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Account Opening Request Form - Macquarie

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MACQUARIE FUTURES USA LLC<br />

CORPORATE / ENTITY ACCOUNT DOCUMENTATION


MACQUARIE FUTURES USA LLC | FUTURES | CORPORATE / ENTITY ACCOUNT DOCUMENTATION<br />

IMPORTANT INFORMATION<br />

IMPORTANT INFORMATION ABOUT PROCEDURES FOR OPENING A NEW ACCOUNT<br />

IN ACCORDANCE WITH GOVERNMENT REGULATIONS, FINANCIAL INSTITUTIONS ARE REQUIRED TO OBTAIN, VERIFY,<br />

AND RECORD INFORMATION THAT IDENTIFIES EACH PERSON OR ENTITY THAT OPENS AN ACCOUNT.<br />

WHAT THIS MEANS FOR YOU:<br />

WHEN YOU OPEN AN ACCOUNT, WE WILL ASK FOR YOUR NAME, ADDRESS, IDENTIFICATION NUMBER AND OTHER<br />

INFORMATION THAT WILL ALLOW US TO IDENTIFY THE CUSTOMER. WE MAY ALSO ASK TO SEE GOVERNMENT-ISSUED<br />

IDENTIFYING DOCUMENTS.<br />

In addition to completing the New <strong>Account</strong> Information <strong>Form</strong> and Customer Agreement, please provide the following:<br />

ENTITIES:<br />

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INDIVIDUALS:<br />

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MACQUARIE FUTURES USA LLC | FUTURES | CORPORATE / ENTITY ACCOUNT DOCUMENTATION PAGE 3<br />

TABLE OF CONTENTS<br />

TABLE OF CONTENTS ....................................................................................................................................................................... 3<br />

CFTC RISK DISCLOSURE STATEMENT FOR FUTURES AND OPTIONS – CFTC Rule 1.55 (c) & NON-CASH MARGIN<br />

DISCLOSURE – CFTC 190.10 (C) ....................................................................................................................................................... 4<br />

PART 1 - NEW ACCOUNT INFORMATION ........................................................................................................................................ 7<br />

PART II - PRINCIPALS / BENEFICIAL OWNERS ............................................................................................................................. 11<br />

PART II - PRINCIPALS / BENEFICIAL OWNERS ............................................................................................................................. 12<br />

FORM OF CORPORATE AUTHORIZATION CERTIFIED RESOLUTIONS AUTHORIZING THE EXECUTION AND DELIVERY OF A<br />

FUTURES AND OPTIONS ACCOUNT AGREEMENT ....................................................................................................................... 13<br />

FORM OF LIMITED LIABILITY COMPANY AUTHORIZATION AUTHORIZING THE EXECUTION AND DELIVERY OF A FUTURES<br />

AND OPTIONS ACCOUNT AGREEMENT ........................................................................................................................................ 14<br />

FORM OF PARTNERSHIP AUTHORIZATION AUTHORIZING THE EXECUTION AND DELIVERY OF A FUTURES AND OPTIONS<br />

ACCOUNT AGREEMENT .................................................................................................................................................................. 15<br />

CUSTOMER AGREEMENT ............................................................................................................................................................... 16<br />

ADDITIONAL TERMS APPLICABLE TO the PROVISION OF DMA FACILITIES .............................................................................. 21<br />

ELECTRONIC TRADING AND ORDER ROUTING SYSTEMS DISCLOSURE STATEMENT ............................................................ 27<br />

HEDGE ACCOUNT AGREEMENT .................................................................................................................................................... 28<br />

ELECTRONIC STATEMENT DISCLOSURE ...................................................................................................................................... 29<br />

TRADING AUTHORIZATION ............................................................................................................................................................. 30<br />

ADVISOR AGREEMENT ................................................................................................................................................................... 31<br />

NON-SOLICITATION AGREEMENT ................................................................................................................................................. 32<br />

INTRODUCING BROKER ................................................................................................................................................................. 32<br />

FUTURES CROSS TRADE CONSENT .............................................................................................................................................. 33<br />

TRANSFER OF FUNDS ..................................................................................................................................................................... 33<br />

ARBITRATION AGREEMENT ........................................................................................................................................................... 34<br />

ACCOUNT TRANSFER FORM .......................................................................................................................................................... 35<br />

TRUST INFORMATION AND TRUSTEE CERTIFICATION ............................................................................................................... 36<br />

MFUSA BANKING INFORMATION ................................................................................................................................................... 37<br />

TAX FORMS ...................................................................................................................................................................................... 38


MACQUARIE FUTURES USA LLC | FUTURES | CORPORATE / ENTITY ACCOUNT DOCUMENTATION PAGE 4<br />

CFTC RISK DISCLOSURE STATEMENT FOR FUTURES AND OPTIONS<br />

– CFTC RULE 1.55 (C) & NON-CASH MARGIN DISCLOSURE – CFTC<br />

190.10 (C)<br />

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FUTURES<br />

1. EFFECT OF ‘LEVERAGE’ OR ‘GEARING’<br />

Transactions in futures carry a high degree of risk. The amount of initial margin is small relative to the value of the futures contract so<br />

that transactions are ‘leveraged’ or ‘geared.’ A relatively small market movement will have a proportionately larger impact on the funds<br />

you have deposited or will have to deposit; this may work against you as well as for you. You may sustain a total loss of initial margin<br />

funds and any additional funds deposited with the firm to maintain your position. If the market moves against your position or margin<br />

levels are increased, you may be called upon to pay substantial additional funds on short notice to maintain your position. If you fail to<br />

comply with a request for additional funds within the time prescribed, your position may be liquidated at a loss and you will be liable for<br />

any resulting deficit.<br />

2. RISK-REDUCING ORDERS OR STRATEGIES<br />

The placing of certain orders (e.g. ‘stop-loss’ orders, where permitted under local law, or ‘stop-limit’ orders) which are intended to limit<br />

losses to certain amounts may not be effective because market conditions may make it impossible to execute such orders. Strategies<br />

using combinations of positions, such as ‘spread’ and ‘straddle’ positions may be as risky as taking simple ‘long’ or ‘short’ positions.<br />

OPTIONS<br />

3. VARIABLE DEGREE OF RISK<br />

Transactions in options carry a high degree of risk. Purchasers and sellers of options should familiarize themselves with the type of<br />

option (i.e. put or call) which they contemplate trading and the associated risks. You should calculate the extent to which the value of<br />

the options must increase for your position to become profitable, taking into account the premium and all transaction costs.<br />

The purchaser of options may offset or exercise the options or allow the options to expire. The exercise of an option results either in a<br />

cash settlement or in the purchaser acquiring or delivering the underlying interest. If the option is on a future, the purchaser will acquire<br />

a futures position with associated liabilities for margin (see the section on Futures above). If the purchased options expire worthless,<br />

you will suffer a total loss of your investment which will consist of the option premium plus transaction costs. If you are contemplating<br />

purchasing deep-out-of-the-money options, you should be aware that the chance of such options becoming profitable ordinarily is<br />

remote.<br />

Selling (‘writing’ or ‘granting’) an option generally entails considerably greater risk than purchasing options. Although the premium<br />

received by the seller is fixed, the seller may sustain a loss well in excess of that amount. The seller will be liable for additional margin to<br />

maintain the position if the market moves unfavorably. The seller will also be exposed to the risk of the purchaser exercising the option<br />

and the seller will be obligated to either settle the option in cash or to acquire or deliver the underlying interest. If the option is on a<br />

future, the seller will acquire a position in a future with associated liabilities for margin (see the section on Futures above). If the position<br />

is ‘covered’ by the seller holding a corresponding position in the underlying interest or a future or another option, the risk may be<br />

reduced. If the option is not covered, the risk of loss can be unlimited.<br />

Certain exchanges in some jurisdictions permit deferred payment of the option premium, exposing the purchaser to liability for margin<br />

payments not exceeding the amount of the premium. The purchaser is still subject to the risk of losing the premium and transaction<br />

costs. When the option is exercised or expires, the purchaser is responsible for any unpaid premium outstanding at that time.


MACQUARIE FUTURES USA LLC | FUTURES | CORPORATE / ENTITY ACCOUNT DOCUMENTATION PAGE 5<br />

ADDITIONAL RISKS COMMON TO FUTURES AND OPTIONS<br />

4. TERMS AND CONDITIONS OF CONTRACTS<br />

You should ask the firm with which you deal about the term and conditions of the specific futures or options which you are trading and<br />

associated obligations (e.g. the circumstances under which you may become obligated to make or take delivery of the underlying<br />

interest of a futures contract and, in respect of options, expiration dates and restrictions on the time for exercise). Under certain<br />

circumstances the specifications of outstanding contracts (including the exercise price of an option) may be modified by the exchange<br />

or clearing house to reflect changes in the underlying interest.<br />

5. SUSPENSION OR RESTRICTION OF TRADING AND PRICING RELATIONSHIPS<br />

Market conditions (e.g. illiquidity) and/or the operation of the rules of certain markets (e.g. the suspension of trading in any contract or<br />

contract month because of price limits or ‘circuit breakers’) may increase the risk of loss by making it difficult or impossible to effect<br />

transactions or liquidate/offset positions. If you have sold options, this may increase the risk of loss.<br />

Further, normal pricing relationships between the underlying interest and the future, and the underlying interest and the option may not<br />

exist. This can occur when, for example, the futures contract underlying the option is subject to price limits while the option is not. The<br />

absence of an underlying reference price may make it difficult to judge ‘fair’ value.<br />

6. DEPOSITED CASH AND PROPERTY<br />

You should familiarize yourself with the protections accorded money or other property you deposit for domestic and foreign<br />

transactions, particularly in the event of a firm insolvency or bankruptcy. The extent to which you may recover your money or property<br />

may be governed by specified legislation or local rules. In some jurisdictions, property which had been specifically identifiable as your<br />

own will be pro-rated in the same manner as cash for purposes of distribution in the event of a shortfall.<br />

7. COMMISSION AND OTHER CHARGES<br />

Before you begin to trade, you should obtain a clear explanation of all commission, fees and other charges for which you will be liable.<br />

These charges will affect your net profit (if any) or increase your loss.<br />

8. TRANSACTIONS IN OTHER JURISDICTIONS<br />

Transactions on markets in other jurisdictions, including markets formally linked to a domestic market, may expose you to additional<br />

risk. Such markets may be subject to regulation which may offer different or diminished investor protection. Before you trade should<br />

inquire about any rules relevant to your particular transactions. Your local regulatory authority will be unable to compel the enforcement<br />

of the rules of regulatory authorities or markets in other jurisdictions where your transactions have been effected. You should ask the<br />

firm with which you deal for details about the types of redress available in both your home jurisdiction and other relevant jurisdictions<br />

before you start to trade.<br />

9. CURRENCY RISKS<br />

The profit or loss in transactions in foreign currency-denominated contracts (whether they are traded in your own or another jurisdiction)<br />

will be affected by fluctuations in currency rates where there is a need to convert from the currency denomination of the contract to<br />

another currency.<br />

10. TRADING FACILITIES<br />

Most open-outcry and electronic trading facilities are supported by computer-based component systems for the order-routing,<br />

execution, matching, registration or clearing of trades. As with all facilities and systems, they are vulnerable to temporary disruption or<br />

failure. Your ability to recover certain losses may be subject to limits on liability imposed by the system provider, the market, the<br />

clearing house and/or member firms. Such limits may vary; you should ask the firm with which you deal for details in this respect.<br />

11. ELECTRONIC TRADING<br />

Trading on an electronic trading system may differ not only from trading in an open-outcry market but also from trading on other<br />

electronic trading systems. If you undertake transactions on an electronic trading system, you will be exposed to risk associated with<br />

the system including the failure of hardware and software. The result of any system failure may be that your order is either not executed<br />

according to your instructions or is not executed at all.


MACQUARIE FUTURES USA LLC | FUTURES | CORPORATE / ENTITY ACCOUNT DOCUMENTATION PAGE 6<br />

12. OFF-EXCHANGE TRANSACTIONS<br />

In some jurisdictions, and only then in restricted circumstances, firms are permitted to effect off-exchange transactions. The firm with<br />

which you deal may be acting as your counterparty to the transaction. It may be difficult or impossible to liquidate an existing position,<br />

to assess the value, to determine a fair price or to assess the exposure to risk. For these reasons, these transactions may involve<br />

increased risks. Off-exchange transactions may be less regulated or subject to a separate regulatory regime. Before you undertake<br />

such transactions, you should familiarize yourself with applicable rules and attendant risks.<br />

DISCLOSURE STATEMENT RELATING TO NON-CASH MARGIN – CFTC RULE 190.10 (C)<br />

THIS STATEMENT IS FURNISHED TO YOU BECAUSE RULE 190.10(C) OF THE COMMODITY FUTURES TRADING<br />

COMMISSION REQUIRES IT FOR REASONS OF FAIR NOTICE UNRELATED TO THIS COMPANY’S CURRENT FINANCIAL<br />

CONDITION.<br />

1. YOU SHOULD KNOW THAT IN THE UNLIKELY EVENT OF THIS COMPANY’S BANKRUPTCY, PROPERTY,<br />

INCLUDING PROPERTY SPECIFICALLY TRACEABLE TO YOU, WILL BE RETURNED, TRANSFERRED OR<br />

DISTRIBUTED TO YOU, OR ON YOUR BEHALF, ONLY TO THE EXTENT OF YOUR PRO RATA SHARE OF ALL<br />

PROPERTY AVAILABLE FOR DISTRIBUTION TO CUSTOMERS.<br />

2. FURTHER NOTICE CONCERNING THE TERMS FOR THE RETURN OF SPECIFICALLY IDENTIFIABLE PROPERTY<br />

WILL BE BY PUBLICATION IN A NEWSPAPER OF GENERAL CIRCULATION.<br />

3. THE COMMISSION’S REGULATIONS CONCERNING BANKRUPTCIES OF COMMODITY BROKERS CAN BE FOUND<br />

AT 17 CODE OF FEDERAL REGULATIONS PART<br />

This Risk Disclosure Statement was adopted by the Commodity Futures Trading Commission,<br />

an Agency of the Federal Government. The CFTC requires that you acknowledge your<br />

understanding of this statement before you open an account. Therefore, we urge you to read<br />

the statements carefully.<br />

I hereby acknowledge that I have read and understand the Foregoing Risk Disclosure<br />

Statements Pursuant to CFTC Rules 1.55(c) and 190.10(c).<br />

___________________________________________________________________<br />

Authorized Individual - Print Name<br />

________________________________________<br />

Date<br />

___________________________________________________________________<br />

Authorized Individual - Signature<br />

___________________________________________________________________<br />

Authorized Individual - Print Name (if two signatures required)<br />

________________________________________<br />

Date<br />

___________________________________________________________________<br />

Authorized Individual – Signature (if two signatures required)


MACQUARIE FUTURES USA LLC | FUTURES | CORPORATE / ENTITY ACCOUNT DOCUMENTATION PAGE 7<br />

PART 1 - NEW ACCOUNT INFORMATION<br />

Type of <strong>Account</strong>:<br />

Trading Objective<br />

Corporation<br />

Speculative<br />

Limited Liability Company Hedging – If Hedging, please complete Hedge Agreement on page 17<br />

General Partnership<br />

Managed - If Managed, please complete the Trading Authorization and<br />

Limited Partnership Advisor Agreement on pages 19 and 20<br />

Other (please explain): _________________________<br />

1. <strong>Account</strong> Owner Information / Primary Address (No P.O. Boxes accepted)<br />

Name: _________________________________________________________________________ Tax ID: __ __ - __ __ __ __ __ __ __<br />

Street: ______________________________________________________________________________________________________________<br />

City, State, ZIP: ________________________________________________________________<br />

Country:_____________________________<br />

2. Mailing Address (if different from above)<br />

Street: ______________________________________________________________________________________________________________<br />

City, State, ZIP: ________________________________________________________________<br />

Country:_____________________________<br />

3. Primary Contact Information<br />

Name: _______________________________________________________<br />

Business Phone: ______________________________________________<br />

Title: ________________________________________________<br />

Fax Number: _________________________________________<br />

E-Mail: ______________________________________________________________________________________________________________<br />

4. <strong>Form</strong>ation Information<br />

Date of <strong>Form</strong>ation / Incorporation: ___________________________<br />

State / Country of <strong>Form</strong>ation / Incorporation: __________________<br />

Principle Place of Business: ____________________________________________________________________________________________<br />

Ownership Structure: Private ________________<br />

Public; Ticker symbol and Exchange: ____________________________________<br />

If a subsidiary, please list ultimate parent:_________________________________________________________________________________<br />

Parental Ownership Structure: Private ____________<br />

Public; Ticker symbol and Exchange: ____________________________________<br />

5. Commodity Exchange Membership:<br />

Is the <strong>Account</strong> Owner a Corporate Member or Trading Participant of any commodity exchange?<br />

NO<br />

YES: Exchange: __________________________________<br />

Type: ______________________________________


MACQUARIE FUTURES USA LLC | FUTURES | CORPORATE / ENTITY ACCOUNT DOCUMENTATION PAGE 8<br />

6. Current / Previous Clearers<br />

Futures: ________________________________________________ <strong>Account</strong> Still Active: YES NO<br />

Stocks / Mutual Funds: ___________________________________ <strong>Account</strong> Still Active: YES NO<br />

7. Trading / Investment Experience (please note your investment experience in the following areas):<br />

Futures:<br />

Futures Options:<br />

Stocks:<br />

8. Reporting Information<br />

< 1 yr. 1-5 yrs. 6-10 yrs. 10+ yrs.<br />

(a) Does the account owner or any of its principals have trading authorization on any additional accounts maintained at MFUSA?<br />

NO<br />

YES; Acct. Name: ________________________________________ Acct. #: ____________________________________________<br />

(b) Does the account owner or any of its principals have a financial interest greater than 10% in any additional accounts maintained at<br />

MFUSA?<br />

NO<br />

YES; Acct. Name: ________________________________________ Acct. #: ____________________________________________<br />

(c) Does any other person / entity have a financial interest in this account greater than 10%?<br />

NO<br />

YES; Please Explain ___________________________________________________________________________________________<br />

(d) Does any other person / entity guarantee this account?<br />

NO<br />

YES; Please Explain ___________________________________________________________________________________________<br />

9. <strong>Account</strong> Owner Information<br />

(a) Is any principal of the account owner related to any broker associated with MFUSA?<br />

NO<br />

YES; Please Explain ___________________________________________________________________________________________<br />

(b) Is any principal of the account owner related to any commodity salesperson?<br />

NO<br />

YES; Please Explain ___________________________________________________________________________________________<br />

(c) Is any principal of the account owner related to any broker, member, lessee, partners, officers or employee of a commodity<br />

exchange or clearing organization?<br />

NO<br />

YES; Please Explain ___________________________________________________________________________________________<br />

(d) Does the account owner or any of its principals have a professional relationship with any bank, trust company or entity dealing in<br />

commodities or securities?<br />

NO<br />

YES; Please Explain ___________________________________________________________________________________________


MACQUARIE FUTURES USA LLC | FUTURES | CORPORATE / ENTITY ACCOUNT DOCUMENTATION PAGE 9<br />

10. Bankruptcy Information<br />

(a) Is there currently pending, or has there ever been, any litigation, disputed accounts, debit balances or other unresolved matters<br />

between commodity or securities brokers, exchanges, or federal or state regulatory bodies and the account owner?<br />

NO<br />

YES; Please Explain ___________________________________________________________________________________________<br />

(b) Has the account owner ever been subject to bankruptcy proceedings, receivership or similar proceedings in the United States or<br />

any other country? If YES, please provide Discharge of Debtor notice.<br />

NO<br />

YES; Please Explain ___________________________________________________________________________________________<br />

11. Statement of Financial Condition<br />

***Audited Financials may be submitted in lieu of completing this worksheet***<br />

BALANCE SHEET<br />

CURRENT ASSETS:<br />

CURRENT LIABILITIES:<br />

Liquid Cash _____________________ <strong>Account</strong>s Payable _____________________<br />

Marketable Securities _____________________ Short-Term Notes Payable _____________________<br />

<strong>Account</strong>s Receivable _____________________ Accrued Liabilities _____________________<br />

Prepaid Expenses _____________________ Other Current Liabilities _____________________<br />

Other Current Assets _____________________<br />

NON-CURRENT ASSETS:<br />

NON-CURRENT LIABILITIES:<br />

PP&E _____________________ Deferred Income Taxes _____________________<br />

Long Term Investments _____________________ Long Term Debt _____________________<br />

Other Non-Current Assets _____________________<br />

Other Non-Current Liabilities _____________________<br />

TOTAL ASSETS: _____________________ TOTAL LIABILITIES: _____________________<br />

INCOME STATEMENT<br />

Annual Revenue<br />

_____________________<br />

Annual Costs & Expenses _____________________<br />

Annual Net Income<br />

_____________________


MACQUARIE FUTURES USA LLC | FUTURES | CORPORATE / ENTITY ACCOUNT DOCUMENTATION PAGE 10<br />

12. Standing Instruction for Payment of Funds (select one)<br />

Check to Mailing Address<br />

Wire Transfer to Bank<br />

Institution:<br />

<strong>Account</strong> Number:<br />

ABA:<br />

__________________________________________________________________<br />

__________________________________________________________________<br />

__________________________________________________________________<br />

Other (please specify): __________________________________________________________________<br />

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___________________________________________________________________<br />

Authorized Individual - Print Name<br />

________________________________________<br />

Date<br />

___________________________________________________________________<br />

Authorized Individual - Signature<br />

___________________________________________________________________<br />

Authorized Individual - Print Name (if two signatures required)<br />

________________________________________<br />

Date<br />

___________________________________________________________________<br />

Authorized Individual – Signature (if two signatures required)


MACQUARIE FUTURES USA LLC | FUTURES | CORPORATE / ENTITY ACCOUNT DOCUMENTATION PAGE 11<br />

PART II - PRINCIPALS / BENEFICIAL OWNERS<br />

To be completed by ALL Customers: (please select the entity type for which you are opening an account and complete the following<br />

sections A and B as indicated)<br />

<strong>Account</strong> Type *Principals/<br />

Beneficial Owner(s)<br />

*Bank Senior Officers (CEO/President, CFO/Treasurer) and<br />

owners of 25% or more of entity<br />

Sections to be<br />

Completed<br />

A and B<br />

<br />

Broker/Dealers, Futures Commission Merchants,<br />

Foreign Brokers<br />

Senior Corporate Officers (CEO/President,<br />

CFO/Treasurer), General Partners and owners of 25%<br />

or more of entity<br />

A and B<br />

Limited Liability Company Manager or Managing Member(s) A and B<br />

Hedge Funds and Commodity Pools Fund Manager, Officers/Directors and General Partner A and B<br />

Mutual Fund Officers and Trading Advisor A and B<br />

Partnership General Partner, Managing General Partner A and B<br />

Pension Plan (ERISA) N/A<br />

Pension Plan (non-ERISA) Trustee, Plan/Corporate Sponsor A and B<br />

Private Corporation Chairman of the Board, Senior Officers (CEO/President,<br />

CFO/Treasurer), General Partners and owners of 25%<br />

of more of entity<br />

A and B<br />

Public Corporation Stock Symbol: ________ Senior Officers (CEO/President, CFO/Treasurer) A and B<br />

<br />

**OTHER:<br />

*Non-U.S. banks must complete a "foreign bank certification"; if applicable please contact your MFUSA sales/marketing contact.<br />

Senior Political Figure:<br />

Is any beneficial owner or principal of this entity or their immediate family member a senior political figure, defined as a current or<br />

former senior official in the executive, legislative, administrative, military or judicial branches of a government (whether elected or not),<br />

a senior official of a political party, a senior executive of a government-owned enterprise, corporation, business or entity formed by or<br />

for the benefit of such individual?<br />

NO<br />

YES. Please Explain _____________________________________________________________________________________________


MACQUARIE FUTURES USA LLC | FUTURES | CORPORATE / ENTITY ACCOUNT DOCUMENTATION PAGE 12<br />

PART II - PRINCIPALS / BENEFICIAL OWNERS<br />

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PRINCIPALS:<br />

_____________________________________________________ _________________________ __________________<br />

Name Title Country of Domicile<br />

_____________________________________________________ _________________________ __________________<br />

Name Title Country of Domicile<br />

_____________________________________________________ _________________________ __________________<br />

Name Title Country of Domicile<br />

_____________________________________________________ _________________________ __________________<br />

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_____________________________________________________ _________________________ __________________<br />

Name Title Country of Domicile<br />

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BENEFICIAL OWNERS:<br />

_____________________________________________________ _________________________ __________________<br />

Name Date of Birth Country of Domicile<br />

_____________________________________________________ _________________________ __________________<br />

Name Date of Birth Country of Domicile<br />

_____________________________________________________ _________________________ __________________<br />

Name Date of Birth Country of Domicile<br />

_____________________________________________________ _________________________ __________________<br />

Name Date of Birth Country of Domicile<br />

_____________________________________________________ _________________________ __________________<br />

Name Date of Birth Country of Domicile


MACQUARIE FUTURES USA LLC | FUTURES | CORPORATE / ENTITY ACCOUNT DOCUMENTATION PAGE 13<br />

FORM OF CORPORATE AUTHORIZATION<br />

CERTIFIED RESOLUTIONS AUTHORIZING THE EXECUTION AND<br />

DELIVERY OF A FUTURES AND OPTIONS ACCOUNT AGREEMENT<br />

The undersigned, being the duly constituted Secretary of __________________________________________________, a corporation duly<br />

organized and existing under the laws of _________________________________________, (the “Corporation”) does hereby certify to<br />

<strong>Macquarie</strong> Futures USA LLC (“MFUSA”) as follows:<br />

1. That a meeting of the Board of Directors of the Corporation was held at which a quorum was present and acting throughout, the<br />

following resolutions were duly adopted and are still in full force and effect:<br />

RESOLVED, that it is in the best interests of this Corporation to enter to a Customer Agreement with MFUSA with respect to the<br />

purchase and sale of futures contracts and options on futures contracts (collectively “Contracts”) in the form presented at said meeting;<br />

FURTHER RESOLVED, that each of the below listed officers of the Corporation are hereby authorized and empowered to execute and<br />

deliver on behalf of this Corporation the Customer Agreement, together with any and all other agreements or documents which are<br />

required by MFUSA in connection therewith;<br />

Name of Authorized Individual<br />

______________________________________________________<br />

______________________________________________________<br />

______________________________________________________<br />

______________________________________________________<br />

Title<br />

________________________________________________________<br />

________________________________________________________<br />

________________________________________________________<br />

________________________________________________________<br />

FURTHER RESOLVED, that said officers be and each is hereby authorized and empowered to authorize persons to act on behalf of this<br />

Corporation in connection with the purchase and sale of Contracts and otherwise to act on behalf of this Corporation pursuant to the<br />

Customer Agreement and to execute any agreements, acknowledgments, documents and instruments as may be necessary or<br />

appropriate to implement these resolutions;<br />

FURTHER RESOLVED, that the Secretary or Assistant Secretary of this Corporation be and each hereby is authorized, empowered and<br />

directed to certify to MFUSA a true copy of these resolutions, a certificate that this Corporation is duly organized and existing, that it is<br />

empowered to enter into transaction of the types contemplated by the Customer Agreement, and that these resolutions are not in<br />

conflict with the Corporation’s certificate of incorporation or by-laws or of any statute, rule, regulation, judgment, order, decree<br />

agreement or undertaking to which this Corporation is subject or by which it is bound.<br />

2. That the signature or signatures of any of the officers listed above on the Customer Agreement are the genuine signatures.<br />

3. That the undersigned has been duly authorized to make and deliver this certificate on behalf of the Corporation.<br />

IN WITNESS WHEREOF, I have executed this certificate:<br />

______________________________________________ ______________________________________________<br />

Secretary Name (printed)<br />

Date<br />

______________________________________________<br />

Secretary Signature<br />

* Please note that the person who certifies these resolutions may not be one of the individuals listed as persons authorized to<br />

sign the Customer Agreement or to give instructions under the Customer Agreement.


MACQUARIE FUTURES USA LLC | FUTURES | CORPORATE / ENTITY ACCOUNT DOCUMENTATION PAGE 14<br />

FORM OF LIMITED LIABILITY COMPANY AUTHORIZATION<br />

AUTHORIZING THE EXECUTION AND DELIVERY OF A FUTURES AND<br />

OPTIONS ACCOUNT AGREEMENT<br />

The undersigned, being the duly constituted Secretary of __________________________________________________, a limited liability<br />

company duly organized and existing under the laws of _________________________________________, (the “Company”) does hereby<br />

certify to <strong>Macquarie</strong> Futures USA LLC (“MFUSA”) as follows:<br />

1. That a meeting of the Board of Directors of the Company was held at which a quorum was present and acting throughout, the<br />

following resolutions were duly adopted and are still in full force and effect:<br />

RESOLVED, that it is in the best interests of this Company to enter to a Customer Agreement with MFUSA with respect to the purchase<br />

and sale of futures contracts and options on futures contracts (collectively “Contracts”) in the form presented at said meeting;<br />

FURTHER RESOLVED, that each of the below listed authorized persons of the Company are hereby authorized and empowered to<br />

execute and deliver on behalf of this Company the Customer Agreement, together with any and all other agreements or documents<br />

which are required by MFUSA in connection therewith;<br />

Name of Authorized Individual<br />

______________________________________________________<br />

______________________________________________________<br />

______________________________________________________<br />

______________________________________________________<br />

Title<br />

________________________________________________________<br />

________________________________________________________<br />

________________________________________________________<br />

________________________________________________________<br />

FURTHER RESOLVED, that said individuals be and each is hereby authorized and empowered to authorize persons to act on behalf of<br />

this Company in connection with the purchase and sale of Contracts and otherwise to act on behalf of this Company pursuant to the<br />

Customer Agreement and to execute any agreements, acknowledgments, documents and instruments as may be necessary or<br />

appropriate to implement these resolutions;<br />

FURTHER RESOLVED, that the Secretary or Assistant Secretary of this Company be and each hereby is authorized, empowered and<br />

directed to certify to MFUSA a true copy of these resolutions, a certificate that this Company is duly organized and existing, that it is<br />

empowered to enter into transaction of the types contemplated by the Customer Agreement, and that these resolutions are not in<br />

conflict with the Company’s operating agreement or of any statute, rule, regulation, judgment, order, decree agreement or undertaking<br />

to which this Corporation is subject or by which it is bound.<br />

2. That the signature or signatures of any of the individuals listed above on the Customer Agreement are the genuine signatures.<br />

3. That the undersigned has been duly authorized to make and deliver this certificate on behalf of the Company.<br />

IN WITNESS WHEREOF, I have executed this certificate:<br />

______________________________________________ ______________________________________________<br />

Secretary Name (printed)<br />

Date<br />

______________________________________________<br />

Secretary Signature<br />

* Please note that the person who certifies these resolutions may not be one of the individuals listed as persons authorized to sign the<br />

Customer Agreement or to give instructions under the Customer Agreement.


MACQUARIE FUTURES USA LLC | FUTURES | CORPORATE / ENTITY ACCOUNT DOCUMENTATION PAGE 15<br />

FORM OF PARTNERSHIP AUTHORIZATION<br />

AUTHORIZING THE EXECUTION AND DELIVERY OF A FUTURES AND<br />

OPTIONS ACCOUNT AGREEMENT<br />

The undersigned, being the General Partner of __________________________________________________, a partnership duly organized<br />

and existing under the laws of _________________________________________, (the “Company”) does hereby certify to <strong>Macquarie</strong><br />

Futures USA LLC (“MFUSA”) as follows:<br />

1. That a meeting of the partners of the Company was held at which a quorum was present and acting throughout, the following<br />

resolutions were duly adopted and are still in full force and effect:<br />

RESOLVED, that it is in the best interests of this Company to enter to a Customer Agreement with MFUSA with respect to the purchase<br />

and sale of futures contracts and options on futures contracts (collectively “Contracts”) in the form presented at said meeting;<br />

FURTHER RESOLVED, that each of the below listed authorized persons of the Company are hereby authorized and empowered to<br />

execute and deliver on behalf of this Company the Customer Agreement, together with any and all other agreements or documents<br />

which are required by MFUSA in connection therewith;<br />

Name of Authorized Individual<br />

______________________________________________________<br />

______________________________________________________<br />

______________________________________________________<br />

______________________________________________________<br />

Title<br />

________________________________________________________<br />

________________________________________________________<br />

________________________________________________________<br />

________________________________________________________<br />

FURTHER RESOLVED, that said individuals be and each is hereby authorized and empowered to authorize persons to act on behalf of<br />

this Company in connection with the purchase and sale of Contracts and otherwise to act on behalf of this Company pursuant to the<br />

Customer Agreement and to execute any agreements, acknowledgments, documents and instruments as may be necessary or<br />

appropriate to implement these resolutions;<br />

FURTHER RESOLVED, that the General Partner of this Company be and each hereby is authorized, empowered and directed to certify<br />

to MFUSA a true copy of these resolutions, a certificate that this Company is duly organized and existing, that it is empowered to enter<br />

into transaction of the types contemplated by the Customer Agreement, and that these resolutions are not in conflict with the<br />

Company’s partnership agreement or of any statute, rule, regulation, judgment, order, decree agreement or undertaking to which this<br />

Corporation is subject or by which it is bound.<br />

2. That the signature or signatures of any of the individuals listed above on the Customer Agreement are the genuine signatures.<br />

3. That the undersigned has been duly authorized to make and deliver this certificate on behalf of the Company.<br />

IN WITNESS WHEREOF, I have executed this certificate:<br />

______________________________________________ ______________________________________________<br />

General Partner Name (printed)<br />

Date<br />

______________________________________________<br />

General Partner Signature<br />

* Please note that the person who certifies these resolutions may not be one of the individuals listed as persons authorized to sign the<br />

Customer Agreement or to give instructions under the Customer Agreement.


MACQUARIE FUTURES USA LLC | FUTURES | CORPORATE / ENTITY ACCOUNT DOCUMENTATION PAGE 16<br />

CUSTOMER AGREEMENT<br />

In consideration of <strong>Macquarie</strong> Futures USA LLC ("MFUSA") accepting and carrying one or more accounts (collectively referred to as the<br />

“<strong>Account</strong>”) for the undersigned (“Customer”) as its broker for the execution of orders and the carrying and clearance of positions in<br />

commodities, commodity futures contracts, and options on the foregoing (each referred to individually as a "Contract" and collectively<br />

as "Contracts") on or subject to the rules of various commodity futures exchanges, markets and their associated clearing houses (each<br />

referred to as an “Exchange”), Customer is executing this Customer Agreement (this “Agreement”) with MFUSA.<br />

1. TRADING AUTHORIZATION<br />

MFUSA is authorized to purchase and sell Contracts for the <strong>Account</strong> at Customer’s risk and in accordance with Customer’s<br />

instructions. MFUSA is entitled to assume the genuineness of any instructions given or purportedly given by or on behalf of Customer<br />

and Customer instructs MFUSA to act upon any instructions reasonably believed by MFUSA to be genuine. MFUSA is also authorized,<br />

in its discretion, to utilize third-party clearing members, floor brokers and other agents, including without limitation affiliates of MFUSA<br />

(each of MFUSA and such affiliates referred to individually as an “MFUSA Entity” and all collectively as the “MFUSA Entities”), in<br />

connection with the execution, clearance, carrying, delivery and settlement of any such transactions. Absent a separate written<br />

agreement with Customer with respect to give-ups, MFUSA, in its sole discretion, may, but shall not be obligated to, accept from other<br />

brokers Contracts executed by such brokers to be given up to MFUSA for clearance or carrying in any account.<br />

2. TRANSACTIONS SUBJECT TO STATUTES AND RULES<br />

All transactions in the <strong>Account</strong> shall be subject to (a) the terms of this Agreement and any applicable ancillary agreements, disclosures<br />

or schedules to this Agreement, (b) the laws, regulations, rules and interpretations of any applicable governmental, regulatory or selfregulatory<br />

authority or Exchange, and (c) to the extent not inconsistent with (a) or (b), the custom and usage of the trade, all as in force<br />

from time to time (collectively referred to as “Applicable Law”). MFUSA shall not be liable to Customer as a result of, and Customer<br />

agrees to hold MFUSA harmless for, any action taken by MFUSA, the MFUSA Entities or their agents, or failure to so act, in each case<br />

to comply with Applicable Law. This Agreement may only be amended with the prior written consent of both parties, provided, however,<br />

that MFUSA may amend this Agreement or any ancillary agreements, disclosures or schedules by notice in writing to Customer, where<br />

MFUSA in its discretion determines that such amendment is necessary to comply with Applicable Law.<br />

3. CUSTOMER REPRESENTATIONS AND WARRANTIES<br />

Customer represents and warrants that:<br />

(a) it possesses the necessary authority to enter into and comply with the terms of this Agreement and all Contracts and the person<br />

executing this Agreement on behalf of Customer is authorized to do so;<br />

(b) no legal limitation in any way restricts or prevents Customer from entering into or complying with this Agreement or any Contract;<br />

(c) if applicable, all necessary action has been taken by Customer to enter into and comply with this Agreement and all Contracts;<br />

(d) when executed by Customer, this Agreement and all Contracts will be legal, valid and binding obligations of Customer, enforceable<br />

against Customer in accordance with their respective terms;<br />

(e) no other person or entity has an interest in the <strong>Account</strong>;<br />

(f)<br />

since the date of Customer’s most recent audited or unaudited financial statements, there has been no material adverse change in<br />

the business, financial condition, results, operations or prospects of Customer;<br />

(g) all financial information, investment objectives or other information provided by Customer to MFUSA is accurate in all material<br />

respects;<br />

(h) it is an eligible contract participant within the meaning of Section 1a(12) of the Commodity Exchange Act, as amended.<br />

4. MARGINS<br />

Customer agrees at all times to deposit and maintain such margins and premium payments with MFUSA as MFUSA may from time to<br />

time request (orally or in writing). Customer shall make margin and premium deposits by wire transfer of immediately available funds or<br />

in other form acceptable to MFUSA.<br />

5. SECURITY INTEREST<br />

Customer grants MFUSA a general lien and a continuing first priority security interest in all funds, negotiable instruments, commodities,<br />

commodity futures contracts, securities, options or other property, including all proceeds and distributions from all of the foregoing, and<br />

any contract and other intangible rights and entitlements in all of the foregoing (all of the foregoing referred to collectively as “Property”)<br />

in the <strong>Account</strong> as security for the payment and performance of any and all obligations, liabilities or indebtedness of Customer to MFUSA<br />

under this Agreement or under any other agreement or other instrument. MFUSA may borrow, pledge, repledge, hypothecate,


MACQUARIE FUTURES USA LLC | FUTURES | CORPORATE / ENTITY ACCOUNT DOCUMENTATION PAGE 17<br />

rehypothecate, loan or invest any of the Property in the <strong>Account</strong> without any obligation to pay or to account for any interest, income or<br />

benefit that may be derived, except as may be required by Applicable Law or as may be separately agreed to in writing by MFUSA and<br />

Customer. For the avoidance of doubt, any such separate agreement between MFUSA and Customer will be subject to the provisions<br />

of and governed by the terms of this Agreement, including Section 24. Any conflict between the separate agreement and this<br />

Agreement will be resolved in favor of this Agreement. All Property delivered to MFUSA shall be free and clear of any liens, security<br />

interests, claims, mortgages or encumbrances of any nature other than the security interest created in MFUSA’s favor (each referred to<br />

individually as an “Encumbrance” and all collectively as “Encumbrances”). Customer will not use or allow any Property that is held by<br />

MFUSA, whether now owned or hereafter acquired, to be or become subject to an Encumbrance. Customer shall execute such<br />

documents and take such other action as MFUSA shall reasonably request in order to perfect its rights with respect to any Property.<br />

Customer appoints MFUSA as Customer’s attorney-in fact to act on Customer’s behalf to sign, seal, execute and deliver all documents<br />

and do all such acts as may be required to enable MFUSA to realize upon all rights in the Property. In the case of a breach by Customer<br />

under this agreement or any other agreement with MFUSA, MFUSA shall have all rights and remedies available to a secured creditor<br />

under any applicable law in addition to the rights and remedies provided herein.<br />

6. REMEDIES<br />

If at any time (a) the <strong>Account</strong> does not contain the margin required by MFUSA, (b) Customer terminates, dissolves, becomes bankrupt<br />

or is inaccessible, (c) a petition for insolvency, bankruptcy, assignment for the benefit of creditors or receivership is filed by or against<br />

Customer, (d) Customer defaults in its obligations to MFUSA under any agreement or instrument, or (e) MFUSA in its reasonable<br />

discretion considers it necessary for its protection, MFUSA may in its sole discretion, after MFUSA has notified, or attempted in good<br />

faith to notify, Customer of its intentions, terminate, liquidate and/or accelerate any and all Contracts, close out the <strong>Account</strong> or any open<br />

positions of Customer in whole or in part, cancel any or all pending orders, terminate Customer’s right to trade in the <strong>Account</strong>, or take<br />

any other action it deems necessary to protect itself, and Customer will be liable for any deficiency in the <strong>Account</strong> that may result from<br />

such actions. Subject to applicable law, MFUSA is authorized to withhold, transfer, use and apply any Property of Customer in its<br />

possession as a set off whenever MFUSA deems it necessary to pay amounts or discharge obligations owing to it by reason of this<br />

Agreement or any other agreement or instrument. The above remedies are solely for MFUSA’s protection, and any non-resort or partial<br />

resort to those remedies shall not relieve Customer of any of its obligations under this Agreement or give rise to any claim against<br />

MFUSA by Customer.<br />

7. CHARGES PAYABLE BY CUSTOMER<br />

Customer agrees to pay MFUSA’s customary and reasonable brokerage, commissions, interest charges and other charges as may be<br />

in effect from time to time, and agrees that such charges may be changed by MFUSA from time to time without notice to Customer. If<br />

MFUSA advances funds on behalf of the <strong>Account</strong>, or if the <strong>Account</strong> carries a debit balance, MFUSA may charge interest commencing<br />

on the first day of such advancement of funds or debit balance. Interest shall be charged monthly or when the debit balance is paid in<br />

full. MFUSA may at any time demand that all outstanding balances in the <strong>Account</strong> be paid in full. The annual rate of interest charged<br />

shall not exceed 2% over the U.S. prime rate, as published by the Federal Reserve Bank from time to time.<br />

8. DELIVERY AND EXERCISE<br />

Customer shall provide MFUSA with instructions to close-out or make or take delivery of Contracts, or close-out, exercise or abandon<br />

futures options contracts pursuant to the following timetable: (a) at least three business days prior to the first notice day in the case of<br />

“long” or “short” positions in Contracts. Customer will deliver to MFUSA sufficient funds and/or any documents required in connection<br />

with any such instruction. If, at any time, Customer is unable to deliver any Property previously sold by MFUSA on Customer’s behalf<br />

(under a Contract or otherwise), Customer authorizes MFUSA in its sole discretion to borrow or purchase and deliver the necessary<br />

Property at the then current market price for the <strong>Account</strong> at Customer’s risk.<br />

9. OPTIONS ASSIGNMENTS<br />

MFUSA uses a random options assignment procedure. Additional information concerning this method of allocation will be provided to<br />

Customer upon request. MFUSA will notify Customer of any material changes in its assignment methods.<br />

10. TRADING LIMITATIONS<br />

MFUSA may limit the number of transactions and positions MFUSA executes, clears or carries for Customer. Customer agrees not to<br />

violate, either alone or in concert with others, position and exercise limits established by MFUSA or pursuant to Applicable Law.<br />

11. STATEMENTS AND CONFIRMATIONS<br />

All written and oral reports related to the <strong>Account</strong> (including but not limited to monthly statements, confirmations of transactions and<br />

purchase and sale statements provided to Customer) shall be conclusive and binding on Customer unless Customer notifies MFUSA of<br />

any objection as follows: (a) in the case of any verbal communication, at the time such report is given to Customer, and (b) in the case of<br />

any written communication, before the opening of trading on the business day immediately following the trade date.


MACQUARIE FUTURES USA LLC | FUTURES | CORPORATE / ENTITY ACCOUNT DOCUMENTATION PAGE 18<br />

12. RECORDINGS<br />

Customer consents to the recording of conversations between Customer and MFUSA (or any of their respective agents, representatives<br />

or employees), without any obligation on the part of MFUSA to make such recordings. Customer agrees to the use of such recordings<br />

as evidence by either party in any disputes between Customer and MFUSA.<br />

13. TRADING RECOMMENDATIONS<br />

Customer acknowledges that any recommendations made and market information or price quotes provided by MFUSA, while based<br />

upon information from sources that MFUSA believes to be reliable, may be incomplete, inaccurate or unverified. MFUSA makes no<br />

representation, warranty or guarantee as to the accuracy of such information. Customer acknowledges that recommendations made to<br />

Customer at any given time may be different from recommendations made to other customers of any MFUSA Entity, and that such<br />

recommendations may not be consistent with the investments of the MFUSA Entities or their officers, directors, employees, agents,<br />

representatives or independent contractors.<br />

14. LIMITATION OF LIABILITY<br />

MFUSA shall not be responsible for any delays in transmission, delivery or execution of Customer’s orders or reporting of trades due to<br />

breakdown or failure of transmission or communication facilities, or for any other cause or causes beyond MFUSA’s reasonable control<br />

or anticipation, nor shall MFUSA be responsible for any loss, damage or liability arising out of the failure or delay by any Exchange to<br />

enforce its rules or pay to MFUSA or its agents any amounts due in respect to <strong>Account</strong>.<br />

15. USE OF AUTOMATED SYSTEMS<br />

Customer consents to the MFUSA Entities’ use of automated systems or service bureaus in conjunction with the Customer’s <strong>Account</strong><br />

with the MFUSA Entities, including, but not limited to, automated order entry and execution, record keeping, reporting, account<br />

reconciliation and risk management systems (collectively, “Automated Systems”). Customer understands that the use of Automated<br />

Systems entails risks, including, but not limited to, interruption or delays of service, system or communications failure, and errors in the<br />

design or functioning of such Automated Systems (collectively, a “System Failure”), that could cause substantial damage, expense or<br />

liability to Customer.<br />

MFUSA AND THE OTHER MFUSA ENTITIES MAKE NO REPRESENTATION OR WARRANTY OF ANY KIND, EXPRESS OR IMPLIED,<br />

WITH RESPECT TO THE SELECTION, DESIGN, FUNCTIONALITY, OPERATION, TITLE OR NON-INFRINGEMENT OF ANY<br />

AUTOMATED SYSTEM, AND MAKE NO EXPRESS OR IMPLIED WARRANTY OF MERCHANTABILITY OR FITNESS FOR A<br />

PARTICULAR PURPOSE, TITLE AND/OR NON-INFRINGEMENT. WITHOUT LIMITING THE FOREGOING, MFUSA AND THE OTHER<br />

MFUSA ENTITIES EXPRESSLY DISCLAIM ANY REPRESENTATION THAT ANY AUTOMATED SYSTEM WILL OPERATE<br />

UNINTERRUPTED OR WILL BE ERROR-FREE.<br />

Customer understands and agrees that the MFUSA Entities and their respective officers, directors, employees and agents will have no<br />

liability whatsoever for any claim of loss, cost, expense, damage or liability of Customer or any third person arising out of or relating to<br />

any System Failure, regardless of whether such claim is based on contract, tort, strict liability or any other theory. The MFUSA Entities<br />

and their respective officers, directors, employees and agents will not have any liability for the actual or alleged insufficient exercise of<br />

care in selecting any sub-agents or in selecting, monitoring or operating any Automated System, for any failure or delay in informing<br />

Customer of any System Failure or in taking action to prevent or correct any such System Failure. In no event will the MFUSA Entities<br />

and their officers, directors, employees or agents have any liability for any incidental, special or consequential damages, including, but<br />

not limited to, loss of profits or loss of use, even if the MFUSA Entities were aware of the likelihood of such damages. The MFUSA<br />

Entities have no responsibility to inform Customer of (i) any decision to use, not use or cease using any Automated System, (ii) the<br />

characteristics, functions, design or purpose of any Automated System, or (iii) any specific risks inherent in any Automated System.<br />

16. INDEMNIFICATION<br />

Customer agrees to indemnify, defend and hold harmless the MFUSA Entities and their agents, directors, officers, stockholders,<br />

employees, agents and successors and assigns, from and against any and all losses, claims, actions, demands, suits, proceedings,<br />

damages, costs, fines, premiums or expenses (including but not limited to reasonable attorney’s fees and costs) arising out of, or<br />

directly or indirectly resulting from (a) any failure of Customer to perform its obligations under this Agreement, including, without<br />

limitation, any failure to meet any margin call or pay any amount due to MFUSA; (b) MFUSA’s accepting or making delivery of Property<br />

on behalf of Customer; (c) any inability of Customer to deliver any Property previously sold by MFUSA on Customer’s behalf, and in<br />

such event, any inability of MFUSA to borrow or purchase the delivery Property; and (d) any failure by Customer to comply with<br />

Applicable Law.<br />

17. ASSIGNMENT


MACQUARIE FUTURES USA LLC | FUTURES | CORPORATE / ENTITY ACCOUNT DOCUMENTATION PAGE 19<br />

MFUSA shall have the right, in its sole discretion and upon notice to Customer, to assign this Agreement (and the <strong>Account</strong>) to any<br />

successor entity or to another futures commission merchant.<br />

18. LEGAL ACTIONS<br />

All proceedings regarding disputes under this Agreement shall be brought only in New York, New York. This paragraph shall apply even<br />

if Customer has related disputes with other parties that cannot be resolved in New York. Each party irrevocably waives any right it may<br />

have to trial by jury in any action, proceeding or counterclaim arising out of or relating to this Agreement.<br />

19. GOVERNING LAW<br />

This Agreement shall be governed by and construed in accordance with the laws of the State of New York, without regard to principles<br />

of choice of law.<br />

20. ADEQUATE ASSURANCES<br />

If at any time MFUSA has reasonable grounds for insecurity with respect to Customer’s performance of any obligations, liabilities or<br />

indebtedness of Customer under this Agreement, MFUSA may demand, and Customer shall give, adequate assurances of due<br />

performance within 24 hours, or within any shorter period of time MFUSA reasonably demands. If demanded by MFUSA, such<br />

adequate assurance shall include, but will not be limited to, delivery by Customer of additional Property.<br />

21. CONDITIONS PRECEDENT<br />

Customer agrees that the fulfillment of any obligation or liability of MFUSA under this Agreement is contingent upon there being no<br />

breach, repudiation, misrepresentation or default by Customer under this Agreement or under any Contract. MFUSA shall have the right<br />

at any time to set off any and all of its obligations and liabilities under this Agreement against any and all obligations, liabilities or<br />

indebtedness of Customer under this Agreement or under any Contract.<br />

22. SEVERABILITY<br />

If any provision of this Agreement is or becomes inconsistent with, or unenforceable under, any Applicable Law, such provision will be<br />

deemed modified or, if necessary, rescinded in order to comply with the relevant Applicable Law. All other provisions of this Agreement<br />

will remain in full force and effect. If this Agreement is or becomes unenforceable with respect to any Contract, this Agreement shall<br />

remain in full force and effect and shall be enforceable in accordance with its terms as to all other Contracts.<br />

23. CURRENCY CONVERSIONS<br />

MFUSA shall have the right to convert currencies in connection with the exercise of its rights under this Agreement in such a manner as<br />

it may reasonably determine.<br />

24. TAXATION<br />

If MFUSA is required by law to withhold or deduct any taxes (including any penalties or interest payable in connection with any failure to<br />

pay or any delay in paying any taxes, and including any taxes under FATCA) on any payment to the Customer, MFUSA may deduct<br />

such taxes and MFUSA shall not be required to increase any payment in respect of which it makes such withholding. The Customer<br />

shall be treated for all purposes of this Agreement as if it had received the full amount of the payment, without any deduction or<br />

withholding. For purposes of this Agreement, “FATCA” shall mean (i) sections 1471 to 1474 of the US Internal Revenue Code of 1986<br />

(the "Code") or any associated regulations or other official guidance; (ii) any treaty, law, regulation or other official guidance enacted in<br />

any other jurisdiction, or relating to an intergovernmental agreement between the US and any other jurisdiction, which (in either case)<br />

facilitates the implementation of the legislation or guidance referred to in (i) above; and (iii) any agreement pursuant to the<br />

implementation of the legislation or guidance referred to in (i) or (ii) above with the US Internal Revenue Service, the US government or<br />

any governmental or taxation authority in any other jurisdiction. Further, the parties agree that any taxes withheld by MFUSA pursuant to<br />

FATCA are taxes the deduction or withholding of which is required by law. Customer shall provide MFUSA such additional<br />

documentation reasonably requested by MFUSA to determine the amount to deduct and withhold from such payment.<br />

25. TERMINATION<br />

This Agreement may be terminated at any time by Customer or MFUSA by written notice to the other; provided, however, that such<br />

termination shall not relieve either party of any obligation in connection with any debit or credit balance in the <strong>Account</strong> or other liability or<br />

obligation arising or accruing prior to such termination.


MACQUARIE FUTURES USA LLC | FUTURES | CORPORATE / ENTITY ACCOUNT DOCUMENTATION PAGE 20<br />

The parties have caused this Agreement to be duly executed and delivered<br />

as of the day and year first written above<br />

ACCEPTED BY MFUSA<br />

________________________________________________ _______________ ____________________________________<br />

Authorized Individual - Print Name Date Authorized Individual – Print Name<br />

________________________________________________<br />

Authorized Individual – Signature<br />

___________________________________<br />

Authorized Individual – Signature<br />

________________________________________________ _______________ _______________<br />

Authorized Individual - Print Name Date Date<br />

________________________________________________<br />

Authorized Individual - Signature


MACQUARIE FUTURES USA LLC | FUTURES | CORPORATE / ENTITY ACCOUNT DOCUMENTATION PAGE 21<br />

ADDITIONAL TERMS APPLICABLE TO THE PROVISION OF DMA<br />

FACILITIES<br />

These Additional Terms Applicable to the Provision of DMA Facilities (“Additional Terms”) apply where you and your Authorized Users<br />

access and use DMA Facilities for the purpose of placing orders for futures contracts pursuant to the Customer Agreement. These<br />

Additional Terms are to be read with, and form part of, the Customer Agreement. Where there is any conflict between these Additional<br />

Terms and the Customer Agreement, these Additional Terms will prevail. For the purpose of these Additional Terms, the following<br />

definitions apply:<br />

“Authorized User” means a representative or client of yours who accesses the DMA Facilities.<br />

“DMA Facilities” means the direct market access facilities provided to you by us.<br />

“Functionality” means an order type, specification or condition including, but not limited to, ‘limit’, ‘limit BC’, ‘limit FAK’, ‘limit FK’, ‘limit<br />

FOK’, ‘fill/kill’, ‘I.O.C’, ‘market’, ‘market FK’, ‘mkt limit’, ‘MIT’, and ‘RFQ’.<br />

Charges<br />

1. In addition to any commissions, fees or other expenses you are required to pay under or in connection with the Customer<br />

Agreement, you will pay any telecommunications charges and other expenses billed to you by us in relation to your access<br />

and use of the DMA Facilities.<br />

Access to and use of DMA Facilities<br />

2. Subject to clause 3, you will use the DMA Facilities solely to transmit orders for your own account and for the account of your<br />

clients and only for the purposes, and subject to the terms of, these Additional Terms and the Customer Agreement.<br />

3. Where requested in writing by you, we may, in our absolute discretion and on such conditions as we may impose, authorize<br />

you to sub-license your client to access and use the DMA Facilities. Your client will use the DMA Facilities solely to transmit<br />

orders for its own account and only for the purposes, and subject to the terms of, these Additional Terms. Where we provide<br />

such authorization, your client will be an Authorized User for the purposes of these Additional Terms.<br />

Client’s responsibilities<br />

4. You are responsible for ensuring that:<br />

(a) each Authorized User uses the DMA Facilities only to place orders in accordance with all applicable laws, governmental,<br />

regulatory, self-regulatory, exchange or clearing house rules, regulations, interpretations, protocols and the customs and<br />

usages of the exchange or clearing house on which they are executed and cleared (“Applicable Law”);<br />

(b) access to the DMA Facilities is appropriately secured by the use of user names and unique passwords and that you have<br />

in place adequate internal security, filters and protection measures to ensure that, as far as reasonably possible, no<br />

person other than Authorized Users obtains access to the DMA Facilities;<br />

(c) only Authorized Users access and use the DMA Facilities and, in relation to each of your Authorized Users, you provide us<br />

with all information reasonably requested by us, including:<br />

(i)<br />

details of all persons who have been Authorized; and


MACQUARIE FUTURES USA LLC | FUTURES | CORPORATE / ENTITY ACCOUNT DOCUMENTATION PAGE 22<br />

(ii)<br />

details of all persons who are no longer Authorized,<br />

by you to access the DMA Facilities;<br />

(d) each Authorized User keeps his/her unique identification code and password to access the DMA Facilities strictly<br />

confidential and does not disclose them to any other person;<br />

(e) all Authorized Users are familiar with these Additional Terms, the Customer Agreement and any Applicable Law, have<br />

been given suitable training and are qualified and competent to access the DMA Facilities and place orders in accordance<br />

with any Applicable Law; and<br />

(f) you and your Authorized Users have received, understood and will comply with any user guide, procedures manual,<br />

notification or advice relating to the use of the DMA Facilities that may be provided from time to time by us to you.<br />

Client warranties<br />

5. Each time you or an Authorized User uses the DMA Facilities for the transmission of an order, you represent and warrant that:<br />

(a) these Additional Terms constitute legal, valid and binding obligations of you, enforceable against you in accordance with<br />

their terms;<br />

(b) you and all your Authorized Users satisfy all regulatory and other considerations that may be relevant to your and their use<br />

of the DMA Facilities and that the DMA Facilities are appropriate and suitable for your and their particular purposes;<br />

(c) you will not use, and will ensure that your Authorized Users do not use, the DMA Facilities in a way that is contrary to<br />

Applicable Law;<br />

(d) you have in place adequate internal security measures to ensure that as far as reasonably possible, no person other than<br />

an Authorized User accesses the DMA Facilities; and<br />

(e) each order placed through the DMA Facilities is placed in accordance with any Applicable Law.<br />

6. You agree that:<br />

(a) you and your Authorized Users may only place orders through the DMA Facilities for contracts approved by us on<br />

exchanges approved by us;<br />

(b) we may close out any contract resulting from an order placed through the DMA Facilities that, in our reasonable opinion,<br />

constitutes, or may constitute, a breach of any Applicable Law;<br />

(c) we may, but are not obliged to, provide on-going support services in relation to the DMA Facilities whether by way of<br />

provision of advice, training, error correction, modifications, updates or otherwise;<br />

(d) you will provide evidence on request to show that adequate business operating procedures are in place to ensure the<br />

safe use and security of the DMA Facilities;<br />

(e) you will notify us as soon as reasonably practicable of any breach of any internal security measures or any failure in any<br />

computer or related system used in connection with the DMA Facilities;<br />

(f)<br />

you will fully co-operate with us in immediately supplying when requested any information and documentation required by<br />

an exchange, clearing house or regulatory body regarding you, your Authorized Users or orders placed by Authorized<br />

Users through our DMA Facilities;


MACQUARIE FUTURES USA LLC | FUTURES | CORPORATE / ENTITY ACCOUNT DOCUMENTATION PAGE 23<br />

(g) you authorize us to, without further notice to you, provide any information or documentation to an exchange, clearing<br />

house or regulatory body regarding you, your Authorized Users or orders placed by Authorized Users through our DMA<br />

Facilities; and<br />

Limits<br />

(h) upon receipt of reasonable notice, you will allow (and will procure agreement from your Authorized Users to allow) us or<br />

an exchange, clearing house or regulatory body to have access to any premises where the DMA Facilities are being used<br />

to inspect the Authorized Users’ use of the DMA Facilities and ensure that it is in accordance with these Additional Terms.<br />

7. You agree that:<br />

(a) all orders are subject to acceptance by us and the limits and parameters established by us or an exchange, clearing<br />

house or regulatory body (if any);<br />

(b) we will impose pre-determined order and/or position limits, including, but not limited to, volume per order limit, an<br />

aggregate loss limit and an aggregate net session limit (the “Limits”) and that orders sent by you to us through the DMA<br />

Facilities may not exceed the Limits;<br />

(c) any Limits imposed by us are solely for our protection and we have no responsibility for monitoring or ensuring<br />

compliance with the Limits by you or your Authorized Users;<br />

(d) you and we may mutually agree to increase the Limits, and we may at any time and in our absolute discretion decrease<br />

such Limits. Any increase or decrease in the Limits will be confirmed in writing upon request after the change;<br />

(e) the Limits are not a guide or recommendation of acceptable trading levels for you or your Authorized Users and you agree<br />

that you rely on your own financial and risk assessments to determine trading limits. It is your sole responsibility to monitor<br />

trading and to prevent trades in excess of the Limits; and<br />

(f)<br />

Execution.<br />

trading in excess of the Limits is a breach of these Additional Terms and the Customer Agreement.<br />

8. In the event that any person who is not an Authorized User accesses the DMA Facilities through a breach of your obligations<br />

under clause 4(b), you will be liable for the conduct of such person as if such person were an Authorized User, whether or not<br />

such access and/or use is authorized by you.<br />

9. You are solely responsible for the accurate placement, execution and monitoring of all orders placed by your Authorized Users<br />

through the DMA Facilities. We will not be responsible for errors resulting from inaccurate placement of such orders by your<br />

Authorized Users.<br />

10. You are liable as principal for all orders placed by Authorized Users through the DMA Facilities including for any trading losses,<br />

commissions, costs or other obligations resulting from such orders.<br />

11. You agree that the collective positions of all Authorized Users will be treated by us as principal positions of yours and that such<br />

collective positions may not exceed any Limit imposed by us.<br />

12. You acknowledge and agree:<br />

(a) that orders placed through the DMA Facilities will be routed directly to the relevant exchange, or where applicable to a<br />

third party execution service utilised by us, without any intervention by us or any other person (other than through the<br />

application of any credit or other electronic filters we may impose for our own risk management purposes) and that there<br />

is no assurance that any such orders will be executed at any particular price or time, or that they will be executed at all;


MACQUARIE FUTURES USA LLC | FUTURES | CORPORATE / ENTITY ACCOUNT DOCUMENTATION PAGE 24<br />

(b) that Functionalities available through the DMA Facilities, including synthetic order types, may not be recognized by an<br />

exchange and order types and terminology employed by one exchange may not correspond with the order types and<br />

terminology employed by another exchange or the Functionalities available through the DMA Facilities;<br />

(c) that you are solely responsible for:<br />

(i)<br />

satisfying yourself that any orders you or your Authorized Users place using the Functionalities available through the<br />

DMA Facilities on an exchange will be recognized by that exchange and correspond to an order type that may be<br />

executed on that exchange;<br />

(ii)<br />

ensuring that any orders placed through the DMA Facilities and any resulting contracts are in compliance in all<br />

respect with Applicable Laws; and<br />

(iii) any model based trading devised and implemented, and any order generated by, you or your Authorized Users<br />

through the use of the DMA Facilities and any external system or program.<br />

Synthetic orders<br />

13. Where requested by you, we may, in our absolute discretion, make available through the DMA Facilities synthetic order types.<br />

You acknowledge that synthetic order types are triggered by market data received through the DMA Facilities from an<br />

exchange and that any interruption in receipt of such market data may affect the way in which a synthetic order is triggered.<br />

Limitation of liabilities<br />

14. Without prejudice to any rights you may have at law which cannot legally be excluded or restricted, in no event will we or our<br />

third party providers be liable for any loss, cost, damage, liability or expense whether caused in whole or in part by us or any of<br />

our third party providers’ negligence or otherwise suffered by you or any other person as a result of or in connection with:<br />

(a) the proper functioning or use of the DMA Facilities or any related software, programs, hardware, telecommunications<br />

equipment, manuals and other materials, including, without limitation, the correctness, quality, accuracy, security,<br />

completeness, reliability, performance, timeliness, pricing of the DMA Facilities, any delays, interrupted service or<br />

suspension of access to or service of the DMA Facilities, any omission, malfunction, breakdown or failure of the DMA<br />

Facilities, any inability to effect or cancel orders communicated through the DMA Facilities, any inaccuracy or loss of data<br />

transmitted through the DMA Facilities or interruption of such transmission, or any erroneous communications through the<br />

DMA Facilities;<br />

(b) any support services provided in relation to the DMA Facilities, should we provide such services;<br />

(c) any failure by an exchange to recognize Functionalities, including synthetic order types, available through the DMA<br />

Facilities;<br />

(d) any failure of a synthetic order type to be triggered by the DMA Facilities;<br />

(e) any connection to DMA Facilities by you or an Authorized User of software which is used to automatically generate orders<br />

for placement on exchanges; or<br />

(f)<br />

any decision made or action taken in reliance upon information to which you or any of your Authorized Users had access<br />

through the DMA Facilities or which arise out of the use or inability to use the DMA Facilities,<br />

whether suffered in contract, in tort (including negligence) or otherwise (including, without limitation, damages for loss of<br />

business profits, business interruptions, loss of business information or data, loss of goodwill, special, indirect or consequential<br />

or other pecuniary loss or a third party claim) even if we or our third party providers have been advised of the possibility of such<br />

damages.


MACQUARIE FUTURES USA LLC | FUTURES | CORPORATE / ENTITY ACCOUNT DOCUMENTATION PAGE 25<br />

Indemnification by you<br />

15. Without limiting any indemnity in the Customer Agreement you irrevocably indemnify and agree to keep us and any of our third<br />

party providers indemnified and to hold us and such third party providers harmless to the fullest extent permitted by law for all<br />

loss, cost, damage, liability and expense of whatsoever nature arising out of or in connection with:<br />

(a) any breach, whether by act or omission of these Additional Terms;<br />

(b) the use, provision or distribution of information or any part of the DMA Facilities by you or your Authorized Users;<br />

(c) any claim or demand by a third party which is related to access to or use of the DMA Facilities by you or your Authorized<br />

Users or which is related to any decision or advice arising out of such access or use;<br />

(d) any security breach in relation to the DMA Facilities, including without limitation, unauthorized access to the DMA Facilities<br />

through your or an Authorized User’s loss, disclosure or misuse of security access details whether caused directly or<br />

indirectly by you, the Authorized User, and any of their directors, partners, officers, affiliates, employees, agents, clients or<br />

third parties, except to the extent caused by our own negligence or willful misconduct; and<br />

(e) any connection to the DMA Facilities by you or an Authorized User of software which is used to automatically generate<br />

orders for placement on exchanges.<br />

Exclusion of warranties<br />

16. THE DMA FACILITIES, ALL RELATED SERVICES AND INFORMATION, AND ANY SOFTWARE, PROGRAMS, HARDWARE,<br />

TELECOMMUNICATIONS EQUIPMENT, MANUALS AND OTHER MATERIALS USED BY US TO MAKE THE DMA FACILITIES<br />

AND RELATED SERVICES AND INFORMATION AVAILABLE TO YOU ARE PROVIDED BY US “AS IS”. NEITHER WE NOR<br />

ANY OF OUR THIRD PARTY PROVIDERS GIVE ANY WARRANTIES IN RELATION TO THE DMA FACILITIES AND ALL<br />

WARRANTIES, CONDITIONS, OR REPRESENTATIONS. EXPRESS OR IMPLIED, STATUTORY OR OTHERWISE, INCLUDING<br />

BUT NOT LIMITED TO ANY IMPLIED WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE<br />

OR USE ARE EXPRESSLY EXCLUDED. The entire risk as to the quality and performance of the information, software,<br />

programs, hardware, telecommunications equipment, manuals and other materials and services is with you. Neither we nor<br />

any of our third party providers expressly warrant or give any assurance that the information, software, programs hardware,<br />

telecommunications equipment, manuals and other materials and services, in whole or in part, will meet your requirements, be<br />

error free, or operate without interruption. No warranties are given that the DMA Facilities will be compatible with any hardware<br />

or software.<br />

Intellectual Property<br />

17. You acknowledge that all intellectual property rights in the DMA Facilities, any data derived from the DMA Facilities<br />

(“Information”) and any related documentation are proprietary to us and/or our third party providers and agree that you will not<br />

and will ensure that your Authorized Users will not:<br />

(a) modify, alter, copy or otherwise reproduce, reverse engineer, decompile or disassemble the DMA Facilities, Information or<br />

any related documentation provided by us;<br />

(b) adapt or create any derivative works based upon such intellectual property or otherwise incorporate such intellectual<br />

property into any of your or an Authorized User’s own intellectual property;<br />

(c) assign, rent, sub-license, lease, transfer or otherwise provide the DMA Facilities, the Information or related documentation<br />

(whether in whole or in part) to any third party unless otherwise Authorized in writing by us;<br />

(d) engage in any other form of data stripping, infringe any intellectual property rights that we or any third party have in the<br />

DMA Facilities or incorporate any part of the DMA Facilities into its own inventions or other intellectual property for which it<br />

may claim for legally protected proprietary rights.


MACQUARIE FUTURES USA LLC | FUTURES | CORPORATE / ENTITY ACCOUNT DOCUMENTATION PAGE 26<br />

Termination.<br />

Upon our request, you will destroy or return all materials associated with the DMA Facilities to us, including any expressions or<br />

copies of intellectual property in the DMA Facilities, related documentation or Information.<br />

18. Access to the DMA Facilities may be terminated:<br />

The parties have caused this Agreement to be duly executed and delivered<br />

(a) by you or by us at will by notice in writing to the other party;<br />

as of the (b) day by and us immediately year first written without above notice upon the happening of any of the following:<br />

(i) termination of the Customer Agreement by either party;<br />

ACCEPTED BY MFUSA<br />

________________________________________________ (ii) breach by you of any warranty or undertaking contained _______________ in these Additional Terms; ____________________________________<br />

Authorized Individual - Print Name Date Authorized Individual – Print Name<br />

(iii) any use by you or any of your Authorized Users of software in conjunction with the DMA Facilities which is identified by<br />

a third party as allegedly infringing that third party’s intellectual property rights; or<br />

________________________________________________<br />

___________________________________<br />

Authorized Individual (iv) upon – a Signature request by an exchange, clearing house or regulatory body or a change Authorized in the Individual rules or – Signature regulations of an<br />

exchange, clearing house or regulatory body such that we are required to terminate your access to the DMA<br />

Facilities.<br />

________________________________________________ Any such termination will have no effect upon any party’s rights _______________ arising out of orders placed _______________ through the DMA Facilities prior to<br />

Authorized such Individual termination. - Print Name Date Date<br />

For the avoidance of doubt, either party terminating access to DMA Facilities in accordance with clause 18(a) or 18(b)(ii), (iii) or<br />

________________________________________________<br />

(iv) may elect to terminate access to the DMA Facilities without effecting the duration of the Customer Agreement.<br />

Authorized Individual - Signature


MACQUARIE FUTURES USA LLC | FUTURES | CORPORATE / ENTITY ACCOUNT DOCUMENTATION PAGE 27<br />

ELECTRONIC TRADING AND ORDER ROUTING SYSTEMS<br />

DISCLOSURE STATEMENT<br />

Electronic trading and order routing systems differ from traditional open outcry pit trading and manual order routing methods.<br />

Transactions using an electronic system are subject to the rules and regulations of the exchange(s) offering the system and/or listing the<br />

contract. Before you engage in transactions using an electronic system, you should carefully review the rules and regulations of the<br />

exchanges(s) offering the system and/or listing contracts you intend to trade.<br />

DIFFERENCES AMONG ELECTRONIC TRADING SYSTEMS<br />

Trading or routing orders through electronic systems varies widely among the different electronic systems. You should consult the rules<br />

and regulations of the exchange offering the electronic system and/or listing the contract traded or order routed to understand, among<br />

other things, in the case of trading systems, the system’s order matching procedure, opening and closing procedures and prices, error<br />

trade policies, and trading limitations or requirements; and in the case of all systems, qualifications for access and grounds for<br />

termination and limitations on the types of orders that my be entered into the system. Each of these matters may present different risk<br />

factors with respect to trading on or using a particular system. Each system may also present risks related to system access, varying<br />

response times, and security. In the case of internet-based systems, there may be additional types of risks related to system access,<br />

varying response times and security, as well as risks related to service providers and the receipt and monitoring of electronic mail.<br />

RISKS ASSOCIATED WITH SYSTEM FAILURE<br />

Trading through an electronic trading or order routing system exposes you to risks associated with system or component failure. In the<br />

event of system or component failure, it is possible that, for a certain time period, you may not be able to enter new orders, execute<br />

existing orders, or modify or cancel orders that were previously entered. System or component failure may also result n loss of orders<br />

or order priority.<br />

SIMULTANEOUS OPEN OUTCRY PIT AND ELECTRONIC TRADING<br />

Some contracts offered on an electronic trading system may be traded electronically and through open outcry during the same trading<br />

hours. You should review the rules and regulations of the exchange offering the system and/or listing the contract to determine how<br />

orders that do not designate a particular process will be executed.<br />

LIMITATION OF LIABILITY<br />

Exchanges offering an electronic trading or order routing system and/or listing the contract may have adopted rules to limit their liability,<br />

the liability of FCMs, and software and communication system vendors and the amount of damages you may collect for system failure<br />

and delays. These limitations of liability provisions vary among the exchanges. You should consult the rules and regulations of the<br />

relevant exchange(s) in order to understand these liability limitations.<br />

** Each exchange’s relevant rules are available upon request from the industry professional with whom you have an account. Some<br />

exchanges’ relevant rules are also available on their respective websites.<br />

Each of the undersigned hereby agrees to the terms and conditions as set forth in this Electronic Trading and Order Routing<br />

Systems Disclosure Statement.<br />

___________________________________________________________________<br />

Authorized Individual - Print Name<br />

________________________________________<br />

Date<br />

___________________________________________________________________<br />

Authorized Individual - Signature<br />

___________________________________________________________________<br />

Authorized Individual - Print Name (if two signatures required)<br />

________________________________________<br />

Date<br />

___________________________________________________________________<br />

Authorized Individual – Signature (if two signatures required)


MACQUARIE FUTURES USA LLC | FUTURES | CORPORATE / ENTITY ACCOUNT DOCUMENTATION PAGE 28<br />

HEDGE ACCOUNT AGREEMENT<br />

*** To Be Completed by Hedge customers only***<br />

This notification is a continuing one and shall remain in force until canceled in writing by the undersigned. Commodity Futures<br />

Trading Commission Regulation 190.06(d) requires that a commodity broker must provide an opportunity for each customer to<br />

specify when undertaking its first hedging contract whether, in the event of the commodity broker’s bankruptcy, such customer<br />

prefers that open commodity contracts held in a hedging account be liquidated by a Trustee. Accordingly, please indicate below<br />

your preference for open contracts in your account if such an event were to occur.<br />

In the unlikely event of MFUSA’s bankruptcy, Customer prefers that the trustee (Customer to check on choice):<br />

Liquidate Positions<br />

Transfer Positions to another Futures Commission Merchant<br />

If neither alternative is selected, Customer will be deemed to have elected to have all positions liquidated. Customer may change this<br />

election at any time by written notice.<br />

Customer warrants that each order by Customer to buy or sell any Futures Contracts or Options Contracts in the <strong>Account</strong> or subaccount,<br />

in the below listed commodities, unless otherwise designated in writing to MFUSA, will be a hedging, arbitrage, spreading or<br />

risk management transaction not subject to speculative position limit rules and speculative margin requirements under applicable<br />

exchange rules.<br />

__________________________________________________<br />

____________________________________________________<br />

__________________________________________________<br />

____________________________________________________<br />

__________________________________________________<br />

____________________________________________________<br />

If Customer gives MFUSA an order to buy or sell a Futures Contract or Options Contract that does not constitute a transaction<br />

described above, Customer shall so advise MFUSA in advance.<br />

Each of the undersigned hereby agrees to the terms and conditions as set forth in this Hedge <strong>Account</strong> Agreement<br />

___________________________________________________________________<br />

Authorized Individual - Print Name<br />

________________________________________<br />

Date<br />

___________________________________________________________________<br />

Authorized Individual - Signature<br />

___________________________________________________________________<br />

Authorized Individual - Print Name (if two signatures required)<br />

________________________________________<br />

Date<br />

___________________________________________________________________<br />

Authorized Individual – Signature (if two signatures required)


MACQUARIE FUTURES USA LLC | FUTURES | CORPORATE / ENTITY ACCOUNT DOCUMENTATION PAGE 29<br />

ELECTRONIC STATEMENT DISCLOSURE<br />

This notification is to indicate how and where you wish to receive confirms and statements. The CFTC requires FCMs to provide<br />

customers confirms and statements.<br />

Please indicated your preferred method of receiving confirms and statements:<br />

Faxed copies to the following fax numbers:<br />

_________________________________________________________________________________<br />

_________________________________________________________________________________<br />

_________________________________________________________________________________<br />

E-Mails to the following e-mail addresses:<br />

_________________________________________________________________________________<br />

_________________________________________________________________________________<br />

_________________________________________________________________________________<br />

Electronic Statements – Customer agrees to receive its monthly statements, daily confirmation statements and purchase<br />

and sale statements (collectively, the “account statements”) electronically via telefax or email as indicated above, rather<br />

than by regular mail. There will e no charge to Customer for this service. Customer may revoke its consent to receive the<br />

account statements electronically at any time by giving written notice to MFUSA, and upon receipt of such written notice<br />

from Customer, MFUSA will deliver the account statements via regular mail.<br />

___________________________________________________________________<br />

Authorized Individual - Print Name<br />

________________________________________<br />

Date<br />

___________________________________________________________________<br />

Authorized Individual - Signature<br />

___________________________________________________________________<br />

Authorized Individual - Print Name (if two signatures required)<br />

________________________________________<br />

Date<br />

___________________________________________________________________<br />

Authorized Individual – Signature (if two signatures required)<br />

Customer does not wish to receive account statements electronically. Customer chooses to have hard copy account<br />

statements mailed to the listed “Mailing Address” in Part I.


MACQUARIE FUTURES USA LLC | FUTURES | CORPORATE / ENTITY ACCOUNT DOCUMENTATION PAGE 30<br />

TRADING AUTHORIZATION<br />

This trading authorization relates to the Customer Agreement entered into between <strong>Macquarie</strong> Futures USA LLC (“MFUSA”) and the<br />

customer identified below (“Customer”).<br />

Customer hereby authorizes ________________________________________________ (“Advisor”) as its agent and attorney in fact to<br />

purchase and sell futures contracts and/or options on futures contracts traded on exchanges (collectively, “Contracts”), to transfer or<br />

arrange for the transfer of money, securities or other property to or from any and all accounts carried by you on behalf of Customer (the<br />

“<strong>Account</strong>s”) and to make or receive delivery of the commodities underlying the Contracts traded by Advisor on Customer’s behalf, all in<br />

accordance with your terms and conditions as set forth in the Customer Agreement, for Customer’s account and risk and in<br />

Customer’s name. You are authorized and instructed to follow the instructions of the Advisor in every respect concerning the <strong>Account</strong>s,<br />

as set forth in the Customer Agreement and to act or refrain from acting in accordance with such instructions to the same extent and<br />

with the same force and effect as if such instructions were given by Customer directly.<br />

Customer hereby ratifies and confirms any and all transactions with you heretofore or hereafter made by Advisor for the <strong>Account</strong>s.<br />

Customer acknowledges that: (i) Customer has given Advisor the authority to exercise any of Customer’s rights over its <strong>Account</strong>s at<br />

Customer’s risk, and MFUSA is authorized to act, or omit to act, upon any communication or instruction of Advisor as though given by<br />

Customer; (ii) any communication or notice given to Advisor by MFUSA or received from Advisor by MFUSA shall be deemed to have<br />

been given to, or received from, Customer, as the case may be, and any instruction or action of Advisor shall be deemed to constitute<br />

the instruction or action of Customer; and (iii) it has received and read a copy of Advisor’s current disclosure document or a written<br />

statement from Advisor that Advisor is exempt from the requirement to provide such a disclosure document.<br />

This authorization (a) shall be continuing and shall remain in full force and effect until your receipt of written notice of Customer’s<br />

revocation thereof (provided, however, that such revocation shall not be effective with respect to open positions or outstanding orders<br />

submitted by the Advisor but not yet executed); (b) shall inure to the benefit of you and your successors; (c) shall be binding upon<br />

Customer, its successors and legal representatives; and (d) is in addition to (and in no way limits or restricts) any rights which you may<br />

have under the Customer Agreement or any other agreement or agreements between Customer and you.<br />

Each of the undersigned hereby agrees to the terms and conditions as set forth in this Trading Authorization.<br />

___________________________________________________________________<br />

Authorized Individual - Print Name<br />

________________________________________<br />

Date<br />

___________________________________________________________________<br />

Authorized Individual - Signature<br />

___________________________________________________________________<br />

Authorized Individual - Print Name (if two signatures required)<br />

________________________________________<br />

Date<br />

___________________________________________________________________<br />

Authorized Individual – Signature (if two signatures required)


MACQUARIE FUTURES USA LLC | FUTURES | CORPORATE / ENTITY ACCOUNT DOCUMENTATION PAGE 31<br />

ADVISOR AGREEMENT<br />

If Customer has appointed an Advisor in relation to the <strong>Account</strong>s, Advisor makes the representations and warranties set forth below,<br />

which are applicable to, and for all purposes shall constitute a part of, the Customer Agreement to which this Appendix is attached (the<br />

“Agreement”), and all capitalized terms used by not defined in this Appendix shall have the respective meanings assigned to such terms<br />

in the Agreement:<br />

(a) Advisor has been duly and properly authorized to exercise any of Customer’s rights with respect to its <strong>Account</strong>, including but not<br />

limited to the right to provide trading instructions for Contracts to be executed, cleared and/or carried for Customer’s <strong>Account</strong> and<br />

to provide and receive notices and other communications with respect to such <strong>Account</strong>.<br />

(b) Advisor is registered with the CFTC as a commodity trading advisor or is not required to be so registered.<br />

(c) Advisor has provided and will continue to provide Customer with an explanation of the nature and risks of the strategies to be used<br />

in connection with transactions to be executed for any <strong>Account</strong>.<br />

(d) Advisor shall cause Customer to take such action in respect of any <strong>Account</strong> as is required of Customer under this Agreement.<br />

(e) Advisor has provided Customer with a copy of Advisor’s current disclosure document or written statement that Advisor is exempt<br />

from the requirement to provide such disclosure document.<br />

***If Advisor is not required to provide a disclosure document, please identify the reasons below:<br />

_____<br />

_____<br />

_____<br />

I have provided advice to 15 or fewer persons during the past 12 months and do not hold myself out generally to the public as<br />

a CTA.<br />

I am registered as an Associated Person and my advice is issued solely in connection with my employment as an Associated<br />

Person.<br />

I am a relative of the account holder. My relationship to the account holder is: _____________________________<br />

_____<br />

I (We) am (are) a foreign based entity, located outside the United State, and I (we) only solicit non-U.S. persons.<br />

_____<br />

I am operating under a 4.7 exemption.<br />

Each of the undersigned hereby agrees to the terms and conditions as set forth in this Advisor Agreement.<br />

___________________________________________________________________<br />

Authorized Individual - Print Name<br />

________________________________________<br />

Date<br />

___________________________________________________________________<br />

Authorized Individual - Signature<br />

___________________________________________________________________<br />

Authorized Individual - Print Name (if two signatures required)<br />

________________________________________<br />

Date<br />

___________________________________________________________________<br />

Authorized Individual – Signature (if two signatures required)<br />

___________________________________________________________________<br />

Advisor Name<br />

________________________________________<br />

Date<br />

___________________________________________________________________<br />

Title of Authorized Individual - Advisor<br />

___________________________________________________________________<br />

Signature of Authorized Individual - Advisor


MACQUARIE FUTURES USA LLC | FUTURES | CORPORATE / ENTITY ACCOUNT DOCUMENTATION PAGE 32<br />

NON-SOLICITATION AGREEMENT<br />

*** To Be Completed by NON-US customers only***<br />

Please allow my signature to serve as my testimony to the fact that at no time have I been solicited by MFUSA or any of its Associated<br />

Persons in regards to opening a commodities account.<br />

Each of the undersigned hereby agrees to the terms and conditions as set forth in this Non-Solicitation Agreement.<br />

___________________________________________________________________<br />

Authorized Individual - Print Name<br />

________________________________________<br />

Date<br />

___________________________________________________________________<br />

Authorized Individual - Signature<br />

___________________________________________________________________<br />

Authorized Individual - Print Name (if two signatures required)<br />

________________________________________<br />

Date<br />

___________________________________________________________________<br />

Authorized Individual – Signature (if two signatures required)<br />

INTRODUCING BROKER<br />

*** To Be Completed if account is being introduced by an Introducing Broker***<br />

If account is being introduced to MFUSA by an Introducing Broker, please fill in the contact details of the Introducing Broker below:<br />

***To Be Completed by Introducing Broker***<br />

___________________________________________________________________<br />

IB Name<br />

___________________________________________________________________<br />

Address<br />

___________________________________________________________________<br />

Signature of Authorized Party at IB<br />

___________________________________________________________________<br />

Printed Name & Title


MACQUARIE FUTURES USA LLC | FUTURES | CORPORATE / ENTITY ACCOUNT DOCUMENTATION PAGE 33<br />

FUTURES CROSS TRADE CONSENT<br />

***THE FOLLOWING AGREEMENT IS OPTIONAL AND MAY BE DECLINED BY CUSTOMER ***<br />

Customer agrees that without prior consent and without prior notice to Customer, the MFUSA entities and their directors, employees,<br />

agents or floor brokers acting on Customer’s behalf in any futures transaction for the <strong>Account</strong> may take the opposite side of Customer’s<br />

transaction, subject to Applicable Law.<br />

Each of the undersigned hereby agrees to the terms and conditions as set forth in this Futures Cross-Trade Agreement.<br />

___________________________________________________________________<br />

Authorized Individual - Print Name<br />

________________________________________<br />

Date<br />

___________________________________________________________________<br />

Authorized Individual - Signature<br />

___________________________________________________________________<br />

Authorized Individual - Print Name (if two signatures required)<br />

________________________________________<br />

Date<br />

___________________________________________________________________<br />

Authorized Individual – Signature (if two signatures required)<br />

TRANSFER OF FUNDS<br />

***THE FOLLOWING AGREEMENT IS OPTIONAL AND MAY BE DECLINED BY CUSTOMER ***<br />

By signing below, Customer authorizes MFUSA to transfer funds, securities or other property to, between or among any of Customer’s<br />

segregated or secured futures account(s), sequestered account(s) or non-regulated account(s) when, in MFUSA’s judgment, a transfer<br />

of any excess funds in such account(s) may be necessary to satisfy margin calls, debit balances or for such other reasons as MFUSA<br />

deems appropriate. Promptly following such transfer, MFUSA will confirm the transfer in writing to Customer. All such transfers shall be<br />

made in compliance with the Commodity Exchange Act and the applicable regulations promulgated thereunder.<br />

Each of the undersigned hereby agrees to the terms and conditions as set forth in this Transfer of Funds Agreement.<br />

___________________________________________________________________<br />

Authorized Individual - Print Name<br />

________________________________________<br />

Date<br />

___________________________________________________________________<br />

Authorized Individual - Signature<br />

___________________________________________________________________<br />

Authorized Individual - Print Name (if two signatures required)<br />

________________________________________<br />

Date<br />

___________________________________________________________________<br />

Authorized Individual – Signature (if two signatures required)


MACQUARIE FUTURES USA LLC | FUTURES | CORPORATE / ENTITY ACCOUNT DOCUMENTATION PAGE 34<br />

ARBITRATION AGREEMENT<br />

***THE FOLLOWING ARBITRATION AGREEMENT IS OPTIONAL AND MAY BE DECLINED BY CUSTOMER ***<br />

PLEASE REVIEW THESE PROVISIONS CAREFULLY BEFORE SIGNING.<br />

THREE FORUMS EXIST FOR THE RESOLUTION OF COMMODITY DISPUTES: CIVIL COURT LITIGATION, REPARATIONS AT<br />

THE COMMODITY FUTURES TRADING COMMISSION (CFTC) AND ARBITRATION CONDUCTED BY A SELF-REGULATORY<br />

OR OTHER PRIVATE ORGANIZATION.<br />

THE CFTC RECOGNIZES THAT THE OPPORTUNITY TO SETTLE DISPUTES BY ARBITRATION MAY IN SOME CASES<br />

PROVIDE MANY BENEFITS TO CUSTOMERS, INCLUDING THE ABILITY TO OBTAIN AN EXPEDITIOUS AND FINAL<br />

RESOLUTION OF DISPUTES WITHOUT INCURRING SUBSTANTIAL COSTS. THE CFTC REQUIRES, HOWEVER, THAT EACH<br />

CUSTOMER INDIVIDUALLY EXAMINE THE RELATIVE MERITS OF ARBITRATION AND THAT YOUR CONSENT TO THIS<br />

ARBITRATION AGREEMENT BE VOLUNTARY.<br />

BY SIGNING THIS AGREEMENT YOU: (1) MAY BE WAIVING YOUR RIGHT TO SUE IN A COURT OF LAW; AND (2) ARE<br />

AGREEING TO BE BOUND BY ARBITRATION OF ANY CLAIMS OR COUNTERCLAIMS WHICH YOU OR FCC MAY SUBMIT TO<br />

ARBITRATION UNDER THIS AGREEMENT. YOU ARE NOT, HOWEVER, WAIVING YOUR RIGHT TO ELECT INSTEAD TO<br />

PETITION THE CFTC TO INSTITUTE REPARATIONS PROCEEDINGS UNDER SECTION 14 OF THE COMMODITY EXCHANGE<br />

ACT WITH RESPECT TO ANY DISPUTE WHICH MAY BE ARBITRATED PURSUANT TO THIS AGREEMENT. IN THE EVENT A<br />

DISPUTE ARISES, YOU WILL BE NOTIFIED IF MFUSA INTENDS TO SUBMIT THE DISPUTE TO ARBITRATION. IF YOU<br />

BELIEVE A VIOLATION OF THE COMMODITY EXCHANGE ACT IS INVOLVED AND IF YOU PREFER TO REQUEST A SECTION<br />

14 “REPARATIONS” PROCEEDING BEFORE THE CFTC, YOU WILL HAVE 45 DAYS FROM THE DATE OF SUCH NOTICE IN<br />

WHICH TO MAKE THAT ELECTION.<br />

YOU NEED NOT SIGN THIS AGREEMENT TO OPEN AN ACCOUNT WITH MFUSA; SEE 17 CFR 166.5<br />

Each of the undersigned hereby agrees to the terms and conditions as set forth in this Arbitration Agreement<br />

___________________________________________________________________<br />

Authorized Individual - Print Name<br />

________________________________________<br />

Date<br />

___________________________________________________________________<br />

Authorized Individual - Signature<br />

___________________________________________________________________<br />

Authorized Individual - Print Name (if two signatures required)<br />

________________________________________<br />

Date<br />

___________________________________________________________________<br />

Authorized Individual – Signature (if two signatures required)


MACQUARIE FUTURES USA LLC | FUTURES | CORPORATE / ENTITY ACCOUNT DOCUMENTATION PAGE 35<br />

ACCOUNT TRANSFER FORM<br />

Date: _______________________<br />

To: Transferring Firm<br />

(Please provide the name and address of Firm from which you are transferring)<br />

Firm Name:<br />

Firm Address:<br />

<strong>Account</strong> Number(s):<br />

<strong>Account</strong> Title:<br />

<strong>Account</strong> Address:<br />

_______________________________________________________________________________<br />

_______________________________________________________________________________<br />

_______________________________________________________________________________<br />

_______________________________________________________________________________<br />

_______________________________________________________________________________<br />

If applicable, name of Introducing Broker: __________________________________________________________________<br />

=<br />

oÉÅÉáîáåÖ=cáêãW=== = j~Åèì~êáÉ=cìíìêÉë=rp^=ii`=<br />

= = ===== N=NoríÜ=t~ÅâÉê=aêáîÉ=Ó=9th cäççê =<br />

= = ===== `ÜáÅ~ÖçI=fi==SMSMS=<br />

= = ==== EPNOF=TPMJVUMM=<br />

IN ACCORDANCE WITH NATIONAL FUTURES ASSOCIATION COMPLIANCE RULE 2-27 PLEASE TRANSFER IMMEDIATELY<br />

ALL OF THE CASH BALANCES, OPEN POSITIONS, AND TREASURY BILLS OR ANY COLLATERAL IN MY (OUR) ACCOUNT TO<br />

MACQUARIE FUTURES USA LLC<br />

Each of the undersigned hereby agrees to the terms and conditions as set forth in this <strong>Account</strong> Transfer <strong>Form</strong>.<br />

___________________________________________________________________<br />

Authorized Individual - Print Name<br />

________________________________________<br />

Date<br />

___________________________________________________________________<br />

Authorized Individual - Signature<br />

___________________________________________________________________<br />

Authorized Individual - Print Name (if two signatures required)<br />

________________________________________<br />

Date<br />

___________________________________________________________________<br />

Authorized Individual – Signature (if two signatures required)


MACQUARIE FUTURES USA LLC | FUTURES | CORPORATE / ENTITY ACCOUNT DOCUMENTATION PAGE 36<br />

TRUST INFORMATION AND TRUSTEE CERTIFICATION<br />

If opening a TRUST account, the following certification must be completed and the applicable trust document must be submitted.<br />

1. The official name of the TRUST: ______________________________________________________________________<br />

2. The TRUST formation date: ______________________________________________________________________<br />

3. The TRUSTEE(s) of the TRUST: ______________________________________________________________________<br />

______________________________________________________________________<br />

______________________________________________________________________<br />

4. The GRANTOR(s) of the TRUST: ______________________________________________________________________<br />

______________________________________________________________________<br />

______________________________________________________________________<br />

5. I/We being the TRUSTEE(s) of the above referenced trust warrant and represent that trading in futures contracts and options on<br />

futures contracts is a proper purpose of the TRUST and such activity will in no manner contravene the provisions of the above<br />

mentioned TRUST, any statutes, rules or regulations, judgments, orders or decrees or agreements to which the TRUST is bound or<br />

subject.<br />

6. I/We being the TRUSTEE(s), acknowledge receiving account documentation, agreements and risk disclosure forms including the<br />

Customer Agreement and consent to the terms of such agreements.<br />

7. I/We being the TRUSTEE(s), jointly and severally indemnify and hold MFUSA harmless from any liability arising, directly or indirectly,<br />

from effecting any transactions pursuant to instructions given by any of the TRUSTEE(s) listed above.<br />

8. I/We being the TRUSTEE(s), agree to inform MFUSA in writing of any amendment to the TRUST, any change in the composition of<br />

TRUSTEE(s) or any other event which would materially alter the certifications made above.<br />

ALL TRUSTEE(s) MUST SIGN<br />

_____________________________________________________<br />

Trustee Name (Printed)<br />

________________________________________________________<br />

Trustee Name (Signature)<br />

_____________________________________________________<br />

Trustee Name (Printed)<br />

________________________________________________________<br />

Trustee Name (Signature)<br />

_____________________________________________________<br />

Trustee Name (Printed)<br />

________________________________________________________<br />

Trustee Name (Signature)<br />

_____________________________________________________<br />

Trustee Name (Printed)<br />

________________________________________________________<br />

Trustee Name (Signature)


MACQUARIE FUTURES USA LLC | FUTURES | CORPORATE / ENTITY ACCOUNT DOCUMENTATION PAGE 37<br />

MFUSA BANKING INFORMATION<br />

ALL CHECKS SHOULD BE MADE PAYABLE TO MACQUARIE FUTURES USA LLC<br />

NO THIRD PARTY CHECKS OR WIRES WILL BE ACCEPTED<br />

Wire Instructions:<br />

Institution:<br />

Harris Bank<br />

ABA Number: 071000288<br />

<strong>Account</strong> Number: 3095320<br />

<strong>Account</strong> Name: <strong>Macquarie</strong> Futures USA LLC – Customer Segregated Funds<br />

Swift Code:<br />

HATRUS44


<strong>Form</strong> W-9 <strong>Request</strong> for Taxpayer<br />

(Rev. October 2007)<br />

Identification Number and Certification<br />

Department of the Treasury<br />

Internal Revenue Service<br />

Name (as shown on your income tax return)<br />

Give form to the<br />

requester. Do not<br />

send to the IRS.<br />

Print or type<br />

See Specific Instructions on page 2.<br />

Business name, if different from above<br />

Check appropriate box: Individual/Sole proprietor Corporation Partnership<br />

Limited liability company. Enter the tax classification (D=disregarded entity, C=corporation, P=partnership) <br />

Other (see instructions) <br />

Address (number, street, and apt. or suite no.)<br />

City, state, and ZIP code<br />

List account number(s) here (optional)<br />

Exempt<br />

payee<br />

<strong>Request</strong>er’s name and address (optional)<br />

Part I<br />

Taxpayer Identification Number (TIN)<br />

Enter your TIN in the appropriate box. The TIN provided must match the name given on Line 1 to avoid<br />

backup withholding. For individuals, this is your social security number (SSN). However, for a resident<br />

alien, sole proprietor, or disregarded entity, see the Part I instructions on page 3. For other entities, it is<br />

your employer identification number (EIN). If you do not have a number, see How to get a TIN on page 3.<br />

Note. If the account is in more than one name, see the chart on page 4 for guidelines on whose<br />

number to enter.<br />

Part II Certification<br />

Under penalties of perjury, I certify that:<br />

Social security number<br />

or<br />

Employer identification number<br />

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<br />

2. I am not subject to backup withholding because: (a) I am exempt from backup withholding, or (b) I have not been notified by the Internal<br />

Revenue 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 has<br />

notified me that I am no longer subject to backup withholding, and<br />

3. I am a U.S. citizen or other U.S. person (defined below).<br />

Certification instructions. You must cross out item 2 above if you have been notified by the IRS that you are currently subject to backup<br />

withholding because you have failed to report all interest and dividends on your tax return. For real estate transactions, item 2 does not apply.<br />

For mortgage interest paid, acquisition or abandonment of secured property, cancellation of debt, contributions to an individual retirement<br />

arrangement (IRA), and generally, payments other than interest and dividends, you are not required to sign the Certification, but you must<br />

provide your correct TIN. See the instructions on page 4.<br />

Sign<br />

Here<br />

Signature of<br />

U.S. person <br />

General Instructions<br />

Section references are to the Internal Revenue Code unless<br />

otherwise noted.<br />

Purpose of <strong>Form</strong><br />

A person who is required to file an information return with the<br />

IRS must obtain your correct taxpayer identification number (TIN)<br />

to report, for example, income paid to you, real estate<br />

transactions, mortgage interest you paid, acquisition or<br />

abandonment of secured property, cancellation of debt, or<br />

contributions you made to an IRA.<br />

Use <strong>Form</strong> W-9 only if you are a U.S. person (including a<br />

resident alien), to provide your correct TIN to the person<br />

requesting it (the requester) and, when applicable, to:<br />

1. Certify that the TIN you are giving is correct (or you are<br />

waiting for a number to be issued),<br />

2. Certify that you are not subject to backup withholding, or<br />

3. Claim exemption from backup withholding if you are a U.S.<br />

exempt payee. If applicable, you are also certifying that as a<br />

U.S. person, your allocable share of any partnership income from<br />

a U.S. trade or business is not subject to the withholding tax on<br />

foreign partners’ share of effectively connected income.<br />

Note. If a requester gives you a form other than <strong>Form</strong> W-9 to<br />

request your TIN, you must use the requester’s form if it is<br />

substantially similar to this <strong>Form</strong> W-9.<br />

Date <br />

Definition of a U.S. person. For federal tax purposes, you are<br />

considered a U.S. person if you are:<br />

● An individual who is a U.S. citizen or U.S. resident alien,<br />

● A partnership, corporation, company, or association created or<br />

organized in the United States or under the laws of the United<br />

States,<br />

● An estate (other than a foreign estate), or<br />

● A domestic trust (as defined in Regulations section<br />

301.7701-7).<br />

Special rules for partnerships. Partnerships that conduct a<br />

trade or business in the United States are generally required to<br />

pay a withholding tax on any foreign partners’ share of income<br />

from such business. Further, in certain cases where a <strong>Form</strong> W-9<br />

has not been received, a partnership is required to presume that<br />

a partner is a foreign person, and pay the withholding tax.<br />

Therefore, if you are a U.S. person that is a partner in a<br />

partnership conducting a trade or business in the United States,<br />

provide <strong>Form</strong> W-9 to the partnership to establish your U.S.<br />

status and avoid withholding on your share of partnership<br />

income.<br />

The person who gives <strong>Form</strong> W-9 to the partnership for<br />

purposes of establishing its U.S. status and avoiding withholding<br />

on its allocable share of net income from the partnership<br />

conducting a trade or business in the United States is in the<br />

following cases:<br />

● The U.S. owner of a disregarded entity and not the entity,<br />

Cat. No. 10231X<br />

<strong>Form</strong> W-9 (Rev. 10-2007)


<strong>Form</strong><br />

W-8BEN<br />

Certificate of Foreign Status of Beneficial Owner<br />

for United States Tax Withholding<br />

(Rev. February 2006)<br />

OMB No. 1545-1621<br />

Department of the Treasury<br />

Section references are to the Internal Revenue Code. See separate instructions.<br />

Internal Revenue Service<br />

Give this form to the withholding agent or payer. Do not send to the IRS.<br />

Do not use this form for:<br />

Instead, use <strong>Form</strong>:<br />

● A U.S. citizen or other U.S. person, including a resident alien individual W-9<br />

● A person claiming that income is effectively connected with the conduct<br />

of a trade or business in the United States<br />

W-8ECI<br />

● A foreign partnership, a foreign simple trust, or a foreign grantor trust (see instructions for exceptions)<br />

W-8ECI or W-8IMY<br />

● A foreign government, international organization, foreign central bank of issue, foreign tax-exempt organization,<br />

foreign private foundation, or government of a U.S. possession that received effectively connected income or that is<br />

claiming the applicability of section(s) 115(2), 501(c), 892, 895, or 1443(b) (see instructions)<br />

W-8ECI or W-8EXP<br />

Note: These entities should use <strong>Form</strong> W-8BEN if they are claiming treaty benefits or are providing the form only to<br />

claim they are a foreign person exempt from backup withholding.<br />

● A person acting as an intermediary<br />

W-8IMY<br />

Note: See instructions for additional exceptions.<br />

Part I Identification of Beneficial Owner (See instructions.)<br />

1 Name of individual or organization that is the beneficial owner<br />

2<br />

Country of incorporation or organization<br />

3<br />

4<br />

Type of beneficial owner: Individual Corporation Disregarded entity Partnership Simple trust<br />

Grantor trust<br />

Complex trust<br />

Estate<br />

Government<br />

International organization<br />

Central bank of issue<br />

Tax-exempt organization Private foundation<br />

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

City or town, state or province. Include postal code where appropriate.<br />

Country (do not abbreviate)<br />

5<br />

Mailing address (if different from above)<br />

City or town, state or province. Include postal code where appropriate.<br />

Country (do not abbreviate)<br />

6 U.S. taxpayer identification number, if required (see instructions)<br />

7<br />

SSN or ITIN EIN<br />

8 Reference number(s) (see instructions)<br />

Foreign tax identifying number, if any (optional)<br />

Part II Claim of Tax Treaty Benefits (if applicable)<br />

9 I certify that (check all that apply):<br />

a The beneficial owner is a resident of<br />

within the meaning of the income tax treaty between the United States and that country.<br />

b If required, the U.S. taxpayer identification number is stated on line 6 (see instructions).<br />

c The beneficial owner is not an individual, derives the item (or items) of income for which the treaty benefits are claimed, and, if<br />

applicable, meets the requirements of the treaty provision dealing with limitation on benefits (see instructions).<br />

d The beneficial owner is not an individual, is claiming treaty benefits for dividends received from a foreign corporation or interest from a<br />

U.S. trade or business of a foreign corporation, and meets qualified resident status (see instructions).<br />

e 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 file<br />

<strong>Form</strong> 8833 if the amount subject to withholding received during a calendar year exceeds, in the aggregate, $500,000.<br />

10 Special rates and conditions (if applicable—see instructions): The beneficial owner is claiming the provisions of Article<br />

of the<br />

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

Explain the reasons the beneficial owner meets the terms of the treaty article:<br />

Part III Notional Principal Contracts<br />

11 I have provided or will provide a statement that identifies those notional principal contracts from which the income is not effectively<br />

connected with the conduct of a trade or business in the United States. I agree to update this statement as required.<br />

Part IV Certification<br />

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. I<br />

further certify under penalties of perjury that:<br />

1 I am the beneficial owner (or am authorized to sign for the beneficial owner) of all the income to which this form relates,<br />

2 The beneficial owner is not a U.S. person,<br />

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 is<br />

not subject to tax under an income tax treaty, or (c) the partner’s share of a partnership’s effectively connected income, and<br />

4 For broker transactions or barter exchanges, the beneficial owner is an exempt foreign person as defined in the instructions.<br />

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 or<br />

any withholding agent that can disburse or make payments of the income of which I am the beneficial owner.<br />

Sign Here Signature of beneficial owner (or individual authorized to sign for beneficial owner) Date (MM-DD-YYYY)<br />

Capacity in which acting<br />

For Paperwork Reduction Act Notice, see separate instructions. Cat. No. 25047Z <strong>Form</strong> W-8BEN (Rev. 2-2006)<br />

Printed on Recycled Paper


<strong>Form</strong><br />

W-8ECI<br />

(Rev. February 2006)<br />

Certificate of Foreign Person’s Claim That Income Is<br />

Effectively Connected With the Conduct of a Trade or<br />

Business in the United States<br />

OMB No. 1545-1621<br />

<br />

Department of the Treasury Section references are to the Internal Revenue Code. See separate instructions.<br />

Internal Revenue Service<br />

Give this form to the withholding agent or payer. Do not send to the IRS.<br />

Note: Persons submitting this form must file an annual U.S. income tax return to report income claimed to be effectively<br />

connected with a U.S. trade or business (see instructions).<br />

Do not use this form for:<br />

Instead, use <strong>Form</strong>:<br />

● A beneficial owner solely claiming foreign status or treaty benefits<br />

W-8BEN<br />

● A foreign government, international organization, foreign central bank of issue, foreign tax-exempt organization, foreign private<br />

foundation, or government of a U.S. possession claiming the applicability of section(s) 115(2), 501(c), 892, 895, or 1443(b)<br />

W-8EXP<br />

Note: These entities should use <strong>Form</strong> W-8ECI if they received effectively connected income (e.g., income from commercial activities).<br />

● A foreign partnership or a foreign trust (unless claiming an exemption from U.S. withholding on income effectively<br />

connected with the conduct of a trade or business in the United States)<br />

W-8BEN or W-8IMY<br />

● A person acting as an intermediary<br />

W-8IMY<br />

Note: See instructions for additional exceptions.<br />

Part I Identification of Beneficial Owner (See instructions.)<br />

1 Name of individual or organization that is the beneficial owner<br />

2 Country of incorporation or organization<br />

3<br />

4<br />

Type of entity (check the appropriate box): Individual Corporation<br />

Partnership<br />

Simple trust<br />

Complex trust<br />

Government<br />

Grantor trust<br />

Central bank of issue<br />

Private foundation<br />

International organization<br />

Permanent residence address (street, apt. or suite no., or rural route). Do not use a P.O. box.<br />

Disregarded entity<br />

Estate<br />

Tax-exempt organization<br />

City or town, state or province. Include postal code where appropriate.<br />

Country (do not abbreviate)<br />

5<br />

Business address in the United States (street, apt. or suite no., or rural route). Do not use a P.O. box.<br />

City or town, state, and ZIP code<br />

6 U.S. taxpayer identification number (required—see instructions)<br />

7<br />

SSN or ITIN EIN<br />

8 Reference number(s) (see instructions)<br />

Foreign tax identifying number, if any (optional)<br />

9 Specify each item of income that is, or is expected to be, received from the payer that is effectively connected with the conduct of a trade<br />

or business in the United States (attach statement if necessary)<br />

Part II<br />

Sign<br />

Here<br />

Certification<br />

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,<br />

and complete. I further certify under penalties of perjury that:<br />

● I am the beneficial owner (or I am authorized to sign for the beneficial owner) of all the income to which this form relates,<br />

● The amounts for which this certification is provided are effectively connected with the conduct of a trade or business in the United States<br />

and are includible in my gross income (or the beneficial owner’s gross income) for the taxable year, and<br />

● The beneficial owner is not a U.S. person.<br />

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<br />

beneficial owner or any withholding agent that can disburse or make payments of the income of which I am the beneficial owner.<br />

Signature of beneficial owner (or individual authorized to sign for the beneficial owner)<br />

Date (MM-DD-YYYY)<br />

Capacity in which acting<br />

For Paperwork Reduction Act Notice, see separate instructions. Cat. No. 25045D <strong>Form</strong> W-8ECI (Rev. 2-2006)


<strong>Form</strong><br />

W-8EXP<br />

(Rev. February 2006)<br />

Department of the Treasury<br />

Internal Revenue Service<br />

Certificate of Foreign Government or Other Foreign<br />

Organization for United States Tax Withholding<br />

(For use by foreign governments, international organizations, foreign central banks of<br />

issue, foreign tax-exempt organizations, foreign private foundations, and governments of<br />

U.S. possessions.)<br />

Section references are to the Internal Revenue Code. See separate instructions.<br />

Give this form to the withholding agent or payer. Do not send to the IRS.<br />

Do not use this form for:<br />

● Any foreign government or other foreign organization that is not claiming the applicability of section(s) 115(2), 501(c),<br />

892, 895, or 1443(b)<br />

● A beneficial owner solely claiming foreign status or treaty benefits<br />

● A foreign partnership or a foreign trust<br />

● A person claimimg that income is effectively connected with the conduct of a trade or business in the United States<br />

● A person acting as an intermediary<br />

Part I Identification of Beneficial Owner (See instructions before completing this part.)<br />

1 Name of organization<br />

OMB No. 1545-1621<br />

Instead, use <strong>Form</strong>:<br />

W-8BEN or W-8ECI<br />

W-8BEN<br />

W-8BEN or W-8IMY<br />

W-8ECI<br />

W-8IMY<br />

2 Country of incorporation or organization<br />

3 Type of<br />

Foreign central bank of issue<br />

Foreign government<br />

International organization Foreign tax-exempt organization<br />

(not wholly owned by the<br />

entity<br />

Government of a U.S. possession<br />

foreign sovereign)<br />

Foreign private foundation<br />

4 Permanent address (street, apt. or suite no., or rural route). Do not use a P.O. box.<br />

City or town, state or province. Include postal code where appropriate.<br />

Country (do not abbreviate)<br />

5 Mailing address (if different from above)<br />

City or town, state or province. Include postal or ZIP code where appropriate.<br />

Country (do not abbreviate)<br />

6 U.S. taxpayer identification number, if required (see instructions)<br />

7<br />

Foreign tax identifying number, if any (optional)<br />

8<br />

Reference number(s) (see instructions)<br />

Part II<br />

Qualification Statement<br />

9<br />

a<br />

b<br />

c<br />

10<br />

11<br />

For a foreign government:<br />

I certify that the entity identified in Part I is a foreign government within the meaning of section 892 and the payments<br />

are within the scope of the exemption granted by section 892.<br />

Check box 9b or box 9c, whichever applies:<br />

The entity identified in Part I is an integral part of the government of .<br />

The entity identified in Part I is a controlled entity of the government of .<br />

For an international organization:<br />

I certify that:<br />

● The entity identified in Part I is an international organization within the meaning of section 7701(a)(18) and<br />

● The payments are within the scope of the exemption granted by section 892.<br />

For a foreign central bank of issue (not wholly owned by the foreign sovereign):<br />

I certify that:<br />

● The entity identified in Part I is a foreign central bank of issue,<br />

● The entity identified in Part I does not hold obligations or bank deposits to which this form relates for use in<br />

connection with the conduct of a commercial banking function or other commercial activity, and<br />

● The payments are within the scope of the exemption granted by section 895.<br />

(Part II and required certification continued on page 2)<br />

For Paperwork Reduction Act Notice, see separate instructions. Cat. No. 25401F<br />

<strong>Form</strong> W-8EXP (Rev. 2-2006)


<strong>Form</strong><br />

W-8BEN<br />

Certificate of Foreign Status of Beneficial Owner<br />

for United States Tax Withholding<br />

(Rev. February 2006)<br />

OMB No. 1545-1621<br />

Department of the Treasury<br />

Section references are to the Internal Revenue Code. See separate instructions.<br />

Internal Revenue Service<br />

Give this form to the withholding agent or payer. Do not send to the IRS.<br />

Do not use this form for:<br />

Instead, use <strong>Form</strong>:<br />

● A U.S. citizen or other U.S. person, including a resident alien individual W-9<br />

● A person claiming that income is effectively connected with the conduct<br />

of a trade or business in the United States<br />

W-8ECI<br />

● A foreign partnership, a foreign simple trust, or a foreign grantor trust (see instructions for exceptions)<br />

W-8ECI or W-8IMY<br />

● A foreign government, international organization, foreign central bank of issue, foreign tax-exempt organization,<br />

foreign private foundation, or government of a U.S. possession that received effectively connected income or that is<br />

claiming the applicability of section(s) 115(2), 501(c), 892, 895, or 1443(b) (see instructions)<br />

W-8ECI or W-8EXP<br />

Note: These entities should use <strong>Form</strong> W-8BEN if they are claiming treaty benefits or are providing the form only to<br />

claim they are a foreign person exempt from backup withholding.<br />

● A person acting as an intermediary<br />

W-8IMY<br />

Note: See instructions for additional exceptions.<br />

Part I Identification of Beneficial Owner (See instructions.)<br />

1 Name of individual or organization that is the beneficial owner<br />

2<br />

Country of incorporation or organization<br />

3<br />

4<br />

Type of beneficial owner: Individual Corporation Disregarded entity Partnership Simple trust<br />

Grantor trust<br />

Complex trust<br />

Estate<br />

Government<br />

International organization<br />

Central bank of issue<br />

Tax-exempt organization Private foundation<br />

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

City or town, state or province. Include postal code where appropriate.<br />

Country (do not abbreviate)<br />

5<br />

Mailing address (if different from above)<br />

City or town, state or province. Include postal code where appropriate.<br />

Country (do not abbreviate)<br />

6 U.S. taxpayer identification number, if required (see instructions)<br />

7<br />

SSN or ITIN EIN<br />

8 Reference number(s) (see instructions)<br />

Foreign tax identifying number, if any (optional)<br />

Part II Claim of Tax Treaty Benefits (if applicable)<br />

9 I certify that (check all that apply):<br />

a The beneficial owner is a resident of<br />

within the meaning of the income tax treaty between the United States and that country.<br />

b If required, the U.S. taxpayer identification number is stated on line 6 (see instructions).<br />

c The beneficial owner is not an individual, derives the item (or items) of income for which the treaty benefits are claimed, and, if<br />

applicable, meets the requirements of the treaty provision dealing with limitation on benefits (see instructions).<br />

d The beneficial owner is not an individual, is claiming treaty benefits for dividends received from a foreign corporation or interest from a<br />

U.S. trade or business of a foreign corporation, and meets qualified resident status (see instructions).<br />

e 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 file<br />

<strong>Form</strong> 8833 if the amount subject to withholding received during a calendar year exceeds, in the aggregate, $500,000.<br />

10 Special rates and conditions (if applicable—see instructions): The beneficial owner is claiming the provisions of Article<br />

of the<br />

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

Explain the reasons the beneficial owner meets the terms of the treaty article:<br />

Part III Notional Principal Contracts<br />

11 I have provided or will provide a statement that identifies those notional principal contracts from which the income is not effectively<br />

connected with the conduct of a trade or business in the United States. I agree to update this statement as required.<br />

Part IV Certification<br />

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. I<br />

further certify under penalties of perjury that:<br />

1 I am the beneficial owner (or am authorized to sign for the beneficial owner) of all the income to which this form relates,<br />

2 The beneficial owner is not a U.S. person,<br />

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 is<br />

not subject to tax under an income tax treaty, or (c) the partner’s share of a partnership’s effectively connected income, and<br />

4 For broker transactions or barter exchanges, the beneficial owner is an exempt foreign person as defined in the instructions.<br />

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 or<br />

any withholding agent that can disburse or make payments of the income of which I am the beneficial owner.<br />

Sign Here Signature of beneficial owner (or individual authorized to sign for beneficial owner) Date (MM-DD-YYYY)<br />

Capacity in which acting<br />

For Paperwork Reduction Act Notice, see separate instructions. Cat. No. 25047Z <strong>Form</strong> W-8BEN (Rev. 2-2006)<br />

Printed on Recycled Paper


<strong>Form</strong><br />

W-8ECI<br />

(Rev. February 2006)<br />

Certificate of Foreign Person’s Claim That Income Is<br />

Effectively Connected With the Conduct of a Trade or<br />

Business in the United States<br />

OMB No. 1545-1621<br />

<br />

Department of the Treasury Section references are to the Internal Revenue Code. See separate instructions.<br />

Internal Revenue Service<br />

Give this form to the withholding agent or payer. Do not send to the IRS.<br />

Note: Persons submitting this form must file an annual U.S. income tax return to report income claimed to be effectively<br />

connected with a U.S. trade or business (see instructions).<br />

Do not use this form for:<br />

Instead, use <strong>Form</strong>:<br />

● A beneficial owner solely claiming foreign status or treaty benefits<br />

W-8BEN<br />

● A foreign government, international organization, foreign central bank of issue, foreign tax-exempt organization, foreign private<br />

foundation, or government of a U.S. possession claiming the applicability of section(s) 115(2), 501(c), 892, 895, or 1443(b)<br />

W-8EXP<br />

Note: These entities should use <strong>Form</strong> W-8ECI if they received effectively connected income (e.g., income from commercial activities).<br />

● A foreign partnership or a foreign trust (unless claiming an exemption from U.S. withholding on income effectively<br />

connected with the conduct of a trade or business in the United States)<br />

W-8BEN or W-8IMY<br />

● A person acting as an intermediary<br />

W-8IMY<br />

Note: See instructions for additional exceptions.<br />

Part I Identification of Beneficial Owner (See instructions.)<br />

1 Name of individual or organization that is the beneficial owner<br />

2 Country of incorporation or organization<br />

3<br />

4<br />

Type of entity (check the appropriate box): Individual Corporation<br />

Partnership<br />

Simple trust<br />

Complex trust<br />

Government<br />

Grantor trust<br />

Central bank of issue<br />

Private foundation<br />

International organization<br />

Permanent residence address (street, apt. or suite no., or rural route). Do not use a P.O. box.<br />

Disregarded entity<br />

Estate<br />

Tax-exempt organization<br />

City or town, state or province. Include postal code where appropriate.<br />

Country (do not abbreviate)<br />

5<br />

Business address in the United States (street, apt. or suite no., or rural route). Do not use a P.O. box.<br />

City or town, state, and ZIP code<br />

6 U.S. taxpayer identification number (required—see instructions)<br />

7<br />

SSN or ITIN EIN<br />

8 Reference number(s) (see instructions)<br />

Foreign tax identifying number, if any (optional)<br />

9 Specify each item of income that is, or is expected to be, received from the payer that is effectively connected with the conduct of a trade<br />

or business in the United States (attach statement if necessary)<br />

Part II<br />

Sign<br />

Here<br />

Certification<br />

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,<br />

and complete. I further certify under penalties of perjury that:<br />

● I am the beneficial owner (or I am authorized to sign for the beneficial owner) of all the income to which this form relates,<br />

● The amounts for which this certification is provided are effectively connected with the conduct of a trade or business in the United States<br />

and are includible in my gross income (or the beneficial owner’s gross income) for the taxable year, and<br />

● The beneficial owner is not a U.S. person.<br />

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<br />

beneficial owner or any withholding agent that can disburse or make payments of the income of which I am the beneficial owner.<br />

Signature of beneficial owner (or individual authorized to sign for the beneficial owner)<br />

Date (MM-DD-YYYY)<br />

Capacity in which acting<br />

For Paperwork Reduction Act Notice, see separate instructions. Cat. No. 25045D <strong>Form</strong> W-8ECI (Rev. 2-2006)


<strong>Form</strong><br />

W-8EXP<br />

(Rev. February 2006)<br />

Department of the Treasury<br />

Internal Revenue Service<br />

Certificate of Foreign Government or Other Foreign<br />

Organization for United States Tax Withholding<br />

(For use by foreign governments, international organizations, foreign central banks of<br />

issue, foreign tax-exempt organizations, foreign private foundations, and governments of<br />

U.S. possessions.)<br />

Section references are to the Internal Revenue Code. See separate instructions.<br />

Give this form to the withholding agent or payer. Do not send to the IRS.<br />

Do not use this form for:<br />

● Any foreign government or other foreign organization that is not claiming the applicability of section(s) 115(2), 501(c),<br />

892, 895, or 1443(b)<br />

● A beneficial owner solely claiming foreign status or treaty benefits<br />

● A foreign partnership or a foreign trust<br />

● A person claimimg that income is effectively connected with the conduct of a trade or business in the United States<br />

● A person acting as an intermediary<br />

Part I Identification of Beneficial Owner (See instructions before completing this part.)<br />

1 Name of organization<br />

OMB No. 1545-1621<br />

Instead, use <strong>Form</strong>:<br />

W-8BEN or W-8ECI<br />

W-8BEN<br />

W-8BEN or W-8IMY<br />

W-8ECI<br />

W-8IMY<br />

2 Country of incorporation or organization<br />

3 Type of<br />

Foreign central bank of issue<br />

Foreign government<br />

International organization Foreign tax-exempt organization<br />

(not wholly owned by the<br />

entity<br />

Government of a U.S. possession<br />

foreign sovereign)<br />

Foreign private foundation<br />

4 Permanent address (street, apt. or suite no., or rural route). Do not use a P.O. box.<br />

City or town, state or province. Include postal code where appropriate.<br />

Country (do not abbreviate)<br />

5 Mailing address (if different from above)<br />

City or town, state or province. Include postal or ZIP code where appropriate.<br />

Country (do not abbreviate)<br />

6 U.S. taxpayer identification number, if required (see instructions)<br />

7<br />

Foreign tax identifying number, if any (optional)<br />

8<br />

Reference number(s) (see instructions)<br />

Part II<br />

Qualification Statement<br />

9<br />

a<br />

b<br />

c<br />

10<br />

11<br />

For a foreign government:<br />

I certify that the entity identified in Part I is a foreign government within the meaning of section 892 and the payments<br />

are within the scope of the exemption granted by section 892.<br />

Check box 9b or box 9c, whichever applies:<br />

The entity identified in Part I is an integral part of the government of .<br />

The entity identified in Part I is a controlled entity of the government of .<br />

For an international organization:<br />

I certify that:<br />

● The entity identified in Part I is an international organization within the meaning of section 7701(a)(18) and<br />

● The payments are within the scope of the exemption granted by section 892.<br />

For a foreign central bank of issue (not wholly owned by the foreign sovereign):<br />

I certify that:<br />

● The entity identified in Part I is a foreign central bank of issue,<br />

● The entity identified in Part I does not hold obligations or bank deposits to which this form relates for use in<br />

connection with the conduct of a commercial banking function or other commercial activity, and<br />

● The payments are within the scope of the exemption granted by section 895.<br />

(Part II and required certification continued on page 2)<br />

For Paperwork Reduction Act Notice, see separate instructions. Cat. No. 25401F<br />

<strong>Form</strong> W-8EXP (Rev. 2-2006)


<strong>Form</strong> W-8EXP (Rev. 2-2006) Page 2<br />

Part II Qualification Statement (continued)<br />

12 For a foreign tax-exempt organization, including foreign private foundations:<br />

If any of the income to which this certification relates constitutes income includible under section 512 in computing the<br />

entity’s unrelated business taxable income, attach a statement identifying the amounts.<br />

Check either box 12a or box 12b:<br />

a I certify that the entity identified in Part I has been issued a determination letter by the IRS dated<br />

that is currently in effect and that concludes that it is an exempt organization described in section 501(c).<br />

b I have attached to this form an opinion from U.S. counsel concluding that the entity identified in Part I is described in<br />

section 501(c).<br />

For section 501(c)(3) organizations only, check either box 12c or box 12d:<br />

c If the determination letter or opinion of counsel concludes that the entity identified in Part I is described in section<br />

501(c)(3), I certify that the organization is not a private foundation described in section 509. I have attached an affidavit<br />

of the organization setting forth sufficient facts for the IRS to determine that the organization is not a private foundation<br />

because it meets one of the exceptions described in section 509(a)(1), (2), (3), or (4).<br />

d If the determination letter or opinion of counsel concludes that the entity identified in Part I is described in section<br />

501(c)(3), I certify that the organization is a private foundation described in section 509.<br />

13 For a government of a U.S. possession:<br />

I certify that the entity identified in Part I is a government of a possession of the United States, or is a political<br />

subdivision thereof, and is claiming the exemption granted by section 115(2).<br />

Part III Certification<br />

Under penalties of perjury, I declare that I have examined the information on this form and to the best of my knowledge and<br />

belief it is true, correct, and complete. I further certify under penalties of perjury that:<br />

● The organization for which I am signing is the beneficial owner of the income to which this form relates,<br />

● The beneficial owner is not a U.S. person,<br />

● For a beneficial owner that is a controlled entity of a foreign sovereign (other than a central bank of issue wholly owned by<br />

a foreign sovereign), the beneficial owner is not engaged in commercial activities within or outside the United States, and<br />

● For a beneficial owner that is a central bank of issue wholly owned by a foreign sovereign, the beneficial owner is not<br />

engaged in commercial activities within the United States.<br />

Furthermore, I authorize this form to be provided to any withholding agent that has control, receipt, or custody of the income<br />

of which I am the beneficial owner or any withholding agent that can disburse or make payments of the income of which I<br />

am the beneficial owner.<br />

Sign<br />

Here<br />

Signature of authorized official<br />

Date (MM-DD-YYYY)<br />

Capacity in which acting


<strong>Form</strong> W-8IMY<br />

(Rev. February 2006)<br />

Department of the Treasury<br />

Internal Revenue Service<br />

Certificate of Foreign Intermediary,<br />

Foreign Flow-Through Entity, or Certain U.S.<br />

Branches for United States Tax Withholding<br />

Section references are to the Internal Revenue Code. See separate instructions.<br />

Give this form to the withholding agent or payer. Do not send to the IRS.<br />

OMB No. 1545-1621<br />

Do not use this form for:<br />

Instead, use <strong>Form</strong>:<br />

● A beneficial owner solely claiming foreign status or treaty benefits<br />

W-8BEN<br />

● A hybrid entity claiming treaty benefits on its own behalf<br />

W-8BEN<br />

● A person claiming that income is effectively connected with the conduct of a trade or business in the United States<br />

W-8ECI<br />

● A disregarded entity. Instead, the single foreign owner should use<br />

W-8BEN or W-8ECI<br />

● A foreign government, international organization, foreign central bank of issue, foreign tax-exempt organization,<br />

foreign private foundation, or government of a U.S. possession claiming the applicability of section(s) 115(2), 501(c), 892, 895, or 1443(b)<br />

W-8EXP<br />

Part I Identification of Entity<br />

1 Name of individual or organization that is acting as intermediary<br />

2 Country of incorporation or organization<br />

3<br />

4<br />

Type of entity—check the appropriate box:<br />

Withholding foreign trust. Complete Part V.<br />

Qualified intermediary. Complete Part II.<br />

Nonwithholding foreign partnership. Complete Part VI.<br />

Nonqualified intermediary. Complete Part III.<br />

Nonwithholding foreign simple trust. Complete Part VI.<br />

U.S. branch. Complete Part IV.<br />

Nonwithholding foreign grantor trust. Complete Part VI.<br />

Withholding foreign partnership. Complete Part V.<br />

Permanent residence address (street, apt. or suite no., or rural route). Do not use P.O. box.<br />

City or town, state or province. Include postal code where appropriate.<br />

Country (do not abbreviate)<br />

5<br />

Mailing address (if different from above)<br />

City or town, state or province. Include postal code where appropriate.<br />

Country (do not abbreviate)<br />

6 U.S. taxpayer identification number (if required, see instructions) <br />

7<br />

SSN or ITIN<br />

EIN<br />

QI-EIN<br />

8 Reference number(s) (see instructions)<br />

Foreign tax identifying number, if any (optional)<br />

Part II Qualified Intermediary<br />

9a (All qualified intermediaries check here) I certify that the entity identified in Part I:<br />

● Is a qualified intermediary and is not acting for its own account with respect to the account(s) identified<br />

on line 8 or in a withholding statement associated with this form and<br />

● Has provided or will provide a withholding statement, as required.<br />

b<br />

(If applicable) I certify that the entity identified in Part I has assumed primary withholding responsibility<br />

under Chapter 3 of the Code with respect to the account(s) identified on this line 9b or in a withholding<br />

statement associated with this form <br />

c<br />

(If applicable) I certify that the entity identified in Part I has assumed primary <strong>Form</strong> 1099 reporting and<br />

backup withholding responsibility as authorized in its withholding agreement with the IRS with respect to<br />

the account(s) identified on this line 9c or in a withholding statement associated with this form <br />

Part III Nonqualified Intermediary<br />

10a (All nonqualified intermediaries check here) I certify that the entity identified in Part I is not a qualified<br />

intermediary and is not acting for its own account.<br />

b<br />

(If applicable) I certify that the entity identified in Part I is using this form to transmit withholding certificates<br />

and/or other documentary evidence and has provided or will provide a withholding statement, as required.<br />

For Paperwork Reduction Act Notice, see separate instructions. Cat. No. 25402Q<br />

<strong>Form</strong> W-8IMY (Rev. 2-2006)


<strong>Form</strong> W-8IMY (Rev. 2-2006) Page 2<br />

Part IV Certain United States Branches<br />

Note: You may use this Part if the entity identified in Part I is a U.S. branch of a foreign bank or insurance company<br />

and is subject to certain regulatory requirements (see instructions).<br />

11 I certify that the entity identified in Part I is a U.S. branch and that the payments are not effectively<br />

connected with the conduct of a trade or business in the United States.<br />

Check box 12 or box 13, whichever applies:<br />

12 I certify that the entity identified in Part I is using this form as evidence of its agreement with the<br />

withholding agent to be treated as a U.S. person with respect to any payments associated with this<br />

certificate.<br />

13 I certify that the entity identified in Part I:<br />

● Is using this form to transmit withholding certificates or other documentary evidence for the persons for<br />

whom the branch receives a payment and<br />

● Has provided or will provide a withholding statement, as required.<br />

Part V Withholding Foreign Partnership or Withholding Foreign Trust<br />

14 I certify that the entity identified in Part I:<br />

● Is a withholding foreign partnership or a withhholding foreign trust and<br />

● Has provided or will provide a withholding statement, as required.<br />

Part VI Nonwithholding Foreign Partnership, Simple Trust, or Grantor Trust<br />

15 I certify that the entity identified in Part I:<br />

● Is a nonwithholding foreign partnership, a nonwithholding foreign simple trust, or a nonwithholding foreign<br />

grantor trust and that the payments to which this certificate relates are not effectively connected, or are not<br />

treated as effectively connected, with the conduct of a trade or business in the United States and<br />

● Is using this form to transmit withholding certificates and/or other documentary evidence and has<br />

provided or will provide a withholding statement, as required.<br />

Part VII<br />

Certification<br />

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.<br />

Furthermore, I authorize this form to be provided to any withholding agent that has control, receipt, or custody of the income for which I am providing this form or<br />

any withholding agent that can disburse or make payments of the income for which I am providing this form.<br />

Sign Here Signature of authorized official Date (MM-DD-YYYY)<br />

<strong>Form</strong> W-8IMY (Rev. 2-2006)


MACQUARIE FUTURES USA LLC<br />

RISK DISCLOSURE STATEMENTS AND DISCLAIMERS


MACQUARIE FUTURES USA LLC | FUTURES | RISK DISCLOSURE STATEMENTS AND DISCLOSURES PAGE 2<br />

RISK DISCLOSURE STATEMENTS AND DISCLOSURES - TABLE OF CONTENTS<br />

RISK DISCLOSURE STATEMENTS AND DISCLOSURES - TABLE OF CONTENTS ............................................................. 2<br />

CFTC RISK DISCLOSURE STATEMENT FOR FUTURES AND OPTIONS – CFTC Rule 1.55 (c)........................................... 3<br />

ELECTRONIC TRADING AND ORDER ROUTING SYSTEMS DISCLOSURE STATEMENT ................................................... 6<br />

FOREIGN FUTURES AND OPTIONS ELECTRONIC ORDER TRANSMITTAL CUSTOMER DISCLOSURE STATEMENT .... 7<br />

LME GUIDELINES .................................................................................................................................................................... 8<br />

NOTICE TO CLIENTS REGARDING HONG KONG POSITION LIMITS AND LARGE POSITION RULES ............................. 11<br />

NOTICE REGARDING AVERAGE PRICING ........................................................................................................................... 13<br />

FOREIGN CUSTOMER AGENT DESIGNATION .................................................................................................................... 13<br />

UNIFORM NOTIFICATION REGARDING ACCESS TO MARKET DATA ............................................................................... 14<br />

NOTICE TO ONTARIO-BASED CLIENTS .............................................................................................................................. 15<br />

NOTICE TO URUGUAY-BASED CLIENTS ............................................................................................................................ 16<br />

NOTICE TO BRITISH COLUMBIA-BASED CLIENTS ............................................................................................................ 17<br />

PERMITTED CLIENT CERTIFICATE ...................................................................................................................................... 18<br />

DISCLOSURE FOR BRITISH COLUMBIA-BASED CLIENTS: BC FORM 91-903F ............................................................... 23<br />

DISCLOSURE FOR CLEARED SWAPS CUSTOMERS ......................................................................................................... 25<br />

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MACQUARIE FUTURES USA LLC | FUTURES | RISK DISCLOSURE STATEMENTS AND DISCLOSURES PAGE 3<br />

CFTC RISK DISCLOSURE STATEMENT FOR FUTURES AND OPTIONS<br />

– CFTC RULE 1.55 (C)<br />

This brief statement does not disclose all of the risks and other significant aspects of trading in futures and options. In light of the risks,<br />

you should undertake such transactions only if you understand the nature of the contracts (and contractual relationships) into which you<br />

are entering and the extent of your exposure to risk. Trading in futures and options is not suitable for many members of the public. You<br />

should carefully consider whether trading is appropriate for you in light of your experience, objectives, financial resources and other<br />

relevant circumstances.<br />

FUTURES<br />

1. EFFECT OF ‘LEVERAGE’ OR ‘GEARING’<br />

Transactions in futures carry a high degree of risk. The amount of initial margin is small relative to the value of the futures contract so<br />

that transactions are ‘leveraged’ or ‘geared.’ A relatively small market movement will have a proportionately larger impact on the funds<br />

you have deposited or will have to deposit; this may work against you as well as for you. You may sustain a total loss of initial margin<br />

funds and any additional funds deposited with the firm to maintain your position. If the market moves against your position or margin<br />

levels are increased, you may be called upon to pay substantial additional funds on short notice to maintain your position. If you fail to<br />

comply with a request for additional funds within the time prescribed, your position may be liquidated at a loss and you will be liable for<br />

any resulting deficit.<br />

2. RISK-REDUCING ORDERS OR STRATEGIES<br />

The placing of certain orders (e.g. ‘stop-loss’ orders, where permitted under local law, or ‘stop-limit’ orders) which are intended to limit<br />

losses to certain amounts may not be effective because market conditions may make it impossible to execute such orders. Strategies<br />

using combinations of positions, such as ‘spread’ and ‘straddle’ positions may be as risky as taking simple ‘long’ or ‘short’ positions.<br />

OPTIONS<br />

3. VARIABLE DEGREE OF RISK<br />

Transactions in options carry a high degree of risk. Purchasers and sellers of options should familiarize themselves with the type of<br />

option (i.e. put or call) which they contemplate trading and the associated risks. You should calculate the extent to which the value of<br />

the options must increase for your position to become profitable, taking into account the premium and all transaction costs.<br />

The purchaser of options may offset or exercise the options or allow the options to expire. The exercise of an option results either in a<br />

cash settlement or in the purchaser acquiring or delivering the underlying interest. If the option is on a future, the purchaser will acquire<br />

a futures position with associated liabilities for margin (see the section on Futures above). If the purchased options expire worthless,<br />

you will suffer a total loss of your investment which will consist of the option premium plus transaction costs. If you are contemplating<br />

purchasing deep-out-of-the-money options, you should be aware that the chance of such options becoming profitable ordinarily is<br />

remote.<br />

Selling (‘writing’ or ‘granting’) an option generally entails considerably greater risk than purchasing options. Although the premium<br />

received by the seller is fixed, the seller may sustain a loss well in excess of that amount. The seller will be liable for additional margin to<br />

maintain the position if the market moves unfavorably. The seller will also be exposed to the risk of the purchaser exercising the option<br />

and the seller will be obligated to either settle the option in cash or to acquire or deliver the underlying interest. If the option is on a<br />

future, the seller will acquire a position in a future with associated liabilities for margin (see the section on Futures above). If the position<br />

is ‘covered’ by the seller holding a corresponding position in the underlying interest or a future or another option, the risk may be<br />

reduced. If the option is not covered, the risk of loss can be unlimited.<br />

Certain exchanges in some jurisdictions permit deferred payment of the option premium, exposing the purchaser to liability for margin<br />

payments not exceeding the amount of the premium. The purchaser is still subject to the risk of losing the premium and transaction<br />

costs. When the option is exercised or expires, the purchaser is responsible for any unpaid premium outstanding at that time.<br />

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MACQUARIE FUTURES USA LLC | FUTURES | RISK DISCLOSURE STATEMENTS AND DISCLOSURES PAGE 4<br />

ADDITIONAL RISKS COMMON TO FUTURES AND OPTIONS<br />

4. TERMS AND CONDITIONS OF CONTRACTS<br />

You should ask the firm with which you deal about the term and conditions of the specific futures or options which you are trading and<br />

associated obligations (e.g. the circumstances under which you may become obligated to make or take delivery of the underlying<br />

interest of a futures contract and, in respect of options, expiration dates and restrictions on the time for exercise). Under certain<br />

circumstances the specifications of outstanding contracts (including the exercise price of an option) may be modified by the exchange<br />

or clearing house to reflect changes in the underlying interest.<br />

5. SUSPENSION OR RESTRICTION OF TRADING AND PRICING RELATIONSHIPS<br />

Market conditions (e.g. illiquidity) and/or the operation of the rules of certain markets (e.g. the suspension of trading in any contract or<br />

contract month because of price limits or ‘circuit breakers’) may increase the risk of loss by making it difficult or impossible to effect<br />

transactions or liquidate/offset positions. If you have sold options, this may increase the risk of loss.<br />

Further, normal pricing relationships between the underlying interest and the future, and the underlying interest and the option may not<br />

exist. This can occur when, for example, the futures contract underlying the option is subject to price limits while the option is not. The<br />

absence of an underlying reference price may make it difficult to judge ‘fair’ value.<br />

6. DEPOSITED CASH AND PROPERTY<br />

You should familiarize yourself with the protections accorded money or other property you deposit for domestic and foreign<br />

transactions, particularly in the event of a firm insolvency or bankruptcy. The extent to which you may recover your money or property<br />

may be governed by specified legislation or local rules. In some jurisdictions, property which had been specifically identifiable as your<br />

own will be pro-rated in the same manner as cash for purposes of distribution in the event of a shortfall.<br />

7. COMMISSION AND OTHER CHARGES<br />

Before you begin to trade, you should obtain a clear explanation of all commission, fees and other charges for which you will be liable.<br />

These charges will affect your net profit (if any) or increase your loss.<br />

8. TRANSACTIONS IN OTHER JURISDICTIONS<br />

Transactions on markets in other jurisdictions, including markets formally linked to a domestic market, may expose you to additional<br />

risk. Such markets may be subject to regulation which may offer different or diminished investor protection. Before you trade should<br />

inquire about any rules relevant to your particular transactions. Your local regulatory authority will be unable to compel the enforcement<br />

of the rules of regulatory authorities or markets in other jurisdictions where your transactions have been effected. You should ask the<br />

firm with which you deal for details about the types of redress available in both your home jurisdiction and other relevant jurisdictions<br />

before you start to trade.<br />

9. CURRENCY RISKS<br />

The profit or loss in transactions in foreign currency-denominated contracts (whether they are traded in your own or another jurisdiction)<br />

will be affected by fluctuations in currency rates where there is a need to convert from the currency denomination of the contract to<br />

another currency.<br />

10. TRADING FACILITIES<br />

Most open-outcry and electronic trading facilities are supported by computer-based component systems for the order-routing,<br />

execution, matching, registration or clearing of trades. As with all facilities and systems, they are vulnerable to temporary disruption or<br />

failure. Your ability to recover certain losses may be subject to limits on liability imposed by the system provider, the market, the<br />

clearing house and/or member firms. Such limits may vary; you should ask the firm with which you deal for details in this respect.<br />

11. ELECTRONIC TRADING<br />

Trading on an electronic trading system may differ not only from trading in an open-outcry market but also from trading on other<br />

electronic trading systems. If you undertake transactions on an electronic trading system, you will be exposed to risk associated with<br />

the system including the failure of hardware and software. The result of any system failure may be that your order is either not executed<br />

according to your instructions or is not executed at all.<br />

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MACQUARIE FUTURES USA LLC | FUTURES | RISK DISCLOSURE STATEMENTS AND DISCLOSURES PAGE 5<br />

12. OFF-EXCHANGE TRANSACTIONS<br />

In some jurisdictions, and only then in restricted circumstances, firms are permitted to effect off-exchange transactions. The firm with<br />

which you deal may be acting as your counterparty to the transaction. It may be difficult or impossible to liquidate an existing position,<br />

to assess the value, to determine a fair price or to assess the exposure to risk. For these reasons, these transactions may involve<br />

increased risks. Off-exchange transactions may be less regulated or subject to a separate regulatory regime. Before you undertake<br />

such transactions, you should familiarize yourself with applicable rules and attendant risks.<br />

DISCLOSURE STATEMENT RELATING TO NON-CASH MARGIN – CFTC RULE 190.10 (C)<br />

THIS STATEMENT IS FURNISHED TO YOU BECAUSE RULE 190.10(C) OF THE COMMODITY FUTURES TRADING<br />

COMMISSION REQUIRES IT FOR REASONS OF FAIR NOTICE UNRELATED TO THIS COMPANY’S CURRENT FINANCIAL<br />

CONDITION.<br />

1. YOU SHOULD KNOW THAT IN THE UNLIKELY EVENT OF THIS COMPANY’S BANKRUPTCY, PROPERTY,<br />

INCLUDING PROPERTY SPECIFICALLY TRACEABLE TO YOU, WILL BE RETURNED, TRANSFERRED OR<br />

DISTRIBUTED TO YOU, OR ON YOUR BEHALF, ONLY TO THE EXTENT OF YOUR PRO RATA SHARE OF ALL<br />

PROPERTY AVAILABLE FOR DISTRIBUTION TO CUSTOMERS.<br />

2. FURTHER NOTICE CONCERNING THE TERMS FOR THE RETURN OF SPECIFICALLY IDENTIFIABLE PROPERTY<br />

WILL BE BY PUBLICATION IN A NEWSPAPER OF GENERAL CIRCULATION.<br />

3. THE COMMISSION’S REGULATIONS CONCERNING BANKRUPTCIES OF COMMODITY BROKERS CAN BE FOUND<br />

AT 17 CODE OF FEDERAL REGULATIONS PART<br />

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MACQUARIE FUTURES USA LLC | FUTURES | RISK DISCLOSURE STATEMENTS AND DISCLOSURES PAGE 6<br />

ELECTRONIC TRADING AND ORDER ROUTING SYSTEMS<br />

DISCLOSURE STATEMENT<br />

Electronic trading and order routing systems differ from traditional open outcry pit trading and manual order routing methods.<br />

Transactions using an electronic system are subject to the rules and regulations of the exchange(s) offering the system and/or listing the<br />

contract. Before you engage in transactions using an electronic system, you should carefully review the rules and regulations of the<br />

exchanges(s) offering the system and/or listing contracts you intend to trade.<br />

DIFFERENCES AMONG ELECTRONIC TRADING SYSTEMS<br />

Trading or routing orders through electronic systems varies widely among the different electronic systems. You should consult the rules<br />

and regulations of the exchange offering the electronic system and/or listing the contract traded or order routed to understand, among<br />

other things, in the case of trading systems, the system’s order matching procedure, opening and closing procedures and prices, error<br />

trade policies, and trading limitations or requirements; and in the case of all systems, qualifications for access and grounds for<br />

termination and limitations on the types of orders that my be entered into the system. Each of these matters may present different risk<br />

factors with respect to trading on or using a particular system. Each system may also present risks related to system access, varying<br />

response times, and security. In the case of internet-based systems, there may be additional types of risks related to system access,<br />

varying response times and security, as well as risks related to service providers and the receipt and monitoring of electronic mail.<br />

RISKS ASSOCIATED WITH SYSTEM FAILURE<br />

Trading through an electronic trading or order routing system exposes you to risks associated with system or component failure. In the<br />

event of system or component failure, it is possible that, for a certain time period, you may not be able to enter new orders, execute<br />

existing orders, or modify or cancel orders that were previously entered. System or component failure may also result in loss of orders<br />

or order priority.<br />

SIMULTANEOUS OPEN OUTCRY PIT AND ELECTRONIC TRADING<br />

Some contracts offered on an electronic trading system may be traded electronically and through open outcry during the same trading<br />

hours. You should review the rules and regulations of the exchange offering the system and/or listing the contract to determine how<br />

orders that do not designate a particular process will be executed.<br />

LIMITATION OF LIABILITY<br />

Exchanges offering an electronic trading or order routing system and/or listing the contract may have adopted rules to limit their liability,<br />

the liability of FCMs, and software and communication system vendors and the amount of damages you may collect for system failure<br />

and delays. These limitations of liability provisions vary among the exchanges. You should consult the rules and regulations of the<br />

relevant exchange(s) in order to understand these liability limitations.<br />

** Each exchange’s relevant rules are available upon request from the industry professional with whom you have an account. Some<br />

exchanges’ relevant rules are also available on their respective websites.<br />

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MACQUARIE FUTURES USA LLC | FUTURES | RISK DISCLOSURE STATEMENTS AND DISCLOSURES PAGE 7<br />

FOREIGN FUTURES AND OPTIONS ELECTRONIC ORDER<br />

TRANSMITTAL CUSTOMER DISCLOSURE STATEMENT<br />

This statement applies to the ability of authorized customers* of <strong>Macquarie</strong> Futures USA LLC (“MFUSA”) to place orders for foreign<br />

futures and options transactions directly with non-US entities (each an “Executing Broker”) that execute transactions on behalf of<br />

MFUSA’s foreign futures and options customer omnibus accounts.<br />

Please be aware of the following should you be permitted to place the type of orders specific above.<br />

The orders you place with an Executing Broker are for MFUSA’s foreign futures and options customer omnibus account maintained with<br />

a foreign clearing broker. Consequently, MFUSA may limit or otherwise condition the orders you place with an Executing Broker.<br />

You should be aware of the relationship of the Executing Broker and MFUSA. MFUSA may not be responsible for the acts, omissions,<br />

or errors of the Executing Broker, or its representatives, with which you place your orders. In addition, the Executing Broker may not be<br />

affiliated with MFUSA. If you choose to place orders directly with an Executing Broker, you may be doing so at your own risk.<br />

It is your responsibility to inquire about the applicable laws and regulations that govern the foreign exchanges on which transactions will<br />

be executed on your behalf. Any orders placed by you for execution on a foreign exchange will be subject to such exchange’s rules<br />

and regulations, its customer and usages, as well as any local laws that may govern transactions on that exchange. These laws, rules,<br />

regulations, customs and usages may offer different or diminished protection from those that govern transactions on US exchanges. In<br />

particular, funds received from customers to margin foreign futures transactions may not be provided the same protections as funds<br />

received to margin futures transactions on US exchanges. Before you trade, you should familiarize yourself with the foreign rules which<br />

will apply to your particular transaction. United States regulatory authorities may be unable to compel the enforcement of the rules of<br />

regulatory authorities or markets in non-US jurisdictions where transactions may be effected.<br />

It is your responsibility to determine whether the Executing Broker has consented to the jurisdiction of the courts in the United States. In<br />

general, neither the Executing Broker nor any individuals associated with the Executing Broker will be registered in any capacity with the<br />

Commodity Futures Trading Commission (the “Commission”). Similarly, your contacts with the Executing Broker may not be sufficient<br />

to subject the Executing Broker to the jurisdiction of courts in the United States in the absence of the Executing Broker’s consent.<br />

Accordingly, neither the courts of the United States nor the Commission’s reparations program may be available as a forum for<br />

resolution of any disagreements you may have with the Executing Broker, and your recourse may be limited to actions outside the<br />

United States.<br />

Unless you object within five (5) days, by giving notice as provided in your customer agreement after receipt of this disclosure, MFUSA<br />

will assume your content to the aforementioned conditions.<br />

* You should contact your Customer Representative regarding your eligibility to participate in the direct foreign order transmittal process.<br />

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MACQUARIE FUTURES USA LLC | FUTURES | RISK DISCLOSURE STATEMENTS AND DISCLOSURES PAGE 8<br />

LME GUIDELINES<br />

INTRODUCTION AND PURPOSE<br />

This document is designed to provide customers of the London Metal Exchange (LME) with an overview of the structure of the LME,<br />

market terminology, and a guide to how its members execute orders. It is not a comprehensive trading guide, nor a complete guide to<br />

market terminology. Customers should always ensure that their requirements are explained in detail to the member responsible for order<br />

execution.<br />

THE LME<br />

Principal Nature<br />

There are two types of contracts traded on the LME - Exchange Contracts and Client Contracts. Exchange Contracts are contracts<br />

between clearing members of the LME. Client Contracts are contracts between customers and ring dealing members (RDM), or<br />

associate broker clearing members (ABCM), or associate broker members (ABM) 1. Only RDMs, ABCMs and ABMs may issue Client<br />

Contracts. Statements that they issue to clients must state clearly ‘THIS IS AN LME REGISTERED CLIENT CONTRACT’ . Contract<br />

criteria pertaining to LME contracts, including metal specification, acceptable currencies, prompt dates, option strike prices etc are<br />

detailed in the LME rulebook and appropriate notices.<br />

Exchange Contracts are traded between members, matched in the LME matching and clearing system (LMEMS) and margined by the<br />

London Clearing House (LCH). Client Contracts are registered at the LCH but margining arrangements are left to members to agree<br />

with their customers (subject to LME rules).<br />

All LME contracts are between parties acting as principals. This prevents any party entering into an LME Contract as agent for someone<br />

else but does not prevent an agent effecting a contract between two parties if the resulting LME contract is between disclosed parties,<br />

each acting as a principal. It is an essential requirement of an LME Client Contract that one party must be an RDM, ABCM or ABM. A<br />

list of members is available from the LME. A principal relationship does not mean that members do not take on quasi-fiduciary<br />

responsibilities when they effect trades for customers. In particular, if a member undertakes to deliver a particular service, for example<br />

deal a specific number of lots ‘in the Ring’ (see below), then it should take care to ensure that it complies with all the terms of such a<br />

transaction.<br />

In respect of Exchange Contracts, an LME broker buying metal under an Exchange Contract from another LME broker cannot do so as<br />

agent for his customer. Where an LME broker buys metal under an Exchange Contract with a view to selling that metal to his customer,<br />

this is achieved by entering into a back-to-back Client Contract with the customer. Brokers and customers can agree the conditions<br />

that apply to their Client Contracts. For example, a customer may make it a condition of his Client Contract that the broker must enter<br />

into a back-to-back Exchange Contract for the metal being bought or sold. This does not make the customer a party to the Exchange<br />

Contract but does create additional duties and obligations owed by the broker under the Client Contract. Customers should be clear<br />

about conditions that apply to their Client Contracts and about the obligations and duties that the broker owes as a result of those<br />

conditions.<br />

1 For the purposes of this document these categories of members will be referred to as LME members, members or by the appropriate<br />

abbreviation.<br />

Brokers should be clear about the duties and obligations they owe as a result of conditions attaching to their Client Contracts. They<br />

should also be clear about the duties they owe to their customers under the FSA’s conduct of business rules.<br />

Dual Capacity<br />

LME members may act both in the capacity of market maker and broker. They may act in a particular manner depending on a number<br />

of circumstances, including the size of the order, the liquidity of the market at the time the order was placed, and, not least, the<br />

customer’s instructions. Customer orders may be filled directly from a member’s ‘book’ or filled by the member after it has bought/sold<br />

metal in the LME market. Furthermore, customer orders may be offset, amalgamated, broken-up or netted for execution. These<br />

methodologies apply equally to orders whether any resulting exchange contract is effected in the ring, in the inter-office market, or on<br />

LME Select.<br />

Customers with specific order requirements must make these known to the member at the time the order is placed. Customers wishing<br />

to know how their order was executed should request such information from the member.<br />

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MACQUARIE FUTURES USA LLC | FUTURES | RISK DISCLOSURE STATEMENTS AND DISCLOSURES PAGE 9<br />

Trading on the LME<br />

Trading takes place on the LME by open outcry in the rings and kerbs, between members in the interoffice, and over the Exchange’s<br />

electronic trading system LME Select.<br />

Open Outcry<br />

Historically, during ring and kerb sessions, the majority of customer business reflects prices traded in the open outcry sessions.<br />

Customers can follow the market activity by monitoring quoted and traded prices disseminated via the LME market data system (MDS),<br />

or by listening to the simultaneous floor commentary provided by member(s). The MDS publishes prices traded during ring and kerb<br />

times on price vendor information services such as Reuters.<br />

Members can continue to ‘make a market’ on request to a customer whilst the ring and kerb sessions are in operation, although this is<br />

entirely at the member’s discretion. Alternatively, the customer can decide whether to place an order using the ‘order styles’ mentioned<br />

below.<br />

Inter-office<br />

Inter-office trading is conducted between members by telephone or by electronic means. On contacting an LME member, customers<br />

will usually be provided, on request, with the member’s current bid-ask quote. The customer may trade on this quote, or call another<br />

member in an attempt to improve the quote, or wait and monitor prices on the LME market data system, or leave an order with a<br />

member. If an order is left with a member for execution and not taken on its own book, it may be executed via a ‘back to back’<br />

Exchange Contract agreed via a telephone deal with another member or executed via an electronic trading system.<br />

LME Select<br />

LME Select allows members to trade all LME Metal Contracts, Index Contracts, Exchange Metal Options or Traded Average Price<br />

Option contracts, for all prompt dates and carries, and for all series. All trading on LME Select is in US dollars.<br />

LME Select replaces neither inter-office trading nor trading in the ring. Depending on the time of day, it is possible for members to deal<br />

by telephone or electronically in the inter-office market, by LME Select, or in the rings. Customers should specify which mechanism they<br />

prefer where they have a preference.<br />

Firm prices of the best bid and offer available on LME Select, the total volumes available at these prices, and the price and volume of<br />

each trade transacted are distributed to and displayed in real time by information vendors. Only LME Select prices are displayed, not<br />

those of other third party electronic trading system providing LME prices. Only RDMs and ABCMs are eligible to become LME Select<br />

Participants and to have direct access to the system. Customers may effect ‘back to back’ client contracts based upon prices available<br />

on LME Select via such members.<br />

ORDER STYLES<br />

Ring<br />

Customer orders are not traded in the rings or kerbs, so an order using the term ‘in/on/during the ring/kerb’ will be executed on the<br />

basis of the prices traded/quoted during the particular session. If a customer requires their order to be ‘shown’ or traded across the<br />

ring/kerb then they should make this requirement known to their executor, who may or may not accept this as a term of the order. The<br />

equivalent Exchange Contract for a customer order may not replicate its terms. As the customer is not a party to any Exchange<br />

Contracts i.e. those traded in open outcry between members in the ring/kerb sessions, in specifying ring/kerb, the customer is merely<br />

identifying a pricing mechanism. A member which undertakes to match a price traded in the ring/kerb is not necessarily undertaking<br />

that it will trade during that ring/kerb, only that it may do so. However, a customer may place an order with the specific request that the<br />

member trades an Exchange Contract replicating its order in the ring. In such circumstance the RDM can only trade this order by open<br />

outcry in the ring.<br />

If a customer trades at the prevailing market quote proffered in the ring/kerb, their executor is not necessarily obliged to effect an<br />

Exchange Contract at the same price. This can lead to situations where the customer has traded at the prevailing market quote, without<br />

that same price trading in open outcry across the floor of the Exchange. However, if the instructions from the customer are to achieve a<br />

specific price i.e. close of ring 2, then this is the price that should be given, if that specific order is accepted.<br />

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MACQUARIE FUTURES USA LLC | FUTURES | RISK DISCLOSURE STATEMENTS AND DISCLOSURES PAGE 10<br />

Market<br />

In normal circumstances a market order is one executed on a timely basis at the prevailing market price. As mentioned above, at certain<br />

times of the business day, trading is taking place simultaneously in the ring or kerb, on LME Select, and in the inter-office market.<br />

Traditionally, when open outcry trading is in course, the market is defined by activity within the ring/kerb. At other times, the market is<br />

split between inter-office trading and trading on LME Select. During inter-office sessions, indicative quotes are available on the MDS and<br />

firm prices available on LME Select and the LME Select page on information vendors’ systems. The indicative prices might not be<br />

available to all parties.<br />

Best<br />

Order styles on the LME using the word ‘best’ confer some discretion upon the members when executing the order, requiring them to<br />

use their ‘best endeavours’ on the customer’s behalf. The extent of the discretion is fixed by the terms of the order. This type of order is<br />

distinct from ‘best execution’ as defined by the FSA, which most non-private LME customers waive as part of their overall agreement<br />

with their executor.<br />

Best orders may be executed both in rings/kerbs, inter-office and on LME Select. Inter-office trades rely upon the members’ skill in<br />

determining the level of the market at any particular time. Best orders received during ring/kerb times may not result in the customer<br />

receiving the ‘best’ price achieved during the session if the price improves after the member has booked the metal intended to fill the<br />

order. At any given time, the best price on LME Select will be displayed on the system and by the information vendors. Customers<br />

should be aware that depending on market conduct the best price may move during the period from them placing their order and the<br />

members executing.<br />

Close<br />

Most orders placed ‘on the close’ are for either the close of the second ring (official LME prices) or the second kerb (closing prices).<br />

Both these prices are demonstrable because of the publication of official and closing prices. Closing prices of other sessions are harder<br />

to determine, although the LME does also publish unofficial prices, which are established at the close of the fourth ring. In all<br />

circumstances, customers and members need to agree the style of execution i.e. bid/ask, mean or traded price. Members may not<br />

always be able to guarantee execution (price or volume) due to prevailing market conditions. A closing price on LME Select is the last<br />

price traded before the system closes at 19:30.<br />

Open<br />

Customers placing orders to trade on the opening of a market session must provide clear instructions to the LME member which<br />

indicate how this order should be activated i.e. basis the opening bid/ask or basis the first trade in the session. Customers will also need<br />

to inform their executor of their requirements if the executor is unable to fill the order basis the ‘opening’ price in its entirety due to<br />

market constraints such as insufficient supply/demand. Customers may place orders with members for LME Select that can be placed<br />

into the system for activation when the market opens at 07:30.<br />

Resting Orders<br />

When placing resting orders such as ‘good’ til cancelled’ (‘GTC ', or any derivations thereof) or stop loss orders, customers should<br />

ensure that they are in agreement with their executor’s definition of the ‘trigger’ point of the order. Usually, this is interpreted as being<br />

the point when the order price is seen to be trading in the market, but it is possible to request the order be activated when the order<br />

level is either bid or asked as appropriate, via the prevailing market quote. Stop loss orders become market orders when a trade, or a<br />

bid or an offer triggers the stop, with members then executing the order at the current market price.<br />

It is possible for a customer not to receive a ‘fill’ on a resting order despite the ‘trigger’ point being ‘touched’. This could be due to a<br />

number of circumstances such as order priority, illiquidity, prevailing market conditions etc. Whatever the reason, the executor should<br />

be able to provide the customer with a full explanation of why it was unable to fill the order.<br />

Customers should be aware that resting orders might be activated during periods of illiquidity in the market. As previously mentioned<br />

this could result in the trade not being filled. For ‘stop’ orders this could result in a worse fill than anticipated (‘slippage’). Customers<br />

should ensure the executor is fully aware of their requirements regarding the execution and adheres to any limitations, especially if the<br />

customer is not in contact with the market/member when the trigger point is reached.<br />

It is possible for customers to ask members to place resting orders in LME Select. The system accepts GTC and Good for Day (DAY)<br />

orders. DAY orders are automatically deleted from the system at 19:30.<br />

Conclusion<br />

The above order styles do not represent all possible methods of order execution on the LME. Members and customers should ensure<br />

that orders are communicated in meaningful.<br />

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MACQUARIE FUTURES USA LLC | FUTURES | RISK DISCLOSURE STATEMENTS AND DISCLOSURES PAGE 11<br />

NOTICE TO CLIENTS REGARDING HONG KONG POSITION LIMITS<br />

AND LARGE POSITION RULES<br />

Effective April 1, 2003, new requirements were introduced in Hong Kong in relation to the position limit and reportable position<br />

requirements for stock options and futures contracts traded on the Stock Exchange of Hong Kong and on the Hong Kong Futures<br />

Exchanges.<br />

These requirements are set out in the Hong Kong Securities and Futures (Contracts Limits and Reportable Positions) Rules (the "Rules")<br />

made by the Securities and Futures Commission ("SFC") under the Securities and Futures Ordinance. The Rules impose monitoring and<br />

reporting obligations with regard to large open positions. Where you are holding a reportable position for your client, you must disclose<br />

the identity of the client. For the purposes of the Rules, a client is the person who is ultimately responsible for originating instructions you<br />

receive for transactions – i.e., the transaction originator.<br />

Further guidance on the Rules and what they require is set out in the SFC’s Guidance Note on Position Limits and Large Open Position<br />

Reporting Requirements. Copies of the Rules and Guidance Note can be downloaded from the SFC’s website (www.hksfc.org.hk).<br />

Purpose of the Rules<br />

The purpose of the Rules is to avoid potentially destabilizing market conditions arising from an overconcentrationof futures/options<br />

position accumulated by a single person or group of persons acting in concert, and to increase market transparency.<br />

Some of the major requirements of the Rules and Guidance Note are summarized below. However, you should review the Rules and<br />

Guidance Note in their entirety, and consult with your legal counsel in order to ensure that you have a full understanding of your<br />

obligations in connection with trading in Hong Kong. Please note that the Rules make you responsible for ensuring that you comply<br />

with the Rules. Section 8 of the Rules makes it a criminal offence not to comply (subject to a maximum fine of HK$100,000 and<br />

imprisonment for up to 2 years).<br />

Position Limits<br />

You may not hold or control futures contracts or stock options contracts in excess of the prescribed limit, unless you have obtained the<br />

prior authorization of the Hong Kong regulators. For example, the prescribed limit for Hang Seng Index futures and options contracts<br />

and Mini-Hang Seng Index futures and options contract is 10,000 long or short position delta limit for all contract months combined,<br />

provided the position delta for the Mini-Hang Seng Index futures contracts or Mini-Hang Seng Index options contracts shall not at any<br />

time exceed 2,000 long or short for all contact months combined. For many futures contracts and stock options contracts, the position<br />

limit is set at 5,000 contracts for any one contract/expiry month. The prescribed limit for each contract traded on the Hong Kong<br />

exchanges is set out in the Rules.<br />

Reportable Positions<br />

If you hold or control an open position in futures contracts or stock options contracts in excess of the specified level, the Rules require<br />

you to report that position in writing to the relevant Hong Kong exchange (i) within one day (ignoring Hong Kong public holidays and<br />

Saturdays) of first holding or controlling that position, and (ii) on each succeeding day on which you continue to hold or control that<br />

position. The specified reporting level for each contract traded on the Hong Kong exchanges is set out in the Rules. Please note that<br />

the reportable position limits for certain contracts have changed. For example, the reportable limits for Hang Seng Index futures and<br />

options contracts have been increased from 250 open contracts to 500 open contracts. The report must state:<br />

the number of contracts held or controlled in respect of the position in each relevant contract month; and if the position is held or<br />

controlled for a client, the identity of the client.<br />

Scope of the Rules<br />

You should note:<br />

The prescribed limits and reportable position requirements apply to all positions held or controlled by any person, including positions in<br />

any account(s) that such person controls, whether directly or indirectly. (Section 4 of the Rules and Para. 2.6 of the Guidance Note) If a<br />

person holds or controls positions in accounts at more than one intermediary, the Rules require him to aggregate the positions for the<br />

purposes of applying the prescribed limits and reportable position requirements. (Para. 6.1 of the Guidance Note)<br />

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MACQUARIE FUTURES USA LLC | FUTURES | RISK DISCLOSURE STATEMENTS AND DISCLOSURES PAGE 12<br />

The person holding or controlling a reportable position in accounts at more than one intermediary has the sole responsibility to notify the<br />

relevant exchange of the reportable position. The person may request its intermediary to submit the notice of the reportable position. If a<br />

firm agrees to submit the notice on his behalf, the person should provide to the firm its total positions held at other intermediaries so<br />

that the firm can submit the notice of the reportable position. Alternatively, the person should ask all of his intermediaries to report the<br />

positions in each of the accounts separately to the exchange, even if the positions in the individual accounts do not reach the reportable<br />

level. (Paras. 4.6 and 6.2 of the Guidance Note)<br />

Where you are holding a reportable position for your client, the Rules say that you must disclose the identity of the client. The SFC’s<br />

view is that, for the purposes of the Rules, a client is the person who is ultimately responsible for originating the transaction instructions<br />

– i.e., the transaction originator. (Para. 6.3 of the Guidance Note).<br />

The Rules apply to the aggregate positions held in an omnibus account and to the positions held by each of the underlying clients of an<br />

omnibus account. Positions held by an intermediary (other than an exchange participant) in its proprietary accounts and customer<br />

accounts must be aggregated by the intermediary for position limit purposes. (Para. 6.7 of the Guidance Note)<br />

Please contact your Customer Representative if you have any questions regarding this Notice and the requirements discussed herein.<br />

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MACQUARIE FUTURES USA LLC | FUTURES | RISK DISCLOSURE STATEMENTS AND DISCLOSURES PAGE 13<br />

NOTICE REGARDING AVERAGE PRICING<br />

You should be aware that certain US and non-US exchanges may permit <strong>Macquarie</strong> Futures USA LLC (“MFUSA”) and/or its<br />

correspondent clearing brokers to confirm trades executed on such exchanges on an average price basis regardless of whether the<br />

exchanges have average price systems of their own. Average prices that are not calculated by an exchange system will be calculated<br />

by MFUSA or its correspondent clearing brokers. In either case, trades that are confirmed to you at average prices will be designated<br />

as such on your daily and monthly account statements.<br />

FOREIGN CUSTOMER AGENT DESIGNATION<br />

***Applicable to Foreign Traders and Foreign Brokers***<br />

The Commodity Futures Trading Commission (“CFTC”), the United States government agency which regulates futures trading, has<br />

adopted a regulation (17 C.F.R. 15.05) which provides that if you are a foreign broker, a customer of a foreign broker or a foreign trader,<br />

you must have an agent in the United States to accept delivery and service of any communication directed to you from the CFTC.<br />

Upon receipt of any such communication your agent must immediately forward the communication to you. According to this Regulation,<br />

service or delivery of any such communication to your agent constitutes valid and effective service or delivery to you. However, any reply<br />

you may be required to make to the CFTC is to be made directly to the CFTC, not through your agent. This Regulation is intended to<br />

apply only to CFTC communications, not those of other federal agencies.<br />

Under the terms of the law, unless you designate an alternate agent located within the United States, <strong>Macquarie</strong> Futures USA LLC<br />

(“MFUSA”) is deemed to be your agent for CFTC communications when they relate to transactions executed for your commodity futures<br />

trading account with MFUSA. As your agent, MFUSA is required to accept and forward any such communication to you.<br />

If you wish to designate another agent for this purpose, you must execute an agency agreement with a person or entity located in the<br />

United States. The agreement must authorize that person or entity to accept delivery and service of all CFTC communications directed<br />

to you and must also specify an address in the United States where the agent will accept delivery and service of communications for the<br />

CFTC. This agreement must be sent to MFUSA to be filed with the CFTC by MFUSA. MFUSA will presume you do not wish to<br />

designate some other person or entity as your agent for purposes of the Regulation, if you fail to provide MFUSA with this and other<br />

required documents. As stated above, MFUSA will be deemed to be your agent for the purpose of the Regulation, unless MFUSA has<br />

filed an agency agreement for you.<br />

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MACQUARIE FUTURES USA LLC | FUTURES | RISK DISCLOSURE STATEMENTS AND DISCLOSURES PAGE 14<br />

UNIFORM NOTIFICATION REGARDING ACCESS TO MARKET DATA<br />

As a market user you may obtain access to Market Data available through an electronic trading system, software or device that is<br />

provided or made available to you by a broker or an affiliate of such. Market Data may include, with respect to products of an exchange<br />

("Exchange") or the products of third party participating exchanges that are traded on or through the Exchange’s electronic trading<br />

platform ("Participating Exchange"), but is not limited to, "real time" or delayed market prices, opening and closing prices and ranges,<br />

high-low prices, settlement prices, estimated and actual volume information, bids or offers and the applicable sizes and numbers of<br />

such bids or offers.<br />

You are hereby notified that Market Data constitutes valuable confidential information that is the exclusive proprietary property of the<br />

applicable exchange, and is not within the public domain. Such Market Data may only be used for your firm’s internal use. You may not,<br />

without the written authorization of the applicable exchange, redistribute, sell, license, retransmit or otherwise provide Market Data,<br />

internally or externally and in any format by electronic or other means, including, but not limited to the Internet. Further, you may not,<br />

without the written authorization of the applicable exchange, use Exchange Market Data for purposes of determining any price,<br />

including any settlement price, for any<br />

futures product, options on futures product, or other derivatives instrument traded on any exchange other than an Exchange or a<br />

Participating Exchange; or in constructing or calculating the value of any index or indexed product. Additionally, you agree you will not,<br />

and will not permit any other individual or entity to, (i) use Exchange Market Data in any way so as to compete with an Exchange or to<br />

assist or allow a third party to compete with an Exchange; or (ii) use that portion of Exchange Market Data which relates to any product<br />

of a Participating Exchange in any way so as to compete with that Participating Exchange or to assist or allow a third party to compete<br />

with such Participating Exchange.<br />

You must provide upon request of the broker through which your firm has obtained access to Market Data, or the applicable exchange,<br />

information demonstrating your firm’s use of the Market Data in accordance with this Notification. Each applicable exchange reserves<br />

the right to terminate a market user’s access to Market Data for any reason. You also agree that you will cooperate with an exchange<br />

and permit an exchange reasonable access to your premises should an exchange wish to conduct an audit or review connected to the<br />

distribution of Market Data.<br />

NEITHER AN EXCHANGE, NOR ANY PARTICIPATING EXCHANGE, NOR THE BROKER, NOR THEIR RESPECTIVE MEMBERS,<br />

SHAREHOLDERS, DIRECTORS, OFFICERS, EMPLOYEES OR AGENTS, GUARANTEE THE TIMELINESS, SEQUENCE, ACCURACY<br />

OR COMPLETENESS OF THE DESIGNATED MARKET DATA, MARKET INFORMATION OR OTHER INFORMATION FURNISHED NOR<br />

THAT THE MARKET DATA HAVE BEEN VERIFIED. YOU AGREE THAT THE MARKET DATA AND OTHER INFORMATION PROVIDED<br />

IS FOR INFORMATION PURPOSES ONLY AND IS NOT INTENDED AS AN OFFER OR SOLICITATION WITH RESPECT TO THE<br />

PURCHASE OR SALE OF ANY SECURITY OR COMMODITY.<br />

NEITHER AN EXCHANGE, NOR ANY PARTICIPATING EXCHANGE, NOR THE BROKER NOR THEIR RESPECTIVE MEMBERS,<br />

SHAREHOLDERS, DIRECTORS, OFFICERS, EMPLOYEES OR AGENTS, SHALL BE LIABLE TO YOU OR TO ANY OTHER PERSON,<br />

FIRM OR CORPORATION WHATSOEVER FOR ANY LOSSES, DAMAGES, CLAIMS, PENALTIES, COSTS OR EXPENSES (INCLUDING<br />

LOST PROFITS) ARISING OUT OF OR RELATING TO THE MARKET DATA IN ANY WAY, INCLUDING BUT NOT LIMITED TO ANY<br />

DELAY, INACCURACIES, ERRORS OR OMISSIONS IN THE MARKET DATA OR IN THE TRANSMISSION THEREOF OR FOR.<br />

NON-PERFORMANCE, DISCONTINUANCE, TERMINATION OR INTERRUPTION OF SERVICE OR FOR ANY DAMAGES ARISING<br />

THEREFROM OR OCCASIONED THEREBY, DUE TO ANY CAUSE WHATSOEVER, WHETHER OR NOT RESULTING FROM<br />

NEGLIGENCE ON THEIR PART. IF THE FOREGOING DISCLAIMER AND WAIVER OF LIABILITY SHOULD BE DEEMED INVALID OR<br />

INEFFECTIVE, NEITHER AN EXCHANGE, NOR ANY PARTICIPATING EXCHANGE, NOR THE BROKER, NOR THEIR RESPECTIVE<br />

SHAREHOLDERS, MEMBERS, DIRECTORS, OFFICERS, EMPLOYEES OR AGENTS SHALL BE LIABLE IN ANY EVENT, INCLUDING<br />

THEIR OWN NEGLIGENCE, BEYOND THE ACTUAL AMOUNT OF LOSS OR DAMAGE, OR THE AMOUNT OF THE MONTHLY FEE<br />

PAID BY YOU TO BROKER, WHICHEVER IS LESS. YOU AGREE THAT NEITHER AN EXCHANGE, NOR ANY PARTICIPATING<br />

EXCHANGE, NOR THE BROKER NOR THEIR RESPECTIVE SHAREHOLDERS, MEMBERS, DIRECTORS, OFFICERS, EMPLOYEES<br />

OR AGENTS, SHALL BE LIABLE TO YOU OR TO ANY OTHER PERSON, FIRM OR CORPORATION WHATSOEVER FOR ANY<br />

INDIRECT, SPECIAL OR CONSEQUENTIAL DAMAGES, INCLUDING WITHOUT LIMITATION, LOST PROFITS, COSTS OF DELAY, OR<br />

COSTS OF LOST OR DAMAGED DATA.<br />

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MACQUARIE FUTURES USA LLC | FUTURES | RISK DISCLOSURE STATEMENTS AND DISCLOSURES PAGE 15<br />

NOTICE TO ONTARIO-BASED CLIENTS<br />

<strong>Macquarie</strong> Futures USA LLC (“MFUSA”) is not registered in Ontario to trade, as principal or agent, commodity futures contracts or<br />

commodity futures options that trade on one or more organized exchanges located outside of Canada and are cleared through one or<br />

more clearing corporations located outside of Canada. MFUSA’s head office located in New York, New York, United States of America.<br />

All or substantially all of MFUSA’s assets may be situated outside of Canada. As a result of the foregoing, there may be difficulty<br />

enforcing legal rights against MFUSA. The name and address of MFUSA’s agent for service of process in Ontario is: <strong>Macquarie</strong> Canada<br />

Services Limited, 181 Bay Street, Suite 3100, M5J 2T3, Attention: RMG Compliance.<br />

RISK DISCLOSURE STATEMENTS AND DISCLOSURES - 15 -


MACQUARIE FUTURES USA LLC | FUTURES | RISK DISCLOSURE STATEMENTS AND DISCLOSURES PAGE 16<br />

NOTICE TO URUGUAY-BASED CLIENTS<br />

No transaction conducted in connection with this agreement constitutes a public offering. Neither this agreement, nor any transaction<br />

relating hereto has been registered with the Central Bank of Uruguay.<br />

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MACQUARIE FUTURES USA LLC | FUTURES | RISK DISCLOSURE STATEMENTS AND DISCLOSURES PAGE 17<br />

NOTICE TO BRITISH COLUMBIA-BASED CLIENTS<br />

<strong>Macquarie</strong> Futures USA LLC (“MFUSA”) is not registered under the Securities Act (British Columbia) (the “Act”) and, accordingly, the<br />

protection available to clients of a dealer registered under the Act will not be available to clients of MFUSA. MFUSA’s head office is<br />

located in New York, NY, United States. There may be difficulty in enforcing any legal rights against MFUSA or any of its directors,<br />

officers or employees because they are resident outside of Canada and all or substantially all of their assets are situated outside of<br />

Canada. The name and address of the agent for service in British Columbia is Blakes Extra-Provincial Services Inc., Suite 2600, Three<br />

RISK DISCLOSURE STATEMENTS AND DISCLOSURES - 17 -


MACQUARIE FUTURES USA LLC | FUTURES | RISK DISCLOSURE STATEMENTS AND DISCLOSURES PAGE 18<br />

PERMITTED CLIENT CERTIFICATE<br />

Permitted Client Certificate<br />

The undersigned client understands that in order to conduct business with you, we must be classified as a “Permitted Client” for an<br />

exempt international adviser pursuant to National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Obligations.<br />

By signing this certificate, the undersigned client confirms that it is classified as a Permitted Client, by virtue of satisfying the criterion<br />

indicated in Appendix 1 to this certificate, and acknowledges that you will be relying upon this confirmation. We agree to notify you in<br />

writing if we should cease at any time to be a Permitted Client.<br />

The undersigned client is resident in or is subject to the laws of the Province or Territory of (check one):<br />

Alberta British Columbia Manitoba<br />

New Brunswick Newfoundland and Labrador Northwest Territories<br />

Nova Scotia Nunavut Ontario<br />

Prince Edward Island Québec Saskatchewan<br />

Yukon<br />

CLIENT:<br />

SIGNED:<br />

DATE:<br />

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MACQUARIE FUTURES USA LLC | FUTURES | RISK DISCLOSURE STATEMENTS AND DISCLOSURES PAGE 19<br />

Appendix 1<br />

“Permitted Client” means any of the following:<br />

(Please check applicable category)<br />

(All underlined words have the meanings set forth in Appendix 2.)<br />

<br />

<br />

<br />

<br />

<br />

(a) a Canadian financial institution or an authorized foreign bank named in Schedule III of the Bank Act<br />

(Canada);<br />

(b) the Business Development Bank of Canada incorporated under the Business Development Bank of<br />

Canada Act (Canada);<br />

(c) a subsidiary of any person or company referred to in paragraph (a) or (b), if the person or company owns<br />

all of the voting securities of the subsidiary, except the voting securities required by law to be owned by<br />

directors of the subsidiary;<br />

(d) a pension fund that is regulated by either the federal Office of the Superintendent of Financial Institutions<br />

or a pension commission or similar regulatory authority of a jurisdiction of Canada or a wholly-owned<br />

subsidiary of such a pension fund;<br />

(e) an entity organized in a foreign jurisdiction that is analogous to any of the entities referred to in paragraphs<br />

(a) to (d);<br />

(f) the Government of Canada or a jurisdiction of Canada, or any Crown corporation, agency or whollyowned<br />

entity of the Government of Canada or a jurisdiction of Canada;<br />

<br />

<br />

(g) any national, federal, state, provincial, territorial or municipal government of or in any foreign jurisdiction,<br />

or any agency of that government;<br />

(h) a municipality, public board or commission in Canada and a metropolitan community, school board, the<br />

Comité de gestion de la taxe scolaire de l’île de Montréal or an intermunicipal management board in<br />

Québec;<br />

(i) a trust company or trust corporation registered or authorized to carry on business under the Trust and<br />

Loan Companies Act (Canada) or under comparable legislation in a jurisdiction of Canada or a foreign<br />

jurisdiction, acting on behalf of a managed account managed by the trust company or trust corporation,<br />

as the case may be;<br />

(j) a person or company acting on behalf of a managed account managed by the person or company, if the<br />

person or company is registered or authorized to carry on business as an adviser or the equivalent under<br />

the securities legislation of a jurisdiction of Canada or a foreign jurisdiction;<br />

<br />

(k) an investment fund if one or both of the following apply:<br />

i. the fund is managed by a person or company registered as an investment fund manager under<br />

the securities legislation of a jurisdiction of Canada;<br />

ii.<br />

the fund is advised by a person or company authorized to act as an adviser under the securities<br />

legislation of a jurisdiction of Canada;<br />

(l) a registered charity under the Income Tax Act (Canada) that is advised by an eligibility adviser or an<br />

adviser registered under the securities legislation of the jurisdiction of the registered charity;<br />

<br />

(m) an individual who beneficially owns financial assets having an aggregate realizable value that, before taxes<br />

but net of any related liabilities, exceeds $5 million;<br />

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MACQUARIE FUTURES USA LLC | FUTURES | RISK DISCLOSURE STATEMENTS AND DISCLOSURES PAGE 20<br />

<br />

<br />

<br />

(n) a person or company that is entirely owned by an individual or individuals referred to in paragraph (q),<br />

who holds the beneficial ownership interest in the person or company directly or through a trust, the<br />

trustee of which is a trust company or trust corporation registered or authorized to carry on business<br />

under the Trust and Loan Companies Act (Canada) or under comparable legislation in a jurisdiction of<br />

Canada or a foreign jurisdiction;<br />

(o) a person or company, other than an individual or an investment fund, that has net assets of at least $25<br />

million as shown on its most recently prepared financial statements;<br />

(p) a person or company that distributes securities of its own issue in Canada only to persons or companies<br />

referred to in paragraphs (a) to (o).<br />

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MACQUARIE FUTURES USA LLC | FUTURES | RISK DISCLOSURE STATEMENTS AND DISCLOSURES PAGE 21<br />

Appendix 2<br />

“Canadian financial institution” means<br />

(a)<br />

(b)<br />

“eligibility adviser” means<br />

(a)<br />

(b)<br />

Definitions<br />

an association governed by the Cooperative Credit Associations Act (Canada) or a central cooperative credit society<br />

for which an order has been made under section 473(1) of that Act, or<br />

a bank, loan corporation, trust company, trust corporation, insurance company, treasury branch, credit union, caisse<br />

populaire, financial services cooperative, or league that, in each case, is authorized by an enactment of Canada or a<br />

jurisdiction of Canada to carry on business in Canada or a jurisdiction of Canada;<br />

a person that is registered as an investment dealer and authorized to give advice with respect to the type of security<br />

being distributed, and<br />

in Saskatchewan or Manitoba, also means a lawyer who is a practicing member in good standing with a law society<br />

of a jurisdiction of Canada or a public accountant who is a member in good standing of an institute or association of<br />

chartered accountants, certified general accountants or certified management accountants in a jurisdiction of Canada<br />

provided that the lawyer or public accountant must not<br />

(i)<br />

(ii)<br />

have a professional, business or personal relationship with the issuer, or any of its directors, executive<br />

officers, founders, or control persons, and<br />

have acted for or been retained personally or otherwise as an employee, executive officer, director,<br />

associate or partner of a person that has acted for or been retained by the issuer or any of its directors,<br />

executive officers, founders or control persons within the previous 12 months;<br />

“control person” means any person that holds or is one of a combination of persons that holds<br />

(a)<br />

(b)<br />

a sufficient number of any of the securities of an issuer so as to affect materially the control of the issuer, or<br />

more than 20% of the outstanding voting securities of an issuer except where there is evidence showing<br />

that the holding of those securities does not affect materially the control of the issuer;<br />

“executive officer” means, for an issuer, an individual who is<br />

(a)<br />

(b)<br />

(c)<br />

(d)<br />

a chair, vice-chair or president,<br />

a vice-president in charge of a principal business unit, division or function including sales, finance or<br />

production,<br />

an officer of the issuer or any of its subsidiaries and who performs a policy-making function in respect of the<br />

issuer, or<br />

performing a policy-making function in respect of the issuer;<br />

“founder” means, in respect of an issuer, a person who,<br />

(a)<br />

(b)<br />

“financial assets” means<br />

(a)<br />

(b)<br />

(c)<br />

cash,<br />

securities, or<br />

acting alone, in conjunction, or in concert with one or more persons, directly or indirectly, takes the initiative<br />

in founding, organizing or substantially reorganizing the business of the issuer, and<br />

at the time of the trade is actively involved in the business of the issuer;<br />

a contract of insurance, a deposit or an evidence of a deposit that is not a security for the purposes of securities<br />

legislation;<br />

“investment fund” means a mutual fund or a non-redeemable investment fund, and, for greater certainty in British Columbia, includes an<br />

employee venture capital corporation and a venture capital corporation as provided in National Instrument 81-106 Investment Fund<br />

Continuous Disclosure;<br />

“managed account” means an account of a client for which a person or company makes the investment decisions if that person or<br />

company has full discretion to trade in securities for the account without requiring the client's express consent to a transaction;<br />

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MACQUARIE FUTURES USA LLC | FUTURES | RISK DISCLOSURE STATEMENTS AND DISCLOSURES PAGE 22<br />

“person” includes<br />

(a)<br />

(b)<br />

(c)<br />

(d)<br />

“related liabilities” means<br />

(a)<br />

(b)<br />

an individual,<br />

a corporation,<br />

a partnership, trust, fund and an association, syndicate, organization or other organized group of persons, whether<br />

incorporated or not, and<br />

an individual or other person in that person's capacity as a trustee, executor, administrator or personal or other legal<br />

representative;<br />

liabilities incurred or assumed for the purpose of financing the acquisition or ownership of financial assets, or<br />

liabilities that are secured by financial assets;<br />

“subsidiary” means an issuer that is controlled directly or indirectly by another issuer and includes a subsidiary of that subsidiary.<br />

Affiliated Entities, Control and Subsidiaries<br />

1. A person or company is deemed to be an affiliate of another person or company if one is a subsidiary of the other, or if both<br />

are subsidiaries of the same person or company, or if each of them is controlled by the same person or company.<br />

2. A person or company is deemed to be controlled by another person or company, or by two or more persons or companies, if<br />

(a)<br />

(c)<br />

(c)<br />

the first person or company, directly or indirectly, beneficially owns or exercises control or direction over securities of<br />

the second person or company carrying votes which, if exercised, would entitle the first person or company to elect a<br />

majority of the directors of the second person or company, unless that first person or company holds the voting<br />

securities only to secure an obligation,<br />

the second person or company is a partnership, other than a limited partnership, and the first person or company<br />

holds more than 50% of the interests of the partnership, or<br />

the second person or company is a limited partnership and the general partner of the limited partnership is the first<br />

person or company.<br />

3. A person or company is considered to be a subsidiary entity of another person or company if<br />

(a)<br />

(b)<br />

it is controlled by,<br />

(i)<br />

(ii)<br />

(iii)<br />

that other, or<br />

that other and one or more persons or companies each of which is controlled by that other, or<br />

two or more persons or companies, each of which is controlled by that other; or<br />

it is a subsidiary entity of a person or company that is the other’s subsidiary entity.<br />

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MACQUARIE FUTURES USA LLC | FUTURES | RISK DISCLOSURE STATEMENTS AND DISCLOSURES PAGE 23<br />

DISCLOSURE FOR BRITISH COLUMBIA-BASED CLIENTS: BC FORM<br />

91-903F<br />

CONTENTS OF FORM<br />

The Risk Disclosure Statement (Exchange Contracts) must contain the following statements:<br />

"Risk Disclosure Statement for Futures and Options<br />

This brief statement does not disclose all of the risks and other significant aspects of trading in futures and options. In light of the risks,<br />

you should undertake such transactions only if you understand the nature of the contracts (and contractual relationships) into which you<br />

are entering and the extent of your exposure to risk. Trading in futures and options is not suitable for many members of the public. You<br />

should carefully consider whether trading is appropriate for you in light of your experience, objectives, financial resources and other<br />

relevant circumstances.<br />

Futures<br />

Options<br />

1. Effect of "Leverage" or "Gearing"<br />

Transactions in futures carry a high degree of risk. The amount of initial margin is small relative to the value of the futures<br />

contract so that transactions are "leveraged" or "geared". A relatively small market movement will have a proportionately larger<br />

impact on the funds you have deposited or will have to deposit: this may work against you as well as for you. You may sustain<br />

a total loss of initial margin funds and any additional funds deposited with the firm to maintain your position. If the market<br />

moves against your position or margin levels are increased, you may be called upon to pay substantial additional funds on<br />

short notice to maintain your position. If you fail to comply with a request for additional funds within the time prescribed, your<br />

position may be liquidated at a loss and you will be liable for any resulting deficit.<br />

2. Risk-reducing Orders or Strategies<br />

The placing of certain orders (e.g. "stop-loss" order, where permitted under local law, or "stop-limit" orders) which are<br />

intended to limit losses to certain amounts may not be effective because market conditions may make it impossible to execute<br />

such orders. Strategies using combinations of positions, such as "spread" and "straddle" positions may be as risky as taking<br />

simple "long" or "short" positions.<br />

3. Variable Degree of Risk<br />

Transactions in options carry a high degree of risk. Purchasers and sellers of options should familiarize themselves with the<br />

type of option (i.e. put or call) which they contemplate trading and the associated risks. You should calculate the extent to<br />

which the value of the options must increase for your position to become profitable, taking into account the premium and all<br />

transaction costs.<br />

The purchaser of options may offset or exercise the options or allow the options to expire. The exercise of an option results<br />

either in a cash settlement or in the purchaser acquiring or delivering the underlying interest. If the option is on a future, the<br />

purchaser will acquire a futures position with associated liabilities for margin (see the section on Futures above). If the<br />

purchased options expire worthless, you will suffer a total loss of your investment which will consist of the option premium plus<br />

transaction costs. If you are contemplating purchasing deep-out-of-the-money options, you should be aware that the chance<br />

of such options becoming profitable ordinarily is remote.<br />

Selling ("writing" or "granting") an option generally entails considerably greater risk than purchasing options. Although the<br />

premium received by the seller is fixed, the seller may sustain a loss well in excess of that amount. The seller will be liable for<br />

additional margin to maintain the position if the market moves unfavourably. The seller will also be exposed to the risk of the<br />

purchaser exercising the option and the seller will be obligated to either settle the option in cash or to acquire or deliver the<br />

underlying interest. If the option is on a future, the seller will acquire a position in a future with associated liabilities for margin<br />

(see the section on Futures above). If the option is "covered" by the seller holding a corresponding position in the underlying<br />

interest or a future or another option, the risk may be reduced. If the option is not covered, the risk of loss can be unlimited.<br />

Certain exchanges in some jurisdictions permit deferred payment of the option premium, exposing the purchaser to liability for<br />

margin payments not exceeding the amount of the premium. The purchaser is still subject to the risk of losing the premium<br />

and transaction costs. When the option is exercised or expires, the purchaser is responsible for any unpaid premium<br />

outstanding at that time.<br />

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MACQUARIE FUTURES USA LLC | FUTURES | RISK DISCLOSURE STATEMENTS AND DISCLOSURES PAGE 24<br />

Additional Risks Common to Futures and Options<br />

4. Terms and Conditions of Contracts<br />

You should ask the firm with which you deal about the terms and conditions of the specific futures or options which you are<br />

trading and associated obligations (e.g., the circumstances under which you may become obligated to make or take delivery<br />

of the underlying interest of a futures contract and, in respect of options, expiration dates and restrictions on the time for<br />

exercise). Under certain circumstances the specifications of outstanding contracts (including the exercise price of an option)<br />

may be modified by the exchange or clearing house to reflect changes in the underlying interest.<br />

5. Suspension or Restriction of Trading and Pricing Relationships<br />

Market conditions (e.g. illiquidity) and/or the operation of the rules of certain markets (e.g. the suspension of trading in any<br />

contract or contract month because of price limits or "circuit breakers") may increase the risk of loss by making it difficult or<br />

impossible to effect transactions or liquidate/offset positions. If you have sold options, this may increase the risk of loss.<br />

Further, normal pricing relationships between the underlying interest and the future, and the underlying interest and the option<br />

may not exist. This can occur when, for example, the futures contract underlying the option is subject to price limits while the<br />

option is not. The absence of an underlying reference price may make it difficult to judge "fair" value.<br />

6. Deposited Cash and Property<br />

You should familiarize yourself with the protections accorded money or other property you deposit for domestic and foreign<br />

transactions, particularly in the event of a firm insolvency or bankruptcy. The extent to which you may recover your money or<br />

property may be governed by specific legislation or local rules. In some jurisdictions, property which had been specifically<br />

identifiable as your own will be prorated in the same manner as cash for purposes of distribution in the event of a shortfall.<br />

7. Commission and Other Charges<br />

Before you begin to trade, you should obtain a clear explanation of all commission, fees and other charges for which you will<br />

be liable. These charges will affect your net profit (if any) or increase your loss.<br />

8. Transactions in Other Jurisdictions<br />

Transactions on markets in other jurisdictions, including markets formally linked to a domestic market, may expose you to<br />

additional risk. Such markets may be subject to regulation which may offer different or diminished investor protection. Before<br />

you trade you should enquire about any rules relevant to your particular transactions. Your local regulatory authority will be<br />

unable to compel the enforcement of the rules of regulatory authorities or markets in other jurisdictions where your<br />

transactions have been effected. You should ask the firm with which you deal for details about the types of redress available in<br />

both your home jurisdiction and other relevant jurisdictions before you start to trade.<br />

9. Currency Risks<br />

The profit or loss in transactions in foreign currency-denominated contracts (whether they are traded in your own or another<br />

jurisdiction) will be affected by fluctuations in currency rates where there is a need to convert from the currency denomination<br />

of the contract to another currency.<br />

10. Trading Facilities<br />

Most open-outcry and electronic trading facilities are supported by computer-based component systems for the order-routing,<br />

execution, matching, registration or clearing of trades. As with all facilities and systems, they are vulnerable to temporary<br />

disruption or failure. Your ability to recover certain losses may be subject to limits on liability imposed by the system provider,<br />

the market, the clearing house and/or member firms. Such limits may vary; you should ask the firm with which you deal for<br />

details in this respect.<br />

11. Electronic Trading<br />

Trading on an electronic trading system may differ not only from trading in an open-outcry market but also from trading on<br />

other electronic trading systems. If you undertake transactions on an electronic trading system, you will be exposed to risks<br />

associated with the system including the failure of hardware and software. The result of any system failure may be that your<br />

order is either not executed according to your instructions or is not executed at all. Your ability to recover certain losses which<br />

are particularly attributable to trading on a market using an electronic trading system may be limited to less than the amount of<br />

your total loss.<br />

12. Off-exchange Transactions<br />

In some jurisdictions, and only then in restricted circumstances, firms are permitted to effect off- exchange transactions. The<br />

firm with which you deal may be acting as your counterparty to the transaction. It may be difficult or impossible to liquidate an<br />

existing position, to assess the value, to determine a fair price or to assess the exposure to risk. For these reasons, these<br />

transactions may involve increased risks. Off-exchange transactions may be less regulated or subject to a separate regulatory<br />

regime. Before you undertake such transactions, you should familiarize yourself with applicable rules."<br />

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MACQUARIE FUTURES USA LLC | FUTURES | RISK DISCLOSURE STATEMENTS AND DISCLOSURES PAGE 25<br />

DISCLOSURE FOR CLEARED SWAPS CUSTOMERS<br />

Default of a Non-Clearing Futures Commission Merchant<br />

DISCLOSURE FOR CLEARED SWAPS CUSTOMERS<br />

<strong>Macquarie</strong> Futures USA LLC (“MFUSA”) may not be a clearing member of the derivatives clearing organization that you have selected to<br />

clear the Cleared Swaps that you may enter into. In such circumstances, MFUSA will enter into an agreement with a clearing member of<br />

such derivatives clearing organization that is registered with the CFTC as a futures commission merchant (“Clearing Broker”), pursuant<br />

to which MFUSA will maintain an omnibus account of behalf of all of its Cleared Swaps Customers (“Omnibus <strong>Account</strong>”).<br />

In compliance with CFTC Rule 22.16, we are advising you that, in the event of MFUSA’s default, the agreement between the Clearing<br />

Broker and MFUSA provides that Clearing Broker, in its sole discretion, may terminate, liquidate and/or accelerate any and all Cleared<br />

Swaps, close out the Omnibus <strong>Account</strong> or any open positions of MFUSA in whole or in part, cancel any or all pending orders, and/or<br />

terminate MFUSA’s right to trade in the Omnibus <strong>Account</strong>. Further, the Clearing Broker may, but is not required to, transfer all nondefaulting<br />

customer positions to another futures commission merchant. Any such action that Clearing Broker may take will be in<br />

accordance with Applicable Law, including but not limited to the CFTC’s rules governing the protection of Cleared Swaps Customer<br />

Collateral. Therefore, in the event MFUSA’s default is caused by the default of one or more customers that are part of the Omnibus<br />

<strong>Account</strong>, Clearing Broker may not use the funds of non-defaulting customers to satisfy the obligations of the defaulting customers.<br />

Default of a Clearing Futures Commission Merchant<br />

Each derivatives clearing organization is required to have rules that govern the use of Cleared Swaps Customer Collateral, and the<br />

transfer, neutralization of risks, and liquidation of Cleared Swaps in the event of a default by a clearing futures commission merchant<br />

relating to a Cleared Swaps Customer <strong>Account</strong>.<br />

In further compliance with CFTC Rule 22.16 (17 CFR 22.16), we are providing you with the URL links to the rules of the relevant<br />

derivatives clearing organizations. Please note that such rules and the URL links are susceptible to change. If you encounter difficulty<br />

accessing these rules, please contact your MFUSA Representative for an updated URL link.<br />

http://www.cmegroup.com/rulebook/CME/index.html<br />

https://www.theice.com/publicdocs/clear_credit/ICE_Clear_Credit_Rules.pdf<br />

http://www.lch.com/rules_and_regulations/ltd/default.asp<br />

THE INCLUSION OF A DERIVATIVES CLEARING ORGANIZATION ON THIS LIST DOES NOT MEAN THAT YOUR ACCOUNT IS<br />

ELIGIBLE TO CLEAR ANY OR ALL PRODUCTS ON THAT DERIVATIVES CLEARING ORGANIZATION. SHOULD YOU REQUIRE<br />

ADDITIONAL INFORMATION OR HAVE ANY QUESTIONS CONCERNING THE ABOVE, PLEASE CONTACT YOUR MFUSA<br />

REPRESENTATIVE.<br />

RISK DISCLOSURE STATEMENTS AND DISCLOSURES - 25 -

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