If you have any questions, please visit altavra.com, or call

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Account Setup

ALTAVRA

THE RISK OF LOSS IN TRADING FUTURES AND OPTIONS CAN BE SUBSTANTIAL.

PAST RESULTS ARE NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. ADDITIONAL DISCLOSURE ALTAVRA.CO/RISK .

ALTAVRA | 1-800-998-7870 | +1-561-829-8291 | ALTAVRA.COM | @ALTAVRA

To setup your managed futures account:

Review the program documentation.

This will often include both a Disclosure Document and an Advisory Agreement. Many of these documents can be downloaded at altavra.co/forms or requested via email at clientservices@altavra.com.

Establish an account at the Futures Commission Merchant (FCM).

An account can be setup online ataltavra.co/open. Account forms can be downloaded at altavra.co/forms or requested via email at clientservices@altavra.com.

Complete the forms relevant to the investment that you have chosen.

Most managed accounts require both an Advisory Agreement and a Trading Authorization Form. If you are not sure which forms are required for your particular account, please email clientservices@altavra.com, or call 1-800-998-7870 (international +1-561-829-8291).

Submit completed forms.

Please email the completed forms to clientservices@altavra.com or fax to +1-561-829-8190.

If you have any questions, please visit altavra.com, emailclientservices@altavra.com, or call 1-800-998-7870

.

Managed Futures CTA Database Access

To access the database:

1. Request a free access key at altavra.com.

- The access key will be automatically generated and sent immediately to your email address. 2. After you receive your access key, you can access the database at login.altavra.com.

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A - 1

EXHIBIT A GT Capital CTA

1616 Michael Lane

Pacific Palisades, California 90272 Telephone: 424-238-8170

Fax: 424-903-1131

MANAGED ACCOUNT AGREEMENT

THIS MANAGED ACCOUNT AGREEMENT FOR ADVISORY SERVICES is made and entered into this ______ day of ____________, 20___, by and between GT Capital CTA hereinafter referred to as the “Advisor” or the “Trading Advisor” and _________________________________, hereinafter referred to as the “Client”.

THIS AGREEMENT IS ENTERED INTO BASED UPON THE FOLLOWING REPRESENTATIONS:

The Client represents that he has speculative capital for the principal purpose of investing in futures contracts and options on futures contracts (“Investments”) and has been informed and is fully cognizant of the possible high risks associated with such investments.

The Client represents, warrants and agrees that: (a) All of the information contained in this Agreement is true, correct and complete as of the date hereof and since Advisor is relying thereon undersigned will promptly notify the Advisor of any changes herein; (b) The trading in Investments is within the power of the Client and such activity will in no way contravene the provisions of any statutes, rules or regulations, judgments, orders or decrees or agreements to which the Client is bound or subject; (c) if Client is a corporation, limited partnership, or limited liability company, it is duly organized and in good standing under the laws of the state of its formation and every state in which it does business; (d) The actions of the authorized person designated on the Agreement to act for the Client has been authorized by all necessary or appropriate corporate actions if applicable, such person has full authority to execute this Agreement and all related documents on behalf of the Client and to act for Client in all matters regarding Client’s account(s) and Advisor may at all times rely on the fact of such authority without any duty to investigate into either the authenticity or extent thereof; (e) If applicable, Client will confirm the matters contained in part (d) of this paragraph by supplying the Advisor, within a reasonable time, prior to the commencement of trading, with an executed copy of resolutions of the Board of Directors of Client in a form prescribed by the Advisor; (f) If Client is a partnership corporation, limited partnership, or limited liability company, such entity has express authority to speculate in Investments; and (g) Client has never been suspended or barred from trading by the CFTC or any predecessor agency or any other federal or state regulatory agency or any exchange or trade association, and Client undertakes to notify the Advisor of any change in such status within two (2) business days of any such change.

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A - 2

IT IS MUTUALLY AGREED THAT:

1. The Client shall execute any and all documents for the purpose of opening a

trading account with ________________________________ (“Broker”), a Futures Commission Merchant. The Client shall deposit cash and/or securities in the amount of $________________________, to be traded pursuant to the Advisor’s GT Dynamic Trading Program described in the Advisor’s Commodity Trading Advisor Disclosure Document. The Client hereby instructs the Advisor to trade the Client’s account at a nominal level of $_________________.

2. The Advisor, as compensation for advisory services, charges a monthly

management fee of _______% based on Net Assets (as defined in the Advisor’s Disclosure Document) in the Client's account at the end of each month. In addition, the Advisor will receive _____% of the Net New Profits (as defined in the Advisor’s Disclosure Document) the Advisor generates in the Client’s account for a month. The Advisor will charge an accounting fee of $20 per month.

3. The Advisor will trade the Investments and will have the exclusive authority to

issue all necessary instructions to the Broker. All such transactions shall be for the account and risk of the Client.

4. The Advisor will seek capital appreciation in the Client’s Account by trading

speculatively in the Investments.

5. The Advisor’s services are not rendered exclusively for the Client, and the

Advisor shall be free to render similar services to others.

6. This Agreement shall remain in effect until terminated by the receipt of written

notice of either party to the other. The Advisor or Client may terminate this Agreement for any reason upon such notice. Upon termination of this agreement, the open positions and subsequent management of the Account shall be the sole responsibility of the Client.

7. The Client agrees to immediately notify the Advisor orally and in writing if the

Client is dissatisfied with the Advisor’s decisions or actions. Written notification of any such complaints should be sent to the Advisor within ten (10) business days of the event or transaction which lead to the complaint. Failure on the part of the Client to provide such notification will be deemed to be the Client’s acquiescence and ratification of the Advisor’s conduct.

8. The Advisor’s recommendations and authorizations shall be for the Account

and risk of the Client. The Advisor makes no guarantee that any of its services will result in a profit to the Client. The Client has discussed the risks of the futures trading with the Advisor and understands those risks. The Client assumes the responsibility of losses that may be incurred.

9. The Client agrees to execute a “Limited Power of Attorney” attached hereto

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A - 3

Client also agrees to execute any similar document provided by the Broker to allow the Advisor to enter trades on behalf of the Client.

10. The Client agrees to execute a “Fee Payment Authorization” enabling the Broker to make payments from the Client’s Account to the Advisor in compensation for services as set forth in this agreement. The Client also agrees to execute any similar document provided by the Broker to allow such payments to the Advisor to be made.

11. The Client acknowledges that he has read a copy of the Advisor’s most current

Disclosure Document, including the Risk Disclosure Statement. The Advisor makes no guarantee that any of its services will result in a gain for the Client. The Advisor will not be liable to the Client or to others except by reason of acts constituting willful malfeasance or gross negligence as to its duties herein, and disclaims any liability for human or machine errors in orders to trade or not to trade Investments.

12. In the event that any provisions of this Agreement are invalid for any reason

whatsoever, all other conditions and provisions of the Agreement shall, nevertheless, remain in full force and effect.

13. By depositing funds with the Broker, the Client acknowledges and accepts the

propriety of the Advisor’s trading program and his suitability to bear the economic risk of loss in trading in the Investments.

14. This Agreement constitutes the entire agreement between the parties, and no

modification or amendments of this Agreement shall be binding unless in writing and by the participants hereto.

15. The Client acknowledges that should Client’s account become underfunded,

trading profits and losses on a percentage basis will be greater than if the account were fully funded and that additional capital may be required to maintain trading positions.

16. The Client agrees to bring any judicial action, including any complaint, counterclaim, cross-claim, third party complaint or any arbitration proceeding, arising directly or indirectly in connection with this Agreement or any transaction covered herein or against the Advisor or any person who is an officer, agent, employee or associated person of the Advisor at the time the cause of action arises, only in courts or before arbitrators located within Los Angeles, California unless the Advisor voluntarily in writing expressly submits to another jurisdiction. In the event that the Client brings any judicial action or any arbitration proceedings against the Advisor, or any person who is an officer, agent, employee, or associated person of the Advisor, in a court or before arbitrators not located within Los Angeles, California, the undersigned agrees to transfer the action to a court or before arbitrators in Los Angeles, California. Client agrees that any hearing held by the Commodity Futures Trading Commission pursuant to its reparations procedures shall be heard, upon the election of the Advisor, only in Los Angeles, California. Client also consents and submits to the jurisdiction of any state or federal court located within Los Angeles, California or the federal court closest to Los Angeles, California.

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A - 4

IN WITNESS WHEREOF, the parties have executed this Agreement as of the day and year first written above.

_______________________________ Account Name

_______________________________ _______________________________ _____________ Client’s Signature Print Name and Title Date

Note: If a joint account or general partnership, all persons must sign.

If this is a limited partnership account, the general or managing partner(s) must sign. Accepted:

GT Capital CTA

By: /s/ Guerman Teitelbaoum

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B - 1

EXHIBIT B GT Capital CTA

Fax: 424-903-1131

FEE PAYMENT AUTHORIZATION

TO BROKERAGE FIRM: ______________________________________________

ADDRESS: ______________________________________________

CITY AND STATE: ______________________________________________

The undersigned Client agrees to the following:

1. As compensation for its advisory services, the Commodity Trading Advisor, GT

Capital CTA (“the Advisor”), will charge management, incentive and accounting fees which will be debited directly from Client’s trading account.

2. Client authorizes the above named carrying brokers to debit Client’s account

and pay to the Advisor the fees referenced above.

3. Client holds the carrying broker harmless and indemnifies the Clearing Broker

from any losses arising out of payment of such fees to the Advisor. _______________________________

Account Name

GT Capital CTA

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C - 1

EXHIBIT C GT Capital CTA

Fax: 424-903-1131

LIMITED POWER OF ATTORNEY

TO BROKERAGE FIRM: _____________________________________

The undersigned hereby authorizes GT Capital CTA, a Commodity Trading Advisor (“Advisor”), as his agent and attorney-in-fact to buy and sell (including “short” sales) commodity futures on margin and options thereon or otherwise for the undersigned’s account and risk including the purchase and sale of U.S. Treasury Bills and investments in money market funds accounts. The undersigned hereby agrees to indemnify and hold the brokerage firm harmless from all loss, cost, indebtedness and liabilities arising therefrom. In all such purchases and sales you are authorized to follow the instructions of the aforesaid agent in every respect concerning the undersigned’s account with you; and except as herein otherwise provided, the Advisor is authorized to act for the undersigned in the same manner and with the same force and effect as the undersigned might or could do with respect to such purchases and sales as well as with respect to all other things necessary or incidental thereto, except that the Advisor is not authorized to withdraw any money, securities, or other property either in the name of the undersigned or otherwise other than in conjunction with payment of fees owed to the Advisor.

The undersigned hereby ratifies and confirms any and all transactions with you heretofore or hereafter made by the aforesaid agent on behalf of or for the account of the undersigned. This authorization and indemnity is in addition to (and in no way limits or restricts) any rights which you may have under any other agreement or agreements between you and the undersigned.

This authorization and indemnity is a continuing one and shall remain in full force and effect until revoked by the undersigned by a written notice addressed to you and delivered to you at the above address, but such revocation shall not affect any liability in any way resulting from transactions initiated prior to such revocation. This authorization and indemnity shall

inure to your benefit and that of your successors and assigns.

_______________________________ Account Name

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C - 2

GT Capital CTA

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D - 1

EXHIBIT D GT Capital CTA

Fax: 424-903-1131

ACKNOWLEDGMENT OF RECEIPT OF GT CAPITAL CTA’S

COMMODITY TRADING ADVISOR DISCLOSURE DOCUMENT

To Whom It May Concern:

This is to acknowledge that I have received a copy of the Disclosure Document of GT Capital CTA, Commodity Trading Advisor, dated September 15, 2015, describing the trading program(s) pursuant to which my account will be directed.

Read and acknowledged by:

_______________________________ Account Name

GT Capital CTA

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E - 1

EXHIBIT E GT Capital CTA

Fax: 424-903-1131

CLIENT INFORMATION

National Futures Association Compliance Rule 2-30 requires commodity trading advisors to request information about each individual client’s occupation, estimated annual income, net worth and previous investment experience before opening a managed futures account. If the account is opened by someone other than an individual (example, corporation), this information is not required to be completed.

Type of Account:

Individual _________ Corporate______________

Joint ______________ Other __________________

Client’s Full Name: ___________________________________________ Client’s Address: ___________________________________________ ___________________________________________

Telephone # ___________________________________________

Client’s Principal Occupation or Business: _________________________

Client’s Age: _______________________

Client’s Estimated Annual Income: _______________________________

Client’s Net Worth: _________________

(the excess of assets over liabilities, exclusive of home, furnishings and automobiles) Number of Dependents: ______________

Investment Experience:

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E - 2

Commodity Pools: Yes No # of Years _____________ _______________________________

Account Name

_______________________________ ______________________________ _________ Client’s Signature Print Name and Title Date

Note: If a joint account or general partnership, all persons must sign.

GT Capital CTA

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F - 1

EXHIBIT F GT Capital CTA

Fax: 424-903-1131

NOTIONAL FUNDS LETTER

The undersigned, __________________________________, hereby acknowledges that they have opened an account with GT Capital CTA. For the purpose of trading limits and any fee calculations, this account is determined to have a trading level of $_____________________, with $__________________ being deposited with ________________________, a registered futures commission merchant. The balance of the account will be considered “notional” funds.

GT Capital CTA will adhere to the policies set forth in its disclosure document dated September 15, 2015 (which is incorporated herein by reference) with respect to notional funding.

_______________________________ Account Name

_______________________________ _______________________________ _____________

Client’s Signature Print Name and Title Date

_______________________________ _______________________________ _____________

Client’s Signature Print Name and Title Date

Note: If a joint account or general partnership, all persons must sign. If this is a limited partnership account, the general or managing partner(s) must sign.

Accepted: GT Capital CTA

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G - 1

EXHIBIT G GRAMM-LEACH-BLILEY

CONSUMER PRIVACY NOTIFICATION

This notice is being provided to inform you of GT Capital CTA’s (“GT Capital”) consumer privacy policies as required under the Gramm-Leach-Bliley Act.

In providing you with financial products and services, GT Capital receives nonpublic personal information about you from the following sources:

1. Information we receive from you on GT Capital's subscription documents,

applications or other forms.

2. Information about your transactions with us, our affiliates, or others.

3. Information we receive from other futures industry participants.

In providing you with financial products and services, GT Capital may collect the following types of nonpublic personal information about you.

1. Information GT Capital receives from you on account applications and/or

subscription documents, whether written or electronic, or on other forms. This information would include your name, address, social security number, income, investment experience, investment objectives, etc.

2. Information about your transactions with our affiliates, others, or us. This

information could include your trading through our affiliates, others, and us your history of meeting margin calls, paying debit balances and your use of the various products and services that our affiliates and we provide.

3. Information about you obtained in connection with our efforts to protect

against fraud, money laundering activities, or unauthorized use of your account(s) with us. GT Capital may disclose the types of the nonpublic personal information listed above to other financial institutions with which GT Capital has joint marketing agreements, broker-dealers, futures commission merchants, investment companies, investment advisers, commodity trading advisors, commodity pool operators and other financial service participants. GT Capital may disclose your nonpublic personal information to other nonaffiliated third parties as permitted by law, such as in response to a subpoena or legal process or in order to complete a transaction, which you initiated and authorized.

If you prefer that GT Capital not disclose your nonpublic personal information to unaffiliated third parties, you may opt out of those disclosures. That is, you may direct GT Capital not to make those disclosures other than permitted by law. However, you may not opt out of the subscription documents provided by GT Capital or any service provider necessary to effect or process any transaction in your account(s) with GT Capital.

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H - 1

EXHIBIT H NFA BYLAW 1101 DUE DILIGENCE REPRESENTATIONS

GT Capital CTA (“GT Capital”) is a member of the National Futures Association (“NFA”). NFA Bylaw 1101 requires its members to transact business only with NFA members or parties that are not required to be registered with Commodity Futures Trading Commission (“CFTC”). In order to demonstrate GT Capital’s compliance with NFA Bylaw 1101, please provide the following information and representations.

1) The client is a natural person ______ or an entity ______ (check one).

2) If the client is a natural person, the client hereby represents that the client owns and will own all funds and securities deposited in the accounts to be managed by GT Capital. ______ (check if applicable)

3) If the client is an entity, the client hereby represents that the client is:

a) not and will not be operated for the purpose of trading or investing commodity futures contracts or commodity options; _____

b) an NFA member and is registered as a Commodity Pool Operator with the CFTC; _____; or

c) exempt from CFTC registration. _____

4) If the client has indicated that the client exempt from CFTC registration, the client represents that the client is exempt from such registration under___________________________________ (identify exemption).

_______________________________________ __________________

Name of Client Date

_______________________________________ Name and Title of Person Signing on Behalf of Client

_______________________________________ (Sign Here)

Accepted: GT Capital CTA

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Rev 1/16 1 _{ESTABLISHED IN}₁₉₁₄

MANAGED ACCOUNT AGREEMENT – POWER OF ATTORNEY

The undersigned hereby authorizes ___________________________________________________________________ as his agent and attorney in fact (the “Agent”) to buy, sell (including short sales) and trade in commodity futures Contracts, options on commodity futures Contracts, physical commodities, foreign commodity futures Contracts, and options on foreign commodity futures Contracts, foreign commodities, forward Contracts and Contracts in the foreign exchange market on margin or otherwise in accordance with R.J. O’Brien’s terms and conditions for the undersigned’s account and risk in the undersigned’s name or number on R.J. O’Brien’s books. The undersigned hereby agrees to indemnify and hold harmless from and pay R.J. O’Brien promptly on demand for any and all Losses arising therefrom or debit balance due thereon in the undersigned(s) account.

In all such purchases, sales or trades, R.J. O’Brien is authorized to follow the instruction of the Agent in every respect concerning the undersigned’s account through R.J. O’Brien; the Agent is authorized to act for the undersigned and in the undersigned’s behalf in the same manner and with the same force and effect as the undersigned might or could do with respect to such purchases, sales, or trades as well as with respect to all other things necessary or that would be

incidental to the furtherance of conduct of such purchases, sales or trades.

The undersigned hereby ratifies and confirms any and all transactions with R.J. O’Brien heretofore made by the aforesaid Agent or for the undersigned account.

All duplicate statements should be sent to ______________________________________________________________

(Insert name and address of authorized individual.)

Should authorized individual wish to receive statements via email, please complete Request for Transmission of Electronic Customer Statements.

The authorizations and indemnities in this Managed Account Agreement – Power of Attorney are in addition to (and in no way limit or restrict) any rights which R.J. O’Brien may have under any other agreements or agreements between the undersigned and R.J. O’Brien. R.J. O’Brien shall not have any liability for following the instructions of the Agent, and the undersigned shall never attempt to hold R.J. O’Brien liable for the Agent’s actions or inactions.

The undersigned represents that the Agent has provided a disclosure document to the undersigned concerning the Agent’s trading advice, including any options trading advice and the strategies to be used by the Agent, which the undersigned has read and understood, or, in the alternative, the Agent has furnished the undersigned with a signed written statement explaining the Agent’s exemption from applicable registration and disclosure document requirements of the Commodity Futures Trading Commission and National Futures Association.

The undersigned understands that there are many strategies that can be used in trading options, some of which have unlimited risk of loss and could result in the undersigned sustaining a total loss of all funds in the account and the undersigned being liable for any deficit in such account resulting therefrom. The undersigned acknowledges that he has discussed with the Agent the nature and risks of the strategy to be used in connection with options to be traded for the account.

This Managed Account Agreement – Power of Attorney is also one and shall remain in force and effect until revoked by the undersigned by a written notice addressed to R.J. O’Brien and delivered to R.J. O’Brien’s office at 222 South Riverside Plaza, Suite 1200, Chicago, Illinois 60606, but such revocation shall not affect any liability in any way resulting from transactions initiated prior to such revocation. This authorization and indemnity shall inure to the benefit of

R.J. O’Brien and any successor firm or firms irrespective of any change or changes at any time in the personnel thereof for any cause whatsoever, and of the assigns of R.J. O’Brien or any successor firm.

This Managed Account Agreement - Power of Attorney does not revoke any powers of attorney previously executed by the undersigned unless the undersigned gives written notice of revocation to the Agent of any previously executed Power of Attorney.

The undersigned has read and understood the above and agrees to all terms and conditions therein.

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This document creates a Limited Power of Attorney between the undersigned as “Principal” and the Agent. If actually executed by the Principal within the State of New York, to be valid, Section 5-1501B of the General

Obligations Law of the State of New Yorkrequires that the document be signed by both the Principal and Agent

and that the document contain the following notices to the Principal and the Agent. (The text of the following notices to the Principal and Agent is prescribed by law and must be recited verbatim to the statute even though some portions are not applicable to Powers of Attorney given by individuals to their brokers or investment managers.)

CAUTION TO THE PRINCIPAL/CUSTOMER (S)

Your Power of Attorney is an important document. As the “Principal,” you give the person whom you choose (your “Agent”) authority to spend your money and sell or dispose of your property during your lifetime without telling you. You do not lose your authority to act even though you have given your agent similar authority.

When your Agent exercises this authority, he or she must act according to any instructions you have provided or, where there are no specific instructions, in your best interest. “Important Information for the Agent” at the end of this document describes your Agent’s responsibilities.

You can request information from your Agent at any time. If you are revoking a prior Power of Attorney by executing this Power of Attorney, you should provide written notice of the revocation to your prior Agent(s) and to the financial institutions where your accounts are located. You can revoke or terminate your Power of Attorney at any time for any reason as long as you are of sound mind. If you are no longer of sound mind, a court can remove an Agent for acting improperly. Your Agent cannot make health care decisions for you. You may execute a “Health Care Proxy” to do this. The law governing Powers of Attorney is contained in the New York General Obligations Law, Article 5, Title 15. This law is available at a law library, or online through the New York State Senate or Assembly websites, www.senate.state.ny.us or www.assembly.state.ny.us.

If there is anything about this document that you do not understand, you should ask a lawyer of your own choosing to explain it to you.

IMPORTANT INFORMATION FOR THE AGENT

When you accept the authority granted under this Power of Attorney, a special legal relationship is created between you and the Principal. This relationship imposes on you legal responsibilities that continue until you resign or the Power of Attorney is terminated or revoked. You must:

(1) Act according to any instructions from the Principal, or, where there are no instructions, in the Principal’s best interest;

(2) Avoid conflicts that would impair your ability to act in the Principal’s best interest;

(3) Keep the Principal’s property separate and distinct from any assets you own or control, unless otherwise permitted by law;

(4) Keep a record of all receipts, payments, and transactions conducted for the Principal; and

(5) Disclose your identity as an Agent whenever you act for the Principal by writing or printing the Principal’s name and signing your own name as “Agent” in either of the following manner: (Principal’s Name) by (Your Signature) as Agent, or (Your Signature) as Agent for (Principal’s Name).

You may not use the Principal’s assets to benefit yourself or give major gifts to yourself or anyone else unless the Principal has specifically granted you that authority in this Power of Attorney or in a Statutory Major Gifts Rider attached to this Power of Attorney. If you have that authority, you must act according to any instructions of the Principal or, where there are no such instructions, in the Principal’s best interest.

Continued on Next Page.

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EXECUTION BY PRINCIPAL/CUSTOMER(S):

I have signed my name to this Managed Account Agreement – Power of Attorney this _________ day of ________________, _________.

______________________________________________ _____________________________________________

Signature of Principal/Customer/Partner Print Principal/Customer Partner Name

______________________________________________ _____________________________________________

Signature of Joint Principal/Joint Customer Print Joint Principal/ Joint Customer Name

AGENT’S SIGNATURE:

I have read the foregoing Managed Account Agreement–Power of Attorney. I am the person(s) identified therein as Agent for the Principal named therein. I acknowledge my legal responsibilities. I have signed my name to this Managed Account Agreement–Power of Attorney this _________ day of________________, _________. _________________________________________ ______- _____-_________

Print Agent’s Name Social Security # of Agent

_________________________________________ _________________________________________________

Agent Occupation Agent Employer

_________________________________________ _________________________________________________

Agent Principal Business Agent Phone Number

__________________________________________

Agent Email Address

__________________________________________

Signature of Agent

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ESTABLISHED IN 1914

1

R.J. O'BRIEN & ASSOCIATES, LLC Related Account Authorization

The undersigned (Customer) hereby authorized and directs R. J. O’Brien & Associates, LLC (“RJO”) to open a new

account using all existing account documentation including but not limited to agreement and risk disclosure acknowledgments, maintained and existing on file with RJO. Customer hereby acknowledges the receipt and sufficiency

of consideration in exchange for RJO’s agreement to open this new account. Customer accepts and agrees to be obligated to all of the representations and terms and conditions contained within the existing account documentation, customer agreement, and other agreement, or acknowledgment of receipt of risk disclosures previously agreed to with RJO or which are herein incorporated by reference.

Customer further represents that any additional account opened pursuant to this authorization is identical in all respects to customer’s existing account, except as otherwise disclosed to RJO in writing, and further represents that there have been no material changes in customer’s personal information or financial condition as previously disclosed in prior account documentation.

Customer acknowledges that his/her separate accounts will not contain long positions in one account and offsetting short positions in another account unless such accounts are independently traded or unless one account is a Speculative Account and the other is a Hedge Account. In any event, Customer understands that positions in separate accounts cannot be transferred from one account to another if such transfer would result in an offsetting transaction.

Reason for Additional Account: _______________________________________________________________________

If Individual or Joint Account:

____________________________________________

Print Customer Name

____________________________________________

Customer Signature

_____________________________

Date

____________________________________________

Print Joint Party Name

____________________________________________

Joint Party Signature

_____________________________

Date

If Corporation, Partnership or other entity:

_____________________________________________

Print Entity Name

_____________________________________________

Print Authorized Individual’s Name

_____________________________________________

Authorized Individual’s Signature

___________________________

Title

___________________________

Date

Account Title:__________________________________________________________________________________ Existing RJO Account #: __________________________ New Account #: ________________________________

For Office Use Only: