Customer Account Letter

This is a legal contract between MMA Financial Limited, a company registered in the British Virgin Islands, herein after known as ("MMA ", "us" or "we") its successors and assigns, and the party/parties (the "Customer", "client" or "you") executing this document. This document, together with our risk disclosure statement and privacy statement, represents the terms with which MMA will do business with Customer. This document sets out the respective rights and obligations of both parties in connection with this service and both parties will accept and be bound by these terms on acceptance of the terms contained herein and on completion of the application form by Customer. This document, together with the attached Agreement, our risk disclosure statement and privacy statement, represents the terms with which MMA will do business with Customer. In connection with opening an account with MMA to speculate and/or purchase and/or sell in foreign exchange contacts in the international over the counter (OTC) markets and/or contracts for differences in commodities, metals, currencies and indices (hereinafter referred together as "FX/CFDs"), and the receipt of such other services and products as MMA may, in its sole discretion, determine to offer from time to time in the future, Customer acknowledges that it has been advised and understands the following factors concerning trading in OTC, in addition to those contained in the Risk Disclosure Statement which is posted on MMA"s website.

IMPORTANT NOTICES

1. OTC is not traded on a regulated exchange. There are no guarantees to the credit worthiness of the counter party of your FX/CFD position. Also, there may be certain cases in which trading liquidity decreases, causing FX/CFD's in commodities, currencies metals and indices to cease, thereby preventing the liquidation of an adverse position which may result in a substantial financial loss.
2. Trading in OTC is suitable only for those sophisticated institutions or sophisticated participants financially able to withstand losses which may equal the value of margins or deposits.
3. MMA does not provide investment advice. The market recommendations, signals, information provided by and/or distributed by MMA are general in nature and based solely on the judgment of MMA's personnel or from third party information providers. These market recommendations may or may not be consistent with the market position or intentions of MMA, its affiliates, and/or employees. Market information provided by MMA is based upon information believed to be reliable, but MMA cannot and does not guarantee the accuracy or completeness of professional information distributed by it to Customer or posted on its website, and does not represent that reliance on such information will eliminate the risk inherent in trading FX/CFD's. Any information provided by MMA and/or its subsidiaries, affiliates or agents, or third party information providers, does not constitute an offer to buy or sell, or the solicitation of an offer to buy or sell, any OTC transaction. Customer understands and hereby agrees that Customer is capable of, and solely responsible for, assessing the merits and risks of any trade it may enter into with MMA.
4. Customer understands that MMA does not permit its personnel to either exercise discretion or manage an OTC account. If Customer's account is not being traded with Customer's authorization, Customer must notify MMA immediately.
5. MMA's margin policies and/or the policies of those banks/clearing houses through which trades are executed may require that additional funds be provided to properly margin Customer's account and Customer is obligated to immediately meet such margin requirements. Failure to meet margin calls may result in the liquidation of any open positions with a resultant loss. MMA reserves the right to refuse to accept any order.
6. Customer understands that all accounts that it has with MMA are non-segregated and that MMA will treat these accounts as such.
7. Customer understands that it must carefully review the reports relating to Customer's trading posted online by MMA. Pursuant to the Customer Agreement, all reports of execution and statements of accounts will be deemed final unless customer objects within two business days of being posted. Objections may be made initially by email or by telephone, but must be confirmed thereafter in writing.
8. Customer understands that MMA may establish rules and provisions for client accounts, including and not limited to minimum account size, investment time period, commissions and fees, leverage size per instrument, mark ups, rules relating to stop losses and limits, rules relating to rollovers, rules relating to margin calls, or any other financial arrangement, and that such rules and provisions may be changed by MMA from time to time.
9. Customer has read and understands the Customer's obligations and rights under this Customer Account Letter and the following Customer Agreement and agrees and acknowledges that this Customer Account Letter, the Customer Agreement (below), the risk disclosure statement and the privacy statement will control the Customer's relationship with MMA. Customer agrees that Customer is fully responsible for making all final decisions as to transactions effected for Customer's account. Customer has considered the foregoing factors and in view of Customer's present and anticipated financial resources, Customer is willing and able to assume the substantial financial risks of OTC trading.

IT IS THE CUSTOMER'S RESPONSIBILITY TO FIND OUT ALL NECESSARY INFORMATION ABOUT TRADING IN FX/CFD's AND MMA TERMS AND CONDITIONS AND MAKE SURE THAT ALL RISKS AND ARRANGEMENTS ARE DISCUSSED AND CLEARLY UNDERSTOOD PRIOR TO ANY TRADING ACTIVITY. PLEASE NOTE: BY USING MMA"S TRADING PLATFORM, YOU INDICATE YOUR ACKNOWLEDGMENT THAT YOU HAVE READ THIS AGREEMENT AND AGREE TO BE BOUND BY AND COMPLY WITH ITS TERMS. ADDITIONAL APPROVAL IS NOT REQUIRED FOR THE VALIDITY OR ENFORCEABILITY OF THIS AGREEMENT. YOU SHOULD READ THIS AGREEMENT CAREFULLY, INCLUDING ALL ANCILLARY DOCUMENTS AND ANY FURTHER TERMS AND CONDITIONS AND PRIVACY POLICIES POSTED ON MMA"S SITE, WHICH ARE INCORPORATED HEREIN BY REFERENCE, AND ANY OTHER DOCUMENTS THAT WE HAVE SUPPLIED OR IN THE FUTURE MAY SUPPLY TO YOU. IF YOU DO NOT AGREE YOU MUST NOT USE MMA"S TRADING PLATFORM.

CUSTOMER AGREEMENT

In consideration of MMA agreeing to carry one or more accounts of the undersigned ("Customer") and providing services to Customer in connection with the purchase and sale of currency in Over-the-Counter Foreign Currency markets (hereinafter referred to as "OTC"), and the receipt of such other services and products as MMA may, in its sole discretion, determine to offer from time to time in the future and which may be purchased or sold by or through MMA for Customer's accounts(s), Customer agrees as follows:

1. TERMS AND HEADINGS

The term "MMA" or "we" or "us" shall be deemed to mean MMA Financial Ltd., its successors and assigns; the term "Customer" or "you" shall mean the party (or parties) whom agreed to be bound by the terms of this Agreement as indicated by their acknowledgment or use of MMA"s trading platform; and the term "Agreement" shall include this agreement and all other agreements and authorizations that apply to Customer in connection with the maintenance of Customer's account with MMA. The paragraph headings in this Agreement are inserted for convenience of reference only and are not deemed to limit the applicability or affect the meaning of any of its provisions.

2. INFORMATION ABOUT MMA

MMA Financial Ltd. is an unregulated company resident in the British Virgin Islands. Should you wish at any stage to contact us our number is +971-800MMAGT(66248), and our email address is info@mmaforex.net . All notices to MMA should be sent to this address. You may also visit our website at www.mmaforex.net.

3. AUTHORISATION

MMA is authorised to purchase and sell FX/CFD's on an over-the-counter basis for Customer's account(s) in accordance with Customer's oral or written or computer instructions, subject to the terms of this Agreement and all annexes hereto. On completion of the application form by Customer, MMA will issue Customer with a secure password which is to be used with the chosen user-name of the Customer. MMA's security systems are designed to ensure that any information provided to and from Customer is securely transmitted. Customer is obligated to keep passwords secret and solely responsible to ensure that third parties do not obtain access to the password or MMA"s trading facilities. Customer agrees to be conclusively responsible for any instruction received electronically that is identified with Customer's password and account number and for any electronic, oral and written instruction to MMA from persons MMA in its sole judgment, believes are apparently authorized by Customer. If Customer's account is titled as a joint account, MMA is authorised to act on the instructions of any one owner, without further inquiry, with regard to trading in the account and the disposition of any and all assets in the account. MMA shall have no responsibility for further inquiry into such apparent authority and no liability for the consequences of any actions taken or failed to be taken by MMA in reliance on any such instructions or on the apparent authority of any such persons. MMA has the authority to require joint action by the owners of the account in matters of the account. MMA may send all correspondences and documents in respect of the account to any one owner of a joint account. MMA has possession over the security of the account individually or jointly. If a death occurs to one or more of the owners of a joint account, MMA shall be notified in writing and shown proof of a death certificate. All expenses due at the date of notification shall be charged to the account. Up to the time valid written notification is provided to MMA, each owner of a joint account is presumed to have equal share in the joint account.

4. EXECUTION-ONLY SERVICE

MMA offers an execution-only service to its customers in respect of all contracts offered by MMA. Although MMA issues general market information to Customer, such information should not be construed as personal recommendations or advice to trade with MMA. As such we are under no obligation to assess the suitability or otherwise to the customer trading FX/CFD's with MMA. All trades entered into by Customer represent an independent decision by the customer to trade with MMA

5. GOVERNMENTAL COUNTER PARTY INSTITUTION AND INTERBANKING SYSTEM RULES

All transactions under this Agreement shall be made in accordance with usage, rulings and interpretations of the counter party institution or other interbank market (and its clearing organization, if any) and with all applicable laws and regulations. If any statute shall hereafter be enacted or any rule or regulation shall hereafter be adopted by any governmental authority, or a contract market or clearing organization which shall be binding upon MMA and shall affect in any manner or be inconsistent with any of the provisions hereof, the affected provisions of this Agreement shall be deemed modified or superseded, as the case may be by the applicable provisions of such statute, rule or regulation, and all other provisions of this Agreement and provisions so modified shall in all respects continue in full force and effect. Customer acknowledges that all transactions under this Agreement are subject to the aforementioned regulatory requirements and Customer shall not thereby be given any independent legal or contractual rights with respect to such requirements.

6. MARGINS AND DEPOSIT REQUIREMENTS

Customer shall provide and maintain with MMA margin in such amounts and in such forms as MMA, in its sole discretion, may require. Such margin requirements may be greater or less than margins required by those banks or brokers which trades are executed. MMA may change margin requirements at any time. Customer agrees to deposit by immediate wire transfer, or other payment method acceptable to MMA, such additional margin when and as required by MMA and will promptly meet all margin calls in such mode of transmission as MMA in its sole discretion designates. MMA may at any time proceed to liquidate Customer's account and any failure by MMA to enforce its rights hereunder shall not be deemed a waiver by MMA to enforce its rights thereafter. MMA retains the right to limit the amount and/or total number of open positions which Customer may acquire or maintain at MMA, and to increase margin requirements in advance of earnings or other news or events, with or without notice, either before such events or retroactively or at any other time that it deems at its sole discretion.Orders must be placed allowing sufficient time to execute and to calculate margin requirements. Profits deriving from a transaction shall be added to Customer"s account as additional margin, as long as the transaction is open, and upon the closing of the transaction, as an addition to the MMAilable balance for withdrawal. Losses deriving from a transaction shall be deducted from Customer"s account.

7. BONUSES

MMA may elect to grant a benefit to Customer by depositing bonus amounts in Customer"s trading account, subject to certain terms and conditions as shall be determined by MMA, at its sole discretion. Such bonus amounts may not be withdrawn by Customer, unless Customer complies with the applicable trading requirements posted on MMA "s website as may be amended from time to time.

8.  ROLLOVERS, PREMIUMS

A daily financing charge may apply to each FX/CFD open position at the closing of MMA's trading day as regard to that FX/CFD. If such financing charge is applicable, it will either be requested to be paid by Customer directly to MMA or it will be paid by MMA to Customer, depending on the type of FX/CFD and the nature of the position Customer holds. The method of calculation of the financing charge varies according to the type of FX/CFD to which it applies. Moreover, the amount of the financing charge will vary as it is linked to current interest rates (such as LIBOR). The financing charge will be credited or debited (as appropriate) to Customer"s account on the next trading day following the day to which it relates.

MMA reserves the right to change the method of calculating the financing charge, the financing rates and/or the types of FX/CFDs to which the financing charge applies. For certain types of FX/CFDs, a commission is payable by Customer to open and close FX/CFD positions. Such commission payable will be debited from Customer"s account at the same time as MMA opens or closes the relevant FX/CFD. Trades in FX/CFD are linked to the market price of a certain base asset, including the market price of future contracts. A few days prior to the expiration date of the base asset to which the FX/CFD is linked, the base asset shall be replaced with another asset, and the quotation of the FX/CFD shall change accordingly. The FX/CFD does not have an expiration date. Trades in FX/CFD are continuous and the base assets to which it is linked vary from time to time. MMA reserves the right to determine the base asset to which the FX/CFD is linked, the date of replacement of the base asset, and the replacement con

ditions. Following the replacement of the base asset, the quotation of the FX/CFD shall be adjusted, and the Customer"s account shall be credited or debited, as applicable, in accordance with the difference in quotations created due to the replacement of the base asset. The difference in quotations between the base assets is affected by the difference in rates between selling and buying of such assets in the market, and therefore the revaluation of selling and buying transactions shall be in different values. In most cases, the debits shall be higher than credits.

Any open transaction held by Customer at the end of the trading day as determined by MMA or over the weekend, shall automatically be rolled over to the next business day so as to avoid an automatic close and physical settlement of the transaction. Customer acknowledges that when rolling over such transactions to the next business day, a premium may be either added or subtracted from Customer"s account with respect to such transaction. The premium amount shall be determined by MMA from time to time, in MMA"s absolute discretion. Customer hereby authorizes MMA to add or subtract the premium to or from Customer"s account for any open transaction that have accrued a premium, in accordance with the applicable rate thereto, each day at the time of collection specified on the trading platform for each individual instrument, as applicable.

9. CUSTOMER ASSETS

Interest is not payable by MMA on funds deposited by Customer. All funds, securities, currencies, and other property of Customer which MMA or its subsidiaries, affiliates or agents may at any time be carrying for Customer (either individually, jointly with other, or as a guarantor of the account of any other person) or which may at any time be in the possession or control of MMA, its subsidiaries or affiliate, or carried on their books for any purpose, including safekeeping, are to be held by MMA as security and subject to a general lien and right of set-off for liabilities of Customer to MMA whether or not MMA has made advances in connection with such securities, commodities, currencies or other property, and irrespective of the number of accounts Customer may have with MMA. MMA may in its discretion, at any time and from time to time, without notice to Customer, apply and/or transfer any or all funds or other property of Customer between any of Customer's accounts. Customer hereby also grants to MMA the right to pledge, re-pledge, hypothecate, invest or loan, either separately or with the property of other Customers, to itself as broker or to others, any securities or other property of Customer held by MMA as margin or security. MMA shall at no time be required to deliver to Customer the identical property delivered to or purchased by MMA for any account of Customer. This authorization shall apply to all accounts carried by MMA for Customer and shall remain in full force until all accounts are fully paid for by Customer or notice of revocation is sent by MMA . Any failure by MMA to enforce its rights hereunder shall not be deemed a future waiver of such rights by MMA. MMA is irrevocably appointed as attorney in-fact for Customer and is authorized, without notice to Customer, to execute and deliver any documents, give any notice and to take any actions on behalf of Customer, including the execution, delivery and filing of financing statements, that MMA deems necessary or desirable to evidence or to protect MMA's interest with respect to any collateral. In the event that the collateral deemed acceptable to MMA is at any time insufficient to satisfy Customer's indebtedness or other obligations to MMA, including obligations to provide margin in accordance with section 11 below, Customer shall promptly pay upon demand the entire amount of such deficit.

10. DEFAULT OF CREDIT INSTITUTION AND MONITORING

In the event of default of one of our appointed credit institutions, MMA does not accept responsibility and is not subject to any liability arising from losses to clients arising from such a default. However, we conduct appropriate and continuing risk assessment of our appointed credit institutions in order to ensure that our appointed credit institutions are safe repositories. We will supply the details of our appointed credit institutions on request to retail clients, including the names of those institutions and the client account details. Where Customer does not wish MMA to deposit funds with a particular credit institution we will return such funds to Customer as soon as possible, or deposit such funds with a different institution designated by Customer.

11.  LIQUIDATION OF ACCOUNTS AND PAYMENT OF DEFICIT BALANCES

In the event of (a) the death or judicial declaration of incompetence of Customer; (b) the filing of a petition in bankruptcy, or a petition for the appointment of a receiver, or the institution of any insolvency or similar proceeding by or against Customer; (c) the filing of an attachment against any of Customer's accounts carried by MMA , (d) insufficient margin, or MMA "s determination that any collateral deposited to protect one or more accounts of Customer is inadequate, regardless of current market quotations, to secure the account; (e) Customer's failure to provide us with any information requested pursuant to this Agreement or any applicable law; or (f) any abuse of trading practices, manipulations and/or fraud by Customer or any other person authorized to use the account; or (g) any other circumstances or developments that we deem appropriate for its protection, and in MMA"s sole discretion, it may take one or more, or any portion of, the following actions: (a) satisfy any obligation Customer may have to us, either directly or by way of guaranty of suretyship, out of any of Customer's funds or property in MMA "s custody or control; (b) sell any or purchase any or all Currency contracts and/or securities held or carried for Customer; and (c) cancel any or all outstanding orders or contracts, or any other commitments made on behalf of Customer. Any of the above actions may be taken without demand for margin or additional margin, without prior notice of sale or purchase or other notice to Customer, Customer's personal representatives, heirs, executors, administrators, trustees, legatees or assigns and regardless of whether the ownership interest shall be solely Customer's or held jointly with others. Prior demand or notice of sale or purchase shall not be considered a waiver of MMA"s right to sell or buy at any time in the future without demand or notice as provided above. In liquidation of Customer's long or short positions, MMA may, in its sole discretion, offset in the same settlement or it may initiate new long or short positions in order to establish a hedge which in MMA's sole judgment may be advisable to protect or reduce existing positions in Customer's account. Any sales or purchases hereunder may be made according to MMA's judgment and at its discretion with any interbank or other exchange market where such business is then usually transacted or at a public auction or private sale, and MMA may purchase the whole or any part thereof free from any right of redemption. For Customer"s protection, if the prices quoted on the trading platform change such that the amount in Customer"s trading account is equal to or less than 10% of the total amount required to be held in Customer"s trading account in order to keep all transactions open on the trading platform, all of Customer"s open transactions shall be automatically closed, whether at a loss or a profit. If the amount in Customer"s trading account is less than zero, Customer shall promptly notify MMA and MMA shall nullify the account. Neither MMA nor any of its subsidiaries, affiliates or agents shall be responsible for any loss or damage caused due to closing of positions in accordance with this paragraph.  In the event the proceeds realized pursuant to this authorisation are insufficient for the payment of all liabilities of Customer due to MMA, Customer shall promptly pay upon demand, the deficit and all unpaid liabilities, together with interest thereon equal to three (3) percentage points above the then prevailing prime rate at MMA's principal bank or the maximum interest rate allowed by law, whichever is lower, and all costs of collection, including attorney's fees, witness fees, travel expenses and the like. In the event MMA incurs expenses other than for the collection of deficits, with respect to any of the account(s) of Customer, Customer agrees to pay such expenses.

12. CHARGES

Customer shall pay such brokerage fees, commissions, interest payments and special service and all other fees arising out of MMA providing services. We may charge for incidental banking-related fees such as wire charges for deposits/withdrawals and returned check fees. MMA reserves the right to change its fee structure at any time. Where we increase or introduce any new charges, we will post the changes on its website least 7 days before they take effect. For certain types of FX/FX/CFDs, a commission is payable by Customer to open and close FX/CFD positions. Such commission payable will be debited from Customer"s account at the same time as MMA opens or closes the relevant FX/CFD. Fees may include such things as statement charges, order cancellation charges, account transfer charges, telephone order charges or fees imposed by any interbank agency, bank, contract, market or other regulatory or self-regulatory organization arising out of MMA"s provision of services hereunder. Customer may incur additional fees for the purchase of optional or value added services offered by MMA or any of its subsidiaries, affiliates or agents.

13.  COMMUNICATIONS, STATEMENTS AND CONFIRMATIONS

In the course of our dealings with you, you may place orders with us via our on-line trading platform in the languages which are MMAilable from time to time. Our platform is updated with additional languages from time to time. Customer may also place orders via the phone with our dealing room. Where orders are placed by phone via the dealing room you may communicate with us in English or if there are dealers with additional languages in languages which are MMAilable at that specific time. The principal method of communication between MMA and Customer will be electronically via MMA's website and on-line trading platforms. Information regarding orders placed and executed will be addressed personally to Customer through a customer specific account. Reports, statements, notices trade confirmations, and any other communications will be posted online and may be transmitted to such address as Customer may from time to time designate in a written or electronic communication to MMA. Customer is responsible for alerting MMA to any change in its e-mail address. Communications are deemed received when made MMAilable to Customer by MMA, regardless of whether Customer actually accessed the statement. Customer will be able to generate daily, monthly and annual account statements detailing transaction activity, profit and loss statements, open positions, margin balances, account credits and debits. Hard copies of monthly Customer statements are MMAilable upon request only and may incur an additional charge. Customer understands that it must carefully review the reports relating to Customer's trading posted online by MMA. Reports of the confirmation of orders and statements of accounts for Customer posted online by MMA shall be deemed correct and shall be conclusive and binding upon Customer if not objected to within two business days of the posting online. Objections may be made initially by email or by telephone, but must be confirmed thereafter in writing. If Customer becomes aware of an error with respect to any report or statement, such as amounts erroneously credited to Customer, Customer shall immediately inform MMA and is responsible to return such amount to MMA, and if MMA becomes aware of such occurrence, MMA is expressly authorized to correct such error by correcting such report or statement, and, if applicable, treating this as a Deficit Balance. Customer declares that by providing its registration data to MMA it hereby consents to, MMA, its subsidiaries, affiliates and agents sending, and Customer receiving, by means of telephone, facsimile, SMS or e-mail, communications containing content of a commercial nature relating to Customer"s use of the trading platform, including information and offers from MMA or third parties that MMA believes Customer may find useful or interesting, such as newsletters, marketing or promotional materials. Customer acknowledges that MMA does not have to separately obtain Customer"s prior consent (whether written or oral) before distributing such communications to Customer, provided that MMA shall cease to distribute such communications should Customer notify MMA in writing that Customer no longer desires to receive such commercial communication. Customer statements can be generated by Customer at any time on the on-line trading platform. These statements will record the time the order was executed and the balance of their account. Our internal records will state the time the order was requested from Customer.

14. DISCLAIMER OF WARRANTIES / LIMITATION OF LIABILITY

MMA and/or any of its subsidiaries, affiliates or agents shall not be responsible for any loss or damage caused, directly or indirectly, by any events, actions or omissions beyond the control of MMA, including, without limitation, loss or damage resulting, directly or indirectly, from any delays or inaccuracies in the transmission of orders and/or information due to breakdown or failure of transmission or communication facilities, or electrical power outage. Neither MMA nor any of its subsidiaries, affiliates or agents warrants that the trading platform or any services provided will be available without interruption or will be error free and such trading platform and services are being provided "AS IS" without any representation or warranty of any kind whatsoever except as otherwise set forth herein. Under no circumstances shall MMA or any of its subsidiaries, affiliates or agents be liable for any direct, indirect, punitive, incidental, special, or consequential damages that result from the use of, or inability to use, MMA s trading platform or services including but not limited to lost profits, loss of business, trading loss, loss of data or use of data, any unauthorized access to, alteration, theft or destruction of Customer"s computers, computer systems, data files, programs or information, or costs of procurement of substitute goods or services. Customer agrees that this section represents a reasonable allocation of risk, that this section is an essential element of this Agreement and that in its absence; the economic terms of this Agreement would be substantially different. This limitation applies whether the alleged liability is based on contract, tort, negligence, strict liability, or any other basis, even if MMA or any of its subsidiaries, affiliates or agents has been advised of the possibility of such damage. Neither MMA nor any of its subsidiaries, affiliates or agents has liability or duty of indemnification related to unusable data, lost or corrupt Customer transactions or data, by whatever means, in whatever form. This limitation of liability additionally eliminates any duty or liability on the part of MMA or any of its subsidiaries, affiliates or agents related to unusable date, lost or corrupt Customer transactions or data, resulting in part or in whole from third-party software or networking goods or services or from internet related problems or from actions or events outside of MMA"s control. MMA and its subsidiaries, affiliates or agents disclaim any and all liability resulting from or related to any breach of Internet security or disruption, distortions or delays of Customer"s connections to the internet, due to any reason. As OTC is not an exchange traded market, prices at which MMA deals at or quotes may or may not be similar to prices at which other OTC market makers deal at or quote. Should a quoting or execution error occur, which may include, but are not limited to, a mistype of a quote, a quote that is not representative of fair market prices, an erroneous price quote from a dealer or erroneous price quote due to failure of hardware, software or communication lines or systems or inaccurate external data feeds provided by third-party vendors ("Erroneous Quote"), MMA will not be liable for the resulting errors in account balances. Without derogating from the above, in the event that transactions shall be closed or opened based on the Erroneous Quote, MMA"s trading room attempts to recognize such event and to act promptly to reset such event. Customer acknowledges that the reset process may take time, during which Customer may not be able to use its trading account, and outstanding orders may not be executed. Customer further acknowledges that MMA, its subsidiaries, affiliates and agents shall not be liable for any loss or damage caused due to or in connection with such reset process.

15. . FX/CFD FLUCTUATION RISK

If Customer directs MMA to enter into any FX/CFD transaction: (a) any profit or loss arising as a result of a fluctuation in FX/CFD will be entirely for Customer's account and risk; (b) all initial and subsequent deposits for margin purposes shall be made in U.S. dollars or EUROs in such amounts as MMA may in its sole discretion require; and (c) MMA is authorized to convert funds in Customer's account for margin into and from such foreign currency at a rate of exchange determined by MMA in its sole discretion on the basis of the then prevailing money market rates.

 

16.INDEMNIFICATION

Customer agrees to indemnify and hold MMA, its subsidiaries, affiliates, agents, employees, agents, successors and assigns ("MMA Indemnities") harmless from and against any and all liabilities, losses, damages, costs and expenses, including attorney's fees, incurred by any of MMA Indemnities arising out of Customer's failure to fully and timely perform Customer's obligations herein or should any of Customer"s representations and warranties fail to be true and correct. Customer also agrees to pay MMA Indemnities promptly all damages, costs and expenses, including attorney's fees, incurred in the enforcement of any of the provisions of this Agreement and any other agreements between MMA and Customer. In addition to any limitations of liability specified elsewhere in this Agreement, MMA Indemnities shall not be held liable and are released from all claims and losses incurred in such regard if the claim or loss was caused or contributed to by (a) the actions or omission to act on the part of Customer, (b) any act or omission by any person obtaining access to Customer"s account, whether or not Customer has authorized such access or not, (c) system malfunction, equipment failure (whether Customer"s equipment or MMA"s equipment), system interruption or system unavailability, (d) delays, failure or errors in implementing any instruction, (e) inaccurate or incomplete instructions received by MMA from Customer, or (f) any reliance or use by Customer or any other third party with access to Customer"s account of any financial and market data, quotes, news, analyst opinions, research reports, graphs or any other data or information whatsoever available through the trading platform, whether to complete a transaction on the trading platform or for any other purpose whatsoever. MMA shall be entitled to setoff Customer"s liabilities under this section from Customer"s account.

 

17.PROHIBITION ON ARBITRAGE AND MANIPULATION

Internet, connectivity delays, and price feed errors sometimes create a situation where the prices displayed do not accurately reflect market rates. The concept of arbitrage and "scalping", or taking advantage of these Internet delays, cannot exist in an OTC market where the client is buying or selling directly from the market maker. MMA does not permit these practices on MMA"s platform. MMA strictly forbids any form of manipulation of its prices, execution, and platform or making transactions based on errors, omissions or misquotes on the MMA platform. MMA reserves the right to investigate and review any account MMA suspects of manipulation and withhold funds suspected of being derived from such activity. MMA reserves the right to void any transaction which it has determined to be a result of any of these practices and will have no liability to the customer whatsoever for any losses incurred.

18.EXECUTION OF ORDERS, STOP AND LIMITS

MMA will use commercially reasonable efforts to execute all orders which it may, in its sole discretion, choose to accept in accordance with the oral or written or computer instructions of Customer. MMA reserves the right to refuse to accept any order. MMA may, at its sole discretion, allow Customer to specify a closing price for a transaction at the trading platform through a "Close at Loss" and "Close at Profit" order, subject always to the terms of this Agreement and any other terms and conditions MMA may implement from time to time. "Close at Loss" means an offer to close a transaction at a price determined in advance by Customer which, in the case of a transaction that is opened by offering to buy a specific number of a certain instrument, is lower than the opening transaction price, and in the case of a transaction that is opened by offering to sell a specific number of a certain instrument, is higher than the opening transaction price. "Close at Profit" means an offer to close a transaction at a price determined in advance by Customer which, in the case of a transaction that is opened by offering to buy a specific number of a certain instrument, is higher than the opening transaction price, and in the case of a transaction that is opened by offering to sell a specific number of a certain instrument, is lower than the opening transaction price. Upon Customer"s offer and MMA"s acceptance of an order, Customer hereby authorizes MMA to close the transaction at the Close at Loss price or Close at Profit price, as applicable, and as agreed upon in the order, without further instruction from or notification to Customer. MMA may, in its sole discretion, close the transaction when the price quoted by MMA on the trading platform equals the price accepted by MMA for such an order. Customer acknowledges and agrees that MMA shall not be obligated to close a transaction which does not otherwise comply with any other limitations agreed upon with respect to such transaction. Customer acknowledges and agrees that due to market volatility and factors beyond MMA"s control, MMA cannot guarantee that an order will be executed at the level specified in Customer"s order. In such an event, MMA will close the transaction at the next best price. If, before Customer"s offer to open or close a transaction is accepted by MMA , MMA"s quote moves to Customer"s advantage (for example, if the price goes down as Customer buys or the price goes up as Customer sells) Customer agrees that MMA can retain such price improvement for its own account.

19. RISK ACKNOWLEDGMENT

Customer acknowledges that investment in leveraged and non-leveraged transactions is speculative, involves a high degree of risk, and is appropriate only for persons who can assume risk of loss of their entire margin deposit. Customer understands that because of the low margin normally required in OTC trading, price changes in OTC may result in significant losses. Customer warrants that Customer is willing and able, financially and otherwise, to assume the risk of OTC trading, and in consideration of MMA's carrying Customer"s account(s), Customer agrees not to hold MMA and any of its subsidiaries, affiliates or agents responsible for any losses incurred by Customer. Customer recognizes that guarantees of profit or freedom from loss are impossible of performance in OTC trading. Customer acknowledges that Customer has received no such guarantees from MMA or from any of its representatives or any introducing agent or other entity with whom Customer is conducting its MMA account and has not entered into this Agreement in consideration of or in reliance upon any such guarantees or similar representations. The high degree of leverage that is obtainable in the trading of FX/CFD transactions can work against you as well as for you. Leverage can lead to large losses as well as gains. During times of extreme volatility it can be difficult or impossible to execute orders.

20. TRADING INFORMATION

Customer acknowledges that MMA, its subsidiaries, affiliates and agents do not provide consulting services or advice in connection with any transaction. Customer further acknowledges that (i) any market information communicated by any method of communication to Customer by MMA and any of it's subsidiaries, affiliates ,agents or by any person within the company or any third party information providers, does not constitute an offer to sell or the solicitation of an offer to buy any OTC contract, and that MMA does not provide investment advice, (ii) such information, although generally based on information obtained from sources believed by MMA to be reliable, may be incomplete and/or unverified, and (iii) MMA and/or any of its subsidiaries, affiliates or agents make no representation, warranty or guarantee as to, and shall not be responsible for, the accuracy or completeness of any information furnished to Customer and shall not be responsible for any loss or damage including without limitation any loss of margin or profits which may arise directly or indirectly from use or reliance on such information. Customer acknowledges that MMA and/or its officers, directors, affiliates, associates, stockholders or representatives may have a position in or may intend to buy or sell FX/CFDs, which are the subject of market information furnished to Customer, and that the market position of MMA or any such officer, director, affiliate, associate, stockholder or representative may not be consistent with the information furnished to Customer by MMA. Customer acknowledges that MMA makes no representations concerning the tax implications or treatment of any trading activity.

21. TRADING AGENTS

Customer acknowledges that should Customer grant trading authority or control over Customer's account to a third party ("Trading Agent"), whether on a discretionary or non-discretionary basis, neither MMA nor any of its subsidiaries, affiliates or agents shall be responsible for reviewing Customer's choice of such Trading Agent or for making any recommendations with respect thereto. Customer understands that MMA makes no warranties nor representations concerning the Trading Agent, that MMA its subsidiaries, affiliates or agents shall not be responsible for any loss to Customer occasioned by the actions of the Trading Agent and that MMA does not, by implication or otherwise, endorse or approve the operating methods of the Trading Agent. If Customer gives Trading Agent authority to exercise any of its rights over Customer's account(s), Customer understands that Customer does so at Customer's own risk.

22. CUSTOMER REPRESENTATIONS AND WARRANTIES

Customer represents and warrants that: (a) if Customer is a natural person, Customer is of sound mind, legal age and legal competence; (b) if Customer is not a natural person, (i) Customer is duly organized and validly existing under the applicable laws of the jurisdiction of its organization; (ii) execution and delivery of this Agreement and all contracts and other transactions contemplated hereunder and performance of all obligations contemplated under this Agreement and all other transactions contemplated hereunder have been duly authorized by Customer; and (iii) each person executing and delivering this Agreement and all other transactions contemplated hereunder on behalf of the Customer, has been duly authorized by Customer to do so; (c) No person other than Customer has or will have an interest in Customer's account(s) and Customer has not granted and will not grant a security interest in Customer's account with MMA (other than the security interest granted to MMA hereunder) to any person without MMA's prior written consent. Customer has full beneficial ownership of all collateral and will not grant any security interest in any collateral to any person (other than the security interest granted to MMA hereunder) without MMA 's prior written consent; (d) Customer hereby warrants that regardless of any subsequent determination to the contrary, Customer is suitable to trade OTC; (e) Customer is not now an employee of any exchange, any corporation in which any exchange owns a majority of the capital stock, any member of any exchange and/or firm registered on any exchange, or any bank, trust, or insurance company, and in the event that Customer becomes so employed, Customer will promptly notify us in writing, of such employment; (f) Customer will execute and deliver all documents, give all notices, make all filings and take such other actions as MMA , in its sole discretion, deems necessary or desirable to evidence or perfect any security interest in favor of MMA or to protect MMA 's interests with respect to any Collateral; (g) Customer has read and understands the provisions contained in this Agreement, including, without limitation, MMA's Risk Disclosure Statement and Privacy Statement; (h) Customer will review this Agreement; (i) Customer will not affect any transaction in Customer's account unless Customer understands this Agreement, and Customer agrees that in effecting any transaction it is deemed to represent that it has read and understands this Agreement as in effect at the time of such transaction; (j) Customer agrees to, and shall at all times comply with all applicable laws, statutes and regulations; and, (k) Customer hereby declares that the execution and delivery by Customer of this Agreement and all other transactions contemplated hereunder, and performance of all of Customer's obligations contemplated under this Agreement and any other transaction contemplated hereunder, will not violate any statute, rule, regulation, ordinance, charter, by-law or policy applicable to Customer. You may not use your personal account with us for any illegal activity.

23.ISLAMIC ACCOUNTS

In the event that Customer due to its observance of Islamic religious beliefs cannot receive or pay interest, Customer may elect to designate, in the manner provided by MMA, its trading account to be an Islamic Account, which is not charged with, or entitled to, premiums and/or rollovers and/or interest. In the event that Customer designates its account as an Islamic account, Customer may not keep transactions in such account open for more than 5 days and may not otherwise abuse such benefit. MMA reserves the right to cancel the aforesaid benefit at any time and take any action necessary in MMA"s absolute discretion due to abuse of this benefit. Such actions may include, without limitation, the designation of the Islamic Account as a regular account and retroactively effecting required adjustments (e.g., setting off amounts from the account equal to amounts paid by MMA as interest), cancellation of transactions, and adjustment of account balances.

24. DISCLOSURE OF FINANCIAL INFORMATION

Customer represents and warrants that the financial information disclosed to us in its Application is an accurate representation of Customer's current financial condition. Customer represents and warrants that Customer has very carefully considered the portion of Customer's assets which Customer considers to be risk capital. Customer recognizes that risk capital is the amount of money Customer is willing to put at risk and the lost of it would not, in any way, change Customer's lifestyle. Customer agrees to immediately inform us if Customer's financial condition changes in such a way which reduces Customer's net worth, liquid assets and/or risk capital.

25. NO GUARANTEES

Customer acknowledges that Customer has no separate agreement with any MMA employee or agent regarding the trading in Customer's account, including any agreement to guarantee profits or limit losses in Customer's account. Customer understands that Customer must authorize every transaction prior to its execution unless Customer has delegated discretion to another party by signing MMA's limited trading authorization or as otherwise agreed in writing with MMA, and any disputed transactions must be brought to the attention of MMA 's Compliance Officer pursuant to the notice requirements of this Agreement. Customer agrees to indemnify and hold MMA and it's subsidiaries, affiliates and agents harmless from all damages or liability resulting from Customer's failure to immediately notify MMA's Compliance Officer of any of the occurrences referred to herein. All notices required under this section shall be sent to MMA at its home office.

26.INTRODUCING BROKERS

If Customer's account has been introduced to MMA by an Introducing Broker, Customer understands and acknowledges that MMA may compensate the Introducing Broker for introducing Customer to MMA and that such compensation may be on a per trade or other basis.

27.DISCLOSURE OF CUSTOMER INFORMATION

MMA will not share or sell information regarding customers and/or prospective customers, except to its employees, agents, partners, and associates as required in the ordinary course of business, including, but not limited to, MMA"s banking or credit relationships, or to other persons as disclosed in MMA"s Privacy Statement. MMA may also disclose to federal or state regulatory agencies and law enforcement authorities' information regarding Customer and Customer's transactions in response to a request for such information or in response to a court order or subpoena. MMA will share or sell statistical information without disclosing Customer"s identity.

28.TERMINATION

This Agreement shall continue in effect until termination, and may be terminated by Customer at any time upon three days prior written notice when Customer has no FX/CFD position(s) and no liabilities held by or owed to MMA upon the actual receipt by MMA at its home office of written notice of termination, or at any time whatsoever by MMA upon the transmittal of written notice of termination to Customer; provided, that such termination shall not affect any transactions previously entered into and shall not relieve either party of any obligations set out in this Agreement nor shall it relieve Customer of any obligations arising out of any deficit balance. Sections 5, 9, 11, 13, 14, 16, 19, 21, 22, 25, 27, 29, 30, 31, 33, 35 and 41 shall survive termination of this Agreement for any reason.

29.INTELLECTUAL PROPERTY AND CONFIDENTIALITY

All copyright, trademark, trade secret and other intellectual property rights and proprietary rights to the MMA website in its totality, its contents and any related materials ("MMA IP") shall remain at all times the sole and exclusive property of the MMA and it's licensors and in the case of third party materials available on the MMA web site to such third party and Customer shall have no right or interest in the MMA IP except for the right to access and use the MMA IP as specified herein. Customer acknowledges that the MMA IP is confidential and has been developed through the expenditure of substantial skill, time, effort and money. The Customer will protect the confidentiality of the MMA IP and not allow website access to any third party. Customer will not publish, distribute, or otherwise make available to third parties any information derived from or relating to the MMA IP. Customer will not copy, modify, de-compile, reverse engineer, or make derivative works of the MMA IP or in the manner in which it operates. If Customer has comments on MMA"s services or ideas on how to improve them, Customer is welcome to contact MMA. By doing so, Customer grants MMA a perpetual, royalty-free, irrevocable, transferable license, with right of sublicense, to use and incorporate Customer"s ideas or comments into the MMA "s services, and to otherwise exploit Customer"s ideas and comments, in each case without payment of any compensation.

30.RECORDINGS

Customer agrees and acknowledges that all conversations regarding Customer's account(s) between Customer and MMA personnel may be electronically recorded with or without the use of an automatic tone warning device. Customer further agrees to the use by MMA, its subsidiaries, affiliates and agents of such recordings and transcripts as it deems fit including in connection with any dispute or legal proceeding that may arise. Customer understands that MMA destroys such recordings at regular intervals in accordance with MMA's established business procedures and Customer hereby consents to such destruction and acknowledges that MMA is under no obligation to preserve such recordings.

31.LEGAL RESTRICTIONS

Notwithstanding anything to the contrary in this Agreement, Customer understands that laws regarding financial contracts vary throughout the world, and it is Customer"s obligation alone to ensure that Customer fully complies with any law, regulation or directive, relevant to Customer"s country of residency with regards to the use of MMA"s web site. For avoidance of doubt, the ability to access to MMA"s web site does not necessarily mean that MMA"s services, and/or Customer"s activities through it, are legal under the laws, regulations or directives relevant to Customer"s country of residency. MMA"s web site does not constitute, and may not be used for the purposes of, an offer or solicitation to anyone in any jurisdiction in which such offer or solicitation is not authorized, or to any person to whom it is unlawful to make such an offer or solicitation. Access to MMA"s web site, and the offering of financial contracts via this site, may be restricted in certain jurisdictions, and, accordingly, users accessing MMA"s website are required to inform themselves of, and to observe, such restrictions.

32. DECLARATION

By acceptance of this Agreement, Customer hereby declares that the moneys invested in Customer"s account with MMA do not originate from drug trafficking, abduction, or any other criminal activity.

33.TAX COLLECTION

Customer knows, understands and agrees that, in general, MMA does not collect tax for any authority in any form or manner. Without limiting the foregoing, it is Customer"s obligation alone to calculate and pay all taxes applicable to you in Customer"s country of residence, or otherwise arising as a result of Customer"s trading activity from the use of MMA"s services. Without derogating from Customer"s sole and entire responsibility to perform tax payments, Customer agrees that MMA may deduct tax, as may be required by the applicable law, but is not obligated to do so, from the results of the activity with MMA. Customer is aware that amounts that may be withdrawn by Customer from Customer"s account are "gross amounts", from which MMA may deduct such taxes, and that Customer shall have no claim towards MMA with regard to such deductions.

34. ACCOUNT PROCEDURES - IDENTIFICATION

Customer acknowledges that applicable laws require financial institutions to obtain, verify, and record information identifying each person who opens an account. Customer further acknowledges that MMA makes efforts to prevent fraud and to confirm Customer"s identity. Accordingly, Customer has provided MMA, or shall provide MMA promptly following the opening of the trading account, with certain identifying information and documents as shall be requested by MMA, including a copy of Customer"s ID, a copy of Customer"s utility bill (e.g., phone bill, property tax bill), and copies of both sides of Customer"s credit card (in the event deposit has been made through credit card). Customer confirms that Customer has provided true, accurate, current and complete information during the registration process, and that Customer has not impersonated any person or entity, or misrepresented any affiliation with another person, entity or association, used false headers or otherwise concealed Customer"s identity from MMA for any purpose. Customer further certifies that the ownership, or beneficiary, of Customer's account is not subject to backup withholding under section 3406(a)(1)(c) of the U.S. Internal Revenue Code.

35.WITHDRAWAL AND DEPOSIT PROCEDURES

Customer further acknowledges and accepts MMA"s procedures with respect to withdrawals and deposits to accounts as set forth below:

•Withdrawal orders: The provision of documentation as may be required from time to time by Anti Money Laundering regulations, credit card companies and MMA , is a prerequisite, prior to the execution of a withdrawal order.
•Customer acknowledges that withdrawals may take longer than expected for numerous reasons some in MMA's control and some not.
•Credit card deposits may be, according to credit card companies" regulations, returned to the same credit card when a withdrawal is performed. A withdrawal to a bank account where initial deposits have been performed by credit cards will be executed back to credit card or to the bank account at MMA"s discretion. Withdrawals to a bank account may take a longer time period, due to additional security procedures.
• Credit Card Deposits Variance: When choosing an account base currency other than USD, Customer"s credit card may be debited sums which due to exchange rates and credit card companies' fees, may slightly vary from the initial sum that has been deposited by Customer in the account base currency. Customer hereby accepts that such variations may occur and hereby affirms that Customer shall not seek to object or charge this back.
• When depositing by a Bank Transfer, as required by anti money-laundering regulations, Customer is required to use only one bank account, which is in Customer"s country of residence and in Customer"s name. An authentic SWIFT confirmation, showing the origin of the funds, must be sent to MMA. Failure to submit such SWIFT may result in the return of the deposited amount, hence preventing the deposit of such pending amounts to Customer"s account. Any withdrawal of funds, from Customer"s MMA account to a bank account, can only be refunded to the same bank account that the funds were originally received from.
• Alternative payment methods (internet payment vendors; money transfer services; etc.): when depositing funds using a facility other than credit cards and/or banks, you agree to, and acknowledge being bound by, the regulations and rules of such service, including, but not limited to, fees and other restrictions. MMA, at its sole discretion, may execute withdrawals to a facility other than the facility used for the original deposit, in accordance with anti money-laundering regulations.

36. ACKNOWLEDGEMENT OF RECEIPT AND CONSENT

Customer acknowledges receipt of this Agreement, the customer account letter, and other documents contained as part of MMA"s electronic account package and Customer agrees to be bound by their terms and conditions. In addition, Customer is consenting to MMA maintaining and Customer receiving electronic records of Customer"s trades and accounts.

37.CONSENT TO EXECUTION OF ORDERS OUTSIDE A REGULATED MARKET OR MTF

Customer hereby acknowledges and consents to MMA executing orders over–the-counter and outside a regulated market or Multi Lateral Trading Facility.

38.WAIVER AND AMENDMENT

Customer understands, acknowledges and agrees that MMA may amend or change this Agreement at any time. MMA will provide notice to Customer of any such amendment or change by posting the amendment or change on MMA"s website or by sending an e-mail message to Customer at least 7 days before it takes effect. Customer agrees to be bound by the terms of such amendment or change on that date. In the event that Customer objects to any such change or amendment, Customer agrees to liquidate Customer's open positions and instruct MMA regarding the disposition of all assets in Customer's account within seven (7) business days after notice of the amendment or change has been posted on MMA"s website or otherwise notified Customer. No waiver or amendment of this Agreement may be implied from any course of dealing between the parties or from any failure by MMA or failure of MMA"s agents to assert its rights under this Agreement on any occasion or series of occasions. No oral agreements or instructions to the contrary shall be recognized or enforceable.

39. ENTIRE AGREEMENT

This Agreement together with all references to MMA policies and procedures made in this Agreement, and together with the Customer Account Application embodies the entire agreement between MMA and the Customer, superseding any and all prior written and oral agreements.

40. ASSIGNMENT

Customer may not assign or transfer any of its rights or obligations under this Agreement to a third party without the prior written consent of MMA. MMA may freely assign this Agreement. Any attempted assignment or transfer in violation of the foregoing will be void.

41.GOVERNING LAW AND JURISDICTION

This Agreement, the rights and obligations of the parties hereto, and any judicial or administrative action or proceeding arising directly or indirectly hereunder or in connection with the transactions contemplated hereby shall be governed by, construed and enforced in all respects by the laws of England and shall be held within the venue determined by MMA, at its sole discretion. Customer consents and submits to, and waives any objection that it may have to such venue, and further agrees to waive any right that it may have to transfer or change the venue or any such action or proceeding. Customer further consents that any claim arising directly or indirectly hereunder or in connection with the transactions contemplated hereby if initiated by Customer (including claims against MMA"s subsidiaries, affiliates and agents) will be brought by it and resolved exclusively in the competent courts located within UK. Customer understands that this section is an essential part of this Agreement and is reasonable in light of the international scope of the operations of MMA, its subsidiaries, affiliates and agents.

42.BINDING EFFECT

This Agreement shall be continuous and shall cover, individually and collectively, all accounts of Customer at any time opened or reopened with MMA irrespective of any change or changes at any time in the personnel of MMA or its successors, assigns, subsidiaries, affiliates or agents. This Agreement including all authorizations, shall inure to the benefit of MMA and its subsidiaries, affiliates, agents, successors and assigns, whether by merger, consolidation or otherwise, and shall be binding upon Customer and/or the estate, executor, trustees, administrators, legal representatives, successors and assigns of Customer. Customer hereby ratifies all transactions with MMA effected prior to the date of this Agreement, and agrees that the rights and obligations of Customer in respect thereto shall be governed by the terms of this Agreement.

CUSTOMER ACKNOWLEDGES HAVING RECEIVED, READ AND UNDERSTOOD THE FOREGOING CUSTOMER ACCOUNT LETTER AND CUSTOMER AGREEMENT AND HEREBY AGREES TO BE BOUND BY ALL OF THE TERMS AND CONDITIONS HEREOF.

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