ADDRESS: 752 Greenbrier Place, Sioux Falls, SD 57108


The CFTC requires we state that --- : Hypothetical performance results have many inherent limitations some which are described below. No Representation is being made that any account will or is like to achieve profits or losses similar to those shown. In fact there are frequently sharp differences between hypothetical performance results and the actual results subsequently achieved by any particular trading program. One of the limitations of hypothetical performance results is they are generally prepared with the benefit of hindsight. In addition hypothetical trading does not involve financial risk, and no hypothetical trading record can completely account for the impact of financial risk in trading. For example the ability to withstand losses or adhere to a particular trading program in spite of trading losses are material points which can also adversely affect actual trading resets. There are numerous other factors related to the markets in general or to the implementations of any specific trading program which cannot be fully account for in the preparation of hypothetical performance results and all of which can adversely affect trading results.

Expression of opinions are subject to change without notice. Editor David Gleason is a registered commodity trading advisers. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown. The risk of loss in future trading can be substantial. You should carefully consider whether trading is suitable for you in light of your financial condition. Past results are not necessary indicative of future results.

The summary is not to be construed as an offer to sell or solicitation of any offer to buy the commodities or options herein named. The factual material contained in this report is not guaranteed as to accuracy, and is not to be construed as a representation by us. The recommendations reflected are those of Commodity Trading Adviser Dave Gleason and are based upon circumstances which North American Agricultural Services believes merit such recommendations. Past performance in any strategy discussed is no guarantee of future success. Expressions are of opinions are subject to change without notice. Future strategies are for the aggressive trader. Clients must be able to withstand losses well in excess of invested amounts. No claim is made that recommendations will be profitable; they could result in losses!


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