Vision Application

CFTC REQUIRED RISK DISCLOSURE STATEMENT FOR FUTURES AND OPTIONS - RULE 1.55(c)

THIS BRIEF STATEMENT DOES NOT DISCLOSE ALL OF THE RISKS AND OTHER SIGNIFICANT ASPECTS OF TRADING IN FUTURES AND OPTIONS. IN LIGHT OF THE RISKS, YOU SHOULD UNDERTAKE SUCH TRANSACTIONS ONLY IF YOU UNDERSTAND THE NATURE OF THE CONTRACTS (AND CONTRACTUAL RELATIONSHIPS) INTO WHICH YOU ARE ENTERING AND THE EXTENT OF YOUR EXPOSURE TO RISK TRADING IN FUTURES AND OPTIONS IS NOT SUITABLE FOR MANY MEMBERS OF THE PUBLIC. YOU SHOULD CAREFULLY CONSIDER WHETHER TRADING IS APPROPRIATE FOR YOU IN LIGHT OF YOUR EXPERIENCE, OBJECTIVES, FINANCIAL RESOURCES AND OTHER RELEVANT CIRCUMSTANCES.

(1) EFFECT OF "LEVERAGE" OR "GEARING"
TRANSACTIONS IN FUTURES CARRY A HIGH DEGREE OF RISK. THE AMOUNT OF INITIAL MARGIN IS SMALL RELATIVE TO THE VALUE OF THE FUTURES CONTRACT SO THAT TRANSACTIONS ARE "LEVERAGED" OR "GEARED." A RELATIVELY SMALL MARKET MOVEMENT WILL HAVE A PROPORTIONATELY LARGER IMPACT ON THE FUNDS YOU HAVE DEPOSITED OR WILL HAVE TO DEPOSIT-, THIS MAY WORK AGAINST YOU AS WELL AS FOR YOU. YOU MAY SUSTAIN A TOTAL LOSS OF INITIAL MARGIN FUNDS AND ANY ADDITIONAL FUNDS DEPOSITED WITH THE FIRM TO MAINTAIN YOUR POSITION. IF THE MARKET MOVES AGAINST YOUR POSITION OR MARGIN LEVELS ARE INCREASED, YOU MAY BE CALLED UPON TO PAY SUBSTANTIAL ADDITIONAL FUNDS ON SHORT NOTICE TO MAINTAIN YOUR POSITION. IF YOU FAIL TO COMPLY WITH A REQUEST FOR ADDITIONAL FUNDS WITHIN THE TIME PRESCRIBED, YOUR POSITION MAY BE LIQUIDATED AT A LOSS AND YOU WILL BE LIABLE FOR ANY RESULTING DEFICIT.

(2) RISK-REDUCING ORDERS OR STRATEGIES
THE PLACING OF CERTAIN ORDERS (e.g. "STOP-LOSS" ORDERS, WHERE PERMITTED UNDER LOCAL LAW, OR "STOP-LIMIT" ORDERS) WHICH ARE INTENDED TO LIMIT LOSSES TO CERTAIN AMOUNTS MAY NOT BE EFFECTIVE BECAUSE MARKET CONDITIONS MAY MAKE IT IMPOSSIBLE TO EXECUTE SUCH ORDERS. STRATEGIES USING COMBINATIONS OF POSITIONS, SUCH AS "SPREAD" AND "STRADDLE" POSITIONS MAY BE AS RISKY AS TAKING SIMPLE "LONG" OR "SHORT" POSITIONS.

(3) VARIABLE DEGREE OF RISK
TRANSACTIONS IN OPTIONS CARRY A HIGH DEGREE OF RISK. PURCHASERS AND SELLERS OF OPTIONS SHOULD FAMILIARIZE THEMSELVES WITH THE TYPE OF OPTION (i.e. PUT OR CALL) WHICH THEY CONTEMPLATE TRADING AND THE ASSOCIATED RISKS. YOU SHOULD CALCULATE THE EXTENT TO WHICH THE VALUE OF THE OPTIONS MUST INCREASE FOR YOUR POSITION TO BECOME PROFITABLE, TAKING INTO ACCOUNT THE PREMIUM AND ALL TRANSACTION COSTS.

THE PURCHASER OF OPTIONS MAY OFFSET OR EXERCISE THE OPTIONS OR ALLOW THE OPTIONS TO EXPIRE. THE EXERCISE OF AN OPTION RESULTS EITHER IN A CASH SETTLEMENT OR IN THE PURCHASER ACQUIRING OR DELIVERING THE UNDERLYING INTEREST. IF THE OPTION IS ON A FUTURE, THE PURCHASER WILL ACQUIRE A FUTURES POSITION WITH ASSOCIATED LIABILITIES FOR MARGIN (SEE THE SECTION ON FUTURES ABOVE). IF THE PURCHASED OPTIONS EXPIRE WORTHLESS, YOU WILL SUFFER A TOTAL LOSS OF YOUR INVESTMENT WHICH WILL CONSIST OF THE OPTION PREMIUM PLUS TRANSACTION COSTS. IF YOU ARE CONTEMPLATING PURCHASING DEEP-OUT-OF-THE-MONEY OPTIONS, YOU SHOULD BE AWARE THAT THE CHANCE OF SUCH OPTIONS BECOMING PROFITABLE ORDINARILY IS REMOTE.

SELLING ("WRITING" OR "GRANTING") AN OPTION GENERALLY ENTAILS CONSIDERABLY GREATER RISK THAN PURCHASING OPTIONS. ALTHOUGH THE PREMIUM RECEIVED BY THE SELLER IS FIXED, THE SELLER MAY SUSTAIN A LOSS WELL IN EXCESS OF THAT AMOUNT. THE SELLER WILL BE LIABLE FOR ADDITIONAL MARGIN TO MAINTAIN THE POSITION IF THE MARKET MOVES UNFAVORABLY. THE SELLER WILL ALSO BE EXPOSED TO THE RISK OF THE PURCHASER EXERCISING THE OPTION AND THE SELLER WILL BE OBLIGATED TO EITHER SETTLE THE OPTION IN CASH OR TO ACQUIRE OR DELIVER THE UNDERLYING INTEREST. IF THE OPTION IS ON A FUTURE, THE SELLER WILL ACQUIRE A POSITION IN A FUTURE WITH ASSOCIATED LIABILITIES FOR MARGIN (SEE THE SECTION ON FUTURES ABOVE). IF THE OPTION IS "COVERED" BY THE SELLER HOLDING A CORRESPONDING POSITION IN THE UNDERLYING INTEREST OR A FUTURE OR ANOTHER OPTION, THE RISK MAY BE REDUCED. IF THE OPTION IS NOT COVERED, THE RISK OF LOSS CAN BE UNLIMITED.

CERTAIN EXCHANGES IN SOME JURISDICTIONS PERMIT DEFERRED PAYMENT OF THE OPTION PREMIUM, EXPOSING THE PURCHASER TO LIABILITY FOR MARGIN PAYMENTS NOT EXCEEDING THE AMOUNT OF THE PREMIUM. THE PURCHASER IS STILL SUBJECT TO THE RISK OF LOSING THE PREMIUM AND TRANSACTION COSTS. WHEN THE OPTION IS EXERCISED OR EXPIRES, THE PURCHASER IS RESPONSIBLE FOR ANY UNPAID PREMIUM OUTSTANDING AT THAT TIME.

(4) TERMS AND CONDITIONS OF CONTRACTS
YOU SHOULD ASK THE FIRM WITH WHICH YOU DEAL ABOUT THE TERMS AND CONDITIONS OF THE SPECIFIC FUTURES OR OPTIONS WHICH YOU ARE TRADING AND ASSOCIATED OBLIGATIONS (e.g. THE CIRCUMSTANCES UNDER WHICH YOU MAY BECOME OBLIGATED TO MAKE OR TAKE DELIVER OF THE UNDERLYING INTEREST OF A FUTURES CONTRACT AND, IN RESPECT OF OPTIONS, EXPIRATION DATES AND RESTRICT1ONS ON THE TIME FOR EXERCISE). UNDER CERTAIN CIRCUMSTANCES THE SPECIFICATIONS OF OUTSTANDING CONTRACTS (INCLUDING THE EXERCISE PRICE OF AN OPTION) MAY BE MODIFIED BY THE EXCHANGE OR CLEARING HOUSE TO REFLECT CHANGES IN THE UNDERLYING INTEREST.

(5) SUSPENSION OR RESTRICTION OF TRADING AND PRICING RELATIONSHIPS
MARKET CONDITIONS (e.g. ILLIQUIDITY) AND/OR THE OPERATION OF THE RULES OF CERTAIN MARKETS (e.g. THE SUSPENSION OF TRADING IN ANY CONTRACT OR CONTRACT MONTH BECAUSE OF PRICE LIMITS OR "CIRCUIT BREAKERS") MAY INCREASE THE RISK OF LOSS BY MAKING IT DIFFICULT OR IMPOSSIBLE TO EFFECT TRANSACTIONS OR LIQUIDATE/OFFSET POSITIONS. IF YOU HAVE SOLD OPTIONS, THIS MAY INCREASE THE RISK OF LOSS.

FURTHER, NORMAL PRICING RELATIONSHIPS BETWEEN THE UNDERLYING INTEREST AND THE FUTURE, AND THE UNDERLYING INTEREST AND THE OPTION MAY NOT EXIST. THIS CAN OCCUR WHEN, FOR EXAMPLE, THE FUTURES CONTRACT UNDERLYING THE OPTION IS SUBJECT TO PRICE LIMITS WHILE THE OPTION IS NOT. THE ABSENCE OF AN UNDERLYING REFERENCE PRICE MAY MAKE IT DIFFICULT TO JUDGE "FAIR" VALUE.

(6) DEPOSITED CASH AND PROPERTY
YOU SHOULD FAMILIARIZE YOURSELF WITH THE PROTECTIONS ACCORDED MONEY OR OTHER PROPERTY YOU DEPOSIT FOR DOMESTIC AND FOREIGN TRANSACTIONS, PARTICULARLY IN THE EVENT OF A FIRM INSOLVENCY OR BANKRUPTCY. THE EXTENT TO WHICH YOU MAY RECOVER YOUR MONEY OR PROPERTY MAY BE GOVERNED BY SPECIFIC LEGISLATION OR LOCAL RULES. IN SOME JURISDICTIONS, PROPERTY WHICH HAD BEEN SPECIFICALLY IDENTIFIABLE AS YOUR OWN WILL BE PRORATED IN THE SAME MANNER AS CASH FOR PURPOSES OF DISTRIBUTION IN THE EVENT OF A SHORTFALL.

(7) COMMISSION AND OTHER CHARGES
BEFORE YOU BEGIN TO TRADE, YOU SHOULD OBTAIN A CLEAR EXPLANATION OF ALL COMMISSION, FEES AND OTHER CHARGES FOR WHICH YOU WILL BE LIABLE. THESE CHARGES WILL AFFECT YOUR NET PROFIT (IF ANY) OR INCREASE YOUR LOSS.

(8) TRANSACTIONS IN OTHER JURISDICTIONS
TRANSACTIONS ON MARKETS IN OTHER JURISDICTIONS, INCLUDING MARKETS FORMALLY LINKED TO A DOMESTIC MARKET, MAY EXPOSE YOU TO ADDITIONAL RISK. SUCH MARKETS MAY BE SUBJECT TO REGULATION WHICH MAY OFFER DIFFERENT OR DIMINISHED INVESTOR PROTECTION. BEFORE YOU TRADE YOU SHOULD ENQUIRE ABOUT ANY RULES RELEVANT TO YOUR PARTICULAR TRANSACTIONS. YOUR LOCAL REGULATORY AUTHORITY WILL BE UNABLE TO COMPEL THE ENFORCEMENT OF THE RULES OF REGULATORY AUTHORITIES OR MARKETS IN OTHER JURISDICTIONS WHERE YOUR TRANSACTIONS HAVE BEEN EFFECTED. YOU SHOULD ASK THE FIRM WITH WHICH YOU DEAL FOR DETAILS ABOUT THE TYPES OF REDRESS AVAILABLE IN BOTH YOUR HOME JURISDICTION AND OTHER RELEVANT JURISDICTIONS BEFORE YOU START TO TRADE.

(9) CURRENCY RISKS
THE PROFIT OR LOSS IN TRANSACTIONS IN FOREIGN CURRENCY-DENOMINATED CONTRACTS (WHETHER THEY ARE TRADED IN YOUR OWN OR ANOTHER JURISDICTION) WILL BE AFFECTED BY FLUCTUATIONS IN CURRENCY RATES WHERE THERE IS A NEED TO CONVERT FROM THE CURRENCY DENOMINATION OF THE CONTRACT TO ANOTHER CURRENCY.

(10) TRADING FACILITIES
MOST OPEN-OUTCRY AND ELECTRONIC TRADING FACILITIES ARE SUPPORTED BY COMPUTER-BASED COMPONENT SYSTEMS FOR THE ORDER-ROUTING, EXECUTION, MATCHING, REGISTRATION OR CLEARING OF TRADES. AS WITH ALL FACILITIES AND SYSTEMS, THEY ARE VULNERABLE TO TEMPORARY DISRUPTION OR FAILURE. YOUR ABILITY TO RECOVER CERTAIN LOSSES MAY BE SUBJECT TO LIMITS ON LIABILITY IMPOSED BY THE SYSTEM PROVIDER, THE MARKET, THE CLEARING HOUSE AND/OR MEMBER FIRMS. SUCH LIMITS MAY VARY, YOU SHOULD ASK THE FIRM WITH WHICH YOU DEAL FOR DETAILS IN THIS RESPECT.

(11) ELECTRONIC TRADING
TRADING ON AN ELECTRONIC TRADING SYSTEM MAY DIFFER NOT ONLY FROM TRADING IN AN OPEN-OUTCRY MARKET BUT ALSO FROM TRADING ON OTHER ELECTRONIC TRADING SYSTEMS. IF YOU UNDERTAKE TRANSACTIONS ON AN ELECTRONIC TRADING SYSTEM, YOU WILL BE EXPOSED TO RISKS ASSOCIATED WITH THE SYSTEM INCLUDING THE FAILURE OF HARDWARE AND SOFTWARE. THE RESULT OF ANY SYSTEM FAILURE MAY BE THAT YOUR ORDER IS EITHER NOT EXECUTED ACCORDING TO YOUR INSTRUCTIONS OR IS NOT EXECUTED AT ALL.

(12) OFF-EXCHANGE TRANSACTIONS
IN SOME JURISDICTIONS, AND ONLY THEN IN RESTRICTED CIRCUMSTANCES, FIRMS ARE PERMITTED TO EFFECT OFF-EXCHANGE TRANSACTIONS. THE FIRM WITH WHICH YOU DEAL MAY BE ACTING AS YOUR COUNTER PARTY TO THE TRANSACTION. IT MAY BE DIFFICULT OR IMPOSSIBLE TO LIQUIDATE AN EXISTING POSITION, TO ASSESS THE VALUE, TO DETERMINE A FAIR PRICE OR TO ASSESS THE EXPOSURE TO RISK. FOR THESE REASONS, THESE TRANSACTIONS MAY INVOLVE INCREASED RISKS. OFF EXCHANGE TRANSACTIONS MAY BE LESS REGULATED OR SUBJECT TO A SEPARATE REGULATORY REGIME. BEFORE YOU UNDERTAKE SUCH TRANSACTIONS, YOU SHOULD FAMILIARIZE YOURSELF WITH APPLICABLE RULES AND ATTENDANT RISKS.

I HEREBY ACKNOWLEDGE THAT I HAVE RECEIVED AND UNDERSTOOD THIS RISK DISCLOSURE STATEMENT.

DATE:_____/_____/_____ X __________________________________________________________________

DATE: _____/_____/_____ X ___________________________________________________________________
(VISION L.P. ACCOUNT APPLICATION FORM 1)

THIS STATEMENT WAS ADOPTED BY THE COMMODITY FUTURES TRADING COMMISSION, AN AGENCY OF THE FEDERAL GOVERNMENT. THE CFTC REQUIRES THAT YOU ACKNOWLEDGE READING AND UNDERSTANDING THIS STATEMENT BEFORE YOU OPEN AN ACCOUNT. PLEASE INFORM A MANAGER IF ANYONE TELLS YOU NOT TO READ THIS STATEMENT OR IF YOU HAVE QUESTIONS THAT HAVE NOT BEEN ANSWERED.

VISION L.P.
FORM 2
GENERAL INFORMATION (Please Print)

CUSTOMER NAME(S): _______________________________________________________________

STREET ADDRESS: _________________________________________________________________

CITY: ________________________________ STATE: _______ ZIP CODE:__________________

EMPLOYER'S NAME: ____________________________________________________________

POSITION: ______________________________________________________________________

YEARS THERE:________ BUSINESS TELEPHONE: _______________________________

IRA ACCOUNT: ________YES _________NO

HOME TELEPHONE: ___________________________ FAX NO.: _______________________________

NUMBER. OF DEPENDENTS: _________________________

SOCIAL SECURITY #: __________________________ DOB: ______/______/______

US CITIZEN: _____YES _____NO

GROSS ANNUAL INCOME US $: _________________________________

NET WORTH US $ (Excluding Primary Residence): _________________________________

LIQUID NET WORTH US $: __________________________________________________

NUMBER OF YEARS EXPERIENCE IN THE FOLLOWING AREAS:

FUTURES: ___________ FUTURES OPTIONS: _____________ STOCKS: ___________

STOCK OPTIONS: ___________ STOCK OR BOND MUTUAL FUND:____________

EDUCATION
HIGH SCHOOL: _________ UNDERGRADUATE: __________ GRADUATE: __________

FIELD OF STUDY: ___________________________________________________________

HAVE YOU EVER FILED A CLAIM AGAINST A COMMODITY OR SECURITIES BROKER: _____YES ____NO
(If yes please include details in the Additional Information Section below)

HAVE YOU FILED BANKRUPTCY IN THE LAST 10 YEARS: _____YES _____NO
(If yes please include details in the Additional Information Section below)

IF JOINT ACCOUNT
JOINT TENANTS WITH RIGHTS OF SURVIVORSHIP: ___________ TENANT-IN-COMMON: ________
(If Joint Account with spouse, include spouse's Social Security, Age and Occupation Below)
__________________________________________________________________________________________________
__________________________________________________________________________________________________
__________________________________________________________________________________________________

Part I: For United States Citizens, Legal Entities or Foreign Residents. For most individual taxpayers, the taxpayer identification number is the Social Security Number.

Social Security Number: _________________________________

Part II: Initial the box if you are NOT subject to backup withholding under provisions of section 3406(a)(1)(C) of the Internal Revenue Code.

Initial Here: ______________

CERTIFICATION: Under the penalties of perjury, I certify that the information provided is true, correct and complete for Section W-9.

Date: _____/_____/_____ Signature: ___________________________________________

VISION IS RELYING ON THIS INFORMATION IN APPROVING MY ACCOUNT AND EXTENDING ME CREDIT.

I (WE) AFFIRM AND REPRESENT THAT THE INFORMATION IS TRUE AND CORRECT. VISION IS AUTHORIZED TO OBTAIN A CREDIT REPORT.

DATE: _____________

SIGNATURE: ___________________________________________________

SIGNATURE: ___________________________________________________

Do Not complete this Grayed Out Area
APPROVED BY INTRODUCING BROKER: __________________________________________________

IB PRINCIPAL SIGNATURE: _______________________________________________________________

DATE: _______________

APPROVED BY VISION L.P. FCM:

VISION PRINCIPAL SIGNATURE: ___________________________________________________________

DATE : _____________________

VISION L.P.

FORM 3

In consideration of Vision L.P. ("VISION") accepting the account(s) in commodities, commodity futures contracts, options on commodities, or options on commodity futures contracts (collectively, "futures contracts") for the undersigned ("Customer"), it is agreed:

1. AUTHORIZATION. Customer authorizes VISION to purchase and sell futures contracts for Customer's account in accordance with Customer's oral or written instructions. Each Customer having an interest in a joint account shall have the authority to issue instructions and generally to deal with VISION.

2. GOVERNMENTAL AND EXCHANGE RULES. All transactions shall be subject to rules, regulations, and interpretations of the exchanges, the National Futures Association ("NFA"), and to all applicable federal or state laws and regulations.

3. CLEARING. VISION may execute all purchases and sales of futures contacts for Customer's account through VISION, or through an omnibus clearing arrangement. All rights and obligations extended to VISION pursuant to this Agreement shall also be extended to the exchange clearing member firm.

4. MARGINS. Customer shall provide to and maintain with VISION cash or acceptable margin in an amount that VISION, in its sole discretion, may from time to time determine. Customer agrees to monitor his account to determine if it is properly margined. Customer will immediately forward sufficient funds to cure any margin deficiency without waiting for notice from VISION. Information regarding exchange and VISION margin requirements is available on request from VISION. Margin requirements established by VISION may exceed the margin required of VISION by an exchange. No previous margin established by VISION shall establish any precedent.

5. SECURITY AGREEMENT AND TRANSFER AUTHORIZATION. All property of Customer which VISION may at any time be carrying is held by VISION as security and subject to a general lien and right of set off for all liabilities of Customer to VISION. VISION, in its sole discretion, may apply or transfer any of Customer's property between any of Customer's accounts at VISION as may be necessary for margin or to satisfy or reduce any deficit or debit balance in any of Customer's accounts. Subject to Commodity Exchange Act segregation requirements, Customer hereby grants to VISION the right to pledge, repledge, hypothecate, rehypothecate, or invest, either separately or with the property of other customers, any securities or other property held by VISION for the accounts of Customer, to any exchange or clearing house through which trades of Customer are executed. VISION shall be under no obligation to pay Customer any interest income or benefit derived from Customer's property.

6. LIQUIDATION OF ACCOUNTS. VISION is hereby authorized, in its sole discretion, to take any or all of the following actions to protect itself: (1) satisfy any obligation Customer may have to VISION out of any of Customer's property held by VISION; (2) offset any or all futures contracts positions; (3) initiate new long or short futures contracts positions; (4) cancel any or all open orders; and (5) take any other action VISION deems appropriate. Any of the above actions may be taken without demand for margin or additional margin, or without prior notice to Customer. Customer at all times shall be liable for the payment of any debit balance upon demand by VISION. Customer promptly shall pay the debit and all unpaid liabilities, together with interest and all costs of collection, including reasonable attorneys' fees.

7. DELIVERY MONTH LIQUIDATION INSTRUCTIONS. Customer is responsible for providing to VISION appropriate liquidating instructions, funds, or documents at a reasonable time in advance of expiration of open futures contracts. If Customer fails to do so, VISION may, without notice, liquidate, or make or receive delivery on behalf of Customer. Customer will indemnify VISION for all costs incurred (including but not limited to all fines, loss of interest, or attorneys' fees) by VISION in liquidating, or making or receiving delivery, or retendering delivery notices.

8. CHARGES. Customer agrees to pay such brokerage and commission charges and fees as VISION may establish and change from time to time. Such fees include, without limitation, fees imposed by the NFA and exchanges, and may include a markup to reflect other processing and servicing costs. In the event that Customer's account is transferred to another futures commission merchant, a reasonable transfer charge shall apply, which shall be charged against Customer's account or which Customer shall pay prior to such account being transferred. If Customer's account falls below a cash balance of $750.00, and Customer has not maintained any futures contracts for 30 days, VISION may charge an inactive monthly maintenance fee. If Customer's funds are converted from U.S. dollars to a foreign currency, or from a foreign currency to U.S. dollars, in order to trade on a foreign exchange, VISION may charge a markup in addition to the current exchange rate.

9. STATEMENTS AND CONFIRMATIONS. All communications, monies, securities and other property shall be transmitted to Customer at the address and telephone number shown on the account application. All communications transmitted to Customer shall be deemed to have been received by Customer personally at the time so sent, whether actually received or not. Reports of the execution of orders and daily statements of accounts shall be conclusive and final and shall be deemed to be accepted and ratified by Customer, whether made orally or in writing, unless Customer objects by written communication actually received by VISION prior to the opening of the next regular trading session of the market in which the transaction to which Customer objects was, or was to be, executed. Such written communication shall be sent by certified mail, return receipt requested. In addition, Customer agrees to contact VISION by telephone to verify Customer's account status as soon as is reasonably practicable but in no event later than one business day after placing any order if Customer has not been advised by telephone of the status of such order by VISION within 24 hours after any order is placed. Customer's failure to contact VISION shall relieve VISION of any responsibility or liability with respect to such order. All orders shall only be good for the day such orders are placed, unless specified by Customer to be open orders. All open orders placed by Customer will not be canceled by VISION unless Customer specifically requests cancellation. VISION shall not be held responsible for delays in the transmission or execution of orders due to a breakdown or failure of transmission or communication facilities, or for any other cause beyond VISION's control.

10. MARKET INFORMATION. Customer acknowledges that any market information provided by VISION does not constitute an offer to sell or buy any security or commodity futures contract. VISION makes no representation, warranty or guaranty as to, and shall not be responsible for, the accuracy or completeness of any information furnished to Customer. VISION makes no representation, warranty, or guaranty with respect to tax consequences of Customer's transactions.

11. CUSTOMER REPRESENTATIONS. Customer represents that he is of legal age and sound mind and that, except as disclosed in writing to VISION, no one except Customer has an interest in any account or accounts carried for Customer by VISION. Customer further represents that he is not 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, or any bank, trust, or insurance company. In the event that Customer becomes so employed, he will promptly notify VISION in writing of such employment.

12. NO WAIVER OR AMENDMENT. No provision of this Agreement may be waived or amended unless the waiver or amendment is in writing and signed by an authorized officer of VISION.

13. BINDING EFFECT. This Agreement shall inure to the benefit of VISION and its successors and assigns, and shall be binding upon Customer and his estate, executors, administrators, legal representatives, successors and assigns.

14. TERMINATION. This Agreement may be terminated by Customer only when Customer has no positions held by or no liabilities owed to VISION. It may be terminated at any time by VISION. Termination shall affect any transaction entered into and shall not relieve Customer of any obligation under this Agreement.

15. RECORDING. Customer agrees that VISION in its sole discretion may record any telephone conversation between VISION and Customer or his agent. Customer agrees that VISION may erase such recordings. The rights in this paragraph extend to any introducing broker or account controller.

16. THIRD PARTY BENEFICIARIES. All rights extended to VISION pursuant to this Agreement shall also be extended to any introducing broker, futures commission merchant, commodity trading advisor, or securities broker/dealer that introduced this account to VISION, which is expressly made a third party beneficiary of this Agreement.

17. PROSPECTIVE CONSENT TO ASSIGNMENT OR TRANSFER OF ACCOUNT(S). Customer hereby prospectively consents to an assignment or transfer of his account(s) at any time hereafter from VISION to another futures commission merchant; provided, Customer receives a written notice of the assignment or transfer and has a reasonable opportunity to object in accordance with all applicable regulations.

18. PUNITIVE DAMAGES. THE PARTIES AGREE NOT TO SUE EACH OTHER FOR PUNITIVE DAMAGES IN COURT OR IN ARBITRATION BEFORE ANY FORUM EVEN IF THE RULES OF THE FORUM ALLOW ARBITRATORS TO AWARD PUNITIVE DAMAGES.

19. ACCEPTANCE. This Agreement shall not be deemed to be accepted by VISION or become a binding contract between Customer and VISION until approved by VISION's New Accounts Department.

(Please place your initials on the line preceding these paragraphs, indicating your agreement)

____ 20. RISK ACKNOWLEDGMENT. Customer acknowledges that investments in futures contracts are speculative, involve a high degree of risk, and are suitable only for persons who can afford to lose all funds invested. Customer understands that because of the low margin normally required in futures trading, price changes in futures contracts may result in significant losses, which may substantially exceed Customer's margin deposits. Customer recognizes that guarantees of profit or limitation of loss are impossible in futures trading. Customer acknowledges that he has received no such guarantees from VISION or others, and he is not entering into this Agreement in reliance on any such guarantees. Customer agrees not to hold VISION responsible for losses incurred through following trading recommendations or suggestions by VISION or others.

_____21. FORUM SELECTION, CONSENT TO JURISDICTION AND VENUE. Customer agrees that all disputes initiated by Customer related to this Agreement, or any related agreement, shall be litigated or arbitrated only in a forum whose situs is in Chicago, Illinois, whether a court of law or equity, administrative tribunal, or arbitration association. Customer consents and submits to the jurisdiction of any state or federal court located within Chicago, Illinois. Customer appoints and designates VISION (or any other party whom VISION may from time to time hereinafter designate) as Customer's true and lawful attorney-in-fact and duly authorized agent for service of legal process, and agrees that service of such process upon VISION or such other party shall constitute valid personal service of such process upon Customer; provided, that VISION or such other party shall, within five days after receipt of any such process, forward the same by air courier or by certified or registered mail, together with all papers affixed thereto to Customer at Customer's mailing address. Customer hereby waives any right to transfer or change the venue of any litigation or arbitration. Notwithstanding the foregoing, VISION may initiate any action to collect any amounts due VISION in any state or jurisdiction where there is personal jurisdiction over Customer or where Customer may have property located.

_____22. LIMITATION OF ACTIONS. CUSTOMER AGREES THAT NO ACTION ARISING OUT OF TRANSACTIONS UNDER THIS AGREEMENT MAY BE BROUGHT BY CUSTOMER MORE THAN ONE YEAR AFTER THE CAUSE OF ACTION AROSE. This time limitation may be substantially shorter than that granted by federal or state law. Other futures commission merchants do not include this limitation in their customer agreement. Though VISION will not accept your account if you do not voluntarily agree to this limitation, you may open your account with another futures commission merchant.

_____23. INDEMNIFICATION. Customer agrees to indemnify VISION and hold VISION harmless from and against any and all liabilities, losses, damages, costs and expenses, including accountants' and attorneys' fees, incurred by VISION because any of Customer's representations and warranties shall not be true and correct, or because the agreements made by Customer shall not be fully and timely performed. Customer also agrees to indemnify VISION and hold VISION harmless from and against any and all damages, costs, and expenses, including attorneys' fees, incurred by VISION in enforcing of any of the provisions of this agreement or any related agreement. If Customer initiates a legal action, regardless of form, against VISION, and the Customer does not prevail, Customer will indemnify VISION for all costs and expenses incurred by VISION to defend itself, including attorneys' fees.

IF THIS ACCOUNT IS INTRODUCED BY AN INDEPENDENT FIRM, VISION'S LIABILITY IS LIMITED TO EXECUTION AND BOOKKEEPING OF TRADES. SEE NEXT SECTION.

DATE: _____/_____/_____ X ____________________________________________________________

DATE: _____/_____/_____ X ____________________________________________________________
(VISION L.P. FORM 3)

VISION L.P.

FORM 6

Any controversy among VISION L.P. ("VISION"), the introducing broker, and the Customer arising out of or, relating to Customer's account(s) shall be, except as provided below, resolved by arbitration in accordance with Part 180 of the regulations promulgated under the Commodity Exchange Act. The introducing broker or certified trading advisor which introduced this account to VISION is expressly made a third party beneficiary of this Arbitration Agreement. THE PARTIES AGREE NOT TO SUE EACH OTHER IN ARBITRATION BEFORE ANY FORUM FOR PUNITIVE DAMAGES. REGARDLESS OF THE RULES OF THE FORUM, ARBITRATORS SHALL NOT HAVE AUTHORITY TO AWARD PUNITIVE DAMAGES.

At such time as Customer notifies VISION that Customer intends to submit a claim to arbitration, or at such time as VISION notifies Customer of VISION's intent to submit a claim to arbitration, Customer will have the opportunity to elect a qualified forum for conducting the proceeding. Within ten business days after receipt of such notice from Customer or at the time VISION so notifies Customer, VISION must provide Customer with a list of three or more organizations whose procedures qualify them to conduct arbitrations in accordance with the requirements of Regulation 180.2, together with a copy of the rules of each forum listed. The Customer shall, within 45 days after receipt of this list and notice, notify VISION of the organization selected. The Customer's failure to provide such notice shall give VISION the right to select an organization from the list.

VISION will pay any incremental fees which may be assessed by a qualified forum for provision of a mixed panel, unless the arbitrators in a particular proceeding determine that Customer has acted in bad faith in initiating or conducting that proceeding.

THREE FORUMS EXIST FOR THE RESOLUTION OF COMMODITY DISPUTES: CIVIL COURT LITIGATION, REPARATIONS AT THE COMMODITY FUTURES TRADING COMMISSION (CFTC) AND ARBITRATION CONDUCTED BY A SELF-REGULATORY OR OTHER PRIVATE ORGANIZATION.

THE CFTC RECOGNIZES THAT THE OPPORTUNITY TO SETTLE DISPUTES BY ARBITRATION MAY IN SOME CASES PROVIDE MANY BENEFITS TO CUSTOMERS, INCLUDING THE ABILITY TO OBTAIN AN EXPEDITIOUS AND FINAL RESOLUTION OF DISPUTES WITHOUT INCURRING SUBSTANTIAL COSTS. THE CFTC REQUIRES, HOWEVER, THAT EACH CUSTOMER INDIVIDUALLY EXAMINE THE RELATIVE MERITS OF ARBITRATION AND THAT YOUR CONSENT TO THIS ARBITRATION AGREEMENT BE VOLUNTARY.

BY SIGNING THIS AGREEMENT YOU: (1) MAY BE WAIVING YOUR RIGHT TO SUE IN A COURT OF LAW; AND (2) ARE AGREEING TO BE BOUND BY ARBITRATION OF ANY CLAIMS OR COUNTERCLAIMS WHICH YOU OR VISION L.P. MAY SUBMIT TO ARBITRATION UNDER THIS AGREEMENT. YOU ARE NOT, HOWEVER, WAIVING YOUR RIGHT TO ELECT INSTEAD TO PETITION THE CFTC TO INSTITUTE REPARATIONS PROCEEDINGS UNDER SECTION 14 OF THE COMMODITY EXCHANGE ACT WITH RESPECT TO ANY DISPUTE WHICH MAY BE ARBITRATED PURSUANT TO THIS AGREEMENT. IN THE EVENT A DISPUTE ARISES, YOU WILL BE NOTIFIED IF VISION L.P. INTENDS TO SUBMIT THE DISPUTE TO ARBITRATION. IF YOU BELIEVE A VIOLATION OF THE COMMODITY EXCHANGE ACT IS INVOLVED AND IF YOU PREFER TO REQUEST A SECTION 14 "REPARATIONS" PROCEEDING BEFORE THE CFTC, YOU WILL HAVE 45 DAYS FROM THE DATE OF SUCH NOTICE IN WHICH TO MAKE THAT ELECTION.

YOU NEED NOT SIGN THIS AGREEMENT TO OPEN AN ACCOUNT WITH VISION L.P.. SEE 17 CFR 180.1-180.5.

DATE: _____/_____/_____ X ________________________________________________
(VISION L.P. FORM6)

VISION L.P.

FORM 5

FROM: RECEIVING FIRM: VISION L.P.
One Whitehall Street
15th Floor
New York, New York 10004 212-859-0200

_______________________________________
(Signature of Receiving Firm) Dear Sir/Madam:

Please be advised that I desire to transfer my account balance, margin, open futures and options positions, and treasury bills from you to VISION L.P., One Whitehall Street, 15th Floor, New York, New York 10004, effective ____________, 19_____. Accordingly, this letter will serve as authorization and direction to you to close my account(s) with your firm and to issue a check, representing the net available amount of each of my accounts as of the market close of this date. I further direct you make such check payable and sent as follows:

In addition, I direct you to transfer all open futures and options positions to VISION L.P., including the margin held for my open positions with your firm as of the market close on this date. Further, please cancel all open orders for my account(s) on your books.

ADDITIONAL RISK DISCLOSURE

IF YOUR FINANCIAL APPLICATION REFLECTS EITHER
_______A. Your Annual Income is less than $25,000
_______B. Your Net Worth is less than $50,000
_______C. You are not between the ages of 21 and 65 years old.
_______D. You do not have at least one year of futures or securities investment experience.
YOU SHOULD READ THIS DOCUMENT CAREFULLY SINCE IT MIGHT BE INTERPRETED THAT:

Futures and options trading is considered a risky form of investment. If you have pursued conservative forms of investment in the past you may wish to study futures and options trading further before considering an investment of this type. When trading futures, you must realize that you could sustain a total loss of all funds you deposit with your broker as initial margin as well as substantial amounts of additional capital. When purchasing options, your losses are limited to the amount of your premium plus commissions and fees, unless you exercise your option and acquire the underlying futures contract.

We ask that you acknowledge, by your signature below, that the funds you have committed are purely risk capital, and such an investment will not jeopardize your style of living, nor will it detract from your future retirement program. You further acknowledge that you fully understand the nature of such an investment the risks involved, and that your obligations to others will not be neglected by possible loss of funds invested.

I ACKNOWLEDGE RECEIVING A COPY OF THE ADDITIONAL RISK DISCLOSURE STATEMENT. I HAVE READ AND UNDERSTAND IT.

Customer Signature (Joint Party): _______________________________________________

READ THIS ONLINE TRADING SERVICES AGREEMENT BEFORE USING VISION L.P.'s INTERNET ORDER XPRESS. USE OF INTERNET ORDER XPRESS BY YOU, WITH OR WITHOUT THIS SIGNED AGREEMENT, CONSTITUTES YOUR ACCEPTANCE OF THE FOLLOWING TERMS.

1. SUPPLEMENTAL AGREEMENT. This Online Trading Services Agreement ("Agreement") supplements all other agreements between Vision L.P. ("VISION") and you, the customer ("Customer"). This Agreement is to be construed consistent in all respects with other agreements Customer has executed with VISION and does not void any obligations, undertakings, or waivers, previously agreed to by Customer. If any provision of this Agreement is invalid or unenforceable under applicable law, it is, to that extent, deemed omitted and the remaining provisions will continue in full force and effect.

2. SCOPE OF AGREEMENT. The terms of this Agreement shall apply to all orders placed by Customer via VISION's Internet Order Xpress Millennium ("IOXM") order entry system and all communications regarding reports or confirmation of such orders.

3. CUSTOMER'S RESPONSIBILITY. Customer agrees to be responsible for profits and losses resulting from all orders entered by means of Customer's access or PIN number(s) and account number(s). Customer agrees to bear all risk of unauthorized access to Customer's account and theft of Customer's access or PIN number(s). Nevertheless, Customer agrees to notify VISION immediately of any loss, theft, or unauthorized use of Customer's access or PIN number(s), password(s), or account number(s). All IOXM orders received by VISION will be deemed to have been placed by Customer when received by VISION and in the form received by VISION. Customer acknowledges that there are limits set by commodity on the maximum number of contracts on an order going directly to the floor of an exchange. Customer also understands that orders going directly to the exchange floor are not seen or reviewed by VISION's order desk. Customer is responsible for knowing the margin requirements applicable to his account. VISION reserves the right to place restrictions on Customer's account and to require a margin deposit equal to or greater than exchange minimums prior to the execution of any order. If Customer enters an order which places the account in an undermargined position, Customer agrees to immediately deposit sufficient funds via the fastest means available to cure such deficiency. VISION will not be responsible for any delay or failure to provide IOXM service, including the execution of any order, if there is a restriction on Customer's account or Customer delays or fails to satisfy a margin requirement.

4. ORDER ENTRY SYSTEM ONLY. IOXM is an order entry system only. Customer acknowledges that VISION does not provide trading advice, trade recommendations, or solicit orders, via IOXM. Customer accepts complete responsibility for generating all trading ideas executed via IOXM and agrees not to hold VISION liable for trading losses resulting from correctly executed orders Customer places via IOXM.

5. SUPPLIED INFORMATION. Customer acknowledges that some or all of the information available through IOXM ("Supplied Information") may be supplied by various independent sources ("Independent Information Suppliers"). While VISION believes these Independent Information Suppliers to be reliable, it does not guarantee the accuracy, completeness, timeliness, non-interruption, or sequencing, of the Supplied Information by Independent Information Suppliers. Customer agrees that neither VISION nor the Independent Information Suppliers shall be liable for the accuracy, completeness, timeliness, interruption, or sequencing, of the Supplied Information, or for any decision made by Customer, or taken by Customer, in reliance upon the Supplied Information. The Supplied Information is the property of the Independent Information Suppliers and may be protected by copyright. Customer agrees not to reproduce, retransmit, disseminate, sell, or distribute, the Supplied Information in any form or manner without the express written consent of VISION and the Independent Information Supplier.

6. FORCE MAJEUR. VISION shall not be liable for losses resulting from system failure, breakdown of equipment, breakdown of communications lines, telephone or other interconnect problems, severe weather, earthquakes, strikes or other labor problems, or any other causes over which VISION does not exercise direct control.

7. LIMITATION OF REMEDY. IN NO EVENT SHALL VISION BE LIABLE TO CUSTOMER OR ANY THIRD PARTIES FOR CONSEQUENTIAL, INCIDENTAL, SPECIAL OR INDIRECT DAMAGES, INCLUDING, BUT NOT LIMITED TO, LOST PROFITS, TRADING LOSSES, OR DAMAGES THAT RESULT FROM INCONVENIENCE, DELAY, OR LOSS OF THE USE OF IOXM. CUSTOMER'S SOLE AND EXCLUSIVE REMEDY FOR INCORRECT EXECUTION BY VISION OF AN IOXM ORDER SHALL BE TO REVERSE ANY COMMISSIONS CHARGED FOR EXECUTION OF THE INCORRECTLY EXECUTED IOXM ORDER.

8. RATIFICATION. Customer agrees to notify VISION of any incorrect information, inaccuracies, or unauthorized trades, contained in any report or confirmation issued by VISION within 24 hours of the issuance of the report or confirmation whether or not actually received by Customer. Customer shall be responsible for reviewing reports or confirmations of trades as often as necessary to determine the accuracy of such reports. Failure to notify VISION of incorrect information, inaccuracies, or unauthorized trades, within 24 hours of the issuance of a report or confirmation shall be deemed to be ratification by Customer.

9. INDEMNIFICATION. Customer agrees to indemnify and hold VISION and the Independent Information Suppliers harmless from and against any and all claims, losses, liabilities, costs, and expenses, including, but not limited to, attorney's fees, arising from Customer's violation of this Agreement or expenses, costs, or attorney's fees incurred by VISION to enforce this Agreement.

10. TERMINATION. VISION reserves the right to terminate Customer's access to IOXM without notice and without limitation for any reason whatsoever.

11. PERSONAL DATA. Customer agrees that VISION may hold and process by computer or otherwise any information obtained about Customer as a result of Customer's use of IOXM ("Personal Data") which may be accessed and used by VISION for operational purposes, credit assessments, or statistical or behavior analysis. Customer agrees that VISION may provide information concerning products and services (including those supplied by third parties) to Customer. Customer agrees that VISION may disclose Personal Data but only to licensed credit reference agencies, to VISION's subcontractors, agents or Independent Information Suppliers, or if compelled to do so by law. Customer's Personal Data may electronically transit or be transferred through any country in the world. Customer's Personal Data will be deleted as soon as possible after Customer ceases using IOXM. Customer has the right to inspect Customer's Personal Data held by VISION and to have incomplete or inaccurate information rectified. If Customer wants to exercise any of these rights, or if Customer does not want the Personal Data used to provide information concerning products and services, Customer must notify VISION in writing.

THIS IS A CONTRACTUAL AGREEMENT. BY SIGNING BELOW YOU REPRESENT THAT YOU HAVE READ AND UNDERSTOOD THE FOREGOING TERMS AND CONDITIONS AND AGREE TO BE BOUND BY THEM.

_________________________
PIN Number (select up to 8 characters in length) (Required)

Harris Trust and Savings Bank
111 West Monroe
Chicago, IL 60690-0755
ABA number: 071000288
For: VISION L.P.
Customer Segregated Funds Account Number: 438-240-4
Further Credit to the Account

of_________________________________________________________________
(Name(s) and number of your VISION L.P. Account)

Completed forms may be mailed or sent via facsimile to the address provided below:

Level2Futures.com
C/O Orion Futures Group, Inc.
1905 West Busch Blvd.
Tampa, Florida 33612 U.S.
888-769-9499
Fax: (813) 876-5530
Ask for Derek Dobrowolski or Marlene in New Accounts

VISION L.P. FORM 2 GENERAL INFORMATION (Please Print)

VISION L.P.

FORM 3

VISION L.P.

FORM 6

VISION L.P.

FORM 5

ADDITIONAL RISK DISCLOSURE

VISION L.P.
FORM 2
GENERAL INFORMATION (Please Print)