Form 7301 | 04/03/2023

CLIENT AGREEMENT FOR PRODUCTS CARRIED BY
INTERACTIVE BROKERS (U.K.) LIMITEDCONTENTS
1

INTRODUCTION

3

1.1 Introduction and Scope of the Agreement

3

1.2 Client Categorisation

3

2

3

SERVICES AND TRADING

2.1 Investment Services

3

2.2 Executing Orders and Confirmations

5

2.3 Quotes, Market Information, Research and Internet Links

6

3

CUSTODY SERVICES

7

3.1 Client Money and Custody

7

4

8

MARGIN REQUIREMENTS, SECURITY INTEREST, NETTING AND SET OFF

4.1 IBUK Margin Policies

8

4.2 Security Interest and Set Off Provisions

10

5

12

OUR REMUNERATION

5.1 Commissions and Fees, Interest Charges, Funds

12

5.2 Multi-Currency Function in IBUK Accounts

12

5.3 Unpaid Account Deficits and Exposure Fees

13

6

13

WARRANTIES, INDEMNITIES AND DEFAULT

6.1 LIMITATION OF LIABILITY AND LIQUIDATED DAMAGES PROVISION

13

6.2 Representations Regarding Client Capacity

14

6.3 Other Client Representations and Warranties

14

7

15

USE OF ELECTRONIC SERVICES

7.1 Use of Electronic Services

15

8

16

YOUR PERSONAL INFORMATION

8.1 Data Protection

16

8.2 Confidential Information

17

8.3 Recording

18

9

18

PARTICULAR ACCOUNT TYPES

9.1 Joint Accounts

18

9.2 Partnerships

18

9.3 Clients introduced to IBUK through Introducing Brokers

18

10

18

COMPLAINTS AND COMPENSATION

10.1 Complaints

19

10.2 Financial Ombudsman Service

19

10.3 Financial Services Compensation Scheme

19

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11

MISCELLANEOUS

19

11.1 Conflicts of Interest

19

11.2 Amendments and Termination20

11.3 General20

11.4 Governing Law and Jurisdiction

20

11.5 Arbitration20

11.6 Distance Marketing Information

21

12

21

ADDENDUM - ADDITIONAL TERMS APPLICABLE TO CERTAIN CARRIED PRODUCTS

12.1 Schedule 1 – Contracts For Differences21

12.2 Schedule 2 – OTC Precious Metals

25

12.3 Schedule 3 – OTC Metal Futures

26

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GENERAL BUSINESS TERMS
1INTRODUCTION

1.1 Introduction and Scope of the Agreement
1.1.1

Client Agreement for Certain Covered Products: Interactive Brokers (U.K.) Limited ("IBUK") isauthorised in the United Kingdom by the Financial Conduct Authority ("FCA"). The FCA has its
address at 12 Endeavour Square, London E20 1JN. These General B usi ness Terms together with
the Addendum for certain Covered Products ("Agreement") govern the relationship between theclient (“You”, “your” or the “Client””) and IBUK for trading certain products carried by IBUK,
including certain index options, futures and futures options and Over-the-Counter ("OTC")
Products such as Contracts for Difference ("CFDs"), Foreign Currencies, and/or Foreign Currency
CFDs ("Forex"), Precious Metals and OTC Metal Futures (collectively "Covered Products").

1.1.2

This Agreement does not Cover Trading in Other Products: This Agreement does not covertrading in stocks or shares, bonds, mutual funds, or any product carried in accounts held at
IBUK's U.S. affiliate Interactive Brokers LLC ("IBLLC") (collectively, "Other Products"). For
transactions in these Other Products, IBLLC provides trade execution, client money and custody
services pursuant to rules of the U.S. Securities and Exchange Commission ("SEC") and the U.S.
Commodity Futures Trading Commission ("CFTC"), as applicable. For transactions in Other
Products, a separate agreement applies and in the event of any conflict between this Agreement
and such other agreement, the terms and conditions of this Agreement shall control with respect
to transactions related to Covered Products.

1.1.3

Trading of OTC Products is Highly Risky: Trading OTC Products such as CFDs, Forex, Precious
Metals and OTC Metal Futures is highly risky due to the speculative and volatile markets inthese products and the leverage (margin) involved. Trading these products may result in loss offunds greater than you deposited in the account. You represent that you have reviewed the relevantrisk disclosures provided separately and are willing and able to assume the risk of trading theseproducts. You represent that when you enter into any OTC Product transaction with IBUK, you doso for investment purposes and not for commercial purposes.

1.2 Client Categorisation
1.2.1

2

Unless we have specifically notified you in writing to the contrary, we have categorised you as a
Retail Client under the rules of the Financial Conduct Authority ("FCA Rules"). You have the right torequest a different client categorisation, although we are not bound to agree to such a request.
However, if we do agree and you are recategorised, you would lose the protection afforded bycertain FCA Rules. If we have categorised you as a Professional Client, as defined in the FCA
Rules, we will have specifically notified you in writing.

SERVICES AND TRADING

2.1 Investment Services
2.1.1

No Investment, Tax or Trading Advice: IBUK does not provide investment, tax or trading advice.
Our service is merely to provide execution services, meaning that we are only acting on yourinstructions and will not advise you on any transaction. IBUK employees are not authorised toprovide advice or recommendations. In providing these services, we will act honestly, fairly andprofessionally in accordance with the best interests of our clients and in compliance with all applicablelaws and regulations including, without limitation, the constitutions, articles, by-laws, rules, regulations,policies, procedures and interpretations (collectively, “Rules”) of: (i) the exchanges, markets and clearing
houses to which orders are routed or transactions are executed or cleared; (ii) the Financial Conduct
Authority (“FCA”); and (iii) any other regulatory, self-regulatory or governmental authority to which we aresubject (“Applicable Law”). We may provide you with information about Covered Products, including
their terms of performance. However, in providing such information IBUK will not be making any
personal recommendation to you or advising you on the merits of any such Covered Product, and you
will be responsible for making your own assessment of such information. For the avoidance of doubt,
we are not required to assess the suitability of any Covered Product or service provided or offeredand you will therefore not benefit from the protection of the FCA Rules on assessing suitability.
Nothing on the IBUK website is or shall be deemed a personal recommendation or solicitation to buy

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or sell any investment product. IBUK does not endorse and is not responsible for any advice,representation, content or other information provided by third parties, including but not limited to any
such information or third party referenced by or accessed through any Interactive Brokers website,
application or platform, including but not limited to the “IBK R Investors Marketplace”.
2.1.2

Important Supplemental Information Provided on IBUK Website: IBUK will provide important
supplemental information about Covered Products, including CFDs and other OTC Products, on the
IBUK website. This may include information about margin requirements, adjustments arising from
corporate actions, settlement and delivery procedures, order execution policies, tax treatment, andother matters. You confirm that you have regular access to the internet, and consent to us providing
you with information through our website at www.interactivebrokers.co.uk or such other website as
may from time to time be identified to you.

2.1.3

Key Information Documents: You consent to be provided with key information documents (“KIDs”)
for those Covered Products falling under the Packaged Retail and Insurance-based Investment
Products Regulation (“PRIIPs”) by means of a website. The address to such website is displayed bothon the Client’s Account Management section of the IBUK website and in the contract details page forthe relevant Covered Product. The contract details page is hosted in the Interactive Brokers TraderWorkstation (“IB TWS”) and can also be accessed in the product listing page of the IBUK website,
KIDs remain accessible on the website, and are capable of being downloaded. For PRIIPs productsthat are manufactured by IBUK, where a KID has been revised, previous versions can be obtained
upon request.

2.1.4

IBUK Trades as Agent or Principal: IBUK acts as agent for transactions executed on an exchange.
Unless otherwise indicated, IBUK generally acts as principal or riskless principal in OTC transactions.
Your OTC transactions are executed against IBUK, which may have a long or short position and may
profit or lose in connection with the transaction, or may hedge or effect it against or through an affiliate
or third party who may profit or lose. When IBUK accepts an order or executes a transaction for you
where we access external execution venues (including third party Systematic Internalisers as definedin the FCA Rules) as agent or riskless principal, IBUK does so as an executing broker and not as a
Systematic Internaliser.

2.1.5

This Agreement does not Obligate the Client or IBUK to Enter into any Particular Transaction, or
any Transactions: You are not obligated to make any trades under this Agreement. Likewise, IBUK
is not obligated to accept any particular order from you and IBUK is not obligated to enter into any
particular transaction for or with you. IBUK has sole discretion to decide whether to quote a market inparticular products, whether to deal or broker deals in particular products and whether to enter into atransaction with you for particular products. IBUK's entry into a transaction in a product does not
obligate IBUK to continue to deal in that product in the future or enter further transactions with you inthat product.

2.1.6

Use of IBUK's services: IBUK may terminate the Client's use of IBUK's services at any time in IBUK'ssole discretion without prior notice to the Client. IBUK may also decline to accept, to execute or to cancel
any Client order, or may otherwise restrict, in whole or in part, the Client's use of IBUK's services at any
time, for any length of time, in IBUK's sole discretion, without prior notice to the Client. Such restrictions
on trading activity may include, but are not limited to: (i) prohibiting the Client from engaging in trading of(or entering orders to open or increase the size of a position in any individual financial instrument or
category of financial instrument; (ii) prohibiting certain types of trades or orders; or (iii) limiting order sizeor value at risk. Notwithstanding the above, the Client remains responsible for its orders and transactions
without regard to whether IBUK restricts, or does not restrict, the Client's trading activity. All transactions
are subject to rules and policies of relevant markets and clearing houses, and Applicable Laws. IBUK IS
NOT LIABLE FOR ANY ACTION OR DECISION OF ANY EXCHANGE, MARKET, DEALER, CLEARING
HOUSE OR REGULATOR, OR THE DIRECT OR INDIRECT CONSEQUENCES THEREOF.

2.1.7

Suspicious Activity: If IBUK in its sole discretion believes or suspects that a Client’s account(s) has been
involved in any fraud or crime or violation of Applicable Law, or has been accessed unlawfully, or isotherwise involved in any suspicious activity (whether victim or perpetrator or otherwise), IBUK may
suspend or freeze the account or any privileges of the account, may freeze or liquidate funds or assets,
remove funds and/or assets from your account, or may utilise any of the remedies in this Agreement for a"Default". You waive any claim for loss or damages against IBUK arising out of or related to IBUK
exercising its rights under this Section. We are entitled to report to any relevant regulatory authority any
transaction undertaken by you that may constitute a breach by you of any Applicable Law.

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2.2 Executing Orders and Confirmations
2.2.1

Order Execution: IBUK will execute Client orders in accordance with the terms of our Order Execution
Policy. When executing a Client order, IBUK will take all sufficient steps to deliver best possible result, but
IBUK cannot guarantee delivery of best execution on every single order executed on behalf of the Client.
This may be for a variety of reasons, including, for example: other dealers/markets may have better prices,
IBUK may not have access to every dealer/market; other orders may trade ahead of yours; dealers ormarket centres may not honour posted prices; or market/dealer rules, decisions or system failures may
prevent/delay execution of orders or cause orders not to receive the best possible outcome. A summaryof our Order Execution Policy has been published on the IBUK website under ‘Forms and Disclosures’.
You consent to receiving a copy of our Order Execution Policy in this way. You expressly consent andagree to: (a) the terms of our Order Execution Policy; and (b) your orders being executed inaccordance with the Order Execution Policy. You expressly consent and agree to IBUK executing
orders outside a trading venue (i.e. outside of a regulated market, multilateral trading facility ororganised trading facility) in certain circumstances, as it is permitted under the terms of the Order
Execution Policy. You have the right to request information from IBUK in respect of the entities in which
orders are placed for execution. IBUK will provide this information upon reasonable request from you.
IBUK may act as agent both for buyer and seller in a transaction. IBUK may use another broker or dealer,or an IBUK affiliate to execute orders, and in such cases the executing party shall have the benefit of all
IBUK’s rights hereunder.

A. Proprietary Trading – Display of Client Orders: The Client authorises IBUK to execute
proprietary trades for itself and its affiliates, even though IBUK may simultaneously holdunexecuted Client orders for the same products at the same price. The Client further agrees that
IBUK may trade with the Client for its own account or for an IBUK affiliate or another client andmay earn a profit on those trades.
2.2.2

Quotations: For orders that you send to us, the execution price and confirmation in relation to eachtransaction shall reflect our current quotations within the IBUK platform when your order has been received
and has become executable and has been executed by us. Due to inherent delays in telecommunications,a transaction may be executed at a price worse than the displayed quotation (e.g., if another client order
has already taken all of the volume at our displayed quote, or if our quote was in the process of being
updated when your order was in transit), especially if you use market orders. We therefore strongly
recommend the use of client limit orders.
A. Pre-trade Filters and other checks: Exchanges and regulators require brokers to impose various
pre-trade filters and other checks to try to ensure that orders do not disrupt the market or violatemarket rules. Exchanges, other markets and dealers also apply their own filters and limits to orders
they receive. These filters or order limits may cause the Client's orders, including but not limited
to market orders, to be delayed in submission or execution, either by IBUK or by the market. Filters
may also result in an order being cancelled or rejected. IBUK may also cap the price or size of the
Client's orders before they are submitted to an exchange. IBUK reserves the right in its sole
discretion, without notice, to impose filters and order limits on any Client order and will not beliable for any effect of filters or order limits implemented by IBUK or an exchange, market or dealer.
B. Special Risks of Algorithmic Orders: IBUK makes available various order types that use
computerised algorithms. These order types allow the Client to input various conditions as part ofan order placed with IBUK. The Client agrees that if algorithmic order types are used, it is the
Client's responsibility to understand how the order type works, including through review of theinformation on the IBUK website describing particular order types. Algorithmic trading involves
special risks, including, among others, the risk of software or design flaws, technical errors,
adverse market impacts from algorithmic orders and rapid losses. The Client understands andagrees to accept these risks when using algorithmic orders and the Client waives any right tomake claims against IBUK in connection with such orders.
C. Fast and Volatile Markets: During periods of heavy trading and/or fast or volatile market
conditions with wide price fluctuations ("Fast Markets"), there may be delays in IBUK executing
the Client's orders or providing trading activity reports to the Client. If the Client places a market
order in a Fast Market, there may be a significant difference in the quote the Client receives prior
to or at the time the Client places the order and the execution price the Client receives. By placing
a market order under such conditions, the Client accepts this risk and waives any claim related toa difference between quoted and execution price. If IBUK, in its sole discretion, believes any
particular stock is or may be volatile, IBUK may, but is not obligated to, decline to allow clients,

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including the Client, to place orders for that stock through IBUK’s systems.
2.2.3

Orders; Order Cancellation/Modification: Orders to sell (buy) a product when you have a long (short)position will be construed as orders to close out the long (short) position in the amount of the sell (buy)order, and if the size of the sell (buy) order exceeds the long (short) position, will be construed to closethe entire position and open a short (long) position in the remaining amount of the order. Once an order
or instruction has been given to us it cannot be cancelled or modified without IBUK's consent. You
acknowledge that it may not be possible to cancel/modify an order and that you are responsible for
executions notwithstanding a cancel/modify request. IBUK shall have no responsibility for any orders or
instructions that were entered by you or your Authorised Users (as defined below) in error andnotwithstanding such error we shall be entitled to process them accordingly.

2.2.4

Information Security; Responsibility for Client Orders/Trades: The Client consents and agrees that
the Client is responsible for all orders and instructions sent to IBUK using the Client's user name/password
and other security protocols (collectively "Security Information"), and that IBUK will assume that suchorders and instructions originate from the Client and that IBUK is absolutely entitled to accept such orders
and instructions.
The Client will not allow anyone to access the Client's account, unless IBUK is notified and agrees inwriting to allow the Client to appoint an authorised user (“Authorised User”). The Client agrees that
Security Information will only be used by the Client and that the Client's Security Information will not be
disclosed to third parties. The Client agrees to put in place and maintain appropriate security arrangements
to prevent the theft or unauthorised use of the Client's Security Information, including but not limited tomaintaining Security Information in a safe place, using security software, disconnecting from the IBUK
website and trading system when not using them, changing passwords periodically, and other measures.
The Client agrees to notify IBUK immediately by contacting the IBUK Customer Service Department bytelephone and to confirm in writing immediately thereafter, or electronically through our website, if the
Client suspects or becomes aware of the theft or unauthorised use of Security Information or that the
Client's account has been accessed by an unauthorised person. IBUK is not liable for any loss or damage
caused by any third party using the Client’s Security Information.

2.2.5

Confirmations and Reporting Errors:
A . IBUK will promptly provide, or arrange for an affiliate to provide: (i) confirmations of order
executions or cancellations; (ii) periodic statements, at least monthly; (iii) a summary statementof costs and charges, at least annually; and (iv) an illustration of the cumulative effect of costs on
returns, at least annually. Any confirmation, statement or illustration to be provided by IBUK will
be displayed on the Client’s Account Management section of the IBUK website. A transaction shallbe deemed executed when your order is confirmed as executed by IBUK. The Client will monitor
each order until IBUK confirms execution or cancellation. The Client acknowledges that
confirmations of executions or cancellations may be delayed or may be erroneous (e.g., due tocomputer system issues or inaccurate reporting) or may be cancelled/adjusted under appropriate
circumstances (including by an exchange, market or dealer).
B. IBUK has no responsibility for the Client’s transmissions of orders that are inaccurate or notreceived by IBUK, and may execute any order or trade on the terms actually received by IBUK.
The Client is bound by the actual order execution, if consistent with the Client's order as entered.
In the event that a transaction is confirmed by IBUK as executed, and it is later cancelled by anexchange, trading network or regulatory authority, the confirmed transaction will also be deemed
cancelled and the Client will be informed accordingly.
C. The Client agrees to notify IBUK immediately (but in no event within more than one (1) businessday) by telephone or electronically through the IBUK website if: (i) the Client fails to receive an
accurate confirmation of an execution or cancellation; (ii) the Client receives a confirmation that isdifferent than the Client's order; (iii) the Client receives a confirmation for an order that the Client
did not place. If the Client fails to notify IBUK immediately, IBUK reserves the right to remove thetrade from the Client’s account or require the Client to accept the trade, in IBUK’s sole discretion.
The Client shall provide IBUK with immediate notice upon receipt of erroneous information in any
account statement or other form not addressed in (i)-(iii) above.

2.3 Quotes, Market Information, Research and Internet Links

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2.3.1

Quotes, news, research and information accessible through IBUK (including through links to outside
websites) ("Information") may be prepared by IBUK and/or its affiliates, and/or independent providers.
The Information is the property of IBUK, and/or its affiliates, and/or the providers or their licensors and isprotected by law. The Client agrees not to reproduce, distribute, sell or commercially exploit theInformation in any manner without written consent of IBUK or the providers. IBUK reserves the right toterminate access to the Information. None of the Information constitutes a recommendation by IBUK or asolicitation to buy or sell. Neither IBUK nor the providers guarantee accuracy, timeliness, or completenessof the Information, and the Client should consult an advisor before making investment decisions.

2.3.2

RELIANCE ON QUOTES, DATA OR OTHER INFORMATION IS AT THE CLIENT'S OWN RISK. IN NO
EVENT WILL IBUK OR THE PROVIDERS BE LIABLE FOR CONSEQUENTIAL, INCIDENTAL, SPECIAL
OR INDIRECT DAMAGES ARISING FROM USE OF THE INFORMATION. THERE IS NO WARRANTY
OF ANY KIND, EXPRESS OR IMPLIED, REGARDING THE INFORMATION, INCLUDING WARRANTY
OF MERCHANTIBILITY, WARRANTY OF FITNESS FOR A PARTICULAR USE, OR WARRANTY OF
NON- INFRINGEMENT. IBUK IS NOT RESPONSIBLE FOR DETERMINING WHETHER THE CLIENT IS
ENTITLED TO RECEIVE OR SUBSCRIBE TO ANY RESEARCH SERVICES LISTED ON THE IBUKWEBSITE OR FOR THE CLIENT COMPLIANCE WITH APPLICABLE LAWS IN RELATION TO
RESEARCH SERVICES. THE CLIENT UNDERTAKES TO NOTIFY IBUK IF THE CLIENT CONSIDERSNOT TO BE ENTITLED TO ACCEPT AND RETAIN ANY OF THE RESEARCH SERVICES LISTED ON
THE IBUK WEBSITE. Subscription to research services is subject to the charges disclosed on the IBUK
website. You may pay for the subscription directly from your own resources, from a separate research
payment account, or as otherwise permitted under Applicable Laws.

3

CUSTODY SERVICES

3.1 Client Money and Custody
3.1.1

For transactions subject to this Agreement, IBUK provides client money and safe custody services directly,
subject to the FCA Rules. IBUK is not a member of the U.S. Securities Investor Protection Corporation("SIPC") and your assets held by IBUK in connection with Covered Products described in this Agreement
are not protected by SIPC.

3.1.2

Holding your Money

3.1.2.1

Your money will be held by IBUK as client money in accordance with the applicable FCA client asset
regulations (“CASS Regulations”), which among other things, require IBUK to hold your money in one
or more client bank accounts segregated from IBUK’s own funds. To the extent permitted by the CASS
Regulations, IBUK may allow another organisation, such as an exchange, clearing house or anintermediate broker, which may include affiliates, to hold or control client money for the purpose of atransaction for you through or with that organisation, or to meet any obligation.

3.1.2.2

As permitted under FCA Rules, your money may be held in a client money bank account with a notice
period of up to 95 days for any withdrawals. This means that there is a risk that your money may not be
immediately available for withdrawal on demand particularly in the unlikely event of an unprecedented
and extreme increase in client withdrawals at the same time. However, we endeavour to manage thatrisk through a periodic review of our cash flows and liquidity and ensuring we have adequate clientmoney to meet your requirements.

3.1.2.3

Where IBUK holds your money in such client bank account(s) it may be pooled with the money of otherclients of IBUK. This means that in the event of IBUK’s failure you do not have a claim against a specificsum held in a specific account, but your claim is only for a share of the total client money held in thatpool. Any shortfall in client money held in that pool would be borne by you rateably in accordance withyour entitlements in respect of the client money held for clients on this basis. In such circumstances, you
may not receive an amount equal to the individual sum owing to you. Where IBUK holds client money,
interest will be payable on any client money held at the interest rates specified on the IBUK website (see“Interest Rates” under “Pricing”).

3.1.2.4

IBUK will exercise due skill, care and diligence when selecting a bank or banks to hold this client money
and will periodically review the bank or banks it has selected to hold client money as required under
CASS Regulations. However, IBUK is not responsible under any circumstances for any facts, omissions
or default of any bank chosen by it to hold client money. In the event of the insolvency or any otheranalogous proceedings of a third party holding client money, any shortfall in the amount of money in therelevant client bank accounts may be insufficient to satisfy the claim of all clients in respect of thoseaccounts and you will share proportionally in the shortfall with other creditors of the third party.

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3.1.2.5

4

Where your money is held in a credit institution or bank outside the United Kingdom or the European
Economic Area (“EEA”), to the extent permitted by the CASS Regulations, the legal and regulatory
regime applying to such credit institution or bank may differ to that applicable in the UK or the EEA andyour rights in relation to that credit institution may be treated differently to the way it would be treated if
it were held in the United Kingdom and the UK Financial Services Compensation Scheme does not
apply.

MARGIN REQUIREMENTS, SECURITY INTEREST, NETTING AND SET OFF

4.1 IBUK Margin Policies
4.1.1

Risk of Margin Trading: Margin trading is highly risky and may result in a loss of funds greater than the
Client has deposited in the account.

4.1.2

Margin Requirements and Changes to Margin Requirements: Margin transactions are subject, to
IBUK's margin requirements (“Margin Requirements”), which may include initial margin and/or
maintenance margin requirements. IBUK's Margin Requirements may exceed the margin required underrules of exchanges or clearing houses or governmental or other regulatory agencies. IN ORDER TO
PROTECT THE FIRM AND ALL OF OUR CLIENTS, IBUK MAY MODIFY MARGIN REQUIREMENTS
FOR ANY OR ALL CLIENTS FOR ANY OPEN OR NEW POSITIONS AT ANY TIME, IN IBUK'S SOLEDISCRETION. Margin Requirements may be increased for particular clients for some or all products in
IBUK's sole discretion (e.g., in the event of a concentrated position or other risk factors).

4.1.3

Valuation: For the purposes of determining the Client's compliance with Margin Requirements, IBUK will
determine in its sole discretion the value of positions and assets in the Client's account. IBUK's calculations
may differ from the values or prices disseminated by exchanges or other market data sources. For
example, IBUK may calculate its own index values, exchange traded funds (“ETF”) values or derivatives
values, and IBUK shall have the sole discretion in deciding whether and how to value securities,
derivatives, OTC Products or other investment products based on bid price, offer price, last sale price,bid/ask midpoint or using some other method. IBUK may use a valuation methodology that is moreconservative than the marketplace as a whole and this may effectively constitute a higher "house" margin
requirement, which IBUK has the right to establish. IBUK may raise Margin Requirements in advance ofan upcoming change in the required exchange or clearing house margin even before the effective date ofsuch change.
IBUK's house Margin Requirements or risk control parameters may include leverage ratio limits or position
size limits for securities, commodities, currencies, OTC Products or other products (for example, IBUK
may limit the ratio by which the gross position value of the account may exceed the equity of the accountand limit the ratio by which unsettled transactions may exceed account equity). These limits address
situations in which there may be little or no apparent market risk in holding a position but there may besettlement or other risk. If these limits are reached or exceeded, your account may not be able to engage
in new trades and existing positions may be liquidated without notice.

4.1.4

Requirement to Maintain Sufficient Margin Continuously, at all Times, Including Intraday: The Client
shall monitor their account so that at all times the account contains sufficient equity to meet Margin
Requirements. The Client shall maintain, without notice or demand, sufficient equity at all times tocontinuously meet Margin Requirements. IBUK may reject any order if the account has insufficient equity
to meet Margin Requirements, and may delay processing any order while determining margin status.
Formulas for calculating Margin Requirements on the IBUK website are indicative only and may not reflect
actual Margin Requirements. Clients must at all times satisfy whatever Margin Requirement is calculatedby IBUK.

4.1.5

IBUK will not Issue Margin Calls: IBUK is not obligated to notify the Client of any failure to meet Margin
Requirements prior to IBUK exercising its rights under this Agreement, including but not limited to its rightto liquidate positions in the Client's account(s). Unlike the practice of some other brokers and dealers who
allow intraday or overnight or multi-day "grace periods" for margin compliance, the Client acknowledges
that IBUK generally will not issue margin calls; generally, will not allow a grace period in the Client's
account for the Client to meet intraday or other margin deficiencies. IBUK is authorised to liquidate accountpositions immediately in order to satisfy Margin Requirements without prior notice.
The Client will not rely on IBUK to close or liquidate positions in Client's account in the event
Client's account does not comply with Margin Requirements. The Client will not rely on IBUK'sliquidation rights and auto-liquidation systems to function as a stop-loss order. The Client cannot assume
that IBUK's general policy to liquidate positions will prevent the Client from losing more than the Client has

ibkr.co.uk | general business terms | 8

deposited. Among other things, market prices may not rise or fall incrementally and IBUK may not be able
to close out a position at a price that would avoid losses greater than the margin deposit. Likewise, IBUK
may in its discretion delay or decide not to liquidate positions in an account with a margin deficit and shallhave no liability for any loss sustained by the Client in connection with such delay of or forbearance fromliquidation.
The Client acknowledges and agrees that Margin Requirements and related rules of exchanges, clearing
houses and regulators generally are designed to protect the integrity of markets and the capital of brokerdealers that are subject to such rules and are not generally intended to protect the Client. IBUK's failure
to apply or enforce Margin Requirements and related rules shall not give the Client any right to bring anaction against IBUK and nothing in this Agreement constitutes a warranty or undertaking that IBUK will
apply or enforce the Margin Requirements and related rules.
4.1.6

Liquidation of Positions and Offsetting Transactions:A. THE CLIENT AGREES THAT IBUK HAS THE RIGHT, IN ITS SOLE DISCRETION, BUT NOTTHE OBLIGATION, TO LIQUIDATE ALL OR ANY PART OF THE CLIENT'S POSITIONS ORASSETS IN ANY OF THE CLIENT'S IBUK ACCOUNTS, INDIVIDUAL OR JOINT, AT ANY TIME
AND IN ANY MANNER (INCLUDING BUT NOT LIMITED TO PRE-MARKET/AFTER-MARKET
TRADING AND PRIVATE SALES) AND THROUGH ANY MARKET OR DEALER, WITHOUTPRIOR NOTICE OR MARGIN CALL TO THE CLIENT IF AT ANY TIME:i.

THE CLIENT'S ACCOUNT HAS ZERO EQUITY OR IS IN DEFICIT (I.E., NEGATIVEEQUITY);ii.

THE CLIENT'S ACCOUNT HAS INSUFFICIENT EQUITY TO MEET MARGIN
REQUIREMENTS;

iii.

IBUK ANTICIPATES (IN ITS SOLE DISCRETION) THAT THE HOLDING OF AN OPTIONPOSITION OR ANY OTHER POSITION IN THE CLIENT'S ACCOUNT LIKELY WILLRESULT IN A FUTURE MARGIN VIOLATION (FOR EXAMPLE UPON EXPIRATION OF
A DERIVATIVE POSITION);

iv.

AN EVENT OF DEFAULT HAS OCCURRED;v.

THIS AGREEMENT HAS BEEN TERMINATED;vi.

THE CLIENT SUBMITS, AND IBUK EXECUTES, AN ORDER FOR WHICH THE CLIENT
DOES NOT HAVE SUFFICIENT FUNDS; ORvii.

IBUK DETERMINES (IN ITS SOLE DISCRETION) THAT LIQUIDATION IS NECESSARY
OR ADVISABLE FOR IBUK'S PROTECTION.

UNLESS DIFFERENTLY REQUIRED BY APPLICABLE LAW, THE CLIENT SHALL BE LIABLE
AND WILL PROMPTLY PAY IBUK FOR ANY DEFICIENCIES IN THE CLIENT'S ACCOUNTTHAT ARISE FROM SUCH LIQUIDATION OR REMAIN AFTER SUCH LIQUIDATION. IBUK HAS
NO LIABILITY FOR ANY LOSS SUSTAINED BY THE CLIENT IN CONNECTION WITH SUCH
LIQUIDATION (OR IF THE IB SYSTEM DELAYS EFFECTING, OR DOES NOT EFFECT, SUCH
LIQUIDATIONS) EVEN IF THE CLIENT RE-ESTABLISHES ITS POSITION AT A WORSE
PRICE. FURTHER, UNDER SECTION 4.2.2 BELOW - "CROSS-COLLATERAL AGREEMENT
AND AUTOMATIC TRANSFER AUTHORISATION COVERING THE CLIENTS WITH IBUK AND
IBLLC ACCOUNTS" - IF YOU MAINTAIN ACCOUNTS AT BOTH IBLLC AND IBUK AND YOU
INCUR AN UNPAID MARGIN DEFICIT OR UNPAID DEBT IN YOUR ACCOUNT WITH IBLLC(OR IBUK), YOUR POSITIONS AT IBUK (OR IBLLC) MAY BE LIQUIDATED WITHOUT NOTICETO COVER SUCH DEFICIT OR DEBT.
B. IBUK may allow the Client to pre-request the order of liquidation of assets in the Client’s accountin event of a margin deficiency, but such requests are not binding on IBUK and IBUK retains thesole discretion to determine the assets to be liquidated and the order and manner of liquidation.
C. If IBUK does not, for any reason, liquidate under-margined positions, and issues a margin call,the Client must satisfy such call immediately as requested by depositing funds into the Client’s
account. Even if a call is issued, IBUK still may liquidate positions at any time.
D. If any of the events itemised in (i)-(vii) of Paragraph A. above occurs, the Client agrees that IBUK
also has the right, in its sole discretion, but not the obligation, to (i) freeze all or any part of positions

ibkr.co.uk | general business terms | 9

or assets held in the Client’s account, or (ii) exercise options positions in the Client’s account.
IBUK may take these actions without prior notice to the Client.
4.1.7

Options and Other Rights' Expiration: Prior to the start of the last trading day before expiration, theClient agrees to liquidate (i.e., close out) any long (or short) option position or other rights position that the
Client holds for which the Client has insufficient equity or may have insufficient equity at expiration to
exercise (or be assigned on) such position and to then carry the resulting underlying position in the Client's
account. The Client acknowledges that approaching expiration with long or short options for which the
Client does not or may not have sufficient equity to hold the underlying position puts the Client and IBUK
at serious risk (including the risk of market movements in the underlying product between expiration andthe next opening of the market in the product). If IBUK in its sole discretion determines that the Client has
or may have insufficient equity to take the underlying position in the Client's account upon expiration of an
option position, IBUK has the right, but not the obligation, to: (i) liquidate some or all of the options or rights
position prior to expiration; (ii) lapse some or all of the options (i.e., instruct that they not be exercised),even if in-the-money at expiration; and/or (iii) allow some or all of the options to be exercised or assigned
and then liquidate the resulting position. The Client shall have no claim for damages or lost profits resulting
from IBUK taking or not taking any of these actions.

4.1.8

Position Limits: The Client agrees that IBUK, in its sole discretion, may establish position limits and/or
may limit the number of open positions that the Client may execute or hold through IBUK. The Client
agrees: (i) not to enter into any transaction that would have the effect of exceeding such position limits;(ii) that IBUK may at any time reduce open positions by issuing closeout or offsetting trades, or require
the Client to reduce open positions; and (iii) that IBUK may refuse for any reason to accept orders toestablish new positions. IBUK may impose and enforce such limits, reduction or refusal even if not required
to do so by law or regulation. The Client shall comply with all position limits established by IBUK, any
regulatory or self-regulatory organisation, or by any exchange. The Client agrees to submit immediate
notice to IBUK if required to file position reports with any regulatory or self-regulatory organisation or withany exchange, and agrees to promptly provide IBUK with copies of any such position reports.

4.2 Security Interest and Set Off Provisions
4.2.1

Security Interest: All of the Client’s assets of any kind held by or on behalf of IBUK for the Client's accountare hereby pledged to IBUK and are subject to a perfected first priority lien and security interest in IBUK's
favour to secure performance of obligations and liabilities to IBUK arising under this or any other
Agreement. You represent that any margin transferred to us is free and clear of any liens or security
interests, and you agree that you will not create or agree to assign or transfer, any of the margin transferred
to us. To the extent allowed by Applicable Law, you agree that we may, free of any adverse interest of
yours, grant a security interest over margin provided by you to cover any of our obligations to anotherbroker or dealer or third party, including obligations owed by virtue of the positions held by us or our otherclients.

4.2.2

Cross-Collateral Agreement and Automatic Transfer Authorisation Covering Clients with IBUK and
IBLLC Accounts: If the Client maintains account(s) at IBUK and the Client also maintains account(s) at
IBLLC, the Client agrees as follows:

4.2.2.1

Subject to any regulatory margin or collateral requirements applicable to funds and assets held by the
Client at IBUK, the Client grants to IBLLC a lien and security interest in IBLLC's favour over all of the
Client funds and assets of any kind held by or on behalf of IBUK, and the Client funds and assets heldat IBUK for the Client's account are hereby pledged in IBLLC's favour to secure performance ofobligations and liabilities to IBLLC arising under the Client's agreement(s) with IBLLC.

4.2.2.2 Subject to any U.S. margin requirements applicable to funds and assets held by the Client at IBLLC, theClient grants to IBUK a lien and security interest in IBUK's favour over all of the Client’s funds and assetsof any kind held by or on behalf of IBLLC, and, to the extent allowable consistent with U.S. regulations,the Client’s funds and assets held at IBLLC for the Client's account are hereby pledged in IBUK's favour
to secure performance of obligations and liabilities to IBUK arising under this or any other Agreement
between the Client and IBUK.
4.2.2.3 Subject to Applicable Law, in the event of a debt or margin deficiency in the Client's IBUK account(s),the Client authorises IBLLC automatically to transfer excess funds from the Client's IBLLC account(s) to
the Client's IBUK account(s) to satisfy the deficit. In the event of a debt or margin deficit in the Client's
IBLLC account(s), the Client authorises IBUK automatically to transfer excess funds from the Client's
IBUK account(s) to the Client's IBLLC account(s) to satisfy the deficit.

ibkr.co.uk | general business terms | 10

4.2.2.4

Subject to Applicable Law, in the event of a "Default" or unpaid margin deficit or unpaid debt of any kindowed to IBUK by the Client, the Client authorises IBLLC, without notice, to liquidate any and all assets
in the Client's IBLLC account(s) and transfer sufficient proceeds to IBUK to satisfy the Client's obligations
to IBUK. In the event of a "Default" or unpaid margin deficit or unpaid debt of any kind owed to IBLLC by
the Client, the Client authorises IBUK, without notice, to liquidate any and all assets in the Client's IBUK
account(s) and transfer sufficient proceeds to IBLLC to satisfy the Client's obligations to IBLLC.

4.2.2.5

A "Default" of the Client's obligations to IBLLC under the Client's agreement(s) with IBLLC shall also be
considered a "Default" under Section 4.2.3 of this Agreement and, in such event, IBUK and IBLLC shallhave all rights specified in this Agreement and in the Client's agreement(s) with IBLLC, including all
Netting and Set-Off rights and the right to liquidate the Client positions without notice in order to satisfy
the Client's obligations to either IBUK or IBLLC. A "Default" under Section 4.2.3 of this Agreement shallalso be considered a "Default" under the Client's agreement(s) with IBLLC and, in such event, IBUK and
IBLLC shall have all rights specified in this Agreement and in the Client's agreement(s) with IBLLC,
including all Netting and Set-Off rights and the right to liquidate the Client’s positions without notice inorder to satisfy the Client's obligations to either IBUK or IBLLC.

4.2.3

Event of Default: A "Default" occurs automatically, without notice upon: (i) the Client’s breach or
repudiation of any agreement with IBUK; (ii) the Client’s failure to provide assurance satisfactory to IBUK
(in IBUK’s sole discretion) of performance of an obligation, after request from IBUK; (iii) proceedings byor against the Client under any bankruptcy, insolvency, or similar law; (iv) assignment for the benefit of
the Client's creditors; (v) appointment of a receiver, trustee, liquidator or similar officer for the Client or the
Client property; (vi) the Client representations being untrue or misleading when made or later becoming
untrue and not corrected within three (3) business days; (vii) legal incompetence of the Client; (viii) thesuspension of, or the commencement of any proceeding to suspend the Client’s business or license by
any regulatory or governmental body; (ix) the Client failure to respond to IBUK’s attempts to contact the
Client concerning potentially abandoned property; or (x) IBUK having reason to believe that any of theforegoing is likely to occur imminently. The Client agrees that, upon a Default, IBUK may terminate any or
all IBUK's obligations to the Client and may deduct from the equity in any Client account any losses, costs,
expenses or other liabilities incurred by IBUK arising from such Default.

4.2.4

Netting Agreement:

4.2.4.1

Netting by Novation: Each transaction between the Client and IBUK will immediately be netted with allthen existing transactions between the Client and IBUK for the same currencies to constitute one
transaction.

4.2.4.2

Payment Netting: If on any delivery date more than one delivery of a currency is due, each party shallaggregate the amounts deliverable in that currency and only the difference shall be delivered.

4.2.4.3

Close-Out Netting and Set-Off Rights: Subject to Applicable Law, if the Client: (i) incurs a margin
deficit in any IBUK account, (ii) defaults on any obligation to IBUK, (iii) incurs a "Default" as specified in
Section 4.2.3 herein, or (iv) fails to pay debts when due, IBUK has the right but not the obligation toclose-out the Client's transactions, liquidate all or some of the Client's collateral and apply the proceeds
to any debt to IBUK. IBUK shall be entitled to charge the Client all commissions, spreads, costs andcharges incurred.

4.2.4.4

Upon Close-Out Netting or any "Default", all outstanding transactions will be deemed terminated as of
the time immediately preceding the triggering event, petition or proceeding. Without prejudice to any
other rights and remedies available to IBUK (whether by agreement, by law or otherwise) IBUK reserves
the right, at any time, from time to time, without notice to the Client and in its sole discretion, to combine
and consolidate any or all of the Client's accounts (of whatever nature or type the Client holds with IBUK)
and positive and negative exposures and/or to set off some or all of the Client's account balances andany other amounts of whatsoever nature which may be due or payable from IBUK to the Client (ofwhatsoever nature and howsoever and whenever arising) against all interest, costs, expenses, charges,
realised losses, margin on deposit, negative positions and any and all other liabilities and amounts (ofwhatsoever nature and howsoever and whenever arising) owed by the Client to IBUK under this or any
other Agreement between the Client and IBUK. If IBUK exercises such rights of combination
consolidation and/or set-off, all obligations for payment in respect of all the foregoing will be cancelled
and simultaneously replaced by a single obligation to pay a net sum of cash to IBUK or (if a net amountis payable to the Client) to the Client.

ibkr.co.uk | general business terms | 11

4.2.4.5

IBUK may apply the above rights regardless of the currency of any amount payable by IBUK to the Client
or by the Client to IBUK. IBUK may (whether in connection with the exercise of any rights under thisSection or otherwise) convert money standing to the Client's credit in any of the Client's accounts withIBUK or any other profit, loss, exposure or liability or any money received from the Client or due to be
paid by the Client to IBUK or by IBUK to the Client from one currency to another at prevailing market
rates available to IBUK. IBUK shall be entitled to charge the Client all commission, spreads, costs andcharges incurred in connection with the foregoing.

4.2.4.6

The Netting and Set-Off rights in this Section 4.2.4 shall be binding towards the estate and creditors of
the parties. The Netting and Set-Off rights in this Section shall be read in conjunction with the "CrossCollateral Agreement and Automatic Transfer Authorisation Covering Clients with IBUK And IBLLC
Accounts" set forth in Section 4.2.2, which, among other things, grants IBLLC the rights set forth in thisSection in the event of a Default of Client's obligations to IBLLC under any agreement between the Clientand IBLLC.

5OUR REMUNERATION

5.1 Commissions and Fees, Interest Charges, Funds
5.1.1

Commissions and fees are as specified on the Pricing section of the IBUK website unless otherwise
agreed in writing by an officer of IBUK. The Client acknowledges that IBUK deducts commissions/feesfrom the Client’s accounts, which will reduce account equity. Positions will be liquidated if commissions orother charges cause a margin deficiency. Commissions and fees are charged either as a fixed amount or
as a percentage depending on the basis for calculation specified on the IBUK website. Changes tocommissions/fees are effective immediately upon any of: posting on the IBUK website or email or otherwritten notice to the Client. Our costs and charges disclosure is published on the IBUK website under‘Forms and Disclosures’, MiFID II Disclosures.

5.1.2

IBUK shall charge debit interest to the Client in accordance with the interest rates specified on the IBUK
website (see “Interest Rates” under “Pricing”). Notwithstanding any language to the contrary in thisAgreement or on the IBUK Website regarding credit and debit interest, interest rates for a particularcurrency may be “negative”. If the interest rate on funds held in a particular currency is negative, thismeans you will be charged a fee at the negative interest rate for positive balances in such currency andearn interest for negative balances in the currency. You should refer to rates specified on the IBUK
Website.

5.1.3

The Client funds may not be disbursed until after transactions are settled. Terms and conditions for deposit
and withdrawal of funds (including holding periods) are as specified on the IBUK website. We may sharecommissions and other charges with associates, introducing agents or other third parties or receive
remuneration from them in respect of contracts entered into by us. Where we pay or receive such amounts
or benefits and we are so required under the FCA Rules, we will disclose the existence, nature and wherepractically possible the amount of the payment or benefit separately to you. Minor non-monetary benefits
may be described in a generic way.

5.2 Multi-Currency Function in IBUK Accounts
5.2.1

Clients may be able to conduct transactions and trade products denominated in different currencies. If the
Client incurs an obligation in a currency (for example, by a withdrawal of such currency), and if insufficient
funds exist in the account in that currency, a margin loan shall be created to fund the obligation, securedby the assets in the Client’s account. If the Client maintains positions denominated in foreign currencies,
IBUK will calculate Margin Requirements by applying exchange rates specified by IBUK. IBUK will apply"haircuts" (a percentage discount on the foreign currency equity amount) to reflect the possibility offluctuating exchange rates between the base currency and the foreign currency. The Client must closely
monitor margin requirements at all times, particularly for positions denominated in foreign currencies,
because fluctuation in the currency and the value of the underlying position can cause a margin deficit
and may result in liquidation of the Client’s positions.

5.2.2

IBUK does not warrant that it will allow cash withdrawals or deposits in every currency in which investment
products are denominated on the IBUK platform. In such case, the Client authorises IBUK to convert thecurrency of the credit or debit of the product to a currency in which a withdrawal or deposit is allowed (atthen-current rates on the IBUK platform, plus applicable commission). If the account type or the IBUK
platform does not support carrying a debit in a particular currency to satisfy an obligation to IBUK incurredin that currency (for example, by entering an order in an options or futures contract settled in a particular

ibkr.co.uk | general business terms | 12

currency), the Client agrees that IBUK may convert to the appropriate currency funds sufficient to meet
applicable obligations or requirements.
5.2.3

Automatic Currency Conversion Feature of Impact Application (IMPACT APP) Accounts
If an account is opened through IMPACT APP, the Client warrants and represents on a continuous basisthat the Client has read, understood and agrees to the ‘INTERACTIVE BROKERS DISCLOSURE
REGARDING AUTOMATIC CURRENCY CONVERSION FEATURE OF IMPACT APP ACCOUNTS’
provided to the Client. A copy of this disclosure can be found at the following link.

5.3 Unpaid Account Deficits and Exposure Fees
5.3.1

If an account incurs in an equity deficit (regardless of account type), margin interest rates as specified on
the IBUK website will apply until the balance is repaid. IBUK has the right, but not the obligation, to treata cash account in equity deficit as a margin account. The Client agrees to pay reasonable costs andexpenses of collection for any unpaid Client deficit, including attorneys' and collection agent fees. If IBUK
seeks to recover any unpaid Client deficit through a court or arbitration proceeding, IBUK reserves theright to recover interest at statutory interest rates, rather than margin interest rates. IBUK may take all
steps permissible under Applicable Law to recover an unpaid Client deficit, including but not limited totransferring or assigning the debt to an affiliate or other third-party entity for collection.

5.3.2

IBUK calculates and charges a daily "exposure fee" to the Client accounts that are deemed in IBUK's
discretion to have significant risk exposure (potential exposure that exceeds the account's equity werecertain scenarios to occur). The exposure fee is NOT a form of insurance for the Client's account. If the
Client's account incurs a debt or deficit to IBUK, the Client remains liable to IBUK to satisfy that debt or
deficit. Payment of exposure fees does NOT reduce, offset, or relieve the Client of that liability. Deductionof exposure fees will reduce account equity. Positions may be liquidated if exposure fees cause a margin
deficiency.

6

WARRANTIES, INDEMNITIES AND DEFAULT

6.1 LIMITATION OF LIABILITY AND LIQUIDATED DAMAGES PROVISION
6.1.1

NEITHER IBUK NOR ITS AFFILIATES SHALL BE RESPONSIBLE OR LIABLE TO THE CLIENT FOR
ANY LOSS OR DAMAGE (WHETHER ARISING DIRECTLY OR INDIRECTLY), WHETHER OF
PROFITS, REVENUE OR GOODWILL OR ANY INDIRECT OR CONSEQUENTIAL LOSSES,
LIABILITIES, CLAIMS, EXPENSES, AWARDS, PROCEEDINGS AND COSTS, REGARDLESS OF
WHETHER THE POSSIBILITY OF SUCH LOSSES, DAMAGES, LIABILITIES, CLAIMS, EXPENSES,AWARDS, PROCEEDINGS AND COSTS WERE DISCLOSED TO OR COULD HAVE BEEN
REASONABLY FORESEEN BY IBUK OR ITS AFFILIATES AND WHETHER ARISING IN CONTRACT,IN TORT (INCLUDING NEGLIGENCE) OR FOR REPRESENTATIONS MADE OR OTHERWISE AS A
RESULT OF OR IN CONNECTION WITH THE PERFORMANCE OR NON-PERFORMANCE OF OUROBLIGATIONS UNDER THIS AGREEMENT. IN PARTICULAR, NEITHER IBUK NOR ITS AFFILIATESSHALL BE RESPONSBILE OR LIABLE TO THE CLIENT FOR ANY IB SYSTEM FAILURE DELAYS ORINTERRUPTIONS OF SERVICE OR TRANSMISSIONS, OR FAILURES OF PERFORMANCE,REGARDLESS OF CAUSE (INCLUDING, BUT NOT LIMITED TO, THOSE CAUSED BY HARDWARE
OR SOFTWARE MALFUNCTION; HUMAN ERROR; GOVERNMENTAL, EXCHANGE OR OTHER
REGULATORY ACTION; ACTS OF GOD; WAR; TERRORISM AND PUBLIC HEALTH EVENTS(INCLUDING PANDEMICS)). THE CLIENT RECOGNISES THAT THERE MAY BE DELAYS ORINTERRUPTIONS OR SYSTEM FAILURE
IN THE USE OF THE ELECTRONIC SERVICES,INCLUDING, FOR EXAMPLE, THOSE CAUSED INTENTIONALLY FOR PURPOSES OF SERVICINGTHE IB SYSTEM. TO THE EXTENT PERMITTED BY LAW, NOTHING IN THIS AGREEMENT SHALL
EXCLUDE OR RESTRICT ANY LIABILITY WHICH IBUK OR ITS AFFILIATES HAS TO YOU UNDERANY APPLICABLE LAW OR REGULATORY REQUIREMENT AND WHICH CANNOT BE EXCLUDEDOR RESTRICTED BY AGREEMENT BY REASON OF ANY APPLICABLE LAW OR REGULATORYREQUIREMENT, AND THE PROVISIONS OF THIS AGREEMENT WHICH PURPORT TO EXCLUDE
OR RESTRICT ANY SUCH LIABILITY SHALL NOT APPLY TO THE EXTENT THAT SUCH LIABILITY
MAY NOT BE SO RESTRICTED OR EXCLUDED.

6.1.2

Risk Regarding Political and Governmental Actions: Governments of countries in which IBUK clients
reside, or countries in which IBUK clients invest, may take economic and/or political actions that are
adverse to investors and such actions may negatively affect the Client's account. The Client agrees that
IBUK and its affiliates are not liable for such actions. For example, if the Client invests in securities, futures,
foreign currency or other investment products in a foreign jurisdiction, such assets, or cash to secure such

ibkr.co.uk | general business terms | 13

assets, typically will be held at a bank, clearing house or other facility in such foreign jurisdiction. Assets
and cash held in foreign jurisdictions are inherently vulnerable to the risk that the government in suchjurisdiction could freeze or confiscate or take some other action against such assets for some purpose,
temporarily or permanently. Likewise, even with respect to investments within the Client's own country,
governments may freeze or take other action against such assets on the basis of political, economic, or
military conflict. The Client acknowledges and agrees that IBUK (and its affiliates) cannot and will notprotect the Client from actions by any governmental, political, military, or economic actor that may
adversely impact the Client's assets held by IBUK (and/or its affiliates), its agents or sub-custodians. The
Client agrees that that IBUK and its affiliates are not liable for any losses or damages the Client may incur
as a result of any such action.
6.1.3

Indemnification: The Client agrees to indemnify, hold harmless and defend IBUK, its affiliates, and theirrespective officers, directors, employees, agents, and representatives from any and all liabilities, losses,
costs, judgments, penalties, claims, actions, damages, or expenses (collectively, "Losses") arising fromor relating to: (i) any action taken in reliance on any representation, information or instruction received
from the Client; (ii) the Client's breach of this Agreement; (iii) any action taken by IBUK to enforce its rights
under this Agreement; (iv) any enquiry, information request, or other action by a third party related to the
Client's account, including Client assets, liabilities, transactions, instructions, actions, or inactions; (v) any
Event of Default as defined hereunder; or (vi) the Client's violation or infringement of any intellectual
property right held by IBUK or its affiliates, except to the extent that such Losses directly result from IBUK'sgross negligence, fraud or willful misconduct.

6.2 Representations Regarding Client Capacity
6.2.1

You represent to us that, at the date of this Agreement and at the time of each transaction:

6.2.1.1

You have full power and authority and have taken all necessary steps to enable you to lawfully enter into
and to perform all your obligations under this Agreement;

6.2.1.2

Unless you notify us otherwise in writing and we agree, you deal as principal only and no person otherthan yourself has or will have any interest in any transaction or in any account that we hold on yourbehalf, and all sums or other assets deposited as margin are beneficially owned by you and you will not
create any charge or other encumbrance over or in respect of such money or assets;

6.2.1.3

You will provide to us, on request, such information regarding your identity as we may reasonably require
to comply with anti-money laundering regulations;6.2.1.4

No Event of Default or potential Event of Default as specified in Section 4.2.3 has occurred and iscontinuing with respect to you; and6.2.1.5 All information you have given to us is true and accurate in all material respects and you will notify us
promptly of any changes to the information.

6.3 Other Client Representations and Warranties
6.3.1

If the Client is not an individual (e.g., is a corporation, unincorporated business, partnership or trust), theClient and each of the Client's authorised representatives represent and warrant that, as of the date of thisAgreement and each time they place an order and/or execute a Transaction:

6.3.1.1

it is duly incorporated and validly existing under the laws of its place of organisation or formation;

6.3.1.2

it has, and will have, pursuant to its articles of incorporation, partnership agreement, charter, by-laws,
operating agreement or other governing document(s) ("Governing Documents") and the jurisdictions
in which the Client is registered, authorised, and/or regulated, the power and authority to enter into,
exercise its rights, and perform or comply with its obligations under this Agreement and each order;

6.3.1.3

it has, and will have, pursuant to its Governing Documents and the jurisdictions in which the Client isregistered, authorised, and/or regulated, the power and authority to trade the securities, options, futures,and other investment products to be traded in the Client's account;

6.3.1.4

it has and will have taken all necessary action to authorise the exercise, performance, and execution ofthis Agreement and any other document relating to this Agreement to which the Client is a party; and6.3.1.5

the persons which the Client identifies to IBUK as authorised to enter orders and trade on behalf of the
Client have full authority to do so.

ibkr.co.uk | general business terms | 14

6.3.2

If the Client is a trust, the term "Client" as used herein refers to the Trust and/or the Trustees. The
Trustee(s) hereby represent(s) that:

6.3.2.1

There are no other Trustees of the Trust other than those identified in the documents required to open
and operate the Client’s account (“Account Application Materials”);

6.3.2.2

IBUK and its affiliates have the authority to accept orders and other instructions relative to this accountfrom the Trustee(s). Trustee(s) hereby certifies(y) that IBUK and its affiliates are authorised to follow
the instructions of any Trustee and to deliver funds, securities, or any other assets in this account to
any Trustee or on any Trustee's instructions, including delivering assets to a Trustee personally. IBUK
and any of its affiliates, in their respective sole discretion and for their respective sole protection, may
require the written consent of any or all Trustee(s) prior to acting upon the instructions of any Trustee;

6.3.2.3

Trustee(s) has (have) the power under the Trust, the documents governing the Trust ("Trust
Agreement") and Applicable Law to enter into this Agreement and open the type of IBUK accountapplied for, and to enter into transactions and issue instructions for this account. To the extent that thefollowing activities are permitted for the type of account being opened, such powers may include,
without limitation, the authority to buy, sell (including short sales), exchange, convert, tender, redeem
and withdraw assets (including delivery of securities to and from the account) to trade securities on
margin or otherwise (including the purchase and/or sale of option contracts), and/or the authority to
trade futures and/or options on futures, for and at the risk of the Trust;

6.3.2.4

Should only one Trustee execute this Agreement, it shall be a representation that such Trustee has
the authority, pursuant to the Trust Agreement, to execute this Agreement and to enter into transactions
and issue instructions for this account as described above, without acknowledgement or consent by
the other Trustees;

6.3.2.5

Trustee(s) certifies(y) that any and all Transactions effected and instructions given regarding thisaccount will be in full compliance with the Trust, the Trust Agreement, and Applicable Laws;

6.3.2.6

Trustee(s), jointly and severally, shall indemnify IBUK and its affiliates and hold IBUK and its affiliatesharmless from any claim, loss, expense or other liability for effecting any Transactions, and acting upon
any instructions given by the Trustee(s);6.3.2.7

Trustee(s), agree(s) to inform IBUK of any material change in any information provided in the AccountApplication Materials electronically through the IBUK website; and6.3.2.8

Trustee(s) represent(s) that the statements and certifications made herein and the information provided
in the account application process are true and correct, and authorises IBUK and any of its affiliates toconfirm their accuracy as it deems necessary.

6.3.3

The Client shall promptly notify IBUK in an e-mail addressed to complianceuk@interactivebrokers.com inthe event that any of the above representations or warranties materially change or cease to be true andcorrect. Without limiting the generality of the foregoing, the Client specifically agrees to notify IBUK
immediately in the event that:

6.3.3.1

If the Client is a corporation, unincorporated business, partnership, or trust, there is a significant change
in the nature of the Client's business or ownership;

6.3.3.2

If the Client is an unincorporated business or partnership, the authorised signatories of the businessor partnership change; and6.3.3.3

If the Client is a trust, any trustee is replaced. In all of the foregoing events, the Client agrees to provide
to IBUK any additional information or documentation that IBUK deems necessary or desirable, upon
IBUK's request.

7

USE OF ELECTRONIC SERVICES

7.1 Use of Electronic Services
7.1.1

License to Use IBUK and Its Affiliates' Software: IBUK and its affiliates in the Interactive Brokers Groupof companies grant the Client a non-exclusive, non-transferable license to use Interactive Brokers Group
Software solely as provided herein. Title to Interactive Brokers Group Software and updates shall remain
the sole property of IBUK and/or its Interactive Brokers Group affiliates, including all patents, copyrights
and trademarks. The Client shall not sell, exchange, or transfer the Interactive Brokers Group Software toothers. The Client shall not copy, modify, translate, decompile, reverse engineer, disassemble or reduce
to a human readable form, or adapt, the Interactive Brokers Group Software or use it to create a derivative

ibkr.co.uk | general business terms | 15

work. IBUK and its affiliates are entitled to immediate injunctive relief for threatened breaches of theseundertakings.
7.1.2

IB System and Use of Electronic Services: In order to communicate with the Interactive Broker’s System("IB System”) (and to utilise the services contemplated herein), IBUK and/or its affiliate’s may allow (inIBUK’s sole discretion) the Client to use certain of IBUK’s and/or its affiliate’s electronic trading services(including connectivity services) and any other electronic and information systems or networks(“Electronic Services”) subject to the terms of this Agreement.

7.1.3

Alternative Trading Arrangements: Electronic Services such as those IBUK uses and provides to the
Client are inherently vulnerable to disruption, delay or failure. The Client must maintain alternative tradingarrangements, in addition to the Client’s account for the execution of Client orders in the event that the IB
System and/or any Electronic Services are unavailable. By signing this Agreement, the Client represents
that the Client maintains such alternative trading arrangements.

7.1.4

Suspension or Withdrawal of Electronic Services: Without limitation to any of our other rights under
this Agreement, we reserve the right to suspend or withdraw temporarily or permanently all or any part ofour Electronic Services, immediately at any time if: (a) we suspect or become aware of unauthorised use
or misuse of any Security Information; (b) you are in breach of any of the provisions of this Agreement or
Applicable Laws; (c) in our opinion, your or any Authorised User's connection to the Electronic Services isfor any reason endangering the operation of it; or (d) we are unable to provide access to the ElectronicServices due to any defect in or failure of network, communication or computer systems owned or operated
by us or you or any third parties.

7.1.5

Consent to Accept Electronic Records and Communications: IBUK and its affiliates provide electronic
trade confirmations, account statements, KIDs for certain Covered Products, tax information, proxymaterial and other Client records and communications (collectively, "Records and Communications") inelectronic form to the maximum extent permitted by Applicable Law. Electronic Records andCommunications may be sent to the Client's Trader Workstation or to the Client's e-mail address, or for
security purposes may be posted on the IBUK website or on the secure website of one of IBUK’s service
providers, with a notification sent to the Client to login and retrieve the Records and Communications. By
entering into this Agreement, the Client consents to the receipt of electronic Records andCommunications. Such consent will apply on an ongoing basis and for every tax year unless withdrawn
by the Client. The Client may withdraw such consent at any time by providing electronic notice to IBUK
through the IBUK website. If the Client withdraws such consent, IBUK will provide required Records andCommunications (e.g., tax document, proxy materials, etc.) in paper form upon request by telephone or
via the IBUK website. However, IBUK reserves the right to require the Client to close the Client's account
if the Client withdraws consent to receiving electronic delivery of Records and Communications. In order
to trade using the IB TWS, and to receive Records and Communications through the IB TWS, there arecertain system hardware and software requirements, which are described on the IBUK website atwww.interactivebrokers.co.uk. Since these requirements may change, the Client must periodically refer tothe IBUK website for current system requirements. To receive electronic mail from IBUK, the Client is
responsible for maintaining a valid internet e-mail address and software allowing the Client to read, send
and receive e-mail. The Client must notify IBUK immediately of a change in the Client's e-mail address byusing those procedures to change a Client’s e-mail address that may be available on the IBUK website.

8

YOUR PERSONAL INFORMATION

8.1 Data Protection
8.1.1

IBUK will act as a data controller of your personal data within the meaning of the Data Protection Law.
You acknowledge that we may obtain information (including personal data and special categories of
personal data, each as defined in the UK General Data Protection Regulation (“Data Protection Law”))
about you or your directors, shareholders, employees, officers, agents or clients as necessary. We shallcomply with applicable Data Protection Law with regard to processing personal data. You acknowledge
that you have read and understood the Interactive Brokers Group Privacy Policy published on
www.interactivebrokers.co.uk (as may be updated from time to time) which sets out how personal data
shall be processed by IBUK.

8.1.2

You understand that we may use, store or otherwise process any such information (whether provided
electronically or otherwise) and may disclose any such information (including, without limitation,
information relating to your transactions and account) either as we shall be obliged to under or pursuant
to any Applicable Law or by any regulatory authority or as may be required to provide services to you
under this Agreement.

ibkr.co.uk | general business terms | 16

8.1.3

IBUK may:a) disclose information about you to your agents or attorneys for any purpose relating to thisAgreement.
b) disclose information about you and your clients, of a confidential nature, in the circumstances set
out in this Section:1) to other members of the Interactive Brokers Group, who may use it in the manner set out inthis Section (and for the avoidance of doubt, references to “we”, “us” and “our” in this Section
shall be deemed to include all members of the Interactive Brokers Group);2) to other organisations and individuals we may engage to perform, or assist in the performanceof, our services or to advise us, provided that they will only be given access to the relevant
information for that purpose;3) to any depository, stock exchange, clearing or settlement system, account controller or otherparticipant in the relevant system, to counterparties, dealers, custodians, intermediaries andothers where disclosure is reasonably intended for the purpose of effecting, managing orreporting transactions in connection with the Agreement or establishing a relationship with aview to such transactions;4) to any regulatory authority or public registry, as required by law; or5) as may be required for the purposes set out in this Section.
c) to the extent such authorisation is required by law, you hereby authorise IBUK, directly or throughthird parties, to make any enquiries that IBUK considers necessary to conduct business with you.
This may include ordering a credit report and performing other credit checks or verifying theinformation you provide against third party databases. Any personal data obtained is maintainedin accordance with the Interactive Brokers Group Privacy Policy.
d) If any personal data or sensitive personal data belonging to any of your shareholders, directors,
employees, officers, agents or clients is provided to us, you represent to us that each such person
is aware of and consents to the use of such data as set out in this Section and you agree toindemnify us against any loss, costs or expenses arising out of any breach of this representation.

8.1.4

We may transfer information we hold about you to any country including countries outside the EEA, which
may not have comparable data protection laws, for any of the purposes described in this Agreement.
These disclosures may involve overseas storage and other overseas transfer, processing and use of yourinformation and disclosure to third parties. In case your information is transferred to countries or territories
outside of the EEA that are not recognised by the European Commission as offering an adequate level ofdata protection, we have put in place appropriate data transfer mechanisms to ensure your information isprotected. Details of the data transfer mechanism that we have applied to protect your information can beobtained by contacting the IBUK Data Protection Office at dpo@ibkr.com.

8.2 Confidential Information
8.2.1

You and we will each treat as confidential (both during and after the termination of the relationship between
you and us) any information learned about the other in the course of the relationship pursuant to thisAgreement and, except as otherwise agreed, shall not disclose the same to any third party except as set
out below.

8.2.2

The obligations of confidentiality shall not apply or shall cease to apply to such part of the information(other than personal data) as the receiving party can show to the reasonable satisfaction of the disclosing
party:(a) has become public knowledge other than through the fault of the receiving party or an employee or
director of the receiving party to whom it has been disclosed in accordance with this Agreement; or(b) where the receiving party establishes it was already known to it prior to disclosure of it by the disclosing
party; or(c) has been received from a third party who neither acquired it in confidence from the disclosing party,
nor owed the disclosing party a duty of confidence in respect of it; or

ibkr.co.uk | general business terms | 17

(d) is required to disclose it by law or any regulatory authority or pursuant
to a court order provided that the receiving party shall, where permitted by law, and provided always thatsuch disclosure is only made to the extent absolutely and specifically required under such requirement.

8.3 Recording
8.3.1

Telephone conversations and electronic communications with IBUK and its affiliates may be recorded.
IBUK (our affiliates or representatives) may contact you by telephone as required and appropriate under
this Agreement.

8.3.2

To the extent permitted under Applicable Law, IBUK, our affiliates or any other person appointed by us
may access, review, disclose, monitor and/or record verbal and electronic messaging and communications(including email, instant messaging, facsimile, telephone and other electronic communications) with youor your agent. The recordings may be used as evidence if there is a dispute.

8.3.3

Where required under Applicable Law, a copy of records relating to telephone and electronic
communications will be available to you upon request (provided that a charge may be payable), for aperiod of five (5) years and, where requested by the competent authority, for a period of up to seven (7)years. We will retain such records in accordance with our procedures which may change from time to timein our absolute discretion. The Client should not expect to be able to rely on IBUK to comply with yourrecord keeping obligations.

9

PARTICULAR ACCOUNT TYPES

9.1 Joint Accounts
9.1.1

Each joint account holder agrees that each joint holder has authority, without notice to the other, to: (i)buy/sell securities, futures or OTC Products (including on margin); (ii) receive account confirmations andcorrespondence; (iii) receive and dispose of money, securities or other assets; (iv) enter, terminate, or
agree to modify this Agreement; (v) waive any part of this Agreement; and (vi) deal with IBUK as if eachjoint holder was the sole holder. Notice to any joint holder constitutes notice to all joint holders. Each joint
account holder is jointly and severally liable to IBUK for all account matters. IBUK may follow instructionsof any joint holder and make delivery to any joint account holder individually of any account property. Upon
death of any joint holder, the surviving holder shall give IBUK notice by telephone or electronically throughthe IBUK website and IBUK may, before or after notice, initiate proceedings, require documents, retain
assets and/or restrict transactions as it deems advisable to protect itself against any liability or loss. The
estate of any deceased joint account holder shall be liable and each survivor will be liable, jointly andseverally, to IBUK for any debt or loss in the account or upon liquidation of the account. Unless Clients
indicate otherwise, IBUK may presume that account holders are joint tenants with rights of survivorship.
Upon death of any joint holder, the account shall be vested in the surviving holders, without in any manner
releasing the deceased joint holder's estate from liability.

9.2 Partnerships
9.2.1

If you are a partnership or more than one person, any liability arising under this Agreement shall bedeemed to be the joint and several liability of the partners in the firm or of such persons as aforesaid. This
Agreement shall not be terminated or prejudiced or affected by any change in the constitution of such firm
or by the death of any one or more of such persons but in the event of any such death notice of termination
shall be given by the survivor or survivors of such persons or the personal representatives of any such
persons who have died.

9.3 Clients introduced to IBUK through Introducing Brokers
9.3.1

If you are introduced to IBUK through an Introducing Broker (“Introducing Broker”) you warrant andrepresent on a continuous basis that you have read, understood, and agreed to the ‘INTERACTIVE
BROKERS Notice and Acknowledgement of Clearing Arrangement’’ provided to you. In this Agreement areference to any phrase introduced by the words “orders from the Client” or “the Client’s orders” or “yourorders” or “for orders that you send to us” or any similar expression means any order having been givenby the Client to IBUK or received and transmitted by Introducing Broker to IBUK on behalf of the Client. If
the Introducing Broker sends orders to IBUK on the Client’s behalf, Introducing Broker shall be solely
responsible for all aspects of the acceptance and handling of the Client’s orders, and all regulatory
responsibilities and obligations related thereto including, but not limited to, the disclosure of the costs andcharges described in Section 5 above to the extent permitted by Applicable Law.

10 COMPLAINTS AND COMPENSATION
ibkr.co.uk | general business terms | 18

10.1 Complaints
10.1.1 All formal complaints should be made using one of the following means: (i) by Web Ticket in AccountManagement on the IBUK website; and (ii) by letter to Complaints Handling, Compliance Department,Interactive Brokers (U.K.) Limited, Floor 12, 20 Fenchurch Street, London EC3M 3BY, United Kingdom.
A summary of the IBUK Internal Complaint Handling Procedures is made available through the IBUK
website.

10.2 Financial Ombudsman Service
10.2.1 IBUK is a participant in the UK Financial Ombudsman Service ("FOS"). Disputes may be submitted to the
FOS for mediation. The FOS will only consider complaints for regulated activities and therefore may or
may not consider complaints in respect of OTC Precious Metals transactions and certain Forex transaction
depending on how the transactions are characterised by the FOS. The FOS is provided free of charge tocomplainants. The FOS's decisions are based on what is "fair and reasonable" and are binding on firms if
a complainant accepts them.

10.3 Financial Services Compensation Scheme
10.3.1 IBUK is a participant in the UK Financial Services Compensation Scheme ("FSCS"). You may be entitled
to compensation from the scheme in the unlikely event we cannot meet our obligations. This depends on
the type of business and the circumstances of the claim. FSCS coverage is restricted to designatedinvestments and may or may not cover investments in OTC Precious Metals and certain Forextransactions, depending on how the transactions are characterised under the FSCS. The maximum
payment under the FSCS in respect to designated investments is currently 100% of a claim up to a
maximum of £85,000. Further information about compensation is available from the UK Financial Services
Compensation Scheme at www.fscs.org.uk.

11 MISCELLANEOUS
11.1 Conflicts of Interest
11.1.1 IBUK has various policies and procedures in place to assist in identifying, preventing and managing
conflicts of interest between ourselves or any person directly or indirectly linked to us by control and you,or between you and another client that arise in the course of providing services. Our Conflicts of Interest
Policy provides the overall framework for the identification of conflicts and addresses business conduct
and practices that may give rise to an actual or potential conflict of interest. A summary of our policy canbe found on the IBUK website. In addition to the Conflicts of Interest Policy, there are various other polices
and processes that address conflicts of interest that arise in specific circumstances, including thosedealing with employee trading, external interests or gifts and entertainment. In those residual
circumstances where our organisational or administrative arrangements are unable to prevent, withreasonable confidence, that the risk of the conflict has a negative impact on the Client’s interest, IBUK will
disclose the source and nature of the conflict to you as soon as reasonably possible as well as the steps
taken to mitigate those risks prior to providing services to you. We hereby disclose that the following
conflicts of interest, inter alia, may affect you:11.1.2 Subject to Applicable Laws, IBUK and its affiliates may trade for their own accounts in the same or related
products as the Client and at the same or nearly the same time, either on the same or different sides ofthe market as the Client; IBUK and its affiliates have no obligation to disclose their trading activity to the
Client or to advise the Client regarding the Client's trading; IBUK and its affiliates may execute proprietary
trades even if IBUK may simultaneously hold unexecuted client orders for the same or related products
at the same price.
11.1.3 For Forex transactions (including Forex CFDs), IBUK generally will act as agent or riskless principal andcharge a fee. IBUK may effect Forex transactions through an affiliate or third party, which may profit orlose from such transactions.
11.1.4 Subject to Applicable Law, IBUK or its affiliates may be receiving payments or other benefits for directing
orders to execution venues where your order is placed.
11.1.5 Subject to Applicable Law, IBUK may match your transaction with that of any other client (including without
limitation us, any affiliate, connected client or other client of ours) either on behalf of such person as wellas on behalf of you or by executing matching transactions at or about the same time with you and such
person.

ibkr.co.uk | general business terms | 19

11.1.6 Where you provide us with information relating to your order or proposed transaction, we may use that
information to facilitate the execution of your orders or transactions.
11.1.7 This list is not intended to be exhaustive and we may have relationships that could give rise to a conflictof interest. No further disclosure to you is required of any relationship, arrangement or interest which falls
within the circumstances referred to in this Agreement. We shall not be obliged to disclose to you any
matter, fact or thing if such disclosure would be a breach of any duty owed by us to any other person.
Where it is not practical for us to disclose an interest to you, we may rely on a policy of independence or
have appropriate information barriers in place.

11.2 Amendments and Termination
11.2.1 This Agreement cannot be amended or waived except in writing by an authorised IBUK officer. This
Agreement may be revised upon IBUK's tender of a revision or amendment of this Agreement, and theClient's acceptance thereof shall be conclusively established by subsequent use (by the Client or any
authorised representative) of any services provided by IBUK other than closing positions or transferring
open positions or assets out of IBUK. Use of such services shall constitute consideration for the revised
Agreement.
11.2.2 Either the Client or IBUK can terminate the Client's use of IBUK's services at any time in either party's
discretion. After termination, the Client and IBUK shall remain obligated to fulfil any outstanding obligations
under this Agreement.

11.3 General
11.3.1 This Agreement contains the entire understanding between the parties with respect to transactions related
to Covered Products.
11.3.2 Nothing in this Agreement shall be taken to exclude or restrict our rights or obligations under Applicable
Laws. We shall be entitled to take any action as we consider necessary in our sole discretion to ensurecompliance with Applicable Law and such actions shall be binding on you and shall not render us or anyof our directors, officers, employees or agents liable.
11.3.3 The Client consents to communicate with IBUK in English or any other language as IBUK may offer fromtime to time. The Client also consents to receive KIDs as required under the PRIIPS for certain Covered
Products in English, unless those documents are made available in a different language by the productmanufacturer.
11.3.4 The Client may not assign or transfer any rights or obligations hereunder without the prior written consent
of IBUK. Upon notice to the Client IBUK may assign this Agreement. This Agreement shall inure to thebenefit of IBUK's successors and assigns. IBUK may terminate this Agreement or its services to the Clientat any time. The Client may close its account upon notice to IBUK electronically through the IBUK website,
but only after all positions are closed and all other requirements specified on the IBUK website regarding
account closure are satisfied.
11.3.5 Nothing in this Agreement is intended to confer on any person who is not a party to it any rights under theContracts (Rights of Third Parties) Act 1999 to enforce any provision of this Agreement, except for rights
explicitly granted to IBUK's affiliates in this Agreement and except that any intermediate broker that we
use will be entitled to enforce any provision of this Agreement against you directly.

11.4 Governing Law and Jurisdiction
11.4.1 This Agreement shall be governed by English law.
11.4.2 You irrevocably agree that, except with respect to controversies or claims that are properly submitted toarbitration in accordance with this Agreement, the courts of England shall have exclusive jurisdiction overall disputes relating to or arising from the execution or performance of this Agreement.
11.4.3 Nothing contained in this section shall limit our right to take proceedings against you in any other court ofcompetent jurisdiction.

11.4.4 In all judicial actions, arbitrations, or dispute resolution methods, the parties waive any right to punitive
damages.

11.5 Arbitration

ibkr.co.uk | general business terms | 20

11.5.1 Any controversy or claim arising out of or relating to this Agreement, or the breach thereof, shall be
determined by arbitration administered by the International Centre for Dispute Resolution in accordancewith its International Arbitration Rules. Claims shall be heard by a single arbitrator, unless the claim amountexceeds USD 500,000 or equivalent currency, in which case the dispute shall be heard by a panel of threearbitrators. The language of the arbitration shall be English.
11.5.2 In cases involving a claim of less than USD 50,000 or equivalent currency, the arbitration will be based on
the submission of documents and there shall be no in-person or oral hearing.

11.6 Distance Marketing Information
11.6.1 In order to comply with the FCA's provisions relating to distance marketing, this Agreement will be subject
to the following extra provisions:11.6.2 Our main business is broking and dealing in financial products, including CFDs, Precious Metals andForex. Our address is Floor 12, 20 Fenchurch Street, London EC3M 3BY, United Kingdom.
11.6.3 In addition to our charges, please note that other taxes and costs may exist that are not paid through or
imposed by us.
11.6.4 There are no specific additional costs for you, which are charged by us, as a result of you entering into
contracts without meeting one of our representatives.
11.6.5 Prior to entering into this Agreement, English law will be the basis of the establishment of our relationshipwith you. This Agreement is supplied in English, and we will communicate with you in English during thecourse of our relationship with you.
11.6.6 Under the FCA Rules, you have a right to cancel this Agreement within fourteen (14) days after you haveaccepted it. If you cancel this Agreement you will still be liable for the settlement of all your outstandingtransactions and all the sums and charges which you owe at cancellation. To exercise your right to cancel
this Agreement you must notify us in writing within fourteen (14) days. If you do not exercise your right tocancel this Agreement immediately, you will still be entitled to exercise your right to cancel at any time in
the future provided that you have no outstanding open position.

ibkr.co.uk | general business terms | 21

12 ADDENDUM - ADDITIONAL TERMS APPLICABLE TO CERTAINCARRIED PRODUCTS
This Addendum contains Additional Terms Applicable to Certain Carried Products. The Addendum andeach Schedule herein contained form an integral part of this Agreement. Unless differently stated, terms
defined in the Agreement have the same meaning in this Addendum. If there is any conflict between
the terms of this Addendum and the terms in the rest of this Agreement the terms of this Addendum will
prevail with respect to specific product terms.

12.1 Schedule 1 – Contracts For Difference
The terms of this Schedule 1 that are applicable to you will differ, as specified below, depending onwhether you have been classified as a Retail Client or as a Professional Client. Retail Clients areafforded a higher degree of regulatory protection than is afforded to Professional Clients. CFD
transactions for Retail Clients will be subject to the FCA Rules applicable to CFD trading.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage.
If you have been classified as a Retail Client you hereby acknowledge that you are aware of thepercentage of retail investor accounts that lose money when trading CFDs with IBUK, as published on
the IBUK website.
You should consider whether you understand how CFDs work and whether you can afford to take thehigh risk of losing money.
12.1.1 Nature of CFDs; no Voting or Other Rights in Underlying Product: CFDs are contracts withIBUK as your counterparty, and are not traded on a regulated exchange and are not cleared or
settled on a central clearing house. A CFD is to secure a profit or avoid a loss by reference tofluctuations in the price of the underlying product (e.g. shares, foreign currencies, etc.), rather
than by taking delivery of any underlying product. With respect to CFDs in shares, no CFD
transaction shall confer on you any right, voting right, title or interest in any underlying productor entitle or oblige you to acquire, receive, hold, vote, deliver, dispose of or participate directlyin any corporate action of any underlying product.
12.1.2 Detailed Contract Specifications Available on the IBUK Website: Further detail on contract
specifications for CFDs will be provided on the IBUK website and the Client agrees to review
such specifications prior to engaging in any CFD transaction. Contract specifications on the
IBUK website shall be binding on the Client and on IBUK unless specifically in conflict with thisAgreement or unless specifically agreed otherwise in writing between the Client and IBUK.
12.1.3 Trading Hours, no Obligation to Provide Quotations: IBUK generally will make CFD
quotations available on the IBUK platform beginning after the regular market opens in theunderlying product and ending prior to or at the close of regular trading hours in the underlying
product, although longer hours may be provided. Regardless of the foregoing, however, IBUK
is not obligated to provide quotes for any CFD at any time, and IBUK does not guarantee thecontinuous availability of quotations or trading for any CFD. IBUK may in its sole discretioncease quoting CFDs and/or cease entering new CFD transactions at any time based onlack of market data, halts, suspensions, delistings, errors, illiquidity or volatility in the market for
the underlying product, IBUK's own risk or profit parameters, technical errors, communication
problems, market or political or economic or governmental events, acts of God or nature, orother reasons. In the event that the Client wishes to close an open CFD transaction with IBUK
but IBUK is not providing a quotation, if it is during regular trading hours and if the market in
the underlying product is trading normally and is not subject to a halt or suspension or otherextraordinary market condition, then the Client may contact IBUK and IBUK shall use
reasonable efforts to provide a quotation promptly to the Client, absent extraordinary
circumstances. The Client orders sent to IBUK for CFDs are not orders for the underlying
product and will not be represented on exchanges that may list or trade the underlying product.
12.1.4 Errors: IBUK has the right to cancel, adjust or close out CFD transactions after confirmation to
you to correct errors, including but not limited to CFD transactions subject to technical errors in
IBUK's platform; CFD transactions at prices not reasonably related to the correct market pricefor the underlying product; and CFD transactions executed at a time and price at or near which

ibkr.co.uk | addendum 21

trades in the market for the underlying product were cancelled or adjusted by exchanges ormarket centres.
12.1.5 Opening and Closing CFD Transactions: A CFD transaction with IBUK will not expire but
rather shall remain open until the Client enters an offsetting (closing) transaction or until IBUK
exercises any of our rights to close out a transaction with you (e.g., because of a margin
deficiency, because the underlying shares in a CFD held short have become unborrowable,etc.). A CFD transaction may also be closed or be altered or adjusted in the event of an action
or event affecting the underlying product as described below in this Agreement.
12.1.6 Settlement: All transactions relating to CFDs on shares and indexes shall be settled by
payment of cash in the currency in which the CFD is denominated. Realised profit/loss andinterest cash flows for CFDs involving Forex settle in the quote currency of the relevant currency
pair. CFD purchases and sales shall settle in the same settlement period as the underlying
product, unless otherwise specified on the IBUK website or in a notice to Clients. You do nothave any right or obligation to receive delivery of the underlying product in connection with any
CFD.
12.1.7 Commissions, Spreads: IBUK will charge a commission for CFD transactions, in the amountspecified on the IBUK website, and will deduct commissions as described in this Agreement.
IBUK, and/or its affiliates or third parties with or through whom IBUK may hedge or effect its
CFD trade with you, may also earn a "bid-ask spread" on the CFD transaction (meaning thatyou may pay a higher price to buy the CFD or receive a lower price to sell the CFD comparedto the market prices for the underlying product or compared to prices offered for the CFD byother dealers).
12.1.8 Margin for CFDs:
12.1.8.1 CFD transactions are subject to the IBUK Margin Policies described in this Agreement.
A. If the Client is a Retail Client, Margin Requirements for CFDs will be subject to theApplicable Law. To the extent that IBUK’s Margin Requirements exceed the margin levels
prescribed by the FCA Rules, IBUK may modify Margin Requirements for any CFD or all
CFDs for any open or new positions at any time, in IBUK’s sole discretion.
B. If the Client is a Professional Client, Margin Requirements for CFDs generally will becalculated based on risk models utilised in IBUK's sole discretion. IBUK may modify Margin
Requirements for any CFD or all CFDs for any open or new positions at any time, in IBUK'ssole discretion.
12.1.8.2 The Client shall monitor their account so that at all times (including intra-day) the accountcontains sufficient equity to meet Margin Requirements. IBUK generally will not issue margin
calls and generally will not allow any grace period in the Client's account for the Client to meetintraday or other margin deficiencies.
A. If the Client is a Retail Client, Margin Requirements for CFDs are subject to the minimum
requirements in the FCA Rules. In addition, IBUK’s Margin Requirements may exceed thelevels in the FCA Rules. IBUK is authorised to liquidate CFD positions immediately in orderto satisfy Margin Requirements for CFDs without prior notice. Retail Client’s accounts are
subject to the negative balance protection in the FCA Rules. IF YOU HAVE NOT BEEN
CLASSIFIED AS A RETAIL CLIENT YOU WILL NOT BE ELIGIBLE FOR NEGATIVEBALANCE PROTECTION.
B. If the Client is a Professional Client, IBUK is authorised to liquidate CFD and other accountpositions immediately in order to satisfy Margin Requirements without prior notice.
12.1.8.3 IBUK shall calculate a reference price for the CFD after the close of trading on each tradingday. For CFDs on shares and indexes the reference price shall generally be based on thedaily settlement price of the underlying product on the primary exchange on which theunderlying product is traded. However, for those CFDs, and for CFDs involving Forex, IBUK
reserves the right to use any reasonable price as the reference price in IBUK's sole discretion(e.g., in the event of a trading interruption or halt at the end of day on the primary exchange,
or in the event of other circumstances affecting the underlying product or market pricing, or if
the underlying product is not traded on an exchange). After the close of trading, if, on any
business day during the term of the CFD, the current reference price is higher than the close

ibkr.co.uk | addendum | 22

of business reference price of the preceding business day, then if you are long IBUK shall be
liable to you for such difference, and if you are short you shall be liable to IBUK for suchdifference. If, on any business day during the term of the CFD, the current reference price islower than the close of business reference price of the preceding business day, then if you
are long you shall be liable to pay IBUK the difference, and if you are short, IBUK shall be
liable to pay you the difference. IBUK generally will process these credits/debits prior to the
opening of trading on the following trading day, but IBUK reserves the right to delay
processing if circumstances reasonably warrant the delay.
12.1.8.4 In the event that any price for an underlying product published on an exchange or by thesponsor of an index, and which is utilised by IBUK for its reference price calculation, is
subsequently corrected, IBUK reserves the right to make an appropriate adjustment to youraccount in the amount payable by you as a result of the erroneous reference price, including
any interest due accruing from the date of the error to the date of the correction adjustment.
12.1.9 Cross-Collateral Agreement and Automatic Transfer Authorisation: If you have beenclassified as a Professional Client, please refer to the Cross-Collateral Agreement andAutomatic Transfer Authorisation Covering Clients with IBUK and IBLLC Accounts in Section
4.2.2 of the General Business Terms.
12.1.10 If you are a Retail Client, the terms of the Cross-Collateral Agreement and Automatic Transfer
Authorisation Covering Clients with IBUK and IBLLC accounts are subject to the Applicable
Law. Generally, this means that: a) Retail Client authorises IBLLC automatically to transfer
excess funds from Retail Client's IBLLC account(s) to Retail Client's IBUK account(s) to satisfy
Margin Requirements to open new CFD positions; and b) IBUK and/or IBLLC generally will not
liquidate open positions in Retail Client’s accounts other than their CFD account(s) or transfer
funds from any of Retail Client’s other accounts to Retail Client's CFD account(s) in order tosatisfy a margin deficiency or unpaid margin deficit on an existing CFD position.
12.1.11 Financing Charges (Interest) for CFDs: You will pay a financing charge (interest) on theamount of all open long share or index CFD positions held overnight. Depending on prevailinginterest rates, and excluding applicable borrow charges, you may receive a rebate (interest) for
short CFD positions held overnight or you may pay a financing charge. You will pay a financing
charge or receive a rebate on the amount of all rolled-over Forex CFD positions based on arate calculated as the prevailing cash rebate for the base currency less the cash rate for thequote currency. The rate may be positive or negative, and a positive rate will be a credit forlong positions and a charge for short positions. The financing charge or credit is calculated
individually for each Forex CFD without regard to other balances you may have in thosecurrencies. Financing charges and/or rebates on open CFD positions are calculated andcharged/credited daily in the currency in which the CFD is denominated. CFD interest rates are
determined by IBUK and may be adjusted at any time in IBUK's sole discretion. CFD interest
rates are indicated on the IBUK website and may vary based on the CFD balance. In addition
to interest charged or rebated on CFD positions, margin account cash balances may earn (forpositive balances), or be charged (for debit balances), cash interest at the prevailing rates on
the IBUK website. Interest may not be paid for cash balances under specified amounts, andinterest rates paid/charged may vary based on the credit/debit balance.
12.1.12 Short Transactions in CFDs; Possibility of Forced Closure of Open Short Positions;
Borrow Charges: Depending on regulatory restrictions, stock loan and borrow market
conditions, or other factors, short sales of CFDs may or may not be allowed depending on theunderlying product. Further, IBUK reserves the right, at any time in its sole discretion, to closeout your open short CFD transaction by requiring you to buy in the CFD or by IBUK issuingorder(s) for your account to buy in the CFD (without notice to or consent by you) (including but
not limited to in the event that the underlying product becomes difficult or impossible to borrow).
In addition to standard CFD financing rebates or charges, borrow charges apply to short salesof CFDs. Borrow charge rates generally are based on the stock loan and borrow market for theunderlying product. Indicative borrow charge rates for specific CFDs may be found on the IBUK
website but such rates are indicative only and may change at any time based on market
conditions or at IBUK's discretion.

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12.1.13 Payments Reflecting Dividends on the Underlying Product: A CFD does not give the holder
the right to receive any cash dividend paid on the shares of the underlying product for shareand index CFDs. Instead, if you are the buyer (long side) in a CFD transaction you will receivea cash credit based on a dividend attributable to the underlying product. If you are the seller(short side) in a CFD transaction you will be charged a cash debit. Whether the amount of thecredit or debit will be based on the gross or net (of taxes) dividend attributable to the underlying
product, and whether any additional adjustment or withholding will apply, may vary based on
the particular CFD and the rules of the relevant taxation authorities. Please see the IBUK
website for more specific information, as well as for information as to the timing of the accrualand settlement of credits/ debits arising from a dividend in an underlying product.
12.1.14 IBUK's Rights to Adjust, Modify and/or Close-Out CFD Transactions in the Event of a
Corporate Action Affecting the Underlying Product: In the event of a corporate action
affecting the underlying product of a CFD, particularly in shares (e.g., splits, spin-offs, rights
offerings, mergers and acquisitions, etc.):
12.1.14.1 IBUK in its sole discretion will determine the appropriate adjustment or modification or action
to take, if any, and when, with respect to the CFD to preserve the reasonable economic
equivalent of the rights and obligations of the parties. The adjustment or modification may
result in the issuance of additional CFD positions (long or short) in the underlying productfor the Client account, the reduction of CFD positions in the underlying product in the Client
account, issuance of CFDs on a related underlying product for the Client account, cash
credits or debits to the Client Account, and/or other appropriate adjustments ormodifications.
12.1.14.2 As an addition or alternative to making an adjustment or modification to a CFD in the eventof a corporate action, IBUK reserves the right in its sole discretion to close out your open
CFD position in the underlying product (without notice to or consent by you) prior to thecorporate action, or to require you to close out any open CFD position in the underlying
product.
12.1.15 Without limiting IBUK's rights as set forth in paragraphs i) and ii) above to take whatever action
IBUK deems appropriate in its discretion with respect to a corporate action affecting theunderlying product, IBUK generally will apply the following principles:
12.1.15.1 When a corporate action results in the creation of new shares (reduction of existing shares)in the underlying product, IBUK generally will create additional CFDs (reduce existing CFDs)
held long or short in the Client account to mirror the corporate action.
12.1.15.2 If the corporate action results in the creation of a new entity with listed shares or a new typeof shares for the same entity, and IBUK determines in its sole discretion that it will offer CFD
transactions in respect of the new entity shares or new type of shares, then IBUK generally
will create a long or short position, as appropriate, in the Client account in the CFDs in the
new entity or new share class in the appropriate amount.
12.1.15.3 In other cases, including for any resulting fractional shares in cases otherwise referenced
above, IBUK will credit or debit the Client account with a cash adjustment determined in
IBUK's reasonable judgment to preserve the economic equivalent of the rights andobligations of the parties.
12.1.15.4 If IBUK determines, in its sole discretion, that it is unable reasonably to determine a cash
adjustment amount, IBUK generally will terminate the CFD five days prior to the ex-date forthe corporate action, or as soon as practicable if the announcement of the corporate actionis less than five days from the effective date.
12.1.16 Market Abuse:
12.1.16.1 You represent and warrant that: (a) you will not open, and have not opened, any CFDs with
us relating to a particular share, if to do so would result in you, or others with whom you areacting in concert, having an exposure to that share which is equal to or exceeds the amountof a declarable interest under Applicable Law in the relevant company unless you, or otherswith whom you are acting in concert, make the required declarations and notify us about
your declarable interest immediately; (b) you will notify us and keep us updated at all timesof your aggregate declarable interests; (c) you will not open, and have not opened, any
CFDs with us in connection with: (i) a placing, issue, distribution or other analogous event;ibkr.co.uk | addendum | 24

or (ii) an offer, take-over, merger or other analogous event in which you are involved orotherwise interested; and (d) you will not open, and have not opened, any CFDs that
contravene any primary or secondary legislation or other law, including those against insider
trading.
12.1.16.2 You agree that we may proceed on the basis that when you open or close a CFD with us ona share price, you may be treated as trading in securities within the meaning of Part V of the
Criminal Justice Act 1993.
12.1.16.3 If we have grounds to believe that you have opened any CFD in breach of therepresentations in this Agreement, we may in our sole discretion and without being under
any obligation to inform you of our reason for doing so, close that CFD and any other CFDs
that you may have open at the time. We may also: (a) enforce the CFD or CFDs against you
if it is a CFD or CFDs under which you have lost money; and (b) treat all your closed CFDs
as void if they are CFDs under which you have made money, unless and until you produce,
promptly upon our request, conclusive evidence that you in fact have not committed any
breach of warranty, representation or undertaking.
12.1.16.4 You acknowledge that we shall not transfer voting rights relating to an underlying product toyou or otherwise allow you to influence the exercise of voting rights held by us or on ourbehalf.

12.2 Schedule 2 – OTC Precious Metals
12.2.1 Nature of OTC Precious Metals Transactions: Transactions in OTC precious metals(“Precious Metals”) are transactions with IBUK as your counterparty, and are not traded on aregulated exchange and are not cleared or settled on a central clearing house. All OTC
Precious Metals transactions with IBUK are on an unallocated basis, meaning IBUK will not"allocate" to you nor segregate on your behalf specific lots of Precious Metal. Rather, IBUK has
custodial arrangement(s) with third parties ("Precious Metals Custodians") for storage ofunallocated Precious Metals on a net basis for IBUK. IBUK may use these arrangements orother arrangements (such as derivatives contracts) obligating third parties to deliver Precious
Metals to IBUK. Precious Metals held in an unallocated account are not segregated from IBUK's
or its Precious Metals Custodian's assets, and Precious Metals credited to an unallocatedaccount represent only the dealer's obligation to deliver Precious Metals and do not constituteownership of any specific lots of Precious Metals.
12.2.2 Alternative to Delivery of Precious Metals: IBUK will not allow you to take physical deliveryof any underlying Precious Metals. Alternatively, IBUK will pay you cash equal to the value of
any OTC Precious Metal that is the subject of a withdrawal request by you, rather than providing
for physical delivery of Precious Metal.
12.2.3 Detailed Transaction Specifications Available on the IBUK Website: Further detail ontransaction specifications for OTC Precious Metals may be provided on the IBUK website andthe Client agrees to review such specifications prior to engaging in any OTC Precious Metals
transaction. Transaction specifications on the IBUK website shall be binding on the Client andon IBUK unless specifically in conflict with this Agreement or unless specifically agreed
otherwise in writing between the Client and IBUK.
12.2.4 No Obligation to Provide Quotations: IBUK is not obligated to provide quotes for any OTC
Precious Metal at any time, and IBUK does not guarantee the continuous availability of
quotations or trading for any OTC Precious Metal. IBUK may in its sole discretion ceasequoting Precious Metals and/or cease entering new Precious Metals transactions at any
time.
12.2.5 Errors: IBUK has the right to cancel, adjust or close out OTC Precious Metals transactions
after confirmation to you to correct errors, including but not limited to OTC Precious Metals
transactions subject to technical errors in IBUK's platform, OTC Precious Metals transactions
cancelled or adjusted by IBUK's counterparties in connection with IBUK's execution of yourtransaction, and OTC Precious Metals transactions executed at prices not reasonably related
to the correct market price.

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12.2.6 Settlement: All transactions relating to OTC Precious Metals shall be settled by payment ofcash in U.S. dollars or the currency in which the OTC Precious Metal was quoted, if not in
dollars. OTC Precious Metals purchases and sales generally shall settle in two business days,
unless otherwise specified on the IBUK website or in a notice to Clients.
12.2.7 Commissions, Spreads: IBUK will charge a commission for OTC Precious Metals
transactions, in the amount specified on the IBUK website, and will deduct commissions as
described in this Agreement. IBUK, and/or its affiliates or third parties with or through whom
IBUK may hedge or effect its Precious Metals trade with you, may also earn a "bid-ask spread"on the Precious Metals transaction (meaning that you may pay a higher price to buy thePrecious Metal or receive a lower price to sell the Precious Metal compared to the market prices
for the Precious Metal or compared to prices offered for the Precious Metal by other dealers).
Margin for OTC Precious Metals:
12.2.7.1 OTC Precious Metals transactions are subject to the IBUK Margin Policies described in thisAgreement. Margin Requirements for Precious Metals will be calculated based on risk models
utilised in IBUK's sole discretion. IBUK may modify Margin Requirements for any Precious
Metal or all Precious Metals for any open or new positions at any time, in IBUK's sole
discretion.
12.2.7.2 The Client shall monitor their account so that at all times (including intra-day) the accountcontains sufficient equity to meet Margin Requirements. IBUK generally will not issue margin
calls and generally will not allow any grace period in the Client's account for the Client to meetintraday or other margin deficiencies. IBUK is authorised to liquidate Precious Metals andother account positions immediately in order to satisfy Margin Requirements without priornotice.
12.2.8 Borrow Fees and Carrying Fees for OTC Precious Metals: You will pay a carrying fee on
the amount of all open long Precious Metals positions held overnight, and a borrow fee on shortpositions held overnight. Borrow fees and carrying fees on open Precious Metals positions arecalculated and charged daily in the currency in which the Precious Metal transaction isdenominated. Fee rates are determined by IBUK and may be adjusted at any time in IBUK'ssole discretion and may vary based on the balance.
12.2.9 Short Transactions in Precious Metals; Possibility of Forced Closure of Open Short
Positions: Depending on regulatory restrictions and market conditions or other factors, shortsales of Precious Metals may or may not be allowed. Further, IBUK reserves the right, at any
time in its sole discretion, to close out your open short transaction by requiring you to buy in
the Precious Metal or by IBUK issuing order(s) for your account to buy in the Precious Metal(without notice to or consent by you).

12.3 Schedule 3 – OTC Metal Futures
12.3.1 OTC Metal Futures are Over-the-Counter derivatives contracts (“OTC Metal Futures”) which
are intended to reference the prices of the corresponding London Metal Exchange (“LME”)
futures. Entering into an OTC Metal Future does NOT constitute holding an LME position.
12.3.2 Nature of the OTC Metal Futures: OTC derivatives contracts in respect to certain metals(“Metals”) are contracts which are intended to reference the corresponding Metal exchange
registered future, in terms of price, type and specification of metal and lot size, but are notthemselves exchange registered contracts, as they are not made between two Metal exchange
clearing members and are not matched and registered with the Metal exchange. An OTC Metal
Future is an OTC transaction with IBUK as your counterparty that generally reflects the prices
provided under a licence by the LME of a contract to buy or sell a standard quantity of a Metal
on a fixed date at a price agreed on transaction day. The transaction you enter with IBUK is
OTC and it is not an LME registered client contract.
12.3.3 Detailed Contract Specifications Available on the IBUK Website: Further detail on contract
specifications for OTC Metal Futures are provided on the IBUK website and the Client agrees
to review such specifications prior to engaging in any OTC Metal Futures transaction. Contract
specifications on the IBUK website shall be binding on the Client and on IBUK unlessspecifically in conflict with this Agreement or unless specifically agreed otherwise in writing
between the Client and IBUK.

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12.3.4 Close-Out Deadline: The Client agrees to close out any open position in OTC Metal Futures
by offset three (3) business days prior to the prompt/expiry date of the corresponding exchange
registered contract. It is the Client’s responsibility to make themselves aware of the last trading
date for such contracts and the prompt/expiry date. If the Client has not closed out any position,
IBUK shall have the right to liquidate the Client’s position in the expiring contract, at any timeand in any such manner as IBUK deems necessary, without prior notice to the Client.
12.3.5 No Obligation to Provide Quotations: IBUK is not obligated to provide quotes for any OTC
Metal Futures at any time, and IBUK does not guarantee the continuous availability of
quotations or trading for any OTC Future on Metals. IBUK may in its sole discretion ceasequoting and/or cease entering new OTC Metal Futures at any time.
12.3.6 Errors: IBUK has the right to cancel, adjust or close out OTC Metal Futures after confirmation
to you to correct errors, including but not limited to transactions subject to technical errors in
IBUK's platform, hedging transactions cancelled or adjusted by IBUK's counterparties inconnection with IBUK's execution of your transaction, and OTC Metal Futures executed atprices not reasonably related to the correct market price.
12.3.7 Settlement: All transactions relating to OTC Metal Futures shall be settled by payment of cash
in U.S. dollars or the currency in which the OTC Metal Future was quoted, if not in dollars.
Contracts shall settle in two (2) business days, unless otherwise specified on the IBUK website
or in a notice to clients.
12.3.8 Commissions, Spreads: IBUK will charge a commission for OTC Metal Futures, in the amountspecified on the IBUK website, and will deduct commissions as described in this Agreement.
IBUK, and/or its affiliates or third parties with or through whom IBUK may hedge or effect its
OTC Metal Futures trade, may also earn a "bid-ask spread" on the OTC Metal Futurestransaction (meaning that you may pay a higher price to enter into the OTC Metal Future or
receive a lower price to close the OTC Metal Future compared to the market prices for the
future on the underlying Metal or compared to prices offered for the Metal future on theunderlying Metal by other dealers).
12.3.9 Margin for OTC Metal Futures:12.3.9.1 OTC Metal Futures are subject to the IBUK Margin Policies described in this Agreement.
Margin Requirements for OTC Metal Futures will be calculated based on risk models utilisedin IBUK's sole discretion. Further information is available on the IBUK website. IBUK may
modify Margin Requirements for contracts on any underlying Metal or all underlying Metals
for any open or new positions at any time, in IBUK's sole discretion.
12.3.9.2 The Client shall monitor their account so that at all times (including intra-day) the accountcontains sufficient equity to meet Margin Requirements. IBUK generally will not issue margin
calls and generally will not allow any grace period in the Client's account for the Client tomeet intraday or other margin deficiencies. IBUK is authorised to liquidate OTC Metal Futuresand other account positions immediately in order to satisfy Margin Requirements without priornotice.
12.3.10 Borrow Fees and Carrying Fees for OTC Metal Futures: The Client will pay a carrying fee
on the amount of all open long OTC Metal Futures positions held overnight, and a borrow fee
on short positions held overnight. Borrow fees and carrying fees on open OTC Metal Futures
are calculated and charged daily in the currency in which the contract is denominated. Fee
rates are determined by IBUK and may be adjusted at any time in IBUK's sole discretion andmay vary based on the balance. Fee rates are indicated on the IBUK website.
12.3.11 Short Transaction in OTC Metal Futures; Possibility of Forced Closure of Open Short
Positions: Depending on regulatory restrictions, market conditions or other factors, short salesof OTC Metal Futures may or may not be allowed. Further IBUK reserves the right, at any timein its sole discretion, to close out your open short position by requiring the Client to buy in the
OTC Metal Futures or by IBUK issuing order(s) for your account to buy in the OTC Metal
Futures (without notice or consent by you).
12.3.12 Position Limits: IBUK may choose to or may be required to limit the number of contracts which
you might have with us at any time and IBUK may in its sole discretion close out any one ormore contracts in order to ensure that such position limits are maintained.

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12.3.13 Market Disruption: In the event of severe market disruption and/or price volatility which may
result or may have resulted in the current market value of a Metal moving to an unusual level,
IBUK reserves the right to take one or more of the following courses of action (a) to close out
any contract where significant loss has occurred or is expected by us; (b) to decline to renew
expiring, or enter into new contracts. Trading activity on the Metals may from time to time besuspended or restricted by the exchange in the interests of, inter alia, maintaining a fair andorderly market. In such circumstances, IBUK may be unable to enter into or close out OTC
Metal Futures.
12.3.14 NOT an Exchange Transaction: The Client understands and acknowledges that each OTC
Metal Future entered with IBUK is governed by this Agreement, not by the rules of the exchange
where the future on the Metal is traded. The Client also acknowledges that each Metal Future
is an OTC transaction that is separate and distinct from the Metal exchange registered contract.
12.3.15 Use of LME Data: Prices and other data emanating directly or indirectly from the LME (“LMEData”) that might be displayed, from time to time, on the IB TWS are subject to the terms of alicence agreement between IBUK and the LME. The Client acknowledges that (a) any
calculation that IBUK might create using the LME Data is different and distinct from the prices
quoted by the LME; (b) the LME retains all the intellectual property rights over the LME Data,
including those referred to in derived calculations. The Client is prohibited from coping,
distributing, transmitting or otherwise making available to third parties any of the LME Data
displayed on the IB TWS.

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