The brochure has been prepared by Emerging Markets, Ltd. in New York, for the information of institutional customers and those of its affiliates only. It is not intended for private customers or individuals.

The information is not and should not be construed as an offer to sell or buy or the solicitation of an offer to purchase or sell any investment or currency in this brochure.

The information is obtained from sources believed to be reliable, no guarantee, representation or warranty is made and no responsibility or liability as to its accuracy or completeness is accepted.

Emerging Markets. Ltd. may own or have positions in any currency mentioned in this brochure and may from time to time add or dispose of any such currencies. Furthermore, Emerging Markets, Ltd. may act as a market maker to buy and sell currencies from customers on a principal basis.