Risk Disclaimer

Risk Disclosure Statement

OFF-EXCHANGE FOREIGN CURRENCY TRANSACTIONS INVOLVE THE
LEVERAGED TRADING OF CONTRACTS DENOMINATED IN FOREIGN CURRENCY
CONDUCTED WITH A FUTURES COMMISSION MERCHANT OR A RETAIL FOREIGN
EXCHANGE DEALER AS YOUR COUNTERPARTY. BECAUSE OF THE LEVERAGE
AND THE OTHER RISKS DISCLOSED HERE, YOU CAN RAPIDLY LOSE ALL OF THE
FUNDS YOU DEPOSIT FOR SUCH TRADING AND YOU MAY LOSE MORE THAN YOU
DEPOSIT. YOU SHOULD BE AWARE OF AND CAREFULLY CONSIDER THE
FOLLOWING POINTS BEFORE DETERMINING WHETHER SUCH TRADING IS
APPROPRIATE FOR YOU.

(1) TRADING IS NOT ON A REGULATED MARKET OR EXCHANGE—YOUR
DEALER IS YOUR TRADING PARTNER WHICH IS A DIRECT CONFLICT OF
INTEREST. BEFORE YOU ENGAGE IN ANY RETAIL FOREIGN EXCHANGE TRADING,
YOU SHOULD CONFIRM THE REGISTRATION STATUS OF YOUR COUNTERPARTY.

The off-exchange foreign currency trading you are entering into is not conducted on an
interbank market, nor is it conducted on a futures exchange subject to regulation as a designated
contract market by the Commodity Futures Trading Commission. The foreign currency trades
you transact are trades with the futures commission merchant or retail foreign exchange dealer as
your counterparty. WHEN YOU SELL, THE DEALER IS THE BUYER. WHEN YOU BUY,
THE DEALER IS THE SELLER. As a result, when you lose money trading, your dealer is
making money on such trades, in addition to any fees, commissions, or spreads the dealer may
charge.

(2) AN ELECTRONIC TRADING PLATFORM FOR RETAIL FOREIGN CURRENCY
TRANSACTIONS IS NOT AN EXCHANGE. IT IS AN ELECTRONIC CONNECTION FOR
ACCESSING YOUR DEALER. THE TERMS OF AVAILABILITY OF SUCH A PLATFORM
ARE GOVERNED ONLY BY YOUR CONTRACT WITH YOUR DEALER.

Any trading platform that you may use to enter off-exchange foreign currency
transactions is only connected to your futures commission merchant or retail foreign exchange
dealer. You are accessing that trading platform only to transact with your dealer. You are not
trading with any other entities or customers of the dealer by accessing such platform. The
availability and operation of any such platform, including the consequences of the unavailability
of the trading platform for any reason, is governed only by the terms of your account agreement
with the dealer.

(3) YOUR DEPOSITS WITH THE DEALER HAVE NO REGULATORY
PROTECTIONS.

All of your rights associated with your retail forex trading, including the manner and
denomination of any payments made to you, are governed by the contract terms established in
your account agreement with the futures commission merchant or retail foreign exchange dealer.
Funds deposited by you with a futures commission merchant or retail foreign exchange dealer for

trading off-exchange foreign currency transactions are not subject to the customer funds
protections provided to customers trading on a contract market that is designated by the
Commodity Futures Trading Commission. Your dealer may commingle your funds with its own
operating funds or use them for other purposes. In the event your dealer becomes bankrupt, any
funds the dealer is holding for you in addition to any amounts owed to you resulting from
trading, whether or not any assets are maintained in separate deposit accounts by the dealer, may
be treated as an unsecured creditor’s claim.

(4) YOU ARE LIMITED TO YOUR DEALER TO OFFSET OR LIQUIDATE ANY
TRADING POSITIONS SINCE THE TRANSACTIONS ARE NOT MADE ON AN
EXCHANGE OR MARKET, AND YOUR DEALER MAY SET ITS OWN PRICES.

Your ability to close your transactions or offset positions is limited to what your dealer
will offer to you, as there is no other market for these transactions. Your dealer may offer any
prices it wishes, and it may offer prices derived from outside sources or not in its discretion.
Your dealer may establish its prices by offering spreads from third party prices, but it is under no
obligation to do so or to continue to do so. Your dealer may offer different prices to different
customers at any point in time on its own terms. The terms of your account agreement alone
govern the obligations your dealer has to you to offer prices and offer offset or liquidating
transactions in your account and make any payments to you. The prices offered by your dealer
may or may not reflect prices available elsewhere at any exchange, interbank, or other market for
foreign currency.

(5) PAID SOLICITORS MAY HAVE UNDISCLOSED CONFLICTS

The futures commission merchant or retail foreign exchange dealer may compensate
introducing brokers for introducing your account in ways which are not disclosed to you. Such
paid solicitors are not required to have, and may not have, any special expertise in trading, and
may have conflicts of interest based on the method by which they are compensated. Solicitors
working on behalf of futures commission merchants and retail foreign exchange dealers are
required to register. You should confirm that they are, in fact registered. You should thoroughly
investigate the manner in which all such solicitors are compensated and be very cautious in
granting any person or entity authority to trade on your behalf. You should always consider
obtaining dated written confirmation of any information you are relying on from your dealer or a
solicitor in making any trading or account decisions.

FINALLY, YOU SHOULD THOROUGHLY INVESTIGATE ANY STATEMENTS BY ANY
DEALERS OR SALES REPRESENTATIVES WHICH MINIMIZE THE IMPORTANCE OF,
OR CONTRADICT, ANY OF THE TERMS OF THIS RISK DISCLOSURE. SUCH
STATEMENTS MAY INDICATE POTENTIAL SALES FRAUD. THIS BRIEF STATEMENT
CANNOT, OF COURSE, DISCLOSE ALL THE RISKS AND OTHER ASPECTS OF
TRADING OFF-EXCHANGE FOREIGN CURRENCY TRANSACTIONS WITH A
FUTURES COMMISSION MERCHANT OR RETAIL FOREIGN EXCHANGE DEALER.

Additional Notices and Disclaimers

The services and content that we provide our solely for educational purposes. The generic, non-
personalized trade or market recommendations or analyses provided by us are based solely on the
judgment of our personnel and should be considered as such. You acknowledge that you enter
into any transactions relying on your own judgment. Any market recommendations provided by
us are generic only and may or may not be consistent with the market positions or intentions of
our firm and/or our affiliates. Any opinions, news, research, analyses, prices, or other
information contained on this website are provided as general market commentary, and do not
constitute investment advice.

There are risks associated with utilizing an Internet-based trading system including, but not
limited to, the failure of hardware, software, and Internet connection. We are not responsible for
communication failures or delays when trading via the Internet. We are not liable for any loss or
damage, including without limitation, any loss of profit, which may arise directly or indirectly
from use of or reliance on such information. The content on this website is subject to change at
any time without notice.