World Class Hedge Fund Macro Research

Disclaimer:

Futures, Options, and Currency, CDF or any other structured products trading all have large potential rewards, but also large potential risk. They are not suitable and may be appropriate only for sophisticated investors.

Investors should never invest or trade with money they can not afford to lose. This is neither a solicitation nor an offer to Buy/Sell futures, options, currencies or any other instrument or participate in any trading strategy but for purely informative reasons. Presented material should not be considered or regarded by recipients as substitute for own research, judgement or actions. No representation is being made that any account will or is likely to achieve profits or losses. Indeed, events can materialize rapidly and thus past performance of any trading system or methodology is not necessarily indicative of future results particularly. Any simulated or hypothetical performance results have certain inherent limitations. While prices may appear within a given trading range, there is no guarantee that there will be enough liquidity/ volume to ensure that such trades could be actually executed.

Hypothetical results thus can differ greatly from actual performance records, and do not represent actual trading since such trades have not actually been executed, these results may have under-or over-compensated for the impact, if any, of certain market factors, such as lack of liquidity. Simulated or hypothetical trading programs in general are also subject to the fact that they are designed with the benefit of hindsight and back testing. Such representations in theory could be altered by Wars, Sovereign Debt Defaults or Force Majeure events . It should not be assumed that the methods, techniques, or indicators presented in this publication will be profitable or that they will not result in losses since this cannot be a full representation of all considerations and the evolution of economic and market development.

Past results of any individual or trading strategy published are not indicative of future returns since all things cannot be considered for discussion purposes. In addition, Northern Raven's analysis is provided for informational and educational purposes only and should not be construed as investment advice or a solicitation for money to manage since money management is not conducted. Therefore, by no means is this publication to be construed as a solicitation of any order to buy or sell any security or asset. As such, this information should not be relied on solely in making any investment. Prior to entering into a transaction you should consult with your own legal, regulatory, tax, financial and accounting advisers to the extent you deem necessary to make your own investment, hedging and trading decisions.