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TRADING AGREEMENT

FORMULA INVESTMENT HOUSE LTD., A COMPANY REGISTERED AND EXISTING UNDER THE LAWS OF

THE BRITISH VIRGIN ISLANDS, LICENSED AND SUPERVISED BY THE BRITISH VIRGIN ISLANDS’

FINANCIAL SERVICES COMMISSION UNDER LICENSE NO. SIBA/L/13/1060 ("FIH") OFFERS

INVESTMENT SERVICES (THE "SERVICES") STRICTLY UNDER THE FOLLOWING TERMS AND

CONDITIONS, WHICH ARE NON - NEGOTIABLE AND MAY BE AMENDED AFTER PROPER NOTICE HAS

BEEN GIVEN TO YOU (THE "CLIENT") AT THE ABSOLUTE DISCRETION OF FIH SUBJECT TO THE

PROVISIONS OF THE TERMS BELOW.

BY ACCEPTING AND AGREEING TO THE TERMS AND CONDITIONS OF THIS AGREEMENT AND OPENING

AN ACCOUNT, THE CLIENT ACCEPTS THE FOLLOWING TERMS AND CONDITIONS. SUBSEQUENT TO

THAT AND (I) SUBJECT TO FIH’S FINAL APPROVAL AND (II) UPON THE CLIENT'S FUNDING OF HIS

ACCOUNT, THE CLIENT ENTERS INTO A LEGAL AND BINDING AGREEMENT WITH FIH.

Whereas, FIH allows the carrying out of Transactions in Spot/Forwards, contracts for differences ("CFDs”) and Binary Options based on various financial assets, including, without limitation, currencies, commodities, shares and indices, as well as in other Financial Instruments, all as may be offered from time to time by FIH at its sole discretion, all subject to the terms and conditions set forth in this Agreement; and Whereas, based on the Client’s Declaration below, the Client wishes to open an account with FIH for purposes of carrying out such Transactions ("Account"); Now therefore, the parties have agreed as follows: 1. Scope of Agreement & Definitions

1.1. This Agreement sets forth the terms and conditions governing the Client’s Account and all Transactions placed through the Account.

1.2. The term “this Agreement” means this agreement and all annexes forming an integral part of this agreement, including without limitation Nomination of Agent Annex; FIH’s Trading Conditions, the Risk Disclosure and Client’s Declaration Annex, and Glossary of Terms Annex, as such annexes are amended by FIH from time to time and any other Annex determined by FIH as forming an integral part of this Agreement.

1.3. All terms used in this Agreement, and not defined herein, shall have the meaning assigned to them in the Glossary of Terms. Other terms not defined herein shall have the meaning assigned to them in customary practice.

2. Opening of Account & Appointment of Agent

2.1. The Client hereby instructs FIH to set up the Account in his name in FIH's books with a view of carrying out Transactions. By opening the Account, Client irrevocably declares and undertakes that Client is acting for Client’s sole benefit and not for, or on behalf of, any other person or entity. Without derogating from the above, the Client hereby warrants and represents that all funds deposited in the Account belong solely to the Client and originate from the Client’s own bank account, directly, or through payment instruments (credit card, debit cards or e-wallets) registered under the Client’s name. In the event that funds were transferred to the Client’s Account from a source other than an account registered in its name or of which the Client is not a beneficiary or through payment instruments not registered under the Client’s name, FIH reserves the right to return the funds to their origin as well as to reverse all Transactions executed on the basis of these funds.

2.2. The Client understands and accepts that upon his/her registration or at any time thereafter, FIH is required to conduct a “Know Your Client Process” (“KYC Process”). This KYC Process requires FIH to identify and

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verify the Client’s identity and source of funds in order to prevent money laundering and terrorism financing, and requires FIH, among others, to obtain certain documents and personal details from the Client which shall typically include an identity card, passport or driver's license, proof of address such as a utility bill, and proof of payment method as well as details about the Client’s source of funds and financial status. If deemed necessary, FIH may request additional documents and evidence and/or that any document copies are notarized, meaning that the documents are stamped and attested by a Public Notary. In the event that FIH’s requests for documents and information are not completed by the Client or otherwise approved by FIH, FIH may at its sole discretion decline to open an Account, block an Account from trading or terminate this Agreement, and may withhold any funds that are present in the Account until such time as FIH is satisfied with the documents presented by the Client. Should the documents fail FIH’s internal compliance checks – for example, if FIH suspects that they have been tampered with, or are in any way provided to mislead or misrepresent – FIH shall be under no obligation to accept such documents as valid, and under no obligation to provide feedback on the exact nature of our findings with regards to these documents. The Client shall immediately notify FIH in writing of any change of any of the details provided during the KYC Process.

2.3. FIH may conduct identity, credit and other checks from time to time as it deems appropriate, either by itself or through third parties. The information collected and obtained from the Client during the KYC Process may be used in the prevention of money laundering as well as for FIH’s risk management purposes. FIH

shall use all the information obtained from the Client in accordance with its Privacy Policy which

constitutes an integral part of this Agreement and is available on the Website.

2.4. Notwithstanding the above, Clients who open a joint Account (collectively the “Joint Owners”) acknowledge that: (a) All of the Joint Owners shall be jointly and severally liable for the obligations assumed in this Agreement; (b) Each Joint Owner shall be required to separately complete the KYC process; (c) Any one or more Joint Owners shall have the authority to act on behalf of all Joint Owners, all without notice to the other Joint Owners; (d) Each Joint Owner hereby appoints each and every of the other Joint Owners as his/her agent and confers upon each and every of the Joint Owners the broadest possible power with respect to the Account; (e) FIH is authorized to act on the instructions of any Joint Owner, without further inquiry with regard to all Transactions, including without limitation, any transfer of funds, the placement of Orders and the disposition of any or all assets in the Account. FIH shall have no responsibility for further inquiry into such apparent authority, and shall bear no liability for the consequences of its acts or omissions made in reliance upon any such Instructions; (f) Each Joint Owner agrees to indemnify and save FIH harmless from and against any and all claims that may arise as a result of FIH following the Instructions given to it by any Joint Owner;

2.5. The sole person authorized to perform Transactions in the Account is the Client. Client may however request to appoint an agent (“Agent”) to operate the Account by filling and signing the Nomination of Agent Annex, and in such an event and so long Client does not revoke such appointment, the sole person authorized to perform Transactions in the Account shall be the Agent, provided however that only Client shall be entitled to withdraw funds from the Account pursuant to the terms and conditions of this Agreement. FIH shall have the right to conduct a KYC Process with respect to the Agent and the provision of Section 2.2 and 2.3 shall apply to such process. Client hereby acknowledges and agrees that he shall be solely responsible for the acts and/or omissions of the Agent, and FIH shall have no liability towards Client for any such actions or omissions, whether or not made in the scope of the Agent authorization by Client.

3. Trading

3.1. Subject to the terms and conditions set forth in this Agreement, Client may perform Transactions in the Account through the Internet Trading Platform, through the TSP (where applicable) or by telephone (where applicable) at Client’s sole responsibility, risk and expense.

3.2. All Transactions shall be opened and closed at the Prices quoted by FIH as a Principal. Each Price is valid only at the exact date and the exact time in which such Price is presented to the Client. The Client acknowledges that due to events such as rapid price fluctuations and Internet latency, the Price presented on the Internet Trading Platform may no longer remain in effect at the time the Client’s Order is executed on FIH’s servers. It is hereby agreed that Orders shall be executed as follows:

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3.2.1. Spot/Forward or CFD Transactions shall be executed and confirmed at the Price indicated in the relevant Order, provided that it is similar (to such degree as determined by FIH in its sole discretion) to the Price in effect at such time on FIH’s servers, or otherwise declined.

3.2.2. Binary Option Transactions shall be executed and confirmed at the Price in effect on FIH’s servers at the time the relevant Order is placed, provided that it is similar (to such degree as determined by FIH in its sole discretion) to the Price indicated in the relevant Order, or otherwise declined.

The Client acknowledges and agrees that FIH is under no obligation to quote any specific price which is quoted in a specific Financial Market.

3.3. FIH shall use commercially reasonable efforts to execute any Order submitted by the Client, in accordance with the Trading Conditions and FIH’s policies. FIH shall not be obligated to execute any Order (other than closing of Open Positions), including but not limited to, any Order which would cause the Client’s Guarantee or Equity to fail to meet the Minimum Margin. Once FIH has executed a Transaction it shall display a confirmation notice on the ITP. The failure by FIH to provide such confirmation shall not prejudice or invalidate the terms or the respective Order.

3.4. All Transactions and execution of Orders (including Market Orders and Limit Orders) shall be subject to

and carried out in accordance with the Trading Conditions, FIH’s policies and FIH prevailing practice,

as applicable at such time. Client should be fully aware of FIH’s Trading Conditions and especially for the rules which concern the execution of Orders, prior to commencing its trading activity with FIH.

3.5. FIH reserves the right to take corrective action for Invalid Transactions as permitted by law or regulation. The right to take such corrective action includes, without limitation, the right to reverse or amend: (a) any Invalid Transaction; or (b) any or all Transactions executed subsequent to the execution of an Invalid Transaction and prior to FIH’s corrective action. In the event that FIH reverses or amends any Transaction, FIH shall use commercially reasonable efforts, where possible, to restore the Client’s Guarantee to the status it would have had if such Invalid Transaction had not been executed, or had been correctly executed, as the case may be. The fact that FIH has confirmed any Transaction according to Section 3.3 above shall not act as a bar to prevent FIH from taking corrective action to reverse or amend such Transaction. Notwithstanding anything to the contrary in this Agreement, FIH will not be liable in any way to the Client or to any other person for its actions pursuant to this Section 3.5.

3.6. Spreads may widen or narrow at any time according to FIH’s sole discretion, subject to the Client’s minimum Spread, as determined by FIH for each Client. The Client acknowledges that events such as changes in the Financial Markets, news announcements, political and economic events or periods of low liquidity may result in wider spreads. The Client acknowledges and agrees that Spreads may widen at any time and without prior notice and that there is no limit to how wide Spreads may be.

3.7. The Client acknowledges and agrees that it will not be entitled to the physical delivery of any currency, commodity, shares or other securities when closing any Transaction.

3.8. It is manifestly stated, and Client also agrees and authorizes that (i) FIH may, at FIH’s sole discretion, act as a counter party (i.e., principal) to any or all of Client’s Transactions; and (ii) FIH shall not provide any advisory, consulting or intermediary services to Client and therefore client shall be responsible for its own decisions; and (iii) FIH may (but is not obliged to) at its sole discretion hedge the Client’s Transactions, in whole or in part and in any manner it deems fit, whether by way of set-off with other Clients’ Transactions or otherwise; and (iv) nothing herein contained shall be interpreted as creating any agency, fiduciary or brokership relationship between FIH and Client, or its Agent, if appointed.

3.9. Without prejudice to any other provisions herein, the Client acknowledges that FIH shall have the right, at its discretion, at any time and for any reason and without giving any notice and/or explanation to: refuse, reverse, suspend, freeze, or close any Transaction, including without limitation in the event that Client uses the Internet Trading Platform in an abusive way by lag trading and/or usage of server latency, price manipulation, time manipulation or any other practices which are illegal and/or are utilized to give the Client an unfair advantage or which FIH considers at its own discretion as inappropriate and/or outside the scope of this Agreement and/or as unfair business conduct.

3.10. Without prejudice to any other provisions herein, the Client acknowledges that FIH may, at its sole discretion, add, remove or suspend, any Financial Instrument, Financial Market or any specific CFD.

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4. Guarantee and Margin Requirement; Limit on Transactions; No Interest Bearing Account

4.1. As a condition to the performance of Transactions in the Account, Client must provide and maintain with FIH sufficient funds which shall serve as Guarantee for the Client’s Transactions, as determined by FIH in its sole discretion from time to time.

4.2. Following the signing of this Agreement, Client will transfer to the Account funds in such minimal amount, by form of bank transfer, credit card, e-wallets or other payment method approved by FIH, as determined by FIH. Such deposits, together with any profits and losses from existing open and closed Transactions, credits and debits from Interest Adjustments, Overnight Financing, bonuses (if applicable) and charges on account of commissions, if applicable, shall serve as Guarantee for the performance of Transactions in the Account, and are hereby pledged by Client as a first degree and sole pledge in favor of FIH. The Client hereby irrevocably and unconditionally authorizes FIH to (a) Credit the Guarantee for all deposits and realized profits, Interest Adjustments and Overnight Financing (b) Debit or set-off from the Guarantee all withdrawals, realized losses, Interest Adjustments, Overnight Financing, fees, commissions and any and all funds owed by Client to FIH.

4.3. FIH may immediately close all open Positions in the Account at the price then offered by FIH in the event that the Client’s Equity equals to zero (0) or if the Client’s Guarantee in the Account does not meet the Minimum Margin determined by FIH all without need for any prior Notice to Client. According to FIH’s negative balance protection policy, in the event that a negative Guarantee due to prices unavailability or slippage upon closing the Transaction, the negative Guarantee shall be automatically covered by FIH and shall not be owed by the Client.

4.4. FIH may, at its sole discretion, and from time to time, including on an ad-hoc basis, change the Minimum Margin requirements for different financial assets and/or for different time periods and notify Client of the need to make further deposits to keep the Minimum Margin requirement, by providing Client with a notice to that effect. FIH’s Minimum Margin requirements are available on the Website. Client may at its discretion, or shall if requested by FIH, increase the Guarantee amount in the account by making further deposits.

4.5. FIH reserves the right to limit the number of open positions the Client may enter or maintain in its Account, the Client’s net exposure (either the total net exposure or the net exposure per each Financial Instrument\Underlying Asset) and the Transactions’ size. FIH also reserves the right, at its sole and absolute discretion, to refuse to accept any request to open a new Transaction or increasing an existing Transaction. Client acknowledges that Transactions in certain CFDs whose Underlying Assets are Future contracts and/or shares may be traded on specific Financial Market and therefore trading may be available only during the opening hours of the relevant Financial Market and only during the period in which the Underlying Asset is traded. FIH may limit and/or refuse to accept any Order outside the opening hours of the relevant Financial Market or outside the time in which the Underlying Asset is traded.

4.6. Client acknowledges and agrees that (i) the Account is a non-interest-bearing account, and Client shall not be entitled to any interest on any funds deposited in the Account and any such interest generated may be withheld by FIH, and (ii) except for Client rights to withdraw funds from the Account subject to the terms and conditions set forth herein, Client shall have no other interest in the Account. The Client will not grant a security interest in the Account or its assets to any third party without FIH’s prior written consent.

5. EXPIRY OF TRANSACTIONS; ROLLOVER

5.1. Spot/Forward. All open Spot and Forward Transactions which are not closed by the Client upon reaching

their value date will be rolled over by FIH for a further period of two (2) business days. Thereafter, the opened Transactions will be rolled over for additional periods of two (2) business days each indefinitely until such time as FIH will close such Transaction under the terms of this Agreement (“Rollover”).

5.2. Future Contracts CFDs. The Client acknowledges and agrees that FIH has the right to close any future contract based CFD Transaction (“Future CFD”), at its sole and absolute discretion, without providing prior Notice to the Client, if the Underlying Asset on which the Future CFD Transaction is based settles on an expiry date, a reasonable time prior to such expiry date (such time referred to as "Closing Time" and the relevant expiring Transaction referred to as an "Expiring Transaction"). FIH shall indicate the

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Closing Time for such Future CFDs in the Trading Conditions. FIH will not be obligated to roll over a position in an Expiring Transaction.

5.3. Share CFDs. Share based CFD Transactions (“Share CFD”) are traded on a daily basis, in conjunction with the times in which the underlying share is traded in the relevant Financial Market. Without derogating the provisions of this Agreement, Share CFD Transactions may be terminated by FIH upon the occurrence of the events set out in Section 6 hereunder.

5.4. The price of the Expiring Transaction will be the last traded price at or prior to the Closing Time, plus or minus (as the case may be) any Spread, fee, Interest Adjustment or commission that FIH may apply when such an Expiring Transaction is closed.

5.5. The Client acknowledges that it is the Client's responsibility to make itself aware of the Closing Time and of any Interest Adjustment and/or Commission that FIH may apply when closing an Expiring Transaction. Closing Times for the CFDs offered by FIH are available in the Website.

6. MARKET SUSPENSION AND DELISTING; CORPORATE ACTIONS; MARKET DISRUPTION AND FORCE

MAJOR

6.1. Suspension. If at any time trading on a relevant Financial Market or trading in a certain Underlying Asset is suspended, FIH shall suspend the trading in the CFD Transactions based on such Underlying Asset and calculate the value of the CFD with reference to the last traded price before the time of suspension, as reasonably determined by FIH. In the event that the aforesaid suspension continues for five Business Days, FIH may decide, at its sole and absolute discretion, a Closing Time and price of the relevant CFD. During the term of a CFD Transaction whose market is suspended, FIH shall have the right to terminate the CFD Transaction at its discretion, and to amend or vary the margin requirements.

6.2. Trading Termination. If an Underlying Asset has ceased (or will cease) to be listed, traded or publicly quoted for any reason and is not immediately re-listed, re-traded or re-quoted on the relevant Financial Market or quotation system (including in the event of any insolvency of a company whose shares constitute an Underlying Asset), the Closing Time of the relevant CFD shall be a reasonable time prior to such time in which the Underlying Asset will cease to be listed, traded or publicly quoted and FIH shall close all the relevant Transactions at the Closing Time.

6.3. Market Disruption and Force Major. In the event of market disruption or Force Major, FIH may, at its sole discretion, take one or more of the following actions: (a) halt the access to the ITP or to certain Financial Instruments or CFDs; (b) prevent the client from opening or closing Transactions; (c) refuse to execute Orders which have not yet been executed; (d) close any or all Open Position (e) modify the margin requirements; and/or (f) modify the trading hours of certain Financial Instruments or CFDs. FIH will not be liable in any way to the Client or to any other person in such events, nor for its actions pursuant to this Section 6.3 or to any failure to fulfil its obligations under this Agreement.

6.4. Corporate Actions. If an Underlying Asset is subject to a Corporate Action, FIH shall set a Closing Time which shall be prior (if possible) to the Corporate Action’s time (and in the event of dividends, prior to the Ex-dividend date) and close all the relevant Transactions at the Closing Time. FIH further reserves the right to determine the appropriate adjustment to be made to the Transactions’ price or quantity as it considers appropriate to account for the diluting or concentrating effect of the Corporate Action. In the event of a distribution of cash dividends, FIH also reserves the right not to close the relevant Transactions and to credit or debit the Client’s Account (depending on the Client’s position – short or long) in the dividend amount, according to the Transaction quantity and minus any fee, if applicable, all as calculated by FIH. FIH’s specific trading rules with respect to Corporate Action as well as any known future Corporate Actions are included in the Trading Conditions and presented on the Website.

6.5. It is the Client’s obligation and responsibility to ensure that it is fully aware of the Corporate Actions or other events related to any Underlying Asset on which its Transactions are based. The Client acknowledges and agrees that not all Corporate Action can be known in advance.

6.6. Following any of the events above, when (and if) trading resumes, Prices may differ significantly from the Prices available prior to the halt in trading.

7. Use of the Internet Trading Platform and Website

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7.1. By accepting this agreement the Client accepts the provision of FIH’s End User License Agreement with respect of its use of the Internet Trading Platform which constitute an integral part of this Agreement. In order to use the downloadable version of the Internet Trading Platform, the Client’s computer hardware

and Software must meet FIH’s Minimum System Requirements.

7.2. The Client will make all necessary efforts to keep his Access Codes secret and known only to him. Client further agrees to logout from the Internet Trading Platform upon concluding its trading activity and at any time its relevant terminal is left unattended. Without derogating from the above, the Client will be liable for all Orders given through and under his Access Codes and any such Orders received by FIH will be considered as received from the Client. In cases where a third person is assigned as an authorized representative to act on behalf of the Client, the Client will be responsible for all Orders given through and under the representative’s Access Codes.

7.3. Client shall not use any software for the purpose of automatic trading in his account. Furthermore the Client shall not use or allow the use of a device which obstruct and/or interfere with the regular and ordinary carrying out of Transactions or of the functionality of the Internet Trading Platform or any part thereof, as determined by FIH at its sole discretion.

7.4. FIH shall not be responsible for any power cuts, internet or mobile failures or other failures that prevent the use of the Internet Trading Platform and shall not be responsible for any network connection failure or otherwise for the unavailability, for any reason, of the Internet Trading Platform.

7.5. The Client’s use of the Website is subject to the Website’s Terms of Use which are available in the Website and constitute an integral part of this Agreement.

8. Withdrawal from and Closing of the Account by Client

8.1. Client may request FIH to withdraw from the Account any Guarantee in excess of the Minimum Margin (not including unrealized bonuses\rebates and non-withdrawable bonuses), by providing FIH with a written and duly signed and executed Withdrawal Form. Without prejudice to any right of FIH hereunder (including, without limitation, FIH’s rights pursuant to Section 4.2 above), FIH shall transfer any such excess Guarantee amounts (if any, and as determined by FIH at its sole discretion), less any applicable bank transfer fees, according to Client’s instructions in the Withdrawal Form within seven (7) Business Days from the date of receipt thereof.

8.2. Each withdrawal is subject to (i) any and all applicable laws such as money laundering laws, any requirements for withholding of tax and any foreign currency regulations, and (ii) Client providing full identification details and documents as required by FIH and the verification of the Client’s identity by FIH, at its sole discretion.

8.3. Withdrawals can only be made to the benefit of the Client, through the means in which the funds were deposited, and not to any third party. Surplus can only be withdrawn to a bank account which was approved by FIH as registered under the Client’s name. FIH does not enable to transfer any Transaction or open position to any other trading platform or provider.

8.4. In case Client wishes to withdraw all funds from the Account and close the Account it shall so notify FIH in the Withdrawal Form, and following the transfer (if any) made by FIH pursuant to such request, FIH shall close the Account.

8.5. Withdrawals shall only be made in the currencies deposited by the Client, provided that FIH supports these currencies as Account Currency.

9. Pricing & Commissions

9.1. The Client acknowledges and agrees that upon closing a Spot and Forward Transaction, FIH will add or subtract interest adjustments, including a spread, from the Transaction’s profit or loss (“Interest Adjustments”). The Client acknowledges and agrees that all Share CFD Transactions will be subject to a daily credit or debit (depending on the position held by the Client – Long\Short), calculated on the basis

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of the relevant Inter-Bank interest rate of the currency in which the underlying share is traded and including a Spread (“Overnight Financing”).

9.2. Upon the closing of an Open Position, FIH shall convert the realized profit or loss into the Client’s Account base currency at FIH’s prevailing currency exchange Bid or Ask Prices at the time of such closing.

9.3. Client accounts in which there have been no trading activity for a period of twelve (12) consecutive months will be considered by FIH as dormant. Dormant accounts are charged a quarterly maintenance fee of US$15 or the full amount of the free balance in the account if the free balance is less than US$15. The first maintenance fee will be charged upon classifying the account as dormant and any further dormant fee shall be charged upon each calendar quarter (3 months) thereafter, provided that the account will remain to be classified as dormant. There will be no charge if the free balance is zero. Accounts with a zero free balance may also be closed.

9.4. FIH will charge a fee for withdrawals of funds via wire transfer. The amount of the fee will be published on the Website.

9.5. FIH may charge Commissions for the services provided by it to Client hereunder, at such rates and mode as determined by FIH at its sole discretion from time to time and notified to Client. In such an event, the Commissions will be charged to the Account.

10. Reports

10.1. FIH will send, at Client's request, the following reports related to the Account (unless and to the extent that the information included therein may be obtained by Client through its interface to the Internet Trading Platform): 4.1.1. Bulletin of Transactions: Report concerning all the Transactions carried out by the Client. 4.1.2. Open Transactions: Report concerning the Open Transactions. 4.1.3. Bulletin of deposits, withdrawals and outstanding Guarantee.

11. Risks & Indemnification

11.1. All Transactions shall be carried out on behalf of Client and at Client’s sole responsibility, risk and expense. FIH (and/or the TSP) shall not be held responsible for any loss, damage or debt to the Client arising directly or indirectly out of or in connection with this Agreement or any Transactions made pursuant thereto, except in the event of willful misconduct on the part of FIH (and/or the TSP).

11.2. Client declares that he has fully read and understood the Risk Disclosure and Client’s Declaration Annex before signing this Agreement. By the entry into each and every Transaction pursuant to this Agreement, Client shall be deemed as having reread and reaffirmed this Agreement including without limitation all annexes.

11.3. The Client agrees and acknowledges that he is solely responsible for any investment strategy, transaction or investment, composition of any account and taxation consequences and he shall not rely for these purposes on FIH and its publications. The Client further acknowledges and understands that FIH shall bear absolutely no responsibility in any manner or form whatsoever, regardless of the circumstances, for any such investment strategy, transaction, investment or information, composition of any account and/or taxation consequences.

11.4. Client agrees to indemnify and hold FIH, the TSP (where applicable), and their affiliates, shareholders, employees, directors, successors and assigns (“Indemnified Persons”), harmless from and against any and all liabilities, losses, damages, costs and expenses (including reasonable attorney’s fees) incurred by the Indemnified Persons and arising out of Client’s failure to fully and timely comply with its obligations set forth in this Agreement and/or FIH enforcement of such liabilities.

11.5. Client acknowledges and agrees that any oral information given to Client on the Account or with respect to trading and/or investing and/or with any information provided on the Financial Markets, if given, may be unverified and incomplete and that any reliance on such information is at Client’s sole risk and responsibility. FIH makes no warranty, express or implied, that any pricing or other information provided by it (and/or the TSP), through the Internet Trading Platform or by telephone or otherwise is correct or reflects current market conditions. Furthermore, FIH (and the TSP) do not make any warranties or

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guarantees with respect to their Internet Trading Platform and its content, including but not limited to, warranties for merchantability or fitness for a particular purpose.

11.6. Without prejudice to the provisions of Section 11.1 above, FIH (and/or the TSP) shall not be liable to Client for any loss, damage or cost of any nature incurred by Client directly or indirectly by any cause beyond FIH’s (and/or the TSP) control, including without limitation, due to FIH (and/or the TSP) inability to perform any Transaction or the improper or partial performance of any Transaction due to technical reasons (such as, without limitation, damage or destruction to its computer systems, data or records or any part thereof, or for delays, losses, errors or omissions resulting from the failure or mismanagement of any telecommunications or computer equipment or software) or otherwise, except in case of gross negligence or willful misconduct on the part of FIH (and/or the TSP). Without derogating from the above, FIH’s aggregate liability towards the Client in respect of claims of FIH’s gross negligence or willful misconduct will be limited to the aggregate amount of the deposits less withdrawals made by the Client in the relevant Account.

12. Telephone & Recording

12.1. FIH may, in certain circumstances, accept instructions, by telephone or in person, provided that FIH is satisfied, at its full discretion, of the caller’s/Client’s identity and FIH is further also satisfied with the clarity of instructions. In case of an Order received by FIH in any means other than through the Internet Trading Platform, the Order will be transmitted by FIH to the Internet Trading Platform and processed as if it was received through the Internet Trading Platform.

12.2. FIH reserves the right, at its discretion, to confirm in any manner the instruction and/or Orders and/or communications sent through the telephone. The Client fully accepts the risk of misinterpretation and/or mistakes in the instructions and/or Orders sent through the telephone, regardless of how they have been caused, including without limitation technical failures.

12.3. Client acknowledges and agrees that any and all conversations with Client, by FIH, the TSP (where applicable) and their principals, employees and agents may be recorded with or without a warning and to the use of such recording in relation to any dispute between Client and FIH or the TSP (where applicable).

12.4. Client understands that FIH may destroy such recordings according to its internal policies from time to time.

13. Law and Jurisdiction

13.1. The laws of the British Virgin Islands shall govern this Agreement and the competent Courts of the British Virgin Islands shall have sole jurisdiction over any dispute arising from or in connection with this Agreement, except for claims for the collection of any amount owed by the Client to FIH which may be brought before any court with jurisdiction over the Client and/or its assets.

13.2. Client hereby waives any right to object to the sole jurisdiction of the British Virgin Islands, including without limitation any claim that such courts are inconvenient forum to resolve such disputes.

14. Entire Agreement & Amendments

14.1. This Agreement, including all Annexes, constitutes the entire agreement among the parties hereto and supersedes any and all prior agreements or understandings among the parties with respect to the subject matter hereof.

14.2. FIH may amend this Agreement by seven (7) days prior notice to Client (subject to any specific provision allowing a shorter Notice period or no Notice requirement at all). Such notice may be provided through the Internet Trading Platform, the Website or by Email, according to the email address provided by the Client.

14.3. FIH shall not be bound by any waiver unless made by a duly signed written instrument by FIH and no waiver or amendment of this Agreement may be implied from any course of dealings between the parties or from any failure of FIH to enforce its rights hereunder.

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15. Assignment

15.1. FIH may assign its rights and/or liabilities pursuant to this Agreement by a notice to Client. The Client may not assign its rights and/or obligations hereunder unless with FIH prior written consent, which may be given or denied at FIH’s sole discretion.

15.2. A person who is not a party to this agreement shall not have any rights to enforce any term of this Agreement.

16. Termination

16.1. FIH may, by notice to Client; (i) cease the carrying out of new Transactions in the Account (“Trading Cessation”). In the event of Trading Cessation, the Client shall be obliged to close all existing Transactions (at Client’s discretion).

16.2. FIH may terminate this Agreement at any time, with or without cause, upon giving the Client seven (7) days advance written notice to such effect. Upon termination of this Agreement, all open Transactions shall close and the Client shall not be able to open new Transactions in the Account.

16.3. FIH may, upon any breach of this Agreement by the Client, including without limitation, upon receiving a charge-back from the Client’s credit card issuer or with respect to any other payment method for any reason, immediately close any and all of the Client’s open Transactions whether at a loss or a profit and liquidate the Client’s Account, without any notice. FIH reserves the right to further terminate this Agreement in such events.

16.4. The provisions of Sections 8, 11, 13, 15 and 18 hereof shall survive the termination of this Agreement.

17. Severability

If any provision of this Agreement or the application thereof to any person or circumstance will be invalid, illegal, or unenforceable to any extent, the remainder of this Agreement and the application thereof will not be affected and will be enforceable to the fullest extent permitted by law.

18. Communications

Reports and any Notice hereunder may be transmitted to Client at the address provided to FIH by the Client, or such other address notified by Client in writing to FIH from time to time. Reports and Notices may also be transmitted via facsimile, email (according to the address provided by the Client) or on the Website or Internet Trading Platform. All communications sent to Client shall be deemed delivered, at the time of delivery if sent by e-mail, facsimile, by hand delivery or notified through the Internet Trading Platform or the Website or within 3 Business Days if posted by mail. Communications by Client shall be deemed delivered only when actually received by FIH.

19. Trading Service Provider (TSP)

FIH may notify Client of the appointment of a Trading Services Provider as set forth in the Trading Services Provider Annex, and subject to the terms and conditions set forth therein. For avoidance of doubt, FIH (and not the TSP) remains the contracting party with Client. Client acknowledges and agrees that FIH is paying commissions to the TSP for its services pursuant to this Agreement.

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Nomination of an Agent

To:

Formula Investment House Ltd. (“FIH”)

Re: Nomination of Agent

I, the undersigned, hereby request to appoint and nominate “___________________________________” (“Agent”),

whose signature appears below, as my agent and attorney, and grant the Agent with full powers of substitution

and power of attorney to act on my behalf concerning my Account(s) and to perform in my name and on my

behalf any and all Transactions and actions I am entitled to perform pursuant to my contract with you, including

without limitation, to buy, sell or carry out Transactions of any kind and nature on the foreign currency

exchange markets, and (if applicable) other financial assets markets, but excluding the right to withdraw funds

from the Account.

Consequently, I authorize you and any Trading Services Provider (TSP) nominated by you to execute the

instructions of my Agent. I fully understand and acknowledge that by appointing an Agent, only the Agent shall

be entitled to operate in the Account. I hereby irrevocably and unconditionally ratify and confirm all actions

and Transactions performed by the Agent. I hereby agree to indemnify and hold FIH, the TSP, and their

affiliates, employees, directors, successors and assigns (“Indemnified Persons”), harmless from and against

any and all liabilities, losses, damages, costs and expenses (including reasonable attorney’s fees) incurred

by the Indemnified Persons and arising out of the nomination of the Agent and the performance of any

Transactions in the Account or any other acts or omissions by the Agent.

This power of attorney and authorization shall remain in full force and effect and shall bind the undersigned towards

you, your successors and assigns, until revoked by the undersigned in a written notice to you to that effect,

duly signed by the undersigned. This power of attorney and authorization shall be revoked automatically upon

receipt by FIH of any official and legally authenticated document attesting to the death or to the mental

incapacity of the undersigned. In such latter event FIH may (but is not obliged) close any or all open

Transactions in the Account.

I hereby consent to the performance of any transactions and the existence of any commercial relationship between

the Agent and FIH and I acknowledge FIH does not and shall not owe me any fiduciary, care or other duty in

relation to the Agent and the performance of any Transactions upon his instructions in relation to the Account

or otherwise.

The laws of the British Virgin Islands shall govern this deed of nomination and the competent Courts of the British

Virgin Islands shall have sole jurisdiction over any dispute arising from or in connection with this deed of

nomination.

The Client

First Name: _____________ Last Name: _____________ Signature: ____________

The Agent

ID/Passport no. _____________ First Name: _____________ Last Name: _____________

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Mobile: _____________ Telephone: _____________ Fax: _____________

E-Mail: _____________ Address: ____________ City: _____________

Country: _____________ Date: _____________ Signature: _____________

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Risk Disclosure

The risk of losses involved in the transaction or the speculations in the Forex market, Binary Options or any other

financial market could be considerable. You have to think carefully, whether such trading suits you while taking

into consideration the circumstances, as well as your personal resources. Do not speculate except in funds

you could afford to lose.

Without limiting the above, it is important that you be fully aware of the following points:

The high level of leverage effect possible in the transactions in foreign currency stems from the fact that it is only necessary to pay modest margins or guarantees in relation to the scope of the contract. The result of that is, that (even) a slight fluctuation of the market could mean substantial gains when these fluctuations are in your favor, but could also mean considerable losses if the fluctuations are to your detriment.

There exists no system which could assure you that transactions on the foreign currency market and (if applicable) other financial assets markets should bring you benefits, nor is it possible to guarantee that your transactions will yield favorable results.

Even though the foreign currency markets and (if applicable) other financial assets markets are fluid (liquid) as compared with other financial and exchange markets, the market conditions might at times render impossible the execution of an order or of a limit order at a stipulated price. The amount you could lose in a Transaction carrying limited risk will never be more appreciable than that which you can lose in transactions having no pre-determined limit on loss. Nevertheless, even though the extent of the losses could be subjected to an agreed upon limit, the risk of incurring losses could be higher, and that loss could occur in a relatively short period of time.

It is possible, that some unfavorable situations on the market could occur, in a relatively short period of time, resulting in a total loss of your investment. As depositing an additional guaranteed is not obligatory in this case, FIH reserves the right to close the outstanding balances without the Client’s consent.

BINARY OPTIONS

Binary options are options that pay a pre-determined fixed amount, depending on whether or not an event occurs

at the time a certain contract expires, or if it had occurred during the contract time. Binary Options can have

only one of two possible outcomes and allow you to take a simple “Yes or No” approach. Like traditional

options, Binary Options are based on an underlying asset such as currencies, commodities, indexes or shares,

however one of the most significant differences from traditional options, among others, is that there can be

only two outcomes for the option, either the client is paid a fixed return upon the occurrence of the event, or

the client loses the investment amount, or a certain part thereof (as detailed in each option) if the event does

not occur.

Trading in Binary Options is speculative and involves a high degree of risk and can result in the loss of your entire

investment. Therefore, trading in Binary Options is appropriate only for persons who understand and are

willing to assume the economic, legal and other risks involved in such transactions. You should be satisfied

that Binary Options trading is suitable for you in light of your financial circumstances and attitude towards risk.

You should not engage in speculative Binary Options trading unless you understand the basic aspects of such

trading and its risks. If you are in any doubt as to whether Binary Option trading is appropriate and suitable

for you, please seek independent advice from a financial consulting professional. FIH does not provide such

advice. It is your responsibility, taking into account your personal circumstances and financial resources, to

take particular care and make careful considerations independently, both prior to applying for engaging in

Binary Options with FIH, and prior to making any individual order.

Where you do not understand the risks involved in applying for a trading account with FIH or in making any individual

order, You should seek advice and consultation from an independent Financial Advisor. If You continue to not

understand the risks involved in trading in Binary Options, You should not trade at all.

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You are advised that the Binary Options offered by FIH are not traded under the rules of any recognized, designated

or regulated exchange. Consequently, engaging in Binary Option trading may expose you to substantially

greater risks than investments which are so traded.

You must acknowledge that engaging in Binary Options poses a great risk of incurring losses and damages, and

You must accept that You are willing to undertake this risk.

RISKS INHERENT IN TRADING THROUGH THE INTERNET

Trading through the Internet involves many interrelated systems, including hardware, software, telephony, cellular,

cable, and power generation, all of which are subject to failure or malfunction that may adversely affect your

ability to trade. During any time which you cannot access the Internet Trading Platform for whatever reason,

you will not be able to enter, cancel, or modify Orders and/or Transactions. In the event of a failure, there is a

chance that your Orders and/or Transactions could be lost. FIH is not responsible or liable for any effect on

your ability to trade caused by any malfunction of the Internet, computing systems, or their related components.

THIS BRIEF STATEMENT CANNOT OF COURSE DISCLOSE ALL THE RISKS AND OTHER ASPECTS OF

TRADING FOREX, CFDS AND BINARY OPTIONS OR OTHER FINANCIAL INSTRUMENTS OFFERED BY

FIH.

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Glossary of Terms

"Access Code" means the username and password given by FIH to the Client for accessing the Internet Trading Platform.

“Account” means the Client’s account having such details as set forth in the Client’s Contract with FIH.

“Agent” means any Client’s authorized agent nominated by it in relation to the Account by sending FIH a nomination of Agent deed.

“Binary Options” means options that pay a pre-determined fixed amount, depending on whether or not an event occurs at the time a certain contract expires, or if it had occurred during the contract time and which are based on an underlying asset such as currencies, commodities, indexes or shares.

“Business Day” means a day in which Banks are open for business in the relevant countries.

“CFD” means a contract for differences between the client and FIH for the difference between the Price of an Underlying Asset at the time of opening the Transaction and its Price at the time of closing the Transaction, plus or minus any relevant Commission, rollover or Spread.

“Client” for purposes of providing a Transaction shall include any Agent.

“Commissions” means any and all commissions charged by FIH in relation to this Agreement and any Transaction or Order made pursuant thereto.

“Corporate Action” - means an event, action or equity change which has a diluting/concentrating effect or any other material effect on the market value of the underlying shares, as determined at the sole discretion of FIH, including but not limited to: (i) subdivision, consolidation, split, reclassification, cancellation, par value change or other change of the rights attached to the shares; (ii) rights offering, bonus issue, equity offering or equity redemption; (iii) distribution (including cash, capital or any other manner of distribution) and repurchase of shares; (iv) any other event which materially affects or may materially affect the shares’ price (including material company announcements, takeovers, tender offers, arrangements, payments-in-kind, mergers, de-mergers, spinoffs, MBOs, nationalizations, insolvency etc.).

“Equity” means the Guarantee, including all profits and losses in any Open Position, at any given moment.

“Financial Markets” means international financial markets in which currency and/or other financial assets’ prices are determined.

“Financial Instrument(s)” means any of the financial instrument(s) offered by FIH, including without limitation, CFD (contracts for difference), Forex and Binary Options.

“Force Major Event” means any event beyond the reasonable control of FIH, which prevents FIH from complying with any of its obligations under this Agreement, including but not limited to: acts of God (such as, but not limited to, fires, explosions, earthquakes, drought, tidal waves and floods); war, hostilities (whether war be declared or not), invasion, act of foreign enemies, mobilization, requisition, embargo, rebellion, revolution, insurrection, military or usurped power, civil war, riot, commotion, strikes, go slows, lock outs, disorder and acts or threats of terrorism; acts and regulations of any governmental or supra national bodies or authorities that, in FIH’s opinion, prevents FIH from maintaining an orderly market in one or more of the Financial Instruments or CFDs in respect of which FIH deals on the Internet Trading Platform; the occurrence of an excessive movement in the level of any Transaction and/or Financial Market and/or Underlying Asset or FIH’s anticipation of the occurrence of such a movement; any breakdown or failure of transmission, communication or computer facilities, interruption of power supply, or electronic or communications equipment failure; or the failure of any relevant supplier, financial institution intermediate broker, agent or principal of FIH, custodian, sub-custodian, dealer, exchange, feed provider, clearing house or regulatory or self-regulatory organization, for any reason, to perform its obligations.

“Guarantee” means the current value of a Client Account given the amount of money deposited and changes as a result of profits and losses from closed out Transactions, credits and debits from Interest

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Adjustments, Overnight Financing, bonuses (if applicable) and charges from commissions, transfer fees or bank related fees if applicable.

“Internet Trading Platform” or “ITP” means the Internet trading platform provided to Client by FIH (and/or the TSP) in order to access the Account.

“Invalid Transaction” means any Transaction or Open Position which was executed, as determined by FIH in its sole discretion:

i) using an erroneous or otherwise incorrect Price;

ii) in violation of any applicable law or regulation;

iii) to exploit any temporal and/or minor inaccuracy in, and/or any delay in the display of, any Price;

iv) as a result of, or to take advantage of, any ITP error; or

v) in violation of any of the Trading Conditions.

“Interest Adjustments” as described in Section 9.1

“Minimum Margin” means the minimum Equity FIH requires from a Client for executing Transactions and providing Orders in the Account, from time to time.

“Notice” to Client means a notice provided by FIH, or by an ITP on its behalf, by telephone, e-mail, and facsimile or through its publication in FIH’s or its TSP web site or through the Internet Trading Platform. Unless otherwise specifically set forth herein all Notices will be with immediate effect.

“Open Position” means a Transaction opened by the Client, which was not closed by an opposite Transaction.

“Order(s)" - Clients directions either electronically (via Internet) or verbally (if permitted) to enter into a specific Transaction.

“Overnight Financing” as described in Section 9.1

“Price” the price in which FIH agrees to enter into transactions with the Client as indicated on FIH’s servers.

“Principal” means a dealer who buys or sells financial assets for his/her own account.

“Spread” – means the difference in price between the buy (Ask) and sell (Bid) price of a Spot/Forward or CFD.

“Transaction” means either the purchase or sale of a Financial Instrument, in a determined quantity, value/closing date and amount.

“Trading Services Provider” or “TSP” the trading services provider set forth in a Trading Services Provider Annex.

“Trading Conditions” means the specific trading conditions with respect to the Company’s Financial Instruments as published on the Website, including trading hours, Corporate Actions, expiration dates, margin requirements, instrument specifications and trading rules, all as amended and modified from time to time by FIH.

“Underlying Asset” means any asset traded on a Financial Market upon its prices FIH generates CFDs or Binary Options.

“Website” means FIH’s website, located at www.iforex.com (including relevant sub-domains).

“Withdrawal Form” means instructions to withdraw funds from the Account, in such form as requested by FIH from time to time.

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The Client's Declaration

As of the date hereof and the date of each Transaction or instruction made, Client hereby represents and warrants

to FIH and the TSP that:

1. Client is of sound mind and legal competence and has full right and authority to perform over the counter foreign exchange (OTCFX), contracts for difference, Binary Options and any other Transactions allowable by FIH and performed by Client in the Account.

2. Client is not an employee director, associate, agent, affiliate, relative, or otherwise connected to FIH or any affiliate thereof.

3. Client (if not a natural person) is duly organized and validly existing under the laws of the jurisdiction of its organization and have received any and all resolutions required under its documents of incorporation and law to execute this Agreement and any Transaction made pursuant thereto and each person executing and delivering this Agreement or any Transaction on Client behalf is authorized to do so.

4. Execution and delivery by Client of this Agreement or any Transaction will not violate any law, regulation, by-law, agreement, obligation, judgment, or policy applying to Client. Without prejudice to the above, Client is not an employee of any exchange, any corporation in which any exchange owns a majority of the capital share, any member of any exchange and/or firm registered on any exchange, or any bank, trust, or insurance company that trades the same instruments as those offered by FIH.

5. Client is the full and ultimate beneficial owner of the funds deposited in the Account and of the payment instruments by which its deposits are made and no other person has or will have an interest in the Account. Client cannot and will not grant any security interest in the Account or its proceedings to other or others.

6. All details and declarations provided by Client to FIH are full and correct in all respects and Client shall immediately notify FIH on any change in such details or declarations.

7. Client has carefully read and understands this Agreement and without limitation, the above Risk Disclosure statement and FIH’s Trading Conditions.

8. All funds deposited in the Account originate from legal sources and do not originate from drugs, terrorism or any illegal or criminal activity.

9. Client may sustain the loss of any and all amounts deposited by it in the Account and that Client is willing and able, financially and otherwise, to assume the risk of such loss and any other loss, damages, expenses or costs incurred by Client in connection with this Agreement.

10. Client understands and acknowledges that without limitation to the provisions of the Agreement (i) while the Internet and the World Wide Web are generally reliable, technical problems or other conditions may delay or prevent Client from accessing FIH (and/or the TSP) Internet Trading Platform, and (ii) the use of the Internet exposes the user to risks resulting from the structure of the Internet and the use of a personal computer and/or any other end equipment permitting connection to the Internet. Client is responsible for all the results of unauthorized use of passwords and other means of information protection given to Client, and in Client’s personal computer. The entry passwords for service are personal, secret, private, and may not be transferred. Use of the passwords and the preservation of their secrecy is at the full responsibility of the Client, with all that this entails, including, but not only, responsibility for damage caused to Client and/or to any other third party, as a result of transferring the password to others, by acts of commission or omission, and/or as a result of unsuitable storage of the password, and (iii) Client hereby agrees and undertakes to immediately inform the TSP of any penetration to the Account by a user unauthorized by Client and/or of any violation and/or damage to privacy and/or to the security of the service, and (iv) FIH (and/or the TSP) shall not be liable for any technical problems, system failures and malfunctions, communication line failures, equipment or software failures or malfunctions, system access issues, system capacity issues, high Internet traffic demand, security breaches and unauthorized access, and other similar computer problems and defects, and (v) FIH (and/or the TSP) do not represent, warrant or guarantee that Client will be able to access or use the Internet Trading Platform at times or locations of its choosing, or that FIH (and/or the TSP) will have adequate capacity for the Internet Trading Platform as a whole or in any geographic location, or that the Internet Trading Platform will provide uninterrupted and error-free service, and (vi) FIH (and/or the TSP) shall not be responsible for any loss and/or damage of any kind caused to Client as a result of use of the Account by others, whether or not with Client’s knowledge, and (vii) Client is forbidden to use another person's account without his prior approval

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and agreement; and (viii) the use of the website and the information services given to Client are at Client’s full and sole responsibility and Client hereby confirms that he is aware of all the risks resulting from the method of giving and receiving the information services through the Internet. (ix) Client shall not use any software for the purpose of automatic trading in his Account; and further shall not use or allow the use of the computer with which Client is performing Transactions in the Account in any manner obstructing or interfering with the regular and ordinary carrying out of such Transactions as contemplated by FIH.

11. Client is not a resident of the following countries: the British Virgin Islands, the United States of America, member states of the European Economic Area, Australia, New Zealand, Israel, Turkey, Japan, Brazil and other countries set out in the Company’s Website. Since securities laws or regulatory equivalent laws do not allow residents of such countries to carry currency or derivative transactions through future contracts or since their residents are not allowed to obtain the services due to other regulatory reasons.. Our services are not available where it does not comply with legal usage; FIH reserves the right to refuse and/or cancel services to anyone at its own discretion. If you are a resident of the European Economic Area please refer to the terms and conditions of the European regulated affiliates of FIH.