CUSTOMER AGREEMENT

These Terms of Use govern the Client’s use of the Company Internet Website and all applications,
software and Services (collectively, “The Services”) available via this Website.

Use of the Website:

1.1. By accessing this Website, the client signifies his agreement with and understanding of the following
Terms of Use.

1.2. The client warrants and represents to the Company that he is legally entitled to visit the Website
and make use of information made available via the Website.

1.3. The Company reserves the right at its sole discretion to change, modify, add, or remove any portion
of this Website or these Terms of Use at any time and for any reason without a notice to the client.

1.4. Changes to these Terms of Use will be effective when posted. Continued use of this Website
following any such changes shall constitute the client’s acceptance of such changes.

Access:

2.1. This Website and the information, tools and material contained in it are not directed to, or intended
for distribution to or use by, any person or entity who is a citizen or resident of or located in any
jurisdiction where such distribution, publication, availability or use would be contrary to law or
regulation or which would subject the Company or its affiliates to any registration or licensing
requirement within such jurisdiction. In accessing any part of the Website, the Client agrees not to use
this Website in such a way that disrupts, interferes with or restricts the use of this Website by other
users; not to upload, display or transmit any materials through this Website which are false, offensive,
defamatory, threatening, obscene, unlawful or which infringe the rights of any other person anywhere
in the world.

Disclaimer of Warranties:

3.1 The Company makes no representations about the results to be obtained from using this Website,
the Services, the information or the content.

3.2 The use of same is at the Client’s own risk. The information on this Website is provided on “as is”
and “as available” basis.
3.3 The company does not warrant the accuracy, completeness, security or timeliness of the content,
information or Services provided on or through the use of the Website, either expressly or by implying,
for any particular purpose.

Privacy:

4.1 The Company’s Privacy Policy governs the use of information collected from or provided by the
Client at this Website.

Limitation of Liability:

5.1 The Company shall not be responsible for and disclaims all liability for any loss, liability, damage
(whether direct, indirect or consequential), personal injury or expense of any nature whatsoever which
may be suffered by the Client or any third party, as a result of or which may be attributable, directly or
indirectly, to the access and use of the Website, any information contained on the Website, the Client’s
personal information or material and information transmitted over the Company’s system. In particular,
neither the Company nor any third party or data or content provider shall be liable in any way to the
Client or to any other person, firm or corporation whatsoever for any loss, liability, damage (whether
direct or consequential), personal injury or expense of any nature whatsoever arising from any delays,
inaccuracies, errors in, or omission of any information, or for any actions taken in reliance thereon or
occasioned thereby or by reason of non-performance or interruption, or termination thereof.

Intellectual Property:

6.1 All trademarks, names, logos and service marks (collectively “The Trademarks”) displayed on this
Website are registered or unregistered trademarks of the Company or third party that may own the
Trademarks displayed on the Website. Nothing contained on this Website should be construed as
granting any license or right to use any trademark displayed on the Website without the written
permission from the Company or from a third party. Client’s use of the Trademarks displayed on the
Website, or any other content on the Website, except as provided in these Terms of use, is strictly
prohibited.

6.2 The Client may download content only for his personal use for non-commercial purposes but no
modification or further reproduction of the content is permitted. The contents of the Website, including
any images, text, executable code, and layout design may not be distributed, reproduced, publicly
displayed, downloaded, modified, reused, re-posted, or otherwise used except as provided herein
without the express prior written permission of the Company. The Client may not, for any reason,
distribute, modify, duplicate, transmit, reuse, re-post, or use the content of the Website for public or
commercial purposes, including the text, images, audio, and video without a prior written consent from
the Company. Anything that the Client transmit to this Website becomes the property of the Company,
may be used by the Company for any lawful purpose, and is further subject to disclosure as deemed
appropriate by the Company, including to any legal or regulatory authority to which the Company is
subject. The Company reserves all rights with respect to copyright and trademark ownership of all
material at this Website, and will enforce such rights to the full extent of the law.

Links and Advertisements:

7.1 The Website may include links to other Internet websites or resources as well as for third party
advertiser’s websites. You acknowledge and agree that the Company shall not be responsible any such
external website, resource or advertisement, and does not endorse and is not responsible or liable for
any Content, advertising, products or other materials on or available from such sites, resources or
advertisements. Client Agreement This client agreement is entered by and between the operator of the
Trade Republica side (the “Company”) and the person or legal entity that has applied to open a trading
account at the Company’s CFD’s Trading platform (the “Client”), according to the terms and conditions
detailed herein.

Introduction:

1.1 This agreement, as well as any legally binding document entered into between the Company and the
Client, all as amended from time to time (together: the “Agreement”), set out the terms upon which the
Company will deal with the Client in respect to placing orders and trading over financial instruments, on
the Company’s trading platform.

1.2 Trading, means that a contract is being created which gives the Client the right to estimate the
direction of change in price of an underlying asset, within a specified time frame determined by the
Company. This trading instrument is different from trading in traditional options, since there is a fixed
return that is determined at the outset of the trade, there is usually no Stop-Loss order and other
features.

1.3 Opening an account and usage of the Trading Platform provided by the Company is by limited
license given by the Company to the Client. The license is personal, non-transferable and is for persons
who are older than 18 years old (or older legal age, if the law applicable to the Client’s jurisdictions
requires a higher legal age) and subject to this Agreement. The Client may not transfer, assign, or enable
other to make any use of the license, and/or give the Clients access codes to the Trading Account to
anyone. Any damage caused to the Client, the Company and any third party due to breach of this
Agreement by Client, shall be under the Client’s sole responsibility.

1.4 All services are provided to the client by, Trade Republica which is the management company and
the client enters into a contractual agreement with Trade Republica only.
Opening of the Trading Account:

2.1 The Company will open an account for the Client (the “Trading Account”) as soon as reasonably
practicable after: (i) the Company has received confirmation that the Client has agreed to enter into this
Agreement (such confirmation can be made by checking the “I AGREE” button or link on the Company’s
Internet website (the “Website”), followed by a completed application form (if applicable) and all other
Client’s information required by the Company to be provided for full verification. The Client confirms
that Client’s information is full, accurate and complete. If there is a change in the information provided
by the Client at any time, the Client must notify the Company immediately of any such change.

2.2 The Trading Account will be activated by the Company as soon as the Company has identified the
funds credited by the Client to the Trading Account. The Company may activate the Trading Account and
permit trading in the Trading Account subject to such limitations, and before full verification has been
determined, and to the satisfaction of such further requirements as the Company may impose. In the
event that the Trading Account is activated but any such requirements are not complied with, the
Company may freeze activity in the Trading Account. Where a Trading Account is not activated or is
frozen, no funds held by the Company in respect of that Trading Account may be transferred back or to
any other person until the Company is satisfied that all Applicable Regulations have been complied with.

2.3 In relation to any Transaction entered into pursuant to the Agreement the Company may act,
according to the Company’s sole discretion, as principal or as agent on the Client’s behalf. Therefore, the
Company may act as the counter party to the Clients Trading activity. The Client confirms that it acts as
principal and not as agent or trustee on behalf of someone else.

2.4 The Client hereby represents and warrants that his engagement with the Company in this
Agreement and his use of the Company’s services are in full compliance with the law applicable to the
Client.

Trading Platform:

3.1 The Trading Platform supplied by the Company enables trading in foreign exchange rates of different
currencies, commodities, and any other financial instruments made available by the Company (all
hereof: “Financial Instruments”). The Trading Platform displays indicative quotes of exchange rates of
different financial instruments pairs, based on different financial information systems, as the most
updated exchange rates in the international capital markets. For determining the quotes for different
time periods, the platform is making mathematical calculations according to known and accepted capital
markets formulas. It is acknowledged by both Parties that due to different calculation methods and
other circumstances, different trading platforms and/or markets may display different price quotes.

3.2 The Client will receive a predetermined pay-out if his transaction expires in-the-money, and he will
lose a predetermined amount of his investment in the Transaction if the option expires out-of-the-
money. The predetermined amounts are a derivative of the collateral invested in the transaction by the
Client, and will be published in the Trading Platform. The degree to which the option is in-the-money or
out-of-the-money does not matter as it does with a traditional option.

3.3 The Company does warrant that trading in the Trading Account will be available at all times.

3.4 The Client authorizes the Company to rely and act on any order, request, instruction or other
communication given or made (or purporting to be given or made) by the Client or any person
authorized on the Client’s behalf, without further enquiry on the part of the Company as to the
authenticity, genuineness authority or identity of the person giving or purporting to give such order,
request, instruction or other communication. The Client will be responsible for and will be bound by all
obligations entered into or assumed by the Company on behalf of the Client in consequence of or in
connection with such orders, requests, instructions or other communication.

3.5 The Company has the right, but not the obligation, to set, at its absolute discretion, limits and/or
parameters to control the Client’s ability to place orders or to restrict the terms on which a Transaction
may be made. Such limits and/or parameters may be amended, increased, decreased, removed or
added to by the Company and may include (without limitation): (i) controls over maximum order
amounts and maximum order sizes; (ii) controls over total exposure of the Company to the Client; (iii)
controls over prices at which orders may be submitted (including, without limitation, controls over
orders which are at a price which differs greatly from the market price at the time the order is
submitted to the Company’s order book); (iv) controls over any electronic services provided by the
Company to the Client (including ,without limitation, any verification procedures to ensure that any
particular order or orders has come from the Client); or (v) any other limits, parameters or controls
which the Company may be required to. The Company may, in addition, require the Client to limit the
number of open Transactions which the Client may have with the Company at any time.

3.6 The Company does not allow actions or non-actions based on arbitrage calculations or other
methods that are based on exploitation of different systems or platforms malfunction, delay, error etc.

3.7 The Company is entitled, by its own discretion, to cancel any trade that has been executed due or in
connection with an error, system malfunction, breach of the Agreement by Client etc. The Company’s
records will serve as decisive evidence to the correct quotes in the world capital markets and the wrong
quotes given to the Client; The Company is entitled to correct or cancel any trade based according to the
correct quotes.

3.8 Reporting- Client can see his open trades (“Positions”) and guarantee funds situation at any time by
accessing his Trading Account in the Company’s platform and viewing past trade’s reports generated by
the Company. No hard-copy reports are sent.
4.1 The Client may transfer funds to the Company with different methods of payment as permitted by
the Company from time to time and in any currency (acceptable by the Company), and such funds will
be converted and managed in the Trading Platform in US Dollars and/or Euro and/or GBP, as
determined by the Company, according to an exchange rate determined by the Company’s according to
the available market rates.

4.2 When making a bank transfer, the Client must send the Company an authentic SWIFT confirmation,
stating full bank account details and proof that the bank account is registered under its name. Non-
delivery of the SWIFT confirmation or in case that the details do not conform to the Client’s details
registered at the Company may result in the funds not being credited to the Client’s Trading Account.

4.3 The Funds deposited with the Company by the Client, together with any Profit or other Benefits the
Client may be entitled to according to a specific agreement with the Company, shall be used as security
to any Transaction, including Trading Losses, Commission and any other fee or debt owed by the Client
to the Company, which will be automatically deducted from the Client’s equity in the Trading Account.
The Client’s Funds shall not accumulate any interest or any other benefits. Trading that relate to a
reference security shall not grant the Client any right to dividends, voting, allocations or any other
Benefits, but may be subject to adjustments according to financial or corporate events which may have
an effect the reference security, such as distribution of dividends, splits etc.

4.4 Repayment of any funds via wire transfer by the Company to the Client will be in the same currency
and to the same account/credit card from which the funds were originally transferred, unless the
Company has decided, by its own discretion, to return the funds to a different account of the Client. 4.5
The Client declares that all funds that it transfers to the Company do not derive from any criminal or
other illegal activity and without any violation of any applicable anti-money laundering laws and
regulations.

4.6 The Client will have no claim against the Company and will not hold the Company responsible for
any delay and/or differences originating from a credit company’s, banks or other financial institutions
rates calculation and/or commission and/or any other debit.

4.7 a)In the case the Client gives an instruction to withdraw funds from the Trading Account, Trade
Republica™ finance department supervises every withdrawal request submitted. Identification
documents must be submitted to process any withdrawal. The Company shall pay the specified amount
(less any transfer charges, if applicable, see point (5) below) within seven to ten (7-10) Business Days
once instructions has been accepted and at the moment of payment, the Client’s margin requirements,
proof of identity (to ensure safety of client’s funds) and due diligence criteria have been met. The
Company may cancel the Client’s withdrawal order, if, according to the Company’s discretion, the
remaining funds (after the withdrawal) shall not be sufficient to secure open Position(s) in the Trading
Account. b) The company does not take any responsibility for any delays of withdrawals, due to third
party (banks, credit card companies or other service providers) policies, nor any force major events that
are not under the company’s control. c) Minimum withdrawal amount for wire transfers is $500.00 USD.
d) Minimum withdrawal amount for Credit card / Debit Card transfers is $100 USD e) Minimum Deposit
amount (for Credit / Debit cards) is $250 USD / Max Deposit amount is unlimited.
4.8 The Company shall debit the Client’s Trading Account for all payment charges. If the Client has the
obligation to pay any amount to the Company which exceeds the amount held in the Client’s Trading
Account, the Client shall immediately pay such amount upon Company’s request.

4.9 The Company shall not provide physical delivery in relation to any Transaction. As mentioned above,
Profit or loss is credited to or debited to or from the Trading Account (as applicable) once the
Transaction is closed.

Fees & Charges

5.1 The Company does not charge brokerage fees or commissions for executing trades.

5.2 All deposits to the company either by Credit Card or Wire Transfer are not subject to fee’s from the
company. Clients may see fee’s charged to them and these charges will be from the clients’ bank.

5.3 All withdrawals either by Credit Card or Wire are not subject to fee’s. The company pays all fee’s for
wire withdrawals.

5.4 The Company may introduce additional fees and charges, and may change any existing fees and
charges, at any time, by giving the Client not less than 10 Business Days’ notice of such changes.

Bonus Policy

6.1 The Company may offer a number of attractive reward features, including welcome bonuses,
contests and awards to new or existing customers. Bonuses and trading credits rewarded to clients are
part of the Company’s promotions programs. These bonuses are limited time offers and the terms and
conditions associated with any bonus rewards are subject to change from time to time.

6.2 Bonuses and profits that are based, even partially, on use of bonus credit, shall be forfeited in case
the Company suspects any act of fraud or breach of the Company’s Terms and Conditions by Client.

6.3 In order to withdraw funds from an account that has been credited with a trading bonus, the trader
will be required to execute a minimum trading volume of (bonus amount + Deposit) x25.
6.4 Funds can only be withdrawn when the preceding stipulation has been fully met and fulfilled. All
trading bonuses are final, and a trading bonus cannot be removed once it has been credited to an
account.

6.5 In regards to all “7 days guarantee campaign” or all insured money campaign: Insured money is
replaced with bonus money. The bonus money needs to meet the following trading requirements in
order to be withdrawn. The 1st deposit amount needs to be traded 15 times in order to be eligible for
withdraw.

Privacy and Data Protection

7.1 Due to the nature of the Company’s business and relations with the Client, The Company shall hold
some personal client information. All data collected, whether it is on paper or on a computer is
safeguarded in order to maintain the Client privacy under Data protection laws

7.2 The Company shall be permitted to use and/or disclose the Client Information (a) For internal use,
including with affiliated entities; (b) As permitted or required by law; (c) For protection against or
prevent actual or potential fraud or unauthorized transactions or behavior (d) For computerized
supervision of Client’s use of the services, review and/or supervision and/or development and/or
maintenance of the quality of services; (e) to protect the Company’s rights or obligation to observe any
applicable law.

7.3 The Client hereby grants the Company his/her permission to make use of his/her details in order to
provide updates and/or information and/or promotion or marketing purposes through the Clients E-mail
address or other contact information. Cancellation of this consent shall be performed by providing
written notice to the Company, and shall apply to new publications that have not been sent.

7.4 The Client agrees that the Company may record all conversations with the Client and monitor (and
maintain a record of) all emails sent by or to the Company. All such records are the Company’s property
and can be used by the Company, amongst other things, in the case of a dispute between the Company
and the Client.

7.5 Affiliation- the Company may share commissions and charges with its associates, introducing brokers
or other third parties (“Affiliates”), or receive remuneration from them in respect of contracts entered
into by the Company. Such Affiliates of the Company may be disclosed with Client’s information.

7.6 The Company’s Trading Platform, Website or other services may require the use of ‘Cookies’.

Advice, Information and Tax

8.1 The Company does not advise its Clients in regard to the expected profitability of any Transaction,
and any tax or other consequences. The Client represents that it has been solely responsible for making
its own independent appraisal and investigations into the risks of any Transaction. The Client represents
that it has sufficient knowledge, market sophistication and experience to make its own evaluation of the
merits and risks of any Transaction. The Client acknowledges that he has read and understood the Risk
Disclosure Document which sets out the nature and risks of Transactions to which this Agreement
relates.

8.2 Where the Company does provide market commentary or other information: (a) this is incidental to
the Client’s relationship with the Company. (b) It is provided solely to enable the Client to make its own
investment decisions.

8.3 The Company shall not be responsible for the consequences of the Client acting upon such trading
recommendations, market commentary or other information.

8.4 The Client acknowledges that the Company shall not, in the absence of its fraud, willful default or
gross negligence, be liable for any losses, costs, expenses or damages suffered by the Client arising from
any inaccuracy or mistake in any information given to the Client.

8.5 The Company is under no obligation to assess the appropriateness of any Transaction for a Client, to
assess whether or not the Client has the necessary knowledge and experience to understand the nature
of risks associated with the Transactions. All risks related to the above are under the sole responsibility
of the Client.

8.6 Any tax applying on the Client and/or results from the Client’s trading activity, including trading
profits and/or trading losses and/or any charges and/or deductions, shall be under the Client’s full and
sole responsibility. The Client shall personally report and pay any personal, federal, state and local tax
liability he is obligated to, if applied. The Company serves as a mediator only and does not collect
deduct, pay or withhold tax from the Client. The Company reserves the right, if ordered by an official
entity, to deduct tax from the Client and deliver it to the proper tax authority as ordered by the official
entity.

Account Balances

9.1 Trading Account balances and statements are displayed within the trading platform made available
to the Client by the Company. Common terms definitions can be found on the Company’s Website.
Closing an account and cancellation of the agreement
10.1 Either party may terminate this Agreement by giving 10 (Ten) days written notice of termination to
the other. Either party may terminate this Agreement immediately in any case of any breach of this
Agreement or event of Default by the other Party. Upon terminating notice of this Agreement, Client
shall be under the obligation to close all open positions, otherwise, the notice shall become void, or the
Company shall have the right to close all open positions without assuming any responsibility. Such
closure may result in an outcome that would be less favourable for the Client.

10.2 Upon termination, all amounts payable by Either Party to the other Party will become immediately
due. 10.3 Termination shall not affect any outstanding rights and obligations according to the applicable
law and the provisions of this this Agreement. Limitations of Liability and Indemnities

11.1 THE SERVICES OF THE COMPANY ARE PROVIDED “AS IS” AND “AS AVAILABLE”, AND COMPANY
MAKES NO WARRANTIES OF ANY KIND, EXPRESS OR IMPLIED, INCLUDING, BUT NOT LIMITED TO,
WARRANTIES OF MERCHANTABILITY AND FITNESS FOR PARTICULAR PURPOSE. THE COMPANY DOES
NOT WARRANT THAT ANY AFFILIATED SOFTWARE, SERVICES OR COMMUNICATION THAT MAY BE
OFFERED OR USED BY THE CLIENT SHALL ALWAYS BE FREE OF VIRUSES OR OTHER HARMFUL
COMPONENTS. THE COMPANY WILL NOT BE LIABLE FOR ANY DAMAGES OF ANY KIND ARISING FROM
TRADING OR THE USE OF THE COMPANY’S SERVICES, INCLUDING, BUT NOT LIMITED TO DIRECT,
INDIRECT, INCIDENTAL, PUNITIVE, AND CONSEQUENTIAL DAMAGES.

11.2 Client acknowledges and agrees that the Trading Platform follows the relevant market, whether the
Client is in front of his computer or not, and whether the Client’s computer is switched on or not, and
will exercises the order left by the Client if applicable.

11.3 The Client shall, upon first demand by the Company, compensate the Company from and against all
liabilities, damages, losses and costs (including reasonable legal costs), duties, taxes, charges,
commissions or other expenses incurred by the Company.

11.4 The Company shall have the right to set-off any amount owed by the Company to the Client,
against any debt or other obligation of the Client towards the Company. In any event of Default of Client
(voluntary or involuntary insolvency procedures against the Client) all debts, future debts and other
obligations of the Client towards the Company shall become immediately due.
 PRIVACY POLICY

Trade Republica values your security and privacy. Protecting your privacy is one of our top priorities.
This privacy policy sets out how we collect information regarding Website users, what we may do with
it, and what you can do to protect your privacy.

We are using security measures and encryption systems, to make sure interaction with our website is
smooth and safe. All transactions are performed under secured protocols, using the username and
password chosen and guarded by you; the chances of someone else trading in your name are extremely
low.

Keeping your password safe: You should make sure that you don’t share the password with anyone and
remember that exenmarket’s personnel will never ask you for the password. If this happens and
someone claims to be working for Trade Republica, don’t provide them with any information and make
sure you notify our customer service at once. Pick a password that is hard to intercept and change it
every couple of months. Also remember to log out as soon as you stop trading with Trade Republica,
whenever you leave the computer and after every session.

The first step to start trading is to open an account and this process, simple as it is, requires you to enter
some personal data such as your first and last name, email and phone number. Additional details, as
well as proof of identity may be required of you at any time. will maintain the privacy of all your
personal data we collect, including age, occupation or marital status. You may be required to provide
the copies of ID, passport and photograph, in accordance with any policies, laws or regulations that
require such documents to be delivered. Furthermore, in some jurisdiction you may also need to submit
financial information, investment experience and risk tolerance, all as may be required under law.

In order to have unrestricted access to the trading account and be able to trade with ease, these
documents and information may be required. There is no obligation on your part to submit them, but if
you don’t, you won’t be able to open the account and trade online. Additionally, it is important to keep
us informed about your personal data as soon as something important changes, so your profile will
always be up to date, and as required under any law.

We collect this information to administer and operate services, prevent fraud, defend our legal rights
and for the purpose of compliance with regulations regarding the services we provide. Exenmarket`s
privacy policy guarantees that your personal information will not be sold, rented or traded, and won’t
be disclosed unless the following conditions occur or for the purposes set out above. We share
information with the associated firms and other persons processing your personal information or with
banks and clearing houses in order to deliver the products and services you need for trading.

When there is any suspicion of fraud or breach regarding the trading performed by the user, the privacy
policy allows us to disclose your private data as needed, including to credit reference and fraud
prevention agencies. The same applies for the national and international enforcement bodies and courts
when they require this kind of information, as laws and regulations demand. Except for these situations,
while you are trading with Trade Republica, your personal information is reasonably safe from
unauthorized use, damage, modification or disclosure, by all reasonable measures.

Underage and Child Privacy

By using this website you state and represent that you are over the age of 18 or any agree restriction
applicable in your jurisdiction in order to participate in trading, as any laws applicable to your may
dictate. If you are under aged and entered the site by mistake, you should stop using the website and
inform us promptly and we will conform with the applicable laws and regulations that apply to you and
your personal information.

Regardless of the foregoing, in order to protect child privacy, we never knowingly collect or maintain
information from users under 13, and no part of our website is structured to attract anyone under the
age of 13. Should Website ever collect or maintain any such information, it will comply with the
Children’s Online Privacy Protection Act (COPPA) and any other applicable law, under the appropriate
jurisdiction. Trade Republica will never disclose any private or otherwise confidential information in
regards to it clients and former clients to third parties

Changes to This Privacy Policy

This privacy policy may be changed from time to time, as we see fit. The binding version is the most
updated version posted on the site. We may, at our discretion, inform you via e-mail regarding any
material changes.

Please note any and all usage of the site and services is subject to the Terms and Conditions, as may be
amended from time to time by Trade Republica, at its sole discretion.

Contact Us

For queries concerning policy matters, please contact us at any time.

 REFUND POLICY

Trading in any investment opportunity that may generate profit requires Trade Republica customers to
deposit money on their online account. Profits may be withdrawn from the online account.

DEPOSITS

You, the Client, have to perform all the deposits from a source (e.g. single bank account). If you want to
start trading, you should make sure this account is in your country of residence and in your name. In
order to certify that a SWIFT confirmation is authentic, it has to be sent to Trade Republica to confirm
the origin of the money which will be used for trading. If you don’t comply with this WD policy, you may
be prevented from depositing the money via Bank/Wire Transfer. If you did not login and traded from
your account within six (6) months (“Dormant Account“), your Dormant Account will be subject to a
deduction of 10 % each month (the “Dormant Fee“).

WITHDRAWALS

According to generally acceptable AML rules, withdrawals must be performed only through the same
bank account or credit/debit card that you used to deposit the funds.

Unless we agree otherwise, withdrawals from the Account may only be made in the same currency in
which the respective deposit was made.

In addition, when you deposit or withdraw money for trading purposes using alternative payment
methods, you should be aware that additional fees and restrictions may apply.

Without derogating of the foregoing, Trade Republica may execute withdrawals to a different facility
than the one used for the deposit.

Furthermore, when it comes to withdrawals, Client may be required to present additional information
and documents.

NON-DEPOSITED FUNDS

Funds appearing on Clients’ account may include agreed or voluntary bonuses and incentives, or any
other sums not directly deposited by the Client or gained from trading on account of actually deposited
funds (“Non-Deposited Funds“). Please note unless otherwise explicitly agreed, Non-Deposited Funds
are not available for withdrawal. Further, due to technical limitations, Non-Deposited Funds may be
assigned to Client’s account in certain occasions (for example, for the technical purpose of allowing the
closing of positions or an indebted account).

Without derogating from the abovementioned, bonuses issued to Client by Trade Republica may only be
withdrawn subject to execution of a minimum trading volume of 30 times the deposit amount plus the
bonus issued (“Minimum Trading Volume“).
SUBMITTING A WITHDRAWAL REQUEST

In order to process your withdrawal request, you must:

• Log in to your account through the website, click on withdrawal, fill up the withdrawal form.

• All compliance documentation must have been received and approved by Trade Republica compliance
officer in order to proceed with the withdrawal.

• Beneficiary Name must match the name on the trading account. Requests to transfer funds to third
party will not be processed.

TYPICAL WITHDRAWAL PROCESSING TIME

The time it takes for the money to reach your credit card or bank account that has been used to deposit
funds may vary (usually up to five business days). Note that it might take longer for withdrawals to bank
accounts due to the additional security procedures in force.

The request will generally be processed by Trade Republica within 2-5 business days of receipt. In order
to avoid any delays please review your information carefully before submitting your request.

Please note clearly that we are not committed to any time frame and that any additional charges
imposed by third parties shall be deducted from the deposit or the withdrawal, as applicable.
 TERMS AND CONDITIONS

RISK WARNING: Trading leveraged derivative products such as Foreign Exchange (Forex), Contracts for
Difference (CFD's) or other financial derivative products carries a high level of risk to your capital. All
these products, which are leveraged derivative products, may not be appropriate for all investors. The
effect of leverage is that both gains and losses are magnified. The prices of leveraged derivative
products may change to your disadvantage very quickly, it is possible for you to lose more than your
invested capital and you may be required to make further payments. Before deciding to invest in any
financial product, you should carefully consider your investment objectives, trading knowledge and
experience and affordability. You should only trade in Forex and CFDs if you have sufficient knowledge
and experience of the risky nature of the products, the risks involved in trading such products and if you
are dealing with money that you can afford to lose. You should seek independent professional financial
advice if you are in any doubt.

GENERAL

1. These Terms together with your completed and submitted Application Form comprise the Client
Agreement between Trade Republica ("Company”, "we", "us", ''our'' or "Trade Republica"), a broker
company providing trading in financial and commodity‐based derivative instruments and other
securities registered and headquartered in the Republic Of The Marshall Islands, whose registered office
is Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH96960, since
2019.

2. If the Client is comprised of two or more legal persons then a reference to a right or obligation of the
Client under this Agreement or under a transaction contemplated by this Agreement confers that right
or imposes that obligation, as the case may be, jointly and severally on those persons.

3. This is a master agreement and sets out the terms and conditions upon which dealings between you
and us relating to the provision of advice to the Client or the execution of Orders.

4. This Agreement is in addition to other documents that may have been exchanged and/or executed
between the parties. You should read this Agreement carefully and any other documents given to you
and that apply to you.

5. Margin FX and Contracts‐for‐difference (CFDs) Transactions you enter into pursuant to the terms of
this Agreement carry a high level of risk. You should ensure that you fully understand such risks before
entering into this Agreement or any transaction with us. By signing and submitting the Application Form
by email or electronically via our website, or by taking any action consistent with your agreement to
these terms and conditions, you confirm that you have received, read and understood this Agreement,
including our current Legal Documents on our website.

DURATION OF THE AGREEMENT AND RIGHT TO CANCEL

6. The Agreement shall commence once we have informed you about your account being

activated. This is, once we have completed due diligence and satisfied our requirements in
terms of ‘Know-Your-Customer’ or any other procedures.

7. You have the right to cancel the Agreement by giving us notice in writing within the first

fourteen (21) days of your account being activated. We will return to you any amount you have
transferred to us, subject to you not having entered into any trades via our platform(s).

8. Where the Agreement has not been cancelled, it will continue to be in effect until its

termination, in accordance with the provisions contained in the Agreement.

CLIENT CATEGORIZATION

9. We will treat you as Retail Client in accordance with applicable law, unless we have informed you
otherwise. You have the right to request a different client categorization (type).

10. We can review your Client categorization at any time, in accordance with the applicable rules. We
will notify you in the event a change affects you.

ACCOUNT OPENNING

11. Following receipt of your ‘Account Opening Application Form’, we will use the information you have
provided us with to conduct further enquiries about you as we may deem necessary or appropriate in
the circumstances in order for us to fulfil our legal obligations; we will further use the information you
provide us with to assess and determine the appropriateness of you entering into a business
relationship with us. This includes, but it is not limited to, verifying your identity information, obtaining
references from third party database list, other financial institutions or your employer. In some
instances, either on a sample basis or because we have reason to believe that further searches are
necessary, in order for us to satisfy any legal or regulatory requirement, we will conduct other searches
with third-party information providers and databases (public or otherwise), including credit searches
that appear on your credit history. You understand that such enquiries can be conducted at any stage of
the relationship, and we expect you to assist us with any additional information, as failure to do so
would lead to termination of the relationship between you and us in accordance with the terms of the
Agreement.

12. You are responsible for providing us with correct and accurate information at all times and we can
rely on the information you have provided us with, both during on-boarding in the‘Account Opening
Application Form’ as well as throughout our relationship, unless we have reason to believe that the
information you have provided us with is inaccurate. If any of the information you have provided us with
changes, you need to notify us in writing.

13. Based on the information provided by you, and in accordance with the applicable rules, we will make
an assessment of whether you have sufficient knowledge and/or experience to understand the risks
associated with trading Leveraged Products. The acceptance of your account will be subject to the
outcome of this assessment and we reserve the right to refuse to provide any of our services to any
person, who, in our reasonable opinion, is not suitable to receive such services.

14. When we receive your application to open an account, we will confirm this to you by e-mail and we
will provide you with details to access your account, specifically your account number and password
(the ‘Access Codes’). We will review your application and only if we are satisfied with the information/
documentation received, we will accept you as a Client and therefore activate your account.

THE PLATFORMS

15. You will be able to:

a) download and install (where applicable) the trading platforms (the ‘Software’), or use

a web-based version of the Software (where available) and you need to ensure they are accessible and
operational; b) use your Access Codes to log-in to the Software, as well as Trade Republica website from
where you can view your account. It is also your responsibility to keep your Access Codes private and
confidential.

16. Further to the above, you are responsible for ensuring that you are able to access our Software
when you need to and during the times the Software is available. Your responsibility extends to ensuring
you have access to a reliable internet connection or any other necessary connection and maintaining
any devices used to this end.

17. The Software may have been developed by a third party, unrelated to Trade Republica. Trade
Republica will use its best efforts to ensure that the Software is properly operational for the purposes of

providing our services under this Agreement to you, by conducting reasonable tests. However, we
cannot guarantee, that the Software is free of any errors or deficiencies.

18. We will, to a reasonable extent, maintain the Software and any other related systems up to

date. We and/or any relevant third party may perform this maintenance from time to time,

which includes shutting down, restarting and/or refreshing the servers to ensure, or procure to ensure
the effective and efficient operation of the Software. These actions may cause the

Software to be inaccessible and/or inoperative for a period of time. We will use best efforts to ensure
that any maintenance activity will take place outside trading hours, however, you

understand and accept that this may not always be possible. Therefore, you accept that we will bear no
responsibility for any loss, including financial loss and/or loss of opportunity due to maintenance and/or
any action or omission of Trade Republica and/or the third-party software provider. For instance, such
maintenance activity will occur in order to, for instance, add a new symbol or remedy any technical
issue.

19. We will use best efforts to make the Software and any other systems available. Where this is

not possible, we will endeavor, within reason, to provide you with prior notice. But, you

understand and accept that we cannot guarantee their continuous availability at all times, due

to instances including: a) failures and/or errors, including failures and/or errors of technological nature
such as failure of internet connectivity that may affect the access to the Software, which either you or
we rely on; b) suspension of service availability due to maintenance, repairs, updates, developments and
other issues outside of our control.
20. We will do our best to maintain the operation of the Software. We cannot and do not accept any
responsibility for any means (including computer equipment), which you use to access the the Software
and cannot guarantee its continued availability.

SECURITY AND ACCESS

21. We will only accept instructions from you and/or your Authorized Representative pursuant to a duly
executed ‘Power of Attorney’. For the avoidance of doubt, Authorized Representatives shall not be
considered as Clients of Trade Republica. However, we will consider any instructions from an Authorized
Representative as coming from you, and we may act upon such instructions without the need to confirm
their authenticity or validity.

22. In addition to anything else specified above, we may rely on any instructions coming from any
person in possession of your Access Codes as if these instructions were coming from yourself, without
us making any further inquiry.

23. It is your responsibility to keep your Access Codes confidential and not to reveal them to any person,
whether intentionally or unintentionally. We cannot control how you treat your Access Codes and you
are responsible to ensure that no third party obtains any unauthorized access. We will not be liable for
any unauthorized access, unless this has occurred due to gross negligence from our part.

24. You are responsible for keeping any information regarding your dealings with us, private and
confidential. We will bear no responsibility in the event that any person attains unauthorized access to
any information regarding your dealings with us, where that information is: a) held by you; b) being
transmitted via electronic or any other means, by you to Trade Republica and/or any other party
authorized by us; c) being transmitted via electronic or any other means, by us to you and/or any
Authorized Representative.

25. We reserve the right to revoke your access and/or the access of any Authorized Representative to
our Software at any time, where we deem necessary.

26. Where you have not carried any activity and/or transactions for a period of time, as determined
within reason by us, we reserve the right to carry out additional checks and/or request additional
documentation from you before we allow you to resume any activity with us.

ORDERS AND INSTRUCTIONS

27. We will only accept instructions transmitted via a durable medium approved by us, including Trade
Republica Software and your registered e-mail address (as indicated in our records). Under certain
circumstances, provided that we are satisfied of your identity and of the clarity of the instructions
received, we can accept instructions via telephone or in person; note that each Client is responsible to
ensure that any instruction provided has been completely understood by the operator. Orders via
telephone will be accepted only if they are received in our official language. It should be noted that
Trade Republica reserves the right to reject such verbal orders when the operator of the Support
Department is not satisfied with the Client’s identify or clarity of the orders, request additional
information, verify such orders via any means or take any other action Trade Republica deems necessary
in the circumstances. Contact details of all departments (including the Support Department) can be
found on our Website; note, that at times of excessive transaction flow there might be a delay in
connecting over the telephone with an operator, especially when there are important market
announcements.

28. You may choose to communicate with us for support and any instructions, other than orders,

in any of the languages available on our Website during business hours. Communication after business
hours that requires immediate action on our behalf will only be accepted in our official language.

29. Where information has not been transmitted to us via approved means, or where you have

misinterpreted any instruction and/or information, it is your responsibility to make the

necessary amendments and we will bear no responsibility for any loss, be it financial or of

opportunity in connection to said instruction.

30. We bear no responsibility for any loss that arises as a result of delayed or unreceived

communication sent by us to you.

31. You understand that time is important when trading on Leveraged Products, therefore you are
responsible for ensuring that any communication in relation to your dealings with us is sent to us on
time.

32. We will execute an instruction received from you, without any further enquiry. However, you
consent that we reserve the right to accept, either in part or in full, or reject, any instructions from you.
Also, we may contact you if we intend to execute any transactions or future transactions differently
following patterns in your trading activity (for instance, where your account balance frequently results in
negative equity, we may propose that you continue trading with a higher margin requirement,
irrespective of the applicable trading conditions of other clients).

33. We may, at our discretion confirm any instructions received from you via any durable medium or
telephone. However, you understand that you should not communicate with any of our employees,
contractors or otherwise via any means or on any other equipment, which are not our equipment. For
example, you should not communicate with any of our employees on his/her mobile phone or on any
other personal account.

34. Essential information concerning the execution of any order (among other information), can be
obtained through the Software, trading platforms and/or Trade Republica were you are able to
download reports which document, in durable medium, information including the execution and status
of your order, as well as review the current and historic state of your trades and Account(s). You
understand and agree that such reports are deemed to be reports provided by us to you in a durable
medium. We might not provide you with statements of account in relation to the financial instruments
traded through your Account(s) or the availability of your Client Money or any other detail in any other
form other than what is stated above.

35. You understand and accept that we will execute all your orders outside a Regulated Market,

Multilateral Trading Facility or an Organized Trading Facility (i.e. all Client orders will be

executed over-the-counter (‘OTC’)). By accepting the Agreement and placing any order with us you
expressly provide your prior express consent before proceeding to execute your orders outside a trading
venue. This consent is hereby provided in the form of a general agreement and not in respect of
individual transactions.

36. We will take necessary steps to ensure compliance with the applicable rules and regulations.
Therefore, you agree to be bound by any decision we make in order to comply with any rule,

regulation or obligation of Trade Republica.

37. Where we provide you via our Website, the Software with any links to other

websites and/or resources from third parties, these links are provided for information only. We have no
control over the content, quality or security of the information contained on those websites and/or
resources, and therefore we cannot be made responsible for any losses that may arise from your use of
these.

38. We take reasonable care in trying to ensure that any information and/or content, including

third-party features on our Website, the Software and e-mail communications

from us is accurate and complete. However, some information may be provided ‘as is’ and on an ‘if
available’ basis and therefore we cannot give any warranties or representations (either expressed or
implied), relating to the said features and any third-party information.

39. The product specifications and/or conditions are to be found on our Website, as amended from time
to time. It is your responsibility to ensure that you remain updated with regards to our product
specifications and conditions, as well as any other information and you shall take all necessary actions to
safeguard your interest where you believe you may be affected. You understand that the product
specifications and/or conditions may be varied. You will continue to be bound by the Agreement in the
event of any of these amendments taking place. However, nothing in this clause will affect your right to
terminate the Agreement, without any penalty whatsoever, subject to any existing obligations.

40. You understand that in order for us to provide you with our services, we may enter into

agreements with external service providers for any activity and/or operation we may conduct. As stated
above, we will do our best to maintain the operation of our systems. Further, you understand and
accept that we cannot and do not accept any responsibility for any means you use to access the services
we provide and cannot guarantee the continued availability of any other person’s site or address.

41. Where you are in breach (or we have reasonable grounds to believe you may be in breach) of any
term contained in the Agreement, we reserve the right to temporarily or permanently

suspend your access to the Software, Trade Republica website, your Account(s), and/or terminate the
Agreement, and/or take any other actions as we may see fit in the circumstances.

42. By becoming a client of Trade Republica, you do not obtain any rights in any intellectual property

belonging to us. Our Website, the Software, any data, information, documentation and/or

creation shall be protected in accordance with the applicable laws and you shall have no right, neither at
the time of entering into the Agreement, nor at any point of time in the future. All rights whether
expressed or implied, and whether existing now or in the future are reserved.

43. You shall not cause or permit any actions to be caused, which might endanger or damage any
intellectual property belonging to us and/or do any other act which would be damaging and or
defamatory against Trade Republica.

44. You understand that you shall not copy, reproduce, duplicate, translate, assume ownership or
otherwise of any rights belonging to Trade Republica.

45. We are required by law to take all reasonable steps to identify and manage any potential or
actual conflicts of interest between: a) Us and any Affiliate Entity or third-party. b) Us and you. c) You
and any other client.

CLIENT MONEY

46. All money deposited by the Client with Trade Republica, received by Trade Republica or its agent on
behalf of the Client, or that is, client profits on the Close Out of a Financial Product shall be deposited
into one or more accounts nominated by Trade Republica and will be paid into a segregated bank
account, which is typically when the Client pays money into the nominated account:

- without agreeing to the terms of a Financial Product by the next Day following actual receipt of the
deposit; or

- without Trade Republica issuing the Financial Product immediately; or

- that is less than the price of the Financial Product, and Trade Republica does not issue the Financial
Product immediately for the lesser price; or

- in excess of the price of the Financial Product, and the excess amount is not returned to the Client by
the next Day.

Such segregation of the Client’s money does not fully protect the Client’s money from the risk of loss.

While the Client’s money is segregated from Trade Republica’s money, it may be co-mingled with the
money of other Clients and utilized by Trade Republica from time to time where Trade Republica is
allowed to do so pursuant to Law.

47. Trade Republica shall be entitled to retain any interest earned on such segregated money held or
invested by Trade Republica may use the funds in the client segregated account in accordance with
applicable Laws.

48. The Client has no interest in or claim over Trade Republica’s contracts (if any) with any other person
or in the accounts into which Trade Republica lodges or pays the funds which were withdrawn from the
segregated accounts. The Client acknowledges that the balance of the Client’s account may not be
protected if there is a default in the dealings with counterparties or in the overall segregated account
balance.

49. Trade Republica enters into arrangements with Third‐Party execution providers for the facilitation of
transactions and settlements, and avails monies received for Deposits and settlements which are not
client money to such providers for this purpose.

50. When Trade Republica accepts money from a client in connection with an Order, a Margin Call or a
Deposit, the Client immediately receives reciprocal obligations from Trade Republica. The payment is
not “client money”, but rather has purchased that reciprocal obligation from Trade Republica.

ORDER CONFIRMATIONS

51. Each time the Client places an Order with Trade Republica, a confirmation of the executed trade will
appear in the Trade Republica Trading Platform. The Client consents to receive Trade Confirmations by
electronic means including, for example, through any Online Service.
52. Trade Republica will make available Daily and Monthly Statements via Trade Republica Trading
Platform or any Online Service or Software provided by us. Following the end of day settlement time,
provided the Client has transacted or has an open Position Trade Republica Trading Platform will
produce a Daily Statement which will be emailed to the Client to their registered email address and then
made available on the Trade Republica Trading Platform.

53. Following month‐end, Trade Republica will produce an electronic version of the Client’s trading
statement which will be emailed to the Client and be available on the Trade Republica Trading Platform.
This will provide the same details as the daily statements but cover all account movements and
transactions opened for the month.

54. The Client is responsible for promptly checking all contents of Confirmations and the Daily and
Monthly Statements. The client must immediately notify Trade Republica if there is an error in the
Confirmation or the Statements. Trade Republica is entitled to assume that the Confirmations and
Statements are correct unless the Client notifies Trade Republica of any error within 48 hours following
us giving the Confirmation or the Statements becoming available to the Client.

TELEPHONE OR E-MAIL ORDERS

55. An Authorized User may request Trade Republica to accept Instructions and enter into Orders by
telephone. Trade Republica has sole discretion to accept Instructions and enter into Orders by
telephone.

56. Trade Republica may check the authority of the caller by requesting the caller give his or her name
and confirming that such name has been notified to Trade Republica by the Client as an Authorized
User. Upon such check confirming the identity of the caller, Trade Republica may assume that the caller
has the full authority as previously notified by the Client.

57. The Client acknowledges and agrees, and will ensure that each Authorized User acknowledges and
agrees, that Trade Republica may make a recording of each telephone Instruction and any other
conversation (including Internet conversations e.g., chats) received from a Client or an Authorized User
or between a Client or an Authorized User and Trade Republica. The recording remains the property of
Trade Republica.

58. The telephone recording can be used by Trade Republica to confirm the terms and conditions of any
transaction where there is a dispute with a Client as to the Trade Contract Terms of the transaction, and
for training and monitoring purposes.

59. An Authorized User may request Trade Republica to accept Instructions and enter into Orders by
email. Trade Republica may accept Instructions sent by email. The Client acknowledges and agrees that
upon the acceptance by Trade Republica of the Client’s Instructions, the Client shall be bound by those
Instructions.

60. Although Trade Republica will use all reasonable efforts to process the Client’s Order on a timely
basis. However, Trade Republica shall not, in the absence of gross negligence or willful misconduct, be
liable for delays, damages, failures or errors in the completion of the Order.

61. Trading hours for Margin FX Contracts and CFDs vary and will depend on the relevant Underlying
Instrument’s hours of operation. The trading hours are published on our website.

62. We are under no obligation to quote prices or accept Orders on a public holiday in any jurisdiction
which, in our reasonable opinion, affects the relevant value of the underlying asset or assets to the OTC
derivative contract Trade Republica offers. We give notice of such public holidays and the underlying
asset or assets affected on the website.

CHARGES AND CREDITS

63. Where an Order for a Spot CFD is held overnight, the Order is subject to a Swap Charge or Swap
Credit determined by Trade Republica multiplying the value of the contract at the end of the Trading
Day by the Reference Interest Rate and adjusted for any dividend in relation to the underlying asset or
instrument.

64. Where an Order for a Spot CFD is held at the Close of Trade on a Friday, the Swap Charge or Swap
Credit is adjusted to reflect the cost of holding the position until the following Monday. Swap Charges or
Swap Credits in relation to Spot CFDs are calculated and applied to your account at the beginning of the
next Trading Day.

65. No Swap Charge or Swap Credit is payable where an Order for a Spot CFD is opened and closed on
the same Trading Day.

66. Where an Order for a Futures CFD is held overnight, the Order is not subject to a Swap Charge or
Swap Credit. Where an Order for a Futures CFD is held at the Close of Trade on the Close‐Out Date, the
Order is automatically rolled over meaning that the contract is closed, and a new Order is created for
the Futures CFD on the next Trading Day at the new contract price.

67. Trade Republica will not automatically roll over an Open Position for a Futures CFD held at the Close
of Trade on the Close‐Out Date unless Trade Republica has provided reasonable notice to the Client of
the Close‐Out Date and the position remains open after this date.

68. Where an Order for a Futures CFD is held at the Close of Trade on the Close‐Out Date, an adjustment
will be applied to the Client’s account to reflect the difference between the old contract price and the
new contract price for the Futures CFD less an administration fee of basis points payable to Trade
Republica.

69. In addition to any other fees or charges set out in these Terms, the Client agrees to pay: an amount
equal to any other fee charged or levied on Trade Republica, or other expense incurred by Trade
Republica, arising from any action taken pursuant to this Agreement; and all relevant taxes and
expenses incurred by the Client in connection with this Agreement.

70. The Client confirms and acknowledges that Trade Republica is, without limiting its powers to recover
amounts owing by the Client to Trade Republica in any other way, permitted to deduct, without further
reference to the Client, charges relating to any services provided by Trade Republica including
administration charges (including but not limited to fees associated with returned cheques, payment
processing, debt collection and telephone transcript copies), charges relating to the use of the Software
and any transaction fees charged to Trade Republica by others with respect to the Client’s transactions
including, but not limited to tracing fees.

71. Trade Republica may in its absolute discretion waive or reduce fees or transaction charges, for
individual clients or for classes of clients, for any length of time, with or without conditions, without
notice.

72. The Client acknowledges that should they affect an Order with Trade Republica, the Client must pay
all transaction charges, fees, settlements, interest and any other amounts due under this Agreement on
demand by Trade Republica in cleared funds or otherwise as required in accordance with the terms of
this Agreement.

73. The Client agrees that Trade Republica may at any time share transaction fees and charges with any
other persons without being required to disclose the sharing of such fees and charges to the Client
unless such disclosure is required by Law.

GUARANTEE

74. A Client’s obligations under the Agreement must be guaranteed:

- where the Client (including a trustee) is a company, by each or of the Company; and

in any other circumstance,

- where Trade Republica determines, in its absolute discretion, that such guarantee is required.

75. The Guarantor acknowledges that Trade Republica is acting in reliance on the Guarantor incurring
obligations and giving rights under this guarantee and indemnity. The Guarantor unconditionally and
irrevocably guarantees to Trade Republica compliance with their obligations in connection with the
Agreement, including each obligation to pay money.

76. If the Client does not comply with those obligations on time and in accordance with the Agreement,
then the Guarantor agrees to comply with those obligations on‐demand from Trade Republica.

77. A demand may be made whether or not Trade Republica has made demand on the Client. If the
Guarantor makes a payment that is subject to any withholding or deduction, the Guarantor agrees to
pay Trade Republica such additional amount to ensure that the amount actually received by Trade
Republica equals the full amount Trade Republica would have received had no withholding or deduction
been made.

TRADING SUSPENTION

78. If, at any time:

- trading in any Underlying Asset on any exchange is suspended or halted; or

- trading is suspended or halted on any exchange which restricts trading with any relevant index so that
Trade Republica is unable to determine the price of the Underlying Asset, then Trade Republica will take
the price of the Underlying Asset as being the last traded price before the trading suspension or halt.

79. If the suspension or halt continue for 5 Business Days, Trade Republica at its discretion may Close‐
Out your part or all of your Positions. When this happens, Trade Republica will decide the Close‐Out
date and the Close‐Out value of your Contract in good faith (the Close‐Out value will be the Underlying
Asset price x the number of Contracts). Trade Republica reserves the right at all time during any
marketing limitations, suspension or disruption to adjust the price of any affected Underlying Asset.

TERMINATION
80. This Agreement may be terminated immediately by the Client or Trade Republica by Notice to the
other in writing. However, termination by either party shall not affect any Order or other transaction
previously entered into and shall not relieve either party of any outstanding obligations arising out of
this Agreement, nor shall it relieve the Client of any obligations arising out of any Order entered into
prior to such termination.

81. In the event that Trade Republica is made aware of or has reason to believe any of the following: -
that the Client has provided false or misleading information to Trade Republica; or

that the Client has participated or is participating or has assisted or is assisting in money laundering or
terrorist financing;

that the Client is being officially investigated by law enforcement and/or regulatory agencies;

that abnormal trading conditions exist;

that Trade Republica is unable to make prices in the relevant Order due to the unavailability of
relevant market information for reasons beyond Trade Republica control;

that the Client may be in possession of “inside information” within the meaning of the Securities
Investments Business Law;

a Default Event has occurred;

an Insolvency Event has occurred in respect of the Client

then Trade Republica, at its sole discretion, may terminate this Agreement immediately by Notice to the
Client, and Trade Republica shall be relieved of any obligations set out in this Agreement or arising out
of the transactions contemplated by this Agreement, including any obligations arising out of any Order
already placed with Trade Republica.

82. The trading systems of Trade Republica, are designed with safeguards to protect clients from
encountering negative balances when trading under normal market conditions.

83. NOTE: The provisions of this policy shall not apply to:

• Force-Majeure Event understood as an act of God, war, terrorism, malicious damage, civil commotion,
industrial acts, any exceptional market events, or acts and regulations of any governmental or
supranational bodies or authorities which in the company’s opinion prevent an orderly market in
relation to Client’s orders; • in abnormal market conditions or exceptional market movements/volatility;
• where the company determines, in its sole and absolute discretion, that the negative balance is
unrelated to the client’s trading activity (for example, where the debit relates to any fee or charges of
the company); • where the negative balance is connected to or a result of, either or in, breach of any
provision by the client of the Client Agreement of the company or from the breach of the market rules,
including but not limited to the laws of the client’s country of origin, client’s country of residence or any
country.

LIABILITY AND INDEMNITY

84. The Client shall indemnify and hold Trade Republica harmless from any and all liabilities, claims,
costs, expenses and damages of any nature, including, but not limited to, reasonable legal fees and any
fees and expenses incurred in connection with litigation, arising out of or relating to the Client’s
negligence or willful misconduct, the violation of any Law by the Client, or the breach by the Client of
any provision of this Agreement or if a Default Event occurs.

85. The Client also agrees to promptly pay Trade Republica for all damages, costs and expenses,
including reasonable legal fees and expenses, incurred by Trade Republica in the enforcement of any of
the provisions of this Agreement. Trade Republica is not responsible for any delays, charges or loss
incurred due to errors in the payment or as a result of a delay in funds reaching the Client’s nominated
account. The Client agrees to indemnify Trade Republica and be liable for any losses or charges incurred
by Trade Republica arising from such error the Client’s behalf.

86. Trade Republica will not be liable under any circumstances for any, in or consequential loss
(including any loss of profits) incurred by the Client as a result of any acts or omissions by a Third‐Party.
Nothing in this Agreement is intended to limit or exclude any liability Trade Republica may owe the
Client under any statutory rights the Client may have.

DISPUTE RESOLUTION

87. Please refer to us for further information on how we handle complaints under the Agreements. You
acknowledge that our internal and external dispute resolution procedures don’t prevent us from
commencing proceedings in any other relevant jurisdiction for the enforcement of any complaint
determination.

NOTICES AND COMMUNICATIONS

88. Trade Republica may, to the extent of your authorization, send a communication under the
Agreements to you or your Authorized Person.

89. Unless the Agreements expressly say otherwise, all notices, certificates, consents, approvals, waivers
and other communications in connection with the Agreements: must be sent by email or other means
that we specify from time to time; must be signed or issued by the sender (if an individual) or an
Authorized Officer of the sender; and will be taken to be received upon sending, unless the sender
receives an automated message informing them that the email has not been delivered.

90. Communications take effect from the time they’re received unless a later time is specified in them.

GOVERNING LAW

91. This Agreement shall be governed by and construed in accordance with the Law of the Republic of
The Marshall Islands. The parties agree to irrevocably submit to the non‐exclusive jurisdiction of the
Courts of the Republic of The Marshall Islands.
SEVERANCE

92. A provision of the Agreement that is void, illegal or unenforceable is ineffective only to the extent of
the provision’s illegality or unenforceability, but the remaining provisions are not affected.

93. Any present or future legislation which operates to vary the Client’s obligations in connection with
this Agreement with the result that Trade Republica’s rights, powers or remedies are adversely affected
(including by way of delay or postponement) is excluded except to the extent that its exclusion is
prohibited or rendered ineffective by law.

FURTHER

94. The Client’s Use of the Site and/or Trading Platform constitutes acceptance of this Agreement.

The Client agrees to do anything Trade Republica reasonably requests (such as obtaining consents,
signing and producing documents and arranging documents to be completed and signed):

- to bind the Client and any other person intended to be bound under this Agreement;

- to show whether the Client is complying with this Agreement.

INTERPRETATION

The following words shall have the following meanings:

Accept or Acceptance means, except in the case of a Third‐Party Online Platform, if the Client, or an
Authorized User, indicate by either telephone, email, face‐to‐face or through an Online Service that they
accept the Trade Contract Terms provided by Trade Republica. Account Value means the currency value
of the Client’s Account which is calculated by Trade Republica combining: a) the equivalent balance of
your Account in the Trade Republica client money trust

account; b) the Realized/Unrealized Losses and Realized/Unrealized Gains; c) indicative costs to Close
(fees, Overnight interest); and d) the values of Positions not yet booked. Application Form means the
form a client must complete and submit to apply to open an account with Trade Republica.

Authorized User means a person authorized by the Client to access Trade Republica’s services and/or
enter into Orders on the Client’s behalf. Base Currency means the first currency in a Currency Pair. The
Base Currency is assigned a value when calculating exchange rates. Bought Swap Rate means the
interest rate that applies to the Base Currency at the Close of Business on the relevant Trading Day. CFD
means a Contract for Difference. Client, you or your means the Client named in this Agreement,
together with its subsidiaries, affiliates, successors and/or assigns, as well as its officers, directors,
employees and agents. Client Agreement means the completed Application Form and these Terms.
Close of Business means 22:00 GMT. Closed‐Out means the termination of all or part of an Order. Close‐
Out Date means the date on which all or part of an Order is Closed‐Out. Close‐Out Value means the
Order Value at the Close‐Out Date. Corporate Action means payment of a dividend, scrip dividend or
special dividend, a rights issue, open offer or free distribution of shares by way of a bonus, capitalization
or any other offer or issue to the holders of the underlying asset, a takeover, reverse takeover, merger,
demerger, listing, delisting or suspension from listing or any analogous event directly affecting holders
of the underlying asset; Currency Pair means the Base Currency and the Term Currency for a Margin FX
contract. Cut‐Off Time means the time (AEST) for the destination country of the international payment
by which cleared funds need to be received by us in order for an international payment to be made on
any Day. These times are set out on the Website. Day means a day on which commercial banks are open
for business (including dealings in foreign exchange) in the place specified by Trade Republica for that
purpose. Daily Statement means an Account statement issued by Trade Republica on a daily basis. Daily
Statements include details of: a) your open Positions; b) your new Positions; c) the opening cash balance
on your Account, together with details of Account movements such as deposits, withdrawals or
settlements; d) your closing Account balance for the day; e) profits or losses made on Open Positions
(your open trade equity); f) the value of your Positions and movements on your Account in the currency
in which your Account is denominated, indicating, where appropriate the consolidation rates used; g)
other items affecting your Accounts, such as Rollover Benefits or Rollover Charges applied to your
Account; h) profit or loss made on open Positions (your open trade equity); I) the liquidation value; j)
your Total Margin Requirement; and k) your Margin excess or deficit. Default Event a) Each of the
following constitutes a Default Event: any acts or omissions on the part of the Client; • Authorized User;
or • the Client or Authorized User’s employee, agent or assignee (whether or not known to us, and
whether or not acting in concert with other natural persons or algorithmic tools) which in Trade
Republica’s sole discretion, are deemed as being: • negligence; • mistake; • willful misconduct,
(including commission churning, sniping, causing or contributing to or benefiting from a Quoting Error,
moving the price of an underlying asset, scalping, arbitraging off‐market pricing); • the use, or allowing
any other person (whether or not an Authorized Person) to use, any electronic device, software,
algorithm or any trading strategy that has the purpose or effect of manipulating or taking unfair
advantage of the way in which Trade Republica constructs, provides or conveys its bid or offer prices; or
• the breach of any law; or • the breach of any provision of this Agreement. Deposit means the amount
deposited by the Client with Trade Republica as requested by Trade Republica in relation to all Financial
Products, at the time of booking and at any time prior to the Value Date which is a part payment toward
the agreed Order value and not client monies. Deposit includes amounts deposited by the Client with
Glenrock as requested by Trade Republica in respect of any anticipated or existing Open Positions which
the Client has or will have with Trade Republica. Financial Product means a foreign exchange contract or
a transaction in which a Client and Trade Republica enter into an OTC derivatives contract based on the
value of an underlying asset or assets (including but not limited to a currency or currency pair, a
commodity, a precious metal or an index). Force Majeure means events or causes including, but not
limited to, the following: an act of God, peril of the sea, unavoidable accident of navigation, war
(whether declared or not), sabotage, riot, insurrection, civil commotion, national emergency (whether in
fact or law), martial law, fire, flood, cyclone, earthquake, landslide, explosion, power or water shortage,
failure of a transmission or communication network, epidemic, quarantine, strike or other labor
difficulty or expropriation, restriction, prohibition, law, regulation, decree or other legally enforceable
order of a government agency, breakage or accident, change of International, State or Commonwealth
law or regulation or any damage of Trade Republica’s hardware or systems, unless occurring as a result
of an act, omission, default or negligence of the Client or Glenrock. Free Balance means, at any time, the
excess (if any) of the balance of the Client’s account at that time over the required Deposit. Futures CFD
means a CFD where the value of the contract derives its value from an underlying asset or instrument
whose price is quoted on a futures market. Fully Hedged Position means an Open Position that is equal
and opposite of another Open Position. Guarantor means any person(s) identified as such in the
Application Form. Instruction means any instruction or request given by the Client to Trade Republica
relating to the execution of a Financial Product. Insolvency Event means any steps taken for: the
winding‐up, dissolution or administration of the Client; the Client to enter into any arrangement,
compromise or composition with or assignment for the benefit of its creditors or any class of them
except for the purposes of a solvent reconstruction or amalgamation; or a receiver, receiver and
manager, or other controllers, administrator or similar officer to be appointed with respect to, or takes
control of, the Client or any of the Client’s assets and undertakings. Law means any local or foreign law,
regulation or judgment, court order or sanctions regimes which Trade Republica is subject to. Long Party
means in respect of any Order the party identified in the Trade Confirmation Notice as having notionally
bought the underlying asset or assets to the OTC derivative contract. Margin Call means an amount, in
addition to the Deposit, as solely determined by Trade Republica. Margin FX contract means a Margin
Foreign Exchange contract. Mark to Market means the daily revaluation of an OTC derivatives contract
entered into between Trade Republica and the Client to reflect its current market value rather than its
original contract value. Trade Republica shall have the right, at its sole discretion, to determine the Mark
to Market value on a daily basis. Merger Event means in respect of any underlying asset: a) any
reclassification or change of the underlying asset that results in a transfer of or an irrevocable
commitment to transfer all outstanding securities of the same classes the underlying asset to another
entity or person; b) consolidation, amalgamation, merger or binding share exchange of the issuer of the
relevant underlying asset with or into another person (other than a consolidation, amalgamation,
merger or binding share exchange in which such issuer is the continuing person and which does not
result in a reclassification or change of all outstanding securities of the same class as the underlying
asset);or c) takeover offer, tender offer, exchange offer, solicitation, proposal or other event by any
entity or person to purchase or otherwise obtain 50% or more of the outstanding securities of the same
class as the underlying asset that results in a transfer of or irrevocable commitment to transfer all such
securities (other than such securities owned or controlled by such other entity or person). Notice means
a notice required or permitted to be given under this Agreement or for the purposes of this Agreement.
Online Services means the services which provide the ability for clients to transact with Trade Republica
by way of an online trading platform including a Third‐Party Online Platform. Open Position is where the
Client has entered into a transaction or contract with Trade Republica, and a further transaction is
required in order to close the position; Order means a Financial Product entered into between Trade
Republica and the Client under the applicable Trade Contract Terms. Order Value means for any Order,
the Order price or rate multiplied by the Order quantity. OTC means Over‐the‐Counter. Partially Hedged
Position means an Open Position that is opposite but not equal to another Open Position. Previous
Order Value means, the amount calculated as follows: a) where the Order Value is being determined for
the first time for an Order Contract, the Order Value at the commencement of the Order; or b) in all
other cases, the Order Value at the most recent Valuation Time. Quoting Error means a liquidity
provider error, a software error, a typographical error or obvious mistake in a quote or indication and
includes quoting delays. Reciprocal Obligation means Trade Republica’s obligations to the Client in
relation to an Order, a Margin Call or a Deposit. Reference Interest Rate means that interest rate
provided by our liquidity provider plus Trade Republica’s transaction fee. Sell Swap Rate means the
interest rate that applies to the Term Currency at the Close of Business on the relevant Trading Day.
Share CFD means a Financial Product where the underlying asset is a security listed on an exchange.
Short Party means in respect of any Order the party identified in the Trade Confirmation Notice as
having notionally sold the underlying asset or assets to the OTC derivative contract. Spot CFD means a
CFD where the value of the contract derives its value from an underlying asset or instrument whose
price is quoted on a spot market. Swap‐Free Account means an account offered by Trade Republica at
its sole discretion, which is designed specifically for, and available only to, Clients who cannot receive or
pay rollover interest on overnight Open Positions for religious reasons. Term Currency means the
second currency in a Currency Pair. Terms mean these terms and conditions, together with all
schedules, attachments or other documents attached. Third‐Party means any entity with whom Trade
Republica has entered into an agreement or arrangement whereby Trade Republica offers the Client
access to that entity’s online trading platform (“Third‐Party Online Platform”) for the purpose of the
provision via the Third‐Party Online Platform of additional services to the Client. Third‐Party Online
Platform means any online trading platform offered by a Third‐Party. Trade Confirmation Notice means
a document signed by the Client and Trade Republica confirming the details of the Financial Product
entered into between the Client and Trade Republica. Trade Contract Terms means the price, timing and
other details (as contained in the Instructions) Trade Republica provides you, either verbally or via the
Internet, at which the relevant Order can be purchased or sold. Trading Day means Monday to Saturday
including public holidays for all assets except Cryptocurrency CFDs. Trading Day for Cryptocurrency CFDs
means Monday to Sunday including public holidays. Value Date means either the Day selected by the
Client and agreed by Trade Republica for the settlement of an Order or if there is no such Day, the
future value date after the execution of an Order by the Client and includes any agreed variation to the
original date, being either an earlier or a later date. Valuation Time means the Close of Business on each
Day or any other time Trade Republica decides in its absolute discretion. Trade Republica, we, Company,
our or us means Glenrock Pro Global LTD.