Terms of Use

Disclaimer
Cutler Investment Corporation has provided links and pointers to internet sites maintained by third parties ("third party sites") and may from time to time provide third party materials on this site. Neither Cutler Investment Corporation, nor its affiliates and/or associates operate or control in any respect any information, products or services on these third party sites. The materials in this site and the third party sites are provided "as is" and without warranties of any kind, either express or implied. Cutler Investment Corporation disclaims all warranties, express or implied, including, but not limited to, implied warranties of merchantability and fitness for a particular purpose. Cutler Investment Corporation does not warrant or make any representations regarding the use or the results of the use of the materials in this site or in third party sites in terms of their correctness, accuracy, timeliness, freedom from viruses, reliability or otherwise.

Limitation of Liability
Under no circumstances, including, but not limited to, negligence, shall Cutler Investment Corporation or its affiliates be liable to you for any damages of any kind (including, but not limited to, compensatory damages, lost profits, lost data or any form of special, incidental, indirect, consequential or punitive damages whether based on breach of contract or warranty, tort, product liability or otherwise) that result from the use of, or the inability to use, this site or the Materials. You specifically acknowledge and agree that Cutler Investment Corporation is not liable for any defamatory, offensive or illegal conduct of any user. If you are dissatisfied with any Cutler Investment Corporation material, or with any of Cutler Investment Corporation terms and conditions, your sole and exclusive remedy is to discontinue using Cutler Investment Corporation and its web sites.

Termination
This agreement is effective until terminated by Cutler Investment Corporation, at any time without notice. In the event of termination, you are no longer authorized to access the sites and the disclaimers and limitations of liabilities set forth in this agreement shall survive.

Contact Us
We hope you find this statement informative and clear. Please email us at info@cutler-investments.com with any questions or requests for further information. If you prefer, contact us in writing, at:

Cutler Investment Corporation
75 Main Street
Concord, MA
01742

Updates
Cutler Investment Corporation reserves the right to update and amend this policy as it deems necessary or appropriate to do so. Please check back often to be apprised of any changes. This version was updated on September 12, 2006.

Risk of Investing in Managed Futures

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 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 A COMPLETE DESCRIPTION OF THE PRINCIPAL RISK FACTORS AND EACH FEE TO BE CHARGED TO YOUR ACCOUNT BY THE COMMODITY TRADING ADVISOR ("CTA").

THE REGULATIONS OF THE COMMODITY FUTURES TRADING COMMISSION ("CFTC") REQUIRE THAT PROSPECTIVE CLIENTS OF A CTA RECEIVE A DISCLOSURE DOCUMENT WHEN THEY ARE SOLICITED TO ENTER INTO AN AGREEMENT WHEREBY THE CTA WILL DIRECT OR GUIDE THE CLIENT'S COMMODITY INTEREST TRADING AND THAT CERTAIN RISK FACTORS BE HIGHLIGHTED. THIS DOCUMENT IS READILY ACCESSIBLE AT THIS SITE. THIS BRIEF STATEMENT CANNOT DISCLOSE ALL OF THE RISKS AND OTHER SIGNIFICANT ASPECTS OF THE COMMODITY MARKETS. THEREFORE, YOU SHOULD PROCEED DIRECTLY TO THE DISCLOSURE DOCUMENT AND STUDY IT CAREFULLY TO DETERMINE WHETHER SUCH TRADING IS APPROPRIATE FOR YOU IN LIGHT OF YOUR FINANCIAL CONDITION. YOU ARE ENCOURAGED TO ACCESS THE DISCLOSURE DOCUMENT BY CLICKING BELOW. YOU WILL NOT INCUR ANY ADDITIONAL CHARGES BY ACCESSING THE DISCLOSURE DOCUMENT. YOU MAY ALSO REQUEST DELIVERY OF A HARD COPY OF THE DISCLOSURE DOCUMENT, WHICH ALSO WILL BE PROVIDED TO YOU AT NO COST. THE CFTC HAS NOT PASSED UPON THE MERITS OF PARTICIPATING IN THIS TRADING PROGRAM NOR ON THE ADEQUACY OR ACCURACY OF THE DISCLOSURE DOCUMENT.

OTHER DISCLOSURE STATEMENTS ARE REQUIRED TO BE PROVIDED TO YOU BEFORE A COMMODITY ACCOUNT MAY BE OPENED FOR YOU.

PLEASE ACKNOWLEDGE YOUR UNDERSTANDING Of THIS IMPORTANT STATEMENT.