About Cutler Investment Corporation

Cutler Investment Corporation was founded in 1997 by Thomas Doe and Timothy Holler. The two, who had already been collaborating on another joint venture (Municipal Market Advisors), saw unique opportunities arising in the rapidly-growing field of alternative investments and believed their joint analytical strengths and financial expertise would provide them with solid footing to launch a company specializing in managed futures.

Mr. Doe's interest rate expertise was formed as an analyst in the U.S. municipal bond industry, a sector in which he is recognized as one of the top strategists. In addition, Mr. Doe was appointed by the industry to its regulatory board on which he served a full term from 2002-2005. Mr. Holler has devoted his career to risk management and trading strategies in the interest rate markets, a pursuit that has included the development of interest rate management programs for security dealers and portfolio managers. Such efforts served as the genesis of Cutler's Trading Program.

Cutler made the distinct choice to pursue its investment program in the futures markets because of the efficiency of execution, transparency of regulated products, and effectiveness of leverage. Mr. Doe's past role as a regulator in the municipal bond industry has resulted in the firm's emphasis on transparency and disclosure for its clients while at the same time executing an aggressive strategy with strict risk management controls and prudent use of leverage.

In 1999, the team implemented their current trading program, Cutler Trading Program, which has produced attractive annualized returns to investors. In addition, the Cutler Trading Program has a low correlation with other investment sectors as well as other CTAs.

The growth of alternative investments has been predicated on the ability of managers to create flexible strategies that take advantage of the markets by holding both "long" and "short" positions (hedging). Such strategies provide opportunities to achieve above-average returns. Cutler has pursued an independent proprietary approach that capitalizes on its principals' creativity and discipline. In addition, Cutler's commitment to new research and development, which involves the perpetual evaluation of new and enhanced trading strategies, ensures that Cutler will continue to lead the pack among alternative investments.

Through a honed attention to detail, steadfast determination, a ten year track record, and the superior trading methodology of a uniquely-designed proprietary investment platform, Cutler stands as a premier CTA with superior management and steadfast returns.

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.