Important Client Notice Trading by RFXA to Terminate Customers Asked to Close Positions July 25, 2006 This notice is intended to provide updated information regarding Refco F/X Associates (RFXA). RFXA today announced that the proposed agreement with privately held GAIN Capital Group, under which GAIN was to acquire the RFXA retail customer account information and related assets, has been jointly terminated. While the parties had entered into a term sheet outlining the transaction, they were unable to reach terms on a final asset purchase agreement. As a result of its inability to enter into a final asset purchase agreement, RFXA plans to terminate its agreement with FXCM, the company that services RFXAâs web-based platform as of July 31, 2006. Thereafter, customers will no longer be able to trade on the refcofx.com web-based platform. In an effort to make the transition as smooth as possible, customers are asked to close their positions before 4PM New York time July 31. RFXA will close any open positions as of that date and accounts will be locked from any further trading activity. As stated in June 8 and June 27 Notices, clients are advised that it is the position of RFXA that post-bankruptcy gains and losses will be netted against pre-bankruptcy account balances to arrive at an amount that will be treated as a single pre-bankruptcy claim. Therefore, your total claim against RFXA would be a pre-bankruptcy claim in the amount of your final account balance when you stop trading. Clients were also advised that it is possible that the Bankruptcy Court would have a different view on this issue than that of RFXA. Should you have any questions, in the U.S., please call our toll-free line at 866-327-0774. International clients should call +212-660-6381. Or you may e-mail the company at email@example.com.