TRADING ON-LINE ACKNOWLEDGEMENT

A. System set-up.
Trading on-line requires certain equipment configuration. Please, check MG's Internet Web site for the latest requirements.

B. Passwords.
NOTE: Trades done with your password are your responsibility. To set up a password, please, choose a word or a set from 4 to 8 letters and/or numbers and put it in the Account Application Form. Your password must start with a letter. You have to choose 2 passwords: one - for trading on-line and a second one for trading via phone.

After you finish filling in the form below, mail or fax the form, the entire Customer Agreement, and the appropriate Account Application forms to us. If you mail the form to us, make sure to make a copy for yourself before mailing.

Put your copy of the form in a secure place. Remember that passwords are your private and confidential information. You are responsible for safekeeping them.

NOTE: If, when accessing the Deal-Station platform, you mistype your password three (3) times in a row, you will be locked out - your password will be cancelled. If this happens and you are in the market, you can only liquidate your position(s) over the telephone.

If you get locked out or if you forgot or misplaced your password, you have to choose two new passwords and mail/fax them to us. When sending to us your new passwords, you have to again include your name, address, and phone number, signature and old passwords.

NOTE: If you forgot or misplaced both of your passwords, you CANNOT trade either on-line or over the phone, until we receive and process your new passwords!

C. Trading by phone.
To place your orders by phone, you need a phone-password (see form below), different from your password for on-line trading. When your access to Deal-Station is denied, you can call the MG Dealing Desk at 212-835-0104 or 212-835-0105.

Please, make sure you use a phone for trading ONLY when you cannot access the Deal-Station.


Name X _____________________________________________________________________________

Mailing Address X ____________________________________________________________________

Signature X __________________________________________________________________________

Date X ______________________________________________________________________________


Name X _____________________________________________________________________________

Mailing Address X ____________________________________________________________________

Signature X __________________________________________________________________________

Date X ______________________________________________________________________________

9. ARBITRATION AGREEMENT: If a dispute arises between Customer and MG relating to this Agreement or arising out of any aspect of the business relationship between Customer and MG, including but not limited to: (i) transactions of any kind made on Customer's behalf by, through or with MG, its agents, and/or affiliates or (ii) Customer's use of the MG's Internet website, or the information, services, and DealStation?Trading Platform provided thereon, Customer and MG each hereby waives his/her/its right to seek relief in court and hereby agrees instead to submit the dispute in the first instance to non-binding mediation which may be initiated either by Customer or MG. If the dispute cannot be resolved through non-binding mediation, the parties agree to arbitrate their dispute. Such binding arbitration shall be conducted before an arbitration tribunal impaneled either by the National Futures Association ("NFA"), of which MG is a registered member, or by the American Arbitration Association ("AAA") and shall be conducted pursuant to the commercial arbitration rules then in effect of the body before which the arbitration is brought.

I acknowledge that I have read and understand the arbitration provisions of this agreement.

(Initials X:) __________ (Initials X:) __________

Customer and MG agree that the venue for any mediation and, if necessary, any arbitration hereunder shall be New York, New York, U.S.A., and Customer and MG each consent to jurisdiction over him/her/it before a mediation or arbitration forum in New York, New York. Customer and MG agree that punitive or exemplary damages shall be unavailable in any arbitration between them. The Customer understands that judgment upon any award rendered by the arbitrators may be entered in any court having jurisdiction over such arbitration awards.

10. GOVERNMENTAL RULES AND REGULATIONS, COUNTERPARTY INSTITUTION AND INTERBANK SYSTEM POLICIES, PROCEDURES, AND RULES. All transactions under this Agreement shall be subject to the constitution, by-laws, rules, regulations, customs, usage, rulings and interpretations of the counterparty institution or other Interbank market (and its clearing organization, if any) where executed and to all applicable Federal and State laws and regulations. If any statute or directive shall hereafter be enacted or any rule or regulation shall hereafter be adopted or issued by any governmental authority, the United States Federal Reserve, Commodity Futures Trading Commission ("CFTC"), the National Futures Association ("NFA"), or a contract market or clearing organization which shall be binding upon MG and shall affect in any manner or be inconsistent with any of the provisions hereof, the affected provisions of this Agreement shall be deemed modified 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 modified shall in all respects continue in full force and effect. Customer acknowledges that all transactions under this Agreement are subject to the aforementioned regulatory requirements, and Customer shall not thereby be given any independent legal or contractual rights with respect to such requirements.

11. DELIVERY, SETTLEMENT DATE AND ROLLOVERS: Customer acknowledges that the purchase or sale of a Currency anticipates the accepting or making of delivery, though in most cases the accepting or making of delivery will not actually occur. With respect to purchases or sales of Currencies through a Currency Forex account, Customer agrees to MG's policies as stated on MG's Internet site regarding the offset or rollover of a Currency position. Offset instructions on Currency positions open prior to settlement must be given to MG at least one (1) business day prior to the settlement or value day.

Alternatively, sufficient funds to take delivery or the necessary delivery documents must be received by and in the possession of MG within the same period described above. If instructions, funds, or documents are not received, MG may without notice, either offset Customer's positions or roll Customer's positions into the next settlement time period or make or receive delivery on behalf of Customer upon such terms and by such methods deemed reasonable by MG in its sole discretion. In the absence of timely instructions from Customer, MG is authorized, at MG's absolute discretion, to deliver or rollover all or any portion of the Currency positions in the Currency Forex account(s) of Customer and at Customer's risk. Customer's account(s) shall be charged separate fees in effect from time to time, upon the rollover or offset of a Currency position.

12. COLLATERAL AGREEMENT. All funds, Currencies, and Currency contracts belonging to Customer which MG or its affiliates may at any time be holding for Customer (either individually, jointly with another, or as a guarantor of the account of any other person) or which may at any time be in MG's possession or control or carried on its books for any purpose, including safekeeping, are to be held by MG as security and subject to a general lien and right of set off for liabilities of Customer to MG whether or not MG has made advances in connection with such Currencies and currency contracts, and irrespective of the number of accounts Customer may have with MG. MG may in its discretion, at any time and from time to time, without notice to Customer, apply, and/or transfer any or all funds or other property of Customer between any of Customer's accounts for set off purposes. Customer hereby also grants to MG the right to pledge, re-pledge, hypothecate, invest or loan, either separately or with the property of other customers, to itself as broker or to others, assets of Customer held by MG as margin or security. MG shall at no time be required to deliver to Customer the identical property delivered to or purchased by MG for any account of Customer. The rights of MG are subject to the applicable requirements for the segregation of Customer funds and property under the Commodity Exchange Act, as amended (the "Act"). Nothing in this paragraph obligates MG to insure adequate balances in any of Customer's margin accounts.

13. DEATH, BANKRUPTCY AND INSOLVENCY. If a death occurs to one or more of the tenants of an account, the executor of the estate shall formally notify MG in writing; such notification shall include a certified copy of the tenant's death certificate. No funds will be dispersed from the account except as permitted by law. All expenses incurred up to the date of notification will be charged to the account. In the event of the bankruptcy or insolvency of Customer, this Agreement shall automatically terminate but Customer shall remain liable to MG for any outstanding balances owed to MG. Such outstanding balances shall be due and payable immediately. At the time of termination for this reason, MG shall review Customer's accounts with it and shall determine whether, taken together, Customer's accounts are in a credit or deficit position. If Customer's accounts are in a credit position after all applicable charges have been deducted, MG shall return to Customer the outstanding net balance.

14. LIQUIDATION OF ACCOUNTS AND PAYMENT OF DEFICIT BALANCES. In the event of (a) the death or judicial declaration of incompetence of Customer; (b) the filing of a petition in bankruptcy, or a petition for the appointment of a receiver, or the institution of any insolvency or similar proceeding by or against Customer; (c) the filing of an attachment against any of Customer's accounts carried by MG; (d) insufficient margin, or MG's determination that any collateral deposited to protect one or more accounts of Customer is inadequate, regardless of current market quotations, to secure the account; or (e) Customer's failure to provide MG any information requested pursuant to this Agreement, MG, in its sole discretion, may take one or more, or any portion, of the following actions: (1) satisfy any obligation Customer may have to MG, either directly or by way of guaranty surety ship, out of any of Customer's funds or property in its custody or control; (2) sell or purchase any or all Currency contracts, or securities held or carried for Customer; and (3) cancel any or all outstanding orders or contracts, or any other commitments made on behalf of Customer. Page 3            080603

Any of the above actions may be taken without demand for margin or additional margin, without prior notice of sale or purchase or other notice to Customer, Customer's personal representatives, heirs, executors, administrators, trustees, legatees or assigns, and regardless of whether the ownership interest shall be solely Customer's or held jointly with others. In liquidation of Customer's long or short positions, MG may, it its sole discretion, offset in the same settlement or it may initiate new long or short positions in order to establish a spread or straddle which in MG's sole judgment may be advisable to protect or reduce existing positions in Customer's account. Any sales or purchases hereunder may be made according to MG's judgment and at its discretion with any Interbank or other exchange market where such business is then usually transacted or at a public auction or private sale, and MG may purchase the whole or any part thereof free from any right of redemption. Customer shall at all times be liable for the payment of any deficit balance of Customer upon demand by MG and in all cases, Customer shall be liable for any deficiency remaining in Customer's account(s) in the event of the liquidation thereof in whole or in part by MG or by Customer. In the event the proceeds realized pursuant to this authorization are insufficient for the payment of all liabilities of customer due to MG, Customer shall promptly pay upon demand the deficit and all unpaid liabilities, together with interest thereon equal to three (3) percentage points above the then prevailing prime rate at MG's principal bank or the maximum interest rate allowed by law, whichever is lower, and all costs of collection, including attorney's fees, witness fees, travel expenses and the like. In the event MG incurs expenses with respect to any of the account(s) of Customer, Customer agrees to pay such expenses.

15. AUTHORIZATION TO TRANSFER FUNDS. Except as provided in paragraphs 16 and 17 hereof, MG will not transfer funds among Customer's accounts without the prior written authorization of Customer. In no case will MG return funds to a person other than Customer. For any transfer of funds authorized by Customer as provided herein, Customer hereby agrees to indemnify MG for any liability, which may arise to MG from the transfer.

16. CHARGES. Customer shall pay such brokerage, commission and special service charges as MG may from time to time charge and all other charges (including, without limitation, mark up and downs, statement charges, idle account charges, order cancellation charges, account transfer charges or other charges), fees (including, without limitation, fees imposed by any Interbank agency, bank, contract markets or other regulatory or self-regulatory organizations) arising out of MG's providing services hereunder. MG may change its commission, charges, and/or fees without notice. MG's currently does not charge any commissions to all trading accounts. The commission structure is subject to change. Please refer to the MG's corporate website for more information.

Customer shall pay MG interest on amounts due from Customer to MG at an interest rate equal to three (3) percentage points above the then prevailing prime rate at MG's principal bank or the maximum interest rate allowed by law, whichever is lower. Customer shall pay all such charges as they are incurred, and Customer hereby authorizes MG to withdraw the amount of any such interest charges payable to MG from Customer's account(s). Customer agrees to pay a transfer fee, to be designated by MG in the event Customer instructs MG to transfer open positions, moneys, and/or property of Customer's account to another institution; such instructions may only be given in writing and must provide for transfer to an account which is in the name of Customer as further specified in paragraph 18 of this Agreement.

I acknowledge that I have read and understand the charges provisions of this agreement.

(Initials X:) __________ (Initials X:) __________

17. COMMUNICATIONS. Reports, statements, notices and any other communications may be transmitted to Customer at the address given below, or to such other address as Customer may from time to time designate in writing to MG. Customer is responsible for providing MG with updated contact information at all times. All communications sent by MG, whether by electronic mail, post mail, telegraph messenger, electronically or otherwise, shall be deemed transmitted by MG when sent by MG servers, when deposited in the United States mail, when available from MG's website or when received by a Trading Agent designated by Customer, and are to be deemed to have been delivered to Customer personally, whether actually received by Customer or not, if transmitted in any of these manners.

18. MG'S DISCLAIMERS OF RESPONSIBILITY. Customer agrees that MG will not be responsible for delays in the transmission of orders due to a breakdown or failure of transmission or communication facilities, distortions or delays in trading via the Internet, electrical power outage or for any other cause beyond MG's control. MG shall only be liable for its actions or inactions which amount to fraud with intent to deceive or gross negligence.

19. QUOTING ERRORS: Should a quoting error occur due to an MG employee's mistype of a Currency Forex price-quote, Customer agrees that MG will not be liable for the resulting errors in account balances. MG reserves the right to make necessary corrections or adjustments to the records of the account involved in any such error. Any dispute arising from such quoting errors will be resolved on the basis of the fair market value of the currency at the time the error occurred.

I acknowledge that I have read and understand the disclaimers of responsibility and quoting errors provisions of this agreement.
(Initials X:) __________ (Initials X:) __________

20. CUSTOMER'S REPRESENTATIONS AND WARRANTIES. Customer represents and warrants that: (i) Customer is of sound mind, legal age and legal competence; (ii) No person other than Customer has or will have an interest in Customer's account(s); (iii) Customer is suitable to trade Currency Forex and is a sophisticated trading participant; and (iv) Customer is not now an employee of any exchange, of any corporation in which any exchange owns a majority of the capital stock, of any member of any exchange, of any firm registered with CFTC or the NFA or of any bank, trust, or insurance company. (In the event that Customer becomes so employed, Customer agrees to promptly notify MG at its home office in writing of such employment). Customer further represents and warrants that the financial information disclosed to MG in this Agreement and all attachments hereto including Customer's application are true, correct and complete as of the date hereof, and accurately represents Customer's current financial condition. Customer agrees to notify MG promptly of any material changes in such information.

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Customer also represents and warrants that in determining Customer's Net Worth, Customer carefully calculated his/her Assets and then subtracted his/her Liabilities from Assets to determine Customer's Net Worth. Customer represents and warrants that in determining the value of Assets, Customer included cash and/or cash equivalents, U.S. Government and other marketable securities, real estate owned (excluding primary residence), the cash value of life insurance and other Government and marketable securities. Customer represents and warrants that in determining the value of Liabilities, the customer included notes payable to banks (secured and unsecured), notes payable to relatives, real estate mortgages payable (excluding on primary residence) and other debts. Customer represents and warrants that in determining Customer's Liquid Assets, Customer included only those Assets that can be quickly converted to Cash. Customer represents and warrants that Customer has very carefully considered his or her Assets, Net Worth, Liquid Assets and Liabilities and has determined that any losses from Forex Currency trading would not affect the Customer's lifestyle.

I acknowledge that I have read and understand paragraph #20 and agree to the representations and warranties included within.
(Initials X:) __________ (Initials X:) __________

21. CREDIT. Customer authorizes MG or its agents to investigate Customer's credit standing and in connection therewith to contact such banks, financial institutions and credit agencies as MG shall deem appropriate to verify information regarding Customer. Customer further authorizes MG to investigate Customer's current and past investment activity, and in connection therewith, to contact such futures commission merchants, exchanges, broker/dealers, banks, and compliance data centers as MG shall deem appropriate. Upon reasonable request made in writing by Customer to MG, Customer shall be allowed to review any records maintained by MG relating to Customer's credit standing, and Customer also shall be allowed, at Customer's sole cost and expense, to copy such records.

22. NO GUARANTEES. Customer acknowledges that Customer has no separate agreement with Customer's broker or any MG employee or agent regarding the trading in Customer's Currency Forex account, including any agreement to guarantee profits or limit losses in Customer's account. Customer understands that Customer is under an obligation to notify MG's Compliance Officer immediately in writing as to any agreement of this type. Further, Customer understands that any representations made by anyone concerning Customer's account; which differ from any statements Customer receives from MG must be brought to the attention of MG's Compliance Officer immediately in writing. Customer understands that Customer must authorize every transaction prior to its execution unless Customer has delegated discretion to another party by signing MG's limited trading authorization, and any disputed transactions must be brought to the attention of the MG's Compliance Officer pursuant to the notice requirements of this Agreement. Customer agrees to indemnify and hold MG harmless from all damages or liability resulting from Customer's failure to immediately notify MG's Compliance Officer of any of the occurrences referred to herein. All notices required under this section shall be sent to MG at its address appearing on confirmations and account statements.

23. JOINT ACCOUNTS. Tenants in joint accounts each have the authority: a) to trade for the account; b) to receive all correspondence and documents with respect to the account, c) to receive or withdraw money, d) to execute agreements relating to the account, and e) to deal with MG, and each tenant of a joint account hereby indemnifies MG for any action with respect to the joint account taken by MG at the direction of the other tenant. If a death occurs to one or more of the joint tenants of an account, the executor of the estate shall formally notify MG in writing; such notification shall include a certified copy of the tenant's death certificate. No funds will be dispersed from the joint account except as permitted by law. Unless Joint Account Allocation Addendum is completed, then each tenant is presumed to have equal share in the assets and liabilities, if any, of the account.

24. 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 Customer and an authorized officer of MG. No waiver or amendment of this Agreement may be implied from any course of dealing between the parties or from any failure by MG 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 prior written and oral agreements, and there are no other terms, conditions or obligations of this Agreement other than those contained herein.

25. GOVERNING LAW AND JURISDICTION. This Agreement, and the rights and obligations of the parties hereto, shall be governed by, construed and enforced in all respects by the laws of the State of New York, where MG's principal order execution facilities are located.

MG Financial LLC is a Futures Commission Merchant registered with the Commodity Futures Trading Commission and a member of the National Futures Association in the United States. It may be more difficult for non-US residents to take legal action against MG Financial LLC than it would be for them to take action against a company that is incorporated, continued or otherwise organized under the laws of their country of residence.

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

27. TERMINATION. This Agreement shall continue in effect until termination, and may be terminated by Customer at any time when Customer has (1) no open Currency Forex positions and (2) no liabilities held by or owed to MG, upon the actual receipt by MG at its home office of written notice of termination, or at any time whatsoever by MG upon the transmittal of written notice of termination to Customer; provided, that such termination shall not affect any transactions previously entered into and shall not relieve either party of any continuing obligations after termination set out in this Agreement nor shall it relieve Customer of any obligations arising out of any deficit balance in Customer's accounts with MG.

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28. INDEMNIFICATION. Customer agrees to indemnify and hold MG, its affiliates, employees, agents, successors and assigns harmless from and against any and all liabilities, losses, damages, costs and expenses, including attorney's fees, incurred by MG arising out of Customer's failure to fully and timely perform Customer's agreements herein or should any of the representations and warranties fail to be true and correct. Customer also agrees to pay promptly to MG all damages, costs and expenses, including attorneys' fees, incurred by MG in the enforcement of any of the provisions of this Agreement.

I acknowledge that I have read and understand the indemnification provisions of this agreement.

(Initials X:) __________ (Initials X:) __________

29. TERMS AND HEADINGS. The term "MG" shall be deemed to include MG, its affiliates, its divisions, its successors and assigns; the term of "home office" is deemed to be One Battery Park Plaza, 2nd Floor, New York, NY 10004; the term "Customer" shall mean the party (or parties) executing this Agreement; and the term "Agreement" shall include all other agreements and authorizations executed by Customer in connection with the maintenance of Customer's account regardless of when executed. The paragraph headings in this Agreement are inserted for convenience of reference only and are not deemed to limit the applicability or affect the meaning of any of its provisions.

30. RECORDINGS. Customer agrees and acknowledges that all conversations regarding Customer's account(s) between Customer and MG personnel may be electronically recorded with or without the use of an automatic tone-warning device. Customer 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 Customer or MG. Customer understands the MG destroys such recordings at regular intervals in accordance with MG's established business procedures, and Customer hereby consents to such destruction.

31. AGREEMENTS REGARDING SERVICE PROVIDERS. Customer agrees that it will not publish, retransmit, redistribute, or otherwise reproduce all or any part of the proprietary format or content of MG or any of the vendors of services to MG including, but not limited to, third party licensors (the "Service Providers") to any other person or entity, including, but not limited to, in the case of a corporate Customer, its wholly owned subsidiaries, but shall use same for Customer's internal purposes only. Moreover, neither MG nor the Service Providers make any express or implied warranties (including, without limitation, any warranty or merchantability or fitness for a particular purpose or use) regarding the service provided by MG and/or by the Service Provider, as the case may be. The service provided to Customer by MG and by each Service Provider is provided on an "as is" basis, and neither MG nor any Service Provider will be liable to any Customer or any third party for any interruption, inaccuracy, error or omission, regardless of cause, in the service provided or for any damages (whether direct, indirect, consequential, punitive or exemplary) resulting therefrom. Customer further agrees not to use or permit any one else to use the services provided by MG or by any of the Service Providers for any unlawful purpose.

Customer further agrees that for each service provided by MG and/or by the Service Providers, the Service Provider, which provides that service, or MG, as the case may be, shall have all proprietary rights in the service provided. Customer agrees that unless otherwise expressly authorized by MG and the other affected Service Providers in writing, Customer shall use the service provided by each Service Provider for its internal use only and in no event shall Customer publish, retransmit, redistribute or otherwise reproduce all or any part of the service provided in any format to any other person or entity, including but not limited to wholly-owned subsidiaries of Customer. Customer agrees that his/her/its arrangements with MG for receipt of the services provided by the Service Providers other than MG is subject to termination at any time for any reason if a Service Provider terminates MG's access to the service provided by that Service Provider. Upon termination of the Customer's agreement with MG or MG's termination of its access to a service provided by a Service Provider, Customer shall immediately purge the service in question and/or any portion thereof from any and all of its facilities, electronic or otherwise.

32. OFF-EXCHANGE TRANSACTION DISCLOSURE. The signing of this Agreement constitutes acknowledgment by Customer that Customer has read, understands, and gives authorization to the following disclosure to trade foreign currencies ("Currency Forex"): MG may from time to time execute transactions on the Foreign exchange ("Forex") market to trade currencies in order to offset the customer's positions or otherwise, pursuant to an agreement between MG and MG's counterparties (which can include banks and other financial institutions in the U.S. and abroad). These counterparties may than enter trades with their counterparties (to offset MG's trades or otherwise) and so on and so forth. MG's participation in the foreign exchange markets creates additional risks for both MG and the customer.

33. ACCEPTANCES. This Agreement shall not be deemed to be accepted by MG or become a binding contract between Customer and MG until approved at MG's home office and signed by its authorized representative.

34. TRADING ON-LINE ACKNOWLEDGEMENT

Trades done with customer's password are customer's responsibility. Customer must set up two passwords, one for trading on-line and a second for trading via phone.

If customer forgets or misplaces the password(s), the Customer will be required to supply MG with verification documents and/or information including but not limited to Social Security, Passport, address and date of birth, to reset the password(s).

If customer cannot access his or her account on-line, he or she may trade by phone by calling the MG Dealing Desk.

To trade by phone or inquire about account specific information by phone, customer must supply dealing desk with his or her phone-password.

35. RISK DISCLOSURE STATEMENT. Customer acknowledges that Customer has read and understands the following Risk Disclosure Statement:

This brief statement does not disclose all of the risks in Currency Forex trading and other significant aspects of trading in leveraged investments. In light of the risks, Customer should undertake such transactions only if Customer understands the nature of the contracts (and contractual relationships) into which Customer is entering and the extent of Customer's exposure to risk. TRADING IN LEVERAGED CONTRACTS SUCH AS FOREX CURRENCY CONTRACTS IS NOT SUITABLE FOR ALL MEMBERS OF THE PUBLIC, BUT ONLY FOR FINANCIALLY SOPHISTICATED INDIVIDUALS AND FINANCIAL INSTITUTIONS. The Customer should carefully consider whether trading is appropriate for the Customer in light of the Customer's experience, objectives, financial resources and other circumstances. Page 6            080603

a. Effect of 'Leverage' or 'Gearing'
Transactions in Currency Forex accounts carry a high degree of risk. The amount of initial margin is small relative to the value of the Currency Forex contract so that transactions are 'leveraged' or 'geared'.

A relatively small market movement will have a proportionately larger impact on the funds Customer has deposited or will have to deposit; this may work against Customer as well as for Customer. Customer may sustain a total loss of initial margin funds and any additional funds deposited with the firm to maintain the Customer's position. If the market moves against the Customer's position or margin levels are increased, Customer may be called upon to maintain Customer's position. If the market moves against the Customer's position or margin levels are increased, Customer may be called upon to pay substantial additional funds on short notice to maintain Customer's position. If Customer fails to comply with a request for additional funds within the time prescribed, Customer's position may be liquidated at a loss, and Customer will be liable for any resulting deficit.

b. Risk-reducing orders or strategies
The placing of certain orders (e.g. 'stop' or 'limit' or 'OCO' order, where permitted under local law), which are intended to limit losses or secure profits to certain amounts, may not be effective because market conditions may make it impossible to execute such orders. Strategies using combinations of positions, such as 'spread' and 'straddle' positions may be as risky as taking simple 'long' or 'short' positions.

c. Transactions in other jurisdictions
Transactions on currencies of other countries in other jurisdictions, including markets formally linked to a domestic market, may expose Customer to additional risk. Such markets may be subject to regulation, which may offer different or diminished investor protection. Before Customer trades, Customer should inquire about any rules relevant to the Customer's particular transactions.

d. Market risks and on-line trading:
Trading currencies involves substantial risk that is not suitable for everyone. Trading on-line, no matter how convenient or efficient, does not necessarily reduce risks associated with currency trading.

e. TRADING OFF-EXCHANGE:
THE FOREIGN CURRENCY TRADING YOU ARE ENTERING INTO IS NOT CONDUCTED ON AN EXCHANGE. MG FINANCIAL LLC IS ACTING AS A COUNTERPARTY IN THESE TRANSACTIONS AND, THEREFORE, ACTS AS THE BUYER WHEN YOU SELL AND THE SELLER WHEN YOU BUY. AS A RESULT, MG FINANCIAL LLC'S INTERESTS MAY BE IN CONFLICT WITH YOURS. UNLESS OTHERWISE SPECIFIED IN YOUR WRITTEN AGREEMENT OR OTHER WRITTEN DOCUMENTS MG FINANCIAL LLC ESTABLISHES THE PRICES AT WHICH IT OFFERS TO TRADE WITH YOU. THE PRICES MG FINANCIAL LLC OFFERS MIGHT NOT BE THE BEST PRICES AVAILABLE AND MG FINANCIAL LLC MAY OFFER DIFFERENT PRICES TO DIFFERENT CUSTOMERS.

IF MG FINANCIAL LLC ELECTS NOT TO COVER ITS OWN TRADING EXPOSURE, THEN YOU SHOULD BE AWARE THAT MG FINANCIAL LLC MAY MAKE MORE MONEY IF THE MARKET GOES AGAINST YOU. ADDITIONALLY, SINCE MG FINANCIAL LLC ACTS AS THE BUYER OR SELLER IN THE TRANSACTION, YOU SHOULD CAREFULLY EVALUATE ANY TRADE RECOMMENDATIONS YOU RECEIVE FROM MG FINANCIAL LLC OR ANY OF ITS SOLICITORS.

I acknowledge that I have read and understand the Trading Off-Exchange Disclaimer.

(Initials X:) __________ (Initials X:) __________

36. RISK ACKNOWLEDGMENT. Customer acknowledges that trading in leveraged Currency Forex contracts is speculative, involves a high degree of risk and is appropriate only for persons who can assume risk of loss in excess of their margin deposit. Customer understands that because of the low margin normally required in Currency Forex trading, price changes in Currency Forex contracts may result in significant losses, which losses may substantially exceed Customer's investment and margin deposit. Customer warrants that Customer is willing and able, financially and otherwise, to assume the risk of Currency Forex trading, and in consideration of MG's carrying his/her account(s), Customer agrees not to hold MG responsible for losses incurred through following either Customer's own or MG's trading recommendations or suggestions or those of its employees, agents or representatives. Customer recognizes that guarantees of profit or freedom from loss are impossible of performance in Currency Forex trading. Customer acknowledges that Customer has received no such guarantees or representations from MG or from any of its representatives or employees or from any introducing broker, Trading Agent or other person or entity whom Customer may be conducting his/her/its trading activities in his/her/its MG account and has not entered into this Agreement in consideration of or in reliance upon any such guarantees or representations. Customer agrees that Customer is fully responsible for making all final decisions as to transactions effected for Customer's account. Customer has considered the foregoing factors and in view of Customer's present and anticipated continued financial resources, Customer is willing and able to assume the substantial financial risks of Currency Forex trading.

37. DISCLOSURE FOR REFERRED CUSTOMERS. The customer hereby confirms that the Referring Broker (RB), was the person who introduced me to MG and that regarding live trading in spot foreign currency with MG on its trading platform RB has advised the customer of the following:

a. RB has clearly expressed to the customer that he or she is not employed by MG and that the customer's account will be maintained with MG and traded on the platform of MG.

b. RB has advised the customer of the wisdom of demo trading before undertaking any live trading.

c. RB has informed the customer that RB will be compensated by MG if customer is accepted as a client of MG and this compensation will be based on the volume of the customer's spot foreign currency trading with MG. This compensation will be paid by MG and will not be deducted from customer's account.

d. RB has not guaranteed any returns or made any other false claims concerning any level of expected returns for spot foreign currency trading.

Page 7            080603

e. RB has advised the customer that spot foreign currency trading is highly speculative and carries serious financial risk.

The customer further agrees that he or she will not permit RB to act as funds custodian or account manager of any funds to be traded on customer's behalf through MG if the Customer is accepted as a Client of MG. Customer will place my funds directly with MG and will not use RB as an intermediary for those funds in any way.

I acknowledge that I have read and understand this agreement and agree to all its terms. My agreement may be evidenced by electronic or manual signature in the space provided below and will, in any event, be evidenced by my initiation of funds deposited, or trading activity with MG.


Name X ______________________________________________________________


Signature X __________________________________________________________


Date X _______________________________________________________________



Name X ______________________________________________________________


Signature X __________________________________________________________


Date X _______________________________________________________________


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