Vision Forms Individual

8/8/2019 Vision Forms Individual

1/28

Futures Account ApplicationIndividual and Joint Accounts

4 High Ridge Park, Suite 100

Stamord, Connecticut 06905

Telephone: 203.388.2700

Fax: 203.321.0071

125 South Wacker Drive, Suite 2000

Chicago, Illinois 60606

Telephone: 312.849.9377

Fax: 312.849.9227

One Whitehall Street, 15th Floor

New York, New York 10004

Telephone: 212.859.0200

Fax: 212.859.0250

Toll Free: 800.440.6898

www.visionfnancialmarkets.com


2/28Individual and Jint Accunts

Visin Accunt Applicatin

Privacy Policy

Maintaining the pivacy f yu pesnal infmatin is f utmst imptance t us. In de t pvide sevicest yu, we must maintain cetain infmatin abut yu that we cllect fm accunt applicatins the fmsthat you complete, transactions that you conduct, communications with us and our afliates, and information we

eceive fm thid paties such as cedit epting agencies.

We estict access t yu nn-public pesnal infmatin t thse emplyees wh need t knw that infmatint pvide sevices t yu, and t sevice pvides wh ae invlved in pviding pducts and sevices t u cus-tmes. We maintain physical, electnic and pcedual safeguads t ptect yu pesnal infmatin. Thesesafeguads include limiting access t data and peidically testing u secuity technlgy.

It is our policy not to disclose your personal information to unafliated third parties except as required or permittedby law, as requested by you or as follows: in response to a subpoena, to prevent fraud, to comply with inquiriesfm gvenment agencies the egulats, f the legal pupses, t thes that sevice yu accunt thatperform services on our behalf, to others with whom we may have joint marketing agreements (including nancialservices companies), to nancial services providers (including introducing brokers, broker/dealers, futures com -missin mechants, investment cmpanies, investment advises, cmmdity tading advises and cmmdity ploperators), to publishers and other direct marketers of products related to the nancial services industry (including

newsletter or book publishers and software or trading system developers), and to other unafliated third partieswith your consent, at your request or as permitted or required by law.

If you prefer that Vision not disclose non-public personal information about you to unafliated third parties, you mayopt out of those disclosures by sending us an e-mail at: [email protected].

If yu accunt is intduced t Visin by a cespndent bke, yu shuld be awae that the pivacy plicy andpractices of your correspondent brokerage rm may be different from that of Vision, which will be the clearing rmf yu accunt. Theefe, please ead the pivacy plicy f yu cespndent bke f imptant pivacyinfmatin as it elates t yu as a thei custme.

You are welcome to contact our Customer Service Team at 800.440.6898 if you have any questions regarding ourPivacy Plicy. We eseve the ight t evise u Pivacy Plicy and will pvide yu ntice f any evisins.

Anti-Money Laundering Policy

IMPORTANT INFORMATION ABOUT PROCEDURES FOR OPENING A NEW ACCOUNT

Visin Financial Makets LLC (Visin) ecgnizes that the USA PATrIoT Act, as amended fm time t time (theAct), imposes important obligations on all nancial rms for the detection, deterrence and reporting of moneylaundeing activities. It has established the fllwing plicies t ensue cmpliance with all laws and egulatinsegading mney laundeing.

Pi t the pening f any new accunt, Visin will dcument the identity, natue f business, incme, suce ffunds, and investment objectives of each prospective customer. Therefore, we will request your drivers license,passpt the identifying dcuments.

on an n-ging basis, Visin will eview accunt activity f evidence f tansactins that may be indicative fmoney laundering activities. Every ofcer, employee, and associated person of Vision is responsible for assistingin the rms efforts to uncover and report any activity that might constitute, or otherwise indicate or raise suspicionsf, mney laundeing. T this end, Visin pvides cntinuing educatin and taining f all such pesns.

Vision will comply with all trade and economic sanctions imposed by the U.S. Ofce of Foreign Assets Controlagainst tageted feign cunties and shall cpeate fully with gvenment agencies, self-egulaty ganiza-tions and law enforcement ofcials. As provided by the Act, Vision may supply information about former, current orpspective custmes t such bdies.

Rev. August 2007


3/28Individual and Jint Accunts

Page

CFTC risk Disclsue Statement f Futues and optins - rules 1.55(c)and 190.10(c) (Fm 1) 1-3

Accunt Infmatin - Geneal Infmatin (Fm 2) 4-6

W-9 Tax Form 7

W-8BEN Tax Form 8

Consent to Electronic Delivery of Visions Conrmations

and Statements (Fm 3) 9

Custme Ageement (Fm 4) 10-15

Intduced Accunts Ageement (Fm 5) 16

Additinal risk Disclsue (Fm 6) 17

online Sevices Ageement (Fm 7) 18-20

Abitatin Ageement (Fm 8) 21

Acknwledgement f risk Disclsue Statement f Secuity FutuesPducts (Fm 9) 22

Accunt Tansfe Fm (Fm 10) 23

Hedge Accunt repesentatin Lette (Fm 11) 24

Additinal Infmatin and Instuctins 25

Table f Cntents

Visin Accunt Applicatin


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F i n a n c i a l M a r k e t s

VisionForm:

Individual and Jint Accunts 1

(1) EFFECT OF LEVERAGE OR GEARING

TrANSACTIoNS IN FUTUrES CArrY A HIGH DEGrEE oF rISK. THE AMoUNT oF INITIAL MArGIN IS SMALL rELATIVETo THE VALUE oF THE FUTUrES CoNTrACT So THAT TrANSACTIoNS ArE LEVErAGED or GEArED. A rELATIVELYSMALL MArKET MoVEMENT WILL HAVE A ProPorTIoNATELY LArGEr IMPACT oN THE FUNDS YoU HAVE DEPoSITEDOR WILL HAVE TO DEPOSIT: THIS MAY WORK AGAINST YOU AS WELL AS FOR YOU. YOU MAY SUSTAIN A TOTAL LOSS OFINITIAL MArGIN FUNDS AND ANY ADDITIoNAL FUNDS DEPoSITED WITH THE FIrM To MAINTAIN YoUr PoSITIoN. IF THEMArKET MoVES AGAINST YoUr PoSITIoN or MArGIN LEVELS ArE INCrEASED, YoU MAY BE CALLED UPoN To PAYSUBSTANTIAL ADDITIoNAL FUNDS oN SHorT NoTICE To MAINTAIN YoUr PoSITIoN. IF YoU FAIL To CoMPLY WITH ArEQUEST For ADDITIoNAL FUNDS WITHIN THE TIME PrESCrIBED, YoUr PoSITIoN MAY BE LIQUIDATED AT A LoSS AND

YoU WILL BE LIABLE For ANY rESULTING DEFICIT.

(2) RISK-REDUCING ORDERS OR STRATEGIES

THE PLACING oF CErTAIN orDErS (e.g., SToP-LoSS orDErS, WHErE PErMITTED UNDEr LoCAL LAW, or SToP-LIMIT orDErS) WHICH ArE INTENDED To LIMIT LoSSES To CErTAIN AMoUNTS MAY NoT BE EFFECTIVE BECAUSEMArKET CoNDITIoNS MAY MAKE IT IMPoSSIBLE To EXECUTE SUCH orDErS. STrATEGIES USING CoMBINATIoNS oFPoSITIoNS, SUCH AS SPrEAD AND STrADDLE PoSITIoNS, MAY BE AS rISKY AS TAKING SIMPLE LoNG or SHorTPoSITIoNS.

(3) VARIABLE DEGREE OF RISK

TrANSACTIoNS IN oPTIoNS CArrY A HIGH DEGrEE oF rISK. PUrCHASErS AND SELLErS oF oPTIoNS SHoULD FA-MILIArIZE THEMSELVES WITH THE TYPE oF oPTIoN (i.e. ,PUT or CALL) WHICH THEY CoNTEMPLATE TrADING AND THEASSoCIATED rISKS. YoU SHoULD CALCULATE THE EXTENT To WHICH THE VALUE oF THE oPTIoNS MUST INCrEASEFor YoUr PoSITIoN To BECoME ProFITABLE, TAKING INTo ACCoUNT THE PrEMIUM AND ALL TrANSACTIoN CoSTS.

THE PUrCHASEr oF oPTIoNS MAY oFFSET or EXErCISE THE oPTIoNS or ALLoW THE oPTIoNS To EXPIrE. THEEXErCISE oF AN oPTIoN rESULTS EITHEr IN A CASH SETTLEMENT or IN THE PUrCHASEr ACQUIrING or DELIV-ErING THE UNDErLYING INTErEST. IF THE oPTIoN IS oN A FUTUrE, THE PUrCHASEr WILL ACQUIrE A FUTUrESPoSITIoN WITH ASSoCIATED LIABILITIES For MArGIN (SEE THE SECTIoN oN FUTUrES ABoVE). IF THE PUrCHASEDoPTIoNS EXPIrE WorTHLESS, YoU WILL SUFFEr A ToTAL LoSS oF YoUr INVESTMENT WHICH WILL CoNSIST oF THEoPTIoN PrEMIUM PLUS TrANSACTIoN CoSTS. IF YoU ArE CoNTEMPLATING PUrCHASING DEEP-oUT-oF-THE-MoNEYoPTIoNS, YoU SHoULD BE AWArE THAT THE CHANCE oF SUCH oPTIoNS BECoMING ProFITABLE orDINArILY IS rE-MoTE.

SELLING (WrITING or GrANTING) AN oPTIoN GENErALLY ENTAILS CoNSIDErABLY GrEATEr rISK THAN PUrCHAS-

ING oPTIoNS. ALTHoUGH THE PrEMIUM rECEIVED BY THE SELLEr IS FIXED, THE SELLEr MAY SUSTAIN A LoSS WELLIN EXCESS oF THAT AMoUNT. THE SELLEr WILL BE LIABLE For ADDITIoNAL MArGIN To MAINTAIN THE PoSITIoN IF THEMArKET MoVES UNFAVorABLY. THE SELLEr WILL ALSo BE EXPoSED To THE rISK oF THE PUrCHASEr EXErCISINGTHE oPTIoN AND THE SELLEr WILL BE oBLIGATED To EITHEr SETTLE THE oPTIoN IN CASH or To ACQUIrE or DELIV-Er THE UNDErLYING INTErEST. IF THE oPTIoN IS oN A FUTUrE, THE SELLEr WILL ACQUIrE A PoSITIoN IN A FUTUrEWITH ASSoCIATED LIABILITIES For MArGIN (SEE THE SECTIoN oN FUTUrES ABoVE). IF THE oPTIoN IS CoVErED BYTHE SELLEr HoLDING A CorrESPoNDING PoSITIoN IN THE UNDErLYING INTErEST or A FUTUrE or ANoTHEr oP-TIoN, THE rISK MAY BE rEDUCED. IF THE oPTIoN IS NoT CoVErED, THE rISK oF LoSS CAN BE UNLIMITED.

CErTAIN EXCHANGES IN SoME JUrISDICTIoNS PErMIT DEFErrED PAYMENT oF THE oPTIoN PrEMIUM, EXPoSINGTHE PUrCHASEr To LIABILITY For MArGIN PAYMENTS NoT EXCEEDING THE AMoUNT oF THE PrEMIUM. THE PUr-CHASEr IS STILL SUBJECT To THE rISK oF LoSING THE PrEMIUM AND TrANSACTIoN CoSTS. WHEN THE oPTIoN ISEXErCISED or EXPIrES, THE PUrCHASEr IS rESPoNSIBLE For ANY UNPAID PrEMIUM oUTSTANDING AT THAT TIME.

Futues

CFTC risk Disclsue Stateent f Futues and optins - rules 1.55(c) and 190.10(c)

1

optins

THIS BRIEF STATEMENT DOES NOT DISCLOSE ALL OF THE RISKS AND OTHER SIGNIFICANT ASPECTS OF TRADING INFUTURES AND OPTIONS. IN LIGHT OF THE RISKS, YOU SHOULD UNDERTAKE SUCH TRANSACTIONS ONLY IF YOU UNDER-

STAND THE NATURE OF THE CONTRACTS (AND CONTRACTUAL RELATIONSHIPS) INTO WHICH YOU ARE ENTERING ANDTHE EXTENT OF YOUR EXPOSURE TO RISK. TRADING IN FUTURES AND OPTIONS IS NOT SUITABLE FOR MANY MEMBERS

OF THE PUBLIC. YOU SHOULD CAREFULLY CONSIDER WHETHER TRADING IS APPROPRIATE FOR YOU IN LIGHT OF YOUR

EXPERIENCE, OBJECTIVES, FINANCIAL RESOURCES AND OTHER RELEVANT CIRCUMSTANCES.


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(4) TERMS AND CONDITIONS OF CONTRACTS

YoU SHoULD ASK THE FIrM WITH WHICH YoU DEAL ABoUT THE TErMS AND CoNDITIoNS oF THE SPECIFIC FUTUrES

or oPTIoNS WHICH YoU ArE TrADING AND ASSoCIATED oBLIGATIoNS (e.g., THE CIrCUMSTANCES UNDEr WHICHYoU MAY BECoME oBLIGATED To MAKE or TAKE DELIVErY oF THE UNDErLYING INTErEST oF A FUTUrES CoNTrACTAND, IN rESPECT oF oPTIoNS, EXPIrATIoN DATES AND rESTrICTIoNS oN THE TIME For EXErCISE). UNDEr CEr -TAIN CIrCUMSTANCES, THE SPECIFICATIoNS oF oUTSTANDING CoNTrACTS (INCLUDING THE EXErCISE PrICE oFAN oPTIoN) MAY BE MoDIFIED BY THE EXCHANGE or CLEArING HoUSE To rEFLECT CHANGES IN THE UNDErLYINGINTErEST.

(5) SUSPENSION OR RESTRICTION OF TRADING AND PRICING RELATIONSHIPS

MARKET CONDITIONS (e.g., ILLIQUIDITY) AND/ OR THE OPERATION OF THE RULES OF CERTAIN MARKETS (e.g., THE SUS-PENSIoN oF TrADING IN ANY CoNTrACT or CoNTrACT MoNTH BECAUSE oF PrICE LIMITS or CIrCUIT BrEAKErS)MAY INCREASE THE RISK OF LOSS BY MAKING IT DIFFICULT OR IMPOSSIBLE TO EFFECT TRANSACTIONS OR LIQUIDATE/oFFSET PoSITIoNS. IF YoU HAVE SoLD oPTIoNS, THIS MAY INCrEASE THE rISK oF LoSS.

FUrTHEr, NorMAL PrICING rELATIoNSHIPS BETWEEN THE UNDErLYING INTErEST AND THE FUTUrE, AND THE UN-

DErLYING INTErEST AND THE oPTIoN MAY NoT EXIST. THIS CAN oCCUr WHEN, For EXAMPLE, THE FUTUrES CoN-TrACT UNDErLYING THE oPTIoN IS SUBJECT To PrICE LIMITS WHILE THE oPTIoN IS NoT. THE ABSENCE oF AN UN-DErLYING rEFErENCE PrICE MAY MAKE IT DIFFICULT To JUDGE FAIr VALUE.

(6) DEPOSITED CASH AND PROPERTY

YoU SHoULD FAMILIArIZE YoUrSELF WITH THE ProTECTIoNS ACCorDED MoNEY or oTHEr ProPErTY YoU DE-PoSIT For DoMESTIC AND ForEIGN TrANSACTIoNS, PArTICULArLY IN THE EVENT oF A FIrM INSoLVENCY or BANK-rUPTCY. THE EXTENT To WHICH YoU MAY rECoVEr YoUr MoNEY or ProPErTY MAY BE GoVErNED BY SPECIFICLEGISLATIoN or LoCAL rULES. IN SoME JUrISDICTIoNS, ProPErTY WHICH HAD BEEN SPECIFICALLY IDENTIFIABLEAS YoUr oWN WILL BE ProrATED IN THE SAME MANNEr AS CASH For PUrPoSES oF DISTrIBUTIoN IN THE EVENToF A SHorT FALL.

(7) COMMISSION AND OTHER CHARGES

BEForE YoU BEGIN To TrADE, YoU SHoULD oBTAIN A CLEAr EXPLANATIoN oF ALL CoMMISSIoN, FEES AND oTHErCHArGES For WHICH YoU WILL BE LIABLE. THESE CHArGES WILL AFFECT YoUr NET ProFIT (IF ANY) or INCrEASEYoUr LoSS.

(8) TRANSACTIONS IN OTHER JURISDICTIONS

TrANSACTIoNS oN MArKETS IN oTHEr JUrISDICTIoNS, INCLUDING MArKETS ForMALLY LINKED To A DoMESTICMArKET, MAY EXPoSE YoU To ADDITIoNAL rISK. SUCH MArKETS MAY BE SUBJECT To rEGULATIoN, WHICH MAY oF-FEr DIFFErENT or DIMINISHED INVESTor ProTECTIoN. BEForE YoU TrADE YoU SHoULD ENQUIrE ABoUT ANYrULES rELEVANT To YoUr PArTICULAr TrANSACTIoNS. YoUr LoCAL rEGULATorY AUTHorITY WILL BE UNABLE ToCoMPEL THE ENForCEMENT oF THE rULES oF rEGULATorY AUTHorITIES or MArKETS IN oTHEr JUrISDICTIoNSWHErE YoUr TrANSACTIoNS HAVE BEEN EFFECTED. YoU SHoULD ASK THE FIrM WITH WHICH YoU DEAL For DE-TAILS ABoUT THE TYPES oF rEDrESS AVAILABLE IN BoTH YoUr HoME JUrISDICTIoN AND oTHEr rELEVANT JUrIS-DICTIoNS BEForE YoU STArT To TrADE.

(9) CURRENCY RISKS

THE ProFIT or LoSS IN TrANSACTIoNS IN ForEIGN CUrrENCY-DENoMINATED CoNTrACTS (WHETHEr THEY ArETrADED IN YoUr oWN or ANoTHEr JUrISDICTIoN) WILL BE AFFECTED BY FLUCTUATIoNS IN CUrrENCY rATESWHErE THErE IS A NEED To CoNVErT FroM THE CUrrENCY DENoMINATIoN oF THE CoNTrACT To ANoTHEr CUr-rENCY.

(10) TRADING FACILITIES

MoST oPEN-oUTCrY AND ELECTroNIC TrADING FACILITIES ArE SUPPorTED BY CoMPUTEr-BASED CoMPoNENTSYSTEMS For THE orDEr-roUTING, EXECUTIoN, MATCHING, rEGISTrATIoN or CLEArING oF TrADES. AS WITH ALLFACILITIES AND SYSTEMS, THEY ArE VULNErABLE To TEMPorArY DISrUPTIoN or FAILUrE. YoUr ABILITY To rE-CoVEr CErTAIN LoSSES MAY BE SUBJECT To LIMITS oN LIABILITY IMPoSED BY THE SYSTEM ProVIDEr, THE MArKET,THE CLEARING HOUSE AND/ OR MEMBER FIRMS. SUCH LIMITS MAY VARY; YOU SHOULD ASK THE FIRM WITH WHICHYoU DEAL For DETAILS IN THIS rESPECT.

CFTC risk Disclsue Stateent f Futues and optins - rules 1.55(c) and 190.10(c) - Page 2

Additinal risks Cn t Futues and optins

1


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THIS rISK DISCLoSUrE STATEMENT WAS ADoPTED BY THE CoMMoDITY FUTUrES TrADING CoMMISSIoN, AN AGENCY oFTHE FEDErAL GoVErNMENT. THE CFTC rEQUIrES THAT YoU ACKNoWLEDGE YoUr UNDErSTANDING oF THIS STATEMENTBEForE YoU oPEN AN ACCoUNT. THErEForE, WE UrGE YoU To rEAD THE STATEMENT CArEFULLY. PLEASE INForM VI-SIONS CUSTOMER SERVICE DEPARTMENT IF ANYONE TELLS YOU NOT TO READ THIS STATEMENT OR IF YOU HAVE QUES -TIoNS THAT HAVE NoT BEEN ANSWErED.

(11) ELECTRONIC TRADING

TrADING oN AN ELECTroNIC TrADING SYSTEM MAY DIFFEr NoT oNLY FroM TrADING IN AN oPEN-oUTCrY MArKET

BUT ALSo FroM TrADING oN oTHEr ELECTroNIC TrADING SYSTEMS. IF YoU UNDErTAKE TrANSACTIoNS oN ANELECTroNIC TrADING SYSTEM, YoU WILL BE EXPoSED To rISKS ASSoCIATED WITH THE SYSTEM INCLUDING THEFAILUrE oF HArDWArE AND SoFTWArE. THE rESULT oF ANY SYSTEM FAILUrE MAY BE THAT YoUr orDEr IS EITHErNoT EXECUTED ACCorDING To YoUr INSTrUCTIoNS or IS NoT EXECUTED AT ALL.

(12) OFF-EXCHANGE TRANSACTIONS

IN SoME JUrISDICTIoNS, AND oNLY THEN IN rESTrICTED CIrCUMSTANCES, FIrMS ArE PErMITTED To EFFECT oFF-EXCHANGE TrANSACTIoNS. THE FIrM WITH WHICH YoU DEAL MAY BE ACTING AS YoUr CoUNTErPArTY To THETrANSACTIoN. IT MAY BE DIFFICULT or IMPoSSIBLE To LIQUIDATE AN EXISTING PoSITIoN, To ASSESS THE VALUE, ToDETErMINE A FAIr PrICE or To ASSESS THE EXPoSUrE To rISK. For THESE rEASoNS, THESE TrANSACTIoNS MAYINVoLVE INCrEASED rISKS. oFF-EXCHANGE TrANSACTIoNS MAY BE LESS rEGULATED or SUBJECT To A SEPArATErEGULATorY rEGIME. BEForE YoU UNDErTAKE SUCH TrANSACTIoNS, YoU SHoULD FAMILIArIZE YoUrSELF WITHAPPLICABLE rULES AND ATTENDANT rISKS.

CFTC risk Disclsue Stateent f Futues and optins - rules 1.55(c) and 190.10(c) - Page 3

1

CFTC Risk Disclosure Statement Pursuant to CFTC Rule 190.10(c) For Non-Cash Margin:

THIS STATEMENT IS FUrNISHED To YoU BECAUSE rULE 190.10(c) oF THE CoMMoDITY FUTUrES TrADING CoMMIS-SION REQUIRES IT FOR REASONS OF FAIR NOTICE UNRELATED TO THIS COMPANYS CURRENT FINANCIAL CONDI -TIoN.

1. YOU SHOULD KNOW THAT IN THE UNLIKELY EVENT OF THIS COMPANYS BANKRUPTCY, PROPERTY, INCLUDINGProPErTY SPECIFICALLY TrACEABLE To YoU, WILL BE rETUrNED, TrANSFErrED or DISTrIBUTED To YoU, or oNYoUr BEHALF, oNLY To THE EXTENT oF YoUr Pro rATA SHArE oF ALL ProPErTY AVAILABLE For DISTrIBUTIoN ToCUSToMErS.

2. NoTICE CoNCErNING THE TErMS For THE rETUrN oF SPECIFICALLY INDENTIFIABLE ProPErTY WILL BE BYPUBLICATIoN IN A NEWSPAPEr oF GENErAL CIrCULATIoN.

3. THE COMMISSIONS REGULATIONS CONCERNING BANKRUPTCIES OF COMMODITY BROKERS CAN BE FOUND AT17 CoDE oF FEDErAL rEGULATIoNS PArT 190.

______________________________________________ ______________________________________________

______________________________________________

______________________________________________ ______________________________________________

______________________________________________

Your Signature

Print Name of Joint Owner Date

Print Your Name Date

X

Joint Owner Signature

X

I Hereby Acknowledge that I Have Read and Understand the Foregoing Risk Disclosure Statements

Pursuant to CFTC Rules 1.55(c) and 190.10(c)


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Individual* Jint**

Accunt Infatin - Geneal Infatin

2

Second Account Owner Information (If Joint Account)

____________________________________________

____________________________________________

____________________________________________

Address for account statements if different from above

____________________________________________

____________________________________________

Check one: U.S. Citizen Resident Alien Non-Resident Alien

____________________________________________

____________________________________________

(____) ______ ________ (____) ______ ________

(____) ______ ________ (____) ______ ________

______________________ _______________________

______________________ _______________________

______________________ _______________________

Custme Name

Residence Address (Street Address - No P.O. Boxes Allowed)

City State Zip Cunty

Employers Name

Psitin (If etied, pevius ccupatin) Suce f Incme Yeas Thee

Business Telephne Hme Telephne

Cell Phne Fax

E-mail Addess Scial Secuity Numbe (if applicable)

Date of Birth (MM/DD/YYYY) Maital Status

Numbe f Dependents Mothers Maiden Name

Account Owner Information

____________________________________________

____________________________________________

____________________________________________

Address for account statements if different from above

____________________________________________

____________________________________________

Check one: U.S. Citizen Resident Alien Non-Resident Alien

____________________________________________

____________________________________________

(____) ______ ________ (____) ______ ________

(____) ______ ________ (____) ______ ________

______________________ _______________________

______________________ _______________________

______________________ _______________________

Custme Name

Residence Address (Street Address - No P.O. Boxes Allowed)

City State Zip Cunty

Employers Name

Psitin (If etied, pevius ccupatin) Suce f Incme Yeas Thee

Business Telephne Hme Telephne

Cell Phne Fax

E-mail Addess Scial Secuity Numbe (if applicable)

Date of Birth (MM/DD/YYYY) Maital Status

Numbe f Dependents Mothers Maiden Name

______________________ _______________________

Required Under Visions Anti-Money Laundering

Policy

Yu Cunty f Citizenship

Please include a phtcpy (enlaged if pssible) f yu cuentpasspt, dives license the gvenment issued dcumentbeaing a phtgaph when etuning this applicatin t Visin.

I am I am not a current or former senior ofcial of a for-eign government or political party, or senior executive of a foreigngvenment-wned cmmecial entepise, a family membe clse assciate f such pesn.

Type of Account

*If a retirement account, please check this box:

**If a Joint Account, please specify type of ownership: Joint Tenants with Right of Survivorship Tenants-In-Common

______________________ _______________________

Required Under Visions Anti-Money Laundering

Policy (If Joint Account)

Yu Cunty f Citizenship Dives License # Passpt #Alien Identication Card #(if applicable)

Please include a phtcpy (enlaged if pssible) f yu cuentpasspt, dives license the gvenment issued dcumentbeaing a phtgaph when etuning this applicatin t Visin.

I am I am not a current or former senior ofcial of a for-eign government or political party, or senior executive of a foreigngvenment-wned cmmecial entepise, an entity businessformed for the benet of such person, or a family member or closeassciate f such pesn a feign shell bank.

Dives License # Passpt #Alien Identication Card #(if applicable)


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Second Account Owner (If Joint Account)

Investment / Trading Experience

Account Owner

Accunt Infatin - Geneal Infatin - Page 2

2

Annual Income from All Sources in U.S. Dollars: Excludeincome from spouse or joint account holder:

Belw $25,000

$25,000 - $49,999

$50,000 - $99,999

$100,000 - $199,999

$200,000 - $499,999

$500,000 +

Liquid Net Worth in U.S. Dollars: Exclude the value of yourresidence and other illiquid assets:

Belw $50,000

$50,000 - $99,999

$100,000 - $249,999

$250,000 - $499,999

$500,000 - $999,999

$1,000,000 +

Total Net Value of All Assets in U.S. Dollars: Ttal assetsminus total liabilities:

Belw $50,000

$50,000 - $99,999

$100,000 - $249,999

$250,000 - $499,999

$500,000 - $999,999

$1,000,000 +

How many years experience do you have investing in the fllwing aeas?

Less than1 yea

Futues

Futues optins

Stck optins

Futures Funds/

Hedge Funds

Mutual Funds/Stcks

1-5 ys. 6-10 ys. 10+ ys.

Name of FCM(s) where you have had futures accounts in the last 5 years:

____________________________________________

____________________________________________

Name of Broker/Dealer(s) where you have had securities accounts in the

last 5 years:

____________________________________________

Annual Income from All Sources in U.S. Dollars: Excludeincome from spouse or joint account holder:

Belw $25,000

$25,000 - $49,999

$50,000 - $99,999

$100,000 - $199,999

$200,000 - $499,999

$500,000 +

Liquid Net Worth in U.S. Dollars: Exclude the value of yourresidence and other illiquid assets:

Belw $50,000

$50,000 - $99,999

$100,000 - $249,999

$250,000 - $499,999

$500,000 - $999,999

$1,000,000 +

Total Net Value of All Assets in U.S. Dollars: Ttal assetsminus total liabilities:

Belw $50,000

$50,000 - $99,999

$100,000 - $249,999

$250,000 - $499,999

$500,000 - $999,999

$1,000,000 +

Financial Information

Investment / Trading Experience (If Joint Account)

How many years experience do you have investing in the fllwing aeas?

Less than1 yea

Futues

Futues optins

Stck optins

Futures Funds/

Hedge Funds

Mutual Funds/Stcks

1-5 ys. 6-10 ys. 10+ ys.

Name of FCM(s) where you have had futures accounts in the last 5 years:

____________________________________________

____________________________________________

Name of Broker/Dealer(s) where you have had securities accounts in the

last 5 years:

____________________________________________


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VisionForm:


Yes* N

Yes* N

Yes* N

Yes* N

Yes* N

Yes* N

Account Owner Information

Customer Acknowledgement:Yu acknwledge that Visin is elying n this infmatin in appvingyour account and extending you credit and that all such information istue and cect.

____________________________________________

_____________________________ _____________

Have yu eve been the subject f a bankuptcypceeding, eceiveship, simila actin?

Have yu eve been in a legal dispute,abitatin, epaatins actin elated t a cmmdity secuities accunt?

Have yu eve clsed an accunt with an unsatis-ed debit balance at a commodity or securitiesrm?

D yu maintain an accunt at any the futuescmmissin mechant, intducing bke broker/dealer?

Is this a hedge accunt used f the pupse feducing isk in cnnectin with the cnduct

management f a cmmecial entepise? If s,please cmplete the hedge accunt epesenta-tin lette in Fm 11.

Are you an afliated person of a futures com-missin mechant f an intducing bkeregistered under the Commodity Exchange Act orof a broker/dealer registered under the SecuritiesExchange Act of 1934? If so, specify rm name:

_____________________________________

Education: High Schl Undegaduate Gaduate

______________________ _______________________Field f Study Degees obtained

(An afliated person is dened as any general partner, ofcer, director,owner of more than ten percent of the equity interest, branch manager,assciated pesn emplyee, f the egisteed entity, and any elative spuse f any f the feging pesns, elative f such spuse whshaes the same hme as any f the feging pesns.)

2

Accunt Infatin - Geneal Infatin - Page 3

Your Signature Date

XPrint Your Name

* If yes, explain in the space below marked Additional Information.

Yes* N

Yes* N

Yes* N

Yes* N

Yes* N

Yes* N

Second Account Owner Information (If Joint Account)

Customer Acknowledgement:Yu acknwledge that Visin is elying n this infmatin in appvingyour account and extending you credit and that all such information istue and cect.

____________________________________________

_____________________________ _____________

Have yu eve been the subject f a bankuptcypceeding, eceiveship, simila actin?

Have yu eve been in a legal dispute,abitatin, epaatins actin elated t a cmmdity secuities accunt?

Have yu eve clsed an accunt with an unsatis-ed debit balance at a commodity or securitiesrm?

D yu maintain an accunt at any the futuescmmissin mechant, intducing bke broker/dealer?

Is this a hedge accunt used f the pupse feducing isk in cnnectin with the cnduct

management f a cmmecial entepise? If s,please cmplete the hedge accunt epesenta-tin lette in Fm 11.

Are you an afliated person of a futures com-missin mechant f an intducing bkeregistered under the Commodity Exchange Act orof a broker/dealer registered under the SecuritiesExchange Act of 1934? If so, specify rm name:

_____________________________________

Education: High Schl Undegaduate Gaduate

______________________ _______________________Field f Study Degees obtained

(An afliated person is dened as any general partner, ofcer, director,owner of more than ten percent of the equity interest, branch manager,assciated pesn emplyee, f the egisteed entity, and any elative spuse f any f the feging pesns, elative f such spuse whshaes the same hme as any f the feging pesns.)

Signature of Joint Owner Date

XPrint Name of Joint Owner

* If yes, explain in the space below marked Additional Information.

Approved by Introducing Broker:

____________________________________________

_____________________________ _____________

Print or Type Name of Introducing Broker

IB Principals Signature Date

X

____________________________________________

_____________________________ _____________

Print or Type Name of Introducing Broker

IB Principals Signature Date

X

Approved by Vision Financial Markets LLC:

___________________________________ ___________________________________ ________________ADDITIONAL INFORMATION

Print Name of Vision Principal Date

XVision Principals Signature


10/28Individual and Jint Accunts 7

Give form to therequester. Do notsend to the IRS.

Form W-9 Request for TaxpayerIdentification Number and Certification(Rev. November 2005)

Department of the TreasuryInternal Revenue Service

Name (as shown on your income tax return)

List account number(s) here (optional)

Address (number, street, and apt. or suite no.)

City, state, and ZIP codePrintortype

See

Specific

Instructions

on

page

2.

Taxpayer Identification Number (TIN)

Enter your TIN in the appropriate box. The TIN provided must match the name given on Line 1 to avoidbackup withholding. For individuals, this is your social security number (SSN). However, for a residentalien, sole proprietor, or disregarded entity, see the Part I instructions on page 3. For other entities, it isyour employer identification number (EIN). If you do not have a number, see How to get a TIN on page 3.

Social security number

or

Requesters name and address (optional)

Employer identification numberNote. If the account is in more than one name, see the chart on page 4 for guidelines on whose

number to enter.

Certification

1. The number shown on this form is my correct taxpayer identification number (or I am waiting for a number to be issued to me), and

I am not subject to backup withholding because: (a) I am exempt from backup withholding, or (b) I have not been notified by the InternalRevenue Service (IRS) that I am subject to backup withholding as a result of a failure to report all interest or dividends, or (c) the IRS hasnotified me that I am no longer subject to backup withholding, and

2.

Certification instructions. You must cross out item 2 above if you have been notified by the IRS that you are currently subject to backupwithholding because you have failed to report all interest and dividends on your tax return. For real estate transactions, item 2 does not apply.For mortgage interest paid, acquisition or abandonment of secured property, cancellation of debt, contributions to an individual retirementarrangement (IRA), and generally, payments other than interest and dividends, you are not required to sign the Certification, but you mustprovide your correct TIN. (See the instructions on page 4.)

SignHere Signature ofU.S. person Date

Purpose of Form

Form W-9 (Rev. 11-2005)

Part I

Part II

Business name, if different from above

Cat. No. 10231X

Check appropriate box:

Under penalties of perjury, I certify that:

U.S. person. Use Form W-9 only if you are a U.S. person(including a resident alien), to provide your correct TIN to theperson requesting it (the requester) and, when applicable, to:

1. Certify that the TIN you are giving is correct (or you arewaiting for a number to be issued),

2. Certify that you are not subject to backup withholding, or3. Claim exemption from backup withholding if you are a

U.S. exempt payee.

3. I am a U.S. person (including a U.S. resident alien).

A person who is required to file an information return with theIRS, must obtain your correct taxpayer identification number(TIN) to report, for example, income paid to you, real estatetransactions, mortgage interest you paid, acquisition orabandonment of secured property, cancellation of debt, orcontributions you made to an IRA.

Individual/

Sole proprietorCorporation Partnership Other

Exempt from backup

withholding

Note. If a requester gives you a form other than Form W-9 torequest your TIN, you must use the requesters form if it issubstantially similar to this Form W-9.

An individual who is a citizen or resident of the UnitedStates,

A partnership, corporation, company, or associationcreated or organized in the United States or under the lawsof the United States, or

Any estate (other than a foreign estate) or trust. SeeRegulations sections 301.7701-6(a) and 7(a) for additionalinformation.

For federal tax purposes, you are considered a person if youare:

In 3 above, if applicable, you are also certifying that as aU.S. person, your allocable share of any partnership incomefrom a U.S. trade or business is not subject to thewithholding tax on foreign partners share of effectivelyconnected income.

Special rules for partnerships. Partnerships that conduct atrade or business in the United States are generally requiredto pay a withholding tax on any foreign partners share ofincome from such business. Further, in certain cases where a

Form W-9 has not been received, a partnership is required topresume that a partner is a foreign person, and pay thewithholding tax. Therefore, if you are a U.S. person that is apartner in a partnership conducting a trade or business in theUnited States, provide Form W-9 to the partnership toestablish your U.S. status and avoid withholding on yourshare of partnership income.

The person who gives Form W-9 to the partnership forpurposes of establishing its U.S. status and avoidingwithholding on its allocable share of net income from thepartnership conducting a trade or business in the UnitedStates is in the following cases:

The U.S. owner of a disregarded entity and not the entity,


11/28Individual and Jint Accunts 8

Form W-8BEN(Rev. February 2006)

Department of the TreasuryInternal Revenue Service

Certificate of Foreign Status of Beneficial Ownerfor United States Tax Withholding

See separate instructions. Give this form to the withholding agent or payer. Do not send to the IRS.

OMB No. 1545-1621

Do not use this form for: Instead, use Form:

A foreign partnership, a foreign simple trust, or a foreign grantor trust (see instructions for exceptions) W-8ECI or W-8IMY A foreign government, international organization, foreign central bank of issue, foreign tax-exempt organization,

foreign private foundation, or government of a U.S. possession that received effectively connected income or that isclaiming the applicability of section(s) 115(2), 501(c), 892, 895, or 1443(b) (see instructions) W-8ECI or W-8EXP

A person acting as an intermediary W-8IMY

A person claiming that income is effectively connected with the conductof a trade or business in the United States W-8ECI

Part I

Part II

Identification of Beneficial Owner (See instructions.)1

3

2

4

5

6 7

Name of individual or organization that is the beneficial owner

Type of beneficial owner:

Country of incorporation or organization

Permanent residence address (street, apt. or suite no., or rural route). Do not use a P.O. box or in-care-of address.

City or town, state or province. Include postal code where appropriate. Country (do not abbreviate)

U.S. taxpayer identification number, if required (see instructions) Foreign tax identifying number, if any (optional)

Individual Corporation Partnership Simple trust

Mailing address (if different from above)

City or town, state or province. Include postal code where appropriate. Country (do not abbreviate)

Claim of Tax Treaty Benefits (if applicable)

I certify that (check all that apply):

The beneficial owner is a resident of within the meaning of the income tax treaty between the United States and that country.

If required, the U.S. taxpayer identification number is stated on line 6 (see instructions).The beneficial owner is not an individual, derives the item (or items) of income for which the treaty benefits are claimed, and, ifapplicable, meets the requirements of the treaty provision dealing with limitation on benefits (see instructions).

The beneficial owner is not an individual, is claiming treaty benefits for dividends received from a foreign corporation or interest from aU.S. trade or business of a foreign corporation, and meets qualified resident status (see instructions).

The beneficial owner is related to the person obligated to pay the income within the meaning of section 267(b) or 707(b), and will fileForm 8833 if the amount subject to withholding received during a calendar year exceeds, in the aggregate, $500,000.

Under penalties of perjury, I declare that I have examined the information on this form and to the best of my knowledge and belief it is true, correct, and complete. Ifurther certify under penalties of perjury that:1 I am the beneficial owner (or am authorized to sign for the beneficial owner) of all the income to which this form relates,2 The beneficial owner is not a U.S. person,3 The income to which this form relates is (a) not effectively connected with the conduct of a trade or business in the United States, (b) effectively connected but isnot subject to tax under an income tax treaty, or (c) the partners share of a partnerships effectively connected income, and4 For broker transactions or barter exchanges, the beneficial owner is an exempt foreign person as defined in the instructions.

Sign Here Signature of beneficial owner (or individual authorized to sign for beneficial owner) Date (MM-DD-YYYY)For Paperwork Reduction Act Notice, see separate instructions. Cat. No. 25047Z Form W-8BEN (Rev. 2-2006)

Section references are to the Internal Revenue Code.

a

bc

d

e

SSN or ITIN EIN

Capacity in which acting

Disregarded entity

Certification

9

Special rates and conditions (if applicablesee instructions): The beneficial owner is claiming the provisions of Article of the

treaty identified on line 9a above to claim a % rate of withholding on (specify type of income): .

Explain the reasons the beneficial owner meets the terms of the treaty article:

10

Government International organization

Central bank of issue Tax-exempt organization

Part IV

Part III Notional Principal Contracts

11 I have provided or will provide a statement that identifies those notional principal contracts from which the income is not effectivelyconnected with the conduct of a trade or business in the United States. I agree to update this statement as required.

A U.S. citizen or other U.S. person, including a resident alien individual W-9

Private foundation

Note: These entities should use Form W-8BEN if they are claiming treaty benefits or are providing the form only toclaim they are a foreign person exempt from backup withholding.

Note: See instructions for additional exceptions.

Grantor trust EstateComplex trust

Furthermore, I authorize this form to be provided to any withholding agent that has control, receipt, or custody of the income of which I am the beneficial owner orany withholding agent that can disburse or make payments of the income of which I am the beneficial owner.

8 Reference number(s) (see instructions)


12/28


VisionFORM:

Individual and Joint Accounts 9

________________________________________ _____________________________________

________________________________________ _____________________________________

________________________________________ _____________________________________

________________________________________ _____________________________________

________________________________________

Please Sign and Date Below

Please keep a copy of this consent for your records.

In order to receive your trade conrmations and monthly account statements via e-mail, please complete the following

consent form. Please double check the accuracy of: (1) the e-mail address to which you would like to have your docu-

ments delivered, and (2) your account number.

Questions? Call Visions Customer Service at 800.440.6898 or 212.859.0200

Note that there may be a charge if we deliver a hard copy of any document to you because: 1) you do not sign thisform to consent to electronic delivery of documents, 2) you request a hard copy of any document that has already been

delivered by e-mail or 3) you request a duplicate copy of any document that has already been sent to you.

You acknowledge that by electronically receiving your conrmations and statements, you agree to promptly read,

review and communicate to us any discrepancies. Your conrmation and monthly account statements are deemed re-

ceived by you when made available by Vision, regardless of whether you actually access the documents. It is your sole

responsibility to provide Vision with any changes to your e-mail address and to notify Vision promptly of any difculty in

accessing, opening or otherwise viewing an electronically transmitted document. Vision will not be held responsible for

any losses you incur due to any failure of delivery or receipt of e-mail conrmations or statements.

This consent shall be effective until revoked by you in a writing which must be delivered to Vision. By your signature

below, you represent that the delivery and execution of this consent has been duly authorized.

I(We) hereby authorize Vision to e-mail to me(us):

Monthly account statements and trade conrmations*

*There is no charge for receiving a paper monthly account statement; duplicate copies incur a charge per copy. There

is a charge per paper trade conrmation. Electronic delivery of monthly account statements and trade conrmations is

provided at no charge.

All account statements and other information transmitted electronically shall be conclusive and nal unless

you object in writing or by electronic communication prior to the opening of the next regular trading session.

Your e-mail conrmation statements will be sent to you from [email protected]. If your In-

ternet provider implements any Spam Mail or Junk Mail monitoring services, you might need to identify

Visions e-mail address as a Safe Sender, or White List Visions e-mail address. Please contact your e-mail

administrator or ISP for assistance.

Please note that [email protected] is not a live person and no one will respond to any

e-mails sent to this e-mail address. Please contact [email protected] with any

questions.

Your Signature

Date

Joint Owner Signature

E-mail Address for Receipt of Statements

Date

E-mail Address for Receipt of Statements

Account Number(s)

3

Consent to Electronic Delivery o Visions Confrmations and Statements

X X

Print Your Name Print Name of Joint Owner


13/28


VisionForm:


In consideration of Vision Financial Markets LLC (Vision) acting as broker and accepting one or more account(s) in commodities,commodity futures contracts, options on commodities, or options on commodity futures contracts (collectively, Commodity Inter-ests) for the undersigned (Customer), it is agreed:

1. AUTHORIZATION. Customer authorizes Vision to purchase and sell Commodity Interests for Customers account in accordance with Customers oral, electronic or written instructions. We shall not be liable for acting on any false or erroneous instructions which appeared to us to be

genuine accuate.

2. GOVERNMENTAL AND EXCHANGE RULES. All tansactins shall be subject t the cnstitutin, by-laws, ules, egulatins, custms, us-ages, rulings and interpretations of the exchanges, markets and clearing organizations where executed and to all rules and regulations of theNatinal Futues Assciatin (NFA), Cmmdity Futues Tading Cmmissin (CFTC) and the applicable fedeal state laws and egula-tins (cllectively, Gvening regulatins). If any Gvening regulatins change, thse changes shall be binding upn Visin and Custme asif made a part of this agreement without any additional action on Visions part. If those changes are incnsistent with any f the pvisins heefthe affected provisions of this agreement shall be deemed modied or superseded, as the case may be, by the applicable provisions of such statute, rule or regulation, and all other provisions of this agreement and provisions so modied shall in all respects continue in full force and effectVisions failure to comply with any such Governing Regulations shall not be a breach of this agreement or otherwise impose liability upon Visionn elieve Custme f any bligatins heeunde. If Custme is subject t any Gvening regulatin, Visin shall have n duty t deteminewhethe Custme is in cmpliance with any Gvening regulatin.

3. CLEARING. Vision may execute all purchases, sales and deliveries of underlying Commodity Interests for Customers account through Vision thugh an mnibus cleaing aangement with anthe futues cmmissin mechant (FCM). All ights and bligatins f Visin pusuant t

this agreement shall also be extended to the clearing FCM with whom Vision has an omnibus clearing agreement.

4. MARGINS. Custme shall pvide t and maintain with Visin cash acceptable magin in an amunt that Visin, in its sle discetin, mayfrom time to time determine. Margin requirements established by Vision may exceed the margin required of Vision by an exchange. Informationregarding exchange and Vision margin requirements is available on request from Vision. No previous margin requirement established by Visionshall constitute a precedent or prevent Vision from changing its margin requirements at any time. Customer agrees to monitor Customers accounto determine if the account is properly margined. Customer will immediately forward sufcient funds to cure any margin deciency and shall beresponsible for maintaining adequate margin at all times without waiting for notice or a margin call from Vision. If Vision calls for additional marginCustomer shall promptly deposit such funds and in such manner as Vision shall require. Customer agrees to furnish Vision upon request with thenames of bank ofcers for immediate verication of payment. Customer will meet the margin call within a reasonable time, deemed to be one (1hour or less if, in Visions sole discretion, market conditions warrant. Visin may, at any time, pceed in accdance with Sectin 6 belw, and anyfailue t pceed shall nt be deemed a waive f any ights by Visin. Visin shall nt be liable t Custme f the lss f any magin depsitsthat is the direct or indirect result of the bankruptcy, insolvency, liquidation, receivership, custodianship, or assignment for the benet of creditorsof any bank, clearing broker, exchange, clearing organization, or similar entity.

5. SECURITY AGREEMENT, CROSS COLLATERAL AND TRANSFER AUTHORIZATION. T secue all debts and bligatins f Custme tVisin, all Custme funds, secuities, negtiable instuments, physical cmmdities the ppety which Visin nw heeafte at any time iscarrying or which may be in Visions possession or control or carried on its books for any purpose, will be held by Vision as security and is subject a geneal lien, secuity inteest and ight f set-ff f all liabilities f Custme t Visin. Visin, in its sle discetin, withut pi ntice t Customer, may use credit, apply or transfer any of Customers property interchangeably between any of Customers accounts at Vision or an afliateof Vision as Vision may consider necessary to satisfy margin requirements, reduce any decit or debit balance in any of Customers accounts, oprotect Vision. Vision will conrm such application or transfer within a reasonable time thereafter. Subject to Commodity Exchange Act segregation requirements, Customer hereby grants to Vision the right to pledge, repledge, hypothecate, or rehypothecate, either separately or with theproperty of other customers, any securities or other property held by Vision for the accounts of Customer, to any exchange or clearing housethrough which Customer trades are executed. In addition, Vision may invest and reinvest any funds deposited by Customer, subject to applicablesegregation requirements, and Vision shall be under no obligation to pay Customer any interest on cash balances, income or to provide any othebenet derived from the investment of Customers property. Customer irrevocably appoints Vision as Customers attorney-in-fact with power osubstitution to execute any documents for the perfection or registration of such general lien and security interest. Vision reserves the right to limithe numbe f Cmmdity Inteests that Custme may maintain thugh Visin at any time. Custme agees nt t make any tade individuallyor in concert with others that exceeds position limits imposed on Customer by Vision, the CFTC, any exchange or other Governing Regulations

6. BREACH; LIQUIDATION OF ACCOUNTS AND PAYMENT OF COSTS.(a) Visin shall have all ights and emedies available t a secued cedit unde Gvening regulatins, in additin t the ights and emediespvided heein. In the event f a beach, epudiatin default by yu, yu undestand that Visin may at any time, at u sle discetin andwithout prior notice to you: prohibit or restrict your access to the use of Visions Web site or related services and your ability to trade; refuse to accept any of your transactions; refuse to execute any of your transactions; and/or terminate your account. The closing of the account will not affecthe rights and/or obligations of either party incurred prior to the date the account is closed.

(b) In the event of (i) the death or judicial declaration of incompetency of Customer, (ii) the ling of a petition in bankruptcy, a petition forthe appointment of a receiver by or against Customer or a joint tenant in the account, or an assignment for the benet of creditors, (iii) termination, wind-up or dissolution of Customer, (iv) an attachment, garnishment or levy on Customers account, (v) insufcient margin as determined by Vision in its sole discretion, (vi) Visions determination that any collateral deposited to protect one or more accounts of Customer is inadequate or insufcient regardless of market quotations to secure such account, (vii) any representations or warranties under thisageement shall be untue in any mateial espect when made epeated (viii) any the cicumstances that Visin deems necessay

4

Custe Ageeent


14/28


VisionForm:


or appropriate for its protection, Vision is hereby authorized to take any or all of the following actions regarding Customers account: (I) satisfy anyobligation Customer may have to Vision out of any of Customers property held by Vision or an afliate of Vision; (II) set-off, net and/or recoup anyVision obligations against your obligations; (III) liquidate any assets in your account and apply the proceeds to satisfy your obligations; (IV) converany obligation from one currency to another currency; (V) sell, buy or liquidate positions in your account without demand or notice; (VI) initiatenew long or short Commodity Interest positions; (VII) cancel any or all open orders; and (VIII) take any other action Vision deems appropriate.Any or all of the above actions may be taken at Visions discretion without demand or call for margin or additional margin and without prior notice

t Custme the tenants in a jint accunt. Custme shall at all times be liable f the payment f any debit balance upn demand by Visin.Notwithstanding a prior demand or notice, Vision shall not be deemed to have waived its right to sell, buy or liquidate Customer positions withoudemand or notice as provided herein. Customer shall be responsible for and shall promptly pay to Vision all account decits and other obligationsCustme may we t Visin (cllectively, Custme Debts), plus inteest theen at ates set fth in Sectin 16. Custme futhe agees tpay all of Visions costs and expenses, including without limitation, in-house and outside attorneys fees, incurred in collecting Customer Debtsin any legal pceeding unless Custme is the pevailing paty. Custme Debts ae payable n the date incued withut demand by VisinCustomer promises and agrees to wire transfer any amount equal to or in excess of Ten Thousand Dollars ($10,000) to Vision with Customersname pminently displayed.

7. DELIVERY MONTH LIQUIDATION INSTRUCTIONS. Customer is responsible for providing to Vision appropriate liquidating instructions onopen positions maturing in a delivery month or appropriate funds or documents at a reasonable time but no later than ve business days prior tothe rst notice day in the case of long positions and, in the case of short positions, ve business days prior to the last trading day in advance of theexpiration. If Customer fails to do so, Vision may, without notice, liquidate or cover open positions or make or receive delivery on behalf of Custome upn such tems and by such methds that Visin deems ppe. Custme shall indemnify and hld hamless Visin f all csts incued byVision (including but not limited to all nes, loss of interest, and attorneys fees) in liquidating, making or receiving delivery, or retendering delivery

notices. In the event Customer fails to deliver to Vision any physical commodity sold short in compliance with applicable exchange rules, or Visiondecides it is necessary to replace any physical commodity previously delivered to it for Customers account with another physical commodity olike kind amunt, Custme designates Visin as its agent t bw buy and delive the same and shall immediately pay t and indemnifyVision for all fees, costs, losses, damages (including consequential damages, penalties and nes) and premiums in connection therewith.

8. CHARGES. Customer agrees to pay such brokerage fees, commissions, transaction fees, and account charges as Vision, or its clearing rmmay establish from time to time. Such fees include, without limitation, fees imposed by the NFA and exchanges and processing and servicingcharges. Insignicant residuals on block trades may be held by Vision and treated as additional servicing charges. In the event that Customersaccunt is tansfeed t anthe futues cmmissin mechant, a easnable tansfe chage shall apply, which shall be chaged against Customers account and which Customer shall be required to pay prior to transfer of the account. If Customers account falls below a cash balance o$2,500.00 and the accunt has nt held any Cmmdity Inteests f 30 days, Visin may chage an inactive accunt fee up t $15.00 pe mnthprovided that this charge shall not apply to an individual retirement account. If in order to trade on a foreign exchange, Customers funds are conveted fm U.S. dllas t a feign cuency fm a feign cuency t U.S. dllas, Visin may chage a makup in additin t the pevailingexchange rates. Vision may adjust its fees from time to time without prior notice to Customer. Customer authorizes Vision to pay such fees fromassets in Customers account and, if necessary, by selling other assets in the account. Vision reserves the right to change its fees or charges, o

to implement additional fees or charges at any time, except as limited by applicable law. Fees are non-refundable.

9. STATEMENTS AND CONFIRMATIONS. All ntices, demands, epts the cmmunicatins shall be tansmitted t Custme at the ad-dess , in the case f cmmunicatins, the telephne numbe e-mail addess (if Custme has cnsented t e-mail delivey), shwn n theaccunt applicatin t such the addess Custme designates in witing. All electnic cmmunicatins t Custme shall be deemed t havebeen received by Customer personally at the time so sent to Customer or Customers authorized agent, whether actually received or not. Reportsof the execution of orders, trade conrmations or other notices shall be conclusive and nal and shall be deemed to be accepted and ratied byCustomer, unless Customer objects by written communication actually received by Vision at its principal ofce (One Whitehall Street, 15th FloorNew York, NY 10004) within ten (10) business days after delivery of or communication of the conrmation, notice or report to the Customer byVisin. In additin, if Visin has nt pmptly advised Custme f the status f any de placed by Custme, Custme shall pmptly, but in nevent later than 24 hours after an order has been placed, contact Vision by telephone to verify Customers account status. Customers failure tocntact Visin shall elieve Visin f any espnsibility liability with espect t such de. All des shall nly be gd f the day such desare placed, unless specied by Customer to be open orders. Any open order placed by Customer will not be cancelled by Vision unless Customespecically requests cancellation. Vision shall not be held responsible for delays in the transmission or execution of orders due to a breakdowndelay in or failure of transmission or communication facilities, or for any other cause beyond Visions control. CUSTOMER MUST OBJECT TO

ITS MONTHLY STATEMENTS, TRADE CONFIRMATIONS OR OTHER NOTICES IN WRITING AND DIRECT SUCH NOTICES TO VISION AT:ONE WHITEHALL STREET, 15TH FLOOR, NEW YORK, NY 10004, OR BY FACSIMILE TO 312.849.9227, WITHIN THE TIME PERIOD SETFORTH ABOVE. CUSTOMERS FAILURE TO OBJECT TIMELY AND IN WRITING SHALL CONSTITUTE RATIFICATION OF ALL ACTIONSTAKEN BY VISION OR ITS AGENTS.

10. MARKET, TAX, LEGAL OR ACCOUNTING ADVICE OR INFORMATION. Customer acknowledges that Vision does not provide any taxaccounting or legal advice of any kind to Customer. Vision does not give advice or offer any opinion with respect to the protability, suitability optential value f any paticula tansactin investment stategy. Custme futhe acknwledges that any ecmmendatins, maket lettes the infmatin (Maket Infmatin) pvided t Custme by Visin any Intducing Bke cleaing thugh Visin des nt cnstitutean ffe t sell t buy any secuity Cmmdity Inteest. Althugh deived fm suces believed t be eliable, Visin makes n epesen-tatin, waanty guaanty as t, and shall nt be espnsible f, the accuacy cmpleteness f any infmatin funished t CustmeVision makes no representation, warranty or guaranty with respect to the tax consequences of Customers transactions. Vision personnel mayhave diffeent pinins abut Maket Infmatin and ecmmendatins made by Visin in its maket lettes thewise and such infmatinmay not be consistent with positions held by Vision, its afliates, ofcers, directors, employees or agents. Vision will not disclose its positions o

4

Custe Ageeent - Page 2


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VisionForm:


4


trading intentions, or those of its ofcers, directors and other personnel to Customer due to the condential and proprietary nature of such information. Customer assumes the risk of relying on Market Information and hereby indemnies and holds Vision harmless from any and all claims, demands, losses, damages or expenses Vision may incur as a result of Customers use of Market Information. Customer agrees that any investmendecisions and transactions it makes will be based solely on Customers own evaluation of its nancial circumstances and investment objectivesand whether such decisions and transactions are suitable with respect to its investment and/or trading strategy.

11. CUSTOMER REPRESENTATIONS AND WARRANTIES. By signing this ageement, Custme epesents and waants, and Custme wilbe deemed to have repeated each representation and warranty at the time of entering into each transaction, that: (a) he or she is of legal ageand sound mind, (b) all information provided to Vision is true and correct and is not misleading, (c) except as disclosed in writing to Vision, noone except Customer has an interest in any account or accounts carried for Customer by Vision, (d) Customer has read and understands thisageement and has the pwe and authity t ente int this ageement, and t engage in tansactins f the kind cntemplated heeunde, (ethe performance of Customers obligations hereunder are not prohibited by any Governing Regulation, agreement or judicial or administrativeorder, (f) if applicable, the persons executing this agreement are duly authorized to sign this agreement in Customers name, (g) unless Customeexpressly advise Vision to the contrary, Customer hereby represents that Customer is not an afliate (as dened in Rule 144A(a)(1) of the Securities Act of 1933) of the issuer of any security held in Customers account, and (h) Customer will not give or seek to give an order to Vision for aforeign exchange transaction (i.e., spots, forwards and options) without obtaining the agreement of Vision as to the following terms of each suchtrade: (x) specied amount of currency that is to be bought or sold, and (y) the specic exchange rate at which the specied amount of currencyis t be bught sld.

Customer further represents that Customer is not (I) an exchange, (II) a corporation in which any exchange owns a majority of the capital stock(III) a member of any exchange, (IV) a futures commission merchant or (V) an introducing broker. Customer agrees that Customer will promptly

ntify Visin in witing if any f the infmatin epesentatins cntained in the Accunt Applicatin in this ageement mateially changes becmes inaccuate in any mateial aspect.

12. ORDERS. Visin may efuse t accept any Custme instuctins and may pcess such instuctins in any manne it believes cmmeciallyeasnable. Custme acknwledges Visin has abslute discetin in (a) uting tade des as lng as it makes a easnable and gd faitheffort to obtain best execution; and (b) selecting oor brokers and shall not be responsible for a oor brokers negligence, error or inability to an order. For orders executed electronically via the Internet, online order entry systems or by facsimile (Electronic Orders), Visions liability islimited t diect damages caused slely by its gss negligence willful miscnduct. Visin is nt espnsible f lss damages (includingwithout limitation, loss of prots or use, direct, indirect, incidental, punitive, or consequential damages), arising from (a) any failure or malfunctionf an Electnic ode enty system inability t ente cancel Electnic odes, (b) any fault in delivey, delay, inteuptin, inaccuacy teminatin affecting all pat f any Electnic ode system any suppting facility, egadless f whethe a claim aises in cntact, tt otherwise. Unless otherwise specied, Customer instructions are not valid beyond the trading session.

13. CONSENT TO CROSS TRANSACTIONS. To comply with exchange rules regarding cross trade procedures and the execution of trades inwhich a oor broker or brokerage rm may be directly or indirectly involved as a principal, Customer consents that Vision may, without prior notice

execute Customer Orders against which Vision, its directors, managers, ofcers, employees, agents or oor brokers may directly or indirectly become the opposite party, provided that such executions are made in accordance with Governing Regulations. This consent shall remain in effecuntil Custme delives a witten evcatin t Visin.

14. EXERCISE AND ASSIGNMENT OF COMMODITY OPTIONS. Customer understands that: (a) Customer must notify Vision of its intent toexercise an option not later than 3:15 p.m. Chicago time on the day before the applicable exchange deadline; (b) Visions exercise date andtime may be earlier than those set by an exchange; and (c) failure to provide such notice may constitute an abandonment of the option, whichmay become worthless if Customer does not deliver instructions before the deadline. Even though certain exchanges and clearing organizationsautomatically exercise some in-the-money options, Customer is solely responsible for taking action to exercise or prevent exercise of an optionVision is not required to take any action with respect to an option, including any action to exercise a valuable option before its expiration date oto prevent the automatic exercise of an option. All short option positions are subject to assignment at any time, including positions established onthe same day that exercises are assigned. Exercise and assignment notices are allocated randomly among all short options positions subject toexercise.

15. CREDIT CHECK. Customer authorizes Vision, from time to time, to contact any nancial institution, credit agency and other reference to

verify Customers information, including nancial information. Customer may request in writing within a reasonable period of time a copy of thecedit ept.

16. INTEREST. Inteest chageable n amunts Custme wes Visin shall be the lesse f the highest ate pemitted by law tw pecent (2%abve the U.S. pime ate as shwn in the Wall Steet Junal n the date the Custme Debt becmes due and payable.

17. CURRENCY FLUCTUATION RISK.If Customer directs Vision to enter into any transaction to be effected in a foreign currency: (a) any proor loss arising as a result of a uctuation in the exchange rate affecting such currency will be entirely for Customers account and risk;(b) all initiaand subsequent deposits for margin purposes shall be made in U.S. dollars in such amounts as Vision in its sole discretion may require; and(c) Vision is authorized to convert funds in Customers account into and from such foreign currency at an exchange rate determined by Vision onthe basis of then prevailing exchange rates. Transactions on markets in other jurisdictions, including markets formally linked to a domestic marketmay expose Customer to additional risk. Such markets may be subject to regulation, which may offer different or diminished investor protectionU.S. egulaty authities may be unable t cmpel the enfcement f the ules f egulaty authities makets in the juisdictins.


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18. JOINT ACCOUNTS. If this accunt is held by me than ne pesn, all f the jint hldes ae jintly and seveally liable t Visin f any andall bligatins aising ut f tansactins in the accunt and agee t be bund by all tems and cnditins f this ageement. Visin is authizedt accept des and instuctins fm any ne f the jint wnes withut btaining the cnsent f the thes. Custme appints each ne f theother joint owners as Customers agent for receipt of statements, conrmations and notices, and Vision is authorized to send statements to anyne f the jint wnes. Each f the jint wnes, alne, shall have full authity f the jint accunt and may act in the name and n behalf f the

joint account. In the event a joint owner dies, the surviving owner(s) shall immediately notify Vision, and Vision (whether before or after notication

may take such action, institute such proceedings, require such papers, and liquidate all positions or restrict transactions in the account as Visionmay deem advisable. The estate(s) epesentative(s) f the deceased jint wne(s) shall be liable, and the suviving jint wne(s) shall emainliable, t Visin f any Custme Debt, debit balance lss in the accunt esulting fm the tansactins initiated pi t afte the eceipt byVisin f ntice f the death f said wne(s). If the accunt is held by the hldes as jint tenants with ight f suvivship, then, upn eceipof a certied document evidencing death or legal incapacity of one of the holders, the remaining holder or holders shall continue to be bound byall the tems and cnditins f this ageement.

19. PARTNERSHIP ACCOUNTS. Whee Custme is a patneship, in the event f the disslutin the teminatin f the patneship the disslutin, teminatin withdawal f a geneal patne f the patneship by death, etiement f any the easn, the emaining patnes shalimmediately give Vision written notice thereof and Vision may, before or after receiving such notice, close the partnerships account(s) and proceedin accordance with Section 6 above and take such action, institute such proceedings, require such papers, retain such portion of the account(s) orestrict transactions in the account(s) as Vision may deem advisable to protect Vision against any liability, tax or penalty under any present or futurelaws thewise. The estate f any f the geneal patnes wh shall have died shall be liable, and each suviving geneal patne shall cntinuet be liable, t Visin f any Custme Debt, debit balance lss in said accunt(s) esulting fm the cmpletin f tansactins initiated pi treceipt by Vision of such written notice or incurred in the liquidation of the account(s) or the adjustment of the interests of the respective parties

20. PENSION ACCOUNTS. If Customer is a Keogh plan, pension and prot sharing trust, or other employee benet plan (collectively, a Plan) asdened by Section 3(3) of the Employee Retirement Income Security Act of 1974 (ERISA), the undersigned trustee or its authorized designee(Trustee) acknowledges that the establishment of the account and all transactions executed through the account are subject to certain restrictions under Section 404(a) of ERISA, including the requirement that such transactions be prudent, that the investments be diversied, and thathee ae cetain tansactins which the Plan is phibited fm enteing int unde Sectin 406 f ErISA and Sectin 4975 f the Intenal rev-enue Cde (Cde) egadless f whethe such tansactins ae pudent. The Tustee futhe acknwledges that cetain tansactins if enteedinto by the Plan may result in the recognition of taxable income under Section 511 of the Code. The Trustee represents and warrants that, withrespect to each transaction to be executed through the account, the determination as to whether such transaction complies with the standards oSectin 404(a) f ErISA will cnstitute a tansactin phibited unde Sectin 406 f ErISA, Sectin 4975 f the Cde, will esult in the ecognition of unrelated business taxable income, will be made either by the Trustee or by another person who has been determined by the Trusteeto be either a duciary or an investment manager properly delegated the authority to make, or to advise the Plan as to, such determinations. TheTustee undestands and agees that if the Plan pemits paticipant-diected investments pusuant t Sectin 404(c) f ErISA, in n event shalVisin have any espnsibility authity t make, t advise the Plan, the Tustee plan paticipants as t, such deteminatins. The Tusteeunderstands and agrees that Vision is neither a duciary nor an investment manager with respect to the Plan as dened in Sections 3(21) and

3(38) of ERISA. Nevertheless, if, contrary to the expectations of the parties, it is determined that Vision is a duciary or investment managerVisions responsibility and authority in acting in such capacity shall be limited to performing Visions obligations as specically set forth herein,and Trustee represents and warrants that such allocation of duciary responsibility is authorized under the instrument that the Plan maintained inaccdance with Sectin 402(c) f ErISA. By signing this ageement, the Tustee agees t indemnify and hld hamless Visin f any liabilitywhich may be imposed on Vision, including but not limited to, Section 409 of ERISA or any tax which may be assessed against Vision under Section 4975 of the Code, any other damage or expense which my be suffered by Vision by reason of Vision being subject to the provisions of ERISAand all costs and expenses (including attorneys fees) incurred by Vision in defending against the foregoing. The foregoing provisions shall alsoapply to any federal or state duciary law governing the investments of employee benet plans which is supplementary to, or in lieu of, the specicpvisins f ErISA efeed t heein.

21. NO WAIVER OR AMENDMENT; FORCE MAJEURE.(a) No provision of this agreement may be waived or amended unless the waiver or amendment is in writing and signed by an authorized ofceof Vision. No remedy, waiver or amendment of Visions rights, shall be implied from any course of dealing between Customer and Customersintducing bke fm the failue f Visin t asset its ights heeunde n any ccasin.

(b) Visin shall nt be liable f any lss delay caused have any bligatin t pvide sevices t the Custme accunt, when and t theextent Vision is prevented from doing so, directly or indirectly, by war, natural disasters, government acts or restrictions, exchange or market rulings, suspensin f tading, electnic telephne failues, lab disputes, civil cmmtins, enemy actins, acts f teism the cnditinsbeynd the easnable cntl f Visin.

22. BINDING EFFECT. This ageement shall be cntinuus and shall gven, individually and cllectively, all accunts f Custme pened reopened with Vision or its successors, assigns or afliates. This agreement shall inure to the benet of Vision and its successors, assigns and(as applicable) its afliates, and shall be binding upon Customer and Customers estate, executors, administrators, legal representatives, successs and assigns. Customer raties all transactions with Vision effected prior to the date of this agreement, and agrees that the rights andbligatins f Custme in espect theet shall be gvened by the tems f this ageement, which supesedes all the custme ageementsbetween Visin and Custme.

23. TERMINATION. This ageement may be teminated by eithe paty at any time by giving witten ntice t the the. Teminatin shall nt affecany tansactin enteed int and shall nt elieve Custme f any Custme Debt any the bligatin liability incued unde this ageemenpi t teminatin.


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24. RECORDING. Subject t Gvening regulatins, Custme agees that Visin, in its sle discetin, may ecd any telephne cnvesatinbetween Vision and Customer or Customers agent. Customer also agrees that any telephone conversation between Customer and Customersagent and Customers introducing broker may be recorded. Customer hereby waives any right to object to the admissibility into evidence of suchrecordings in any legal proceeding between Customer and Vision or Customers introducing broker. Customer agrees that Vision may erase suchrecordings in accordance with its customary document retention policies. The rights conferred upon Vision in this paragraph extend to any introducing broker or third-party duciary with discretion over Customers account.

25. THIRD PARTY BENEFICIARIES. All rights of Vision under this agreement shall also be extended to any introducing broker, futures commission merchant, commodity trading advisor, or securities broker/dealer that introduced this account to Vision, and to an exchange clearing memberm referred to in Section 3 hereof, each of which is expressly made a third party beneciary of this agreement.

26. PROSPECTIVE CONSENT TO ASSIGNMENT OR TRANSFER OF ACCOUNT(S). Vision may assign or transfer Customers account(s) toany f its successs pemitted assigns withut pi ntice t Custme. Custme heeby cnsents t an assignment tansfe f Custmeaccount(s) at any time hereafter from Vision to another futures commission merchant; provided the Customer receives a written notice of theassignment or transfer and has a reasonable opportunity to object. Customer may not transfer or assign its account without the express writtenconsent of Vision; any such attempted assignment or transfer shall be null and void.

27. DAMAGES. THE PArTIES AGrEE NoT To SUE EACH oTHEr For PUNITIVE, EXEMPLArY, CoNSEQUENTIAL, INDIrECT or SPECIAL DAMAGES IN A CoUrT oF LAW or BEForE ANY ArBITrATIoN PANEL EVEN IF APPLICABLE LAW or THE rULES oF THE ArBITrATIoN ForUM ALLoW THE AWArD oF SUCH DAMAGES.

28. ACCEPTANCE. This ageement shall nt be deemed t be accepted by Visin becme a binding cntact between Custme and Visinuntil it is it is executed by an authorized ofcer of Vision.

29. IF THIS ACCOUNT IS INTRODUCED BY AN INDEPENDENT INTRODUCING BROKER, VISIONS LIABILITY IS STRICTLY LIMITED TO MATTERS RELATED TO THE EXECUTION AND RECORDKEEPING OF TRADES.

30. SURVIVAL. Sections 5, 6, 8, 9, 11, 16, 18, 19, 20, 23, 25, 27, 29, 31, 32, 33, 34 and 35 shall survive the termination of this agreement.

31. APPLICABLE LAW AND SEVERABILITY. This ageement and its enfcement shall be gvened by Illinis law withut efeence t its cn-ict-of-laws principles. If any provision hereof is invalid, illegal, void or unenforceable by reason of any law, rule, administrative order or judiciadecisin, all the pvisins shall emain in full fce and effect.

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____________________________________ ____________________________________ __________________

____________________________________ ____________________________________ __________________

Your SignaturePrint Your Name Date

X

THIS FORM 4 IS A CONTRACTUAL AGREEMENT.

DO NOT SIGN BELOW UNTIL YOU HAVE READ THIS AGREEMENT CAREFULLY.

Special Attention is Called to the Following Provisions:

(Please initial on the line preceding each of these paragraphs to acknowledge that you have read and understood the terms.)

32. RISK ACKNOWLEDGEMENT. Custme acknwledges that investments and tading in Cmmdity Inteests ae speculativeinvolve a high degree of risk and are suitable only for persons who can assume risk of loss in excess of their margin deposits, option premiumsand transaction costs. Customer understands that because of the low margin normally required in futures trading, price changes in CommodityInterests may result in signicant losses, which may substantially exceed Customers margin deposits. Customer recognizes that guarantees oprot or limitations of loss are impossible in futures trading. Customer acknowledges that he or she has received no such guarantees from Vision thes, and if such pmises have been made he she is nt enteing int this ageement in eliance n any such guaantees. Custmeagees that he she is espnsible f making an independent evaluatin f any tading ecmmendatins tading suggestins by Visin, itsintducing bkes thei agents and will nt hld Visin espnsible f lsses incued as a esult f fllwing any such ecmmendatin suggestin.

33. FORUM SELECTION AND CONSENT TO JURISDICTION. Except as may be otherwise governed by an arbitration agreemen(Form 8) or the rules of an arbitration forum, Customer agrees that all disputes and controversies between Vision, Customers introducing brokeand its emplyees agents, n the ne hand, and Custme, n the the hand, aising unde elated t this ageement, any elated agee-ment, or Customers account shall be litigated (including arbitration) only in a forum whose situs is in Chicago, Illinois, whether in a court of law oequity or before an arbitration forum. Accordingly, Customer consents and submits to the personal jurisdiction of any state or federal court locatedwithin Chicago, Illinois. Customer agrees to accept personal service of process in any such legal proceeding by registered or certied mail addressed to Customer at the address provided on the Customer Application (Form 2) or to such other address Customer subsequently provides toVisin in witing. Custme heeby ievcably waives any defense, claim ight t tansfe change the venue f any such actin pceed-ing. Ntwithstanding the feging, Visin may initiate any actin t cllect Custme Debts any amunts due Visin in any state juisdictinwhee thee is pesnal juisdictin ve Custme whee Custme may have ppety lcated. Custme waives tial by juy and cnsents ttial befe a judge the tie f fact.

34. LIMITATION OF ACTIONS. CUSTOMER AGREES THAT NO ACTION OR ARBITRATION DEMAND ARISING OUT OF TRANSAC-TIONS UNDER THIS AGREEMENT MAY BE BROUGHT BY CUSTOMER MORE THAN ONE YEAR AFTER THE CAUSE OF ACTION AROSEThis time limitatin may be substantially shte than that ganted by fedeal state law the abitatin ules f the Natinal Futues Asscia-tin anthe self-egulaty ganizatin. othe futues cmmissin mechants may nt include this limitatin in thei custme ageement.

35. INDEMNIFICATION AND HOLD HARMLESS; PAYMENT OF VISION LITIGATION EXPENSES. Custme agees t indemnifydefend and hold harmless Vision and its afliates, and their respective ofcers, directors, managers, members, employees and agents (collectively, Vision Indemnied Parties) from and against any and all liabilities, losses, damages (including without limitation, incidental, consequentia

special, indirect or punitive damages), claims (whether in contract or tort), costs and expenses, including without limitation, accountants andin-house and outside attorneys fees incurred by any of the Vision Indemnied Parties, arising out of or relating to this agreement, any relatedagreement or Customers account, except to the extent caused directly by the gross negligence or willful misconduct of the Vision IndemniedParty seeking indemnication. Customer also agrees to indemnify, defend and hold harmless the Vision Indemnied Parties from and against anyand all liabilities, losses, damages (including without limitation, incidental, consequential, special, indirect or punitive damages), claims (whethein contract or tort), costs and expenses, including without limitation, accountants and in-house and outside attorneys fees, incurred by any othe Vision Indemnied Parties in enforcing any of the provisions of this agreement or any related agreement. If Customer initiates a legal actionor proceeding against any of the Vision Indemnied Parties or a Vision introducing broker, and the Customer does not prevail (i.e., recover anamount less than Visions highest settlement offer), Customer shall indemnify such Vision Indemnied Parties and Vision introducing broker foall costs and expenses (including without limitation in-house and outside attorneys fees) incurred by such Vision Indemnied Parties to defendthemselves.

Joint Owner SignaturePrint Name of Joint Owner Date

X

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NOTE: Customers account may have been introduced to Vision by an introducing broker guaranteed by Vision. In such case, this agreemendes nt apply t that accunt. Please cntact bke t detemine thei status.

Customers account has been introduced to Vision Financial Markets LLC (Vision) by the following independent introducing broke(i.e., not guaranteed by Vision), futures commission merchant, commodity trading advisor, or securities broker-dealer: __________________________________________________________ (Independent Fim).

1. Visions role is limited. Customers account is carried by Vision only as a non-clearing futures commission merchant. Customer agrees thaVisions role is limited to matters relating to the execution and recordkeeping of transactions for Customers account, and Vision shalbe liable only for direct damages caused solely by its gross negligence or willful misconduct in the performance of these activities.Vision shall have no liability for following instructions received from Customer or Customers Independent Firm. While the law requires Custometo send all funds and other property to Vision, and for Vision to provide account statements to Customer, Customers primary relationship is withthe Independent Fim n whse epesentatins Custme elies t sevice its accunt.

2. Vision is separate and independent from the Independent Firm. There is no overlap between the owners, principals, ofcers, directors oemployees of Vision and those of the Independent Firm. Vision does not pay for any of the operating expenses of the Independent Firm or guarantee its obligation under the Commodity Exchange Act. The Independent Firm is a customer of Vision. Under the terms of its agreement withVision, the Independent Firm is free to introduce Customers account for clearing and record keeping services to a futures commission merchanor clearing rm other than Vision. The Independent Firm is free to terminate its agreement with Vision at any time. Vision does not set the ratef cmmissins fees Custme is chaged. All fees ae negtiated between Custme and the Independent Fim. Visin chages IndependenFirms a clearing fee that is reasonably related to Visions actual cost of trade execution and record keeping. The agreement between Vision andthe Independent Firm expressly precludes the Independent Firm from representing that it is an agent of Vision or that Vision has authorized any

f its activities. If such epesentatins have been made, Custme agees t ept such epesentatins immediately t Visin. ACCorDINGLYCUSToMEr HErEBY WAIVES ALL CLAIMS UNDEr CoMMoN LAW, FEDErAL or STATE STATUTES, rULES or rEGULATIoNS, IN-CLUDING WITHoUT LIMITATIoN, SECTIoN 2(a)(l)(B) oF THE CoMMoDITY EXCHANGE ACT, THAT VISIoN IS VICArIoUSLY LIABLE ForANY ACT or oMISSIoN oF THE INDEPENDENT FIrM or ITS BroKErS.

3. Vision has no duty to supervise the Independent Firm. The Independent Firm is a registered entity examined and regulated by the NationaFutures Association or another self-regulatory organization. Vision is not responsible for ensuring or monitoring the Independent Firms compliance with gvenment ules egulatins. The Independent Fim has cmplete discetin ve whm it emplys as bkes and is espnsible fits wn cmpliance depatment and pcedues gvening slicitatin f custme accunts. Visin is nt espnsible f the cnduct, epesentations or statements of ofcers, directors, employees or agents of the Independent Firm. Vision provides no research, trading recommendationsor promotional materials to the Independent Firm. Vision has no duty to monitor trading in Customers account or to determine whether suchtrading is consistent with Customers objectives or recommendations of the Independent Firm. ACCORDINGLY, CUSTOMER HEREBY WAIVESALL CLAIMS UNDEr CoMMoN LAW, FEDErAL or STATE STATUTES, rULES AND rEGULATIoNS, INCLUDING WITHoUT LIMITATIoNCLAIMS UNDEr SECTIoN 13 oF THE CoMMoDITY EXCHANGE ACT, THAT VISIoN AIDED AND ABETTED ANY ACT oF THE INDEPEN-DENT FIrM or ITS BroKErS.

4. IN VISIONS ROLE STRICTLY AS AN EXECUTION AND RECORDKEEPING FIRM, CUSTOMER DOES NOT RELY UPON VISION FORINVESTMENT or TrADING ADVICE or THE FUrNISHING oF MArKET rECoMMENDATIoNS or rESEArCH. Nor IS THErE ANYUNDErSTANDING or AGrEEMENT BETWEEN CUSToMEr AND VISIoN THAT IT WILL ProVIDE CUSToMEr or THE INDEPENDENTFIrM WITH SUCH ADVICE. ACCorDINGLY, CUSToMEr ACKNoWLEDGES THAT VISIoN IS NoT A FIDUCIArY AND HErEBY WAIVESALL CLAIMS UNDEr CoMMoN LAW, FEDErAL or STATE STATUTES, rULES AND rEGULATIoNS, INCLUDING WITHoUT LIMITATIoNSECTIoN 4b oF THE CoMMoDITY EXCHANGE ACT, THAT VISIoN HAS A FIDUCIArY DUTY To CUSToMEr.

5. Indemnication. Customer agrees to indemnify, defend and hold harmless Vision and its afliates, and their respective ofcers, directorsmanagers, members, employees and agents (collectively, Vision Indemnied Parties) for all liabilities, damages (including without limitationincidental, consequential, indirect, special or punitive damages), costs, claims (whether in contract or tort), expenses and losses, including withoulimitation accountants and in-house and outside attorneys fees, incurred by any Vision Indemnied Parties arising out of or relating to acts oromissions by the Independent Firm. If Customer initiates a legal action or proceeding against any Vision Indemnied Parties, and Customer doesnot prevail (i.e., recover an amount less than Visions highest settlement offer), Customer will reimburse such Vision Indemnied Parties for alcosts, liabilities, damages and expenses, including without limitation, in-house and outside attorneys fees, incurred by such Vision IndemniedPaties t defend themselves, which may be substantial.

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Intduced Accunts Ageeent

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