Dear clients,

Dear Valued Client:

Starting Sunday May 20, 2007 United Global Markets is changing our pricing structure from fixed spreads to a variable spread. As a part of offering variable spreads, United Global Markets will increase our commission charged to $1.25 per closed 10,000 unit lot traded.

During times of high liquidity our clients will see even tighter spreads than we presently offer via our existing spreads. We believe that our new pricing structure will benefit our clients as the additional commission charge can be offset by trading on tighter spreads.

Please contact your account representative for more information.

Sincerely,

United Global Markets

Ph # 617-357-6100