Common use of MARKET MAKING Clause in Contracts

MARKET MAKING. 14.1 When Tickmill Ltd executes orders as Agent for the Client on a recognized stock or futures exchange, Tickmill Ltd will not be a party to such a trade as such orders will be executed in the trading system of the relevant exchange at the best price and the most favourable conditions available at the time of the order or according to the Client's specific instructions, e.g. in a situation where the Client has chosen to limit the order. Tickmill Ltd will not include any additional spread in the price of the execution achieved for the Client but will be remunerated according to the Commissions, Charges & Margin Schedule. 14.2 The Client is specifically made aware that in certain markets, including the foreign exchange markets, OTC foreign exchange options and CFD Contracts, Tickmill Ltd may act as a Market Maker. 14.3 When acting as a Market Maker, Tickmill Ltd will under normal market circumstances quote the Client bid and ask prices. 14.4 In order for Tickmill Ltd to quote prices with the swiftness normally associated with speculative trading, Tickmill Ltd may have to rely on available price or availability information that may later prove to be faulty due to specific market circumstances, for instance, but not limited to, lack of liquidity in or suspension of an asset or errors in feeds from information providers or quotes from Counterparties. If so and if Tickmill Ltd has acted in good faith when providing the price to the Client, Tickmill Ltd may cancel the trade with the Client but shall do so within reasonable time and shall provide the Client with a full explanation for the reason for such cancellation. 14.5 Following execution of any position with a Client, Tickmill Ltd may at Tickmill Ltd's reasonable discretion subsequently offset each such client position with another client position, or a position with one of Tickmill Ltd's Counterparties or retain a proprietary position in the market with the intention to obtain trading profits from such positions. Such decisions and actions may therefore result in Tickmill Ltd offsetting client positions at prices different (sometimes significantly different) from prices quoted to clients, resulting in trading profits or losses for Tickmill Ltd. This in turn can raise the possibility of the Client incurring what may be seen as an implied cost (i.e. the difference between the price at which the Client traded with Tickmill Ltd and the price at which Tickmill Ltd subsequently traded with Counterparties and/or other clients) due to any profits realised by Tickmill Ltd as a result of the Market Making function. However the Market Making function may involve significant costs to Tickmill Ltd if the market moves against Tickmill Ltd as compared to the price at which Tickmill Ltd traded with the Client. 14.6 The Client accepts that Tickmill Ltd in such markets where Tickmill Ltd acts as Market Maker, may hold positions that are contrary to positions of the Client, resulting in potential conflicts of interest between Tickmill Ltd and the Client, cf. Clause 16. 14.7 In markets, where Tickmill Ltd acts as a Market Maker, the Client accepts that Tickmill Ltd has no obligation to quote prices to clients at all times in any given market, nor to quote such prices to clients with a specific maximum spread. 14.8 In markets, where Tickmill Ltd acts as a Market Maker, Tickmill Ltd may or may not charge commissions. However, irrespective of whether or not Tickmill Ltd charges any commissions, the Client accepts that Tickmill Ltd will seek to make additional profits out of its performance as a Market Maker and the size of any such profits may be considerable if and when compared with the Client's margin deposit. 14.9 The Client acknowledges, recognizes and accepts that the price quoted to the Client includes a spread when compared with the price to which Tickmill Ltd may have covered or expected to be able to cover the Contract in a trade with another client or a Counterparty. Furthermore, the Client acknowledges, recognizes and accepts that said spread constitutes remuneration to Tickmill Ltd and that such spread not necessarily can be calculated for all Contracts and that such spread will not be specified at the Settlement/Trade Confirmation or otherwise revealed to the Client. 14.10 The Client acknowledges, recognizes and accepts that Tickmill Ltd quotes variable spreads on options. The Client is specifically made aware that variable option spreads are affected by actual market conditions, which are beyond Tickmill Ltd’s control. Tickmill Ltd does not guarantee any maximum or minimum quotable option spreads. 14.11 Any commission costs, interest charges, costs associated to and included in the spreads quoted by Tickmill Ltd as a Market Maker in certain markets and other fees and charges will consequently influence the Client's trading result and will have a negative effect on the Client's trading performance compared to a situation if such commission costs, interest charges, costs associated to and included in the spreads did not apply. 14.12 Whilst dealing spreads and commissions are normally considered moderate seen in relation to the value of the assets traded, such costs may be considerable when compared with the Client's margin deposit. As a consequence thereof the Client's margin deposit may be depleted by trading losses that the Client may incur and by the directly visible dealing costs such as commissions, interest charges and brokerage fees as well as the said not visible costs for the Client, caused by Tickmill Ltd's performance as a Market Maker. 14.13 If the Client is an active trader and is undertaking numerous transactions, the total impact of as well visible as not visible costs may be significant. Consequently the Client may have to obtain significant profits in the markets in order to cover the costs associated with trading activities with Tickmill Ltd. For very active Clients, such costs may over time exceed the value of the margin deposited. Normally, when trading margined derivatives, the lower the percentage of the applicable margin rate, the higher the proportion of the costs associated with executing a transaction. 14.14 The Client is specifically made aware that in the area of market making in foreign exchange, OTC foreign exchange options, CFD Contracts and other OTC products, significant implied costs can arise as a consequence of the profits made by Tickmill Ltd performing in its capacity as a Market Maker. 14.15 Tickmill Ltd's performance as a Market Maker may negatively affect the Client's Account with Tickmill Ltd and the said implied costs are neither directly visible nor directly quantifiable for the Client at any time. 14.16 Tickmill Ltd is at no time obliged to disclose any details of its performance or income produced as a Market Maker or otherwise related to other commissions, charges and fees. 14.17 The Client is specifically made aware that CFD Contracts may be OTC products quoted by Tickmill Ltd whilst operating as a Market Maker and not traded on a recognized stock exchange. As a result, the description above of the implied, not visible costs related to Tickmill Ltd's performance as a Market Maker may also apply to any CFD Contract.

MARKET MAKING. 14.1 12.1 When Tickmill Ltd the Company executes orders as Agent for the Client Customer on a recognized stock or futures exchange, Tickmill Ltd the Company will not be a party to such a trade as such orders will be executed in the trading system of the relevant exchange at the best price and the most favourable favorable conditions available at the time of the order or according to the ClientCustomer's specific instructions, e.g. e.g., in a situation where the Client Customer has chosen to limit the order. Tickmill Ltd The Company will not include any additional spread in the price of the execution achieved for the Client Customer but will be remunerated according to the Commissions, Charges & Margin Schedule. 14.2 12.2 The Client Customer is specifically made aware that in certain markets, including the foreign exchange markets, OTC foreign exchange options and CFD Contracts, Tickmill Ltd the Company may act as a Market Maker. 14.3 12.3 When acting as a Market Maker, Tickmill Ltd the Company will under normal market circumstances quote the Client Customer bid and ask prices. 14.4 12.4 In order for Tickmill Ltd the Company to quote prices with the swiftness normally associated with speculative trading, Tickmill Ltd the Company may have to rely on available price or availability information that may later prove to be faulty due to specific market circumstances, for instance, but not limited to, lack of liquidity in or suspension of an asset or errors in feeds from information providers or quotes from Counterparties. If so and if Tickmill Ltd the Company has acted in good faith when providing the price to the ClientCustomer, Tickmill Ltd the Company may cancel the trade with the Client Customer but shall do so within reasonable time and shall provide the Client Customer with a full explanation for the reason for such cancellation. 14.5 12.5 Following execution of any position with a ClientCustomer, Tickmill Ltd the Company may at Tickmill Ltdthe Company's reasonable discretion subsequently offset each such client customer position with another client customer position, or a position with one of Tickmill Ltdthe Company's Counterparties or retain a proprietary position in the market with the intention to obtain trading profits from such positions. Such decisions and actions may therefore result in Tickmill Ltd offsetting client the Company off- setting customer positions at prices different (sometimes significantly different) from prices quoted to clientscustomers, resulting in trading profits or losses for Tickmill Ltd. the Company. This in turn can raise the possibility of the Client Customer incurring what may be seen as an implied cost (i.e. i.e., the difference between the price at which the Client Customer traded with Tickmill Ltd the Company and the price at which Tickmill Ltd the Company subsequently traded with Counterparties and/or other clientscustomers) due to any profits realised realized by Tickmill Ltd the Company as a result of the Market Making function. However However, the Market Making function may involve significant costs to Tickmill Ltd the Company if the market moves against Tickmill Ltd the Company as compared to the price at which Tickmill Ltd the Company traded with the ClientCustomer. 14.6 12.6 The Client Customer accepts that Tickmill Ltd the Company in such markets where Tickmill Ltd the Company acts as Market Maker, may hold positions that are contrary to positions of the ClientCustomer, resulting in potential conflicts of interest between Tickmill Ltd the Company and the ClientCustomer, cf. Clause 1615. 14.7 12.7 In markets, where Tickmill Ltd the Company acts as a Market Maker, the Client Customer accepts that Tickmill Ltd the Company has no obligation to quote prices to clients customers at all times in any given market, nor to quote such prices to clients customers with a specific maximum spread. 14.8 12.8 In markets, where Tickmill Ltd the Company acts as a Market Maker, Tickmill Ltd the Company may or may not charge commissions. However, irrespective of whether or not Tickmill Ltd the Company charges any commissions, the Client Customer accepts that Tickmill Ltd the Company will seek to make additional profits out of its performance as a Market Maker and the size of any such profits may be considerable if and when compared with the ClientCustomer's margin deposit. 14.9 12.9 The Client Customer acknowledges, recognizes and accepts that the price quoted to the Client Customer includes a spread when compared with the price to which Tickmill Ltd the Company may have covered or expected to be able to cover the Contract in a trade with another client customer or a Counterparty. Furthermore, the Client Customer acknowledges, recognizes and accepts that said spread constitutes remuneration to Tickmill Ltd the Company and that such spread not necessarily can be calculated for all Contracts and that such spread will not be specified at the Settlement/Trade Confirmation or otherwise revealed to the ClientCustomer. 14.10 12.10 The Client Customer acknowledges, recognizes and accepts that Tickmill Ltd the Company quotes variable spreads on options. The Client Customer is specifically made aware that variable option spreads are affected by actual market conditions, which are beyond Tickmill Ltdthe Company’s control. Tickmill Ltd The Company does not guarantee any maximum or minimum quotable option spreads. 14.11 12.11 Any commission costs, interest charges, costs associated to and included in the spreads quoted by Tickmill Ltd the Company as a Market Maker in certain markets and other fees and charges will consequently influence the ClientCustomer's trading result and will have a negative effect on the ClientCustomer's trading performance compared to a situation if such commission costs, interest charges, costs associated to and included in the spreads did not apply. 14.12 12.12 Whilst dealing spreads and commissions are normally considered moderate seen in relation to the value of the assets traded, such costs may be considerable when compared with the ClientCustomer's margin deposit. As a consequence consequence, thereof the ClientCustomer's margin deposit may be depleted by trading losses that the Client Customer may incur and by the directly visible dealing costs such as commissions, interest charges and brokerage fees as well as the said not visible costs for the ClientCustomer, caused by Tickmill Ltdthe Company's performance as a Market Maker. 14.13 12.13 If the Client Customer is an active trader and is undertaking numerous transactions, the total impact of as well visible as not visible costs may be significant. Consequently Consequently, the Client Customer may have to obtain significant profits in the markets in order to cover the costs associated with trading activities with Tickmill Ltd. the Company. For very active ClientsCustomers, such costs may over time exceed the value of the margin deposited. Normally, when trading margined derivatives, the lower the percentage of the applicable margin rate, the higher the proportion of the costs associated with executing a transaction. 14.14 12.14 The Client Customer is specifically made aware that in the area of market making in foreign exchange, OTC foreign exchange options, CFD Contracts and other OTC products, significant implied costs can arise as a consequence of the profits made by Tickmill Ltd the Company performing in its capacity as a Market Maker. 14.15 Tickmill Ltd12.15 The Company's performance as a Market Maker may negatively affect the ClientCustomer's Account with Tickmill Ltd the Company and the said implied costs are neither directly visible nor directly quantifiable for the Client Customer at any time. 14.16 Tickmill Ltd 12.16 The Company is at no time obliged to disclose any details of its performance or income produced as a Market Maker or otherwise related to other commissions, charges and fees. 14.17 12.17 The Client Customer is specifically made aware that CFD Contracts may be OTC products quoted by Tickmill Ltd the Company whilst operating as a Market Maker and not traded on a recognized stock exchange. As a result, the description above of the implied, not visible costs related to Tickmill Ltdthe Company's performance as a Market Maker may also apply to any CFD Contract.

MARKET MAKING. 14.1 When Tickmill Aglobe Investments Ltd executes orders as Agent for the Client on a recognized stock or futures exchange, Tickmill Aglobe Investments Ltd will not be a party to such a trade as such orders will be executed in the trading system of the relevant exchange at the best price and the most favourable conditions available at the time of the order or according to the Client's Client`s specific instructions, e.g. in a situation where the Client has chosen to limit the order. Tickmill Aglobe Investments Ltd will not include any additional spread in the price of the execution achieved for the Client but will be remunerated according to the Commissions, Charges & Margin Schedule. 14.2 The Client is specifically made aware that in certain markets, including the foreign exchange markets, OTC foreign exchange options and CFD Contracts, Tickmill Aglobe Investments Ltd may act as a Market Maker. 14.3 When acting as a Market Maker, Tickmill Aglobe Investments Ltd will under normal market circumstances quote the Client bid and ask prices. 14.4 In order for Tickmill Aglobe Investments Ltd to quote prices with the swiftness normally associated with speculative trading, Tickmill Aglobe Investments Ltd may have to rely on available price or availability information that may later prove to be faulty due to specific market circumstances, for instance, but not limited to, lack of liquidity in or suspension of an asset or errors in feeds from information providers or quotes from Counterparties. If so and if Tickmill Aglobe Investments Ltd has acted in good faith when providing the price to the Client, Tickmill Aglobe Investments Ltd may cancel the trade with the Client but shall do so within reasonable time and shall provide the Client with a full explanation for the reason for such cancellation. 14.5 Following execution of any position with a Client, Tickmill Aglobe Investments Ltd may at Tickmill Ltd's Aglobe Investments Ltd `s reasonable discretion subsequently offset each such client position with another client position, or a position with one of Tickmill Ltd's Aglobe Investments Ltd `s Counterparties or retain a proprietary position in the market with the intention to obtain trading profits from such positions. Such decisions and actions may therefore result in Tickmill Aglobe Investments Ltd offsetting off- setting client positions at prices different (sometimes significantly different) from prices quoted to clients, resulting in trading profits or losses for Tickmill Aglobe Investments Ltd. This in turn can raise the possibility of the Client incurring what may be seen as an implied cost (i.e. the difference between the price at which the Client traded with Tickmill Aglobe Investments Ltd and the price at which Tickmill Aglobe Investments Ltd subsequently traded with Counterparties and/or other clients) due to any profits realised by Tickmill Aglobe Investments Ltd as a result of the Market Making function. However However, the Market Making function may involve significant costs to Tickmill Aglobe Investments Ltd if the market moves against Tickmill Aglobe Investments Ltd as compared to the price at which Tickmill Aglobe Investments Ltd traded with the Client. 14.6 The Client accepts that Tickmill Aglobe Investments Ltd in such markets where Tickmill Aglobe Investments Ltd acts as Market Maker, may hold positions that are contrary to positions of the Client, resulting in potential conflicts of interest between Tickmill Aglobe Investments Ltd and the Client, cf. Clause 16. 14.7 In markets, where Tickmill Aglobe Investments Ltd acts as a Market Maker, the Client accepts that Tickmill Aglobe Investments Ltd has no obligation to quote prices to clients at all times in any given market, nor to quote such prices to clients with a specific maximum spread. 14.8 In markets, where Tickmill Aglobe Investments Ltd acts as a Market Maker, Tickmill Aglobe Investments Ltd may or may not charge commissions. However, irrespective of whether or not Tickmill Aglobe Investments Ltd charges any commissions, the Client accepts that Tickmill Aglobe Investments Ltd will seek to make additional profits out of its performance as a Market Maker and the size of any such profits may be considerable if and when compared with the Client's Client`s margin deposit. 14.9 The Client acknowledges, recognizes and accepts that the price quoted to the Client includes a spread when compared with the price to which Tickmill Aglobe Investments Ltd may have covered or expected to be able to cover the Contract in a trade with another client or a Counterparty. Furthermore, the Client acknowledges, recognizes and accepts that said spread constitutes remuneration to Tickmill Aglobe Investments Ltd and that such spread not necessarily can be calculated for all Contracts and that such spread will not be specified at the Settlement/Trade Confirmation or otherwise revealed to the Client. 14.10 The Client acknowledges, recognizes and accepts that Tickmill Aglobe Investments Ltd quotes variable spreads on options. The Client is specifically made aware that variable option spreads are affected by actual market conditions, which are beyond Tickmill LtdAglobe Investments Ltd ’s control. Tickmill Aglobe Investments Ltd does not guarantee any maximum or minimum quotable option spreads. 14.11 Any commission costs, interest charges, costs associated to and included in the spreads quoted by Tickmill Aglobe Investments Ltd as a Market Maker in certain markets and other fees and charges will consequently influence the Client's Client`s trading result and will have a negative effect on the Client's Client`s trading performance compared to a situation if such commission costs, interest charges, costs associated to and included in the spreads did not apply. 14.12 Whilst dealing spreads and commissions are normally considered moderate seen in relation to the value of the assets traded, such costs may be considerable when compared with the Client's Client`s margin deposit. As a consequence thereof the Client's Client`s margin deposit may be depleted by trading losses that the Client may incur and by the directly visible dealing costs such as commissions, interest charges and brokerage fees as well as the said not visible costs for the Client, caused by Tickmill Ltd's Aglobe Investments Ltd `s performance as a Market Maker. 14.13 If the Client is an active trader and is undertaking numerous transactions, the total impact of as well visible as not visible costs may be significant. Consequently Consequently, the Client may have to obtain significant profits in the markets in order to cover the costs associated with trading activities with Tickmill Aglobe Investments Ltd. For very active Clients, such costs may over time exceed the value of the margin deposited. Normally, when trading margined derivatives, the lower the percentage of the applicable margin rate, the higher the proportion of the costs associated with executing a transaction. 14.14 The Client is specifically made aware that in the area of market making in foreign exchange, OTC foreign exchange options, CFD Contracts and other OTC products, significant implied costs can arise as a consequence of the profits made by Tickmill Aglobe Investments Ltd performing in its capacity as a Market Maker. 14.15 Tickmill Ltd's Aglobe Investments Ltd `s performance as a Market Maker may negatively affect the Client's Client`s Account with Tickmill Aglobe Investments Ltd and the said implied costs are neither directly visible nor directly quantifiable for the Client at any time. 14.16 Tickmill Aglobe Investments Ltd is at no time obliged to disclose any details of its performance or income produced as a Market Maker or otherwise related to other commissions, charges and fees. 14.17 The Client is specifically made aware that CFD Contracts may be OTC products quoted by Tickmill Aglobe Investments Ltd whilst operating as a Market Maker and not traded on a recognized stock exchange. As a result, the description above of the implied, not visible costs related to Tickmill Ltd's Aglobe Investments Ltd `s performance as a Market Maker may also apply to any CFD Contract.

MARKET MAKING. 14.1 When Tickmill Asia Ltd executes orders as Agent for the Client on a recognized stock or futures exchange, Tickmill Asia Ltd will not be a party to such a trade as such orders will be executed in the trading system of the relevant exchange at the best price and the most favourable conditions available at the time of the order or according to the Client's specific instructions, e.g. in a situation where the Client has chosen to limit the order. Tickmill Asia Ltd will not include any additional spread in the price of the execution achieved for the Client but will be remunerated according to the Commissions, Charges & Margin Schedule. 14.2 The Client is specifically made aware that in certain markets, including the foreign exchange markets, OTC foreign exchange options and CFD Contracts, Tickmill Asia Ltd may act as a Market Maker. 14.3 When acting as a Market Maker, Tickmill Asia Ltd will under normal market circumstances quote the Client bid and ask prices. 14.4 In order for Tickmill Asia Ltd to quote prices with the swiftness normally associated with speculative trading, Tickmill Asia Ltd may have to rely on available price or availability information that may later prove to be faulty due to specific market circumstances, for instance, but not limited to, lack of liquidity in or suspension of an asset or errors in feeds from information providers or quotes from Counterparties. If so and if Tickmill Asia Ltd has acted in good faith when providing the price to the Client, Tickmill Asia Ltd may cancel the trade with the Client but shall do so within reasonable time and shall provide the Client with a full explanation for the reason for such cancellation. 14.5 Following execution of any position with a Client, Tickmill Asia Ltd may at Tickmill Asia Ltd's reasonable discretion subsequently offset each such client position with another client position, or a position with one of Tickmill Asia Ltd's Counterparties or retain a proprietary position in the market with the intention to obtain trading profits from such positions. Such decisions and actions may therefore result in Tickmill Asia Ltd offsetting client positions at prices different (sometimes significantly different) from prices quoted to clients, resulting in trading profits or losses for Tickmill Asia Ltd. This in turn can raise the possibility of the Client incurring what may be seen as an implied cost (i.e. the difference between the price at which the Client traded with Tickmill Asia Ltd and the price at which Tickmill Asia Ltd subsequently traded with Counterparties and/or other clients) due to any profits realised by Tickmill Asia Ltd as a result of the Market Making function. However the Market Making function may involve significant costs to Tickmill Asia Ltd if the market moves against Tickmill Asia Ltd as compared to the price at which Tickmill Asia Ltd traded with the Client. 14.6 The Client accepts that Tickmill Asia Ltd in such markets where Tickmill Asia Ltd acts as Market Maker, may hold positions that are contrary to positions of the Client, resulting in potential conflicts of interest between Tickmill Asia Ltd and the Client, cf. Clause 16. 14.7 In markets, where Tickmill Asia Ltd acts as a Market Maker, the Client accepts that Tickmill Asia Ltd has no obligation to quote prices to clients at all times in any given market, nor to quote such prices to clients with a specific maximum spread. 14.8 In markets, where Tickmill Asia Ltd acts as a Market Maker, Tickmill Asia Ltd may or may not charge commissions. However, irrespective of whether or not Tickmill Asia Ltd charges any commissions, the Client accepts that Tickmill Asia Ltd will seek to make additional profits out of its performance as a Market Maker and the size of any such profits may be considerable if and when compared with the Client's margin deposit. 14.9 The Client acknowledges, recognizes and accepts that the price quoted to the Client includes a spread when compared with the price to which Tickmill Asia Ltd may have covered or expected to be able to cover the Contract in a trade with another client or a Counterparty. Furthermore, the Client acknowledges, recognizes and accepts that said spread constitutes remuneration to Tickmill Asia Ltd and that such spread not necessarily can be calculated for all Contracts and that such spread will not be specified at the Settlement/Trade Confirmation or otherwise revealed to the Client. 14.10 The Client acknowledges, recognizes and accepts that Tickmill Asia Ltd quotes variable spreads on options. The Client is specifically made aware that variable option spreads are affected by actual market conditions, which are beyond Tickmill Asia Ltd’s control. Tickmill Asia Ltd does not guarantee any maximum or minimum quotable option spreads. 14.11 Any commission costs, interest charges, costs associated to and included in the spreads quoted by Tickmill Asia Ltd as a Market Maker in certain markets and other fees and charges will consequently influence the Client's trading result and will have a negative effect on the Client's trading performance compared to a situation if such commission costs, interest charges, costs associated to and included in the spreads did not apply. 14.12 Whilst dealing spreads and commissions are normally considered moderate seen in relation to the value of the assets traded, such costs may be considerable when compared with the Client's margin deposit. As a consequence thereof the Client's margin deposit may be depleted by trading losses that the Client may incur and by the directly visible dealing costs such as commissions, interest charges and brokerage fees as well as the said not visible costs for the Client, caused by Tickmill Asia Ltd's performance as a Market Maker. 14.13 If the Client is an active trader and is undertaking numerous transactions, the total impact of as well visible as not visible costs may be significant. Consequently the Client may have to obtain significant profits in the markets in order to cover the costs associated with trading activities with Tickmill Asia Ltd. For very active Clients, such costs may over time exceed the value of the margin deposited. Normally, when trading margined derivatives, the lower the percentage of the applicable margin rate, the higher the proportion of the costs associated with executing a transaction. 14.14 The Client is specifically made aware that in the area of market making in foreign exchange, OTC foreign exchange options, CFD Contracts and other OTC products, significant implied costs can arise as a consequence of the profits made by Tickmill Asia Ltd performing in its capacity as a Market Maker. 14.15 Tickmill Asia Ltd's performance as a Market Maker may negatively affect the Client's Account with Tickmill Asia Ltd and the said implied costs are neither directly visible nor directly quantifiable for the Client at any time. 14.16 Tickmill Asia Ltd is at no time obliged to disclose any details of its performance or income produced as a Market Maker or otherwise related to other commissions, charges and fees. 14.17 The Client is specifically made aware that CFD Contracts may be OTC products quoted by Tickmill Asia Ltd whilst operating as a Market Maker and not traded on a recognized stock exchange. As a result, the description above of the implied, not visible costs related to Tickmill Asia Ltd's performance as a Market Maker may also apply to any CFD Contract.

MARKET MAKING. 14.1 When Tickmill Ltd U TRADE MARKETS executes orders as Agent for the Client on a recognized stock or futures exchange, Tickmill Ltd U TRADE MARKETS will not be a party to such a trade as such orders will be executed in the trading system of the relevant exchange at the best price and the most favourable conditions available at the time of the order or according to the Client's specific instructions, e.g. in a situation where the Client has chosen to limit the order. Tickmill Ltd U TRADE MARKETS will not include any additional spread in the price of the execution achieved for the Client but will be remunerated according to the Commissions, Charges & Margin Schedule. 14.2 The Client is specifically made aware that in certain markets, including the foreign exchange markets, OTC foreign exchange options and CFD Contracts, Tickmill Ltd may act as a Market Maker. 14.3 When acting as a Market Maker, Tickmill Ltd will under normal market circumstances quote the Client bid and ask prices. 14.4 In order for Tickmill Ltd U TRADE MARKETS to quote prices with the swiftness normally associated with speculative trading, Tickmill Ltd U TRADE MARKETS may have to rely on available price or availability information that may later prove to be faulty due to specific market circumstances, for instance, but not limited to, lack of liquidity in or suspension of an asset or errors in feeds from information providers or quotes from Counterparties. If so and if Tickmill Ltd U TRADE MARKETS has acted in good faith when providing the price to the Client, Tickmill Ltd U TRADE MARKETS may cancel the trade with the Client but shall do so within reasonable time and shall provide the Client with a full explanation for the reason for such cancellation. 14.5 14.3 Following execution of any position with a Client, Tickmill Ltd U TRADE MARKETS may at Tickmill LtdU TRADE MARKETS's reasonable discretion subsequently offset each such client position with another client position, or a position with one of Tickmill LtdU TRADE MARKETS's Counterparties or retain a proprietary position in the market with the intention to obtain trading profits from such positions. Such decisions and actions may therefore result in Tickmill Ltd offsetting U TRADE MARKETS off- setting client positions at prices different (sometimes significantly different) from prices quoted to clients, resulting in trading profits or losses for Tickmill Ltd. U TRADE MARKETS. This in turn can raise the possibility of the Client incurring what may be seen as an implied cost (i.e. the difference between the price at which the Client traded with Tickmill Ltd U TRADE MARKETS and the price at which Tickmill Ltd U TRADE MARKETS subsequently traded with Counterparties and/or other clients) due to any profits realised by Tickmill Ltd U TRADE MARKETS as a result of the Market Making function. However However, the Market Making function may involve significant costs to Tickmill Ltd U TRADE MARKETS if the market moves against Tickmill Ltd U TRADE MARKETS as compared to the price at which Tickmill Ltd U TRADE MARKETS traded with the Client. 14.6 The Client accepts that Tickmill Ltd in such markets where Tickmill Ltd acts as Market Maker, may hold positions that are contrary to positions of the Client, resulting in potential conflicts of interest between Tickmill Ltd and the Client, cf. Clause 16. 14.7 In markets, where Tickmill Ltd acts as a Market Maker, the Client accepts that Tickmill Ltd has no obligation to quote prices to clients at all times in any given market, nor to quote such prices to clients with a specific maximum spread. 14.8 In markets, where Tickmill Ltd acts as a Market Maker, Tickmill Ltd may or may not charge commissions. However, irrespective of whether or not Tickmill Ltd charges any commissions, the Client accepts that Tickmill Ltd will seek to make additional profits out of its performance as a Market Maker and the size of any such profits may be considerable if and when compared with the Client's margin deposit. 14.9 14.4 The Client acknowledges, recognizes and accepts that the price quoted to the Client includes a spread when compared with the price to which Tickmill Ltd U TRADE MARKETS may have covered or expected to be able to cover the Contract in a trade with another client or a Counterparty. Furthermore, the Client acknowledges, recognizes and accepts that said spread constitutes remuneration to Tickmill Ltd U TRADE MARKETS and that such spread not necessarily can be calculated for all Contracts and that such spread will not be specified at the Settlement/Trade Confirmation or otherwise revealed to the Client. 14.10 14.5 The Client acknowledges, recognizes and accepts that Tickmill Ltd U TRADE MARKETS quotes variable spreads on options. The Client is specifically made aware that variable option spreads are affected by actual market conditions, which are beyond Tickmill LtdU TRADE MARKETS’s control. Tickmill Ltd U TRADE MARKETS does not guarantee any maximum or minimum quotable option spreads. 14.11 Any commission costs, interest charges, costs associated to and included in the spreads quoted by Tickmill Ltd as a Market Maker in certain markets and other fees and charges will consequently influence the Client's trading result and will have a negative effect on the Client's trading performance compared to a situation if such commission costs, interest charges, costs associated to and included in the spreads did not apply. 14.12 Whilst dealing spreads and commissions are normally considered moderate seen in relation to the value of the assets traded, such costs may be considerable when compared with the Client's margin deposit. As a consequence thereof the Client's margin deposit may be depleted by trading losses that the Client may incur and by the directly visible dealing costs such as commissions, interest charges and brokerage fees as well as the said not visible costs for the Client, caused by Tickmill Ltd's performance as a Market Maker. 14.13 14.6 If the Client is an active trader and is undertaking numerous transactions, the total impact of as well visible as not visible costs may be significant. Consequently Consequently, the Client may have to obtain significant profits in the markets in order to cover the costs associated with trading activities with Tickmill Ltd. U TRADE MARKETS For very active Clients, such costs may over time exceed the value of the margin deposited. Normally, when trading margined derivatives, the lower the percentage of the applicable margin rate, the higher the proportion of the costs associated with executing a transaction. 14.14 The Client is specifically made aware that in the area of market making in foreign exchange, OTC foreign exchange options, CFD Contracts and other OTC products, significant implied costs can arise as a consequence of the profits made by Tickmill Ltd performing in its capacity as a Market Maker. 14.15 Tickmill Ltd's performance as a Market Maker may negatively affect the Client's Account with Tickmill Ltd and the said implied costs are neither directly visible nor directly quantifiable for the Client at any time. 14.16 Tickmill Ltd is at no time obliged to disclose any details of its performance or income produced as a Market Maker or otherwise related to other commissions, charges and fees. 14.17 The Client is specifically made aware that CFD Contracts may be OTC products quoted by Tickmill Ltd whilst operating as a Market Maker and not traded on a recognized stock exchange. As a result, the description above of the implied, not visible costs related to Tickmill Ltd's performance as a Market Maker may also apply to any CFD Contract.

MARKET MAKING. 14.1 When Tickmill Ltd EVA MARKETS executes orders as Agent for the Client on a recognized stock or futures exchange, Tickmill Ltd EVA MARKETS will not be a party to such a trade as such orders will be executed in the trading system of the relevant exchange at the best price and the most favourable conditions available at the time of the order or according to the Client's specific instructions, e.g. in a situation where the Client has chosen to limit the order. Tickmill Ltd EVA MARKETS will not include any additional spread in the price of the execution achieved for the Client but will be remunerated according to the Commissions, Charges & Margin Schedule. 14.2 The Client is specifically made aware that in certain markets, including the foreign exchange markets, OTC foreign exchange options and CFD Contracts, Tickmill Ltd may act as a Market Maker. 14.3 When acting as a Market Maker, Tickmill Ltd will under normal market circumstances quote the Client bid and ask prices. 14.4 In order for Tickmill Ltd EVA MARKETS to quote prices with the swiftness normally associated with speculative trading, Tickmill Ltd EVA MARKETS may have to rely on available price or availability information that may later prove to be faulty due to specific market circumstances, for instance, but not limited to, lack of liquidity in or suspension of an asset or errors in feeds from information providers or quotes from Counterparties. If so and if Tickmill Ltd EVA MARKETS has acted in good faith when providing the price to the Client, Tickmill Ltd EVA MARKETS may cancel the trade with the Client but shall do so within reasonable time and shall provide the Client with a full explanation for the reason for such cancellation. 14.5 14.3 Following execution of any position with a Client, Tickmill Ltd EVA MARKETS may at Tickmill LtdEVA MARKETS's reasonable discretion subsequently offset each such client position with another client position, or a position with one of Tickmill LtdEVA MARKETS's Counterparties or retain a proprietary position in the market with the intention to obtain trading profits from such positions. Such decisions and actions may therefore result in Tickmill Ltd offsetting EVA MARKETS off- setting client positions at prices different (sometimes significantly different) from prices quoted to clients, resulting in trading profits or losses for Tickmill Ltd. EVA MARKETS. This in turn can raise the possibility of the Client incurring what may be seen as an implied cost (i.e. the difference between the price at which the Client traded with Tickmill Ltd EVA MARKETS and the price at which Tickmill Ltd EVA MARKETS subsequently traded with Counterparties and/or other clients) due to any profits realised by Tickmill Ltd ▇▇▇ MARKETS as a result of the Market Making function. However However, the Market Making function may involve significant costs to Tickmill Ltd EVA MARKETS if the market moves against Tickmill Ltd EVA MARKETS as compared to the price at which Tickmill Ltd EVA MARKETS traded with the Client. 14.6 The Client accepts that Tickmill Ltd in such markets where Tickmill Ltd acts as Market Maker, may hold positions that are contrary to positions of the Client, resulting in potential conflicts of interest between Tickmill Ltd and the Client, cf. Clause 16. 14.7 In markets, where Tickmill Ltd acts as a Market Maker, the Client accepts that Tickmill Ltd has no obligation to quote prices to clients at all times in any given market, nor to quote such prices to clients with a specific maximum spread. 14.8 In markets, where Tickmill Ltd acts as a Market Maker, Tickmill Ltd may or may not charge commissions. However, irrespective of whether or not Tickmill Ltd charges any commissions, the Client accepts that Tickmill Ltd will seek to make additional profits out of its performance as a Market Maker and the size of any such profits may be considerable if and when compared with the Client's margin deposit. 14.9 14.4 The Client acknowledges, recognizes and accepts that the price quoted to the Client includes a spread when compared with the price to which Tickmill Ltd EVA MARKETS may have covered or expected to be able to cover the Contract in a trade with another client or a Counterparty. Furthermore, the Client acknowledges, recognizes and accepts that said spread constitutes remuneration to Tickmill Ltd EVA MARKETS and that such spread not necessarily can be calculated for all Contracts and that such spread will not be specified at the Settlement/Trade Confirmation or otherwise revealed to the Client. 14.10 14.5 The Client acknowledges, recognizes and accepts that Tickmill Ltd EVA MARKETS quotes variable spreads on options. The Client is specifically made aware that variable option spreads are affected by actual market conditions, which are beyond Tickmill LtdEVA MARKETS’s control. Tickmill Ltd EVA MARKETS does not guarantee any maximum or minimum quotable option spreads. 14.11 Any commission costs, interest charges, costs associated to and included in the spreads quoted by Tickmill Ltd as a Market Maker in certain markets and other fees and charges will consequently influence the Client's trading result and will have a negative effect on the Client's trading performance compared to a situation if such commission costs, interest charges, costs associated to and included in the spreads did not apply. 14.12 Whilst dealing spreads and commissions are normally considered moderate seen in relation to the value of the assets traded, such costs may be considerable when compared with the Client's margin deposit. As a consequence thereof the Client's margin deposit may be depleted by trading losses that the Client may incur and by the directly visible dealing costs such as commissions, interest charges and brokerage fees as well as the said not visible costs for the Client, caused by Tickmill Ltd's performance as a Market Maker. 14.13 14.6 If the Client is an active trader and is undertaking numerous transactions, the total impact of as well visible as not visible costs may be significant. Consequently Consequently, the Client may have to obtain significant profits in the markets in order to cover the costs associated with trading activities with Tickmill Ltd. EVA MARKETS For very active Clients, such costs may over time exceed the value of the margin deposited. Normally, when trading margined derivatives, the lower the percentage of the applicable margin rate, the higher the proportion of the costs associated with executing a transaction. 14.14 The Client is specifically made aware that in the area of market making in foreign exchange, OTC foreign exchange options, CFD Contracts and other OTC products, significant implied costs can arise as a consequence of the profits made by Tickmill Ltd performing in its capacity as a Market Maker. 14.15 Tickmill Ltd's performance as a Market Maker may negatively affect the Client's Account with Tickmill Ltd and the said implied costs are neither directly visible nor directly quantifiable for the Client at any time. 14.16 Tickmill Ltd is at no time obliged to disclose any details of its performance or income produced as a Market Maker or otherwise related to other commissions, charges and fees. 14.17 The Client is specifically made aware that CFD Contracts may be OTC products quoted by Tickmill Ltd whilst operating as a Market Maker and not traded on a recognized stock exchange. As a result, the description above of the implied, not visible costs related to Tickmill Ltd's performance as a Market Maker may also apply to any CFD Contract.

MARKET MAKING. 14.1 15.1 When Tickmill Benor Capital Ltd executes orders as Agent for the Client on a recognized stock or futures exchange, Tickmill Benor Capital Ltd will not be a party to such a trade as such orders will be executed in the trading system of the relevant exchange at the best price and the most favourable conditions available at the time of the order or according to the Client's specific instructions, e.g. in a situation where the Client has chosen to limit the order. Tickmill Benor Capital Ltd will not include any additional spread in the price of the execution achieved for the Client but will be remunerated according to the Commissions, Charges & Margin Schedule. 14.2 15.2 The Client is specifically made aware that in certain markets, including the foreign exchange markets, OTC foreign exchange options and CFD Contracts, Tickmill Benor Capital Ltd may act as a Market Maker. 14.3 15.3 When acting as a Market Maker, Tickmill Benor Capital Ltd will under normal market circumstances quote the Client bid and ask prices. 14.4 15.4 In order for Tickmill Benor Capital Ltd to quote prices with the swiftness normally associated with speculative trading, Tickmill Benor Capital Ltd may have to rely on available price or availability information that may later prove to be faulty due to specific market circumstances, for instance, but not limited to, lack of liquidity in or suspension of an asset or errors in feeds from information providers or quotes from Counterparties. If so and if Tickmill Benor Capital Ltd has acted in good faith when providing the price to the Client, Tickmill Benor Capital Ltd may cancel the trade with the Client but shall do so within reasonable time and shall provide the Client with a full explanation for the reason for such cancellation. 14.5 15.5 Following execution of any position with a Client, Tickmill Benor Capital Ltd may at Tickmill Benor Capital Ltd's reasonable discretion subsequently offset each such client position with another client position, or a position with one of Tickmill Benor Capital Ltd's Counterparties or retain a proprietary position in the market with the intention to obtain trading profits from such positions. Such decisions and actions may therefore result in Tickmill Benor Capital Ltd offsetting off- setting client positions at prices different (sometimes significantly different) from prices quoted to clients, resulting in trading profits or losses for Tickmill Benor Capital Ltd. This in turn can raise the possibility of the Client incurring what may be seen as an implied cost (i.e. the difference between the price at which the Client traded with Tickmill Benor Capital Ltd and the price at which Tickmill Benor Capital Ltd subsequently traded with Counterparties and/or other clients) due to any profits realised by Tickmill Benor Capital Ltd as a result of the Market Making function. However However, the Market Making function may involve significant costs to Tickmill Benor Capital Ltd if the market moves against Tickmill Benor Capital Ltd as compared to the price at which Tickmill Benor Capital Ltd traded with the Client. 14.6 15.6 The Client accepts that Tickmill Benor Capital Ltd in such markets where Tickmill Benor Capital Ltd acts as Market Maker, may hold positions that are contrary to positions of the Client, resulting in potential conflicts of interest between Tickmill Benor Capital Ltd and the Client, cf. Clause 16. 14.7 15.7 In markets, where Tickmill Benor Capital Ltd acts as a Market Maker, the Client accepts that Tickmill Benor Capital Ltd has no obligation to quote prices to clients at all times in any given market, nor to quote such prices to clients with a specific maximum spread. 14.8 15.8 In markets, where Tickmill Benor Capital Ltd acts as a Market Maker, Tickmill Benor Capital Ltd may or may not charge commissions. However, irrespective of whether or not Tickmill Benor Capital Ltd charges any commissions, the Client accepts that Tickmill Benor Capital Ltd will seek to make additional profits out of its performance as a Market Maker and the size of any such profits may be considerable if and when compared with the Client's margin deposit. 14.9 15.9 The Client acknowledges, recognizes and accepts that the price quoted to the Client includes a spread when compared with the price to which Tickmill Benor Capital Ltd may have covered or expected to be able to cover the Contract in a trade with another client or a Counterparty. Furthermore, the Client acknowledges, recognizes and accepts that said spread constitutes remuneration to Tickmill Benor Capital Ltd and that such spread not necessarily can be calculated for all Contracts and that such spread will not be specified at the Settlement/Trade Confirmation or otherwise revealed to the Client. 14.10 15.10 The Client acknowledges, recognizes and accepts that Tickmill Benor Capital Ltd quotes variable spreads on options. The Client is specifically made aware that variable option spreads are affected by actual market conditions, which are beyond Tickmill Benor Capital Ltd’s control. Tickmill Benor Capital Ltd does not guarantee any maximum or minimum quotable option spreads. 14.11 15.11 Any commission costs, interest charges, costs associated to and included in the spreads quoted by Tickmill Benor Capital Ltd as a Market Maker in certain markets and other fees and charges will consequently influence the Client's trading result and will have a negative effect on the Client's trading performance compared to a situation if such commission costs, interest charges, costs associated to and included in the spreads did not apply. 14.12 15.12 Whilst dealing spreads and commissions are normally considered moderate seen in relation to the value of the assets traded, such costs may be considerable when compared with the Client's margin deposit. As a consequence thereof the Client's margin deposit may be depleted by trading losses that the Client may incur and by the directly visible dealing costs such as commissions, interest charges and brokerage fees as well as the said not visible costs for the Client, caused by Tickmill Benor Capital Ltd's performance as a Market Maker. 14.13 15.13 If the Client is an active trader and is undertaking numerous transactions, the total impact of as well visible as not visible costs may be significant. Consequently Consequently, the Client may have to obtain significant profits in the markets in order to cover the costs associated with trading activities with Tickmill Benor Capital Ltd. For very active Clients, such costs may over time exceed the value of the margin deposited. Normally, when trading margined derivatives, the lower the percentage of the applicable margin rate, the higher the proportion of the costs associated with executing a transaction. 14.14 15.14 The Client is specifically made aware that in the area of market making in foreign exchange, OTC foreign exchange options, CFD Contracts and other OTC products, significant implied costs can arise as a consequence of the profits made by Tickmill Benor Capital Ltd performing in its capacity as a Market Maker. 14.15 Tickmill 15.15 Benor Capital Ltd's performance as a Market Maker may negatively affect the Client's Account with Tickmill Benor Capital Ltd and the said implied costs are neither directly visible nor directly quantifiable for the Client at any time. 14.16 Tickmill 15.16 Benor Capital Ltd is at no time obliged to disclose any details of its performance or income produced as a Market Maker or otherwise related to other commissions, charges and fees. 14.17 15.17 The Client is specifically made aware that CFD Contracts may be OTC products quoted by Tickmill Benor Capital Ltd whilst operating as a Market Maker and not traded on a recognized stock exchange. As a result, the description above of the implied, not visible costs related to Tickmill Benor Capital Ltd's performance as a Market Maker may also apply to any CFD Contract.

MARKET MAKING. 14.1 14.1. When Tickmill Ltd EVM PRIME executes orders as Agent for the Client on a recognized stock or futures exchange, Tickmill Ltd EVM PRIME will not be a party to such a trade as such orders will be executed in the trading system of the relevant exchange at the best price and the most favourable conditions available at the time of the order or according to the Client's specific instructions, e.g. in a situation where the Client has chosen to limit the order. Tickmill Ltd EVM PRIME will not include any additional spread in the price of the execution achieved for the Client but will be remunerated according to the Commissions, Charges & Margin Schedule. 14.2 The Client is specifically made aware that in certain markets, including the foreign exchange markets, OTC foreign exchange options and CFD Contracts, Tickmill Ltd may act as a Market Maker. 14.3 When acting as a Market Maker, Tickmill Ltd will under normal market circumstances quote the Client bid and ask prices. 14.4 14.2. In order for Tickmill Ltd EVM PRIME to quote prices with the swiftness normally associated with speculative trading, Tickmill Ltd EVM PRIME may have to rely on available price or availability information that may later prove to be faulty due to specific market circumstances, for instance, but not limited to, lack of liquidity in or suspension of an asset or errors in feeds from information providers or quotes from Counterparties. If so and if Tickmill Ltd EVM PRIME has acted in good faith when providing the price to the Client, Tickmill Ltd EVM PRIME may cancel the trade with the Client but shall do so within reasonable time and shall provide the Client with a full explanation for the reason for such cancellation. 14.5 14.3. Following execution of any position with a Client, Tickmill Ltd EVM PRIME may at Tickmill LtdEVM PRIME's reasonable discretion subsequently offset each such client position with another client position, or a position with one of Tickmill LtdEVM PRIME's Counterparties or retain a proprietary position in the market with the intention to obtain trading profits from such positions. Such decisions and actions may therefore result in Tickmill Ltd offsetting EVM PRIME off- setting client positions at prices different (sometimes significantly different) from prices quoted to clients, resulting in trading profits or losses for Tickmill Ltd. EVM PRIME. This in turn can raise the possibility of the Client incurring what may be seen as an implied cost (i.e. the difference between the price at which the Client traded with Tickmill Ltd EVM PRIME and the price at which Tickmill Ltd EVM PRIME subsequently traded with Counterparties and/or other clients) due to any profits realised by Tickmill Ltd EVM PRIME as a result of the Market Making function. However However, the Market Making function may involve significant costs to Tickmill Ltd EVM PRIME if the market moves against Tickmill Ltd EVM PRIME as compared to the price at which Tickmill Ltd EVM PRIME traded with the Client. 14.6 The Client accepts that Tickmill Ltd in such markets where Tickmill Ltd acts as Market Maker, may hold positions that are contrary to positions of the Client, resulting in potential conflicts of interest between Tickmill Ltd and the Client, cf14.4. Clause 16. 14.7 In markets, where Tickmill Ltd acts as a Market Maker, the Client accepts that Tickmill Ltd has no obligation to quote prices to clients at all times in any given market, nor to quote such prices to clients with a specific maximum spread. 14.8 In markets, where Tickmill Ltd acts as a Market Maker, Tickmill Ltd may or may not charge commissions. However, irrespective of whether or not Tickmill Ltd charges any commissions, the Client accepts that Tickmill Ltd will seek to make additional profits out of its performance as a Market Maker and the size of any such profits may be considerable if and when compared with the Client's margin deposit. 14.9 The Client acknowledges, recognizes and accepts that the price quoted to the Client includes a spread when compared with the price to which Tickmill Ltd EVM PRIME may have covered or expected to be able to cover the Contract in a trade with another client or a Counterparty. Furthermore, the Client acknowledges, recognizes and accepts that said spread constitutes remuneration to Tickmill Ltd EVM PRIME and that such spread not necessarily can be calculated for all Contracts and that such spread will not be specified at the Settlement/Trade Confirmation or otherwise revealed to the Client. 14.10 14.5. The Client acknowledges, recognizes and accepts that Tickmill Ltd EVM PRIME quotes variable spreads on options. The Client is specifically made aware that variable option spreads are affected by actual market conditions, which are beyond Tickmill LtdEVM PRIME’s control. Tickmill Ltd EVM PRIME does not guarantee any maximum or minimum quotable option spreads. 14.11 Any commission costs, interest charges, costs associated to and included in the spreads quoted by Tickmill Ltd as a Market Maker in certain markets and other fees and charges will consequently influence the Client's trading result and will have a negative effect on the Client's trading performance compared to a situation if such commission costs, interest charges, costs associated to and included in the spreads did not apply. 14.12 Whilst dealing spreads and commissions are normally considered moderate seen in relation to the value of the assets traded, such costs may be considerable when compared with the Client's margin deposit14.6. As a consequence thereof the Client's margin deposit may be depleted by trading losses that the Client may incur and by the directly visible dealing costs such as commissions, interest charges and brokerage fees as well as the said not visible costs for the Client, caused by Tickmill Ltd's performance as a Market Maker. 14.13 If the Client is an active trader and is undertaking numerous transactions, the total impact of as well visible as not visible costs may be significant. Consequently Consequently, the Client may have to obtain significant profits in the markets in order to cover the costs associated with trading activities with Tickmill Ltd. EVM PRIME For very active Clients, such costs may over time exceed the value of the margin deposited. Normally, when trading margined derivatives, the lower the percentage of the applicable margin rate, the higher the proportion of the costs associated with executing a transaction. 14.14 The Client is specifically made aware that in the area of market making in foreign exchange, OTC foreign exchange options, CFD Contracts and other OTC products, significant implied costs can arise as a consequence of the profits made by Tickmill Ltd performing in its capacity as a Market Maker. 14.15 Tickmill Ltd's performance as a Market Maker may negatively affect the Client's Account with Tickmill Ltd and the said implied costs are neither directly visible nor directly quantifiable for the Client at any time. 14.16 Tickmill Ltd is at no time obliged to disclose any details of its performance or income produced as a Market Maker or otherwise related to other commissions, charges and fees. 14.17 The Client is specifically made aware that CFD Contracts may be OTC products quoted by Tickmill Ltd whilst operating as a Market Maker and not traded on a recognized stock exchange. As a result, the description above of the implied, not visible costs related to Tickmill Ltd's performance as a Market Maker may also apply to any CFD Contract.

MARKET MAKING. 14.1 When Tickmill Ltd ZAINFX FINCROP LTD executes orders as Agent for the Client on a recognized stock or futures exchange, Tickmill Ltd ZAINFX FINCROP LTD will not be a party to such a trade as such orders will be executed in the trading system of the relevant exchange at the best price and the most favourable favorable conditions available at the time of the order or according to the Client's specific instructions, e.g. in a situation where the Client has chosen to limit the order. Tickmill Ltd ZAINFX FINCROP LTD will not include any additional spread in the price of the execution achieved for the Client but will be remunerated according to the Commissions, Charges & Margin Schedule. 14.2 The Client is specifically made aware that in certain markets, including the foreign exchange markets, OTC foreign exchange options and CFD Contracts, Tickmill Ltd ZAINFX FINCROP LTD may act as a Market Maker. 14.3 When acting as a Market Maker, Tickmill Ltd ZAINFX FINCROP LTD will under normal market circumstances quote the Client bid and ask prices. 14.4 In order for Tickmill Ltd ZAINFX FINCROP LTD to quote prices with the swiftness normally associated with speculative trading, Tickmill Ltd ZAINFX FINCROP LTD may have to rely on available price or availability information that may later prove to be faulty due to specific market circumstances, for instance, but not limited to, lack of liquidity in or suspension of an asset or errors in feeds from information providers or quotes from Counterparties. If so and if Tickmill Ltd ZAINFX FINCROP LTD has acted in good faith when providing the price to the Client, Tickmill Ltd ZAINFX FINCROP LTD may cancel the trade with the Client but shall do so within reasonable time and shall provide the Client with a full explanation for the reason for such cancellation. 14.5 Following execution of any position with a Client, Tickmill Ltd ZAINFX FINCROP LTD may at Tickmill Ltd's ZAINFX FINCROP LTD reasonable discretion subsequently offset each such client position with another client position, or a position with one of Tickmill Ltd's ZAINFX FINCROP LTD Counterparties or retain a proprietary position in the market with the intention to obtain trading profits from such positions. Such decisions and actions may therefore result in Tickmill Ltd offsetting ZAINFX FINCROP LTD off-setting client positions at prices different (sometimes significantly different) from prices quoted to clients, resulting in trading profits or losses for Tickmill Ltd. ZAINFX FINCROP LTD. This in turn can raise the possibility of the Client incurring what may be seen as an implied cost (i.e. the difference between the price at which the Client traded with Tickmill Ltd ZAINFX FINCROP LTD and the price at which Tickmill Ltd ZAINFX FINCROP LTD subsequently traded with Counterparties and/or other clients) due to any profits realised realized by Tickmill Ltd ZAINFX FINCROP LTD as a result of the Market Making function. However the Market Making function may involve significant costs to Tickmill Ltd ZAINFX FINCROP LTD if the market moves against Tickmill Ltd ZAINFX FINCROP LTD as compared to the price at which Tickmill Ltd ZAINFX FINCROP LTD traded with the Client. 14.6 The Client accepts that Tickmill Ltd ZAINFX FINCROP LTD in such markets where Tickmill Ltd ZAINFX FINCROP LTD acts as Market Maker, may hold positions that are contrary to positions of the Client, resulting in potential conflicts of interest between Tickmill Ltd ZAINFX FINCROP LTD and the Client, cf. Clause 16. 14.7 In markets, where Tickmill Ltd ZAINFX FINCROP LTD acts as a Market Maker, the Client accepts that Tickmill Ltd ZAINFX FINCROP LTD has no obligation to quote prices to clients at all times in any given market, nor to quote such prices to clients with a specific maximum spread. 14.8 In markets, where Tickmill Ltd ZAINFX FINCROP LTD acts as a Market Maker, Tickmill Ltd ZAINFX FINCROP LTD may or may not charge commissions. However, irrespective of whether or not Tickmill Ltd ZAINFX FINCROP LTD charges any commissions, the Client accepts that Tickmill Ltd ZAINFX FINCROP LTD will seek to make additional profits out of its performance as a Market Maker and the size of any such profits may be considerable if and when compared with the Client's margin deposit. 14.9 The Client acknowledges, recognizes and accepts that the price quoted to the Client includes a spread when compared with the price to which Tickmill Ltd may ZAINFX FINCROP LTD have covered or expected to be able to cover the Contract in a trade with another client or a Counterparty. Furthermore, the Client acknowledges, recognizes and accepts that said spread constitutes remuneration to Tickmill Ltd ZAINFX FINCROP LTD and that such spread not necessarily can be calculated for all Contracts and that such spread will not be specified at the Settlement/Trade Confirmation or otherwise revealed to the Client. 14.10 The Client acknowledges, recognizes and accepts that Tickmill Ltd ZAINFX FINCROP LTD quotes variable spreads on options. The Client is specifically made aware that variable option spreads are affected by actual market conditions, which are beyond Tickmill Ltd’s ZAINFX FINCROP LTD control. Tickmill Ltd ZAINFX FINCROP LTD does not guarantee any maximum or minimum quotable option spreads. 14.11 Any commission costs, interest charges, costs associated to and included in the spreads quoted by Tickmill Ltd ZAINFX FINCROP LTD as a Market Maker in certain markets and other fees and charges will consequently influence the Client's trading result and will have a negative effect on the Client's trading performance compared to a situation if such commission costs, interest charges, costs associated to and included in the spreads did not apply. 14.12 Whilst dealing spreads and commissions are normally considered moderate seen in relation to the value of the assets traded, such costs may be considerable when compared with the Client's margin deposit. As a consequence thereof the Client's margin deposit may be depleted by trading losses that the Client may incur and by the directly visible dealing costs such as commissions, interest charges and brokerage fees as well as the said not visible costs for the Client, caused by Tickmill Ltd's ZAINFX FINCROP LTD performance as a Market Maker. 14.13 If the Client is an active trader and is undertaking numerous transactions, the total impact of as well visible as not visible costs may be significant. Consequently the Client may have to obtain significant profits in the markets in order to cover the costs associated with trading activities with Tickmill Ltd. ZAINFX FINCROP LTD. For very active Clients, such costs may over time exceed the value of the margin deposited. Normally, when trading margined derivatives, the lower the percentage of the applicable margin rate, the higher the proportion of the costs associated with executing a transaction. 14.14 The Client is specifically made aware that in the area of market making in foreign exchange, OTC foreign exchange options, CFD Contracts and other OTC products, significant implied costs can arise as a consequence of the profits made by Tickmill Ltd ZAINFX FINCROP LTD performing in its capacity as a Market Maker. 14.15 Tickmill Ltd's ZAINFX FINCROP LTD performance as a Market Maker may negatively affect the Client's Account with Tickmill Ltd ZAINFX FINCROP LTD and the said implied costs are neither directly visible nor directly quantifiable for the Client at any time. 14.16 Tickmill Ltd ZAINFX FINCROP LTD is at no time obliged to disclose any details of its performance or income produced as a Market Maker or otherwise related to other commissions, charges and fees. 14.17 The Client is specifically made aware that CFD Contracts may be OTC products quoted by Tickmill Ltd ZAINFX FINCROP LTD whilst operating as a Market Maker and not traded on a recognized stock exchange. As a result, the description above of the implied, not visible costs related to Tickmill Ltd's ZAINFX FINCROP LTD performance as a Market Maker may also apply to any CFD Contract.

MARKET MAKING. 14.1 ‌ 15.1 When Tickmill Ltd the Company executes orders as an Agent for the Client Customer on a recognized stock or futures exchange, Tickmill Ltd or any other execution venue/ liquidity provider the Company will not be a party to such a trade as such trades. These orders will be executed in the trading system of the relevant exchange or execution venue/ liquidity provider at the best price and under the most favourable favorable conditions available at the time of the order order, or according to the ClientCustomer's specific instructions, e.g. such as in a situation cases where the Client Customer has chosen to limit the order. Tickmill Ltd The Company will not include any additional spread in the execution price of the execution achieved for the Client but will be remunerated according to the Commissions, Charges & Margin ScheduleOther Costs. 14.2 15.2 The Client Customer is specifically made aware hereby informed that in certain markets, including the foreign exchange markets, OTC foreign exchange options options, and CFD Contracts, Tickmill Ltd the Company may act as a Market Maker. 14.3 15.3 When acting as a Market Maker, Tickmill Ltd will the Company will, under normal market circumstances circumstances, quote the Client bid and ask prices. 14.4 In order for Tickmill Ltd prices to the Customer. To quote prices with the swiftness normally associated with speed required for speculative trading, Tickmill Ltd the Company may have to rely on available price or availability information that may later prove to be faulty due to specific market circumstances, for instance, but not limited to, such as a lack of liquidity in or liquidity, suspension of an asset asset, or errors in feeds from information providers or quotes from Counterpartiescounterparties. If so this occurs, and if Tickmill Ltd the Company has acted in good faith when in providing the price to the ClientCustomer, Tickmill Ltd the Company may cancel the trade with the Client but shall do so within a reasonable time and shall provide the Client Customer with a full explanation for the reason for such cancellation. 14.5 15.4 Following the execution of any position with a ClientCustomer, Tickmill Ltd may the Company may, at Tickmill Ltd's its reasonable discretion discretion, subsequently offset each such client customer position with another client position, customer position or a position with one of Tickmill Ltdthe Company's Counterparties counterparties, or retain a proprietary position in the market with the intention to obtain of obtaining trading profits from such positions. Such These decisions and actions may therefore result in Tickmill Ltd the Company offsetting client customer positions at prices different (sometimes significantly different) from the prices quoted to clientscustomers, resulting in leading to trading profits or losses for Tickmill Ltd. This in turn can raise the possibility of Company. Consequently, the Client incurring what Customer may be seen as incur an implied cost (i.e. i.e., the difference between the price at which the Client Customer traded with Tickmill Ltd the Company and the price at which Tickmill Ltd the Company subsequently traded with Counterparties counterparties and/or other clientscustomers) due to any profits realised realized by Tickmill Ltd the Company as a result of the Market Making function. However However, the Market Making function may also involve significant costs to Tickmill Ltd the Company if the market moves against Tickmill Ltd as it compared to the price at which Tickmill Ltd it traded with the ClientCustomer. 14.6 15.5 The Client accepts Customer acknowledges that Tickmill Ltd in such markets where Tickmill Ltd acts as Market Maker, may hold positions that are contrary to positions of the Client, resulting in potential conflicts of interest between Tickmill Ltd and the Client, cf. Clause 16. 14.7 In markets, where Tickmill Ltd Company acts as a Market Maker, the Client Company may hold positions contrary to the Customer's positions, leading to potential conflicts of interest between the Company and the Customer. 15.6 In markets where the Company acts as a Market Maker, the Customer accepts that Tickmill Ltd the Company has no obligation to quote prices to clients customers at all times in any given market, nor to quote such prices to clients with a specific maximum spread. 14.8 15.7 In markets, markets where Tickmill Ltd the Company acts as a Market Maker, Tickmill Ltd the Company may or may not charge commissions. However, irrespective Regardless of whether or not Tickmill Ltd charges any commissionscommissions are charged, the Client Customer accepts that Tickmill Ltd the Company will seek to make additional profits out of from its performance as a Market Maker Maker, and the size of any such profits may be considerable if and when compared with the ClientCustomer's margin deposit. 14.9 15.8 The Client acknowledges, recognizes and accepts Customer acknowledges that the price quoted to the Client him/her includes a spread when compared with the price to at which Tickmill Ltd the Company may have covered or expected to be able to cover the Contract in a trade with another client customer or a Counterpartycounterparty. Furthermore, the Client acknowledges, recognizes and accepts that said This spread constitutes remuneration to Tickmill Ltd the Company and that such spread may not necessarily can be calculated calculable for all Contracts and that such spread will not be specified at in the Settlement/Trade Confirmation or otherwise revealed disclosed to the ClientCustomer. 14.10 15.9 The Client acknowledges, recognizes and accepts Customer acknowledges that Tickmill Ltd the Company quotes variable spreads on options. The Client is specifically made aware that variable Variable option spreads are affected influenced by actual market conditions, which are beyond Tickmill Ltdthe Company’s control. Tickmill Ltd The Company does not guarantee any maximum or minimum quotable option spreads. 14.11 15.10 Any commission costs, interest charges, costs associated to and included in the spreads quoted by Tickmill Ltd the Company as a Market Maker in certain markets markets, and other fees and charges will consequently influence the ClientCustomer's trading result results and will have a negative effect on the Client's their trading performance compared to a situation if where such commission costs, interest charges, costs associated to and included in the spreads did not apply. 14.12 Whilst . While dealing spreads and commissions are normally considered generally moderate seen in relation relative to the value of the assets traded, such costs may be considerable substantial when compared with the ClientCustomer's margin deposit. As a consequence thereof result, the ClientCustomer's margin deposit may be depleted by trading losses that the Client may incur and by the directly visible dealing costs costs, such as commissions, interest charges charges, and brokerage fees fees, as well as the said not directly visible costs for the Client, caused by Tickmill Ltdthe Company's performance as a Market Maker. 14.13 If the Client is an active trader and is 15.11 Active traders undertaking numerous transactions, transactions may find that the total impact of as well visible as and not directly visible costs may be is significant. Consequently the Client Consequently, they may have need to obtain significant achieve substantial profits in the markets in order to cover the costs associated with trading activities with Tickmill Ltd. the Company. For very active ClientsCustomers, such these costs may may, over time time, exceed the value of the margin deposited. NormallyTypically, when trading margined derivatives, the lower the percentage of the applicable margin rate, the higher the proportion of the costs associated with executing a transaction. 14.14 15.12 The Client Customer is specifically made aware that in the area of market making in foreign exchange, OTC foreign exchange options, CFD Contracts Contracts, and other OTC products, significant implied costs can arise as a consequence result of the profits made by Tickmill Ltd performing the Company in its capacity as a Market Maker. 14.15 Tickmill Ltd. The Company's performance as a Market Maker may negatively affect the ClientCustomer's Account with Tickmill Ltd the Company, and the said these implied costs are neither directly visible nor directly quantifiable for the Client Customer at any time. 14.16 Tickmill Ltd 15.13 The Company is at under no time obliged obligation to disclose any details of its performance or income produced as a Market Maker or otherwise related to other commissions, charges charges, and fees. 14.17 15.14 The Client Customer is specifically made aware that CFD Contracts may be OTC products quoted by Tickmill Ltd whilst the Company while operating as a Market Maker and not traded on a recognized stock exchange. As a result, the description above of the implied, not directly visible costs related to Tickmill Ltdthe Company's performance as a Market Maker may also apply to any CFD Contract.

MARKET MAKING. 14.1 When Tickmill Ltd GRAND CAYMAN CAPITAL LTD executes orders as Agent for the Client on a recognized stock or futures exchange, Tickmill Ltd GRAND CAYMAN CAPITAL LTD will not be a party to such a trade as such orders will be executed in the trading system of the relevant exchange at the best price and the most favourable conditions available at the time of the order or according to the Client's specific instructions, e.g. in a situation where the Client has chosen to limit the order. Tickmill Ltd GRAND CAYMAN CAPITAL LTD will not include any additional spread in the price of the execution achieved for the Client but will be remunerated according to the Commissions, Charges & Margin Schedule. 14.2 The Client is specifically made aware that in certain markets, including the foreign exchange markets, OTC foreign exchange options and CFD Contracts, Tickmill Ltd GRAND CAYMAN CAPITAL LTD may act as a Market Maker. 14.3 When acting as a Market Maker, Tickmill Ltd GRAND CAYMAN CAPITAL LTD will under normal market circumstances quote the Client bid and ask prices. 14.4 In order for Tickmill Ltd GRAND CAYMAN CAPITAL LTD to quote prices with the swiftness normally associated with speculative trading, Tickmill Ltd GRAND CAYMAN CAPITAL LTD may have to rely on available price or availability information that may later prove to be faulty due to specific market circumstances, for instance, but not limited to, lack of liquidity in or suspension of an asset or errors in feeds from information providers or quotes from Counterparties. If so and if Tickmill Ltd GRAND CAYMAN CAPITAL LTD has acted in good faith when providing the price to the Client, Tickmill Ltd GRAND CAYMAN CAPITAL LTD may cancel the trade with the Client but shall do so within reasonable time and shall provide the Client with a full explanation for the reason for such cancellation. 14.5 Following execution of any position with a Client, Tickmill Ltd GRAND CAYMAN CAPITAL LTD may at Tickmill LtdGRAND CAYMAN CAPITAL LTD's reasonable discretion subsequently offset each such client position with another client position, or a position with one of Tickmill LtdGRAND CAYMAN CAPITAL LTD's Counterparties or retain a proprietary position in the market with the intention to obtain trading profits from such positions. Such decisions and actions may therefore result in Tickmill Ltd offsetting GRAND CAYMAN CAPITAL LTD off- setting client positions at prices different (sometimes significantly different) from prices quoted to clients, resulting in trading profits or losses for Tickmill Ltd. GRAND CAYMAN CAPITAL LTD. This in turn can raise the possibility of the Client incurring what may be seen as an implied cost (i.e. the difference between the price at which the Client traded with Tickmill Ltd GRAND CAYMAN CAPITAL LTD and the price at which Tickmill Ltd GRAND CAYMAN CAPITAL LTD subsequently traded with Counterparties and/or other clients) due to any profits realised by Tickmill Ltd GRAND CAYMAN CAPITAL LTD as a result of the Market Making function. However However, the Market Making function may involve significant costs to Tickmill Ltd GRAND CAYMAN CAPITAL LTD if the market moves against Tickmill Ltd GRAND CAYMAN CAPITAL LTD as compared to the price at which Tickmill Ltd GRAND CAYMAN CAPITAL LTD traded with the Client. 14.6 The Client accepts that Tickmill Ltd GRAND CAYMAN CAPITAL LTD in such markets where Tickmill Ltd GRAND CAYMAN CAPITAL LTD acts as Market Maker, may hold positions that are contrary to positions of the Client, resulting in potential conflicts of interest between Tickmill Ltd GRAND CAYMAN CAPITAL LTD and the Client, cf. Clause 16. 14.7 In markets, where Tickmill Ltd GRAND CAYMAN CAPITAL LTD acts as a Market Maker, the Client accepts that Tickmill Ltd GRAND CAYMAN CAPITAL LTD has no obligation to quote prices to clients at all times in any given market, nor to quote such prices to clients with a specific maximum spread. 14.8 In markets, where Tickmill Ltd GRAND CAYMAN CAPITAL LTD acts as a Market Maker, Tickmill Ltd GRAND CAYMAN CAPITAL LTD may or may not charge commissions. However, irrespective of whether or not Tickmill Ltd GRAND CAYMAN CAPITAL LTD charges any commissions, the Client accepts that Tickmill Ltd GRAND CAYMAN CAPITAL LTD will seek to make additional profits out of its performance as a Market Maker and the size of any such profits may be considerable if and when compared with the Client's margin deposit. 14.9 The Client acknowledges, recognizes and accepts that the price quoted to the Client includes a spread when compared with the price to which Tickmill Ltd GRAND CAYMAN CAPITAL LTD may have covered or expected to be able to cover the Contract in a trade with another client or a Counterparty. Furthermore, the Client acknowledges, recognizes and accepts that said spread constitutes remuneration to Tickmill Ltd GRAND CAYMAN CAPITAL LTD and that such spread not necessarily can be calculated for all Contracts and that such spread will not be specified at the Settlement/Trade Confirmation or otherwise revealed to the Client. 14.10 The Client acknowledges, recognizes and accepts that Tickmill Ltd GRAND CAYMAN CAPITAL LTD quotes variable spreads on options. The Client is specifically made aware that variable option spreads are affected by actual market conditions, which are beyond Tickmill LtdGRAND CAYMAN CAPITAL LTD’s control. Tickmill Ltd GRAND CAYMAN CAPITAL LTD does not guarantee any maximum or minimum quotable option spreads. 14.11 Any commission costs, interest charges, costs associated to and included in the spreads quoted by Tickmill Ltd GRAND CAYMAN CAPITAL LTD as a Market Maker in certain markets and other fees and charges will consequently influence the Client's trading result and will have a negative effect on the Client's trading performance compared to a situation if such commission costs, interest charges, costs associated to and included in the spreads did not apply. 14.12 Whilst dealing spreads and commissions are normally considered moderate seen in relation to the value of the assets traded, such costs may be considerable when compared with the Client's margin deposit. As a consequence thereof the Client's margin deposit may be depleted by trading losses that the Client may incur and by the directly visible dealing costs such as commissions, interest charges and brokerage fees as well as the said not visible costs for the Client, caused by Tickmill LtdGRAND CAYMAN CAPITAL LTD's performance as a Market Maker. 14.13 If the Client is an active trader and is undertaking numerous transactions, the total impact of as well visible as not visible costs may be significant. Consequently Consequently, the Client may have to obtain significant profits in the markets in order to cover the costs associated with trading activities with Tickmill Ltd. GRAND CAYMAN CAPITAL LTD. For very active Clients, such costs may over time exceed the value of the margin deposited. Normally, when trading margined derivatives, the lower the percentage of the applicable margin rate, the higher the proportion of the costs associated with executing a transaction. 14.14 The Client is specifically made aware that in the area of market making in foreign exchange, OTC foreign exchange options, CFD Contracts and other OTC products, significant implied costs can arise as a consequence of the profits made by Tickmill Ltd GRAND CAYMAN CAPITAL LTD performing in its capacity as a Market Maker. 14.15 Tickmill LtdGRAND CAYMAN CAPITAL LTD's performance as a Market Maker may negatively affect the Client's Account with Tickmill Ltd GRAND CAYMAN CAPITAL LTD and the said implied costs are neither directly visible nor directly quantifiable for the Client at any time. 14.16 Tickmill Ltd GRAND CAYMAN CAPITAL LTD is at no time obliged to disclose any details of its performance or income produced as a Market Maker or otherwise related to other commissions, charges and fees. 14.17 The Client is specifically made aware that CFD Contracts may be OTC products quoted by Tickmill Ltd GRAND CAYMAN CAPITAL LTD whilst operating as a Market Maker and not traded on a recognized stock exchange. As a result, the description above of the implied, not visible costs related to Tickmill LtdGRAND CAYMAN CAPITAL LTD's performance as a Market Maker may also apply to any CFD Contract.

MARKET MAKING. 14.1 14.1. When Tickmill Ltd PALMA STREET executes orders as Agent for the Client on a recognized stock or futures exchange, Tickmill Ltd PALMA STREET will not be a party to such a trade as such orders will be executed in the trading system of the relevant exchange at the best price and the most favourable conditions available at the time of the order or according to the Client's specific instructions, e.g. in a situation where the Client has chosen to limit the order. Tickmill Ltd PALMA STREET will not include any additional spread in the price of the execution achieved for the Client but will be remunerated according to the Commissions, Charges & Margin Schedule. 14.2 The Client is specifically made aware that in certain markets, including the foreign exchange markets, OTC foreign exchange options and CFD Contracts, Tickmill Ltd may act as a Market Maker. 14.3 When acting as a Market Maker, Tickmill Ltd will under normal market circumstances quote the Client bid and ask prices. 14.4 14.2. In order for Tickmill Ltd PALMA STREET to quote prices with the swiftness normally associated with speculative trading, Tickmill Ltd PALMA STREET may have to rely on available price or availability information that may later prove to be faulty due to specific market circumstances, for instance, but not limited to, lack of liquidity in or suspension of an asset or errors in feeds from information providers or quotes from Counterparties. If so and if Tickmill Ltd PALMA STREET has acted in good faith when providing the price to the Client, Tickmill Ltd PALMA STREET may cancel the trade with the Client but shall do so within reasonable time and shall provide the Client with a full explanation for the reason for such cancellation. 14.5 14.3. Following execution of any position with a Client, Tickmill Ltd PALMA STREET may at Tickmill LtdPALMA STREET's reasonable discretion subsequently offset each such client position with another client position, or a position with one of Tickmill LtdPALMA STREET's Counterparties or retain a proprietary position in the market with the intention to obtain trading profits from such positions. Such decisions and actions may therefore result in Tickmill Ltd offsetting PALMA STREET off- setting client positions at prices different (sometimes significantly different) from prices quoted to clients, resulting in trading profits or losses for Tickmill Ltd. PALMA STREET. This in turn can raise the possibility of the Client incurring what may be seen as an implied cost (i.e. the difference between the price at which the Client traded with Tickmill Ltd PALMA STREET and the price at which Tickmill Ltd PALMA STREET subsequently traded with Counterparties and/or other clients) due to any profits realised by Tickmill Ltd PALMA STREET as a result of the Market Making function. However However, the Market Making function may involve significant costs to Tickmill Ltd PALMA STREET if the market moves against Tickmill Ltd PALMA STREET as compared to the price at which Tickmill Ltd PALMA STREET traded with the Client. 14.6 The Client accepts that Tickmill Ltd in such markets where Tickmill Ltd acts as Market Maker, may hold positions that are contrary to positions of the Client, resulting in potential conflicts of interest between Tickmill Ltd and the Client, cf14.4. Clause 16. 14.7 In markets, where Tickmill Ltd acts as a Market Maker, the Client accepts that Tickmill Ltd has no obligation to quote prices to clients at all times in any given market, nor to quote such prices to clients with a specific maximum spread. 14.8 In markets, where Tickmill Ltd acts as a Market Maker, Tickmill Ltd may or may not charge commissions. However, irrespective of whether or not Tickmill Ltd charges any commissions, the Client accepts that Tickmill Ltd will seek to make additional profits out of its performance as a Market Maker and the size of any such profits may be considerable if and when compared with the Client's margin deposit. 14.9 The Client acknowledges, recognizes and accepts that the price quoted to the Client includes a spread when compared with the price to which Tickmill Ltd PALMA STREET may have covered or expected to be able to cover the Contract in a trade with another client or a Counterparty. Furthermore, the Client acknowledges, recognizes and accepts that said spread constitutes remuneration to Tickmill Ltd PALMA STREET and that such spread not necessarily can be calculated for all Contracts and that such spread will not be specified at the Settlement/Trade Confirmation or otherwise revealed to the Client. 14.10 14.5. The Client acknowledges, recognizes and accepts that Tickmill Ltd PALMA STREET quotes variable spreads on options. The Client is specifically made aware that variable option spreads are affected by actual market conditions, which are beyond Tickmill LtdPALMA STREET’s control. Tickmill Ltd PALMA STREET does not guarantee any maximum or minimum quotable option spreads. 14.11 Any commission costs, interest charges, costs associated to and included in the spreads quoted by Tickmill Ltd as a Market Maker in certain markets and other fees and charges will consequently influence the Client's trading result and will have a negative effect on the Client's trading performance compared to a situation if such commission costs, interest charges, costs associated to and included in the spreads did not apply. 14.12 Whilst dealing spreads and commissions are normally considered moderate seen in relation to the value of the assets traded, such costs may be considerable when compared with the Client's margin deposit14.6. As a consequence thereof the Client's margin deposit may be depleted by trading losses that the Client may incur and by the directly visible dealing costs such as commissions, interest charges and brokerage fees as well as the said not visible costs for the Client, caused by Tickmill Ltd's performance as a Market Maker. 14.13 If the Client is an active trader and is undertaking numerous transactions, the total impact of as well visible as not visible costs may be significant. Consequently Consequently, the Client may have to obtain significant profits in the markets in order to cover the costs associated with trading activities with Tickmill Ltd. PALMA STREET For very active Clients, such costs may over time exceed the value of the margin deposited. Normally, when trading margined derivatives, the lower the percentage of the applicable margin rate, the higher the proportion of the costs associated with executing a transaction. 14.14 The Client is specifically made aware that in the area of market making in foreign exchange, OTC foreign exchange options, CFD Contracts and other OTC products, significant implied costs can arise as a consequence of the profits made by Tickmill Ltd performing in its capacity as a Market Maker. 14.15 Tickmill Ltd's performance as a Market Maker may negatively affect the Client's Account with Tickmill Ltd and the said implied costs are neither directly visible nor directly quantifiable for the Client at any time. 14.16 Tickmill Ltd is at no time obliged to disclose any details of its performance or income produced as a Market Maker or otherwise related to other commissions, charges and fees. 14.17 The Client is specifically made aware that CFD Contracts may be OTC products quoted by Tickmill Ltd whilst operating as a Market Maker and not traded on a recognized stock exchange. As a result, the description above of the implied, not visible costs related to Tickmill Ltd's performance as a Market Maker may also apply to any CFD Contract.

MARKET MAKING. 14.1 ‌ 12.1 When Tickmill Ltd the Company executes orders as Agent for the Client Customer on a recognized stock or futures exchange, Tickmill Ltd the Company will not be a party to such a trade as such orders will be executed in the trading system of the relevant exchange at the best price and the most favourable favorable conditions available at the time of the order or according to the ClientCustomer's specific instructions, e.g. e.g., in a situation where the Client Customer has chosen to limit the order. Tickmill Ltd The Company will not include any additional spread in the price of the execution achieved for the Client Customer but will be remunerated according to the Commissions, Charges & Margin Schedule. 14.2 12.2 The Client Customer is specifically made aware that in certain markets, including the foreign exchange markets, OTC foreign exchange options and CFD Contracts, Tickmill Ltd the Company may act as a Market Maker. 14.3 12.3 When acting as a Market Maker, Tickmill Ltd the Company will under normal market circumstances quote the Client Customer bid and ask prices. 14.4 12.4 In order for Tickmill Ltd the Company to quote prices with the swiftness normally associated with speculative trading, Tickmill Ltd the Company may have to rely on available price or availability information that may later prove to be faulty due to specific market circumstances, for instance, but not limited to, lack of liquidity in or suspension of an asset or errors in feeds from information providers or quotes from Counterparties. If so and if Tickmill Ltd the Company has acted in good faith when providing the price to the ClientCustomer, Tickmill Ltd the Company may cancel the trade with the Client Customer but shall do so within reasonable time and shall provide the Client Customer with a full explanation for the reason for such cancellation. 14.5 12.5 Following execution of any position with a ClientCustomer, Tickmill Ltd the Company may at Tickmill Ltdthe Company's reasonable discretion subsequently offset each such client position customerposition with another client customer position, or a position with one of Tickmill Ltdthe Company's Counterparties or retain a proprietary position in the market with the intention to obtain trading profits from such positions. Such decisions and actions may therefore result in Tickmill Ltd offsetting client the Company off- setting customer positions at prices different (sometimes significantly different) from prices quoted to clientscustomers, resulting in trading profits or losses for Tickmill Ltd. the Company. This in turn can raise the possibility of the Client Customer incurring what may be seen as an implied cost (i.e. i.e., the difference between the price at which the Client Customer traded with Tickmill Ltd the Company and the price at which Tickmill Ltd the Company subsequently traded with Counterparties and/or other clientscustomers) due to any profits realised realized by Tickmill Ltd the Company as a result of the Market Making function. However However, the Market Making function may involve significant costs to Tickmill Ltd the Company if the market moves against Tickmill Ltd the Company as compared to the price at which Tickmill Ltd the Company traded with the ClientCustomer. 14.6 12.6 The Client Customer accepts that Tickmill Ltd the Company in such markets where Tickmill Ltd the Company acts as Market Maker, may hold positions that are contrary to positions of the ClientCustomer, resulting in potential conflicts of interest between Tickmill Ltd the Company and the ClientCustomer, cf. Clause 1615. 14.7 12.7 In markets, where Tickmill Ltd the Company acts as a Market Maker, the Client Customer accepts that Tickmill Ltd the Company has no obligation to quote prices to clients customers at all times in any given market, nor to quote such prices to clients customers with a specific maximum spread. 14.8 12.8 In markets, where Tickmill Ltd the Company acts as a Market Maker, Tickmill Ltd the Company may or may not charge commissions. However, irrespective of whether or not Tickmill Ltd the Company charges any commissions, the Client Customer accepts that Tickmill Ltd the Company will seek to make additional profits out of its performance as a Market Maker and the size of any such profits may be considerable if and when compared with the ClientCustomer's margin deposit. 14.9 12.9 The Client Customer acknowledges, recognizes and accepts that the price quoted to the Client Customer includes a spread when compared with the price to which Tickmill Ltd the Company may have covered or expected to be able to cover the Contract in a trade with another client customer or a Counterparty. Furthermore, the Client Customer acknowledges, recognizes and accepts that said spread constitutes remuneration to Tickmill Ltd the Company and that such spread not necessarily can be calculated for all Contracts and that such spread will not be specified at the Settlement/Trade Confirmation or otherwise revealed to the ClientCustomer. 14.10 12.10 The Client Customer acknowledges, recognizes and accepts that Tickmill Ltd the Company quotes variable spreads on options. The Client Customer is specifically made aware that variable option spreads are affected by actual market conditions, which are beyond Tickmill Ltdthe Company’s control. Tickmill Ltd The Company does not guarantee any maximum or minimum quotable option spreads. 14.11 12.11 Any commission costs, interest charges, costs associated to and included in the spreads quoted by Tickmill Ltd the Company as a Market Maker in certain markets and other fees and charges will consequently influence the ClientCustomer's trading result and will have a negative effect on the ClientCustomer's trading performance compared to a situation if such commission costs, interest charges, costs associated to and included in the spreads did not apply. 14.12 12.12 Whilst dealing spreads and commissions are normally considered moderate seen in relation to the value of the assets traded, such costs may be considerable when compared with the ClientCustomer's margin deposit. As a consequence consequence, thereof the ClientCustomer's margin deposit may be depleted by trading losses that the Client Customer may incur and by the directly visible dealing costs such as commissions, interest charges and brokerage fees as well as the said not visible costs for the ClientCustomer, caused by Tickmill Ltdthe Company's performance as a Market Maker. 14.13 12.13 If the Client Customer is an active trader and is undertaking numerous transactions, the total impact of as well visible as not visible costs may be significant. Consequently Consequently, the Client Customer may have to obtain significant profits in the markets in order to cover the costs associated with trading activities with Tickmill Ltd. the Company. For very active ClientsCustomers, such costs may over time exceed the value of the margin deposited. Normally, when trading margined derivatives, the lower the percentage of the applicable margin rate, the higher the proportion of the costs associated with executing a transaction. 14.14 12.14 The Client Customer is specifically made aware that in the area of market making in foreign exchange, OTC foreign exchange options, CFD Contracts and other OTC products, significant implied costs can arise as a consequence of the profits made by Tickmill Ltd the Company performing in its capacity as a Market Maker. 14.15 Tickmill Ltd12.15 The Company's performance as a Market Maker may negatively affect the ClientCustomer's Account with Tickmill Ltd the Company and the said implied costs are neither directly visible nor directly quantifiable for the Client Customer at any time. 14.16 Tickmill Ltd 12.16 The Company is at no time obliged to disclose any details of its performance or income produced as a Market Maker or otherwise related to other commissions, charges and fees. 14.17 12.17 The Client Customer is specifically made aware that CFD Contracts may be OTC products quoted by Tickmill Ltd the Company whilst operating as a Market Maker and not traded on a recognized stock exchange. As a result, the description above of the implied, not visible costs related to Tickmill Ltdthe Company's performance as a Market Maker may also apply to any CFD Contract.

MARKET MAKING. 14.1 When Tickmill Ltd ▇▇▇▇ GLOBAL LIMITED executes orders as Agent for the Client on a recognized stock or futures exchange, Tickmill Ltd ▇▇▇▇ GLOBAL LIMITED will not be a party to such a trade as such orders will be executed in the trading system of the relevant exchange at the best price and the most favourable conditions available at the time of the order or according to the Client's specific instructions, e.g. in a situation where the Client has chosen to limit the order. Tickmill Ltd ▇▇▇▇ GLOBAL LIMITED will not include any additional spread in the price of the execution achieved for the Client but will be remunerated according to the Commissions, Charges & Margin Schedule. 14.2 The Client is specifically made aware that in certain markets, including the foreign exchange markets, OTC foreign exchange options and CFD Contracts, Tickmill Ltd may act as a Market Maker. 14.3 When acting as a Market Maker, Tickmill Ltd will under normal market circumstances quote the Client bid and ask prices. 14.4 In order for Tickmill Ltd ▇▇▇▇ GLOBAL LIMITED to quote prices with the swiftness normally associated with speculative trading, Tickmill Ltd ▇▇▇▇ GLOBAL LIMITED may have to rely on available price or availability information that may later prove to be faulty due to specific market circumstances, for instance, but not limited to, lack of liquidity in or suspension of an asset or errors in feeds from information providers or quotes from Counterparties. If so and if Tickmill Ltd ▇▇▇▇ GLOBAL LIMITED has acted in good faith when providing the price to the Client, Tickmill Ltd ▇▇▇▇ GLOBAL LIMITED may cancel the trade with the Client but shall do so within reasonable time and shall provide the Client with a full explanation for the reason for such cancellation. 14.5 14.3 Following execution of any position with a Client, Tickmill Ltd ▇▇▇▇ GLOBAL LIMITED may at Tickmill Ltd▇▇▇▇ GLOBAL LIMITED 's reasonable discretion subsequently offset each such client position with another client position, or a position with one of Tickmill Ltd▇▇▇▇ GLOBAL LIMITED 's Counterparties or retain a proprietary position in the market with the intention to obtain trading profits from such positions. Such decisions and actions may therefore result in Tickmill Ltd offsetting ▇▇▇▇ GLOBAL LIMITED off- setting client positions at prices different (sometimes significantly different) from prices quoted to clients, resulting in trading profits or losses for Tickmill Ltd. ▇▇▇▇ GLOBAL LIMITED . This in turn can raise the possibility of the Client incurring what may be seen as an implied cost (i.e. the difference between the price at which the Client traded with Tickmill Ltd ▇▇▇▇ GLOBAL LIMITED and the price at which Tickmill Ltd ▇▇▇▇ GLOBAL LIMITED subsequently traded with Counterparties and/or other clients) due to any profits realised by Tickmill Ltd ▇▇▇▇ GLOBAL LIMITED as a result of the Market Making function. However However, the Market Making function may involve significant costs to Tickmill Ltd ▇▇▇▇ GLOBAL LIMITED if the market moves against Tickmill Ltd ▇▇▇▇ GLOBAL LIMITED as compared to the price at which Tickmill Ltd ▇▇▇▇ GLOBAL LIMITED traded with the Client. 14.6 The Client accepts that Tickmill Ltd in such markets where Tickmill Ltd acts as Market Maker, may hold positions that are contrary to positions of the Client, resulting in potential conflicts of interest between Tickmill Ltd and the Client, cf. Clause 16. 14.7 In markets, where Tickmill Ltd acts as a Market Maker, the Client accepts that Tickmill Ltd has no obligation to quote prices to clients at all times in any given market, nor to quote such prices to clients with a specific maximum spread. 14.8 In markets, where Tickmill Ltd acts as a Market Maker, Tickmill Ltd may or may not charge commissions. However, irrespective of whether or not Tickmill Ltd charges any commissions, the Client accepts that Tickmill Ltd will seek to make additional profits out of its performance as a Market Maker and the size of any such profits may be considerable if and when compared with the Client's margin deposit. 14.9 14.4 The Client acknowledges, recognizes and accepts that the price quoted to the Client includes a spread when compared with the price to which Tickmill Ltd ▇▇▇▇ GLOBAL LIMITED may have covered or expected to be able to cover the Contract in a trade with another client or a Counterparty. Furthermore, the Client acknowledges, recognizes and accepts that said spread constitutes remuneration to Tickmill Ltd ▇▇▇▇ GLOBAL LIMITED and that such spread not necessarily can be calculated for all Contracts and that such spread will not be specified at the Settlement/Trade Confirmation or otherwise revealed to the Client. 14.10 14.5 The Client acknowledges, recognizes and accepts that Tickmill Ltd ▇▇▇▇ GLOBAL LIMITED quotes variable spreads on options. The Client is specifically made aware that variable option spreads are affected by actual market conditions, which are beyond Tickmill Ltd▇▇▇▇ GLOBAL LIMITED ’s control. Tickmill Ltd ▇▇▇▇ GLOBAL LIMITED does not guarantee any maximum or minimum quotable option spreads. 14.11 Any commission costs, interest charges, costs associated to and included in the spreads quoted by Tickmill Ltd as a Market Maker in certain markets and other fees and charges will consequently influence the Client's trading result and will have a negative effect on the Client's trading performance compared to a situation if such commission costs, interest charges, costs associated to and included in the spreads did not apply. 14.12 Whilst dealing spreads and commissions are normally considered moderate seen in relation to the value of the assets traded, such costs may be considerable when compared with the Client's margin deposit. As a consequence thereof the Client's margin deposit may be depleted by trading losses that the Client may incur and by the directly visible dealing costs such as commissions, interest charges and brokerage fees as well as the said not visible costs for the Client, caused by Tickmill Ltd's performance as a Market Maker. 14.13 14.6 If the Client is an active trader and is undertaking numerous transactions, the total impact of as well visible as not visible costs may be significant. Consequently Consequently, the Client may have to obtain significant profits in the markets in order to cover the costs associated with trading activities with Tickmill Ltd. ▇▇▇▇ GLOBAL LIMITED For very active Clients, such costs may over time exceed the value of the margin deposited. Normally, when trading margined derivatives, the lower the percentage of the applicable margin rate, the higher the proportion of the costs associated with executing a transaction. 14.14 The Client is specifically made aware that in the area of market making in foreign exchange, OTC foreign exchange options, CFD Contracts and other OTC products, significant implied costs can arise as a consequence of the profits made by Tickmill Ltd performing in its capacity as a Market Maker. 14.15 Tickmill Ltd's performance as a Market Maker may negatively affect the Client's Account with Tickmill Ltd and the said implied costs are neither directly visible nor directly quantifiable for the Client at any time. 14.16 Tickmill Ltd is at no time obliged to disclose any details of its performance or income produced as a Market Maker or otherwise related to other commissions, charges and fees. 14.17 The Client is specifically made aware that CFD Contracts may be OTC products quoted by Tickmill Ltd whilst operating as a Market Maker and not traded on a recognized stock exchange. As a result, the description above of the implied, not visible costs related to Tickmill Ltd's performance as a Market Maker may also apply to any CFD Contract.

MARKET MAKING. 14.1 12.1 When Tickmill Ltd the Company executes orders as Agent for the Client Customer on a recognized stock or futures exchange, Tickmill Ltd the Company will not be a party to such a trade as such orders will be executed in the trading system of the relevant exchange at the best price and the most favourable favorable conditions available at the time of the order or according to the ClientCustomer's specific instructions, e.g. e.g., in a situation where the Client Customer has chosen to limit the order. Tickmill Ltd The Company will not include any additional spread in the price of the execution achieved for the Client Customer but will be remunerated according to the Commissions, Charges & Margin Schedule. 14.2 12.2 The Client Customer is specifically made aware that in certain markets, including the foreign exchange markets, OTC foreign exchange options and CFD Contracts, Tickmill Ltd the Company may act as a Market Maker. 14.3 12.3 When acting as a Market Maker, Tickmill Ltd the Company will under normal market circumstances quote the Client Customer bid and ask prices. 14.4 12.4 In order for Tickmill Ltd the Company to quote prices with the swiftness normally associated with speculative trading, Tickmill Ltd the Company may have to rely on available price or availability information that may later prove to be faulty due to specific market circumstances, for instance, but not limited to, lack of liquidity in or suspension of an asset or errors in feeds from information providers or quotes from Counterparties. If so and if Tickmill Ltd the Company has acted in good faith when providing the price to the ClientCustomer, Tickmill Ltd the Company may cancel the trade with the Client Customer but shall do so within reasonable time and shall provide the Client Customer with a full explanation for the reason for such cancellation. 14.5 12.5 Following execution of any position with a ClientCustomer, Tickmill Ltd the Company may at Tickmill Ltdthe Company's reasonable discretion subsequently offset each such client customer position with another client customer position, or a position with one of Tickmill Ltdthe Company's Counterparties or retain a proprietary position in the market with the intention to obtain trading profits from such positions. Such decisions and actions may therefore result in Tickmill Ltd offsetting client the Company off- setting customer positions at prices different (sometimes significantly different) from prices quoted to clientscustomers, resulting in trading profits or losses for Tickmill Ltd. the Company. This in turn can raise the possibility of the Client Customer incurring what may be seen as an implied cost (i.e. i.e., the difference between the price at which the Client Customer traded with Tickmill Ltd the Company and the price at which Tickmill Ltd the Company subsequently traded with Counterparties and/or and/ or other clientscustomers) due to any profits realised realized by Tickmill Ltd the Company as a result of the Market Making function. However However, the Market Making function may involve significant costs to Tickmill Ltd the Company if the market moves against Tickmill Ltd the Company as compared to the price at which Tickmill Ltd the Company traded with the ClientCustomer. 14.6 12.6 The Client Customer accepts that Tickmill Ltd the Company in such markets where Tickmill Ltd the Company acts as Market Maker, may hold positions that are contrary to positions of the ClientCustomer, resulting in potential conflicts of interest between Tickmill Ltd the Company and the ClientCustomer, cf. Clause 1615. 14.7 12.7 In markets, where Tickmill Ltd the Company acts as a Market Maker, the Client Customer accepts that Tickmill Ltd the Company has no obligation to quote prices to clients customers at all times in any given market, nor to quote such prices to clients customers with a specific maximum spread. 14.8 12.8 In markets, where Tickmill Ltd the Company acts as a Market Maker, Tickmill Ltd the Company may or may not charge commissions. However, irrespective of whether or not Tickmill Ltd the Company charges any commissions, the Client Customer accepts that Tickmill Ltd the Company will seek to make additional profits out of its performance as a Market Maker and the size of any such profits may be considerable if and when compared with the ClientCustomer's margin deposit. 14.9 12.9 The Client Customer acknowledges, recognizes and accepts that the price quoted to the Client Customer includes a spread when compared with the price to which Tickmill Ltd the Company may have covered or expected to be able to cover the Contract in a trade with another client customer or a Counterparty. Furthermore, the Client Customer acknowledges, recognizes and accepts that said spread constitutes remuneration to Tickmill Ltd the Company and that such spread not necessarily can be calculated for all Contracts and that such spread will not be specified at the Settlement/Settlement/ Trade Confirmation or otherwise revealed to the ClientCustomer. 14.10 12.10 The Client Customer acknowledges, recognizes and accepts that Tickmill Ltd the Company quotes variable spreads on options. The Client Customer is specifically made aware that variable option spreads are affected by actual market conditions, which are beyond Tickmill Ltdthe Company’s control. Tickmill Ltd The Company does not guarantee any maximum or minimum quotable option spreads. 14.11 12.11 Any commission costs, interest charges, costs associated to and included in the spreads quoted by Tickmill Ltd the Company as a Market Maker in certain markets and other fees and charges will consequently influence the ClientCustomer's trading result and will have a negative effect on the ClientCustomer's trading performance compared to a situation if such commission costs, interest charges, costs associated to and included in the spreads did not apply. 14.12 12.12 Whilst dealing spreads and commissions are normally considered moderate seen in relation to the value of the assets traded, such costs may be considerable when compared with the ClientCustomer's margin deposit. As a consequence consequence, thereof the ClientCustomer's margin deposit may be depleted by trading losses that the Client Customer may incur and by the directly visible dealing costs such as commissions, interest charges and brokerage fees as well as the said not visible costs for the ClientCustomer, caused by Tickmill Ltdthe Company's performance as a Market Maker. 14.13 12.13 If the Client Customer is an active trader and is undertaking numerous transactions, the total impact of as well visible as not visible costs may be significant. Consequently Consequently, the Client Customer may have to obtain significant profits in the markets in order to cover the costs associated with trading activities with Tickmill Ltd. the Company. For very active ClientsCustomers, such costs may over time exceed the value of the margin deposited. Normally, when trading margined derivatives, the lower the percentage of the applicable margin rate, the higher the proportion of the costs associated with executing a transaction. 14.14 12.14 The Client Customer is specifically made aware that in the area of market making in foreign exchange, OTC foreign exchange options, CFD Contracts and other OTC products, significant implied costs can arise as a consequence of the profits made by Tickmill Ltd the Company performing in its capacity as a Market Maker. 14.15 Tickmill Ltd12.15 The Company's performance as a Market Maker may negatively affect the ClientCustomer's Account with Tickmill Ltd the Company and the said implied costs are neither directly visible nor directly quantifiable for the Client Customer at any time. 14.16 Tickmill Ltd 12.16 The Company is at no time obliged to disclose any details of its performance or income produced as a Market Maker or otherwise related to other commissions, charges and fees. 14.17 12.17 The Client Customer is specifically made aware that CFD Contracts may be OTC products quoted by Tickmill Ltd the Company whilst operating as a Market Maker and not traded on a recognized stock exchange. As a result, the description above of the implied, not visible costs related to Tickmill Ltdthe Company's performance as a Market Maker may also apply to any CFD Contract.

MARKET MAKING. 14.1 12.1 When Tickmill Ltd the Company executes orders as Agent for the Client Customer on a recognized stock or futures exchange, Tickmill Ltd the Company will not be a party to such a trade as such orders will be executed in the trading system of the relevant exchange at the best price and the most favourable favorable conditions available at the time of the order or according to the Client's Customer’s specific instructions, e.g. e.g., in a situation where the Client Customer has chosen to limit the order. Tickmill Ltd The Company will not include any additional spread in the price of the execution achieved for the Client Customer but will be remunerated according to the Commissions, Charges & Margin Schedule. 14.2 12.2 The Client Customer is specifically made aware that in certain markets, including the foreign exchange markets, OTC foreign exchange options and CFD Contracts, Tickmill Ltd the Company may act as a Market Maker. 14.3 12.3 When acting as a Market Maker, Tickmill Ltd the Company will under normal market circumstances quote the Client Customer bid and ask prices. 14.4 12.4 In order for Tickmill Ltd the Company to quote prices with the swiftness normally associated with speculative trading, Tickmill Ltd the Company may have to rely on available price or availability information that may later prove to be faulty due to specific market circumstances, for instance, but not limited to, lack of liquidity in or suspension of an asset or errors in feeds from information providers or quotes from Counterparties. If so and if Tickmill Ltd the Company has acted in good faith when providing the price to the ClientCustomer, Tickmill Ltd the Company may cancel the trade with the Client Customer but shall do so within reasonable time and shall provide the Client Customer with a full explanation for the reason for such cancellation. 14.5 12.5 Following execution of any position with a ClientCustomer, Tickmill Ltd the Company may at Tickmill Ltd's the Company’s reasonable discretion subsequently offset each such client customer position with another client customer position, or a position with one of Tickmill Ltd's the Company’s Counterparties or retain a proprietary position in the market with the intention to obtain trading profits from such positions. Such decisions and actions may therefore result in Tickmill Ltd offsetting client the Company off- setting customer positions at prices different (sometimes significantly different) from prices quoted to clientscustomers, resulting in trading profits or losses for Tickmill Ltd. the Company. This in turn can raise the possibility of the Client Customer incurring what may be seen as an implied cost (i.e. i.e., the difference between the price at which the Client Customer traded with Tickmill Ltd the Company and the price at which Tickmill Ltd the Company subsequently traded with Counterparties and/or other clientscustomers) due to any profits realised realized by Tickmill Ltd the Company as a result of the Market Making function. However However, the Market Making function may involve significant costs to Tickmill Ltd the Company if the market moves against Tickmill Ltd the Company as compared to the price at which Tickmill Ltd the Company traded with the ClientCustomer. ▇▇▇.▇▇▇▇▇▇▇▇▇▇▇▇▇▇.▇▇▇ | ▇▇▇▇@▇▇▇▇▇▇▇▇▇▇▇▇▇▇.▇▇▇ | ▇▇▇▇ ▇▇▇, ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇▇ ▇▇ La Fraternite, Ile Du Port, Seychelles 31 GEMFOREX LIMITED / Client service Agreement 14.6 12.6 The Client Customer accepts that Tickmill Ltd the Company in such markets where Tickmill Ltd the Company acts as Market Maker, may hold positions that are contrary to positions of the ClientCustomer, resulting in potential conflicts of interest between Tickmill Ltd the Company and the ClientCustomer, cf. Clause 1615. 14.7 12.7 In markets, where Tickmill Ltd the Company acts as a Market Maker, the Client Customer accepts that Tickmill Ltd the Company has no obligation to quote prices to clients customers at all times in any given market, nor to quote such prices to clients customers with a specific maximum spread. 14.8 12.8 In markets, where Tickmill Ltd the Company acts as a Market Maker, Tickmill Ltd the Company may or may not charge commissions. However, irrespective of whether or not Tickmill Ltd the Company charges any commissions, the Client Customer accepts that Tickmill Ltd the Company will seek to make additional profits out of its performance as a Market Maker and the size of any such profits may be considerable if and when compared with the Client's Customer’s margin deposit. 14.9 12.9 The Client Customer acknowledges, recognizes and accepts that the price quoted to the Client Customer includes a spread when compared with the price to which Tickmill Ltd the Company may have covered or expected to be able to cover the Contract in a trade with another client customer or a Counterparty. Furthermore, the Client Customer acknowledges, recognizes and accepts that said spread constitutes remuneration to Tickmill Ltd the Company and that such spread not necessarily can be calculated for all Contracts and that such spread will not be specified at the Settlement/Trade Confirmation or otherwise revealed to the ClientCustomer. 14.10 12.10 The Client Customer acknowledges, recognizes and accepts that Tickmill Ltd the Company quotes variable spreads on options. The Client Customer is specifically made aware that variable option spreads are affected by actual market conditions, which are beyond Tickmill Ltdthe Company’s control. Tickmill Ltd The Company does not guarantee any maximum or minimum quotable option spreads. 14.11 12.11 Any commission costs, interest charges, costs associated to and included in the spreads quoted by Tickmill Ltd the Company as a Market Maker in certain markets and other fees and charges will consequently influence the Client's Customer’s trading result and will have a negative effect on the Client's Customer’s trading performance compared to a situation if such commission costs, interest charges, costs associated to and included in the spreads did not apply. 14.12 12.12 Whilst dealing spreads and commissions are normally considered moderate seen in relation to the value of the assets traded, such costs may be considerable when compared with the Client's Customer’s margin deposit. As a consequence consequence, thereof the Client's Customer’s margin deposit may be depleted by trading losses that the Client Customer may incur and by the directly visible dealing costs such as commissions, interest charges and brokerage fees as well as the said not visible costs for the ClientCustomer, caused by Tickmill Ltd's the Company’s performance as a Market Maker. ▇▇▇.▇▇▇▇▇▇▇▇▇▇▇▇▇▇.▇▇▇ | ▇▇▇▇@▇▇▇▇▇▇▇▇▇▇▇▇▇▇.▇▇▇ | ▇▇▇▇ ▇▇▇, ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇▇ ▇▇ La Fraternite, Ile Du Port, Seychelles 32 GEMFOREX LIMITED / Client service Agreement 14.13 12.13 If the Client Customer is an active trader and is undertaking numerous transactions, the total impact of as well visible as not visible costs may be significant. Consequently Consequently, the Client Customer may have to obtain significant profits in the markets in order to cover the costs associated with trading activities with Tickmill Ltd. the Company. For very active ClientsCustomers, such costs may over time exceed the value of the margin deposited. Normally, when trading margined derivatives, the lower the percentage of the applicable margin rate, the higher the proportion of the costs associated with executing a transaction. 14.14 12.14 The Client Customer is specifically made aware that in the area of market making in foreign exchange, OTC foreign exchange options, CFD Contracts and other OTC products, significant implied costs can arise as a consequence of the profits made by Tickmill Ltd the Company performing in its capacity as a Market Maker. 14.15 Tickmill Ltd's 12.15 The Company’s performance as a Market Maker may negatively affect the Client's Customer’s Account with Tickmill Ltd the Company and the said implied costs are neither directly visible nor directly quantifiable for the Client Customer at any time. 14.16 Tickmill Ltd 12.16 The Company is at no time obliged to disclose any details of its performance or income produced as a Market Maker or otherwise related to other commissions, charges and fees. 14.17 12.17 The Client Customer is specifically made aware that CFD Contracts may be OTC products quoted by Tickmill Ltd the Company whilst operating as a Market Maker and not traded on a recognized stock exchange. As a result, the description above of the implied, not visible costs related to Tickmill Ltd's the Company’s performance as a Market Maker may also apply to any CFD Contract.

MARKET MAKING. 14.1 When Tickmill Ltd Junle Capital Limited executes orders as Agent for the Client on a recognized stock or futures exchange, Tickmill Ltd Junle Capital Limited will not be a party to such a trade as such orders will be executed in the trading system of the relevant exchange at the best price and the most favourable conditions available at the time of the order or according to the Client's specific instructions, e.g. in a situation where the Client has chosen to limit the order. Tickmill Ltd Junle Capital Limited will not include any additional spread in the price of the execution achieved for the Client but will be remunerated according to the Commissions, Charges & Margin Schedule. 14.2 The Client is specifically made aware that in certain markets, including the foreign exchange markets, OTC foreign exchange options and CFD Contracts, Tickmill Ltd Junle Capital Limited may act as a Market Maker. 14.3 When acting as a Market Maker, Tickmill Ltd Junle Capital Limited will under normal market circumstances quote the Client bid and ask prices. 14.4 In order for Tickmill Ltd Junle Capital Limited to quote prices with the swiftness normally associated with speculative trading, Tickmill Ltd Junle Capital Limited may have to rely on available price or availability information that may later prove to be faulty due to specific market circumstances, for instance, but not limited to, lack of liquidity in or suspension of an asset or errors in feeds from information providers or quotes from Counterparties. If so and if Tickmill Ltd Junle Capital Limited has acted in good faith when providing the price to the Client, Tickmill Ltd Junle Capital Limited may cancel the trade with the Client but shall do so within reasonable time and shall provide the Client with a full explanation for the reason for such cancellation. 14.5 Following execution of any position with a Client, Tickmill Ltd Junle Capital Limited may at Tickmill Ltd's Junle Capital Limited’s reasonable discretion subsequently offset each such client position with another client position, or a position with one of Tickmill Ltd's Junle Capital Limited’s Counterparties or retain a proprietary position in the market with the intention to obtain trading profits from such positions. Such decisions and actions may therefore result in Tickmill Ltd Junle Capital Limited offsetting client positions at prices different (sometimes significantly different) from prices quoted to clients, resulting in trading profits or losses for Tickmill Ltd. Junle Capital Limited. This in turn can raise the possibility of the Client incurring what may be seen as an implied cost (i.e. the difference between the price at which the Client traded with Tickmill Ltd Junle Capital Limited and the price at which Tickmill Ltd Junle Capital Limited subsequently traded with Counterparties and/or other clients) due to any profits realised by Tickmill Ltd Junle Capital Limited as a result of the Market Making function. However However, the Market Making function may involve significant costs to Tickmill Ltd Junle Capital Limited if the market moves against Tickmill Ltd Junle Capital Limited as compared to the price at which Tickmill Ltd Junle Capital Limited traded with the Client. 14.6 The Client accepts that Tickmill Ltd Junle Capital Limited in such markets where Tickmill Ltd Pacific Union Limited acts as Market Maker, may hold positions that are contrary to positions of the Client, resulting in potential conflicts of interest between Tickmill Ltd Pacific Union Limited and the Client, cf. Clause 16. 14.7 In markets, where Tickmill Ltd Junle Capital Limited acts as a Market Maker, the Client accepts that Tickmill Ltd Junle Capital Limited always has no obligation to quote prices to clients at all times in any given market, nor to quote such prices to clients with a specific maximum spread. 14.8 In markets, where Tickmill Ltd Junle Capital Limited acts as a Market Maker, Tickmill Ltd Junle Capital Limited may or may not charge commissions. However, irrespective of whether or not Tickmill Ltd Junle Capital Limited charges any commissions, the Client accepts that Tickmill Ltd Junle Capital Limited will seek to make additional profits out of its performance as a Market Maker and the size of any such profits may be considerable if and when compared with the Client's margin deposit. 14.9 The Client acknowledges, recognizes and accepts that the price quoted to the Client includes a spread when compared with the price to which Tickmill Ltd Junle Capital Limited may have covered or expected to be able to cover the Contract in a trade with another client or a Counterparty. Furthermore, the Client acknowledges, recognizes and accepts that said spread constitutes remuneration to Tickmill Ltd Junle Capital Limited and that such spread not necessarily can be calculated for all Contracts and that such spread will not be specified at the Settlement/Trade Confirmation or otherwise revealed to the Client. 14.10 The Client acknowledges, recognizes and accepts that Tickmill Ltd Junle Capital Limited quotes variable spreads on options. The Client is specifically made aware that variable option spreads are affected by actual market conditions, which are beyond Tickmill LtdPacific Union Limited’s control. Tickmill Ltd Pacific Union Limited does not guarantee any maximum or minimum quotable option spreads. 14.11 Any commission costs, interest charges, costs associated to and included in the spreads quoted by Tickmill Ltd Junle Capital Limited as a Market Maker in certain markets and other fees and charges will consequently influence the Client's trading result and will have a negative effect on the Client's trading performance compared to a situation if such commission costs, interest charges, costs associated to and included in the spreads did not apply. 14.12 Whilst dealing spreads and commissions are normally considered moderate seen in relation to the value of the assets traded, such costs may be considerable when compared with the Client's margin deposit. As a consequence consequence, thereof the Client's margin deposit may be depleted by trading losses that the Client may incur and by the directly visible dealing costs such as commissions, interest charges and brokerage fees as well as the said not visible costs for the Client, caused by Tickmill Ltd's Junle Capital Limited’s performance as a Market Maker. 14.13 If the Client is an active trader and is undertaking numerous transactions, the total impact of as well visible as not visible costs may be significant. Consequently Consequently, the Client may have to obtain significant profits in the markets in order to cover the costs associated with trading activities with Tickmill Ltd. Junle Capital Limited. For very active Clients, such costs may over time exceed the value of the margin deposited. Normally, when trading margined derivatives, the lower the percentage of the applicable margin rate, the higher the proportion of the costs associated with executing a transaction. 14.14 The Client is specifically made aware that in the area of market making in foreign exchange, OTC foreign exchange options, CFD Contracts and other OTC products, significant implied costs can arise as a consequence of the profits made by Tickmill Ltd Junle Capital Limited performing in its capacity as a Market Maker. 14.15 Tickmill Ltd's Junle Capital Limited’s performance as a Market Maker may negatively affect the Client's Account with Tickmill Ltd Junle Capital Limited and the said implied costs are neither directly visible nor directly quantifiable for the Client at any time. 14.16 Tickmill Ltd Junle Capital Limited is at no time obliged to disclose any details of its performance or income produced as a Market Maker or otherwise related to other commissions, charges and fees. 14.17 The Client is specifically made aware that CFD Contracts may be OTC products quoted by Tickmill Ltd Junle Capital Limited whilst operating as a Market Maker and not traded on a recognized stock exchange. As a result, the description above of the implied, not visible costs related to Tickmill Ltd's Pacific Union Limited’s performance as a Market Maker may also apply to any CFD Contract.

MARKET MAKING. 14.1 12.1 When Tickmill Ltd the Company executes orders as Agent for the Client Customer on a recognized stock or futures exchange, Tickmill Ltd the Company will not be a party to such a trade as such orders will be executed in the trading system of the relevant exchange at the best price and the most favourable favorable conditions available at the time of the order or according to the ClientCustomer's specific instructions, e.g. e.g., in a situation where the Client Customer has chosen to limit the order. Tickmill Ltd The Company will not include any additional spread in the price of the execution achieved for the Client Customer but will be remunerated according to the Commissions, Charges & Margin Schedule. 14.2 12.2 The Client Customer is specifically made aware that in certain markets, including the foreign exchange markets, OTC foreign exchange options and CFD Contracts, Tickmill Ltd the Company may act as a Market Maker. 14.3 12.3 When acting as a Market Maker, Tickmill Ltd the Company will under normal market circumstances quote the Client Customer bid and ask prices. 14.4 12.4 In order for Tickmill Ltd the Company to quote prices with the swiftness normally associated with speculative trading, Tickmill Ltd the Company may have to rely on available price or availability available information that may later prove to be faulty due to specific market circumstances, for instance, but not limited to, lack of liquidity in or suspension of an asset or errors in feeds from information providers or quotes from Counterparties. If so and if Tickmill Ltd the Company has acted in good faith when providing the price to the ClientCustomer, Tickmill Ltd the Company may cancel the trade with the Client Customer but shall do so within reasonable time and shall provide the Client Customer with a full explanation for the reason for such cancellation. 14.5 12.5 Following execution of any position with a ClientCustomer, Tickmill Ltd the Company may at Tickmill Ltdthe Company's reasonable discretion subsequently offset each such client Customer position with another client Customer position, or a position with one of Tickmill Ltdthe Company's Counterparties or retain a proprietary position in the market with the intention to obtain trading profits from such positions. Such decisions and actions may therefore result in Tickmill Ltd offsetting client the Company off- setting Customer positions at prices different (sometimes significantly different) from prices quoted to clientsCustomers, resulting in trading profits or losses for Tickmill Ltd. the Company. This in turn can raise the possibility of the Client Customer incurring what may be seen as an implied cost (i.e. i.e., the difference between the price at which the Client Customer traded with Tickmill Ltd the Company and the price at which Tickmill Ltd the Company subsequently traded with Counterparties and/or other clientscustomers) due to any profits realised realized by Tickmill Ltd the Company as a result of the Market Making function. However However, the Market Making function may involve significant costs to Tickmill Ltd the Company if the market moves against Tickmill Ltd the Company as compared to the price at which Tickmill Ltd the Company traded with the ClientCustomer. 14.6 12.6 The Client Customer accepts that Tickmill Ltd the Company in such markets where Tickmill Ltd the Company acts as Market Maker, may hold positions that are contrary to positions of the ClientCustomer, resulting in potential conflicts of interest between Tickmill Ltd the Company and the ClientCustomer, cf. Clause 1615. 14.7 12.7 In markets, where Tickmill Ltd the Company acts as a Market Maker, the Client Customer accepts that Tickmill Ltd the Company has no obligation to quote prices to clients Customers at all times in any given market, nor to quote such prices to clients Customers with a specific maximum spread. 14.8 12.8 In markets, where Tickmill Ltd the Company acts as a Market Maker, Tickmill Ltd the Company may or may not charge commissions. However, irrespective of whether or not Tickmill Ltd the Company charges any commissions, the Client Customer accepts that Tickmill Ltd the Company will seek to make additional profits out of its performance as a Market Maker and the size of any such profits may be considerable if and when compared with the ClientCustomer's margin deposit. 14.9 12.9 The Client Customer acknowledges, recognizes and accepts that the price quoted to the Client Customer includes a spread when compared with the price to which Tickmill Ltd the Company may have covered or expected to be able to cover the Contract in a trade with another client Customer or a Counterparty. Furthermore, the Client Customer acknowledges, recognizes and accepts that said spread constitutes remuneration to Tickmill Ltd the Company and that such spread not necessarily can be calculated for all Contracts and that such spread will not be specified at the Settlement/Trade Confirmation or otherwise revealed to the ClientCustomer. 14.10 12.10 The Client Customer acknowledges, recognizes and accepts that Tickmill Ltd the Company quotes variable spreads on options. The Client Customer is specifically made aware that variable option spreads are affected by actual market conditions, which are beyond Tickmill Ltdthe Company’s control. Tickmill Ltd The Company does not guarantee any maximum or minimum quotable option spreads. 14.11 12.11 Any commission costs, interest charges, costs associated to and included in the spreads quoted by Tickmill Ltd the Company as a Market Maker in certain markets and other fees and charges will consequently influence the ClientCustomer's trading result and will have a negative effect on the ClientCustomer's trading performance compared to a situation if such commission costs, interest charges, costs associated to and included in the spreads did not apply. 14.12 12.12 Whilst dealing spreads and commissions are normally considered moderate seen in relation to the value of the assets traded, such costs may be considerable when compared with the ClientCustomer's margin deposit. As a consequence consequence, thereof the ClientCustomer's margin deposit may be depleted by trading losses that the Client Customer may incur and by the directly visible dealing costs such as commissions, interest charges and brokerage fees as well as the said not visible costs for the ClientCustomer, caused by Tickmill Ltdthe Company's performance as a Market Maker. 14.13 12.13 If the Client Customer is an active trader and is undertaking numerous transactions, the total impact of visible as well visible as not visible costs may be significant. Consequently Consequently, the Client Customer may have to obtain significant profits in the markets in order to cover the costs associated with trading activities with Tickmill Ltd. the Company. For very active ClientsCustomers, such costs may over time exceed the value of the margin deposited. Normally, when trading margined derivatives, the lower the percentage of the applicable margin rate, the higher the proportion of the costs associated with executing a transaction. 14.14 12.14 The Client Customer is specifically made aware that in the area of market making in foreign exchange, OTC foreign exchange options, CFD Contracts and other OTC products, significant implied costs can arise as a consequence of the profits made by Tickmill Ltd the Company performing in its capacity as a Market Maker. 14.15 Tickmill Ltd12.15 The Company's performance as a Market Maker may negatively affect the ClientCustomer's Account with Tickmill Ltd the Company and the said implied costs are neither directly visible nor directly quantifiable for the Client Customer at any time. 14.16 Tickmill Ltd 12.16 The Company is at no time obliged to disclose any details of its performance or income produced as a Market Maker or otherwise related to other commissions, charges and fees. 14.17 12.17 The Client Customer is specifically made aware that CFD Contracts may be OTC products quoted by Tickmill Ltd the Company whilst operating as a Market Maker and not traded on a recognized stock exchange. As a result, the description above of the implied, not visible costs related to Tickmill Ltdthe Company's performance as a Market Maker may also apply to any CFD Contract.

MARKET MAKING. 14.1 15.1 When Tickmill Ltd the Company executes orders as an Agent for the Client Customer on a recognized stock or futures exchange, Tickmill Ltd or any other execution venue/ liquidity provider the Company will not be a party to such a trade as such trades. These orders will be executed in the trading system of the relevant exchange or execution venue/ liquidity provider at the best price and under the most favourable favorable conditions available at the time of the order order, or according to the ClientCustomer's specific instructions, e.g. such as in a situation cases where the Client Customer has chosen to limit the order. Tickmill Ltd The Company will not include any additional spread in the execution price of the execution achieved for the Client but will be remunerated according to the Commissions, Charges & Margin ScheduleOther Costs. 14.2 15.2 The Client Customer is specifically made aware hereby informed that in certain markets, including the foreign exchange markets, OTC foreign exchange options options, and CFD Contracts, Tickmill Ltd the Company may act as a Market Maker. 14.3 15.3 When acting as a Market Maker, Tickmill Ltd will the Company will, under normal market circumstances circumstances, quote the Client bid and ask prices. 14.4 In order for Tickmill Ltd prices to the Customer. To quote prices with the swiftness normally associated with speed required for speculative trading, Tickmill Ltd the Company may have to rely on available price or availability information that may later prove to be faulty due to specific market circumstances, for instance, but not limited to, such as a lack of liquidity in or liquidity, suspension of an asset asset, or errors in feeds from information providers or quotes from Counterpartiescounterparties. If so this occurs, and if Tickmill Ltd the Company has acted in good faith when in providing the price to the ClientCustomer, Tickmill Ltd the Company may cancel the trade with the Client but shall do so within a reasonable time and shall provide the Client Customer with a full explanation for the reason for such cancellation. 14.5 15.4 Following the execution of any position with a ClientCustomer, Tickmill Ltd may the Company may, at Tickmill Ltd's its reasonable discretion discretion, subsequently offset each such client customer position with another client position, customer position or a position with one of Tickmill Ltdthe Company's Counterparties counterparties, or retain a proprietary position in the market with the intention to obtain of obtaining trading profits from such positions. Such These decisions and actions may therefore result in Tickmill Ltd the Company offsetting client customer positions at prices different (sometimes significantly different) from the prices quoted to clientscustomers, resulting in leading to trading profits or losses for Tickmill Ltd. This in turn can raise the possibility of Company. Consequently, the Client incurring what Customer may be seen as incur an implied cost (i.e. i.e., the difference between the price at which the Client Customer traded with Tickmill Ltd the Company and the price at which Tickmill Ltd the Company subsequently traded with Counterparties counterparties and/or other clientscustomers) due to any profits realised realized by Tickmill Ltd the Company as a result of the Market Making function. However However, the Market Making function may also involve significant costs to Tickmill Ltd the Company if the market moves against Tickmill Ltd as it compared to the price at which Tickmill Ltd it traded with the ClientCustomer. 14.6 15.5 The Client accepts Customer acknowledges that Tickmill Ltd in such markets where Tickmill Ltd acts as Market Maker, may hold positions that are contrary to positions of the Client, resulting in potential conflicts of interest between Tickmill Ltd and the Client, cf. Clause 16. 14.7 In markets, where Tickmill Ltd Company acts as a Market Maker, the Client Company may hold positions contrary to the Customer's positions, leading to potential conflicts of interest between the Company and the Customer. 15.6 In markets where the Company acts as a Market Maker, the Customer accepts that Tickmill Ltd the Company has no obligation to quote prices to clients customers at all times in any given market, nor to quote such prices to clients with a specific maximum spread. 14.8 15.7 In markets, markets where Tickmill Ltd the Company acts as a Market Maker, Tickmill Ltd the Company may or may not charge commissions. However, irrespective Regardless of whether or not Tickmill Ltd charges any commissionscommissions are charged, the Client Customer accepts that Tickmill Ltd the Company will seek to make additional profits out of from its performance as a Market Maker Maker, and the size of any such profits may be considerable if and when compared with the ClientCustomer's margin deposit. 14.9 15.8 The Client acknowledges, recognizes and accepts Customer acknowledges that the price quoted to the Client him/her includes a spread when compared with the price to at which Tickmill Ltd the Company may have covered or expected to be able to cover the Contract in a trade with another client customer or a Counterpartycounterparty. Furthermore, the Client acknowledges, recognizes and accepts that said This spread constitutes remuneration to Tickmill Ltd the Company and that such spread may not necessarily can be calculated calculable for all Contracts and that such spread will not be specified at in the Settlement/Trade Confirmation or otherwise revealed disclosed to the ClientCustomer. 14.10 15.9 The Client acknowledges, recognizes and accepts Customer acknowledges that Tickmill Ltd the Company quotes variable spreads on options. The Client is specifically made aware that variable Variable option spreads are affected influenced by actual market conditions, which are beyond Tickmill Ltdthe Company’s control. Tickmill Ltd The Company does not guarantee any maximum or minimum quotable option spreads. 14.11 15.10 Any commission costs, interest charges, costs associated to and included in the spreads quoted by Tickmill Ltd the Company as a Market Maker in certain markets markets, and other fees and charges will consequently influence the ClientCustomer's trading result results and will have a negative effect on the Client's their trading performance compared to a situation if where such commission costs, interest charges, costs associated to and included in the spreads did not apply. 14.12 Whilst . While dealing spreads and commissions are normally considered generally moderate seen in relation relative to the value of the assets traded, such costs may be considerable substantial when compared with the ClientCustomer's margin deposit. As a consequence thereof result, the ClientCustomer's margin deposit may be depleted by trading losses that the Client may incur and by the directly visible dealing costs costs, such as commissions, interest charges charges, and brokerage fees fees, as well as the said not directly visible costs for the Client, caused by Tickmill Ltdthe Company's performance as a Market Maker. 14.13 If the Client is an active trader and is 15.11 Active traders undertaking numerous transactions, transactions may find that the total impact of as well visible as and not directly visible costs may be is significant. Consequently the Client Consequently, they may have need to obtain significant achieve substantial profits in the markets in order to cover the costs associated with trading activities with Tickmill Ltd. the Company. For very active ClientsCustomers, such these costs may may, over time time, exceed the value of the margin deposited. NormallyTypically, when trading margined derivatives, the lower the percentage of the applicable margin rate, the higher the proportion of the costs associated with executing a transaction. 14.14 15.12 The Client Customer is specifically made aware that in the area of market making in foreign exchange, OTC foreign exchange options, CFD Contracts Contracts, and other OTC products, significant implied costs can arise as a consequence result of the profits made by Tickmill Ltd performing the Company in its capacity as a Market Maker. 14.15 Tickmill Ltd. The Company's performance as a Market Maker may negatively affect the ClientCustomer's Account with Tickmill Ltd the Company, and the said these implied costs are neither directly visible nor directly quantifiable for the Client Customer at any time. 14.16 Tickmill Ltd 15.13 The Company is at under no time obliged obligation to disclose any details of its performance or income produced as a Market Maker or otherwise related to other commissions, charges charges, and fees. 14.17 15.14 The Client Customer is specifically made aware that CFD Contracts may be OTC products quoted by Tickmill Ltd whilst the Company while operating as a Market Maker and not traded on a recognized stock exchange. As a result, the description above of the implied, not directly visible costs related to Tickmill Ltdthe Company's performance as a Market Maker may also apply to any CFD Contract.

MARKET MAKING. 14.1 15.1 When Tickmill Triomarkets Capital Ltd executes orders as Agent for the Client on a recognized stock or futures exchange, Tickmill Triomarkets Capital Ltd will not be a party to such a trade as such orders will be executed in the trading system of the relevant exchange at the best price and the most favourable conditions available at the time of the order or according to the Client's specific instructions, e.g. in a situation where the Client has chosen to limit the order. Tickmill Triomarkets Capital Ltd will not include any additional spread in the price of the execution achieved for the Client but will be remunerated according to the Commissions, Charges & Margin Schedule. 14.2 15.2 The Client is specifically made aware that in certain markets, including the foreign exchange markets, OTC foreign exchange options and CFD Contracts, Tickmill Triomarkets Capital Ltd may act as a Market Maker. 14.3 15.3 When acting as a Market Maker, Tickmill Triomarkets Capital Ltd will under normal market circumstances quote the Client bid and ask prices. 14.4 15.4 In order for Tickmill Triomarkets Capital Ltd to quote prices with the swiftness normally associated with speculative trading, Tickmill Triomarkets Capital Ltd may have to rely on available price or availability information that may later prove to be faulty due to specific market circumstances, for instance, but not limited to, lack of liquidity in or suspension of an asset or errors in feeds from information providers or quotes from Counterparties. If so and if Tickmill Triomarkets Capital Ltd has acted in good faith when providing the price to the Client, Tickmill Triomarkets Capital Ltd may cancel the trade with the Client but shall do so within reasonable time and shall provide the Client with a full explanation for the reason for such cancellation. 14.5 15.5 Following execution of any position with a Client, Tickmill Triomarkets Capital Ltd may at Tickmill Triomarkets Capital Ltd's reasonable discretion subsequently offset each such client position with another client position, or a position with one of Tickmill Triomarkets Capital Ltd's Counterparties or retain a proprietary position in the market with the intention to obtain trading profits from such positions. Such decisions and actions may therefore result in Tickmill Triomarkets Capital Ltd offsetting off- setting client positions at prices different (sometimes significantly different) from prices quoted to clients, resulting in trading profits or losses for Tickmill Triomarkets Capital Ltd. This in turn can raise the possibility of the Client incurring what may be seen as an implied cost (i.e. the difference between the price at which the Client traded with Tickmill Triomarkets Capital Ltd and the price at which Tickmill Triomarkets Capital Ltd subsequently traded with Counterparties and/or other clients) due to any profits realised by Tickmill Triomarkets Capital Ltd as a result of the Market Making function. However However, the Market Making function may involve significant costs to Tickmill Triomarkets Capital Ltd if the market moves against Tickmill Triomarkets Capital Ltd as compared to the price at which Tickmill Triomarkets Capital Ltd traded with the Client. 14.6 15.6 The Client accepts that Tickmill Triomarkets Capital Ltd in such markets where Tickmill Triomarkets Capital Ltd acts as Market Maker, may hold positions that are contrary to positions of the Client, resulting in potential conflicts of interest between Tickmill Triomarkets Capital Ltd and the Client, cf. Clause 16. 14.7 15.7 In markets, where Tickmill Triomarkets Capital Ltd acts as a Market Maker, the Client accepts that Tickmill Triomarkets Capital Ltd has no obligation to quote prices to clients at all times in any given market, nor to quote such prices to clients with a specific maximum spread. 14.8 15.8 In markets, where Tickmill Triomarkets Capital Ltd acts as a Market Maker, Tickmill Triomarkets Capital Ltd may or may not charge commissions. However, irrespective of whether or not Tickmill Triomarkets Capital Ltd charges any commissions, the Client accepts that Tickmill Triomarkets Capital Ltd will seek to make additional profits out of its performance as a Market Maker and the size of any such profits may be considerable if and when compared with the Client's margin deposit. 14.9 15.9 The Client acknowledges, recognizes and accepts that the price quoted to the Client includes a spread when compared with the price to which Tickmill Triomarkets Capital Ltd may have covered or expected to be able to cover the Contract in a trade with another client or a Counterparty. Furthermore, the Client acknowledges, recognizes and accepts that said spread constitutes remuneration to Tickmill Triomarkets Capital Ltd and that such spread not necessarily can be calculated for all Contracts and that such spread will not be specified at the Settlement/Trade Confirmation or otherwise revealed to the Client. 14.10 15.10 The Client acknowledges, recognizes and accepts that Tickmill Triomarkets Capital Ltd quotes variable spreads on options. The Client is specifically made aware that variable option spreads are affected by actual market conditions, which are beyond Tickmill Triomarkets Capital Ltd’s control. Tickmill Triomarkets Capital Ltd does not guarantee any maximum or minimum quotable option spreads. 14.11 15.11 Any commission costs, interest charges, costs associated to and included in the spreads quoted by Tickmill Triomarkets Capital Ltd as a Market Maker in certain markets and other fees and charges will consequently influence the Client's trading result and will have a negative effect on the Client's trading performance compared to a situation if such commission costs, interest charges, costs associated to and included in the spreads did not apply. 14.12 15.12 Whilst dealing spreads and commissions are normally considered moderate seen in relation to the value of the assets traded, such costs may be considerable when compared with the Client's margin deposit. As a consequence thereof the Client's margin deposit may be depleted by trading losses that the Client may incur and by the directly visible dealing costs such as commissions, interest charges and brokerage fees as well as the said not visible costs for the Client, caused by Tickmill Triomarkets Capital Ltd's performance as a Market Maker. 14.13 15.13 If the Client is an active trader and is undertaking numerous transactions, the total impact of as well visible as not visible costs may be significant. Consequently Consequently, the Client may have to obtain significant profits in the markets in order to cover the costs associated with trading activities with Tickmill Triomarkets Capital Ltd. For very active Clients, such costs may over time exceed the value of the margin deposited. Normally, when trading margined derivatives, the lower the percentage of the applicable margin rate, the higher the proportion of the costs associated with executing a transaction. 14.14 15.14 The Client is specifically made aware that in the area of market making in foreign exchange, OTC foreign exchange options, CFD Contracts and other OTC products, significant implied costs can arise as a consequence of the profits made by Tickmill Triomarkets Capital Ltd performing in its capacity as a Market Maker. 14.15 Tickmill 15.15 Triomarkets Capital Ltd's performance as a Market Maker may negatively affect the Client's Account with Tickmill Triomarkets Capital Ltd and the said implied costs are neither directly visible nor directly quantifiable for the Client at any time. 14.16 Tickmill 15.16 Triomarkets Capital Ltd is at no time obliged to disclose any details of its performance or income produced as a Market Maker or otherwise related to other commissions, charges and fees. 14.17 15.17 The Client is specifically made aware that CFD Contracts may be OTC products quoted by Tickmill Triomarkets Capital Ltd whilst operating as a Market Maker and not traded on a recognized stock exchange. As a result, the description above of the implied, not visible costs related to Tickmill Triomarkets Capital Ltd's performance as a Market Maker may also apply to any CFD Contract.

MARKET MAKING. 14.1 When Tickmill Ltd executes orders as Agent for the Client on a recognized stock or futures exchange, Tickmill Ltd will not be a party to such a trade as such orders will be executed in the trading system of the relevant exchange at the best price and the most favourable conditions available at the time of the order or according to the Client's specific instructions, e.g. in a situation where the Client has chosen to limit the order. Tickmill Ltd will not include any additional spread in the price of the execution achieved for the Client but will be remunerated according to the Commissions, Charges & Margin Schedule. 14.2 The Client is specifically made aware that in certain markets, including the foreign exchange markets, OTC foreign exchange options and CFD Contracts, Tickmill Ltd may act as a Market Maker. 14.3 When acting as a Market Maker, Tickmill Ltd will under normal market circumstances quote the Client bid and ask prices. 14.4 In order for Tickmill Ltd to quote prices with the swiftness normally associated with speculative trading, Tickmill Ltd may have to rely on available price or availability information that may later prove to be faulty due to specific market circumstances, for instance, but not limited to, lack of liquidity in or suspension of an asset or errors in feeds from information providers or quotes from Counterparties. If so and if Tickmill Ltd has acted in good faith when providing the price to the Client, Tickmill Ltd may cancel the trade with the Client but shall do so within reasonable time and shall provide the Client with a full explanation for the reason for such cancellation. 14.5 Following execution of any position with a Client, Tickmill Ltd may at Tickmill Ltd's reasonable discretion subsequently offset each such client position with another client position, or a position with one of Tickmill Ltd's Counterparties or retain a proprietary position in the market with the intention to obtain trading profits from such positions. Such decisions and actions may therefore result in Tickmill Ltd offsetting off- setting client positions at prices different (sometimes significantly different) from prices quoted to clients, resulting in trading profits or losses for Tickmill Ltd. This in turn can raise the possibility of the Client incurring what may be seen as an implied cost (i.e. the difference between the price at which the Client traded with Tickmill Ltd and the price at which Tickmill Ltd subsequently traded with Counterparties and/or other clients) due to any profits realised by Tickmill Ltd as a result of the Market Making function. However the Market Making function may involve significant costs to Tickmill Ltd if the market moves against Tickmill Ltd as compared to the price at which Tickmill Ltd traded with the Client. 14.6 The Client accepts that Tickmill Ltd in such markets where Tickmill Ltd acts as Market Maker, may hold positions that are contrary to positions of the Client, resulting in potential conflicts of interest between Tickmill Ltd and the Client, cf. Clause 16. 14.7 In markets, where Tickmill Ltd acts as a Market Maker, the Client accepts that Tickmill Ltd has no obligation to quote prices to clients at all times in any given market, nor to quote such prices to clients with a specific maximum spread. 14.8 In markets, where Tickmill Ltd acts as a Market Maker, Tickmill Ltd may or may not charge commissions. However, irrespective of whether or not Tickmill Ltd charges any commissions, the Client accepts that Tickmill Ltd will seek to make additional profits out of its performance as a Market Maker and the size of any such profits may be considerable if and when compared with the Client's margin deposit. 14.9 The Client acknowledges, recognizes and accepts that the price quoted to the Client includes a spread when compared with the price to which Tickmill Ltd may have covered or expected to be able to cover the Contract in a trade with another client or a Counterparty. Furthermore, the Client acknowledges, recognizes and accepts that said spread constitutes remuneration to Tickmill Ltd and that such spread not necessarily can be calculated for all Contracts and that such spread will not be specified at the Settlement/Trade Confirmation or otherwise revealed to the Client. 14.10 The Client acknowledges, recognizes and accepts that Tickmill Ltd quotes variable spreads on options. The Client is specifically made aware that variable option spreads are affected by actual market conditions, which are beyond Tickmill Ltd’s control. Tickmill Ltd does not guarantee any maximum or minimum quotable option spreads. 14.11 Any commission costs, interest charges, costs associated to and included in the spreads quoted by Tickmill Ltd as a Market Maker in certain markets and other fees and charges will consequently influence the Client's trading result and will have a negative effect on the Client's trading performance compared to a situation if such commission costs, interest charges, costs associated to and included in the spreads did not apply. 14.12 Whilst dealing spreads and commissions are normally considered moderate seen in relation to the value of the assets traded, such costs may be considerable when compared with the Client's margin deposit. As a consequence thereof the Client's margin deposit may be depleted by trading losses that the Client may incur and by the directly visible dealing costs such as commissions, interest charges and brokerage fees as well as the said not visible costs for the Client, caused by Tickmill Ltd's performance as a Market Maker. 14.13 If the Client is an active trader and is undertaking numerous transactions, the total impact of as well visible as not visible costs may be significant. Consequently the Client may have to obtain significant profits in the markets in order to cover the costs associated with trading activities with Tickmill Ltd. For very active Clients, such costs may over time exceed the value of the margin deposited. Normally, when trading margined derivatives, the lower the percentage of the applicable margin rate, the higher the proportion of the costs associated with executing a transaction. 14.14 The Client is specifically made aware that in the area of market making in foreign exchange, OTC foreign exchange options, CFD Contracts and other OTC products, significant implied costs can arise as a consequence of the profits made by Tickmill Ltd performing in its capacity as a Market Maker. 14.15 Tickmill Ltd's performance as a Market Maker may negatively affect the Client's Account with Tickmill Ltd and the said implied costs are neither directly visible nor directly quantifiable for the Client at any time. 14.16 Tickmill Ltd is at no time obliged to disclose any details of its performance or income produced as a Market Maker or otherwise related to other commissions, charges and fees. 14.17 The Client is specifically made aware that CFD Contracts may be OTC products quoted by Tickmill Ltd whilst operating as a Market Maker and not traded on a recognized stock exchange. As a result, the description above of the implied, not visible costs related to Tickmill Ltd's performance as a Market Maker may also apply to any CFD Contract.

MARKET MAKING. 14.1 14.1. When Tickmill Ltd PLM GLOBAL MARKETS LLC executes orders as Agent for the Client on a recognized stock or futures exchange, Tickmill Ltd PLM GLOBAL MARKETS LLC will not be a party to such a trade as such orders will be executed in the trading system of the relevant exchange at the best price and the most favourable conditions available at the time of the order or according to the Client's specific instructions, e.g. in a situation where the Client has chosen to limit the order. Tickmill Ltd PLM GLOBAL MARKETS LLC will not include any additional spread in the price of the execution achieved for the Client but will be remunerated according to the Commissions, Charges & Margin Schedule. 14.2 The Client is specifically made aware that in certain markets, including the foreign exchange markets, OTC foreign exchange options and CFD Contracts, Tickmill Ltd may act as a Market Maker. 14.3 When acting as a Market Maker, Tickmill Ltd will under normal market circumstances quote the Client bid and ask prices. 14.4 14.2. In order for Tickmill Ltd PLM GLOBAL MARKETS LLC to quote prices with the swiftness normally associated with speculative trading, Tickmill Ltd PLM GLOBAL MARKETS LLC may have to rely on available price or availability information that may later prove to be faulty due to specific market circumstances, for instance, but not limited to, lack of liquidity in or suspension of an asset or errors in feeds from information providers or quotes from Counterparties. If so and if Tickmill Ltd PLM GLOBAL MARKETS LLC has acted in good faith when providing the price to the Client, Tickmill Ltd PLM GLOBAL MARKETS LLC may cancel the trade with the Client but shall do so within reasonable time and shall provide the Client with a full explanation for the reason for such cancellation. 14.5 14.3. Following execution of any position with a Client, Tickmill Ltd PLM GLOBAL MARKETS LLC may at Tickmill LtdPLM GLOBAL MARKETS LLC 's reasonable discretion subsequently offset each such client position with another client position, or a position with one of Tickmill LtdPLM GLOBAL MARKETS LLC 's Counterparties or retain a proprietary position in the market with the intention to obtain trading profits from such positions. Such decisions and actions may therefore result in Tickmill Ltd offsetting PLM GLOBAL MARKETS LLC off- setting client positions at prices different (sometimes significantly different) from prices quoted to clients, resulting in trading profits or losses for Tickmill Ltd. PLM GLOBAL MARKETS LLC . This in turn can raise the possibility of the Client incurring what may be seen as an implied cost (i.e. the difference between the price at which the Client traded with Tickmill Ltd PLM GLOBAL MARKETS LLC and the price at which Tickmill Ltd PLM GLOBAL MARKETS LLC subsequently traded with Counterparties and/or other clients) due to any profits realised by Tickmill Ltd PLM GLOBAL MARKETS LLC as a result of the Market Making function. However However, the Market Making function may involve significant costs to Tickmill Ltd PLM GLOBAL MARKETS LLC if the market moves against Tickmill Ltd PLM GLOBAL MARKETS LLC as compared to the price at which Tickmill Ltd PLM GLOBAL MARKETS LLC traded with the Client. 14.6 The Client accepts that Tickmill Ltd in such markets where Tickmill Ltd acts as Market Maker, may hold positions that are contrary to positions of the Client, resulting in potential conflicts of interest between Tickmill Ltd and the Client, cf14.4. Clause 16. 14.7 In markets, where Tickmill Ltd acts as a Market Maker, the Client accepts that Tickmill Ltd has no obligation to quote prices to clients at all times in any given market, nor to quote such prices to clients with a specific maximum spread. 14.8 In markets, where Tickmill Ltd acts as a Market Maker, Tickmill Ltd may or may not charge commissions. However, irrespective of whether or not Tickmill Ltd charges any commissions, the Client accepts that Tickmill Ltd will seek to make additional profits out of its performance as a Market Maker and the size of any such profits may be considerable if and when compared with the Client's margin deposit. 14.9 The Client acknowledges, recognizes and accepts that the price quoted to the Client includes a spread when compared with the price to which Tickmill Ltd PLM GLOBAL MARKETS LLC may have covered or expected to be able to cover the Contract in a trade with another client or a Counterparty. Furthermore, the Client acknowledges, recognizes and accepts that said spread constitutes remuneration to Tickmill Ltd PLM GLOBAL MARKETS LLC and that such spread not necessarily can be calculated for all Contracts and that such spread will not be specified at the Settlement/Trade Confirmation or otherwise revealed to the Client. 14.10 14.5. The Client acknowledges, recognizes and accepts that Tickmill Ltd PLM GLOBAL MARKETS LLC quotes variable spreads on options. The Client is specifically made aware that variable option spreads are affected by actual market conditions, which are beyond Tickmill LtdPLM GLOBAL MARKETS LLC ’s control. Tickmill Ltd PLM GLOBAL MARKETS LLC does not guarantee any maximum or minimum quotable option spreads. 14.11 Any commission costs, interest charges, costs associated to and included in the spreads quoted by Tickmill Ltd as a Market Maker in certain markets and other fees and charges will consequently influence the Client's trading result and will have a negative effect on the Client's trading performance compared to a situation if such commission costs, interest charges, costs associated to and included in the spreads did not apply. 14.12 Whilst dealing spreads and commissions are normally considered moderate seen in relation to the value of the assets traded, such costs may be considerable when compared with the Client's margin deposit14.6. As a consequence thereof the Client's margin deposit may be depleted by trading losses that the Client may incur and by the directly visible dealing costs such as commissions, interest charges and brokerage fees as well as the said not visible costs for the Client, caused by Tickmill Ltd's performance as a Market Maker. 14.13 If the Client is an active trader and is undertaking numerous transactions, the total impact of as well visible as not visible costs may be significant. Consequently Consequently, the Client may have to obtain significant profits in the markets in order to cover the costs associated with trading activities with Tickmill Ltd. PLM GLOBAL MARKETS LLC For very active Clients, such costs may over time exceed the value of the margin deposited. Normally, when trading margined derivatives, the lower the percentage of the applicable margin rate, the higher the proportion of the costs associated with executing a transaction. 14.14 The Client is specifically made aware that in the area of market making in foreign exchange, OTC foreign exchange options, CFD Contracts and other OTC products, significant implied costs can arise as a consequence of the profits made by Tickmill Ltd performing in its capacity as a Market Maker. 14.15 Tickmill Ltd's performance as a Market Maker may negatively affect the Client's Account with Tickmill Ltd and the said implied costs are neither directly visible nor directly quantifiable for the Client at any time. 14.16 Tickmill Ltd is at no time obliged to disclose any details of its performance or income produced as a Market Maker or otherwise related to other commissions, charges and fees. 14.17 The Client is specifically made aware that CFD Contracts may be OTC products quoted by Tickmill Ltd whilst operating as a Market Maker and not traded on a recognized stock exchange. As a result, the description above of the implied, not visible costs related to Tickmill Ltd's performance as a Market Maker may also apply to any CFD Contract.

MARKET MAKING. 14.1 When Tickmill Benor Capital Ltd executes orders as Agent for the Client on a recognized stock or futures exchange, Tickmill Benor Capital Ltd will not be a party to such a trade as such orders will be executed in the trading system of the relevant exchange at the best price and the most favourable conditions available at the time of the order or according to the Client's specific instructions, e.g. in a situation where the Client has chosen to limit the order. Tickmill Benor Capital Ltd will not include any additional spread in the price of the execution achieved for the Client but will be remunerated according to the Commissions, Charges & Margin Schedule. 14.2 The Client is specifically made aware that in certain markets, including the foreign exchange markets, OTC foreign exchange options and CFD Contracts, Tickmill Benor Capital Ltd may act as a Market Maker. 14.3 When acting as a Market Maker, Tickmill Benor Capital Ltd will under normal market circumstances quote the Client bid and ask prices. 14.4 In order for Tickmill Benor Capital Ltd to quote prices with the swiftness normally associated with speculative trading, Tickmill Benor Capital Ltd may have to rely on available price or availability information that may later prove to be faulty due to specific market circumstances, for instance, but not limited to, lack of liquidity in or suspension of an asset or errors in feeds from information providers or quotes from Counterparties. If so and if Tickmill Benor Capital Ltd has acted in good faith when providing the price to the Client, Tickmill Benor Capital Ltd may cancel the trade with the Client but shall do so within reasonable time and shall provide the Client with a full explanation for the reason for such cancellation. 14.5 Following execution of any position with a Client, Tickmill Benor Capital Ltd may at Tickmill Benor Capital Ltd's reasonable discretion subsequently offset each such client position with another client position, or a position with one of Tickmill Benor Capital Ltd's Counterparties or retain a proprietary position in the market with the intention to obtain trading profits from such positions. Such decisions and actions may therefore result in Tickmill Benor Capital Ltd offsetting off- setting client positions at prices different (sometimes significantly different) from prices quoted to clients, resulting in trading profits or losses for Tickmill Benor Capital Ltd. This in turn can raise the possibility of the Client incurring what may be seen as an implied cost (i.e. the difference between the price at which the Client traded with Tickmill Benor Capital Ltd and the price at which Tickmill Benor Capital Ltd subsequently traded with Counterparties and/or other clients) due to any profits realised by Tickmill Benor Capital Ltd as a result of the Market Making function. However However, the Market Making function may involve significant costs to Tickmill Benor Capital Ltd if the market moves against Tickmill Benor Capital Ltd as compared to the price at which Tickmill Benor Capital Ltd traded with the Client. 14.6 The Client accepts that Tickmill Benor Capital Ltd in such markets where Tickmill Benor Capital Ltd acts as Market Maker, may hold positions that are contrary to positions of the Client, resulting in potential conflicts of interest between Tickmill Benor Capital Ltd and the Client, cf. Clause 16. 14.7 In markets, where Tickmill Benor Capital Ltd acts as a Market Maker, the Client accepts that Tickmill Benor Capital Ltd has no obligation to quote prices to clients at all times in any given market, nor to quote such prices to clients with a specific maximum spread. 14.8 In markets, where Tickmill Benor Capital Ltd acts as a Market Maker, Tickmill Benor Capital Ltd may or may not charge commissions. However, irrespective of whether or not Tickmill Benor Capital Ltd charges any commissions, the Client accepts that Tickmill Benor Capital Ltd will seek to make additional profits out of its performance as a Market Maker and the size of any such profits may be considerable if and when compared with the Client's margin deposit. 14.9 The Client acknowledges, recognizes and accepts that the price quoted to the Client includes a spread when compared with the price to which Tickmill Benor Capital Ltd may have covered or expected to be able to cover the Contract in a trade with another client or a Counterparty. Furthermore, the Client acknowledges, recognizes and accepts that said spread constitutes remuneration to Tickmill Benor Capital Ltd and that such spread not necessarily can be calculated for all Contracts and that such spread will not be specified at the Settlement/Trade Confirmation or otherwise revealed to the ClientBtEoNOtRhCeapCitalliLetdnist. 14.10 The Client acknowledges, recognizes and accepts that Tickmill Benor Capital Ltd quotes variable spreads on options. The Client is specifically made aware that variable option spreads are affected by actual market conditions, which are beyond Tickmill Benor Capital Ltd’s control. Tickmill Benor Capital Ltd does not guarantee any maximum or minimum quotable option spreads. 14.11 Any commission costs, interest charges, costs associated to and included in the spreads quoted by Tickmill Benor Capital Ltd as a Market Maker in certain markets and other fees and charges will consequently influence the Client's trading result and will have a negative effect on the Client's trading performance compared to a situation if such commission costs, interest charges, costs associated to and included in the spreads did not apply. 14.12 Whilst dealing spreads and commissions are normally considered moderate seen in relation to the value of the assets traded, such costs may be considerable when compared with the Client's margin deposit. As a consequence thereof the Client's margin deposit may be depleted by trading losses that the Client may incur and by andby the directly visible dealing costs such as commissions, interest charges and brokerage fees as well as the said not visible costs for the Client, caused by Tickmill Benor Capital Ltd's performance as a Market Maker. 14.13 If the Client is an active trader and is undertaking numerous transactions, the total impact of as well visible as not visible costs may be significant. Consequently Consequently, the Client may have to obtain significant profits in the markets in order to cover the costs associated with trading activities with Tickmill Benor Capital Ltd. For very active Clients, such costs may over time exceed the value of the margin deposited. Normally, when trading margined derivatives, the lower the percentage of the applicable margin rate, the higher the proportion of the costs associated with executing a transaction. 14.14 The Client is specifically made aware that in the area of market making in foreign exchange, OTC foreign exchange options, CFD Contracts and other OTC products, significant implied costs can arise as a consequence of the profits made by Tickmill Benor Capital Ltd performing in its capacity as a Market Maker. 14.15 Tickmill Benor Capital Ltd's performance as a Market Maker may negatively affect the Client's Account with Tickmill Benor Capital Ltd and the said implied costs are neither directly visible nor directly quantifiable for the Client at any time. 14.16 Tickmill Benor Capital Ltd is at no time obliged to disclose any details of its performance or income produced as a Market Maker or otherwise related to other commissions, charges and fees. 14.17 The Client is specifically made aware that CFD Contracts may be OTC products quoted by Tickmill Benor Capital Ltd whilst operating as a Market Maker and not traded on a recognized stock exchange. As a result, the description above of the implied, not visible costs related to Tickmill Benor Capital Ltd's performance as a Market Maker may also apply to any CFD Contract.

MARKET MAKING. 14.1 When Tickmill Ltd ZAINFXM executes orders as Agent for the Client on a recognized stock or futures exchange, Tickmill Ltd ZAINFXM will not be a party to such a trade as such orders will be executed in the trading system of the relevant exchange at the best price and the most favourable favorable conditions available at the time of the order or according to the Client's specific instructions, e.g. in a situation where the Client has chosen to limit the order. Tickmill Ltd ZAINFXM will not include any additional spread in the price of the execution achieved for the Client but will be remunerated according to the Commissions, Charges & Margin Schedule. 14.2 The Client is specifically made aware that in certain markets, including the foreign exchange markets, OTC foreign exchange options and CFD Contracts, Tickmill Ltd ZAINFXM may act as a Market Maker. 14.3 When acting as a Market Maker, Tickmill Ltd ZAINFXM will under normal market circumstances quote the Client bid and ask prices. 14.4 In order for Tickmill Ltd ZAINFXM to quote prices with the swiftness normally associated with speculative trading, Tickmill Ltd ZAINFXM may have to rely on available price or availability information that may later prove to be faulty due to specific market circumstances, for instance, but not limited to, lack of liquidity in or suspension of an asset or errors in feeds from information providers or quotes from Counterparties. If so and if Tickmill Ltd ZAINFXM has acted in good faith when providing the price to the Client, Tickmill Ltd ZAINFXM may cancel the trade with the Client but shall do so within reasonable time and shall provide the Client with a full explanation for the reason for such cancellation. 14.5 Following execution of any position with a Client, Tickmill Ltd ZAINFXM may at Tickmill Ltd's ZAINFXM reasonable discretion subsequently offset each such client position with another client position, or a position with one of Tickmill Ltd's ZAINFXM Counterparties or retain a proprietary position in the market with the intention to obtain trading profits from such positions. Such decisions and actions may therefore result in Tickmill Ltd offsetting ZAINFXM off-setting client positions at prices different (sometimes significantly different) from prices quoted to clients, resulting in trading profits or losses for Tickmill Ltd. ZAINFXM. This in turn can raise the possibility of the Client incurring what may be seen as an implied cost (i.e. the difference between the price at which the Client traded with Tickmill Ltd ZAINFXM and the price at which Tickmill Ltd ZAINFXM subsequently traded with Counterparties and/or other clients) due to any profits realised realized by Tickmill Ltd ZAINFXM as a result of the Market Making function. However the Market Making function may involve significant costs to Tickmill Ltd ZAINFXM if the market moves against Tickmill Ltd ZAINFXM as compared to the price at which Tickmill Ltd ZAINFXM traded with the Client. 14.6 The Client accepts that Tickmill Ltd ZAINFXM in such markets where Tickmill Ltd ZAINFXM acts as Market Maker, may hold positions that are contrary to positions of the Client, resulting in potential conflicts of interest between Tickmill Ltd ZAINFXM and the Client, cf. Clause 16. 14.7 In markets, where Tickmill Ltd ZAINFXM acts as a Market Maker, the Client accepts that Tickmill Ltd ZAINFXM has no obligation to quote prices to clients at all times in any given market, nor to quote such prices to clients with a specific maximum spread. 14.8 In markets, where Tickmill Ltd ZAINFXM acts as a Market Maker, Tickmill Ltd ZAINFXM may or may not charge commissions. However, irrespective of whether or not Tickmill Ltd ZAINFXM charges any commissions, the Client accepts that Tickmill Ltd ZAINFXM will seek to make additional profits out of its performance as a Market Maker and the size of any such profits may be considerable if and when compared with the Client's margin deposit. 14.9 The Client acknowledges, recognizes and accepts that the price quoted to the Client includes a spread when compared with the price to which Tickmill Ltd may ZAINFXM have covered or expected to be able to cover the Contract in a trade with another client or a Counterparty. Furthermore, the Client acknowledges, recognizes and accepts that said spread constitutes remuneration to Tickmill Ltd ZAINFXM and that such spread not necessarily can be calculated for all Contracts and that such spread will not be specified at the Settlement/Trade Confirmation or otherwise revealed to the Client. 14.10 The Client acknowledges, recognizes and accepts that Tickmill Ltd ZAINFXM quotes variable spreads on options. The Client is specifically made aware that variable option spreads are affected by actual market conditions, which are beyond Tickmill Ltd’s ZAINFXM control. Tickmill Ltd ZAINFXM does not guarantee any maximum or minimum quotable option spreads. 14.11 Any commission costs, interest charges, costs associated to and included in the spreads quoted by Tickmill Ltd ZAINFXM as a Market Maker in certain markets and other fees and charges will consequently influence the Client's trading result and will have a negative effect on the Client's trading performance compared to a situation if such commission costs, interest charges, costs associated to and included in the spreads did not apply. 14.12 Whilst dealing spreads and commissions are normally considered moderate seen in relation to the value of the assets traded, such costs may be considerable when compared with the Client's margin deposit. As a consequence thereof the Client's margin deposit may be depleted by trading losses that the Client may incur and by the directly visible dealing costs such as commissions, interest charges and brokerage fees as well as the said not visible costs for the Client, caused by Tickmill Ltd's ZAINFXM performance as a Market Maker. 14.13 If the Client is an active trader and is undertaking numerous transactions, the total impact of as well visible as not visible costs may be significant. Consequently the Client may have to obtain significant profits in the markets in order to cover the costs associated with trading activities with Tickmill Ltd. ZAINFXM. For very active Clients, such costs may over time exceed the value of the margin deposited. Normally, when trading margined derivatives, the lower the percentage of the applicable margin rate, the higher the proportion of the costs associated with executing a transaction. 14.14 The Client is specifically made aware that in the area of market making in foreign exchange, OTC foreign exchange options, CFD Contracts and other OTC products, significant implied costs can arise as a consequence of the profits made by Tickmill Ltd ZAINFXM performing in its capacity as a Market Maker. 14.15 Tickmill Ltd's ZAINFXM performance as a Market Maker may negatively affect the Client's Account with Tickmill Ltd ZAINFXM and the said implied costs are neither directly visible nor directly quantifiable for the Client at any time. 14.16 Tickmill Ltd ZAINFXM is at no time obliged to disclose any details of its performance or income produced as a Market Maker or otherwise related to other commissions, charges and fees. 14.17 The Client is specifically made aware that CFD Contracts may be OTC products quoted by Tickmill Ltd ZAINFXM whilst operating as a Market Maker and not traded on a recognized stock exchange. As a result, the description above of the implied, not visible costs related to Tickmill Ltd's ZAINFXM performance as a Market Maker may also apply to any CFD Contract.

MARKET MAKING. 14.1 When Tickmill Ltd ▇▇▇▇▇▇▇▇▇▇▇ executes orders as Agent for the Client on a recognized stock or futures exchange, Tickmill Ltd ▇▇▇▇▇▇▇▇▇▇▇ will not be a party to such a trade as such assuch orders will be executed in the trading system of the relevant exchange at the best price and the most favourable conditions available at the time of the order or according to the Client's specific instructions, e.g. in a situation where the Client has chosen to limit the order. Tickmill Ltd will Bofinassetswill not include any additional spread in the price of the execution achieved for the Client but will be remunerated according to the Commissions, Charges & Margin Schedule. 14.2 The Client is specifically made aware that in certain markets, including the foreign exchange markets, OTC foreign exchange options and CFD Contracts, Tickmill Ltd Bofinassets may act as a Market Maker. 14.3 When acting as a Market Maker, Tickmill Ltd Bofinassets will under normal market circumstances quote the Client bid and ask prices. 14.4 In order for Tickmill Ltd Bofinassets to quote prices with the swiftness normally associated with speculative trading, Tickmill Ltd Bofinassets may have to rely on available price or availability information that may later prove to be faulty due to specific market circumstances, for instance, but not limited to, lack of liquidity ofliquidity in or suspension of an asset or errors in feeds from information providers or quotes from Counterparties. If so and if Tickmill Ltd ▇▇▇▇▇▇▇▇▇▇▇ has acted in good faith when providing the price to the Client, Tickmill Ltd Bofinassets may cancel the trade with the Client but shall do so within reasonable time and timeand shall provide the Client with a full explanation for the reason for such cancellation. 14.5 Following execution of any position with a Client, Tickmill Ltd ▇▇▇▇▇▇▇▇▇▇▇ may at Tickmill LtdBofinassets's reasonable discretion subsequently offset each such client position with positionwith another client position, or a position with one of Tickmill Ltd▇▇▇▇▇▇▇▇▇▇▇'s Counterparties or retain a proprietary position in the market with the intention to obtain trading profits from such positions. Such decisions and actions may therefore result in Tickmill Ltd Bofinassets offsetting client positions at prices different (sometimes significantly different) from prices quoted to clients, resulting in trading profits or losses for Tickmill Ltd. Bofinassets. This in turn can raise the possibility of the Client incurring what may be seen as an implied cost (i.e. the difference between the price at which the Client traded with Tickmill Ltd ▇▇▇▇▇▇▇▇▇▇▇ and the price at which Tickmill Ltd ▇▇▇▇▇▇▇▇▇▇▇ subsequently traded with Counterparties and/or other clients) due to any profits realised by Tickmill Ltd ▇▇▇▇▇▇▇▇▇▇▇ as a result of the Market Making function. However the Market Making function may involve significant costs to Tickmill Ltd Bofinassets if the market moves against Tickmill Ltd Bofinassets as compared to the price at which Tickmill Ltd ▇▇▇▇▇▇▇▇▇▇▇ traded with the Client. 14.6 The Client accepts that Tickmill Ltd Bofinassets in such markets where Tickmill Ltd ▇▇▇▇▇▇▇▇▇▇▇ acts as Market Maker, may hold positions that are contrary to positions of the ClienttheClient, resulting in potential conflicts of interest between Tickmill Ltd ▇▇▇▇▇▇▇▇▇▇▇ and the Client, cf. Clause 16. 14.7 In markets, where Tickmill Ltd ▇▇▇▇▇▇▇▇▇▇▇ acts as a Market Maker, the Client accepts that Tickmill Ltd Bofinassets has no obligation to quote prices to clients at all times in any inany given market, nor to quote such prices to clients with a specific maximum spread. 14.8 In markets, where Tickmill Ltd ▇▇▇▇▇▇▇▇▇▇▇ acts as a Market Maker, Tickmill Ltd Bofinassets may or may not charge commissions. However, irrespective of whether or not Tickmill Ltd notBofinassets charges any commissions, the Client accepts that Tickmill Ltd ▇▇▇▇▇▇▇▇▇▇▇ will seek to make additional profits out of its performance as a Market Maker and the size of any such profits may be considerable if and when compared with the Client's margin deposit. 14.9 The Client acknowledges, recognizes and accepts that the price quoted to the Client includes a spread when compared with the price to which Tickmill Ltd ▇▇▇▇▇▇▇▇▇▇▇ may have covered or expected to be able to cover the Contract in a trade with another client or a Counterparty. Furthermore, the Client acknowledges, recognizes and accepts that said spread constitutes remuneration to Tickmill Ltd Bofinassets and that such spread not necessarily can be calculated becalculated for all Contracts and that such spread will not be specified at the Settlement/Trade Confirmation or otherwise revealed to the Client. 14.10 The Client acknowledges, recognizes and accepts that Tickmill Ltd Bofinassets quotes variable spreads on options. The Client is specifically made aware that variable thatvariable option spreads are affected by actual market conditions, which are beyond Tickmill LtdBofinassets’s control. Tickmill Ltd Bofinassets does not guarantee any maximum or minimum quotable option spreads. 14.11 Any commission costs, interest charges, costs associated to and included in the spreads quoted by Tickmill Ltd ▇▇▇▇▇▇▇▇▇▇▇ as a Market Maker in certain markets and other fees and charges will consequently influence the Client's trading result and will have a negative effect on the Client's trading performance compared to a situation if such commission costs, interest charges, costs associated to and included in the spreads did not apply. 14.12 Whilst dealing spreads and commissions are normally considered moderate seen in relation to the value of the assets traded, such costs may be considerable when compared with the Client's margin deposit. As a consequence thereof the Client's margin deposit may be depleted by trading losses that the Client may incur and by the directly visible dealing costs such as commissions, interest charges and brokerage fees as well as the said not visible costs for the Client, caused by Tickmill Ltd▇▇▇▇▇▇▇▇▇▇▇'s performance as a Market Maker. 14.13 If the Client is an active trader and is undertaking numerous transactions, the total impact of as well visible as not visible costs may be significant. Consequently the Client may have to obtain significant profits in the markets in order to cover the costs associated associ ated with trading activities with Tickmill Ltd. Bofinassets. For very active Clients, such costs may over time exceed the value of the margin deposited. Normally, when trading margined derivatives, the lower the percentage of the applicable margin rate, the higher the proportion of the costs associated associat ed with executing a transaction. 14.14 The Client is specifically made aware that in the area of market making in foreign exchange, OTC foreign exchange options, CFD Contracts and other OTC products, significant implied costs can arise as a consequence of the profits made by Tickmill Ltd ▇▇▇▇▇▇▇▇▇▇▇ performing in its capacity as a Market MakerMarketMaker. 14.15 Tickmill Ltd▇▇▇▇▇▇▇▇▇▇▇'s performance as a Market Maker may negatively affect the Client's Account with Tickmill Ltd ▇▇▇▇▇▇▇▇▇▇▇ and the said implied costs are neither directly neitherdirectly visible nor directly quantifiable for the Client at any time. 14.16 Tickmill Ltd Bofinassets is at no time obliged to disclose any details of its performance or income produced as a Market Maker or otherwise related to other commissionsothercommissions, charges and fees. 14.17 The Client is specifically made aware that CFD Contracts may be OTC products quoted by Tickmill Ltd ▇▇▇▇▇▇▇▇▇▇▇ whilst operating as a Market Maker and not traded nottraded on a recognized stock exchange. As a result, the description above of the implied, not visible costs related to Tickmill LtdBofina ssets's performance as a asa Market Maker may also apply to any CFD Contract.

MARKET MAKING. 14.1 When Tickmill Ltd executes orders as Agent for the Client on a recognized stock or futures exchange, Tickmill Ltd will not be a party to such a trade as such orders will be executed in the trading system of the relevant exchange at the best price and the most favourable conditions available at the time of the order or according to the Client's specific instructions, e.g. in a situation where the Client has chosen to limit the order. Tickmill Ltd will not include any additional spread in the price of the execution achieved for the Client but will be remunerated according to the Commissions, Charges & Margin Schedule. 14.2 The Client is specifically made aware that in certain markets, including the foreign exchange markets, OTC foreign exchange options and CFD Contracts, Tickmill Ltd may act as a Market Maker. 14.3 When acting as a Market Maker, Tickmill Ltd will under normal market circumstances quote the Client bid and ask prices. 14.4 In order for Tickmill Ltd to quote prices with the swiftness normally associated with speculative trading, Tickmill Ltd may have to rely on available price or availability information that may later prove to be faulty due to specific market circumstances, for instance, but not limited to, lack of liquidity in or suspension of an asset or errors in feeds from information providers or quotes from Counterparties. If so and if Tickmill Ltd has acted in good faith when providing the price to the Client, Tickmill Ltd may cancel the trade with the Client but shall do so within reasonable time and shall provide the Client with a full explanation for the reason for such cancellation. 14.5 Following execution of any position with a Client, Tickmill Ltd may at Tickmill Ltd's reasonable discretion subsequently offset each such client position with another client position, or a position with one of Tickmill Ltd's Counterparties or retain a proprietary position in the market with the intention to obtain trading profits from such positions. Such decisions and actions may therefore result in Tickmill Ltd offsetting client positions at prices different (sometimes significantly different) from prices quoted to clients, resulting in trading profits or losses for Tickmill Ltd. This in turn can raise the possibility of the Client incurring what may be seen as an implied cost (i.e. the difference between the price at which the Client traded with Tickmill Ltd and the price at which Tickmill Ltd subsequently traded with Counterparties and/or other clients) due to any profits realised by Tickmill Ltd as a result of the Market Making function. However the Market Making function may involve significant costs to Tickmill Ltd if the market moves against Tickmill Ltd as compared to the price at which Tickmill Ltd traded with the Client. 14.6 The Client accepts that Tickmill Ltd in such markets where Tickmill Ltd acts as Market Maker, may hold positions that are contrary to positions of the Client, resulting in potential conflicts of interest between Tickmill Ltd and the Client, cf. Clause 16. 14.7 In markets, where Tickmill Ltd acts as a Market Maker, the Client accepts that Tickmill Ltd has no obligation to quote prices to clients at all times in any given market, nor to quote such prices to clients with a specific maximum spread. 14.8 In markets, where Tickmill Ltd acts as a Market Maker, Tickmill Ltd may or may not charge commissions. However, irrespective of whether or not Tickmill Ltd charges any commissions, the Client accepts that Tickmill Ltd will seek to make additional profits out of its performance as a Market Maker and the size of any such profits may be considerable if and when compared with the Client's margin deposit. 14.9 The Client acknowledges, recognizes and accepts that the price quoted to the Client includes a spread when compared with the price to which Tickmill Ltd may have covered or expected to be able to cover the Contract in a trade with another client or a Counterparty. Furthermore, the Client acknowledges, recognizes and accepts that said spread constitutes remuneration to Tickmill Ltd and that such spread not necessarily can be calculated for all Contracts and that such spread will not be specified at the Settlement/Trade Confirmation or otherwise revealed to the Client. 14.10 The Client acknowledges, recognizes and accepts that Tickmill Ltd quotes variable spreads on options. The Client is specifically made aware that variable option spreads are affected by actual market conditions, which are beyond Tickmill Ltd’s condi control. Tickmill Ltd does not guarantee any maximum or minimum quotable option spreads. 14.11 Any commission costs, interest charges, costs associated to and included in the spreads quoted by Tickmill Ltd as a Market Maker in certain markets and other fees and charges will consequently influence the Client's trading result and will have a negative effect on the Client's trading performance compared to a situation if such commission costs, interest charges, costs associated to and included in the spreads did not apply. 14.12 Whilst dealing spreads and commissions are normally considered moderate seen in relation to the value of the assets traded, such costs may be considerable when compared with the Client's margin deposit. As a consequence thereof the Client's margin deposit may be depleted by trading losses that the Client may incur and by the directly visible dealing costs such as commissions, interest charges and brokerage fees as well as the said not visible costs for the Client, caused by Tickmill Ltd's performance as a Market Maker. 14.13 If the Client is an active trader and is undertaking numerous transactions, the total impact of as well visible as not visible costs may be significant. Consequently the Client may have to obtain significant profits in the markets in order to cover the costs associated with trading activities with Tickmill Ltd. For very active Clients, such costs may over time exceed the value of the margin deposited. Normally, when trading margined derivatives, the lower the percentage of the applicable margin rate, the higher the proportion of the costs associated with executing a transaction. 14.14 The Client is specifically made aware that in the area of market making in foreign exchange, OTC foreign exchange options, CFD Contracts and other OTC products, significant implied costs can arise as a consequence of the profits made by Tickmill Ltd performing in its capacity as a Market Maker. 14.15 Tickmill Ltd's performance as a Market Maker may negatively affect the Client's Account with Tickmill Ltd and the said implied costs are neither directly visible nor directly quantifiable for the Client at any time. 14.16 Tickmill Ltd is at no time obliged to disclose any details of its performance or income produced as a Market Maker or otherwise related to other commissions, charges and fees. 14.17 The Client is specifically made aware that CFD Contracts may be OTC products quoted by Tickmill Ltd whilst operating as a Market Maker and not traded on a recognized stock exchange. As a result, the description above of the implied, not visible costs related to Tickmill Ltd's performance as a Market Maker may also apply to any CFD Contract.