RISK DISCLOSURE

Risk Disclosure Statement Trading in leveraged foreign Exchange involves a high degree of
risk including the risk of loss of the Customer´s entire Risk Capital. Losses, in some cases,
have the potential to extend beyond the Customer´s Account value. PEGASUS MARKETS
LIMITED requires all the undersigned Customer(s) to analyze their financial objectives,
financial status, investment constraints and tax situation to determine whether OTC Rolling
Spot Forex trading is suitable. In addition, PEGASUS MARKETS LIMITED requires the
Customer to carefully and acknowledge the PEGASUS MARKETS LIMITED Risk Disclosure
Statement that outlines without limitation the risks associated with trading Leveraged foreign
exchange through PEGASUS MARKETS LIMITED. By signing this Agreement the Customer
understands and agrees that:

1. OTC Leveraged Foreign

Exchange Trading Involves a High Amount of Risk and is Highly Speculative. By signing the
Risk Disclosure Statement, the Customer(s) agrees that they are in full understanding and
willing to assume the Legal, economic, and other risks associated with the trading in
Leveraged OTC Rolling Spot Forex, and are willing and able to assume the loss of their entire
Risk Capital, defined as those funds, that if lost, would not change your lifestyle or your
family's lifestyle.

As such, they further agree that Leveraged OTC Rolling Spot Forex trading is not suitable for
Retirement Funds. PEGASUS MARKETS LIMITED encourages the Customer to closely manage
outstanding open positions and to use prudent money management precautions such as, but
not limited to, Stop Loss Orders.

2. Excessive leverage Available with

Leveraged OTC Rolling Spot Forex Can Lead to Quick Losses. By signing the Risk Disclosure
Statement, the Customer acknowledges and agrees that using a high degree of leverage,
defined as the use of a small amount of capital to control a larger amount of an Open
Position, can result in large losses due to a price change(s) of open foreign currency
Contract(s). PEGASUS MARKETS LIMITED encourages the Customer to use only that portion
of leverage that the Customer is most comfortable with and to use money management
precautions such as, but not limited to, Stop Loss Orders for the purpose of limiting risk.
PEGASUS MARKETS LIMITED reserves, at its sole discretion, the right to reduce or increase
the amount of leverage given on any Currency Pair at any time and without notice.

3. OTC Leveraged Foreign Exchange Trading Experience Periods of Liquidity Risk.

By signing the PEGASUS MARKETS LIMITED Risk Disclosure Statement, the Customer
acknowledges that Liquidity Risk, resulting from decreased liquidity of a currency pair, is
usually due to unanticipated changes in economic and/or political conditions. Customer also
acknowledges that Liquidity Risk can affect the general market in that all participants
experience the same lack of buyers and/or sellers. When liquidity decreases, the Customer
can expect, at the minimum, to have wider bid to ask spreads as the supply of available
bid/ask prices, outstrips the demand. Decreases in liquidity can also result in "Fast Market"
conditions where the price of a currency pair moves sharply higher or lower or in a volatile
up/down pattern without trading in an ordinary step-like fashion. In some instances, there
may exist the possibility that a trading bid and/or ask price for a foreign exchange pair or
pairs are not available (a situation where there is no liquidity). Although there may be
instanceswhen the aggregate OTC Rolling Spot Forex market enters a "Fast Market" situation
or periods where liquidity is in short or no supply, it is important to note that, the Platform´s
prices, bid/ask spreads and liquidity will reflect the prevailing interbank market liquidity.
Customers who do not have adequate margin will have their Accounts liquidated: Because of
the leverage available with OTC Leveraged Foreign Exchange Trading and the potential for
extreme volatility, PEGASUS MARKETS LIMITED reserves the sole discretionary right to
liquidate Customer´s Account(s) should the margin in the Account not be sufficient to cover
the potential risk of loss. PEGASUS MARKETS LIMITED graphically shows the Customer´s
Liquidation Level on the Customer´s Margin Monitor.

4. There is a Communication Risk that the Customer Assumes.

Customer is solely responsible for making all appropriate arrangements with any
telecommunications PEGASUS MARKETS LIMITED or, where access to the Platform is
provided through a third party server, any such third necessary party, in order to obtain
access to the Platform. PEGASUS MARKETS LIMITED will not accept orders over the
telephone. In the event of an emergency loss of internet access, PEGASUS MARKETS
LIMITED may, at its sole discretion, be able to take a close order over the telephone. There
exists the risk that the Customer will not be able to contact or make contact with

the PEGASUS MARKETS LIMITED representative due to but not limited to, communication
malfunction or any other malfunction. The Customer acknowledges and agrees that it will
defend, indemnify and hold harmless PEGASUS MARKETS LIMITED , its Technology Providers
for any loss or missed trading opportunity resulting from any communication problems the
Customer may encounter. Any given price by a PEGASUS MARKETS LIMITED representative
over the telephone prior to execution is considered indicative. PEGASUS MARKETS LIMITED
reserves the right to change the indicative price given over the phone if the actual dealing
price is different due to market conditions, misquote or volatility. PEGASUS MARKETS
LIMITED is not responsible for Customer telephone orders if the Customer cannot be heard
or understood by the PEGASUS MARKETS LIMITED representative due to, without limitation,
accent, speech defect, faulty connection, or excessive background noise at the Customer´s
location or at PEGASUS MARKETS LIMITED ´s location. To better insure execution, PEGASUS
MARKETS LIMITED requires that Customer communicate in English when giving orders.
PEGASUS MARKETS LIMITED cannot guarantee that telephone orders given in a foreign
language will be executed.

5. PEGASUS MARKETS LIMITED Does Not Take Responsibility for Third Party Account
Managers.

Should a Customer grant a Third Party Account Manager trading discretionary trading
authority or control over the Customer´s Account, the Customer acknowledges that
PEGASUS MARKETS LIMITED does not take any responsibility for any action done by that
Third Party on the Customer´s behalf. The Customer grants Third Party trading authority for
the Customer´s Account at it sole, and full risk. PEGASUS MARKETS LIMITED reserves the
right to correct any deals executed on misquoting errors: In the case when a quoting error
occurs that results in a Customer deal done at an off-market price, PEGASUS MARKETS
LIMITED reserves the sole discretionary right to make the necessary corrections and
adjustments to the Customer´s Account whether it be in the favor of the Customer or not in
the Customer´s favor. Any change will be reported to the Customer either verbally or via an
electronic method such as but not limited to email.

6. All Market Recommendations Made by PEGASUS MARKETS LIMITED or Any Representative
are for Informational Purposes Only

Any decision by the Customer to buy or sell a foreign currency pair is an independent
decision by the Customer. Market information provided by PEGASUS MARKETS LIMITED or a
representative does not constitute an offer to sell or buy any foreign currency pair from
PEGASUS MARKETS LIMITED or from any other source that may provide dealing prices to the
Customer nor shall it constitute a trading recommendation. PEGASUS MARKETS LIMITED and
its employees are not investment advisor(s) and have no fiduciary duty to Customer and
therefore is not liable for any losses incurred by the Customer as a result of information
provided by PEGASUS MARKETS LIMITED or representative. Customer is at Risk if PEGASUS
MARKETS LIMITED should go out of Business. There is no guarantee that PEGASUS MARKETS
LIMITED as a business will be profitable. Consequently, there exists a credit risk that may be
subject to losses, which could, in turn, jeopardize the capital that the Customer has in the
Account. Customer acknowledges and agrees that in the event of insolvency, the Customer
can only look to PEGASUS MARKETS LIMITED for performance and return of all Collateral
and margin that the Customer may have with PEGASUS MARKETS LIMITED.

7. PEGASUS MARKETS LIMITED May Decide to Exit the OTC Leveraged Foreign Exchange
Business.

The Customer agrees and acknowledges that PEGASUS MARKETS LIMITED may liquidate all
Customer positions, and return Leveraged funds to the Customer at the sole discretion of the
company, at any time. Customer shall not hold PEGASUS MARKETS LIMITED liable for any
loss as a result of liquidation of the Customer´s position either on an actual basis or as a
result of missed profit opportunities.

8. Customer is Responsible for any Reporting Errors.

Any reporting and confirmation errors of omission, and/or errors in details of transactions
including but not limited to the price contracts were executed, the currency pair traded, the
market direction (i.e. "buy"or "sell") of order, the type of order and/or any errors in fees,
charges or credits to the Customer´s Account including but not limited to charges for
executing a transaction, wiring funds, rolling over position, and sweeping foreign currency
balances into the home currency, require that the customer notify PEGASUS MARKETS
LIMITED immediately upon discovery for review. In addition, the Customer is responsible to
submit any errors in writing to PEGASUS MARKETS LIMITED and send the complete details to
by email to pgmarkets@pgmarkets.com. Notice to PEGASUS MARKETS LIMITED will be
effective when actually received.

9. Complaints.

If you have any complaint about our performance under this Agreement, you should direct
that complaint to our sales and client services department, who will investigate the nature of
the complaint to try to resolve it.

10. PEGASUS MARKETS LIMITED has Limited Liability.

The Customer agrees and acknowledges that PEGASUS MARKETS LIMITED and its
Technology Providers shall not be liable to the Customer for any claims, losses, damages,
costs or expenses, including attorney´s fees caused directly or indirectly by any events,
actions or omissions, without limitation, claims, losses, damages, costs and expenses,
including attorney´s fees, resulting from civil unrest, war, insurrection, international
intervention, governmental action) including, without limits, exchange controls, forfeitures,
devaluations and nationalizations), natural disasters, acts of God, market conditions,
communication problems or any delay, disruption, failure of any transmission or
communication system or computer hardware or software application whether supplied and
belonging to PEGASUS MARKETS LIMITED or from a third party vendorthat the Customer and
PEGASUS MARKETS LIMITED relies on to conduct execution and reporting services.

11. Disclaimers and Limitations.

EXCEPT AS EXPRESSLY STATED HEREIN, PEGASUS MARKETS LIMITED AND ITS
TECHNOLOGY PROVIDERS DISCLAIM ALL WARRANTIES AND REPRESENTATIONS, EXPRESS
OR IMPLIED, INCLUDING WITHOUT LIMITATION, THOSE OF MERCHANTABILITY,
NONINFRINGEMENT, OR FITNESS FOR A PARTICULAR PURPOSE. EXCEPT AS STATED IN
THIS AGREEMENT, ALL SERVICES AND ANY OTHER ITEM UNDER THIS AGREEMENT ARE
SUPPLIED.

PEGASUS MARKETS LIMITED and its Technology Providers make no representations or
warranties of any kind whatsoever regarding: (i) the availability, currency, accuracy or
completeness of the Platform, (ii) the results to be obtained by Customers or anyone else
from the use of the Platform or under this Agreement, or (iii) any third party content
accessible by or through Platform. In no event will the PEGASUS MARKETS LIMITED or its
Technology Providers be liable for any indirect, special, incidental, consequential damages of
any type or kind (including, without limitation, loss of data, revenue, profits, use or other
economic advantage). In no event will PEGASUS MARKETS LIMITED or its Technology
Providers cumulative liability exceed the sum of fees paid by Customer to PEGASUS
MARKETS LIMITED for services during the twelve (12) month period preceding the event or
circumstance-giving rise to such claim.

12. Regulatory matters.

PEGASUS MARKETS LIMITED makes no representations as to requirement of the PEGASUS
MARKETS LIMITED or the Customer to register with any regulatory body or agency.
PEGASUS MARKETS LIMITED assumes no responsibility for an action taken by any regulatory
body or agency against a Customer arising from services provided by this Agreement.
Customer acknowledges that it has had an opportunity to have this Agreement reviewed by
legal counsel of its choosing. Customer acknowledges, represents and warrants that
PEGASUS MARKETS LIMITED, its Technology Providers are not a counterparty under this
Agreement and do not assume any responsibilities associated with a counterparty in the
FOREX market or otherwise. This acknowledgement, representation and warranty shall not
be deemed waived by any action or inaction taken by PEGASUS MARKETS LIMITED,
itsTechnology Providers, or the Customer at any time during the term of this Agreement.