6101 | 03/10/2015

Agreement for Advisors Providing Services to Interactive Brokers Customers
This Agreement is entered into between Interactive Brokers ("IB") and the undersigned Advisor.
WHEREAS, IB provides brokerage services to customers;
WHEREAS, Advisor provides investment advisory services (as advisor or sub-advisor) ("Advisor") relating tosecurities, futures, forex and/or other investment products to its advisees or its clients that are also customers of IB("Participating Customers");
NOW THEREFORE, for and in consideration of the promises and mutual agreements set forth herein, IB and Advisor
agree as follows:
1. Establishment of IB-Advisor Arrangement: Advisor shall provide certain information to IB regarding Advisor's
business and its registration status with applicable regulatory authorities. Advisor represents and warrants that
all information provided is true and correct to the best of Advisor's knowledge.
2. Participating Customer Account Opening: Advisor's clients may apply for IB brokerage accounts, which shallbe accepted or rejected by IB in its sole discretion. In order to facilitate the account opening process, Advisor
may provide certain required information regarding Advisor's clients and Advisor may forward to IB accountopening documents completed by Advisor's clients. Advisor represents and warrants that all information
provided by Advisor to IB regarding its clients is true and correct to the best of Advisor's knowledge and thatany account opening documents forwarded to IB by Advisor shall have been properly reviewed and executedby the client and shall be unaltered and in their original form as received by the Advisor. Upon request,
Advisor will provide to IB a true and correct copy of the advisory agreement in effect between the Advisor andthe client (the "Advisory Agreement") and/or power of attorney or other documents authorizing Advisor to
direct trading in the client's IB account.
3. Advisory Fees:a. IB will allow IB customers who are clients of Advisor to request that IB deduct from their IB accounts
the advisory fees (and/or sub-advisory fees) (collectively "Advisory Fees"). In such cases, the Advisor
and the client shall provide to IB the method of calculating the Advisory Fees that the client has
agreed to pay to Advisor.
b. Advisor represents and warrants that all Advisory Fees charged by the Advisor to any client havebeen or will be fully disclosed to the client and are consistent with the Advisory Agreement between
the Advisor and the client (or the sub-advisory agreement between the Advisor and the primary
Advisor). Advisor further represents and warrants that its Fees shall be reasonable and shall comply
with all applicable laws and regulations of any relevant jurisdiction and the rules of any regulatory
authority or self-regulatory organization to which Advisor is subject (the "Laws and Regulations").
c. IB's only liability to pay funds to Advisor under this Agreement is to pay Advisory Fees that IB actually
has deducted from Participating Customer accounts. Customer remains solely liable to Advisor forsuch Fees and Advisor specifically acknowledges that IB may be unable to deduct Advisory Fees
under certain circumstances and that in such case IB has no liability to Advisor for uncollected Fees.
These circumstances include but are not limited to: (i) if there are or will be insufficient funds in a
Participating Customer's IB account to cover the Advisory Fees; (ii) if deduction of the Advisory Fees
would, or might in IB's sole judgment, cause the account to have insufficient equity to cover margin
requirements or other obligations of the Participating Customer to IB; (iii) if there is a dispute between
the Participating Customer and Advisor regarding the Advisory Fees, or if there is any dispute
between or among any of the Participating Customer, Advisor and IB regarding this Agreement orAdvisor's or IB's provision of advisory or brokerage services, respectively, to customer; (iv) if theParticipating Customer has closed its IB account or if IB has terminated the customer's account; (v) if
there is any doubt in IB's sole judgment as to whether a Participating Customer has authorized
deduction of the Advisory Fees from its account; or (vi) if, in IB's judgment, Advisor has violated any

provision of this Agreement, the Advisory Agreement with the Participating Customer, applicable subadvisory agreements, or applicable Laws and Regulations.
d. If IB deducts Advisory Fees from the account of a Participating Customer and a dispute arises as towhether such fees actually were owed by the Participating Customer to Advisor, or if IB has otherreason to believe that such funds should not be remitted to Advisor, IB may elect at its sole discretion
to return such Fees to the Participating Customer's account, in which case Advisor is responsible forcollecting such Fees if they are owed. Advisor agrees to return to IB immediately any funds of any
kind erroneously or improperly remitted to Advisor by IB, and Advisor grants a lien (in the amount of
any funds owed to IB by Advisor) to IB against any other funds of Advisor held by IB.
e. Advisor will provide immediate written notice to the attention of the IB Compliance Department in theevent of any oral or written complaint made by any Participating Customer relating in any way to theAdvisory Fees or to any of Advisor's or IB's activities under the arrangement contemplated by thisAgreement.
4. Material Changes in Customer or Advisor Information; Termination of Account:a. Advisor will provide immediate written notice to IB in the event of any change in the Advisory Fees
governing a Participating Customer account or in the event that any Participating Customer
terminates its relationship with Advisor or wishes to terminate its relationship with IB.
b. Advisor will provide prompt written notice to IB of any material change in any information regarding
any Participating Customer, including but not limited to material changes in information regarding theParticipating Customer's financial status or investment objectives. In the event of any change in a
Participating Customer's Advisory Agreement or change in the power of attorney documents
governing the Participating Customer's account, Advisor shall promptly provide to IB a true andcorrect copy of the revised Agreement or documents.
c. Advisor will provide prompt written notice to IB of any material change in any information provided by
the Advisor to IB regarding the Advisor or its business. Advisor will provide immediate written noticeby overnight mail or courier service to the attention of the IB Compliance Department in the event of
any change in Advisor's registration or regulatory status, including but not limited to any lapse inregistration or licensing or any change or any suspension or bar or other adverse regulatory action
affecting Advisor. If the Advisor is currently exempt from registration or licensing requirements under
the Laws and Regulations, Advisor will immediately notify IB if Advisor ceases to be eligible for such
exemption.
5. Compliance with Laws and Regulations
a. Advisor represents that Advisor or Advisor’s counsel has examined applicable U.S. state and federal
laws and regulations, and/or the laws and regulations in the countries in which Advisor operates, todetermine whether Advisor is required to be registered or licensed with appropriate regulatory
authorities to provide investment advice and to direct trades in customer accounts. Advisor certifies
that, if it is required to be registered or licensed, it is so registered or licensed and will remain soduring the duration of this Agreement. If Advisor has determined that it is not required to be registeredor licensed, Advisor certifies that this determination has been made in good faith based on all facts
and circumstances known to Advisor.
b. Advisor is solely responsible for complying with all Laws and Regulations governing its provision ofadvisory services to Participating Customers, and IB specifically disclaims any responsibility for suchcompliance. Among other things, Advisor is solely responsible for: (i) determining whether Advisor
and/or its employees is required to be registered or licensed with appropriate regulatory authorities,
and complying with any registration requirements; (ii) satisfying fiduciary obligations to its advisory
clients; (iii) proper disclosure of material facts regarding the advisory services it provides; (iv) proper
recordkeeping and reporting regarding the advisory services; (v) compliance with custody rules
governing advisors; and (vi) compliance with anti-money laundering rules governing advisors. Advisor
represents that it is now, and will remain, in material compliance with all applicable Laws andRegulations in connection with the activities contemplated by this Agreement.
c. If Advisor signing this Agreement is a primary Advisor to a Participating Customer account and has
appointed or contracted one or more sub-advisors to provide sub-advisory services for the account,
Advisor represents: (i) that any sub-advisors have been appointed pursuant to a valid sub-advisory
agreement, a copy of which will be produced to IB upon request; (ii) that Advisor’s agreement with

Customer allows the appointment of sub-advisors with the authority to exercise discretion in
Customer’s account; (iii) that Advisor has exercised reasonable due diligence and care in selecting
sub-advisors (including but not limited to determining whether sub-advisors are required to beregistered or licensed and confirming that they are so registered or licensed if required); (iv) that
Advisor will monitor the actions and trading decisions of sub-advisors on a frequent and ongoingbasis to ensure that they are lawful and appropriate and consistent with the financial objectives andcircumstances of the client; and (v) that any sub-advisory fees charged by sub-advisors are lawful
and reasonable and consistent with the applicable Advisory Agreement with Customer (and that the
total fees charged by Advisor and any sub-advisors to the Customer are also lawful and reasonable
and consistent with the applicable Advisory Agreement with Customer).
d. If Advisor signing this Agreement is a sub-advisor that has been appointed by a primary Advisor to a
Participating Customer account to provide sub-advisory services for the account, Advisor represents
that Advisor has been appointed pursuant to a valid sub-advisory agreement, a copy of which will be
produced to Interactive Brokers upon request.
6. Relationship Between Advisor and IB: :a. Advisor acknowledges that IB does not and will not solicit trades or provide trading, investment or tax
advice of any kind to Participating Customers. IB has no duty to supervise or review Advisor's actions
or recommendations. IB's provision of brokerage services to Participating Customers and its
deduction of Advisory Fees does not in any way represent an endorsement of Advisor's services or ofany particular recommendations or advice or actions of Advisor, and Advisor shall not make any
statements implying that IB has reviewed or approved of Advisor, its services or any
recommendations or advice or actions of Advisor. Advisor bears sole responsibility for resolving any
and all claims, questions or disputes of any kind by Participating Customers regarding Advisor's
provision of investment advisory services (including specific conduct, advice or recommendations ofAdvisor or any sub-advisor) or Advisor's activities under this Agreement.
b. All claims, questions or disputes regarding IB's provision of brokerage services or regarding IB's
execution of particular trades must be referred to IB. Advisor has no authority to decide or resolve
such claims, questions or disputes on IB's behalf.
c. Neither the Advisor nor any officers, directors or employees of Advisor are employees or agents or
associated persons of IB, nor shall they hold themselves out as such. Advisor has no authority, andshall not make any representations or give any warranties on IB's behalf. Advisor shall have noauthority to bind IB or to enter into any agreement, understanding or commitment giving rise to any
liability or obligation of IB.
d. This Agreement does not and shall not be deemed to constitute a partnership or joint venture
between the parties, and neither party nor any of its respective directors, officers, employees oragents shall, by virtue of the performance of their obligations under this Agreement, be deemed to bean agent or employee of the other.
e. Advisor acknowledges that the Customer Agreements entered between IB and IB Customers do notconfer any rights on Advisor, nor does IB have any liability or obligation whatsoever to Advisor arisingfrom any IB Customer Agreement.
7. Intellectual Property: All right, title, copyright and other interest in and to any part of or all of the IB TraderWorkstation and any other IB systems, software or technologies shall at all times remain the sole andexclusive property of IB.
8. Liability and Indemnity:a. Advisor hereby indemnifies and agrees to hold IB and its affiliates, and its and their successors andassigns, and its and their directors, officers and employees (“IB Indemnitees”) harmless against any
and all penalties, damages, costs, judgments, attorney's fees or any other expenses incurred inconnection with any and all claims of any kind against IB by customers, prospective customers,
Participating Customers, civil or regulatory authorities or any other third parties, which relate toAdvisor's provision of investment advisory services (including specific conduct, advice, trades orrecommendations of Advisor) or Advisor's activities under this Agreement.
b. If Advisor signing this Agreement is a primary Advisor to a Participating Customer account and hasappointed or contracted one or more sub-advisors to provide sub-advisory services for the account,
Advisor indemnifies and agrees to hold the IB Indemnitees harmless against any and all penalties,
damages, costs, judgments, attorney's fees or any other expenses incurred in connection with any
and all claims of any kind against IB by customers, prospective customers, Participating Customers,
civil or regulatory authorities or any other third parties, which relate to sub-advisor’s actions, conduct,advice, trades or recommendations in connection with any IB Customer account for which Advisor
has appointed or contracted sub-advisor. This indemnity provision is applicable regardless of whether
or not Advisor exercised proper diligence and care in selecting and monitoring the activities of the
sub-advisor.
c. If within ten (10) business days after receiving written notice of any claim, demand, proceeding, suit or
action with respect to which IB Indemnitees may have any claim to indemnification under thisAgreement, the Advisor shall fail to institute the defense of the IB Indemnitee in connection with suchclaim, demand, proceeding, suit or action, or if thereafter the Advisor shall fail diligently to prosecutesuch defense, the IB Indemnitee shall have the right, but not the obligation, to defend such action.
The costs and expenses, including reasonable attorneys’ fees, associated with such a defense shallbe borne by Advisor. Neither the exercise of the right to participate in or assume the responsibility forany such defense nor the failure to exercise such rights shall limit, in any way, the IB Indemnitee’srights to indemnification under this Agreement. Advisor shall not settle any claim, demand,proceeding, suit or action against an IB Indemnitee without the prior written consent of the IB
Indemnitee. In any claim, demand, proceeding, suit or action with respect to which IB Indemnitees
may have any claim to indemnification under this Agreement, whether the defense is instituted by
Advisor or by the IB Indemnitee, the IB Indemnitee shall have the right to select its preferred counsel,
whose costs along with all other costs of defense shall be borne by the Advisor.
d. Errors, misunderstandings or controversies between Advisor (and/or any sub-advisors) andParticipating Customers shall be Advisor's (and/or any sub-advisors’) sole responsibility and liability.
e. IB's liability in any action, proceeding or claim arising out of this Agreement or any breach thereof,
and Advisor's remedy, shall be limited to any actually collected and properly owed Advisory Fees. IB
shall not be liable under any circumstances for loss of profit or any direct, indirect, incidental, special,
exemplary, punitive or consequential damages.
f. The liability and indemnity provisions herein shall remain operative and in full force after terminationof this Agreement.
9. Miscellaneous:a. For the avoidance of doubt all references to “Advisor” in this Agreement shall mean, as applicable,
the primary Advisor to a Participating Customer account or any sub-advisor that has been appointed
or contracted for the account. All obligations of “Advisor” under this Agreement shall apply jointly andseverally and with full force to the primary Advisor and all sub-advisors appointed or contracted bythat primary Advisor unless expressly indicated otherwise.
b. This Agreement is governed by the laws of the State of New York, without giving effect to conflict oflaws provisions. Courts of New York have exclusive jurisdiction over disputes relating to thisAgreement, except when arbitration is provided. IN ALL JUDICIAL ACTIONS, ARBITRATIONS, ORDISPUTE RESOLUTION METHODS, THE PARTIES WAIVE ANY RIGHT TO PUNITIVE DAMAGES.
c. Advisor agrees to the provision of this Agreement in English and represents that Advisor understands
all of the terms and conditions contained herein.
d. Either party may terminate this Agreement immediately upon written notice to the other party. IB may
terminate its provision of brokerage services with respect to any particular Participating Customer at
any time without prior notice to the Advisor.
e. This agreement is non-exclusive and nothing in this Agreement shall prevent Advisor from utilizing
services of other brokerage firms or recommending that its customers do so, and nothing in thisAgreement shall prevent IB from providing services to customers of other investment advisors.
f. This Agreement constitutes the entire understanding of the parties as to its subject matter. The
parties acknowledge that they have not relied upon any oral or written representation of the other orthe other's employees or agents and have made their own independent investigations into all relevant
matters. This Agreement may not be modified except in writing signed by the party against whomsuch modification shall be asserted.
g. This Agreement and all of the provisions hereof shall be binding upon and inure to the benefit of theparties hereto and their respective successors and permitted assigns. All or part of the rights andobligations of IB under this Agreement may be assigned by IB to any affiliate of IB or of the Interactive
Brokers Group, without the consent of Advisor, but no other assignment may be made by either party
without the written consent of the other, which shall not be unreasonably withheld.
h. The failure of either party to enforce at any time, or for any period, any one or more of the terms or
conditions of this Agreement shall not be a waiver of such terms or conditions or of the right at any
time subsequently to enforce all terms and conditions of this Agreement. If any one or more of theprovisions of this Agreement shall be held to be invalid, illegal or unenforceable, the validity, legality
or enforceability of the remaining provisions of this Agreement shall not be affected thereby.

10.Mandatory Arbitration:a. This agreement contains a pre-dispute arbitration clause. By signing an arbitration agreement theparties agree as follows:• ALL PARTIES TO THIS AGREEMENT ARE GIVING UP THE RIGHT TO SUE EACH OTHER
IN COURT, INCLUDING THE RIGHT TO A TRIAL BY 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 AN ARBITRATION 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 COURTPROCEEDINGS.
• THE ARBITRATORS DO NOT HAVE TO EXPLAIN THE REASON(S) FOR THEIR AWARDUNLESS, IN AN ELIGIBLE CASE, A JOINT REQUEST FOR AN EXPLAINED DECISION
HAS BEEN SUBMITTED BY ALL PARTIES TO THE PANEL AT LEAST 20 DAYS PRIOR TO
THE FIRST SCHEDULED HEARING DATE.
• THE PANEL OF ARBITRATORS WILL TYPICALLY 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 BROUGHTIN COURT.
• THE RULES OF THE ARBITRATION FORUM IN WHICH THE CLAIM IS FILED, AND ANYAMENDMENTS THERETO, SHALL BE INCORPORATED INTO THIS AGREEMENT.

b. Advisor and IB agree that any controversy, dispute, claim, or grievance between IB, any IB
affiliate or any of their shareholders, officers, directors employees, associates, or agents, on
the one hand, and Advisor or, if applicable, Advisor's shareholders, officers, directors
employees, associates, agents or sub-advisors on the other hand, arising out of, or relating to,this Agreement, or any account(s) established hereunder by Advisor and/or Participating
Customers; any transactions therein; any transactions between and among IB, Advisor and/or
Participating Customers; any provision of the IB Customer Agreement or any other agreement
between IB and Advisor or Participating Customer; 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: (a) The New York Stock Exchange; (b) the Financial Industry
Regulatory Authority; (c) the National Futures Association, or (d) if Advisor resides in the U.K.
or Europe, an appropriate arbitration forum in the U.K. Neither IB nor Advisor shall object tothe jurisdiction of any of the aforementioned forums for arbitration on the grounds that
Advisor or IB is not registered with the particular forum or organization sponsoring the forum,
or that not all products traded in the relevant account(s) (if applicable) are under thejurisdiction of the particular forum or organization.
c. No person shall bring a putative or certified class action to arbitration, nor seek to enforce any predispute arbitration agreement against any person who has initiated in court a putative class action; or
who is a member of a putative class who has not opted out of the class with respect to any claims
encompassed by the putative class action until:• the class certification is denied; or• the class is decertified; or•the customer is excluded from the class by the court. Such forbearance to enforce anagreement to arbitrate shall not constitute a waiver of any rights under this agreement except
to the extent stated herein.

THIS FINANCIAL ADVISOR AGREEMENT CONTAINS A PRE-DISPUTE ARBITRATION CLAUSE IN PARAGRAPH
10. BY SIGNING THIS AGREEMENT I ACKNOWLEDGE THAT THIS AGREEMENT CONTAINS A PRE-DISPUTE
ARBITRATION CLAUSE AND THAT I HAVE RECEIVED, READ AND UNDERSTOOD THE TERMS THEREOF.