3207 | April 2024

Interactive Brokers (U.K.) Limited and Interactive Brokers LLC
Client Agreement

NOTICE OF EXECUTION AND CLEARING AGREEMENT
1.

This Notice of Execution and Clearing (“Notice”) applies to persons or entities who enter an agreement to open an IBUK Account(“IBUK Account”) with, and receive certain services from, Interactive Brokers (U.K.) Limited and Interactive Brokers LLC(“Agreement”). By executing the Agreement, you enter a contractual relationship with both Interactive Brokers (U.K.) Limited(“IBUK”) and Interactive Brokers LLC (“IBLLC”). This Notice describes the allocation of responsibilities between IBUK and IBLLC
with respect to your IBUK Account.

2.

IBUK is authorised and regulated by the Financial Conduct Authority ("FCA") to conduct investment business in the United
Kingdom. IBUK’s firm reference number is 208159.

3.

IBLLC, an Affiliate of IBUK, is registered as a broker-dealer with the U.S. Securities and Exchange Commission and as a futurescommission merchant with the U.S. Commodity Futures Trading Commission in the United States.

4.

IBUK and IBLLC are parties to an execution and clearing agreement (“Execution and Clearing Agreement”) pursuant to which
IBLLC performs certain services, including with respect to your IBUK Account. The Execution and Clearing Agreement permits
IBLLC to satisfy its obligations thereunder by using the services of entities within the Interactive Brokers group of companies(“IBKR Group”, each entity within the IBKR Group being an “Affiliate”) or unaffiliated third parties. The legal relationship between
you and IBUK and between you and IBLLC is not altered by the Execution and Clearing Agreement.

5.

This Notice is intended to provide you with general information about the relationship between IBUK and IBLLC, but it does notinclude details of every service that may be performed by IBUK or IBLLC. IBLLC may perform any or all IBUK's responsibilities
under the terms and conditions of the Agreement, although nothing in this Notice obliges IBLLC (or any other Affiliates) to perform
such services. The services performed by/on behalf of IBUK, IBLLC and/or any Affiliates may change from time to time.

6.

On a non-exhaustive basis, IBUK shall generally be responsible for the following:
6.1. Obtaining and verifying new information and documentation from you and opening and closing your IBUK Account(s).

6.2. Receiving your orders (and modifications and cancellations thereof) through the IBKR System and transmitting them forexecution to IBLLC. Pursuant to the Agreement, IBUK and IBLLC reserve the right to reject any order that may betransmitted to either of them for execution and/or clearing.

6.3. Accepting your instructions regarding voluntary corporate actions (e.g., tender or exchange offers) and transmitting themto IBLLC for processing. Neither IBUK nor IBLLC shall be responsible for providing you with notice of voluntary corporate
actions.

6.4. Determining the commissions and other fees charged to you. Commission and fee payments you owe may be shared andallocated between IBUK and IBLLC as IBUK and IBLLC agree from time to time.

7.

On a non-exhaustive basis, IBLLC shall generally be responsible for the following:
7.1. Executing orders received from IBUK via its various exchange memberships or routing the orders to another Affiliate or athird-party broker.

7.2. Acting as a self-clearing broker for certain of your orders or arranging for the clearing and settlement of the executedtransactions by IBUK, IBLLC, another Affiliate or a third party. If you open an IBUK Account for which IBLLC acts only as
an executing broker, you will be required to be either a self-clearing exchange member or a client of an exchange clearing
member. Any such exchange-executed trades will be taken up for clearing and settlement by you or your clearing broker(s).

7.3. Performing certain cashiering, client money and custody services. Such services include, without limitation: (1) accepting
and holding all money submitted to fund your IBUK Account (including, without limitation, funds submitted for the purposeof satisfying IBLLC's initial and maintenance margin requirements (collectively, "Margin Requirements")); (2) receiving,delivering and transferring securities purchased and sold, borrowed and loaned and receiving and distributing payments;(3) holding in custody and safekeeping all securities and payments so received (provided that, with respect to securities,
such securities are delivered via the book entry system of a clearing organisation acceptable to IBUK); (4) paying andcharging interest on your IBUK Account; (5) receiving and distributing dividends and other distributions; (6) processing
securities as a result of corporate actions; and (7) transferring positions or assets.

7.4. Extending credit to you, in compliance with the Margin Requirements and any relevant regulatory, self-regulatory or
governmental body; and effecting stock loan and borrowing transactions in accordance with Applicable Law.

7.5. Performing certain collection services with respect to your IBUK Account, including the collection of all commissions andfees and other monies or assets due from you under the terms of the Agreement.

7.6. Performing certain back-office and record keeping and reporting functions with respect to your IBUK Account, including the
preparation of confirmations (contract notes) and account statements for transactions, distributing such confirmations andaccount statements directly to you, maintaining books and records of all transactions, and reporting such information as
may be required by relevant regulatory or self-regulatory organisations or Applicable Law.

8.

You are required to remit all funds related to your transactions or to your IBUK Account, or otherwise tendered pursuant to theAgreement, either: (a) directly to IBLLC; or (b) to a designated financial institution with which IBLLC maintains a client account.
Funds maintained by IBLLC are maintained in client accounts that are held in the name of IBLLC and are located outsideof the UK.

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9.

IBUK and IBLLC share responsibility for the provision of certain portions of the IBUK Website and for the provision of client
service facilities. IBUK has ultimate responsibility for responding to your complaints regarding the Agreement, any transaction or
your IBUK Account, but IBLLC is authorised to accept, process and respond to such complaints.

10. IBUK and IBLLC are authorised to disclose your information or documentation relating to your IBUK Account and transactions
to each other and to their Affiliates. IBUK, IBLLC and their Affiliates are authorised to use, store, or process personal informationthat you (or your employees, agents or representatives) provide or otherwise acquired from you, as set forth in the Agreement.

11. IBLLC does not control, audit or supervise the activities of IBUK or its registered representatives, nor does it verify any information
it receives from IBUK about you or your IBUK Account.

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Contents
Part A: Your relationship with us
A1

7

About this Agreement ............................................................................................................................................. 7

A1.1

General information .......................................................................................................................................... 7

A1.2

Cancelling this Agreement ................................................................................................................................ 7

A1.3

Definitions and interpretation ............................................................................................................................ 7

A1.4

Information about IBUK and IBLLC .................................................................................................................. 8

A1.5Your client category .......................................................................................................................................... 8

A1.6

What are the risks? .......................................................................................................................................... 8

A1.7

Communicating with us .................................................................................................................................... 8

A1.8

Communicating with you .................................................................................................................................. 9

A1.9

Use of electronic services................................................................................................................................. 9

A2

Costs and charges information ........................................................................................................................... 10

A2.1

Costs and charges ......................................................................................................................................... 10

A2.2

Cash accounts deficits ................................................................................................................................... 10

A2.3

Automatic Currency Conversion Functionality (AUTOFX) of Cash Accounts .............................................. 11

A2.4

Exposure fee for high-risk accounts ............................................................................................................... 11

A2.5Interest ........................................................................................................................................................... 11

A2.6

Taxes ............................................................................................................................................................. 11A3Your personal information ................................................................................................................................... 11

A3.1

Data protection ............................................................................................................................................... 11

A3.2

Transfer of your personal information ............................................................................................................. 12

A4

Confidential information ....................................................................................................................................... 13A5

Recording .............................................................................................................................................................. 13

A6

Conflicts of interest .............................................................................................................................................. 13

A7

Responsibilities..................................................................................................................................................... 14

A7.1

Our responsibilities to you .............................................................................................................................. 14

A7.2

Your responsibilities ....................................................................................................................................... 14

A8

Complaints ............................................................................................................................................................ 17A9Compensation ....................................................................................................................................................... 17

A9.1

US compensation ........................................................................................................................................... 17

A9.2

UK compensation ........................................................................................................................................... 17

A10

Changing this Agreement ................................................................................................................................ 17

A10.1 Variation terms applicable to all changes ....................................................................................................... 17
A10.2 Assigning this Agreement ............................................................................................................................... 17
A10.3 Changes to our charges ................................................................................................................................. 19
A10.4 Changes to other terms .................................................................................................................................. 19

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A10.5 Notifying you of changes ................................................................................................................................ 19
A11

Ending the Agreement ..................................................................................................................................... 19

A11.1 Your right to end this Agreement .................................................................................................................... 19
A11.2 IBUK or IBLLC ending the Agreement ............................................................................................................ 19
A12

When things go wrong ..................................................................................................................................... 20

A12.1 Events of default ............................................................................................................................................. 20
A12.2 Default action.................................................................................................................................................. 20
A13

Set-off rights ..................................................................................................................................................... 21

A14

Liquidation of positions ................................................................................................................................... 22

A15

Closing rights positions prior to expiration ................................................................................................... 22

A16

Applicable Law .................................................................................................................................................. 23

A17

Governing law and jurisdiction ....................................................................................................................... 23

A18

Arbitration ......................................................................................................................................................... 23

A19

Disclosure statement ....................................................................................................................................... 24

Part B – Investment Services
B1

24

Investment services - introduction ...................................................................................................................... 24

B1.1

The Services we provide to you ..................................................................................................................... 24

B1.2

No Advice ....................................................................................................................................................... 25

B1.3

Suitability ........................................................................................................................................................ 25

B1.4

Appropriateness ............................................................................................................................................. 25

B2

Use of Information ................................................................................................................................................ 25

B3

Orders and confirmations .................................................................................................................................... 26

B3.1

Responsibility for your orders ..................................................................................................................... 26

B3.2

Order routing and order execution.................................................................................................................. 26

B3.3

Short sales ..................................................................................................................................................... 27

B3.4

Position limits ................................................................................................................................................. 27

B3.5

Order cancellation and modification ............................................................................................................... 28

B3.6

Fast and volatile markets ............................................................................................................................... 28

B3.7

Confirmations and account statements .......................................................................................................... 28

B4

Settlement processes and how we will settle with you ..................................................................................... 28

B4.1

Submission and disbursement of funds.......................................................................................................... 28

B4.2

Delivery .......................................................................................................................................................... 29

B4.3

Commodity options and futures not settled in cash ........................................................................................ 29

B4.4

Corporate actions ........................................................................................................................................... 29

Part C - Holding your money and investments
C1

29

Universal Account................................................................................................................................................. 29

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C2

Our custody and client money services ............................................................................................................. 30

C3

Stock lending activity (our right to use your assets) ......................................................................................... 30

C4Security interest .................................................................................................................................................... 31

C5

Restricted securities ............................................................................................................................................. 31

C6

Worthless and non-transferable securities ........................................................................................................ 31

C7

Unclaimed property .............................................................................................................................................. 31

Part D - Terms that apply to margin-enabled accounts
D1

31

Margin accounts.................................................................................................................................................... 31

D1.1

Terms that apply to all margin-enabled accounts ........................................................................................... 31

D1.2

Terms that apply to Multi-Currency Enabled Accounts................................................................................... 32

D1.3

Netting provisions ........................................................................................................................................... 34

Appendix 1 - Key Definitions ........................................................................................................................................ 35
Appendix 2 - Differences in Regulatory Protections Retail vs Professional Clients – Summary ........................... 36
Appendix 3 - Risk warnings and information on financial instruments .................................................................... 38
Appendix 4 - Physically deliverable futures ................................................................................................................ 44
Appendix 5 - Arbitration Agreement ............................................................................................................................ 45

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INTERACTIVE BROKERS (U.K.) LIMITED AND INTERACTIVE BROKERS LLC
CLIENT AGREEMENTPart A: Your relationship with us
A1 About this Agreement
A1.1

General information

A1.1.1 This document is a legal agreement between an individual or legal entity (‘you”), Interactive Brokers (UK) Limited (“IBUK”)
and Interactive Brokers LLC (“IBLLC”). This agreement, together with your Account Application Materials (together, the"Agreement") sets out the terms and conditions that apply to the products and services you receive from IBLLC and IBUK(“Services”). Please read it carefully.
A1.1.2 IBUK and IBLLC agree to provide the Services to you under the terms of this Agreement and by using the Services, youagree to accept the terms of this Agreement on an ongoing basis.
A1.1.3 To the extent this Agreement conflicts with any other materials provided or made available to you (including those reflectedon the IBUK Website), this Agreement shall prevail.
A1.1.4 This Agreement contains the entire agreement between the parties, who have mad e no representations or warranties
other than as expressly provided therein.
A1.1.5 If any provision of this Agreement is unenforceable, it shall not invalidate other provisions. If any provision of this Agreement
is declared or found to be illegal, unenforceable, or void, in whole or in part, then you and IBUK and IBLLC will be relievedof all obligations arising under such provision, but only to the extent that it is illegal, unenforceable or void, and you and
IBUK and IBLLC agree that this Agreement will be deemed amended by modifying such provision to the minimum extent
necessary to make it legal and enforceable while preserving its intent or, if that is not possible, by replacing it with anotherprovision that is legal and enforceable and achieves the same objectives.
A1.2

Cancelling this Agreement

A1.2.1 You can cancel this entire Agreement within 14 days of it coming into effect. If you wish to cancel, you must send us Written
Notice expressly stating that you wish to cancel, using any of the methods listed at Section A1.7.
A1.2.2 If you cancel, you will have no further obligations in relation to this Agreement and you will not be charged any fee forcancelling.
A1.2.3 You agree that we may start providing the Services to you before the end of the 14-day cancellation period.
A1.2.4 If you cancel, we will return the amount that we have received from you in relation to the Services that you are cancelling,minus a proportionate charge for what we have provided to you up until cancellation including costs we have incurred onyour behalf such as dealing charges and stamp duty.
A1.2.5 You also have the right to close your IBUK Account and terminate this Agreement at any time, in accordance with Section
A11.1.
A1.3

Definitions and interpretation

A1.3.1 Words and phrases that begin with capital letters have a specific meaning. A list of key terms and their meanings is set out
in Appendix 1.
A1.3.2In this Agreement:“you” or “your” means any person entering the Agreement with IBUK and IBLLC and, where applicable, their duly authorised
representatives, legal personal representatives, and successors; and“we”, “us” and “our” means IBUK and/or IBLLC, as set out in the relevant Section of the Agreement

A1.3.3 The headings in this Agreement are included for ease of reference only and do not form part of this Agreement.

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A1.4

Information about IBUK and IBLLC

A1.4.1 IBUK and IBLLC are members of the Interactive Brokers group of companies (“IBKR Group”). Each company within the IBKR
Group is an Affiliate of IBUK and/or IBLLC. IBUK and IBLLC are also Affiliates of each other.
A1.4.2 Regulation of IBUK: IBUK is authorised and regulated in the United Kingdom by the FCA. IBUK’s principal place of businessin the United Kingdom is located at: 20 Fenchurch Street, London EC3M 3BY.
A1.4.3 Regulation of IBLLC: IBLLC is regulated in the United States by the U.S. Securities and Exchange Commission (“SEC”), theU.S. Commodity Futures Trading Commission (“CFTC”) and various self-regulatory organisations. IBLLC’s principal placeof business in the United States is located at One Pickwick Plaza, Greenwich, CT 06830.
A1.4.4 Relationship between IBUK and IBLLC: You acknowledge that you have read and understand the Notice of Execution and
Clearing Agreement (“Notice”) above and that you consent to the relationship between IBUK and IBLLC as described in the
Notice.
A1.4.5 Financial statements: IBLLC’s audited financial statements are posted on the IBLLC website (www.ibkr.com). If you would
like a copy to be mailed to you, you can make a request in writing using the contact details in Section A1.6. You shall beentitled to rely on the financial condition of IBUK or IBLLC, as applicable, in connection with their respective obligations andresponsibilities under this Agreement. You may not rely on the financial condition of their Affiliates.
A1.4.6 Affiliates’ rights and liabilities: Affiliates of IBUK and/or IBLLC are not liable for the acts and omissions of either IBUK or IBLLC.
All IBUK’s and IBLLC’s rights, remedies and limitations on liability under this Agreement shall inure to the benefit of theAffiliates.
A1.5

Your client category

A1.5.1 Unless you have been specifically notified in writing to the contrary, IBUK shall treat you as a retail client for the purposes of
the FCA Rules. This means you get the highest level of protection available under those rules.
A1.5.2 You may request a different client categorisation. If IBUK agrees to do this, you will be afforded a lower level of client protection– for example, you may hear from us less frequently and the way in which we provide information to you about our Services
may differ. In addition, we would no longer be required to check whether you understand the risks associated with anytransactions you may enter into. More information about the differences between the regulatory protections available fordifferent client categories is attached as Appendix 2.
A1.6

What are the risks?

A1.6.1 There are risks involved in any investment although the level of risk will depend on the level of complexity and the type ofinvestment. There are general risks which can apply to all investments and there are also risks that will be related
to specific types of financial instruments that you invest in. We have included more information about risks toconsider when investing in Appendix 3.
A1.6.2 Risks regarding political and governmental actions: Governments of countries in which you reside, or countries in which you
invest, may take economic and/or political actions that are adverse to investors and such actions may negatively affect yourIBUK Account. You agree that IBUK, IBLLC and their Affiliates are not liable for such actions. For example, if you invest in
securities, futures, foreign currency or other investment products in a foreign jurisdiction, such assets, or cash to securesuch assets, typically will be held at a bank, clearinghouse or other facility in such foreign jurisdiction. Assets and cash held
in foreign jurisdictions are inherently vulnerable to the risk that the government in such jurisdiction could freeze or confiscateor take some other action against such assets for some purpose, temporarily or permanently. Likewise, even with respect
to investments within your own country, governments may freeze or take other action against such assets on the basis ofpolitical, economic, or military conflict. You acknowledge and agree that IBUK, IBLLC and their Affiliates cannot and will notprotect you from actions by any governmental, political, military, or economic actor that may adversely impact your assets
held by the IBKR Group, its agents or sub-custodians. You agree that that IBUK, IBLLC and their Affiliates are not liable forany losses or damages you may incur as a result of any such action.
A1.7

Communicating with us

A1.7.1 You can contact us (including where required by this Agreement to provide a notice to either IBUK and/or IBLLC in writing(“Written Notice”)):(i)if registered with us: by sending us a secure message through the Client Portal;(ii) if you are not registered with us: by sending us a secure message via our website at www.ibkr.co.uk/support.

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(iii) in writing at Interactive Brokers, 20 Fenchurch Street, London EC3M 3BY.
A1.7.2 You can provide us with Written Notice using any of the methods of communication described in this Section A1.7.
A1.8

Communicating with you
All our documents and communications with you will be in English. You agree to the provision of this Agreement in the English
language and confirm that you understand all the terms and conditions contained in this Agreement.

A1.9

Use of electronic services

A1.9.1 Consent to receive electronic records and communications
A1.9.1.1 In the interests of timeliness, efficiency and lower costs for its clients, IBUK, IBLLC and their Affiliates provide electronic
notices, messages, trade confirmations, account statements, proxy materials, KIDs under the Packaged Retail andInsurance-based Investment Products Regulation ("PRIIPs") records and other client records and communications(collectively, "Records and Communications") in electronic form to the maximum extent permitted by Applicable Law.
Electronic Records and Communications may be sent to you via TWS or to your 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 and you will need to login
and retrieve the Records and Communications.
A1.9.1.2 By entering into this Agreement, you consent to the receipt of electronic Records and Communications regarding thisAgreement, any other agreement between you and IBUK, IBLLC or their Affiliates, all transactions under such agreements,
all your IBUK Accounts and all your dealings with IBUK, IBLLC and/or their Affiliates. You also agree to receive information
via email, PDF document or any other durable medium that is not paper and to receiving information not personallyaddressed to you, including by means of a website.
A1.9.1.3 You may withdraw your consent at any time by contacting us using the details provided at A1.7. If you do withdraw yourconsent, however, IBUK reserves the right to require you to close your IBUK Account.
A1.9.2 Software license
IBUK, IBLLC and their Affiliates grant you and you accept a non-exclusive and non-transferable license to use all software
related to provision of products and services hereunder ("IB Software"), solely as provided herein. Title to the IB Software
shall remain the sole property of IBUK, IBLLC and their Affiliates, including without limitation, all applicable rights to patents,
copyrights, trademarks, and other intellectual property rights. You shall secure and protect the IB Software in a mannerconsistent with the maintenance of IBUK, IBLLC and their Affiliates' ownership and rights therein and shall not sell, exchange,or otherwise transfer the IB Software to others. IBUK, IBLLC and their Affiliates shall be entitled to obtain immediate injunctive
relief, without the necessity of establishing irreparable injury, against threatened breaches of the foregoing undertakings.
You shall not copy, modify, translate, decompile, reverse engineer, disassemble or otherwise reduce to a human readable
form, or adapt, the IB Software or use it to create a derivative work, unless authorised to do so by an officer of IBUK or IBLLC.
Any updates, replacements, revisions, enhancements, additions or conversions to the IB Software supplied to you by IBUK,IBLLC or their Affiliates shall become subject to this Agreement.
A1.9.3 Electronic Services requirements
A1.9.3.1 To communicate with the IBKR System (and to utilise the services contemplated herein), IBUK and/or its Affiliate’s may
allow (in IBUK’s sole discretion) you 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 tothe terms of this Agreement.
A1.9.3.2 To trade using TWS, and to receive Records and Communications through TWS, there are certain system hardware andsoftware requirements, which are described on the IBUK Website (see “Software & Downloads” section). Since theserequirements may change, you must periodically refer to the IBUK Website for current system requirements. To receive
e-mails from IBUK, you will need to maintain a valid e-mail address.
A1.9.4 Alternative trading arrangements
Electronic Services such as those we use and provide to you are inherently vulnerable to disruption, delay or failure. You
must maintain alternative trading arrangements, in addition to your IBUK Account for the execution of your orders if the IBKR
System and/or any Electronic Services are unavailable. By signing this Agreement, you represent that you maintain suchalternative trading arrangements.
A1.9.5 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 temporarilyor permanently all or any part of our Electronic Services, immediately at any time if: (a) we suspect or become aware ofunauthorised use or misuse of any Credentials; (b) you are in breach of any of the provisions of this Agreement or

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endangering the operation of it; or (d) we are unable to provide access to the Electronic Services due to any defect in or
failure of network, communication or computer systems owned or operated by us or you or any third parties.

A2 Costs and charges information
A2.1

Costs and charges

A2.1.1 You agree to pay the commissions, fees and interest at the rates and terms specified on the IBUK Website or as otherwise
notified to you in writing by IBUK. You may also be required to pay to us any commissions, fees or interest that are charged
to you by third parties (e.g., by a broker that introduces you to us or by your financial advisor for your IBUK Account), which
we would distribute to such third party. Our Costs and Charges Guide, which includes a description of the costs and charges
that may apply to you is included on the IBUK Website (under the “MiFID Disclosures” section of our “Forms and Disclosures”
webpage).
A2.1.2 We deduct commissions and fees (including, but not limited to, market data fees) from your IBUK Account, which will reduce
account equity. Commissions will generally be deducted on the same day they are earned, which is generally the trade date.
Positions will be liquidated (see Section A14) if the deduction of commissions or other charges causes your IBUK Accountto have an insufficient balance to satisfy the Margin Requirements..
A2.1.3 For certain products, IBUK may offer "tiered" or "unbundled" or "component" commissions where the total commission isbased on various component factors (e.g., exchange fees, IBUK or IBLLC fees, etc.). These commission models are notintended to be a direct pass-through of exchange and third-party fees and rebates. Costs passed on to clients in thesecommission schedules may be greater than the costs paid by IBUK, IBLLC, or their Affiliates to the relevant exchange,
regulator, clearinghouse or third party. For example, IBUK, IBLLC, and their Affiliates may receive volume discounts that are
not passed on to clients. Likewise, rebates passed on to clients by IBUK, IBLLC, or their Affiliates may be less than therebates IBUK, IBLLC, or their Affiliates receive from the relevant market.
A2.1.4

IBUK is not required to compensate you for any differential tax treatment. If you are allocated a substitute payment in lieu
of interest, dividends, or other payment, you understand that such a payment may not be entitled to the same tax treatment.
IBUK may allocate payments in lieu of interest, dividends, or other payments by any mechanism permitted by Applicable
Law.

A2.1.5 Notwithstanding any language to the contrary in this Agreement or on the IBUK Website regarding credit and debit interest,
interest rates for a particular currency may be "negative”. If the interest rate on funds held in a particular currency is negative,
this means you will be charged a fee at the negative interest rate for positive balances in such currency and earn interestfor negative balances in the currency. You should refer to rates specified on the IBUK Website.
A2.1.6 IBUK and IBLLC may share commissions, fees or minor non-monetary benefits with associates, introducing agents or otherthird parties. IBUK is entitled, under Applicable Law, to pay or be paid commissions, fees or minor non-monetary benefits
where the relevant commission, fee or minor non-monetary benefit: (a) is designed to enhance the quality of the service that
IBUK provides to its clients; and (b) does not impair IBUK’s duty to act honestly, fairly and professionally in accordance withthe best interests of its clients and its obligations under Applicable Law. IBUK shall disclose the existence, nature and amountof any relevant commission, fee or minor non-monetary benefit. Where the amount cannot be ascertained, IBUK shalldisclose the method of calculation of the commission, fee or minor non-monetary benefit. If IBUK receives an inducement
which is not permitted under Applicable Law, IBUK will inform the relevant client(s) of the mechanism(s) for transferring thecommission(s), fee(s) or minor non-monetary benefit(s) to the client(s).
A2.2Cash accounts deficits

A2.2.1 If your IBUK Account incurs an equity deficit (regardless of account type), margin interest rates as specified on the IBUK
Website will be charged on the debit balance owed by you to IBUK until the deficit is repaid. In their respective discretion,
IBUK and their Affiliates shall have the right, but not the obligation, to treat a cash (non-margin) account that has incurredan equity deficit as a margin account, in which case the terms and conditions specified in this Agreement relating to margin
shall apply.
A2.2.2 For any deficit in your IBUK Account that remains unpaid, you agree to pay and shall be liable for the reasonable costs andexpenses of the collection for any unpaid deficit, including, but not limited to, attorneys' fees and/or collection agent fees.
A2.2.3 If IBUK or its Affiliates seek to recover any unpaid deficit through a court or arbitration proceeding, IBUK and their Affiliates
reserve the right to recover interest at statutory interest rates, rather than margin interest rates.
A2.2.4 IBUK and their Affiliates may take all steps permissible under Applicable Law to recover an unpaid deficit, including but notlimited to transferring or assigning the debt to an Affiliate or other third-party entity for collection.

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A2.3

Automatic Currency Conversion Functionality (AUTOFX) of Cash Accounts

A2.3.1

If you incur an obligation in a cash account (i.e. a cash account opened with IBUK that is not enabled for margin trading) in acurrency as a result of a purchase denominated in such currency (the “Purchase Currency”), and if insufficient funds exist in
the account in that currency, IBUK will automatically convert the necessary amount of your long currency balance(s) to therequired amount of the Purchase Currency for settlement by the same date as the date on which the purchase settles.

A2.3.2IBUK will effect each automatic currency conversion at a rate derived from prevailing market conditions at the time of theexecution (i.e., for the purposes of AUTOFX, IBUK will engage in “spot” currency transactions on your behalf). The conversion
rate set by IBUK for automatic conversions may be adjusted from the rate that otherwise would apply to compensate fordifferences between the agreed settlement cycle for the trade and the standard settlement cycle for that currency pair. The
fees IBUK applies for automatic currency conversion trades are detailed on the Pricing section of the IBUK website.

A2.3.3 AUTOFX does not apply to (i) funds received into your cash account where those funds are in a currency supported by IBUK
(however, you can manually convert those funds into another currency if desired) or (ii) to margin accounts (however, you canmanually enter currency conversion orders on your margin accounts). However, if, you receive funds into your cash accountwhich are in a currency that is not supported by IBUK, AUTOFX will apply to those funds.
A2.3.4 If you do not wish for AUTOFX to be applied in respect of your cash account, you will need to determine what amountof Purchase Currency is required to execute your buy order and have sufficient settled funds in that Purchase
Currency before placing any order. If you do not do so, funds will be automatically converted in the manner set out
in this Section.
A2.4

Exposure fee for high-risk accounts
IBUK (through IBLLC) calculates and charges a daily "exposure fee" to IBUK Accounts that are deemed in IBUK's discretionto have significant risk exposure (i.e., potential exposure that exceeds the account's equity were certain scenarios to occur).
The exposure fee is not a form of insurance for your IBUK Account. If your IBUK Account incurs a debt or deficit to IBUK or
its Affiliates, you remain liable to IBUK and their Affiliates to satisfy that debt or deficit. Payment of exposure fees does NOT
reduce, offset, or relieve you of that liability. Deduction of exposure fees will reduce account equity. Positions may be liquidated
if exposure fees cause a margin deficiency.

A2.5

Interest
IBUK (through IBLLC) shall pay credit interest to you and shall charge debit interest to you at such interest rates and on suchcredit or debit balances as are then set forth on the IBUK Website. IBUK reserves the right, in its sole discretion, to amend its
credit and debit interest policies, interest rates and the frequency with which interest is charged, at any time, upon notice madeby posting the amended policies or rates on the IBUK Website.

A2.6

Taxes
IBUK, through IBLLC, may, in its discretion, deduct or withhold from your IBUK Account or from any amount due to you allforms of tax (whether a tax of the United Kingdom or elsewhere in the world and whenever imposed) in accordance with
Applicable Law. In accounting for taxes or in making deductions or withholdings of tax, IBUK may estimate the amounts
concerned. Any excess of such estimated amounts over the final confirmed liability shall be credited to your IBUK Account.
Any deficiency of such estimated amounts under the final confirmed liability may be deducted or retained from any amounts
that IBUK or its Affiliates may owe to you or be holding for you.

A3 Your personal information
A3.1

Data protection

A3.1.1 IBUK will act as a data controller of your personal data within the meaning of the UK General Data Protection Regulation(“Data Protection Law”). You acknowledge that we may obtain information (including personal data and special categories
of personal data, each as defined in the Data Protection Law) about you or your directors, shareholders, employees, officers,
agents or clients as necessary. We shall comply with applicable data protection law regarding the processing of yourpersonal data. You acknowledge that you have read and understood the IBKR Privacy Policy published on the IBUK Website(as may be updated from time to time) which sets out how your personal data shall be processed by us.
A3.1.2 You understand that we may use, store or otherwise process any such information (whether provided electronically orotherwise) and may disclose any such information (including, without limitation, information relating to your transactions and
IBUK Account) either as we shall be obliged to under or pursuant to Applicable Law or by any regulatory authority or as may
be required to provide services to you under this Agreement.
A3.1.3 IBUK may:(i)

disclose information about you to your agents or attorneys for any purpose relating to this Agreement;

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(ii) disclose information about you and your clients, of a confidential nature, in the circumstances set out in this Section A3;(iii) to other members of the IBKR Group, who may use it in the manner set out in this Section A3 (and for the avoidance of
doubt, references to “we”, “us” and “our” in this Section shall be deemed to include all members of the IBKR Group);(iv) to other organisations and individuals we may engage to perform, or assist in the performance of, our services or toadvise us, provided that they will only be given access to the relevant information for that purpose;(v) to any depository, stock exchange, clearing or settlement system, account controller or other participant in the relevant
system, to counterparties, dealers, custodians, intermediaries and others where disclosure is reasonably intended forthe purpose of effecting, managing or reporting transactions in connection with the Agreement or establishing a
relationship with a view to such transactions;(vi) to any regulatory authority or public registry, as required by Applicable Law; or(vii) as may be required for the purposes set out in this Section A3.
A3.1.4 To the extent such authorisation is required by law, you hereby authorise IBUK, directly or through third parties, to make any
enquiries that IBUK considers necessary to conduct business with you. This may include ordering a credit report andperforming other credit checks or verifying the information you provide against third party databases. Any personal dataobtained is maintained in accordance with the IBKR Privacy Policy.

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A3.1.5 If any personal data or sensitive personal data belonging to any of your shareholders, directors, employees, officers, agentsor clients is provided to us, you represent to us that each such person is aware of and, to the extent required by law, consents
to the use of such data as set out in this Section A3 and you agree to indemnify us against any loss, costs or expenses
arising out of any breach of this representation.
A3.2

Transfer of your personal information
We may transfer information we hold about you to any country including countries outside the UK and/or European Economic
Area (“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 your information anddisclosure to third parties. In case your information is transferred to countries or territories outside of the UK and/or EEA thatare not recognised by the UK and/or European Commission as offering an adequate level of data protection, we have put inplace appropriate data transfer mechanisms to ensure your information is protected. Details of the data transfer mechanismthat we have applied to protect your information can be obtained by contacting the IBUK Data Protection Officer at
dpo@ibkr.com.

A4 Confidential information
A4.1.1 Subject to Section A3, you and we will each treat as confidential (both during and after the termination of the relationshipbetween you and us) any information learned about the other in the course of the relationship pursuant to this Agreement
and, except as otherwise agreed, shall not disclose the same to any third party except as set out below.
A4.1.2 The obligations of confidentiality shall not apply or shall cease to apply to such part of the information (other than personaldata) as the receiving party can show to the reasonable satisfaction of the disclosing party:(i)has become public knowledge other than through the fault of the receiving party or an employee or director of thereceiving party to whom it has been disclosed in accordance with this Agreement; or(ii) where the receiving party establishes it was already known to it prior to disclosure of it by the disclosing party; or(iii) has been received from a third party who neither acquired it in confidence from the disclosing party, nor owed thedisclosing party a duty of confidence in respect of it; or(iv) 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, have given prior Written Notice to the disclosing party, and provided always that suchdisclosure is only made to the extent absolutely and specifically required under such requirement.

A5 Recording
A5.1.1 Telephone conversations and electronic communications with IBUK and its Affiliates may be recorded. IBUK and/or Affiliates
or representatives may contact you by telephone as required and appropriate under this Agreement.
A5.1.2 To the extent permitted under Applicable Law IBUK, its Affiliates or any other person they may appoint, 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 you or your agent. The recordings may be used as evidence
if there is a dispute.
A5.1.3 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). We will retain such records in accordance with Applicable
Law and our procedures. You should not expect to be able to rely on IBUK to comply with your record keeping obligations.

A6 Conflicts of interest
A6.1.1 IBKR Group companies have various policies and procedures in place to assist in identifying, preventing and managing
conflicts of interests between themselves and their clients or between two or more clients that arise in the course of providing
Services. The IBUK 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. In addition to the Conflicts ofInterest policy, there are various other polices and processes that address conflicts of interest that arise in specificcircumstances, including those dealing with employee trading, external interests or gifts and entertainment.
A6.1.2 In circumstances where organisational or administrative arrangements cannot prevent an actual or potential conflict having
a negative impact on your interests, IBUK and/or its Affiliates (as applicable) will disclose the source and nature of thematerial interest as soon as reasonably possible as well as the steps taken to mitigate those risks prior to providing therelevant Services to you.

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A6.1.3 You authorise IBUK, IBLLC, their Affiliates, and/or their clients, to act as buyers with respect to orders given by you to IBUK
to sell for your IBUK Accounts, or as sellers with respect to orders given by you to IBUK to buy for your IBUK Accounts. You
accept that IBUK, IBLLC and/or their Affiliates may have interests which conflict with your interests and that they may owe
duties which conflict with duties which would otherwise be owed to you and to the extent permissible by Applicable Law, youconsent to the same.
A6.1.4 A summary of the IBUK Conflicts of Interest Policy can be found on the IBUK Website, you may also contact us using thedetails in Section A1.7 above if you require any further information.

A7 Responsibilities
A7.1

Our responsibilities to you

A7.1.1 Suspicious activity: If we, in our sole discretion, believe that your IBUK Account has been involved in any fraud or crime orviolation of laws or regulations, or has been accessed unlawfully, or is otherwise involved in any suspicious activity (whether
as victim or perpetrator or otherwise), we may suspend or freeze the IBUK Account or any privileges of the IBUK Account,freeze or liquidate funds or assets, or utilise any of the remedies in this Agreement for an "Event of Default". You agree towaive any claim for loss or damages against IBUK, IBLLC, or their Affiliates arising out of or related to the exercise our rights
under this Section.
A7.1.2 Limitation of Liability: IBUK, IBLLC, their Affiliates, and their respective directors, officers, employees, Affiliates, associates,or agents shall not be liable for any direct or indirect costs, expenses, fees (including, but not limited to, attorney's fees,
losses, damages, claims or liabilities incurred or suffered by you under this Agreement) unless arising directly from theirgross negligence, wilful default, or fraud or causing personal injury or death to you. Under no circumstances shall IBUK,IBLLC, their Affiliates, nor any of their respective directors, officers, employees, Affiliates, associates, or agents have any
liability for any punitive, indirect, incidental, special, or consequential loss or damages, including any loss of business, profits,
or goodwill.
A7.1.3 You accept the IBKR System "as is", and without warranties, express or implied, including, but not limited to, the implied
warranties of merchantability or fitness for a particular use, purpose or application; timeliness, freedom from interruption; orany implied warranties arising from trade usage, course of dealing or course of performance. Under no circumstances shall
IBUK, IBLLC, its Affiliates, nor any of their respective directors, officers, employees, Affiliates, associates, or agents be liable
to you for any system failure, delays or interruptions of service or transmissions, or malfunctions or failures of performanceof the IBKR System or any transmission, communication or computer facility or system used in connection with the provisionof services under this Agreement, regardless of cause, including, but not limited to, those caused by hardware or software
malfunction, human error, supra national, governmental, exchange or other regulatory or self-regulatory rules or actions,acts of God, acts of war (declared or undeclared), acts of terrorism, public health events (including pandemics), theintentional acts of IBUK, IBLLC, or their Affiliates or failure to act to prevent service disruption or system failure by IBUK,IBLLC, or their Affiliates. You recognise that there may be delays or interruptions in the use of the IBKR System, including,for example, those intentionally caused by IBUK, IBLLC or their Affiliates for the purpose of servicing the IBKR System.
A7.1.4 IBUK, IBLLC, their Affiliates, and their respective directors, officers, employees, Affiliates, associates or agents shall not beliable to you for any partial or non-performance of their obligations under this Agreement by reason of any cause beyond its
reasonable control including, but not limited to, labour disputes or industrial actions; the rules or actions of any supra national,
governmental or regulatory or self-regulatory authority; acts of war (declared or undeclared); acts of terrorism; or the failureby any intermediate broker or agent, or principal of IBUK, IBLLC, or their Affiliates or any or any custodian, sub-custodian,dealer, exchange, clearing house or supra national, governmental, regulatory or self-regulatory body, for any reason, toperform its obligations.
A7.1.5 In no event shall any liability of IBUK, IBLLC, their Affiliates, or any of their respective directors, officers, employees, Affiliates,
associates or agents, regardless of the form of action or damages suffered by client, exceed the highest aggregate monthly
commissions and fees paid by you to IBUK.
A7.1.6 Nothing in this Agreement represents a contractual promise of warranty to you regarding IBUK, IBLLC, or their Affiliates’
compliance with Applicable Law. Nor is anything in this Agreement intended to create a contractual or private cause of action
for any non-compliance with Applicable Law.
A7.2

Your responsibilities

A7.2.1 The information you provide to us: You agree that, if any information provided by you in your Account Application Materials
changes, ceases to be true, or becomes materially misleading (including, but not limited to, the ownership or beneficial
interest in your IBUK Account), you shall make the appropriate change to your account information using the procedures
available on the IBUK Website or shall contact us using the contact details provided in Section A1.7. You authorise IBUK,IBLLC and our Affiliates to make any inquiry we deem appropriate, at any time, to verify any of your information. You agree
to provide to IBUK, upon IBUK's request, any additional information or documentation that it deems necessary or desirable
including, but not limited to, any information or documentation requested to verify or re-verify your identity or that of related
persons.

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A7.2.2 Indemnity: You agree to indemnify, hold harmless and defend IBUK, IBLLC, their Affiliates, and their respective officers,
directors, employees, agents, and representatives from any and all liabilities, losses, costs, judgments, penalties, claims,
actions, damages, or expenses (collectively, "Losses") arising from or relating to: (i) any action taken in reliance on any
representation, information or instruction received from you; (ii) your breach of this Agreement; (iii) any action taken by IBUKor IBLLC to enforce their rights under this Agreement; (iv) any inquiry, information request, or other action by a third party
related to your IBUK Account, including to your assets, liabilities, transactions, instructions, actions, or inactions; (v) any
Event of Default as defined hereunder; or (vi) your violation or infringement of any intellectual property right held by IBUK,IBLLC or their Affiliates, except to the extent that such Losses directly result from IBUK, IBLLC or their Affiliates’ grossnegligence, fraud or wilful misconduct.
A7.2.3 Currency Indemnification: If IBUK, IBLLC or any of their Affiliates receives or recovers any amount with respect to an obligationof yours in a currency other than that in which such amount was payable, whether pursuant to a judgment of any court orotherwise, you shall indemnify IBUK, IBLLC and their Affiliates and hold them harmless from and against any cost (including
the cost of conversion) and loss suffered as a result of receiving such amount in a currency other than the currency in which it
was due.
A7.2.4 If you are an individual: You represent and warrant that, as of the date you accept this Agreement and each time you place
an order and/or execute a transaction, you:(i)have attained eighteen (18) years of age;(ii)

have all necessary legal capacity to enter into this Agreement and to place orders under this Agreement; and(iii)

have sufficient experience, knowledge and understanding of the characteristics and risks associated with thefinancial instruments that you are permitted to trade in your IBUK Account.

A7.2.5 If you are not an individual (e.g., you are a corporation, unincorporated business, partnership or trust): You (through andincluding each of your authorised representatives) represent and warrant that, as of the date you accept this Agreement andeach time you place an order and/or execute a transaction:(i)you are duly formed and validly existing under the laws of your place of organisation or formation;(ii) you have, pursuant to your articles of incorporation, partnership agreement, charter, by-laws, operating agreement orother governing documents ("Governing Documents") and Applicable Law, the power and authority to enter into,
exercise your rights, and perform or comply with your obligations under this Agreement and each order;(iii) you have pursuant to your Governing Documents and the jurisdictions in which you are registered, authorised, and/or
regulated, the power and authority to trade the securities, options, futures, and other investment products to be tradedin your IBUK Account;(iv) you have taken all necessary action to authorise the exercise, performance, and execution of this Agreement and anyother document relating to this Agreement to which you are a party;(v) your authorised representatives have sufficient experience, knowledge and understanding of the characteristics andrisks associated with the financial instruments that you are permitted to trade in your IBUK Account;(vi) the persons which you identify to IBUK as authorised to enter orders and trade on your behalf have full authority to doso.
A7.2.6 Joint accounts:
A7.2.6.1 For joint accounts, each joint account holder agrees that each individual joint account holder shall have authority, without
notice to the other joint account holder to:(i)buy and sell securities, options, futures, and other derivatives or other investment products on margin, or otherwise,
depending upon the type of IBUK Account;(ii) receive confirmations, statements, and Records and Communications of every kind related to the IBUK Account;(iii) receive and dispose of money, securities and/or other investments, assets or property in the IBUK Account;(iv) terminate, or agree to a modification of this Agreement;(v) waive any of the provisions of this Agreement; and(vi) generally deal with IBUK, IBLLC and their Affiliates as if each joint account holder alone was the sole holder of the
IBUK Account.

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A7.2.6.2 Each joint account holder agrees that notice to any joint account holder shall constitute notice to all joint account holders.
Each joint account holder further agrees that he or she shall be jointly and severally liable to IBUK and their Affiliates withrespect to all matters relating to the IBUK Account. IBUK and their Affiliates may follow the instructions of any of the joint
account holders concerning the IBUK Account and make delivery to any of the joint account holders of any and all securities
and/or other property in the IBUK Account, and make payments to any of the joint account holders, of any or all monies in
the IBUK Account as any of the joint account holders may order and direct, even if such deliveries and/or payments shallbe made to only one of the joint account holders personally.
A7.2.6.3 In the event of the death of either of the joint account holders, the surviving joint account holder shall provide Written Noticethis occurrence as soon as possible to IBUK. IBUK and its Affiliates, may, before or after receiving such Written Notice,initiate such proceedings, require such documents, retain such portion and/or restrict transactions in the IBUK Account as
it deems advisable, in its sole discretion, to protect themselves against any tax, liability, penalty or loss under any present
or future laws or otherwise.
A7.2.6.4 The estate of any deceased joint account holder shall be liable, and each survivor shall be liable, jointly and severally, to
IBUK and their Affiliates for any debt or loss in the IBUK Account or debt or loss incurred in the liquidation of the IBUK
Account or the adjustment of the interests of the joint account holders. Unless the joint account holders indicated to thecontrary when the IBUK Account was opened, IBUK and their Affiliates may presume that it is the express intention of thejoint account holders to hold the IBUK Account as joint tenants with rights of survivorship. In the event of the death of anyof the joint account holders, the entire interest in the IBUK Account shall be vested in the surviving joint account holder on
the same terms and conditions as theretofore held, without in any manner releasing the deceased joint account holder'sestate from liability.
A7.2.7

If you are a trust: The trustees hereby represent that:(i)There are no other trustees of the trust other than those identified in the Account Application Materials;(ii)

IBUK and their Affiliates have the authority to accept orders and other instructions relative to this IBUK Accountfrom the trustees. Trustees hereby certify that IBUK and their Affiliates are authorised to follow the instructions of
any trustee and to deliver funds, securities, or any other assets in this IBUK Account to any trustee or on any
trustee's instructions, including delivering assets to a trustee personally. IBUK and any of their Affiliates, in theirrespective 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;(iii)

Trustees 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 Account applied for, and to enter into transactions andissue instructions for the IBUK Account. To the extent that the following activities are permitted for the type of IBUK
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 IBUK
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;(iv)

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 IBUK Account as described above, without acknowledgement or consent by the other trustees;(v)

Trustees certify that any and all transactions effected and instructions given regarding this IBUK Account will be infull compliance with the trust, the Trust Agreement, and Applicable Law;

(vi)

Trustees, jointly and severally, shall indemnify IBUK and their Affiliates and hold IBUK and their Affiliates harmlessfrom any claim, loss, expense or other liability for effecting any transactions, and acting upon any instructions givenby the trustees; and(vii)

The statements and certifications made herein and the information provided in the IBUK Account application
process are true and correct, and authorises IBUK and any of their Affiliates to confirm their accuracy as it deems
necessary.

A7.2.8 If you are a regulated entity or affiliated with a regulated entity:(i)

You represent and warrant to IBUK that, as at the date you accept this Agreement and each time you place an order
and/or execute a transaction, unless you have notified IBUK to the contrary in your Account Application Materials, you
are not: (1) a broker-dealer, futures commission merchant, or comparable securities, futures or investment professional;(2) an affiliate, associated person or employee of a broker-dealer, futures commission merchant, or comparable
securities, futures or investment professional; or (3) an affiliate, associated person, or employee of any exchange,
clearing house or regulatory agency or self-regulatory organisation.

(ii) You agree to promptly provide IBUK Written Notice if you become employed by, affiliated with, or associated with, abroker-dealer, futures commission merchant, or comparable securities, futures or investment professional, or if you

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Association; the SEC; the CFTC; the FCA; or any other financial regulatory agency or self-regulatory organisation.
A7.2.9 You shall promptly provide Written Notice if any of the representations or warranties in this Section A7.2 (as applicable toyou) materially changes or ceases to be true and correct. Without limiting the generality of the foregoing, you specificallyagree to notify IBUK immediately in the event that: (1) if you are a corporation, unincorporated business, partnership, or
trust, there is a significant change in the nature of your business or ownership; (2) if you are an unincorporated business orpartnership, the authorised signatories of the business or partnership change; and (3) if you are a trust, any trustee isreplaced. In all the foregoing events, you agree to provide to IBUK any additional information or documentation that IBUK
deems necessary or desirable, upon IBUK's request.

A8 Complaints
A8.1.1 A summary of IBUK's Internal Complaint Handling Policy and Procedures is available on the IBUK Website or you can accessit by clicking this Complaints Policy Summary. You have the right to request further information in relation to those
procedures.
A8.1.2 If you would like to make a formal complaint, the best way to contact us is by submitting a WebTicket in the Client Portal.
You can also send a letter to us at Complaints Handling, Compliance Department, Interactive Brokers, Floor 12, 20
Fenchurch Street, London EC3M 3BY or email ibukcomplaints@interactivebrokers.co.uk.
A8.1.3 You may potentially be able to complain to the UK Financial Ombudsman Service. Details of who is an eligible complainant,and the procedures to make a complaint can be found here: https://www.financial-ombudsman.org.uk.

A9 Compensation
A9.1

US compensation
IBLLC is a broker-dealer registered with the Securities and Exchange Commission and is a member of the FINRA, CRD#:
36418. IBLLC is a member of the Securities Investor Protection corporation (“SIPC”). SIPC currently protects the securities
and/or other property in certain client accounts up to US$500,000, including US$250,000 for claims for cash. SIPC does notcover fluctuations in the market value of investments. Account protection is not provided for the accounts of banks or brokerdealers maintained for their own account. Nothing in this Agreement or on the IBLLC website is intended to be a representation
or warranty with respect to the terms of SIPC coverage, which are determined by SIPC. Visit www.sipc.org or call +1 (202)371-8300 for more information.

A9.2

UK compensation
You may be eligible for protection afforded by the UK Financial Services Compensation Scheme ("FSCS") which compensates
private clients if a UK company that is engaged in investment business becomes insolvent. However, the extent that you seek,or could seek, compensation from the FSCS will depend upon the type of business and the circumstances of the claim. FSCS
coverage is restricted to designated investments and may not cover certain investments or transactions, depending on how
they are characterised under the FSCS. The maximum payment under the FSCS in respect to designated investments iscurrently 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.

A10 Changing this Agreement
A10.1 Variation terms applicable to all changes
A10.1.1 We may change any of the provisions of this Agreement for any reason not listed below in this Section A10 where:(i)you are able to end the Agreement without charge; or(ii) we agree to waive any charge that would otherwise apply.
A10.2 Assigning this Agreement
A10.2.1 You agree to us assigning all or any of our benefits and obligations under this Agreement to any appropriate Affiliate or any
third-party which is an appropriately regulated and authorised broker-dealer, futures commission merchant or comparable
investment professional. If we do this, we will aim to give you at least 30 calendar days’ notice.
A10.2.2 This Agreement shall inure to the benefit of IBUK's and IBLLC's successors and assigns and binds your successors andassigns.
A10.2.3 You may not assign or transfer any rights or obligations hereunder without the prior written consent of IBUK and IBLLC. In
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be liable for all your past and present debts and obligations to IBUK, IBLLC and their Affiliates.

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A10.3 Changes to our charges
A10.3.1 If we provide a new service or facility in connection with your IBUK Account we may introduce a new charge for providing
you with that service or facility.
A10.3.2 We may change our charges or introduce a new charge where there is no new service or facility if there is a change in (orwe reasonably expect there will be a change in):(i)the costs we incur in carrying out the activity for which the charge is or will be made;(ii) Applicable Law.
A10.3.3 We may also change our charges for a valid reason which is not set out in this Section.
A10.4 Changes to other terms
A10.4.1 We may change this Agreement:(i)where we reasonably consider that the change would:
a. make the terms easier to understand or fairer to you; orb. not be to your disadvantage;(ii) to comply with or meet any change (or reasonably expected change) in Applicable Law;(iii) to correct any inaccuracies, omissions, errors or ambiguities;(iv) to take account of any reorganisation of the IBKR Group or a transfer of rights under Section A10.1;(v) to reflect any changes to the Services, products or investments we offer under this Agreement, or changes to oursystems, our processes and procedures, market practice or client requirements; and/or(vi) make any other changes which we believe in good faith are reasonable.
A10.5 Notifying you of changes
A10.5.1 If we make changes to this Agreement or your IBUK Account that benefit you, or to comply with Applicable Law, we canmake the change immediately. Incidental changes, such as clarifications and drafting and typographical amendments, mayalso be made immediately. We will make information about the change available to you in the manner we have agreed tocommunicate with you, or if we believe it is appropriate, by a general communication or advertisement.
A10.5.2 If we make other changes, we will aim to give you at least 30 calendar days’ notice (where Applicable Law allows).
A10.5.3 If you are not happy with any changes we make/plan to make to this Agreement, you can end the Agreement in accordancewith Section A11.

A11 Ending the Agreement
A11.1 Your right to end this Agreement
Unless we have told you that restrictions apply to a particular service or product, you can end your relationship with us andthis Agreement at any time by giving us Written Notice. You will need to close all positions in your IBUK Account before yourIBUK Account can be closed.
A11.2 IBUK or IBLLC ending the Agreement
A11.2.1 Either IBUK or IBLLC may terminate this Agreement and/or your use of the facilities and brokerage or other services provided
by IBUK, IBLLC and/or their Affiliates, at any time, in our sole respective discretion. IBUK and IBLLC may also terminate theAgreement upon the occurrence of an Event of Default.
A11.2.2 Upon termination, IBUK, IBLLC and their Affiliates shall have the right, in their discretion, but not the obligation, to take any
one or more actions specified in Sections A12.2 to A15.

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A12 When things go wrong
A12.1 Events of default
A12.1.1 An "Event of Default" shall occur automatically, without notice to you, if:(i)You breach, repudiate, or fail to perform any obligations under the terms of this Agreement (including, without limitation,
your agreement to provide margin), any agreement with any third party or any transaction, or you fail to timely discharge
any other obligation to us or our Affiliates;(ii)Your IBUK Account balance, at any time, is in deficit, or otherwise fails to satisfy Margin Requirements;(iii)

At any time, you fail to make payment of any other amount or make or take delivery of any property when due under
any transaction or pursuant to this Agreement;(iv)

IBLLC or any of its Affiliates executes an order for which you did not have sufficient funds;(v)

You have not offset a commodity options contract position at least one (1) hour prior to the time specified by anexchange for final settlement;(vi)

You have not closed-out any position in a futures contract not settled in cash by the close-out deadline;(vii)

We or any of our Affiliates, in our respective sole discretion, determine there are sufficient grounds for insecurity withrespect to you performing any obligation to any person including, but not limited to, your obligations under any
transaction or pursuant to this Agreement and, immediately after demand, you fail to provide assurance of performanceof the obligation satisfactory to us / our Affiliates;(viii)

We or any of our Affiliates consider liquidation necessary or desirable for its own protection or to prevent what we or
any of our Affiliates may, in our discretion, consider to be a violation of any Applicable Law or good standards of market
practice;(ix)

You are unable to pay your debts as they fall due or are bankrupt or insolvent, as defined under any bankruptcy or
insolvency law applicable to you; or any indebtedness of yours is not paid on the due date or becomes capable, at any
time, of being declared due and payable under agreements or instruments evidencing such indebtedness before it
would otherwise have been due and payable;(x)

You commence a voluntary case or other procedure seeking or proposing liquidation, protection from creditors,
reorganisation, an arrangement or composition, a freeze or moratorium or other similar relief with respect to you or
your debts under any bankruptcy, insolvency, regulatory, supervisory or similar law (including any corporate or otherlaw with potential application to you, if insolvent), or seeking the appointment of a receiver, liquidator, conservator,
administrator, custodian, examiner, trustee or other similar official (each a "Custodian") of you or any part of yourassets; or if you take any corporate action to authorise any of the foregoing and, in the case of a reorganisation,
arrangement or composition, IBUK or any of their Affiliates do not consent to the proposals;(xi)

An involuntary case or other procedure is commenced against you, seeking or proposing reorganisation, or an
administration order, liquidation, an arrangement or composition, a freeze or moratorium, or other similar relief withrespect to you or your debts is imposed under any bankruptcy, insolvency, regulatory, supervisory or similar law(including any corporate or other law with potential application to you if insolvent);(xii)

Any other proceedings are commenced by or against you under any bankruptcy, insolvency, relief of debtors, or similar
law; or any proceedings are commenced for any execution, any attachment or garnishment, or any distress against, oran encumbrancer takes possession of, the whole or any part of your property, undertakings or assets (whether tangible
or intangible);(xiii)The suspension of, or the commencement of any proceeding to suspend your business or license issued by any
regulatory or governmental body;(xiv)

A Custodian is appointed for you or any of your property;(xv)

You make an assignment for the benefit of creditors;(xvi)

You or any organisation of which you are a member suspend or threaten to suspend the transaction of its usualbusiness;(xvii)

You are dissolved, or, if its existence is dependent upon a form of registration or authorisation, such registration or
authorisation is removed or ends, or any procedure is commenced seeking or proposing its dissolution or the removal
or ending of such registration or authorisation;

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(xviii)

An application for ancillary relief is made, relating to the property or entitlement under any of your contracts in any
matrimonial proceedings relating to you;(xix)

Any other proceeding is commenced with respect to any of your property or involving any organisation of which you
are a member;(xx)

Any representation or warranty made or given, or deemed to have been made or given, by you, to IBUK or any of their
Affiliates, whenever or wherever made, or any transaction, was false or misleading at the time it was made or given, or
deemed to be made or given, or later becomes untrue and not corrected within three (3) business days;(xxi)

You die, become legally incompetent, become of unsound mind or become incapable, by reason of mental disorder,of managing and administering their property and affairs;(xxii)

You fail to provide to IBUK, upon request, any information or documentation requested by IBUK for purposes of verifying
your identity or any of your directors, principals, shareholders, owners, authorised signatories or traders, settlors,
trustees or other persons whose identity IBUK wishes to identify for purposes of detecting money laundering;(xxiii)

You fail to respond to IBUK, IBLLC, or any of their Affiliates’ attempts to contact you concerning potentially abandoned
property; or(xxiv)IBUK, IBLLC or any of their Affiliates has reason to believe that any of the foregoing is likely to occur imminently.

A12.2 Default action
A12.2.1 You agree that, after the occurrence of any Event of Default, IBUK, IBLLC and their Affiliates shall have the right, in theirrespective sole discretion, but not the obligation, to take any one or more of the following actions, by themselves or through
IBLLC or another IBUK Affiliate, at any time, without prior notice or demand to you to:(i)terminate: (A) this Agreement; (B) any of IBUK's and/or IBLLC's obligations to you; and/or (C) your use of the facilities
and services provided by or through IBUK, IBLLC or any of their Affiliates;(ii) liquidate, sell, or close-out any or any part of your transactions or open positions or the cash, security or other property
in any of your IBUK Accounts, whether carried individually or jointly with others, at any time, in any such manner(including by the entry of offsetting transactions), and in any market as IBUK or its Affiliates deem necessary;(iii) hedge and/or offset such transactions, open positions, cash, securities and other property in the cash or other market,
including a related but separate market;(iv) cancel any open orders for the purchase of any transactions;(v) borrow and/or buy any property required to make delivery against any sales, including short sales, effected for you; or(vi) exercise any or all option contracts to which you are a party. In the event of a liquidation upon an Event of Default,
Section A14 of this Agreement will apply.

A13 Set-off rights
A13.1.1 IBUK and its Affiliates shall be entitled, through IBLLC, at any time, in their discretion, and without notice to you, to:(i)debit any sums due to IBUK, IBLLC, or their Affiliates under this Agreement (including any sums due pursuant to anytransaction) to any of your IBUK Accounts held on the books of IBUK, IBLLC, or their Affiliates;(ii) convert any sums at such current rates as IBUK, IBLLC, or their Affiliates consider appropriate into such currencies as
IBUK, IBLLC, or their Affiliates may consider appropriate; and(iii) merge, consolidate or combine all or any of your IBUK Account(s) and set off any amount (whether actual or contingent,
present or future) at any time owing to IBUK, IBLLC, or their Affiliates to you or standing to your credit on any IBUK
Account against any amount (whether actual or contingent, present or future) owing by you to IBUK, IBLLC, or their
Affiliates. Any security given to IBUK, IBLLC or to any of their Affiliates by or with respect to you, for any purpose, shallextend to any amount owing from you to IBUK, IBLLC or their Affiliates, after such exercise of such right of set-off.
A13.1.2 Additional rights: The rights set forth in this Section A13 shall be in addition to, and not in limitation or exclusion of, any otherrights IBUK or its Affiliates may have under this Agreement or Applicable Law.

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A14 Liquidation of positions
A14.1.1 You agree that IBUK, IBLLC, and their Affiliates have the right, in our respective sole discretion, but not the obligation, toliquidate all or any part of your assets or positions in any of your IBUK Accounts, whether carried individually or jointly withothers (including by the entry of offsetting transactions), at any time, in any such manner, in any market (including but notlimited to pre-market/after-market trading and private sales), and through any market or dealer, as IBUK, IBLLC, or their
Affiliates deem necessary, without prior notice or margin call to you if at any time:(i)your IBUK Account is in deficit (i.e., negative equity);(ii) your IBUK Account has insufficient equity to meet margin requirements;(iii) IBUK, IBLLC, and their Affiliates (in their respective sole discretion) anticipate that the holding of an open position or
any other position in your IBUK Account likely will result in a future margin violation (for example upon expiration of a
derivative position);(iv) an Event of Default has occurred (see Section A12.1)(v) this Agreement has been terminated;(vi) you submit and IBLLC or any of its Affiliates executes an order for which you do not have sufficient funds; or(vii) IBUK, IBLLC or any of their Affiliates determines (in their respective sole discretion) that liquidation is necessary oradvisable for the protection of IBUK, IBLLC or any of their Affiliates.
A14.1.2 You expressly waive any rights to receive prior notice or demand from IBUK, IBLLC or their Affiliates and agrees that any
prior demand, notice, announcement or advertisement shall not be deemed a waiver of the rights of IBUK, IBLLC or their
Affiliates to liquidate any of your positions or assets. You understand that if IBUK, IBLLC or any of their Affiliates liquidate
any of your positions or assets, you shall have no right or opportunity to determine the securities to be liquidated or the orderor manner of liquidation. IBUK, IBLLC or any of their Affiliates may, in our sole respective discretion, effect a liquidation on
any exchange, Electronic Communications Network or other market, and IBUK, IBLLC or any of their Affiliates may take theother side of such liquidating transaction. If IBUK, IBLLC or their Affiliates liquidates any or all positions or assets in yourIBUK Account, such liquidation shall establish the amount of your gain or loss and indebtedness to IBKR, if any.
A14.1.3 You shall be liable and will promptly pay IBUK, IBLLC or their Affiliates (through IBLLC) for any deficiencies in your IBUK
Account that arise from a liquidation or remain after such liquidation. IBUK, IBLLC, and their Affiliates have no liability for
any loss sustained by you in connection with such liquidation (or if IBUK, IBLLC or their Affiliates delays effecting, or does
not effect, such liquidation), even if you re-establish a liquidated position at a worse price. You shall reimburse and hold
IBUK, IBLLC or their Affiliates harmless for all actions, omissions, costs, fees (including, but not limited to, attorneys' fees),or liabilities associated with any such liquidation undertaken by IBUK, IBLLC or their Affiliates.
A14.1.4 IBUK, IBLLC and their Affiliates shall not be liable to you for any costs, expenses, fees, penalties, claims, losses, damages
or liabilities sustained by you in connection with any liquidation (including, but not limited to, losses on your positions) or
because of any delay in, or failure to effect, the liquidation on the part of IBUK, IBLLC or any of their Affiliates or you
subsequently re-establish your position at a less favourable price.
A14.1.5 You shall reimburse and hold IBUK, IBLLC and their Affiliates harmless for all actions, omissions, costs, expenses, fees(including, but not limited to, attorneys' fees), penalties, losses, claims, damages or liabilities related to any liquidation ortransaction related thereto undertaken by IBUK, IBLLC, or any of their Affiliates. If IBUK, IBLLC, or any of their Affiliates
executes an order for which your IBUK Account did not contain sufficient funds and liquidate the trade, you shall be
responsible for any costs, expenses, fees (including, but not limited to, attorneys' fees), penalties, claims, losses, damages
or liabilities as a result of such liquidation and shall not be entitled to any profit that results from such liquidation.
A14.1.6 If the IBKR System does not, for any reason, effect a liquidation, and IBUK, IBLLC or any of their Affiliates issues a margin
call to you by e-mail or any other method, you must satisfy such margin call immediately. You agree to monitor e-mailmessages and to satisfy any margin call issued by IBUK, IBLLC or any of their Affiliates by immediately depositing funds inyour IBUK Account to pay, in full, the under-margined position. Notwithstanding such margin call, you acknowledge that
IBUK, IBLLC or their Affiliates, in their respective sole discretion, may liquidate your positions at any time.

A15 Closing rights positions prior to expiration
A15.1.1 Prior to the start of the last trading day before expiration, you agree to close out any long (or short) option position or otherrights position (including but not limited to equity options, ETF options, and non-cash-settled futures options) that you holdfor which you have 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 your IBUK Account. You acknowledge that approaching
expiration with long or short options for which you not or may not have sufficient equity to hold the underlying position puts

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you and IBUK, IBLLC or any of their Affiliates at serious risk (including the risk of market movements in the underlying
product between expiration and the next opening of the market in the product).
A15.1.2 If we in our sole discretion determine that you have or may have insufficient equity to take the underlying position in yourIBUK Account upon expiration of an option position, we have the right, but not the obligation, to:(i)liquidate some or all the options or rights position prior to expiration;(ii) lapse some or all the options (i.e., instruct that they are not exercised), even if in-the-money at expiration; and/or(iii) allow some or all the options to be exercised or assigned and then liquidate the resulting position.
A15.1.3 You shall have no claim for damages or lost profits resulting from IBUK, IBLLC or any of their Affiliates taking or not taking
any of these actions.

A16 Applicable Law
A16.1.1 This Agreement and any orders or transactions placed or executed under it are subject to Applicable Law.
A16.1.2 IBUK, IBLLC and/or our Affiliates may take or omit any action considered reasonable to comply with Applicable Law. You
acknowledge that exchange rules may afford an exchange wide powers to: (i) close-out a transaction, (ii) require the exercise
of set-off rights and/or (iii) take such other steps or combination of steps as the exchange thinks fit in the circumstance. Suchpowers may be exercised in an emergency or otherwise undesirable situation, or in the event of a default (not necessarilyon the part of IBUK, IBLLC, their Affiliates, or yourself).
A16.1.3 You agree that, if a relevant exchange (or intermediate broker acting at the direction of, or as a result of any action taken by,
any exchange) takes any action which affects any transaction, then we and/or our Affiliates may take any action which weor any Affiliate, in its absolute discretion, considers reasonable to respond to such action or to mitigate any loss incurred asa result of such action. Any such action taken by us/their Affiliates will be binding on you. In no event shall we/our Affiliates
be liable to you for any action, inaction, decision or ruling of any exchange, market, clearing house or regulatory,
self-regulatory, governmental or supra national authority.

A17 Governing law and jurisdiction
A17.1.1 This Agreement shall be governed by, and construed in accordance with, the laws of England without giving effect to conflictsof law provisions. 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 over all disputes relating
to or arising from the execution or performance of this Agreement, any transaction hereunder or any of your IBUK Accounts
and you irrevocably submit to the jurisdiction of such courts. You waive any objection which you may have, at any time, tothe bringing of any proceedings in any such court and agree not to claim that such proceedings have been brought in aninconvenient forum or that such court does not have jurisdiction over it. However, the foregoing shall not prevent IBUK or
any of their Affiliates from bringing an action in any court of any other jurisdiction, in their discretion.
A17.1.2 In all judicial actions, arbitrations, or dispute resolution methods, the parties waive any right to punitive damages.
A17.1.3 Legal Fees: With the exception of IBUK and IBLLC's right to recover from you the cost of IBUK and IBLLC's legal fees
under Sections A2.2, A14 and this Section A17, in all other instances, including but not limited to arbitration, mediation,
litigation, inquiry, or any other matter or proceeding between or regarding you and IBUK and/or IBLLC, IBUK and IBLLC andyou agree: (i) to bear your own legal costs, including attorney's fees; and (ii) waive rights to recover from the other party any
such costs or fees incurred to the extent permissible under Applicable Law. Each party agrees to indemnify the other party
for any costs or fees, including attorney's fees, incurred defending itself against any attempt by the other party to recoverattorney's fees in violation of this provision.
A17.1.4 No Waiver: The failure of IBUK or IBLLC to enforce, at any time or for any period, any one or more of the terms or conditionsof this Agreement shall not constitute a waiver of such terms or conditions or of the right, at any time subsequently, to enforce
all terms and conditions of this Agreement. No provision of this Agreement can be waived without the written consent of IBUK.
A17.1.5 Third Party Rights: Aside from IBUK's Affiliates, a person who is not a party to these terms has no right under the Contracts(Rights of Third Parties) Act 1999 to enforce any of the terms of this Agreement, but this does not affect any right or remedyof any third party which exists or was available apart from that Act.

A18 Arbitration
This Agreement contains a pre-dispute arbitration clause, which is in Appendix 5.

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A19 Disclosure statement
This statement is furnished to you because Rule 190.10 (c) of the Commodity Futures Trading Commission
requires it for reasons of fair notice unrelated to IBLLC’s current financial condition.
You should know that in the unlikely event of IBLLC’s bankruptcy, property, including property specificallytraceable to you, will be returned, transferred or distributed to you, or on your behalf, only to the extent of
your pro rata share of all property available for distribution to customers.
Notice concerning the terms for the return of specifically identifiable property will be by publication in a
newspaper of general circulation.
The Commission's regulations concerning bankruptcies of commodity brokers can be found at 17 Code ofFederal Regulations Part 190.

Part B – Investment Services
B1 Investment services - introduction
B1.1

The Services we provide to you

B1.1.1 This Section B1 is intended to provide you with information about how Services are delivered to you under this Agreement.
B1.1.2 On a non-exhaustive basis, IBUK shall generally be responsible for the following:(i)

Obtaining and verifying your information and documentation and opening and closing your IBUK Account.

(ii) Receiving your orders (and modifications and cancellations thereof) through the IBKR System and transmitting them to
IBLLC for execution or to another Affiliate or third-party broker.

(iii) Accepting your instructions regarding voluntary corporate actions (e.g., tender or exchange offers) and transmitting
them to IBLLC for processing. Neither IBUK nor IBLLC shall be responsible for providing you with notice of voluntary
corporate actions.

(iv) Determining the commissions and other fees that you will be charged. Commission and fee payments we receive may
be shared and allocated between IBUK and IBLLC as IBUK and IBLLC agree from time to time.
B1.1.3 On a non-exhaustive basis, IBLLC shall generally be responsible for the following:(i)

Executing your orders received via the IBKR System or transmitting them to an Affiliate or third-party broker for
execution.

(ii) Acting as a self-clearing broker for your orders or arranging for the clearing and settlement of transactions.
(iii) Performing certain cashiering, client money and custody services, as further described in Section C2. With respect tothe provision of such services, you shall be treated as a client of IBLLC only and not as a client of IBUK.

(iv) Extending credit to you, in accordance with the Margin Requirements and Applicable Law.
(v) Performing certain collection services, including the collection of all commissions and fees and other monies or assets
due under the terms of this Agreement.

(vi) Performing certain back-office and record keeping and reporting functions, including the preparation of confirmations(contract notes) and account statements, distributing such confirmations and account statements, maintaining books
and records of all transactions, and reporting such information as may be required by Applicable Law.
B1.1.4 IBUK and IBLLC share responsibility for the provision of certain portions of the IBUK Website and for the provision of client
service facilities.
B1.1.5 IBUK has ultimate responsibility for responding to your complaints, but IBLLC is authorised to accept, process and respondto such complaints.
B1.1.6 IBLLC does not control, audit or supervise the activities of IBUK or its registered representatives, nor does it verify any
information provided by IBUK about you or your IBUK Accounts.

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B1.2

No Advice

B1.2.1 We do not provide Advice and will not provide any Advice to you in relation to the type of IBUK Account you should open.
IBUK and IBLLC merely provide execution services, meaning that IBUK and IBLLC are only acting on your instructions andwill not advise you on any transaction. In providing these services, we will act honestly, fairly and professionally inaccordance with the best interests of our clients and in compliance with Applicable Law.
B1.2.2 We may provide you with information about products, including their past performance. However, in providing such information
we will not be making any personal recommendations to you or advising you on the merits of any such product. Discussionof alternatives, such as the different types of investment products available to you, shall not amount to Advice. You will be
responsible for making your own assessment of any information you receive from us. Nothing on any website is or shall bedeemed a personal recommendation or solicitation by us to buy or sell securities, futures or any other investment products,
or as to the manner in which those products are bought or sold, or to engage in any investment strategy.
B1.2.3 You will not seek, accept or rely on any Advice (or any communication that could be construed as such) from us or our
representatives
B1.3

Suitability
We are not required to assess the suitability of any investment you choose or other services that we might provide to you.
This means you will not benefit from the protection of the FCA’s rules on assessing suitability.

B1.4

AppropriatenessB1.4.1 Non-complex financial instruments: If you ask us to carry out services in relation to non-complex products IBUK will not be
required to assess the appropriateness of the financial instrument or service that we offer or provide to you. This means you
will not benefit from the protection of the FCA’s rules on assessing appropriateness.
B1.4.2 Complex financial instruments: IBUK is required to assess appropriateness by reference to your knowledge and experience,
IBUK may require further information from you in relation to such assessment.

B2 Use of Information
B2.1.1 The price quotations, market information, news and research accessible through the IBUK Website, through the websites of
IBUK Affiliates, or through the other services or facilities provided by IBUK or its Affiliates including, without limitation, the"Trader Toolbox" (collectively, "Information") may be prepared by Third-Party Information Providers. None of the Information
constitutes advice or a recommendation by IBUK or its Affiliates or a solicitation of any offer to buy or sell any securities,
options, futures, or other investment products.
B2.1.2 IBUK, their Affiliates, and the Third-Party Information Providers do not guarantee the accuracy, timeliness, or completenessof the Information. Reliance on the quotes, data and Information is at your own risk. You should conduct further research
and analysis or consult an investment advisor before making investment decisions and you retain full responsibility formaking all trading decisions with respect to your IBUK Account. In no event shall IBUK, its Affiliates, or the Third-Party
Information Providers be liable for costs, expenses, fees, penalties, claims, losses, damages or liabilities, of any kind,arising from the use of the information, including, but not limited to, consequential, incidental, special or indirect
damages. There is no warranty of any kind, express or implied, regarding the information, including a warranty ofmerchantability, warranty of fitness for a particular use or warranty of non-infringement.
B2.1.3 IBUK, their Affiliates, and the Third-Party Information Providers are not responsible for determining whether you are entitled
to receive or subscribe to any research accessible through the IBUK Website or for your compliance with Applicable Law inrelation to subscription to any research. You undertake to notify IBUK if you consider that you are not entitled to accept andretain access to any research listed on the IBUK Website. Subscription to research 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 rules.
B2.1.4 The Information is the property of IBUK, IBUK's Affiliates, the Third-Party Information Providers, and/or their licensors and isprotected by applicable intellectual property law (e.g., patent, copyright and trademark law). You agree not to reproduce, retransmit, disseminate, sell, distribute, publish, broadcast, circulate or commercially exploit the Information, in any manner,without the express written consent of IBUK, IBUK's Affiliates, or the Third-Party Information Providers, as applicable. IBUK
and their Affiliates reserve the right to terminate access to the Information, at any time, without notice to you.
B2.1.5 Links to outside websites ("Outside Websites") are provided for the convenience of Clients and other IBUK Website visitors
only and do not constitute advice or a recommendation by IBUK or its Affiliates or a solicitation of any offer to buy or sell any
securities, options, futures, or other investment products. Such links lead to third-party websites that are independent of
IBUK and their Affiliates. Neither IBUK nor its Affiliates guarantee or warrant the accuracy, timeliness or completeness of any
information provided on the Outside Websites. Reliance on the information on the Outside Websites is at your own risk. In no
event shall IBUK or its Affiliates be liable for costs, expenses, losses, claims or damages, of any kind, arising from theibkr.co.uk

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use of the Outside Websites including, but not limited to, consequential, incidental, special or indirect damages. IBUK andtheir Affiliates reserve the right to terminate any link to any Outside Website, at any time, without notice to you.

B3 Orders and confirmations
B3.1

Responsibility for your orders

B3.1.1 IBUK, IBLLC and their Affiliates shall be entitled to act upon any instructions given or purported to be given by you. Once
given, your instructions may only be withdrawn with our consent. You understand that neither IBUK nor any of their Affiliates
is able to know whether someone other than you has entered, or is entering, orders using your credentials, such as yourusername, password, or security device (“Credentials”).
B3.1.2 You are responsible for the confidentiality and use of your Credentials as well as any orders entered with your Credentials.
You agree to provide us Written Notice as soon as possible, upon becoming aware of the loss or theft of your Credentials,
or of any unauthorised access to your IBUK Account. However, you shall remain responsible for all transactions enteredusing your credentials prior to us receiving such Written Notice. Neither IBUK, IBLLC nor their Affiliates will be liable for loss
or damages caused by any third-party using your Credentials. Unless we agree otherwise in writing, you are not permitted
to allow any third-party to access your IBUK Account using your Credentials.
B3.2

Order routing and order execution

B3.2.1 IBUK will act in accordance with your best interests when transmitting your orders to other entities for execution and shalltake all sufficient steps to obtain the best result for you taking into account the best execution factors including price, costs,
speed, likelihood of execution, size, nature of an order and any other consideration relevant to the execution of the ordersuch as the nature of the relevant market, prevailing market conditions and possible market impact. Further information is
included
in
the
Order
Execution
Policy,which
islinkedhere(https://ndcdyn.interactivebrokers.com/Universal/servlet/Registration_v2.formSampleView?formdb=4420).
B3.2.2 Unless you tell us otherwise, IBLLC will route your orders via a market or dealer selected by it or its Affiliates. You areresponsible for trading in accordance with any rules or policies applicable to your order (e.g., trading hours, order types,etc.). To the extent that IBLLC or its Affiliates provide execution services for you, they shall provide best execution inaccordance with Applicable Law.
B3.2.3 For investment products that are traded at multiple market centres, IBLLC may provide an order-by-order best execution
order-routing option whereby the IBKR System attempts to seek the best available terms for your order using a proprietary,computerised routing algorithm ("Smart Routing"). You may wish to choose Smart Routing when trading products for which
Smart Routing is available. If you elect to direct orders to a particular market centre, you assume responsibility for examining
and directing your trading in accordance with the relevant Rules of the market centre to which the orders are routed (e.g.,
Rules regarding trading hours, bidding and offering, types of orders accepted, short sale restrictions, odd-lot trading
restrictions, etc.). You acknowledge that, if you elect to direct orders to a particular market centre, you do so at your own
risk, including the risk that such orders may be executed on less advantageous terms.
B3.2.4 IBUK, IBLLC and their Affiliates cannot and do not warrant or guarantee that every order you place will be executed at thebest posted price. Among other things: (a) neither IBLLC nor its Affiliates may have access to every market at which aparticular product may trade; (b) orders of others may trade ahead of your order and exhaust available volume at a posted
price; (c) exchanges or market makers may fail to honour their posted prices; (d) exchanges may re-route your orders outof automated execution systems for manual handling (in which case, execution or representation of your order may besubstantially delayed); or (e) exchange or market rules or decisions, systems delays or failures, or other matters may prevent
your order from being executed, cause a delay in the execution of your order, or cause your order not to receive the bestprice.
B3.2.5 IBLLC and its Affiliates are authorised to execute your orders as agent or principal (matched, or otherwise) as subsequently
confirmed to you. IBLLC or its Affiliates may act as agent both for buyer and seller in a transaction. IBLLC may utilise anotherexecuting broker or dealer, including an Affiliate or a non-affiliated third party, to execute your orders and in such cases theexecuting party shall have the benefit of all IBLLC's rights and remedies and limitations on liability under this Agreement.
B3.2.6 You authorise us to engage in proprietary trading, and to execute the proprietary trades for ourselves and our respective
Affiliates, even though IBUK or IBLLC may simultaneously hold unexecuted orders for you, for the same products, which
could be executed at the same price. You further agree that we may trade with you for our own account or an Affiliate
or another client and may earn a profit on those trades.
B3.2.7 We may suspend or terminate this Agreement and/or your use of the facilities and services provided by us or our Affiliates
at any time, in our sole discretion, without prior notice to you. Such restrictions on trading activity may include but are notlimited to:(i)prohibiting you from engaging in the trading of (or entering orders to open or increase the size of a position in) any
individual instrument or category of instrument (whether stock, option, or another security, or a commodity, or otherinvestment product);

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(ii) prohibiting certain types of trades or orders; or(iii) limiting order size or value at risk.
Notwithstanding the above, you remain responsible for your orders and transactions whether or not your trading activity is
restricted. All transactions are subject to Applicable Law. IBUK and its Affiliates are not liable for any action or decisionof any exchange, market, dealer, clearing house or regulator, or the direct or indirect consequences thereof.
B3.2.8 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 violate market rules. Exchanges, other markets and dealers also apply their own filters andlimits to orders they receive. These filters or order limits may cause your orders, including but not limited to market orders,
to be delayed in submission or execution, either by IBLLC or its Affiliates, or by the market. Filters may also result in an order
being cancelled or rejected. IBLLC and/or its Affiliates may also cap the price or size of your orders before they are submitted
to an exchange. IBLLC and its Affiliates reserve the right in their sole discretion, without notice, to impose filters and order
limits on any order you place and will not be liable for any effect of filters or order limits implemented by IBLLC, its Affiliates,or an exchange, market or dealer.
B3.3

Short sales

B3.3.1 You acknowledge that:(i)short sales may only be effected in a margin-enabled account and are subject to initial and maintenance Margin
Requirements;(ii)

interest rates paid to, or rates or fees collected from, you in connection with borrowing securities to maintain short positions
are subject to frequent change and will vary based on the nature of the security sold short (e.g., financing a short position
in a hard-to-borrow stock may be much more costly);(iii)

prior to effecting a short sale for you, IBLLC or their Affiliates (as applicable) must have reasonable assurance that they will
be able to borrow such stock on your behalf to effect delivery of such stock to the purchaser;(iv)

IBLLC or its Affiliates may reject any short sale if they do not believe they can borrow the relevant security for delivery; and(v)

if IBLLC or its Affiliates, as applicable, are unable to borrow stock to enable you to effect delivery on a short sale, or if IBLLC
or its Affiliates, as applicable, is unable to re-borrow stock in order to satisfy a re-call notice from a stock lender, then IBLLC
or its Affiliates may buy-in pursuant to regulatory or clearing house rules.

B3.3.2 You understand that, if IBLLC or its Affiliates, as applicable, are unable to borrow or re-borrow such stock, or if, for any otherreason, IBLLC or its Affiliates do not wish to carry your short position, then IBLLC and its Affiliates, without notice to you, areauthorised by you to cover your short position by purchasing stock on the open market at the then-current market price andyou shall be liable for any resulting losses and all associated costs incurred by IBLLC or its Affiliates. You acknowledge thatshort sale regulations, or unavailability of stock to borrow, may require IBLLC or its Affiliates to close out a short position of
yours, in which case you may be charged commission on the close-out trade.
B3.4

Position limits

B3.4.1 You agree that we, in our sole discretion, may establish position limits and/or may limit the number of open positions that you
may execute or hold through IBLLC or any of its Affiliates.
B3.4.2 You agree:(i)

not to enter into any transaction that would have the effect of exceeding such position limits;(ii)

that IBLLC or any its Affiliates may at any time reduce open positions by issuing closeout or offsetting trades, or
require to reduce your open positions; and(iii)

that IBUK, IBLLC or any of their Affiliates may refuse for any reason to accept orders to establish new positions.

B3.4.3 IBUK, IBLLC or any of their Affiliates may impose and enforce such limits, reduction or refusal even if not required to do so
by Applicable Law. You shall comply with all position limits established by IBUK, IBLLC or any of their Affiliates, any
regulatory or self-regulatory organisation, or by any exchange
B3.4.4 You agree to submit Written Notice to IBUK, IBLLC or any of their Affiliates if required to file position reports with any regulatory
or self-regulatory organisation or with any exchange, and agree to promptly provide IBUK, IBLLC or any of their Affiliateswith copies of any such position reports.

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B3.5

Order cancellation and modification
It may not be possible to cancel or modify an order. Any attempt that you may make to cancel or modify an order is simply arequest to cancel or modify. Neither IBUK nor its Affiliates shall be liable to you if unable to cancel or modify an order. You areresponsible for executions notwithstanding a request to cancel or modify an order. You acknowledge that attempts to modify
or cancel and replace an order may result in an over-execution of the order, or the execution of duplicate orders, and you shallbe responsible for all such executions.

B3.6

Fast and volatile markets

B3.6.1 During periods of heavy trading and/or fast or volatile market conditions with wide price fluctuations ("Fast Markets"), there
may be delays in IBUK or IBLLC executing your orders or providing trading activity reports to you.
B3.6.2 If you place a market order in a Fast Market, there may be a significant difference in the quote you receive prior to or at thetime you place the order and the execution price you receive. By placing a market order under such conditions, you accept
this risk and waive any claim related to a difference between quoted and execution price. If IBUK or IBLLC, in their sole
discretion, believe any particular stock is or may be volatile, IBUK or IBLLC may, but are not obligated to, decline to allow
clients, including you, to place orders for that stock through the IBKR System. In addition, IBUK and IBLLC reserve the right,
but are not obligated, to prevent any initial public offering stock from being traded through its services. IBUK and IBLLC shallnot be liable to you for any losses, lost opportunities or increased commissions that may result from you being unable toplace orders for these stocks through the IBKR System.
B3.7

Confirmations and account statements

B3.7.1 IBUK and its Affiliates have no responsibility for your transmission of orders that are inaccurate or not received by IBUK or
its Affiliates and may execute any order or trade on the terms actually received. You are bound by trades as executed, if
execution is consistent with your order as entered. IBUK and its Affiliates may, in their sole discretion, adjust your IBUK
Account to correct any error. You agree to promptly return to IBUK and its Affiliates any erroneous payment, transfer or
distribution.
B3.7.2 IBUK and/or its Affiliates shall provide you with a summary of the trading activity on your IBUK Account on a daily basis. We
shall also provide to you with a statement of your IBUK Account on a monthly basis.
B3.7.3 IBUK, IBLLC and their Affiliates may elect to confirm the execution or cancellation of any order you place by the sole methodsof transmitting an electronic confirmation to you via e-mail or through the IBKR System or, for security purposes, by posting
the information on the IBUK Website with a notification sent to you to login and retrieve the information. You agree to accept
electronic trade confirmations in lieu of printed confirmations.
B3.7.4 You will monitor each open order until IBUK or one of its Affiliates confirms the execution or cancellation of the order to you.
Confirmations of executions or cancellations may be delayed or erroneous for various reasons including, but not limited tocomputer system issues or inaccurate reporting, or may be cancelled or adjusted by an exchange, market, or dealer.
B3.7.5 You will submit a Written Notice to IBUK as soon as possible (but in any event within one (1) business day) if: (1) you fail toreceive a confirmation; (2) you receive a confirmation that is inaccurate / different to the order you placed; or (3) you receive
a confirmation for an order that you did not place. You must notify us as soon as possible if you receive information in any
account statement or other form not addressed above that includes incorrect information. If you fail to provide such Written
Notice, IBUK and their Affiliates reserve the right to remove the trade from your IBUK Account or require you to
accept the trade, in our sole discretion.
B3.7.6 IBUK and their Affiliates accept no responsibility for inaccurate orders or orders that are not received by IBUK or its Affiliates
and may execute any order or trade on the terms actually received. You will be bound by trades as executed, if consistent
with your order as received by us.
B3.7.7 IBUK, IBLLC or their Affiliates, acting in our sole discretion, may adjust your IBUK Account to correct any error. You agree
to promptly return any assets distributed to you to which you were not entitled.

B4 Settlement processes and how we will settle with you
B4.1

Submission and disbursement of funds

B4.1.1 You agree to submit all funds related to any transaction or to your IBUK Account or otherwise made pursuant to this Agreement(including, but not limited to, funds submitted to satisfy Margin Requirements) directly to IBLLC or to a designated financial
institution with which IBLLC maintains an account, in accordance with the instructions then set forth on the IBUK Website
and in effect. IBUK reserves the right to amend such instructions, in its sole discretion, at any time, upon notice made byposting the amended instructions on the IBUK Website.

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B4.1.2 Funds shall not be disbursed to you until after positions are settled. Funds received by cheque shall not be disbursed prior
to twelve (12) business days from the date of deposit by IBLLC.
B4.2

DeliveryIf, at any time, either:(i)you fail to deliver to IBLLC or to any of its Affiliates any property previously sold by IBLLC or its Affiliates on your behalf,
or you fail to deliver any property in compliance with any transaction; or(ii)

IBLLC or any of its Affiliates is required or reasonably deems it necessary or desirable (whether by reason of therequirements of any exchange, clearing organisation or otherwise) to replace any property delivered by IBLLC or its
Affiliates for your IBUK Account with other property of like or equivalent kind or amount,then: you authorise IBLLC and its Affiliates, in their respective discretion, to borrow or to buy any property necessary to makedelivery of property in compliance with any transaction or to replace any such property previously delivered and to deliver thesame to such purchaser or other party to whom delivery is to be made, and if IBLLC or any of its Affiliates borrows or otherwise
acquires property from a third party for such purposes, IBLLC and its Affiliates may subsequently pay for, or repay the loan of,such property with securities purchased or otherwise acquired for your IBUK Account.
B4.3 Commodity options and futures not settled in cash
B4.3.1 You acknowledge that, except as otherwise permitted in
B4.3.2 Appendix 4:(i)

For futures contracts that do not settle in cash but settle by physical delivery of the commodity (except for currencies
on our deliverable currency list, as is available on the IBUK Website from time to time), you cannot make or receive
delivery.

(ii) For options contracts that settle into futures contracts covered by Section B4.3.1(i)above, you cannot hold such option
contract to expiry if doing so would result in you being obligated to make or receive delivery on such futures contract.
B4.3.3 If you have not offset a commodity option or physical delivery futures position prior to the deadline on the IBUK Website,
IBUK or its Affiliate is authorised to roll or liquidate the position or liquidate any position or commodity resulting from theoption or futures contract, and you shall be liable to IBUK and their Affiliates for all losses or costs incurred in connection
with such transactions.
B4.4

Corporate actions

B4.4.1 You are responsible for knowing the terms of any securities, options, derivatives, futures, warrants or other products in yourIBUK Account, including but not limited to upcoming corporate actions (e.g., tender offers, reorganisations, stock splits,
bankruptcy or class action rights, etc.) and expiration dates of futures, options or other derivative products. IBUK has no
obligation to notify you of any such or similar terms, corporate actions, expiration dates, deadlines, required actions, or datesof meetings, nor is IBUK obligated to take any action without Written Notice.
B4.4.2 If you receive fractional shares as the result of a stock split or other corporate action, we or our Affiliates, in our sole discretion,
may sell the fractional shares either on the open market or to the issuer or transfer agent, and you are entitled to receive yourpro rata share of the proceeds of such sale. If sold on the open market, the sale price may differ from that offered to certain
registered owners by the issuer or transfer agent.

Part C - Holding your money and investments
C1 Universal AccountC1.1.1 You acknowledge that your IBUK Account consists of two underlying accounts (“Universal Account”): (i) an account fortrading securities and equity options, which is carried by IBLLC pursuant to SEC regulations and (ii) an account for trading
futures and options on futures, which is carried by IBLLC pursuant to CFTC regulations. You understand and acknowledge
that the Universal Account is two separate accounts for bookkeeping and regulatory purposes. You authorise IBUK, IBLLC
and their Affiliates to combine information regarding the separate securities/equity options and futures/options on futures
accounts including but not limited to, trade confirmations and position and margin information, into a single statement sent
to youC1.1.2 While IBUK, IBLLC and their Affiliates may (but are not required to) provide a mechanism for you to express a preference
regarding in which account cash awaiting investment should be held, excess cash may be swept from one account to theother by IBUK, IBLLC and their Affiliates to provide excess coverage for margin or other obligations at IBUK, IBLLC andibkr.co.uk

29their Affiliates' sole discretion. You authorise IBUK, IBLLC and their Affiliates to provide combined confirmations/statements
for both accounts.
C1.1.3 By making use of the Universal Account functionality, you acknowledge that the funds and positions in theunderlying futures/options on futures account are not entitled to any U.S. SIPC protection nor to any excess SIPCtype insurance coverage that may be provided by IBLLC or its Affiliates. Only assets in the securities account arecovered by SIPC protection and excess coverage; SIPC does not cover assets in the commodity account.

C2 Our client money and custody services
C2.1.1 IBLLC shall provide certain client money and custody services for you and with respect to your transactions and IBUK
Accounts ("Client Money and Custody Services"). The Client Money and Custody Services shall include, without limitation:(a) accepting and holding all money submitted to fund your IBUK Account (including, without limitation, funds submitted forthe purpose of satisfying Margin Requirements; (b) holding your securities and other assets (including, without limitation,
collateral and safe custody investments); (c) applying the Margin Requirements to your account; (d) conducting stock lending
activity with or for you; (e) crediting your IBUK Account for any credit interest owed to you from IBUK; (f) debiting youraccount for any daily or debit interest owed by you to IBUK; (g) transferring funds to you (e.g., upon your request for a
withdrawal of funds from your IBUK Account); and (h) under the circumstances set forth in this Agreement, effectuating theliquidation of your positions or assets.
C2.1.2 Notwithstanding any other Services provided by IBLLC to IBUK or to you in accordance with Section B1, you shall be a clientof IBLLC, and not of IBUK, for the purposes of the provision of the Client Money and Custody Services. The terms andconditions of this Agreement shall apply to IBLLC's provision of the Client Money and Custody Services to you.
Notwithstanding the foregoing, IBLLC may be a third-party beneficiary to any portion of this Agreement or any otheragreement between IBUK and you.
C2.1.3 IBLLC is located outside of the United Kingdom and IBLLC may deposit and hold money, securities, and other assets(including, but not limited to, collateral and safe custody investments) on your behalf in accounts that are located outside of
the United Kingdom. The legal, regulatory, and settlement regime applicable to IBLLC and to the entities in which yourmoney, securities and other assets will be held will be different from that of the United Kingdom (i.e., any client money andcustody Rules promulgated by the FCA will not apply). Among other things, different practices for the separate identificationof your money, securities, and assets may apply and, in the event of a default of IBLLC or the entity in which your money,
securities and other assets are held, your money, securities and assets may be treated differently from the position thatwould apply if the money, securities or assets were held in the United Kingdom.
C2.1.4 To the extent that IBLLC holds client money, securities, or other assets, IBLLC will hold such money, securities, and assets
in accordance with the rules of the SEC and the CFTC, as applicable.
C2.1.5 IBLLC may pass money, securities, or other assets held on your behalf to another intermediate broker or agent, settlement
agent, or over-the-counter counterparty (“OTC Counterparty”) that also is located in a jurisdiction outside of the United
Kingdom. In such circumstances, the legal, regulatory, and settlement regime applying to the intermediate broker, settlement
agent, or OTC Counterparty with which your money, securities or other assets are held will be different from that of theUnited Kingdom (i.e., any FCA client money and custody Rules will not apply). Among other things, different practices forthe separate identification of your money, securities, and assets may apply, and, in the event of a default of the intermediate
broker, settlement agent or OTC Counterparty, your money, securities and assets may be treated differently from the position
which would apply if such money, securities and assets were held by an intermediate broker, settlement agent or OTC
Counterparty in the United Kingdom.

C3 Stock lending activity (our right to use your assets)
C3.1.1 You consent to IBLLC and its Affiliates undertaking, or otherwise engaging in, stock lending activity and the lending of yourcollateral, securities or other property (including, but not limited to, safe custody investments) including, but not limited to,using your collateral, securities or other property for their own accounts or for the accounts of other clients, and lending,either to themselves, to their Affiliates, or to others, any of your collateral, securities and other property held by IBLLC in
your IBUK Accounts. Pursuant to Applicable Law, IBLLC or its Affiliates may, from time to time and without notice to you,deposit all collateral, securities and/or other of your property with third parties and may pledge, re-pledge, hypothecate or
re-hypothecate, all your collateral, securities and/or other of your property, either separately or together with other securities
and/or other property of other clients of IBUK, IBLLC or their Affiliates, for any amount due to IBUK, IBLLC, their Affiliates orother persons, in any IBUK Account in which you have an interest. IBLLC or its Affiliates, may so pledge, re-pledge,
hypothecate or re-hypothecate of your collateral, securities and/or other property without retaining in IBLLC's or its Affiliate's
possession or under its control for delivery a like amount of similar collateral, securities and/or other property and IBLLC or
its Affiliates may return to your collateral, securities and/or other property other than the original, or original type of, collateral,
securities and/or property that you deposited with IBLLC. Collateral that is registered with a third party may not be in yourname.

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C3.1.2 To the extent that IBLLC or its Affiliates undertake any stock lending activity with or for you, you should be advised that:(i) such activity may affect your tax position and you should consult his tax advisor prior to any involvement in this activity;and(ii) there may be consequences to such activity, including in relation to your rights as holder of the designated investments.
C4 Security interest
C4.1.1 Any and all securities, cash, investments, contracts, foreign currency, collateral and/or property belonging to you (including,but not limited to, your safe custody investments) and all proceeds of the foregoing, held by or on behalf of IBUK, IBLLC or
their Affiliates for your IBUK Account, are hereby pledged to the IBKR Group and shall be subject to a perfected first priority
lien and security interest in favour of IBUK or IBLLC, as applicable, to secure performance of your obligations and liabilities
to IBUK and IBLLC arising under this Agreement, any other agreement between you, IBUK and/or IBLLC, or any transaction
under such agreements.
C4.1.2 IBUK, IBLLC, and their Affiliates, without notice to you may use, transfer or sell or otherwise realise any or all of your property
to enforce their lien including, but not limited to, by applying the proceeds of such transfer or realisation in satisfaction ofsuch indebtedness or obligation. You agree that, on demand, you shall execute and sign all documents (including, without
limitation, any stock transfer forms) which IBUK, IBLLC, or their Affiliates may determine to be necessary or expedient.

C5 Restricted securities
Unless you have submitted Written Notice to IBUK and IBLLC to the contrary, no assets held as collateral are “restrictedsecurities”, as such term is defined pursuant to Rule 144 under the Securities Act of 1933, (the “Securities Act”), or securities
of an issuer with which you are an “affiliate”, (as such term is defined pursuant to Rule 144 under the Securities Act). You agree
not to attempt to sell such restricted securities through us without first providing us with Written Notice of your intention andreceiving our consent in writing to do so.

C6 Worthless and Non-Transferable Securities
You agree IBUK, IBLLC or any of their Affiliates has the right to remove from your IBUK Account securities that are worthless
and/or non-transferable, including any security that is deemed to have been cancelled, revoked or otherwise invalidated.
Worthless, invalid or non-transferable securities subject to removal may include, but are not limited to, securities with revokedregistration, or those issued by an entity that is bankrupt, dissolved or has had its charter revoked

C7 Unclaimed property
Under the laws applicable to your IBUK Account, IBUK, IBLLC, or their Affiliates may be required to turn over to government
authorities property that is deemed abandoned. To avoid such escheatment of property, you must periodically show activity on
your IBUK Account (by logging in) or otherwise contacting IBUK or IBLLC. Before remitting abandoned property, IBUK or IBLLC
will write to you at the last known physical and email address on the IBUK Account. Neither IBUK, IBLLC, nor our Affiliates areliable for any loss arising from or related to escheatment of your property under Applicable Law.

Part D - Terms that apply to margin-enabled accounts
D1 Margin accounts
D1.1

Terms that apply to all margin-enabled accounts

D1.1.1 Risk of Margin Trading: You understand that trading on margin involves a high degree of risk and may result in aloss of funds greater than the amount you have on deposit in your account. You represent that you have read andunderstand the "Disclosure of Risks of Margin Trading" provided separately to you.
D1.1.2 Requirement to Maintain Sufficient Margin Continuously: Your margin transactions are subject, at all times, to our initial marginand maintenance margin in accordance with the margin requirements which have been established by them or the applicableexchanges, clearing houses, and regulators, whichever is greater ("Margin Requirements"). Our Margin Requirements may
exceed the margin required by any exchange, clearing house, or regulator and may include leverage ratio limits or position
size limits for securities, futures, commodities, currencies, or other investment products (even for apparently low-risk
positions), and may exceed 100% depending upon the product and market conditions. The general formulas for calculating
Margin Requirements provided on the IBUK Website are only indicative and may not accurately reflect the actual Margin
Requirements, which can change rapidly depending on market conditions. You must at all times satisfy the Margin
Requirements as calculated by us. You shall maintain, without notice or demand from IBUK, IBLLC

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or their Affiliates, a sufficient account balance at all times so as to continuously satisfy the applicable Margin Requirements.
You shall submit all payments made to satisfy Margin Requirements directly to IBLLC in accordance with the instructions on
the IBUK Website. If you have multiple IBUK Accounts with us (or if you utilise IBLLC's partition function to create
subaccounts), at IBLLC’s and its Affiliates sole discretion, they may treat such IBUK Accounts (and/or subaccounts) either
as separate or as one IBUK Account for purposes of applying the Margin Requirements. You acknowledge that this may
cause the total Margin Requirement to be higher than otherwise and could cause positions to be liquidated in one IBUK
Account or subaccount notwithstanding excess equity in another IBUK Account or subaccount.
D1.1.3 Modification of Margin Requirements: IBLLC and/or its Affiliate(s) may modify the Margin Requirements for any or all its
clients, for any open and new positions, at any time, in our sole discretion without prior notice. You shall be required tosupplement margin any time that we increase your Margin Requirements.
D1.1.4 For the purposes of determining your compliance with Margin Requirements, IBLLC will determine in our sole discretion thevalue of positions and assets in your IBUK Account. IBLLC calculations may differ from the values or prices disseminatedby exchanges or other market data sources. For example, IBLLC may calculate its own index values, ETF values orderivatives values, and IBLLC shall have the sole discretion in deciding whether and how to value securities, derivatives orother investment products based on bid price, offer price, last sale price, bid/ask midpoint or using some other method.
IBLLC may use a valuation methodology that is more conservative than the marketplace as a whole and this may effectively
constitute a higher "house" margin requirement. IBLLC may raise Margin Requirements in advance of an upcoming change
in the required exchange or clearing house margin even before the effective date of such change.
D1.1.5 Acceptable Margin: Margin shall be provided by or on your behalf in the acceptable forms listed and in effect on the IBUK
Website. We reserve the right to alter the acceptable forms of margin, in our sole discretion, by posting the amended
acceptable margin forms on the IBUK Website.
D1.1.6 Failure to Satisfy Margin Requirements: You shall monitor your IBUK Account so that, at all times, the IBUK Accountshall contain sufficient account equity to continuously satisfy the Margin Requirements, without notice or demand.
We may reject any order if your IBUK Account does not have a sufficient account equity to satisfy the Margin Requirements
and may delay the processing of any order while determining the margin status of your IBUK Account. Your failure to satisfy
the Margin Requirements constitutes an Event of Default and provides IBUK and/or its Affiliate(s) the right, but not the
obligation, to pursue all rights and remedies available to it pursuant this Agreement, including the right to liquidate yourpositions.
D1.1.7 Margin Calls: IBUK, IBLLC, and their Affiliates generally do not issue margin calls. We are not obligated to notify youof any failure to meet the Margin Requirements in your IBUK Account prior to our exercising any of our respective
rights and remedies under this Agreement. We generally will not issue margin calls or not credit your IBUK Accountto meet intraday margin deficiencies. We are authorised to liquidate positions in your IBUK Account in order tosatisfy the Margin Requirements without prior notice to you.
D1.1.8 You acknowledge and agree 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 broker-dealers that are subject to such rules andare not generally intended to protect you. Our failure to apply or enforce Margin Requirements and related rules shall notgive you any right to bring an action against us or our Affiliates and nothing in this Agreement constitutes a warranty or
undertaking that we will apply or enforce the Margin Requirements and related rules.
D1.1.9 Use of margin: You acknowledge and agree that:(i)

IBLLC or its Affiliates may use any margin in the form of securities for their own accounts or the accounts of any of
their other clients for the purposes of settling trades, in which event IBUK, IBLLC and their Affiliates shall not be liable
for any loss or expense whatsoever that is suffered or incurred by you arising out of such use;(ii) IBLLC may return to you margin in the form of securities which are equivalent, but not identical to, the securities you
originally deposited with IBLLC; and(iii) Margin in the form of securities may be registered in the name of IBLLC, an Affiliate, or such other person as IBLLC
may determine. Any investments or documents of title will be held by IBLLC or any third party as IBLLC shall determine
in relation to margin in the form of securities. Neither IBLLC nor their Affiliates shall not be liable for any default by
any other person holding such margin.
D1.2

Terms that apply to Multi-Currency Enabled Accounts

D1.2.1 Operation of Multi-Currency Accounts: The Multi-Currency Enabled Account function gives you the ability to conducttransactions and trade securities or futures contracts that are denominated in different currencies. If you incur an obligation
in a margin account in a currency, and if insufficient funds exist in the Multi-Currency Enabled Account in that currency, amargin loan shall be created to fund the obligation, secured by the assets in your IBUK Accounts.

D1.2.2 Foreign Currency Exchange (“Forex”) Transaction Facility: If you have a Multi-Currency Enabled Account, you may exchange

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cash funds between the base currency of the IBUK Account and other currencies through spot foreign exchange transactions
executed through the IBKR System. You can use these spot foreign exchange transactions to convert funds to repay margin
balances, to convert gains generated on investments denominated in foreign currency back into the base currency, or totake positions in particular currencies for purposes of investment or speculation.
D1.2.3 Forex Transactions: For Forex transactions executed through IBUK's spot foreign currency exchange facility, IBUK, IBLLC
or one of their Affiliates generally will act as agent or riskless principal and may effect such transactions through an IBUK
Affiliate, which may earn a profit (or suffer a loss) in connection with such transactions. You shall pay a transaction fee to
IBUK (through IBLLC) for each Forex transaction, which IBUK (through IBLLC) may deduct from your IBUK Account. IBUK
may modify the transaction fee rates upon notice to you via the IBUK Website or otherwise.
D1.2.4 Margin: You are required to maintain sufficient funds in your Multi-Currency Enabled Account at all times to meet the Margin
Requirements set by IBLLC or be subject to liquidation of positions as described in this Agreement. If you maintain positions
denominated in foreign currencies, the IBKR System will calculate the margin required to carry those positions by applying
exchange rates specified by IBLLC and translating the foreign currency margin balances into the base currency specified byyou (you understand that this is a pro forma calculation - no funds will be converted for purposes of margin calculations). In
translating your foreign currency margin requirements into the base currency, IBLLC will apply "haircuts" (apercentage discount on the foreign currency equity amount) to reflect the possibility of fluctuation in exchange
rates between the base currency and the foreign currency. You therefore must closely monitor margin requirements
at all times, particularly for positions denominated in foreign currencies (because currency fluctuations, in addition
to fluctuations in the value of the underlying position, can cause you to incur a margin deficit).
D1.2.5 You agree that IBUK and IBLLC's obligations to you shall be denominated in: (i) the United States dollar; (ii) a currency inwhich funds were deposited by you or were converted at your request, to the extent of such deposits and conversions; or(iii) a currency in which funds have accrued to you as a result of trading conducted on a designated contract market or
registered derivatives transaction execution facility, to the extent of such accruals. Information regarding your currency
conversions is provided on your statements.
D1.2.6 You agree that IBLLC may hold your funds in: (i) the United States; (ii) a money-centre country as defined by the US
Commodity Exchange Act 1936 (“Commodity Exchange Act”) and regulations thereunder; or (iii) the country of origin of
the currency. In addition, you authorise us and their Affiliates to hold your funds outside the United States, in a jurisdictionthat is neither a money-centre country nor the country of origin of the currency to facilitate your trading in investments
denominated in that jurisdiction's currency.
D1.2.7 High risks of forex trading: Forex trading is generally unregulated, is highly risky due to the leverage (margin)
involved and may result in loss of funds greater than you have on deposit in the IBUK Account. You confirm thatyou have read the "Risk Disclosure Statement for Forex Trading and Multi-Currency Accounts" provided
separately by IBUK and also available here
(https://gdcdyn.interactivebrokers.com/Universal/servlet/Registration_v2.formSampleView?formdb=3024).
D1.2.8 For Forex transactions, IBLLC generally will act as agent or riskless principal and charge a fee. IBLLC may effect Forextransactions through an Affiliate or third party, which may profit or experience a loss from such transactions. IBLLC may act
as agent both for buyer and seller in a transaction. You agree that IBLLC may transfer, to or from your regulated futures or
securities IBUK Accounts, and from or to any of your non-regulated Forex IBUK Accounts, any funds or assets that may berequired to meet margin requirements, reduce debit balances or for any other lawful reason.
D1.2.9 Forex rates: If IBLLC or any of its Affiliates enters into a transaction that is effected in a currency other than the currency
provided by you to IBLLC, then any loss arising from a fluctuation in the exchange rate affecting the foreign currency will be
at your risk. Upon liquidation of such transaction, IBUK (through IBLLC), in its discretion, may debit or credit your IBUK
Account, in such foreign currency or other currency at the rate then prevailing at the time of the liquidation as IBUK shallreasonably select.
D1.2.10 Right to refuse orders: These provisions do not evidence the commitment of IBUK or IBLLC to enter into foreign currency
exchange transactions generally or to enter into any specific foreign currency exchange transaction. IBUK and IBLLC reserve
the right, exercisable at any time in our sole respective discretion, to refuse: (1) acceptance of your orders, or (2) to quote a
two-way market.
D1.2.11 Authorisation to transfer funds: You agree that IBLLC may transfer to or from your regulated securities/equity options IBUK
Account or futures/ options on futures IBUK Account from or to any of your non-regulated foreign currency IBUK Accounts,
funds or securities that may be required to avoid margin calls, reduce debit balances or for any other reason that is not in
conflict with Applicable Law.

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33

D1.3

Netting provisions

D1.3.1 Netting by Novation: Each foreign currency transaction made between you and IBUK, IBLLC or any of their Affiliates will
immediately, upon its being entered, be netted with all then existing foreign currency transactions between you and IBUK,IBLLC and their Affiliates for the same currencies so as to constitute a single foreign currency transaction.
D1.3.2 Payment Netting: If on any delivery date more than one delivery of a particular currency is to be made between you and
IBUK, IBLLC or one of their Affiliates pursuant to a foreign currency transaction, each party shall aggregate the amountsdeliverable by it and only the difference, if any, between these aggregate amounts shall be delivered by the party owing thelarger amount to the other party.
D1.3.3 Close-Out Netting. In the event that you: (a) incur a margin deficit in your IBUK Account, (b) default in the payment or
performance of any obligation to IBUK or IBLLC under any agreement with IBUK or IBLLC, (c) become the subject of abankruptcy, insolvency or other similar proceeding, or (d) fail to pay its debts generally as they become due, IBUK, IBLLC
and their Affiliates shall be entitled, in their discretion, but not the obligation, to immediately and at any time, to close-out all
your foreign currency transactions by converting them to the base currency, and may, in their respective discretion, at any
time or from time to time, liquidate all or some of your collateral (as set forth in Section ) in the possession or control of IBUK,IBLLC or their Affiliates on any commercially reasonable basis and apply the proceeds of such collateral to any amounts
you owe to IBUK or IBLLC resulting from the close-out of such foreign currency transactions.
D1.3.4 Notwithstanding anything to the contrary set forth above regarding the rights of IBUK, IBLLC or their Affiliates to close-out
foreign currency transactions, if an Event of Default as specified in Section A12.1, then upon the occurrence of such event,all outstanding foreign currency transactions will be deemed to have been automatically terminated as of the time
immediately preceding the institution of the relevant proceeding, or the presentation of the relevant petition upon theoccurrence with respect to you of such specified event.
D1.3.5 The rights of IBUK, IBLLC and their Affiliates under this Section D1.3 shall be in addition to, and not in limitation or exclusionof any other rights that IBUK, IBLLC or their Affiliates may have (whether by agreement, operation of law or otherwise).
D1.3.6 Nothing herein constitutes a commitment of IBUK, IBLLC, or their Affiliates to offer Forex transactions generally or to enter
into any specific Forex transaction. IBUK, IBLLC, and their Affiliates reserves the right to refuse any Forex order or to decline
to quote a two-sided market in any currency.

I understand and acknowledge that I have read this Agreement and agree with its terms and conditions.
By accepting this Agreement, I acknowledge that it also contains a pre-dispute Arbitration Agreement at Appendix 5 andthat I have read, understood and accepted the terms of the Arbitration Agreement.

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34

Appendix 1 – Key Definitions
Account Application Materials: your IBUK Accountapplication together with any other information or documents
required to open and operate your IBUK Account;
Advice: personal recommendations, investment, tax ortrading advice;
Affiliate: each entity within the IBKR Group;
Applicable Law: all applicable laws and regulations including,
without limitation, the constitutions, articles, by-laws, rules,
regulations, policies, procedures and interpretations(collectively, “Rules”) of: (i) the exchanges, markets andclearing houses to which orders are routed or transactions are
executed or cleared; (ii) the Financial Conduct Authority; and(iii) any other regulatory, self-regulatory or governmental
authority to which we are subject;
CFD: Contract for difference;

IBKR System: Collectively, the computer-based automatedsystems in connection with providing services, including but
not limited to: the receipt and handling of orders; the execution
and cancellation of orders; order and trade confirmation; theclearing and settlement of transactions; tax-related reporting;the delivery of corporate action information; accountmanagement; storing and processing account information;and risk management;
TWS: Interactive Brokers Trader Workstation;
IBUK Website: www.ibkr.co.uk;
KIDs: Key Information Documents;
Losses: any and all liabilities, losses, costs, judgments,
penalties, claims, actions, damages, or expenses;

CFTC: Commodity Futures Trading Commission;

Margin Requirements: Initial margin and maintenancemargin in accordance with the margin requirements whichhave been established by either IBUK, IBLLC or their Affiliatesor by the applicable exchanges, clearing houses, or
regulators, whichever is greater;

Covered Contracts: certain physically delivered futurescontracts as listed in

OTC Transactions: transactions that are conducted offexchange;

Appendix 4;
Credentials: as defined in B3.1.1;

Payment Obligation: maximum payment obligation(assessed based on the mark price) upon delivery on any of
the Covered Contracts;

ETF: Exchange Traded Fund;

Rules: See definition of Applicable Law;

CFTC Rules: rules of the Commodity Futures Trading
Commission;

FCA Rules: the rules of the Financial Conduct Authority;
FCA: Financial Conduct Authority;

SEC: Securities and Exchange Commission;

FINRA: Financial Industry Regulatory Authority;

Securities Act: the US Securities Act of 1933;

FSCS: UK Financial Services Compensation Scheme;

SIPC: Securities Investor Protection Corporation;

Governing Documents: partnership agreement, charter, bylaws, operation agreement or other governing documents;

Third-Party Information Providers: information providers
that are independent of IBUK and its Affiliates;

IB Software: all software related to provision of products andservices granted by IBUK and its Affiliates to the client;

TWS: Trader Workstation;

ibkr.co.uk

Written Notice: Notice to either IBUK and/or IBLLC in writingin accordance with Section A1.7.

35

Appendix 2 – Differences in regulatory protections Retail Clients vsProfessional Clients
Professional Clients are entitled to a lower degree ofprotection under the UK regulatory regimes than Retail
Clients. This notice contains, for information purposes only, asummary of the protections that a Retail Client might lose if
they are to be treated as a Professional Client.
1. Description of the nature and risks of packaged
investments: A firm that offers an investment service withanother service or product or as a condition of the same
agreement with a Retail Client must: (i) inform Retail Clients if
the risks resulting from the agreement are likely to be different
from the risks associated with the components when taken
separately; and (ii) provide Retail Clients with an adequate
description of the different components of the agreement andthe way in which its interaction modifies the risks. The above
requirements do not apply in respect of Professional Clients.
2. Retail investor protection measures on the provision of
CFDs: The regulatory measures include: (i) Leverage limits on
the opening of a position, which vary according to the volatilityof the underlying; (ii) A margin close out rule on a per accountbasis that standardises the percentage of margin (at 50% of
the minimum required margin) at which providers are required
to close out one or more open CFDs; (iii) Negative balanceprotection on a per account basis; (iv) A restriction on the
incentives offered to trade CFDs; and (v) A standardised risk
warning, including the percentage of losses on a CFD
provider’s Retail investor accounts. These measures do not
apply in respect of Professional Clients.
3. Communication with clients, including financial
promotions: A firm must ensure that its communications withall clients are, and remain, fair, clear and not misleading.
However, the simplicity and frequency in which a firm may
communicate with Professional Clients (about itself, its
services and products, and its remuneration) may be different
to the way in which the firm communicates with Retail Clients.
Regulations relating to restrictions on, and the required
contents of, direct offer financial promotions do not apply topromotions to Professional Clients and such promotions neednot contain sufficient information for Professional Clients tomake an informed assessment of the investment to which they
relate. A firm’s obligations in respect of the level of details,
medium and timing of the provision of information are different
depending on whether the client is a Retail or Professional
Client. The requirements to deliver certain product-specificdocuments, such as KIDs for PRIIPs, are not applied toProfessional Clients.
4. Depreciation in value reporting to clients: A firm that
holds a Retail Client account that includes positions inleveraged financial instruments or contingent liability
transactions must inform the Retail Client, where the initialvalue of each instrument depreciates by 10 per cent andthereafter at multiples of 10 per cent. The above reporting
requirements do not apply in respect of Professional Clients(i.e., these reports do not have to be produced for Professional
Clients).

ibkr.co.uk

5. Appropriateness: For transactions where a firm does notprovide the client with investment advice or discretionary
management services (such as an execution-only trade), it
may be required to assess whether the transaction isappropriate. When assessing appropriateness for nonadvised services, a firm may be required to determine whether
the client has the necessary experience and knowledge inorder to understand the risks involved in relation to the productor service offered or demanded. Where such an
appropriateness assessment requirement applies in respect of
a Retail Client, there is a specified test for ascertaining
whether the client has the requisite investment knowledge andexperience to understand the risks associated with therelevant transaction. However, in respect of a Professional
Client the firm is entitled to assume that a Professional Client
has the necessary level of experience, knowledge andexpertise in order to understand the risks involved in relation
to those particular investment services or transactions, ortypes of transaction or product, for which the client is classified
as a Professional Client. IBUK provides non-advised services
and is not required to request information or adhere to theassessment procedures for a Professional Client whenassessing the appropriateness of a given service or productas with a Retail Client, and IBUK may not be required to givewarnings to the Professional Client if it cannot determine
appropriateness with respect to a given service or product.
6. Information about costs and associated charges: A firmmust provide clients with information on costs and associatedcharges for its services and/or products. The information
provided may not be as comprehensive for Professional
Clients as it must be for Retail Clients.
7. Dealing: When undertaking transactions for Retail Clients,
the total consideration, representing the price of the financial
instrument and the costs relating to execution, should be theoverriding factor in any execution. For Professional Clients a
range of factors may be considered in order to achieve best
execution – price is an important factor, but the relative
importance of other different factors, such as speed, costs andfees may vary.
8. Difficulty in carrying out orders: In relation to order
execution, firms must inform Retail Clients about any materialdifficulty relevant to the proper carrying out of orders promptly
on becoming aware of the difficulty. This is not required in
respect of Professional Clients. The timeframe for providing
confirmation that an order has been carried out is more
rigorous for Retail Clients’ orders than Professional Clients’
orders.
9. Share trading obligation: In respect of shares admitted to
trading on a regulated market or traded on a trading venue,
the firm may, in relation to the investments of Retail Clients,
only arrange for such trades to be carried out on a regulated
market, a multilateral trading facility, a systematic internaliser
or a third-country trading venue. This is a restriction which may
not apply in respect of trading carried out for Professional
Clients (i.e., this restriction can be disapplied where trades insuch shares are carried out for Professional Clients in certain
circumstances).

36

10. Exclusion of liability: Firms’ ability to exclude or restrict
any duty or liability owed to clients is narrower under the FCA
Rules in the case of Retail Clients than in respect ofProfessional Clients.
11. The Financial Services Ombudsman: The services of
the Financial Ombudsman Service in the UK may not be
available to Professional Clients, unless they are, for example,
consumers, small businesses or individuals acting outside of
their trade, business, craft or profession.
12. Compensation: IBUK is a member of the UK Financial
Services Compensation Scheme. You may be entitled to claim
compensation from that scheme if IBUK cannot meet its
obligations to you. This will depend on the type of businessand the circumstances of the claim; compensation is only
available for certain types of claimants and claims in respectof certain types of business. Eligibility for compensation fromibkr.co.uk

the Financial Services Compensation Scheme is notcontingent on your categorisation but on how the firm isconstituted. Eligibility for compensation from the scheme isdetermined under the rules applicable to the scheme (moreinformation is available at https://www.fscs.org.uk/).
13. Transfer of financial collateral arrangements: As a
Professional Client, the firm may conclude title transfer
financial collateral arrangements with you for the purpose of
securing or covering your present or future, actual orcontingent or prospective obligations, which would not be
possible for Retail Clients.
14. Client money: The requirements under the client money
rules in the FCA Handbook (CASS) are more prescriptive
and provide more protection in respect of Retail Clients thanin respect of Professional Clients.

37

Appendix 3 - Risk warnings and information on financial
instruments
This Appendix is intended to give you a general description of
the nature and risk inherent to a range of financial instruments
and services that may be available to you as a client of ours,
as well as more general risks associated with investment
markets. You should note that this Appendix cannot disclose
all the risks and other significant aspects of those instruments,
services or markets.

(f)

You will be exposed to concentration risk where there
is an insufficient level of diversification in your IBUK
Account, and you are excessively exposed to one ora limited number of investments;(g)

Correlation risk refers to the probability that the actual
correlation between two assets or variables will
behave differently than what anticipated. The
consequence is that your portfolio could be riskier
than originally envisaged. Correlation is a term used
to compare how one asset class might behave incomparison to another asset class. Assessing thecorrelation between different assets in your portfolio
is important in managing the riskiness of the account;(h)Volatility is a statistical measure of the tendency of anindividual investment to feature significant
fluctuations in value. Commonly, the higher thevolatility, the riskier the investment;(i)Regulatory/legal risk is the risk from regulatory or
legal actions and changes which may reduce theprofit potential of an investment or cause a loss on
your investment. Legal changes could even have theeffect that a previously acceptable investment
becomes illegal or if affects the tax treatment of yourinvestment may impact its profitability. Such risk isunpredictable and may depend on various political,
economic and other factors;

We would like to emphasise that where you classify as a
Retail Client, you should pay particular attention to thisAppendix as your level of experience, knowledge andexpertise will be lower than that of a Professional Client
or eligible counterparty. You should therefore read andensure you understand the risks outlined below.
We have set an outline of some general risk warnings thatare relevant to most asset classes and investment strategies
and of which you should be aware.

1. General Risks(a)

You should always remember that you may not getback the amount originally invested as the value ofthe investments, and the income from them can go
down as well as up. There are no guaranteed returns.
The price or value of an investment will depend on
fluctuations in the financial markets that are outside
our control;(b)

Past performance
performance;(c)

The value of an individual investment may fall as aresult of a fall in markets depending, for example, on
the level of supply and demand for a particularfinancial instrument, the investors or market
perception, the prices of any underlying or related
investments or other political and economic factors;

is

not

a

guide

to

futureIn addition to the above, there are three types of generic risks
that you should review and understand before dealing in
financial instruments. The risk types are generically referred to
below as Market Risk, Liquidity Risk and Credit and Default
Risk.

2. Market Risksa) Interest rate risk
(d)

(e)

With regard to investments designated to be held forthe medium to long-term or with limited liquidity orwith a fixed maturity date or with significant up-front
costs, you should be aware that early redemption
may result in lower than expected returns, including
the potential for loss to the amount invested;
Trading in off exchange investments, that isinvestments which are not traded under the rules of aregulated market or exchange or where there is norecognised market, and which are not settled througha regulated clearing house, exposes the investor to
the additional risk that there is no certainty that themarket makers will be prepared to deal in suchinvestments and as a consequence there might be no
secondary market for such investments. There may
also be restrictions in relation to access and liquidity,
for example, investments may only be made orredeemed on certain dates or with prescribed periodof notice. You should be aware that it may be difficult
to obtain reliable information about the current valueof such investments or the extent of the risks to which
they exposed;

ibkr.co.uk

Interest rate sensitivity means that prices change
relative to current and future interests rate
expectations. For example, if interest rates are
expected to rise the price of a fixed rate bond may falland consequently a sale of the bond at such time
crystallise a loss. Conversely, a fall in interest rates
may result in the increase in value of a fixed ratebond. Interest rate changes may also directly or
indirectly impact the value of other financial
instruments that do not provide for a return on a fixed
rate basis.

b) Inflation Risk
The risk that the rate of price increases in theeconomy deteriorates the returns associated with aninvestment. The real value (the value adjusted for the
impact of inflation) of an investment will fall as a resultof the rate of inflation exceeding the rate of return of
the investment. This risk has the greatest effect on
fixed-rate inflation-linked bonds, which have a set
interest rate from inception. For example, if an38investor purchases a 4% fixed bond and the inflation
rises to 8% a year, the bondholder will lose money on
the investment because the purchasing power of theproceeds has been greatly diminished.

c) Exchange Rates Risk
Exchange rate changes may cause the value ofinvestments to rise or fall relative to the basecurrency, any movement in currency exchange rates
may have a favourable or an unfavourable impact on
the profit or loss of the investment.

d) Emerging Markets Risk
Emerging
Markets
generally
have
limitedtransparency, liquidity, efficiency and regulations
compared to developed markets, the reaction of thelocal financial markets to news and other geopoliticalevents may result in a more extreme variation in
prices of emerging market instruments compared todeveloped markets.

e) Risks of Foreign Markets; After Hours Trading
Trading securities, options, derivatives, futures,
currencies or any product on a foreign market is
speculative and involves high risk. Trading outside
ordinary market hours poses special risks, including
risk of lower liquidity, higher volatility, changing
prices, unlinked markets, news announcements
affecting prices, and wider spreads. You represent
that you are knowledgeable of, and able to assume,these risks.

3. Liquidity Risk
Liquidity risk is the inability to buy or sell an investment at thedesired time, or to transact in an instrument at all. When adelay occurs, such delay may affect the price at which such
asset can actually be bought or sold. Also, instruments thatare illiquid or that trade in lower volumes may be more difficult
to value or to obtain reliable information about their value.
Liquidity risk is linked to a variety of factors such as:•

The particular terms and conditions of an instrument;•

The fact that the instrument is not publicly traded orlisted on an exchange;•

Adversely perceived market developments;•

The fact that the ownership of an investment is highly
concentrated in one or small number of investors;•

A reduced number of financial institutions operating
as market maker in the relevant financial instruments.
For example, in the case of securitised derivatives(such as structured products), the only market makermight be the issuer itself (or an affiliated entity), who
might provide a limited undertaking to act as market
maker;

ibkr.co.uk•

The fact that market participants may attempt to sellholdings at the same time as the investor, and there
may be insufficient liquidity to accommodate thesesales.

These factors may exist at the time of investment or may arise
subsequently.

4. Credit and Default Risks
Counterparty or credit risk arises if a party connected to atransaction is unable to meet its obligations. In certain
circumstances these risks may mean that you will not get backthe sum invested, or the return anticipated from suchtransaction.

a) Insolvency Risk
Our insolvency or default, or that of other parties
involved with your transaction, may result to positions
being liquidated without your consent. In certain
circumstances, you may not get back the actual
assets which you posted as collateral and you may
have to accept any available payments in cash.

b) Bail-in Risk
This is the risk that the financial instruments of certain
issuers, including banking institutions, investment
firms and certain banking group companies, may besubject to action taken by governmental, banking
and/or other regulatory authorities, for example toaddress banking crises pre-emptively, whether or not
the express terms of a financial instrument anticipate
such action. The relevant authorities may have broad
discretion on the action they may take, and theirpowers may be extended in response to particular
events.
Examples of the action they may be able to take could
include the following:•

The reduction, including to zero, of the principalof the bonds/debentures of such issuers;•

The conversion of such bonds/debentures into
equities or other instruments of ownership(resulting in the dilution of ownership interests ofexisting shareholders);•

The variation of the terms, including with respect
to maturity and/or the payment of interest, ofsuch bonds/debentures; and shareholders
being divested of their shares.

c) Financial Instruments and investments
Set out below is an outline of the risks associated with certain
types of financial instruments.

39

5. Shares and other equity-like instrumentsa) Equities or Shares
Equities or shares represent shareholder’s rights andinterests in a company. One share represents a
fraction of a company’s share capital and ashareholder may benefit from an increase in thevalue of the share, although this is not guaranteed.
Shareholders may also qualify for dividend
payments, but these are paid only at the discretion of
the company’s management. A shareholder has noright to return of capital and the shares could becomevalueless in the event of insolvency of the company.
A shareholder’s return from investing in the equity will
depend to a large extent on the market price of theequities at the time of the sale. The market price ofan equity is determined by a number of factors that
affect the supply and demand for that equity,
including, but not limited to:•fundamentals about the company: such as
profitability of the company and strength of thecompany’s management;•

domestic and international factors: such as the
exposure of the company to international eventsor market factors;•

sector specific factors: such as the economic
cycle of a specific industry and changes in theprices of commodities or in consumers’
demands.

Shares in smaller companies may carry an extra riskof losing money as there can be a big difference
between the buying price and the selling price of
these securities. If shares in smaller companies haveto be sold immediately, you may get back much lessthan you paid for them. The price may change
quickly, and it may go down as well as up.
Shares are generally a fairly volatile asset class –their value tends to fluctuate more than other financial
instruments such as bonds. Holding shares is highrisk – if you put your money into one company and thatcompany becomes insolvent then you will probably
lose most, if not all, of your money.

b) Penny Shares
There is an extra risk of losing money when sharesare bought in some smaller companies or incompanies of which the shares are traded at very low
prices compared to their nominal value, such as“penny shares”. There may be a (relatively) big
difference between the buying price and the selling
price of these shares. If they have to be sold
immediately, you may get back much less than you
paid for them.

6. Warrants

exercisable against the original issuer of the securities. A
relatively small movement in the price of the underlying
security results in a disproportionately large movement,
unfavourable or favourable, in the price of the warrant. The
prices of warrants can therefore be volatile. It is essential foranyone who is considering purchasing warrants to understandthat the right to subscribe which a warrant confers is invariably
limited in time with the consequence that if the investor fails to
exercise his right within the predetermined time-scale then theinvestment becomes worthless. You should not buy a warrant
unless you are prepared to sustain a total loss of the money
you have invested plus any commission or other transaction
charges. Some other instruments are also called warrants but
are actually options (for example, a right to acquire securities
which is exercisable against someone other than the originalissuer of the securities, often called a "covered warrant").

7. Money-market instruments
Money-market instruments are collective investment schemes
which invest money in cash or cash equivalents, such as shortterm loans to the government that pay a fixed rate of interest.
The loan is for a period, generally no longer than six months,
but occasionally up to one year, in which the lender takes adeposit from the money markets in order to lend (or advance)
it to the borrower. Unlike in an overdraft, the borrower mustspecify the exact amount and the period for which he wishes
to borrow.

8. Fixed interest or bonds
Fixed interest, bonds or debt securities are payment obligationof a party, usually referred to as the issuer. Bonds have anominal value, which is the amount that, subject to Credit andDefault Risk, will be return to the bondholder when the
securities mature at the end of the investment period. The
nominal value of a bond is distinct from its price or market
value. Bonds can be bought or sold in the market (like shares)
and their price can vary from day to day. A rise or fall in themarket price of a bond does not affect, subject to Credit andDefault Risk, what you would get back if you hold the bonduntil it matures.
While the price of a bond is subject to market’s fluctuations,when close to maturity the market price tends to reflect thebond’s nominal value. The factors which are likely to have amajor impact on the value of a bond are the perceived financial
position of the issuer and changes to market interest rate
expectations.
For some bonds there may be a restricted market and it may
be more difficult to deal in them or obtain reliable information
about their value (and it might be more difficult to establish aproper market in them for the purposes of making a
subsequent sale).
The risk associated with investing in bonds include, but are
not limited to:•Interest Rate Risk;•

Inflation Risk;•

Credit and Default Risk.

A warrant is a time-limited right to subscribe for shares,
debentures, loan stock or government securities, and isibkr.co.uk

40

If an issuer is in financial difficulty, there is an increased riskthat they may default on their repayment obligations. In thisevent, little or no capital may be recovered, and any amounts
repaid may take a significant amount of time to obtain.

9. Commodities
Commodity based investments, whether made by investing
directly in physical commodities, for example gold, or by
investing in companies whose business is substantiallyconcerned with commodities or through commodity linked
products, may be impacted by a variety of political, economic,
environmental and seasonal factors. These relate to real world
issues that impact either on demand or on the available supplyof the commodity in question. Other factors that can materiallyaffect the price of commodities include regulatory changes,
and movement in interest rates and exchange rates. Theirvalue can fall as well as rise, and in some cases an investment
in commodity linked products might result in the delivery of theunderlying.

10. Mutual Funds
A mutual fund (i.e., an investment fund) is a scheme underwhich assets are held on a pooled basis on behalf of a numberof investors. It may be structured in a number of ways, forexample, in the form of a company, partnership or trust. The
level of risk of investing in a mutual fund depends on theunderlying investments in which the scheme is invested andhow well diversified it is. Investments may typically include
bonds and exchange traded equities but depending on thetype of scheme may include derivatives, real estates or riskier
assets. There are risks relating to the assets held by thescheme and investors should check and understand the typeof assets included in the pool and the scheme’s investment
strategy.

11. Exchange Traded Funds and Exchange Traded

13. Derivatives, including futures, options and contracts
for differencesa) Derivatives
Derivatives are financial instruments whose prices
are derived from an underlying asset. Examples ofderivatives include futures, options and Contracts forDifferences. Transactions in derivative instruments
involve a higher risk than a direct investment in theunderlying asset. As the derivatives’ value isdependent on the future value of underlying assets, amovement in the value of the underlying assets may
result in an amplified change in the value of thederivative.

b) Futures
Transactions in futures involve the obligation to
make, or to take, delivery of the underlying asset ofthe contract at a future date, or in some cases tosettle the position with cash. They carry a high degreeof risk. The "gearing" or "leverage" often obtainablein futures trading means that a small deposit or down
payment can lead to large losses as well as gains. It
also means that a relatively small movement can leadto a proportionately much larger movement in thevalue of your investment, and this can work against
you as well as for you. Futures transactions have acontingent liability, and you should be aware of theimplications of this, in particular the margining
requirements.

c) Options
There are many different types of options withdifferent characteristics subject to the following
condition.

Products (ETPs)
ETFs and ETPs are investment funds and other securities thatare traded like shares and which invest in a diversified pool ofassets such as shares, bonds or commodities. In general, they
track the performance of a benchmark or financial index andthe value of the investment will fluctuate accordingly. Some
ETFs and ETPs employ complex techniques or hold riskier
assets to achieve their objectives, for more details please
review carefully the “Risk Disclosure For Trading Leveraged,
Inverse And Volatility-Based Exchange Traded Products”.

12. Structured products
Structured products are the generic name for products which
provide economic exposure to a wide range of underlying
asset classes. The level of income and/or capital growthderived from a structured product is usually linked to theperformance of the relevant underlying assets. Structured
products are generally issued by financial instructions andtherefore the products are subject to the credit risk of theissuer. If the issuer is unable to repay sums due under theterms of the product, this may affect the returns under the
structured product and result in a total loss of the initialinvestment. Before you decide to invest in a structured productyou should review the “Risk Disclosure Statement for Trading
Structured Products (including warrants) with Interactive
Brokers”.

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Buying options: Buying options involves less risk thanselling options because, if the price of the underlying
asset moves against you, you can simply allow theoption to lapse. The maximum loss is limited to thepremium, plus any commission or other transaction
charges. However, if you buy a call option on a futurescontract and you later exercise the option, you will
acquire the futures. This will expose you to the risks
described under "futures" and "contingent liability
investment transactions."
Writing options: If you write an option, the risk
involved is considerably greater than buying options.
You may be liable for margin to maintain your position
and a loss may be sustained well in excess of thepremium received. By writing an option, you accept alegal obligation to purchase or sell the underlying
asset if the option is exercised against you, however
far the market price has moved away from theexercise price. If you already own the underlying
asset which you have contracted to sell (when theoptions will be known as "covered call options") therisk is reduced. If you do not own the underlying asset("uncovered call options") the risk can be unlimited.
Only experienced persons should contemplate
writing uncovered options, and then41

only after securing full details of the applicableconditions and potential risk exposure.

c) Off-exchange transactions in derivatives
It may not always be apparent whether or not aparticular derivative is arranged on exchange or in an
off-exchange derivative transaction. While some offexchange markets are highly liquid, transactions in
off-exchange or "non-transferable" derivatives may
involve greater risk than investing in on-exchange
derivatives because there is no exchange market on
which to close out an open position. It may be
impossible to liquidate an existing position, to assess
the value of the position arising from an off-exchangetransaction or to assess the exposure to risk. Bid
prices and offer prices need not be quoted, and, even
where they are, they will be established by dealers inthese instruments and consequently it may be difficult
to establish what is a fair price.

Traditional options: Certain London Stock Exchange
member firms under special exchange rules write aparticular type of option called a "traditional option”.
These may involve greater risk than other options.
Two-way prices are not usually quoted and there is
no exchange market on which to close out an open
position or to effect an equal and opposite transaction
to reverse an open position. It may be difficult toassess its value or for the seller of such an option to
manage his exposure to risk.
Certain options markets operate on a margined
basis, under which buyers do not pay the fullpremium on their option at the time they purchase it.
In this situation you may subsequently be called upon
to pay margin on the option up to the level of yourpremium. If you fail to do so as required, your position
may be closed or liquidated in the same way as a
futures position.

d) Foreign markets
Foreign markets will involve different risks from theUK markets. In some cases, the risks will be greater.
The potential for profit or loss from transactions on
foreign markets or in foreign denominated contracts
will be affected by fluctuations in foreign exchange
rates.

d) Contracts for difference
Futures and options contracts can also be referred toas CFDs. These can be options and futures on anindex, as well as currency and interest rate swaps.
However, unlike other futures and options, thesecontracts can only be settled in cash. Investing in a
CFD carries the same risks as investing in a future oran option. Transactions in CFDs may also have acontingent liability.

e) Commissions
Before you begin to trade, you should obtain detailsof all commissions and other charges for which you
will be liable. If any charges are not expressed inmoney terms (but, for example, as a percentage ofcontract value), you should obtain a clear and written
explanation, including appropriate examples, toestablish what such charges are likely to mean in
specific money terms. In the case of futures, whencommission is charged as a percentage, it will
normally be as a percentage of the total contract
value, and not simply as a percentage of your initial
payment.

14. Risks relevant to certain types of transactions andarrangementsa) Off-exchange transactions
Transactions that are conducted off-exchange may
involve greater risk than dealing in exchange traded
instruments because there is no exchange market
through which to liquidate your position, or to assess
the value of the instruments or the exposure to therisk.

b) OTC Transactions carry a higher settlement risk.
Settlement risk is the risk that the counterparty does
not deliver the security (or equivalent assets) as
required under the agreed terms. This results in one
party to the transaction not receiving the securities orassets they are entitled to. This risk increases where
it is not possible to exercise netting where theamounts delivered by each party will partially orcompletely cancel each other out.
Liquidity Risk as described above is higher in OTC
Transactions. There is no exchange market throughwhich to liquidate your position, or to assess thevalue of the OTC Transaction or the exposure to risk.
Bid and offer prices need not be quoted, and even
where they are, they will be established by dealers inthese instruments and consequently it may be difficult
to establish what is a fair price.

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f)CollateralIf you deposit collateral as security with us, the way
in which it will be treated will vary according to thetype of transaction and where it is traded. There could
be significant differences in the treatment of yourcollateral, depending on whether you are trading on arecognised or designated investment exchange, withthe rules of that exchange (and the associatedclearing house) applying or trading off-exchange.
Deposited collateral may lose its identity as yourproperty once dealings on your behalf are
undertaken. Even if your dealings should ultimately
prove profitable, you may not get back the sameassets which you deposited and may have to accept
payment in cash.

g) Contingent liability investment transactions.
Contingent liability investment transactions, which
are margined, require you to make a series of
payments against the purchase price, instead of
paying the whole purchase price immediately. If you
trade in futures contracts for differences or sell42

options, you may sustain a total loss of the margin
you deposit with us to establish or maintain a position.
If the market moves against you, you may be called
upon to pay substantial additional margin at short
notice to maintain the position. If you fail to do so
within the time required, your position may beliquidated at a loss and you will be responsible for the
resulting deficit. Even if a transaction is not margined,
it may still carry an obligation to make further
payments in certain circumstances over and above
any amount paid when you entered the contract.

h) Gearing or leverage
Gearing or leverage is a strategy, with a view toenhancing the return from, or the value of, aninvestment involving the following:(i)borrowing money;(ii) investing in one or more instruments, such as
warrants or derivatives, for which a relatively
small movement in the value or price of theunderlying rights or assets results in a larger
movement in the value or price of the instrument;(iii) structuring the rights of holders of an investment

so that a relatively small movement in the priceor value of the underlying rights or assets,
results in a larger movement in the price or valueof the investment; and(iv) you may lose more than you had initiallyinvested.

You should be aware that the strategy used or
proposed for the gearing may result in:i)•movements in the price of the investment being
more volatile than the movements in the price ofunderlying rights or assets;•

the investment being subject to sudden andlarge falls in value; and•you are getting back nothing at all if there is asufficiently large fall in value in the investment.

Suspensions of trading
Under certain trading conditions it may be difficult or
impossible to liquidate a position. This may occur, for

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example, at times of rapid price movement if the pricerises or falls in one trading session to such an extent
that under the rule of the relevant exchange trading
is suspended or restricted. Placing a stop-loss order
will not necessarily limit your losses to the intended
amounts, because market conditions may make it
impossible to execute such an order at the stipulated
price.

j)

Clearing house protections
On many exchanges, the performance of atransaction by us (or third party with whom we are
dealing on your behalf) is "guaranteed" by theexchange or clearing house. However, this guarantee
is unlikely in most circumstances to cover you, theClient, and may not protect you if us or another party
defaults on its obligations to you. On request, we will
explain any protection provided to you under theclearing guarantee applicable to any on-exchange
derivatives in which you are dealing. There is noclearing house for traditional options, nor normally foroff-exchange instruments which are not traded under
the rules of a recognised or designated investment
exchange.

k) Special risks of algorithmic orders
The IBKR Group makes available various order types
that use computerised algorithms. These order types
allow you to input various conditions as part of anorder placed with us. You agree that if algorithmicorder types are used, it is your responsibility tounderstand how the order type works, including
through review of the information on the relevant
IBKR Group website describing particular ordertypes. 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.
You understand and agree to accept these risks
when using algorithmic orders and you waive any
right to make claims against the IBKR Group inconnection with such orders.

15. Non-Readily Realisable Investments
You understand that there is a restricted market for
designated investments that are not readily realisable
investments and that, therefore, it may be difficult to deal
in such designated investments or to obtain reliable
information about their value. If you choose to tradedesignated investments that are not readily realisable
investments, you will do so at your own risk.

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Appendix 4 - Physically deliverable futures
This Appendix sets forth the terms under which you may be permitted to make or take delivery of certain physically-delivered
futures contracts, as listed below, that are traded on certain designated contract markets (such markets collectively, the"Exchanges").

1

1.1

1.2

Terms
List of Covered Contracts(i)

GC @ COMEX (COMEX Gold Futures)(ii)

MGC @ COMEX (COMEX Micro Gold Futures)(iii)

SI @ COMEX (COMEX Silver Futures)(iv)

SIL @ COMEX (COMEX Micro Silver Futures)

IBUK and IBLLC may permit you to make or take delivery on Covered Contracts at IBUK and IBLLC’s sole discretion, in
reliance on your acknowledgements contained herein, and subject to the following conditions:(i)

You acknowledge that all deliveries of Covered Contracts are governed by, and will be made in accordance with, (i)the Contract Specifications for the relevant Covered Contract as specified by the relevant Exchange and (ii) the Rules
and delivery procedures of the relevant Exchange governing such Covered Contract.

(ii)

You will not be permitted to carry long positions in Covered Contracts into the delivery month of such contracts unless
you have more than sufficient account equity to satisfy the maximum payment obligation (assessed based on themark price) upon delivery on any such contracts (the "Payment Obligation").

(iii)

In accordance with Paragraph 2 above, you acknowledge that the required maintenance margin on long Covered
Contracts that are within the delivery month will at all times be not less than the Payment Obligation on such contracts,
and that your long position in such contracts is subject to immediate liquidation if at any time your IBUK Account does
not have sufficient equity to meet your total maintenance margin obligation.

(iv)

You acknowledge that after taking delivery of the underlying commodity (the "Delivered Commodity") in connection
with a long position in a Covered Contract, the value of the Delivered Commodity will continue to vary with the priceof such commodity, and that you will accordingly continue to be exposed to fluctuations in the value of suchcommodity.

1.3

You acknowledge that:(i)there may be no ready market for the Delivered Commodity;(ii)

BUK and IBLLC may assign collateral value to the Delivered Commodity in our sole discretion or not at all; and(iii)

you may not be able to liquidate the Delivered Commodity (apart from opening a short position in the relevant Covered
Contract and carrying such position into the delivery month) even if you wish to do so.

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Appendix 5 - Arbitration Agreement
By signing an arbitration agreement, the parties agree as follows:

a.
b.
c.
d.
e.
f.
g.
h.

1
1.1

2
2.1

All parties to this Agreement are giving up the right to sue each other in court, including the right to a trialby jury, except as provided by the rules of the arbitration forum in which a claim is filed.
Arbitration awards are generally final and binding; a party's ability to have a court reverse or modify anarbitration award is very limited.
The ability of the parties to obtain documents, witness statements and other discovery is generally more
limited in arbitration than in court proceedings.
The arbitrators do not have to explain the reason(s) for their award.
The panel of arbitrators may include a minority of arbitrators who were or are affiliated with the securities
industry.
The rules of some arbitration forums may impose time limits for bringing a claim in arbitration.
In some cases, a claim that is ineligible for arbitration may be brought in court.
The rules of the arbitration forum in which the claim is filed, and any amendments thereto shall beincorporated into this Agreement.

Disputes with IBUK
Any controversy or claim between IBUK or any of its respective directors, officers, shareholders, employees, associates
or agents, on the one hand, and you or, if applicable, your directors, officers, shareholders, employees, associates, agents,
or trustees, on the other hand, arising out of, or relating to, this Agreement, any other Agreement between you and IBUK, anytransaction under such agreements, or any of your IBUK Accounts, shall be settled by arbitration, in accordance with therules then prevailing of any one of the following arbitration schemes, to the extent that the claim or controversy properly
falls within the scope of the arbitration scheme :(i)

If the dispute involves a transaction in a security, option to purchase or sell a security, or an option on asecurities index that is traded on a U.S. exchange, the arbitration schemes of: (a) the American Arbitration Association;(b) JAMS; (c) if the dispute involves IBLLC, any exchange of which IBLLC is a member, or (d) FINRA;(ii)

If the dispute involves a transaction in a futures contract or an option on a futures contract that is traded on
a U.S. exchange, any one of three or more "qualified forums" provided by IBUK. A "qualified forum" is a norganisation whose procedures for conducting arbitration comply with the requirements of CFTC Rules;(iii)

In any other type of dispute, the arbitration schemes of: (a) the London Court of International Arbitration; (b)the International Centre for Dispute Resolution; (c) any exchange of which IBUK is a member; or (d) asecurities or futures association, as applicable; or(iv)

In certain cases, the UK Financial Ombudsman Service or any other arbitration forum that IBUK may suggest.

Disputes with IBLLC
Any controversy or claim between IBLLC or its directors, officers, shareholders, employees, associates or agents, on the one
hand, and you or, if applicable, your directors, officers, shareholders, employees, associates, agents, or trustees, on the other
hand, arising out of, or relating to, this Agreement, any other agreement between you and IBLLC, any transaction under suchagreements or any of your IBUK Accounts shall be settled as follows:(i)

Securities/Equity Options Accounts: If the controversy, dispute, claim or grievance involves yoursecurities/equity options IBUK Account:a.

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You agree that any controversy, dispute, claim or grievance between IBLLC, any IBLLC Affiliate (otherthan IBUK) or any of their shareholders, officers, directors, employees, associates, agents on the one
hand, and you or, if applicable, your shareholders, directors, officers, employees, associates or agents,,
on the other hand, arising out of, or relating to, this Agreement or any IBUK Accounts in which securities may
be traded, any transaction therein, or transactions between IBLLC and you; any provision of thisAgreement or any other agreement between IBLLC and you; or any breach of such transactions oragreements, shall be resolved by arbitration, in accordance with the rules then prevailing of any one of
the following: JAMS (pursuant to JAMS' Comprehensive Arbitration Rules and Procedures), the Financial
Industry Regulatory Authority, or the arbitration forum of any exchange of which IBLLC is a member,as the true claimant-in-interest may elect.

45

(ii)

2.2

b.

If you are the claimant-in-interest and you have not selected an arbitration forum within ten days of providing
notice of your intent to arbitrate, IBLLC shall select the forum.

c.

The award of the arbitrators, or a majority of them, shall be final, and judgment upon the award
rendered may be entered in any court, state or federal, having jurisdiction.

d.

No person shall bring a putative or certified class action to arbitration, nor seek to enforce any pre dispute arbitration agreement against any person who has initiated in court a putative class action ; or
who is a member of a putative class, and who has not opted out of the class with respect to any claims
encompassed by the putative class action until:
A. the class certification is denied;B. the class is decertified; or
C. you are excluded from the class by the court.

e.

Such forbearance to enforce an agreement to arbitrate shall not constitute a waiver of any rights under thisAgreement except to the extent stated herein.

Futures Accounts: If the dispute, controversy, claim or grievance involves a futures/options on futures IBUK
Account, you agree to the following:a.

Except as provided below, you agree that any dispute, controversy, claim or grievance between IBLLC or anyof its directors, officers, shareholders, employees, associates, agents or Affiliates (other than IBUK) on the one
hand, and you or, if applicable, your directors, officers, shareholders, employees, associates, agents, ortrustees, on the other hand, arising out of, or relating to, this Agreement, any other agreement between you
and IBLLC or IBLLC's Affiliates (except IBUK), any transaction thereunder, or any of your IBUK Accounts shallbe settled by arbitration, in accordance with the rules then prevailing of a forum chosen in accordance with theprocedure set out below.

b.

If, by reason of Applicable Law or otherwise, your advance agreement to submit a controversy or claim toarbitration would not be enforceable by IBLLC or its Affiliate, as the case may be, this provision shall not permit
you to enforce the advance agreement of IBLLC or its Affiliate to submit to arbitration.

c.

Any award rendered in any arbitration conducted pursuant to this arbitration agreement shall be final, binding,and enforceable and judgment may be entered on any such award by any court having jurisdiction
thereof.

d.

At such time as you notify IBLLC or IBLLC's Affiliate that you intend to submit a controversy toarbitration, or at such times as IBLLC or IBLLC's Affiliate notifies you that IBLLC or its Affiliate intends
to submit a controversy to arbitration, you will have the opportunity to choose a forum from a list of
three or more qualified forums provided by IBLLC or the Affiliate. A "qualified forum" is an organ isation whose
procedures for conducting arbitrations comply with the requirements of the CFTC Rules.

e.

As required by CFTC Rules, IBLLC shall pay any incremental fees which may be assessed by a qualified
forum for provision of a mixed arbitration panel, unless the arbitrators hearing the controversy determine thatyou have acted in bad faith in initiating or conducting the arbitration. A "mixed arbitration panel" is an arbitration
panel composed of one or more persons, a majority of whom are not members or associated with a memberof a contract market or employee thereof, and who are not otherwise associated with a contract market.

In connection with this arbitration agreement, IBLLC is required to furnish to you the following statement, pursuant to
CFTC Rules:

Three forums exist for the resolution of commodity disputes: civil court litigation, reparations at the CFTC,
and arbitration conducted by a self-regulatory or other private organisation. The CFTC recognises that theopportunity to settle disputes by arbitration may in some cases provide many benefits to clients, including
the ability to obtain an expeditious and final resolution of disputes without incurring substantial costs. The
CFTC requires, however, that each client individually examine the relative merits of arbitration and that yourconsent to this arbitration agreement be voluntary.
By signing this Agreement, you: (1) may be waiving your right to sue in a court of law; and (2) are agreeing to bebound by arbitration of any claims or counterclaims which you or IBLLC may submit to arbitration under thisAgreement. You are not, however, waiving your right to elect instead to petition the CFTC to institute reparations
proceedings under section 14 of the Commodity Exchange Act with respect to any dispute which may be arbitrated
pursuant to this Agreement. In the event a dispute arises, you will be notified if IBLLC intends to submit the disputeto arbitration. If you believe a violation of the commodity exchange act is involved and if you prefer to request asection 14 "reparations" proceeding before the CFTC, you will have 45 days from the date of such notice in which
to make that election.

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