This document has been prepared by Macro Risk Advisors’ (“MRA”) Sales and Trading Group for informational purposes only. MRA does not publish research reports as defined under FINRA Rule 2711. MRA does not trade proprietarily, and is not acting as an advisor or fiduciary. MRA does not guarantee the accuracy or completeness of information which is contained in this document and accepts no liability for any consequential losses arising from the use of this information. Any data on past performance, modeling or back-testing contained herein is no indication as to future performance. All opinions and estimates are given as of the date hereof and are subject to change. The options risk disclosure document can be accessed at the following web address: http://optionsclearing.com/publications/risks/riskchap1.jsp Please ensure that you have read and understood it before entering into any options transactions.