TERMS AND CONDITIONS

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Index

1.

2.

3.

4.

5.

APPLICATION

1

Applying for an Account

1

Term

1

OUR SERVICE

1

Entry into Contracts

1

Financial product advice2

How we provide services

2

Our trading hours

2

THE ACCOUNT

2Nature of Account2

Adjustments to amount on the Account3

Use of funds deposited with us

3

Withdrawals of Free Balance4

Accounts treated separately

4

ORDERS

4

Quotation of Underlying Instrument Prices

4

Placing of Orders

5

Acceptance of Order5

NO TRANSFER7REQUIRED MARGIN

7

Obligation to have Required Margin

7

6.
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7.

MARK TO MARKET PAYMENTS

8

Contract Valuations

8

Mark to Market Payments

8

8.

COMMISSIONS, CHARGES AND OTHER COSTS

99.

INTEREST ON OPEN POSITIONS

10

No interest paid on amounts we hold for you

10

Changes to interest rates

10

10.

CURRENCY CONVERSIONS

11

11.

SWAP CHARGE FOR CONTRACTS HELD UNTIL THE
SPECIFIED DATE

11CLOSE-OUT OF CONTRACTS

12

Close-Out of a Contract

12

Close-Out of Contracts

12

Settlement following Close-Out

12

CONFIRMATIONS

12

Reporting to you

121.

OUR RIGHTS

13

2.

SUSPENSION AND MARKET DISRUPTION

143.

CLIENT’S WARRANTIES AND REPRESENTATIONS

15

4.

CLIENT’S WARRANTIES AND REPRESENTATIONS

16

5.

INDEMNITY AND EXCLUSION OF LIABILITY

17

Indemnity

17

Exclusion of Liability

17

12.

13.

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6.

DEALINGS BETWEEN YOU AND US

17

7.

TAXES

18

Stamp duty

18

GST

18

Withholding

19

GUARANTEE AND INDEMNITY

21

Requirement for a Guarantor

21

Consideration

21

Guarantee

21

Indemnity

21

Extent of guarantee and indemnity

22

Acknowledgment

22

Payments22

Our rights are protected

23

Guarantor’s rights are suspended

23

1.

TERMINATION

22

2.

VirtueForex PLATFORM

22

3.

GENERAL23

How we may exercise our rights
Set-off
Reinstatement of rights
No merger
Further steps
Amendment
Waivers
Assignment
Inconsistent law
Applicable law
Confidentiality
Indemnities
Counterparts
Consent to Telephone Recording

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24
24
24
24
24
24
25
25
26
26
26
26
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8.

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4Netting
Currency of payments
Any default to make payments to us is deemed to be an application for
credit27
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4.

PRIVACY

27

5.

INTERPRETATION

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1. Application
Applying for an Account
1.1

You must complete an Application Form in order to apply for an Account. We, in our sole discretion,
will decide whether to accept an Application.

1.2

Unless we agree otherwise, you agree to pay to us, and maintain at all times with us, cleared
funds. These funds will be held in accordance with clause 3.5.

1.3

If we accept your Application, we will:(a) establish the Account;(b) if you are required to pay an initial amount under clause 1.2:(i) require you to deposit funds using one of our accepted currencies and payment
methods; and(ii) once the funds have been cleared and verified, credit the Account with the initialamount;

1.4

The Account is active once the steps in clause 1.3 have been completed.

1.5

You may apply for more than one Account.

Term
1.6

The Agreement commences once the steps in clause 1.3 have been completed andcontinues until it is terminated in accordance with these Terms.

2. Our Service
Entry into Contracts
2.1

Subject to you fulfilling your obligations under the Terms, if we accept an Order, we will enter intoa Contract with you.

2.2

A notice given by us stating any amount or rate for the purpose of these Terms and any Contract
or Order is sufficient evidence of the amount or rate, unless it is proved to be incorrect.

2.3

We enter into each Contract as a principal. You enter into each Contract as principal (unless
we otherwise agree in writing). If you act as an agent on behalf of a principal, whether or not
you identify that principal to us, we will not accept that principal as a ‘client’, unless otherwise
agreed in writing.

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Financial product advice
2.4

Any information or general financial product advice that we give you does not take into account yourfinancial situation, needs or personal objectives. In particular, we do not give you advice about whether
you should open, hold or Close-Out a Contract. You must consider the appropriateness of entering
into a Contract having regard to your own financial situation, needs or personal objectives andobtain your own independent financial advice.

How we provide services
2.5

We quote Underlying Instrument Prices which provide an indication of the prices at which we areprepared to deal with you.

2.6

To allow VirtueForex to have a completely neutral position and limited internal risk controls withtrading, we have entered into an agreement with Hedging Partners to allow us to enter into
Contracts with you. Immediately after you enter into a Contract with us we automatically enter into aback to back contract with a Hedging Partner.

Our business hours
2.7

Our business hours are normally 9am to 5pm on Business Days. We quote Underlying Instrument
Prices and accept Orders during those hours. However, subject to the VirtueForex Platform being
operational, you may place orders at any other time.

2.8

We are under no obligation to quote Underlying Instrument Prices or accept Orders on a public
holiday in any jurisdiction which, in our reasonable opinion, affects the relevant Underlying
Instrument. We give notice of such public holidays and the Underlying Instruments affected on the
VirtueForex Platform.

3. The AccountNature of Account
3.1

The Account is a record, or a series of records, maintained by us (or on our behalf) that shows, at
any point in time, the net position of the payments you have made or are required to make to us andthe payments we have made or are required to make to you. The Account is not a deposit account with
us and no money is held in the Account.

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Adjustments to amount on the Account
3.2

You authorise and direct us and the Hedging Partner to:(a) debit to the Account any Free Balance you withdraw and any amounts payable by you under theTerms;(b) credit to the Account any amounts deposited by you and any amounts payable by us under theseTerms; and(c) designate the amounts in the Account as either Free Balance or Actual Margin depending on theamounts you deposit with us, your Orders, Contract positions and market movements inaccordance with the Terms.

3.3

We are not required to notify you before debiting, crediting or designating amounts on the Account.
You agree to maintain sufficient funds on the Account

3.4

You agree to deposit with us sufficient funds at all times to satisfy all amounts payable by you underthese Terms. It is your responsibility to ensure that the funds you transfer are cleared in sufficient
time to meet all the payment obligations you have under these Terms.

Use of funds deposited with us
3.5

We deposit all money paid by you into our trust account. You agree and acknowledge that:(a) your money in our trust account is not kept separate from the money of other clients;(b) we may withdraw your money from the trust account in any of the following circumstances:(i) making a payment to, or in accordance with your written directions for purposes ofentering into Contracts (including but not limited to Mark to Market Payments);(ii) defraying brokerage and other proper charges;(iii) paying to us money to which we are entitled;(iv) making a payment that is otherwise authorized by law;(v) paying to us money to which we are entitled pursuant to the operating rules of a financial
market; and(vi) making a payment to another licensee provided that the receiving licensee is notified
that the money has been withdrawn from the trust account and pays it into its their trust
account;(c) any amounts withdrawn from the trust account under clause 3.5(b):(i) belong to us; and(ii) will no longer be your funds or be held for you;www.virtueforex.com

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(d) we may use your money from the trust account for the purpose of meeting obligations incurredby us in connection with margining, guaranteeing, securing, transferring, adjusting or settling
dealings in derivatives by us (including dealings with our Hedging Partner), including dealings onbehalf of other clients. In the case of amounts withdrawn under this clause 3.5(f), the amounts areheld in one or more accounts in the Hedging Partner’s name.
Withdrawals of Free Balance
3.6

If the Account shows that you have Free Balance, you may request us to withdraw such amount as
you may specify. Withdrawal will be processed, where possible, using the same payment method
used to deposit funds. However, we may at our discretion elect to withhold any payment requested (inwhole or in part) due to you if:(a) an amount is required to be maintained with us at all times under clause 1.2; or(b) we are entitled to withhold an amount.

We will notify you as soon as reasonably practicable if we decide to withhold any part of your Free Balance
under clauses 3.6(a) or 3.6(b).
Accounts treated separately
3.7

Except as otherwise expressly provided in the Agreement, where you have opened more than one
Account with us, we treat the Accounts as entirely separate. Therefore, any amount standing to yourcredit on one Account does not, except where we exercise our rights under clause 14 and clause 22.3,
discharge any of your liabilities in respect of another Account.

3.8

Where you request in writing, we may, in our absolute discretion, agree to treat the Accounts as
one Account. In this case, all references to the Account in the Agreement are taken to be the
Accounts as so aggregated. Such request, if agreed by us, takes effect on the date we notify you,which is to be no later than 7 days from the date of actual receipt of the request by us.

4. Orders
Quotation of Underlying Instrument Prices
4.1

You may obtain a quote from us for an Underlying Instrument Price.

4.2

You acknowledge that:(a) any quote provided by us in accordance with this clause is indicative only; and(b) no Contract is entered into until your Order is accepted by us in accordance with these Terms.

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4Placing of Orders
4.3

You may, by placing an Order with us:(a) offer to enter into a new Contract with us; or(b) request us to Close-Out an open Contract.

4.4

You may provide us with oral or written Orders (which includes Orders provided via the VirtueForex
Platform as described below). We may acknowledge instructions orally or in writing, as appropriate.

4.5

An Order may be:(a) a day Order, which means that the Order you place will be cancelled at 22.00 GMT; or(b) a good ’til cancelled Order, which means that the Order you place will remain capable of being
accepted by us, until you cancel the order or we accept it.

4.6

Before placing an Order you are responsible for ensuring that:(a) the Actual Margin is equal to or more than the Required Margin, as set out in clause 6 of theseTerms; and(b) you can comply with the requirements of clause 3.4.

4.7

When placing an Order, you must set out details of:(a) whether you intend to be the Long Party or the Short Party under the Contract;(b) the Contract Quantity; and(c) the Underlying Instrument, and other information applicable to the Order as we may require fromtime to time.

Acceptance of Order
4.8

We may in our sole discretion accept an Order in whole or in part. An Order is accepted by us
when we record the transaction concerning the Contract in our records.

4.9

An Order is binding on you when we accept the Order. You acknowledge that we may accept an
Order without any notice of acceptance, aside from giving you the Confirmation.

4.10 We inform you if we decide not to accept an Order.
4.11 Orders may be placed as:(a) market Orders to buy or sell an Underlying Instrument as soon as possible at the priceobtainable in the market; or

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(b) limit and stop Orders to trade when the price reaches a predefined level, as applicable to thevarious Underlying Instruments offered (or a combination of these types of Orders). Limit Orders to
buy and stop Orders to sell must be placed below the current market price, and limit Orders tosell and stop Orders to buy must be placed above the current market price. If the bid price for sell
Orders or ask price for buy Orders is reached, the Order is filled as soon as possible at the priceobtainable in the market. Limit and stop Orders are therefore not guaranteed executable at the
specific level or amount.
4.12 Where your request to cancel an Order is not received by us prior to acceptance of that Order, theContract or Close-Out resulting from the acceptance of the Order is valid and binding on you and us
under these Terms.
4.13 You acknowledge that any action by you to modify or cancel an Order is ineffective unless:(a) we have received from you a cancellation notice in a form acceptable to us; or(b) we have cancelled the order in our books and records.
4.14 Errors in Pricing.
(a) It is possible that errors, omissions or misquotes (“Material Error”) may occur in the pricing of
Margin FX Contracts or CFDs quoted by us, which by fault of either of us or any third party, ismaterially incorrect when taking into account market conditions and quotes in Underlying
Instruments which prevailed at the time. A Material Error may include an incorrect price, date, timeor Margin FX Contract or CFD or any error or lack of clarity of any information. If a trade is basedon a Material Error, we reserve the right without your consent to:(i) amend the terms and conditions of the Margin FX Contract or CFD to reflect what we
consider to have been the fair price at the time the Margin Contract or CFD was enteredinto and there had been no Material Error;(ii) close the trade and any open Positions resulting from it;(iii) void the Margin Contract or CFD from the outset; or(iv) refrain from taking action to amend or void the Margin FX Contract or CFD.
(b) We will exercise the right in paragraph 4.14(a) reasonably, in good faith and as soon asreasonably practicable after we become aware of the Material Error. To the extent practicable, wewill give you prior notice of any action we take under this clause; but if it is not practicable we will
give you notice as soon as practicable afterwards. In the absence of fraud or gross negligenceon our part, we are not liable to you for any loss, cost, claim, demand or expense that you incur orsuffer (including loss of profits or indirect or consequential losses), arising from or connected with
the Material Error including where the Material Error arising from an information service on which
we rely.

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(c) In the event that a Material Error has occurred and we exercise our rights under paragraph4.14(a), we may, without notice, adjust your Account or require that any moneys paid to you in
relation to the Margin FX Contract or CFD the subject of the Material Error be repaid to us as adebt due payable to us on demand.
4.15 Price, execution process and trading platform manipulation.
If we reasonably believe that you have manipulated our prices, our execution processes or our Trading
Platform, we may in our sole and absolute discretion, subject to paragraph 4.14(b) without notice to you:•enforce the trade(s) against you if it is a trade(s) which results in you owing money to us;•

treat all your trades as void from the outset if they are trades which result in us owing money toyou, unless you produce conclusive evidence within 30 days of us giving you notice under
this clause that you have not committed any breach or warranty, misrepresentation orundertaking in this Agreement;•

withhold any funds suspected to have been derived from any such activities;•

make any resultant corrections or adjustments to your Account;•close your Account; and/or•

take such other action as we consider appropriate.

5. No Transfer
5.1

A Contract does not transfer the legal or beneficial interest in any Underlying Instrument to you andneither party has any right or obligation to acquire or deliver the Underlying Instruments.

6. Required Margin
Obligation to have Required Margin
6.1

Our margin requirements apply throughout the term of each Contract. It is your responsibility toensure that the Required Margin is available on the Account at all times. We may or may not notify
you that the Actual Margin is less than the Required Margin. If, at any time during the term of aContract, the Actual Margin is not sufficient to cover the Required Margin, you must Close-Out open
Contracts or transfer adequate funds to us. Such transfer must be effected and documented
immediately after we request you to do so. Even if you effect such transactions, we may do one orboth of cancel any Orders or Close-Out one or more Contracts or part of a Contract at our sole
discretion without assuming any responsibility towards you for such action.

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6.2

If, at any time during the term of a Contract, the Actual Margin is less than the Required Margin, theshortfall is immediately due and payable, and, if not paid, constitutes an Event of Default.

6.3

We provide to you through the VirtueForex Platform access to information about the Account toenable you to calculate the Required Margin. It is your responsibility when placing Orders over the
telephone to ensure that you request all relevant information in respect of the Account before
placing Orders, including all information in respect of your current open Contracts. We are notresponsible for any losses you may suffer or incur as a result of not requesting any such information.

6.4

Where we are not able to provide you on-line access through the VirtueForex Platform to informationon the Account due to circumstances within our control, we use reasonable endeavours to contact you
to request additional funds so that Actual Margin equals Required Margin. You accept that in extreme
circumstances where your Contracts are moving or have moved particularly quickly against you, we
may not be able to contact you before exercising our rights to Close-Out your Contracts under theseTerms. No demands, contact, calls or notices made or given by us to you in any one or moreinstances invalidates the waiver given by you under this clause.

7. Mark to Market Payments
Contract Valuations
7.1

We calculate the Contract Value as at each Valuation Time.

Mark to Market Payments
7.2

If at a Valuation Time:(a) the Contract Value is greater than the Previous Contract Value:(i) the Short Party must pay the Long Party the excess of the Contract Value over thePrevious Contract Value; or(ii) the Seller must pay the Buyer the excess of the Contract Value over the Previous
Contract Value; or(b) the Contract Value is less than the Previous Contract Value:(i) the Long Party must pay the Short Party the excess of the Previous Contract Value over
the Contract Value; or(ii) the Buyer must pay the Seller the excess of the Previous Contract Value over theContract Value.

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7.3

If on the Close-Out Date:(a) the Close-Out Value is greater than the Previous Contract Value the Long Party must pay the
Short Party the excess of the Previous Contract Value over the Close-Out Value; and(b) the Close-Out Value is less than the Previous Contract Value the Short Party must pay theLong Party the excess of the Previous Contract Value over the Close-Out Value.

7.4

All Mark to Market Payments:(a) we owe to you are credited to your Account; and(b) you owe to us are debited from your Account, on the same Business Day as the relevant
Valuation Time or Close-out Date.

7.5

Any Mark to Market Payment made under this clause 7 by:(a) us, is treated:(i) firstly as a refund of any Loss prepaid by you under clause 7.5(b)(ii); and(ii) secondly, to the extent of any excess of the Mark to Market Payment over theamount referred to in paragraph (i), as a prepayment of any Profit; and(b) you, is treated:(i) firstly as a refund of any Profit prepaid by us under clause 7.5(a)(ii); and(ii) secondly, to the extent of any excess of the Mark to Market Payment over theamount referred to in paragraph (i), as a prepayment of the Loss.

8. Commissions, Charges and Other Costs
8.1

You must pay to us the applicable commissions and charges as set out in the commissions andcharges schedule which is available on our website.

8.2

We may vary these commissions and charges without notice when changes are to your advantage, orare due to external circumstances beyond our control. Such circumstances include:(a) changes in the relationship with our counterparties, which affect our cost structures;(b) changes in commissions and charges from exchanges, clearing houses, information providers orother third party providers that are passed on to you by us.

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8.3

We may vary these commissions and charges with 30 days’ prior notice if:(a) market conditions, including competitive behavior, mean it is prudent for us to change ourconditions; or(b) for commercial reasons we wish to change our general cost and pricing structure; or(c) significant particulars of your individual circumstances have changed.

8.4

Amounts due under this clause 8 are debited from your Account on the Close of Business on the day
the commission, charge or other Cost is incurred by you.

9. Interest on Open Positions
No interest paid on amounts we hold for you
9.1

Unless otherwise agreed in writing, we are not liable to:(a) pay interest to you on any Free Balance in any Account or any other sum held by us; or(b) account to you for any interest we receive on such sums or in connection with any Contract.
Default interest

9.2

If you fail to pay an amount payable to us under the Agreement, we may charge you interest on theunpaid amount at the default interest rate. The default interest rate will be central bank target cash rate
for the relevant Underlying Instrument plus 3% as determined by us. The amount of default interest
will be debited from the Account daily until the amount owed to us is paid.

Changes to interest rates
9.3

We may vary such interest rates without notice when changes are to your advantage, or are due toexternal circumstances beyond our control. Such circumstances include:(a) changes in the monetary or credit policies domestic or abroad that affect the general interest levelin a way that is of importance to us;(b) other developments in the general interest level, including in the money and bond markets, in a
way that is of importance to us; or(c) changes in the relationship with our counterparties, which affect our cost structures.

9.4

We may vary such interest rates with one month’s notice if:(a) market conditions, including competitive behavior, mean it is prudent for us to change ourconditions; or(b) for commercial reasons we wish to change our general cost and pricing structure; or(c) significant particulars of your individual conditions have changed.

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10.

Currency Conversions

10.1 All amounts paid by you to us and paid by us to you may be payable in New Zealand Dollars,
Australian dollars, US Dollars, British Pound Sterling or Euros. Where you deal in a Contract
denominated in a currency other than Australian dollars, US Dollars, New Zealand Dollars, British
Pound Sterling or Euros:(a) funds transferred from our trust account will be converted at the current spot rate for theconversion of the relevant funds into your nominated currency (being either New Zealand
Dollars, Australian dollars, US Dollars, British Pound Sterling or Euros) minus a conversion
calculation fee of up to 0.5 per cent, which we will charge you; and(b) realized profits and losses will be converted to your nominated currency (being either New
Zealand Dollars, Australian dollars, US Dollars, British Pound Sterling or Euros) immediately on
closing of the position at the current spot rate minus a conversion calculation fee of up to
0.5 per cent, which we will charge you.
10.2 Amounts due under this clause 10 are debited from your Account on the Close of Business of the daythat a currency conversion occurs.
10.3 We may waive or defer the conversion calculation fee at our discretion.

11.

Swap Charge for Contracts Held Until the Specified Date

11.1 Where a Contract is held at the Close of Business on the day before its Specified Date, it is rolled over
to a new Specified Date. On re-opening, the Contract is subject to a Swap Charge determined by us inaccordance with this clause:(a) if you are the Long Party and the Bought Swap Rate is higher than the Sell Swap Rate, we must pay
you interest on the Contract Value of the open position at the rate that is the Bought Swap
Rate minus the Sell Swap Rate;(b) if you are the Long Party and the Bought Swap Rate is less than the Sell Swap Rate, you must pay
us interest on the Contract Value of the open position at the rate that is the Bought Swap Rate
minus the Sell Swap Rate;(c) if you are the Short Party and the Sell Swap Rate is higher than the Bought Swap Rate, we must pay
you interest on the Contract Value of the open position at the rate that is the Bought Swap
Rate minus the Sell Swap Rate; and(d) if you are the Short Party and the Sell Swap Rate is lower than the Bought Swap Rate, youmust pay us interest on the Contract Value of the open position at the rate that is the Bought Swap
Rate minus the Sell Swap Rate.

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1111.2 The Swap Charge is paid by adjusting the Underlying Instrument Price by an amount equal to theamount of the Swap Charge calculated in accordance with this clause.

12. Close-out of Contracts
Close-Out of a Contract
12.1 You may instruct us to enter into a position which is opposite to one or more of your open
positions.
Close-Out of Contracts
12.2 An open Contract is Closed-Out:(a) on acceptance by us of your Order requesting Close-Out of your Contract (including where theOrder is deemed to be a Close-Out under clause 12.1);(b) by us under clause 22.
Settlement following Close-Out
12.3 If a Contract is Closed-Out under clause 12.2, we must pay any Profit and you must pay any Loss tothe extent that such payment has not been prepaid under clause 7.

13. Confirmations
Reporting to you
13.1 If we accept an Order, we send you a Confirmation.
13.2 If we fail to send you a Confirmation, it does not affect the validity of the Order or the Contract.
13.3 If there is a conflict between:(a) the Agreement; and(b) our records of the transaction concerning a Contract or an Order, our records of thetransaction concerning a Contract or an Order prevail.
Standing facility
13.4 You acknowledge that:(a) we may establish a standing facility over the internet that allows you to view, download and print
the Confirmations and other reports that we provide;

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(b) we are authorized to use the standing facility as the means of providing the Confirmations andother reports from us;(c) you access and use such standing facility to:(i) receive the Confirmations and other reports we provide;(ii) confirm all Contracts; and(iii) monitor your obligations under the Agreement; and(d) the Confirmations and other reports are made available to you as at the time the relevant
document is posted by us on the standing facility.
13.5 We may send Confirmations and other reports that we provide, in addition to making them available
using the standing facility.
Errors13.6 You must verify the contents of each document received from us. Such documents are, unlessincorrect, conclusive unless you notify us in writing to the contrary within 3 Business Days ofreceiving the document.

14.

Our Rights

14.1 We may, with or without notice, and in addition to any other rights we may have under theseTerms:(a) Close-Out or Cancel all or part, as we reasonably consider appropriate, the Contracts; or(b) reduce your Position Limit; or(c) refuse Orders; or(d) terminate the Agreement; or(e) adjust the price, size or value of the contract; or(f) adjust the margin requirement (leverage).
14.2 We may exercise our rights in clause 14.1 if:(a) an Event of Default has occurred; or(b) we reasonably consider that there are abnormal trading conditions; or(c) we reasonably consider it necessary for the protection of our rights under the Agreement; or(d) we are unable to make prices in the relevant Contract due to the unavailability of the relevantmarket information for reasons beyond our control; or

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(e) we so decide in our absolute discretion and, in this case only, give written notice of suchdecision to you; or(f) we consider that you may be in possession of ‘inside information’; or(g) we consider that you may be in breach of any applicable law; or(h) either party is so requested by any regulatory agency or authority; or(i) your Actual Margin is less than the Required Margin; or(j) the aggregate of the Contract Value for your Orders and the Contract Value for all other orders for an
Underlying Instrument is below the minimum or above the maximum values that we reasonably
consider appropriate in the market.
14.3 If we exercise our right to Close-Out all or part of any Contract, clause 12 applies except that wedetermine, in our sole discretion, the Close-Out Value for the affected Contract.
14.4 You accept that we may Close-Out any of your Contracts and in what proportion that we decide in ourabsolute discretion.

15. Suspension and Market Disruption
15.1 If, at any time:(a) trading in an Underlying Instrument on any exchange is limited or suspended; or(b) trading is limited or suspended on any exchange so as to restrict trading within any relevant Index,
such that we are prevented from determining the Underlying Instrument Price of an Underlying
Instrument, then the Underlying Instrument Price of such Underlying Instrument is to theUnderlying Instrument Price immediately preceding such limitation or suspension.
15.2 If the limitation or suspension continues for 5 Business Days, we may Close-Out the Contract and if we
do so we will determine the Close-Out Date and the Close-Out Value acting in good faith. We reserve
the right at all times during the term of any such limitation or suspension to adjust the Underlying
Instrument Price of any affected Underlying Instrument in our reasonable discretion but having regard
to the then prevailing market conditions affecting trading as a whole or trading in such Underlying
Instrument.

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16.

Client’s Warranties and Representations

16.1 You and each Guarantor (as applicable) warrant and represent that:(a) if you completed the Application in the name of a body corporate:(i) it is duly authorized and validly existing under the laws of its jurisdiction ofincorporation;(ii) it is properly empowered and has obtained necessary corporate or other authority
pursuant to its constitutional and organizational documents;(b) if you completed the Application in the name of a trustee:(i) you are the only trustee of the trust; and(ii) no action has been taken or proposed to remove you as trustee of the trust; and(iii) you have power under the trust deed to enter into and comply with your obligations underthe Agreement and any Contract or Order; and(iv) you have in full force and effect the authorizations necessary to enter into theAgreement or any Contract and make an Order, perform obligations under them andallow them to be enforced (including under the trust deed and its constitution (if any)) and(v) you have a right to be fully indemnified out of the assets of the trust in respect ofobligations incurred by you under the Agreement and any Contract or Order; and(vi) the trust fund is sufficient to satisfy that right of indemnity and all other obligations in
respect of which you have a right to be indemnified out of the trust fund; and(vii) you have not, and never have been, in default under the trust deed; and(viii) no action has been taken or proposed to terminate the trust; and(ix) you and your directors and other officers have complied with their obligations inconnection with the trust; and(x) you have carefully considered the purpose of the Agreement and any Contract or Orderand consider that entry into the Agreement and any Contract or Order is for the benefitof the beneficiaries and the terms of the trustee documents are fair and reasonable;(c) all necessary consents required in order for it to conduct its business and relevant to theperformance, validity or enforceability of the Agreement and any Contract or Order have beenobtained and are in full force and effect;(d) you are not under any legal disability with respect to, and is not subject to any law or regulation which
prevents its performance according to the Agreement or any Contract or transaction
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(e) it is in compliance with all laws to which it is subject including, without limitation, all tax laws andregulations, exchange control requirements and registration requirements;(f) the information you give us is complete, accurate and not misleading in any material respect;(g) unless stated in the Application Form, you are not acting as trustee of a trust;(h) all funds deposited in the Account are not subject to an Encumbrance;(i) no Event of Default continues unremedied;(j) there are no actions or claims pending the adverse determination of which might have a Material
Adverse Effect on your ability or the Guarantor’s ability to perform its obligations under the
Agreement any Contract or Order, or on the rights granted to us;(k) it is not entitled to claim for itself or any of its assets or revenues any right of general immunity or
exemption on the grounds of sovereignty or otherwise from suit, execution, attachment or otherlegal process in respect of its obligations under the Agreement any Contract or Order; and(l) the information contained in the Application Form is complete and accurate.
16.2 The above warranties and representations are deemed to be repeated each time you place an
Order.
16.3 You and the Guarantor acknowledge that we have entered into the Agreement in reliance on the
representations and warranties in this clause 16.1.

17. Undertakings and Acknowledgments
17.1 You and the Guarantor undertake to:(a) notify us if any warranty or representation made by you or the Guarantor is or becomesincorrect or misleading;(b) do everything necessary to ensure that no Event of Default occurs;(c) supply to us when requested to do so such financial or other information relating to you or the
Guarantor as we may from time to time reasonably request.

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18.

Indemnity and Exclusion of Liability

Indemnity
18.1 You indemnify us against any liability or loss arising from, and any Costs incurred in connection with:(a) us acting in connection with the Agreement or any Contract or Order in good faith on fax,
telephone, email or written instructions purporting to originate from your offices or to be given
by an Authorized Person; or(b) an Event of Default; or(c) the Agreement or any Contract or Order; or(d) us acting in accordance with any direction, request or requirement of any regulatory authority or
government body; You agree to pay amounts due under this indemnity on demand from us.
18.2 This indemnity survives any termination of the Agreement.
Exclusion of Liability
18.3 We are not liable for loss or Costs caused by:(a) the exercise or attempted exercise of, failure to exercise, or delay in exercising, a right orremedy under the Agreement;(b) not accepting or your Orders or delay in accepting your Orders;(c) not designating or delay in designating amounts as either Actual Margin or Free Balance on the
Account.

19.

Dealings between You and Us

19.1 We are entitled to act on the oral or written Orders:(a) of any Authorized Person;(b) of any person who appears to us to be an Authorized Person, notwithstanding that the person is
not, in fact, so authorized; and(c) transmitted using your username, account number, user ID and/or password.

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1719.2 You agree to promptly provide any instructions to us which we may require. If you do not provide theinstructions promptly, we may, in our absolute discretion, take such steps at your cost, as we
consider necessary or desirable for our own protection or your protection. This provision is similarly
applicable in situations when we are unable to contact you.
19.3 We may (but we are not obliged to) require confirmation in such form as we may reasonably request
if an instruction is to remit money due to you or if it appears to us that such confirmation is necessary or
desirable.
19.4 If you are more than one person (for example, joint account holders):(a) the liabilities of each such person are joint and several;(b) we may act upon instructions received from any one person who is, or appears to us to be,such a person, whether or not such person is an Authorized Person;(c) any notice or other communication provided by us to one such person is deemed to havebeen provided to all such persons; and(d) our rights under clause 22 apply if an Event of Default occurs in respect of any one of such
persons.

20.

Taxes

Stamp Duty
20.1 You must pay and account for any transfer or similar duties or taxes, and any loan security or otherstamp duties chargeable in connection with any transaction effected pursuant to or contemplatedby these Terms or the PDS and will indemnify and keep indemnified us against any liability arising as aresult of your failure to do so.
GST
20.2 Consideration for a supply under or in connection with or contemplated by these Terms and the PDS
is exclusive of GST unless expressly stated to be inclusive of GST.
20.3 If GST is payable by us or any members in our group of companies on any supply under or inconnection with or contemplated by these Terms or the PDS, in addition to providing any
consideration for that supply (which is exclusive of GST), you must:(a) pay to us or the relevant member of our group of companies (as the case may be) an amount equal
to the GST payable on the supply, without deduction or set-off of any other amount; andwww.virtueforex.com

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(b) make that payment as and when the consideration or part of it must be paid or provided, exceptthat you need not pay unless you have received a tax invoice (or adjustment note) for that supply.
Withholding
20.5 If you make any payment which is subject to any withholding or deduction, you must pay us such
additional amount to ensure that the amount actually received by us equals the full amount we would
have received had no withholding or deduction been made.
20.6 If we make any payment which is subject to any withholding or deduction, we will pay you the net
amount after making such withholding or deduction and will not pay you an additional amount.

21. Guarantee and Indemnity
Requirement for a Guarantor
21.1 Your obligations under the Agreement must be guaranteed:(a) where you (including a trustee) are a company, by each director of the Company; and(b) in any other circumstance, where we determine, in our absolute discretion, that such aguarantee is required.
Consideration
21.2 The Guarantor acknowledges that we are acting in reliance on the Guarantor incurring obligations andgiving rights under this guarantee and indemnity.
Guarantee
21.3 The Guarantor unconditionally and irrevocably guarantees to us your compliance with yourobligations in connection with the Agreement, including each obligation to pay money.
21.4 If you do not comply with those obligations on time and in accordance with the Agreement, then the
Guarantor agrees to comply with those obligations on demand from us. A demand may be madewhether or not we have made demand on you.
Indemnity
21.5 The Guarantor indemnifies us against any liability or loss arising from, and any Costs it incurs, if:(a) you do not, or are unable to, comply with an obligation you have (including an obligation to pay
money) in connection with the Agreement; or

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(b) an obligation you would otherwise have under the Agreement (including an obligation to pay
money) is found to be unenforceable; or(c) an obligation the Guarantor would otherwise have under clause 21.3 is found to be
unenforceable; or(d) a representation or warranty by you in the Agreement is found to have been incorrect ormisleading when made or taken to be made.
21.6 The Guarantor agrees to pay amounts due under clause 21.3 on demand from us.
21.7 We need not incur expense or make payment before enforcing this right of indemnity.
Extent of guarantee and indemnity
21.8 The guarantee in clause 21.3 is a continuing obligation despite any intervening payment,
settlement or other thing and extends to all of your obligations in connection with the Agreement. The
Guarantor waives any right it has of first requiring us to commence proceedings or enforce any otherright against you or any other person before claiming from the Guarantor under this guarantee andindemnity.
Acknowledgment
21.9 The Guarantor acknowledges that, before entering into this guarantee and indemnity, it:(a) was given a copy of the Agreement (and all documents giving rise to your obligation inconnection with the Agreement) and had full opportunity to consider their provisions; and(b) is responsible for making itself aware of your financial position and any other person who
guarantees any of your obligations in connection with the Agreement.
Payments
21.10 The Guarantor agrees to make payments under this guarantee and indemnity:(a) in full without set-off or counterclaim, and without any withholding or deduction unlessprohibited by law; and(b) in the currency in which the payment is due, and otherwise in New Zealand dollars, in
immediately available funds.
21.11 If the Guarantor makes a payment that is subject to any withholding or deduction, the Guarantor agrees
to pay us such additional amount to ensure that the amount actually received by us equals the fullamount we would have received had no withholding or deduction been made.

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20Our rights are protected21.12 The rights given to us under this guarantee and indemnity, and the Guarantor’s liabilities under it, are
not affected by any act or omission of us or any other person. For example, those rights and liabilities
are not affected by:(a) any act or omission:(i) varying or replacing the Agreement;(ii) releasing you or giving you a concession (such as more time to pay);(iii) releasing any person who gives a guarantee or indemnity in connection with any of yourobligations;(iv) by which a person becomes a Guarantor after the date of this guarantee andindemnity;(v) by which the obligations of any person who guarantees any of your obligations(including obligations under this guarantee and indemnity) may become
unenforceable;(vi) by which any person who was intended to guarantee any of the obligations does not doso, or does not do so effectively;(vii) by which a person who is co-surety or co-indemnifier is discharged under a Client
Agreement or by operation of law; (viii) a person dealing in any way with theAgreement or this guarantee and indemnity;(viii) the death, mental or physical disability, or liquidation, administration or insolvency of any
person including you or the Guarantor;(ix) changes in the membership, name or business of any person; or(x) acquiescence or delay by us or any other person.
Guarantor’s rights are suspended
21.13 As long as any obligation is required, or may be required, to be complied with in connection with thisguarantee and indemnity, the Guarantor may not, without our consent:(a) reduce its liability under this guarantee and indemnity by claiming that your or it or any other person
has a right of set-off or counterclaim against us; or(b) exercise any legal right to claim to be entitled to the benefit of another guarantee, indemnity,
mortgage, charge or other encumbrance given in connection with the Agreement or any otheramount payable under this guarantee and indemnity; or(c) claim an amount from you, or another guarantor (including a person who has signed theApplication Form as a “Guarantor”), under a right of indemnity; or(d) claim an amount in your liquidation, administration or insolvency or of another guarantor of anyof your obligations (including a person who has signed the Application Form as a “Guarantor”).

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22.

Termination

22.1 If all of a Client’s Contracts have been Closed-Out, you may terminate the Agreement, including yourrights associated with the use of the VirtueForex Platform, immediately by giving written notice to us.
22.2 We may:(a) Close-Out any Contracts; and(b) terminate the Agreement, including your rights associated with the use of the VirtueForex
Platform, either:(i) at any time on giving you 7 days’ notice; or (ii) immediately, following an Event of
Default or to otherwise protect our interests, without notice to you.
22.3 On termination by any party, we may consolidate all Accounts held by you, and deduct all amounts due
to you from any Account, before transferring any credit balances on any Account to you.
22.4 After the Agreement has been terminated, in addition to the rights set out at clause 22.3:(a) any indemnity granted by you;(b) the guarantee and indemnity granted under clause 21;(c) all of your and the Guarantor’s confidentiality obligations;(d) your obligations in relation to the VirtueForex Platform in clause 23;(e) the representations and warranties given by you and the Guarantor; and(f) any exclusion of our liability, under the Agreement, and any other rights or obligations you have which arose
before the Agreement is terminated, continue to have full force and effect.

23. VirtueForex Platform
23.1 The VirtueForex Platform provides a possibility for execution of certain transactions. Furthermore,details regarding Accounts, Confirmations and messages from us to you may be available on the
VirtueForex Platform:(a) We are not liable to you for any loss, expense, cost or liability suffered or incurred by you due tofailure of the system, transmission failure or delays or similar technical errors whether or not theerror might be due to factors under our control;(b) we are not liable to you for any removal of profits or losses you might suffer due to errors in quotes
which are the result of our typing errors or feed errors committed or our erroneous perception of
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(c) we are entitled to make the necessary corrections in your Account according to market value of theUnderlying Instrument in question at the time when the error occurred;(d) we may offer real-time tradable prices to you. Due to delayed transmission between you and us,
the price offered by us may have changed before an Order from you is received by us. If
automatic Order execution is offered to you, we are entitled to change the price on which the Orderis executed to the market value at the time at which the Order from you was received;(e) the VirtueForex Platform may be available in several versions, which may be differentiated invarious aspects including, but not limited to the level of security applied, products and services
available. We are not liable to you for any loss, expense, cost or liability suffered or incurredby you due to you using a version different from our standard version with all available updates
installed;(f) you are responsible for all Orders, and for the accuracy of all information, sent via the VirtueForex
Platform using your name, password or any other personal identification means implemented to
identify you;(g) you are obliged to keep passwords secret and ensure that third parties do not obtain access toyour trading facilities;(h) you are liable to us for Contracts executed by means of your password even if such use might beunauthorized or wrongful; and(i) regardless of the fact that the VirtueForex Platform might confirm that a Contract is executed
immediately when you transmit instructions via the VirtueForex Platform, the Confirmation
forwarded by us or made available to you on the VirtueForex Platform constitutes our confirmation ofa Contract.

24. General
How we may exercise our rights
24.1 We may exercise a right or remedy or give or refuse its consent in any way it considers appropriate(including by imposing clauses).
24.2 If we do not exercise a right or remedy fully or at a given time, we may still exercise it later.
24.3 Our rights and remedies under the Agreement are in addition to other rights and remedies given by law
independently of the Agreement. We may enforce our rights and remedies in any order we choose.

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23Set-off
24.4 We may set off any amount owing by us to you (whether or not due for payment) against any amountdue for payment by you to us under the Agreement, any Contract or an Order.
24.5 We may do anything necessary to effect any set-off under this clause (including varying the date forpayment of any amount owing by us to you). This clause applies despite any other agreement between
you and us.
Reinstatement of rights
24.6 Under law relating to liquidation, administration, insolvency or the protection of creditors, a person
may claim that a transaction (including a payment) in connection with the Agreement is void orvoidable. If a claim is made and upheld, conceded or compromised, then:(a) We are immediately entitled as against you and the Guarantor to the rights under the
Agreement to which it was entitled immediately before the transaction; and(b) on request from us, you and the Guarantor agree to do anything (including signing any
document) to restore to us any rights (including the Guarantee) held by it immediately before thetransaction.
No merger
24.7 Our rights under the Agreement are additional to and do not merge with or affect and are notaffected by any mortgage, charge or other encumbrance held by us or any of your other obligationsof or obligations of the Guarantor to us, despite any rule of law or equity or any statutory provision
to the contrary.
Further steps
24.8 You agree to do anything we ask (such as obtaining consents, signing and producing documents
and getting documents completed and signed):(a) to bind you and any other person intended to be bound under the Agreement;(b) to show whether you are complying with this agreement.
Amendment
24.9 We may vary the Agreement at any time. In doing so we must comply with any applicable law.
24.10 We may, following 30 days notice to you, charge you additional fees and/or commissions orincrease the current fees and/or commissions) under the Agreement.
Waivers
24.11 A provision of the Agreement, or right created under it, may not be waived or varied except inwriting signed by the party or parties to be bound.

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Assignment
24.12 You may not assign or otherwise deal with its rights under the Agreement or a Contract or allow any
interest in them to arise or be varied, in each case, without our consent.
24.13 We may assign or otherwise deal with our rights under the Agreement or a Contract (including byassignment or participation) without the consent of any person. You agree that we may disclose any
information or documents we consider necessary to help us exercise this right.
Inconsistent law
24.14 To the extent permitted by law, the Agreement prevails to the extent it is inconsistent with any law.
24.15 A provision of the Agreement that is void, illegal or unenforceable is ineffective only to the extent of thevoidness, illegality or unenforceability, but the remaining provisions are not affected.
24.16 Rights given to us under the Agreement and your liabilities under it are not affected by anything whichmight otherwise affect them at law.
24.17 Any present or future legislation which operates to vary your obligations in connection with an
Agreement with the result that our rights, powers or remedies are adversely affected (including by way
of delay or postponement) is excluded except to the extent that its exclusion is prohibited or renderedineffective by law. Notices and other communications.
24.18 Unless expressly stated otherwise in the Agreement, all notices, certificates, consents, approvals,
waivers and other communications in connection with the Agreement:(a) must be in writing or such other means as we specify from time to time;(b) must be signed by the sender (if an individual) or an Authorized Officer of the sender;(c) will be taken to be received:(i) if delivered by person, by post or facsimile transmission - when delivered, received or left
at the last notified address of the recipient;(ii) if sent by email - when the sender receives an automated message confirming delivery
or four hours after the time sent (as recorded on the device from which the sender sent
the email) unless the sender receives an automated message that the email has notbeen delivered;
24.19 We may, to the extent of your authorization, give a communication under the Agreement to your
Authorized Person.
24.20 Communications take effect from the time they are received unless a later time is specified inthem.

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Applicable law
24.21 The Agreement is governed by the law in force in Vanuatu and you submit to the non-exclusive
jurisdiction of the courts of that place.
24.22 Without preventing any other method of service, any document in a court action may be served on a
party by being delivered to or left at that party’s address for service of notices as notified to the otherparty from time to time.
Confidentiality
24.23 Each party agrees not to disclose information provided by any other party that is not publicly
available (including the existence or contents of the Agreement) except:(a) with the consent of the party who provided the information (such consent not to be
unreasonably withheld); or(b) if allowed or required by law or the Agreement or required by an stock exchanges;(c) in connection with any legal proceedings relating to the Agreement;(d) to any person in connection with an exercise of rights or a dealing with rights or obligations underan Agreement (including in connection with preparatory steps such as negotiating with any
potential assignee or potential sub-participant or other person who is considering contractingwith us in connection with the Agreement).
Indemnities
24.24 Any indemnity in the Agreement is a continuing obligation, independent of your other obligations underthe Agreement and continues after the Agreement ends. It is not necessary for us to incur expense or
make payment before enforcing a right of indemnity under the Agreement.
Counterparts
24.25 This agreement may consist of a number of copies each signed or electronically accepted by one ormore parties to the agreement.
Consent to Telephone Recording
24.26 You agree that we may record all telephone conversations, internet conversations (chat), andmeetings between you and us and use such recordings, or transcripts from such recordings, asevidence towards any party (including, but not limited to, any regulatory authority and/or court of law)
to whom we, in our entire discretion, see it to be desirable or necessary to disclose such informationin any dispute or anticipated dispute between us and you.

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Netting
24.27 If on any date the same amounts are payable under the Terms by each party to the other in the same
currency, then, on such date, each party’s obligations to make payment of any such amount will be
automatically satisfied and discharged. If the amounts are not in the same currency, the amounts areconverted by us in accordance with clause 10.
24.28 If the aggregate amount that is payable by one party exceeds the aggregate amount that is payable by
the other party, then the party by whom the larger aggregate amount is payable must pay the excess
to the other party and the obligations to make payment of each party will be satisfied and discharged.
24.29 If the Agreement is terminated according to clause 22, you and we agree that the claims we haveagainst each other are finally discharged by means of close-out netting. We will determine the CloseOut Values for each affected Contract in our sole discretion. The final amount to be paid by one of theparties will be the difference between the payment obligations of the parties.
Currency of payments
24.30 All payments under the Agreement must be made in New Zealand dollars or any other currency that
we may agree to.
Any default to make payments to us is deemed to be an application for credit
24.31 Every failure by you to pay an amount payable to us under the Agreement is deemed to be an
application for credit from us.

25. Privacy
25.1 Before completing the Application Form you should read the PDS and the Terms carefully. The
Application Form requires you to disclose personal information and explains how we collectpersonal information and then how we maintain, use and disclose this information.
(a) We collect personal information from you in order to process your Application, and if your
Application is accepted, to administer your investment and to provide you with services related
to your investment. If you do not provide us with your personal information we may not be able toprocess your Application.
(b) In order to do these things, we may disclose your personal information on a confidential basis
to our agents, contractors or third party service providers to whom we outsource services (theService Providers), to our related bodies corporate, our professional advisers, or to a proposed
purchaser of the whole or any substantial part of our business, even if the disclosure is to anorganization overseas which is not subject to equivalent privacy obligations as apply to us.

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(c) We may also disclose your personal information to relevant regulators as required or
authorized by law.
(d) We may also use your personal information to tell you about other products and services offeredby us and in order to do that we may disclose your information to other Service Providers.
(e) We also disclose your personal information to your financial adviser.
25.2 Please contact our Administration Team if you do not consent to us using or disclosing yourpersonal information in the ways described in clause 25.1(d) and (e) above. It is important that you
contact us because, by applying for an Account, you will be taken to have consented to these uses anddisclosures. To provide you with a Contract we must use and disclose your personal information in
the ways disclosed in paragraphs 25.1(a) to (c).
25.3 In most cases you can gain access to the personal information that we hold about you. We may
charge you a fee for providing access, based on the cost of providing the information. We aim toensure that the personal information we retain about you is accurate, complete and up-to-date. To
assist us with this, please contact us if any of the details you have provided change. If you haveconcerns about the completeness or accuracy of the information we have about you, we will take steps
to correct it.
25.4 Our full privacy policy is available from our website www.VirtueForex.com

26. Interpretation
26.1 Definitions
These meanings apply unless the contrary intention appears:
Account means your account with us.
Actual Margin means the amount standing to the credit of your Account and designated as Actual
Margin.
Agreement means the Terms, the Application Form and the Confirmations.
Application means your application to us for an Account on the terms and conditions set out in this PDS
and the Application Form.
Application Form means the application form completed and submitted on our website.
Authorized Person means those persons you notify us as authorized by you to give instructions to us.
Bought Swap Rate means LIBID for a currency minus a margin of no more than 0.25% as determined by us.

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Business Day means a day on which banks are open for general banking business (not being a Saturday,
Sunday or public holiday in that place).
Close-Out Date means the date on which all or part of a Contract is Closed-Out.
Close of Business means 22.00 GMT.
Close-Out or Closed-Out means the termination of all or part of a Contract in accordance with clause 12.
Close-out Value for a Contract means the amount calculated as follows:
Close-out Underlying Instrument Price x Contract Quantity (in each case,as applying to the Contract).
Confirmation means a message from us to you confirming your transaction in respect of a Contract.
Contract means an over the counter ‘contract for difference’ between you and us where the Underlying
Instrument is a Currency which we nominate as available to underlie an Order or Contract and where thesettlement date is within two working days after the Contract is opened.
Contract Quantity means the amount of Currency to be traded to which the Contract or Order relates.
Contract Value means for any contract or Order for any Contract the amount calculated by us inaccordance with the following formula:
Underlying Instrument Price x Contract Quantity
Costs include costs, charges and expenses, including those incurred in connection with advisers.
Currency means a currency which we nominate as being available to underlie a Contract;
Dividend Amount means in respect of a Listed Entity, an amount equal to the gross amount of any
ordinary cash dividend paid in respect of a relevant Underlying Instrument as determined by us.
Encumbrance means any mortgage, lien, charge, pledge, assignment by way of security, security interest, title
retention, preferential right or trust arrangement, claim, covenant, profit a prendre, easement or any othersecurity arrangement or any other arrangement having the same effect.
Each of the following is an Event of Default:(a) you do not pay on time any amount payable by it under the Agreement in the manner required under
the Terms, including, for the avoidance of doubt, any situation where the Actual Margin on yourAccount at any time is less than the Required Margin; or(b) you do not comply with any obligation under the Agreement (other than those covered byparagraph (a) and, if the non-compliance can be remedied, does not remedy the noncompliance withinseven days;(c) an event occurs which has or is likely to have (or a series of events occur which, together, have orare likely to have) a Material Adverse Effect; or

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(d) any change in law or interpretation which makes it unlawful for us to give effect to any
provision of the Agreement;(e) we or you are requested to end a Contract (or any part of a Contract) by any regulatory
agency or authority;(f) you die or becomes of unsound mind;(g) a representation or warranty made, or taken to be made, by or for you in connection with theAgreement is found to have been incorrect or misleading when made or taken to be made; or(h) you exceed the Position Limit on your Account;(i) you or a Guarantor becomes Insolvent; or(j) where you are trustee of a trust:(i) you cease to be the trustee of the trust or any step is taken to appoint anothertrustee of the trust, in either case without your consent; or(ii) an application or order is sought or made in any court for:(A) removal of you as trustee of the trust; or(B) property of the trust to be brought into court or administered by the court
or under its control; or(C) a notice is given or meeting summoned for the removal of you as
trustee of the trust or for the appointment of another person as trustee
jointly with you; or(k) the Agreement or a transaction in connection with the Agreement is or becomes (or is claimed to be)wholly or partly void, voidable or unenforceable (“claimed” in this paragraph means claimed by
you or anyone on behalf of any of it); or(l) distress, execution or other process is levied against any property of you and is not removed,discharged or paid within seven days; or(m) any security created by any mortgage or charge becomes enforceable against you and themortgagee or chargee takes steps to enforce the security or charge; or(n) we reasonably consider it necessary for its own protection or the protection of its associates.
Free Balance means, at any time, the excess (if any) of the balance of your Account at that time over theRequired Margin.
Guarantor means any person(s) identified as such in the Application.
Hedging Partner means any counterparty to which we have deemed suitable to form an agreement to pass
all trades as back to back transactions to manage risk.

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A person is Insolvent if:(a) it commits act of bankruptcy;(b) a liquidator or trustee in bankruptcy or similar person is appointed to the person;(c) it is (or states that it is) an insolvent under administration or insolvent; or(d) it is in liquidation, in provisional liquidation, under administration or wound up or has had aController appointed to its property; or(e) it is subject to any arrangement, assignment, moratorium or composition, protected fromcreditors under any statute or dissolved; or(f) an application or order has been made (and, in the case of an application, it is not stayed,
withdrawn or dismissed within 30 days), resolution passed, proposal put forward, or any otheraction taken, in each case in connection with that person, which is preparatory to or could resultin any of (a), (b) or (c) above; or(g) have failed to comply with a statutory demand; or(h) it is otherwise unable to pay its debts when they fall due; or(i) something having a substantially similar effect to (a) to (g) happens in connection with that
person under the law of any jurisdiction.
Interest Period means the number of calendar days between one Business Day and the next Business Day.
LIBID means the London Interbank Bid Rate.
LIBOR means the London Interbank Offered Rate.
Listed Entity means in relation to a Security, the entity that is considered by the applicable market to be theissuer of that Security.
Long Party means in respect of any Contract the party identified in the Confirmation as having notionally bought
the Underlying Instrument.
Loss means, the difference between the Opening Value of the Contract and the Close-Out Value of theContract if you are:(a) the Long Party and the Close-Out Value of the Contract is lower than the Opening Value of theContract; or(b) the Short Party and the Close-Out Value of the Contract is higher than the Opening Value of theContract.
Margin Percentage means the percentage rate applicable to your Contract as specified by us in our sole
discretion and published on our website.
Mark to Market Payments means the payments calculated under clause 7.

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Opening Value means:
Opening Underlying Instrument Price x Contract Quantity
Opening Underlying Instrument Price means the Underlying Instrument Price on opening the Contract
as agreed between us and you.
Order means an offer made by you under these Terms.
VirtueForex Platform means any online VirtueForex Platform made available by us under the Terms;
PDS means this Product Disclosure Statement.
Position Limit means a limit placed by us on the sum of the Contract Values for all Contracts between us
and you.
Previous Contract Value means, the amount calculated as follows:(a) where the Contract Value is being determined for the first time for a Contract, the Opening
Value;(b) in all other cases, the Contract Value at the most recent Valuation Time.
Profit means the difference between the Opening Value of the Contract and the Close-Out Value of theContract if you are:(a) the Long Party and the Close-Out Value of the Contract is higher than the Opening Value of theContract;(b) the Short Party and the Close-Out Value of the Contract is lower than the Opening Value of theContract.
Required Margin means an amount that is required to be standing to the credit of your Account and whichis calculated as follows:(a) when an Order is placed to open a Contract, an amount that is:
Opening Value x Margin Percentage(b) throughout the term of an open Contract:
Contract Value x Margin Percentage
in respect of each such open Contract between you and us.
Sell Swap Rate means LIBOR for a currency plus a margin of no more than 0.25% as determined by us.

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Short Party means the party identified in the Confirmation as having notionally sold the Underlying
Instrument.
Specified Date means the future value date with reference to which that Contract was entered into.
Swap Charge means the charge calculated in accordance with clause 11
Terms means the terms and clauses governing the relationship between you and us.
Underlying Instrument means the instrument which we list as being available to underlie an Order orContract being a unit of Currency.
Underlying Instrument Price means the rate at which a single unit of the first Currency, the subject of theContract, may be bought with or, as the case may be, sold in, units of the second Currency the subject of
the Contract.
Valuation Time means:(a) the Close of Business on each Business Day; and(b) any other time that we decide in our absolute discretion.
We, VirtueForex, Us or Our means VirtueForex Limited, a Vanuatu company.
You or Your means the individual or body corporate who has entered into the Agreement with us.
26.2 References to certain general terms
Unless the contrary intention appears, a reference in this agreement to:(a) (singular includes plural) the singular includes the plural and vice versa;(b) (variations or replacement) a document (including this agreement) includes any variation or
replacement of it;(c) (law) law means common law, principles of equity, and laws made by parliament;(d) (person) the word “person” includes an individual, a firm, a body corporate, a partnership, a joint
venture, an unincorporated body or association, or any Government Agency;(e) (two or more persons) an agreement, representation or warranty in favor of two or more
persons is for the benefit of them jointly and each of them individually;(f) (jointly and severally) an agreement, representation or warranty by two or more persons
binds them jointly and each of them individually;(g) (reference to a group of persons) a group of persons or things is a reference to any two or
more of them jointly and to each of them individually;(h) (calculation of time) if a period of time dates from a given day or the day of an act or event, it is tobe calculated exclusive of that day;(i) (reference to a day) a day is to be interpreted as the period of time commencing at midnight andending 24 hours later;(k) (accounting terms) an accounting term is a reference to that term as it is used in accounting
standards in accounting principles and practices generally accepted in Vanuatu;(l) (meaning not limited) the words “include”, “including”, “for example” or “such as” whenintroducing an example, does not limit the meaning of the words to which the example relates to thatexample or examples of a similar kind;(m) (reference to anything) any thing (including any amount) is a reference to the whole and each partof it.

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26.3 If an event under the Agreement must occur on a stipulated day which is not a Business Day then the
stipulated day will be taken to be the next Business Day.
26.4 Headings (including those in brackets at the beginning of paragraphs) are for convenience only anddo not affect the interpretation of the Agreement.

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