Risk Factors & Discussion of Ansbacher Investment Management CTA Program

1. A complete discussion of fees and charges are reported in AIM's disclosure document. Specifically, one should recognize that the introducing broker may charge a front-end start-up fee of up to 10% of the initial contribution. Please note that this charge is not reflected in the performance of the Commodity Trading Advisor.

2. Although AIM has achieved and reported many profitable periods and years, one must recognize that drawdowns have and do occur. Recovery from drawdowns can vary and may last for substantial periods. Certain clients of Vision L.P. have traded during various past periods and have closed their accounts with a loss. Investors with short-term investment horizons should especially be aware of these facts.

3. The basic strategy of the AIM program is to potentially achieve profits by writing short options on the S&P 500 futures contract. In addition to the opportunity for profit, one must be aware that the possibility of unlimited loss exists in writing options.

4. As you read and study the disclosure document and related materials on AIM, you must recognize that, in reference to any stated return, past performance is not necessarily indicative of future results.