RISK DISCLOSURE STATEMENT

THE RISK OF LOSS IN FOREX TRADING 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 ALSO BE AWARE OF THE FOLLOWING: FOREX TRANSACTIONS ARE NOT TRADED ON AN EXCHANGE, AND THOSE FUNDS DEPOSITED WITH THE COUNTERPARTY FOR FOREX TRANSACTIONS MAY NOT RECEIVE THE SAME PROTECTIONS AS FUNDS USED TO MARGIN OR GUARANTEE EXCHANGE-TRADED FUTURES AND OPTIONS CONTRACTS. IF THE COUNTERPARTY BECOMES INSOLVENT AND YOU HAVE A CLAIM FOR AMOUNTS DEPOSITED OR PROFITS EARNED ON TRANSACTIONS WITH THE COUNTERPARTY, YOUR CLAIM MAY NOT RECEIVE A PRIORITY. WITHOUT A PRIORITY, YOU ARE A GENERAL CREDITOR AND YOUR CLAIM WILL BE PAID, ALONG WITH THE CLAIMS OF OTHER GENERAL CREDITORS, FROM ANY MONIES STILL AVAILABLE AFTER PRIORITY CLAIMS ARE PAID. EVEN CUSTOMER FUNDS THAT THE COUNTERPARTY KEEPS SEPARATE FROM ITS OWN OPERATING FUNDS MAY NOT BE SAFE FROM THE CLAIMS OF OTHER GENERAL AND PRIORITY CREDITORS. THE HIGH DEGREE OF LEVERAGE THAT IS OFTEN OBTAINABLE IN FOREX TRADING CAN WORK AGAINST YOU AS WELL AS FOR YOU. THE USE OF LEVERAGE CAN LEAD TO LARGE LOSSES AS WELL AS GAINS. MANAGED ACCOUNTS MAY BE SUBJECT TO SUBSTANTIAL CHARGES FOR MANAGEMENT AND ADVISORY FEES AND THE ACCOUNT MAY NEED TO MAKE SUBSTANTIAL TRADING PROFITS TO AVOID DEPLETING OR EXHAUSTING ITS ASSETS. THIS BRIEF STATEMENT CANNOT DISCLOSE ALL THE RISKS AND SIGNIFICANT ASPECTS OF THE FOREX MARKETS. THEREFORE, YOU SHOULD CAREFULLY REVIEW THE DISCLOSURE DOCUMENT THAT IS PROVIDED TO PROSPECTIVE INVESTORS BEFORE YOU TRADE. NATIONAL FUTURES ASSOCIATION HAS NEITHER PASSED UPON THE MERITS OF PARTICIPATING IN THIS TRADING PROGRAM NOR THE ADEQUACY OR ACCURACY OF THIS DISCLOSURE DOCUMENT. THIS COMMODITY TRADING ADVISOR IS PROHIBITED BY LAW FROM ACCEPTING FUNDS IN THE TRADING ADVISOR'S NAME FROM A CLIENT FOR TRADING COMMODITY INTEREST. YOU MUST PLACE ALL FUNDS FOR TRADING IN THIS TRADING PROGRAM DIRECTLY WITH A FUTURES COMMISSION MERCHANT.

ENTER EXIT

	JAN	FEB	MAR	APR	MAY	JUN	JUL	AUG	SEP	OCT	NOV	DEC	TOTAL
2008	-	-	-	-	-	-	-	-	-	-	-1.3%	5.8%	4.4%
2009	-25.6%	41.1%	23.5%	4.6%	3.4%	7.2%	2.6%	5.9%	-6.8%	0.9%	0.7%	1.4%	56.8%
2010	1.5%	0.8%	0.4%	0.3%	0.0%	0.0%	0.6%	-5.4%	1.7%	0.8%	-2.2%	-4.6%	-6.2%
2011	5.3%	-1.2%	0.6%	-1.2%	0.4%	-0.5%	-1.6%	0.4%	0.2%	-0.3%	0.2%	-0.1%	2.2%

* There are no returns for May and June 2010 due to the transition from a non-registered entity. The track record prior to May 2010 is for client accounts managed by F. Grego, doing business as Matador FX. The returns from July 2010 onwards are for client accounts managed by MatadorFX LLC, a registered CTA. Please note that from October 2009, our leverage limit was reduced from 20:1 to 8:1 to limit volatility of returns.

JAN

FEB

MAR

APR

MAY

JUN

JUL

AUG

SEP

OCT

NOV

DEC

TOTAL

2008

-1.3%

5.8%

4.4%

2009

-25.6%

41.1%

23.5%

4.6%

3.4%

7.2%

2.6%

5.9%

-6.8%

0.9%

0.7%

1.4%

56.8%

2010

1.5%

0.8%

0.4%

0.3%

0.0%

0.6%

-5.4%

1.7%

0.8%

-2.2%

-4.6%

-6.2%

2011

5.3%

-1.2%

0.6%

-1.2%

0.4%

-0.5%

-1.6%

0.4%

0.2%

-0.3%

0.2%

-0.1%

2.2%

* There are no returns for May and June 2010 due to the transition from a non-registered entity. The track record prior to May 2010 is for client accounts managed by F. Grego, doing business as Matador FX. The returns from July 2010 onwards are for client accounts managed by MatadorFX LLC, a registered CTA. Please note that from October 2009, our leverage limit was reduced from 20:1 to 8:1 to limit volatility of returns.

RISK DISCLOSURE STATEMENT

Matador

Monthly Net Returns

Performance Statistics