SUMMARY RISK DISCLOSURE STATEMENT

THE RISK OF LOSS IN TRADING COMMODITIES CAN BE SUBSTANTIAL. YOU SHOULD THEREFORE CAREFULLY CONSIDER WHETHER SUCH TRADING IS SUITABLE FOR YOU IN LIGHT OF YOUR FINANCIAL CONDITION. THE HIGH DEGREE OF LEVERAGE THAT IS OFTEN OBTAINABLE IN COMMODITY TRADING CAN WORK AGAINST YOU AS WELL AS FOR YOU. THE USE OF LEVERAGE CAN QUICKLY LEAD TO LARGE LOSSES AS WELL AS LARGE 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.


FUTURES TRADING IS SPECULATIVE AND VOLATILE AND INVOLVES SIGNIFICANT RISKS, INCLUDING THE RISK THAT AN INVESTOR MAY LOSE ALL OR AN AMOUNT IN EXCESS OF THE AMOUNT IT HAS COMMITTED TO M.S. CAPITAL MANAGEMENT LTD.


AN INVESTMENT IN AN ACCOUNT MANAGED BY M.S. CAPITAL MANAGEMENT LTD IS SPECULATIVE, VOLATILE, INVOLVES A HIGH DEGREE OF RISK, IS DESIGNED ONLY FOR SOPHISTICATED INVESTORS, AND IS NOT SUITABLE FOR ALL INVESTORS.


PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.


THIS WEBSITE DOES NOT CONSTITUTE AN OFFER TO INVEST IN ANY MANAGED ACCOUNT MANAGED BY M.S. CAPITAL MANAGEMENT LTD. AN INVESTMENT IN AN ACCOUNT MANAGED BY M.S. CAPITAL MANAGEMENT LTD CAN ONLY BE MADE PURSUANT TO THE APPLICABLE DISCLOSURE DOCUMENT AND ADVISORY AGREEMENT. ONLY PROSPECTIVE INVESTORS WHICH SATISFY THE APPLICABLE INVESTOR QUALIFICATION REQUIREMENTS AND MEET THE OTHER SUITABILITY REQUIREMENTS WILL BE PERMITTED TO INVEST.