING LIST OF RISK FACTORS DOES NOT PURPORT TO BE A COMPLETE EXPLANATION OF THE RISKS INVOLVED IN THIS OFFERING. POTENTIAL CLIENTS SHOULD READ THIS ENTIRE DISCLOSURE DOCUMENT AND FAMILIARIZE THEMSELVES WITH FUTURES TRADING BEFORE DECIDING WHETHER TO INVEST IN THE PROGRAM OFFERED HEREBY.

PAST PERFORMANCE

Performance of the Diversified Option Seller Trading Program

Below is the past performance for the Option Seller Trading Program as traded by Mr. Cordier in his capacity as an AP of LTG. The brokerage commissions and fees as outlined in this document are included in this summary.

**Diversified Option Seller Trading Program**


PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. Inception of Trading-discretionary customer accounts James Cordier Inception of Trading-Diversified Option Seller Trading Program-James Cordier Accounts Currently Trading the Diversified Option Seller Trading Program Accounts Opened and Closed Profitable/ Range of Returns Accounts Opened and Closed Unprofitable/Range of Returns Total Assets Under Management Total Assets Under Management This Program Largest Monthly Drawdown * Largest Peak-to-Valley Drawdown * RoR % RoR % Month 2008 2009 JAN -3.49 FEB 6.38 MAR 11.27 APR 11.48 MAY -4.98 JUN 15.60 JUL -0.65 AUG 2.50 SEP -1.39 OCT 8.68 NOV 15.32 -0.38 DEC -7.60 4.90 Y-T-D RETURN 6.55% 59.55% 1.) 2.) 12/01/05 11/01/08

245 2//0.17% to 123.84% 8/-5.59% to -33.35% $52,968.960 $52,968,960 -14.12 (Jun10) -23.29%% (Apr10-Oct10) RoR % 2010 6.37 6.97 4.58 0.38 -9.61 -14.12 6.29 -0.47 2.02 -8.42

-8.33%

Drawdown means losses experienced by the program over a specified period. Rate of Return equals Net Performance divided by Beginning Equity time-weighted for monthly additions and withdrawals.

3.)

4.)

Y-T-D Return illustrates a best of value added monthly index representing the value of an investment of $1,000. Monthly rates of return are computed on a compounded monthly basis to determine the value of the index. The index does not reflect the performance of any individual account and assumes a continuous investment with no additions or withdrawals. The worst peak to valley draw-down is the largest percentage change between a peak and a valley.

There is a risk of loss in all futures trading. There is a substantial risk of loss in commodity trading. It is not suitable for all investors. For a complete understanding of the trading program please review the disclosure document of Liberty Trading Group. Liberty Trading Group is registered with the Commodity Futures Trading Commission as a Commodity Trading Advisor and is a Member of the National Futures Association.

PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.

Performance of Other Client Accounts In addition to trading the Option Seller Trading Program, Mr. Cordier exercised discretion over client accounts in his capacity as a broker that did not trade the program or included additional trades requested by the client. These accounts were not traded pursuant to a particular program. While this performance is not relevant to the Diversified Option Seller Trading Program, CFTC regulations require that they be presented in this document. NOTE: THE FOLLOWING PERFORMANCE IS NOT REFLECTIVE OF THE DIVERSIFIED OPTION SELLER TRADING PROGRAM AND DOES NOT REPRESENT THE RESULTS OF THE DIVERSIFIED OPTION SELLER PROGRAM.

**Discretionary Accounts**
PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. Inception of Trading-James Cordier Accounts Currently Trading Discretionary Accounts Accounts Opened and Closed Profitable/ Range of Returns Accounts Opened and Closed Unprofitable/Range of Returns Total Assets Under Management Total Assets Under Management This Program Largest Monthly Drawdown * Largest Peak-to-Valley Drawdown * RoR % RoR % Month 2005 2006 JAN -11.01 FEB -37.42 12/01/05 0 0 20/-7.30% to -97.13% $52,968.960 0 -46.39 (Sep07) -96.70%% (Inception-Sep08) RoR % RoR% 2007 2008 -13.38 -4.56 11.82 -39.72

MAR APR MAY JUN JUL AUG SEP OCT NOV DEC Y-T-D RETURN 1.) 2.) 5.)

-5.52 -5.52%

-9.06 -18.24 8.32 1.26 3.15 -3.85 -17.35 -2.68 -1.24 4.48 -62.61%

3.22 15.30 10.19 4.73 2.47 14.64 -46.39 -39.73 -17.41 20.49 -49.76%

-40.05 9.74 1.40 -5.57 -1.08 -38.46 -16.57 8.68

-80.00%

6.)

Drawdown means losses experienced by the program over a specified period. Rate of Return equals Net Performance divided by Beginning Equity time-weighted for monthly additions and withdrawals. Y-T-D Return illustrates a best of value added monthly index representing the value of an investment of $1,000. Monthly rates of return are computed on a compounded monthly basis to determine the value of the index. The index does not reflect the performance of any individual account and assumes a continuous investment with no additions or withdrawals. The worst peak to valley draw-down is the largest percentage change between a peak and a valley.

There is a risk of loss in all futures trading. There is a substantial risk of loss in commodity trading. It is not suitable for all investors. For a complete understanding of the trading program please review the disclosure document of Liberty Trading Group. Liberty Trading Group is registered with the Commodity Futures Trading Commission as a Commodity Trading Advisor and is a Member of the National Futures Association.

PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.

ADDITIONAL INFORMATION Additional information about the Advisor and its trading program can be obtained by contacting the Advisor at the address or telephone number appearing on the cover page of this Disclosure Document.

Additional risk disclosure I understand and realize that the loss in trading commodity futures and options contracts can be substantial. I realize the degree of leverage that is often obtainable in commodity trading can work against me, as well as in my favor. I also realize the use of leverage can lead to large losses.

X
Signature Date Print Name

X
Signature Date Print Name

NET WORTH Statement SECOND Account request statement I am requesting with this letter that you open an additional account for me. I hereby authorize you to use the account forms that I have already executed [for account number ] as the account forms for the new account. I understand and agree that all promises, representations and information that I made in my account forms are still true and accurate. I warrant that all statements in those forms shall apply to the new account as if I had executed a complete new set of forms. I understand and agree that the commissions and fees for this new account are $

Date

X
Signature Print Name

X
Signature Print Name

37