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									                               FCSTONE, LLC INDIVIDUAL CUSTOMER ACCOUNT
                                 For Off-Exchange Foreign Currency Transacations

                                    INSTRUCTIONS FOR COMPLETING FORMS

1.      Read and retain for your own file the Off-Exchange Foreign Currency Risk Disclosure Statement.
2.      Complete fully the Individual Customer Account Agreement For Off-Exchange Foreign Currency
        Transactions identified as Page 1 of 8.
3.      Read and initial each of the next six pages (2 of 8 through 7 of 8) of the Customer Agreement.
4.      Complete the Signature Page identified as Page 8 of 8 by doing the following:

        a.       Insert your signature and the date at the top of the page regarding the Treatment of Funds
                 Acknowledgement.
        b.       Insert your signature and the date in the second signature area acknowledging receipt and understanding
                 of the Off-Exchange Foreign Currency Risk Disclosure Statement.
        c.       Insert your signature and the date at the bottom of the page.

5.      Read and sign the Authorization for Delivery of Statements by Electronic Media if you wish to receive your
        statements by e-mail or fax.
6.      Read and sign the Electronic Trading and Order Routing Systems Disclosure Statement.
7.      Complete the Currencies and Tenor Form for Off-Exchange Forex Customers form.
8.      Complete the Automated Clearing House (“ACH”) and Wire Transfer Instructions.
9.      Read and retain for your own file the Privacy Policy and Anti-Money Laundering Notice.
10.     Complete the IRS Form W-9 or W-8 as applicable.
11.     Provide a copy of your most recent financial statement.
12.     Due to customer identification requirements associated with anti-money laundering regulations, we do require
        additional documentation relating to the opening of this account including but not limited to a legible photocopy
        of a government issued photo ID and a seconf form of identification for any non-US individual. We may
        ask for additional documentation as needed.
13.     After signing, initialing and dating where necessary, keep a copy for your file and return all documents (except
        the Risk Disclosure Statement for Futures and Options) to:

                                          FCStone, LLC
                                          Client Service Center
                                          1251 NW Briarcliff Parkway
                                          Suite 800
                                          Kansas City, MO 64116

14.     Please note that a new account will not be established unless all of the necessary documents have been
        completed, signed and returned.




Revised 01/2011 (document as a whole) and 10/2010 (this page)
     OFF-EXCHANGE FOREIGN CURRENCY RISK DISCLOSURE STATEMENT
OFF-EXCHANGE FOREIGN CURRENCY TRANSACTIONS INVOLVE THE LEVERAGED TRADING OF
CONTRACTS DENOMINATED IN FOREIGN CURRENCY CONDUCTED WITH A FUTURES COMMISSION
MERCHANT OR A RETAIL FOREIGN EXCHANGE DEALER AS YOUR COUNTERPARTY. BECAUSE OF THE
LEVERAGE AND THE OTHER RISKS DISCLOSED HERE, YOU CAN RAPIDLY LOSE ALL OF THE FUNDS
YOU DEPOSIT FOR SUCH TRADING AND YOU MAY LOSE MORE THAN YOU DEPOSIT.

YOU SHOULD BE AWARE OF AND CAREFULLY CONSIDER THE FOLLOWING POINTS BEFORE
DETERMINING WHETHER SUCH TRADING IS APPROPRIATE FOR YOU:
(1)  TRADING IS NOT ON A REGULATED MARKET OR EXCHANGE--YOUR DEALER IS YOUR TRADING
     PARTNER WHICH IS A DIRECT CONFLICT OF INTEREST. BEFORE YOU ENGAGE IN ANY RETAIL
     FOREIGN EXCHANGE TRADING, YOU SHOULD CONFIRM THE REGISTRATION STATUS OF YOUR
     COUNTERPARTY. The registration for a firm and individual can be checked using the Background Affiliation
     Status Information Center (“BASIC”) system from the National Futures Association (“NFA”) by going to the
     http://www.nfa.futures.org/basicnet/ web address. Additionally you may contact the NFA’s Information Center
     by calling 800-621-3570 or sending an e-mail to the information@nfa.futures.org e-mail address. The off-
     exchange foreign currency trading you are entering into is not conducted on an interbank market, nor is it
     conducted on a futures exchange subject to regulation as a designated contract market by the Commodity Futures
     Trading Commission. The foreign currency trades you transact are trades with the futures commission merchant
     or retail foreign exchange dealer as your counterparty. WHEN YOU SELL, THE DEALER IS THE BUYER.
     WHEN YOU BUY, THE DEALER IS THE SELLER. As a result, when you lose money trading, your dealer is
     making money on such trades, in addition to any fees, commissions, or spreads the dealer may charge.
(2)  AN ELECTRONIC TRADING PLATFORM FOR RETAIL FOREIGN CURRENCY TRANSACTIONS IS
     NOT AN EXCHANGE. IT IS AN ELECTRONIC CONNECTION FOR ACCESSING YOUR DEALER. THE
     TERMS OF AVAILABILITY OF SUCH A PLATFORM ARE GOVERNED ONLY BY YOUR CONTRACT
     WITH YOUR DEALER. Any trading platform that you may use to enter off-exchange foreign currency
     transactions is only connected to your futures commission merchant or retail foreign exchange dealer. You are
     accessing that trading platform only to transact with your dealer. You are not trading with any other entities or
     customers of the dealer by accessing such platform. The availability and operation of any such platform, including
     the consequences of the unavailability of the trading platform for any reason, is governed only by the terms of
     your account agreement with the dealer.
(3)  YOUR DEPOSITS WITH THE DEALER HAVE NO REGULATORY PROTECTIONS. All of your rights
     associated with your retail forex trading, including the manner and denomination of any payments made to you,
     are governed by the contract terms established in your account agreement with the futures commission merchant
     or retail foreign exchange dealer. Funds deposited by you with a futures commission merchant or retail foreign
     exchange dealer for trading off-exchange foreign currency transactions are not subject to the customer funds
     protections provided to customers trading on a contract market that is designated by the Commodity Futures
     Trading Commission. Your dealer may commingle your funds with its own operating funds or use them for other
     purposes. In the event your dealer becomes bankrupt, any funds the dealer is holding for you in addition to any
     amounts owed to you resulting from trading, whether or not any assets are maintained in separate deposit
     accounts by the dealer, may be treated as an unsecured creditor's claim.




Revised 04/2011                                      Page 1 of 2               Customer Copy – Retain for your Records
(4)     YOU ARE LIMITED TO YOUR DEALER TO OFFSET OR LIQUIDATE ANY TRADING POSITIONS
        SINCE THE TRANSACTIONS ARE NOT MADE ON AN EXCHANGE OR MARKET, AND YOUR
        DEALER MAY SET ITS OWN PRICES. Your ability to close your transactions or offset positions is limited to
        what your dealer will offer to you, as there is no other market for these transactions. Your dealer may offer any
        prices it wishes, and it may offer prices derived from outside sources or not in its discretion. Your dealer may
        establish its prices by offering spreads from third party prices, but it is under no obligation to do so or to continue
        to do so. Your dealer may offer different prices to different customers at any point in time on its own terms. The
        terms of your account agreement alone govern the obligations your dealer has to you to offer prices and offer
        offset or liquidating transactions in your account and make any payments to you. The prices offered by your
        dealer may or may not reflect prices available elsewhere at any exchange, interbank, or other market for foreign
        currency.
(5)     PAID SOLICITORS MAY HAVE UNDISCLOSED CONFLICTS. The futures commission merchant or retail
        foreign exchange dealer may compensate introducing brokers for introducing your account in ways which are not
        disclosed to you. Such paid solicitors are not required to have, and may not have, any special expertise in trading,
        and may have conflicts of interest based on the method by which they are compensated. Solicitors working on
        behalf of futures commission merchants and retail foreign exchange dealers are required to register. You should
        confirm that they are, in fact registered. You should thoroughly investigate the manner in which all such solicitors
        are compensated and be very cautious in granting any person or entity authority to trade on your behalf. You
        should always consider obtaining dated written confirmation of any information you are relying on from your
        dealer or a solicitor in making any trading or account decisions.

FINALLY, YOU SHOULD THOROUGHLY INVESTIGATE ANY STATEMENTS BY ANY DEALERS OR SALES
REPRESENTATIVES WHICH MINIMIZE THE IMPORTANCE OF, OR CONTRADICT, ANY OF THE TERMS OF
THIS RISK DISCLOSURE. SUCH STATEMENTS MAY INDICATE POTENTIAL SALES FRAUD.

THIS BRIEF STATEMENT CANNOT, OF COURSE, DISCLOSE ALL THE RISKS AND OTHER ASPECTS OF
TRADING OFF-EXCHANGE FOREIGN CURRENCY TRANSACTIONS WITH A FUTURES COMMISSION
MERCHANT OR RETAIL FOREIGN EXCHANGE DEALER.

                    Nondiscretionary Retail Forex Customer Account Recap by Calendar Quarter
      Date range                       Number of active customers Percent profitable Percent not profitable
      April 2010 – June 2010 *                       40                      67.50%           32.50%
      July 2010 – September 2010 *                   39                      53.85%           46.15%
      October 2010 – December 2010                   34                      55.88%           44.12%
      January 2011 – March 2011                      30                      70.00%           30.00%
                          * = calculations based on customers of affiliate FCStone Forex, LLC

            PAST PERFORMANCE IN NOT NECESSARILY INDICATIVE OF FUTURE RESULTS




Revised 04/2011                                          Page 2 of 2                Customer Copy – Retain for your Records
                                  INDIVIDUAL CUSTOMER ACCOUNT AGREEMENT
                                    For Off-Exchange Foreign Currency Transactions
                                     Sales Code ________Account Number _________

ALL QUESTIONS ON THIS SECTION OF THE ACCOUNT FORM SHOULD BE ANSWERED

Name                                                   Social Security (US) or Passport (non-US) Number

Residence Address

City                                State/Province                       Country                     Zip/Mail Code

Employer                                                           Occupation

Business Address

City                                State/Province                       Country                     Zip/Mail Code

Home Phone                                    Business Phone                                          Date of birth

E Mail Address

Bank Reference                                                  Bank Account Number

Bank Address

City                                State/Province                       Country                     Zip/Mail Code

Address to which my account statements should be sent (if different from home address)

Address

City                                State/Province                       Country                     Zip/Mail Code

Working Capital (denote currency)                                            Net Worth (denote currency)
Please attach most recent financial statement.

Years of Experience in the following areas:           Futures            Futures Options             Stocks           Stock Options
         Bonds              Off-exchange foreign currency                Other – list
Will this account be traded on your behalf by anyone other than you? NO YES (If YES, please complete and attach a Managed
Account Authorization form.)
Does any other person/entity control the trading of this account?     YES NO 
Have a financial interest in this account?                            YES NO 
Guarantee this account?                                               YES NO 

If you have answered YES to any of the above, please give name(s) of person(s):


Is there currently pending or has there ever been any litigation, disputed accounts or other matters between commodity or securities
brokers, exchanges, or federal, state, provincial or international regulatory bodies and you? NO YES 
(IF YES, please describe):

Are you related to an employee of FCStone? Yes NO  If yes, name of employee is
Revised 01/2011
                                                               Page 1 of 8
READ THIS ENTIRE AGREEMENT BEFORE SIGNING. This Agreement is for a Non-Discretionary account unless additional
documents are signed, submitted and approved by FCStone, LLC (“FCS”), a Futures Commission Merchant ("FCM") and Forex Firm.
This is an agreement for FCStone, LLC to carry one or more accounts for the undersigned (“Client”) as its Broker and/or counterparty for
the execution of orders for establishment, further maintenance, offset or delivery of transactions in off-exchange foreign currency. The
Undersigned agrees as follows:

1. TRANSACTION AUTHORIZATION. The Client herein constitutes and appoints FCS to act as counterparty for all off-exchange
foreign currency transactions for the Client in accordance with this Agreement, the Off-Exchange Foreign Currency Disclosure Statement
for FCS, and with the Client’s specific instructions, whether written or oral. FCS, though, is under no obligation to take any trade sought by
the Client unless such is a closeout trade, but then only at the prevailing market price being offered or bid by FCS. This agreement shall be
continuous and shall cover, individually and collectively, all accounts of Client for the purpose of off-exchange foreign currency
transactions at any time opened and/or accounts from time to time closed and then reopened with FCS, irrespective of any change or
changes at any time in the personnel of FCS or its successors, assigns, or affiliates, for any cause whatsoever; shall inure to the benefit of
FCS and its successors and assigns, whether by merger, consolidation or otherwise; and shall be binding upon Client and the estate,
executors, administrators, legal representatives, successors and assigns of Client. Client hereby ratifies all transactions with FCS effected
prior to the date of this agreement, and agrees that the rights and obligations of Client in respect thereto shall be governed by the terms of
this agreement, which supersede all other Customer Account Agreements between FCS and Client regarding off-exchange foreign currency
transactions.

2. TRADE MATCHING. FCS or its affiliates may establish a trade matching system or route Client’s orders to a trade matching system
operated by third parties. FCS, and/or any one or more of its affiliates, shall have the right (but not the obligation), in the sole discretion of
FCS or any such affiliate, to act for its own account, and as a counter party or as a broker to FCS Clients, in the making of markets and the
purchase and sale of Off-exchange foreign Exchange Contracts and Cross Currency Contracts via any medium, including without
limitation, over any trade matching network in use by FCS Clients and/or the general public.

3. TRANSACTION STATUS. Positions to purchase or sell an off-exchange foreign currency taken through the facilities of FCS may
remain open until the Client instructs FCS to deliver or close out those positions. FCS, may, at its sole discretion, for any reason or for no
reason whatsoever close out, at the prevailing market price, any or all open off-exchange foreign currency positions for which it is a
counterparty, unless the Client has previous to that time elected physical delivery. FCS intends to close out all off-exchange foreign
currency positions not supported by Necessary Margin amounts, although it is under no obligation to do so, and if it does not, the liability
of the Client to FCS remains as otherwise described herein. Such election by FCS will be made at FCS’s sole discretion when it deems
circumstances require a close out.

4. TRANSACTION CHARACTERISTICS. Any off-exchange foreign currency trade executed through the facilities of FCS is made for
settlement to occur by 17:00 hours (5:00 p.m.) E.S.T. two (2) U.S. business days from the date of the completed trade. Off-exchange
foreign currency positions which are not subject to delivery instructions, and are properly margined, but which have not been closed out by
the execution of an offsetting trade, by 17:00 hours (5:00 p.m.) E.S.T. will be rolled over into a sequential next value day or at FCS’s sole
discretion or closed out. Where trades are settled by delivery, the trade will be settled either by payment to or withdrawal from Client’s
account. Where delivery is instructed the designated currency will be delivered to Client’s designated depository.

5. DELIVERY. Where a Client instructs delivery, notice of such intent must be made by 17:00 hours (5:00 p.m.) EST on the day prior to
the day before the Value Date and must be appropriately noticed as required by FCS and supported by monies on deposit with FCS to fund
the full transaction. Client agrees to deliver to FCS, at least two business days prior to the delivery date, any currency or documents
representing ownership of same, previously sold by FCS on Client's behalf, which FCS in its sole and absolute discretion deems necessary
to effect a good delivery pursuant to the rules and delivery procedures of the market on which the delivery is contemplated. If at any time
Client shall be unable to deliver to FCS any currency previously sold by FCS on Client's behalf, Client authorizes FCS, in FCS's sole
discretion, to borrow or buy and deliver the same, and Client shall immediately pay and indemnify FCS for any costs, interest, losses and
damages (including consequential costs, losses and damages) which FCS may sustain from its inability to borrow or buy any such currency.
In the event FCS takes delivery of any security, other property or commodity for Client's account, Client agrees to indemnify and hold FCS
harmless from and against any loss it may suffer resulting, directly or indirectly, from any decline in value of said item.

6. CURRENCY FLUCTUATION RISK. If Client directs FCS to enter into any off-exchange foreign currency transactions: (a) any
profit or loss arising as a result of a fluctuation in the exchange rate affecting such off-exchange foreign currency transactions will be
entirely for Client’s account and risk; and (b) all initial and subsequent deposits for margin purposes shall be made in such amounts as FCS
may in its sole discretion require.

7. SECURITY INTEREST. Client grants FCS a security interest in all monies, securities, negotiable instruments, open positions in
currency Interests and all receipts of other documents representing underlying currencies, other property now or at any future time held in
Client's account or which may be in FCS's possession for any purpose, including safekeeping, to secure payment of all obligations of Client
to FCS irrespective of the number of accounts Client may have with FCS. All funds, securities, and other Property of the Client which FCS
may, at any time, be carrying for Client (either individually, jointly with others or as a guarantor of the account of another person) or which
at any time may be in FCS's possession or control or carried on its books for any purpose including safekeeping, are to be held by FCS as
security and subject to the general lien and right of set-off for all liabilities of Client to FCS or any affiliate of FCS. FCS may at any time,
in its sole and absolute discretion, liquidate any of the above-mentioned items in order to satisfy any margin or account deficiencies
including but not limited to debit or deficit balances resulting from transactions executed by the FCS for the Client, interest charges, service
charges, expenses incurred by FCS, including court costs and attorney's fees incurred in collecting debit or deficit balances of Client in any
account and may transfer said property or assets to the general ledger account of FCS or pledge, transfer, or lend such items, all without

Revised 01/2011                                                   Page 2 of 8                                   Customer’s Initials _______
liability on the part of FCS to Client or any third party. Furthermore, FCS is also granted a security interest on all proceeds which now or at
any time may come into the Client's account, and the Client agrees to execute any and all documents including Uniform Commercial Code
financing statements, deemed necessary or advisable by FCS to evidence or perfect such security interest. FCS shall also have full authority
to set off, in addition to other rights set forth in this Agreement, all debts owing to the FCS by the Client against any and all claims which
the Client may have against the FCS. Client agrees that all demands for debits owing FCS shall be met within twenty-four (24) hours
following either of (i) Client's receipt of FCS's oral request for payment or (ii) FCS's delivery to Client of FCS's written request for
payment (except as payment modified with respect to wire and telephone requests for margin funds as herein set forth).

8. USE OF MONIES. Client hereby also grants to FCS the right to pledge, re-pledge, hypothecate, invest or loan, either separately or
with the property of other Clients, to itself or to others, any funds, securities, currencies, and off-exchange foreign currency transactions of
Client held by FCS or its affiliates as margin or security. FCS shall at no time be required to deliver to Client the identical property
delivered to or purchased by FCS for any account of Client. Funds deposited by you with FCS for transactions in off-exchange foreign
currency have no regulatory protections as they are not subject to the customer funds protections provided to customers trading on a
contract market that is designated by the Commodity Futures Trading Commission. All of your rights associated with your off-exchange
foreign currency trading, including the manner and denomination of any payments made to you, are governed by the contract terms
established herein. FCS may commingle your funds with its own operating funds or use them for other purposes. In the event FCS
becomes bankrupt, any funds FCS is holding for you for transactions in off-exchange foreign currency in addition to any amounts owed to
you resulting from off-exchange foreign currency trading, whether or not any assets are maintained in separate deposit accounts by the
dealer, may be treated as an unsecured creditor's claim.

9. COMMUNICATION DELAYS, ERRORS AND INTERUPTIONS. FCS will not be responsible for any loss or damage caused
directly or indirectly, by any events, actions or omissions beyond the control of FCS and shall not be responsible for, including without
limitation, loss or damage resulting, directly or indirectly, from delays or interruptions in transmission of orders due to breakdown,
excessive call volume or failure of transmission or communication equipment on the Internet or otherwise or facilities, including, but not
limited to, computer software or hardware breakdowns, malfunctioning errors, any and all problems or glitches associated with computer
problems or any other technical cause or causes beyond FCS’s reasonable control.

10. MARGIN REQUIREMENTS. FCS’s standard policy is to have its credit department review and recommend a margin on contract
value and that it be maintained at all times the position is open. Nevertheless, it reserves the right in its sole discretion to vary the margin
amounts required given its perception of the market, the existence of a market emergency or client risk. Client agrees at all times relevant
to this Agreement to maintain such margin in his/her/its account as FCS may from time to time in its sole discretion require, and will meet
all margin calls in the time required by FCS, but nothing in this clause shall be taken to mean that FCS is required by any term of this
Agreement to provide any time to respond to a margin call, when in its sole discretion it deems it necessary to take immediate account
action. Client acknowledges FCS’s right to limit the number and/or type of open positions that Client may hold, maintain, or acquire.
Client agrees when requested, whether by telephone or other communication, to immediately send via electronic transfer any monies
required by FCS, and to furnish FCS with both the names of bank officers and information necessary for immediate verifications of such
wires. Choosing not to demand wire transfer of funds or the acceptance of funds by mail shall not constitute a waiver of the right of FCS to
demand wire transfer of funds at any time. Nothing herein, though, shall act to limit FCS’s right to close out any and all open positions in
any Client account that may be subject to a margin call. Whether to close out any, all or none of the off-exchange foreign currency
positions in an under-margined account is in the sole discretion of FCS. Failure of FCS to close out open position(s) in whole or in part in
such circumstances shall not constitute a waiver of its rights to do so at any time thereafter, nor shall FCS be subject to any liability to
Client for its acts or its failure to so act. It is the Client’s sole responsibility to maintain the proper margin as may from time to time be
required by FCS. Notwithstanding that FCS need provide no time to meet margin calls, for the purpose of this agreement, a reasonable
amount of time shall be deemed to be one (1) hour. FCS shall not be liable to Client for the loss of any margin deposits which is the direct
or indirect result of the bankruptcy, insolvency, liquidation, receivership, custodianship, or assignment for the benefit of any bank, other
clearing broker, exchange, clearing organization or similar entity.                   ,

11. LIQUIDATION OF POSITIONS. Client further agrees that, notwithstanding anything in this agreement to the contrary, in the event
that the account has fifty percent (50%) of the necessary equity to meet the margin requirements or less, or, in the sole discretion of FCS
the account is in jeopardy of approaching a fifty percent (50%) or a lesser sum or negative maintenance margin account balance, or has
instructed delivery but has insufficient funds on account with FCS to accomplish same or is in any other manner becoming deficient at any
time, or in the event that FCS is unable to notice client due to unforeseeable breakdown in electronic communications, FCS shall have the
right to liquidate all or any part of client's positions at the market price then offered, without prior notice to the client without liability
accruing to FCS for such protective actions. Further, whenever FCS deems it necessary or advisable for FCS’s protection, FCS is
authorized, at its sole discretion and without prior notice to client, to offset any positions in the account and to sell any collateral deposited
with FCS or its affiliates. If not sooner, FCS may assess each account having open positions and take the action it deems appropriate and
authorized in this agreement, at 17:00 hours (5:00 p.m.) EST. each trading day. Alternatively, and at FCS’s sole discretion, it may elect to
impose, on a disclosed or undisclosed basis, limitations on the maximum number of transactions in aggregate or by specific transaction
type, which may be open on the account at any time.


12. LIQUIDATION OF ACCOUNTS. In the event (a) of Client's death or, in the case of a joint account, the death of the last survivor
thereof; (b) of a decision to dissolve and/or liquidate by a corporate Client, which decision shall be immediately communicated to FCS; (c)
of the filing of a petition of bankruptcy by or against Client; (d) of the institution of any similar state, federal or other insolvency
proceedings by or against Client; (e) of the appointment of a receiver for Client or for any of the assets of Client; (f) an attachment is levied
against Client's account (or any of them); (g) a notice of levy with respect to Client's account (or any of them) is served on FCS by any
competent taxing authority; (h) the Client fails to timely meet any margin calls; or (i) FCS, for any reason whatsoever, deems itself insecure

Revised 01/2011                                                   Page 3 of 8                                  Customer’s Initials _______
or if necessary for FCS's protection, then FCS is hereby authorized, in its sole discretion, to sell any or all of the Currency Interests or other
property of Client which may be in FCS's possession, or which FCS may be carrying for Client, or to buy in any Currency Interests or other
property of which the account or accounts of Client may be short, or cancel any outstanding orders, in order to close out the account or
account of Client in whole or in part or in order to close out any commitment made on behalf of Client, all without any liability on the part
of FCS to Client, or any third party. Such sale, purchase or cancellation may be made according to FCS's judgment and may be made at its
sole discretion in the market where such business is usually transacted, without notice to Client or the legal representative of Client, and
FCS may purchase the whole or any part thereof free from any right of redemption, and Client shall remain liable for any deficiency, it
being understood that a prior tender, demand or call of any kind, from FCS, or prior notice from FCS, of the time or place of such sale or
purchase shall not be considered a waiver of FCS’s rights to sell or buy any Currency Interests or other property held by FCS or owned by
Client, at any time as herein before provided or to be deemed to require any such tender, demand, call or notice on any subsequent
transaction. Further, FCS may, at its option, cause a whole or partial liquidation of Client's account or the straddling of existing open
positions in the event they cannot be satisfactorily liquidated because the market is up or down the limit. Any of the above actions may be
taken without demand for margin or additional margin, without prior notice of sale or purchase or other notice or advertisement to Client,
his personal representatives, heirs, executors, administrators, legatees, or assigns, and regardless of whether the ownership interest shall be
solely Client's account or held jointly with others.

13. CHARGES PAYABLE BY CLIENT. Client shall pay such charges as FCS may from time to time charge including, without
limitation, commissions, account set-up and maintenance fees, mark ups and mark downs, statement charges, idle account charges, order
cancellation charges, and account transfer charge, and fees arising out of FCS’s providing services hereunder, or incidental hereto. FCS
may change its charges, and/or fees without notice. Client agrees to be liable to FCS for interest on amounts due from Client to FCS at an
interest rate equal to two (2) percentage points above the then prevailing prime rate at FCS’s principal bank or the maximum interest rate
allowed by law, whichever is lower. All such charges shall be paid by Client as they are incurred, or as FCS in its sole and absolute
discretion, may determine, and Client hereby authorizes FCS to withdraw the amount of any such charges from Client’s account(s). Client
further acknowledges that FCS has a right herein in addition to the charges described herein to earn its dealer spread on trades for which it
acts as the counterparty to the Client and to participate in the dealer spread for transactions it allocates to third party dealers.

14. CAPACITY. Client represents and warrants to FCS that he/she is of legal age and under no legal incapacity and as to he/she/it, that
no one except the Client has an interest in Client's account or accounts with FCS except those persons indicated to FCS in this Agreement.
If the Client is a business entity it asserts herein that it has been duly authorized to enter into this Agreement. The Client is not now (and
shall advise FCS promptly if Client becomes) an employee of any Exchange, any corporation in which any Exchange owns a majority of
the capital stock, any member of any Exchange, any firm registered on any Exchange, any Futures Commission Merchant, any Introducing
Broker, any Commodity Trading Advisor, any Commodity Pool, any Broker/Dealer, an agent for any regulatory authority, or any bank or
savings institution, or is in any way restricted from trading off-exchange foreign currency contracts by virtue of employment or otherwise.

15. RISK ACKNOWLEDGMENT. Client represents and warrants that he/she/it has read the Off-Exchange Foreign Currency Risk
Disclosure Statement for FCS in addition to this Customer Account Agreement and that Client understands the risks involved in trading in
off-exchange foreign currency interests. Further, Client acknowledges it is at the Client's risk and account that FCS will buy and sell off-
exchange foreign currencies for the Client. Client acknowledges that off-exchange foreign currency trading is a highly speculative activity
involving highly leveraged and rapidly fluctuating markets and may result in significant losses, which losses may substantially exceed
Client's margin deposits. Trading is not on a regulated market or exchange. FCS is your counterparty, which is a direct conflict of interest
as when you sell FCS is the buyer and when you buy FCS is the seller. As a result, when you lose money trading, FCS is making money
on such trades, in addition to any fees, commissions, or spreads the FCS may charge. Despite such risks, Client is willing and able to
assume the financial risks and other hazards of off-exchange foreign currency trading and agrees that Client will in no manner hold FCS
responsible for losses incurred through following his agent or FCS's trading recommendations or suggestions and expressly hereby waives
any claims therefore. FCS is not responsible for delays in transmission, delivery or execution of Client’s orders due to malfunctions of
communication facilities or other causes. Before Client engages in any off-exchange foreign currency transactions and periodically
thereafter, he/she/it should confirm the registration status of FCS and any third party agent involved in the solicitation or servicing of the
Client’s account(s). The registration for a firm and individual can be checked using the Background Affiliation Status Information Center
(“BASIC”) system from the National Futures Association (“NFA”) by going to the http://www.nfa.futures.org/basicnet/ web address.
Additionally you may contact the NFA’s Information Center by calling 800-621-3570 or sending an e-mail to the
information@nfa.futures.org e-mail address. Client has read and understands the Risk Disclosure Statement.

16.     INFORMATION, THIRD PARTY TRADING PROGRAMS AND TRADING RECOMMENDATIONS. (a) Client
acknowledges that FCS does not provide market trade recommendations but if any communication provided by FCS may be interpreted as
such, (i) any market trade recommendations and information communicated to Client by FCS do not constitute an offer to sell or the
solicitation of an offer to buy any off-exchange foreign currency transactions (ii) such recommendation and information, although based
upon information obtained from sources believed by FCS to be reliable, may be based solely on FCS’s opinion and such information may
be incomplete and may be unverified: and (iii) FCS makes no representation, warranty or guarantee as to, and shall not be responsible for,
the accuracy or completeness of any information or trading recommendation furnished to Client. Client acknowledges that FCS and/or its
officers, directors, affiliates, employees, stockholders or representatives may have a position in or may intend to buy or sell currencies,
which are the subject of market recommendations furnished to Client, and that the market position of FCS or any such officer, director,
affiliate, employee, stockholder or representative may not be consistent with the recommendations furnished to Client by FCS. (b) Client
acknowledges that FCS makes no representations concerning the tax implications or treatment of off-exchange foreign currency
transactions. (c) Client further acknowledges that should Client grant trading authority or control over Client’s account to a third party
("Trading Agent") or should client employ third party reports or software which in some manner assists Client trading of off-exchange
foreign currency transactions, including but not limited to specific or general trade recommendations, FCS shall in no way be responsible

Revised 01/2011                                                   Page 4 of 8                                  Customer’s Initials _______
for reviewing Client’s choice of such Trading Agent or third party reporter or software trading advisor nor make any recommendations
with respect thereto. Client understands that FCS makes no warranties nor representations concerning the Trading Agent or third party
reporter or software trading advisors, that FCS shall not be responsible for any loss to Client occasioned by the actions of the Trading
Agent and that FCS does not, by implication or otherwise, endorse or approve of the operating methods of the Trading Agent or third party
reporter or software trading advisor. If Client gives Trading Agent authority to exercise any of its rights over Client’s account(s), Client
understands that Client does so at Client’s own risk.

17. FCS LIABILITY FOR INTRODUCED ACCOUNTS. FCS'S SOLE RESPONSIBILITY PURSUANT TO THIS AGREEMENT IS
LIMITED TO THE EXECUTION AND BOOKKEEPING OF TRANSACTIONS FOR THE CLIENT'S ACCOUNTS IN
ACCORDANCE WITH INSTRUCTIONS RECEIVED BY FCS FROM THE INDEPENDENT INTRODUCING BROKERS (“IIB(S)”)
IN ACCORDANCE WITH USUAL PRACTICE. THE CLIENT SHALL LOOK ONLY TO SAID IIB FOR ANY REDRESS WITH
RESPECT TO ANY MATTER OTHER THAN FCS'S GROSS NEGLIGENCE OR WILLFUL MISCONDUCT IN EXECUTING
AND/OR BOOKKEEPING OF TRANSACTIONS FOR THE ACCOUNTS OF THE UNDERSIGNED. CLIENT ACKNOWLEDGES
THE SEPARATION OF FCS AND IIB AND AGREES THAT FCS SHALL NOT BE RESPONSIBLE OR LIABLE WHATSOEVER
FOR ANY MATTERS RELATING TO SALES PRACTICE, TRADING PRACTICE OR RECOMMENDATION OR ANY SIMILAR
OR OTHER MATTERS WHETHER AUTHORIZED OR UNAUTHORIZED BY THE CLIENT. CLIENT FURTHER
ACKNOWLEDGES THAT THE IIB INTRODUCING THE ACCOUNT TO FCS IS RESPONSIBLE FOR COLLECTING FUNDS ON
CLIENT'S BEHALF AND DIRECTING THE WITHDRAWAL OF FUNDS FROM CLIENT'S ACCOUNT IN EXCESS OF THAT
REQUIRED TO MAINTAIN APPLICABLE MARGIN REQUIREMENTS. FCS IS NOT RESPONSIBLE FOR FUNDS UNTIL IT
RECEIVES THEM FROM THE CLIENT OR IIB.

18. GOVERNMENT, NFA, AND CFTC RULES. All transactions under this Agreement shall be subject to the applicable constitution,
rules, regulations, customs, usages, rulings and interpretations of the market on which such transactions are executed by FCS for Client's
account, the National Futures Associates ("NFA"), the Commodity Futures Trading Commission (“CFTC”) and, where applicable, to the
provisions of the Commodity Exchange Act, as amended, and the rules and regulations promulgated thereunder and to any other applicable
government statutes, rules and regulations. FCS shall not be liable to Client as a result of any action taken by FCS or its agents in
compliance with any of the foregoing rules or laws. This paragraph is solely for the protection and benefit of FCS, and any failure by FCS
or its agents to comply with any of the foregoing rules or laws does not relieve Client of any obligations under this Agreement nor be
construed to create rights under this Agreement in favor of Client against FCS. If any statute, rule, or regulation shall hereafter be adopted
by any governmental authority, exchange, board of trade, clearing house, or self regulatory organization, including but not limited to the
NFA which shall be binding upon FCS or any firm selected by FCS and shall affect in any manner or be inconsistent with any of the
provisions hereof, the affected provisions of this agreement shall be deemed modified or superseded, as the case may be, by the applicable
provisions of such statute, rule, or regulation, and all other provisions of this Agreement and provisions so modified shall in all respects
continue in full force and effect.

19. JURISDICTION AND VENUE. Client hereby expressly acknowledges that this Agreement is made in the State of Illinois (upon
acceptance by FCS), and further, that by virtue of trading currencies in the account established hereby, Client is transacting business in the
State of Illinois; accordingly, Client hereby submits and consents to jurisdiction of his person in the Courts of the State of Illinois and, shall
be amenable to service of summons and other legal process of, and emanating from, the State of Illinois. This Agreement’s validity,
construction and enforcement shall be governed by the laws of the State of Illinois. Client hereby submits to the exclusive jurisdiction of
such courts, and expressly waives the right to the adjudication or enforcement of such controversies by any court or any other tribunal
sitting in any other jurisdiction, and further expressly waives the provisions of any statute or administrative ruling defining a currency
contract to be a security. Wherever possible, each portion of this Agreement shall be interpreted in a manner to be valid and effective under
applicable law, but if any provision of this Agreement shall be prohibited by or invalid under such law, such provision shall be ineffective
to the extent of such prohibition or invalidity without invalidating the remainder of such provisions or the remaining provisions of this
Agreement. This Agreement shall inure to the benefit of your present organization, and any successor organization, irrespective of any
change or changes at any time in the personnel thereof for any cause whatsoever, and the assigns of your present organization. This
Agreement shall be binding upon the Client and/or successors, estates, executors, administrators, and assigns of the Client. CLIENT
AGREES THAT ANY CONTROVERSY BETWEEN FCS AND CLIENT ARISING OUT OF THIS AGREEMENT, REGARDLESS OF
THE MANNER OF RESOLUTION, SHALL BE ARBITRATED, LITIGATED (TRIED IN A COURT OF LAW), OR OTHERWISE
RESOLVED BY A TRIBUNAL LOCATED IN CHICAGO, ILLINOIS. IN ADDITION, CLIENT HEREBY WAIVES TRIAL BY JURY
IN ANY SUCH ACTION OR PROCEEDING. Client agrees to pay all expenses, including attorney’s fees, incurred by FCS: (a) to defend
any unsuccessful claim Client brings against FCS or; (b) to collect any debit balances in Client account(s). No legal or administrative action
arising out of this contract may be commenced by anyone more than ONE (1) year after any claim arises. The headings and titles herein are
inserted for the convenience of reference only and are to be ignored in the construction of the provisions hereof Client agrees that any
controversy between FCS and client arising out of this agreement, regardless of the manner of resolution, shall be litigated by a tribunal
located in Chicago, Illinois, and shall be amenable to service of summons and other legal process pursuant to such a suit if brought by FCS
by mailing to the Client's last known address proper notice of such third party dispute resolutions. Client also acknowledges that FCS, at
its sole discretion, may refer any disputed matter to arbitration before the National Futures Association.

20. CLIENT DOCUMENTS. Client warrants and represents that the information provided herein, or attached hereto, or associated
herewith is complete and correct and that Client will promptly notify FCS of any material changes to the information provided by Client.
FCS is authorized to contact such references as it deems appropriate to verify the information regarding Client which may be provided by
Client from time to time.

21. DISCLOSURE OF FINANCIAL INFORMATION. Client warrants and represents that the financial information provided herein,
or attached hereto, or associated herewith is a complete, true and accurate statement of Client's current financial conditions. Further, Client

Revised 01/2011                                                   Page 5 of 8                                  Customer’s Initials _______
warrants and represents that in estimating his/her/its Net Worth, Client included the amount of cash and/or cash equivalents, securities, real
estate owned, the value of life insurance policies, and other valuable assets owned, and that Client accounted for all outstanding debts,
including, but not limited to, notes, secured and unsecured, that are payable to banks and other entities or individuals, liens against
property, both real and personal, and all other personal or business debts, but that said sum does not include the value of Client's primary
residence. FCS is authorized to request supporting documentation and to contact such references as it deems appropriate to verify the
information regarding Client which may be provided by Client from time to time.

22. NOTIFICATION OF RECORDING. Client recognizes that both parties are afforded protection by the recording of telephone
conversations, and Client authorizes and consents to the recording of its conversations with FCS or any of its agents or associated persons
by means of electronic recording devices with or without the use of an automatic tone warning device. Client understands, authorizes and
consents to the use of such recordings, and/or transcripts thereof, as evidence by either party in any action arising out of this Agreement,
subject to proper authentication. This paragraph authorizes both parties to record, but does not require either party to do so. Client
acknowledges that any recording that may be made by FCS, pursuant to this paragraph, will be available to the Client for two (2) weeks
after the date said recording is originally made.

23. JOINT ACCOUNT OWNERS. If this account is held by more than one (1) person, all of the joint holders agree to be jointly and
severally liable for the obligations assumed in this Agreement. If this account is held in trust, joint ownership, or partnership, the
undersigned hereby agrees to indemnify, defend and hold harmless FCS for any losses resulting from breach of any fiduciary duty of the
undersigned to the other holders of this account. Further, any one or more of the joint owners shall have full authority for the account and
risk and in the name of said group, through Client as our broker, to buy, sell, and trade in spot transactions of off-exchange foreign
currencies, to deposit with and withdraw from your firm, currencies, securities, negotiable instruments, and other property, including
withdrawals to or for the individual use or account of the party directing the sale or of any other party, to receive acquiesce in the
correctness of notices, confirmations, requests, demands and all other forms of communications, and to settle, compromise, adjust, and give
releases with respect to any and all claims, demands, disputes, and controversies. Upon death or legal incapacity of any of the undersigned,
FCS is authorized to take such action in regard to our account, as FCS may deem advisable to protect itself against any liability, penalty or
loss. WE agree to notify FCS immediately upon the death or legal incapacity of any joint owner. If this account is held by tenants in
common, then in the event that the account is closed or of the death or legal incapacity of any of said tenants, the account shall be divided
in equal shares unless FCS is otherwise notified, in writing, signed by all joint owners of the amounts to be distributed to the individual
joint owner. If account is held by the parties as joint tenants with right of survivorship then, upon receipt of a certified document
evidencing death or legal incapacity of one of the parties and other documents which may be required in connection with such death or
legal incapacity, the remaining party or parties shall continue this account in their or his/her name as sole or joint owners with all the terms
and conditions of said account continuing in full force and effect. The authority herein granted is in addition to any other authority given
to FCS by any or all of the undersigned and is a continuing one and shall remain in full force and effect until FCS shall receive at its offices
written notice of revocation or modification hereof. FCS may terminate this Agreement by written notice to any of the above parties at their
given addresses.

24. BINDING EFFECT. This Agreement shall be binding upon Client, its principals, officers, agents, successors in interest,
representatives, executors, trustees, administrators, successors and assigns, and shall inure to the benefit of FCS and its successors, by
merger, assignment, consolidation or otherwise.

25. PRINTED MEDIA STORAGE. Client acknowledges and agrees that FCS may reduce all documentation evidencing Client's
account, including the original signature documents executed by Client in the opening of such Client's account with FCS, utilizing a printed
media storage device such as micro-fiche or optical disc imaging. Client agrees to permit the records stored by such printed media storage
method to serve as a complete, true and genuine record of such Client's account documents and signatures.

26. ASSIGNMENT. Any rights that Client may have pursuant to this Agreement shall not be assigned, transferred, sold, or otherwise
conveyed. FCS may, however, assign this Agreement to another Futures Commission Merchant or Retail Foreign Exchange Dealer. FCS,
in its sole discretion, in the event that Client is dissolved, in receivership, or subject to an action in bankruptcy, may close the account. In
the event of any of the foregoing, FCS is hereby authorized to close Client's account(s) and proceed as it deems appropriate without prior
notice to Client, his/her/its administrators, or conservators.

27. SEVERABILITY. If any provision of this Agreement is prohibited by or invalid under applicable law, such provision shall be
ineffective only to the extent of such prohibition or invalidity, without invalidation of the remaining provisions of this Agreement.

28. HEADINGS. The paragraph headings in this Agreement are inserted for convenience of reference only and are not intended to limit
the applicability or affect the meaning of its provisions.

29. TERMINATION. This Agreement shall continue in effect until termination, and may be terminated by Client at any time when
Client has no open off-exchange foreign currency transactions and no liabilities held by or owed to FCS and upon the actual receipt by FCS
at its Executive Office (as noted in item 32) of written notice of termination, or at any time whatsoever by FCS. Any transactions
previously entered into before the FCS termination shall remain the obligation of the Client and shall not relieve either party of any
obligations set out in this Agreement nor shall it relieve Client of any obligations arising out of any deficit balance.

30. INDEMNIFICATION. Client agrees to indemnify and hold FCS, its affiliates, officers, employees, agents, successors and assigns
harmless from and against any and all liabilities, losses, damages, costs and expenses, including attorney’s fees, incurred by FCS arising
out of Client’s failure to fully and timely perform Client’s obligation herein or should any of Client’s representations and warranties fail to
be true and correct. Client also agrees to pay promptly to FCS all damages, costs and expenses, including reasonable attorney’s fees and

Revised 01/2011                                                  Page 6 of 8                                 Customer’s Initials _______
expenses, incurred by FCS in the enforcement of any of the provisions of this Agreement and any other Agreements between FCS and
Client.

31. FURTHER REPRESENTATIONS. The Client represents, warrants and agrees that: (a) All of the information contained on the
Client Fact Sheet is true, correct and complete as of the date hereof and since FCS is relying thereon undersigned will promptly notify FCS
of any changes herein; (b) The trading in Currencies is within the power of the Client and such activity will in no matter 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, it is duly organized and in good standing under the laws of the country and province or state of its incorporation and
every country, province, and state in which it does business; (d) The actions of the authorized person designated on the Client Fact Sheet to
act for the Client has been authorized by all necessary or appropriate corporate action if applicable, such person has full authority to
execute this Customer Account Agreement and all related documents on behalf of the Client and to act for Client in all matters regarding
Client's account(s) and FCS 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 paragraph 31(d) by supplying FCS, 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
FCS; (f) If Client is a partnership, the partnership has express authority to speculate in Currency Interests; and (g) Client has never been
suspended or barred from trading by any federal or state regulatory agency or any exchange or trade association, and Client undertakes to
notify FCS of any change in such status within two (2) business days of any such change. Client further represents that he is of legal age
and sound mind and that, except as disclosed in writing to FCS, no one except Client has any interest in any account or accounts carried for
Client by FCS.

32. Notice and Reports. All execution of orders, communications, reports, statements, monies, securities, negotiable instruments, and
other property, whether by mail, courier, telephone, e-mail, messenger, electronic communication, or otherwise (in the case of mailed
notices), or communicated (in the case of telephone and e-mail notices), sent to Client at Client's address (or telephone number and or e-
mail address) as given to FCS from time to time shall constitute personal delivery to Client whether or not actually received by Client, and
Client hereby waives all claims resulting from failure to receive such communications. Client shall make all payments, except with regard
to wire transfers discussed above, and deliver all notices and communications to FCS'S EXECUTIVE OFFICE LOCATED AT SUITE 10-
500, 230 SOUTH LASALLE STREET, CHICAGO, IL, 60604, ATTN: COMPLIANCE DEPT. Client agrees to immediately open, read
and act on all communications sent to Client by FCS. Confirmations of trades, statements of account, margin calls, and any other written
notices shall be binding on Client for all purposes. Reports of executions and all statements of account rendered by FCS from time to time
to Client shall be conclusively deemed correct and final, unless Client calls any error therein to FCS's attention in writing (a) prior to the
start of business on the next business day following notification, in the case of margin calls and reports of executions and (b) within 2 days
of delivery to Client, in the case of statements of account and any written notices (other than trade confirmations or margin calls) or
demands. FAILURE TO SO NOTIFY FCS SHALL BE DEEMED RATIFICATION OF ALL ACTIONS TAKEN BY FCS OR FCS'S
AGENT PRIOR TO SAID INFORMATION BEING FURNISHED TO CLIENT. Client agrees that in the event of a discrepancy in the
status of Client's account, Client will take reasonable measures to rectify such discrepancies, including but not limited to buying or selling
currency interests, as appropriate at the best available price within a reasonable time from the discovery of such discrepancy. In the event
that a discrepancy is due solely to FCS's error, FCS agrees to credit Client's account for the discrepancy; provided, however, that Client has
taken reasonable measures to correct such discrepancy as set forth above. FCS shall not be responsible for any amount unrealized or any
loss to Client's account due to Client's failure to take reasonable measures to correct any account discrepancy. Client further agrees to
contact FCS by telephone to verify the account status within two (2) business days after placing any order if Client has not been advised by
telephone of the status of such order by FCS within twenty-four (24) hours after said order(s) was/were placed. None of these provisions,
however, will prevent FCS, upon discovery of any error or omission, from correcting it. The parties agree that such errors, whether
resulting in profit or loss, will be corrected in Client's account, will be credited or debited so that it is in the same position it would have
been in if the error had not occurred. Whenever a correction is made, FCS will promptly make written notification to Client.




Revised 01/2011                                                  Page 7 of 8                                 Customer’s Initials _______
TREATMENT OF FUNDS ACKNOWLEDGEMENT

YOUR DEPOSITS WITH FCS FOR THE PURPOSE OF ENGAGING IN OFF-EXCHANGE FOREIGN CURRENCY TRANSACTIONS HAVE
NO REGULATORY PROTECTIONS. All of your rights associated with your off-exchange foreign currency trading, including the manner and
denomination of any payments made to you, are governed by the contract terms established in this Customer Account Agreement with FCS. Funds
deposited by you with FCS for trading off-exchange foreign currency transactions are not subject to the customer funds protections provided to
customers trading on a contract market that is designated by the Commodity Futures Trading Commission. FCS may commingle your funds with its
own operating funds or use them for other purposes. In the event FCS becomes bankrupt, any funds FCS is holding for you in addition to any
amounts owed to you resulting from trading, whether or not any assets are maintained in separate deposit accounts by FCS, may be treated as an
unsecured creditor's claim.

Acknowledged by:



  Customer Signature                                              Date


I (we) acknowledge receipt and understanding of the Off-Exchange Foreign Currency Risk Disclosure Statement. (Receipt must be acknowledged
before an Account may be opened.)

Acknowledged by:



  Customer Signature                                              Date


Client, the undersigned, hereby acknowledge receiving, reading and understanding the provisions of the Customer Account Agreement for
Off-Exchange Foreign Currency and agree by those provisions.




  Customer Signature                                              Date


NOTE: SIGNATORIES TO THE CUSTOMER ACCOUNT AGREEMENT MUST INITIAL WHERE APPROPRIATE.




Revised 01/2011                                                  Page 8 of 8
      Authorization for Delivery of Statements by Electronic Media


This is your authorization to deliver the confirmations and purchase-and-loss
statements (collectively “Statements”) generated for this account with your firm by
electronic media and not by U.S. mail. I/We understand that until such time as this
authorization is revoked, which must be done in writing and which I/we have the right to
do at any time, the Statements will be sent to me, at no additional cost, to this e-mail or
fax address:

_____________________________________________________________________.

Written revocation of this authorization must be directed to the Compliance Officer at
the FCStone, LLC location at::


                                   FCStone, LLC
                                   Compliance Officer
                                   230 S. LaSalle Street
                                   Suite 10-500
                                   Chicago, IL 60604




Signature                                               Date




Printed Name                                            Account Number




Revised 11/2010
 CLIENT TERMS AND CONDITIONS OF USE OF ELECTRONIC TRADING SERVICE FOR
            OFF-EXCHANGE FOREIGN CURRENCY TRANSACTIONS

1.   FCStone, LLC (“FCS”) with offices located at 230 South LaSalle Street, Suite 10-500, Chicago, IL 60604, or one or more of its
     affiliates has agreed to authorize the undersigned client ("Client") to execute foreign exchange-related transactions in a buy-side, price
     taker capacity with and on behalf of FCS ("Trades") using an online trading system (the “Service”). In consideration for access to and
     use of the Service, Client acknowledges and agrees to the following TERMS AND CONDITIONS OF USE (the "Terms"). Client
     shall use the Service strictly in accordance with and subject to these Terms. As used herein, the term "Counterparty" shall mean FCS
     and any entity with whom Client trades using the Service.
2.   FCS will provide Client with one or more user ID’s, initial passwords, digital certificates and/or other devices (collectively,
     "Authenticators") to enable Client’s designated users or electronic agents to access the Service. Client may access the Service only by
     using such Authenticators, or using replacement Authenticators created in accordance with this agreement. Client authorizes FCS to
     act on any instructions FCS receives from Client pursuant to communication methods designated by FCS, and to create additional
     Authenticators for new users or if original Authenticators are lost or forgotten. Client shall change or replace Authenticators as soon
     as possible after receipt of instructions to do so from FCS. Client acknowledges that any individuals that receive or use Authenticators
     with Client’s knowledge are authorized to act on behalf of Client, including, without limitation, to use the Service for execution of
     Trades and to change such Authenticators, and it is Client’s sole responsibility to keep all Authenticators and other means of access
     within Client’s direct or indirect possession or control both confidential and secure from unauthorized use.
3.   Client shall obtain and maintain, at its own expense, computers, computer systems (including but not limited to servers and peripheral
     equipment), operating systems, applications, communications software, Internet browser, telecommunications equipment, third-party
     application services and other equipment and software ("Equipment") required for Client to access and use the Service, which
     Equipment requirements may be changed from time to time by FCS upon reasonable advance notice to Client. Client acknowledges
     that FCS shall not be responsible for any problem, error or malfunction relating to the Service resulting from Client error, data entry
     errors by Client or any Counterparty, or the performance or failure of Equipment or any telecommunications service, Internet
     connection, Internet service provider, or any other third-party communications provider, or any other failure or problem not
     specifically attributable to FCS ("Technical Problems").
4.   Client represents and warrants that Client and its representatives at the time of each Trade will be authorized to use the Service as
     contemplated hereunder, and will use the Service only as permitted hereunder and in accordance with the laws and regulations
     applicable to Client or Client’s Trades. Client will not use the Service in a manner that would cause any person to be party to any
     unlawful act or transaction.
5.   FCS may suspend or terminate Client's access to the Service at any time upon written or electronic notice. Client may terminate use of
     the Service at any time upon written or electronic notice to FCS. FCS further may terminate or suspend Client's access to the Service
     immediately: (a) if Client (i) becomes insolvent; (ii) becomes the subject of a petition in bankruptcy which is not withdrawn or
     dismissed within 60 days thereafter; (iii) makes an assignment for the benefit of creditors; or (iv) materially breaches its obligations
     under this or any other agreement with FCS; or (b) if FCS determines or believes in its sole judgment that (i) there exists any actual or
     potential defect in the Service which materially impairs the reliability, credibility or integrity of the operation thereof, or (ii)
     continuing to provide the Service pursuant to this agreement would infringe upon the intellectual property rights of any third party, or
     (iii) the Service has been or may be used by Client for any illegal transaction or unlawful purpose.
6.   Upon termination, Client shall cease use of the Service and destroy all Authenticators then in Client’s possession or control. Sections
     7 through 15 hereof (inclusive) shall survive any termination of Service or of this agreement.


7.   Client acknowledges and agrees that it has no right, title, or interest in or to the Service, nor any components thereof, including
     without limitation all related applications, user interface designs, software and source code (which shall further include without
     limitation any and all source code furnished to Client in connection with the delivery or performance of any services hereunder) and
     any and all future enhancements or modifications thereto howsoever made and all intellectual property rights therein. Client, its
     representatives, employees, agents and assigns shall not redistribute for commercial purposes any information obtained from FCS
     pertaining to the Service or use such information in any manner inconsistent with these Terms. Client shall not permit the Service or
     any part thereof to be reverse engineered, copied, transferred or modified in any manner, except to the extent the foregoing actions
     under applicable law may not be restricted.
8.   Data and information, including, without limitation, trade amounts, prices and other trade-related details, submitted or disclosed by
     Client in the course of using the Service (collectively, "Trade Data") shall be retained within the Service subject to the following
     terms. The owner of the Service shall have the right to use or disclose Trade Data in its discretion; provided however, that FCS shall
     take reasonable steps to ensure that such data or information may be disclosed to third parties in aggregated or otherwise anonymous
     form only, so as to prevent the disclosure of Client's identity in connection with any such data or information, unless such disclosure is

Updated 01/2011                                                  Page 1 of 2                                  Customer’s Initials ______
     expressly authorized in writing by Client, is made in connection with Client’s use of the Service (e.g., the transmission of Trade Data
     to Client’s Counterparties, including but not limited to FCS, or for straight-through processing with third party systems as directed by
     Client), or is required by court order or applicable law.
9.   THE SERVICE IS PROVIDED ON AN "AS IS" AND "AS AVAILABLE" BASIS WITHOUT WARRANTY OF ANY KIND.
     WITHOUT LIMITING THE FOREGOING, CLIENT ACKNOWLEDGES AND AGREES THAT FCS MAKES AND CLIENT
     RECEIVES NO WARRANTIES, WHETHER EXPRESS, IMPLIED, OR STATUTORY REGARDING OR RELATING TO THE
     SUBJECT MATTER HEREOF. TO THE EXTENT PERMITTED BY LAW FCS SPECIFICALLY DISCLAIMS ALL IMPLIED
     WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE AND NONINFRINGEMENT WITH
     RESPECT TO THE SUBJECT MATTER HEREOF, INCLUDING WITHOUT LIMITATION THE SERVICE. FCS MAKES NO
     WARRANTY THAT THE SERVICE WILL BE UNINTERRUPTED, ERROR FREE OR AVAILABLE AT ALL TIMES, NOR
     DOES FCS WARRANT THAT THE SERVICE WILL REMAIN COMPATIBLE WITH, OR OPERATE WITHOUT
     INTERRUPTION ON, ANY EQUIPMENT PROVIDED BY CLIENT.        NOTWITHSTANDING ANYTHING IN THIS
     AGREEMENT TO THE CONTRARY, CLIENT ACKNOWLEDGES AND AGREES THAT TECHNICAL PROBLEMS MAY
     PREVENT FCS FROM PROVIDING ALL OR PART OF THE SERVICE. IN NO EVENT SHALL FCS BE LIABLE
     HEREUNDER TO CLIENT OR ANY THIRD PARTY FOR ANY DAMAGES OR LOSS RESULTING FROM TECHNICAL
     PROBLEMS.
10. Client will indemnify, defend and hold FCS, and its respective affiliates, partners, directors, officers, employees and agents
    (collectively, "Indemnitees") harmless from and against any and all claims, damages, losses, costs or expenses, including reasonable
    attorneys' fees, arising from or relating to (a) any breach by Client of Section 5 or 9 hereof; (b) the nonperformance by Client of any
    agreement or transaction with a Counterparty; or (c) any third party action or proceeding brought against an Indemnitee based on the
    use of the Service or any aspect thereof by Client or by any of its employees, agents or affiliates or by any other person utilizing
    Authenticators or Equipment in Client’s direct or indirect control, except to the extent attributable to the default, gross negligence or
    willful misconduct of an Indemnitee.
11. EXCEPT FOR CLAIMS FOR WRONGFUL DEATH, PERSONAL INJURY RESULTING FROM NEGLIGENCE OR FRAUD,
    UNDER NO CIRCUMSTANCES SHALL FCS BE LIABLE TO CLIENT FOR ANY LOSS OF PROFIT, LOSS OF BUSINESS, OR
    FOR ANY INDIRECT, INCIDENTAL, CONSEQUENTIAL, SPECIAL OR EXEMPLARY DAMAGES ARISING FROM OR
    RELATING TO CLIENT'S USE OF THE SERVICE (EVEN IF FCS HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH
    DAMAGES), AND IN AGGREGATE FCS’S LIABILITY FOR ANY DAMAGES IN CONNECTION WITH THE PROVISION OR
    PERFORMANCE OF THE SERVICE SHALL IN NO EVENT EXCEED $5000 IN THE AGGREGATE.
12. The representations, covenants, acknowledgements and agreements made by Client herein are made for the benefit of FCS, its
    suppliers, subcontractors, affiliates, successors and assigns.
13. This agreement shall be binding on Client, its successors and permitted assignees. This agreement shall be governed by and construed
    in accordance with Illinois law without giving effect to its conflict of laws principles.
14. These Terms supersede all prior agreements, understandings, representations, warranties and negotiations, if any, with respect to
    provision and use of the Service by Client. Each provision hereof is severable from each other provision for the purpose of
    determining the enforceability of any specific provision.
15. All notices, requests, demands or consents under this agreement must be in writing, and be delivered personally, by facsimile followed
    by written confirmation, or by internationally recognized courier service to the addresses of the Parties set forth in this agreement.

THE FOREGOING TERMS AND CONDITIONS HEREBY ARE ACKNOWLEDGED

AND AGREED THIS               DAY OF                                   , 20         .



Printed name of account                                               Account number(s)



Authorized customer signature                               Title (if applicable)                    Date



Customer #2 signature (if joint)                            Date



Customer #3 signature (if joint)                            Date



Telephone number                        Fax number                                  e-mail address


Updated 01/2011                                                 Page 2 of 2
       Currencies and Tenor Form for Off-Exchange Forex Customers
The currencies listed below are the currencies FCStone, LLC offers off-exchange forex clients. Please
select the currencies and tenor you intend to trade. Your account will be restricted to trade only the
currencies you have indicated below. If you choose to add an additional currency pair at any time, please
fill out an updated form and submit it to the FCStone Client Service Center.

          CCY     SPOT FWDS          CCY      SPOT FWDS               CCY   SPOT FWDS
          AED                        GBP                             PHP
          ARS                        HKD                             PLN
          AUD                        HUF                             RON
          BHD                        IDR                             RUB
          BRL                         ILS                            SAR
          CAD                        INR                             SEK
          CHF                         ISK                            SGD
          CLP                        JPY                             SKK
          CNY                        KRW                             THB
          COP                        MXN                             TRY
          CZK                        MYR                             TWD
          DKK                        NOK                             USD
          EGP                        NZD                             VEB
          EUR                        PEN                             ZAR


Each account will be margined based on their individual situations and the currencies and tenors
selections marked above. It is currently the policy of FCStone, LLC that all accounts initially
deposit and keep a maintenance balance of $100,000 USD equivalent. This internal policy is subject
to change at any time without written notice.


Printed name of account                              Account number(s)


Authorized customer signature                Title (if applicable)                Date


Customer #2 signature (if joint)             Date


Customer #3 signature (if joint)             Date
Revised 01/2011
                                             AUTOMATED CLEARING HOUSE (“ACH”)
                                              AND WIRE TRANSFER INSTRUCTIONS
DEPOSITS
As directed by your broker your wire in U.S. Dollars (USD) should be sent to the address under #1 or #2.

                                                             #1 (Retail accounts)
                                          Harris Trust and Savings Bank, Chicago, IL 60690
                                          From Internationally located bank - SWIFT code HATRUS44
                                          From US located bank - ABA # 071-000-288
                                          Final Credit: FCStone, LLC - FSX
                                          Account No. 255-880-7
                                          For further credit to: Your name and account number

----------------------------------------------------------------------- OR ---------------------------------------------------------------------------------

                                                              #2 (ECP accounts)
                                          Harris Trust and Savings Bank, Chicago, IL 60690
                                          From Internationally located bank - SWIFT code HATRUS44
                                          From US located bank - ABA # 071-000-288
                                          Final Credit: FCStone, LLC - FSX
                                          Account No. 255-874-0
                                          For further credit to: Your name and account number

----------------------------------------------------------------------------------------------------------------------------------------------------------------

The above instructions are if you are sending in U.S. Dollars (USD) via ACH or wire. We can accept ACH and wire
transfers in most major currencies. However the instructions are different from the above. Please contact us prior to
sending anything other than USD to confirm we can accept that specific currency and receive the instructions for doing so.

Please remember to call us when you initiate an ACH or wire transfer. While ACH and wire transfers are a timely way to
have available funds in your account, they are not instantaneous.

When you give your financial institution the transfer instructions, have them give you the Fed Reference number issued for
your transaction. We will try to contact you as soon as we have confirmation that our bank has received the transfer, but
we will need to know the Fed Reference number if any problems should arise.

WITHDRAWALS - COMPLETE THE FOLLOWING INFORMATION
A. Customer name as listed on Bank account

B. Customer Bank account number

C. Contact person at Bank

FCStone will need to know the following information to enable it to electronically transfer funds back to you.
Please contact your receiving bank for assistance completing this portion of the form.

ABA #                                                                  or      SWIFT code

Correspondent Bank Name (if any)                                                                  Location

For Further Credit To:

Local Bank Name                                                                        Location

Please notify your account executive immediately if this information changes.

Revised 10/2010
                 PRIVACY POLICY AND ANTI-MONEY LAUNDERING NOTICE

We at FCStone, LLC value our customer relationships and appreciate the trust that you have placed in us. As
part of this relationship, and to provide you with financial products and services to meet your needs, you have
given to us private information about yourself. We pledge to protect that information and ensure that it remains
private.

Pursuant to 17 C.F.R Part 160, FCStone, LLC and the affiliated registrants who have adopted this policy,
including FCC Investments, Inc., are hereby providing the following Notice to our customers who may have
established an account for personal, family, or household purposes. If you are using your FCStone account for
business purposes, you may not technically be required to receive this Notice. Nevertheless we felt you may be
interested in receiving it. The following information in this Notice summarizes the categories of information that
we collect, how that information is handled, and how we protect your information.

We collect nonpublic personal information about you from the following sources:
       Information we receive from you on applications or other forms including but not limited to your social
        security number or employer identification number;

       Information about your transactions with us, our affiliates, or others; and

       Information we receive from a consumer reporting agency.
We do not disclose any nonpublic personal information about our customers or our former customers to anyone,
except as permitted by law.

We may disclose all of the information we collect, as described above, to companies that perform services on our
behalf, our affiliated entities and/or to other financial institutions with whom we have execution agreements.

We restrict access to nonpublic personal information about you to those employees who need to know that
information to provide products or services to you.
Furthermore, to help the government fight the funding of terrorism and money laundering activities, Federal law
requires all financial institutions to obtain, verify and record information that identifies each person who opens
and maintains an account. What this means to you is that when you establish an account, we will ask for your
name, address, date of birth and other information that will allow us to identify you. We may also ask to see your
driver’s license or other identifying documents.

If you have any questions or comments about our Privacy Notice, please contact our General Counsel at
telephone number (515) 223-3788. You may also write us at FCStone, LLC, Attention: General Counsel, 2829
Westown Parkway, Suite 100, West Des Moines, IA 50266 or FCC Investments, Inc., Attention: General
Counsel, 2829 Westown Parkway, Suite 100, West Des Moines, IA 50266.
                      W-9 and W-8 Form Notice

Following this notice page you will find attached the Form W-9 along with the
Form W-8BEN version of the Form W-8 from the Internal Revenue Service.

If you are a US citizen or US-based entity, you must fill out the Form W-9.

If you are not a US citizen or US-based entity, you will need to fill out the Form
W-8. Due to changes in the regulations of the Internal Revenue Service, multiple
versions of the Form W-8 exist. You should consult your tax professional to
determine which version of the W-8 form you should use. For your convenience,
we have included the Form W-8BEN version of the Form W-8 as this is the
most common version we recieve from customers. Please note this may not be the
correct version for your specific situation. Additional versions of the Form W-8
including W-8ECI, W-8EXP, and W-8IMY can be found at that Internal Revenue
Service website at htt://www.irs.gov – look in the Forms and Publications section.




Revised 10/2010
  Form                                 W-9                                                Request for Taxpayer                                                                        Give Form to the
                                                                                                                                                                                      requester. Do not
  (Rev. January 2011)
  Department of the Treasury
                                                                                Identification Number and Certification                                                               send to the IRS.
  Internal Revenue Service
                                       Name (as shown on your income tax return)


                                       Business name/disregarded entity name, if different from above
See Specific Instructions on page 2.




                                       Check appropriate box for federal tax
                                       classification (required):    Individual/sole proprietor          C Corporation         S Corporation               Partnership       Trust/estate
           Print or type




                                                                                                                                                                                                Exempt payee
                                             Limited liability company. Enter the tax classification (C=C corporation, S=S corporation, P=partnership) ▶


                                            Other (see instructions) ▶
                                       Address (number, street, and apt. or suite no.)                                                            Requester’s name and address (optional)


                                       City, state, and ZIP code


                                       List account number(s) here (optional)


           Part I                                Taxpayer Identification Number (TIN)
  Enter your TIN in the appropriate box. The TIN provided must match the name given on the “Name” line                                                        Social security number
  to avoid backup withholding. For individuals, this is your social security number (SSN). However, for a
  resident alien, sole proprietor, or disregarded entity, see the Part I instructions on page 3. For other                                                                   –              –
  entities, it is your employer identification number (EIN). If you do not have a number, see How to get a
  TIN on page 3.
  Note. If the account is in more than one name, see the chart on page 4 for guidelines on whose                                                              Employer identification number
  number to enter.
                                                                                                                                                                         –

         Part II                                 Certification
  Under penalties of perjury, I certify that:
  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
  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 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 notified me that I am
     no longer subject to backup withholding, and

  3. I am a U.S. citizen or other U.S. person (defined below).
  Certification instructions. You must cross out item 2 above if you have been notified by the IRS that you are currently subject to backup withholding
  because you have failed to report all interest and dividends on your tax return. For real estate transactions, item 2 does not apply. For mortgage
  interest paid, acquisition or abandonment of secured property, cancellation of debt, contributions to an individual retirement arrangement (IRA), and
  generally, payments other than interest and dividends, you are not required to sign the certification, but you must provide your correct TIN. See the
  instructions on page 4.
  Sign                                       Signature of
  Here                                       U.S. person ▶                                                                                     Date ▶

  General Instructions                                                                                                   Note. If a requester gives you a form other than Form W-9 to request
                                                                                                                         your TIN, you must use the requester’s form if it is substantially similar
  Section references are to the Internal Revenue Code unless otherwise                                                   to this Form W-9.
  noted.
                                                                                                                         Definition of a U.S. person. For federal tax purposes, you are
  Purpose of Form                                                                                                        considered a U.S. person if you are:
  A person who is required to file an information return with the IRS must                                               • An individual who is a U.S. citizen or U.S. resident alien,
  obtain your correct taxpayer identification number (TIN) to report, for                                                • A partnership, corporation, company, or association created or
  example, income paid to you, real estate transactions, mortgage interest                                               organized in the United States or under the laws of the United States,
  you paid, acquisition or abandonment of secured property, cancellation                                                 • An estate (other than a foreign estate), or
  of debt, or contributions you made to an IRA.
                                                                                                                         • A domestic trust (as defined in Regulations section 301.7701-7).
     Use Form W-9 only if you are a U.S. person (including a resident
  alien), to provide your correct TIN to the person requesting it (the                                                   Special rules for partnerships. Partnerships that conduct a trade or
  requester) and, when applicable, to:                                                                                   business in the United States are generally required to pay a withholding
                                                                                                                         tax on any foreign partners’ share of income from such business.
     1. Certify that the TIN you are giving is correct (or you are waiting for a                                         Further, in certain cases where a Form W-9 has not been received, a
  number to be issued),                                                                                                  partnership is required to presume that a partner is a foreign person,
     2. Certify that you are not subject to backup withholding, or                                                       and pay the withholding tax. Therefore, if you are a U.S. person that is a
     3. Claim exemption from backup withholding if you are a U.S. exempt                                                 partner in a partnership conducting a trade or business in the United
  payee. If applicable, you are also certifying that as a U.S. person, your                                              States, provide Form W-9 to the partnership to establish your U.S.
  allocable share of any partnership income from a U.S. trade or business                                                status and avoid withholding on your share of partnership income.
  is not subject to the withholding tax on foreign partners’ share of
  effectively connected income.

                                                                                                             Cat. No. 10231X                                                          Form W-9 (Rev. 1-2011)
Form W-9 (Rev. 1-2011)                                                                                                                               Page 2

   The person who gives Form W-9 to the partnership for purposes of             Certain payees and payments are exempt from backup withholding.
establishing its U.S. status and avoiding withholding on its allocable        See the instructions below and the separate Instructions for the
share of net income from the partnership conducting a trade or business       Requester of Form W-9.
in the United States is in the following cases:                                 Also see Special rules for partnerships on page 1.
• The U.S. owner of a disregarded entity and not the entity,
                                                                              Updating Your Information
• The U.S. grantor or other owner of a grantor trust and not the trust,
and                                                                           You must provide updated information to any person to whom you
                                                                              claimed to be an exempt payee if you are no longer an exempt payee
• The U.S. trust (other than a grantor trust) and not the beneficiaries of    and anticipate receiving reportable payments in the future from this
the trust.                                                                    person. For example, you may need to provide updated information if
Foreign person. If you are a foreign person, do not use Form W-9.             you are a C corporation that elects to be an S corporation, or if you no
Instead, use the appropriate Form W-8 (see Publication 515,                   longer are tax exempt. In addition, you must furnish a new Form W-9 if
Withholding of Tax on Nonresident Aliens and Foreign Entities).               the name or TIN changes for the account, for example, if the grantor of a
Nonresident alien who becomes a resident alien. Generally, only a             grantor trust dies.
nonresident alien individual may use the terms of a tax treaty to reduce
or eliminate U.S. tax on certain types of income. However, most tax
                                                                              Penalties
treaties contain a provision known as a “saving clause.” Exceptions           Failure to furnish TIN. If you fail to furnish your correct TIN to a
specified in the saving clause may permit an exemption from tax to            requester, you are subject to a penalty of $50 for each such failure
continue for certain types of income even after the payee has otherwise       unless your failure is due to reasonable cause and not to willful neglect.
become a U.S. resident alien for tax purposes.                                Civil penalty for false information with respect to withholding. If you
   If you are a U.S. resident alien who is relying on an exception            make a false statement with no reasonable basis that results in no
contained in the saving clause of a tax treaty to claim an exemption          backup withholding, you are subject to a $500 penalty.
from U.S. tax on certain types of income, you must attach a statement
                                                                              Criminal penalty for falsifying information. Willfully falsifying
to Form W-9 that specifies the following five items:
                                                                              certifications or affirmations may subject you to criminal penalties
   1. The treaty country. Generally, this must be the same treaty under       including fines and/or imprisonment.
which you claimed exemption from tax as a nonresident alien.
                                                                              Misuse of TINs. If the requester discloses or uses TINs in violation of
   2. The treaty article addressing the income.                               federal law, the requester may be subject to civil and criminal penalties.
   3. The article number (or location) in the tax treaty that contains the
saving clause and its exceptions.                                             Specific Instructions
   4. The type and amount of income that qualifies for the exemption
from tax.
                                                                              Name
   5. Sufficient facts to justify the exemption from tax under the terms of   If you are an individual, you must generally enter the name shown on
the treaty article.                                                           your income tax return. However, if you have changed your last name,
                                                                              for instance, due to marriage without informing the Social Security
   Example. Article 20 of the U.S.-China income tax treaty allows an          Administration of the name change, enter your first name, the last name
exemption from tax for scholarship income received by a Chinese               shown on your social security card, and your new last name.
student temporarily present in the United States. Under U.S. law, this
student will become a resident alien for tax purposes if his or her stay in      If the account is in joint names, list first, and then circle, the name of
the United States exceeds 5 calendar years. However, paragraph 2 of           the person or entity whose number you entered in Part I of the form.
the first Protocol to the U.S.-China treaty (dated April 30, 1984) allows     Sole proprietor. Enter your individual name as shown on your income
the provisions of Article 20 to continue to apply even after the Chinese      tax return on the “Name” line. You may enter your business, trade, or
student becomes a resident alien of the United States. A Chinese              “doing business as (DBA)” name on the “Business name/disregarded
student who qualifies for this exception (under paragraph 2 of the first      entity name” line.
protocol) and is relying on this exception to claim an exemption from tax     Partnership, C Corporation, or S Corporation. Enter the entity's name
on his or her scholarship or fellowship income would attach to Form           on the “Name” line and any business, trade, or “doing business as
W-9 a statement that includes the information described above to              (DBA) name” on the “Business name/disregarded entity name” line.
support that exemption.
                                                                              Disregarded entity. Enter the owner's name on the “Name” line. The
   If you are a nonresident alien or a foreign entity not subject to backup   name of the entity entered on the “Name” line should never be a
withholding, give the requester the appropriate completed Form W-8.           disregarded entity. The name on the “Name” line must be the name
What is backup withholding? Persons making certain payments to you            shown on the income tax return on which the income will be reported.
must under certain conditions withhold and pay to the IRS a percentage        For example, if a foreign LLC that is treated as a disregarded entity for
of such payments. This is called “backup withholding.” Payments that          U.S. federal tax purposes has a domestic owner, the domestic owner's
may be subject to backup withholding include interest, tax-exempt             name is required to be provided on the “Name” line. If the direct owner
interest, dividends, broker and barter exchange transactions, rents,          of the entity is also a disregarded entity, enter the first owner that is not
royalties, nonemployee pay, and certain payments from fishing boat            disregarded for federal tax purposes. Enter the disregarded entity's
operators. Real estate transactions are not subject to backup                 name on the “Business name/disregarded entity name” line. If the owner
withholding.                                                                  of the disregarded entity is a foreign person, you must complete an
   You will not be subject to backup withholding on payments you              appropriate Form W-8.
receive if you give the requester your correct TIN, make the proper           Note. Check the appropriate box for the federal tax classification of the
certifications, and report all your taxable interest and dividends on your    person whose name is entered on the “Name” line (Individual/sole
tax return.                                                                   proprietor, Partnership, C Corporation, S Corporation, Trust/estate).
Payments you receive will be subject to backup                                Limited Liability Company (LLC). If the person identified on the
withholding if:                                                               “Name” line is an LLC, check the “Limited liability company” box only
                                                                              and enter the appropriate code for the tax classification in the space
   1. You do not furnish your TIN to the requester,                           provided. If you are an LLC that is treated as a partnership for federal
   2. You do not certify your TIN when required (see the Part II              tax purposes, enter “P” for partnership. If you are an LLC that has filed a
instructions on page 3 for details),                                          Form 8832 or a Form 2553 to be taxed as a corporation, enter “C” for
   3. The IRS tells the requester that you furnished an incorrect TIN,        C corporation or “S” for S corporation. If you are an LLC that is
                                                                              disregarded as an entity separate from its owner under Regulation
   4. The IRS tells you that you are subject to backup withholding            section 301.7701-3 (except for employment and excise tax), do not
because you did not report all your interest and dividends on your tax        check the LLC box unless the owner of the LLC (required to be
return (for reportable interest and dividends only), or                       identified on the “Name” line) is another LLC that is not disregarded for
   5. You do not certify to the requester that you are not subject to         federal tax purposes. If the LLC is disregarded as an entity separate
backup withholding under 4 above (for reportable interest and dividend        from its owner, enter the appropriate tax classification of the owner
accounts opened after 1983 only).                                             identified on the “Name” line.
Form W-9 (Rev. 1-2011)                                                                                                                                   Page 3

Other entities. Enter your business name as shown on required federal                 Part I. Taxpayer Identification Number (TIN)
tax documents on the “Name” line. This name should match the name
shown on the charter or other legal document creating the entity. You                 Enter your TIN in the appropriate box. If you are a resident alien and
may enter any business, trade, or DBA name on the “Business name/                     you do not have and are not eligible to get an SSN, your TIN is your IRS
disregarded entity name” line.                                                        individual taxpayer identification number (ITIN). Enter it in the social
                                                                                      security number box. If you do not have an ITIN, see How to get a TIN
Exempt Payee                                                                          below.
If you are exempt from backup withholding, enter your name as                             If you are a sole proprietor and you have an EIN, you may enter either
described above and check the appropriate box for your status, then                   your SSN or EIN. However, the IRS prefers that you use your SSN.
check the “Exempt payee” box in the line following the “Business name/                    If you are a single-member LLC that is disregarded as an entity
disregarded entity name,” sign and date the form.                                     separate from its owner (see Limited Liability Company (LLC) on page 2),
   Generally, individuals (including sole proprietors) are not exempt from            enter the owner’s SSN (or EIN, if the owner has one). Do not enter the
backup withholding. Corporations are exempt from backup withholding                   disregarded entity’s EIN. If the LLC is classified as a corporation or
for certain payments, such as interest and dividends.                                 partnership, enter the entity’s EIN.
Note. If you are exempt from backup withholding, you should still                     Note. See the chart on page 4 for further clarification of name and TIN
complete this form to avoid possible erroneous backup withholding.                    combinations.
   The following payees are exempt from backup withholding:                           How to get a TIN. If you do not have a TIN, apply for one immediately.
                                                                                      To apply for an SSN, get Form SS-5, Application for a Social Security
   1. An organization exempt from tax under section 501(a), any IRA, or a             Card, from your local Social Security Administration office or get this
custodial account under section 403(b)(7) if the account satisfies the                form online at www.ssa.gov. You may also get this form by calling
requirements of section 401(f)(2),                                                    1-800-772-1213. Use Form W-7, Application for IRS Individual Taxpayer
   2. The United States or any of its agencies or instrumentalities,                  Identification Number, to apply for an ITIN, or Form SS-4, Application for
   3. A state, the District of Columbia, a possession of the United States,           Employer Identification Number, to apply for an EIN. You can apply for
or any of their political subdivisions or instrumentalities,                          an EIN online by accessing the IRS website at www.irs.gov/businesses
                                                                                      and clicking on Employer Identification Number (EIN) under Starting a
   4. A foreign government or any of its political subdivisions, agencies,            Business. You can get Forms W-7 and SS-4 from the IRS by visiting
or instrumentalities, or                                                              IRS.gov or by calling 1-800-TAX-FORM (1-800-829-3676).
   5. An international organization or any of its agencies or                             If you are asked to complete Form W-9 but do not have a TIN, write
instrumentalities.                                                                    “Applied For” in the space for the TIN, sign and date the form, and give
   Other payees that may be exempt from backup withholding include:                   it to the requester. For interest and dividend payments, and certain
   6. A corporation,                                                                  payments made with respect to readily tradable instruments, generally
                                                                                      you will have 60 days to get a TIN and give it to the requester before you
   7. A foreign central bank of issue,                                                are subject to backup withholding on payments. The 60-day rule does
   8. A dealer in securities or commodities required to register in the               not apply to other types of payments. You will be subject to backup
United States, the District of Columbia, or a possession of the United                withholding on all such payments until you provide your TIN to the
States,                                                                               requester.
   9. A futures commission merchant registered with the Commodity                     Note. Entering “Applied For” means that you have already applied for a
Futures Trading Commission,                                                           TIN or that you intend to apply for one soon.
   10. A real estate investment trust,                                                Caution: A disregarded domestic entity that has a foreign owner must
   11. An entity registered at all times during the tax year under the                use the appropriate Form W-8.
Investment Company Act of 1940,                                                       Part II. Certification
   12. A common trust fund operated by a bank under section 584(a),
                                                                                      To establish to the withholding agent that you are a U.S. person, or
   13. A financial institution,                                                       resident alien, sign Form W-9. You may be requested to sign by the
   14. A middleman known in the investment community as a nominee or                  withholding agent even if item 1, below, and items 4 and 5 on page 4
custodian, or                                                                         indicate otherwise.
   15. A trust exempt from tax under section 664 or described in section                 For a joint account, only the person whose TIN is shown in Part I
4947.                                                                                 should sign (when required). In the case of a disregarded entity, the
                                                                                      person identified on the “Name” line must sign. Exempt payees, see
   The following chart shows types of payments that may be exempt
                                                                                      Exempt Payee on page 3.
from backup withholding. The chart applies to the exempt payees listed
above, 1 through 15.                                                                  Signature requirements. Complete the certification as indicated in
                                                                                      items 1 through 3, below, and items 4 and 5 on page 4.
IF the payment is for . . .                 THEN the payment is exempt                   1. Interest, dividend, and barter exchange accounts opened
                                            for . . .                                 before 1984 and broker accounts considered active during 1983.
                                                                                      You must give your correct TIN, but you do not have to sign the
Interest and dividend payments              All exempt payees except                  certification.
                                            for 9
                                                                                         2. Interest, dividend, broker, and barter exchange accounts
Broker transactions                         Exempt payees 1 through 5 and 7           opened after 1983 and broker accounts considered inactive during
                                            through 13. Also, C corporations.         1983. You must sign the certification or backup withholding will apply. If
Barter exchange transactions and            Exempt payees 1 through 5                 you are subject to backup withholding and you are merely providing
patronage dividends                                                                   your correct TIN to the requester, you must cross out item 2 in the
                                                                                      certification before signing the form.
Payments over $600 required to be Generally, exempt payees                               3. Real estate transactions. You must sign the certification. You may
reported and direct sales over    1 through 7 2                                       cross out item 2 of the certification.
       1
$5,000
1
    See Form 1099-MISC, Miscellaneous Income, and its instructions.
2
    However, the following payments made to a corporation and reportable on Form
    1099-MISC are not exempt from backup withholding: medical and health care
    payments, attorneys' fees, gross proceeds paid to an attorney, and payments for
    services paid by a federal executive agency.
Form W-9 (Rev. 1-2011)                                                                                                                                                         Page 4

   4. Other payments. You must give your correct TIN, but you do not                                     Note. If no name is circled when more than one name is listed, the
have to sign the certification unless you have been notified that you                                    number will be considered to be that of the first name listed.
have previously given an incorrect TIN. “Other payments” include
payments made in the course of the requester’s trade or business for                                     Secure Your Tax Records from Identity Theft
rents, royalties, goods (other than bills for merchandise), medical and                                  Identity theft occurs when someone uses your personal information
health care services (including payments to corporations), payments to                                   such as your name, social security number (SSN), or other identifying
a nonemployee for services, payments to certain fishing boat crew                                        information, without your permission, to commit fraud or other crimes.
members and fishermen, and gross proceeds paid to attorneys                                              An identity thief may use your SSN to get a job or may file a tax return
(including payments to corporations).                                                                    using your SSN to receive a refund.
   5. Mortgage interest paid by you, acquisition or abandonment of                                          To reduce your risk:
secured property, cancellation of debt, qualified tuition program
payments (under section 529), IRA, Coverdell ESA, Archer MSA or                                          • Protect your SSN,
HSA contributions or distributions, and pension distributions. You                                       • Ensure your employer is protecting your SSN, and
must give your correct TIN, but you do not have to sign the certification.                               • Be careful when choosing a tax preparer.
                                                                                                            If your tax records are affected by identity theft and you receive a
What Name and Number To Give the Requester                                                               notice from the IRS, respond right away to the name and phone number
           For this type of account:                          Give name and SSN of:                      printed on the IRS notice or letter.
                                                                                                            If your tax records are not currently affected by identity theft but you
    1. Individual                                     The individual                                     think you are at risk due to a lost or stolen purse or wallet, questionable
    2. Two or more individuals (joint                 The actual owner of the account or,                credit card activity or credit report, contact the IRS Identity Theft Hotline
        account)                                      if combined funds, the first
                                                                                 1                       at 1-800-908-4490 or submit Form 14039.
                                                      individual on the account
    3. Custodian account of a minor                                2                                        For more information, see Publication 4535, Identity Theft Prevention
                                                      The minor
       (Uniform Gift to Minors Act)                                                                      and Victim Assistance.
    4. a. The usual revocable savings                 The grantor-trustee
                                                                                1
                                                                                                            Victims of identity theft who are experiencing economic harm or a
       trust (grantor is also trustee)                                                                   system problem, or are seeking help in resolving tax problems that have
       b. So-called trust account that is             The actual owner
                                                                            1
                                                                                                         not been resolved through normal channels, may be eligible for
       not a legal or valid trust under                                                                  Taxpayer Advocate Service (TAS) assistance. You can reach TAS by
       state law                                                                                         calling the TAS toll-free case intake line at 1-877-777-4778 or TTY/TDD
                                                                    3
    5. Sole proprietorship or disregarded             The owner                                          1-800-829-4059.
       entity owned by an individual
                                                      The grantor*
                                                                                                         Protect yourself from suspicious emails or phishing schemes.
    6. Grantor trust filing under Optional
       Form 1099 Filing Method 1 (see
                                                                                                         Phishing is the creation and use of email and websites designed to
       Regulation section 1.671-4(b)(2)(i)(A))                                                           mimic legitimate business emails and websites. The most common act
                                                                                                         is sending an email to a user falsely claiming to be an established
           For this type of account:                          Give name and EIN of:
                                                                                                         legitimate enterprise in an attempt to scam the user into surrendering
    7. Disregarded entity not owned by an             The owner                                          private information that will be used for identity theft.
       individual
    8. A valid trust, estate, or pension trust        Legal entity
                                                                        4                                   The IRS does not initiate contacts with taxpayers via emails. Also, the
                                                                                                         IRS does not request personal detailed information through email or ask
 9. Corporation or LLC electing                       The corporation
    corporate status on Form 8832 or
                                                                                                         taxpayers for the PIN numbers, passwords, or similar secret access
    Form 2553                                                                                            information for their credit card, bank, or other financial accounts.
10. Association, club, religious,                     The organization                                      If you receive an unsolicited email claiming to be from the IRS,
    charitable, educational, or other                                                                    forward this message to phishing@irs.gov. You may also report misuse
    tax-exempt organization                                                                              of the IRS name, logo, or other IRS property to the Treasury Inspector
11. Partnership or multi-member LLC                   The partnership                                    General for Tax Administration at 1-800-366-4484. You can forward
12. A broker or registered nominee                    The broker or nominee                              suspicious emails to the Federal Trade Commission at: spam@uce.gov
13. Account with the Department of                    The public entity                                  or contact them at www.ftc.gov/idtheft or 1-877-IDTHEFT
    Agriculture in the name of a public                                                                  (1-877-438-4338).
    entity (such as a state or local                                                                        Visit IRS.gov to learn more about identity theft and how to reduce
    government, school district, or                                                                      your risk.
    prison) that receives agricultural
    program payments
14. Grantor trust filing under the Form               The trust
    1041 Filing Method or the Optional
    Form 1099 Filing Method 2 (see
    Regulation section 1.671-4(b)(2)(i)(B))
1
    List first and circle the name of the person whose number you furnish. If only one person on a
    joint account has an SSN, that person’s number must be furnished.
2
    Circle the minor’s name and furnish the minor’s SSN.
3
    You must show your individual name and you may also enter your business or “DBA” name on
    the “Business name/disregarded entity” name line. You may use either your SSN or EIN (if you
    have one), but the IRS encourages you to use your SSN.
4
 List first and circle the name of the trust, estate, or pension trust. (Do not furnish the TIN of the
 personal representative or trustee unless the legal entity itself is not designated in the account
 title.) Also see Special rules for partnerships on page 1.
*Note. Grantor also must provide a Form W-9 to trustee of trust.



Privacy Act Notice
Section 6109 of the Internal Revenue Code requires you to provide your correct TIN to persons (including federal agencies) who are required to file information returns with
the IRS to report interest, dividends, or certain other income paid to you; mortgage interest you paid; the acquisition or abandonment of secured property; the cancellation
of debt; or contributions you made to an IRA, Archer MSA, or HSA. The person collecting this form uses the information on the form to file information returns with the IRS,
reporting the above information. Routine uses of this information include giving it to the Department of Justice for civil and criminal litigation and to cities, states, the District
of Columbia, and U.S. possessions for use in administering their laws. The information also may be disclosed to other countries under a treaty, to federal and state agencies
to enforce civil and criminal laws, or to federal law enforcement and intelligence agencies to combat terrorism. You must provide your TIN whether or not you are required to
file a tax return. Under section 3406, payers must generally withhold a percentage of taxable interest, dividend, and certain other payments to a payee who does not give a
TIN to the payer. Certain penalties may also apply for providing false or fraudulent information.
Form      W-8BEN                         Certificate of Foreign Status of Beneficial Owner
(Rev. February 2006)                             for United States Tax Withholding                                                                          OMB No. 1545-1621
Department of the Treasury              Section references are to the Internal Revenue Code.      See separate instructions.
Internal Revenue Service                      Give this form to the withholding agent or payer. Do not send to the IRS.
Do not use this form for:                                                                                                                                        Instead, use Form:
● A U.S. citizen or other U.S. person, including a resident alien individual                                                                                                   W-9
● A person claiming that income is effectively connected with the conduct
  of a trade or business in the United States                                                                                                                            W-8ECI
● A foreign partnership, a foreign simple trust, or a foreign grantor trust (see instructions for exceptions)                                                  W-8ECI or W-8IMY
● A foreign government, international organization, foreign central bank of issue, foreign tax-exempt organization,
  foreign private foundation, or government of a U.S. possession that received effectively connected income or that is
  claiming the applicability of section(s) 115(2), 501(c), 892, 895, or 1443(b) (see instructions)                                                             W-8ECI or W-8EXP
Note: These entities should use Form W-8BEN if they are claiming treaty benefits or are providing the form only to
claim they are a foreign person exempt from backup withholding.
● A person acting as an intermediary                                                                                                                                          W-8IMY
Note: See instructions for additional exceptions.

 Part I             Identification of Beneficial Owner (See instructions.)
  1       Name of individual or organization that is the beneficial owner                                                      2    Country of incorporation or organization


  3       Type of beneficial owner:                   Individual                   Corporation                Disregarded entity            Partnership               Simple trust
              Grantor trust                           Complex trust                Estate                     Government                    International organization
              Central bank of issue                   Tax-exempt organization      Private foundation
  4       Permanent residence address (street, apt. or suite no., or rural route). Do not use a P.O. box or in-care-of address.


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


  5       Mailing address (if different from above)


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


  6       U.S. taxpayer identification number, if required (see instructions)                                       7    Foreign tax identifying number, if any (optional)
                                                                                 SSN or ITIN            EIN
  8       Reference number(s) (see instructions)


Part II             Claim of Tax Treaty Benefits (if applicable)
  9       I certify that (check all that apply):
      a       The beneficial owner is a resident of                                              within the meaning of the income tax treaty between the United States and that country.
      b       If required, the U.S. taxpayer identification number is stated on line 6 (see instructions).
      c       The beneficial owner is not an individual, derives the item (or items) of income for which the treaty benefits are claimed, and, if
              applicable, meets the requirements of the treaty provision dealing with limitation on benefits (see instructions).
      d       The beneficial owner is not an individual, is claiming treaty benefits for dividends received from a foreign corporation or interest from a
              U.S. trade or business of a foreign corporation, and meets qualified resident status (see instructions).
      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
              Form 8833 if the amount subject to withholding received during a calendar year exceeds, in the aggregate, $500,000.
10        Special rates and conditions (if applicable—see instructions): The beneficial owner is claiming the provisions of Article                                              of the
          treaty identified on line 9a above to claim a            % rate of withholding on (specify type of income):                                                                 .
          Explain the reasons the beneficial owner meets the terms of the treaty article:



Part III            Notional Principal Contracts
11            I have provided or will provide a statement that identifies those notional principal contracts from which the income is not effectively
              connected with the conduct of a trade or business in the United States. I agree to update this statement as required.
 Part IV            Certification
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
further certify under penalties of perjury that:
1 I am the beneficial owner (or am authorized to sign for the beneficial owner) of all the income to which this form relates,
2 The beneficial owner is not a U.S. person,
3 The income to which this form relates is (a) not effectively connected with the conduct of a trade or business in the United States, (b) effectively connected but is
not subject to tax under an income tax treaty, or (c) the partner’s share of a partnership’s effectively connected income, and
4 For broker transactions or barter exchanges, the beneficial owner is an exempt foreign person as defined in the instructions.
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
any withholding agent that can disburse or make payments of the income of which I am the beneficial owner.


Sign Here
                           Signature of beneficial owner (or individual authorized to sign for beneficial owner)         Date (MM-DD-YYYY)                Capacity in which acting

For Paperwork Reduction Act Notice, see separate instructions.                                          Cat. No. 25047Z                           Form    W-8BEN         (Rev. 2-2006)
                                                                                     Printed on Recycled Paper
Instructions for Form                                                                          Department of the Treasury
                                                                                               Internal Revenue Service

W-8BEN
(Rev. February 2006)
Certificate of Foreign Status of Beneficial Owner for United States Tax
Withholding
                                                                 • If applicable, claim a reduced rate of, or exemption
General Instructions                                             from, withholding as a resident of a foreign country with
Section references are to the Internal Revenue Code              which the United States has an income tax treaty.
unless otherwise noted.
                                                                    You may also be required to submit Form W-8BEN to
   For definitions of terms used throughout these                claim an exception from domestic information reporting
instructions, see Definitions on pages 3 and 4.                  and backup withholding for certain types of income that
                                                                 are not subject to foreign-person withholding. Such
Purpose of form. Foreign persons are subject to U.S.             income includes:
tax at a 30% rate on income they receive from U.S.               • Broker proceeds.
sources that consists of:                                        • Short-term (183 days or less) original issue discount
• Interest (including certain original issue discount            (OID).
(OID));                                                          • Bank deposit interest.
• Dividends;                                                     • Foreign source interest, dividends, rents, or royalties.
• Rents;                                                         • Proceeds from a wager placed by a nonresident alien
• Royalties;                                                     individual in the games of blackjack, baccarat, craps,
• Premiums;                                                      roulette, or big-6 wheel.
• Annuities;                                                        You may also use Form W-8BEN to certify that income
• Compensation for, or in expectation of, services               from a notional principal contract is not effectively
performed;                                                       connected with the conduct of a trade or business in the
• Substitute payments in a securities lending transaction;       United States.
or                                                                  A withholding agent or payer of the income may rely
• Other fixed or determinable annual or periodical gains,        on a properly completed Form W-8BEN to treat a
profits, or income.                                              payment associated with the Form W-8BEN as a
  This tax is imposed on the gross amount paid and is            payment to a foreign person who beneficially owns the
generally collected by withholding under section 1441 or         amounts paid. If applicable, the withholding agent may
1442 on that amount. A payment is considered to have             rely on the Form W-8BEN to apply a reduced rate of
been made whether it is made directly to the beneficial          withholding at source.
owner or to another person, such as an intermediary,                Provide Form W-8BEN to the withholding agent or
agent, or partnership, for the benefit of the beneficial         payer before income is paid or credited to you. Failure to
owner.                                                           provide a Form W-8BEN when requested may lead to
   In addition, section 1446 requires a partnership              withholding at a 30% rate (foreign-person withholding) or
conducting a trade or business in the United States to           the backup withholding rate.
withhold tax on a foreign partner’s distributive share of        Additional information. For additional information and
the partnership’s effectively connected taxable income.          instructions for the withholding agent, see the Instructions
Generally, a foreign person that is a partner in a               for the Requester of Forms W-8BEN, W-8ECI, W-8EXP,
partnership that submits a Form W-8 for purposes of              and W-8IMY.
section 1441 or 1442 will satisfy the documentation              Who must file. You must give Form W-8BEN to the
requirements under section 1446 as well. However, in             withholding agent or payer if you are a foreign person
some cases the documentation requirements of sections            and you are the beneficial owner of an amount subject to
1441 and 1442 do not match the documentation                     withholding. Submit Form W-8BEN when requested by
requirements of section 1446. See Regulations sections           the withholding agent or payer whether or not you are
1.1446-1 through 1.1446-6. Further, the owner of a               claiming a reduced rate of, or exemption from,
disregarded entity, rather than the disregarded entity           withholding.
itself, shall submit the appropriate Form W-8 for purposes
of section 1446.                                                    Do not use Form W-8BEN if:
                                                                 • You are a U.S. citizen (even if you reside outside the
   If you receive certain types of income, you must              United States) or other U.S. person (including a resident
provide Form W-8BEN to:                                          alien individual). Instead, use Form W-9, Request for
• Establish that you are not a U.S. person;                      Taxpayer Identification Number and Certification.
• Claim that you are the beneficial owner of the income          • You are a disregarded entity with a single owner that is
for which Form W-8BEN is being provided or a partner in          a U.S. person and you are not a hybrid entity claiming
a partnership subject to section 1446; and                       treaty benefits. Instead, provide Form W-9.

                                                        Cat. No. 25576H
• You are a nonresident alien individual who claims                   W-8IMY and accompanying documentation. See
exemption from withholding on compensation for                        Regulations sections 1.1446-1 through 1.1446-6.
independent or dependent personal services performed                  Giving Form W-8BEN to the withholding agent. Do
in the United States. Instead, provide Form 8233,                     not send Form W-8BEN to the IRS. Instead, give it to the
Exemption from Withholding on Compensation for                        person who is requesting it from you. Generally, this will
Independent (and Certain Dependent) Personal Services                 be the person from whom you receive the payment, who
of a Nonresident Alien Individual, or Form W-4,                       credits your account, or a partnership that allocates
Employee’s Withholding Allowance Certificate.                         income to you. Give Form W-8BEN to the person
• You are receiving income that is effectively connected              requesting it before the payment is made to you, credited
with the conduct of a trade or business in the United                 to your account or allocated. If you do not provide this
States, unless it is allocable to you through a partnership.          form, the withholding agent may have to withhold at the
Instead, provide Form W-8ECI, Certificate of Foreign                  30% rate, backup withholding rate, or the rate applicable
Person’s Claim That Income Is Effectively Connected                   under section 1446. If you receive more than one type of
With the Conduct of a Trade or Business in the United                 income from a single withholding agent for which you
States. If any of the income for which you have provided              claim different benefits, the withholding agent may, at its
a Form W-8BEN becomes effectively connected, this is a                option, require you to submit a Form W-8BEN for each
change in circumstances and Form W-8BEN is no longer                  different type of income. Generally, a separate Form
valid. You must file Form W-8ECI. See Change in                       W-8BEN must be given to each withholding agent.
circumstances on this page.                                               Note. If you own the income or account jointly with
• You are filing for a foreign government, international              one or more other persons, the income or account will be
organization, foreign central bank of issue, foreign                  treated by the withholding agent as owned by a foreign
tax-exempt organization, foreign private foundation, or               person if Forms W-8BEN are provided by all of the
government of a U.S. possession claiming the                          owners. If the withholding agent receives a Form W-9
applicability of section 115(2), 501(c), 892, 895, or                 from any of the joint owners, the payment must be
1443(b). Instead, provide Form W-8EXP, Certificate of                 treated as made to a U.S. person.
Foreign Government or Other Foreign Organization for                  Change in circumstances. If a change in
United States Tax Withholding. However, you should use                circumstances makes any information on the Form
Form W-8BEN if you are claiming treaty benefits or are                W-8BEN you have submitted incorrect, you must notify
providing the form only to claim you are a foreign person             the withholding agent or payer within 30 days of the
exempt from backup withholding. You should use Form                   change in circumstances and you must file a new Form
W-8ECI if you received effectively connected income (for              W-8BEN or other appropriate form.
example, income from commercial activities).                              If you use Form W-8BEN to certify that you are a
• You are a foreign flow-through entity, other than a                 foreign person, a change of address to an address in the
hybrid entity, claiming treaty benefits. Instead, provide             United States is a change in circumstances. Generally, a
Form W-8IMY, Certificate of Foreign Intermediary,                     change of address within the same foreign country or to
Foreign Flow-Through Entity, or Certain U.S. Branches                 another foreign country is not a change in circumstances.
for United States Tax Withholding. However, if you are a              However, if you use Form W-8BEN to claim treaty
partner, beneficiary, or owner of a flow-through entity and           benefits, a move to the United States or outside the
you are not yourself a flow-through entity, you may be                country where you have been claiming treaty benefits is a
required to furnish a Form W-8BEN to the flow-through                 change in circumstances. In that case, you must notify
entity.                                                               the withholding agent or payer within 30 days of the
• You are a disregarded entity for purposes of section                move.
1446. Instead, the owner of the entity must submit the                    If you become a U.S. citizen or resident alien after you
form.                                                                 submit Form W-8BEN, you are no longer subject to the
• You are a reverse hybrid entity transmitting beneficial             30% withholding rate or the withholding tax on a foreign
owner documentation provided by your interest holders to              partner’s share of effectively connected income. You
claim treaty benefits on their behalf. Instead, provide               must notify the withholding agent or payer within 30 days
Form W-8IMY.                                                          of becoming a U.S. citizen or resident alien. You may be
• You are a withholding foreign partnership or a                      required to provide a Form W-9. For more information,
withholding foreign trust within the meaning of sections              see Form W-9 and instructions.
1441 and 1442 and the accompanying regulations. A                     Expiration of Form W-8BEN. Generally, a Form
withholding foreign partnership or a withholding foreign              W-8BEN provided without a U.S. taxpayer identification
trust is a foreign partnership or trust that has entered into         number (TIN) will remain in effect for a period starting on
a withholding agreement with the IRS under which it                   the date the form is signed and ending on the last day of
agrees to assume primary withholding responsibility for               the third succeeding calendar year, unless a change in
each partner’s, beneficiary’s, or owner’s distributive share          circumstances makes any information on the form
of income subject to withholding that is paid to the                  incorrect. For example, a Form W-8BEN signed on
partnership or trust. Instead, provide Form W-8IMY.                   September 30, 2005, remains valid through December
• You are acting as an intermediary (that is, acting not              31, 2008. A Form W-8BEN furnished with a U.S. TIN will
for your own account, but for the account of others as an             remain in effect until a change in circumstances makes
agent, nominee, or custodian). Instead, provide Form                  any information on the form incorrect, provided that the
W-8IMY.                                                               withholding agent reports on Form 1042-S at least one
• You are a foreign partnership or foreign grantor trust              payment annually to the beneficial owner who provided
for purposes of section 1446. Instead, provide Form                   the Form W-8BEN. See the instructions for line 6
                                                                -2-
beginning on page 4 for circumstances under which you                    test” for the calendar year is a resident alien. Any person
must provide a U.S. TIN.                                                 not meeting either test is a nonresident alien individual.
                                                                         Additionally, an alien individual who is a resident of a
Definitions                                                              foreign country under the residence article of an income
                                                                         tax treaty, or an alien individual who is a bona fide
Beneficial owner. For payments other than those for
                                                                         resident of Puerto Rico, Guam, the Commonwealth of the
which a reduced rate of withholding is claimed under an
                                                                         Northern Mariana Islands, the U.S. Virgin Islands, or
income tax treaty, the beneficial owner of income is
                                                                         American Samoa is a nonresident alien individual. See
generally the person who is required under U.S. tax
                                                                         Pub. 519, U.S. Tax Guide for Aliens, for more information
principles to include the income in gross income on a tax
                                                                         on resident and nonresident alien status.
return. A person is not a beneficial owner of income,
however, to the extent that person is receiving the                               Even though a nonresident alien individual
income as a nominee, agent, or custodian, or to the
extent the person is a conduit whose participation in a
                                                                           !      married to a U.S. citizen or resident alien may
                                                                          CAUTION choose to be treated as a resident alien for
transaction is disregarded. In the case of amounts paid                  certain purposes (for example, filing a joint income tax
that do not constitute income, beneficial ownership is                   return), such individual is still treated as a nonresident
determined as if the payment were income.                                alien for withholding tax purposes on all income except
   Foreign partnerships, foreign simple trusts, and foreign              wages.
grantor trusts are not the beneficial owners of income                   Flow-through entity. A flow-through entity is a foreign
paid to the partnership or trust. The beneficial owners of               partnership (other than a withholding foreign partnership),
income paid to a foreign partnership are generally the                   a foreign simple or foreign grantor trust (other than a
partners in the partnership, provided that the partner is                withholding foreign trust), or, for payments for which a
not itself a partnership, foreign simple or grantor trust,               reduced rate of withholding is claimed under an income
nominee or other agent. The beneficial owners of income                  tax treaty, any entity to the extent the entity is considered
paid to a foreign simple trust (that is, a foreign trust that is         to be fiscally transparent (see below) with respect to the
described in section 651(a)) are generally the                           payment by an interest holder’s jurisdiction.
beneficiaries of the trust, if the beneficiary is not a foreign
partnership, foreign simple or grantor trust, nominee or                    For purposes of section 1446, a foreign partnership or
other agent. The beneficial owners of a foreign grantor                  foreign grantor trust must submit Form W-8IMY to
trust (that is, a foreign trust to the extent that all or a              establish the partnership or grantor trust as a look
portion of the income of the trust is treated as owned by                through entity. The Form W-8IMY may be accompanied
the grantor or another person under sections 671 through                 by this form or another version of Form W-8 or Form W-9
679) are the persons treated as the owners of the trust.                 to establish the foreign or domestic status of a partner or
The beneficial owners of income paid to a foreign                        grantor or other owner. See Regulations section
complex trust (that is, a foreign trust that is not a foreign            1.1446-1.
simple trust or foreign grantor trust) is the trust itself.              Hybrid entity. A hybrid entity is any person (other than
   For purposes of section 1446, the same beneficial                     an individual) that is treated as fiscally transparent (see
owner rules apply, except that under section 1446 a                      below) in the United States but is not treated as fiscally
foreign simple trust rather than the beneficiary provides                transparent by a country with which the United States
the form to the partnership.                                             has an income tax treaty. Hybrid entity status is relevant
   The beneficial owner of income paid to a foreign                      for claiming treaty benefits. See the instructions for line
estate is the estate itself.                                             9c on page 5.
Note. A payment to a U.S. partnership, U.S. trust, or                    Reverse hybrid entity. A reverse hybrid entity is any
U.S. estate is treated as a payment to a U.S. payee that                 person (other than an individual) that is not fiscally
is not subject to 30% withholding. A U.S. partnership,                   transparent under U.S. tax law principles but that is
trust, or estate should provide the withholding agent with               fiscally transparent under the laws of a jurisdiction with
a Form W-9. For purposes of section 1446, a U.S.                         which the United States has an income tax treaty. See
grantor trust or disregarded entity shall not provide the                the instructions for line 9c on page 5.
withholding agent a Form W-9 in its own right. Rather,                   Fiscally transparent entity. An entity is treated as
the grantor or other owner shall provide the withholding                 fiscally transparent with respect to an item of income for
agent the appropriate form.                                              which treaty benefits are claimed to the extent that the
Foreign person. A foreign person includes a                              interest holders in the entity must, on a current basis,
nonresident alien individual, a foreign corporation, a                   take into account separately their shares of an item of
foreign partnership, a foreign trust, a foreign estate, and              income paid to the entity, whether or not distributed, and
any other person that is not a U.S. person. It also                      must determine the character of the items of income as if
includes a foreign branch or office of a U.S. financial                  they were realized directly from the sources from which
institution or U.S. clearing organization if the foreign                 realized by the entity. For example, partnerships,
branch is a qualified intermediary. Generally, a payment                 common trust funds, and simple trusts or grantor trusts
to a U.S. branch of a foreign person is a payment to a                   are generally considered to be fiscally transparent with
foreign person.                                                          respect to items of income received by them.
Nonresident alien individual. Any individual who is not                  Disregarded entity. A business entity that has a single
a citizen or resident alien of the United States is a                    owner and is not a corporation under Regulations section
nonresident alien individual. An alien individual meeting                301.7701-2(b) is disregarded as an entity separate from
either the “green card test” or the “substantial presence                its owner.
                                                                   -3-
  A disregarded entity shall not submit this form to a              governed. If you are an individual, enter N/A (for “not
partnership for purposes of section 1446. Instead, the              applicable”).
owner of such entity shall provide appropriate                      Line 3. Check the one box that applies. By checking a
documentation. See Regulations section 1.1446-1.                    box, you are representing that you qualify for this
Amounts subject to withholding. Generally, an                       classification. You must check the box that represents
amount subject to withholding is an amount from sources             your classification (for example, corporation, partnership,
within the United States that is fixed or determinable              trust, estate, etc.) under U.S. tax principles. Do not check
annual or periodical (FDAP) income. FDAP income is all              the box that describes your status under the law of the
income included in gross income, including interest (as             treaty country. If you are a partnership or disregarded
well as OID), dividends, rents, royalties, and                      entity receiving a payment for which treaty benefits are
compensation. FDAP income does not include most                     being claimed, you must check the “Partnership” or
gains from the sale of property (including market discount          “Disregarded entity” box. If you are a sole proprietor,
and option premiums).                                               check the “Individual” box, not the “Disregarded entity”
                                                                    box.
   For purposes of section 1446, the amount subject to
withholding is the foreign partner’s share of the                            Only entities that are tax-exempt under section
partnership’s effectively connected taxable income.                   !      501 should check the “Tax-exempt organization”
                                                                     CAUTION box. Such organizations should use Form
Withholding agent. Any person, U.S. or foreign, that
has control, receipt, or custody of an amount subject to            W-8BEN only if they are claiming a reduced rate of
withholding or who can disburse or make payments of an              withholding under an income tax treaty or some code
amount subject to withholding is a withholding agent. The           exception other than section 501. Use Form W-8EXP if
withholding agent may be an individual, corporation,                you are claiming an exemption from withholding under
partnership, trust, association, or any other entity,               section 501.
including (but not limited to) any foreign intermediary,            Line 4. Your permanent residence address is the
foreign partnership, and U.S. branches of certain foreign           address in the country where you claim to be a resident
banks and insurance companies. Generally, the person                for purposes of that country’s income tax. If you are
who pays (or causes to be paid) the amount subject to               giving Form W-8BEN to claim a reduced rate of
withholding to the foreign person (or to its agent) must            withholding under an income tax treaty, you must
withhold.                                                           determine your residency in the manner required by the
                                                                    treaty. Do not show the address of a financial institution,
   For purposes of section 1446, the withholding agent is           a post office box, or an address used solely for mailing
the partnership conducting the trade or business in the             purposes. If you are an individual who does not have a
United States. For a publicly traded partnership, the               tax residence in any country, your permanent residence
withholding agent may be the partnership, a nominee                 is where you normally reside. If you are not an individual
holding an interest on behalf of a foreign person, or both.         and you do not have a tax residence in any country, the
See Regulations sections 1.1446-1 through 1.1446-6.                 permanent residence address is where you maintain your
                                                                    principal office.
                                                                    Line 5. Enter your mailing address only if it is different
Specific Instructions                                               from the address you show on line 4.
                                                                    Line 6. If you are an individual, you are generally
       A hybrid entity should give Form W-8BEN to a                 required to enter your social security number (SSN). To
  TIP withholding agent only for income for which it is             apply for an SSN, get Form SS-5 from a Social Security
       claiming a reduced rate of withholding under an              Administration (SSA) office or, if in the United States, you
income tax treaty. A reverse hybrid entity should give              may call the SSA at 1-800-772-1213. Fill in Form SS-5
Form W-8BEN to a withholding agent only for income for              and return it to the SSA.
which no treaty benefit is being claimed.
                                                                        If you do not have an SSN and are not eligible to get
                                                                    one, you must get an individual taxpayer identification
Part I                                                              number (ITIN). To apply for an ITIN, file Form W-7 with
Line 1. Enter your name. If you are a disregarded entity            the IRS. It usually takes 4-6 weeks to get an ITIN.
with a single owner who is a foreign person and you are
                                                                              An ITIN is for tax use only. It does not entitle you
not claiming treaty benefits as a hybrid entity, this form
should be completed and signed by your foreign single                 !
                                                                    CAUTION
                                                                              to social security benefits or change your
                                                                              employment or immigration status under U.S. law.
owner. If the account to which a payment is made or
credited is in the name of the disregarded entity, the                 If you are not an individual or you are an individual
foreign single owner should inform the withholding agent            who is an employer or you are engaged in a U.S. trade or
of this fact. This may be done by including the name and            business as a sole proprietor, you must enter an
account number of the disregarded entity on line 8                  employer identification number (EIN). If you do not have
(reference number) of the form. However, if you are a               an EIN, you should apply for one on Form SS-4,
disregarded entity that is claiming treaty benefits as a            Application for Employer Identification Number. If you are
hybrid entity, this form should be completed and signed             a disregarded entity claiming treaty benefits as a hybrid
by you.                                                             entity, enter your EIN.
Line 2. If you are a corporation, enter the country of                 A partner in a partnership conducting a trade or
incorporation. If you are another type of entity, enter the         business in the United States will likely be allocated
country under whose laws you are created, organized, or             effectively connected taxable income. The partner is
                                                              -4-
required to file a U.S. federal income tax return and must           • Meets the limitation on benefits provisions contained
have a U.S. taxpayer identification number (TIN).                    in the treaty, if any.
   You must provide a U.S. TIN if you are:                               An item of income may be derived by either the entity
• Claiming an exemption from withholding under section               receiving the item of income or by the interest holders in
871(f) for certain annuities received under qualified plans,         the entity or, in certain circumstances, both. An item of
• A foreign grantor trust with 5 or fewer grantors,                  income paid to an entity is considered to be derived by
• Claiming benefits under an income tax treaty, or                   the entity only if the entity is not fiscally transparent under
• Submitting the form to a partnership that conducts a               the laws of the entity’s jurisdiction with respect to the item
trade or business in the United States.                              of income. An item of income paid to an entity shall be
   However, a U.S. TIN is not required to be shown in                considered to be derived by the interest holder in the
order to claim treaty benefits on the following items of             entity only if:
income:                                                              • The interest holder is not fiscally transparent in its
• Dividends and interest from stocks and debt                        jurisdiction with respect to the item of income, and
obligations that are actively traded;                                • The entity is considered to be fiscally transparent
• Dividends from any redeemable security issued by an                under the laws of the interest holder’s jurisdiction with
investment company registered under the Investment                   respect to the item of income. An item of income paid
Company Act of 1940 (mutual fund);                                   directly to a type of entity specifically identified in a treaty
• Dividends, interest, or royalties from units of beneficial         as a resident of a treaty jurisdiction is treated as derived
interest in a unit investment trust that are (or were upon           by a resident of that treaty jurisdiction.
issuance) publicly offered and are registered with the                   If an entity is claiming treaty benefits on its own behalf,
SEC under the Securities Act of 1933; and                            it should complete Form W-8BEN. If an interest holder in
• Income related to loans of any of the above securities.            an entity that is considered fiscally transparent in the
                                                                     interest holder’s jurisdiction is claiming a treaty benefit,
         You may want to obtain and provide a U.S. TIN
                                                                     the interest holder should complete Form W-8BEN on its
  TIP on Form W-8BEN even though it is not required.                 own behalf and the fiscally transparent entity should
         A Form W-8BEN containing a U.S. TIN remains
                                                                     associate the interest holder’s Form W-8BEN with a
valid for as long as your status and the information
                                                                     Form W-8IMY completed by the entity.
relevant to the certifications you make on the form remain
unchanged provided at least one payment is reported to                        An income tax treaty may not apply to reduce the
you annually on Form 1042-S.                                            !     amount of any tax on an item of income received
                                                                      CAUTION by an entity that is treated as a domestic
Line 7. If your country of residence for tax purposes has
issued you a tax identifying number, enter it here. For              corporation for U.S. tax purposes. Therefore, neither the
example, if you are a resident of Canada, enter your                 domestic corporation nor its shareholders are entitled to
Social Insurance Number.                                             the benefits of a reduction of U.S. income tax on an item
Line 8. This line may be used by the filer of Form                   of income received from U.S. sources by the corporation.
W-8BEN or by the withholding agent to whom it is                         To determine whether an entity meets the limitation on
provided to include any referencing information that is              benefits provisions of a treaty, you must consult the
useful to the withholding agent in carrying out its                  specific provisions or articles under the treaties. Income
obligations. For example, withholding agents who are                 tax treaties are available on the IRS website at
required to associate the Form W-8BEN with a particular              www.irs.gov.
Form W-8IMY may want to use line 8 for a referencing                          If you are an entity that derives the income as a
number or code that will make the association clear. A
                                                                       TIP resident of a treaty country, you may check this
beneficial owner may use line 8 to include the number of                      box if the applicable income tax treaty does not
the account for which he or she is providing the form. A             contain a “limitation on benefits” provision.
foreign single owner of a disregarded entity may use
line 8 to inform the withholding agent that the account to           Line 9d. If you are a foreign corporation claiming treaty
which a payment is made or credited is in the name of                benefits under an income tax treaty that entered into
the disregarded entity (see instructions for line 1 on page          force before January 1, 1987 (and has not been
4).                                                                  renegotiated) on (a) U.S. source dividends paid to you by
                                                                     another foreign corporation or (b) U.S. source interest
Part II                                                              paid to you by a U.S. trade or business of another foreign
                                                                     corporation, you must generally be a “qualified resident”
Line 9a. Enter the country where you claim to be a                   of a treaty country. See section 884 for the definition of
resident for income tax treaty purposes. For treaty                  interest paid by a U.S. trade or business of a foreign
purposes, a person is a resident of a treaty country if the          corporation (“branch interest”) and other applicable rules.
person is a resident of that country under the terms of the             In general, a foreign corporation is a qualified resident
treaty.                                                              of a country if any of the following apply.
Line 9b. If you are claiming benefits under an income                • It meets a 50% ownership and base erosion test.
tax treaty, you must have a U.S. TIN unless one of the               • It is primarily and regularly traded on an established
exceptions listed in the line 6 instructions above applies.          securities market in its country of residence or the United
Line 9c. An entity (but not an individual) that is claiming          States.
a reduced rate of withholding under an income tax treaty             • It carries on an active trade or business in its country
must represent that it:                                              of residence.
• Derives the item of income for which the treaty benefit            • It gets a ruling from the IRS that it is a qualified
is claimed, and                                                      resident.
                                                               -5-
   See Regulations section 1.884-5 for the requirements              fellowship income. See Compensation for Dependent
that must be met to satisfy each of these tests.                     Personal Services in the Instructions for Form 8233.
         If you are claiming treaty benefits under an                         If you are a nonresident alien individual who
  !      income tax treaty entered into force after
 CAUTION December 31, 1986, do not check box 9d.
                                                                       TIP received noncompensatory scholarship or
                                                                              fellowship income and personal services income
Instead, check box 9c.                                               (including compensatory scholarship or fellowship
Line 9e. Check this box if you are related to the                    income) from the same withholding agent, you may use
withholding agent within the meaning of section 267(b) or            Form 8233 to claim a tax treaty withholding exemption for
707(b) and the aggregate amount subject to withholding               part or all of both types of income.
received during the calendar year will exceed $500,000.                  Completing lines 4 and 9a. Most tax treaties that
Additionally, you must file Form 8833, Treaty-Based                  contain an article exempting scholarship or fellowship
Return Position Disclosure Under Section 6114 or                     grant income from taxation require that the recipient be a
7701(b).                                                             resident of the other treaty country at the time of, or
Line 10                                                              immediately prior to, entry into the United States. Thus, a
                                                                     student or researcher may claim the exemption even if he
Line 10 must be used only if you are claiming treaty                 or she no longer has a permanent address in the other
benefits that require that you meet conditions not covered           treaty country after entry into the United States. If this is
by the representations you make in lines 9a through 9e.              the case, you may provide a U.S. address on line 4 and
However, this line should always be completed by foreign             still be eligible for the exemption if all other conditions
students and researchers claiming treaty benefits. See               required by the tax treaty are met. You must also identify
Scholarship and fellowship grants below for more                     on line 9a the tax treaty country of which you were a
information.                                                         resident at the time of, or immediately prior to, your entry
    The following are additional examples of persons who             into the United States.
should complete this line.                                               Completing line 10. You must complete line 10 if you
• Exempt organizations claiming treaty benefits under                are a student or researcher claiming an exemption from
the exempt organization articles of the treaties with                taxation on your scholarship or fellowship grant income
Canada, Mexico, Germany, and the Netherlands.                        under a tax treaty.
• Foreign corporations that are claiming a preferential
rate applicable to dividends based on ownership of a                 Nonresident alien student or researcher who
specific percentage of stock.                                        becomes a resident alien. You must use Form W-9 to
• Persons claiming treaty benefits on royalties if the               claim an exception to a saving clause. See Nonresident
treaty contains different withholding rates for different            alien who becomes a resident alien on this page for a
types of royalties.                                                  general explanation of saving clauses and exceptions to
                                                                     them.
    This line is generally not applicable to claiming treaty
benefits under an interest or dividends (other than                      Example. Article 20 of the U.S.-China income tax
dividends subject to a preferential rate based on                    treaty allows an exemption from tax for scholarship
ownership) article of a treaty.                                      income received by a Chinese student temporarily
                                                                     present in the United States. Under U.S. law, this student
Nonresident alien who becomes a resident alien.
                                                                     will become a resident alien for tax purposes if his or her
Generally, only a nonresident alien individual may use
                                                                     stay in the United States exceeds 5 calendar years.
the terms of a tax treaty to reduce or eliminate U.S. tax
                                                                     However, paragraph 2 of the first protocol to the
on certain types of income. However, most tax treaties
                                                                     U.S.-China treaty (dated April 30, 1984) allows the
contain a provision known as a “saving clause.”
                                                                     provisions of Article 20 to continue to apply even after the
Exceptions specified in the saving clause may permit an
                                                                     Chinese student becomes a resident alien of the United
exemption from tax to continue for certain types of
                                                                     States. A Chinese student who qualifies for this exception
income even after the recipient has otherwise become a
                                                                     (under paragraph 2 of the first protocol) and is relying on
U.S. resident alien for tax purposes. The individual must
                                                                     this exception to claim an exemption from tax on his or
use Form W-9 to claim the tax treaty benefit. See the
                                                                     her scholarship or fellowship income would complete
instructions for Form W-9 for more information. Also see
                                                                     Form W-9.
Nonresident alien student or researcher who becomes a
resident alien later for an example.
Scholarship and fellowship grants. A nonresident
                                                                     Part III
alien student (including a trainee or business apprentice)           If you check this box, you must provide the withholding
or researcher who receives noncompensatory                           agent with the required statement for income from a
scholarship or fellowship income may use Form W-8BEN                 notional principal contract that is to be treated as income
to claim benefits under a tax treaty that apply to reduce            not effectively connected with the conduct of a trade or
or eliminate U.S. tax on such income. No Form W-8BEN                 business in the United States. You should update this
is required unless a treaty benefit is being claimed. A              statement as often as necessary. A new Form W-8BEN
nonresident alien student or researcher who receives                 is not required for each update provided the form
compensatory scholarship or fellowship income must use               otherwise remains valid.
Form 8233 to claim any benefits of a tax treaty that apply
to that income. The student or researcher must use Form              Part IV
W-4 for any part of such income for which he or she is               Form W-8BEN must be signed and dated by the
not claiming a tax treaty withholding exemption. Do not              beneficial owner of the income, or, if the beneficial owner
use Form W-8BEN for compensatory scholarship or                      is not an individual, by an authorized representative or
                                                               -6-
officer of the beneficial owner. If Form W-8BEN is                  information. We need it to ensure that you are complying
completed by an agent acting under a duly authorized                with these laws and to allow us to figure and collect the
power of attorney, the form must be accompanied by the              right amount of tax.
power of attorney in proper form or a copy thereof                     You are not required to provide the information
specifically authorizing the agent to represent the                 requested on a form that is subject to the Paperwork
principal in making, executing, and presenting the form.            Reduction Act unless the form displays a valid OMB
Form 2848, Power of Attorney and Declaration of                     control number. Books or records relating to a form or its
Representative, may be used for this purpose. The                   instructions must be retained as long as their contents
agent, as well as the beneficial owner, may incur liability         may become material in the administration of any Internal
for the penalties provided for an erroneous, false, or              Revenue law. Generally, tax returns and return
fraudulent form.                                                    information are confidential, as required by section 6103.
Broker transactions or barter exchanges. Income                        The time needed to complete and file this form will
from transactions with a broker or a barter exchange is             vary depending on individual circumstances. The
subject to reporting rules and backup withholding unless            estimated average time is: Recordkeeping, 5 hr.,
Form W-8BEN or a substitute form is filed to notify the             58 min.; Learning about the law or the form, 3 hr.,
broker or barter exchange that you are an exempt foreign            46 min.; Preparing and sending the form to IRS, 4 hr.,
person.                                                             2 min.
   You are an exempt foreign person for a calendar year                If you have comments concerning the accuracy of
in which:                                                           these time estimates or suggestions for making this form
• You are a nonresident alien individual or a foreign               simpler, we would be happy to hear from you. You can
corporation, partnership, estate, or trust;                         email us at *taxforms@irs.gov. Please put “Forms
• You are an individual who has not been, and does not              Comment” on the subject line. Or you can write to
plan to be, present in the United States for a total of 183         Internal Revenue Service, Tax Products Coordinating
days or more during the calendar year; and                          Committee, SE:W:CAR:MP:T:T:SP, 1111 Constitution
• You are neither engaged, nor plan to be engaged                   Ave. NW, IR-6406, Washington, DC 20224. Do not send
during the year, in a U.S. trade or business that has               Form W-8BEN to this office. Instead, give it to your
effectively connected gains from transactions with a                withholding agent.
broker or barter exchange.

Paperwork Reduction Act Notice. We ask for the
information on this form to carry out the Internal Revenue
laws of the United States. You are required to provide the




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