3203 | 24 May 2024

Interactive Brokers LLC Client
Agreement
1. Client Agreement: This Agreement governs the relationship between
Client and Interactive Brokers LLC ("IBKR"). IBKR agrees to provide
services to Client under the terms herein, and by use of such services
Client agrees to accept the terms of this Agreement. If this Agreement
varies from anything contained in the IBKR website or materials orcommunications provided by IBKR, this Agreement controls.
2. No Advice Regarding Investment, Tax, Trading or Account Type: Neither
IBKR, nor any of its representatives, will: provide Client with investment
advice or recommendation; offer any opinion regarding the suitability of any
security, account type, order, transaction, or investment advisor or strategy;
solicit any order or transaction; monitor Client account or investments, or theappropriateness of Client account or service level; alert Client to any
recommended change to Client's investments, accounts, or services; orprovide legal, tax, or accounting advice (collectively, "Advice"). Nothing on
IBKR's website is or shall be deemed a recommendation or solicitation tobuy or sell securities, futures or any other investment products, or as to themanner in which those products are bought or sold, or to engage in any
investment strategy. Client will not seek, accept or rely on any Advice fromIBKR or its representatives, or any communication that could be construed assuch. Discussion of alternatives, such as the different types of investment
products available to Client, is not investment advice. Because IBKR does
not provide Advice, IBKR is not responsible for the suitability or
appropriateness of any order, trade, investment, investment strategy,
selection of advisor or other activity of Client. Client agrees that any ordersubmitted to or transaction executed by IBKR is solely Client's own decisionand is based on Client's own evaluation of its personal financial situation,needs, and investment objective(s). IBKR does not endorse and is not
responsible for any advice, representation, content or other information
provided by third parties, including but not limited to any such information or
third party referenced by or accessed through any IBKR website, applicationor platform, including but not limited to the "IBKR Investors Marketplace."
3. Notice Requirements and Amendment of Terms.

A. Where required by this Agreement to provide "Notice" to IBKR, if
such Notice must be in writing, Client must either: (i) submit a
message through the Message Center accessible through the"Support" link in IBKR's Client Portal; (ii) submit a message throughthe Message Center accessible through the "Account Management"
link in Trader Workstation or on IBKR's mobile applications; or (iii)
submit an email through the "Contact Us" page found under the"Support" menu on the IBKR website(www.interactivebrokers.com). For Notice that is not required to be
in writing, Client may provide IBKR with Notice in writing as
described above or by phone through one of the phone numbers
set forth in the "Contact Us" page on the IBKR website. Those
phone numbers include: 1 (877) 442-2757 (United States toll free);00800-42-276537 (Europe toll free); and +852-3729-0896 (HongKong). No other form of communication other than those describedin this paragraph will satisfy the Notice requirements contained inthis Agreement.
B. This Agreement cannot be amended or waived by anyone, including
IBKR representatives, except by a writing executed by IBKR's Chief
Executive Officer or General Counsel. This Agreement may berevised upon IBKR's tender of a revision or amendment of thisAgreement, and Client's acceptance thereof shall be conclusively
established by subsequent use (by the Client or any authorized
representative) of any services provided by IBKR other than closing
positions or transferring open positions or assets out of IBKR. Use ofsuch services shall constitute consideration for the revised
Agreement.
4. Responsibility for Client Orders/Trades: Client is responsible for theconfidentiality and use of, and will reasonably safeguard and will not
permit others to use, Client's account credentials, such as Client's
username, password or security device. Client agrees to provide
immediate Notice to IBKR of any theft or loss of such credentials, or
any unauthorized access to Client's account. Use of Client's
credentials to effect any action will constitute conclusive evidence
that IBKR may treat such action as authorized. Client is responsible
for all transactions entered using Client's credentials. IBKR is notliable for loss or damages caused by any third party using Client's
credentials. Unless IBKR agrees in a writing executed by its Chief
Executive Officer or General Counsel, Client will not permit any third
party to access Client's account using Client's account credentials.
5. Order Routing:A. Unless otherwise directed by the Client, IBKR will route Client orders
to the market or dealer IBKR selects. Client is responsible for tradingin accordance with any rules or policies applicable to Client's order(e.g., trading hours, order types, etc.). IBKR does not guarantee
execution of every order and it does not guarantee execution at thebest posted price; IBKR may not have access to every market or
dealer; orders of others may trade ahead of Client's order; market
centers may not honor posted prices or may re-route orders; andmarket rules, decisions, system failures or other matters may preventor delay execution of Client's orders or cause orders not to receive
the best price.
B. Special Risks of Algorithmic Orders: IBKR makes available
various order types that use computerized algorithms. These ordertypes allow Client to input various conditions as part of an orderplaced with IBKR. Client agrees that if algorithmic order types areused, it is Client's responsibility to understand how the order typeworks, including through review of the information on the IBKR
website describing particular order types. Algorithmic trading
involves special risks, including, among others, the risk of softwareor design flaws, technical errors, adverse market impacts fromalgorithmic orders and rapid losses. Client understands and agrees
to accept these risks when using algorithmic orders and Client
waives any right to make claims against IBKR in connection withsuch orders.
6. Payment for Orders and Rebates: IBKR may receive discounts, rebates,
payments or other consideration from an exchange, market, dealer or otherparty in exchange for routing an order to them or in connection with anorder that they trade against or permit others to trade against. In
consideration of services provided by IBKR to Client, IBKR is authorized toreceive and retain such payments, rebates, or other consideration in whole orin part for its own account and not that of Client, and do so without
disclosing the amount received. In some instances, but at its sole discretion,
IBKR may share this consideration with Client. IBKR's policies andprocedures regarding such consideration are described generally in IBKR's
Order Routing and Payment for Order Flow Disclosure, which is posted on
IBKR's website and provided to Client, although IBKR does not warrant suchinformation, as it is subject to change without notice. The nature of any suchconsideration received by IBKR in connection with any Client transaction isavailable upon IBKR's receipt of written Notice from Client requesting suchinformation.
7. Order Cancellation/Modification: It may not be possible to cancel
or modify an order and Client is responsible for executions

notwithstanding a request to cancel or modify an order.

8. Order Execution:
A. IBKR is authorized to execute Client orders as agent or principal as it
subsequently confirms to Client. IBKR may act as agent both forbuyer and seller in a transaction. IBKR may use another broker ordealer, or an IBKR affiliate to execute orders, and in such cases theexecuting party shall have the benefit of all IBKR's rights hereunder.
B. IBKR may terminate Client's use of IBKR's services at any time in
IBKR's sole discretion without prior notice to Client. IBKR may also
decline to accept, to execute or to cancel any Client order, or mayotherwise restrict, in whole or in part, Client's use of IBKR's services
at any time, for any length of time, in IBKR's sole discretion, without
prior notice to Client. Such restrictions on trading activity may
include, but are not limited to: (i) prohibiting Client from engaging in
trading of (or entering orders to open or increase the size of aposition in) any individual instrument or category of instrument(whether stock, option, or another security, or a commodity, or otherinvestment product); (ii) prohibiting certain types of trades or orders;or (iii) limiting order size or value at risk. Notwithstanding the above,
Client remains responsible for its orders and transactions without
regard to whether IBKR restricts, or does not restrict, Client's trading
activity. All transactions are subject to rules and policies of relevantmarkets and clearinghouses, and applicable laws and regulations.
IBKR IS NOT LIABLE FOR ANY ACTION OR DECISION OF ANYEXCHANGE, MARKET, DEALER, CLEARINGHOUSE OR
REGULATOR, OR THE DIRECT OR INDIRECT CONSEQUENCES
THEREOF.
C. Exchanges and regulators require brokers to impose various pretrade filters and other checks to try to ensure that orders do not
disrupt the market or violate market rules. Exchanges, othermarkets and dealers also apply their own filters and limits to orders
they receive. These filters or order limits may cause Client's orders,
including but not limited to market orders, to be delayed insubmission or execution, either by IBKR or by the market. Filters
may also result in an order being cancelled or rejected. IBKR may
also cap the price or size of Client's orders before they aresubmitted to an exchange. IBKR reserves the right in its sole
discretion, without notice, to impose filters and order limits on any
Client order and will not be liable for any effect of filters or order
limits implemented by IBKR or an exchange, market or dealer.

9. Confirmations and reporting errors:
A. IBKR has no responsibility for Client's transmission oforders that are inaccurate or not received by IBKR, and may
execute any order or trade on the terms actually received by
IBKR. Client is bound by its trades as executed, if execution
is consistent with Client's order as entered. IBKR may, in its
sole discretion, adjust Client's account to correct any error.
Client agrees to promptly return to IBKR any erroneous
payment, transfer or distribution.
B. Client will monitor each order until IBKR confirms execution orcancellation. Confirmations of executions or cancellations may
be delayed or erroneous (e.g., due to computer system issues
or inaccurate reporting), or may be cancelled or adjusted by anexchange, market or dealer. Client will submit Notice to IBKR
immediately (but in no event within more than one(1) business day) if: (i) Client fails to receive an accurate
confirmation; (ii) Client receives a confirmation that is different
than Client's order; or (iii) Client receives a confirmation for an
order that Client did not place. If Client fails to provide such
Notice, IBKR reserves the right to remove the trade fromClient's account or require Client to accept the trade, in IBKR'ssole discretion. Client shall provide IBKR with immediate
Notice upon receipt of erroneous information in any accountstatement or other form not addressed in (i) - (iii) above.
10.
Proprietary Trading - Display of Customer Orders: Client authorizes
IBKR to execute proprietary trades for itself and its affiliates, eventhough IBKR may simultaneously hold unexecuted Client orders forthe same products at the same price. Client further agrees that IBKR
may trade with Client for its own account or for an IBKR affiliate oranother client and may earn a profit on those trades.
11.
Client Qualification Client warrants that Client's account application istrue and complete and that Client will immediately provide written Notice to
IBKR of any information changes. Client authorizes IBKR to make any
inquiry (with third parties or otherwise) to verify information. Client represents
that all assets held in Client's account belong to Client, and that all trading in
Client's account is conducted solely for the benefit of Client.
A. Natural Persons: For individual accounts, Client warrants that
Client: (i) is over 18; (ii) is under no legal incapacity; and (iii) has
sufficient knowledge and experience to understand the nature andrisks of the products to be traded.

B. Organizations: For organization accounts, Client and its authorized
representatives warrant that Client: (i) is authorized under its
governing documents and in the jurisdictions in which it is organizedor regulated to enter this Agreement and trade (including on margin
if applicable) the products it selects; (ii) is under no legal incapacity;and (iii) that persons identified to enter orders have proper authority
and have sufficient knowledge and experience to understand thenature and risks of the products to be traded.
C. Trusts: For trust accounts, "Client" refers to the Trust and its
Trustees. Trustees represent that there are no Trustees other thanthose listed in the account application and certify that IBKR may
follow instructions from any Trustee and deliver funds, securities, or
any other assets to any Trustee or on any Trustee's instructions,
including delivering assets to a Trustee personally. IBKR, in its sole
discretion, may require written consent of any or all Trustees prior
to following any instruction of any Trustee. Trustees certify that
Trustees have the power under the Trust's governing documents
and applicable law to enter this Agreement, open the type ofaccount applied for, and enter transactions and issue instructions.
Such powers include, without limitation, authority to buy, sell(including short), exchange, convert, tender, redeem and withdraw
assets (including delivery of securities to or from the account) totrade securities on margin or otherwise (including the purchase orsale of options), and trade futures and options on futures, for the
Trust. Should only one Trustee execute this Agreement, Trustee
represents that Trustee has the authority to execute thisAgreement, without consent of the other Trustees. Trustees certifythat all instructions directing IBKR to execute trades or any othertype of transaction for this account will comply with the Trust's
governing documents and applicable law, and that all trading in thisaccount will be consistent with the powers delegated to theTrustees by the Trust's governing documents and with the fiduciary
duties of the Trustees to the Trust and the beneficiaries of theTrust. Trustees also certify that Trustees will inform any
beneficiaries of the Trust of the activity in the Trust's account as
required by the Trust's governing documents and applicable law.
The Trust and the Trustees, jointly and severally, shall indemnify
IBKR and hold IBKR harmless from any claim, loss, expense or
liability arising from or related to IBKR effecting any instructions
from the Trustees, including but not limited to instructions to buy,sell, transfer or withdraw account assets, even if such instructions
may be interpreted to be beyond the scope of the Trustees'
authority.
Trustees will provide IBKR with immediate Notice if the authority of

the Trustees changes in any manner relating to this Agreement,
including but not limited to any change affecting the accuracy of any
warranties made herein. IBKR has no duty to review or enforce thelegal terms of any Trust with an account at IBKR and IBKR may rely
entirely on the instructions of the Trustees or persons apparently
authorized to act on behalf of the Trust, regardless of whether IBKR
has some or all of the Trust documents in IBKR's possession.

D. Regulated Persons and Entities; Control Persons and Insiders:
Unless Client provides written Notice to IBKR otherwise, Client
represents that Client is not: a broker-dealer; futures commission
merchant; regulated investment professional; or affiliate, associatedperson or employee thereof. Client agrees to submit written Noticeto IBKR immediately if Client becomes employed or associated witha broker-dealer, futures commission merchant or other type of
regulated investment professional. Client will provide IBKR withimmediate written Notice if Client, or any person or entity affiliatedwith Client or acting on Client's behalf, is or becomes an insider orcontrol person with respect to any security listed on any exchange.
12.

Designation of a Trusted Contact Person:

A. Client is encouraged, but not required, to designate a Trusted
Contact Person ("TCP") for Client's account. A TCP is someone
who is 18 years of age or older that Client authorizes IBKR tocontact for assistance if IBKR is concerned that Client may be thevictim of financial exploitation or experiencing mental or physicalimpairment that is affecting Client's ability to manage Client's
account.
B. By designating a TCP, Client authorizes IBKR (and your advisor or
introducing broker if you have one) to contact the TCP in IBKR'ssole discretion and to disclose to the TCP any information in IBKR's
possession about Client and Client's account, including financial
information, Client's identity and contact information, the identity of
any legal guardian, executor, trustee or holder of power of attorney,
and facts regarding the circumstances that have caused IBKR tocontact the TCP for assistance.
C. Designating a TCP does not ensure that financial exploitation will
not be attempted or occur and does not obligate IBKR to contact the
TCP. Client waives any claim for loss or damages against IBKR
arising out of or relating to IBKR contacting (or not contacting) a
Client-designated TCP.
13.

Joint Accounts: Each joint account holder agrees that each joint holder

has authority, without notice to the other, to: (i) buy or sell securities, futuresand other derivatives, or other products (including on margin); (ii) receive
account confirmations and correspondence; (iii) receive and dispose ofmoney, securities or other assets; (iv) enter, terminate, or agree to modify
this Agreement; (v) waive any part of this Agreement; and (vi) deal with IBKR
as if each joint holder was the sole holder. Notice to any joint holder
constitutes notice to all joint holders. Each joint account holder is jointly andseverally liable to IBKR for all account matters. IBKR may follow instructionsof any joint holder and make delivery of any account property to any joint
account holder individually.
Upon the death of any joint holder, the surviving holder shall provide
immediate written Notice to IBKR and IBKR may, before or after receipt of
Notice, initiate proceedings, require documents, retain or liquidate assets or
restrict transactions as it deems advisable in its sole discretion to protect
itself against any liability or loss. The estate of any deceased joint accountholder and each surviving joint account holder will be liable, jointly andseverally, to IBKR for any debt or loss in the account or upon liquidation of
the account. Unless Clients indicate otherwise, IBKR may presume that joint
account holders are joint tenants with rights of survivorship, and upon thedeath of any such joint tenant, the account shall be vested in the surviving
holders, without in any manner releasing the deceased joint tenant's estatefrom liability.
Custodial Accounts: If an account is opened under either the Uniform
14.
Gifts to Minors Act or the Uniform Transfers to Minors Act (UGMA or UTMA),
the custodian of the account represents that all assets in the account belong
to the beneficiary and that the custodian will only use the assets for the
beneficiary's benefit. The custodian agrees to transfer and deliver to thebeneficiary all securities and other property held in the account promptly
upon the beneficiary attaining the age specified by the governing state law
for termination of the custodianship. In addition, the custodian
acknowledges that IBKR may restrict the custodian's access to the accountupon termination of the custodianship.

15.

Margin:A. Risk of Margin Trading: Client understands that margin tradingis highly risky and may result in a loss of funds greater than
Client has on deposit in the account. Client represents that
Client has read the disclosure titled "Disclosure of Risks of
Margin Trading" provided separately by IBKR.
B. Requirement to Maintain Sufficient Margin Continuously:
i. Margin transactions are subject, at all times, to the initialand maintenance margin requirements established by IBKR
or the applicable exchanges, clearinghouses andregulators, whichever is greater ("Margin Requirements").
IBKR's "house" margin requirements may exceed themargin required by any exchange, clearinghouse or
regulator and may include leverage ratio limits or position
size limits for securities, futures, commodities, currencies orother investment products (even for apparently low- risk
positions), and may exceed 100% depending upon the
product and market conditions.

ii. IBKR may modify margin requirements for any or all
clients for any open or new positions at any time, in
IBKR's sole discretion without prior notice. Client shallmonitor Client's account so that at all times the accountcontains sufficient equity to meet Margin Requirements.
IBKR may reject any order if Client's account has insufficient
equity to meet Margin Requirements, and may delay
processing of any order while determining the margin statusof the account. Client shall maintain, without notice ordemand by IBKR, sufficient equity in Client's account at all
times to continuously meet Margin Requirements. Formulas
for calculating Margin Requirements on the IBKR website
are indicative only and may not reflect actual Margin
Requirements, which can change rapidly depending onmarket conditions. Client must at all times satisfy the
Margin Requirements calculated by IBKR. If Client has
multiple accounts with IBKR (or if Client utilizes IBKR'spartition function to create subaccounts), at IBKR's sole
discretion IBKR may treat such accounts (and/or
subaccounts) either as separate or as one account for
purposes of applying the Margin Requirements. Client
acknowledges that this may cause the total Margin
Requirement to be higher than otherwise and could cause
positions to be liquidated in one account or subaccountnotwithstanding excess equity in another account or
subaccount.
iii. Client will not rely on IBKR to close or liquidate
positions in Client's account in the event Client's
account does not comply with Margin Requirements.
Client will not rely on IBKR's liquidation rights and autoliquidation systems to function as a stop- loss order. Client
cannot assume that IBKR's general policy to liquidate
positions will prevent Client from losing more than Client
has deposited. Among other things, market prices may notrise or fall incrementally and IBKR may not be able to closeout a position at a price that would avoid losses greaterthan the margin deposit. Likewise, IBKR may in its
discretion delay or decide not to liquidate positions in an
account with a margin deficit and shall have no liability for
any loss sustained by Client in connection with such delayof or forbearance from liquidation.

iv. For the purposes of determining Client's compliance with
Margin Requirements, IBKR will determine in its sole
discretion the value of positions and assets in Client's
account. IBKR's calculations may differ from the values or
prices disseminated by exchanges or other market data
sources. For example, IBKR may calculate its own index
values, Exchange Traded Fund ("ETF") values orderivatives values, and IBKR shall have the sole discretionin deciding whether and how to value securities,
derivatives or other investment products based on bid
price, offer price, last sale price, bid/ask midpoint or using
some other method. IBKR may use a valuation
methodology that is more conservative than themarketplace as a whole and this may effectively constitutea higher "house" margin requirement, which IBKR has theright to establish. IBKR may raise Margin Requirements inadvance of an upcoming change in the required exchangeor clearinghouse margin even before the effective date ofsuch change.
v.Client acknowledges and agrees that Margin Requirements
and related rules of exchanges, clearinghouses andregulators generally are designed to protect the integrity ofmarkets and the capital of broker-dealers that are subject tosuch rules and are not generally intended to protect the
Client. IBKR's failure to apply or enforce Margin
Requirements and related rules shall not give Client any
right to bring an action against IBKR and nothing in thisAgreement constitutes a warranty or undertaking that IBKR
will apply or enforce the Margin Requirements and related
rules.
C. IBKR Generally Does Not Issue Margin Calls: IBKR is not
obligated to notify Client of any failure to meet Margin
Requirements prior to IBKR exercising its rights under thisAgreement. IBKR generally will not issue margin calls or credit
Client's account to meet intraday or overnight margindeficiencies. IBKR is authorized to liquidate account positions
in order to satisfy Margin Requirements without prior notice.

16.

Liquidation of Positions and Offsetting Transactions:A. CLIENT AGREES THAT IBKR HAS THE RIGHT, IN ITS SOLEDISCRETION, BUT NOT THE OBLIGATION, TO LIQUIDATE ALL
OR ANY PART OF CLIENT'S POSITIONS OR ASSETS IN ANY OF
CLIENT'S IBKR ACCOUNTS, INDIVIDUAL OR JOINT, AT ANY
TIME AND IN ANY MANNER (INCLUDING BUT NOT LIMITED TO
PRE-MARKET/AFTER-MARKET TRADING AND PRIVATESALES) AND THROUGH ANY MARKET OR DEALER, WITHOUTPRIOR NOTICE OR MARGIN CALL TO CLIENT IF AT ANY TIME:
1. CLIENT'S ACCOUNT HAS ZERO EQUITY OR IS IN

DEFICIT (I.E., NEGATIVE EQUITY);
2. CLIENT'S ACCOUNT HAS INSUFFICIENTEQUITY TO MEET MARGIN REQUIREMENTS;
3. IBKR ANTICIPATES (IN ITS SOLE DISCRETION)

THAT THE HOLDING OF AN OPTION POSITION ORANY OTHER POSITION IN CLIENT'S ACCOUNT
LIKELY WILL RESULT IN A FUTURE MARGIN
VIOLATION (FOR EXAMPLE UPON EXPIRATION OF
A DERIVATIVE POSITION);
4. AN EVENT OF DEFAULT HAS OCCURRED;
5. THIS AGREEMENT HAS BEEN TERMINATED;
6. CLIENT SUBMITS, AND IBKR EXECUTES, AN ORDER

FOR WHICH CLIENT DOES NOT HAVE SUFFUCIENTFUNDS; OR
7. IBKR DETERMINES (IN ITS SOLEDISCRETION) THAT LIQUIDATION IS
NECESSARY OR ADVISABLE FOR IBKR'SPROTECTION.
CLIENT SHALL BE LIABLE AND WILL PROMPTLY PAY IBKR
FOR ANY DEFICIENCIES IN CLIENT'S ACCOUNT THAT ARISE
FROM SUCH LIQUIDATION OR REMAIN AFTER SUCH
LIQUIDATION. IBKR HAS NO LIABILITY FOR ANY LOSSSUSTAINED BY CLIENT IN CONNECTION WITH SUCH
LIQUIDATION (OR IF IBKR DELAYS EFFECTING, OR DOES

NOT EFFECT, SUCH LIQUIDATION), EVEN IF CLIENT REESTABLISHES A LIQUIDATED POSITION AT A WORSE PRICE.
CLIENT SHALL REIMBURSE AND HOLD IBKR HARMLESS FOR
ALL ACTIONS, OMISSIONS, COSTS, FEES (INCLUDING, BUT
NOT LIMITED TO, ATTORNEY'S FEES), OR LIABILITIESASSOCIATED WITH ANY SUCH LIQUIDATION UNDERTAKEN
BY IBKR.

B. IBKR may allow Client to request the order of liquidation of assets
in Client's account in the event of a margin deficiency, but such
requests are not binding on IBKR and IBKR retains the sole
discretion to determine the assets to be liquidated and the orderand manner of liquidation. IBKR may liquidate Client positions
through any market or dealer, or through foreclosures or any othermethod in IBKR's sole discretion, and IBKR or its affiliates may
take the other side of liquidating transactions. If IBKR liquidates
any positions in Client's account, such liquidation shall establish
Client's gain or loss and remaining indebtedness to IBKR.
C. If IBKR does not, for any reason, liquidate under-margined
positions, and issues a margin call, Client must satisfy such call
immediately as requested by depositing funds into Client's
account. Even if a call is issued, IBKR still may liquidate positionsat any time.
D. If any of the events itemized in Paragraph 16(A)(1) - (7) occurs,
Client agrees that IBKR also has the right, in its sole discretion, but
not the obligation, to (i) freeze all or any part of positions or assets
held in Client's account, or (ii) exercise options positions in Client's
account. IBKR may take these actions without prior notice to Client.
E. For the avoidance of doubt, IBKR agrees to not liquidate positions ina Client IRA account solely to satisfy an obligation in a separate
account held by the same Client at IBKR if such an action would
jeopardize the tax-advantaged treatment of Client's IRA accountunder applicable rules. This provision is not intended to relieve
Client of any obligation to IBKR in connection with either of suchaccounts.
17.
Closing Rights Positions Prior to Expiration: Prior to the start of thelast trading day before expiration, Client agrees to close out any long (orshort) option position or other rights position (including but not limited toequity options, ETF options, and non-cash-settled futures options) that Client
holds for which Client has insufficient equity, or may have insufficient equity
at expiration, to exercise (or be assigned on) such position and to then carrythe resulting underlying position in Client's account. Client acknowledges thatapproaching expiration with long or short options for which Client does not or
may not have sufficient equity to hold the underlying position puts the Clientand IBKR at serious risk (including the risk of market movements in theunderlying product between expiration and the next opening of the market in
the product). If IBKR in its sole discretion determines that Client has or may
have insufficient equity to take the underlying position in Client's accountupon expiration of an option position, IBKR has the right, but not the
obligation, to: (i) liquidate some or all of the options or rights position prior to
expiration; (ii) lapse some or all of the options (i.e., instruct that they not be
exercised), even if in-the-money at expiration; and/or (iii) allow some or all of
the options to be exercised or assigned and then liquidate the resulting
position. Client shall have no claim for damages or lost profits resulting fromIBKR taking or not taking any of these actions.

18.
Mutual Funds: Before investing in any mutual fund, Client agrees toread and understand the terms of its prospectus, and acknowledges thatcertain mutual funds reserve the right to change or suspend theirpurchasing or redemption procedures under certain circumstances. Client
accepts that trading in mutual funds may be subject to special fees,
limitations or restrictions imposed by the fund, IBKR, or both.
Worthless and Non-Transferable Securities: Client agrees IBKR has
19.
the right to remove from Client account securities that are worthless and/or
non-transferable, including any security that is deemed to have beencancelled, revoked or otherwise invalidated. Worthless, invalid or nontransferable securities subject to removal may include, but are not limited to,securities with revoked registration, or those issued by an entity that isbankrupt, dissolved or has had its charter revoked.

20.
Position Limits: Client agrees that IBKR, in its sole discretion, may
establish position limits and/or may limit the number of open positions that
Client may execute or hold through IBKR. Client agrees: (i) not to enter into
any transaction that would have the effect of exceeding such position limits;(ii) that IBKR may at any time reduce open positions by issuing closeout or
offsetting trades, or require Client to reduce open positions; and (iii) that
IBKR may refuse for any reason to accept orders to establish new
positions. IBKR may impose and enforce such limits, reduction or refusal
even if not required to do so by law or regulation. Client shall comply with all
position limits established by IBKR, any regulatory or self-regulatoryorganization, or by any exchange. Client agrees to submit immediate Noticeto IBKR if required to file position reports with any regulatory or selfregulatory organization or with any exchange, and agrees to promptly
provide IBKR with copies of any such position reports.

21.
FINRA and SIPC Member: IBKR is a broker-dealer registered with
the Securities and Exchange Commission and is a member of the
Financial Industry Regulatory Authority ("FINRA"), CRD#: 36418. IBKR is amember of the Securities Investor Protection Corporation ("SIPC"). SIPC
currently protects the securities and/or other property in certain Client
accounts up to $500,000, including $250,000 for claims for cash. SIPC
does not cover fluctuations in the market value of investments. Accountprotection is not provided for the accounts of banks or broker-dealers
maintained for their own account. Nothing in this Agreement or on the
IBKR website is intended to be a representation or warranty withrespect to the terms of SIPC coverage, which are determined by SIPC.
Visit www.sipc.org or call (202) 371-8300 for more information.
Universal Accounts: An IBKR "Universal Account" is comprised of two
22.
underlying accounts: an SEC- regulated securities account and a CFTCregulated commodity account. Client authorizes IBKR to make transfers
between the securities and commodity accounts to cover Margin
Requirements and other obligations, and to liquidate positions in one
account to cover obligations in the other account. While IBKR may (but is
not required to) provide a mechanism for Client to express a preference
regarding in which account cash awaiting investment should be held, excess
cash may be swept from one account to the other by IBKR to provide excess
coverage for margin or other obligations at IBKR's sole discretion. Client
authorizes IBKR to provide combined confirmations/statements for bothaccounts. Only assets in the securities account are covered by SIPC
protection and excess coverage; SIPC does not cover assets in thecommodity account.
Short Sales: Client acknowledges that: (i) short sales must be made in23.
a margin account, subject to Margin Requirements; (ii) interest rates paid to,or rates or fees collected from, Client in connection with borrowing securities
to maintain short positions are subject to frequent change and will vary
based on the nature of the security sold short (e.g., financing a short position
in a hard-to-borrow stock may be much more costly); (iii) IBKR may reject
any short sale if IBKR does not believe it can borrow the relevant security fordelivery; (iv) if IBKR cannot borrow (or re-borrow after a recall notice) stock,
IBKR may buy-in stock on Client's behalf, without notice to Client, to covershort positions and Client is liable for any losses/costs; and (v) short saleregulations, or unavailability of stock to borrow, may require IBKR to closeout a short position of Client, in which case Client may be charged
commission on the close-out trade.

24.
IBKR's Right to Loan/Pledge Client Assets: As permitted by law andwithout notice to Client, IBKR is authorized by Client to lend to itself orothers Client securities or assets (generally, securities that may be held in a
margin account) and pledge, or re-pledge (or, for margin accounts,

hypothecate or re-hypothecate) Client's securities and assets, separately or
together with those of other Clients, for any amount due in any IBKR accountin which Client has an interest, without retaining in IBKR's possession orcontrol a like amount of assets. IBKR may receive financial or other benefits
by loaning Client securities and IBKR may retain such benefits without
disclosing the amount of or otherwise accounting for such benefits to
Client. Such loans could limit Client's ability to exercise securities' voting
rights.

25.
Security Interest: All assets of any kind held by or on behalf of IBKR for
Client's account are hereby pledged to IBKR and Client hereby grants to
IBKR a perfected first-priority lien and security interest in IBKR's favor tosecure performance of obligations and liabilities to IBKR arising under thisor any other Agreement with IBKR. Notwithstanding the above, and for the
avoidance of doubt, no assets of an IRA account shall be pledged ascollateral for the obligations of any other accounts and no non-IRA accountshall be pledged as collateral for the obligations of an IRA account.
26.
No Restricted Securities: Unless Client has submitted written Notice to
IBKR to the contrary, no assets held as collateral are "restricted securities,"
as such term is defined pursuant to Rule 144 under the Securities Act of
1933, (the "Securities Act"), or securities of an issuer with which Client is an"affiliate" (as such term is defined pursuant to Rule 144 under the Securities
Act), and Client will not attempt to sell such shares through IBKR without
prior written Notice to and written consent of IBKR.
27.
Event of Default: A "Default" occurs automatically, without notice, upon:(i) Client's breach or repudiation of any agreement with IBKR; (ii) Client
failure to provide assurances satisfactory to IBKR (in IBKR's sole discretion)of performance of an obligation, after request from IBKR; (iii) proceedings byor against Client under any bankruptcy, insolvency, or similar law; (iv)assignment for the benefit of Client's creditors; (v) appointment of a receiver,trustee, liquidator or similar officer for Client or Client's property; (vi) Client
representations being untrue or misleading when made or later becoming
untrue and not corrected within three (3) business days; (vii) legal
incompetence of Client; (viii) the suspension of, or the commencement of any
proceeding to suspend Client's business or license issued by any regulatory
or governmental body; (ix) Client failure to respond to IBKR's attempts tocontact the Client concerning potentially abandoned property; or (x) IBKR
having reason to believe that any of the foregoing is likely to occur
imminently. Client agrees that, upon a Default, IBKR may terminate any of
IBKR's obligations to Client and may deduct from the equity in any Client
account any losses, costs, expenses or other liabilities incurred by IBKR
arising from such Default.

28.
Suspicious Activity: If IBKR in its sole discretion believes that a Client
account has been involved in any fraud or crime or violation of laws or
regulations, has been accessed unlawfully, or is otherwise involved in any
suspicious activity (whether as victim or perpetrator, or otherwise), IBKR
may suspend or freeze the account or any privileges of the account, may
freeze or liquidate funds or assets of Client, or may utilize any of theremedies in this Agreement for a "Default." Client waives any claim for loss
or damages against IBKR arising out of or related to IBKR exercising its
rights under this paragraph.
29.
Unclaimed Property: Under the laws applicable to Client's account,
IBKR may be required to turn over to government authorities property thatis deemed abandoned. To avoid such escheatment of property, Client must
periodically show activity on their account (by logging in) or otherwise
contact IBKR. Before remitting abandoned property, IBKR will send written
notice to the last know physical and email address on the account. IBKR is
not liable for any loss arising from or related to escheatment of Client
property under applicable law.
30.

Multi-Currency Function in IBKR Accounts:

A. Clients may be able to conduct transactions and trade products
denominated in different currencies.
B. Margin Accounts: If Client incurs an obligation in a margin accountin a currency (for example, by a withdrawal of such currency or bypurchase of a product denominated in such currency), and if
insufficient funds exist in the account in that currency, a marginloan shall be created to fund the obligation, secured by the assets
in Client's accounts. If Client maintains positions denominated inforeign currencies, IBKR will calculate Margin Requirements byapplying exchange rates specified by IBKR. IBKR will apply"haircuts" (a percentage discount on the foreign currency
equity amount) to reflect the possibility of fluctuating exchange
rates between the base currency and the foreign currency.
Client must closely monitor margin requirements at all times,
particularly for positions denominated in foreign currencies,
because fluctuation in the currency and the value of theunderlying position can cause a margin deficit and may result in
liquidation of Client's positions.
C. Cash Accounts and IRA Accounts: If Client incurs an obligation ina cash (or IRA) account in a currency as a result of a purchasedenominated in such currency (the “Purchase Currency”), and if
insufficient funds exist in the account in that currency, IBKR willautomatically convert the necessary amount of Client’s long currency

balance(s) to the required amount of the Purchase Currency forsettlement by the same date as the date on which the purchasesettles. This automatic currency conversion will be effected by IBKR
at a rate derived from prevailing market conditions at the time of theexecution. The conversion rate set by IBKR for automaticconversions may be adjusted from the rate that otherwise would
apply to compensate for differences between the agreed settlement
cycle for the trade and the standard settlement cycle for thatcurrency pair. Costs and charges IBKR applies for automaticcurrency conversion trades are detailed on the Commissions andFees page on the IBKR website.

D. IBKR does not warrant that it will allow cash withdrawals ordeposits in every currency in which investment products aredenominated on the IBKR platform. In such case, Client authorizes
IBKR to convert the currency of the credit or debit of the product toa currency in which a withdrawal or deposit is allowed (at thencurrent rates on the IBKR platform, plus applicable commission). If
the account type or the IBKR platform does not support carrying adebit in a particular currency to satisfy an obligation to IBKR incurredin that currency (for example, by entering an order in an options or
futures contract settled in a particular currency), Client agrees that
IBKR may convert to the appropriate currency funds sufficient tomeet applicable obligations or requirements.
E. Client agrees that IBKR's obligations to Client shall be denominatedin: (i) the United States dollar; (ii) a currency in which funds were
deposited by Client or were converted at the request of Client, to theextent of such deposits and conversions; or (iii) a currency in whichfunds have accrued to the Client as a result of trading conducted on adesignated contract market or registered derivatives transaction
execution facility, to the extent of such accruals. Information regarding
Client's currency conversions is provided on the IBKR Client
statements.
F. Client further agrees that IBKR may hold Client funds in: (i) the
United States; (ii) a money-center country as defined by the US
Commodity Exchange Act and regulations thereunder; or (iii) the
country of origin of the currency. In addition, Client authorizes IBKR
to hold Client's funds outside the United States, in a jurisdiction thatis neither a money-center country nor the country of origin of thecurrency in order to facilitate Client's trading in investments
denominated in that jurisdiction's currency.
31.

Foreign Currency Exchange ("Forex") Transactions:

A.High Risks of Forex Trading: Forex trading is generally
unregulated, is highly risky due to the leverage (margin)
involved, and may result in loss of funds greater than client
has on deposit in the account. Client represents that Client
has read the "Risk Disclosure Statement for Forex Tradingand Multi-Currency Accounts" provided separately by IBKR.
B. For Forex transactions, IBKR generally will act as agent or risklessprincipal and charge a fee. IBKR may effect Forex transactions
through an affiliate or third party, which may profit or experience aloss from such transactions. IBKR may act as agent both for buyer
and seller in a transaction. Client agrees that IBKR may transfer, toor from Client's regulated futures or securities accounts, and from or
to any of Client's non-regulated Forex account, any funds or assetsthat may be required to meet margin requirements, reduce debit
balances or for any other lawful reason.
C. Netting:i. Netting by Novation. Each Forex transaction between
Client and IBKR will immediately be netted with all thenexisting Forex transactions between Client and IBKR for
the same currencies to constitute one transaction.
ii. Payment Netting. If on any delivery date more than one
delivery of a currency is due, each party shall aggregate
the amounts deliverable and only the difference shall bedelivered.
iii. Close-Out Netting. If Client: (a) incurs a margin deficit in
any IBKR account, (b) defaults on any obligation to IBKR,(c) becomes subject to bankruptcy, insolvency or othersimilar proceedings, or (d) fails to pay debts when due,
IBKR has the right in its sole discretion, but not the
obligation, to close out Client's Forex transactions, liquidate
all or some of Client's collateral (as set forth in Paragraph16) and apply the proceeds to any debt to IBKR.
iv. Upon Close-Out Netting or any "Default", all outstanding
Forex transactions will be deemed terminated as of the time
immediately preceding the triggering event, petition orproceeding.
v.IBKR's rights herein are in addition to any other rights IBKR
has whether by agreement (including but not limited to IBKR
rights set forth in other paragraphs of this Agreement), bylaw or otherwise.

D. Nothing herein constitutes a commitment of IBKR to offer Forextransactions generally or to enter into any specific Forex transaction.
IBKR reserves the right to refuse any Forex order or to decline toquote a two-sided market in any currency.
32.
Commodity Options and Futures Not Settled in Cash: Client
acknowledges that, except as otherwise permitted under Schedule A
hereto:A. For futures contracts that do not settle in cash but settle byphysical delivery of the commodity (including currencies, except
for currencies on IBKR's Deliverable Currency List), Client cannot
make or receive delivery.
B. For options contracts that settle into futures contracts covered bysubparagraph A above, Client cannot hold such option contract toexpiry if doing so would result in Client being obligated to make or
receive delivery on such futures contract.
C. If Client has not offset a commodity option or physical delivery
futures position prior to the deadline on the IBKR website, IBKR is
authorized to roll or liquidate the position or liquidate any position orcommodity resulting from the option or futures contract, and Client
shall be liable to IBKR for all losses or costs incurred in connection
with such transactions.
33.

Commissions and Fees, Interest Charges, Funds:

A. Client shall pay to IBKR commissions, fees and interest at the rates
and terms specified on the IBKR website unless: (i) otherwise
agreed in writing by IBKR (through its Chief Executive Officer orGeneral Counsel); or (ii) a separate commission, fee or interest
schedule applies based on Client's relationship to a third party, suchas an introducing broker or financial advisor for Client's IBKR
account.
B. IBKR deducts commissions and fees from Client accounts, which
will reduce account equity. Commissions will generally be deductedon the same day as they are earned, which is generally the tradedate. Positions will be liquidated (as set forth in Paragraph 16) if
commissions or other charges cause a margin deficiency. Changes
to commissions and fees are effective immediately either upon

posting on the IBKR website or email or other written notice toClient. IBKR shall pay credit interest to, and charge debit interest
from, Client at interest rates and terms published on the IBKR
website. Client funds will not be disbursed until after transactions
are settled. The terms and conditions that govern the deposit andwithdrawal of funds (including holding periods) are as specified on
the IBKR website.

C. For certain products, IBKR may offer "tiered" or "unbundled" or"component" commissions where the total commission is based on
various component factors (e.g., exchange fees, IBKR fees, etc.).
These commission models are not intended to be a direct passthrough of exchange and third-party fees and rebates. Costs
passed on to clients in these commission schedules may begreater than the costs paid by IBKR to the relevant exchange,
regulator, clearinghouse or third party. For example, IBKR may
receive volume discounts that are not passed on to clients.
Likewise, rebates passed on to clients by IBKR may be less than
the rebates IBKR receives from the relevant market.
D. IBKR is not required to compensate Client for any differential tax
treatment, and if Client is allocated a substitute payment in lieu ofinterest, dividends, or other payments, Client understands that sucha payment may not be entitled to the same tax treatment. IBKR
may allocate payments in lieu of interest, dividends, or otherpayments by any mechanism permitted by law.
E. Notwithstanding any language to the contrary in this Agreement oron the IBKR website regarding credit and debit interest, interest
rates for a particular currency may be "negative." If the interest rate
on funds held in a particular currency is negative, this means Client
will be charged a fee at the negative interest rate for positivebalances in such currency, and earn interest for negative balancesin the currency. Client should refer to rates specified on the IBKR
website.
34.

Account Deficits and Exposure Fees:

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

B. IBKR calculates and charges a daily "exposure fee" to Client
accounts that are deemed in IBKR's discretion to have significant
risk exposure (potential exposure that exceeds the account's equity
were certain scenarios to occur). The exposure fee is NOT a form of
insurance for Client's account. If Client's account incurs a debt or
deficit to IBKR, Client remains liable to IBKR to satisfy that debt or
deficit. Payment of exposure fees does NOT reduce, offset, or
relieve Client of that liability Deduction of exposure fees will reduce
account equity. Positions may be liquidated if exposure fees cause
a margin deficiency.
35.
Risks of Foreign Markets; After Hours Trading: Client acknowledges
that trading securities, options, derivatives, futures, currencies or any
product on a foreign market is speculative and involves high risk.
Trading outside ordinary market hours poses special risks, including
risk of lower liquidity, higher volatility, changing prices, unlinked
markets, news announcements affecting prices, and wider spreads.
Client represents that Client is knowledgeable of, and able to assume,these risks.
Risks Regarding Political and Governmental Actions: Governments
36.
of countries in which IBKR clients reside, or countries in which IBKR clients
invest, may take economic and/or political actions that are adverse toinvestors and such actions may negatively affect Client's account. Client
agrees that IBKR is not liable for such actions. For example, if Client invests
in securities, futures, foreign currency or other investment products in aforeign jurisdiction, such assets, or cash to secure such assets, typically will
be held at a bank, clearinghouse or other facility in such foreign jurisdiction.
Assets and cash held in foreign jurisdictions are inherently vulnerable to therisk that the government in such jurisdiction could freeze or confiscate or
take some other action against such assets for some purpose, temporarily or
permanently. Likewise, even with respect to investments within Client's own
country, governments may freeze or take other action against such assets
on the basis of political, economic, or military conflict. Client acknowledges
and agrees that IBKR (and its affiliates) cannot and will not protect Clientfrom actions by any governmental, political, military, or economic actor that
may adversely impact Client's assets held by IBKR, its agents or
subcustodians. Client agrees that that IBKR (and its affiliates) is not liable forany losses or damages Client may incur as a result of any such action.

37.
Knowledge of Securities, Warrants and Options; Corporate
Actions:
A. Client is responsible for knowing the terms of any securities, options,derivatives, futures, warrants or other products in Client's account,
including but not limited to upcoming corporate actions (e.g., tender
offers, reorganizations, stock splits, bankruptcy or class action
rights, etc.) and expiration dates of futures, options or otherderivative products. IBKR has no obligation to notify Client of any
such or similar terms, corporate actions, expiration dates, deadlines,
required actions, or dates of meetings, nor is IBKR obligated to takeany action without written Notice from Client to IBKR.
B. If Client receives fractional securities as the result of a stock split orother corporate action, IBKR, in its sole discretion, may sell thefractional securities either on the open market, to the issuer ortransfer agent, or to IBKR or an affiliate at the same price as would
be obtained in a sale on the open market, and Client is entitled toreceive Client's pro rata share of the proceeds of such sale. If soldon the open market, the sale price may differ from that offered tocertain registered owners by the issuer or transfer agent.
Quotes, Market Information, Research and Internet Links: Quotes,
38.
news, research, and information accessible through IBKR tools and services(including through links to outside websites) ("Information") may be prepared
and/or provided by third parties ("Providers"). The Information is the propertyof the Provider or their licensors, who are solely responsible for its content,
and is protected by law. Client agrees not to reproduce, distribute, sell orcommercially exploit the Information in any manner without written consent
of the Provider. IBKR reserves the right to terminate access to the
Information. None of the Information constitutes a recommendation by IBKR
or a solicitation to buy or sell. IBKR, its affiliates, and the Providers do notguarantee accuracy, timeliness, or completeness of the Information, andClient should consult an advisor before making investment decisions.
Reliance on quotes, data or other information is at Client's own risk. In
no event will IBKR, any IBKR affiliate, or the Providers be liable forconsequential, incidental, special or indirect damages arising from useof the Information. THERE IS NO WARRANTY OF ANY KIND, EXPRESSOR IMPLIED, REGARDING THE INFORMATION, INCLUDING WARRANTY
OF MERCHANTABILITY, WARRANTY OF FITNESS FOR A PARTICULARUSE OR WARRANTY OF NON- INFRINGEMENT.

39.
License to Use IBKR Software: IBKR grants Client a non-exclusive,
non-transferable license to use all software related to provision of products

and services hereunder ("IBKR Software") solely as provided herein. Title to
IBKR Software and updates shall remain the sole property of IBKR or its
affiliates, including all patents, copyrights, trademarks and other intellectual
property rights. Client shall not sell, exchange or transfer the IBKR Software
to others. Client shall not copy, modify, translate, decompile, reverse
engineer, disassemble or reduce to a human readable form, or adapt, the
IBKR Software or use it to create a derivative work, unless authorized inwriting by IBKR (through its Chief Executive Officer or General Counsel).
IBKR is entitled to immediate injunctive relief, without the necessity of
establishing irreparable injury, for threatened breaches of these undertakings.

40.

LIMITATION OF LIABILITY:

A. CLIENT ACCEPTS THE IBKR SYSTEM "AS IS", AND WITHOUTWARRANTIES, EXPRESS OR IMPLIED, INCLUDING, BUT NOT
LIMITED TO: THE IMPLIED WARRANTIES OF
MERCHANTABILITY OR FITNESS FOR A PARTICULAR USE,PURPOSE OR APPLICATION; TIMELINESS; FREEDOM FROMINTERRUPTION; OR ANY IMPLIED WARRANTIES ARISINGFROM TRADE USAGE, COURSE OF DEALING OR COURSE OFPERFORMANCE. UNDER NO CIRCUMSTANCES SHALL IBKR(OR ANY AFFILIATE OF IBKR) BE LIABLE FOR ANY PUNITIVE,
INDIRECT, INCIDENTAL, SPECIAL OR CONSEQUENTIAL LOSSOR DAMAGES, INCLUDING LOSS OF BUSINESS, PROFITS OR
GOODWILL. IBKR (AND ANY AFFILIATE OF IBKR) SHALL NOT
BE LIABLE TO CLIENT BY REASON OF DELAYS ORINTERRUPTIONS OF SERVICE OR TRANSMISSIONS, OR
FAILURES OF PERFORMANCE OF THE IBKR SYSTEM,REGARDLESS OF CAUSE, INCLUDING, BUT NOT LIMITED TO:
THOSE CAUSED BY HARDWARE OR SOFTWARE
MALFUNCTION; GOVERNMENTAL, EXCHANGE OR OTHER
REGULATORY ACTION; ACTS OF GOD; WAR, TERRORISM,
PUBLIC HEALTH EVENTS (INCLUDING PANDEMICS); IBKR'S
INTENTIONAL ACTS; OR IBKR'S FAILURE TO ACT TO PREVENTSERVICE DISRUPTION OR SYSTEM FAILURE. CLIENTRECOGNIZES THAT THERE MAY BE DELAYS ORINTERRUPTIONS IN THE USE OF THE IBKR SYSTEM,INCLUDING, FOR EXAMPLE, THOSE CAUSED INTENTIONALLYBY IBKR FOR PURPOSES OF SERVICING THE IBKR SYSTEM.
B. NOTHING IN THIS AGREEMENT REPRESENTS ACONTRACTUAL PROMISE OF WARRANTY TO THE CLIENTREGARDING IBKR'S COMPLIANCE WITH APPLICABLE LAWS,
RULES, OR REGULATIONS. NOR IS ANYTHING IN THISAGREEMENT INTENDED TO CREATE A CONTRACTUAL OR

PRIVATE CAUSE OF ACTION FOR ANY NON-COMPLIANCE
WITH APPLICABLE LAWS, RULES (INCLUDING BUT NOT
LIMITED TO RULES OF ANY EXCHANGE, MARKET CENTER, OR
CLEARINGHOUSE) OR REGULATIONS. IBKR SPECIFICALLYDISCLAIMS ANY SUCH WARRANTY OR OBLIGATION.

41.
INDEMNIFICATION: Client agrees to indemnify, hold harmless anddefend IBKR, its affiliates, and their respective officers, directors,
employees, agents, and representatives from any and all liabilities, losses,
costs, judgments, penalties, claims, actions, damages, or expenses(collectively, "Losses") arising from or relating to: (i) any action taken inreliance on any representation, information or instruction received fromClient; (ii) Client's breach of this Agreement; (iii) any action taken by IBKR
to enforce its rights under this Agreement; (iv) any inquiry, information
request, or other action by a third party related to Client's account, including
to Client assets, liabilities, transactions, instructions, actions, or inactions;(v) any Event of Default as defined hereunder; or (vi) Client's violation or
infringement of any intellectual property right held by IBKR or its affiliates,
except to the extent that such Losses directly result from IBKR's grossnegligence, fraud or willful misconduct.
42.

System Failure and Alternative Trading Arrangements:

Client acknowledges that IBKR uses computer-based automated systems inconnection with providing services, including but not limited to: the receipt
and handling of orders; the execution and cancellation of orders; order andtrade confirmation; the clearing and settlement of transactions; tax-related
reporting; the delivery of corporate action information; accountmanagement; storing and processing account information; and risk
management (collectively, "IBKR System"). Client understands that the useof the IBKR System entails risks, including but not limited to: interruption ordelays of service and systems, network or communications failures;
cyberattacks; and errors in the design or functionality of such IBKR Systems(collectively, a "System Failure") that could cause damage, expense, or
liability to Client.
IBKR is not liable to Client for any loss Client may suffer due to any System
Failure. In order to mitigate the risk of loss to Client that may be caused bya System Failure, Client acknowledges that they should maintain alternative
trading arrangements of sufficient capacity and utility to allow Client toopen, close or change positions as necessary to modify risk of loss to Client
during a System Failure. By not maintaining alternative tradingarrangements, Client expressly assumes the risk of not being able toprocess transactions, including executing trades, through Client's accountat IBKR in the event of a System Failure. Client agrees that IBKR's
commissions and fees charged under this Agreement reflect the allocationof risk between the parties, including the allocation of risk under thisParagraph 42 and the limitation of liability in Paragraph 40. Client
acknowledges that IBKR's commissions and fees charged by IBKR would
be higher or IBKR would not have entered into this Agreement without thisallocation of risk and limitation of liability.
Fast and Volatile Markets: During periods of heavy trading and/or fast43.
or volatile market conditions with wide price fluctuations ("Fast Markets"),
there may be delays in IBKR executing Client's orders or providing trading
activity reports to Client. If Client places a market order in a Fast Market,
there may be a significant difference in the quote Client receives prior to or at
the time Client places the order and the execution price Client receives. By
placing a market order under such conditions, Client accepts this risk andwaives any claim related to a difference between quoted and execution
price. If IBKR, in its sole discretion, believes any particular stock is or may bevolatile, IBKR may, but is not obligated to, decline to allow customers,
including Client, to place orders for that stock through IBKR's systems. In
addition, IBKR reserves the right, but is not obligated, to prevent any IPO
stock from being traded through IBKR's services. IBKR is not liable to Client
for any losses, lost opportunities or increased commissions that may result
from Client being unable to place orders for these stocks through IBKR's
services.
IBKR and Its Affiliates: A copy of IBKR's audited financial statements
44.
shall be posted on the IBKR website and, upon receipt of written Notice of arequest, mailed to Client. Clients shall rely only on the financial condition of
IBKR, and not on its affiliates, which are not liable for IBKR's acts andomissions.
DISCLOSURE STATEMENT: THIS STATEMENT IS FURNISHED TO
45.
YOU BECAUSE RULE 190.10(c) OF THE COMMODITY FUTURESTRADING COMMISSION REQUIRES IT FOR REASONS OF FAIRNOTICE UNRELATED TO IBKR'S CURRENT FINANCIAL CONDITION:(A) YOU SHOULD KNOW THAT IN THE UNLIKELY EVENT OF IBKR'SBANKRUPTCY, PROPERTY, INCLUDING PROPERTY SPECIFICALLYTRACEABLE TO YOU, WILL BE RETURNED, TRANSFERRED OR
DISTRIBUTED TO YOU, OR ON YOUR BEHALF, ONLY TO THE EXTENTOF YOUR PRO RATA SHARE OF ALL PROPERTY AVAILABLE FOR
DISTRIBUTION TO CLIENTS; (B) NOTICE CONCERNING THE TERMSFOR THE RETURN OF SPECIFICALLY IDENTIFIABLE PROPERTY WILL
BE MADE BY PUBLICATION IN A NEWSPAPER OF GENERALCIRCULATION; (C) THE COMMISSION'S REGULATIONS CONCERNINGBANKRUPTCIES OF COMMODITY BROKERS CAN BE FOUND AT
TITLE 17 OF THE CODE OF FEDERAL REGULATIONS PART 190.

46.

Consent to Accept Electronic Records and Communications: Clientagrees that IBKR may furnish, and Client consents to accept, records andcommunications in electronic form to the maximum extent permitted byapplicable law, including but not limited to electronic trade confirmations,account statements, tax information, proxy materials and other Client
records and communications (collectively, "Records and Communications").
Electronic Records and Communications may be sent to Client's TraderWorkstation ("TWS") or to Client's email address, or for security purposes
may be posted on the IBKR website or on the secure website of one of
IBKR's service providers and Client will need to log in and retrieve theRecord or Communication. Client's consent to the receipt of electronic
Records and Communications will apply on an ongoing basis and for every
tax year unless withdrawn by Client. Client may withdraw such consent at
any time by notification to IBKR. If Client withdraws such consent, IBKR will
provide required Records and Communications (e.g., tax documents, proxymaterials, etc.) in paper form. However, IBKR reserves the right to require
Client to close Client's account if Client withdraws consent to receiving
electronic delivery of Records and Communications.
In order to trade using the IBKR TWS, and to receive Records andCommunications through TWS, certain hardware systems and software are
required. These requirements are described on the IBKR website.
Because these requirements may change, Client must periodically refer tothe IBKR website for current system requirements. To receive electronic
mail from IBKR, Client is responsible for maintaining a valid and functioning
email address. Client must submit immediate written Notice to IBKR of achange in Client's email address by using those procedures to change a
Client email address available on the IBKR website.
Complaints: Complaints about Client's IBKR account may be directed to47.
IBKR by submitting written Notice, as defined above, or by sending a letterby certified mail, return receipt requested to Interactive Brokers LLC,
Attention: Client Services, 209 South LaSalle Street, 10th Floor, Chicago, IL
60604, USA.
Governing Law: This Agreement is governed by the laws of the State of48.
New York, without giving effect to conflict-of-laws provisions. State andfederal courts located in the County of New York have exclusive jurisdiction
over disputes relating to this Agreement, and all other agreements entered
between Client and IBKR, except when arbitration is provided. Client waives
any objection to the bringing of any proceedings in any such court by IBKR
and agrees not to claim that such proceedings have been brought in aninconvenient forum or that such court does not have jurisdiction over it.
However, the foregoing shall not prevent IBKR from bringing an action inany court of any other jurisdiction, in its discretion. In all judicial actions,arbitrations or dispute resolution methods, the parties waive any right topunitive damages.

49.
Service of Process: Client agrees that IBKR may effect service ofprocess for any legal proceeding, including but not limited to arbitration
actions, by email and either first-class US mail or overnight mail delivery to
the email address and mailing address Client has most recently provided
to IBKR in connection with Client's IBKR account.
50.
Assignment and Termination: Client may not assign or transfer any
rights or obligations hereunder without the prior written consent of IBKR
(through its Chief Executive Officer or General Counsel). IBKR may assign
any debts or deficits owed by Client to an IBKR affiliate. In addition, upon
notice to Client, IBKR may assign this Agreement to another brokerage firm.
This Agreement shall inure to the benefit of IBKR's successors and assigns.
IBKR may terminate this Agreement or its services to Client at any time. Client
may close their account upon written Notice to IBKR, but only after all
positions are closed and all other requirements specified on the IBKR website
regarding account closure are satisfied.
51.
Severability and Non-Waiver: If any provision of this Agreement isunenforceable, it shall not invalidate other provisions. If any provision of thisAgreement is declared or found to be illegal, unenforceable, or void, inwhole or in part, then Client and IBKR will be relieved of all obligations
arising under such provision, but only to the extent that it is illegal,
unenforceable or void, and Client and IBKR agree that this Agreement will
be deemed amended by modifying such provision to the minimum extent
necessary to make it legal and enforceable while preserving its intent or, if
that is not possible, by substituting therefor another provision that is legal
and enforceable and achieves the same objectives. Failure of IBKR to
enforce any term or condition of this Agreement is not a waiver of the termor condition. No provision of this Agreement can be waived without thewritten consent of IBKR (through its Chief Executive Officer or GeneralCounsel).
52.
Entire Agreement: This Agreement contains the entire agreement
between the parties, who have made no other representations or
warranties. Client agrees to the provision of this Agreement in English andrepresents that Client understands its terms and conditions.
53.

Privacy and Data Protection:

A. Client accepts the Interactive Brokers Group Privacy Policy ("IBKR
Privacy Policy") and the Interactive Brokers Group Cookie Policy(“Cookie Policy”), which are posted on IBKR's website andincorporated herein by reference. Client consents to the collection,
recording, retention and use of Client's information as described inthe IBKR Privacy Policy and the Cookie Policy. If Client resides inthe European Union ("EU") or is otherwise entitled to protection
under EU data privacy laws, including the EU General Data
Protection Directive ("GDPR"), Client agrees that IBKR may collectand process Client's personal data in accord with the IBKR Privacy
Policy to the extent permitted under the GDPR.

B. Subject to the limitations and protections in the IBKR Privacy Policy
and Cookie Policy, Client consents to recording and retention of allclient communications or interactions with IBKR, its agents,
authorized vendors or representatives, including, but not limited to,by telephone, voice over Internet Protocol (VOIP), videoconference,chatbot, virtual assistant, or other interaction with any IBKR website,
software application, or trading platform.
C. Client authorizes IBKR, directly or through third parties, to make any
inquiries that IBKR considers necessary to conduct business with
Client. This may include ordering a credit report, performing othercredit checks, and performing an investigation in the event of any
default or breach of the obligations herein by Client, or verifying theinformation Client provides against third-party databases. Any
information obtained is maintained in accordance with the IBKR
Privacy Policy.
54.

Mandatory Arbitration:

A. This agreement contains a predispute arbitration
clause. By signing an arbitration agreement, the parties
agree as follows:i. ALL PARTIES TO THIS AGREEMENT ARE GIVING UP
THE RIGHT TO SUE EACH OTHER IN COURT,INCLUDING THE RIGHT TO A TRIAL BY JURY, EXCEPTAS PROVIDED BY THE RULES OF THE ARBITRATIONFORUM IN WHICH A CLAIM IS FILED.
ii. ARBITRATION AWARDS ARE GENERALLY FINAL AND
BINDING; A PARTY'S ABILITY TO HAVE A COURT
REVERSE OR MODIFY AN ARBITRATION AWARD IS
VERY LIMITED.
iii. THE ABILITY OF THE PARTIES TO OBTAINDOCUMENTS, WITNESS STATEMENTS AND
OTHER DISCOVERY IS GENERALLY MORE
LIMITED IN ARBITRATION THAN IN COURTPROCEEDINGS.

iv. THE ARBITRATORS DO NOT HAVE TO EXPLAIN THE
REASON(S) FOR THEIR AWARD UNLESS, 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.
v.THE PANEL OF ARBITRATORS MAY INCLUDE A
MINORITY OF ARBITRATORS WHO WERE OR ARE
AFFILIATED WITH THE SECURITIES INDUSTRY.
vi. THE RULES OF SOME ARBITRATION FORUMS MAYIMPOSE TIME LIMITS FOR BRINGING A CLAIM IN
ARBITRATION. IN SOME CASES, A CLAIM THAT IS
INELIGIBLE FOR ARBITRATION MAY BE BROUGHTIN COURT.
vii. THE RULES OF THE ARBITRATION FORUM IN WHICH
THE CLAIM IS FILED, AND ANY AMENDMENTS
THERETO, SHALL BE INCORPORATED INTO THISAGREEMENT.
B. Client agrees that any controversy, dispute, claim, orgrievance between IBKR, any IBKR affiliate or any of theirshareholders, officers, directors employees, associates, or
agents, on the one hand, and Client or, if applicable, Client's
shareholders, officers, directors employees, associates, or
agents on the other hand, arising out of, or relating to, thisAgreement, or any account(s) established hereunder in which
securities may be traded; any transactions therein; anytransactions between IBKR and Client; any provision of the
Client Agreement or any other agreement between IBKR andClient; or any breach of such transactions or agreements, shallbe resolved by arbitration, in accordance with the rules thenprevailing of any one of the following: JAMS (pursuant to
JAMS's Comprehensive Arbitration Rules and Procedures), theFinancial Industry Regulatory Authority, or the arbitration
forum of any exchange of which IBKR is a member, as the true
claimant-in- interest may elect. If Client is the claimant-ininterest and has not selected an arbitration forum within tendays of providing notice of Client's intent to arbitrate, IBKR
shall select the forum. The award of the arbitrators, or amajority of them, shall be final, and judgment upon the award
rendered may be entered in any court, state or federal, having

jurisdiction.

C. No person shall bring a putative or certified class action toarbitration, nor seek to enforce any pre-dispute arbitrationagreement against any person who has initiated in court aputative 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:
i. the class certification is denied; orii. the class is decertified; oriii. the Client is excluded from the class by the court.
Such forbearance to enforce an agreement to arbitrate shallnot constitute a waiver of any rights under this Agreement
except to the extent stated herein.

55.
Attorney's Fees: With the exception of IBKR's right to recover fromClient the cost of IBKR's attorneys' fees under paragraphs 16 and 34
hereunder, in all other instances, including but not limited to arbitration,
mediation, litigation, inquiry, or any other matter or proceeding between or
regarding Client and IBKR, IBKR and Client agree: (i) to bear their own legal
costs, including attorney's fees; and (ii) waive rights to recover from theother party any such costs or fees incurred to the extent permissible underapplicable law. Each party agrees to indemnify the other party for any costs
or fees, including attorney's fees, incurred defending itself against any
attempt by the other party to recover attorney's fees in violation of thisprovision.
THIS AGREEMENT CONTAINS A PRE-DISPUTE ARBITRATION CLAUSE IN
PARAGRAPH 54 BY SIGNING THIS AGREEMENT I ACKNOWLEDGE THATTHIS AGREEMENT CONTAINS A PRE-DISPUTE ARBITRATION CLAUSE AND
THAT I HAVE RECEIVED, READ AND UNDERSTOOD THE TERMS THEREOF.

Schedule A[Physically Deliverable Futures]This Schedule sets forth the terms under which Client may be permitted to make ortake delivery of certain physically- delivered futures contracts, as listed below("Covered Contracts"), that are traded on certain designated contract markets (suchmarkets collectively, the "Exchanges").
List of Covered Contracts

GC @ COMEX [COMEX Gold Futures]

MGC @ COMEX [COMEX Micro Gold Futures]

SI @ COMEX [COMEX Silver Futures]

SIL @ COMEX [COMEX Micro Silver Futures]

Terms
IBKR may permit Client to make or take delivery on Covered Contracts at IBKR'ssole discretion, in reliance on the Client acknowledgements contained herein, andsubject to the following conditions:

1. Client acknowledges that all deliveries of Covered Contracts aregoverned by, and will be made in accordance with, (i) the Contract
Specifications for the relevant Covered Contract as specified by therelevant Exchange and (ii) the Rules and delivery procedures of therelevant Exchange governing such Covered Contract.
2. Clients will not be permitted to carry long positions in Covered Contracts into
the delivery month of such contracts unless Clients have more than sufficientaccount equity to satisfy the maximum payment obligation (assessed basedon the mark price) upon delivery on any such contracts (the "Payment
Obligation").
3. In accordance with Paragraph 2 above, Client acknowledges that therequired maintenance margin on long Covered Contracts that are within thedelivery month will at all times be not less than the Payment Obligation onsuch contracts, and that Client's long position in such contracts is subject toimmediate liquidation if at any time Client's account does not have sufficient
equity to meet Client's total maintenance margin obligation.
4. Client acknowledges that after taking delivery of the underlying commodity(the "Delivered Commodity") in connection with a long position in a Covered
Contract, the value of the Delivered Commodity will continue to vary withthe price of such commodity, and that Client will accordingly continue to be
exposed to fluctuations in the value of such commodity.

5. Client acknowledges that:a. there may be no ready market for the Delivered Commodity;b. that IBKR may assign collateral value to the Delivered Commodity
in its sole discretion or not at all; andc. Client may not be able to liquidate the Delivered Commodity (apartfrom opening a short position in the relevant Covered Contract andcarrying such position into the delivery month) even if Client wishes
to do so.