Trader Agreement

In consideration of agreeing to carry one or more accounts of the undersigned ("Trader") and providing services to Trader inconnection with the purchase and sale of Contracts For Difference (hereinafter referred to as "CFDs"), futures, indices, foreignexchange, and/or shares through the OTC market (hereinafter referred to as "OTC"), which may be purchased or sold by orthrough for Trader's accounts(s), Trader agrees as follows:

1. AUTHORIZATION TO TRADE

is authorized to purchase and sell OTC for Trader's account(s) in accordance with Trader's oral or written or computer instructions.

2. MARGINS AND DEPOSIT REQUIREMENTS

Trader shall provide to and maintain with margin in such amounts and in such forms as , in its sole discretion, may require. Such margin requirements may be greater or less than margins required by a counter party bank. may change margin requirements at any time. Trader agrees to deposit by immediate wire transfer such additional margin when and as required by and will promptly meet all margin calls in such mode of transmission as in its sole discretion designates. may at any time proceed to liquidate Trader's account in accordance with paragraph 4 below and any failure by to enforce its rights hereunder shall not be deemed a waiver by to enforce its rights thereafter. retains the right to limit the amount and/or total number of open positions which Trader may acquire or maintain at . will attempt to execute all orders which it may, in its sole discretion, choose to accept in accordance with the oral or written or computer instructions of Trader's. reserves the right to refuse to accept any order. However, shall not be responsible for any loss or damage caused, directly or indirectly, by any events, actions or omissions beyond the control of including, without limitation, loss or damage resulting, directly or indirectly, from any delays or inaccuracies in the transmission of orders and/or information due to a breakdown in or failure of any transmission or communication facilities.

3. COLLATERAL AND LENDING AGREEMENT

All funds, securities, currencies, and other property of Trader which or its affiliates may at any time be carrying for Trader (either individually, jointly with other, or as a guarantor of the account of any other person,) or which may at any time be in its possession or control or carried on its books for any purpose, including safekeeping, are to be held by as security and subject to a general lien and right of set-off for liabilities of Trader to whether or not has made advances in connection with such securities, commodities, currencies or other property, and irrespective of the number of accounts Trader may have with . may in its discretion, at any time and from time to time, without notice to Trader, apply and/or transfer any or all funds or other property of Trader between any of Trader's accounts. Trader hereby also grants to the right to pledge, re-pledge, hypothecate, invest or loan, either separately or with the property of other Traders, to itself as broker or to others, any securities or other property of Trader held by as margin or security. shall at no time be required to deliver to Trader the identical property delivered to or purchased by for any account of Trader. This authorization shall apply to all accounts carried by for Trader and shall remain in full force until all accounts are fully paid for by Trader or notice of revocation is sent by from its home office.

4. STATEMENT AND CONFIRMATION

Reports of the confirmation of orders and statements of accounts for Trader shall be deemed correct and shall be conclusive and binding upon Trader if not objected to immediately upon receipt and confirmed in writing within (1) day after transmittal to Trader by mail or otherwise. Margin calls shall be conclusive and binding unless objected to immediately in writing. Written objections on Trader's part shall be directed to at its home office, and shall be deemed received only if actually delivered or mailed by registered mail, return receipt requested. Failure to object shall be deemed ratification of all actions taken by prior to Trader's receipt of said reports. Trader's failure to receive a trade confirmation shall not relieve Trader of the obligation to object as set out herein.

5. RESPONSIBILITIES

will not be responsible for delays in the transmission of orders due to a breakdown or failure of transmission or communication facilities, electrical power outage or for any other cause beyond control or anticipation. shall only be liable for its actions directly attributable to negligence, will ful default or fraud on the part of shall not be liable for losses arising from the default of any agent or any other party used by under this agreement. As OTC is not an exchange traded market, prices at which deals at or quotes may or may not be similar to prices at which other OTC market makers deal at or quote.

6. CURRENCY FLUCTUATION RISK

If Trader directs to enter into any currency forex transaction: (a) any profit or loss arising as a result of a fluctuation in the exchange rate affecting such currency will be entirely forTrader's account and risk; (b) all initial and subsequent deposits for margin purposes shall be made in U.S. dollars, in such amounts as may in its sole discretion require; and (c) is authorized to convert funds in Trader's account for margin into and from such foreign currency at a rate of exchange determined by in its sole discretion on the basis of the then prevailing money market rates.

7. RISK ACKNOWLEDGMENT

Trader acknowledges that investment in leveraged and non-leveraged transactions arespeculative, involves a high degree of risk, and is appropriate only for persons who can assume risk of loss of their entire margin deposit. Trader understands that because of the low margin normally required in OTC trading, price changes in OTC may result in significant losses. Trader warrants that Trader is willing and able, financially and otherwise, to assume the risk of OTC trading, and in consideration of carrying his/her account(s), Trader agrees not to hold responsible for losses incurred through following its trading recommendations or suggestions or those of its employees, agents or representatives. Trader recognizes that guarantees of profit or freedom from loss are impossible of performance in OTC trading. Trader acknowledges that Trader has received no such guarantees from or from any of its representatives or any introducing agent or other entity with whom Trader is conducting his/her account and has not entered into this agreement in consideration of or in reliance upon any such guarantees or similar representations.

8. DISCLOSURE OF FINANCIAL INFORMATION

The Trader represents and warrants that the financial informationdisclosed to in this document is an accurate representation of the Trader's current financial condition. The Trader represents and warrants that the Trader has very carefully considered the portion of the Trader's assets which the Trader considers to be Risk Capital. The Trader recognizes that Risk Capital is the amount of money the Trader is willing to put at risk and if lost would not, in any way, change the Trader's lifestyle. The Trader agrees to immediately inform if the Trader's financial condition changes in such a way to reduce the Trader's Net Worth, Liquid Assets and/or Risk Capital.

9. NO GUARANTEES

Trader acknowledges that Trader has no separate agreement with Trader's broker or any employee or agent regarding the trading in Trader's account, including any agreement to guarantee profits or limit losses in Trader's account. Trader understands that Trader must authorize every transaction prior to its execution unless Trader has delegateddiscretion to another party by signing limited trading authorization, and any disputed transactions must be brought to the attention of Compliance Officer pursuant to the notice requirements of this Trader Agreement. Trader agrees to indemnify and hold harmless form all damages or liability resulting form Trader's failure to immediately notify Compliance Officer of any of the occurrences referred to herein. All notices required under this section shall be sent to at its home office.

10. NO WAIVER OR AMENDMENT

No provision of this Agreement may be waived or amended unless the waiver or amendment is in writing and signed by both Trader and an authorized officer of No waiver or amendment of this Agreement may be implied from any course of dealing between the parties or from any failure by or its agents to assert its rights under this Agreement on any occasion or series of occasions. No oral agreements or instructions to the contrary shall be recognized or enforceable. This instrument and the attachments hereto embody the entire agreement of the parties, superseding any and all priorwritten and oral agreements and there are no other terms, conditions or obligations other than those contained herein.

11. BINDING EFFECT

This Agreement shall be continuous and shall cover, individually and collectively, all accounts of Trader at any time opened or reopened with irrespective of any change or changes at any time in the personnel of or ist successors, assigns, or affiliates. This Agreement including all authorizations, shall inure to the benefit of and its successors and assigns, whether by merger, consolidation or otherwise, and shall be binding upon Trader and/or the estate, executor, trustees, administrators, legal representatives, successors and assigns of Trader. Trader hereby ratifies all transactions with effected prior to the date of this Agreement, and agrees that the rights and obligations of Trader in respect thereto shall be governed by the terms of this Agreement.

12. TERMINATION

This Agreement shall continue in effect until termination, and may be terminated by Trader at any time when Trader has no open Currency position(s) and no liabilities held by or owed to upon the actual receipt by at its home office of written notice of termination, or at any time whatsoever by upon the transmittal of written notice of termination to Trader; provided, that such termination shall not affect any transactions previously entered into and shall not relieve either party of any obligations set out in this agreement nor shall it relieve Trader of any obligations arising out of any deficit balance.

13. RECORDINGS

Trader agrees and acknowledges that all conversations regarding Trader's account(s) between Trader and personnel may be electronically recorded with or without the use of an automatic tone warning device. Trader further agrees to the use of such recordings and transcripts thereof as evidence by either party in connection with any dispute or proceeding that may arise involving Trader or Trader understands that destroys such recordings at regular intervals in accordance with established business procedures and Trader hereby consents to such destruction.