www.iticapital.com

TERMS OF BUSINESS RETAIL CLIENT

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SECTION 1 / INTRODUCTION

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1. Introduction

1.1 TheseTermsofBusiness,whichincludetheproductspecificAnnex(attachedhereto(the“Terms”)),togetherwithcertainotherdocumentsthatwillbeprovidedtoyouand/orcanbeaccessedthroughtheCompany’swebsite,TradingFacility,oruponrequest,namely:

a) theRateCard;

b) anyapplicationorformthattheClientsubmitstoopenanAccount;

c) our‘ExecutionPolicy’,whichexplainscertainaspectsofhowwequotepricesanddealwithOrdersandTransactions;and

d) our‘RiskWarningandFurtherDisclosure’,whichsummarisesthekeyrisksinvolvedininvesting,andwhichtogether(andasamendedandupdatedfromtimetotime)arereferredtoasthe“Agreement”,setoutthetermsandconditionswhichbyconductingbusinesswithITICapitalLimited(“Company”,“us”,“our”“we”)you(the“Client”,“you”)agreeandacceptwillapplyinrelationtoyourinvestmentactivitieswiththeCompany.

1.2 ThereareadditionaldocumentsandinformationavailabletotheClientuponrequestwhichdonotformpartoftheAgreement.Theseinclude:

a) our‘ConflictofInterestPolicy’,whichexplainshowwehandleconflictsofinterestsinamannerthattreatscustomersfairly;

b) our‘PrivacyandSecurityPolicy’,whichexplainshowwedealwithpersonalinformationthatyouprovidetotheCompany;

c) anyinstructions,guidesandworkedexamplespublishedorprovidedbytheCompanyexplaininghowtoenterintoandcloseTransactionsontheTradingFacility;and

d) our‘ComplaintsHandlingProcedure’,whichdetailshowwedealwithcustomercomplaints.

Foryourbenefitandprotection,youshouldtakesufficienttimetoreadtheTerms,aswellasanyadditionaldocumentsandinformationavailableonourwebsiteoronrequest.YoushouldcontacttheCompanytoaskforfurtherinformationorseekindependentprofessionaladviceifyoudonotunderstandanything.YouwillbedeemedtohaveacceptedtheseTermsifyouinstructustoprovideServicestoyoufollowingreceiptoftheTerms,andeachtimeyousendInstructionsinaccordancewithclause7.1(a).

2. DefinitionsandInterpretation

2.1 IntheseTerms,thefollowingwordsandphrasesshall,unlessthecontextotherwiserequires,havethefollowingmeaningsandmaybeusedinthesingularorpluralasappropriate.AdditionaldefinitionsareincludedinrelevantAnnexesprovidedtoyou(whereapplicable).

“Account”meansanyaccount,includingaCurrencySub-Account,thattheCompanymaintainsfortheClientfordealingintheproductsorservicesmadeavailableundertheseTermsandinwhichtheClient’scashandassetsareheldandtowhichrealisedprofitsand/orlossesaredebited;

“AccountStatement”shallmeanaperiodicstatementoftheTransactionsand/orchargescreditedordebitedtoanAccountataspecificpointintime;

“Agent”meansanindividualpersonorlegalentityundertakingaTransactiononbehalfofanotherindividualpersonorlegalentityinhis/itsownnameorintheClient’sname;

“Annex”meanstheproductspecificannexsettingoutthevariousproductsavailabletoRetailClientsundertheAgreementandtheadditionalterms,conditionsand

ancillarymattersapplicabletoTransactionsinsuchproducts;

“ApplicableRegulations”meansFCARulesoranyotherrulesofarelevantregulatoryauthorityoranyotherrulesofarelevantMarketandallotherapplicablelaws,rulesandregulationsasinforcefromtimetotime;

“AssociatedCompany”means,inrespecttotheCompany,theCompany’ssubsidiariesorholdingcompaniesorsubsidiariesofsuchholdingcompanieswith“subsidiary”and“holdingcompany”beingasdefinedinSection1159oftheCompaniesAct2006(asamendedfromtimetotime);

“BaseCurrency”isthecurrencyinwhichtheClient’sAccountisdenominatedandinwhichtheCompanywilldebitandcredittheClient’sAccount;

“BusinessDay”meansanydayotherthanaSaturdayorSundaywherethebanksareopenforgeneralcommercialbusinessinLondon,UnitedKingdom;

“ClientMoney”means,inaccordancewiththeClientMoneyRules,moneyofanycurrencythattheCompanyreceivesorholdsfortheClient,orontheClient’sbehalf,inthecourseoforinconnectionwith,thebusinesscontemplatedbythe

SECTION 2 / DEFINITIONS AND INTERPRETATION

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SECTION 2 / DEFINITIONS AND INTERPRETATION - CONTINUED

AgreementotherthanmoneywhichisdueandpayablebytheClienttotheCompanyoranythirdpartyand,fortheavoidanceofdoubt,shallincludeMarginheldorreceivedbytheCompanyintheformofcurrency;

[“ConfidentialInformation”hasthemeaninggiventoitinclause27oftheseTerms;]

“ClientMoneyRules”meanstherulessetoutintheCASSClientAssetssub-sectionoftheBusinessStandardsintheFCARules,andinparticular(butwithoutlimitation)section7“ClientMoneyRules”thereof.

“Confirmation”meansanotificationfromtheCompanytotheClientconfirmingtheClient’sentryintoaTransaction;

“CurrencySub-Account”meansasub-accountestablishedtoholdacurrencyotherthantheClient’sdesignatedBaseCurrency.

“CustodyAssets”meansSecurities,investmentsandanyotherotherassets(whethertrangibleorintangible)heldorreceivedbyusforyourAccount,and,fortheavoidanceofdoubt,shallincludeanynon-currencyMargin;

“CustodyRules”meanstherulessetoutintheCASSClientAssetssub-sectionoftheBusinessStandardsintheFCARules,andinparticular(butwithoutlimitation)section6“CustodyRules”thereof.

“EEA”meanstheEuropeanEconomicArea,whichisallthecountriesintheEUplusIceland,NorwayandLiechtenstein;

“EventofDefault”meansanyoftheeventslistedinclause16.1oftheseTerms;

“ExceptionalMarketEvent”meansthesuspension,closure,liquidation,impositionoflimits,specialorunusualterms,excessivemovement,volatilityorlossofliquidityinanyrelevantMarketorUnderlyingInstrument,orwheretheCompanyreasonablybelievesthatanyoftheabovecircumstancesareabouttooccur;

“FCA” means the United Kingdom Financial Conduct Authority or any successor organisation or authority;

“FCA Rules” means the Handbook of Rules and Guidance of the FCA as amended from time to time;

“Force Majeure Event” has the definition given to it in clause 17.1 of these Terms;

“GroupEntity”meanstheCompany,anysubsidiaryundertaking,anyparentundertakingandanysubsidiaryundertakingofanyparentundertakingfromtimetotimeoftheCompany(asdefinedinsection1162oftheCompaniesAct2006)(a“GroupUndertaking”),togetherwithanyotherundertakingunderwhichaGroupUndertakinghasaninterestbywayofsharesorvotingrightsof25%ormoreorhastheabilitytoappointamajorityoftheboardappointees;

“Information”meansquotes,news,researchandinformationaccessibleviatheTradingFacilityand/orSecureAccessWebsite(includingthroughlinkstooutsidewebsites)orfromtheCompanyviaanyothermeans.

“Instructions”meansinstructionsforServicesprovidedtotheClientbytheCompanyinaccordancewiththeseTerms;

“LimitOrder(s)”meansanordertobuyorsellafinancialinstrumentatitsspecifiedpricelimitorbetter,andforaspecifiedsize;

“Market”meansanymarket,multilateraltradingfacilityororganisedtradingfacilitysubjecttogovernmentorstateregulationwithestablishedtradingrulesandtradinghoursincludingwithoutlimitationaRegulatedMarket,aMultilateralTradingFacilityorOrganisedTradingFacility;

“MarketOrder”meansanOrdertoenterorleavethemarketatthebestcurrentpriceatthattime;

“Margin”meansboth(i)thedepositoffundsinacurrency,and/or(ii)Securities,investmentsandotherassets(whethertangibleorintangible),inanamountandformacceptabletotheCompany,thattheCompanymay,initsabsolutediscretion,require,identifyandacceptfromtimetotimeassecurityagainstlossorriskoflossinrespectofanypresent,futureorcontemplatedTransaction;

“MarginLiquidationEvent”meansaliquidationand/orcloseouteventasaresultofyoufailingtomeetormaintainyourMarginRequirementassetoutinclause8.3;

“MarginRequirement”meanstheamountofmoneyand/orassets,determinedbytheCompanyinitsabsolutediscretion,thattheClientisrequiredtodepositand/orholdwiththeCompanyasconsiderationforenteringintoaTransactionand/ormaintaininganOpenPosition;

“OpenPosition”meansaTransactionwhichhasnotbeenclosedinwholeorinpartundertheseTerms;

“Order”meansaninstructiontopurchaseorsellaproductofferedbytheCompanyfromtimetotime,atapricequotedbytheCompanyasappropriate;

“OTC”isanabbreviationof‘OvertheCounter’andmeansanyTransactionconcerningacommodity,security,currencyorotherfinancialinstrumentorproperty,whichistradedoffexchangebytheCompany(whetherasmarketmakerorotherwise)ratherthanonaregulatedstock,derivativeorcommodityexchange;

“Principal”meanstheindividualpersonorlegalentitywhichisapartytoaTransaction;

“RateCard”meansthedetailsofanyinterest,costs,feesorotherchargeswhichapplytotheClient’sAccountasprovidedtotheClientandasvariedandupdatedfromtimetotime.;

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SECTION 2 / DEFINITIONS AND INTERPRETATION - CONTINUED

“RegulatedMarket”meansamultilateraltradingsystemoperatedbyamarketoperatorintheEEAsuchastheLondonStockExchangethatbringstogethermultiplethirdpartybuyingandsellinginterestsinfinancialinstrumentswheretheinstrumentstradedareadmittedtotheMarketaccordingtoitsrulesandsystems;

“RetailClient”hasthemeaninggiventoitintheFCARules;

“SecureAccessWebsite”meansthepasswordprotectedpartoftheCompany’swebsite(oranywebsitenotifiedtotheClientbytheCompany)throughwhichtheClientcanviewitsAccountinformation;

“Security”meansinvestmentswithinarticles76to80oftheFinancialServicesandMarketsAct2000(RegulatedActivities)Order2001;

“SecurityInterest”meansthesecurityinterestcreatedpursuanttoclause11.1oftheTerms.

“Services”meanstheservicestobeprovidedtotheClientbytheCompanyundertheseTerms;

“StopOrders”meansanordertobuyorsellafinancial

instrumentoncethepriceofthatfinancialinstrumentreachesaspecifiedprice(knownasthestopprice);

“TradingFacility”meansthepasswordprotectedonlineordownloadableelectronicfacilitywheretheClientcantradewiththeCompanyundertheseTerms;

“Transaction”meansacontractinafinancialinstrumentoranyothercontractualarrangemententeredintobetweentheClientandtheCompany;and

2.2 ReferencesintheseTermstoanylaw,statute,regulationorenactmentshallincludereferencestoanymodification,amendment,extension,orre-enactmentthereof.

2.3 IntheTerms,referencestoanindividualpersonshallincludebodiescorporate,unincorporatedassociations,partnershipsandindividuals.

2.4 CapitalisedwordsandphrasesdefinedintheFCARuleshavethesamemeaningintheseTermsunlessexpresslydefinedintheseTerms.

2.5 HeadingsandnotesintheTermsareforreferenceonlyandshallnotaffectthecontentsandinterpretationoftheTerms.

3. RegulatoryDisclosures,ComplaintsandCompensation

3.1 TheCompanyhasitsregisteredofficeatLevel33,Tower42,25OldBroadStreet,LondonEC2N1HQandisauthorisedandregulatedbytheFCAwithFCAreferencenumber171487.

3.2 WemustcomplywithallApplicableRegulationsandwillnotbreakanyoftheseregulationsnotwithstandingacontraryprovisionintheAgreement.Accordingly,incircumstanceswherethereisaconflictbetweenourregulatoryobligationsandatermoftheAgreement,theApplicableRegulationswilloverruletheAgreement.NothinginthisAgreementwillacttoexcludeorlimitanyresponsibilitywehavetoyouunderApplicableRegulations.Wemaytake,ordecidenottotake,anyactionweconsidernecessarytomakesurewecomplywithanyApplicableRegulations.Further,anyfailurebytheCompanytocomplywithApplicableRegulationsshallbeamatterbetweentheCompanyandtherelevantregulatoryauthorityandshallnotcreateanyrightsfor,orliabilityto,theClientandyouagreethatneitherthe

Companynoritsdirectors,officers,employeesoragentsshallhavelegalresponsibilitytoyou.

3.3 IfyouhaveanycomplaintsagainsttheCompanypleasecontactinthefirstinstance,ourComplianceOfficer,atITICapitalLimited,Level33Tower42,25OldBroadStreet,LondonEC2N1HQ,UK(tel.+44(0)2038898333,fax+44(0)2038898331,emailcompliance@iticapital.com.

3.4 Subsequently,ifthecomplainthasnotbeendealtwithtoyoursatisfaction,youwill,providedyoumeettheFCAdefinitionofan“EligibleComplainant”,beabletocomplaindirectlytotheFinancialOmbudsmanService.

3.5 BusinessconductedbytheCompanyundertheseTermssubjecttoFCAregulationiscoveredbytheFinancialServicesCompensationScheme(the“FSCS”)ifyoumeettheFCAdefinitionofan“eligibleclaimant”.PaymentsundertheFSCSaresubjecttoamaximumpaymentof£50,000perinvestor.FurtherinformationontheschemecanbeobtainedfromusonrequestorfromtheFCAortheFSCS.

SECTION 3 / REGULATORY DISCLOSURES, COMPLAINTS AND COMPENSATION

SECTION 4 / CLIENT CATEGORISATION AND IDENTIFICATION

4. ClientCategorisationandIdentification

4.1 ForthepurposesoftheFCARules,andbasedontheinformationtheClienthasprovidedtotheCompany,theCompanywillcategorisetheClientasaRetailClient.InaccordancewithFCARules,theClienthastherightto

requestadifferentcategorisation.WheretheCompanydoesagreetoare-categorisationoftheClient,theClientmayloseprotectionsaffordedbycertainFCARules(whichtheCompanywilladvisetheClientofwhentheClientseeksre-categorisation).

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SECTION 5 / CAPACITY

SECTION 4 / CLIENT CATEGORISATION AND IDENTIFICATION - CONTINUED

5. Capacity

5.1 InrelationtoanyTransaction,theCompanywilleffectsuchTransactionasPrincipalunlessitisexpresslyagreedthattheCompanyshallactasAgentfortheClientwithrespecttoacertainTransactionorServicewithintheseTermsorotherwise.

5.2 TheClientshall,unlessotherwiseagreedinwriting,relativetotheCompany,enterintoTransactionsasPrincipal.IftheClientactsasAgent,regardlessofwhethertheClientidentifiesthePrincipaltotheCompany,theCompanyshallnotacceptthesaidPrincipalasacustomer,andconsequentlytheCompanyshallatalltimesconsidertheClientasPrincipalinrelationtoanyTransactionandourclientforthepurposesoftheFCARules.

4.2 YouacknowledgethatinordertoensurecompliancewiththeMoneyLaunderingRegulations2014and2017,theProceedsofCrimeAct2002andtheJointMoneyLaunderingSteeringGroupGuidanceNotes(asamendedfromtimetotime)oranyotherApplicableRegulations,wewillrequireverificationofidentityandsourceofanyfundswhicharereceivedintoyourAccountfromyou.YouagreetoprovideondemandsatisfactoryevidencetoverifyyouridentityandsourceoffundsandtodoallotheractsandsuchthingsasmayreasonablyberequiredsoastocomplywithsuchApplicableRegulation.Youacknowledgethatwemayalsoundertake

electronicidentitychecks,andotheronlineidentityverificationservicesshouldwebelievesuchactiontobeappropriate.AnyfailuretoprovidetherelevantinformationwithinareasonabletimeperiodmayresultinadelayinourabilitytoprovideServicestoyouand,ultimately,mayresultinourceasingtodealwithyouorprovideServices.Weacceptnoresponsibilityorliabilityarisingdirectlyorindirecetlyasaresultofourneedtodothis.

SECTION 6 / ACCESS AND USE OF THE TRADING FACILITY AND/OR SECURE ACCESS WEBSITE

6. AccessandUseoftheTradingFacilityand/orSecureAccessWebsite

6.1 InordertousetheTradingFacilityand/orSecureAccessWebsite,theClientwillneedtorequestausernameandpassword(“AccessCode”)fromtheCompany.TheClientwillneedtoprovidetheAccessCodeeachtimeitwishestousetheTradingFacilityand/orSecureAccessWebsite.

6.2 InrelationtotheAccessCode,theClientacknowledgesandundertakesthat:

a) theClientwillberesponsiblefortheconfidentialityanduseofitsAccessCode;

b) otherthanwiththeCompany’spriorwrittenconsent,theClientwillnotdiscloseitsAccessCodetoanythirdparty;

c) theCompanymayrelyonallinstructions,ordersandothercommunicationsenteredusingtheClient’sAccessCode,andtheClientwillbeboundbyanyTransactionenteredintoorexpenseincurredonitsbehalfinrelianceonsuchinstructions,ordersandothercommunications;

d) theClientwillimmediatelynotifytheCompanyiftheClientbecomesawareoftheloss,theftordisclosuretoanythirdpartyorofanyunauthoriseduseofitsAccessCode;and

e) theCompanywillnotbeliableorresponsibleforanyunauthoriseduseoftheAccessCoderesultingfromyournegligenceorfraud.

6.3 IftheCompanybelievesthatunauthorisedpersonsareusingtheClient’sAccessCodewithouttheClient’sknowledge,theCompanymay,ingoodfaithbutwithoutpriornotice,suspendtheClient’srightstousetheTradingFacility.Insuchcircumstances,theCompanywillinformtheClientofsuchactionassoonasreasonablypracticable.Further,iftheCompanybelievesthattheClientsupplieditsAccessCodetootherpersonsinbreachofclause6.2(b)above,theCompanymayimmediatelyterminatethisAgreement.

6.4 Information,whichmaybepreparedbyindependentproviders,isthepropertyoftheCompany,theindependentprovidersortheirlicensors(asthecasemaybe).Youagreenottoreproduce,distribute,sellorcommerciallyexploittheInformationinanymannerwithoutthepriorwrittenconsentoftheCompanyortheindependentproviders(asthecasemaybe).TheCompanyreservestherighttoterminateaccesstotheinformationandnoneoftheinformationconstituteseitherarecommendationbytheCompanyoranoffertobuyorsellaparticularproduct.NeithertheCompanynortheindependentprovidersguaranteetheaccuracy,timelinessorcompletenessoftheinformation.Relianceoninformationisatyourownrisk.InnoeventwilltheCompany(oranyindependentproviders)beliableforconsequential,incidentaly,specialorindirectdamagesarisingfromuseoftheinformation.Thereisnowarrantyoranykind,expressorimplied,regardingtheinformation.

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SECTION 6 / ACCESS AND USE OF THE TRADING FACILITY AND/OR SECURE ACCESS WEBSITE - CONTINUED

SECTION 7 / DEALING BETWEEN THE COMPANY AND CLIENT

7. DealingbetweentheCompanyandClient

7.1 InaccordancewiththeseTerms,theClientmayrequestaquotation,providetheCompany(oranyofitsAssociatedCompaniesand/orAgentswheresopermittedbytheCompany)withInstructionsorotherwisetradewiththeCompanyasfollows:

a) allrequestsforquotations,InstructionsforexecutionofTransactionsbetweentheClientandtheCompanyandothertrademattersmustbegiventotheCompanyfacetoface,electronicallythroughtheTradingFacilityorbytelephoningtheCompany(oranAssociatedCompanywhowillreceiveandtransmittheClient’sInstructionstotheCompany).

b) anInstructionwillbecomeavalidOrderonacceptancebytheCompanyinaccordancewithclause7.3.

c) inarrangingtheexecutionofOrdersfollowingInstructionsplacedbytelephone,theCompanyactswillactinanAgentcapacityontheClient’sbehalf.

d) withoutprejudicetoclause7.1(c),theCompanywillactasPrincipaltotheClient’stransactionsarrangedbytheCompanyanditsemployees.

e) thecharges,remunerationandcommissionreceivablebytheCompanyassetoutintheRateCard,willnotdifferbecauseoftheClient’sinteractionswiththeCompany.

f) theCompanywillonlyacceptInstructionsbytelephoneduringspecifiedhours,whichwillbenotifiedtotheClientfromtimetotime.

g) theCompanymayimposemorerestrictivetimelimitsonwhenInstructionsmaybegiven.

h) theCompanywillnotacceptInstructionsleftbywayofanansweringmachineorfacsimile.

i) withrespecttodealingviatelephone,alltelephonecallswiththeCompanyarerecordedforthepurposesoffraudpreventionandqualitycontrol.ByagreeingtotheseTerms,theClientconsentsandagreestotherecordingofsuchtelephoneconversationsbytheCompany.

7.2 VerbalquotesprovidedbytheCompany(oranyofitsAssociatedCompaniesorAgentswherepermitted)areindicativeonly.Suchquotationsareprovidedforinformationpurposesonlyanddonotconstituteanoffertobuyorsellanyproductorinstrumentatthatprice.WheretheClientplacesanOrderfollowingaquotation,theCompanyshallconsiderthattheClientisplacinganOrderattheCompany’sthenofferedrate.TheClientacknowledgesthatsuchratemaydifferfromthequotationprovidedbytheCompany.

7.3 AnyInstructionshallonlybedeemedtohavebeenreceivedandshallonlythenconstituteanOrderwhensuchInstructionhasbeenrecordedbytheCompanyandconfirmedbytheCompanytotheClientorallyorthrough

6.5 AccesstotheTradingFacilityorSecureAccessWebsiteisprovided“asis”.TheCompanymakesnowarranties,expressorimpliedrepresentationsorguaranteesastothemerchantabilityand/orfitnessforanyparticularpurposeorotherwisewithrespecttotheTradingFacilityorSecureAccessWebsite,theircontent,anydocumentationoranyhardwareorsoftwareprovided.TechnicaldifficultiescouldbeencounteredinconnectionwitheithertheTradingFacilityorSecureAccessWebsiteandtheinternetmaybeinterruptedthroughnofaultoftheCompany.Thesedifficultiescouldinvolve,amongothers,failures,delays,malfunction,softwareerosionorhardwaredamage,whichcouldbetheresultofhardware,softwareorcommunicationlinkinadequaciesorothercauses.Suchdifficultiescouldleadtopossibleeconomicand/ordataloss.

6.6 TheCompanygrantsyouanon-exclusive,non-transferablelicensetousethesoftwareprovidedviaaccesstotheTradingFacilityandtheSecureAccessWebsite,buttitletothesoftware(includingallpatents,copyrightsandtrademarks)isnottransferred.Youagreenottosell,exchangeortransferthesoftwaretoanythirdparty.Youagreenottocopy,modify,translate,decompile,reverseengineer,disassembleorreducetohumanreadableform,

oradaptthesoftwareoruseittocreateaderivativework,unlessauthorisedinwritingbytheCompany.

6.7 InnoeventwilltheCompany,anyAssociatedCompany,oranyoftheiremployeesbeliableforanypossibleloss,costordamagewhichmightoccurasaresultoforarisingoutofusing,accessing,installing,maintaining,modifying,de-activating,orattemptingtoaccesseithertheTradingFacilityorSecureAccessWebsiteorotherwiseexceptwheresuchlossesarecausedbytheCompany’snegligenceorbreachofcontract.

6.8 TheCompanymaychangethecontent,presentation,performance,userfacilitiesandavailabilityofanypartoftheTradingFacilityandSecureAccessWebsiteatanytime.

6.9 Wewilldoourbesttotakeallreasonablestepstoprotectyourpersonalinformationbutcannotguaranteethesecurityofanyinformationyouprovideonline.YouacceptthesecurityimplicationofpassinginformationovertheinternetandagreetoaccessourTradingFacilityandSecureAccessWebsiteatyourownrisk.YouagreethattheCompanywillhavenolegalresponsibilityforanymistakes,missinginformationorbreaksinsecuritybeyondourreasonablecontrol.

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SECTION 7 / DEALING BETWEEN THE COMPANY AND CLIENT - CONTINUED

theTradingFacility.AnOrdershallnotconstituteabindingTransactionbetweentheCompanyandtheClient(evenifacceptedbytheCompany)nordoesacceptanceoftheOrderconstitutearepresentationthattheCompanywillexecutetheOrder.AbindingTransactionbetweentheClientandtheCompanywillonlyoccurwhenanOrderisexecuted,recordedandconfirmedbytheCompanytotheClientthroughtheTradingFacility,tradeConfirmationand/orAccountStatement.WhenInstructionsaregivenoverthetelephone,theCompanyoritsaffiliatesandagentsshallacknowledgethereceptionoftheInstructionsorallyorinwriting,asappropriate,suchacknowledgementshallconstitutetheacceptanceofavalidOrder.

7.4 TheCompanyshallbeentitledtorelyuponanyInstructiongivenorpurportingtobegivenbytheClientoranyotherpersonontheClient’sbehalfwithoutfurtherenquiryastothegenuineness,authorityoridentityofanysuchpersongivingorpurportingtogivesuchInstructions.

7.5 Unlessotherwisedirected,theCompanywillselectthemarket/dealertowhichtorouteyourorders.Forproductstradedatmultiplemarkets,theCompanymayprovide“SmartRouting”,whichseeksthebestmarketforeachorderthroughacomputerisedalgorithm.YoushouldchooseSmartRoutingifavailable.Ifyoudirectorderstoaparticularmarket,youassumeresponsibilityforknowingandtradinginaccordancewiththerulesandpoliciesofthatmarket(e.g.tradinghours,ordertypes,etc.).TheCompanycannotguaranteeexecutionofeveryOrderatthebestpostedpriceas:(i)theCompanymaynotaccesstoeverymarket/dealer;(ii)otherordersmaytradeahead;(iii)marketcentersmaynothonourpostedpricesormayre-executeordersformanualhandling;or(iv)marketrules,decisionsofsystemfailuresmayprevents/delayexecutionofyourOrdersorcauseanOrdernottoreceivethebestprice.

7.6 OrdersmaybeplacedasMarketOrderstobuyorsellassoonaspossibleatthepriceobtainablebytheCompany,oronselectedproductsasLimitOrdersandStopOrderstotradewhenthepricereachesapre-definedlevel.LimitOrderstobuyandStopOrderstosellmustbeplacedbelowthethencurrentpriceofferedbytheCompany,andLimitOrderstosellandStopOrderstobuymustbeplacedabovethethencurrentpriceofferedbytheCompany.Ifthebidpriceforsellordersoraskpriceforbuyordersisreached,theOrderwillbefilledassoonaspossibleatthepricethenofferedbytheCompany.LimitOrdersandStopOrdersareexecutedconsistentwiththeCompany’sExecutionPolicyandarenotguaranteedexecutableatthespecifiedpriceoramount,unlessexplicitlystatedbytheCompanyforthespecificOrder.

LimitOrders,StopOrdersandMarketOrdersshallbesubjecttothefollowingterms:

a) theCompanywilltrytoexecuteLimitOrders,Stop

OrdersandMarketOrdersassoonaspracticablebutmarketconditions,availableliquidityandtechnologicalissuescanaffectthetimeittakestoexecutesuchordersandallordersareexecutedindueturn.TheCompanycannotguaranteethataLimitOrderoraStopOrderwillbeexecutedevenifthelimitorstoppriceisreached.TheCompanydoesnotacceptanyliabilityforanyactualorpotentiallosstheClientmaysufferifthereisadelayinexecutionexceptwheresuchlossiscausedbytheCompany’snegligence,breachofcontractorfraud;and

b) marketconditions,availableliquidityandtechnologicalissuesmayresultintheexecutionofaStopOrderbeingatapriceaboveorbelowthestopprice.TheCompanydoesnotacceptanyliabilityforanyactualorpotentiallosstheClientmaysufferiftheexecutionofaStopOrderoccursatapriceaboveorbelowthestoppriceexceptwheresuchlossiscausedbytheCompany’snegligence,breachofcontractorfraud.

7.7 Youacknowledgethattradinganyproductonaforeignmarketisspeculativeandinvolveshighrisk.Therearealsoarespecialrisksassociatedwithtradingoutsideordinarymarkethours,includingtheriskoflowerliquidity,highervolatility,changingprices,un-linkedmarkets,postinstructionnewsannouncementaffectingpricesandwiderspreads.

7.8 TheCompanymay,atitssolediscretionrefusetoacceptanyInstructionfromtheClient,withoutgivinganyreasons.Additionally,theCompanymayrefusetoexecuteanyOrderwithorwithoutreason,andtheCompanymaycancelanyOrderpreviouslygivenbytheClient,andacceptedbytheCompany,providedthattheCompanyhasnotactedontheClient’sOrder.Insuchcircumstances,theCompanywillnotifytheClientassoonasreasonablypracticableandusereasonableendeavourstoworkwiththeClienttoamendorchange(asthecasemaybe)anysuchInstructionsoastocreateanexecutableOrderandabindingTransaction.

7.9 TheCompanycannotacceptresponsibilityforanyactualorpotentialfinancialloss(including,fortheavoidanceofdoubt,losscausedbymarketmovements)thatmayariseiftheClientisunabletocontacttheCompanytoplaceanOrderand/orcloseanOpenPositionbyanyoftheagreeddealingmethods,exceptwheresuchinabilityiscausedbytheCompany’snegligence,breachofcontractorfraud.

7.10YourepresenttotheCompanythatyouareknowledgeableof,andabletoassume,therisksassociatedwithanytradingactivityundertakenbyyou.YoufurtherrepresentandacknowledgethatyouarenotrelyingontheCompanyforanyinvestmentadviceinrespecttoyourtradingactivityandthatyouhave,wherenecessaryandasyoudeemappropriate,takenindependentprofessionaladvice.

7.11TheCompanydoesnotprovideTransactionsinOTCinstrumentstoRetailClients.

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8. Margin

8.1 TotheextentthatyouenterintoanyTransactionormaintainanyOpenPositionsthattheCompany,initssoleandabsolutediscretion,determinescarriesaMarginRequirement,youwillondemand(i)providesuchinitialand/orvariationMarginasisdeterminedbytheCompany,initssoleandabsolutediscretion,tomeetsuchMarginRequirement;and(ii)atalltimesmonitoryourAccounttoensurethatsufficientMarginisheldbytheCompanytosatisfysuchMarginRequirement.WereservetherighttovarytheamountandtypeofMarginrequiredatoursoleandabsolutediscretionandyouacknowledgethattheMarginRequirementmay,inoursoleandabsolutediscretion,beinexcessofthemarginrequirementofanyexchange,clearinghouseorregulatorinrespectoftheTransactionsand/orOpenPositionsconcerned.

8.2 YouacknowledgethattheCompanyisnotrequiredtoissueademandforMarginanddoesnothavetonotifyyouofyourfailuretomeetormaintainyourMarginRequirementpriortoexercisingitsrightsunderthisAgreement.

8.3 YouacknowledgethatifyourAccounthasinsufficientMargintomeettheMarginRequirements,orisotherwiseindeficit,theCompanyhastheright,initssoleandabsolutediscretion,butnottheobligation,toconsiderthataMarginLiquidationEventhasoccurredand,withoutpriornoticetoyounoranydemandforfurtherMargin,toexerciseitsrightsunderclause17.2tosatisfytheMarginRequirement,removeanyAccountdeficitand(atitsoptionactingingoodfaithandinitssoleandabsolutediscretionifitconsidersitnecessaryforitscontinuedprotection)providesuchadditionalMarginastheCompanyconsidersprudenttomaintaintheMarginRequirementsoverthenextthree(3)BusinessDays.Fortheavoidanceofdoubt,shouldtheCompanydetermineinitssoleandabsolutediscretionthatexercisingitsrightsunderaMarginLiquidationEventwillnotbesufficienttosatisfyyourongoingMarginRequirements,theCompanymayatanytimedeclareanEventofDefaultpursuanttoclause17.1f)andexerciseallitsrightsundertheseTerms.

8.4 IntheeventofaMarginLiqudiationEvent,youshallbeliableandwillpromptlypaytheCompanyforanydeficienciesinyourAccountthatarisefromsuchliquidationsand/orcloseouts.TheCompanyshallhavenoliabilitytoyouforanylosssustainedbyyouinconnectionwiththeexerciseofitsrightsunderaMarginLiquidationEvent(orifthetheCompanydelayseffecting,ordoesnoteffectsuchliquidationsandcloseouts)evenifyoure-establishcertainofliquidatedand/orclosedoutOpenPositionsand/orTransactionsataworseprice.

8.5 Withoutprejudicetoclauses8.2and8.3above,theCompanymaychoose(forwhateverreason)toissueademandforMargin.AnydemandforMarginmade(i)priorto12.00pm(noon)LondontimeonanyBusinessDaymustbemetby17:00pmLondontimeonthesameBusinessDay,and(ii)after12:00pm(noon)Londontimemustbemetby12:00pm(noon)LondontimeonthenextfollowingBusinessDay.WheretheCompanyhasissuedademandforMargin,theCompanyagreesthatitmaynottakeanyactionunderclause8.3aboveuntiltherelevantdeadlinefordeliveryofMarginpursuanttothisclause8.4haselapsedandyouhavefailedtodeliverMargintomeettheMarginRequirementUNLESStheCompanygivestheClienteffectivepriornoticeinaccordancewithclause25.3c),d)ande).

8.6 IftheamountofMarginheldbyusisgreaterthantheamountweinourabsolutediscretionrequire,wewillreturntoyouanyexcessMarginintheformofcash,equivalentsecuritiesand/orothercollateral,aswedetermine.

8.7 OntheterminationoftheTermsinaccordancewithclause22(SuspensionandTermination)andfollowingtheapplicationofanyMarginheldbyusinsatisfactionofyourobligationsandliabilitiestous,iftherearenooutstandingTransactionsgovernedbytheseTermsandwedetermineatoursolediscretionthatwearenotatlossorriskoflossonpresent,futureorcontemplatedTransactionsundertheTerms,wewillreturntoyouanyremainingMarginintheformofcash,equivalentsecuritiesand/orothercollateralaswedetermine.

8.8 AllMarginheldbyusshallbeheldpursuanttotheClientMoneyRulesortheCustodyRules(asappropriate)assetoutintheTermsandsubjecttotheSecurityInterest.

SECTION 8 / MARGIN

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SECTION 9 / TRADING CONFIRMATIONS AND ACCOUNT STATEMENTS

9. TradingConfirmationsandAccountStatements

9.1 TheCompanywillprovidetheClientwithgeneralAccountinformationthroughtheTradingFacilityand/orSecureAccessWebsite.AccountinformationwillusuallyincludeConfirmationswithticketnumbers,purchaseandsalerates,usedMargin,amountsavailableformargintrading,statementsofprofitsandlosses,currentopenandpendingpositionsandanyotherinformationasrequiredbytheFCARules.

9.2 TheClientacknowledgesandacceptsthatthepostingofConfirmationswithintheAccountinformationwillbedeemeddeliveryoftradingConfirmationsbytheCompanytotheClient.TheClientmayrequestreceiptofConfirmationsinhardcopyorviaemailatanytimebysubmittingawrittenrequesttotheCompany’sComplianceOfficerbyemailto(compliance@iticapital.com).Confirmationsshall,intheabsenceofmanifesterror,beconclusiveandbindingontheClient,unlesstheClientnotifiestheCompanyofitsrejectioninwritingwithinfiveBusinessDaysof:

a) theCompany’spostingoftheConfirmationwithintheTradingFacilityand/orSecureAccessWebsite(wheretheClienthasnotelectedtoreceivetradeconfirmationsinhardcopyorviaemail);or

b) receiptbytheClientoftheConfirmationeitherinhardcopyorviaemail(wheretheClienthaselectedtoreceiveConfirmationsinhardcopyorviaemail)pursuanttoclause24.3;or

c) iftheCompanynotifiestheClientofanerrorintheConfirmationwithinthesameperiod.

9.3 ThroughtheTradingFacilityand/orSecureAccessWebsite,theClientcangenerateand/oraccessdaily,monthlyand/oryearlyreportsofitsAccount.TheprovisionofAccountinformationcoupledwiththeClient’sabilitytogeneratesuchreportswillbedeemeddeliveryofAccountStatementsbytheCompanytotheClient.TheClienthasanobligationtogenerateitsownAccountStatementatleastonceamonth,tobedoneonthefirstdayofeachmonthfortheprecedingmonth.TheClientmayrequestreceiptofAccountStatementsinhardcopyorviaemailatanytimebysubmittingawrittenrequesttotheCompany’sComplianceOfficerbyemailat(compliance@iticapital.com).AccountStatementsshall,intheabsenceofmanifesterrororgrosslyobviousinaccuracies,beconclusiveandbindingontheClient,unlesstheClientnotifiestheCompanyofitsrejectioninwritingwithinfiveBusinessDaysof:

a) thefirstdayofeachmonth(suchrejectiontopertaintothepreviousmonthinaccordancewiththeClient’sobligationsunderthisclause9.3)(wheretheClienthasnotelectedtoreceiveAccountStatementsinhardcopyorviaemail);or

b) receiptbytheClientoftheAccountStatementeitherinhardcopyorviaemail(wheretheClienthaselectedtoreceiveAccountStatementsinhardcopyorviaemail)pursuanttoclause24.3;or

c) iftheCompanynotifiestheClientofanerrorintheAccountStatementwithinthesameperiod.

SECTION 10 / COMMISSIONS, CHARGES, AND OTHER COSTS

10. Commissions,Charges,andOtherCosts

10.1TheClientshallbeobligedtopaytotheCompanythecommissionsandchargessetoutintheRateCard,andanyadditionalcommissionsandchargesnotifiedtotheClientbytheCompanyfromtimetotimewhetherintheRateCardornotprovidedthatagreementtoanysuchadditionalcommissionsandchargeshasbeenobtainedfromtheClient.TheRateCardisavailableontheCompany’swebsiteandwillbesuppliedtotheClientondemand.

10.2TheCompanyshall,onnotice,beentitledtodemandthatthefollowingexpensesbepaidseparatelybytheClient:

a) allextraordinarydisbursementsresultingfromtheclientrelationship(e.g.telephone,telefax,courier,andpostalexpensesincaseswheretheClientrequestshardcopyConfirmations,AccountStatementsetc.whichtheCompanycouldhavedeliveredinelectronicform);

b) anyexpenses,orchargesorpenaltiesincurredbytheCompanycausedbytheClient’snon-performanceofitsobligationsundertheseTerms;and

c) administrationfeesinconnectionwithsecuritydeposits,andanyexpensesoftheCompanyinrelationtoapledge,ifprovided,includinganyinsurancepremiumpayments.

10.3UnlessspecifiedotherwiseintheTerms,allamountsproperlyduetotheCompany(orAgentsusedbytheCompany)undertheTermsshallbedeductedfromanymoniesheldbytheCompanyfortheClientwithoutnoticeordemandandshallnotbetreatedasClientMoneyforthepurposesoftheFCARules.

10.4IftheCompanyreceivesorrecoversanycommission,cost,expense,feeoranyotheramountinrespectofaClient’sobligationsundertheseTermsinacurrencyotherthanthatinwhichtheamountwaspayable,whetherpursuanttoajudgmentofanycourtorotherwise,theClientshallcompensatetheCompanyandnotholdtheCompanyresponsibleforanycost(includingcostsofconversion)andlosssufferedbytheCompanyasaresultofreceivingsuchamountinacurrencyotherthanthecurrencyinwhichitwasdue.

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SECTION 11 / PAYMENT AND WITHDRAWAL

11. PaymentandWithdrawal

11.1TheClientagreestocomplywiththefollowingwhenmakingpaymentstotheCompanyundertheseTerms:

a) paymentsdue(includingdeposits)willberequiredinPoundsSterling,UnitedStatesDollars,Euros,oranyothercurrencyreasonablyspecifiedbytheCompanyandagreedwiththeClientfromtimetotime;

b) theClientmaymakeanypaymentduetotheCompany(includingdeposits)byabanktransferoranyothermethodspecifiedbytheCompanyfromtimetotime.UnlessotherwiseagreedbetweentheCompanyandtheClient,theCompanywillnotacceptpaymentsordepositsintheformofcash;

c) theClientisresponsibleforallthirdpartyelectronic,telegraphictransferorotherbankfeesinrespectofpaymentaswellasanyfeesorchargesimposedbytheCompany,whichmaybebasedontheelectedpaymentmethod.AnyfeesorchargesimposedbytheCompanywillbelistedontheRateCard;

d) ifanypaymentisnotreceivedbytheCompanyonthedatesuchpaymentisdue,then(withoutlimitationofanyotherrightstheCompanymayhave)theCompanywillbeentitledtochargeinterestontheoverdueamount(bothbeforeandafterjudgment)attheinterestrateprescribedintheRateCardfromthedatepaymentwasdueuntiltheactualdateofpayment;

e) anypaymentmadetotheCompanywillonlybedeemedtohavebeenreceivedwhentheCompanyreceivesclearedfunds;and

f) theClientbearstheresponsibilitytoensurethatpaymentsmadetotheCompanyarecorrectlydesignatedinallrespects,specifyingwithoutlimitationtheClient’sAccountdetailswhererequiredbytheCompany.

11.2TheClientwillbeaskedtodesignateaBaseCurrencyforitsAccountwhichshalleitherbePoundsSterling,UnitedStatesDollars,EurosoranyothercurrencyagreedwiththeCompanyfromtimetotime.TheClientandtheCompanymayagreetoestablishoneofmoreCurrencySub-AccountsforthepurposeofholdingcurrenciesotherthantheBaseCurrencyintheAccountfromtimetotime.WheretheClientwishestodepositfundsinitsAccountinacurrencyotherthanitsdesignatedBaseCurrencyoranycreditistobeappliedtotheAccountinacurrencyotherthantheClient’sdesignatedBaseCurrencybyreasonofaTransaction,feeorotherwise,andincircumstancewheretheClinetdoesnothaveaCurrencySub-Accountsetuptoholdtherelevantcurrency,theCompanywillconvert(attheClient’scost)suchfundsintotheClient’sBaseCurrencyatthetimeofthecreditorareasonabletimethereafterunlesstheCompanyacceptsalternativeInstructionsfromtheClient.

11.3WheretheClienthasapositivebalanceinitsAccount,theClientmayrequestawithdrawalfromtheCompany,foranyportionofthepositivebalance.TheCompanymayatitssoleandabsolutediscretionwithhold,deductorrefusetomakeapayment(inwholeorinpart)duetotheClientwhere:

a) theClienthasOpenPositionsontheAccountshowingaloss;

b) therequestedpaymentwouldreducetheClient’sAccountbalancetolessthantheMarginRequirementfortheClient’sOpenPositions;

c) theCompanyreasonablyconsidersthatfundsmayberequiredtomeetanycurrentorfutureMarginRequirementonOpenPositionsduetounderlyingmarketconditions;

d) theClienthasanyactualorcontingentliabilitytotheCompany,itsassociatesoranyGroupEntity;

e) theCompanyreasonablydeterminesthatthereisanunresolveddisputebetweentheCompanyandtheClientrelatingtotheseTermsoranyotheragreementbetweenthem;and/or

f) theClientinstructstheCompanytopayathirdpartyfromitsAccount.

11.4AllpaymentsfromtheClient’sAccountshallbemadeintheformofareturnpaymentbybanktransfer.

11.5AllpaymentsfromtheClient’sAccountwillbemadeintheBaseCurrencyofthatAccountorinthecurrencyoftherelevantTransactionfee,commissionorchargeattheCompany’ssoleandabsolutediscretion,unlesstheClientandtheCompanyagreeinadvancethatsuchpaymentshouldbemadeinadifferentcurrency.WheretheClientandtheCompanyagreethatsuchpaymentshouldbemadeinadifferentcurrency,andtheClientdoesnothaveasufficientcreditbalanceinaCurrencySub-Accountdesignatedinthatdifferentcurrencytosatisfythepaymentobligation,theCompanywill(attheClient’scost)convertallorpart(asthecasemaybe)oftherelevantpaymentamountfromtheBaseCurrencytothethenagreedcurrencyforpayment.

11.6TheCompanyreservestherighttoconvert(attheClient’scost)anyorallcreditsand/ordebitsstandingtotheClient’sAccount,irrespectiveofthecurrencyofsuchcreditordebit,intotheClient’sBaseCurrencyatanytimewithoutnoticetotheClientsavewherethe(i)theClientandtheCompanyhaveagreedtheuseofCurrencySub-AccountsaspartoftheClient’sAccountand/or(ii)theothercurrencybalanceistheresultoftheClientandCompanyhavingenteredintoaSpotFXTransactionasdefined,andfurtherdescribed,inPartIVoftheAnnextotheseTerms.

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SECTION 11 / PAYMENT AND WITHDRAWAL - CONTINUED

11.7WhenevertheCompanyconductscurrencyconversions,theCompanywilldosoatsuchreasonablerateofexchangeastheCompanyselects.TheCompanyshallbeentitledtoaddamark-uptotheexchangerates.Theprevailingmark-up,ifany,isdefinedintheRateCard.

11.8TheCompanyandtheClientmayagreefromtimetotimethatclauses11.2and11.5shallnotapplytotheClient.WheretheCompanyandtheClientsoagree,theClientwillhavethefacilitytoholddebitsandcreditsinmultiplecurrencieswithintheAccountsubjecttothefollowing:

a) allfundstransferredintotheClient’sAccount(byeithertheClientortheCompany)willremaininthecurrencyoftransferunlesstheCompanyacceptsalternativeInstructionsfromtheClient.WheretheCompanyacceptsalternativeinstructions,theCompanywillconvert(attheClient’scost)suchfundsintothecurrencyoftheClient’schoice.

b) allpaymentsfromtheClient’sAccountwillbemadeinthecurrencyofthepaymentobligationunlesstheClientandtheCompanyotherwiseagree.WheretheClientdoesnotholdtherelevantcurrencyforpaymentandtheClientandtheCompanydonotagreetoconvertalloraportionoftheClient’sfundstomeetthepaymentobligation,theCompanywillchargetheClient’sAccountwithafloatingdebitintheamount

andcurrencyoftherelevantpaymentobligation.ThefloatingdebitwillaccrueinterestattherelevantrateprescribedintheRateCard.ItistheClient’sresponsibilitytoextinguishthisobligationbyeitheraskingtheCompanytoconvert(attheClient’scost)availablefunds,ortotransfersufficientfundsintherelevantcurrency.UntiltheClienttakessuchaction,theCompanywillcontinuetochargeinterest.WheretheClienthassuchfloatingdebitbalancesonitsAccount,theCompanywillnotallowtheClienttoenterintoTransactionswithitsavailablefundsinexcessofthenetbalance(availablefundslessfloatingdebitobligationsattheCompany’selectedrateofexchange).

c) theprovisionsofthisclause10.8shallnotrestricttheCompany’srightsatclauses10.6and11.4oranyotherrightsofset-offotherwisepermittedbytheTerms.TheClientshouldbeawarethattheCompanycanexerciseitsrighttoconvertalldebitsandcreditsintotheClient’sBaseCurrencyatanytimeandforanyreasonirrespectiveoftheprovisionsofthisclause10.8.

11.9UnlesstheCompanyprovidestheClientwithwrittennoticetothecontrary,allpaymentsanddeliveriesbytheCompanytotheClientwillbemadeonanetbasisandtheCompanyshallnotbeobligedtodeliverormakepaymenttotheClientunlessanduntiltheClientprovidestheCompanywiththeappropriatedocumentsorclearedfunds.

SECTION 12 / SECURITY INTEREST AND RIGHTS OF SET OFF

12. SecurityInterestandRightsofSetOff

12.1Ascontinuingsecurityforthepaymentanddischargeofallyourpaymentandotherresponsibilitiestous,youherebycharge,bywayoffirstfixedchargeinfavouroftheCompanyandanyGroupEntity,theCustodyAssets,yourClientMoneyandallofyourrights,titleorinterestin,toorunderanycontractwiththeCompanyoranyGroupEntitywhetherarisingpriortothedateoftheseTermsorthereafterandwhetherliquidated,unliquidated,fixed,contingent,matured,unmatured,disputed,undisputed,legal,equitable,financial,physical,securedorunsecured.

12.2TheSecurityInterestshallremaininfullforceandeffectbywayofcontinuingsecurityandshallnotbeaffectedinanywaybyanysettlementofaccountandshallbeinadditiontoanyothersecurity,guaranteeorindemnitynoworhereafterheldbytheCompanyoranyGroupEntityinrespectofyourresponsibilitiesundertheTerms.

12.3YouherebyauthorisetheCompanyatanytimeaftertheoccurrenceofanEventofDefaultto:

a) sellorotherwiserealisealloranyoftheCustodyAssetsinsuchmanner,atsuchtimeortimesandtosuchpersonorpersonsastheCompanyinitsabsolutediscretionthinksfit;and

b) applytheproceedsofsaleinortowardsdischargeofyourresponsibilitiestousinsuchmannerandorderastheCompanythinksfit.

TheCompanywillusereasonableendeavourstoobtainthebestpriceavailableinallthecircumstancesforsalesorrealisationofCustodyAssets.

12.4WithoutprejudicetotheCompany’srighttorequirepaymentfromtheClientinaccordancewiththeseTerms,theCompanywillhavenoobligationtocarryoutitsresponsibilitiestopaymoneyordeliverassetstoyouifyouhavenotmetyourresponsibilitiestopaymoneyordeliverassetstotheCompany.Insuchcircumstances,theCompanymaysetoffanymoneyyouoweusagainstanymoneyweoweyouandpaytoyouonlytheexcess.Inaddition,undergenerallaw,wehavetherighttouseanycreditbalancethatyouhaveinanyaccount(includinganyjointaccountheldwiththeCompanyoranyGroupEntityinwhichyouhaveaninterest)tooff-setorrepayanydebitbalancewhichyouoweus(whetherinyoursolenameorinanyjointaccountheldwiththeCompanyoranyGroupEntityinwhichyouhaveaninterest).Whereweexerciseourrightsunderthisclause11.4,wewillhavenofurtherresponsibilitiestoyouunderthisclauseandforthispurposewemayvalueourpaymentrequirementsingoodfaithbutinoursolediscretion.

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SECTION 13 / CLIENT MONEY

SECTION 14 / CLIENT ASSETS

13. ClientMoney

13.1Subjecttoclauses14.7and14.11,wewillholdyourmoneyasClientMoneyinaclientbankaccount,setupwithstatutorytruststatus.Thismeanswewillseparateyourfundsfromourfundsatabank,inaccordancewiththeFCARules.Wemayholdyourmoneywithotherclients’moneyinapooledaccount,whichhasbeennamedasaclientbankaccount.Thismeansthatweholdclientmoneyaspartofacommonpoolofmoney,soyoudonothaveaclaimagainstaspecificamountinaspecificaccount.Youwouldmakeyourclaimagainsttheclientmoneypoolingeneral.Ifanybankweuseweretofailforanyreason,youwouldshareapercentageoftheshortfalldependingonyouroriginalshareoftheassetsinthepool.Pooledpropertymaybeusedfortheaccountofanyoftherelevantclients

13.2Wewillpromptlyplaceyourmoneyintooneormoreaccountsopenedwithacentralbank,anEEAcreditinstitutionorabankauthorisedinanothercountry,orinaqualifyingmoneymarketfund.Thoseaccountswillbeidentifiedseparatelyfromanyaccountsweusetoholdmoneyweown.Wemaypassyourmoneytoanotherorganisation(forexample,anexchange,intermediatebroker,over-the-counterorganisationorclearinghouse)toholdorcontrolsowecancarryoutaTransactionthroughorwiththatpersonortomeetyourresponsibilitytoprovideMarginforaTransaction.Intheabsenceofournegligence,wewillhavenoresponsibilityforanyacts(orfailuretoact)ofanyotherorganisationwepassyourmoneyto.Thoseorganisationsmayhaveasecurityinterestoverorrighttousethatmoneyasaresultofanymoneyowedtothem.Theorganisationwepassyourmoneytomayholditina

generalaccountanditmaynotbepossibletoseparateitfromourmoney,ortheirmoney.Iftheorganisationbecomesinsolvent,wewillonlyhaveanunsecuredclaimagainsttheorganisationonyourandourotherclients’behalf.Yourealisethatthismeanstheotherorganisationmaynotpayusenoughmoneytocovertheclaimsofyouandallotherclients.

13.3Wemaypassyourmoneytoanintermediatebroker,settlementagentororganisationwhichmaybebasedoutsidetheEEA.Inthesecircumstances,thelawandapplicableregulationstothebank,broker,agentororganisationholdingyourmoneywillbedifferentfromthatoftheUKorotherEEAstates.Ifthebank,broker,agentororganisationisunabletoreturnyourmoney,itmaybetreateddifferentlyfromthepositionwhichwouldapplyifthemoneywasinanEEAstate.

13.4WhereanyobligationsowingtotheCompanyfromtheClientaredueandpayabletous,wemay,inaccordancewiththeClientMoneyRules,ceasetotreatasClientMoneysomuchofthemoneysoheldasequalstheamountofthoseobligationsandyouagreethatwemayapplythatmoneyinortowardssatisfactionofallorpartofthoseobligationsdueandpayabletous.

13.5YouunderstandandagreethatwherepermittedbyandinaccordancewiththeClientMoneyRules,weareentitledtoceasetotreatunclaimedbalancesheldonyouraccountasclientmoney.

13.6Unlessotherwiseagreedinwriting,youagreethatyouarenotentitledtoandwillnotreceiveanyinterestontheClientMoneyheldbyus.

14. ClientAssets

14.1CustodyAssetswillbeheldorreceivedbyusinaccordancetheCustodyRulesandsubjecttoclause14.3belowweagreetoactascustodianortoarrangefortheCustodyAssetstobeheldincustody.Wherewedoso,wewillopen,orcausetobeopened,suchaccountsasarerequiredtosafeguardadequatelyyourownershiprightsinthosesecuritiesandotherassetsintheeventofourinsolvency,andtominimisethechanceoflossordiminutionofthoseassets.Wewillidentify,recordandholdallCustodyAssetsseparatelyfromanyofourowninvestmentsandotherassets,andinsuchawaythatwecanidentifytheCustodyAssetsatanytime.

14.2YouherebyauthoriseustoregisterorarrangetheregistrationofCustodyAssetsinanynamepermittedbytheCustodyRules.Normally,yourCustodyAssetswillbeheldinyournameorinthenameofaneligiblenominee.However,wherewearepreventedfromholdingyourCustodyAssetsinyournameorinthenameofaneligiblenominee,wemay,

wherepermittedbyandinaccordancewiththeCustodyRules,registerorrecordyourCustodyAssetsinthenameofathirdparty(including,withoutlimitation,acustodian).IntheeventwearepreventedfromholdingyourCustodyAssetsinthenameofathirdparty,wemay,wherepermittedbyandinaccordancewiththeCustodyRules,registerorrecordyourCustodyAssetsinourname.IfCustodyAssetsareheldinournameorthatofathirdparty,theCustodyAssetsmaynotbesegregatedfromourassetsorthoseofthethirdpartyand,intheeventofadefaultbyusorthethirdparty,maynotbeaswellprotectedfromanyclaimsbyourortheircreditors.

14.3CustodyAssetsregisteredorrecordedinthenameofanomineewillbepooledwiththoseofoneormoreofourotherclients.Intheeventofanirrecoverableshortfallfollowinganydefaultorfailurebythecustodianresponsibleforpooledinvestments,youmaynotreceiveyourfullentitlementandmayshareinthatshortfallproratatoyour

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SECTION 14 / CLIENT ASSETS - CONTINUED

originalshareoftheassetsinthepool.Whencorporateevents(suchaspartialredemptions)affectsomebutnotalloftheinvestmentsheldinapooledaccount,wewillallocatetheinvestmentssoaffectedtoparticularclientsinsuchfairandequitablemannerasweconsiderappropriate(whichmaywithoutlimitationinvolveprorataallocationoranimpartiallottery).

14.4WemayappointsubcustodianstoholdCustodyAssets,andsuchsubcustodianmaybeanyofourAssociatedCompanies.Thoseassetswillusuallybeheldinasingleaccountthatisidentifiedasbelongingtoourclientsandwewillidentifytheminourbooksandrecords.Thebroadeffectofthisisthatifthereisashortfallasaresultofthesubcustodiansufferingfinancialloss,youmayshareinthatshortfallwithotherclients,dependingontheamountofyourCustodyAssetsheldwiththesubcustodian.

14.5WewillonlydeposityourCustodyAssetswithapersoninanon-EEAjurisdictionwhichdoesnotregulatecustodyactivitiesif(i)thenatureofthefinancialinstrumentrequiresittobedepositedinsuchajurisdiction;or(ii)wereceiveapriorwritteninstructionfromyou.IfwedeposityourCustodyAssetswithapersoninanon-EEAjurisdiction,suchCustodyAssetsshallbesubjecttothelawofthatjurisdictionandyourrightsinrelationtothoseassetsmaydifferaccordingly,inwhichcasetheconsequencesofsodoingareentirelyatyourownrisk.

14.6Wewillclaimallamountsofanydividends,interest,paymentsoranalogoussumstowhichyoumaybeentitledinrelationtoCustodyAssetsandofwhichwearenotified,butweshallnotberesponsibleforclaiminganyentitlementorbenefityoumayhaveunderanyapplicabletaxationtreatyorarrangement.UnlessotherwiseagreedwithyouweshallnotberesponsiblefornotifyingyouofanyvotingrightsorotherpowersorrightsarisingorexercisableinrespectofanyCustodyAssetorforexercisingortakinganyactionsinrespectofthesame.

14.7IntheeventthatincomeintheformofdividendsisdeclaredbutnotpaidwithrespecttoanysecuritiesrecordedasbeingheldasCustodyAssets,wemay,inoursolediscretion,provisionallytreatasyourmoney,andthereforeasClientMoney,anamountequaltotheincomenotwithstandingthatwehavenotactuallyreceivedsuchamount.Youunderstandandagreethatif,foranyreason,wefailtoreceivetheincome,wemay,atanytimeinoursolediscretion,reverseanysuchcreditandstoptreatingitasyourmoneyandsubjecttotheClientMoneyrules.

14.8Inactingascustodianornominee,weacceptresponsibilityforallCustodyAssetsregisteredinthenameofournomineecompaniesorAssociatedCompanies.Whereweusesubcustodians,clearingagentsorotherdelegates(whoarenotAssociatedCompanies),wewillnotbeliableforanyactorfailuretoactorforthesolvency,ofanyofour

subcustodian,clearingagentsordelegatesunless,andtotheextentthat,wehavefailedtoexercisereasonableskill,careanddiligenceintheselectionandmonitoringofthesubcustodian,clearingagentordelegate.IfanyofthesepartiessufferseverefinanciallossorbecomesinsolventyoumaynotgetbackallyourCustodyAssets.Wewilldoallwereasonablycantorecoveranylossonyourbehalf.

14.9TheCompanyshallberesponsibleforthedurationofanysubcustodianagreementforsatisfyingitselfastotheongoingsuitabilityofthesubcustodiantoprovidecustodialservicesandshallmaintainanappropriatelevelofsupervisionofthesubcustodianandmakeappropriateenquiriesperiodicallytoconfirmthattheobligationsofthesubcustodiancontinuetobecompetentlydischarged.

14.10Intheeventthatweidentifyadiscrepancyasaresultof,orthatreveals,ashortfall(assuchtermisdefinedintheFCARules)withrespecttoyourCustodyAssets,andwedeterminethattheClientAssetRulesrequireustodoso,wewill,untilsuchtimeastherelevantdiscrepancyisresolved,holdforyouanamountofourownassetsand/ormoneyinaccordancewiththeClientAssetRulesandtheseTermstocoverthevalueofsuchshortfall.

14.11Youunderstandandagreethat:

a) wheremoneyorsecuritiesarethesubjectofadeliveryversuspaymenttransactionthroughacommercialsettlementsystem(a“DVPTransaction”)wemay,butwearenotrequiredto,holdtheseforyouinaccordancewiththeClientMoneyRulesorCustodyRulesduringtherelevantDVPPeriod;and

b) intheeventthataDVPTransactionfailstosettleduringtheDVPPeriod,ratherthanholdingtherelevantsecuritiesreceivedfromtheClient(andwhichareexpectedtosettle)inaccordancewiththeCustodyRules,theCompanymayelectinitssolediscretion,toholdsegregatedfortheClientanamountoftheCompany’sownmoneyequivalenttothevalueoftherelevantsecuritiesinaccordancewiththeClientMoneyRulesuntilsuchtimeastherelevantDVPTransactionssettles.

Forthepurposesoftheabove:

“DVPPeriod”meansinrespectoftherelevanttransaction,theperiodfrom(andincluding)thedayonwhichtheClientfulfilstherelevantpaymentordeliveryobligation(asapplicable)totheCompanyinrespectofsuchtransactionto(andincluding)theearlierof(a)thedayonwhichtherelevanttransactionsettlesand(b)thethirdBusinessDayfollowingthedayonwhichyoufulfilledtherelevantpaymentordeliveryobligation(asapplicable)totheCompany.,

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SECTION 15 / TAX

15. Tax

15.1TheCompanyshallnotprovideanyadvicetotheClientonanytaxissuerelatedtoanyServices.TheClientisadvisedtoobtainindividualandindependentcounselfromitsfinancialadvisor,auditororlegalcounselwithrespecttotaximplicationsoftherespectiveServices.

15.2TheClientisresponsibleforthepaymentofalltaxesthatmayariseinrelationtoitsTransactions.

16. ConflictsofInterest

16.1TheCompany,itsassociatesorAssociatedCompaniesmayhaveaninterest,relationshiporarrangementthatismaterialinrelationtoanyTransactionaffected,oradviceprovidedbytheCompanyundertheTerms.

16.2TheCompanyisrequiredtotakereasonablestepstoidentifyandmanageconflictsofinterestbetweentheCompanyanditscustomersaswellasconflictsofinterestbetweencustomersthatariseinthecourseoftheCompany’sprovisionofServices.TheCompanyoperatesinaccordancewithaConflictsofInterestPolicy,asummaryoftheCompany’sConflictsofInterestPolicyisavailableontheCompany’swebsite,oruponwrittenrequesttotheCompany’sComplianceOfficerbyemailtocompliance@iticapital.com.

16.3TheCompanyisundernoobligationto:

a) disclosetotheClientthattheCompany,itsassociatesorAssociatedCompanieshaveamaterialinterest

inaparticularTransactionwithorfortheClient,providedtheCompanyhasmanagedsuchconflictsinaccordancewithitsConflictsofInterestPolicy;

b) disclosetotheClientortakeintoconsiderationanyfact,matterorfindingwhichmightinvolveabreachofconfidencetoanyotherperson,orwhichcomestothenoticeofanyoftheCompany’sdirectors,officers,employeesoragents,wheretheindividual(s)dealingwiththeClienthavenoactualnoticeofsuchfact,matterorfinding;or

c) accounttotheClientforanyprofit,commissionorremunerationmadeorreceivedfromorbyreasonsofanyTransactionsorcircumstancesinwhichtheCompany,itsassociatesorAssociatedCompanieshaveamaterialinterestorwhereinparticularcircumstancesaconflictofinterestmayexist.

17. DefaultandDefaultRemedies

17.1EachofthefollowingshallconstituteanEventofDefault:

a) iftheClienthasfailedtomakeanypaymentortransfer(includingfollowingademandforMargin)whendueortheClientisinmaterialbreachofanypartoftheseTerms;

b) iftheClientfailstoremitfundsnecessarytoenabletheCompanytotakedeliveryunderanyTransactiononthefirstduedate;

c) iftheClientfailstoprovideassetsfordelivery,ortakedeliveryofassets,underanyTransactiononthefirstduedate;

d) theCompanyconsidersitnecessaryordesirabletopreventwhatisconsideredtobeormightbeanactbytheClientthatisaviolationofanylaws,ApplicableRegulations,orgoodstandardofmarketpractice;

e) iftheCompanyreasonablybelievesthatanymaterialinformationprovidedbytheClientwasuntrueatthetimeitwasgiven,oranymaterialinformationprovidedbytheClienthasbecomeuntruesincethetimethatitwasoriginallygivenandtheClienthasfailedtonotifytheCompanyofthesame,andtheClientknew,knowsorshouldhaveknownthatsuchinformationisbothmaterialandisorwasintendedtobereliedonbytheCompanyforanypracticalpurpose,includingbutnotlimitedto:(i)reasonsrelatingtotheCompany’sdeterminationofwhatServicesitshouldprovidetotheClient(ifany),and/or(ii)theoperationoforevaluationagainstcriteriaprovidedintheCompany’spublishedorunpublishedpoliciesorprocedures,and/ortheCompany’sobligationstocomplywithanylaws,rulesorregulations;or

f) iftheCompanyreasonablyconsidersitnecessaryforitsownprotectionortheprotectionofaGroupEntity

SECTION 16 /CONFLICTS OF INTEREST

SECTION 17 / DEFAULT AND DEFAULT REMEDIES

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SECTION 17 / DEFAULT AND DEFAULT REMEDIES - CONTINUED

(including,fortheavoidanceofdoubtbutwithoutlimitation,whereaMarginLiquidationEventhasoccurredandthereisnoreasonableprospectthattheactionstakencansatisfyyourongoingMarginRequirement);or

g) ifanyactionistakenoreventoccurs(including,fortheavoidanceofdoubtbutwithoutlimitation,abankruptcypetition,awinding-uppetitionoranadministrationorderorresolutionbeingpassedagainstyou)whichtheCompanyconsidersmighthaveamaterialadverseeffectontheClient’sabilitytoperformanyofitsobligationsundertheAgreement.

17.2UpontheoccurrenceofanEventofDefault,theCompanymay,initssoleandabsolutediscretion,takealloranyofthefollowingactions:

a) liquidateand/orcloseoutanyOpenPositionsandalloranyTransactionsatanytimeandinanymannerandthroughanymarketordealer;

b) cancelanyOrdersontheClient’sAccount;

c) prohibittheClientfromaccessingorusingtheClient’sAccount;

d) suspendaccesstotheTradingFacilityand/ortheSecureAccessWebsite;

e) suspendand/orinanywaylimitorrestricttheClient’sabilitytoplaceanyOrder,giveanyinstructionoreffectuateanyTransactioninrelationtotheClient’sAccount;

f) varytheMarginRequirementsapplicabletotheClient;

g) reverseanyTransactions(asiftheyhadneverbeenenteredintointhefirstplace)andtheeffectofsuchTransactionsontheClient’sAccount;

h) sellanyoralloftheClient’ssecurities,assetsandpropertywhichmayfromtimetotimebeinthepossessionorcontroloftheCompanyoranyGroupEntityoranyAgentsoftheCompanyorcallonanyguarantee.TherestrictionscontainedinSections93and103oftheLawofPropertyAct1925shallnotapplytotheseTermsortoanyexercisebytheCompanytoconsolidatemortgagesortheCompany’spowerofsale;

i) requiretheClienttocloseanyorallofitsOpenPositionsbyaspecifieddateselectedbytheCompany;

j) makeappropriatedeductionsorcreditsfromortotheClient’sAccount;

k) terminateanyServicesprovidedtotheClientfromtimetotime;

l) terminatethisAgreementimmediatelywithoutnotice,orwithnoticewithterminationoccurringonaspecifieddateselectedbytheCompany;

m) exercisetheCompany’srightofset-off;

n) modify,change,orswitch,withorwithoutnoticetotheClient:(i)theClient’sAccounttypeorsettingswithintheClient’sAccount(including,butnotlimitedto,anyMarginRequirementsorexecutionmodel);and/or(ii)thetermsoforparametersregardinganyServicestheCompanyprovidestotheClientfromtimetotime;and/or

o) paytotheClientthefairmarketvalueatthetimetheCompanyexercisessuchright,ofanyinvestmentsheldbytheCompany,anyGroupEntityoranyAgentsoftheCompany,insteadofreturningtotheClientinvestmentsequivalenttothosecreditedonitsAccount.

17.3TheClientauthorisestheCompanytotakeanyoralloftheactionsdescribedinclause16.2oftheseTermswithoutnoticetotheClientandacknowledgesthattheCompanyshallnotberesponsibleforanyconsequencesofitstakingsuchactions,unlesstheCompanyhasactednegligentlyorfraudulentlyinexercisingitsrightsfollowinganEventofDefault.TheClientshallexecutealldocumentsandtakeanyactionastheCompanymayrequestinordertoprotecttherightsoftheCompanyandanyGroupEntityundertheTermsorunderanyagreementtheClientmayhaveenteredintowithanyGroupEntity.

17.4IftheCompanyexercisesitsrightstosellunderclause17.2andfollowingapplicationoftheproceedsofsaleandanyotherrightstheCompanyhas,including,withoutlimitation,rightsunderanygenerallienandrightsofsetoff,andthereis:

a) ashortfall,theClientwillimmediatelypaytotheCompanyclearedandavailablefundsintheBaseCurrencytosatisfytheshortfall;or

b) anexcess,theCompanywillimmediatelypaytotheClientclearedandavailablefundsintheBaseCurrencyinordertosatisfytheexcessandclosetheClients’accounts.

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SECTION 18 / FORCE MAJEURE

18. ForceMajeure

18.1Neitherparty(noranyAssociatedCompanies)shallbeliableforanyfailure,delayoromissiontoperformanyoftheirobligationsordutiesifthefailurearisesfromanycauseorcausesbeyondtheircontrol,includingwithoutlimitation,actsofGod,actsorregulationsofgovernmentorotherauthorities,restrictionsontransferorconversion,requisitions,involuntarytransfers,war,fire,flood,explosions,civilcommotion,strikesorotherindustrialdisputes,powerfailure,failureoftelecommunicationslines,connectionorequipment,anyfailureordefectsinanyhardwareorsoftwareownedbytheCompanyorownedorsuppliedbythirdparties,oranyfailureofabroker,exchangeorclearinghouseforanyreasontoperformitsobligations(a“ForceMajeureEvent”).

18.2UpontheoccurrenceofaForceMajeureEvent,thepartiesshallusecommerciallyreasonableeffortstoresumeperformanceandeitherpartymaygivetheotherpartywrittennoticethataForceMajeureEventhasoccurred.UponoccurrenceofaForceMajeureEvent,alloftheparties’obligationstoeachotherundertheseTermsshallbeimmediatelysuspendedforthedurationofsuchForceMajeureEvent.

18.3UpontheoccurrenceofaForceMajeureEventthepartynotsufferingfromtheForceMajeureEventmayterminatetheAgreementafterthirty(30)calendardayswheretheForceMajeureEventispreventingsuchpartyfromperformingitsobligations.

19. ExclusionsandLimitationsofLiability

19.1NothingintheseTermsshallexcludeorrestrictanydutyorliabilityowedbytheCompanytotheClientundertheFinancialServicesandMarketsAct2000,theFCARulesoranyotherlegalrights(asamendedorreplacedfromtimetotime)youmayhaveinconnectionwiththeservicesweprovidetoyou.Apartfromtheforegoing,neithertheCompanynoritsdirectors,officers,employees,orAgentsshallbeliabletotheClientoranythirdpartyforanylosses,damages,costsorexpenses,lossofprofits,lossofgoodwillorreputation,lostdata,lossofuseoftheTradingFacility,businessinterruption,businessopportunity,costsofsubstitute,servicesordowntimecostsincurredorsufferedbytheClientundertheseTerms(includinganyTransactionorwheretheCompanyhasdeclinedtoenterintoaproposedTransaction)unlesssuchlossarisesdirectlyfromtheCompany’srespectivenegligence,breachofcontractorfraud.

19.2TheCompanydoesnotacceptliability:

a) for the performance or profitability of any transaction or investment activity undertaken by the client. you are wholly responsible for any investment decisions you make and for all instructions you provide to us;

b) for any loss that the client suffers in an event where any computer viruses, worms, software bombs, or similar items are introduced into the client’s computer hardware or software via the trading facility or secure access website, provided the company has taken reasonable steps to prevent any such introduction except where the company has acted negligently or in breach of contract;

c) for any loss that the client suffers for any breakdown or failure of any transmission or communication system or equipment or computer facility or trading software, whether belonging to the company or its associated companies, the client, any market, or any settlement or clearing system when the client trades online (via internet) or for any cause preventing the company from performing any or all its obligations except where the company has acted negligently or in breach of contract;

d) for any actions the company may take pursuant to its rights under these terms, including (for the avoidance of doubt but without limitation) in exercising its rights under a margin liquidation event or following an event of default, except where the company has acted negligently or in breach of contract;

e) for any losses or other costs or expenses of any kind arising out of or in connection with the placement of orders by the client or the execution of transactions with the company;

f) for any adverse tax implications of any transaction whatsoever;

g) by reason of any delay or change in market conditions before any particular transaction is affected; and

h) for communication failures, distortions or delays when using the trading facility except where the company has acted negligently or in breach of contract.

SECTION 19 / EXCLUSIONS AND LIMITATIONS OF LIABILITY

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SECTION 19 / EXCLUSIONS AND LIMITATIONS OF LIABILITY - CONTINUED

19.3NothingintheseTermswilllimittheCompany’sliabilityfordeathorpersonalinjuryresultingfromitsnegligence.

19.4InnoeventshalltheCompanybeliabletoyouoranythirdpartyfordamages,directorotherwise,inexcessofthelowerofeither(i)theamountpaidtousbyyouinrespectoftheServicesprovided,or(ii)£3million.Thislimitationiscumulative,andthesumofmultipleclaimsmaynotexceedthislimit.

19.5TheCompany,anditsemployeesandofficers,willnotinanycircumstancesbeliableforanyconsequentialloss,damageorliability(includingbutnotlimitedtolossofprofit)regardlessofwhetheritisawareofthelikelihoodofsuchloss,damageorliability.

SECTION 21 / AMENDMENTS

21. Amendments

21.1TheCompanywillnotifytheClientofanyproposedchangetotheTermsbysendingtheClientacopyoftheproposedchangesatleastthirty(30)calendardayspriortothechangesbecomingeffective,eitherbyemailorbypost,totheemailand/orpostaladdressmostrecentlynotifiedbytheClienttotheCompany.TheTermsarealwaysavailableinanuptodateformontheCompany’swebsiteorcanbeavailablebycontactingtheCompany.

21.2If,asaresultofchangestheCompanyproposestomake,theClientwishestoterminatetheAgreement,theClientmaydosoinaccordancewithclause22bysendingnoticetotheCompanywithintheperiodsetoutintheamendmentnoticeafterwhichthechangeswillbecomeeffective(whichwillbeatleastthirty(30)calendardays’).TheCompanywillnotchargetheClientfortransferringanyinvestmentsormoneyheldfortheClienttotheClientortoanythirdpartyiftheAgreementisterminatedunderthetermsofthisparagraph.

21.3WheretheClientwishestoterminatetheAgreementandwhere,afteraperiodoffourteen(14)calendardayshasexpiredsincetheClientgavetheCompanynoticetothateffect,theClientstillhasopenAccountsand/orOpenPositionstheCompanyshallhavetherighttoautomaticallyclosetheClient’sAccountsandOpenPositionswithoutanyfurthernoticetotheClient.

21.4TheCompanymayamendtheRateCardbygivingnolessthantwenty(20)calendardays’noticetotheClient,byprovidingittotheClientbyemailorpost,totheemailand/orpostaladdressmostrecentlynotifiedbytheClienttotheCompany.TheClientisresponsibleforregularlyreviewingtheRateCardforanyupdatesandagreestobeboundbythechangesunlesstheAgreementisterminatedinaccordancewithclause22below.

21.5If,asaresultofchangestheCompanyproposestomaketotheRateCard,theClientwishestoterminatetheAgreement,theClientmaydosoinaccordancewithclause22bysendingnoticetotheCompanywithintheperiodsetoutintheamendmentnoticeafterwhichthechangeswillbecomeeffective(whichwillbeatleast(20)BusinessDays).TheCompanywillnotchargetheClientfortransferringanyinvestmentsormoneyheldfortheClienttotheClientortoanythirdpartyiftheAgreementisterminatedunderthetermsofthisparagraph.

21.6WheretheClientwishestoterminatetheAgreementasaresultofchangestotheRateCardandwhere,afteraperiodoffourteen(14)calendardayshasexpiredsincetheClientgavetheCompanynoticetothateffect,theClientstillhasopenAccountsand/orOpenPositionstheCompanyshallhavetherighttoautomaticallyclosetheClient’sAccountsandOpenPositionswithoutanyfurthernoticetotheClient.

SECTION 20 / RIGHT TO CANCEL/COOLING OFF

19. RighttoCancel/CoolingOff

19.1Incertaincircumstances,theClientmaycancelanagreementforanyofourserviceswithinfourteendaysofcommencementirrespectiveofanyrightsundertheDistanceMarketingDirective.SuchnoticeofcancellationmustbeinwritingandtheCompanywillreturntoyouyourmoneyorassetsheldbyit.TheClientshouldbeaware

thatanyreasonableoutofpocketexpenses(e.g.relatingtothetransferofsecurities)willnotberefunded.Also,ifanytransactionshavebeencarriedout,youwillbeliableforanypricemovementunlessitinvolvesproductwhichcarriesarightofcancellationwhichmayapply.AnytransactionsinprogresswhenyoucancelwillbecompletedandtheClientwillstillberequiredtodeliveranycertificates,stockorpaymentduetocompletethetransaction.

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SECTION 22 / SUSPENSION AND TERMINATION

23. IntheEventofDeath

23.1Subjecttoclause24,intheeventoftheClient’sdeathwhilstaclientoftheCompany,theAccountwillbesuspendedandtheCompanymaycloseanyopenposition.TheAccountmaycontinuetoincurcustodychargesuntilitisclosed.NoinstructionsoveranyaccountwillbeaccepteduntilthetitleoftheClient’spersonalrepresentativestotheaccounthasbeenestablished(whichmayincludetherequirementtoperformstandardKnowYourClientandDueDiligencechecksonthepersonalrepresentatives)atwhichpointtheClient’spersonalrepresentativesmayinstructtheCompany

tosell,transferorotherwisedisposeoftheClient’sassets.

TheCompanywillnotberesponsibleforlossesduringtheperiodbetweentheClient’sdeathandthereceiptbytheCompanyofformalnoticeofit,orforlossesbetweentheClient’sdeathandthereceiptbytheCompanyofacertifiedcopyofthegrantofprobateorlettersofadministration(asappropriate)andnorshalltheCompanybeliableforanylossesarisingasaresultoftheCompanynotadministeringanyoftheClient’sinvestmentsfollowingdeath.Theaccountwillcontinuetoincurchargesuntilitisclosed.

22. SuspensionandTermination

22.1TheClientmayterminatetheAgreementimmediatelybygivingwrittennoticetotheCompany.TheClientagreesthatatanytimeaftertheterminationoftheAgreement,theCompanymay,withoutnoticetotheClient,closeoutanyoralloftheClient’sOpenPositions.

22.2TheCompanymaysuspendorterminatethisAgreementbygivingfifteen(15)BusinessDayswrittennoticetotheClient.TheClientagreesthatatanytimeaftertheexpirationofthenoticeofterminationoftheAgreement,theCompanymay,withoutfurthernoticetotheClient,closeoutanyoralloftheClient’sOpenPositions.WheretheCompanysuspendstheClient’sAccount,theCompanymaypreventtheClientfromopeninganynewpositions,buttheCompanywillnotclosetheClient’sOpenPositionsunlessotherwiseallowedbytheseTerms.Theprovisionsofthisclause22.2shallnotpreventtheCompanyfromexercisinganyofitsrightstoterminateorsuspendtheAgreementasprovidedelsewhereintheseTerms.

22.3UpontheterminationoftheAgreement,allamountspayablebytheClienttotheCompanywillbecomeimmediatelydueandpayableincluding(butwithoutlimitation):

a) alloutstandingfees,chargesandcommissions;

b) anydealingexpensesincurredbyterminatingtheseTerms;and

c) anylossesandexpensesrealisedinclosingoutanyTransactionsorsettlingorconcludingoutstandingobligationsincurredbytheCompanyontheClient’sbehalf.

22.4TerminationoftheAgreementwillnotaffectanyrightsorobligations,whichmayalreadyhavearisenbetweentheCompanyandtheClient.TheterminationoftheseTermswillnotaffectthecomingintoforceorthecontinuanceinforceofanyprovisionintheseTermswhichisexpressly,orbyimplication,intendedtocomeinto,orcontinueinforce,onoraftersuchtermination.

22.5Ifterminationoccurs,theCompanywill,assoonasreasonablypracticableandsubjecttotheseTerms,delivertotheClientanymoneyorinvestmentsintheClient’sAccount(s)subjecttoanyapplicablechargesandrightsofset-offassetoutontheCompany’sRateCard.AfinalstatementwillbeissuedtotheClientwhereappropriate.

24. JointAccounts

24.1WheretheAgreementisenteredintobetweentheCompanyandmorethanoneperson,asregardseachperson(exceptwheretheCompanyhasagreedotherwiseinwriting):

a) BothpersonsshallbeconsideredaClientandtheirobligationsandliabilitiesundertheAgreementarejointandseveral(whichmeans,forinstance,thatanyonepersoncanwithdrawortransfertheentirebalanceoftheAccounttotheirpersonalbankand/orinvestmentaccountwiththeCompany,andinthecaseifadebitbalanceordebtowedbytheClienttotheCompany,

eachAccountholderisresponsiblefortherepaymentoftheentirebalanceandnotjustashareofit).

b) Theyeachhavefullauthority(asfullasiftheyweretheonlypersonenteringintotheAgreement)onbehalfoftheotherstogiveorreceiveanyinstruction,notice,requestoracknowledgementwithoutnoticetotheothers,includinganinstructiontoliquidateand/orwithdrawinvestmentsfromtheAccountand/orcloseanyAccount.

c) SubjecttoanyparticulartermsagreedinconnectionwiththemanagementoftheAccount,theCompanymay

SECTION 23 / IN THE EVENT OF DEATH

SECTION 24 / JOINT ACCOUNTS

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SECTION 24 / JOINT ACCOUNTS - CONTINUED

initssolediscretion,requireaninstruction,requestordemandtobegivenbyallthejointaccountholdersbeforetheCompanytakesanyactionforanyreasonornoreasonwhatsoever.

d) AnysuchpersonmaygivetheCompanyaneffectiveandfinaldischargeinrespectofanyobligationsundertheAgreement.

e) Uponthedeathofanyjointaccountholder,theCompanywilltransfertheinvestmentsandtheresponsibilityforanyobligationsconnectedwiththeAccountintothesurvivingjointaccountholder’sname.

ThisAgreementwillremaininfullforcebetweentheCompanyandthesurvivingjointaccountholder.

24.2Unlessotherwiseagreedinwriting,theCompanymaycontactanddealwithonlyoneoftheAccountholdersnamedintheCompany’srecordssubjecttoanylegalrequirementstothecontrary.

24.3EitherAccountholdermayasktheCompanytoconverttheAccountintoasoleaccount.TheCompanymay(butshallnotbeobligedto)requireauthorityfromallAccountholdersbeforedoingso.AnypersonremovedfromtheAccountwillcontinuetobeliableforallobligationsundertheAgreement

SECTION 25 / NOTICES AND COMMUNICATION WITH THE CLIENT

25. NoticesandCommunicationwiththeClient

25.1TheCompanymaynotify,instruct,orcommunicatewiththeClientbytelephone,post,fax,email,facetofaceorbypostingamessageordocumentontheCompany’swebsiteorTradingFacility,andtheClientagreesthattheCompanymaycontacttheClientthroughanyofthesemediumsatanytime.TheCompanywillusetheaddress,faxnumber,phonenumber,oremailaddressspecifiedintheClient’sAccountopeningdocumentationorsuchotheraddresstheClientmaysubsequentlyprovidetheCompany.

25.2UnlessotherwiseprovidedintheseTerms,theClientwillbedeemedtohaveacknowledgedandagreedwiththecontentofanynotice,instructionorothercommunicationunlesstheClientnotifiestheCompanytothecontraryinwritingwithinfifteen(15)BusinessDaysofthedateonwhichtheClientisdeemedtohavereceiveditinaccordancewithclause25.3below.

25.3Anynotice,instructionorothercommunication(whichshallincludethedeliveryofConfirmationviahardcopyoremail)willbedeemedtohavebeenproperlygivenbytheCompany:

a) ifhanddelivered,whenleftattheClient’slastknownhomeorworkaddress;

b) ifsentbyfirstclassposttotheaddresslastnotifiedbytheClienttotheCompany,onthethirdbusinessdayafterbeingplacedinthepost;

c) ifgivenverballyoverthetelephone,immediatelywheretheCompanyspeakswiththeClient;

d) ifsentbyfax,immediatelyuponreceiptofasuccessfultransmissionreport;

e) ifsentbyemail,immediatelyaftertheemailissentprovidingtheCompanydoesnotreceiveconfirmationofafaileddeliveryfromtherelevantemailprovider;and/or

f) ifpostedontheCompany’swebsiteorTradingFacility,onthenextfollowingbusinessdayfollowingthebusinessdayithasbeenposted.

25.4TheClientisresponsibleforreadingallnoticespostedontheCompany’swebsiteandTradingFacilityinatimelymanner.

25.5TheClientmaynotifytheCompanybypost,fax,oremail,eachofwhichshallconstitutewrittennotice.TheClientwillusetheCompany’sregisteredaddress,faxnumber,oremailaddressspecifiedbytheCompanyfromtimetotimeinaccordancewithanynoticerequirement.TheClientmayalsoinstructorcommunicatewiththeCompanybytelephoneorviaafacetofacemeeting.

25.6AnoticemadeordeliveredtotheCompanywillbeeffectiveinaccordancewithclause24.3,mutatismutandis.

25.7TheClientandtheCompanyshallcommunicatewithoneanotherinEnglish.

25.8TheCompanyshallnotbeliableforanydelayintheClientreceivinganycommunicationoncedispatchedbytheCompany,exceptwherethedelayiscausedbytheCompany’swilfuldefault,fraudornegligence.

25.9TheCompanywillrecordmonitorandretainallcommunications(includingemail,electronicmessagingandfacsimile),telephoneconversationsandotherelectroniccommunicationswiththeClientandwillnormallyrecordtelephone,mobilephoneorothermobilehandhelddevice-basedconversationsbetweentheClientandtheCompany’semployeeswhoactinatradingorsalescapacity.TherecordswillbeavailableforwhateverperiodmayberequiredunderApplicableRegulations.Therecordswillbeavailabletoyouuponrequestduringthatperiod.Whereyourequestsuchrecords,wemaychargeyouanadministrationfeeandsuchfeewillbedisclosedtoyouinadvanceofanyrelatedcostsbeingincurred.

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SECTION 26 / INTELLECTUAL PROPERTY

SECTION 27 / DATA PROTECTION AND CONFIDENTIALITY

26. IntellectualProperty

26.1TheCompany’swebsite,TradingFacility,SecureAccessWebsiteandanyandallinformationormaterialsthattheCompanymaysupplyormakeavailabletotheClient(includinganysoftwarewhichformspartofthoseitems)areandwillremaintheCompany’spropertyorthatofitsserviceproviders.Suchserviceprovidersmayincludeprovidersofreal-timepricedatatotheCompany.Inaddition:

a) allcopyrights,trademarks,designrightsandotherintellectualpropertyrightsinthoseitemsareandwillremaintheCompany’sproperty(orthoseofthirdpartieswhoseintellectualpropertytheCompanyusesinrelationtoproductsandservicestheCompanyprovidesfortheClient’sAccount);

b) theCompanysuppliesormakesthemavailabletotheClientonthebasisthat:

a. theCompanycanalsosupplyandmakethem availabletootherpersons;and

b. theCompanymayceaseprovidingthematitssole andabsolutediscretionoriftheCompany’sservice providersrequiretheCompanytodoso;

c) theClientmustnotsupplyallorpartofthemtoanyoneelseandtheClientmustnotcopyalloranypartofthem;

d) theClientmustnotdelete,obscureortamperwithcopyrightorotherproprietarynoticestheCompanymayhaveputonanyofthoseitems;and/or

e) theClientmustonlyusetheseitemsfortheoperationofitsAccountinaccordancewiththeseTerms.

27. DataProtection

27.1Inthisclause,“DataProtectionLaws”meansGeneralDataProtectionRegulation(“GDPR”)(witheffectfrom23May2018and/oranyotherlegislationinforcefromtimetotimeintheEU/UnitedKingdomrelatingtoeitherorbothprivacyortheprocessingofpersonaldata,allastheymaybeamendedorsupersededfromtimetotime.Theexpressions“controller”,“datacontroller”,“personaldata”and“process”shallhavethemeaningsascribedtothemintheDataProtectionLaws.

27.2ForthepurposesoftheDataProtectionLaws,theCompanywillbethedatacontrollerinrespectofanypersonaldatawhichtheClientprovidestotheCompanyandweshallberesponsibleforensuringthatweprocessitincompliancewiththeDataProtectionLaws.

27.3TheCompanycollectstheClient’spersonaldataintwoways:

a) InformationtheClientgivestheCompany.TheClientmaygivetheCompanypersonaldatabyfillinginformsorbycorrespondingwiththeCompanybyphone,emailorotherwise.ThisincludespersonaldatatheClientprovideswhenbecomingaclientoftheCompanyandrequestingorengagingwiththeCompanyinconnectionwiththeServices.ThepersonaldatatheClientgivestheCompanymayincludetheClient’sname,address,e-mailaddress,phonenumber,financialinformation,identificationdocumentsandpersonaldescription(s).TheClientconfirmsthatanypersonaldatagiventotheCompanyisgivenlawfullybytheClientinaccordancewithDataProtectionLaws,totheextentapplicable.

b) InformationtheCompanyreceivesfromothersources.TheCompanymayobtaininformationfromothersourcesinordertocarryouttheservicesundertheseTerms.

27.4TheCompanyusestheClient’spersonaldataforthefollowingpurposes:

a) assessingandprocessinganapplicationforourServices;

b) toprovidetheServices(andthismayrequirethatweverifyinformationtheClientprovidesinthecourseofbecomingaclientandcarryoutassessmentsabouttheClient),whichincludescarryingouttheCompany’sobligationsarisingfromitsagreementswiththeClientandTransactionsundertakenwithorfortheClientandthemanagementofourrelationshipwithyou;

c) forinternalanalysisandresearchinordertofacilitatetheprovisionoftheServicestotheClient;

d) monitoringorrecordingtelephonecallswithyoutoresolveanyqueriesorissuesorforregulatorypurposes;

e) recordkeepingtoensureourServicesoperatewiththelawandrelevantApplicableRegulations;

f) tocomplywithreporting,legaland/orregulatoryrequirements;and

g) tooffertheClientadditionalinvestmentproductsorservices(exceptwheretheClienthasaskedtheCompanynotto).TheCompanymayuseexternalthirdpartiestoprocesstheClient’spersonaldataon

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SECTION 27 / DATA PROTECTION AND CONFIDENTIALITY - CONTINUED

itsbehalfwherenecessarytoenabletheCompanytoprovidetheServices,butonlyforthepurposesdescribedabove.TheCompanymayalsosharetheClient’spersonaldatawithAssociatedCompaniesinaccordancewithrequirementsforGDPRbutonlyforthepurposesdescribedabove.

27.5ItisnecessaryfortheCompanytoprocesstheClient’spersonaldatainthewaysdescribedinclauses26.4(a)to(e)inorderforustoperformtheServicesfortheClient.IftheCompanyprocessestheClient’spersonaldatainthewaydescribedinclause27.4(f),thiswillbebecauseitisnecessaryfortheCompanytocomplywithalegaland/orregulatoryobligation.

27.6TheClient’spersonaldatamaybestoredelectronicallyand/orinhardcopyform.TheCompanyiscommittedtoensuringthattheClient’spersonaldataissecure.InordertopreventunauthorisedaccessordisclosuretheCompanyhasputinplacesuitablephysical,electronicandmanagerialprocedurestosafeguardandsecurepersonaldatainaccordancewiththeDataProtectionLaws.TheCompanywillretainpersonaldataforaslongastheClientusestheServicesandthenforuptosevenyears,subjecttolegalorApplicableRegulations.

27.7TheCompany,orthethirdpartieswithwhomtheCompanysharestheClient’spersonaldata,maybelocatedoutsidetheEEAincountriesandthecompanyasacontrollerofpersonalinformation,willensureallpersonalinformationheldoutsidetheEEAwithathirdpartyissubjecttorequirementsofGDPR.

27.8TheCompanymayalsodisclosetheClient’spersonaldatatoanypurchaserofthewholeorpartofourbusinessoronanymergerorgroupreorganisation,providedthatthepersonaldatawillonlybeusedforthepurposessetoutabove.

27.9TheClienthastherighttoaskforacopyofthepersonaldata(subjectaccessrequest)whichtheCompanyholdsabouttheClient,subjecttocertainexceptions,andtheClientshouldinformtheCompanyinatimelymannerinordertoupdateorcorrectyourpersonaldata.TheClientalsohastherighttoeraseanypersonaldatatheCompanyholdsaboutit,torestricttheprocessingofyourPersonalData(whereappropriate)and/orrequestthatitbeportedtoanotherdatacontroller,again,subjecttocertainexceptions.

27.10TheClientacknowledgesandagreesthat,iftheClientexercisesanyoftherightslistedaboveand,asaresult,theCompanynolongerhasthepersonaldatanecessaryforourperformanceoftheServicestheCompanymayberequiredtoterminatetheServicesfollowingsuchrequest.IftheCompanyisnolongerabletoprovidetheServicesfollowingtheexerciseoftheClient’srights,theCompanymayterminatethisAgreementwithimmediateeffect.

27.10InaccordancewiththeDataProtectionLaws,theClientalsohastherighttorequestacopyofyourPersonalDataand/orlodgeacomplaintwiththeUKregulatorfordataprotection.InthefirstinstancepleasecontacttheComplianceDepartment(compliance@iticapitial.com)

27.11Informationofaconfidentialnature“ConfidentialInformation”whichyouprovidetouswillbekeptstrictlyconfidential,subjecttoourlegalobligations.

27.12Unlessyounotifyustothecontraryinwriting,weshallbeentitledtodiscloseinformationwhichisinthepublicdomainand/orisamatterofpublicrecord.Inaddition,youagreethatwecandiscloseConfidentialInformationto:

a)ourauditors;

b)ourinsurers;

c)theFCAandanyotherrelevantregulatoryauthorityoroperatorofaregulatedMarket;and

d)toprovidersofservicesweneedtorunthebusiness,

inallcasesonlyonceandtotheextentwehavereceivedreasonableassurancesthattherecipientsoftheConfidentialInformationwilltreattheinformationsoprovidedasconfidential.

27.13TheseTermsandallTransactionsenteredintobetweenusarestrictlyconfidentialandmaynotbedisclosedwithoutyourandourpriorwrittenconsent,unlessyouorwearerequiredtodosobylaw,ApplicableRegulationsoraregulatoryorgovernmentalauthority.Insuchcircumstances,andunlesswereasonablyconsider,actingingoodfaith,thatwearenotabletodoso,wewillendeavourtogiveyoupriornoticeofanysuchdisclosure.

27.14Forfurtherinformationpleaserefertoour“PrivacyandSecurityPolicy”whichcanbeprovidedtotheClientonrequest.

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SECTION 28 / MISCELLANEOUS

SECTION 29 / GOVERNING LAW AND JURISDICTION

Miscellaneous

28.1TheCompanymay,buttheClientmaynot,atanytimetransferorassignabsolutelyitsrights,benefitsand/orobligationsundertheseTermsbyprovidingtheClientwithnotlessthanten(10)BusinessDayswrittennotice.AnysuchtransferorassignmentshallbesubjecttotheassigneeundertakinginwritingtobeboundbyandperformtheCompany’sobligationsundertheseTerms.

28.2TheClient’srightsandobligationsundertheseTermsarepersonaltotheClient.ThismeansthattheClientcannotassignthemwithouttheCompany’spriorwrittenconsent.

28.3InordertocomplywithitsobligationsundervariouslegislativeandregulatoryrequirementsincludingbutnotlimitedtotheCompaniesAct1985&2006,theFinancialServicesandMarketsAct2000,theFCARules,theUnitedKingdomListingAuthority’sListingRules,and/ortheCityCodeonTakeoversandMergers,theCompanymayberequiredtomakecertaindisclosuresrelatingtotheClient’sTransactions,whichmayormaynotinvolvedisclosingtheClient’sidentity.Inadditiontocomplyingwithsuchobligations,theCompanymaycomplywithanyrequestforinformationpertainingtotheClientfromanyrelevantregulatoryorgovernmentauthority.TheClientagreesthatsuchcompliancedoesnotconstituteabreachofanyobligationofconfidentiality,whichtheCompanyowestotheClientpursuanttotheseTerms.

28.4WheretheAgreementspecifiesatimeorperiodbywhichweoryoumustcarryoutresponsibilitiesunderit,wemustbothkeeptothesetimescalesandtimewillbeoftheessenceinrespectofthoseobligations.Ifthereisnotimescalegiven,anyresponsibilitiesmustbecarriedoutwithinareasonabletimeinallthecircumstances.Wemayservenoticeonyou,andyoumayservenoticeonus,statingthatlegalactionmaybetakeniftheobligationsandresponsibilitiesarenotmetwithinareasonabletimeperiod.

28.5TherightsandremediesprovidedundertheseTermsarecumulativeanddonot(saveasexpresslyprovidedintheseTerms)excludeanyrightsorremediesprovidedbylaw.

28.6TheCompanyisundernoobligationtoexerciseanyrightorremedyeitheratallorinamanneroratatimebeneficialtotheClient.NodelayorfailurebytheCompanytoexerciseanyofitsrightsundertheseTerms(includinganyTransaction)orotherwiseshalloperateasawaiverofthoseoranyotherrightsorremedies.Nosingleorpartialexerciseofarightorremedyshallpreventfurtherexerciseofthatrightorremedyortheexerciseofanyotherrightsorremedies.Nocourseofconductorpreviousdealingsshallcreateanyfutureobligationtoperforminthesamemanner.

28.7If,atanytime,anyprovisionoftheseTermsisorbecomesillegal,invalid,orunenforceableinanyrespectunderthelawofanyjurisdiction,thensuchprovisionorpartthereofwill,tothatextent,bedeemedseverableandnotformpartoftheseTerms.Neitherthelegality,validitynorenforceabilityoftheremainingprovisionsoftheTermsshallbeinanywayaffected.

28.8TheClientandtheCompanydonotintendthatanyprovisionoftheseTermsshouldbeenforceablebyvirtueoftheContract(RightsofThirdParties)Act1999byanypersonwhoisnotapartytotheseTerms.

28.9TheCompanyconsiders,andyouacknowledgeandagree,thattheAgreementcontainsallrelevanttermsthathavebeenagreedbetweenusandyou,andthatitsupersedesallpriororcontemporaneousoralorwrittencommunications,proposal,agreementsorrepresentations.However,thefactthatanagreedtermmaynotbesetoutintheAgreementdoesnotnecessarilymeanitisnotbinding,butinsuchcircumstancesyou(orwe)wouldneedtobeabletoprovethatthetermwasagreedandthepersonwhoagreedthetermwasauthorisedtodoso.Further,thelawimpliescertaintermsintoanagreementevenifsuchtermsarenotexpresslysetoutinitsterms.

29. GoverningLawandJurisdiction

29.1AtransactionwhichissubjecttotherulesofaMarketshallbegovernedbythelawapplicabletoitunderthoserules.

29.2TheAgreementandtherelationshipbetweentheparties(includinganynon-contractualobligationarisingoutof

orrelatingtothisAgreement)shallbegovernedbyandconstruedinaccordancewithEnglishlaw.AnydisputesandclaimswillbedealtwithbythecourtsofEnglandandWales.

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ANNEX / PART I - SECURITIES AND EXCHANGE-TRADED FUNDS

ANNEX

ThisAnnex,whichformspartoftheTerms,setsoutcertainadditionaltermsandconditionsapplicabletothespecificproductssetoutherein.IntheeventofaninconsistencybetweentheAnnexandtheTerms,theprovisionsinthisAnnexshalltakeprecedence.

PARTI-EQUITIES

1. Defined Terms

Thefollowingwordsandphrasesshall,unlessthecontextotherwiserequires,havethefollowingmeanings:

“DebtSecurity”hasthemeaninggivenitundertheFCARules;

“Equity”hasthemeaninggiventotheterm‘equityshare’underFCARules;

“ETF”meansExchange-TradedFund;

“ETFShare”meansaunitorshareofanETFthatisavailabletotheClientforinvestmentpurposesthroughtheTradingFacilityand/orSecureAccessWebsite;

“Exchange-TradedFund”hasthemeaninggiventoitundertheFCARules;

“Instrument”meanseitherorbothaSecurityand/oranETFShare,asthecontextrequires;

“Security”hasthemeaninggiventoitundertheFCARules,andincludesEquityandDebtSecurity;

“ShortSales”meansatransactioninwhichyousellinvestmentswhichyoudonotownatthetimeofthesale.

2. Risks

WehavesetoutageneraldescriptionofthenatureandrisksassociatedwiththeproductsandinvestmentsweofferintheRiskWarningNotice.AcopyoftheRiskWarningNoticeisavailableonourwebsiteanduponrequest.YoushouldreviewthisinformationbeforetradingundertheseTerms.

3. Margin

WedonotprovideforthetradingofInstrumentsonMargin.Therefore,allSecuritiesTransactionsorETFShareTransactionsmustbepaidforinfullwithreadilyavailablefundsinyourAccount,andanySecuritiesorETFSharessoldmustbeavailablefordeliveryonorbeforethesettlementdate.

4. Dealings Between you and the Company

4.1 WewilltreateachInstructionyouplace(inaccordancewithclause7.1oftheTerms)asanoffertopurchaseorsellInstrumentssubjecttotheseTerms.WewillactsolelyasyourAgentinexecutinganOrdertopurchaseorsellETFShares.

Wemay,inourreasonablediscretion:

a) refusetoacceptanyInstructionfromyou;

b) acceptyourInstructionsubjecttocertainconditions;or

c) actingreasonably,refusetoproceedwithanOrderthatwehaveaccepted.Ifwedothis,wewillnotifyyouassoonasreasonablypracticable,subjecttoApplicableRegulationsandlaws.

4.2 Onceacceptedbyus,theOrderisirrevocableandyoucannotamendorcancelyourOrder,unless,beforetheexecutionofaparticularOrder,youprovidealternateInstructionstousandreceiveconfirmationfromusofanyamendmentorcancellationoftheOrder.

4.3 Youacknowledgeandacceptthat:

a) ifweincuradditionalreasonableexpenses(examplesofwhichinclude,butarenotlimitedto,premiumsanddiscounts)whencarryingoutyourOrderandweareunabletocontactyoutotellyouabouttheseafterreasonableeffortstodoso,wemayproceedtoexecuteyourOrderandincurthoseexpenseswhichwillthenbepayablebyyou;

b) theremaybeadelayintheexecutionofanOrderbecauseallOrdersareexecutedstrictlybyreferencetotimeofreceipt.Inparticular,anOrderreceivedwhentherelevantexchangeisclosedwillnotbeexecuteduntilafteritnextre-opens.WewillpresentthatOrderforexecutionwhentheexchangenextreopensor,ifalargenumberofOrdershavebeenreceivedwhiletheMarketisclosed,assoonasreasonablypracticableaftertheexchangenextreopens.

4.4 Assetoutinclause7.6oftheTerms,OrdersmaybeplacedasMarketOrderstobuyorsellassoonaspossibleatthepriceobtainableintheMarket,oronselectedproductsasLimitandStopOrderstotradewhenthepricereachesapre-definedlevel.Inaddition:

a) wemay,butarenotrequiredto,cancelapendingOrderiftheClientplacesaLimitOrderorStopOrderforanEquityinrespectofwhichtradingissuspendedorhasaCorporateActionbeforeexecution;

b) wemaypublishyourLimitOrderifitrelatestosharesadmittedtotradingonaRegulatedMarketandthatOrdercannotbeimmediatelyexecutedunderprevailingmarketconditions,unlessyouexpresslyinstructotherwise.

5. Short Selling

WewillnotacceptinstructionsforShortSalesinrelationtoInstruments.

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ANNEX / PART I - SECURITIES AND EXCHANGE-TRADED FUNDS - CONTINUED

6. Execution via Third Parties

6.1 Wemay,atourreasonablediscretion,arrangeforaTransactiontobeeffectedwithorthroughathirdparty.Wewillnotbeliabletoyouforanyactoromissionofanysuchthirdparty,exceptwheretheCompanyhasactednegligently,fraudulentlyorinwilfuldefaultinrelationtotheappointmentofthethirdparty.

6.2 TransactionsplacedbyusonyourbehalfinMarketsoutsideofGreatBritainmaybeexecutedviaathirdpartyandassucharesubjecttotheirservicelevels.Asaresult,latereportedTransactionscanbebookedtoyourAccountatanytimepriortothestartofthenexttradingday.ItispossiblethatanOrderthathasbeenconfirmedascancelledorexpiredmaybesubjecttoalatereportedfill.YoushouldcontactusifyouhaveanydoubtastothestatusofaparticularTransaction.

7. Settlement

7.1 SettlementdatesvarybyMarket.YoushouldinformyourselfoftherelevantsettlementdateforeachTransactionpriortosubmittinganInstruction.Wemayprovidesuchinformationuponrequest.

7.2 DependingontheproductandMarket,wemaylengthenorshortenthestandardsettlementdates.WherepermittedbytheMarket,weandyoumayagreetolengthenorshortenthesettlementdatespertainingtoyourTransactions.

7.3 TheClientisresponsibleforpayingforeachTransactionweexecuteforyou(asPrincipalorAgent),whetherbypaymentofthepurchaseprice,deliveryoftherelevantassets,orotherwiseastherelevantMarketrequires.Exceptasotherwiseagreed,theClientmustpayforanyInstrumentstheCompanypurchasesfortheClientonorbeforethesettlementdate.

7.4 InvestmentsheldforyouincustodywillbeusedtosettleyoursaleTransactions.Otherwise,inrespectofallsaleTransactionsyou:

a) promisetousthat,atthetimeofplacinganInstructiontosell,youowntherelevantInstruments;and

b) willimmediatelyarrangefordeliverytousofthecertificates,transferformsandotherdocumentsoforevidencingtitleandtransferinrespectoftheInstruments,,atthelatestbythecontractedsettlementdate,otherwisepaymenttoyoumaybedelayed.

7.5 WhentheClientpurchasesInstruments,theClientonlyobtainsunconditionaltitleorrighttotheInstrumentsoncefinalpaymenttotheCompanyhasbeenmade.

7.6 DeliveryorpaymentbythecounterpartytoanyTransactionweplaceorexecuteasyourAgentwillbeyourresponsibility.OurobligationtodeliverInstrumentstoyouortoaccounttoyouoranyotherpersononyourbehalffortheproceedsof

saleofanyinstrumentsisconditionalonourreceiptoftherelevantInstrumentsorsaleproceedsfromthecounterpartytotheTransaction.

7.7 WewillnotberesponsibleandwillnotcompensateyouintheeventacounterpartyfailstosettleaTransaction.TheonlyexceptiontothisiswhenwespecificallyagreewithyouinwritingthatwewillassumetheriskofacounterpartyfailingtosettleaTransaction.Anysuchexceptionalagreementwillbeonacase-by-casebasis(i.e.itwillbelimitedtotheparticularTransactionatthetimeandmustnotbeinterpretedasgivingrisetoanykindofpromise,understanding,assuranceorbeliefthatwewillagreetoacceptanysimilarriskinrelationtoanyotherTransactionatanytimeinthefuture).

7.8 Theremaybecircumstancesbeyondourcontrol,whichmaypreventusfromsettlingTransactionsintowhichyouhaveenteredorwhichwehaveenteredonyourbehalf.Thismayoccur,forexample,wherethecounterpartytotheTransactiondefaultsonitsobligations(i.e.becauseithasbecomeinsolvent).Ifthisoccurs,wewillusereasonableendeavourstosettletheTransactionforyou.However,theremaybecircumstanceswherethisisimpossible.Forexample,iftheTransactionissubjecttotherulesofanexchangeorMarketthenwewillhavetoactincompliancewiththoserules.WhereaTransactionhastobesettledthroughasettlementsystemthismayalsomeanthatthereissignificantdelayinsettlementorthatsettlementdoesnotoccur.YouwillremainliablefortheCompany’sobligationsinrelationtoeveryTransactionuntilsettlementorotherconclusionoftheTransactionoccurs.

7.9 ThesecuritiessettlementconventionsincertainMarketsthatapplytotheholdingofInstrumentsorsettlementofTransactionsforyoumayresultinadelaybeforeproceedsofsalearereceivedforyou,ortitletoanInstrumentpassestoyou.

8. Corporate Actions

8.1 WhereanInstructionisgiventotheCompanyinrespectofanEquityforwhichaCorporateActionisimminent,wemaydeclinetoacceptyourinstructionsorrefusetoexecuteaTransactiononthebasisoftheInstructions.

8.2 Where(inrespectofanEquityheldbyusforyourAccountordeliverabletousforyourAccount)anyCorporateActionsoccur,weshallnotbeobligedtoinformyouoftheCorporateActionorundertakeanyaction,evenifyouspecificallyinstructus,unlessweexpresslyconsentinwriting.IfweinformyouofaCorporateActionandyoutelluswithinsuchperiodaswespecifythatyouwishtoexerciseanyrightsarisingoutofCorporateActionsandprovidedtherearesufficientclearedfundsinyourAccount,wewillusereasonableendeavourstogiveeffecttoyourinstructionsbutonlyonsuchtermsasyouadviseandare

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ANNEX / PART I - SECURITIES AND EXCHANGE-TRADED FUNDS - CONTINUED

acceptabletotheCompany.Otherwise,wewilltakesuchaction,orrefrainfromtakinganyaction,aswemayinourreasonablediscretiondetermine.Fortheavoidanceofdoubt,wewillhavenoliabilityifacompanyfailstotellusaboutaCorporateAction.

8.3 Wemay,butshallnotbeobligedto,claimandreceivedividends,interestpaymentsandotherincomepaymentsaccruingtoyourinvestmentsheldbyanominee.Whereascripdividendisofferedandweagreetotakeactionforyourbenefit,wewillelecttotakethecashalternativeunlessthedefaultoptionisfortheissuanceofshares.

8.4 Weshallnotbeobligedto,butwemay,usingreasonableendeavours,arrangeforyoutoreceivethereport,accountsandotherinformationissuedbyacompany,attendshareholders’meetingsorunitholders’meetingsandvoteinpersonordirecthowournomineeshouldvoteonyourbehalf.

8.5 WhereaCorporateActionresultsinafractionalentitlementtopartofashare,thenwewillsellsuchfractionalsharesandcredityourAccountwithacashvaluethatmaybesubjecttoaminimumchargeforadministration.DetailsofthischargearesetoutontheRateCard.

8.6 WhereCorporateActions(suchaspartialredemptions)affectsomebutnotalltheinvestmentsheldinapooledaccount,weshallallocatetheinvestmentswhichareaffectedtorelevantcustomersinsuchafairandequitablemanneraswereasonablyconsiderappropriate.

8.7 IfthetermsofaCorporateActionrequireanelectiontobemadeonbehalfofourentirenomineeholdinginacompany,wereservetherightnottoofferanoptiontotheClient,whereitisreasonabletodoso.Wewillusereasonableendeavourstogiveyouanalternativeoption,butwecannotguaranteethatthiswillmatchtheoptionsofferedbytherelevantcompany.

8.8 Ifwearenotifiedofaclassactionorgrouplitigationthatisbeingproposedortakenconcerninginvestmentsthatournomineeisholding,orhasheld,onyourbehalf,wearenotrequiredtotellyouaboutthisorotherwiseactonthatnotification.

9. Tax

9.1 WherewereceiveapaymentforataxadjustmentofadividendrelatingtoanInstrumentweorourNomineeholdsforyourbenefit,wewillcredityourAccountwiththepaymentsubjecttoaminimumchargeforadministration(ifany),moredetailsofwhicharesetoutontheRateCard.

9.2 WhereyouseektotradeinU.S.Securities,theClientmustcompleteaCertificateofForeignStatusofBeneficial

OwnerforUnitedStatesTaxWithholding(W8BENForm),asprovidedbytheUnitedStatesInternalRevenueService,beforeenteringaTransactionforU.S.SecuritiesontheAccount.WewillrequireanoriginalsignedcopyoftheW8BENForm.

9.3 Inexceptionalcircumstances,wemayallowyoutotradeU.S.SecuritieswithoutholdingtheoriginalW8BENForm.However,wewillonlypermitthisexceptionwhereweholdascannedcopyofyourW8BENForminanticipationofreceivingyouroriginalsignedW8BENFormwithintwoweeks.Anysuchexceptionmustbeagreedbyusinwriting.

10. Transfer of Securities

10.1WhenopeninganAccountwithus,youmayrequesttotransferassetsand/orOpenPositionsfromanon-affiliatedbrokertous,bycompletingatransferrequestform.WewillusereasonableeffortstoeffectthetransferofInstrumentsand/oropenpositions.However,becausethetransferofInstrumentsand/oropenpositionsinvolvestheparticipationofanon-affiliatedbroker,wecannotguaranteethateveryrequestwillbefulfilled.

10.2WereservetherightnottoacceptthetransferofanyorallInstrumentsand/oropenpositionsfromanon-affiliatedbroker.Wherewedoacceptatransfer,wemaychargeyouafeeinaccordancewiththethenprevailingRateCard.Anyfeesimposedbythenon-affiliatedbrokerwillbechargedtoyourAccount.Wearenotresponsibleforinformingyouofthenon-affiliatedbroker’sfees.Youshouldmakeyourselfawareofsuchfeesbeforerequestingthetransfer.

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ANNEX / PART II - FUTURES AND OPTIONS

PARTII-FUTURESANDOPTIONS

1. Definitions

Thefollowingwordsandphrasesshall,unlessthecontextotherwiserequires,havethefollowingmeanings:

“CloseOut”means,inrelationtoacontract,tocloseout(includingbyenteringintoequalandoppositecontracts),unwind,cancelorotherwiseterminateorallowtoexpireand“ClosingOut”and“ClosedOut”willbeinterpretedaccordingly;

“Equity”hasthemeaninggiventotheterm‘equityshare’undertheFCARules,whichgenerallymeans,sharescomprisedinacompany’sequitysharecapital;

“OptionsContract(s)”meansanyTransactioninanoption(asdefinedbytheFCARules)enteredintobetweenyouandus;

“FuturesContract(s)”meansanyTransactioninafuture(asdefinedbytheFCARules)enteredintobetweenyouandus.

“UnderlyingInstrument”meanstheindex,commodity,currency,Equityorotherinstrument,assetorfactorwhosepriceorvalueprovidesthebasisfortheCompanyoranythirdpartytodetermineitspriceortheexecutablepriceforaMarketorproduct.

2. Risks

WehavesetoutageneraldescriptionofthenatureandrisksassociatedwiththeproductsandinvestmentsweofferintheRiskWarningNotice.AcopyoftheRiskWarningNoticeisavailableonourwebsiteanduponrequest.YoushouldreviewthisinformationbeforetradingundertheseTerms.

3. Dealings Between you and the Company

3.1 WemayenterintoFuturesContractsandOptionsContractswithyouinaccordancewiththeTerms.

3.2 WemayenterintoanOptionsContractwithyouinvolvinganobligationtomake,ortotake,deliveryoftheUnderlyingInstrumentofthecontractatafuturedateandprice,orinsomecasestosettlethepositionwithcash.Theobligationtomakeortotakedeliveryofthecontract’sUnderlyingInstrumentwillonlyrelatetoinstanceswheretheUnderlyingInstrumentisaFuturesContractoranEquity;insuchinstances,unlessotherwiseagreedinwritingbyusandyouandyouacknowledgeandagreethatyouwillnotacquireanyinterestintherelevantUnderlyingInstrumentorbeentitledtoreceivedividendsoranyequivalentthereof,toexercisevotingrights,toreceiveanyrightspursuanttoanyrightsorbonusissue,ortoparticipateinanyplacingoropenofferpriortotheexerciseoftheOptionsContract.WheretheOptionsContractisforcashsettlement,youacknowledgeandagreethatyouwillnotbeentitledtodeliveryof,orberequiredtodeliver,theUnderlyingInstrumenttowhichanOptionsContractrelates,norwillyouacquireanyinterestintherelevantUnderlyingInstrument,unlessweotherwiseagreeinwriting.

3.3 YouunderstandthatMarketsmayfromtimetotimesanctionthemakingofcontractsbyusoff-exchangeinordertosatisfyyourorder,wheretherehasbeenanerrorintheexecutionofyourorderon-exchange.Whereabetterprice(animprovement)canbeobtained,wemayseektosecureandofferthatimprovementtoyou.Where,inresponsetoyourOrder,wehaveboughtorsoldinaccordancewiththeinstructioninyourOrdertobuyor,asthecasemaybe,tosellbuthavetradedthewrongdelivery/expirymonthorwrongexercisepriceoftherelevantcontract,thenwemayinaccordancewithApplicableRegulationsoffsetanylossarisingfromthatTransactionagainstanyimprovementachievedforyouinthecourseofcorrectlysatisfyingyourOrder,thusofferingyouonlythenetimprovement,ifany.

3.4 UnlessotherwiseagreedinwritingbetweenusandyouorwheretheApplicableRegulationsprovideotherwise,wheneveranyTransactionisenteredintotoCloseOutanyexistingTransaction,thentheobligationsonusandyouunderbothsetsofTransactionsshallautomaticallyandimmediatelybeterminateduponenteringintothesecondTransaction,exceptforanysettlementpaymentdueinrespectofsuchclosedoutTransactions.

3.5 WheretherelevantMarketorintermediatebrokerdoesnotspecifyaparticularTransactionwhenmakingadeliveryorexercisingacontract,wemayallocaterandomlyorinawaywhichseemstoustobemostequitable.

4. Close Out and Exercise

4.1 UnlessyouhaveinstructedustoCloseOutaFuturesContractand/orOptionsContractunderclause5.2ofthisPartIIoftheAnnex,priortothematurityofsuchcontract(butinanyeventnotlessthanone(1)BusinessDaypriortothematurityofsuchcontract)youwillgiveussuchInstructionsandtakesuchactionsaswereasonablyrequire(andwithinsuchtimelimitaswenotifytoyou)toenableustosettle,deliveror,inthecaseofanOptionsContract,exerciseorallocateacontract.IfyoufailtogiveusanysuchInstructionsortotakeanysuchactionspriortothematurityofaFuturesContractand/orOptionsContract(butinanyeventnotlaterthanone(1)BusinessDaypriortothematurityofsuchcontract),wemay:

a) CloseOutanysuchcontract;

b) makeorreceivedeliveryofanyUnderlyingInstrumentorasset;or

c) takeactiontocover,reduceoreliminateanypotentiallossesinrespectoftherelevantcontract,onsuchtermsandinsuchmanneraswe,inourreasonablediscretion,deemappropriate.

4.2 SubjecttotherequirementsoftheseTerms,anyApplicableRegulationsandanyfurtherrequirementswenotifytoyou,youmayatanytimebeforethetimeforperformanceofaContract(butinanyeventnotlessthanone

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ANNEX / PART II - FUTURES AND OPTIONS - CONTINUED

(1) BusinessDaypriortomaturityofsuchcontract)requestweCloseOutsuchcontractor,ifapurchasedOptionContract,toexercisethatOptionContract.WewillnotberesponsibletoyoufortheconsequencesoffailingtoexerciseanOptionContractifwedonotreceivesufficientlyclearandtimelyInstructionsfromyouinrelationtotheexerciseofsuchoption.IfClosingOutaFuturesContractand/orOptionsContractresultsinasumofmoneybeingduetotheagent,settlementsystem,exchange,clearinghouse,brokerorotherthirdpartybyus,wewillnotifyyouofthatamountwhichwillbeimmediatelypayablebytheClienttotheCompany.

5. Contracts Requiring Non-Cash Settlement

5.1 WithrespecttoOptionsContractsrequiringnon-cashsettlement,theClientshallmaketheSecuritiesorotherfinancialinstruments(includingUnderlyingInstruments)deliverablebyitavailableforsettlementonorbeforethesettlementdate.WherethereareinsufficientSecuritiesorotherfinancialinstrumentsintheClient’sAccountandtheCompanyproceedstosettlement,theCompanymaybuytheSecuritiesorotherfinancialinstrumentsrequiredfordeliveryatapriceitbelievestobereasonable,chargetheClient’sAccountforthecostthereof,delivertheSecuritiesorotherfinancialinstrumentstosatisfythedeliveryobligation,andcredittheClient’sAccountwiththenetproceedsthereof(afterdeductionofcommissionandothercosts).

5.2 TheClientwillnotifytheCompanyofallrelevantdetailsrequiredbytheCompanyoftheClient’ssettlementagentinrespectofTransactionswhichmaybesubjecttodeliveryobligations.TheClientwillprocurethatitssettlementagententersintosuchotherdocumentationasmaybenecessarytoensurethattheclearingandsettlementofsuchTransactionstakeseffectwithoutliabilitytotheCompany.

6. Clearing and Give Up Arrangements

6.1 UnlessotherwiseagreedbetweentheCompanyandtheClient,asperclause7.2ofthisAnnex,theCompanywillclearallTransactionswithanotherbrokerordealerasspecifiedbytheCompany.

6.2 TheClientmayrequest,buttheCompanyshallnotbeobligedtocomply,thattheCompanyestablishagive-uparrangementbetweentheClient,theCompanyandanotherbrokerordealer.WheretheCompanyagreestoenterintosucharelationship,theClientauthorisestheCompanytoenterintoandexecuteanyInternationalUniformGive-UpAgreement(orsimilardocument)ontheClient’sbehalf.WheretheClientandtheCompanyarepartytoanInternationalGive-UpAgreement,theprovisionsoftheInternationalGive-UpAgreementshallprevailovertheseTermsintheeventofanyinconsistency.

6.3 InrespectofeveryTransactionmadebetweentheCompanyandtheClientandgivenuptobeclearedbyanotherbrokerordealerasspecifiedbytheClient:

a) ifsuchbrokerordealeracceptsthegive-up,theCompanyshall(withoutprejudicetoanyclaimitmayhaveforcommissionorotherpayment)uponsuchacceptanceceasetobeapartytotheTransactionandshallhavenoobligationtotheClientforitsperformance;and/or

b) ifsuchotherbrokerordealerdeclinestoacceptthegive-up,theCompanyshallbeentitledatitsoptioneithertoconfirmtheTransactionwiththeClientortoliquidateitbysuchsale,purchase,disposalorotherTransactionorcancellationastheCompanymayinitsabsolutediscretiondetermine,whetherontherelevantMarketorbyprivatecontractoranyotherfeasiblemethod(includingtheCompanytakingitoverortransferringittoanAssociatedCompany),andanybalanceresultingfromsuchliquidationshallbepromptlysettledbetweentheClientandtheCompanybutwithoutprejudicingtheCompany’srightsundertheseTermsorotherwise.

6.4 SubjecttoApplicableRegulations,clauses7.4and7.5ofthisAnnexapplywherethereisagive-upagreementbetweentheClient,theCompanyandathirdpartyexecutingbroker,andthereferencenumberormnemonicapplicabletotheClientisquotedbysuchexecutingbrokerwhenaTransactionissubmittedtotheCompanyforclearing.InactingastheClient’sclearingbroker,theCompanyshallacceptaTransactiongivenuptoitforclearingonlyiftheCompanyhasagreedwiththeClienttoclearTransactionsofsuchadescriptionandtheacceptancethereofwouldnotbreachanypositionorotherlimitsapplicabletotheClient’saccountwiththeCompany.Notwithstandinganyprovisioncontainedintherelevantgive-upagreement,iftheCompanyacceptssuchTransactionforclearing,suchTransactionshallbebindingandconclusiveontheClientimmediatelyonitsacceptanceforclearingbytheCompanywhetherornotthedetailsofsuchTransactionhavepreviouslybeenconfirmedtotheCompanybytheClient.TheCompanyshallnotbeliabletotheClientforanylosses,costs,expensesordamagesarisingfromanydiscrepancybetweendetailsintheClient’sinstructionstosuchexecutingbrokeranddetailsofTransactionssubmittedtotheCompanyforclearing.AnydisputerelatingtoaTransactiongivenuporattemptedtobegivenuptotheCompanyforclearingshallbedeterminedunderApplicableRegulations.

6.5 SubjecttotheApplicableRegulations,ifagive-upagreementbetweenyou,usandathirdpartyexecutingbrokerprovidesthattheexecutingbrokerwillinvoiceusdirectlyforitscommissionsinrelationtotheexecutionofanOrder,thenweshallbeentitledtorelyonthedetailsspecifiedinanyinvoicepresentedtousbysuchexecutingbrokerand,notwithstandingthattheamountsspecifiedintheinvoicemaybeincorrect,youshallfullyreimburseusforanysumpaidtotheexecutingbrokerinrespectofthatinvoice.Weshallhavenoliabilitytoyouforanylosses,costs,expensesordamagesincurredorsufferedbyyouasaresultofanincorrectamountbeingspecifiedinaninvoice.

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ANNEX / PART III – MUTUAL FUNDS

PARTIII-MUTUALFUNDS

1. Definitions

Thefollowingwordsandphrasesshall,unlessthecontextotherwiserequires,havethefollowingmeanings:

“MutualFund”meansaprofessionallymanagedinvestmentvehiclethatpoolsshareholders’moneytoinvestinaportfolioofvariousfinancialinstrumentsandassetspursuanttothestatedobjectivesofthevehicle.

“MutualFundShare”meansaunitorshareinaMutualFundthatisavailabletotheClientforinvestmentpurposesthroughtheTradingFacilityand/orSecureAccessWebsite.

2. Risks

WehavesetoutageneraldescriptionofthenatureandrisksassociatedwiththeproductsandinvestmentsweofferintheRiskWarningNotice.AcopyoftheRiskWarningNoticeisavailableonourwebsiteanduponrequest.YoushouldreviewthisinformationbeforetradingundertheseTerms.

3. Margin

WedonotprovideforthetradingofMutualFundSharesonMargin.Therefore,allMutualFundShareTransactionsmustbepaidforinfullwithreadilyavailablefundsinyourAccount,andanyMutualFundSharessoldmustbeavailablefordeliveryonorbeforethesettlementdate.

4. Dealings Between you and the Company

4.1 WewilltreateachInstructionyouplace(inaccordancewithclause7.1oftheTerms)asanoffertopurchaseorsellMutualFundSharessubjecttotheseTerms.WewillactsolelyasyourAgentinexecutinganOrdertopurchaseorsellMutualFundShares.Wemay,inourreasonablediscretion:

a) refusetoacceptanyInstructionfromyou;

b) acceptyourInstructionsubjecttocertainconditions;or

c) actingreasonably,refusetoproceedwithanOrderthatwehaveaccepted.Ifwedothis,wewillnotifyyouassoonasreasonablypracticable,subjecttoApplicableRegulationsandlaws.

4.2 Onceacceptedbyus,theOrderisirrevocableandyoucannotamendorcancelyourOrder,unless,beforetheexecutionofaparticularOrder,youprovidealternateInstructionstousandreceiveconfirmationfromusofanyamendmentorcancellationoftheOrder.

5. Short Selling

WewillnotacceptinstructionsforShortSalesinrelationtoMutualFundShares.

6. Settlement

6.1 SettlementdatesvarybyMarketandtypeofMutualFund.YoushouldinformyourselfoftherelevantsettlementdateforeachMutualFundShareTransactionpriortosubmittinganInstruction.Wemayprovidesuchinformationuponrequest.

6.2 TheClientisresponsibleforpayingforeachMutualFundShareTransactionweexecuteforyou(asPrincipalorAgent),whetherbypaymentofthepurchaseprice,deliveryoftherelevantMutualFundShares.Exceptasotherwiseagreed,theClientmustpayforanyMutualFundSharestheCompanypurchasesfortheClientonorbeforethesettlementdate.

6.3 MutualFundSharesheldforyouincustodywillbeusedtosettleyoursaleTransactions.Otherwise,inrespectofallsaleTransactionsyou:

a) promisetousthat,atthetimeofplacinganInstructiontosell,youowntherelevantMutualFundShares;and

b) willimmediatelyarrangefordeliverytousofthecertificates,transferformsandotherdocumentsoforevidencingtitleandtransferinrespectoftheMutualFundShares,atthelatestbythecontractedsettlementdate,otherwisepaymenttoyoumaybedelayed.

6.4 WhentheClientpurchasesMutualFundShares,theClientonlyobtainsunconditionaltitleorrighttotheMutualFundSharesoncefinalpaymenttotheCompanyhasbeenmade.

6.5 Theremaybecircumstancesbeyondourcontrol,whichmaypreventusfromsettlingTransactionsintowhichyouhaveenteredorwhichwehaveenteredonyourbehalf.Ifthisoccurs,wewillusereasonableendeavourstosettletheTransactionforyou.However,theremaybecircumstanceswherethisisimpossible.Forexample,iftheTransactionissubjecttotherulesofanexchangeorMarketthenwewillhavetoactincompliancewiththoserules.YouwillremainliablefortheCompany’sobligationsinrelationtoeveryTransactionuntilsettlementorotherconclusionoftheTransactionoccurs.

6.6 ThesecuritiessettlementconventionsincertainMarketsthatapplytotheholdingofMutualFundSharesorsettlementofTransactionsforyoumayresultinadelaybeforeproceedsofsalearereceivedforyou,ortitletoanInstrumentpassestoyou.

7. Transfer of Mutual Fund Shares

7.1 WhenopeninganAccountwithus,youmayrequesttotransferMuturalFundSharesfromanonaffiliatedbrokertous,bycompletingatransferrequestform.Wewillusereasonableeffortstoeffectthetransferbutbecausethetransferinvolvestheparticipationofanon-affiliatedbroker,wecannotguaranteethateveryrequestwillbefulfilled.

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ANNEX / PART III – MUTUAL FUNDS - CONTINUED

ANNEX / PART IV – SPOT FOREIGN EXCHANGE (“FX”)

PARTIV–SPOTFOREIGNEXCHANGE(“FX”)

1. Definitions

Thefollowingwordsandphrasesshall,unlessthecontextotherwiserequires,havethefollowingmeanings:

“SpotDate”meanstheBusinessDayonwhichaSpotFXTransactionissettled;

“SpotFXTransaction”meansaTransactiontobuyonecurrencyagainstsellinganothercurrencyatanagreedpriceforsettlementontheSpotDate.

2. Risks

WehavesetoutageneraldescriptionofthenatureandrisksassociatedwiththeproductsandinvestmentsweofferintheRiskWarningNotice.AcopyoftheRiskWarningNoticeisavailableonourwebsiteanduponrequest.YoushouldreviewthisinformationbeforetradingundertheseTerms.

3. Margin

WedonotprovideforthethetradingofSpotFXTransactionsonMargin.ThereforeallFXSpotTransactionsmustbepaidforinfullwithreadilyavailablefundsinthecurrencybeingsoldinyourAccount.

4. Dealings Between you and Company

4.1 WemayenterintoSpotFXTransactionswithyouinaccordancewiththeTerms.

4.2 EachInstructionforaSpotFXTransactionmustdesignate(i)thecurrencyyouwishtobuy,and(ii)thecurrencyyouwishtosell.Wemay,inourreasonablediscretion:

(a) refusetoacceptanInstructionfromyou;

(b) acceptyourInstructionsubjecttocertainconditions;or

(c) actingreasonably,refusetoprocessanOrderwehaveaccepted.IfwedothiswewillnotifyyouassoonasreasonablypracticablesuhcettoApplicableRegulationsandlaws.

4.3 Onceacceptedbyus,theOrderisirrevocableandyoucannotamendorcancelyourOrder,unless,beforetheexecutionofaparticularOrder,youprovidealternateInstructionstousandreceiveconfirmationfromusofanyamendmentorcancellationoftheOrder.

4.4 IfanOrderisacceptedbyusandincircumstanceswhereyoudonothaveaCurrencySub-Accountinthepurchasedcurrencytoenableustoeffectsettlement,theCompanywilldeemthatyouhavegivenusanInstructiontoestablishaCurrencySub-AccountintherelevantcurrencyandanyreasonableadministrativeexpensesincurredinestablishingtheCurrencySub-AccountandexecutingtheOrderwillbepayablebyyou.

5. Settlement

YoushouldinformyourselfoftherelevantSpotDateforeachSpotFXTransactionpriortosubmittinganInstruction.TheSpotDateformostcurrencypairsisusuallytwoBusinessDaysaftertheOrderisexecuted.Wemayprovidesuchinformationuponrequest.

7.2 WereservetherightnottoacceptthetransferofanyoprallMutualFundSharesfromanonaffiliatedbroker.Wherewedoacceptatransfer,wemaychangeryouafeeinaccordancewiththethenprevailingRateCard.Anyfeesimposedbythenon-affiliatedbrokerwillbechargedtoyourAccount.

Wearenotresponsibleforinformationyouofthenon-affilaitedbroker’sfees.Youshouldmakeyourselfawareofsuchfeesbeforerequestingthetransfer.

29www.iticapital.com

ANNEX / PART V – EXTENSIONS OF CREDIT

ANNEX / PART VI - SIPP

PARTV-EXTENSIONSOFCREDIT

1. Definitions

Thefollowingwordsandphrasesshall,unlessthecontextotherwiserequires,havethefollowingmeanings:

“Loan”meansanextensionofcredittoyouinanamountexceeding£25,000,ortheforeigncurrencyequivalentthereof.

2. Dealings Between the Company and the Client

2.1 Fromtimetotime,andattheCompany’ssoleandabsolutediscretion,theCompanymayagreetomakeaLoantoyoubyadvancingsumstoyourAccount(ortoaCurrencySub-Account)inordertocoveradefiitinyourMarginRequirement.

2.2 AnysuchLoanwillonlybeavailable,andmayonlybeextended,toyouwhentheCompanyconsiders,initssoleandabsolutediscretion,thatthenetvalueofyourOpenPosition,anyTransactionscarriedinyourAccountandanyCustodyAssets,togetherwithanyMarginheldbytheCompany,are:

a)inexcessofthevalueoftheLoanbyanamountacceptabletotheCompany(asdeterminedbytheCompanyinitssoleandabsolutediscretion);and

b)subjecttotheCompany’ssecurityinterestsandrightsofsetoffpursuanttotheseTerms.

2.3 EachLoanwillbeoutstandingfromdaytodayandrepayableinthecurrencyorcurrenciesinwhichitwasdenominatedondemandprovedthattheCompanygiveyouareasonabletimeinallthecircumstancestoeffectthemechancisofpaymentpriortodeclaringaneventofDefaultpursuanttoclause17oftheTerms.Fortheavoidanceofdoubt,youmayrepaytheLoanatanytime.

3. Interest

3.1 InterestontheLoanshallaccruedailyascalculatedbytheCompanyasfollows:

a) TheaggregateamountintherelevantcurrencyoftheLoanoutstandingonthatday;multipliedby

b) TheinterestrateperannumasreasonablydeterminedbytheCompanyandnotifiedinadvancetoyouontheextensionofeachLoan;dividedby

c) 360,365or366,addeterminedbytheCompanywithreferencetotheusaualbaseyeardaycountfractionthatiscustomarilyusedforcalculatinginterestfothecurrencyinquestion.

3.2 InterestwillbepayabletotheCompanymonthlyinarrears.YouauthorisetheCompanytodebityourAccountortherelevantCurrencySub-Account(asthecasemaybe)withaccruedinterestandyouraccountstatementwillitemiseanysuchinterestpaymentdebitedfromtheAccount.

PARTVI-SIPP

1. Definitions

Thefollowingwordsandphrasesshall,unlessthecontextotherwiserequires,havethefollowingmeanings:

“PermittedInvestments”meansthoseinvestmentsthattheClientand/orTrusteemayenterintowiththeCompanyinaccordancewiththeSIPPRules;

“SIPP”meansaSelf-InvestedPersonalPension;

“SIPPRules”meansthoserulesandregulationsgoverningtheadministrationanduseoftheSIPPscheme,inforceandeffectfromtime;and

“Trustee”referstotheauthorisedSIPPproviderthroughwhomtheClientholdsitsSIPP.

2. Capacity

2.1 TheCompanyshalltreattheClientandtheTrusteeasitscustomerforthepurposesoftheseTerms.

2.2 TheClientisandwillremainthebeneficialowneroftheassetswithintheSIPP.TheTrusteeisthelegalownerofthe

assetsandshall,unlessotherwiseagreedinwriting,enterintoTransactionswiththeCompanyasPrincipal.

2.3 TheTrusteehasgiventheClientauthoritytoinstructtheCompanyunderapowerofattorneyandtheCompanywillbeentitledtorelyonthepowerofattorneyuntilitisrevoked,suchrevocationtobeinwriting.

3. Dealings between the Company and the Client

3.1 TheClientortheTrusteemayonlysendinstructionsinrelationTransactionsthatarePermittedInvestments.TheCompanyacceptsnoliabilityforanydirectorindirectlosssufferedbytheClientortheTrusteeintheeventthataninvestmentisnotaPermittedInvestment.TheCompanyisnotabletopreventtheClientfromdealingininvestmentswhicharenotPermittedInvestments.

3.2 Investmentdecisions,andongoingcompliancewiththeSIPPRules,arethesoleresponsibilityoftheClientand/ortheTrustee.TheCompanydoesnotandwillnotprovideinvestmentorpensionadvicetotheClientand/ortheTrustee.

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ANNEX / PART VI - SIPP - CONTINUED

ANNEX / PART VII – ISA

3.3 TheClientandtheTrusteeacknowledgeandagreethattheCompanymay,fromtimetotime,placerestrictionsonthetradingofSIPPfundsintermsoftheproductsthatmaybetradedandthereducedleveragethatcanapplytotheseproducts.TheserestrictionsmaybeadditionaltothoseimposedbytheSIPPRules.

3.4 TheCompanyisnotresponsibleandwillnotbeliableforthemaintenanceand/orrunningoftheClient’sSIPP.TheCompanyshallhavenoresponsibilityforredressinganybreachofthetermsoftheSIPP,asmayhavebeensetbytheHMRC.

4. Limitation of Liability and Indemnification

4.1 TheClientandtheTrusteeagreetoindemnifytheCompanyforalllosses,taxes,expenses,costsandliabilitieswhatsoever(present,future,contingentorotherwiseincludingreasonablelegalfees)whichmaybesufferedor

incurredbytheCompanyasaresultoforinconnectionwiththistheSIPPunlessandtotheextentthatsuchlosses,taxes,expenses,costsandliabilitiesaresufferedorincurredasaresultoftheCompany’snegligence,fraud.Wilfuldefaultorbreachofcontract.

4.2 TheCompanyacknowledgesthattheTrustee’sliabilityshall,inrelationtotheClientandPermittedInvestments,bestrictlylimitedtotheassetscontainedintheSIPPbytheClient.

4.3 TheClientacknowledgesthatifitbreachestheTermsoractsfraudulently,negligentlyorwithwilfuldefault,orifthereareinsufficientfundsintheClient’sSIPPtomeetanyoftheClient’sorTrustee’sobligations,theCompanyisentitledtopursuetheClientforanycostsorliabilitieswhichexceedthefundsintheClient’sSIPP.

IftheClientholdsanIndividualSavingsAccount(“ISA”conformingtotheIndividualSavingsAccountRegulations1998madebyHMTreasuryunderChapter3ofPart6oftheIncomeTax(TradingandOtherIncome)Act2005andSection151oftheTaxationofChargeableGainsAct1992(asmaybefromtimetotimeamendedorreplaced)withtheCompany,thetermsandconditionspreviouslyprovidedtotheClientbytheCompany(the“ISATerms”)shallcontinuetogovernsuchServices.Youareremindthecompanydoesnotprovideanyadviceontaxationand/orinvestmentswithanISA.

Fortheavoidanceofdoubt,intheeventofanyconflictbetweentheseTermsandtheISATerms,theISATermsshalltakeprecedenceandnoprovisionoftheTermsshallbeconstruedtocreateorapplyanyrightsovertheClient’sISAthatareinconsistentwithorcontrarytotheISARegulations.

ITI Capital Limited

Level 33 Tower 42, 25 Old Broad Street, London EC2N 1HQ, United Kingdom

Phone +44 (0) 20 3889 8333

Fax +44 (0) 20 3889 8331

Email customerservice@iticapital.com

Web iticapital.com

RISKWARNING:Tradingfinancialmarketsonmargincarriesahighlevelofrisk,andmaynotbesuitableaslossescanexceeddeposits.

DISCLAIMER:Tradingfinancialmarketsonmargincarriesahighlevelofrisk,andmaynotbesuitableaslossescanexceeddeposits.Youshouldbeawareandfullyunderstandallrisksassociatedwithfinancialmarketsandtrading.PriortotradinganyproductsofferedbyITICapitalLimited,youshouldcarefullyconsideryourfinancialsituationandyourlevelofexperienceandunderstanding.ITICapitalLimitedassumesnoliabilityforerrors,inaccuraciesoromissionsanddoesnotwarranttheaccuracy,completenessofinformation,text,graphics,linksorotheritemscontainedwithinthesematerials.YoushouldreadandunderstandtheTermsandConditionsontheITICapitalLimitedwebsitepriortotakingfurtheraction.

ITICapitalLimitedisaregisteredcompanyinEnglandandWales(RegistrationNo.02926252),authorisedandregulatedintheUnitedKingdombytheFinancialConductAuthority(RegistrationNo.171487)andisamemberoftheLondonStockExchangeandofICEEurope.TheregisteredaddressofITICapitalLimitedisLevel33Tower42,25OldBroadStreet,LondonEC2N1HQ,UnitedKingdom.