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					CUSTOMER                       AGREEMENT




     CUSTOMERS RESIDENT IN CANADA




                 CMC MARKETS UK PLC
                      133 Houndsditch
                     London EC3A 7BX
                  England, United Kingdom

             CMC MARKETS CANADA INC.
               130 Adelaide Street West, Suite 1800
                Toronto, Ontario, Canada M5H 3P5
                 Customer Service: 416 682 5000
   Toll Free: 1-866-884-2608 / Support Line: 1-866-666-6469
                        Fax: 416-682 5099
                   E-mail: info@cmcmarkets.ca




                Version 1.0 September 2010
                          CUSTOMER                                     AGREEMENT


              ThIS IS A lEgAl AgREEMENT bETwEEN yOU, CMC MARKETS UK PlC AND CMC
              MARKETS CANADA INC., ThEIR SUCCESSORS AND ASSIgNS. PlEASE READ IT
              CAREfUlly.

              This Agreement constitutes a contract between you (referred to as “you” or the “Customer”) and CMC Markets
              UK PLC (“CMC UK”) as distributor of the Contracts for Difference (“CfDs”) and CMC Markets Canada Inc. (“CMC
              Canada”), as dealer and agent for CMC UK in Canada (together, CMC UK and CMC Canada are referred to herein
              as “CMC” or “we” or “us”). You must be a resident of Canada to enter into this Agreement with CMC UK and CMC
              Canada. For greater clarity, residents of the United States of America are not permitted to open a trading account
              or trade in CFDs with CMC UK or CMC Canada.

              CMC UK’s registered office is at 133 Houndsditch, London EC3A 7BX. CMC is authorised and regulated in the
              United Kingdom by the Financial Services Authority (“fSA”), whose address is 25 The North Colonnade, Canary
              Wharf, London, E14 5HS, with FSA reference number 173730.

              CMC Canada’s registered office is at Suite 1800, 130 Adelaide Street West, Toronto, Ontario M5H 3P5. CMC
              Canada is a registered investment dealer in all of the provinces and territories of Canada except Alberta and a
              member of the Canadian Investor Protection Fund (“CIPf”) and the Investment Industry Regulatory Organization
              of Canada (“IIROC”), whose address is Suite 1600, 121 King Street West, Toronto , Ontario , M5H 3T9, with National
              Registration Database number 12570.

              Neither CMC UK nor CMC Canada is a reporting issuer in any province or territory in Canada. CFDs are not listed
              on any stock exchange in Canada and are not transferable to third parties.

              Potential investors are instructed to read and fully understand this Customer Agreement including the Required
              Documents prior to submitting their trading application form (the “Application form”) to CMC. This Customer
              Agreement including the Canadian Terms of Business supersede any other general terms of business or similar
              documents that may have been previously issued to you by us.

              A potential investor should not sign the Application Form if they are unsure as to the effects of this Customer
              Agreement or the nature of the risks involved. If a potential investor completes, signs and submits the Application
              Form to CMC, then they are acknowledging to CMC that they have read the documents supplied to them in
              connection with this Customer Agreement and that they understand and agree that their relationship with CMC
              will be governed by the terms and conditions set out in Customer Agreement and the documents incorporated
              by reference.

              No person or representative of CMC has been authorized to give any information or to make any representations
              other than those contained herein.

              No securities commission or similar authority in Canada or elsewhere has reviewed or in any way passed upon this
              agreement or the merits of the securities described herein and any representation to the contrary is an offence.




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              DOCUMENTS INCORPORATED by REfERENCE

              The following required documents (the “Required Documents”), as may be amended from time to time, are
              incorporated by reference herein and form part of your contractual relationship with us:

              1. This Customer Agreement including:

                 Exhibit I - Canadian Terms of Business
                 Exhibit II - Risk Warning Notice
                 Exhibit III – Information About Our Execution Policy (if applicable)
                 Exhibit IV – Privacy Policy

              2. End User Licence Agreement

              3. Your Completed Application Form

              Any additional terms and conditions issued by us, including those issued in respect of the CFDs contemplated by
              the Canadian Terms of Business, which together are referred to as this “Customer Agreement”.

              Current versions of the Required Documents are available on CMC Canada’s website at www.cmcmarkets.ca.
              (“CMC Canada website”).

              RISK ACKNOwlEDgMENT

              You acknowledge that you have reviewed, understand and agree to the terms of the Risk Warning Notice and that
              you acknowledge and understand that CFDs are speculative, involve a high degree of risk and involve the use of
              leverage or margin and are appropriate only for persons who can assume the risk of losses that can exceed their
              margin deposit. You acknowledge that guarantees of profits or freedom from losses in CFD trading is impossible
              and that you have received no such guarantees from CMC or from any of its employees, agents or representatives.
              You warrant that you are willing and able, financially and otherwise, to assume the risk of trading in CFDs. You
              should not engage in trading in CFDs and other financial derivative products unless you understand the nature of
              the transactions you are entering into and the true extent of your exposure to the risk of loss. You should also be
              satisfied that the products are suitable for you in light of your circumstances and financial position. You agree not
              to hold CMC responsible for losses arising from transactions entered into on your behalf.

              If you are in any doubt you should seek independent advice.

              ORDER EXECUTION ONly ACCOUNT

              We shall deal with you on an execution-only basis at all times. Please note that we shall not provide you with any
              advice on the merits or suitability of you entering into this Agreement or any particular Contract. We shall not
              provide you with any tax advice on the same. You may wish to seek independent advice before entering into this
              Agreement and / or any CFD.

              No investment advice or recommendation will be provided by CMC regarding the purchase or sale of any security.
              All trading decisions are made by you and are done so in reliance solely on your own judgment and at your own
              risk. You must rely on your own judgment and information before trading and, where necessary, seek independent
              advice. It is your responsibility to be aware of all terms, conditions, rules and regulations that govern a market, an
              underlying security, or CFD.




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              You acknowledge and agree that information provided by CMC or its employees, agents or representatives about
              such things as:

              (i)     the over-the-counter derivatives market and its characteristics;
              (ii)    the operation of your account(s) or the terms and conditions of this Customer Agreement;
              (iii)   the entry and execution of orders or the clearing of transactions;
              (iv)    the terms and conditions of CFDs;
              (v)     the types of orders that can be entered through the Marketmaker™ Trading Platform;
              (vi)    current exchange rates, market trends, contract prices or interest rates; or
              (vii)   different types of trading strategies used by market participants;

              does not constitute a recommendation, solicitation, endorsement or advice relating to a transaction or proposed
              transaction.

              All opinions, news, research, analysis, prices or other information contained on the Marketmaker™ Trading
              Platform, the website or distributed to you by any of CMC’s affiliates are provided as general market commentary
              and do not constitute investment advice.

              You agree to immediately notify CMC Canada’s Compliance Department if any employee, representative or agent
              of CMC provides information to you which you believe is a trading recommendation or investment or tax advice.

              NO SUITAbIlITy REVIEwS

              The information collected on the Application Form is used by CMC as a method to pre-screen clients as part of
              the account opening process and is not used to determine your general investment needs and objectives. CMC
              Canada, as an execution-only dealer, is not required to, and does not, make any determination as to the suitability
              of a proposed purchase of CFDs either at the account opening stage or any ongoing trading activity you may wish
              to conduct.

              CONSENT TO ElECTRONIC DElIVERy Of DOCUMENTS

              In order for CMC to communicate information efficiently and cost effectively, all documents shall be provided to
              you via electronic delivery and in electronic form including the following documents: the Customer Agreement
              and all Required Documents including but not limited to the Rates Schedule, Execution Policy Summary, Risk
              Warning Notice, Daily Statements, Monthly Statements, Annual Statements, Trade Confirmations and, if required,
              Liquidation Notices, Margin Calls, Product Offering Changes and Bank Guarantee calls.

              These documents will be delivered to the email address you provide on your Application Form as an attachment
              or in the body of the email.

              You should verify the contents of each document received from us as, in the absence of manifest error, they shall
              be conclusive unless you notify us in writing within three (3) Business Days of receiving a document of any mistake,
              error or inaccuracy in such document.

              Paper copies of the documents above can be requested by contacting CMC Canada.

              If electronic delivery fails you can request the information to be resent via email or request the correspondence in
              paper format by contacting CMC Canada.

              It is your responsibility and obligation to ensure that the electronic mail address provided to CMC Canada (either



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              at account opening or changed subsequently) is correct and remains active and accessible to you all times.

              You may revoke your consent or change your electronic mail address at any time by contacting CMC Canada.

              INSIDER TRADINg / TRADINg ON MATERIAl, NON-PUblIC INfORMATION

              Investors may not trade based on insider information or any data that is “material and non-public”. CMC assumes
              no legal responsibility to monitor any Customer’s access to such information and CMC disclaims all and any
              repercussions resulting from said activities.

              PERSONAl INfORMATION DISClAIMER

              Any personal information you provide in any form to CMC or any of their affiliates, and any personal information
              which CMC has about you, will be dealt with in accordance the Privacy Policy, attached as Exhibit IV.

              SECURITy DISClAIMER

              While CMC seeks to ensure the security of information and operations on their websites, they make no guarantee
              that the information or files available on their sites are free of viruses or any other data or code which might
              corrupt the operation of your computer system, hardware, or software. CMC does not accept responsibility for
              any errors or omissions on their websites, nor are they responsible for the contents, maintenance of, or activities
              conducted on any website to which their websites provide a link. Your use of any such other websites is entirely at
              your own risk. See Website Terms and Conditions for more details.

              You are solely responsible for providing and maintaining the equipment you require to ensure that you have
              adequate access to our website.

              CONflICTS Of INTEREST

              CMC, its associates or other persons connected with CMC may have an interest, relationship or arrangement that
              is material in relation to any CFD entered into with CMC.

              CMC UK is a market maker, not a broker. Accordingly, you will be trading CFDs directly with CMC UK, and not on
              any financial market. As a market maker, CMC UK sets the prices that refer to, but may not always be the same as,
              those in the underlying market.

              CMC UK will always act as a principal, not as an agent, for its own benefit in respect of all CFD transactions with
              you.

              CMC and its affiliates (the “CMC Markets Group”) may also conduct transactions as principal in the underlying
              instruments on which CFDs are based, including shares and futures. In particular, the CMC Markets Group may at
              its sole discretion, hedge CMC Markets’ liability to you in respect of your CFD positions by undertaking transactions
              in the underlying instruments in the underlying markets. However, CMC has no obligation to do so and is under
              no obligation to inform you as to whether or not it has done so. These trading activities may affect (positively or
              negatively) the prices at which you may trade CFDs.

              SUPPORT SERVICES

              CMC UK and CMC Markets Asia Pacific Pty. Ltd. (the “Overseas Service Providers”), affiliates of CMC Canada, may
              provide you with certain support services including the ability to execute trades via phone. While the Overseas



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              Service Providers are registered in their home jurisdictions to trade in securities and have to comply with local
              rules on proficiency for salespersons, regulatory capital, insurance, record keeping etc., they are not registered
              with any Canadian securities regulator as a dealer in the category of investment dealer. Therefore the investor
              protections available under Canadian securities laws may not be available to you. However, nothing in this
              paragraph should be read to detract from the investor protections available to you as a client of CMC Canada, as
              a registered investment dealer in Canada, and such investor protections are not minimized by the engagement of
              the Overseas Service Providers.

              Please be advised that it may be difficult to enforce any legal rights against the Overseas Service Providers because
              they are resident outside of Canada and all or substantially all of their assets are located outside of Canada.

              STATUTORy RIghTS Of ACTION

              Securities legislation in Ontario, Nova Scotia, New Brunswick and Saskatchewan provides investors (ie. Customers)
              in Securities with certain rights of action if an “offering memorandum” (as that term is defined in the applicable
              securities laws of each province), together with any amendment to an offering memorandum, any document
              incorporated by reference, or in some cases, any advertising or sales literature used in connection with the offering
              memorandum, contains a misrepresentation.

              This Customer Agreement may be considered to be an “offering memorandum” pursuant to securities laws of
              Canada.

              The following are summaries of the rights described above. Such summaries are subject to the express provisions
              of applicable securities legislation, and the rules, regulations and other instruments thereunder, and reference is
              made to the complete text of such provisions contained therein. Such provisions may contain certain limitations
              and statutory defences on which CMC UK may rely. These rights are in addition to, and without derogation from,
              any other right a Customer may have at law.

              Notwithstanding that the securities legislation in British Columbia, Manitoba, Québec, Prince Edward Island and
              Newfoundland and Labrador do not provide or require an issuer to provide to investors resident in these Canadian
              jurisdictions any rights of action in circumstances where an offering memorandum or any amendment thereto
              contains a misrepresentation, CMC UK grants to such investors contractual rights of action equivalent to the
              statutory rights of action set out in the proceeding section for investors resident in Ontario.

              For purposes of the following summaries, “Misrepresentation” means an untrue statement of a material fact or
              an omission to state a material fact that is necessary in order to make a statement not misleading in light of the
              circumstances in which it was made.

              Ontario. If this Customer Agreement, together with any amendment to the Customer Agreement, contains a
              Misrepresentation, a Customer in the Province of Ontario will have, without regard to whether the Misrepresentation
              was relied upon by the investor, a right of action against an issuer for damages or, at the election of the investor,
              against CMC UK for rescission (in which case the investor will cease to have a right of action for damages), provided
              that:

              1. no action may be commenced to enforce a right of action:

                 (a) for rescission more than 180 days after the date of the purchase; or

                 (b) for damages more than the earlier of (i) 180 days after the investor first had knowledge of the facts giving
                     rise to the cause of action, and (ii) three years after the date of purchase;




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              2. CMC UK will not be liable if it proves that the Customer purchased the Securities with knowledge of the
                 Misrepresentation;

              3. in an action for damages, CMC UK will not be liable for all or any portion of the damages that it proves do not
                 represent the depreciation in value of the Securities as a result of the Misrepresentation;

              4. in no case shall the amount recoverable exceed the price at which the Securities were sold to the Customer; and

              5. CMC UK will not be liable for a Misrepresentation in forward-looking information if CMC UK proves that:

                 (a) this Customer Agreement contains, proximate to the forward-looking information, reasonable cautionary
                     language identifying the forward-looking information as such, and identifying material factors that could
                     cause actual results to differ materially from a conclusion, forecast or projection in the forward-looking
                     information, and a statement of material factors or assumptions that were applied in drawing a conclusion
                     or making a forecast or projection set out in the forward-looking information; and

                 (b) CMC UK had a reasonable basis for drawing the conclusions or making the forecasts and projections set out
                     in the forward looking information.

              The foregoing rights do not apply if the Customer is:

                    i. a Canadian financial institution (as defined in NI 45-106) or a Schedule III bank;

                    ii. the Business Development Bank of Canada incorporated under the Business Development Bank of
                        Canada Act (Canada); or

                    iii. a subsidiary of any person referred to in paragraphs (a) and (b), if the person owns all of the voting
                         securities of the subsidiary, except the voting securities required by law to be owned by directors of that
                         subsidiary.

              Nova Scotia. If this Customer Agreement, together with any amendment to this Customer Agreement or any
              advertising or sales literature (as defined in the Securities Act (Nova Scotia) (the “Nova Scotia Act”)), contains a
              Misrepresentation and it was a Misrepresentation at the time of purchase, the Customer resident in Nova Scotia
              will be deemed to have relied upon the Misrepresentation and will have a right of action against CMC UK, every
              director of CMC UK (if applicable) at the date of this Customer Agreement for damages or, alternatively, while still
              the owner of the purchased Securities, for rescission against CMC UK, provided that:

              1. no action may be commenced to enforce a right of action more than 120 days:

                 (a) after the date on which payment was made for the Securities or;

                 (b) after the date on which the initial payment was made;

              2. no person or company will be liable if the person or company proves that the Customer purchased the Securities
                 with knowledge of the Misrepresentation;

              3. no person or company (but excluding CMC UK) will be liable if the person or company proves that (i) the
                 Customer Agreement was delivered to the Customer without the person’s or company’s knowledge or consent
                 and that, on becoming aware of its delivery, the person or company gave reasonable general notice that it was
                 delivered without the person’s or company’s knowledge or consent, (ii) after delivery of the Customer Agreement
                 and before the purchase of the Securities by the Customer, on becoming aware of any Misrepresentation in


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                 Customer Agreement, the person or company withdrew the person’s or company’s consent to the Customer
                 Agreement and gave reasonable general notice of the withdrawal and the reason for it, or (iii) with respect to
                 any part of the Customer Agreement purporting to be made on the authority of an expert or to be a copy of,
                 or an extract from, a report, an opinion or a statement of an expert, the person or company had no reasonable
                 grounds to believe and did not believe that there had been a Misrepresentation, or the relevant part of the
                 Customer Agreement did not fairly represent the report, opinion or statement of the expert, or was not a fair
                 copy of, or an extract from, the report, opinion or statement of the expert;

              4. no person or company (but excluding CMC UK) will be liable with respect to any part of the Customer Agreement
                 not purporting to be made on the authority of an expert, or to be a copy, or an extract from, a report, opinion
                 or statement of expert unless the person or company failed to conduct a reasonable investigation to provide
                 reasonable grounds for a belief that there had been no Misrepresentation, or believed that there had been a
                 Misrepresentation;

              5. in an action for damages, the defendant will not be liable for all or any portion of the damages that the defendant
                 proves does not represent the depreciation in value of the Securities as a result of the Misrepresentation relied
                 upon; and

              6. in no case will the amount recoverable in any action exceed the price at which the Securities were sold to the
                 Customer.

              These rights are intended to correspond with the rights against a seller of securities provided in the Nova Scotia Act
              and the securities regulations thereto and are subject to defences contained therein.

              New Brunswick. If the Customer Agreement, together with any amendment to this Customer Agreement,
              delivered to a Customer resident in New Brunswick contains a Misrepresentation that was a Misrepresentation
              at the time of purchase, the Customer will be deemed to have relied on the Misrepresentation and will have a
              right of action against CMC UK for damages or, alternatively, while still the owner of the purchased Securities, for
              rescission, provided that:

              1. no action may be commenced to enforce a right of action:

                 (a) for rescission more than 180 days after the date of the purchase; or

                 (b) for damages more than the earlier of (i) one year after the investor first had knowledge of the facts giving
                     rise to the cause of action, and (ii) six years after the date of purchase;

              2. CMC UK will not be liable if it proves that the investor purchased the Securities with knowledge of the
                 Misrepresentation;

              3. in an action for damages, CMC UK will not be liable for all or any portion of the damages that it proves do not
                 represent the depreciation in value of the Securities as a result of the Misrepresentation relied upon; and

              4. in no case shall the amount recoverable exceed the price at which the Securities were sold to the investor.

              Saskatchewan. If this Customer Agreement, together with any amendment to this Customer Agreement, is sent
              or delivered to a Customer resident in Saskatchewan and contains a Misrepresentation at the time of purchase,
              the Customer is deemed to have relied upon that Misrepresentation and will have a right for damages against
              CMC UK, every promoter and director of CMC UK (as the case may be) and every person or company who sells
              securities on behalf of CMC UK, or alternatively, while still the owner of the purchased Securities, for rescission
              against CMC UK, provided that:



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              1. no action shall be commenced to enforce the foregoing rights:

                 (a) in the case of an action for rescission, more than 180 days after the date of the transaction that gave rise to
                     the cause of action; or

                 (b) in the case of any action, other than an action for rescission, the earlier of (i) one year after the investor first
                     had knowledge of the facts giving rise to the cause of action, or (ii) six years after the date of the transaction
                     that gave rise to the cause of the action;

              2. no person or company will be liable if the person or company proves that the Customer purchased the Securities
                 with knowledge of the Misrepresentation;

              3. no person or company (excluding the Issuer) will be liable if the person or company proves that (i) the Customer
                 Agreement or amendment was sent or delivered without the person’s or company’s knowledge or consent and
                 that, on becoming aware of it being sent or delivered, the person or company immediately gave reasonable
                 general notice to the Issuer that it was sent or delivered without the person’s or company’s knowledge, (ii) on
                 becoming aware of any Misrepresentation, the person or company withdrew the person’s or company’s consent
                 to the Customer Agreement and gave reasonable general notice to the Issuer of the withdrawal and the reason
                 for it, or (iii) with respect to any part of Customer Agreement purporting to be made on the authority of an
                 expert or to be a copy of, or an extract from, a report, an opinion or a statement of an expert, the person or
                 company had no reasonable grounds to believe and did not believe that there had been a Misrepresentation,
                 or the relevant part of the Customer Agreement did not fairly represent the report, opinion or statement of the
                 expert, or was not a fair copy of or extract from the report, opinion or statement of the expert;

              4. no person or company (but excluding CMC UK) will be liable with respect to any part of the Customer Agreement
                 not purporting to be made on the authority of an expert, or to be a copy of or an extract from a report, opinion
                 or statement of an expert, unless the person or company failed to conduct a reasonable investigation sufficient
                 to provide reasonable grounds for a belief that there had been no Misrepresentation, or believed there had
                 been a Misrepresentation; and

              5. in no case shall the amount recoverable exceed the price at which the Securities were sold to the investor.

              A Customer resident in Saskatchewan who has entered into an agreement for the purchase of Securities, which
              has not yet been completed, and who receives an amendment to this Customer Agreement that discloses (i) a
              material change in the affairs of the CMC UK, (ii) a change in the terms or conditions of the offering as described in
              this Customer Agreement or (iii) securities to be distributed that are in addition to the Securities described in this
              Customer Agreement, that occurred or arose before the Customer entered into the agreement for the purchase
              of the Securities, may within two business days of receiving the amendment deliver a notice to the Issuer or agent
              through whom the Securities are being purchased indicating the Customer’s intention not to be bound by the
              trading agreement.

              ClIENT REfERRAl AgENTS

              The Referral Agents you may have used are not employees, agents or representatives of CMC and therefore
              CMC does not direct, control or supervise their activities. CMC does not endorse or vouch for the accuracy of
              information you may receive from your Referral Agent or any other party not employed by CMC and will not be
              liable to you for any losses that arise from advice, recommendations or representations offered by a Referral Agent
              or other party.

              You acknowledge that CMC may compensate your Referral Agent for introducing you to CMC and that such
              compensation may either a flat, one-time fee or may be on a per-trade or other basis as determined from time to
              time.



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              ARbITRATION

              CMC Canada is a member of IIROC. A brochure entitled “Investor Protection for Clients of IIROC Member Firms”
              will be provided to you upon account opening. This brochure outlines your options should you have a complaint
              that cannot be resolved by CMC Canada’s Compliance Department.

              NO gUARANTEES

              You acknowledge that you have no separate agreements with CMC or any of its employees, agents or representatives
              regarding the trading in your account, including any agreement that purports to guarantee profits or limit losses in
              your account. You agree to notify CMC Canada’s Compliance Department if anyone proposes such an agreement
              to you relating to your accounts or if anyone makes representations concerning your account that differ from the
              statements and records that are provided to you by CMC.

              ACCEPTANCE

              This Customer Agreement shall not be deemed to be accepted by CMC nor become a binding contract between
              you and CMC until approved by CMC Canada’s head office.

              NOTICES

              Any notice from CMC (including without limitation any demand or statement or electronic confirmation) under
              or in connection with this Customer Agreement or the Canadian Terms of Business may be oral or in writing (“in
              writing” also includes via email).

              Notices, including legal notices and legal process, or other communications to the Customer may be made to
              the Customer’s last known home address, place of work, telephone number (including a telephone answering
              machine), fax number, e mail address or other contact details.

              Any notice from the Customer to CMC for all purposes hereunder must be delivered to both CMC Canada and
              CMC UK to the following physical address:

              •	 CMC Markets Canada Inc. 130 Adelaide Street West, Suite 1800, Toronto, Ontario, Canada M5H 3P5;
              •	 CMC Markets UK Plc 133 Houndsditch, London EC3A 7BX England; or
              •	 such other address as CMC may at any time advise the Customer.

              Any notice from the Customer to CMC must be in writing.




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                                          EXhIbIT I: CANADIAN TERMS Of bUSINESS

                                                    CMC MARKETS UK PlC AND
                                                   CMC MARKETS CANADA INC.

              bACKgROUND
              This document contains the terms and conditions (the “Canadian Terms of business”) which shall govern the trades
              in the Contracts for Difference (“CfDs”) entered into with CMC Markets UK Plc (“CMC UK”) to (i) persons who have
              opened a Trading Account with CMC Markets Canada Inc. (“CMC Canada”); and (ii) have designated an address
              in Canada for the purposes of the operation of such a Trading Account (the “Customer”) via the Marketmaker™
              Trading Platform (the “CMC Trading Platform”) with CMC Canada, as dealer and agent of CMC UK (together,
              CMC UK and CMC Canada are referred to herein as “CMC”).

              The Canadian Terms of Business may be amended or replaced from time to time.

              The current version of the Canadian Terms of Business is accessible on www.cmcmarkets.ca (the “CMC Canada
              website”).

              All amendments or revised versions of the Canadian Terms of Business shall be posted on the CMC Canada Website
              and written notice of such amendments or revisions shall be provided to all Customers.

              CANADIAN TERMS Of bUSINESS INCORPORATE UK TERMS Of bUSINESS

              These Canadian Terms of Business incorporate by reference those terms of business governing the contractual
              relationship between CMC and its investors located outside of Canada in the entering into and distribution of
              CFDs (the “UK Terms of business” or the “UK TOb”).

              The defined term “CMC”, “we: or “us” in the incorporated UK Terms of business should be read to mean
              both CMC UK and CMC Canada, as applicable. for greater clarity, the rights, obligations and protections
              afforded to CMC as described in the UK Terms of business (as attached) are the rights, obligations and
              protections afforded to both CMC UK and CMC Canada in the distribution and trading of CfDs with
              Customers resident in Canada.

              In Canada, the distribution of CFDs to investors must be in compliance with the IIROC Rules and Canadian
              Securities Legislation. Therefore, certain terms and conditions in the UK Terms of Business are not applicable to
              a Customer or must be modified to address the relationship between CMC and a Customer resident in Canada.

              Such modifications, terms and conditions that are specific to the Customers are described in detail below (the
              “Canadian Specific Terms”).

              For greater clarity, the Canadian Terms of Business therefore are comprised of the UK Terms of Business as modified
              by the Canadian Specific Terms.

              Where applicable, we have provided a cross-reference to a particular clause in the UK Terms of Business for ease
              of reference.

              Unless otherwise defined herein, all of the capitalized terms used in the Canadian Specific Terms shall have the
              meanings ascribed to them respectively in the UK Terms of Business as attached.



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              CANADIAN SPECIfIC TERMS

              1.   Scope of this Agreement

                   1.1 As indicated above, the use of the term “CMC” or “we” or “us” in the attached UK TOB is amended to
                       include both CMC UK and CMC Canada, as applicable.

                   1.2 All Customers are classified under the “Retail Client” categorisation.

                   1.5 CMC will deal with you on the terms of the documents described in Clause 1.5 of the UK TOB, all of
                       which are publicly accessible on the CMC Canada Website.

              2.   Our Activities

                   Note for Customers Resident in Canada: The distribution of CFDs to Customers resident in Canada is
                   required to be in compliance with IIROC Rules (in particular as it relates to what securities are eligible for
                   margin) and Canadian Securities Legislation.

                   As of the date hereof, CMC shall not enter into Contracts with a Customer based on any of the following
                   instruments: Grey Market Securities, synthetic baskets of securities (otherwise known as Sector CFDs),
                   Currency Indices and OTC options (“Excluded Instruments”). Therefore, all information pertaining to
                   the Excluded Instruments (and associated defined terms) as contained in the UK TOB do not apply to the
                   Customers to the extent they relate to Excluded Instruments. CMC may offer the Excluded Instruments in
                   the future and will provide notice to the Customer of these additional offerings.

                   The product list (the “Product list”) is a list of CFDs offered by CMC (and as they appear on the CMC Trading
                   Platform) to Customers at any given time. The Product List includes such information as the Underlying
                   (share, index, commodity, treasury etc), the name of the issuer, if applicable, the Margin Requirement for
                   each CFD and the name and opening hours of the exchange in which the Underlying is traded on. The
                   current Product List is publicly accessible on the CMC Canada Website.

                   Execution

                   2.4 The summary of the Execution Policy is available on the CMC Canada Website. All references to “our
                       website” are replaced with the CMC Canada Website.

                   Trading Hours

                   Clause 2.6 of the UK TOB is replaced with the following:

                   2.6 We will carry on our activities with you within our trading hours, which are normally 9 p.m. on Sunday
                       through to 10 p.m. on Friday (London time) and as disclosed on the Product List.

              4.   your Account

                   Maintaining Your Account

                   Clause 4.11 of the UK TOB is replaced with the following:

                   4.11 All business under this Agreement, including settlement of Contracts, will be conducted in Canadian
                        dollars unless we agree otherwise in writing.



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              5.   Instructions

                   To be inserted at the end of Clause 5.1:

                   No messages may be left, and no Order may be placed on CMC’s answering machine or voicemail facilities.
                   Under no circumstances will an order be accepted from the Customer simply by virtue of their leaving a
                   message on the answer phone or voicemail facilities. The Customer shall never assume that it has made or
                   that CMC has accepted such an order unless and until the Customer receives an order confirmation from
                   CMC. CMC does not accept FAX trade instructions; this form of instruction will not be acknowledged in any
                   way.

              7.   Margin

                   Note for Customers Resident in Canada: Margin required to be maintained by Customers resident in Canada
                   shall be set pursuant to IIROC Rules and as listed on the Product List.

              8.   Our Right to Close or limit your Contracts

                   Paragraph 8.1(a)(i) of UK TOB is replaced with the following: “if we consider that you may be in possession
                   of inside information within the meaning of the UK Criminal Justice Act 1993 and Canadian Securities
                   Legislation.”

                   Paragraph 8.1(a)(ii) of UK TOB is replaced with the following: “if we consider that you may be in breach of
                   the FSA Rules or Canadian Securities Legislation on market abuse”.

              9.   Payment and Set-Off

                   Taxes, Duties and Levies

                   Note to Customers Resident in Canada: Any discussion of taxation and related matters contained in the
                   Customer Agreement and in particular Section 9 of the UK TOBs, do not address Canadian tax considerations.
                   Customers may be subject to domestic tax in Canada on gains, profits and income from CFDs. Customers
                   resident in Canada should consult with their own legal and tax advisers with respect to the tax consequences
                   of an investment in CFDs in their particular circumstances and with respect to the eligibility of CFDs for
                   investment by such Customer under relevant Canadian legislation and regulations.

                   Making Payments

                   Clause 9.10(b) of UK TOB is replaced with the following: “if you are a Canadian resident, payment should be
                   made by (i) cheque made payable to “CMC Markets Canada Inc.”; (ii) a bank draft, wire transfer or electronic
                   funds transfer or online bill payment as CMC Markets Canada Inc. shall notify for this purpose unless we
                   agree otherwise in writing. Cash will not be accepted in any circumstances.”

              10. your Money

                   All references to the word “sterling” or any amounts with “£” shall be replaced with “Canadian dollar” or
                   “CAD$” respectively [Clauses 10.7 and 17.1.7 of the UK TOB.]

                   Clause 10.1 of UK TOB is replaced with the following:




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                  10.1 You agree and acknowledge that full title to and ownership of all Relevant Amounts has been
                       transferred by you to us or otherwise passed to us for the purpose of securing or otherwise covering
                       your present or future, actual or contingent or prospective obligations, and that such amounts do not
                       constitute and shall not at any time be deemed to constitute client money for purposes of the FSA
                       Rules. Client monies deposited with CMC Canada shall be held in accordance with IIROC Rules, as
                       applicable. If a Customer wishes to open a new position and/or maintain a position open in respect
                       of a CFD contract, CMC Canada will remit and/or transfer (notionally or otherwise) the Margin
                       Requirement or Notional Trading Requirement to CMC UK for the purposes of trading. CMC UK will
                       typically remit and/or transfer back to CMC Canada any monies held on a Customer’s behalf which
                       are not required or not likely to be required as Margin. Subject to clause 10.2, the Relevant Amounts
                       held by CMC UK may not be required to be segregated from CMC UK’s money and may be used by
                       CMC UK in the course of its business. You will rank as a general creditor of CMC UK.

                  Compensation

                  Clause 10.9 of the UK TOB is replaced with the following:

                  10.9 CMC UK is covered by the Financial Services Compensation Scheme. You may be entitled to
                       compensation from the scheme if CMC UK cannot meet its obligations. This depends on the type
                       of business, your status and the circumstances of the claim. Most types of investment business are
                       covered for 100% of the first £30,000 and 90% of the next £20,000, so the maximum compensation
                       is £48,000. Further information about compensation arrangements is available from the Financial
                       Services Compensation Scheme. You can contact the Financial Services Compensation Scheme
                       by writing to the Financial Services Compensation Scheme, 7th Floor, Lloyds Chambers, Portsoken
                       Street, London, E1 8BN, or by emailing them at the email address provided on the Financial Services
                       Compensation Scheme website at www.fscs.org.uk.

                  The following clause shall be inserted as Clause 10.10 of the UK TOB:

                  10.10 CMC Canada is a member of the Canadian Investor Protection Fund (“CIPF”). CIPF ensures, within
                        defined limits, that a Customer’s cash and securities are protected if they are an eligible customer of
                        an investment dealer that is a member of one of CIPF’s sponsoring organizations. You can contact
                        CIPF by writing to CIPF, 79 Wellington Street West, Suite 610, P.O. Box 75, Toronto, Ontario M5K 1E7
                        or via telephone at 416.866.8366 (or Toll-free: 866.243.6981) or by emailing them at the email address
                        provided on the CIPF website at www.cipf.ca.

              13. your Representations and warranties

                  Additional Representations For Customers Resident in Canada

                  In addition to the representation and warranties made by each Customer in the UK TOBs, each Customer
                  resident in Canada, represents and warrants to CMC as follows:

                  i If an individual, the Customer is over 18 years old and is duly authorized to agree to the Customer
                     Agreement including the Canadian Terms of Business, to place an order or enter into a trade with CMC
                     and to perform its obligations hereunder.

                  ii The Customer has obtained all necessary authorizations to place orders or to enter into trades or to
                     perform any obligations relating to such trades and orders (including any necessary governmental
                     authorizations).




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              iii The Customer’s actions are lawful under the applicable laws of any and all jurisdictions to which the
                  Customer may be subject. The Customer gives a warranty to CMC that the Customer is not prohibited
                  from entering into any trade or placing any order with CMC.

              iv The Customer has carefully read this Customer Agreement including all of the Required Documents.

              v   The Customer has such knowledge and experience in financial and business matters as to be capable of
                  evaluating the merits and risks of an investment in the CFDs, is able to bear the risks of an investment in
                  the CFDs, and understands the risks of, and other considerations relating to, the purchase of the CFDs.

              vi The Customer understands that it is purchasing the CFDs pursuant to an exemption from the
                  requirement to qualify the CFDs by prospectus under Canadian securities laws, and no such qualification
                  is contemplated, and, as a consequence: (i) the Customer is restricted from using certain of the civil
                  remedies available under such securities laws; (ii) the Customer may not receive information that would
                  otherwise be required to be provided to it under such securities laws; and (iii) CMC is relieved from
                  certain obligations that would otherwise apply under such securities laws.

              vii Other than as set forth in this Customer Agreement and the other Required Documents, the Customer is
                  not relying upon any other information, representation or warranty by CMC or any of their affiliates or
                  any of their respective personnel or in determining to invest in the CFDs.

              viii The Customer has consulted, to the extent deemed appropriate by the Customer, with the Customer’s
                  own advisers as to the financial, accounting, tax, legal, regulatory, investment and related matters
                  concerning an investment in the CFDs and on that basis believes that an investment of any type or
                  amount of the CFDs is suitable and appropriate for the Customer.

               The above warranties and representations shall be deemed to be repeated each time the Customer
               purchases a CFD.

               Additional Representations For Customers Resident in Provinces and Territories Outside of Ontario,
               Québec and British Columbia

               CFDs are being offered to customers resident in Alberta, Saskatchewan, Manitoba, New Brunswick, Nova
               Scotia, Newfoundland and Labrador and Prince Edward Island, Northwest Territories, Yukon and Nunavut
               on a private placement basis pursuant to certain exemptions from prospectus requirements contained in
               applicable securities legislation in each such jurisdiction.

               In addition to the representation and warranties made by each Customer in the Canadian Terms of Business,
               each Customer resident in Alberta, Saskatchewan, Manitoba, New Brunswick, Nova Scotia, Newfoundland
               and Labrador and Prince Edward Island, Northwest Territories, Yukon and Nunavut, represent and warrant
               to CMC as follows:

               (a) Such Customer is entitled under the securities legislation of the Customer’s province of residence to
                   purchase the CFDs without the benefit of a prospectus qualified under the securities legislation of the
                   Customer’s province of residence.

               (b) The Customer is an “accredited customer” as that term is defined in National Instrument 45-106
                   (“45-106”).

               (c) The Customer is purchasing the CFDs as principal.




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                  (d) The Customer has been notified by CMC that CMC is required to provide information (“personal
                      information”) pertaining to the customer as required to be disclosed in Schedule I of Form 45-106F1
                      (including its name, address, telephone number and the number and value of any CFDs purchased)
                      which is required to be filed by CMC under 45-106; (b) that such personal information will be delivered
                      to the applicable provincial securities regulatory authority in accordance with 45-106 and therefore
                      may become available to the public in accordance with the requirements of applicable laws; (c) that
                      such personal information is being collected indirectly by the applicable provincial securities regulatory
                      authority under the authority granted to it under the provincial securities legislation; (d) that such
                      personal information is being collected for the purposes of the administration and enforcement of the
                      securities legislation of each province; and (e) by purchasing CFDs, such Customer has authorized the
                      indirect collection of the personal information by the securities regulatory authorities. By purchasing
                      CFDs, a purchaser acknowledges that personal information such as the Customer’s name, address and
                      telephone number will be delivered to the applicable securities commission and that such personal
                      information is being collected indirectly by the applicable securities commission. By purchasing CFDs,
                      an customer shall be deemed to have authorized such indirect collection of personal information by
                      the applicable securities commission.

                  The above warranties and representations shall be deemed to be repeated each time the Customer
                  purchases a CFD.

              17. Default

                  Clause 17.1.7 of the UK TOB is replaced with the following:

                  17.1.7 charge you (or debit from your Account) an administration fee in the amount of $400.00 in respect
                  of each Specified Event.

              21. general

                  Governing Law and Jurisdiction

                  The following clause shall be inserted as Clause 21.16 and 21.17 of the UK TOB:

                  21.16 The Customer Agreement and any Contract contemplated by this Agreement shall be governed by
                        the laws of the Province of Ontario and the federal laws of Canada applicable in that province, and
                        each party irrevocably and unconditionally submits to the non exclusive jurisdiction of the courts of
                        such province and all courts competent to hear appeals therefrom. For the avoidance of doubt, this
                        clause shall not prevent CMC from commencing proceedings in any other relevant jurisdiction.

                  21.17 All judicial or administrative actions or proceedings arising directly or indirectly hereunder or in
                        connection with the transactions contemplated hereby, whether brought by you or CMC, shall be
                        held, at the sole discretion of CMC within the City of Toronto, Province of Ontario exclusively. You
                        consent and submit to the jurisdiction of the courts located in the City of Toronto and waive any
                        and all objections you may have to such venue. You further agree to waive and forego any right you
                        may have to transfer or change the venue of any action or proceeding encompassed hereby. This
                        paragraph is subject to your rights under the arbitration program outlined by IIROC and nothing in
                        this paragraph affects your rights under that arbitration program.




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              22. Notices and Communication

                  In addition to the information provided on CMC in Clause 22.1 of the UK TOB, the chart is amended to
                  include the following information:

                  Name of Party: CMC Markets Canada Inc.
                  Address: 130 Adelaide Street West, Suite 1800, Toronto, Ontario M5H 3P5.
                  Telephone and Facsimile numbers: T 416-682-5000 and F 416-682-5099
                  Electronic mail address: info@cmcmarkets.ca

                  Clause 22.7 of the UK TOB s is replaced with the following:

                  22.7 All communications between Customers and CMC shall be in English. By virtue of the purchase of
                       CFDs, each Customer is deemed to acknowledge that its express wish is that all documents evidencing
                       or relating in any way to the entering into the CFDs (including the Marketmaker™ Trading Platform)
                       be drafted in the English language only. En souscrivant des valeurs mobilières en vertu de la présente
                       notice d’offre, chaque souscripteur est réputé reconnaître avoir exigé que tous les documents faisant
                       foi de ou relatifs à la vente des valeurs mobilières soient rédigés uniquement en anglais.

              24. Disputes and Complaints

                  Clause 24.1 of the UK TOB is replaced with the following:

                  24.1 You should inform CMC Canada’s Client Services Team immediately of any dispute or complaint
                       you may have in relation to this Agreement. Such complaints (with all relevant details) can be made
                       either in writing or orally and will be dealt with in accordance with CMC Canada’s internal complaints
                       handling procedures. CMC Canada will address your complaints in accordance with applicable IIROC
                       Rules. CMC Canada and/or CMC will endeavour to investigate any dispute or complaint as soon as
                       reasonably practicable and will notify you of the results of our investigation.

              25. glossary

                  The following defined terms set out in Clause 25 of the UK TOB are replaced with the following:

                  “Application Form” means the application form and account opening documentation completed by you
                  and submitted to CMC Canada in respect of the matters covered by this Agreement.

                  “Base Currency” means the currency selected by you under clause 4.5 and which, in the absence of a
                  selection, shall be Canadian dollars.

                  “CMC Listing” means in relation to a Spot or Forward on a Security or Securities Basket, the list of Underlying
                  Instruments quoted on the Product List as contained in the Rates Schedule (as presented on the CMC Canada
                  Website) upon which we hold ourselves out from time to time as willing to quote a price as amended by us
                  under paragraph 2.1(a) of Part A – Appendix I.

                  “Legislation and Regulation” means the Act, the FSA Rules, the Market Rules, the IIROC Rules and Canadian
                  Securities Legislation and any other applicable laws and rules of the provinces and territories of Canada and
                  the United Kingdom, which apply to you or us in relation to our activities under this Agreement.




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                    “Specified Event” means any of the following events:

                    (a) through (d) and (f) through (i) as per the UK TOBs; and (e) if you or a third party institutes any proceedings
                    against you or pertaining to your affairs for substantive relief in any bankruptcy, insolvency, debt restructuring,
                    reorganization, readjustment of debt, dissolution, liquidation, winding-up or other similar proceedings,
                    including proceedings under the Bankruptcy and Insolvency Act (Canada), the Winding-up and Restructuring
                    Act (Canada), the Companies’ Creditors Arrangement Act (Canada), the incorporating statute of the relevant
                    corporation or other similar legislation, including proceedings for the appointment of a trustee, interim
                    receiver, receiver, receiver and manager, liquidator, administrator, or any other like official with respect to
                    the relevant corporation of all or any material part of its property or assets, or if you make an assignment for
                    the benefit of your creditors or you are unable to or admit in writing that you are unable to pay your debts
                    as they become due or otherwise acknowledge your insolvency or you commit any other act of bankruptcy
                    or you are taken to be insolvent under any applicable legislation or proceedings are taken by a third party
                    against you, including but not limited to, the issuance of an application for a bankruptcy order as against
                    you or steps are taken against you for a liquidation or rearrangement of your affairs.

                    The following defined terms are to be added to Clause 25 of the UK TOB:

                    “Canadian Securities Legislation” means all applicable Canadian securities and derivatives legislation,
                    including but not limited to the Securities Act (Ontario) and the Derivatives Act (Québec), national or
                    multilateral instruments, rules, regulations, policy statements, orders, published decisions, notices and
                    rulings of the Canadian Securities Administrators and the securities regulatory authorities in the provinces
                    and territories of Canada and the rules policies and company manual of the Toronto Stock Exchange.

                    “IIROC Rules” means all by-laws, rules, regulations, notices, rulings, instructions, guidance, notices, decisions,
                    directions and policies of the Investment Industry Regulatory Organization of Canada.




              APPENDIX I - PART A - SECURITy, bASKET AND INDEX SPOTS AND fORwARDS

              CMC Listings

              Clause 2.1 of Appendix I - Part A of the UK TOB is replaced with the following:

                    2.1 We will only quote prices for Spots and Forwards on a single Security where such Security is included
                        on the relevant CMC Listing, to which the following provisions apply:

                         (a)   The Securities contained on the relevant CMC Listing shall be those securities that are eligible for
                               margin under IIROC Rules.

                         (b)   We may amend the list of Securities to which the criteria apply and which are contained on any
                               CMC Listing with immediate effect by amending the list of Securities for which prices are quoted
                               on the CMC Canada Website. Such amendment shall be made in accordance with, and as soon
                               as reasonably practicable after, any amendment to the equivalent published list of the relevant
                               exchange.

                         (c)   It is your responsibility to monitor the CMC Listing and to assess the likelihood of the Securities
                               which form the basis of your orders and open Contracts continuing to meet the criteria for the
                               relevant CMC Listing.



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              Adjustments, Insolvency and Take-Over Offers

              Clause 5.18 of Appendix I - Part A of the UK TOB is replaced with the following:

                    5.18 In the case of Securities listed on an exchange outside of Canada, reference to any “offer” or “take-
                         over” in this Appendix shall have the meaning set out in the City Code on Take-overs and Mergers or,
                         in respect of shares traded outside the UK, such code or regulations as are applicable to take-overs and
                         mergers (as amended from time to time). If no such other code of regulations apply, we shall apply the
                         City Code on Take-overs and Mergers as if it applied to such shares with the necessary amendments.
                         For Securities that are listed on an exchange in Canada, reference to “take-over” shall have the same
                         meaning as the term “take-over bid” as defined in the Multilateral Instrument 61-101 Protection of
                         Minority Security Holders in Special Transactions of the Canadian Securities Administrators.




              APPENDIX II - SChEDUlE A - SPOT CONTRACTS fOR DIffERENCE

              Close of Business Accounting

              Clause 5.6 of Appendix II – Schedule A of the UK TOB is replaced with the following:

                     5.6 Where you are the Short Party and express reference is made in the Rates Schedule to interest receivable
                         by you, we may credit to the Account an amount equivalent to overnight interest to the next Business
                         Day equal to the Relevant Interest Rate minus the relevant Interest Percentage on the Contract Value.
                         Such credit amount shall accrue for each day or part day (taking the annual rate divided by 365 or 360
                         according to relevant market practice) up to and including the Settlement Date.




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                                                           CMC MARKETS UK PlC

                                                          UK TERMS Of bUSINESS

              Trading in contracts for differences (CfDs) carries a high level of risk to your capital. you may incur profits
              or losses many times the amount of money you originally deposit with us. Make sure you fully understand
              the risks involved and take advice if necessary. CfD trading may not be suitable for every customer.

              1.      Scope of this Agreement

              1.1     This Agreement constitutes a contract between you (referred to as “you” or the “Customer”) and CMC
                      Markets UK PLC (referred to as “CMC” or “we” or “us”), whose registered office is at 133 Houndsditch,
                      London EC3A 7BX. We are authorised and regulated in the United Kingdom by the Financial Services
                      Authority (“fSA”), whose address is 25 The North Colonnade, Canary Wharf, London, E14 5HS. Our FSA
                      reference number is 173730.

              1.2     Based on the information available to us and as permitted by the rules of the FSA, we have categorised
                      you as either a “Retail Client”, a “Professional Client” or an “Eligible Counterparty” and notified you of
                      the relevant category. You have the right to request a different client categorisation. If we receive such a
                      request, we will inform you of whether or not we accept it and, if we do accept it, of the consequences of
                      the re-categorisation. However, until we receive such a request and inform you of our acceptance of it,
                      we shall deal with you on the basis of our original categorisation.

              1.3     You will benefit from the regulatory protections afforded to the relevant category of client under the FSA
                      Rules. If we have categorised you as a Professional Client or Eligible Counterparty, you should be aware
                      that you will not be entitled to certain protections afforded (respectively) to Retail Clients or Professional
                      Clients by the FSA Rules. We specify in these Terms of Business if a particular provision does not apply to
                      a Professional Client or Eligible Counterparty.

              1.4     From 1 November 2007, these Terms of Business supersede any other general terms of business or similar
                      documents that may have been previously issued to you by us. For the avoidance of doubt, all Contracts
                      opened prior to 1 November 2007 shall remain enforceable upon the specific terms agreed between you
                      and us, subject to this Agreement.

              1.5     We will deal with you on the terms of:

                      •   these Terms of Business (including the Appendices);
                      •   the Risk Warning Notice;
                      •   your completed Application Form;
                      •   the Rates Schedule;
                      •   the summary of our Execution Policy (if applicable);
                      •   any End User Licence Agreement;
                      •   the Limited Appointment of Agent Form (if any); and
                      •   any additional terms and conditions issued by us, including those issued in respect of Contracts
                          contemplated by these Terms of Business,

                      which together are referred to as this “Agreement”.

              1.6     This Agreement will apply to CMC’s activities described in clause 2.1 only and does not apply to other
                      activities carried on by CMC or its Associates. Any references to your Account in this Agreement refer
                      solely to the account in respect of CFDs and do not apply to any other accounts you may hold with CMC
                      or its Associates.


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              1.7    Please note that we may, in our discretion, amend or vary these Terms of business or withdraw in
                     whole or in part any account facility provided to you under this Agreement either on notice or, in
                     specified circumstances, without prior notice. This is considered further at clauses 8, 17, 18 and
                     21.4 to 21.6.

              1.8    you must read the Risk warning Notice and all the other documents supplied to you in connection
                     with this Agreement very carefully. you should not sign the Application form if you are unsure
                     as to the effects of this Agreement or the nature of the risks involved. If you complete, sign and
                     submit the Application form to us, then you are acknowledging that you have read the documents
                     supplied to you in connection with this Agreement and that you understand and agree that our
                     relationship will be governed by the terms and conditions set out in this Agreement.

              1.9    Subject to clause 5.1 of this Agreement, no oral representation shall have any effect under this Agreement
                     unless and until it is first confirmed in writing.

              1.10   In this Agreement certain words and expressions have the meanings set out in the Glossary at clause 25.

              2.     Our Activities

              2.1    Subject to you fulfilling your obligations under this Agreement, we may enter into Contracts with you in
                     the following financial instruments:

                     (a) spot contracts for differences on single securities, baskets of securities, stock or other indices,
                         currencies, Treasury Products, base and precious metals and commodities (see Appendix II -
                         Schedule A);

                     (b) forward contracts for differences on single securities, baskets of securities, stock or other indices,
                         currencies, Treasury Products, base and precious metals and commodities (see Appendix II -
                         Schedule B);

                     (c) OTC options to acquire or dispose of any of the instruments falling within (a) or (b) above, including
                         warrants (see Appendix II - Schedule C); and

                     (d) such other investments as we may from time to time agree to offer in writing.

                     Execution

              2.2    We will enter into all Contracts contemplated by this Agreement as principal and not as agent for any
                     other person. We will treat you as our customer and you will also enter into this Agreement, including all
                     Contracts contemplated by this Agreement, as principal and not as agent for any other person.

              2.3    we will deal with you on an execution-only basis at all times. Please note that we shall not
                     provide you with any advice on the merits or suitability of you entering into this Agreement or
                     any particular Contract. We shall also not provide you with any tax advice on the same. You may wish
                     to seek independent advice before entering into this Agreement and/or any Contract.

              2.4    When we execute an order on your behalf, we will generally act in accordance with our order execution
                     policy (the “Execution Policy”) as may be amended from time to time. A summary of our current Execution
                     Policy, as relevant to your categorisation as a Retail Client or as a Professional Client, has been provided
                     to you and is also available on our website (www.cmcmarkets.com). The Execution Policy does not apply
                     to dealings with Eligible Counterparties. Even if you are a Retail Client or a Professional Client, you should



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                    note that in some circumstances we may deal with you as principal but not act on your behalf in relation
                    to the order, for example where we simply provide a quote for a particular product and then deal as
                    principal, in which case we shall not be obliged to comply with the FSA Rules on best execution or the
                    Execution Policy.

              2.5   Our activities with you under this Agreement may include margined transactions. Margined transactions
                    are transactions, executed by us with you which relate to the types of financial instruments listed in
                    clause 2.1, where you are required to provide cash or Collateral to secure the performance of obligations
                    which you may have to perform:

                    2.5.1    when the Contract you have entered into with us fails to be completed; or

                    2.5.2    upon a closing out of any Contract.

                    Our Trading Hours

              2.6   We will carry on our activities with you within our trading hours, which are normally 10pm on Sunday
                    through to 10pm on Friday (London time) and subject to clauses 2.7 and 2.8 and to the terms of this
                    Agreement generally, we will only quote prices and accept orders or instructions in respect of any Contract
                    during those hours.

              2.7   Where, in our reasonable opinion, a public holiday in any jurisdiction affects the relevant underlying
                    market, we shall not be obliged to quote prices or accept orders or instructions in respect of any Contract
                    related to that market. We shall from time to time give reasonable notice of such public holidays and the
                    financial instruments affected within the trading software.

              2.8   In some cases, financial instruments may only be traded during the time when the relevant exchange,
                    where the Underlying is traded, is open. We refer to this as Limited Hours Trading. Where your Contract
                    relates to such financial instruments, we shall not be obliged to quote prices or accept orders or instructions
                    during any time when the relevant exchange is closed for business. We shall endeavour to inform you of
                    which Contracts are subject to Limited Hours Trading on our website and within the trading software. We
                    may amend the list of such Contracts at any time, and it is your responsibility to ensure that you are aware
                    of which of your Contracts may be affected.

              3.    CfD Trading Process

              3.1   you must familiarise yourself with the nature of CfD trading, the terminology and the jargon used
                    and the procedures involved before you enter into any Contract.

              3.2   CFDs carry a high degree of risk. The gearing and leverage that is obtainable with CFD trading means
                    that you only need to place a small deposit to commence trading with us although this small deposit
                    may result in large losses or large gains. We expand on the risks involved with CFD trading in our Risk
                    Warning Notice, which you must read and understand before you enter into any Contract with us. The
                    Risk Warning Notice is helpful but does not set out all the risks that may apply to you when trading CFDs
                    with us. It is your responsibility to ensure that you are fully aware of all these risks before you enter into
                    any Contract.

              3.3   When trading CFDs you trade on the outcome of the price of a financial instrument. This trading does not
                    occur on an exchange. Rather the trading occurs off-exchange or over the counter (“OTC”). As a result, we
                    enter directly into a contract with you in respect of the financial instrument you wish to trade.




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              3.4   Please also refer to Appendix I to this Agreement, which sets out various matters relevant to CFD trading
                    including (a) further explanation of the terms; (b) an explanation of how we price up financial instruments;
                    (c) the financial instruments to which Limited Hours Trading applies; (d) our approach to Close of Business
                    accounting; and (e) how positions opened in respect of the different financial instruments are closed.

              3.5   The trading process is set out in Appendix II to this Agreement for each type of financial instrument
                    traded. You should familiarise yourself with Schedules A, B and/or C in that Appendix as is applicable to
                    the Contract you are proposing to enter into.

              3.6   Orders that you wish to place will be subject to minimum and maximum limits. The minimum and
                    maximum limits are set by us by reference to the normal market size for which prices are available on any
                    relevant exchange or market and which offer live price information. The current minimum and maximum
                    limits are available from us on request.

              3.7   We are entitled to vary these minimum and maximum limits and it is your responsibility to ensure that
                    you know what the current limits are before entering into any contract.

              3.8   We also have the right to waive any trade size limits with or without notice to you.

              3.9   Orders that fall within the defined limits are referred to as orders of Normal Trading Size.

              4.    your Account

                    General

              4.1   Following receipt of your Application Form, we may carry out such credit or other checks from time to time
                    as we deem appropriate, including obtaining references from your bank, your employer, credit reference
                    agencies, the electoral register and other reputable sources. Credit reference agencies will record details
                    of the search whether or not your application proceeds. We may use credit-scoring methods to assess
                    your application, to verify your identity and to consider any changes to the way in which your Account
                    is operated. Credit searches and other information which is provided to us and/or the credit reference
                    agencies, about you and those with whom you are linked financially, may be used by us and our Associates
                    if credit decisions are made about you, or other members of your household. A link between you and
                    anyone with whom you have a joint account or similar financial association may be recorded at credit
                    reference agencies, creating a “financial association”. All parties’ information will be taken into account
                    in future applications until one of you successfully files a “notice of disassociation” at the credit reference
                    agencies. We may make periodic searches of, and provide information (including how you manage your
                    account and any arrears) to, credit reference agencies. Such information may be used by other credit
                    providers to take decisions about you and your financial associates. This information may also be used for
                    debt tracing and the prevention of money laundering as well as for the management of your Account. You
                    authorise us to use your information to perform the above checks in relation to your application.

              4.2   You must immediately inform us, in writing, of any material changes to the information provided to us in
                    your Application Form, for example, in relation to your contact details or any adverse matters relating to
                    your financial status.

              4.3   If we decide to accept your Application Form, we will open an Account for you and provide you with a
                    user ID and account number. You will need to set your own username and password. You undertake not
                    to disclose any information relating to your Account to any other person and to keep your password
                    secret at all times. You also undertake to notify us immediately if you know or suspect that any other
                    person has access to your Account so that these may be changed. Should we be required to conduct an



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                    investigation into this, you undertake to cooperate with us.

              4.4   You must keep all security information relating to your Account, including but not limited to your account
                    number, user ID, username and password, confidential. We do not have to establish the authority of
                    anyone quoting your account number, user ID, username or password.

                    Currency Ledgers

              4.5   Your Account may comprise a number of currency ledgers, which shall operate as follows:

                    (a) we may accept payments into the Account in different currencies in accordance with clause 9.12 and
                        any payments due to or from us and any net balances on the Account shall be reported by us in the
                        respective currency ledger;

                    (b) you may select from time to time, by giving us five (5) Business Days’ notice in writing, one currency
                        to be designated as the Base Currency applicable to your Account;

                    (c) you accept that when you enter into one or more Contracts denominated in a currency other than
                        the Base Currency, a currency ledger will be created on the Account and will, subject to clause 4.5(f),
                        remain until all Contracts in such currency are closed. You will receive or pay interest to us for any
                        credit or debit balance separately for each currency ledger (see clauses 10.7 and 10.8 of these Terms
                        of Business);

                    (d) we shall additionally report all sums due to or from us, whether by way of margin or otherwise, and
                        the net balance on the Account in the Base Currency using the CMC Exchange Rate;

                    (e) we will generally settle trades in the relevant currency where the Account comprises such currency
                        ledger, save that where such currency balance is insufficient, we may settle trades in any currency for
                        which there is a currency ledger in the Account using the CMC Exchange Rate; and

                    (f) you may direct us to convert any currency balance to the Base Currency at any time using the CMC
                        Exchange Rate and/or we may elect upon written notice to you to automatically convert any currency
                        balance to the Base Currency on a daily basis using the CMC Exchange Rate.

                    Aggregated Accounts

              4.6   Except as otherwise expressly provided in this Agreement, if you have more than one Account with us,
                    these will be treated entirely separately. Therefore, any credit on one Account (including monies deposited
                    as margin) will not discharge your liabilities in respect of another Account unless we exercise rights under
                    clause 18.

              4.7   At your request, we may, in our absolute discretion, agree to treat all your Accounts as one Account. This
                    will have to be confirmed by us in writing. In this case, all references to Account in this Agreement will
                    refer to your Accounts as so aggregated.

                    Maintaining Your Account

              4.8   It is your responsibility to maintain your Account at all such times. This includes ensuring that the required
                    level of margin is in place (see clause 7 of these Terms of Business). This responsibility applies in respect of
                    all the CFD activities that we carry on with you. If you have more than one Account, this responsibility will
                    relate to each Account separately, unless we have agreed otherwise in writing with you.



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              4.9    Except in the case of fraud, we do not accept responsibility for any loss or damage suffered by you as a
                     result of your trading on monies deposited in or credited to your Account in error by or upon our behalf.

              4.10   We reserve the right to close or suspend your Account at any time in accordance with the terms of this
                     Agreement.

              4.11   All business under this Agreement, including settlement of Contracts, will be conducted in pounds sterling
                     unless we agree otherwise in writing.

              5.     Instructions

              5.1    You may give us instructions orally, electronically or in writing EXCEPT THAT trading instructions or
                     instructions otherwise relating to open Contracts must be given to us through the CMC trading platform
                     or over the telephone. All instructions shall be given to us promptly. If you do not provide such instructions
                     promptly, then, depending on the circumstances we may, in our absolute discretion, take such reasonable
                     steps at your cost as we reasonably consider necessary or desirable for our own protection or your
                     protection.

                     Authorising Others

              5.2    You may choose to instruct another person to give instructions on your behalf. Each person authorised to
                     give us instructions on your behalf (“Authorised Person”) must be notified in writing to us. You can do this
                     in the first instance on your Limited Appointment of Agent Form. Such Authorised Person may be varied
                     by your written notice to us. We shall not be bound by any such variation until we have actually received
                     such written notice.

              5.3    We shall be entitled to act upon the oral, electronic or written instructions of any Authorised Person
                     or person who appears to be an Authorised Person, notwithstanding that the person is not, in fact, so
                     authorised. In particular, we shall be entitled to act upon any instructions or orders transmitted using your
                     username, account number, user ID or password.

              5.4    It is your responsibility to remind yourself of key dates, times and events in relation to any
                     Contract contemplated by this Agreement.

              5.5    We may (but shall not in any circumstances be obliged to) require confirmation (in such form as we may
                     reasonably request) of any instruction:

                     (a) if such instruction is to close your Account or remit money due to you; or

                     (b) if it reasonably appears to us that such confirmation is necessary or desirable.

              5.6    For the avoidance of doubt, the trades executed by us are in real time, and we are not and cannot be
                     obliged to refuse to act upon instructions notwithstanding either that they were sent in error or that their
                     effect is to generate a debit balance on your Account.

              5.7    We may acknowledge instructions orally, electronically or in writing, as appropriate.

                     Customer’s Risk

              5.8    Subject to clause 6.6, any instruction sent via the Internet by you will only be deemed to have been
                     received and shall only then constitute a valid instruction and/or binding Contract between you and



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                     us when such instruction has been recorded as executed by us and confirmed by us to you. The mere
                     transmission of an instruction by you shall not give rise to a binding Contract between you and us. You
                     are responsible for making enquiry from us if a confirmation is expected in relation to a Contract but has
                     not been received by you.

              5.9    We shall not be liable for any loss, expense, cost or liability (including consequential loss) suffered or
                     incurred by you as a result of, but not limited to, us not receiving corrupted or delayed instructions or
                     any other communications being made by you (for example, via the Internet) and/or us not receiving
                     such instructions or communications. You will be responsible for all instructions in respect of Contracts
                     contemplated by this Agreement.

              5.10   If, after instructions are received in relation to your Account, we believe that it is not reasonably practicable
                     to act upon such instructions within a reasonable time, we may defer acting upon those instructions until
                     it is, in our reasonable opinion, practicable to do so or we may notify you that we refuse to act upon such
                     instructions. We shall not be liable for any losses resulting from such deferral or refusal.

              5.11   You shall indemnify us and keep us indemnified against all losses which we may suffer as a result of:

                     5.11.1 any error in any instruction given to us by any Authorised Person; or

                     5.11.2 acting on any instruction, which is, or appears to be, from an Authorised Person.

              5.12   We may also, at our discretion, refuse to accept instructions for any reason including, without limitation,
                     if we believe that complying with such instructions would breach the Legislation and Regulations.

              6.     Pricing

              6.1    We act under this Agreement as a market maker. We will quote prices at which we are prepared to deal
                     with you. Save where:

                     6.1.1     we exercise any of our rights to close out a Contract; or

                     6.1.2     a Contract closes automatically,

                     it is your responsibility to decide whether or not you wish to deal at the price quoted by us.

              6.2    When we quote a price, market conditions may move between our sending of the quote and the time
                     your order is executed. Such movement may be in your favour or against it. Prices that may be quoted
                     and/or traded upon from time to time by other market makers or third parties shall not apply to trades
                     between us and you.

              6.3    Our prices are determined by us in accordance with the Appendices to this Agreement and, where
                     applicable, our Rates Schedule. If you are a Retail Client or a Professional Client and we are obliged to
                     comply with our Execution Policy and the FSA Rules on best execution, in accordance with clause 2.4,
                     then our prices will also be determined in accordance with the summary of our Execution Policy (as
                     amended from time to time).

                     Normal Trading Size

              6.4    You may at times place an order for a Contract, which we consider is outside the Normal Trading Size
                     (see clause 3.9 of these Terms of Business). We determine what we consider to be Normal Trading Size by



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                    reference to the normal market size for which prices are available on any relevant exchange or market and
                    which offer live price information.

              6.5   If you place an order for a Contract outside the Normal Trading Size, it may be subject to special conditions
                    and requirements. We will notify you of these at the time of the order, in which case you shall not be
                    obliged to proceed with the order. In particular, we may quote a revised price applicable to the proposed
                    Contract, which you may, at your absolute discretion, accept or reject.

                    Errors

              6.6   It is possible that errors may occur in the prices of Contracts quoted by us. In such circumstances, without
                    prejudice to any rights either we or you may have under the Legislation and Regulations or common law,
                    neither you nor we will be bound by any Contract which purports to have been made (whether or not
                    confirmed by us) at a price which was, or ought reasonably to have been, known to either you or us to be
                    materially incorrect at the time of the Contract. The party asserting that the Contract is avoided under this
                    clause shall give notice to the other within five (5) Business Days of the Contract. If you give notice to us
                    under this clause, we shall determine, acting reasonably, whether the price quoted was materially correct
                    and shall inform you of our decision as soon as reasonably practicable.

              6.7   Except in the case of fraud, we do not accept any liability for any loss or damage suffered by you as a
                    result of your reliance on a price which you knew, or ought reasonably to have known, to be materially
                    incorrect.

              6.8   We will not be bound by any Contract which is executed at a price which varies from the CMC Spread at
                    the time of execution as a result of you affecting, modifying or using the CMC trading platform in such a
                    way that it fails to show changes in the CMC Spread that have occurred since you first placed the order
                    or in any other way that results in the Contract being based on an abnormal price in relation to market or
                    trading conditions. Where this occurs, we will give you notice within a reasonable period not exceeding
                    ten (10) Business Days after the order has been placed and inform you whether the Contract is to be
                    avoided by us for this reason.

              7.    Margin

              7.1   you agree to provide to us and to maintain on your Account at all times such margin as is required
                    under this clause 7 of these Terms of business. This is repeated for every Contract entered into by
                    you and shall relate separately to each Account, if you have more than one Account with us.

              7.2   The minimum level of margin that you are required to maintain on your Account at any particular time,
                    by the deposit of cleared funds with us, is referred to as the Margin Requirement.

              7.3   The Margin Requirement differs according to the financial instrument(s) that you wish to trade. The
                    specific calculations for the Margin Requirement in respect of a Contract is set out in Appendix II (as
                    applicable to the financial instrument).

              7.4   when depositing funds in respect of your Margin Requirement, you may wish to leave some
                    “headroom” (i.e. you may wish to deposit an amount which exceeds that required to meet the
                    Margin Requirement at that time) depending on your view of your open positions, the volatility
                    of the particular financial instrument(s) concerned and the underlying market(s), the time it will
                    take for you to deposit further cleared funds on your Account and any other matter which you
                    may consider relevant.




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              7.5   you undertake to provide us with and to maintain on your Account at all times sufficient cleared
                    funds in order to meet the Margin Requirement. you should keep in mind that a failure to meet
                    the Margin Requirement at any time is a Specified Event (please see definition of this term). As a
                    result, failing to meet your Margin Requirement may result in us closing out your open positions
                    without notice to you under clause 17.

              7.6   We shall provide to you via on-line access to your Account sufficient information to enable you to
                    calculate the amount of any margin required by us under this Agreement. Please note that we may, in
                    accordance with clauses 7.2, 7.3, 21.4 and 21.5, vary the Margin Percentages or Notional Trading
                    Requirements at any time by written notice to you. where this occurs, you shall have three (3)
                    business Days from the date specified in the notice to deposit cleared funds on your Account
                    to meet the Margin Requirement based on the new Margin Percentages or Notional Trading
                    Requirements applicable to any of your open Contracts, provided always that, in the interim
                    period, you continue to meet the Margin Requirement based on the old Margin Percentages
                    or Notional Trading Requirements. for the avoidance of doubt, the new Margin Percentages or
                    Notional Trading Requirements will apply immediately in respect of any new Contracts entered
                    into after the relevant notice. We shall report the total amount of margin due from you in the Base
                    Currency using the CMC Exchange Rate. When dealing over the telephone, you will be provided with the
                    relevant information upon request.

              7.7   It is your responsibility to monitor at all times the amount of margin deposited in your Account
                    against the amount of any margin currently required under this Agreement and any additional
                    margin that may be necessary or desirable, having regard to:

                    7.7.1   your open Contracts;

                    7.7.2   the volatility of any relevant Underlying, Related Security, Related Index or Related Index
                            futures Contract;

                    7.7.3   the volatility of the relevant market;

                    7.7.4   the volatility of the markets generally;

                    7.7.5   any applicable exchange rate risk;

                    7.7.6   the time it will take for you to remit sufficient cleared funds to us; and

                    7.7.7   such other matter as you, in your absolute discretion, consider appropriate, and in the
                            light of the information provided by us under clause 7.6 but subject to clause 7.8 of this
                            Agreement, you waive any right you may have to receive a margin demand, call or notice
                            from us in any circumstances.


                    Margin Calls

              7.8   Please note that where we are not able to provide you with on-line access to your Account due to
                    circumstances within our control, we shall use reasonable endeavours to make a Margin Call. Again, you
                    may wish to leave some “headroom” (i.e. you may wish to deposit an amount which exceeds that
                    requested in the Margin Call) depending on your view of your open positions, the volatility of
                    the particular instrument(s) concerned and the underlying market(s), the time it will take for you
                    to deposit further cleared funds on your Account and any other matter which you may consider
                    relevant.


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              7.9    You agree that, in extreme circumstances where your open Contracts are moving or have moved against
                     you and/or where we have increased the Margin Percentages or Notional Trading Requirements in
                     accordance with clause 7.6, we may or may not make a Margin Call before exercising our rights under this
                     Agreement to close out your Contracts.

              7.10   If, in our absolute discretion and subject to clause 7.6, we decide to allow you time to forward cleared
                     funds so as to meet the Margin Requirements, our permission will only be effective once it is confirmed by
                     us in writing and only to the extent specified in such notice. Margin Calls, if made, will be effected under
                     the notice provisions set out at clause 22 of these Terms of Business.

              7.11   Please bear in mind that we may (but shall not be obliged to) close out your open Contracts under this
                     Agreement if you fail to meet the Margin Requirement on your Account, including if you do not meet a
                     Margin Call within the period we may specify in the Margin Call (which will usually be three (3) Business
                     Days).

                     Making Margin Payments

              7.12   You may make any Margin Payments by the means set out in clause 9.10. You must contact us immediately
                     if you are unable to or anticipate being unable to make any Margin Payment when due. Failure to pay any
                     sum due to us, whether in respect of Margin Payments or otherwise, is a Specified Event and may result in
                     us closing out your open positions without notice to you (see clause 17).

              7.13   Given the serious consequences of a failure to meet the Margin Requirement at any time or to make
                     a Margin Payment when due, you are strongly advised to monitor the Margin Requirement on your
                     Account frequently and to ensure that we are able to get in contact with you at all times if necessary and
                     be in a position to make Margin Payments from wherever you are.

              7.14   You should also note:

                     (a) you must not rely upon our right to demand Margin Payments or make Margin Calls as a method of
                         monitoring your open contracts, as such monitoring is your responsibility and we accept no liability
                         for it;

                     (b) you must review your margin frequently as changes to the Margin Percentages or Notional
                         Trading Requirements or price movements (notwithstanding that the relevant primary exchange is
                         closed, for example, in the case of Contracts to which Limited Hours Trading does not apply), may
                         increase your Margin Requirement;

                     (c) you should be aware that any reduction in the application of Limited Hours Trading under clause 2.8
                         above means that open positions will be marked to market after closing of trading on the primary
                         exchange and your Margin Requirement will vary accordingly. If you do not wish to accept this
                         additional risk, you may close out any affected Contract at any time after notice has been given
                         under clause 2.8;

                     (d) the level of Margin Payments demanded does not and is not intended to represent your entire liability
                         to us and, subject to clauses 7.6 and 7.11, we may exercise our rights to close out your open positions
                         if you fail to meet the Margin Requirement at any time even where we have made a Margin Call;

                     (e) we may (subject to FSA Rules) make certain payment facilities and arrangements available to you
                         following the occurrence of a Specified Event but shall not be obliged to do so. If any such extensions
                         are given by us we will not be required to close any positions which gave rise to the Specified Event;



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                         and

                     (f) no demands, Margin Calls or notices made or given by us to you in any one or more instances
                         shall invalidate the waiver given by you pursuant to clause 7 of this Agreement with respect to the
                         necessity for us to make any such demand, call or notice.

              7.15   For the avoidance of doubt, the margin calculations provisions in this Agreement in respect of Spots,
                     Forwards and options (see Schedules A, B and C respectively of Appendix II) are cumulative. Your margin
                     requirements under these Terms of Business shall be the total of all such calculations.

              8.     Our Right to Close or limit your Contracts

              8.1    We shall have the right, whether with or without prior demand, call or notice, and in addition to any other
                     rights we may have under this Agreement:

                     (a) to close out all or part (as we reasonably consider appropriate) of your open Contracts:

                         (i)     if we consider that you may be in possession of inside information within the meaning of the
                                 Criminal Justice Act 1993;

                         (ii)    if we consider that you may be in breach of the FSA Rules on market abuse;

                         (iii)   if either party is requested to do so by any regulatory agency or authority;

                         (iv)    if any of the circumstances set out in paragraphs (d) to (f) of the definition of Specified Event
                                 apply to you;

                         (v)     if, subject to clause 7.6, you fail to provide any margin, deposit or other sum due under this
                                 Agreement in respect of any Contract;

                         (vi)    if margin monies or Collateral held by us, in respect of any open positions which have been
                                 purchased on margin, fall below our Margin Requirement;

                         (vii) as a consequence of us exercising our rights under clauses 18.2 and 18.4 of these Terms of
                               Business; or

                         (viii) as a consequence of us exercising our right to vary this Agreement in accordance with
                                clauses 21.4 to 21.6 of these Terms of Business;

                     (b) to limit the size of your open positions (net or gross) if:

                         (i)     any of the circumstances in (a)(i) to (vi) above apply;

                         (ii)    we reasonably consider that there are abnormal trading conditions; or

                         (iii)   we, in our reasonable opinion, consider it necessary for the protection of our rights under this
                                 Agreement;

                     (c) to refuse orders to establish new positions if:

                         (i)     any of the circumstances in (b)(i) to (iii) apply;



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                        (ii)    we are unable to make prices in the relevant Contract due to the unavailability of the relevant
                                market information for reasons beyond our control; or

                        (iii)   we so decide in our absolute discretion and in this case only, give written notice of such
                                decision to you.

              8.2   where we exercise our right to close out all or part of any open Contract, we may apply any
                    proceeds to payment of any amounts due to us. You accept that the decision to close out your open
                    Contracts under clause 8.1 and the proportion closed out is made at our sole discretion.

              8.3   Where we exercise our rights under clause 8.1, this does not affect your responsibility to maintain the
                    Margin Requirement. Should you continue to trade outside the Margin Requirement, you shall remain
                    liable for the full debit balance on the Account.

              9.    Payment and Set-off

              9.1   You agree to pay to us:

                    (a) such sums of money by way of deposit or margin as we may require under this Agreement, including
                        but not limited to such Margin Requirements as are specified in the Rates Schedule and subject
                        always to a minimum margin amount as detailed in the current Rates Schedule;

                    (b) such sums of money as may from time to time be due to us under a Contract (including any charges
                        and/or commissions detailed from time to time in the Rates Schedule) and such sums as may be
                        required in or towards clearance of any debit balance on any Account; and

                    (c) such sums of money as we may from time to time require as security for your obligations to us.

              9.2   All amounts due to us under this Agreement and any monies deposited in or credited to your Account in
                    error may be deducted from any funds held by us on your behalf. Such amounts may also be paid by you
                    in accordance with the provisions of the relevant difference account or Contract Note or other advice.

                    Set-off

              9.3   In addition to any other right to withhold payment we may, at any time at our discretion and
                    without notice to you, set off any credit balance on your Account or any other sums due to you
                    against any debit balances or any other sums due to us. This is referred to in this Agreement as our
                    right of set off. If we exercise the right to set-off and it is shown that the amounts due to us exceed the
                    amounts due to you, we will give you notice of this and you shall immediately pay such excess to us.

                    Payment of Charges and Commission

              9.4   Charges and commissions applicable to your Contracts are set out in the Rates Schedule. You agree that
                    any charges and commissions shall be paid as set out in the Contract Note on the first Business Day after
                    we have entered into the particular Contract.

                    Deduction of Taxes

              9.5   You will pay all applicable Value Added Tax and other taxes and all other fees reasonably incurred by us in
                    connection with any Contract. Any future imposition of stamp duty or other tax, which may from time to
                    time be levied in respect of CFDs, shall be for your account.



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              9.6    We shall be entitled to deduct or withhold from any payment made under this Agreement or credited
                     to your Account any tax required by law to be deducted or withheld from any such payment or credit.
                     In particular, we will deduct tax at the appropriate standard rate of income tax from any interest payable
                     on money held on your behalf. Higher rate tax payers will have an additional liability. We may in our
                     absolute discretion, pay interest gross, without the deduction of tax if you are not liable to taxation within
                     a member state of the EU and have provided us with acceptable proof of tax-exempt status. Any interest
                     payable will be paid at the net rate until the appropriate documentation has been processed by us.

                     Other Charges and Taxes

              9.7    You may be liable for other charges and taxes that are not imposed by us. You are solely responsible for
                     the timely payment of such charges and taxes. You should seek independent advice if you are in any
                     doubt as to what further charges or taxes may apply to you as a result of you entering this Agreement.

                     Making Payments

              9.8    If on any date the same amounts are payable under this Agreement in respect of the same Account
                     by each party to the other in the same currency, then, on such date, each party’s obligations to make
                     payment of any such amount will be automatically satisfied and discharged.

              9.9    If the aggregate amount that is payable by one party exceeds the aggregate amount that is payable by the
                     other party in the same currency, then the party by whom the larger aggregate amount is payable shall
                     pay the excess to the other party and the obligations to make payment of each party will be satisfied and
                     discharged.

              9.10   You agree to make any payments due to us under this Agreement in accordance with the following terms:

                     (a) if you are a UK resident, you may pay by cheque crossed and made payable to “CMC Markets UK
                         PlC” drawn on a UK Clearing Bank or by telegraphic transfer, approved debit card or approved credit
                         card;

                     (b) if you are a non UK resident, payment should be made by telegraphic or electronic transfer to such
                         account as we shall notify for this purpose unless we agree otherwise in writing;

                     (c) all electronic or telegraphic transfer or other bank fees in respect of payment by you shall be your
                         sole responsibility;

                     (d) if any payment is not received by us on the due date for payment then, without limitation of any
                         other rights which we may have, we will be entitled to charge interest on the overdue amount (both
                         before and after judgement) at the rate of 3% above Base Rate from the date payment was due until
                         the actual date of payment;

                     (e) if you make a payment by approved debit card or approved credit card, please note that we reserve
                         the right to charge an administration fee (details of which are available on request);

                     (f) you shall pay to us on demand on a full indemnity basis all costs, charges and expenses incurred by
                         us in relation to any overdue payment (including any referral fees);

                     (g) any payment made to us will only be deemed to have been received when we receive cleared funds;
                         and




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                     (h) it is your responsibility to ensure that payments made to us are correctly designated in all respects.

              9.11   If the statement of your Account shows a credit balance, you may request us to send you a cheque or
                     effect payment by alternative means in respect of such amount. However, we may at our discretion elect
                     to withhold (or if applicable, deduct) any payment requested (in whole or in part) due to you if:

                     (a) open Contracts on the Account show notional losses; and/or

                     (b) we reasonably consider that funds may be required to meet any current or future margin requirement
                         on open Contracts due to underlying market conditions; and/or

                     (c) you have any contingent liability to us or to any of our Associates in respect of any other account you
                         have opened with them; and/or

                     (d) we are required by the Legislation and Regulations to deduct or withhold such payment from your
                         Account; and/or

                     (e) we reasonably determine that there is an unresolved dispute between us in connection with this
                         Agreement or any related Contract, and

                     we shall (except where (d) applies) notify you as soon as reasonably practicable if we decide to take such
                     action.

              9.12   It is your responsibility to ensure that monies sent to us are correctly designated in all respects, including,
                     where applicable, that the monies are by way of margin and to which of your Accounts (if applicable) they
                     should be applied. We shall provide you, from time to time, with details of any practical arrangements that
                     may apply to making payments to us.

              9.13   We may agree to allow you to deposit securities or other assets with us or provide us with a guarantee
                     or indemnity from a person and in a form acceptable to us instead of cash for the purpose of complying
                     with your obligations under clause 9.1 of this Agreement (“Collateral”). We will have to give you our prior
                     written agreement on each occasion and we shall notify you of any additional terms and conditions that
                     may apply to you as regards your assets held in this way.

              10.    your Money

              10.1   You agree and acknowledge that full title to and ownership of all Relevant Amounts has been transferred
                     by you to us or otherwise passed to us for the purpose of securing or otherwise covering your present
                     or future, actual or contingent or prospective obligations, and that such amounts do not constitute and
                     shall not at any time be deemed to constitute client money for purposes of the FSA Rules. Subject to
                     clause 10.3, the Relevant Amounts will not usually be segregated from our money and may be used by us
                     in the course of our business. You will rank as a general creditor of CMC. If you are a Retail Client, then you
                     may request us in writing to deal with Relevant Amounts in accordance with clause 10.2 below; instead
                     of this clause 10.1, although consequently we will not pay interest on any credit balance on your
                     Account in accordance with clause 10.7 below.

              10.2   Subject to clause 10.3, we will promptly place any money held on your behalf and not transferred to or
                     held by us pursuant to clause 10.1 above into a client money bank account opened at an approved bank
                     or (subject to any permissions that we may need from the FSA) into a qualifying money market fund in
                     accordance with FSA Rules.




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              10.3   If you are a Retail Client, we will carry out reconciliations at the Close of Business on each Business Day
                     between Relevant Amounts held pursuant to clause 10.1 and mounts held pursuant to clause 10.2, and
                     any required transfer to or from the client money bank account and/or qualifying money market fund, in
                     respect of your Account, will take place on the following Business Day. We reserve the right to carry out
                     such reconciliations and transfers more frequently, should we reasonably consider that this is necessary
                     to protect our or your interests.

              10.4   You agree that we may cease to treat any money held on your behalf as client money and, accordingly,
                     release it from our client bank accounts, if there has been no movement on your Account for a period of
                     at least six (6) years (notwithstanding any payments or receipts of charges, interest or similar items) and
                     we have been unable to contact you. Such money will, however, remain owing to you and we will make
                     and retain records of all balances released from client bank accounts and will undertake to make good
                     any valid claims against any released balances.

              10.5   If and when we obtain the requisite permissions from the FSA, we may choose to place client money held
                     on your behalf in a qualifying money market fund. Money held in a qualifying money market fund will
                     not be held in accordance with the FSA client money rules but in accordance with the FSA custody rules.
                     We will notify you before we take such action, and you will have the opportunity to instruct us not to take
                     such action.

              10.6   You agree that we may sell or otherwise dispose of your custody assets if we have received no instructions
                     from you for a period of at least six (6) years and we have been unable to contact you. Any consideration
                     received shall not be treated as client money but such money will, however, remain owing to you and we
                     will make and retain records of all such amounts and we will undertake to make good any valid claims
                     against any disposed assets.

              10.7   If the balance of your Account exceeds the Interest Qualification Level (and, if you are a Retail Client,
                     you have not elected to have Relevant Amounts held within a client money bank account or in a
                     qualifying money market fund) then we will pay interest on such balance, after all respective margins
                     have been deducted, at such rate as we may determine from time to time. This rate will be not less than 4%
                     below Base Rate or, if the Account is in a currency other than sterling, 4% below the base rate equivalent
                     in the country in whose currency the Account is denominated. The rate of interest payable is available
                     from us on request.

              10.8   If there is a debit balance on your Account, then you will pay interest to us on the full amount of that
                     balance at such rate as we may determine from time to time. This rate will not exceed 4% above Base Rate
                     or, if the Account is in a currency other than sterling, 4% above the base rate equivalent in the country in
                     whose currency the Account is denominated. The rate of interest payable is available from us on request.

                     Compensation

              10.9   We are covered by the Financial Services Compensation Scheme. You may be entitled to compensation
                     from the scheme if we cannot meet our obligations. This depends on the type of business, your status
                     and the circumstances of the claim. Most types of investment business are covered for 100% of the first
                     £30,000 and 90% of the next £20,000, so the maximum compensation is £48,000. Further information
                     about compensation arrangements is available from the Financial Services Compensation Scheme. You can
                     contact the Financial Services Compensation Scheme by writing to the Financial Services Compensation
                     Scheme, 7th Floor, Lloyds Chambers, Portsoken Street, London, El 8BN, or by emailing them at the email
                     address provided on the Financial Services Compensation Scheme website at www.fscs.org.uk.




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              11.    Title

              11.1   Each party agrees that all rights, title and interest to and in any payment, which is transferred to the other
                     party under this Agreement, shall vest in the recipient clear of any liens, charges, encumbrances or any
                     other interest of the transferor or any third party.

              11.2   Nothing in this Agreement is intended to create or does create in favour of either party any mortgage,
                     charge, lien, pledge or other security interest in any cash or other property transferred by one party to the
                     other party under any Contract.

              12.    Reporting to you

                     Contract Notes

              12.1   In respect of each Contract entered into between you and us, we will send you a Contract Note and
                     after closing out an open Spot, Forward or option, a difference account. Such documents will, subject to
                     the exceptions described in paragraphs (a) and (b) below, be sent prior to Close of Business on the next
                     Business Day following the day on which the Contract is concluded. The documents will not be sent out
                     at this time if you are a Professional Client or Eligible Counterparty and:

                     (a) one order is effected by means of a number of Contracts within a single twenty-four (24) hour period,
                         in which case one Contract Note and, if necessary, one difference account, will be sent; or

                     (b) a Contract is entered into after Close of Business on any Business Day, in which case the Contract will
                         be treated as having been effected on the next following Business Day.

              12.2   Subject to any requirements under the FSA Rules, the prices on Contract Notes sent to you will be net
                     of any charges, which will not be separately identified. You agree to receive Contract Notes in this form.

                     Monthly Statements

              12.3   A monthly statement in respect of each Account, including any positions, which you may have, shall be
                     sent by us to you within two (2) weeks of the end of each calendar month.

              12.4   For the purposes of such monthly statement, we will report all currency balances on the Account in the
                     relevant currency and in the Base Currency, based upon the month-end CMC Exchange Rate.

              12.5   Any notice or other communication to be given by us under this Agreement, including Contract Notes,
                     difference accounts, and monthly statements, may be sent by us in electronic form.

              12.6   Please ensure that you verify the contents of each document received from us. Such documents
                     shall, in the absence of manifest error, be conclusive unless you notify us in writing to the contrary
                     within three (3) business Days of receiving such document.

              13.    Indemnity and limitation of liability

              13.1   You shall indemnify us and keep us indemnified on demand in respect of all liabilities, costs, claims,
                     damages and expenses of any nature whatsoever (present, future, contingent or otherwise and including
                     legal fees) which we suffer or incur as a direct or indirect result of a breach by you of your obligations
                     under this Agreement or us exercising our rights under clause 17 of these Terms of Business, unless and to
                     the extent such liabilities, costs, claims, damages and expenses are suffered or incurred as a result of our



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                     gross negligence or wilful default.

              13.2   This indemnity shall survive termination of this Agreement.

              13.3   The following provisions 13.3 to 13.5 set out our entire financial liability (including any liability for the acts
                     or omissions of our employees, agents and sub-contractors) to you in respect of:

                     13.3.1 any breach of these conditions; and

                     13.3.2 any representation, statement or tortious act or omission including negligence arising under or
                            in relation to this Agreement.

              13.4   Nothing in this Agreement excludes or limits our liability:

                     13.4.1 for death or personal injury caused by our negligence; or

                     13.4.2 for fraud or fraudulent misrepresentation.

                     yOUR ATTENTION IS DRAwN TO ThE PROVISIONS Of ClAUSE 13.5 bElOw


              13.5   Subject to clauses 13.4 and 21.2, we shall not be liable:

                     13.5.1 for any loss, expense, cost or liability (together “Loss”) suffered or incurred by you unless and to
                            the extent that such Loss is suffered or incurred as a result of our negligence or wilful default; or

                     13.5.2 for any indirect or consequential loss or damage (whether for loss of profit, loss of business
                            or otherwise), costs, expenses or other claims for consequential compensation whatsoever
                            (howsoever caused) which arise out of or in relation to this Agreement; or

                     13.5.3 for any loss suffered or incurred by you as a result of any error in any order, instruction or
                            information given by you or an Authorised Person, or as a result of us acting on any order or
                            instruction which is, or appears to be, from such Authorised Person.

              14.    your warranties and Representations

              14.1   You warrant and represent to us that:

                     14.1.1 all information that you supply to us is complete, true, accurate and not misleading in any
                            material respect;

                     14.1.2 you enter into this Agreement, and any Contracts contemplated by this Agreement, as principal
                            and not as another party’s agent or representative;

                     14.1.3 investments or other assets given to us by you for any purpose are free from any charge, lien,
                            pledge or encumbrance and shall also be beneficially held by you;

                     14.1.4 you are not under any legal disability with respect to and are not subject to any law or regulation
                            which prevents your performance of this Agreement and any Contracts contemplated by this
                            Agreement;




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                     14.1.5 you have obtained all necessary consents and have the authority to enter into this Agreement
                            and any Contract contemplated by this Agreement;

                     14.1.6 you are in compliance with all laws to which you are subject including, without limitation, all tax
                            laws and regulations, exchange control requirements and registration requirements;

                     14.1.7 you will not enter into any Contract or any transaction relating to a Contract for the purposes
                            of or in connection with any placing, issue, distribution, offer, take-over, merger or other similar
                            corporate finance type transaction;

                     14.1.8 you will act in accordance with the relevant Legislation and Regulations relating to market abuse,
                            manipulation or misconduct, insider dealing and other similar offences; and

                     14.1.9 you will not undertake any act or engage in any course of conduct, other than in the normal
                            course of business, which seeks to alter, distort or otherwise manipulate the relevant underlying
                            market or instrument in relation to a Contract.

                     The above warranties and representations shall be deemed to be repeated each time you provide
                     us with instructions or enter into any Contract as contemplated by this Agreement.

              14.2   You undertake that, throughout the duration of this Agreement, you will promptly notify us of any change
                     to the details supplied by you on your Application Form, or any change or anticipated change in your
                     financial circumstances, which may affect the basis upon which we undertake business with you.

              15.    Tape Recording of Conversations and Record Keeping

              15.1   You agree that we may:

                     (a) record all telephone conversations between you and us; and

                     (b) use such recordings, or transcripts from such recordings, as evidence in any dispute or anticipated
                         dispute between you and us.

              15.2   Recordings or transcripts made by us may be destroyed under our normal practice (after three (3) years
                     from the date of the conversation).

              15.3   We strongly recommend that you keep your own records of all communications between us (such as
                     instructions and orders) including details of the times, dates and nature of your instructions as these
                     details will be important if there is a dispute between you and us.

              16.    Termination

              16.1   You may terminate this Agreement immediately by giving written notice to us.

              16.2   We may terminate this Agreement with you by giving you ten (10) Business Days notice SAVE THAT we
                     may terminate this Agreement immediately if clauses 16.5 or 17 apply or if you have no open Contracts
                     on your Account at the time of termination.

              16.3   No penalty will be payable by either party on termination of this Agreement. Termination will not affect
                     any accrued rights. On termination by either party, we may consolidate all or any of your Accounts and
                     may deduct all amounts due to us or our Associates before transferring to you any credit balances on
                     your Account.


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              16.4   At any time after the termination of this Agreement, we may, without notice, close out any of your
                     Contracts.

              16.5   You agree strictly to comply with the Legislation and Regulations. If we reasonably consider that you have
                     not so complied, we may terminate this Agreement.

              17.    Default

              17.1   when a Specified Event occurs, we may in our absolute discretion and without prior notice to you
                     (and without prejudice to any other rights we may have):

                     17.1.1 sell or charge in any way any or all of your assets and property which may from time to
                            time be in our possession or control or in the possession or control of our Associates or
                            agents or call on any guarantee;

                     17.1.2 close, combine or consolidate any or all of your open Contracts (in whole or in part) with
                            us or with our Associates;

                     17.1.3 retain any sum owed by you to us or our Associates and exercise our rights to set-off
                            under clause 9.3 of this Agreement;

                     17.1.4 close or suspend your Account held with us or with an Associate;

                     17.1.5 refuse to accept any further Contracts from you and/or terminate this Agreement;

                     17.1.6 enter into any transaction, at such rate and at such time as is necessary to enable us to
                            meet the obligations incurred under a Contract; and/or

                     17.1.7 charge you (or debit from your Account) an administration fee in the amount of £200.00
                            in respect of each Specified Event.

              17.2   You agree that we will be able to take the above steps described in this clause 17 without prior notice to
                     you and further acknowledge that we shall not be responsible for any consequences of our taking these
                     steps in so far as they are attributable to your default. You further agree that our rights in clause 17.1
                     above are in addition to any other rights which we may have against you and that you may be required
                     to execute documents and take such other action as we may reasonably request in order to protect us or
                     our Associates.

              17.3   You must give notice to us immediately if you become aware of any of the circumstances that may amount
                     to a Specified Event or if you believe that they may occur.

              17.4   We will, as soon as reasonably practicable, take all reasonable steps to notify you of all action and steps
                     taken by us pursuant to our rights under clause 17.2.

              17.5   Please familiarise yourself with the list of Specified Events before entering into any Contracts
                     with us.

              18.    force Majeure and hedging Events

              18.1   We may, in our reasonable opinion, determine that an emergency or exceptional market condition exists
                     (a “force Majeure Event”), including but not limited to:



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                     (a) where we are, in our opinion, unable to maintain an orderly market, in respect of any one or more of
                         the Underlyings, as a result of the occurrence of any act, omission or event (including but not limited
                         to any circumstance beyond our control such as strike, riot, civil unrest or failure of power supply,
                         communications or other infrastructure);

                     (b) the suspension, closure, liquidation or abandonment of any underlying market or Underlyings;

                     (c) the imposition of limits or special or unusual terms in the relevant market or Underlyings;

                     (d) the excessive movement, volatility or loss of liquidity in the underlying markets or Underlyings; or

                     (e) where we reasonably anticipate that any of the circumstances set out in paragraphs (a) to (d) above
                         are about to occur.

              18.2   If we determine that a Force Majeure Event exists then we may (without prejudice to any other rights and
                     at our sole discretion) take any one or more of the following steps:

                     (a) alter normal trading times;

                     (b) alter the Margin Percentage, which may result in you requiring to provide additional margin;

                     (c) amend or vary this Agreement and any Contract contemplated by this Agreement, insofar as it is
                         impractical or impossible for us to comply with our obligations to you;

                     (d) close any or all open Contracts and/or cancel instructions or other orders as we deem to be
                         appropriate in the circumstances; or

                     (e) take or omit to take all such other actions as we deem to be reasonably appropriate in the circumstances
                         having regard to our position, your position and the positions of other customers.

              18.3   If we determine that a Force Majeure Event exists, we shall not be liable to you for any failure, hindrance
                     or delay in performing our obligations under this Agreement or for taking or omitting to take any action
                     in accordance with clause 18.2. We will inform you as soon as reasonably practicable if we determine that
                     a Force Majeure Event exists.

              18.4   If we determine, in our reasonable opinion, that a Hedging Event exists, in relation to any open Contracts
                     then we may (without prejudice to any other rights and at our sole discretion) close the relevant Contracts
                     as we deem to be appropriate in the circumstances. In such cases, we will provide you with one (1)
                     Business Day’s notice of our intention to exercise our rights under this clause 18.4.

              18.5   In the absence of fraud, we shall have no liability to you if we take any action as set out in this clause 18.

              19.    Confidentiality

              19.1   Subject to clause 19.2 of this Agreement, neither party shall disclose to any person (unless required to do
                     so) any information in relation to the business, investments, finances or other matters of a confidential
                     nature of the other party of which it may in the course of its duties or otherwise become possessed, and
                     each party shall use all reasonable endeavours to prevent any such disclosure.

              19.2   By entering into this Agreement you authorise us to disclose such information relating to you and this
                     Agreement as may be required by any law, rule or regulatory, law enforcement or tax authority, including



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                     any applicable Market Rules or as is required by us to enable us to properly perform our obligations under
                     this Agreement without prior notice to you. You also agree that we may make searches about you at credit
                     reference agencies (see clause 4.1).

              19.3   Please also note clause 23 (Data Protection) of these Terms of Business.

              20.    Joint Customers

              20.1   For the avoidance of doubt, where an Account is held by two or more persons, the liabilities of each
                     person shall be joint and several.

              20.2   We may act upon instructions received from any one person who is, or appears to us to be, a joint
                     customer, whether or not such person is an Authorised Person.

              20.3   Any notice or communication, made to one customer, including but not limited to Margin Calls, shall be
                     deemed as having been made to all joint customers.

              20.4   Our rights under this Agreement, including but not limited to our rights under clause 17 when a Specified
                     Event occurs, shall apply to all joint customers and the occurrence in respect of one person shall be
                     enough to trigger or support any rights we may have or any steps we may take under this Agreement.

              21.    general

                     Illegality

              21.1   If at any time any provision of this Agreement is or becomes illegal, invalid or unenforceable in any
                     respect under the law of any jurisdiction, neither the legality, validity or enforceability of the remaining
                     provisions of this Agreement under the law of that jurisdiction nor the legality, validity or enforceability of
                     such provision under the law of any other jurisdiction shall be in any way affected.

                     Legal and Regulatory Requirements

              21.2   Nothing in this Agreement shall exclude or restrict any duty or liability owed by us to you under the Act or
                     the FSA Rules and, notwithstanding any other provision of this Agreement, we shall be entitled to take any
                     action that we consider necessary to ensure compliance with the Legislation and Regulations. In the event
                     of conflict between any provision of this Agreement and the Legislation and Regulations, the Legislation
                     and Regulations shall prevail.

                     Whole Agreement

              21.3   This Agreement, together with all Contract Notes and confirmations sent to you in respect of each Contract
                     contemplated by this Agreement, shall form the entire agreement between you and us in relation to
                     our CFD activities. This Agreement supersedes any prior oral or written representations, arrangements,
                     understandings and/ or agreements between you and us which relate to our CFD activities. We have
                     not made (and you may not rely on) any representation, arrangement, understanding or agreement not
                     expressly referred to or set out in this Agreement.

                     Variation

              21.4   We may vary this Agreement at any time, including the Rates Schedule, by written notice to you. Such
                     changes will become effective on the date specified in the notice (which will be at least ten (10) Business



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                      Days after the notice is sent, except in the case of variation of the Margin Percentages or Notional Trading
                      Requirements or the summary of our Execution Policy which may take effect immediately). You have
                      the right to close out your positions in open Contracts and/or terminate this Agreement at any time in
                      accordance with the terms of this Agreement. No other changes to this Agreement shall come into effect
                      unless and until they are signed by one of our directors.

              21.5    We may at any time by written notice to you cease to accept positions in Contracts in respect of a specific
                      Underlying. The notice will specify a date on which we will cease to accept such orders and this date will
                      be at least ten (10) Business Days after the notice is sent. You agree to close out all open Contracts in
                      relation to that specific Underlying prior to the date specified in the notice. If not, we will close out any
                      remaining open Contracts in respect of the Underlying on the date specified in the notice with effect from
                      close of trading on that day at the Closing Price for that specific Underlying. The relevant Closing Prices
                      are set out in Appendix II (see Schedules A, B and C as relevant to each specific type of Contract).

              21.6    Where we exercise our rights under clause 21.5, and where any of your open positions in Contracts are
                      outside the Normal Trading Size, we will close out these positions at a reasonable price as determined by
                      us in accordance with market practice.

                      Assignment and Delegation

              21.7    You may not assign any of your rights or delegate any of your obligations under this Agreement to any
                      person without our prior written consent.

              21.8    You may not charge any or all of your rights under this Agreement, including any rights to deposits held
                      with us.

              21.9    We may assign our rights or delegate our obligations under this Agreement and contracts contemplated
                      by this Agreement to any person on giving you not less than one (1) month’s notice. You also agree that
                      where you are in default of any obligations, we will be entitled (without prejudice to any other right we
                      may have under this Agreement) to assign to any person with immediate effect all or any of our rights in
                      respect of monies owing to us or securities or remedies available to us under this Agreement.

              21.10   If we make an assignment as set out in clause 21.9, you may be required to acknowledge in writing that
                      the assignee has assumed our rights and obligations in relation to the specific matter.

              21.11   Notwithstanding anything to the contrary contained in this Agreement, we may disclose to any actual
                      or potential delegate or assignee as referred to in clause 21.9, such information relating to you and your
                      relationship with us, as we see fit.

                      Rights and Remedies

              21.12   The rights and remedies contained in this Agreement are cumulative and not exclusive of any rights or
                      remedies provided by law.

                      Website Access

              21.13   You acknowledge that the Internet may be subject to events which may affect your access to our website.
                      When using our website, we cannot be held liable for any damages or losses that result from events
                      beyond our control. You are solely responsible for providing and maintaining the equipment you require
                      to ensure that you have adequate access to our website.




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                      Delay, Omission and Waiver

              21.14   No delay or omission on our part in exercising any right, power or remedy provided by law or under this
                      Agreement, or partial or defective exercise thereof, shall:

                      (a) impair or prevent further or other exercise of such right, power or remedy; or

                      (b) operate as a waiver of such right, power or remedy.

              21.15   No waiver of any breach of any term of this Agreement shall (unless expressly agreed in writing by
                      the waiving party) be construed as a waiver of a future breach of the same term or as authorising a
                      continuation of a particular breach.

                      Governing Law and Jurisdiction

              21.16   This Agreement and any Contract contemplated by this Agreement shall be governed by, and construed
                      in accordance with English law.

              21.17   Both parties to this Agreement irrevocably agree that the courts of England and Wales shall have jurisdiction
                      to hear all and any disputes, controversies or claims (of any and every kind or type, whether based on
                      this Agreement, tort, statute, regulation or otherwise) arising out of, relating to, or connected with this
                      Agreement, including as to its construction, validity, interpretation, enforceability or breach (a “Dispute”)
                      and, for such purposes, irrevocably submit to the jurisdiction of the courts of England and Wales. You
                      agree to waive any right you may have now or in the future to object to the courts of England and Wales
                      being nominated as the forum to hear any Dispute, and you irrevocably agree only to bring proceedings
                      in the courts of England and Wales. The submission to the jurisdiction of the courts of England and Wales
                      shall not limit our right to take proceedings against you in relation to any Dispute in any jurisdiction that
                      we consider appropriate nor shall the taking of proceedings in one or more jurisdictions preclude us from
                      taking proceedings in any other jurisdiction, whether concurrently or not, if and to the extent permitted
                      by applicable law.

                      Rights of Third Parties

              21.18   Nothing in this Agreement is intended to confer on any person any right to enforce any term of this
                      Agreement which that person would not have had but for the Contracts (Rights of Third Parties) Act 1999.

                      Conflicts of Interests

              21.19   We, or our Associates, may have an interest or relationship which conflicts with your interests or our
                      duties to you. We have established and implemented a conflicts of interests policy (which may be revised
                      and updated from time to time) pursuant to the FSA Rules, which sets out how we must seek to identify
                      and manage all material conflicts of interests.

              21.20   Depending on the exact nature of the conflict of interest involved, we may take certain actions in
                      accordance with our conflicts of interests policy to mitigate the potential impact of the conflict. Such
                      actions may include putting in place controls between the opposing sides of the conflict, which may
                      control or prevent the exchange of information, and/or involve the appropriate management of staff
                      activities and segregation of duties. If a material conflict arises and we are unable to satisfactorily mitigate
                      the risk, we may manage such conflict by disclosing the interest to you.

              21.21   You will be aware that the main conflict that arises is that we deal as principal and act as a market maker in



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                      relation to all Contracts and related transactions. If you wish to have further information on our conflicts
                      of interests policy, or on any specific conflict of interest that you think might affect you, please contact us.

              21.22   You agree that we may share commission and charges with our Associates or other third parties or receive
                      or pay remuneration from or to the same in respect of Contracts entered into by us with you. Details of
                      any such remuneration or sharing arrangements will not be set out on the relevant Contract Note but will
                      usually be made available to you. If you have been introduced to us through a third party (including any
                      person representing themselves as a ‘CMC Partner’), please note that our relationship with that party does
                      not and shall not be deemed to constitute a partnership, joint venture or an agency relationship.

              22.     Notices and Communication

              22.1    Subject to clause 22.2, any notice or other communication given or made under or in connection with the
                      matters contemplated by this Agreement shall, except where oral communication is expressly provided
                      for, be in writing and shall be sent to the addresses below:

                      Name of Party:                      CMC Markets UK Plc


                      Address:                            133 Houndsditch
                                                          London EC3A 7BX
                                                          United Kingdom


                      Telephone:                          +44 (0) 20 7170 8260


                      Facsimile:                          +44 (0) 20 7170 8499


                      Electronic mail address:            Dealing related communications to
                                                          dealers@cmcmarkets.com


                      Please note that all trading instructions or instructions otherwise relating to open Contracts must be
                      communicated through the CMC trading platform or over the telephone.

                      All other communications to compliance@cmcmarkets.com

                      Customer:                           The address, telephone and facsimile numbers and
                                                          electronic mail address provided by you for this
                                                          purpose.


              22.2    Any such notice shall be deemed (in the absence of evidence to the contrary) to have been received:

                      22.2.1 if delivered personally or by hand, at the time of delivery;

                      22.2.2 if posted, within three (3) Business Days after posting;

                      22.2.3 if verbal, whether by telephone or face to face, when actually given;

                      22.2.4 if by leaving a message on a telephone answering machine or voice mail, one (1) hour after the
                             message was left;



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                     22.2.5 if sent by facsimile, one (1) hour after completion of its transmission; and

                     22.2.6 if sent by electronic mail, one (1) hour after sending unless a “not sent” or “not received” message
                            is received from your electronic mail provider.

              22.3   You confirm that you have regular access to the Internet and consent to us providing you with information,
                     including information about our Execution Policy and information about the nature and risks of
                     investments, by electronic mail or by posting such information on our website at www.cmcmarkets.com
                     or such other website as we may from time to time notify to you.

              22.4   You may alter the address, facsimile numbers and electronic mail address to which Contract Notes,
                     statements and other communications are issued by written notice from us and we may notify you of
                     a change to any of our details as stated above provided in either case that such alteration shall only be
                     effective on the date specified in the notice (which shall not be before the date such notice is deemed to
                     have been received).

              22.5   Any notice (including any notice to terminate this Agreement) or other communication to be given by us
                     under this Agreement, including Contract Notes and monthly statements, may be sent to you in electronic
                     form. You should verify the contents of each document received from us as, in the absence of manifest
                     error, they shall be conclusive unless you notify us in writing within three (3) Business Days of receiving a
                     document of any mistake, error or inaccuracy in such document.

              22.6   You irrevocably authorise us to communicate with you by letter, telephone, facsimile or electronic mail,
                     to discuss matters in relation to your Account, at any time whatsoever unless specifically requested
                     otherwise by you in writing.

              22.7   All communications between you and us shall be in English.

              22.8   We and/or any Associate may contact you on an unsolicited basis (including by telephoning you) in
                     such circumstances as we reasonably believe to be appropriate. By entering into this Agreement, you
                     acknowledge and accept that such communications may be made.

              23.    Data Protection

              23.1   In entering into and in connection with this Agreement you will be providing us with personal information
                     within the meaning of the Data Protection Act 1998. You consent to us processing all such information for
                     the purposes of performing this Agreement and also for the purposes of administering the relationship
                     between you and us, and we may share your personal information with our Associates, our marketing
                     partners, your introducing broker or agent (if any) and update providers and other suppliers for such
                     purposes. We may also share your information with your introducing broker or agent (if any) to enable
                     them to administer their relationship with you. We may also use the information for analysis and improving
                     and developing our products and services.

              23.2   You agree that we may also use such information, for marketing to you or our Associates’ products and
                     services, and those of third parties which we consider may be of interest to you, and we also may share
                     such information with our Associates, our marketing partners and your introducing broker or agent (if
                     any), and update providers and other suppliers for such purposes. You may notify us at the time you enter
                     into this Agreement or anytime in writing if you do not want us to use or share such information for all or
                     some of these marketing purposes.




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              23.3   You agree we may transfer such information to countries outside of the EEA for the above purposes,
                     which may not afford the same level of data protection as within the EEA.

              23.4   If you request, on payment of a fee, which is currently £10, we will provide you with a copy of such
                     information we hold in line with the Data Protection Act 1998.

              24.    Disputes and Complaints

              24.1   You should inform our Help Desk immediately of any dispute or complaint you may have in relation to this
                     Agreement. Such complaints (with all relevant details) will be dealt with in accordance with our internal
                     complaints handling procedures, details of which can be found on our website. We will endeavour to
                     investigate any dispute or complaint as soon as reasonably practicable and will notify you of the results of
                     our investigation. If you are a Retail Client and are unhappy or dissatisfied with our handling or findings
                     in relation to your dispute or complaint, you may refer the matter to the Financial Ombudsman Service
                     (which provides consumers with a free, independent service for resolving disputes with investment firms),
                     for further investigation. Please note that there are time limits for referring complaints to the Financial
                     Ombudsman Service. Please contact us if you would like a copy of the explanatory booklet issued by the
                     Financial Ombudsman Service detailing their procedures. You may also wish to ask your local Citizens
                     Advice Bureau or Trading Standards Service for advice on your statutory rights. Professional Clients and
                     Eligible Counterparties will not have access to the Financial Ombudsman Service.

              24.2   We reserve the right to take any action necessary, including closing any Contract that is the subject of a
                     dispute or complaint notified to us, for the purpose of limiting the amounts involved in such dispute or
                     complaint. We will inform you if we exercise this right, which shall be without prejudice to either your
                     rights and remedies or our rights and remedies. Any action taken by us pursuant to this clause 24.2 will
                     not be deemed to be an admission on our part.

              25.    glossary

              25.1   The defined terms used in this Agreement are capitalised and set out below.

                      “Account”                            means your account(s) held with us relating to this Agreement;


                      “Act”                                means the Financial Services and Markets Act 2000;


                      “Agreement”                          has the meaning as set out in clause 1.5 of these Terms of
                                                           Business;


                      “American Style Option”              means an option which is capable of exercise at the Strike Price at
                                                           any time up to the Expiration Time on the Expiry Date;


                      “Application Form”                   means the application form and account opening documentation
                                                           completed by you and submitted to us in respect of the matters
                                                           covered by this Agreement;


                      “Associate”                          has the meaning given to it by the FSA Rules;




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              “Authorised Person”   means you and/or any person authorised by you to give
                                    instructions to us under clause 5.2;


              “Base Currency”       means the currency selected by you under clause 4.5 and which,
                                    in the absence of a selection, shall be £ pound sterling;


              “Base Rate”           means the base rate from time to time of Lloyds TSB Bank plc;


              “Basket”              means the collection of shares (or other registered instruments)
                                    of various companies on which a Spot or Forward is based and
                                    for which we quotes prices;


              “Bullion”             means base or precious metals;


              “Business Day”        means:


                                            in relation to Contracts other than Spots on a Security,
                                    Basket or Index, any day (other than a Saturday or Sunday) on
                                    which banks are open for business in London; and


                                             in the case of Contracts relating to Spots on a Security,
                                    Basket or Index to which Limited Hours Trading applies, any day
                                    on which the exchange on which the relevant Security or each
                                    constituent Security has its primary listing, or the exchange on
                                    which the Index operates, whichever is applicable, is open for
                                    trading, and shall exclude any day on which all trading on the
                                    relevant exchange is closed or suspended;


                                            in the case of Contracts relating to Spots on a Security,
                                    Basket or Index to which Limited Hours Trading does not apply,
                                    any day on which any relevant exchange is open for trading.


              “Buyer”               means, in relation to an option, the party who has bought the
                                    option;


              “Call Option”         means an option where the Buyer has the option notionally
                                    to buy the Underlying from the Seller at the Strike Price on the
                                    Expiry Date;


              “CFD”                 means a contract for differences;




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              “Close of Business”   means 10pm (London time);


              “Closing Date”        means, in relation to a Contract, the date on which the Contract
                                    is closed out;


              “Closing Price”       means the price determined by us, from time to time, having
                                    regard to the last traded or mid close price and CMC Spread as
                                    may be appropriate for the Underlying;


              “CMC Exchange Rate”   means such foreign exchange rate as we may reasonably
                                    determine from time to time, having regard to current market
                                    rates and which is available to you from us on your request;


              “CMC Listing”         means, in relation to a Spot or Forward on a Security or Basket,
                                    the list of Securities upon which we hold ourselves out from
                                    time to time as willing to quote a price as amended by us under
                                    paragraph 2.1(a) of Part A - Appendix I;


              “CMC Rollover Rate”   means the rate determined by us, from time to time, having
                                    regard to Interbank Rates for rollovers;


              “CMC Spread”          means the difference between the bid and offer prices of a
                                    Contract quoted from time to time by us and, where appropriate,
                                    expressed as a percentage of the relevant price;


              “Collateral”          means such securities or other assets or any guarantee or
                                    indemnity accepted by us from you instead of cash for the
                                    purposes of complying with your obligations under clause 9.1
                                    and as may be agreed from time to time with the Customer
                                    under clause 9.13;


              “Contract”            means any contract, whether oral or written, including any
                                    option, future, contract for difference or other transaction
                                    relating thereto entered into by us with you, or any back to back
                                    agreement which we may enter into to enable us to enter into or
                                    fulfil our obligations under such contract;


              “Contract Note”       means a form of notification, which may be provided by us
                                    through an electronic facility (including the Internet), requiring
                                    access by you, confirming entry into a Contract;




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              “Contract Quantity”            means:


                                             (a) in relation to a Contract other than an option, the number of
                                                 Contract Units traded by you as stated on the Contract Note;


                                             (b) in relation to an option, the number of Contract Units that are
                                                 the subject of the option as stated on the Contract Note;


              “Contract Unit”                means:


                                             (a) in relation to a Contract other than an option, the minimum
                                                 contract size traded by us and for which we quote prices such
                                                 that the Contract Unit for each type of Contract is set out in
                                                 paragraph 1 of the relevant Part of Appendix I; and


                                             (b) in relation to an option, the minimum size of the subject
                                                 matter of the option for which we quote option prices which
                                                 shall equal the minimum contract size as set out in (a) above;


              “Contract Value”               means, in relation to a Contract, the total value of the Contract as
                                             calculated by us in accordance with the terms of this Agreement;


              “Customer”                     means the customer who enters into this Agreement with us,
                                             including joint accountholders;


              “Dividend”                     means the amount of any cash dividend or distribution per
                                             Security that would be received by a UK resident taxpayer
                                             holding the relevant Security, after any tax has been paid or
                                             withheld at source by the issuer of that Security, and ignoring any
                                             tax credit that may attach to the cash dividend or distribution;


              “EEA”                          means the European Economic Area;


              “Eligible Counterparty”        has the meaning given to it by the FSA Rules;


              “End User Licence Agreement”   means any agreement that we and/or one of our Associates
                                             enters into with you in respect of software or other technology to
                                             enable you to trade with us or otherwise manage your Account;


              “European Style Option”        means an option which is capable of exercise at the Strike Price
                                             only on the Expiry Date;




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              “Ex-Dividend Date”       means, in relation to a Security, the first date on which the
                                       price quoted on the relevant exchange is indicated to be an
                                       ex-dividend price or ex-distribution price;


              “Expiration Time”        means the time of day of expiration of an option, which is
                                       designated from time to time by us in relation to the Underlying
                                       of the option and displayed on our website;


              “Expiry Date”            means, in relation to an option, the date on which the option
                                       expires as set out in the Contract Note or, in the case of an
                                       American Style Option, such other date as we are instruction by
                                       you under paragraph 6 of Schedule C of Appendix II;


              “Force Majeure Event”    means any of the events covered by clause 18.1;


              “Forward”                has the meaning set out in paragraph 1 of Schedule B of
                                       Appendix II;


              “FSA”                    means the Financial Services Authority (or any successor
                                       regulator);


              “FSA Rules”              means all bye-laws, rules, regulations, rulings, instructions,
                                       guidance notices, decisions, directions and policies of the FSA;


              “Grey Market Security”   means the share (or other registered instrument) of a company
                                       for which a listing is to be sought on any relevant exchange and
                                       on which a Spot or Forward is based;


              “Hedging Event”          means, with respect to any Contract, we are unable or it is
                                       impractical for us, after using reasonable efforts, to acquire,
                                       establish, re-establish, substitute, maintain, unwind or dispose
                                       of any transaction or asset we deem necessary or appropriate to
                                       hedge our price risk relating to the Contract;


              “Index”                  means the market index or sector index on which a Spot or
                                       Forward is based;


              “Interbank Rate”         means, subject to paragraph 2.2 of the Part A – Appendix I, the
                                       mid interbank rate calculated by us with reference to the bid and
                                       offer prices for the Underlying most recently quoted by any one
                                       or more third party banks;




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              “Interest Percentage”            means, in relation to a Contract, such percentage per annum of
                                               the Contract Value as detailed on the daily statement and also
                                               available from us upon request;


              “Interest Qualification Level”   has the meaning given to it in the Rates Schedule;




              “Legislation and Regulations”    means the Act, the FSA Rules, the Market Rules and any other
                                               applicable laws and rules, which apply to you or us in relation to
                                               our activities under this Agreement;


              “Limited Appointment of Agent    means the form completed by you when authorising others to
              Form”                            instruct us on your behalf as referred to under clause 5.2;


              “Limited Hours Trading”          refers to your ability to trade Spots and Forwards and (where
                                               available) options on Spots on such Securities, Baskets or Indices
                                               as are designated by us from time to time under clause 2.8 only
                                               during such hours as the relevant exchange is open;


              “Long Party”                     means, in relation to a Contract other than an option, the party
                                               that has notionally bought the relevant Underlying;


              “Margin Call”                    means the requests that we may make to you for Margin
                                               Payments under clause 7;


              “Margin Payment”                 means any deposit or payment that you make or are required
                                               to make on your Account under the terms of this Agreement, in
                                               respect of the Margin Requirement or similar;


              “Margin Percentage”              means, save in the case of Contracts on Treasury Products, such
                                               percentage of the Contract Value as specified by us in the Rates
                                               Schedule and as amended by us under this Agreement from time
                                               to time;


              “Margin Requirement”             means the amount of cleared funds required on your Account at
                                               any particular time in order to maintain your open Contracts as
                                               referred to in clause 7;




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              “Market Rules”                     means the rules, regulations, customs and practices from time
                                                 to time of any exchange, clearing house or other organisation or
                                                 market involved in the conclusion, execution or settlement of a
                                                 transaction or contract and any exercise by any such exchange,
                                                 clearing house or other organisation or market of any power or
                                                 authority conferred on it;


              “Normal Trading Size”              is as defined by clause 3.9;


              “Notional Trading Requirement”     means, in relation to Contracts on a Treasury Product, such
                                                 factors to be multiplied by the Contract Quantity as specified
                                                 by us in the Rates Schedule and as amended by us under this
                                                 Agreement from time to time;


              “Opening Value”                    means, in relation to a Contract, the total value of the Contract
                                                 as agreed between us and you at the time of the transaction as
                                                 stated on the Contract Note or as determined in accordance with
                                                 the terms of this Agreement and which, in the case of an option,
                                                 shall be the premium for the option;


              “Professional Client”              has the meaning given to it by the FSA Rules;


              “Put Option”                       means an option where the Seller has the option notionally to
                                                 sell the Underlying to the Buyer at the Strike Price on the Expiry
                                                 Date;


              “Rates Schedule”                   means the schedule of our margin requirements, interest and
                                                 other rates applicable to the Contracts as determined by us for
                                                 you and supplied to you;


              “Related Index”                    means, in relation to any Spot, any index of which fluctuations
                                                 in the points total are, in our reasonable opinion, likely to be
                                                 indicative of potential fluctuations in the value of such Spot;


              “Related Index Futures Contract”   means:


                                                 (a) in relation to a Spot upon an Index, any index futures contract
                                                     providing a return with reference to fluctuations in the points
                                                     total of the same index; and




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                                         (b) in relation to any Spot, such other index futures contract of
                                             which fluctuations in the value are, in our reasonable opinion,
                                             likely to be indicative of potential fluctuations in the value of
                                             such Spot;


              “Related Security”         means, in relation to a Security, any instrument traded on any
                                         exchange relating to the same company and of which any
                                         fluctuations in the value are, in our reasonable opinion, likely to
                                         be indicative of potential fluctuations in the value of the relevant
                                         Security, including but not limited to depository receipts;


              “Relevant Amounts”         means, for purposes of Clause 10.1, (i) if you are a Retail Client,
                                         all amounts transferred to us by you or credited by us to your
                                         Account which are held to meet the Margin Requirement, and
                                         (ii) if you are a Professional Client or an Eligible Counterparty,
                                         all amounts received by us from you or credited by us to your
                                         Account, whether in respect of the Margin Requirement or
                                         otherwise;


              “Relevant Interest Rate”   means such applicable interest rate as we may reasonably select
                                         from time to time which is appropriate to the currency of the
                                         outstanding amount or the Underlying (as applicable) as detailed
                                         on the daily statement and also available from us upon request;


              “Retail Client”            has the meaning given to it by the FSA Rules;


              “Risk Warning Notice”      means the notice that we are obliged to supply to you under the
                                         FSA Rules as a result of your classification as either a Retail Client
                                         or a Professional Client in relation to the risks associated with
                                         entering into the Contracts contemplated by this Agreement;


              “Security”                 means the share (or other registered instrument) of a company
                                         traded on any exchange on which a Spot or Forward is based
                                         and shall include the constituent shares (or other registered
                                         instruments) of a Basket;


              “Seller”                   means, in relation to an option, the party who has sold the
                                         option;


              “Settlement Date”          means such settlement date following the Closing Date as we
                                         may reasonably determine in accordance with practice in the
                                         relevant market and notify you at the time of entering into the
                                         Contract;




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              “Short Party”       means, in relation to a Contract other than an option, the party
                                  that has notionally sold the relevant Underlying;


              “Specified Date”    means, in relation to a Forward, the future date with reference to
                                  which the Forward was entered into;


              “Specified Event”   means any of the following events:


                                  (a) you fail to make any payment or fail to do any other act or
                                      thing required by clauses 7 and 9.1 of this Agreement;


                                  (b) you fail to provide assets for delivery, or take delivery of assets,
                                      under any Contract on the first due date;


                                  (c) you fail to perform your obligations to us under this
                                      Agreement or any transaction contemplated by this
                                      Agreement, including any Contract;


                                  (d) you die or become of unsound mind;


                                  (e) an application is made for an interim order, or a proposal
                                      is made for you to enter into a voluntary arrangement, or
                                      a bankruptcy petition is presented to the Court in respect
                                      of you, or you enter into a deed of arrangement, or you are
                                      deemed unable to pay your debts as defined in Section 123
                                      of the Insolvency Act 1986 (the “1986 Act”) or any statutory
                                      amendment or re-enactment thereof, or a proposal is made
                                      for you to enter into a voluntary arrangement under Part I of
                                      the 1986 Act, or a petition is presented for an administration
                                      order in respect of you under Part II of the 1986 Act, or a
                                      receiver (including an administrative receiver) or manager
                                      is appointed in respect of you whether under Part II of the
                                      1986 Act or otherwise, or a provisional liquidator is appointed
                                      under Section 135 of the 1986 Act in respect of you, or you
                                      go into liquidation as defined in Section 247(2) of the 1986
                                      Act (other than a voluntary winding up solely for the purpose
                                      of amalgamation or reconstruction while solvent), or a
                                      proposal is made for you to enter a scheme of arrangement
                                      under Section 425 of the Companies Act 1985 or any
                                      statutory amendment or re-enactment thereof, or you seek a
                                      moratorium under the insolvency Act 2000, or you propose
                                      any arrangement or compromise with your creditors under
                                      parts 1 or 8 of the 1986 Act, section 425 Companies Act 1985
                                      or otherwise;




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                                            (f) any circumstance analogous or similar to those set out in (e)
                                                above occurs in relation to you in any jurisdiction;


                                            (g) any regulator of our business or its rules requires;


                                            (h) any of the representations or warranties given by you are, or
                                                become, untrue;


                                            (i) we reasonably consider that any of the circumstances set out
                                                in the above paragraphs are likely to happen and we therefore
                                                consider it necessary for our own protection or the protection
                                                of our Associates;


              “Spot”                        shall have the meaning set out in paragraph 1 of Schedule A of
                                            Appendix II;


              “Strike Price”                means, in relation to an option, the price at which the option is
                                            capable of exercise, as agreed between us and you at the time of
                                            the Contract under paragraph 2, Schedule C of Appendix II;


              “Terms of Business”           means these terms of business (including the Appendices as
                                            amended or replaced from time to time);


              “Treasury Product”            means any traded government debt instrument including, by way
                                            of example, Eurobonds, Eurodollar, T Bonds, Short Sterling, Gifts
                                            and Euribor;


              “Underlying”                  means:


                                            (a) the underlying property or index with reference to which
                                                the value of a Spot or Forward is determined as set out in
                                                Schedules A and B of Appendix II respectively; or


                                            (b) the subject matter of an option as set out in Schedule C of
                                                Appendix II; and


              “Underlying Contract Price”   means the price per Contract Unit of the Underlying quoted from
                                            time to time by us and which is calculated under paragraphs 3
                                            and 5, Schedule A of Appendix II as appropriate.




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              25.2   In this Agreement any reference to a person shall include bodies corporate, unincorporated institutions,
                     partnerships and individuals.

              25.3   If there is any conflict between the clauses of these Terms of Business and the Market Rules, the Market
                     Rules shall prevail PROVIDED THAT any relevant Market Rules relating to the provision of margin demands
                     shall not apply.

              25.4   In this Agreement, any reference to times of the day are to the time in London.

              25.5   The headings to the clauses are for convenience only and shall not affect the interpretation or construction
                     of this Agreement.

              25.6   Words importing the singular only shall include the plural and vice versa, words importing the masculine
                     shall include the feminine and the neuter and words importing persons shall include bodies incorporated
                     and unincorporated.

              25.7   Reference to any statute or statutory provision includes a reference to that statute or statutory provision
                     as from time to time amended, extended or re-enacted.\

              25.8   References to clauses, paragraphs and Appendices are references to clauses and paragraphs of and
                     Appendices to this Agreement and references to sub-clauses are, unless otherwise stated, references to
                     sub-clauses of the clause in which the reference appears.




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                                                                Appendix I

                                       Part A - Security, basket and Index Spots and forwards

              1.    Contract Unit

                    Contract Units are determined as follows:


                    Securities

              1.1   Where the Spot or Forward is based on a single Security, the Contract Unit shall be one share (or other
                    registered instrument) and we quote prices in the relevant currency per share.

                    Baskets

              1.2   Where the Spot or Forward is based on a Basket, the Contract Unit shall be the unit for which we quote
                    prices, which shall represent a weighting between the shares (or other registered instrument) of each of
                    the companies comprising the Basket in accordance with their respective market capitalisations.

                    Indices

              1.3   Where the Spot or Forward is based on an Index, the Contract Unit shall be the points total of the relevant
                    Index and we quote prices in the relevant currency of the Index at x currency units per point where x
                    depends on the relevant currency and is specified on our website.

              2.    Our Pricing

                    CMC Listings

              2.1   We will only quote prices for Spots and Forwards on a single Security where such Security is included on
                    the relevant CMC Listing, to which the following provisions apply:

                    (a) The Securities contained on the relevant CMC Listing shall be defined with reference to criteria
                        displayed from time to time on our website.

                    (b) We may amend the criteria for any CMC Listing, such amendment to take effect immediately, save
                        where it reduces the CMC Listing, in which case it shall take effect not less than one week after such
                        amendment being made.

                    (c) We may amend the list of Securities to which the criteria apply and which are contained on any CMC
                        Listing with immediate effect by amending the list of Securities for which prices are quoted on its
                        website. Such amendment shall be made in accordance with, and as soon as reasonably practicable
                        after, any amendment to the equivalent published list of the relevant exchange.

                    (d) It is your responsibility to monitor the equivalent published list of the relevant exchange and to assess
                        the likelihood of the Securities which form the basis of your orders and open Contracts continuing to
                        meet the criteria for the relevant CMC Listing.

              2.2   Where a Spot or Forward is based on a single Security and that Security is withdrawn from the CMC Listing
                    under paragraph 2.1, we shall be entitled, without prior reference to you, to close out the Spot or Forward



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                    with effect from close of trading on the relevant exchange on the last Business Day for which the Security
                    was included in the relevant CMC Listing.

                    Traded Securities to Which Limited Hours Trading Applies

              2.3   The Underlying Contract Price of a Spot on a single exchange-traded Security to which Limited Hours
                    Trading applies shall be a bid or offer price (whichever is applicable) calculated by us by applying the CMC
                    Spread to the current mid market price of the relevant Security quoted on the relevant exchange.

              2.4   The Underlying Contract Price of a Forward on a single exchange-traded Security to which Limited Hours
                    Trading applies shall be a bid or offer price (whichever is applicable) calculated by us in accordance with
                    paragraph 2.3 and adjusted by us as we consider representative, fair and reasonable to take account of
                    the Relevant Interest Rate differential to the Specified Date and, in accordance with paragraph 5.2 below,
                    any dividends or distributions accruing before or on the Specified Date.

                    Traded Securities to Which Limited Hours Trading Does Not Apply

              2.5   The Underlying Contract Price of a Spot on a single exchange-traded Security to which Limited Hours
                    Trading does not apply shall be a bid or offer price (whichever is applicable) calculated by us by applying
                    the CMC Spread to the market price determined by us to be representative, fair and reasonable having
                    regard to the current mid market price of the relevant Security quoted on any relevant exchange or, if not
                    available, any one or more of the following:

                    (a) the most recent mid market price of the relevant Security quoted on any relevant exchange;

                    (b) the current price of any Related Security quoted on any relevant exchange;

                    (c) price movements of any other Security or Related Security within the business sector in which the
                        Security is classified;

                    (d) movements in the points total of any Related Index;

                    (e) the current price of any Related Index Futures Contract;

                    (f) any other matter reasonably considered by us to be appropriate, including but not limited to foreign
                        exchange costs and tax considerations.

              2.6   The Underlying Contract Price of a Forward on a single exchange-traded Security to which Limited Hours
                    Trading does not apply shall be a bid or offer price (whichever is applicable) calculated by us in accordance
                    with paragraph 2.5 above and adjusted by us as we consider representative, fair and reasonable to
                    take account of the Relevant Interest Rate differential to the Specified Date and, in accordance with
                    paragraph 5.2 below, any dividends or distributions accruing before or on the Specified Date.

                    Baskets

              2.7   Subject to paragraphs 2.9 and 5, the Underlying Contract Price of a Spot or Forward on a Basket shall
                    be a bid or offer price (whichever is applicable) calculated by us by applying the CMC Spread to the
                    weighted sum of the mid prices of the constituent Securities in accordance with the companies’ market
                    capitalisations.




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              2.8    By way of example and in accordance with paragraph 2.7 above, if the relative market capitalisations of
                     the companies whose securities form part of a Basket vary, the Underlying Contract Price quoted by us
                     shall vary accordingly so as to produce a profit or loss to us or to you on the Spot or Forward.

              2.9    Where a Spot or Forward is based on a Basket and one or more (but not all) of the constituent Securities
                     is withdrawn from the CMC Listings under paragraph 2.1, each such constituent Security shall be replaced
                     in the Basket by the Security that took its place in the CMC Listing and we shall be entitled, without prior
                     reference to you, to adjust the Underlying Contract Price in such manner as we consider representative,
                     fair and reasonable, in order to maintain the weighting of the reconstituted Basket.

                     Grey Market Securities

              2.10   The Underlying Contract Price of a Spot or Forward on a Grey Market Security shall be determined by
                     us (acting reasonably) with reference to any publicly available price or range of prices, as adjusted by us
                     from time to time having regard to the trading positions of our CMC’s customers in such Spot or Forward.

              2.11   As soon as the Grey Market Security is traded on any relevant exchange, such Spot or Forward shall be
                     valued, and otherwise treated under this Agreement, as if it is a Spot or Forward (as applicable) on the
                     relevant Security.

              2.12   If the Grey Market Security does not come to listing on any relevant exchange, we shall cease quoting a
                     price for that Security and close out your position at a price which we consider is representative, fair and
                     reasonable having regard to the circumstances of the failure to come to listing.

                     Indices

              2.13   The Underlying Contract Price of a Spot or Forward on an Index shall be a bid or offer price (whichever
                     is applicable) calculated by us by applying the CMC Spread to the market price determined by us to
                     be representative, fair and reasonable having regard to the current price of any Related Index Futures
                     Contract and any other matter reasonably considered by us to be appropriate.

              3.     Close of business Accounting

                     Traded Securities

              3.1    The Underlying Contract Price of a Spot on a single Security shall equal the mid market price of the
                     relevant Security at the close of trading on the relevant exchange on such Business Day.

              3.2    If such Underlying Contract Price is determined on a day on which the exchange on which the relevant
                     Security has its primary listing is closed, it shall equal the mid market price of the relevant Security at the
                     close of trading on the preceding Business Day for which such exchange was open.

              3.3    The Underlying Contract Price of a Forward on a single Security shall be a mid price calculated under
                     paragraph 2.4 above.

                     Baskets

              3.4    The Underlying Contract Price of a Spot on a Basket shall equal the weighted sum of the mid market prices
                     of the constituent Securities at the close of trading on the relevant exchange on such Business Day.




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              3.5   If such Underlying Contract Price is determined on a day on which the exchange on which each constituent
                    Security has its primary listing is closed, it shall equal the mid market price of the constituent Securities at
                    the close of trading on the preceding Business Day for which such exchange was open.

              3.6   The Underlying Contract Price of a Forward on a Basket shall be a mid price calculated under paragraph 2.7
                    above.

                    Grey Market Securities

              3.7   The Underlying Contract Price of a Spot or Forward on a Grey Market Security shall be a mid price
                    calculated under paragraph 2.10 above.

                    Indices

              3.8   The Underlying Contract Price of a Spot or Forward on an Index shall be a mid price calculated under
                    paragraph 2.13 above.

              4.    Closing

              4.1   A Spot on a single Security, Basket or Index shall close automatically at close of trading on the relevant
                    exchange on the fifth anniversary of the date on which the Spot was first entered into.

              4.2   A Forward on a single Security, Basket or Index shall close automatically at Close of Business on the fifth
                    anniversary of the date on which the Forward was first entered into.

              5.    Additional Provisions

                    Account Adjustment for Dividends

              5.1   Subject to paragraph 5.3 below, an adjustment to the Account shall be made with reference to any
                    dividend or distribution attributable to any relevant Security on which a Spot is based and shall be made
                    and calculated as follows:

                    (a) where you are the Long Party, we shall adjust the Account in your favour by the Dividend multiplied
                        by the Contract Quantity;

                    (b) where you are the Short Party, we shall adjust the Account in our favour by the Dividend multiplied
                        by the Contract Quantity.

                    Such adjustment shall apply to any such Spot, which is open at close of business on the Business Day
                    before the Ex-Dividend Date and shall be made by us by Close of Business on the Ex-Dividend Date.

              5.2   In relation to any Forward which is opened by you or replacement Forward opened automatically by us
                    under paragraph 5.3 of Schedule B before Close of Business on the Business Day before the Ex-Dividend
                    Date, we shall take into account the Dividend which we reasonably estimate will be declared after the
                    Forward is opened, but before the Specified Date of the relevant Forward, in calculating the Underlying
                    Contract Price under paragraph 2.4 or 2.6 (as applicable). We shall not be obliged to make any adjustment
                    to the Account once the actual amount of the Dividend or distribution is declared.

              5.3   If we determine in our sole discretion that there has been any change in, or any change in the
                    interpretation or application by any court, governmental or other competent authority, of any applicable



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                    law or regulation which has the effect of reducing or increasing the amount of the ordinary Dividend or
                    distribution per Security that would actually be paid to a UK resident taxpayer who is a holder of that
                    Security, we may vary the Dividend adjustment made under paragraph 5.1 or 5.2 above with immediate
                    effect by notice in writing to you.

              5.4   For the avoidance of doubt, paragraphs 5.1 to 5.3 above shall apply with respect to any constituent
                    Security of a Basket or Index, but subject to any such adjustment being scaled back in proportion to
                    the respective weighting of the affected Security within the Basket or Index as we reasonably consider
                    appropriate.

                    Suspension and Market Disruption

              5.5   If, at any time:

                    (a) trading in any relevant Security, or any constituent Security of a Basket, on any exchange is limited or
                        suspended; or

                    (b) trading is limited or suspended on any exchange so as to restrict trading within any relevant Index
                        such that we are prevented from determining the Underlying Contract Price of a Security or Index,

                    then the Underlying Contract Price of such Security or Index shall be the Underlying Contract Price
                    immediately preceding such limitation or suspension and the Underlying Contract Price of any affected
                    Basket shall be calculated accordingly.

              5.6   If:

                    (a) in relation to a Spot or Forward on a Security or Index; or

                    (b) in relation to a Spot or Forward on a Basket,

                    such limitation or suspension affects all constituent Securities and such limitation or suspension continues
                    for five Business Days, we may close the Spot or Forward and determine a Closing Date and the Contract
                    Value under paragraph 6.2 of Schedule A Annex II. We reserve the right at all times during the term
                    of any such limitation or suspension to adjust the Underlying Contract Price of any affected Spot or
                    Forward (including any Basket) in our reasonable discretion but having regard to the then prevailing
                    market conditions affecting trading as a whole or trading in such Security or Index.

              5.7   Where a Spot or Forward is based on a Basket and:

                    (a) trading in any one or more (but not all) of the constituent Securities on any exchange is limited or
                        suspended for a period of five Business Days; or

                    (b) a company, whose Security is one of the constituent Securities, goes into insolvency or is otherwise
                        dissolved,

                    we shall be entitled, without prior reference to you, to exclude any such Security from the Basket going
                    forward and to adjust the Underlying Contract Price in such manner as we consider representative, fair
                    and reasonable, in order to maintain the respective weight of the remaining Securities within the Basket.

              5.8   If, in relation to any Security, Basket or Index on which a Spot or Forward is based, the price of any relevant
                    Security or the Index becomes exceptionally volatile as reasonably determined by us, we may by notice



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                     request you to agree an amendment to the Margin Percentage with respect to that Spot or Forward. Such
                     amendment shall also apply to any relevant Spot or Forward entered into with you after such amendment.

              5.9    If:

                     (a) we are unable to hold, purchase or borrow any relevant Securities or our ability to hold, purchase
                         or borrow such Securities becomes in our reasonable opinion at any time materially impaired or
                         restricted for whatever reason; or

                     (b) you fail or refuse to agree to an amendment of the Margin Percentage under paragraph 5.8; or

                     (c) we reasonably believe that we can no longer perform our obligations under the Spot or Forward
                         on the same economic basis as that underlying the terms of the Spot or Forward when the Spot or
                         Forward was originally entered into,

                     then we shall give you notice of that fact and will, at your request, provide you with reasonable evidence
                     of such circumstances, although our determination shall be conclusive.

              5.10   At any time following the giving of notice by us to you under paragraph 5.9, we may close the Spot or
                     Forward, and paragraph 6.2 of Schedule A Annex II shall apply.

              5.11   We reserve the right to pass on to you any stock borrowing costs incurred by us during exceptional market
                     conditions, as reasonably determined by us and notified to you in advance.

                     Adjustments, Insolvency and Take-over Offers

              5.12   If any Security becomes subject to adjustment as the result of any event set out in paragraph 5.13 below,
                     we shall determine the appropriate adjustment, if any, to be made to the Underlying Contract Price and/
                     or the relevant Contract Quantity as we shall reasonably consider appropriate to account for the diluting
                     or concentrative effect of the adjustment or otherwise necessary to preserve the economic equivalent of
                     the rights and obligations of us and you under the relevant Spot or Forward immediately prior to such
                     event. Such adjustment shall be effective from the date determined by us.

              5.13   The events to which paragraph 5.12 refers are the declaration by the issuer of the Security of the terms of
                     any of the following:

                     (a) subdivision, consolidation or reclassification of the Security, or a free distribution of shares to existing
                         holders by way of bonus, capitalisation or similar issue;

                     (b) distribution to existing holders of the Security, other share capital or securities granting the right
                         to payment of dividends, distributions and/or proceeds of liquidation of the issuer equally or
                         proportionately with such payments to holders of the Security, or securities, rights or warrants
                         granting the right to a distribution of shares or to purchase, subscribe, or receive shares, in any case
                         for payment (in cash or otherwise) at less than the prevailing market price per share as determined
                         by us;

                     (c) any event in respect of the shares analogous to (a) or (b) above or otherwise having a diluting or
                         concentrative effect on the market value of the Security.

              5.14   If at any time a take-over offer is made in respect of a Security, then, subject always to your right to close
                     the position, at any time prior to the closing date of such offer:



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                     (a) in the case of a Spot or Forward on a single Security, we may give notice to you of our intention to
                         close any relevant Spot or Forward, in which case the provisions of such notice and paragraph 6.2 of
                         Schedule A Annex II shall apply; or

                     (b) in the case of Spot or Forward on a Basket, we may give notice to you of our intention to amend the
                         constituents of the Basket to exclude such Security and to adjust the Underlying Contract Price as we
                         consider representative, fair and reasonable as specified in such notice.

              5.15   If a company, whose Security forms the basis of a Spot or Forward on a single Security, goes into
                     insolvency or is otherwise dissolved, we shall close such Spot or Forward and the date of such insolvency
                     or dissolution shall be the Closing Date. The Contract Value of such Spot or Forward shall be determined
                     by us in good faith.

              5.16   Any adjustment or amendment of the Underlying Contract Price and the Contract Quantity made by
                     us under this Appendix shall, subject to paragraphs 5.1 and 5.2, be entered on the Account with effect
                     immediately after Close of Business on such Business Day and shall be conclusive and binding on you save
                     in the case of manifest error.

              5.17   No adjustments shall be made in relation to any Spot or Forward in respect of any events occurring after
                     the closing of such Spot or Forward.

              5.18   Reference to any “offer” or “take-over” in this Appendix shall have the meaning set out in the City Code
                     on Take-overs and Mergers or, in respect of shares traded outside the UK, such code or regulations as are
                     applicable to take-overs and mergers (as amended from time to time). If no such other code of regulations
                     apply, we shall apply the City Code on Take-overs and Mergers as if it applied to such shares with the
                     necessary amendments.

                                                   Part b - forex Spots and forwards

              1.     Contract Unit

                     The Contract Unit shall be one currency unit of the primary reference currency.

              2.     Our Pricing

              2.1    The Underlying Contract Price shall be a bid or offer price (whichever is applicable) calculated by us by
                     applying the CMC Spread to the Interbank Rate.

              2.2    If the Specified Date of a Forward is other than a date generally quoted in the market, we shall calculate
                     the Interbank Rate from the available market prices for other value dates as we consider representative,
                     fair and reasonable.

              3.     Close of business Accounting

                     The Underlying Contract Price shall be a mid price calculated under paragraph 2 above. All positions left
                     open at Close of Business will be rolled over to the next Business Day at the CMC Rollover Rate.

              4.     Closing

                     A Spot or Forward on currencies shall close automatically at Close of Business on the fifth anniversary of
                     the date on which the Spot or Forward was first entered into.


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              5.    Additional Provisions

                    [none]


                                                Part C - Treasury Products forwards

              1.    Contract Unit

                    The Contract Unit shall be the points total of the relevant Treasury Product and we quote prices in the
                    relevant currency per the minimum customary trade size of such Treasury Product.

              2.    Our Pricing

              2.1   The Underlying Contract Price shall be a bid or offer price (whichever is applicable) calculated by us by
                    applying the CMC Spread to the rate currently being quoted on the relevant exchange.

              2.2   If the Specified Date of a Forward is other than a date generally quoted in the market, we shall calculate
                    the relevant exchange rate from the available exchange prices for other value dates as we consider
                    representative, fair and reasonable.

              3.    Close of business Accounting

                    The Underlying Contract Price shall be a mid price calculated under paragraph 2 above. All positions left
                    open at Close of Business will be rolled over to the next Business Day at the CMC Rollover Rate.

              4.    Closing

                    A Forward on a Treasury Product shall close automatically at Close of Business on the fifth anniversary of
                    the date on which the Forward was first entered into.

              5.    Additional Provisions

              5.1   Paragraph 4 Schedule A - Appendix II above in relation to margin calculations shall not apply to a Forward
                    on a Treasury Product and the remaining paragraphs of this paragraph 5 shall apply.

              5.2   At the time of each transaction and throughout the term of Forward, you shall have and maintain margin
                    on the Account at least equivalent to:

                                        Notional Trading Requirement x Contract Quantity

                    in respect of all open Forward positions on the Account. The amount of margin on the Account at any
                    time shall be determined as if such payments as are due under paragraph 5.4 Schedule A - Appendix II
                    were calculated and deducted from the Account on an ongoing basis during the day based upon the
                    current bid or offer Underlying Contract Price (as applicable) from time to time.




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                                                 Part D - bullion Spots and forwards

              1.    Contract Unit

                    The Contract Unit shall be one ounce of the relevant Bullion and we quote prices in the customary
                    currency of the relevant market per ounce.

              2.    Our Pricing

              2.1   The Underlying Contract Price shall be a bid or offer price (whichever is applicable) calculated by us by
                    applying the CMC Spread to the rate currently being quoted on the relevant exchange.

              2.2   If the Specified Date of a Forward is other than a date generally quoted in the market, we shall calculate
                    the relevant exchange rate from the available exchange prices for other value dates as we consider
                    representative, fair and reasonable.

              3.    Close of business Accounting

                    The Underlying Contract Price shall be a mid price calculated under paragraph 2 above. All positions left
                    open at Close of Business will be rolled over to the next Business Day at the CMC Rollover Rate.

              4.    Closing

                    A Spot or Forward on a base or precious metal shall close automatically at Close of Business on the fifth
                    anniversary of the date on which the Spot or Forward was first entered into.

              5.    Additional Provisions

                    [none]


                                              Part E - Commodity Spots and forwards

              1.    Contract Unit

              1.1   The Contract Unit shall be one SI unit (e.g. one ounce, pound or barrel) according to the custom of the
                    relevant market and we quote prices in the customary currency of the relevant market per unit.

              1.2   If, in accordance with the custom of the relevant market, prices for a commodity are quoted in different
                    currencies in different markets, you may request us to quote a price for the Spot or Forward in any of the
                    customary currencies.

              2.    Our Pricing

              2.1   The Underlying Contract Price shall be a bid or offer price (whichever is applicable) calculated by us by
                    applying the CMC Spread to the rate currently being quoted on the relevant exchange.

              2.2   If the Specified Date of a Forward is other than a date generally quoted in the market, we shall calculate
                    the relevant market rate from the available exchange prices for other value dates as we consider
                    representative, fair and reasonable.




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              3.   Close of business Accounting

                   The Underlying Contract Price shall be a mid price calculated under paragraph 2 above. All positions left
                   open at Close of Business will be rolled over to the next Business Day at the CMC Rollover Rate.

              4.   Closing

                   A Spot or Forward on a commodity shall close automatically at Close of Business on the fifth anniversary
                   of the date on which the Spot or Forward was first entered into.

              5.   Additional Provisions

                   [none]




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                                                                Appendix II

                                           Schedule A – Spot Contracts for Difference
              This Schedule A sets out additional provisions which apply to all Contracts which are Spot Contracts for Difference.

              1.      Interpretation

              1.1     “Spot” means any Contract, other than a Forward, which is a contract for difference entered into between
                      us and you with the purpose of securing a profit or avoiding a loss by reference to fluctuations in the price
                      of underlying property or an index (the “Underlying”).

              2.      The Purpose of a Spot

              2.1     The purpose of a Spot is to secure a profit or avoid a loss by reference to fluctuations in the Underlying.
                      In the context of our activities under this Agreement, the Underlying may be:

                      (a) a single Security or Grey Market Security;

                      (b) a basket of Securities;

                      (c) an Index;

                      (d) an exchange rate between two currencies;

                      (e) a Treasury Product;

                      (f) a Bullion;

                      (g) a commodity;

                      (h) such other investment as we may from time to time agree in writing.

              2.2     Both you and we agree that it is an express term of each Spot that:

                      (a) neither you nor us

                           (i) acquire any interest in or right to acquire; or

                           (ii) is obliged to sell, purchase, hold or deliver or receive Securities, Related Securities, Grey Market
                                Securities, Related Index Futures Contracts, currencies, Treasury Products, base or precious
                                metals or commodities or any other underlying investment by virtue of any Spot; and

                      (b) the rights and obligations of each party under the Spot are principally to make and receive such
                          payments as are provided for in this Agreement and on any Contract Note.

              3.      Our Pricing

              3.1     We shall quote the Underlying Contract Price, on which you may trade, which, subject to paragraph 3.2
                      below, we shall determine in accordance with paragraph 2 of the relevant Part of Appendix I.



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              3.2   When you place an order, we may provide an amended quote of the Underlying Contract Price to that
                    originally quoted by our trading platform. This may occur, for example, when you place an order outside
                    the Normal Trading Size or when we decide to take account of any change in market conditions since
                    the original quote. Such amended Underlying Contract Price shall be determined by us as we consider
                    representative, fair and reasonable, having regard to the applicable prices and costs of entering into a
                    Contract of that size on the relevant market. You are free, in your absolute discretion, to accept or reject
                    the amended quote.

              4.    Margin Calculations

              4.1   At the time of entering into each transaction in relation to a Contract, you shall have margin on the
                    relevant Account at least equivalent to:

                                                 Margin Percentage x Opening Value

              4.2   Commencing from the time of the relevant Contract and throughout the term of the relevant Spot, you
                    shall maintain margin on the Account in respect of that Spot at least equivalent to the total of:

                                               Margin Percentage x current Underlying
                                                 Contract Price x Contract Quantity

                    where the current Underlying Contract Price in respect of the relevant Spot shall equal the mid price
                    between the bid and offer Underlying Contract Price then being quoted by us and calculated as stated in
                    paragraph 3 above. The amount of margin required to be maintained on the Account at any time shall
                    be determined as if such payments as are due under paragraph 5.4 of this Schedule A were calculated
                    and deducted from the Account on an ongoing basis during the day based upon the current bid or offer
                    Underlying Contract Price (as applicable) from time to time.

              5.    Close of business Accounting

              5.1   Commencing at Close of Business on the date of the Contract and at Close of Business on each subsequent
                    Business Day during the term of the Spot (including the Closing Date), we shall perform the obligations
                    set out in this paragraph.

              5.2   We shall determine the Underlying Contract Price in accordance with paragraph 3 of the relevant Part of
                    Appendix I.

              5.3   We shall calculate the Contract Value, which shall equal:

                                           Underlying Contract Price x Contract Quantity

              5.4   If on the date of the transaction in respect of the Contract:

                    (a) the current Contract Value exceeds the Opening Value, the Short Party shall pay to the Long Party
                        such excess;

                    (b) the Opening Value exceeds the current Contract Value, the Long Party shall pay to the Short Party
                        such excess.




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                        If, on any Business Day during the term of the Spot (including the Closing Date):

                        (i) the current Contract Value exceeds the Contract Value on the preceding Business Day, the Short
                            Party shall pay to the Long Party such excess;

                        (ii) the Contract Value on the preceding Business Day, exceeds the current Contract Value, the Long
                             Party shall pay to the Short Party such excess.

              5.5   Where you are the Long Party and express reference is made in the Rates Schedule to interest payable by
                    you, we shall debit from the Account an amount equivalent to the overnight interest to the next Business
                    Day equal to the Relevant Interest Rate plus the relevant Interest Percentage on the Contract Value. Such
                    debit amount shall accrue for each day or part day (taking the annual rate divided by 365 or 360 according
                    to relevant market practice) up to and including the Settlement Date.

              5.6   Where you are the Short Party and express reference is made in the Rates Schedule to interest receivable
                    by you, we shall credit to the Account an amount equivalent to overnight interest to the next Business
                    Day equal to the Relevant Interest Rate minus the relevant Interest Percentage on the Contract Value.
                    Such credit amount shall accrue for each day or part day (taking the annual rate divided by 365 or 360
                    according to relevant market practice) up to and including the Settlement Date.

              5.7   Any payments due under this clause shall, subject to paragraph 6.11, be made by us adjusting the Account
                    with effect immediately after Close of Business on the relevant Business Day.

              6.    Closing a Spot

                    When a Spot Closes

              6.1   A Spot may be closed out if:

                    (a) you give instructions to close a Spot by entering into a Spot which results in you being long and short
                        a particular Underlying, irrespective of the date on which either Spot closes automatically under
                        paragraph 6.3; or

                    (b) we exercise any of our rights under this Agreement to close a Spot at any time before the Spot closes
                        automatically under paragraph 6.3.

              6.2   Details of the last day and time for closing out a Spot are available on request. It is your responsibility to
                    be aware of the last day and time for closing out a particular Spot.

              6.3   A Spot shall close automatically in the circumstances set out in paragraph 4 of the relevant Part of
                    Appendix I.

              6.4   Where we exercise any of our rights under this Agreement to close a Spot, we shall do so by entering into
                    a Spot on the Account which results in you being long and short a particular Underlying, irrespective of
                    the date on which either Spot closes automatically under paragraph 6.3 of this Agreement.




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                     Closing Contract Value

              6.5    Where:

                     (a) we exercise any of our rights under this Agreement to close a Spot; or

                     (b) a Spot closes automatically under paragraph 6.1 of this Agreement; we shall determine the Underlying
                         Contract Price at the time of closing in accordance with the current prices then being quoted by us
                         PROVIDED THAT, save where the Spot to be closed is outside the Normal Trading Size, the CMC
                         Spread used in calculating the Underlying Contract Price shall not exceed 20% or one pence (or
                         equivalent currency unit), whichever is the greater.

              6.6    A Spot shall close at the Contract Value at the time of closing as calculated by us, which shall equal:

                                            Underlying Contract Price x Contract Quantity

                     and as notified to you on the relevant Contract Note.

                     Close of Business

              6.7    Subject to paragraphs 6.8 and 6.9 of this Agreement, a Spot shall close automatically at Close of Business
                     on each Business Day and be replaced by an equivalent Spot with effect immediately after Close of
                     Business on such Business Day PROVIDED THAT this shall not affect the automatic closing of a Spot under
                     paragraph 6.3, such that the five year period shall run from the date on which the Spot was first entered
                     into and PROVIDED FURTHER THAT when such Spot closes automatically under paragraph 6.3, it shall not
                     be reopened in accordance with this paragraph 6.7.

              6.8    If you are long and short a Security or an Index (irrespective of the date on which either Spot closes
                     automatically under paragraph 6.3), we shall, with effect immediately after Close of Business on the
                     Closing Date, close the relevant long and short Spots and record in the Account the balance (if any) of
                     the Customer’s then outstanding long or short position in that Underlying, as appropriate. If there is more
                     than one Spot in relation to the particular Underlying, we may close out whichever Spot we consider
                     appropriate.

              6.9    Where you have two or more Spots:

                     (a) which are in respect of the same Underlying; and

                     (b) where you are in all such Spots either the Long Party or the Short Party,

                     we shall, with effect immediately after Close of Business on each Business Day replace such Spots with a
                     single aggregated Spot equivalent to the total of the Contract Quantities of each such Spot. The date on
                     which such replacement Spot shall expire automatically under paragraph 6.3 of this Schedule shall be the
                     latest of the expiry dates of each of the original Spots.

              6.10   Where a Spot has been closed out during a Business Day, paragraphs 3 to 5 of this Schedule A shall
                     continue to apply to your long and short positions in the particular Underlying until Close of Business on
                     such Business Day and shall apply to the balance of your outstanding long or short position (if any) in the
                     relevant Underlying with effect immediately after Close of Business on such Business Day.




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              6.11   Any payment due by either party under paragraphs 5 and 6 of this Schedule A in respect of dates on or
                     after the Closing Date shall be made by us adjusting the Account at Close of Business on the Settlement
                     Date.

              6.12   Except as otherwise expressly provided, this Schedule shall apply without prejudice to paragraph 5.16 of
                     Part A of Appendix I.

              7.     Additional Provisions

                     The additional provisions set out in paragraph 5 of each Part of Appendix I shall apply.


                                              Schedule b - forward Contracts for Difference

                     This Schedule B sets out additional provisions which apply to all Contracts which are Forward Contracts
                     for Difference.

              1.     Interpretation

              1.1    “forward” means any Contract which is a contract for difference entered into between us and you with
                     the purpose of securing a profit or avoiding a loss by reference to fluctuations in the price of underlying
                     property (the “Underlying”) for delivery at a future date (the “Specified Date”).

              2.     forwards Offered by CMC

              2.1    In the context of the Services, the Underlying of a Forward may be:

                     (a) a single Security or Grey Market Security;

                     (b) a basket of Securities;

                     (c) an Index;

                     (d) an exchange rate between two currencies;

                     (e) a Treasury Product;

                     (f) a Bullion;

                     (g) a commodity;

                     (h) such other investment as CMC may from time to time agree in writing.

              2.2    Both you and we agree that it is an express term of each Forward that:

                     (a) neither you nor us

                         (i) acquire any interest in or right to acquire; or

                         (ii) is obliged to sell, purchase, hold or deliver or receive Securities, Related Securities, Grey Market
                              Securities, Related Index Futures Contracts, currencies, Treasury Products, base or precious
                              metals or commodities or any other underlying investment by virtue of any Forward; and



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                    (b) the rights and obligations of each party under the Forward are principally to make and receive such
                        payments as are provided for in this Schedule B of this Appendix II of this Agreement and on any
                        Contract Note.

              3.    Application of Spot Provisions (Schedule A Appendix II)

              3.1   We shall, subject to the provisions of the relevant parts of this Schedule, treat Forwards in the same
                    manner as Spots as regards:

                    (a) our pricing (paragraph 3, Schedule A);

                    (b) Margin Requirements (paragraph 4, Schedule A); and

                    (c) close of business accounting (paragraph 5, Schedule A),

                    and paragraphs 3, 4 and 5 of Schedule A shall apply as if each reference to a Spot was to a Forward
                    PROVIDED THAT no interest shall be payable by either us or you under paragraphs 5.5 or 5.6 of Schedule A.

              4.    Swaps

                    At any time before Close of Business on the Specified Date of a Forward, you may request a quote from
                    us to amend the Specified Date. Such amendment shall be effected as follows:

                    (a) you enter into a swap contract with us at such Contract Value as agreed between us and you;

                    (b) your Account shall be debited or credited (as applicable) with the Contract Value of the swap contract;

                    (c) the relevant Forward is closed in accordance with paragraph 5 below; and

                    (d) you enter into a replacement Forward with us at the Underlying Contract Price then generally being
                        quoted by us for such Forward.

              5.    Closing a forward

              5.1   We shall, subject to paragraph 5.2 below and the provisions of the relevant parts of this Schedule, treat
                    Forwards in the same manner as Spots as regards closing and paragraph 6 of Schedule A of this Agreement
                    shall apply as if each reference to a Spot was to a Forward.

              5.2   The specific changes to paragraph 6 of Schedule A of this Agreement as it applies to closing a Forward are
                    as follows:

                    (a) the phrase in paragraph 6.1 (a) “irrespective of the date on which either Spot closes automatically
                        under paragraph 6.3” shall be replaced in all cases by “with the same Specified Date”;

                    (b) paragraph 6.7 shall not apply to Forwards and shall be replaced by paragraph 5.3 of this Schedule B
                        below; and

                    (c) in paragraphs 6.8 and 6.9 of Schedule A, reference to the “Underlying” shall be to the “Underlying
                        with the same Specified Date”.




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              5.3     Subject to paragraphs 6.8 and 6.9 of Schedule A as amended above, a Forward shall close automatically
                      at Close of Business on the Specified Date and:

                      (a) if the period from the date of the Contract to the Specified Date of the Forward is, or is part of, a market
                          standard period for which equivalent contracts are traded on the relevant exchange as reasonably
                          determined by us, such Forward shall be replaced with effect immediately after Close of Business on
                          the Specified Date by an equivalent Forward on the same Underlying for the same market standard
                          period to the replacement Specified Date. The Opening Value of such replacement Forward shall
                          equal the current Underlying Contract Price of the replacement Forward multiplied by the applicable
                          Contract Quantity. The provisions of this Schedule B and the relevant part of Appendix I shall then
                          apply to such Forward;

                      (b) if the period from the date of the Contract to the Specified Date of the Forward is not a standard
                          period within (a), such Forward shall be replaced with effect immediately after Close of Business on
                          the Specified Date by a Spot on the same Underlying. The Opening Value of such Spot shall equal the
                          closing Contract Value of the Forward as determined by us under this paragraph and the provisions
                          of the relevant Part of Appendix I shall then apply to such Spot;

                      and in either case PROVIDED THAT:

                           (i) this shall not affect the automatic closing of a Forward under paragraph 6.3 of Schedule A, such
                               that the five year period shall run from the date on which the original Forward was first entered
                               into; and

                           (ii) when such Forward closes automatically under paragraph 6.3 of Schedule A, it shall not be
                                reopened in accordance with this paragraph 5.

              5.4     If a Forward is replaced by a Forward under paragraph 5.3 of this Schedule, at Close of Business on the
                      Specified Date of the original Forward, we shall calculate the difference between:

                      (a) the closing Contract Value of the original Forward as determined by us under this paragraph 5; and

                      (b) the Opening Value of the replacement Forward and we shall:

                           (i) if (a) is greater than (b) credit the difference to the Account; and

                           (ii) if (b) is greater than (a) debit the difference from the Account.

              6.      Additional Provisions

              The additional provisions set out in paragraph 5 of the relevant Part of Appendix I shall apply.




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                                                            Schedule C - Options

              This Schedule C sets out additional provisions which apply to all Contracts which are Options.

              1.      The Purpose of an Option

              1.1     The purpose of an option is to acquire the right for a premium (the “Opening Value”) to buy (a “Call
                      Option”) or sell (a “Put Option”) a Spot based on underlying property or an index (the “Underlying”) at
                      a specified future date (the “Expiry Date”) at a specified price (the “Strike Price”).

              1.2     Both you and we agree that it is an express term of each option that:

                      (a) neither you nor us

                           (i) acquire any interest in or right to acquire; or

                           (ii) are obliged to sell, purchase, hold or deliver or receive Securities, Related Securities, Grey
                                Market Securities, Related Index Futures Contracts, currencies, Treasury Products, a Bullion or
                                commodities or any other underlying investment by virtue of any option; and

                      (b) the rights and obligations of each party under the option are principally to make and receive such
                          payments as are provided for in this Schedule C and on any Contract Note or, where we accept your
                          request, to enter into a Spot in accordance with paragraph 6.2 of this Schedule C.

              2.      Option Terms

              2.1     The terms of an option shall be agreed between us and you at the time of entering into the Contract and
                      are as set out in the Contract Note. Such terms shall include:

                      (a) the Underlying, which may be a Spot on a single Security, a single Grey Market Security, an Index, an
                          exchange rate between two currencies, a Treasury Product, a base or precious metal (“bullion”), a
                          commodity or such other investment as we may from time to time agree in writing;

                      (b) the Contract Quantity;

                      (c) the Expiry Date;

                      (d) the Opening Value;

                      (e) whether the option is a Put Option or a Call Option;

                      (f) whether the option is an American Style Option or a European Style Option; and

                      (g) the Strike Price.

              2.2     At Close of Business on the date of the Contract, we shall:

                      (a) where you are the Buyer, deduct from the Account the Opening Value; and

                      (b) where you are the Seller, credit to the Account the Opening Value.




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              3.    Margin Calculations

              3.1   At the time of each transaction in relation to a Contract where you are the Seller, you shall have margin
                    on the Account at least equivalent to:

                                                 Margin Percentage x Opening Value

              3.2   Commencing from the time of the Contract and throughout the term of the option, you shall, in respect
                    of all unexpired options where you are the Seller, maintain margin on the Account at least equivalent to
                    the total of:

                                            Margin Percentage x current Contract Value

                    where the current Contract Value is as determined by us in the same manner as under paragraph 4.2 of
                    this schedule C.

              4.    Close of business Accounting

              4.1   Commencing at Close of Business on the date of the Contract and at Close of Business on each subsequent
                    Business Day during the term of the option (excluding the Expiry Date), we shall perform the obligations
                    set out in this paragraph 4.

              4.2   We shall, acting reasonably, determine the Contract Value in accordance with the price for such option
                    then being quoted by us, which we shall calculate with reference to the Underlying Contract Price of an
                    equivalent spot contract on the same Underlying, adjusted by us with reference to the period remaining
                    to the Expiry Date of the Option.

              4.3   We shall notionally credit the current Contract Value to the Account such that there will be:

                    (a) an accrued gain for the Buyer and corresponding loss for the Seller if the current Contract Value
                        exceeds on the date of the transaction in relation to the Contract the Opening Value or, thereafter,
                        the Contract Value on the preceding Business Day; and

                    (b) an accrued gain for the Seller and corresponding loss for the Buyer if on the date of the transaction
                        in relation to the Contract the Opening Value or, thereafter, the Contract Value on the preceding
                        Business Day exceeds the current Contract Value.

              4.4   Such notional accrued gain or loss shall be:

                    (a) reported by us to you on the statement of the Account; and

                    (b) taken into account when calculating the balance on the Account available for trading PROVIDED
                        THAT any notional accrued gain may not be withdrawn by you before the closure or expiry of the
                        relevant Option.

              5.    Closing the Option

              5.1   At any time before the Expiration Time on the Expiry Date of the option:

                    (a) you may close the option; or




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                    (b) we may exercise any of our rights under this Agreement to close the option.

              5.2   Where either party wishes to close an option, it shall do so by entering into an option on the Account
                    which is the converse of the open position such that:

                    (a) if the party seeking to close is the Buyer of a Call or Put Option, it will have to close this position by
                        entering into a Call or Put Option respectively where it is the Seller; and

                    (b) if the party seeking to close is the Seller of a Call or Put Option, such position is closed by such party
                        entering into a Call or Put Option respectively where it is the Buyer,

                    where the Underlying, Contract Quantity, Strike Price and Expiry Date are the same as the open position.

              5.3   At close of business on the Closing Date, we shall calculate any accrued notional gain or loss for you on
                    the Account under paragraph 4.3 of this Schedule C and any such accrued notional gain in respect of such
                    option shall be paid to you by adjusting the Account with effect immediately after close of Business on
                    the Closing Date. Subject to clause 9.9 of this Agreement, such amount may then be withdrawn by you.

              5.4   It is your responsibility to be aware of the Expiry Date of the option.

              6.    Expiry

              6.1   Unless closed out under paragraph 5 above, a European Style Option shall expire automatically at the
                    Expiration Time on the Expiry Date.

              6.2   At any time before the Expiration Time on the Expiry Date of an American Style Option, you may instruct
                    us to effect the exercise of such American Style Option and the date of such instruction shall become the
                    Expiry Date and the remaining provisions of this paragraph 6 shall apply.

              6.3   If an American Style Option is neither closed out under paragraph 5 above nor the subject of instructions
                    by you under paragraph 6.2 of this Schedule C, it shall expire automatically at the Expiration Time on the
                    Expiry Date.

              6.4   Unless you have made an election under paragraph 6.5 below, at Close of Business on the Expiry Date, the
                    following payments shall be entered by us on the Account:

                    (a) in relation to a Call Option, if the Underlying Contract Price exceeds the Strike Price, the Seller shall
                        pay to the Buyer such excess; and

                    (b) in relation to a Put Option, if the Strike Price exceeds the Underlying Contract Price, the Buyer shall
                        pay to the Seller such excess,

                    in either case, multiplied by the Contract Quantity.

              6.5   At any time before the Expiration Time on the Expiry Date of the option, or, in the case of an American
                    Style Option, before or at the same time that you give us instructions under paragraph 6.2 above, you may
                    elect to enter into a replacement Spot with us instead of receiving cash payment under paragraph 6.4 of
                    this Schedule. If such election is made:

                    (a) no payments shall be made under paragraph 6.4 above; and




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                    (b) we shall enter into a Spot with you where:

                          (i) the Underlying of the Spot is the same as the Underlying of the option;

                          (ii) in the case of a Put Option, you shall be the Short Party to the Spot;

                          (iii) in the case of a Call Option, you shall be the Long Party to the Spot;

                          (iv) the Opening Value of the Spot shall equal the Strike Price of the option multiplied by the Contract
                               Quantity.

              6.6   If:

                    (a) in relation to a Call Option, the Strike Price exceeds the Underlying Contract Price; or

                    (b) in relation to a Put Option, the Underlying Contract Price exceeds the Strike Price, then the option will
                        expire without any further amount due from either party.




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                                                 EXhIbIT II: RISK wARNINg NOTICE

                                                     CMC MARKETS UK PlC AND
                                                    CMC MARKETS CANADA INC.
              CMC Markets UK plc (“CMC UK”), whose registered office is at 133 Houndsditch, London EC3A 7BX, is authorised and
              regulated in the United Kingdom by the UK Financial Services Authority (“FSA”) under reference number 173730.

              CMC Markets Canada Inc.’s (“CMC Canada”) registered office is at Suite 1800, 130 Adelaide Street West, Toronto,
              Ontario M5H 3P5. CMC Canada is a registered investment dealer in all of the provinces and territories of Canada
              except Alberta and a member of the Investment Industry Regulatory Organization of Canada (“IIROC”) and of the
              Canadian Investor Protection Fund (“CIPF”).

              This Risk Warning Notice is provided to our customers resident in Canada (“customer” or “you”) because you
              are proposing to undertake dealings with both CMC UK and CMC Canada (“CMC” or “we” or “us”) in financial
              derivative products, in particular contracts for differences (“CFDs”), under our Canadian Terms of Business.

              Before making a decision to trade CFDs, you should carefully consider all of the disclosure provided to you upon
              account opening and in the documents incorporated by reference herein and, in particular, you should evaluate
              the risk factors set in this notice.

              Trading CfDs is not suitable for everyone and requires the financial ability and willingness to accept the high
              risks inherent in such an investment. you should carefully consider whether trading CfDs is appropriate
              for you in light of your experience, objectives, financial resources and other relevant circumstances. No
              assurance can be given that you will receive a return of your capital or any profit thereon.

              This notice cannot and does not disclose or explain all of the risks and other significant aspects involved in trading
              in CFDs and other financial derivative products. In light of the risks, you should undertake to trade CFDs only
              if you understand the nature of the product and contractual relationships into which you are entering and the
              extent of your exposure to risk. Engaging in these types of transaction can carry a high risk to your capital. You
              should not engage in trading CFDs and other financial derivative products unless you understand the nature of
              the transactions you are entering into and the true extent of your exposure to the risk of loss. You should also be
              satisfied that the products are suitable for you in the light of your circumstances and financial position. If you are
              in any doubt you should seek independent advice.

              Different products involve different levels of exposure to risk and in deciding whether to trade in such instruments
              you should be aware of the following points:

              1. general

              Although CFDs and financial derivative products can be utilised for the management of investment risk, some of
              these products are unsuitable for many customers as they carry a high degree of risk. The “gearing” or “leverage”
              often obtainable in trading CFDs and financial derivative products means that a small deposit or down payment
              can lead to large losses as well as gains. It also means that a relatively small market movement can lead to a
              proportionately much larger movement in the value of your position, and this can work against you as well as for
              you. Such transactions may have to be margined, and you should be aware of the implications of this, which are
              set out in paragraph 4 below.

              Trading CFDs allows a customer to have exposure to securities with a relatively small cash collateral deposit.
              Furthermore, if a customer chooses to fund the margin requirements using borrowed funds, their effective leverage



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              can reach excessive levels. Customers should note that losses can exceed the amount of margin outlaid in some
              circumstances. Therefore, you may sustain losses greater than the margin deposit required to establish
              and maintain a CfD position.

              Customers should be aware that CMC also has the right, whether with or without prior demand, call or notice, and
              in addition to any other rights it may have under the Canadian Terms of Business to close out all or part, as CMC
              reasonably considers appropriate, of a customer’s open positions.

              2. Derivative Markets are Speculative and Volatile

              Derivative markets can be highly volatile. The prices of CFDs and the underlying instruments may fluctuate
              rapidly and over wide ranges, and may reflect unforeseeable events or changes in conditions, none of which
              can be controlled by a customer. The prices of CFDs will be influenced by, among other things, changing supply
              and demand relationships, governmental, agricultural, commercial and trade programs and policies, national
              and international political and economic events and prevailing psychological characteristics of the relevant
              underlying marketplace. Market conditions (e.g. liquidity) and/or the operation of the rules of certain markets
              (e.g. the suspension of trading in any CFD or underlying instrument because of price limits or “circuit breakers”)
              may increase the risk of loss by making it difficult or impossible to effect transactions or liquidate/offset positions.
              Further, normal pricing relationships between the underlying instrument and the CFD may not exist. The absence
              of an underlying reference price may make it difficult to judge fair value.

              3. foreign markets

              Foreign markets will involve different risks from Canadian markets. In some cases risks will be greater. The potential
              for profit or loss from transactions on foreign markets or in foreign currency denominated markets will be affected
              by fluctuations in foreign exchange rates.

              4. Margin

              CFDs and other financial derivative products are margined, and require you to make a series of payments against
              the contract value, instead of paying the whole contract value immediately. This means that CFDs can involve
              significant leverage, which can have the effect of magnifying potential profits or potential losses, and consequently
              carries significant risk. Where you enter into CFDs and other financial derivative transactions with us, you must
              maintain sufficient margin on your account at all times to maintain your open positions and we provide you with
              on-line access to enable you to monitor your margin requirement at all times. We revalue your open positions
              continuously during each business day, and any profit or loss is immediately reflected in your account and a loss
              (which may or may not result in a margin call) may require you immediately to provide additional funds to us to
              maintain your open positions. We may also change our rates of initial margin and/or notional trading requirements
              at any time, which may also result in a change to the margin you are required to maintain. If you do not maintain
              sufficient margin on your account at all times and/or provide such additional funds within the time required, your
              open positions may be closed at a loss and you will be liable for any resulting deficit.

              5. Off-exchange transactions

              When trading CFDs and other financial derivative products with us, you will be entering into off-exchange (OTC)
              derivative transactions. All positions entered into with us must be closed with us and cannot be closed with any
              other entity. Transactions in off-exchange derivatives may involve greater risk than investing in on-exchange
              derivatives because there is no exchange market on which to close out an open position. It may be impossible
              to liquidate an existing position, to assess the value of the position arising from an off-exchange transaction or to
              assess the exposure to risk. Bid prices and offer prices need not be quoted by us, and, even where they are, we
              may find it difficult to establish a fair price particularly when the relevant exchange or market for the underlying
              is closed or suspended.


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              6. Charges and commissions

              Before you begin to trade, you should obtain from us details of all commissions and other charges for which
              you will be liable which we will usually set out in CMC Canada’s Rates Schedule. If any charges are not expressed
              in money terms (but, for example, as a percentage of contract value), you should obtain a clear and written
              explanation, including appropriate examples, to establish what such charges are likely to mean in specific money
              terms. When commission is charged as a percentage, it will normally be as a percentage of the total contract value,
              and not simply as a percentage of your initial payment.

              Commission, bid/ask spreads, and other transaction fees can have a material adverse effect on a customer’s market
              position and ability to break even and, therefore, ultimately affect profits and losses. In order to achieve a net
              profit on any transaction, the price received upon the sale of the market position must exceed the purchase price
              by at least the amount of commissions and other fees paid. Trading CFDs may involve frequent purchase and sale
              transactions, resulting in significant fees and commissions.

              7. Suspensions of trading

              Under certain trading conditions it may be difficult or impossible to liquidate a position. This may occur, for
              example at times of rapid price movement if the price for the underlying rises or falls in one trading session to such
              an extent that trading in the underlying is restricted or suspended.

              8. Money and Collateral

              If you are a retail client then, unless you request otherwise, any money held by CMC UK in respect of your margin
              requirements will be transferred to us to secure your actual or potential obligations to CMC UK. It will not be
              segregated from CMC UK’s money.

              Money deposited with CMC Canada will be segregated from CMC Canada’s operating funds. It is important to
              note, however, that money held in a segregated account may not afford customers absolute protection. Please be
              advised that a segregated account may not insulate your money from a default by CMC UK.

              If you are a professional client or eligible counterparty, then any money held by CMC UK will be transferred to
              CMC UK to secure your actual or potential obligations to CMC UK. If you do not intend to trade with money held
              with CMC UK or use it to meet your margin requirements, then you should request CMC UK to transfer this money
              back to you. Such money will not be segregated from CMC UK’s money and you will rank as a general creditor of
              CMC UK.

              If you deposit collateral as security with us, we may provide you with additional terms and conditions that apply.
              Deposited collateral may lose its identity as your property once dealings on your behalf are undertaken. Even if
              your dealings should ultimately prove profitable, you may not get back the same assets which you deposited and
              may have to accept payment in cash. It is your responsibility to ascertain how your collateral will be dealt with by
              us.

              9. CMC as Product Issuer

              CMC, its associates or other persons connected with CMC may have an interest, relationship or arrangement that
              is material in relation to any CFD entered into with CMC. These conflicts of interest arise because CMC UK is the
              issuer of the CFDs to you, and therefore CMC UK has an opposing interest in the price at which you deal and the
              subsequent movement in the CFD price.




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              CMC is a market maker, not a broker. Accordingly, you will be trading CFDs directly with CMC, and not on any
              financial market. As a market maker, CMC sets the prices that refer to, but may not always be the same as, those
              in the underlying market.

              CMC will always act as a principal, not as an agent, for its own benefit in respect of all CFD transactions with you.

              CMC may also conduct transactions as principal in the underlying instruments on which CFDs are based, including
              shares and futures. In particular, CMC may at its sole discretion, hedge its liability to you in respect of your CFD
              positions by undertaking transactions in the underlying instruments in the underlying markets. However, CMC has
              no obligation to do so and is under no obligation to inform you as to whether or not it has done so. These trading
              activities may affect (positively or negatively) the prices at which you may trade CFDs.

              10. loss of funds In the Event of an Insolvency, bankruptcy or liquidation

              There is a risk associated with the solvency of CMC UK, the counterparty to each CFD. An investor may lose part
              or all of their unrealized gains in an open position or funds held on account due to the insolvency, bankruptcy or
              liquidation of CMC UK. The extent to which an investor may be able to recover their money may be governed by
              specific legislation. CMC UK is not a reporting issuer in Canada.

              You should be aware of the difficulties enforcing any legal rights against CMC UK in the event of its bankruptcy or
              liquidation, see paragraph 11 below.

              11. Enforcement of legal Rights

              CMC UK is established under the laws of a jurisdiction outside Canada and all of CMC UK’s officers and directors
              are located outside Canada. All of substantially all of the assets of CMC UK and such persons are and will be
              located outside Canada. As a result, there may be difficulty in enforcing any legal rights against CMC UK or such
              persons. In particular, it may not be possible for customers to effect service of process within Canada upon CMC
              UK or such persons, to satisfy a judgment against CMC UK or such persons in Canada or to enforce a judgment
              obtained in Canadian courts against CMC UK or such persons outside Canada.

              12. Changes to Applicable laws

              Changes to securities regulatory law, tax law and other laws, government, fiscal and regulatory policies in respect
              of all or part of the business carried on by CMC Canada or CMC UK may have a material adverse effect on a
              customer’s dealings with CMC Canada or CMC UK.

              CMC Canada is the dealer and agent for CMC UK in the distribution of CFDs to customers resident in Canada. As a
              member of IIROC, certain integral features of CFDs offered in Canada through CMC Canada, including the margin
              percentage applied to CFD positions and the types of underlying instrument, are required to be in compliance
              with the rules, regulations, policies, member notices and bulletins of IIROC (the “IIROC Rules”) which may be
              amended from time to time. Such IIROC Rules may have a materially adverse effect on the scope or attractiveness
              of CFDs offered to customers resident in Canada.

              13. Reliance on the Marketmaker™ Trading Platform

              The operation of a customer’s account is reliant on the continuing operation of, among other things, the
              Marketmaker™ trading platform, internet connectivity, and a customer’s personal computer and related software.
              A fault, delay or failure of any of these things could result in delays or failures in respect of CFD orders or a
              customer’s account. While CMC will endeavour to provide a customer with access to the Marketmaker™ trading
              platform 24 hours a day, 7 days a week, CMC does not control signal power, its reception or routing via the internet,



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              configuration of a customer’s equipment or reliability of its connection, therefore, CMC cannot be responsible for
              any communication failures, distortions or delays experienced when trading CFDs via the Internet. By undertaking
              transactions on an electronic trading system, a customer will be exposed to risks associated with the system,
              including the failure of hardware and software. A customer’s ability to recover certain losses which are particularly
              attributable to trading on a market using an electronic trading system may be limited to less than the amount of
              a customer’s total loss.

              14. Reliance on Third Party Data Providers

              In addition, CMC is dependent upon third party data providers to supply real-time market prices and other
              information necessary for the operation of its business. As with the reliance on Marketmaker™ Trading Platform,
              the operation of a customer’s account is reliant on the continuing operation of these third party data providers.
              Any interruption in or cessation of services by any third party information provider could have a material adverse
              effect on a customer’s ability to open and close positions.

              15. Execution Only Dealer and No Investment Advice Provided

              CMC Canada is an execution only dealer and neither does CMC UK nor CMC Canada provide any investment
              advice or recommendations regarding the purchase or sale of any CFD. Therefore all trading decisions made by a
              customer should be done so in reliance solely on the customer’s own judgment and at their own risk. Customers
              must rely on their own judgment and information before trading and, where necessary, seek independent advice.

              All opinions, news, research, analysis, prices or other information contained on Marketmaker™ or the website of
              any of CMC’s affiliates are provided as general market commentary and do not constitute investment advice.

              16. IIROC leverage Disclosure

              CMC Markets Canada Inc., as a member of the Investment Industry Regulatory Organization of Canada (IIROC)
              is required to provide the following disclosure to customers seeking to trade in products that involve leverage:
              “Using borrowed money to finance the purchase of securities involves greater risk than using cash resources only.
              If you borrow money to purchase securities, your responsibility to repay the loan and pay interest as required by
              its terms remains the same even if the value of the securities purchased declines.”




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                      PRESCRIbED RISK INfORMATION fOR CUSTOMERS RESIDENT IN CANADA

              Certain securities and derivatives legislation in Canada requires that CMC Markets UK plc and CMC Markets
              Canada Inc. provide the following Risk Information Document for Derivatives to its customers resident in Canada.

              This brief document does not disclose all of the risks and other significant aspects of trading in futures contracts,
              options or other derivatives. In light of the risks, you should undertake such transactions only if you understand
              the nature of the contracts (and contractual relationships) into which you are entering and the extent of your
              exposure to risk. Trading in derivatives is not suitable for many members of the public. You should carefully
              consider whether trading is appropriate for you in light of your experience, objectives, financial resources and
              other relevant circumstances.

              fUTURES CONTRACTS
              (a) Effect of “leverage” or “gearing”

              Transactions in futures contracts carry a high degree of risk. The amount of initial margin is small relative to the
              value of the futures contract so that transactions are “leveraged” or “geared”. A relatively small market movement
              will have a proportionately larger impact on the funds you have deposited or will have to deposit: this may work
              against you as well as for you. You may sustain a total loss of initial margin funds and any additional funds
              deposited with the firm to maintain your position. If the market moves against your position or margin levels are
              increased, you may be called upon to pay substantial additional funds on short notice to maintain your position. If
              you fail to comply with a request for additional funds within the time prescribed, your position may be liquidated
              at a loss and you will be liable for any resulting deficit.

              (b) Risk reducing Orders or Strategies

              The placing of certain orders (e.g. “stop loss” order, where permitted under local law, or “stop limit” orders) which
              are intended to limit losses to certain amounts may not be effective because market conditions may make it
              impossible to execute such orders. Strategies using combinations of positions, such as “spread” and “straddle”
              positions may be as risky as taking simple “long” or “short” positions.

              OPTIONS

              (c) Variable Degree of Risk

              Transactions in options carry a high degree of risk. Purchasers and sellers of options should familiarize themselves
              with the type of option (i.e. put or call) which they contemplate trading and the associated risks. You should
              calculate the extent to which the value of the options must increase for your position to become profitable, taking
              into account the premium and all transaction costs.

              The purchaser of options may offset or exercise the options or allow the options to expire. The exercise of an
              option results either in a cash settlement or in the purchaser acquiring or delivering the underlying interest. If the
              option is on a futures contract, the purchaser will acquire a futures position with associated liabilities for margin
              (see the section on Futures Contracts above). If the purchased options expire worthless, you will suffer a total
              loss of your investment which will consist of the option premium plus transaction costs. If you are contemplating
              purchasing deep out of the money options, you should be aware that the chance of such options becoming
              profitable ordinarily is remote.




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              Selling (“writing” or “granting”) an option generally entails considerably greater risk than purchasing options.
              Although the premium received by the seller is fixed, the seller may sustain a loss well in excess of that amount.
              The seller will be liable for additional margin to maintain the position if the market moves unfavourably. The seller
              will also be exposed to the risk of the purchaser exercising the option and the seller will be obligated to either settle
              the option in cash or to acquire or deliver the underlying interest. If the option is on a futures contract, the seller
              will acquire a position in a future with associated liabilities for margin (see the section on Futures Contracts above).
              If the option is “covered” by the seller holding a corresponding position in the underlying interest or a futures
              contract or another option, the risk may be reduced. If the option is not covered, the risk of loss can be unlimited.

              Certain exchanges in some jurisdictions permit deferred payment of the option premium, exposing the purchaser
              to liability for margin payments not exceeding the amount of the premium. The purchaser is still subject to the risk
              of losing the premium and transaction costs. When the option is exercised or expires, the purchaser is responsible
              for any unpaid premium outstanding at that time.

              ADDITIONAl RISKS COMMON TO DERIVATIVES

              (d) Terms and Conditions of Contracts

              You should ask the firm with which you deal about the terms and conditions of the specific futures contracts,
              options or other derivatives which you are trading and associated obligations (e.g. the circumstances under which
              you may become obligated to make or take delivery of the underlying interest and, in respect of options, expiration
              dates and restrictions on the time for exercise).

              Under certain circumstances the specifications of outstanding contracts (including the exercise price of an option)
              may be modified by the exchange or clearing house to reflect changes in the underlying interest.

              (e) Suspension or Restriction of Trading and Pricing Relationships

              Market conditions (e.g. liquidity) and/or the operation of the rules of certain markets (e.g. the suspension of
              trading in any contract or contract month because of price limits or “circuit breakers”) may increase the risk of loss
              by making it difficult or impossible to effect transactions or liquidate/offset positions. If you have sold options, this
              may increase the risk of loss.

              Further, normal pricing relationships between the underlying interest and the derivative may not exist. This can
              occur when, for example, the futures contract underlying the option is subject to price limits while the option is
              not.

              The absence of an underlying reference price may make it difficult to judge “fair” value.

              (f) Deposited Cash and Property

              You should familiarize yourself with the protections accorded money or other property you deposit for domestic
              and foreign transactions, particularly in the event of a firm insolvency or bankruptcy. The extent to which you
              may recover your money or property may be governed by specific legislation or local rules. In some jurisdictions,
              property which had been specifically identifiable as your own will be prorated in the same manner as cash for
              purposes of distribution in the event of a shortfall.

              (g) Commission and Other Charges

              Before you begin to trade, you should obtain a clear explanation of all commissions, fees and other charges for
              which you will be liable. These charges will affect your net profit (if any) or increase your loss.


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              (h) Transactions in Other Jurisdictions

              Transactions on markets in other jurisdictions, including markets formally linked to a domestic market, may
              expose you to additional risk. Such markets may be subject to regulation which may offer different or diminished
              customer protection. Before you trade you should inquire about any rules relevant to your particular transactions.
              Your local regulatory authority will be unable to compel the enforcement of the rules of regulatory authorities or
              markets in other jurisdictions where your transactions have been effected. You should ask the firm with which you
              deal for details about the types of redress available in both your home jurisdiction and other relevant jurisdictions
              before you start to trade.

              (i) Currency Risks

              The profit or loss in transactions in foreign currency denominated derivatives (whether they are traded in your
              own or another jurisdiction) will be affected by fluctuations in currency rates where there is a need to convert from
              the currency denomination of the derivative to another currency.

              ( j) Trading facilities

              Most open outcry and electronic trading facilities are supported by computer based component systems for the
              order routing, execution, matching, registration or clearing of trades. As with all facilities and systems, they are
              vulnerable to temporary disruption or failure. Your ability to recover certain losses may be subject to limits on
              liability imposed by the system provider, the market, the clearing house and/or member firms. Such limits may
              vary; you should ask the firm with which you deal for details in this respect.

              (k) Electronic Trading

              Trading on an electronic trading system may differ not only from trading in an open outcry market but also from
              trading on other electronic trading systems. If you undertake transactions on an electronic trading system, you will
              be exposed to risks associated with the system, including the failure of hardware and software. The result of any
              system failure may be that your order is either not executed according to your instructions or is not executed at all.
              Your ability to recover certain losses which are particularly attributable to trading on a market using an electronic
              trading system may be limited to less than the amount of your total loss.

              (l) Off exchange Transactions

              In some jurisdictions, and only then in restricted circumstances, firms are permitted to effect off exchange
              transactions. The firm with which you deal may be acting as your counterparty to the transaction. It may be
              difficult or impossible to liquidate an existing position, to assess the value, to determine a fair price or to assess the
              exposure to risk. For these reasons, these transactions may involve increased risks.

              Off-exchange transactions may be less regulated or subject to a separate regulatory regime. Before you undertake
              such transactions, you should familiarize yourself with applicable rules.

              *        *        *         *        *

              This Risk Warning Notice may be amended or replaced from time to time.

              The current version of the Risk Warning Notice is accessible on www.cmcmarkets.ca (the “CMC Canada website”).

              All amendments or revised versions of the Risk Warning Notice shall be posted on the CMC Canada Website. If
              such amendments are material to your trading relationship with CMC, we shall provide written notice of such
              amendments or revisions to all Customers.


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                          EXhIbIT III: INfORMATION AbOUT OUR ORDER EXECUTION POlICy

                                                     CMC MARKETS UK PlC AND
                                                    CMC MARKETS CANADA INC.
              NOTICE fOR CUSTOMERS RESIDENT IN CANADA:

              As an authorized financial services firm with the UK Financial Services Authority, CMC Markets UK plc has been
              required to implement an order execution policy (the “Execution Policy”) which sets out the reasonable steps
              that CMC Markets UK plc will take to obtain the best possible result for its customers on a consistent basis when
              executing orders on its customers behalf.

              The attached summary of the Execution Policy should be read in conjunction with the Canadian Terms of Business.

              IMPORTANT: As indicated in the Canadian Terms of business, Spread bets and Sector CfDs are not
              available to customers resident in Canada.

              *       *        *        *       *        *

              This Information About Our Execution Policy may be amended or replaced from time to time.

              The current version of the Information About Our Execution Policy is accessible on www.cmcmarkets.ca (the “CMC
              Canada website”).

              All amendments or revised versions of the Information About Our Execution Policy shall be posted on the CMC
              Canada Website and written notice of such amendments or revisions shall be provided to all Customers.




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              CMC MARKETS UK PlC

              INfORMATION AbOUT OUR ORDER EXECUTION POlICy

              THE MARKETS IN FINANCIAL INSTRUMENTS DIRECTIVE (MIFID) IS EUROPEAN LEGISLATION WHICH
              ATTEMPTS TO HARMONISE THE REGULATORY RULES FOR INVESTMENT FIRMS ACROSS EUROPE. IT COMES
              INTO FORCE ON 1 NOVEMBER 2007.

              Our Obligation

              In accordance with MiFID and the rules implementing it in the UK, CMC Markets UK Plc and CMC Spreadbet
              Plc (together referred to as “CMC Markets” or “we” or “us”) have implemented an order execution policy (the
              “Execution Policy”) which sets out the reasonable steps that CMC Markets will take from 1 November 2007 to
              obtain the best possible result for you on a consistent basis when executing orders on your behalf.

              A summary of the Execution Policy, which should be read in conjunction with our Terms of Business, is set out
              below. Please note that although MiFID and the rules implementing it in the UK require us to have an order
              execution policy, the Execution Policy itself does not form part of the agreement between you and us. If you wish
              to obtain further information, then please do not hesitate to contact us.

              Scope

              Our Execution Policy applies when we execute orders relating to transactions in contracts for differences (CFDs),
              financial spreadbets or other OTC financial derivative products on behalf of our retail and professional clients.
              Please note that we always deal as principal and act as the relevant execution venue for your orders, which will be
              executed on an OTC basis rather than on a regulated market or a multilateral trading facility (MTF).

              If you provide us with specific instructions as to how to execute your order, we will have complied with our
              obligation to take all reasonable steps to obtain the best possible result when executing that order by following
              your instructions. Please note that this may prevent us from following our Execution Policy. To the extent that your
              instructions are incomplete, we will usually follow our Execution Policy for those parts or aspects of the order not
              covered by your instructions.

              In the absence of specific instructions from you, we will usually take into account the various execution factors
              and criteria set out below in order to determine how to obtain the best possible result when executing orders on
              your behalf.

              Execution factors and Criteria

              The execution factors and criteria which we usually take into account when executing orders on your behalf are
              as follows:

              •	 Price (please see our Pricing Policy below)

              •	 Costs (if any)

              •	 Size of order (e.g. if the order is outside of normal trading size)

              •	 Nature of the order (i.e. the type of order including stop or limit orders, whether the order needs to be priced
                 and executed automatically or manually, etc.)




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              •	 Speed and likelihood of execution (e.g. for orders executed when the relevant market for the underlying is
                 closed)

              We may also take into account other factors or criteria relevant to the execution of your specific order. For both
              retail and professional clients, we will usually attach the highest relative importance to total consideration when
              executing your order. Total consideration comprises the price of the relevant financial instrument and the costs
              related to its execution (if any). However, in some circumstances, for some clients, orders and financial instruments,
              we may appropriately determine that other execution factors are more important than price or costs in obtaining
              the best possible execution result.

              Pricing Policy

              The different financial instrument types traded by CMC Markets are listed below with a description as to how the
              relevant instruments are priced. Charges or commissions (as applicable) are disclosed to our clients in writing and
              can be found in the Rates Schedule where applicable.

              CMC Markets is committed to offering you the most competitive trading service in the market. However, in
              exceptional circumstances, there may be occasions where we have to increase our normal spread. To ensure that
              our clients are certain as to the maximum spread applied to a particular instrument we cap these spreads as follows:
              during normal trading hours for the particular underlying we will never quote a spread wider than the relevant
              underlying market spread plus the maximum capped spread applicable in normal trading hours. Outside of normal
              trading hours for the particular underlying we will never quote a spread wider than the maximum capped spread
              applicable out-of-hours. Equally we will never use spreads wider than the relevant underlying market spreads plus
              the maximum capped spreads (applicable to normal trading hours or out-of-hours, as relevant) when we calculate
              an instrument’s price based on the prices of its constituents.

              The table below sets out the applicable maximum capped spreads per instrument type. Unless stated otherwise,
              the maximum capped spreads stated below are applicable to both normal trading hours and out-of-hours. We
              will notify you in writing or by email if we change these levels. We reiterate that these maximum levels will only be
              evoked in exceptional circumstances.

                                                      CfD                          Sb
                                               % of our mid price          % of our mid price
                                              for each instrument         for each instrument
               Shares                                 3%                          3%
               Indices                                1%                          1%
               Sector Constituents                    3%                          3%
               Treasuries                             1%                          1%
               Commodities                            1%                          1%
               FX                                     1%                          1%

              Please do not hesitate to contact any member of the dealing desk should you have any queries on our Pricing
              Policy.

              Equity CfDs and Spread bets

              CMC Markets has access to at least one relevant underlying equity exchange in respect of which it offers Equity
              CFD or spread betting products . The resulting business may or may not be hedged back into the underlying
              exchange. Where Direct Market Access services are offered (in Australian Equities for example), then CMC Markets
              will source the price directly from the exchange and trade at that price with the client.



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              Irrespective of the position on the relevant underlying exchange, CMC Markets may enhance the liquidity in any
              instrument by publishing greater liquidity at a given price point, for example by allowing multiple clients access to
              the same price point irrespective of the liquidity level on the underlying exchange. In the case of larger trades, the
              client’s order is worked in accordance with the client’s price limit instruction in order to obtain the best possible
              price currently available in the market or provide a firm quote to accommodate the size of the order.

              For those UK equities that CMC Markets quotes during Out of Hours Trading , prices are referenced from the
              underlying equivalent trading as an ADR (American Depositary Receipt) in the United States, and recalculated back
              into sterling for the benefit of clients and the continuity of the single contract, using the current spot FX rate from
              CMC Markets as appropriate.

              As a result of this, the spreads for equity CFDs and spread bets are variable. For equity spread bets CMC will apply
              additional spreads around these variable spreads and - in the case of forward products – adjustments for cost of
              carry.

              Index CfDs and Spread bets

              CMC Markets prices for spot (cash) index CFDs and spread bets will be referenced to the level of the relevant
              underlying index futures price. The price quoted by CMC Markets will take into account a deduction of ‘fair value’.
              Fair value is the theoretical assumption of where a futures contract should be priced given factors such as, for
              example, the current cash index level as well as dividend adjustments, etc.

              Our prices for forward index CFDs and spread bets are based on the underlying futures price.

              Where trades in index CFDs are carried out ‘Out of Hours (i.e. outside normal trading hours of the particular index),
              CMC Markets will base its price on the closing price of the underlying instrument, taking into account any relevant
              matters (i.e. percentage movement of other correlated indices or index futures based on a weighting to provide as
              much accuracy as possible as to the likely market movement).

              Index CFDs may be closed at any time during CMC Markets’ trading hours for the relevant index.

              Sector CfDs and Spread bets

              In order to obtain a fair, realistic price CMC Markets prices will be calculated using the prices currently available of
              the larger weighted constituents from each sector, taking into account factors such as liquidity and traded volume
              of each such constituent. This calculation is undertaken in real-time and published in real-time on CMC Markets’
              Marketmaker® trading platform.

              As a result of this pricing method the spread for sector CFDs and spread bets is variable.

              Commodity CfDs and Spread bets

              CMC Markets has access to at least one relevant underlying derivative exchange per commodity in respect of
              which CMC offers Commodity CFD or spread bet products. By reference to the underlying instruments CMC
              Markets will manufacture a price, taking into account cost of carry etc where relevant.

              Where the underlying bid and offer reference prices are not available, CMC Markets will reference the last actual
              trade of the underlying instrument and then apply a spread. This spread will not exceed the maximum capped
              spread.

              Where commodities are not exchange listed, CMC Markets will access the prices of a market maker who from our



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              experience provides a consistent service, taking into account factors such as frequency of updates, spreads and
              reliability, and again will manufacture a price.

              Treasury CfDs and Spread bets

              CMC Markets has access to at least one relevant underlying derivative exchange per instrument in respect of
              which it offers Treasury CFD or spread bet products. By reference to the underlying instruments CMC Markets will
              manufacture a price, taking into account cost of carry etc where relevant.

              foreign Exchange

              CMC Markets prices on FX/currency products which are not futures based are sourced from independent money
              centre banks providing liquidity to the OTC FX Market. By reference, CMC Markets will access the prices of a
              market maker in FX/currency products who from our experience usually provides a consistent service, taking into
              account factors such as frequency of updates and reliability, from which we will then manufacture our prices.

              Where CMC prices FX/currency products (such as for example currency futures CFDs) by reference to the underlying
              futures price, CMC Markets has access to at least one relevant underlying futures exchange per FX/currency future
              in respect of which CMC offers CFD or spread bet products. By reference to the underlying instruments CMC
              Markets will manufacture a price, taking into account cost of carry etc where relevant.

              Where the underlying bid and offer reference prices are not available, CMC Markets will reference the last actual
              trade of the underlying instrument and then apply a spread. This spread will not exceed the maximum capped
              spread.

              Changes to the spread

              CMC Markets reserves the right to modify the CMC Markets spread (for example where there is a fast moving
              market or low liquidity) subject to the overall cap.

              Execution Venue

              We will enter into all transactions with you as principal and act as execution venue for all orders. You can request
              from us further details of the relevant underlying regulated markets, MTFs, exchanges and other liquidity providers
              that we use in order to reference prices for our Equity CFD, Commodity CFD and Treasury CFD products.

              Effect of other factors on the execution your order

              Most trades will be automatically priced and executed by CMC Markets’ automated internal trading systems.
              However, depending on factors such as for example unusual market conditions or the size and nature of your
              order an instrument may be wholly or partly manually priced and/or an order may be manually executed. During
              times of high demand manual pricing and/or execution may cause delays in processing your order which in turn
              can have an impact on the price at which your order is executed. CMC Markets are committed to providing the
              most competitive trading technology and have put dealing procedures in place to minimize the risk of delays.

              Monitoring and Review

              We will regularly monitor and review our Execution Policy and associated arrangements in order to ensure we
              comply with our regulatory obligations, identifying deficiencies and making appropriate amendments if necessary.
              You can always find the latest version of this summary of our Execution Policy at www.cmcmarkets.co.uk and CMC
              will notify you in writing or by email of any material changes.



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                                                   EXhIbIT IV: PRIVACy POlICy

                                                    CMC MARKETS UK PlC AND
                                                   CMC MARKETS CANADA INC.
              CMC Markets Canada Inc. (“CMC Canada”) and CMC Markets UK plc (“CMC UK”) (together, CMC Canada and
              CMC UK are referred to herein as “CMC Markets”) is committed to maintaining the accuracy, confidentiality,
              and security of your personal and financial information. This Privacy Policy outlines our commitment to you and
              complies with Canadian privacy legislation and requirements. By opening an account with CMC, or by requesting
              information from us, you acknowledge your consent to the terms of this Privacy Policy.

              Accountability
              Each of our employees is responsible for ensuring the privacy of your personal information. CMC Canada’s Chief
              Compliance Officer is responsible for overseeing all privacy matters.

              Identifying Purpose
              When you become a customer of CMC we ask you for your personal information for the following purposes:

              (i)     Primary purposes:
                      These are purposes for which CMC must be able to use or disclose the customer’s personal information
                      in order to provide the customer with the products and services the customer has requested. They are:

                      •	 To verify your identity and protect against fraud
                      •	 To manage your account
                      •	 To contact you when necessary or appropriate
                      •	 To keep you updated in trading products and services which we feel would be of benefit to you
                      •	 To comply with legal or regulatory requirements
                      •	 Your personal information may be verified with a credit bureau, global registries, personal references,
                         your employer and other lenders.

              (ii)    Secondary purposes:
                      These are other purposes, which CMC believes will help to serve the customer better. They are:

                      •	 to provide the customer with information regarding the products and services offered by CMC;
                      •	 to help CMC develop an understanding of the products and services that the customer may be interested
                         in obtaining from them; and
                      •	 to provide the customer with information or opportunities that CMC believes may be relevant to the
                         customer.

              When requesting information from us, the information you share may be used by CMC to conduct marketing
              reviews or to send you promotional materials or announcements from time to time. You may opt-out from
              receiving such information from CMC and ask us to remove your contact information by sending an email to
              info@cmcmarkets.ca or by contacting us at 1-866-884-2608.

              Obtain Consent
              CMC does not require your consent if the purpose of disclosing your personal information is for the collection of
              a debt, to a law enforcement agency or to legal counsel. In addition, CMC is required to respond to requests from
              the Canadian securities regulatory authorities (such as the Ontario Securities Commission) and self-regulatory
              organizations (such as IIROC, and CIPF) for information concerning our current and former customers, employees
              and directors.



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              Their requests for information are for regulatory purposes, including but not limited to:

              •	   Surveillance of trading-related activity
              •	   Sales, financial compliance, trade desk review and other regulatory audits,
              •	   Investigation of potential regulatory and statutory violations
              •	   Regulatory databases,
              •	   Enforcement or disciplinary proceedings
              •	   Reporting to securities regulators, and
              •	   Information sharing with securities regulatory authorities, regulated marketplaces, other self-regulatory
                   organizations and law enforcement agencies.

              Limiting Collection
              We only collect the information that we need. You can choose not to provide us with certain information in some
              situations. However, if you make this choice, we may not be able to provide you with the product, service or
              information you request. We may monitor or record our telephone calls with you for our mutual protection (eg.
              to ensure that your instructions are carried out, to document that we have made required disclosure to you, and
              to ensure that customer service levels are maintained).

              Limit Use, Disclosure and Retention
              CMC does not provide your personal information without your consent to any third party, with the exception
              of our parent company and those regulatory entities noted herein, which is done for record keeping and risk
              management purposes. If we use other companies to provide services to you on our behalf, we will provide them
              only with the information that they need to perform those services and will ensure that these companies have in
              place appropriate privacy and confidentiality controls.

              Accuracy
              We are committed to maintaining the accuracy of your personal information and ensuring that it is complete and
              up-to-date. If you discover inaccuracies, please notify us immediately.

              Safeguarding Customer Information
              We maintain physical, electronic and procedural safeguards to protect your personal information. Examples of
              safeguards include restricted access to our information processing and storage areas, limited access to relevant
              information by authorized employees only, use of passwords, firewalls and encryption of electronically transmitted
              information and the use of secure locks on filing cabinets and doors.
              We have agreements in place with third party suppliers requiring that any information provided by us be
              safeguarded and used only for the sole purpose of providing the service we have requested the company to
              perform.

              Openness
              Our Privacy Policy is available in your account opening documents and on our website.

              Customer Access
              If you want to review or verify your personal information, or to find out to whom we have disclosed it, please
              contact us in writing. We may need specific information from you to enable us to respond to your request. If a fee
              is involved for this service, we will advise you in advance.

              Handling Customer Complaints and Suggestions
              If you have any questions concerning privacy and confidentiality matters, or this Policy, please contact CMC
              Canada’s Chief Compliance Officer (416-682-5000) in Toronto, Ontario. You may also wish to contact the Office of
              the Privacy Commissioner of Canada in Ottawa.



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