3204 | 12/20/2022

Interactive Brokers Institutional Services Customer Agreement
A. GENERAL PROVISIONS:
1. Customer Agreement: This Agreement ("Agreement") governs the relationship between
Customer and Interactive Brokers LLC ("IB") for Execution and/or Settlement and Carrying
Services. If provisions of this Agreement vary from the IB website or from other agreements
between the parties, including but not limited to the FIA Uniform Brokerage Services Agreement or
the SIA Prime Brokerage Agreement, this Agreement controls. This Agreement cannot be
amended or waived except in writing by an IB officer. Customer Service employees cannot amendor waive any part of this Agreement.
2. Order Execution: Orders subject to this Agreement may be executed: a) by IB or b) by an
Executing Broker and given up to IB for settlement and carrying by IB but only if that Executing
Broker and IB (as Prime Broker) have signed an agreement (such as the SIA Prime Brokerage
Agreement and/or FIA Uniform Brokerage Services Give Up Agreement) providing for IB to take up
Customer trades executed by that Executing Broker.
3. Trade Settlement and Carrying of Account: Trades may be: a) settled and carried by IB or b)
given up by IB for settlement and carrying by such other broker-dealers or futures commission
merchants as Customer may designate as Customer's Prime Brokers, but only if IB has enteredinto an agreement (such as the SIA Prime Brokerage Agreement and/or FIA Uniform Brokerage
Services Give Up Agreement) with Customer's Prime Brokers with respect to such transactions.
4. No Investment, Tax or Trading Advice: IB representatives are not authorized to provide
investment, tax or trading advice or to solicit orders. Nothing on IB's website is a recommendation
or solicitation to buy or sell securities, futures or other investments.
5. Customer Qualification: Customer and its authorized representatives warrant that Customer: (i)is authorized under its governing document(s) and in the jurisdictions in which it is organized
and/or regulated to enter this Agreement and trade (including on margin if applicable); (ii) is underno legal incapacity; and (iii) that persons identified to enter orders have proper authority and havesufficient knowledge and experience to understand the nature and risks of the products to be
traded.
6. Responsibility for Customer Orders/Trades: Customer acknowledges that IB does not knowwhether someone entering orders with Customer's user name/password is Customer. Unless IB is
notified and agrees, Customer will not allow anyone to access Customer's account. Customer is
responsible for the confidentiality and use of Customer's user name/password and agrees toreport any theft/loss of such user name/password, or any unauthorized access to Customer's
account, immediately by telephone or electronically through the IB website. Customer remains
responsible for all transactions entered using Customer's user name/password.
7. IB-Executed Orders: IB shall execute Customer orders as agent, unless otherwise confirmed. IB
can execute Customer orders as principal. IB may use another broker, or an affiliate, to executeorders, and they have benefit of all IB's rights hereunder. Unless otherwise directed, IB will selectthe market/dealer to which to route Customer's orders. For products traded at multiple markets, IB
may provide “Smart Routing”, which seeks the best market for each order through a computerizedalgorithm. Customer should choose Smart Routing if available. If Customer directs orders to aparticular market, Customer assumes responsibility for knowing and trading in accordance with therules and policies of that market (e.g., trading hours, order types, etc.). Customer acknowledges
that it may not be possible to cancel/modify an order and that Customer is responsible for
executions notwithstanding a cancel/modify request. Customer understands that IB, in its sole
discretion, may refuse to accept or execute transactions on Customer's behalf or restrict or prohibit
trading in Customer's account(s).
8. Proprietary Trading - Display of Customer Orders: Subject to all laws and regulations andsubject to information barriers in place between IB and its affiliates engaged in proprietary
trading, Customer authorizes IB to execute proprietary trades of itself and its affiliates,though IB may simultaneously hold unexecuted Customer orders for the same products atthe same price.
9. Confirmations: Customer agrees to monitor each order until IB confirms execution orcancellation. Customer acknowledges that confirmations of executions or cancellations may bedelayed or may be erroneous (e.g. due to computer system issues) or may be cancelled/adjusted
by an exchange. Customer is bound by the actual order execution, if consistent with Customer'sorder. Customer agrees to notify IB immediately by telephone or electronically through the IB
website if: i) Customer fails to receive an accurate confirmation of an execution or cancellation; ii)
Customer receives a confirmation that is different than Customer's order; iii) Customer receives a
confirmation for an order that Customer did not place; or iv) Customer receives an accountstatement, confirmation, or other information reflecting inaccurate orders, trades, balances,
positions, margin status or transaction history. Customer acknowledges that IB may adjust
Customer's account to correct any error. Customer agrees to promptly return to IB any assets
erroneously distributed to Customer. All transactions are subject to rules and policies of relevantmarkets and clearinghouses, and applicable laws and regulations.
IB IS NOT LIABLE FOR ANY ACTION OR DECISION OF ANY EXCHANGE, MARKET,DEALER, CLEARINGHOUSE OR REGULATOR.
10. Commissions and Fees, Interest Charges, Funds: Commissions and fees are at the rates
specified on the IB website unless a specific commission/fee schedule has been agreed in writing
between Customer and IB. If no written commission/fee schedule has been agreed between
Customer and IB, changes to commissions/fees are effective immediately upon either of: postingon the IB website or email or other written notice to Customer. Unpaid balances and accountdeficits accrue interest at the rate of 1% per month. Customer agrees to pay reasonable costs ofcollection for any unpaid Customer deficit or balance, including attorneys' and collection agent
fees.
a. For accounts carried by IB: Customer acknowledges that IB deducts commissions/feesfrom Customer accounts, which will reduce account equity. Positions will be liquidated if
commissions or other charges cause a margin deficiency. IB shall pay credit interest toand charge debit interest from Customer at interest rates and terms on the IB website,
unless otherwise agreed in writing. Customer funds will not be disbursed until after
transactions are settled. Terms and conditions for deposit and withdrawal of funds(including holding periods) are as specified on the IB website.
b. For accounts not carried by IB: Customer shall pay commissions and fees within tendays of receipt of IB's statement.
11. Suspicious Activity: If IB in its sole discretion believes that a Customer account has been
involved in any fraud or crime or violation of laws or regulations, or has been accessed unlawfully,
or is otherwise involved in any suspicious activity (whether victim or perpetrator or otherwise), IB
may suspend or freeze the account or any privileges of the account, may freeze or liquidate funds
or assets or may utilize any of the remedies in this Agreement for a “Default”.
12. Security Interest: All Customer assets of any kind held by or on behalf of IB for Customer's
account are hereby pledged to IB and are subject to a perfected first priority lien and security
interest in IB's favor to secure performance of obligations and liabilities to IB arising under this or
any other Agreement.
13. No Restricted Securities: Unless Customer has notified IB to the contrary, no assets held asCollateral 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 Customer is anaffiliate, and Customer will not attempt to sell such shares through IB without prior notice to andconsent of IB.
14. Event of Default: A "Default" occurs automatically, without notice upon: (i) Customer
breach/repudiation of any agreement with IB; (ii) Customer failure to provide assurance
satisfactory to IB of performance of an obligation, after request from IB in IB's sole discretion; (iii)
proceedings by/against Customer under any bankruptcy, insolvency, or similar law; (iv) assignment
for the benefit of Customer's creditors; (v) appointment of a receiver, trustee, liquidator or similar
officer for Customer or Customer property; (vi) Customer representations being untrue or
misleading when made or later becoming untrue; (vii) legal incompetence of Customer; (viii)
proceeding to suspend Customer business or license by any regulator or organization; (ix) IB
having reason to believe that any of the foregoing is likely to occur imminently.
Customer unconditionally agrees that, upon a Default, IB may terminate any or all IB's obligations
to Customer and IB shall have the right in its discretion, but not the obligation, without prior notice,
to liquidate all or any part of Customer's positions in any IB account, individual or joint, at any timeand any manner and through any market or dealer. Customer shall reimburse and hold IB
harmless for all actions, omissions, costs, fees (including, but not limited to, attorney's fees), or
liabilities associated with any Customer Default or any transaction undertaken by IB upon Default.

15. Risks of Foreign Markets; After Hours Trading: Customer acknowledges that trading
securities, options, futures, currencies, or any product on a foreign market is speculativeand involves high risk. There also are special risks of trading outside ordinary market
hours, including risk of lower liquidity, higher volatility, changing prices, un-linked markets,news announcements affecting prices, and wider spreads. Customer represents that
Customer is knowledgeable and able to assume these risks.
16. Risks Regarding Political and Governmental Actions: Governments of countries in which IBKR
clients reside, or countries in which IBKR clients invest, may take economic and/or political actions
that are adverse to investors and such actions may negatively affect Customer's account.
Customer agrees that IBKR is not liable for such actions. For example, if Customer invests insecurities, futures, foreign currency or other investment products in a foreign jurisdiction, such
assets, or cash to secure such assets, typically will be held at a bank, clearinghouse or otherfacility in such foreign jurisdiction. Assets and cash held in foreign jurisdictions are inherently
vulnerable to the risk that the government in such jurisdiction could freeze or confiscate or takesome other action against such assets for some purpose, temporarily or permanently. Likewise,even with respect to investments within Customer's own country, governments may freeze or takeother action against such assets on the basis of political, economic, or military conflict. Customer
acknowledges and agrees that IBKR (and its affiliates) cannot and will not protect Customer fromactions by any governmental, political, military, or economic actor that may adversely impact
Customer's assets held by IBKR, its agents or subcustodians. Customer agrees that that IBKR
(and its affiliates) is not liable for any losses or damages Customer may incur as a result of any
such action.
17. Knowledge of Securities, Warrants and Options; Corporate Actions: Customer acknowledges
Customer's responsibility for knowing the terms of any securities, futures contracts, options,warrants or other products in Customer's account, including upcoming corporate actions (e.g.,tender offers, reorganizations, stock splits, etc.). IB has no obligation to notify Customer ofdeadlines or required actions or dates of meetings, nor is IB obligated to take any action without
specific written instructions sent by Customer to IB electronically through the IB website.
18. Quotes, Market Information, Research and Internet Links: Quotes, news, research andinformation accessible through IB (including through links to outside websites) ("Information") may
be prepared by independent Providers. The Information is the property of IB, the Providers or theirlicensors and is protected by law. Customer agrees not to reproduce, distribute, sell orcommercially exploit the Information in any manner without written consent of IB or the Providers.
IB reserves the right to terminate access to the Information. None of the Information constitutes arecommendation by IB or a solicitation to buy or sell. Neither IB nor the Providers guarantee
accuracy, timeliness, or completeness of the Information, and Customer should consult an advisor
before making investment decisions. RELIANCE ON QUOTES, DATA OR OTHERINFORMATION IS AT CUSTOMER'S OWN RISK. IN NO EVENT WILL IB OR THE PROVIDERS
BE LIABLE FOR CONSEQUENTIAL, INCIDENTAL, SPECIAL OR INDIRECT DAMAGESARISING FROM USE OF THE INFORMATION. THERE IS NO WARRANTY OF ANY KIND,
EXPRESS OR IMPLIED, REGARDING THE INFORMATION, INCLUDING WARRANTY OF
MERCHANTIBILITY, WARRANTY OF FITNESS FOR A PARTICULAR USE OR WARRANTY OF
NON-INFRINGEMENT.
19. License to Use IB Software: IB grants Customer a non-exclusive, non-transferable license to use
IB Software solely as provided herein. Title to IB Software and updates shall remain the soleproperty of IB, including all patents, copyrights and trademarks. Customer shall not sell, exchangeor transfer the IB Software to others. Customer shall not copy, modify, translate, decompile,
reverse engineer, disassemble or reduce to a human readable form, or adapt, the IB Software oruse it to create a derivative work, unless authorized in writing by an officer of IB. IB is entitled to
immediate injunctive relief for threatened breaches of these undertakings.
20. LIMITATION OF LIABILITY AND LIQUIDATED DAMAGES PROVISION: CUSTOMER ACCEPTS
THE IBKR SYSTEM "AS IS", AND WITHOUT WARRANTIES, EXPRESS OR IMPLIED,INCLUDING, BUT NOT LIMITED TO, THE IMPLIED WARRANTIES OF MERCHANTABILITY OR
FITNESS FOR A PARTICULAR USE, PURPOSE OR APPLICATION; TIMELINESS; FREEDOM
FROM INTERRUPTION; OR ANY IMPLIED WARRANTIES ARISING FROM TRADE USAGE,COURSE OF DEALING OR COURSE OF PERFORMANCE. UNDER NO CIRCUMSTANCESSHALL IB BE LIABLE FOR ANY PUNITIVE, INDIRECT, INCIDENTAL, SPECIAL OR
CONSEQUENTIAL LOSS OR DAMAGES, INCLUDING LOSS OF BUSINESS, PROFITS OR
GOODWILL. IB SHALL NOT BE LIABLE TO CUSTOMER FOR ANY SYSTEM FAILURE (ASDEFINED IN PARAGRAPH A.21), DELAYS OR INTERRUPTIONS 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; HUMAN ERROR; GOVERNMENTAL,EXCHANGE OR OTHER REGULATORY ACTION; ACTS OF GOD; WAR, TERRORISM, OR
IB'S INTENTIONAL ACTS. CUSTOMER RECOGNIZES THAT THERE MAY BE DELAYS ORINTERRUPTIONS IN THE USE OF THE IBKR SYSTEM, INCLUDING, FOR EXAMPLE, THOSE
CAUSED INTENTIONALLY BY IB FOR PURPOSES OF SERVICING THE IBKR SYSTEM, OR
BY IB'S FAILURE TO ACT TO PREVENT SERVICE DISRUPTION OR SYSTEM FAILURE (ASDEFINED IN PARAGRAPH A.21). IN NO EVENT SHALL IB'S LIABILITY, REGARDLESS OF
THE FORM OF ACTION AND DAMAGES SUFFERED BY CUSTOMER, EXCEED THE
AGGREGATE COMMISSIONS PAID BY CUSTOMER TO IB OVER THE 6 MONTHS PRIOR TO
THE EVENT GIVING RISE TO CUSTOMER'S CLAIM. .
21. System Failure and Alternative Trading Arrangements: Customer acknowledges that IBKR
uses computer-based automated systems in connection with providing services, including but notlimited 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 deliveryof corporate action information; account management; storing and processing account information;and risk management, (collectively, "IBKR System"). Customer understands that the use of IBKR
System entails risks, including but not limited to: interruption or delays 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 Customer for any loss Customer may suffer due to any System Failure. In
order to mitigate the risk of loss to Customer that may be caused by a System Failure, Customer
acknowledges that it should maintain alternative trading arrangements of sufficient capacity andutility to allow Customer to open, close or change positions as necessary to modify risk of loss toClient during a System Failure. By not maintaining alternative trading arrangements, Customer
expressly assumes the risk of not being able to process transactions, including executing trades,
through Customer's account at IBKR in the event of a System Failure. Customer agrees that
IBKR's commissions and fees charged under this Agreement reflect the allocation of risk between
the parties, including the allocation of risk under this Paragraph A.21 and the limitation of liability in
Paragraph A.20. Customer acknowledges that IBKR's commissions and fees charged by IBKR
would be higher or IBKR would not have entered into this Agreement without this allocation of risk
and limitation of liability.
22. Consent To Accept Electronic Records And Communications: IB provides electronic tradeconfirmations, account statements, tax information, proxy materials and other Customer records
and communications (collectively, "Records and Communications") in electronic form to the
maximum extent permitted by applicable law. Electronic Records and Communications may besent to Customer's Trader Workstation ("TWS") or to Customer's e-mail address, or for security
purposes may be posted on the IB website or on the secure website of one of IB?s service
providers and customer will need to log in and retrieve the Communication. By entering into thisAgreement, Customer consents to the receipt of electronic Records and Communications. Suchconsent will apply on an ongoing basis and for every tax year unless withdrawn by Customer.
Customer may withdraw such consent at any time by providing electronic notice to IB through the
IB website. If Customer withdraws such consent, IB will provide required Records andCommunications (e.g., tax documents, proxy materials, etc.) in paper form upon request by
telephone or via the IB website. However, IB reserves the right to require Customer to close
Customer's account if Customer withdraws consent to receiving electronic delivery of Records andCommunications. ?In order to trade using the IB TWS, and to receive Records andCommunications through the TWS, there are certain system hardware and software requirements,
which are described on the IB Website at www.interactivebrokers.com. Since these requirements
may change, Customer must periodically refer to the IB website for current system requirements.
To receive electronic mail from IB, Customer is responsible for maintaining a valid Internet e-mailaddress and software allowing customer to read, send and receive e-mail. Customer must notify
IB immediately of a change in Customer's e-mail address by using those procedures to change a
Customer e-mail address that may be available on the IB website.

B. PROVISIONS RELATING TO TRADES AND POSITIONS TO BE SETTLED OR CARRIED BY IB:
1. Application: The provisions of this Section B shall apply to trades and positions: a) executed,
settled and carried by IB; or b) executed by another Executing Broker and given up to IB forsettlement and carrying; or c) trades or positions that Customer's Prime Broker indicates its
intention not to settle or take up, or fails to settle or take up.
2. Margin:
a. Requirement to Maintain Sufficient Margin Continuously: Margin transactions are
subject to initial and maintenance margin requirements of exchanges, clearinghouses
and regulators and also to any additional margin requirement of IB, which may begreater ("Margin Requirements"). IB MAY MODIFY MARGIN REQUIREMENTS FORANY OR ALL CUSTOMERS FOR ANY OPEN OR NEW POSITIONS AT ANY TIME, IN
IB'S SOLE DISCRETION.
CUSTOMER SHALL MAINTAIN, WITHOUT NOTICE OR DEMAND, SUFFICIENTEQUITY AT ALL TIMES TO CONTINUOUSLY MEET MARGIN REQUIREMENTS.

CUSTOMER SHALL MONITOR ITS ACCOUNT SO THAT AT ALL TIMES THE
ACCOUNT CONTAINS SUFFICIENT EQUITY TO MEET MARGIN REQUIREMENTS.
IF THE ACCOUNT HAS INSUFFICIENT EQUITY TO MEET MARGIN
REQUIREMENTS, IB MAY REJECT ANY ORDER SUBMITTED BY CUSTOMER OR
DECLINE TO ACCEPT FOR SETTLEMENT (OR MAY “DK” OR DISAFFIRM OR
RETURN) OR MAY LIQUIDATE ANY POSITION SUBMITTED TO IB BY EXECUTINGBROKER FOR SETTLEMENT. Formulas for calculating Margin Requirements on the IB
website are indicative only and may not reflect actual Margin Requirements. Customer
must at all times satisfy whatever Margin Requirement is calculated by IB.
b. IB Will Not Issue Margin Calls: IB does not have to notify Customer of any failure
to meet Margin Requirements prior to IB exercising its rights under thisAgreement. Customer acknowledges that IB generally will not issue margin calls;
generally will not credit Customer's account to meet intraday or overnight margin
deficiencies; and is authorized to liquidate account positions in order to satisfy
Margin Requirements without prior notice.
c. Liquidation of Positions and Offsetting Transactions:i. IF AT ANY TIME CUSTOMER'S ACCOUNT HAS INSUFFICIENT EQUITYTO MEET MARGIN REQUIREMENTS OR IS IN DEFICIT, IB HAS THE
RIGHT, IN ITS SOLE DISCRETION, BUT NOT THE OBLIGATION, TO
LIQUIDATE ALL OR ANY PART OF CUSTOMER'S POSITIONS IN ANY OF
CUSTOMER'S IB ACCOUNTS, AT ANY TIME AND IN ANY MANNER AND
THROUGH ANY MARKET OR DEALER, WITHOUT PRIOR NOTICE OR
MARGIN CALL TO CUSTOMER. CUSTOMER SHALL BE LIABLE AND
WILL PROMPTLY PAY IB FOR ANY DEFICIENCIES IN CUSTOMER'S
ACCOUNT THAT ARISE FROM SUCH LIQUIDATION OR REMAIN AFTERSUCH LIQUIDATION. IB HAS NO LIABILITY FOR ANY LOSS SUSTAINEDBY CUSTOMER IN CONNECTION WITH SUCH LIQUIDATIONS (OR IF
THE IBKR SYSTEM DELAYS EFFECTING, OR DOES NOT EFFECT, SUCH
LIQUIDATIONS) EVEN IF CUSTOMER RE-ESTABLISHES ITS POSITION
AT A WORSE PRICE.
ii. IB may allow Customer to pre-request the order of liquidation in event of amargin deficiency, but such requests are not binding on IB and IB retains sole
discretion to determine the assets to be liquidated and the order/manner ofliquidation. IB may liquidate through any market or dealer, and IB or its
affiliates may take the other side of the transactions consistent with laws andregulations. If IB liquidates any/all positions in Customer's account, suchliquidation shall establish Customer's gain/loss and remaining indebtedness
to IB, if any. Customer shall reimburse and hold IB harmless for all actions,omissions, costs, fees (including, but not limited to, attorney's fees), or
liabilities associated with any such transaction undertaken by IB. If IB
executes an order (or receives for settlement from Customer's Executing
Broker a position) for which Customer did not have sufficient equity, IB has
the right, without notice, to liquidate the position (or to liquidate any otherpositions in Customer's account sufficient to restore account equity to comply
with margin requirements) and Customer shall be responsible for any
resulting loss.
iii. If IB does not, for any reason, liquidate under-margined positions, and issues
a margin call, Customer must satisfy such call immediately by depositing
funds. Customer acknowledges that even if a call is issued, IB still may
liquidate positions at any time.
iv. Customer acknowledges that IB also has the right to liquidate all or part ofCustomer's positions without prior notice: (i) if any dispute arises concerning
any Customer trade, (ii) upon any “Default” as described in this Agreement, or(iii) whenever IB deems liquidation necessary or advisable for IB's protection.
3. Universal Accounts: An IB Universal Account is two underlying accounts: an SEC-regulated
securities account and a CFTC-regulated commodity account. Customer authorizes transfers
between the securities and commodity accounts to cover Margin Requirements and otherobligations, and acknowledges IB may liquidate positions to cover obligations in the other account.
Customer authorizes IB to provide combined confirmations/statements for both accounts.
Customer acknowledges that only assets in the securities account are covered by SIPC
protection and excess coverage and not assets in the commodity account.
4. Short Sales: Customer acknowledges that short sales must be done in a margin account, subject
to Margin Requirements; that prior to selling short, IB must believe it can borrow stock for delivery;

and that if IB cannot borrow stock (or re-borrow after a recall notice) IB may buy-in stock on
Customer's behalf, without notice to Customer, to cover short positions and Customer is liable forany losses/costs.
5. IB's Right to Loan/Pledge Customer Assets: As allowed by law, IB is authorized by Customer tolend to itself or others Customer securities or assets. IB may, without notice, pledge, re-pledge,
hypothecate or re-hypothecate Customer securities and assets, separately or together with thoseof other customers, for any amount due in any IB account in which Customer has an interest,
without retaining in IB's possession or control a like amount of assets. For loans of securities, IB
may receive financial and other benefits to which Customer is not entitled. Such loans could limit
Customer's ability to exercise securities' voting rights.
6. Multi-Currency Function in IB Accounts:
a. Customers may be able to trade products denominated in different currencies using abase currency chosen by Customer. Upon purchase of a product denominated in adifferent currency from the base currency, a margin loan is created to fund thepurchase, secured by the assets in Customer's accounts. If Customer maintains
positions denominated in foreign currencies, IB will calculate Margin Requirements byapplying exchange rates specified by IB. IB WILL APPLY "HAIRCUTS" (APERCENTAGE DISCOUNT ON THE FOREIGN CURRENCY EQUITY AMOUNT) TO
REFLECT THE POSSIBILITY OF FLUCTUATING EXCHANGE RATES BETWEEN
THE BASE CURRENCY AND THE FOREIGN CURRENCY. CUSTOMER MUST
CLOSELY MONITOR MARGIN REQUIREMENTS AT ALL TIMES, PARTICULARLYFOR POSITIONS DENOMINATED IN FOREIGN CURRENCIES, BECAUSE
FLUCTUATION IN THE CURRENCY AND THE VALUE OF THE UNDERLYINGPOSITION CAN CAUSE A MARGIN DEFICIT.
b. Customer agrees that IB’s obligations to Customer shall be denominated in: (i) the
United States dollar; (ii) a currency in which funds were deposited by Customer or wereconverted at the request of Customer, to the extent of such deposits and conversions;or (iii) a currency in which funds have accrued to the customer as a result of trading
conducted on a designated contract market or registered derivatives transaction
execution facility, to the extent of such accruals. Information regarding Customer’scurrency conversions is provided on the IB customer statements. Customer further
agrees that IB may hold customer funds in: (i) the United States; (ii) a money center
country as defined by the US Commodity Exchange Act & regulations thereunder; or (iii)the country of origin of the currency. In addition, Customer acknowledges andauthorizes IB to hold Customer’s funds outside the United States, in a jurisdiction that isneither a money center country nor the country of origin of the currency in order tofacilitate Customer’s trading in investments denominated in that currency.
7. Foreign Currency Exchange ("Forex") Transactions:a. HIGH RISKS OF FOREX TRADING: FOREX TRADING IS GENERALLYUNREGULATED, IS HIGHLY RISKY DUE TO THE LEVERAGE (MARGIN)INVOLVED, AND MAY RESULT IN LOSS OF FUNDS GREATER THAN CUSTOMERDEPOSITED IN THE ACCOUNT. Customer acknowledges the “Risk DisclosureStatement for Forex Trading and Multi-Currency Accounts” provided separately
by IB.
b. For Forex transactions, IB generally will act as agent or riskless principal and charge afee. IB may effect Forex transactions through an affiliate or third party, which may profit
or lose from such transactions. Customer agrees that IB may transfer to or from
Customer's regulated futures or securities account(s) from or to any of Customer's nonregulated Forex account any funds or assets that may be required to avoid margin calls,
reduce debit balances or for any other lawful reason.
c. Netting: (i) Netting by Novation. Each Forex transaction between Customer and IB will
immediately be netted with all then existing Forex transactions between Customer and
IB 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 be delivered. (iii) Close-Out
Netting. If Customer: (a) incurs a margin deficit in any IB account, (b) defaults on any
obligation to IB, (c) becomes subject to bankruptcy, insolvency or other similar
proceedings, or (d) fails to pay debts when due, IB has the right but not the obligation toclose-out Customer's Forex transactions, liquidate all or some of Customer's collateraland apply the proceeds to any debt to IB. (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 or proceeding. (v) IB's rights herein are in
addition to any other rights IB has (whether by agreement, by law or otherwise).

d. Nothing herein constitutes a commitment of IB to offer Forex transactions generally or toenter into any specific Forex transaction. IB reserves the unlimited right to refuse any
Forex order or to decline to quote a two-way market in any currency.
8. Commodity Options and Futures Not Settled in Cash: Customer acknowledges that: (A)commodity options cannot be exercised and must be closed out by offset; and (B) for futurescontracts that settle not in cash but by physical delivery of the commodity (including currencies not
on IB's Deliverable Currency List), Customer cannot make or receive delivery. If Customer has notoffset a commodity option or physical delivery futures position prior to the deadline on the IB
website, IB is authorized to roll or liquidate the position or liquidate any position or commodity
resulting from the option or futures contract, and Customer is liable for all losses/costs.

C. PROVISIONS RELATING TO TRADES TO BE EXECUTED BY IB AND GIVEN UP TO CUSTOMER'S
PRIME BROKER FOR SETTLEMENT:
1. Application: The provisions of this Section C shall apply to trades and positions to be executed by
IB and given up for settlement to Customer's Prime Broker.
2. Securities Transactions: IB will clear Customer's securities transactions in a broker-dealer credit
account established in the name of Prime Broker and designated for Customer's benefit. On thesettlement date for each transaction, IB will deliver or receive Customer's securities to or from
Prime Broker against payment in full by or to Prime Broker on Customer's behalf.
3. Commodities Transactions: Commodity transactions will be handled in accordance with a GiveUp Agreement to be executed separately herefrom.
4. Customer Trade Data: Customer hereby authorizes IB to inform Prime Broker of all the details ofeach transaction for Customer's account (“Trade Data”), and Customer hereby agrees to inform
Prime Broker of the Trade Data on trade date by the time designated to Customer by Prime
Broker. In the event of any discrepancy in the Trade Data reported to Prime Broker by Customer
and the Trade Data reported to Prime Broker by IB, Customer shall be responsible for resolving
such discrepancy promptly, and Customer shall be liable to IB for any loss, cost or expense
sustained by IB arising out of such transaction.
5. Short, Short Exempt and Long Sales: When placing any order to sell securities short, Customer
is responsible for designating the order as such, and Customer hereby authorizes IB to mark theorder as being “short” or “short exempt”. In placing any long sell order, Customer will designate theorder as such and hereby authorizes IB to mark the order as being “long.” The designation of a sellorder as being “long” shall constitute a representation by Customer that (i) Customer owns the
security with respect to which the sale order has been placed and (ii) if Prime Broker does nothave the security in its possession at the time Customer places the sell order, Customer shalldeliver the security to Prime Broker by settlement date in good deliverable form and if Customer
fails to deliver as such, pay to IB any losses and expenses it may incur or sustain as a result ofPrime Broker's failure to settle any such transaction on Customer's behalf. Customer further
agrees to provide IB with information concerning any securities borrowing arrangements made by
Customer and/or Prime Broker in connection with any short sales.
6. Customer Qualification:a. Customer shall be required to maintain in Customer's securities account with Prime
Broker such minimum net equity in cash or securities as may be required, from time totime, by Prime Broker (the "Minimum Net Equity"), which shall in no event be less thanthe minimum net equity required by the SEC's 1994 Prime Brokerage No-Action Letter,as such requirement may be amended from time to time (initially: (i) $100,000 in cash or
securities with a ready market, for trades executed on behalf of a customer accountmanaged by an investment adviser registered under Section 203 of the Investment
Advisors Act of 1940 (a "Registered Investment Adviser"), or (ii) $500,000 in cash or
securities with a ready market for trades executed on behalf of an account not managed
by a Registered Investment Advisor). Customer further understands that, in the event
Customer's account falls below such Minimum Net Equity, Customer shall bring
Customer's account into compliance in a timely fashion. Each time Customer enters anorder with IB, Customer hereby represents that Customer shall be in compliance withsuch Minimum Net Equity or will notify IB otherwise.
b. In the event that Prime Broker indicates its intention to disaffirm or fail to take up any
trade, Customer hereby authorizes and instructs Prime Broker to provide to IB, upon therequest of IB, the following information: (i) the account or accounts to which any of
Customer's orders or trades relate; (ii) the instructions, if any, provided to Prime Broker
regarding the allocation of any orders or trades to any subaccounts; and (iii) information

available to Prime Broker with respect to any net equity in the account. In addition, thisAgreement will serve as further authorization and instruction to Prime Broker to furnish
to IB in the event of a disaffirmance or failure to take up all such further and additional
information concerning an account as IB shall request. This paragraph shall remain in
effect so long as this Agreement is in effect, shall survive the termination of thisAgreement and shall apply to all orders and trades given by Customer to IB forclearance and settlement through Prime Broker. Customer hereby agrees to releaseand discharge Prime Broker from all responsibility and liability arising out of or incurredin connection with Prime Broker furnishing any information to IB pursuant to thisparagraph.
7. Confirmations: IB shall confirm the Trade Data to Prime Broker and shall issue a confirmation foreach transaction by the morning of the next business day after trade date. Customer may direct IB
to send confirmations to Customer in care of Prime Broker.
8. Customer's Settlement Obligation: In the event Prime Broker indicates its intention not to settle
or take up, or fails to settle or take up, any of Customer's transactions, Customer shall be
responsible and liable to IB for settling such transactions directly with IB in a securities marginaccount or commodities account that IB will open or has opened in Customer's name on its booksin accordance with applicable regulations. The provisions of Section B of this Agreement shallapply to such transactions.

D. OTHER PROVISIONS:
1. DISCLOSURE STATEMENT: THIS STATEMENT IS FURNISHED TO YOU BECAUSE RULE
190.10(c) OF THE COMMODITY FUTURES TRADING COMMISSION REQUIRES IT FOR
REASONS OF FAIR NOTICE UNRELATED TO IB'S CURRENT FINANCIAL CONDITION: (A)YOU SHOULD KNOW THAT IN THE UNLIKELY EVENT OF THIS COMPANY'S BANKRUPTCY,PROPERTY, INCLUDING PROPERTY SPECIFICALLY TRACEABLE TO YOU, WILL BE
RETURNED, TRANSFERRED OR DISTRIBUTED TO YOU, OR ON YOUR BEHALF, ONLY TO
THE EXTENT OF YOUR PRO RATA SHARE OF ALL PROPERTY AVAILABLE FOR
DISTRIBUTION TO CUSTOMERS; (B) NOTICE CONCERNING THE TERMS FOR THE
RETURN OF SPECIFICALLY IDENTIFIABLE PROPERTY WILL BE MADE BY PUBLICATIONIN A NEWSPAPER OF GENERAL CIRCULATION; (C) THE COMMISSION'S REGULATIONSCONCERNING BANKRUPTCIES OF COMMODITY BROKERS CAN BE FOUND AT 17 CODE
OF FEDERAL REGULATIONS PART 190.
2. Miscellaneous:a. A. This Agreement is governed by the laws of the State of New York, without
giving effect to conflict of laws provisions. Courts of New York have exclusive
jurisdiction over disputes relating to this Agreement, except when arbitration isprovided. IN ALL JUDICIAL ACTIONS, ARBITRATIONS OR DISPUTE RESOLUTIONMETHODS, THE PARTIES WAIVE ANY RIGHT TO PUNITIVE DAMAGES.
b. Customer agrees to the provision of this Agreement in English and represents that
Customer understands its terms and conditions. This Agreement contains the entire
agreement between the parties, who have made no other representations or warranties.
If any provision of this Agreement is unenforceable, it shall not invalidate otherprovisions. Failure of IB to enforce any term or condition of this Agreement is not awaiver of the term/condition.
c. Customer consents to recording of all telephone conversations. Customer
acknowledges the IBG Privacy Statement and consents to collection/use of Customer
information as described therein.
d. Customer may not assign or transfer any rights or obligations hereunder without theprior written consent of IB. Upon notice to Customer IB may assign this Agreement toanother broker-dealer or futures commission merchant. This Agreement shall inure to
the benefit of IB's successors and assigns. IB may terminate this Agreement or its
services to Customer at any time. Customer may close its account upon notice to IB
electronically through the IB website, but only after all positions are closed and all otherrequirements specified on the IB website regarding account closure are satisfied.
3. Mandatory Arbitration:a. This agreement contains a pre-dispute arbitration clause. By signing an
arbitration agreement the parties 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, WITNESSSTATEMENTS AND OTHER DISCOVERY IS GENERALLY MORE LIMITED IN
ARBITRATION THAN IN COURT PROCEEDINGS.
THE ARBITRATORS DO NOT HAVE TO EXPLAIN THE REASON(S) FOR
THEIR AWARD. 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 SCHEDULEDHEARING DATE.
THE PANEL OF ARBITRATORS WILL TYPICALLY INCLUDE A MINORITY OF
ARBITRATORS WHO WERE OR ARE AFFILIATED WITH THE SECURITIESINDUSTRY.
THE RULES OF SOME ARBITRATION FORUMS MAY IMPOSE TIME LIMITSFOR BRINGING A CLAIM IN ARBITRATION.
IN SOME CASES, A CLAIM THAT IS INELIGIBLE FOR ARBITRATION MAY
BE BROUGHT IN COURT.
THE RULES OF THE ARBITRATION FORUM IN WHICH THE CLAIM IS
FILED, AND ANY AMENDMENTS THERETO, SHALL BE INCORPORATEDINTO THIS AGREEMENT.
b. Customer agrees 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 Customer or, if applicable,
Customer's shareholders, officers, directors employees, associates, or agents on
the other hand, arising out of, or relating to, this Agreement, or any account(s)established hereunder in which securities may be traded; any transactions
therein; any transactions between IB and Customer; any provision of the
Customer Agreement or any other agreement between IB and Customer; or any
breach of such transactions or agreements, shall be resolved by arbitration, in
accordance with the rules then prevailing of any one of the following: (a) The
Financial Industry Regulatory Authority; or (b) any other exchange of which IB isa member; as the true claimant-in-interest may elect. If Customer is the claimantin-interest and has not selected an arbitration forum within ten days of providing
notice of Customer's intent to arbitrate, IB shall select the forum. The award of
the arbitrators, or a majority of them, shall be final, and judgment upon the award
rendered may be entered in any court, state or federal, having jurisdiction.
c. No person shall bring a putative or certified class action to arbitration, nor seek toenforce any pre-dispute arbitration agreement against any person who has
initiated in court a putative class action; or who is a member of a putative class
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; orthe class is decertified; orthe customer is excluded from the class by the court. Such forbearance toenforce an agreement to arbitrate shall not constitute a waiver of any rights
under this Agreement except to the extent stated herein.
THIS AGREEMENT CONTAINS A PRE-DISPUTE ARBITRATION CLAUSE IN PARAGRAPH D.3. BY SIGNING THISAGREEMENT I ACKNOWLEDGE THAT THIS AGREEMENT CONTAINS A PRE-DISPUTE ARBITRATION CLAUSEAND THAT I HAVE RECEIVED, READ AND UNDERSTOOD THE TERMS THEREOF.