Thetermsandconditionsofcustomeragreementconstitutealegalcontractbetweenerato SERVICES GROUP

CUSTOMERAGREEMENT

ThetermsandconditionsofCustomerAgreementconstitutealegalcontractbetweenERATO SERVICES GROUP CO.,LIMITED(referredtohereinas“ERATO”or“we”),andthepartyorparties(eachreferredtohereinasa“Client”or“you”)executingthisagreement.

ERATO isNew Zealand registered financial services mechanism (Erato Service Group Limited in Financial Service Providers（FSP）register，FSP Registration number：539646),providingclientswithforeignexchange,bullionandcontractsfordifferencetradingfacilities.

ThisAgreementshallgovernalltradingactivityandshouldbereadcarefullybyyourself.

Youwarrantthatalltheinformationdisclosedtous,thedocumentationprovidedandotherwiseistrueandaccurateandthatyouundertaketoinformusinwritingshouldtherebeanychangestotheinformationprovided.Wherecopiesofdocumentsareprovidedeitherviamail,faxorusingelectronicmeansyouwarrantthatthedocumentssosuppliedbyyouaretruecopiesof

originals.

A)TERMSANDCONDITIONS

1.THESERVICESWEWILLPROVIDE

ERATO isNew Zealand registered financial services mechanism (Erato Service Group Limited in Financial Service Providers（FSP）register，FSP Registration number：539646),bullioncontractsandcontractsfordifferencesinindices("Contracts")offeredbyERATO.

BothERATOandtheClientwillenterintocontractsasprincipal.Youshallbedirectlyandpersonallyresponsibleforperforming

yourobligationsundereverytransactionenteredintobetweenus,whetheryouaredealingasprincipaldirectlyorthroughan

agent,orasagentforanotherperson,andyoushallindemnifyusinrespectofallliabilities,lossesorcostsofanykindornature

whatsoeverwhichmaybeincurredbyusasadirectorindirectresultofanyfailurebyyoutoperformanysuchobligation.

Allordersplacedandinstructionsgivenbyyoufortheserviceswillbesubjecttotheseterms.Allothertermsandconditionswhich

youmaytrytointroduceunderanyorder,confirmationoforderorsimilarareexcluded.Anyoftheservicesmaybeprovidedusing

theservicesofthirdparties,includingouraffiliateswhomayactasagentsforus.

Theservicesmayinvolvemarginedtransactions,wheretheClientisrequiredtodepositcashtosecureperformanceofthe

Client’sobligationsunderthecontract.TheClientacknowledges,recognizesandunderstandsthatalltransactionsaresubjectto

andinaccordancewiththerelevantMarketRulesprevalentfromtimetotime.InparticulartheClientacknowledgesthatMarket

Rulesusuallycontainwidepo wersinanemergencyorotherwiseundesirablesituation.

Wemayamend,suspendand/orterminateanyoralloftheservicesatanytimeforanyvalidreason.Wherereasonably

practicablewewillgiveadvancenoticeofthisbutthismaynotalwaysbepossibleand/orpracticalforbusinessreasons.

2.EXECUTION

ERATOwillprovideonlyanexecutiononlydealingservice;wewillnotprovideinvestmentadvicetoyou.Ifweenterintoa

ContractwithyouthisshallnotbetakentomeanthatERATOrecommends,orconcursonthemeritsof,theContractorthatthe

Contractissuitableforyou.Also，ERATOdoesnotgiveanytradingormarketrecommendations,adviceorinstructionsinits

communications.

3.CREDIT

Detailsofanycreditarrangementthatmaybeavailabletoyoushallbesetoutinandshallbesubjecttosuchtermsand

conditionsandlimitsasmaybeagreedinseparatecorrespondence.Yourcreditlimitshouldbenomorethanthetotalamount

youarepreparedtoandcanaffordtolose.IfanyContractsexceedthecreditoranyotherlimitplaceduponyourdealings,we

maybringtoanendalloranyofthecontractspursuanttoTerm4inordertobringyourliabilitybackwithinthecreditlimit.We

mayatourabsolutediscretionextendadditionalcredittoyouifyoufailtomeetamargincall,buttheavailabilityandsuitabilityof

suchcreditwilldependupontheoutcomeofourreassessmentofyourfinancialcircumstances.

4.MARGININGARRANGEMENTS

Theclientshallpayto ERATO ondemand:

i)SuchsumsofmoneybywayofdepositsorasinitialmarginorvariationmarginasERATOmayrequire.

ii)SuchsumsofmoneyasmayfromtimetotimebeduetoERATOunderacontractandsuchsumsasmayberequiredinor

towardsclearanceofanydebit.

iii)SuchsumsofmoneyasERATOmayfromtimetotimerequireassecurityfortheClient’sobligationstoERATO.Youmay

berequiredtomakemarginpaymentssufficienttomeettheamountwhich,whenamovementadversetoyourcontract

hastakenplace,youwouldloseonthecontractifitwerebroughttoanendonthebasisofourcurrentquotationforthe

contractconcerned.Ourdeterminationofthecurrentmarketvalueandtheamountofadditionaland/orvariationmargin

shallbeconclusiveandshallnotbechallengedbyyou.Thecallformarginorextramarginwillbemadebyanyavailable

means(telephone,faxore-mail).Ifmadebye-mail,itwillbetoyourdesignatede-mailaddressanditwillnotinthatcase

beconfirmedbytelephoneorfaxorletter,saveinexceptionalcircumstancesandthenonlyinourabsolutediscretion.

Pleasenotewewillnotacceptanythirdpartypaymentsmadeinrespectoffundingyouraccount.Similarlywewillnotpayout

anyfundsfromyouraccounttoanythirdparties.

Iftheclientfailstoprovideanymargin,depositorothersumdueinrespectofanytransactionERATOmaycloseallopen

contractswithoutpriornotice.

5.CHARGESANDCOMMISSIONS

Wewillagreewithyoubeforeenteringintoanycontract,theamountofourcommissionwhichwillbeshownonthestatement

senttoyou.Commissionratesshallbethoseprevailingatthetime.Commissionsandchargesmaybechangedfromtimetotime

withoutpriornoticetoyou.Wemayhavesoftcommissionagreementsinplace.Itisourpolicytoaffectthesewheretheyare

commerciallyefficientinaccordancewithmarketpractice.

6.INTEREST/ROLLOVER

Nointerestwillbecreditedinrespectofanymoniesheldonaccountorformarginpayments,whichwillbeheldbyusinaclient

bankaccount.Afinancefeewillbechargedorcreditedtoyouraccountwithusdependingonthenatureoftheopenpositionsyou

hold,thecontractconcernedandtheratesofinterestprevailinginthatcontract.Whenyouopenacontractposition,wewill

calculatetheamountofinterestthatwouldbeearnedonthemoneynecessarytotakeouttherelevantpositionintheunderlying

investment,ataratenotifiedtoyouinwriting.WhileyourContractpositionremainsopentheamountofinterestwillbecalculated

andwillaccrueonadailybasis.

7.POSITIONLIMIT

ERATOreservestherighttolimitthenumberofpositionswhichmaybeopenedormaintainedbytheClientinhisaccount.We

alsoreservetherighttodeclinetoacceptanyadditionalordersafterthelimithasbeenexceeded,andtoliquidateallorpartof thesurpassedpositionsthereafter.

8.EXCLUSIONOFLIABILITY

NoclaimshallbemadeagainstERATOoranyassociatedcompanyofusoranyemployeeofustorecoveranylossordamage

whichyoumaysufferorincurbyreasonofthecarryingoutbyusofourobligationsunderthisagreementprovidedthatsuchloss

ordamagedoesnotarisefromthenegligenceorwillfuldefaultofERATO,itsassociatesoremployees.

9.AUTHORISATIONANDOTHERCOMMUNICATIONS

Exceptwhereyouexpresslyinstructusotherwise,weshallbeentitledtorelyonandactinaccordancewithanyinstructions,

requestsandnotices(whetherornotinwritingandhowsoevercommunicated)givenorpurportedtobegivenbyanyindividualor

personwhopurportstobeorisreasonablybelievedbyustobeanagent,attorneyorotherwiseauthorisedbyyou.Wemayinour

absolutediscretionandwithoutexplanationtoyourefusetoactuponanyinstruction,particularlyifwebelievethatitmaynotbe

practicaloractingontheinstructionwouldinouropinioninfringeanylaw,rule,regulationorconditionofthisagreementor,inthe

caseofinstructionsreceivedfromanagentifwereasonablybelievethatsuchagentmaybeactinginexcessofhisauthority.

Additionaldealingproceduresmaybeprovidedbyustoyoufromtimetotimenoneofwhichformpartofthisagreement.

Ifatanytimeyouareunableforwhateverreason,tocommunicatewithusweshallnotberesponsibleforanyloss,damageor

costcausedtoyoubyanyact,error,delayoromissionresultingtherefromwheresuchloss,damageorcostisaresultofyour

inabilitytoenterintoatransaction,andexceptwhereyourinabilitytoinstructusorcommunicatewithusresultsfromourfraud,

wilfuldefaultorgrossnegligence,beresponsibleforanyloss,damageorcostcausedtoyoubyanyacterrororomissionor

delayresultingtherefromincludingwithoutlimitation,wheresuchloss,damageorcostisaresultofyourinabilitytoclosea

transaction.

Youacknowledgeandagreethatanyinstructionandcommunicationtransmittedbyyouoronyourbehalfismadeatyourrisk

andyouauthoriseustorelyandacton,andtreatasfullyauthorisedandbindinguponyou,anyinstruction(whetherornotin

writing)whichwebelieveingoodfaithtohavebeengivenbyyouoronyourbehalfbyanyagentorintermediarywhomwe

believeingoodfaithtohavebeendulyauthorisedbyyou.

Youagreethatwemayrecordalltelephoneconversationsbetweenyouandusandthatwemayusesuchrecordingsor

transcriptsfromsuchrecordings,asevidenceinanydisputeoranticipateddisputebetweenyouandus.

10.CHANGESINTERMS

Thesetermsandconditionsaresubjecttochangeatanytimebyussendingyouawrittennoticedescribingtherelevant change(s).Suchchange(s)willbecomeeffectiveonadatespecifiedinthenoticewhichwillbeatleast10daysafterthedateon

whichthenoticeisdeemedtobereceivedbyyou.Nosuchchangewillaffectanylegalrightsorobligationswhichmaypreviously

haveaccruedtoorbeenincurredbyyouorus.

11.STOPANDLIMITORDERS

Wemayinourabsolutediscretionacceptaninstruction(a“stoporder”or“limitorder”)fromyoutoopenorcloseanyContract

whenourquoteinrespectoftherelevantinvestment,or(asthecasemaybe)anunderlyingmarketquotationrelatingthereto,

reachesorgoesbeyondalevelspecifiedbyyou.Youmayspecifythatsuchaninstructionistoapplyforalimiteddurationorfor

anindefiniteperiod(a“GoodTillCancelled”or“GTC”order).IfweacceptaStoporLimitOrderthen,whenthelevelofourcurrent

quoteor(asthecasemaybe)therelevantmarketquotationrelatingtheretoreachesorgoesbeyondthelevelofyourStopor

LimitOrder,providedthattheconditionsinthisparagrapharesatisfiedyourinstructionwillbeexecutedautomaticallyatthelevel

ofyourStoporLimitOrder.Youacknowledgethatwheretheunderlyingmarketismovingrapidlyourquotemayhavegone

beyondthelevelofyourStoporLimitOrderbythetimeyourorderisexecuted.

LimitOrderbythetimeyourorderisexecuted.Youmaywithourpriorconsent(andsuchconsentwillnotbeunreasonably

withheld)canceloramendthelevelofStoporLimitOrderatanytimebeforeourquoteortherelevantmarketquotationreaches

orgoesbeyondtherelevantlevel.However,oncethelevelhasbeenreachedyoumaynotcanceloramendtheleveloforder.If

youenterintoanyContractandplaceaStoporLimitOrderwhich,whenexecuted,wouldbecapableofclosingorpartlyclosing

suchContractandyousubsequentlyinstructustoclosethatContract,oranypartofitpriortotheleveloftheStoporLimitOrder

beingreached,itisyourresponsibilitytocanceltheStoporLimitOrderifyoudonotwanttheordertoremainvalid.Ifyouclose

youroriginalContractandfailtocanceltheStoporLimitOrderweshallbeentitledinourabsolutediscretiontotreattheStopor

LimitOrderasaninstructiontoenterintoanewContractforyouonceourquoteor(asthecasemaybe)therelevantmarket

quotationreachesorgoesbeyondtheleveloftheStoporLimitOrder.

Theconditionsreferredtointhisparagraphareasfollows:

·WhenyouinstructustoclosepartbutnotallofaContractenteredinto,boththepartoftheContractwhichyouinstructus

tocloseandthepartwhichwouldremainopenifwecarriedoutyourinstructionmustnotbesmallerthantheminimum

sizeadvisedbyustoyoufromtimetotime;

·AForceMajeureEventmustnothaveoccurred;

·WhenyouinstructustoopenaContractyoumustnothavecommittedamaterialdefault;

·ThetelephoneorinternetconversationinwhichyouinstructustoopenorclosetheContractmustnotbeterminatedasa

resultofcircumstancesbeyondourreasonablecontrolbeforewehaveconfirmedthatyourinstructionhasbeenexecuted

byus;

·WhenyouinstructustoopenanyContract,theopeningoftheContractmustnotresultinyourexceedinganycreditor

otherlimitplaceduponyourdealing;and

·Theinstructionmustbegiventousduringnormaltradinghoursfortheinvestmentinrespectofwhichyouinstructusto

openorclosetheContract.

12.SINGLEAGREEMENT

EachContractandallothertransactionsenteredintobetweenusandyouunderthisagreementwillbeenteredintoin

considerationofeachotherandconstituteasingleagreementbetweenusandyou.

13.STATEMENTS

Monthlystatementsofyouraccountshallbesentbyustoyouviae-mail.Pleaseensurethatyouverifythecontentsofeach

documentreceivedfromus.Suchdocumentsshall,intheabsenceofmanifesterrorbeconclusiveunlessyounotifyusinwriting

tothecontrarywithinthreeworkingdaysofreceivingsuchdocuments.

Wenormallypreparevaluationsofyouraccounteachworkingday,whichwesendtoyouonthefirstworkingdayfollowing.

14.TERMINATION

Thisagreementshallcontinueandbeineffectuntilterminatedbyeitherparty.ERATOmay,atitssolediscretionandatanytime,

terminatethisagreement,withsuchterminationtakingeffectonthedateonwhichterminationnoticehasbeengivenand

paymentsmadetotheClient.TheClientmayterminatethisagreementbygivingwrittennoticewhichwillbeeffectiveupon

receiptofthenoticeor,ifitisreceivedordeemedtobereceivedonadaywhichisnotabusinessdaythenthefirstbusinessday

thereafter.Terminationwillnotaffectanylegalrightsorobligationsthatmayhaveaccrued.Interminationwewillliquidateany

outstandingContracts.ThebalanceinyouraccountatterminationshallberepaidtoyoubyT/Tremittancenotlaterthanfour

workingdaysaftertheagreementterminates.

15.NOTICES

Anywrittennotice,instruction,demand,acknowledgementorrequesttobegivenhereunderoranyContractshallbeinwriting

and(unlessdeliveredpersonally)shallbegivenbyfacsimile(fax),e-mailorfirstclasspre-paidpost(airmailifsentinternationally)

andbeaddressedinourcasetoouraddressore-mailaddressandinyourcasetotheaddressoremailaddresslastnotifiedby

youtous.Ifyouorwewishtochangetheaddressforcommunication,weshalleachgivetotheothernolessthanfivedays’

noticeinwritingofthechangedesired.Noticesaddressedasprovidedaboveshallbedeemedtohavebeendulygivenwhen

dispatched(inthecaseofe-mailandfax,whendelivered(inthecaseofpersonaldelivery),two(2)daysafterposting(inthecase

ofletterssentinthesamecountry),orfive(5)daysafterposting(inthecaseofletterssentinternationally),providedthatnotices

tousshallbeeffectiveonlyupontheiractualreceiptbyus.Ineachoftheabovecasesanynoticereceivedonanon-workingday

orafterbusinesshoursinthecountryofreceiptshallbedeemedtobegivenonthenextfollowingworkingdayinsuchcountry.

16.GOVERNINGLAWS

Thetermsofthisclientagreement,andtherightsandobligationsoftheclientshereto,shallbegovernedby,construedand

enforcedinallrespectsbythelawsofNew Zealand.Clients,inordertoinduceERATO toaccepttheseterms,andforothergoodand

valuableconsideration,thereceiptandsufficiencyofwhichisherebyacknowledged,herebyagreesthatanyjudicial,

administrativeactionorproceeding,including,butnotlimitedto,arbitrationarisingdirectlyorindirectlyhereunderorinconnection

withthetransactionscontemplatedhereby,whetherbroughtbyClientorERATO,shallbeheld,atthesolediscretionofERATO,

withinNew Zealand.Clientsconsentsandsubmitsto,andwaivesanyandallobjectionsClientmayhavetosuchvenue,andfurther

agreestowaiveandforegoanyrightClientmayhavetotransferorchangethevenueofanyactionorproceedingencompassed

hereby.

17.RISKDISCLOSURE

Youshouldnotdealintheseproductsorengageanyoftheseservicesunlessyouunderstandthenatureandtheexposuretorisk.

Youshouldalsobesatisfiedthattheproductissuitableforyouinlightofyourcircumstancesandfinancialposition.Different

instrumentsinvolvedifferentlevelsofexposuretorisk,andindecidingwhethertotradeinsuchinstrumentsyoushouldbeaware

ofthefollowingfactorsconcerningtradingthederivativesproductsinERATO.

A.FUTURES

Transactionsinfuturesinvolvetheobligationtomake,ortakedeliveryoftheunderlyingassetofthecontractatafuturedate,orin

somecasestosettleyourpositionwithcash.Theycarryahighdegreeofrisk.The“gearing”or“leverage”oftenobtainablein

futurestradingmeansthatasmalldepositordownpaymentcanleadtolargelossesaswellasgains.Italsomeansthata

relativelysmallmarketmovementcanleadtoaproportionallymuchlargermovementinthevalueofyourinvestment,andthis

canworkagainstyouaswellasforyou.Futurestransactionshaveacontingentliabilityandyoushouldbeawareofthe

implicationsofthis,inparticularthemarginingrequirements.

1. CONTRACTSFORDIFFERENCE

FuturesandOptionscontractscanalsobereferredtoascontractsfordifference.Thesecanbeoptionsand/orfuturesonthe

FTSE100indexoranyotherindexorshare,commodityorcurrency.However,unlikeotherfuturesandoptions,thesecontracts

canonlybesettledincash.Investingincontractsfordifferencecarriesthesamerisksasinvestinginafutureoranoptionand

youshouldbeawareoftheseassetoutinparagraphsArespectively.Transactionsincontractsfordifferencemayalsohavea

contingentliabilityandyoushouldbeawareoftheimplicationsofthis.

18.INTERNETDEALING

·Youacknowledgethattheinternetis,duetounpredictabletrafficcongestionandotherreasons,aninherentlyunreliable

mediumofcommunicationandthatsuchunreliabilityisbeyondourcontrol;

‧Tradingontheinternetisnotinstantaneousandseveralsecondsmayelapsebetweenthetimewhenyougiveyourorder

viatheinternettousandthetimewhenitisreceivedbyus,inwhichtimethemarketmayhavemovedandyourorder

maybeimplementedatadifferentvaluefromthatwhenyouinitiatedtheorderonyourPC;

‧Wereservetherightnottoexecuteanorderbyyouuntilithasbeenreceivedbyus;

‧Weshallnotbeliableforanyloss,expense,costorliability(includingconsequentialloss)sufferedorincurredbyyouasa

resultofinstructionsbeinggivenoranyothercommunicationsbeingmadeviae-mailorviatheinternet.

·Youwillsolelyberesponsibleforallordersandfortheaccuracyofallinformationsentviatheinternetusingyournameor

personalidentificationnumber;

‧Youfurtheracknowledgeandagreethattherearerisksofmisunderstandingsorerrorsinanycommunicationandthat

suchrisksshallbeabsolutelybornebyyou;

‧Youacknowledgeandagreethatitshallnotusuallybepossibletocancelaninstructionafterithasbeengiven;

‧Thetimeshownbyourelectronicloggingsystemandtheinformationcontainedonourservershallbeconclusive

betweenusastotheexacttimeofreceiptofanymessagesororderandastotheaccuracyoftheinformation.

19.FORCEMAJEUREEVENTS

Wemay,inourreasonableopinion,determinethatanemergencyoranexceptionalmarketconditionexists(a“ForceMajeure

Event”).AForceMajeureEventshallinclude,butisnotlimitedto,thefollowing:

‧Anyact,eventoroccurrence(includingwithoutlimitationanystrike,riotorcivilcommotion,hostilities,foreignintervention,

governmentalactions,naturaldisaster,ActofGod,aninterruptionofpowersupplyorelectronicorcommunication

equipmentfailure)which,inouropinion,preventsusfrommaintaininganorderlymarketinoneormoreofthe

investmentsinrespectofwhichweordinarilydealinContracts;

‧Thesuspensionorclosureofanymarketortheabandonmentorfailureofanyeventuponwhichwebase,ortowhichwe

inanywayrelateourquote,ortheimpositionoflimitsorspecialorunusualtermsonthetradinginanysuchmarketorin

anysuchevent;

‧TheoccurrenceofanyexcessivemovementinthelevelofanyContractand/ortheunderlyingmarketorouranticipation

(actingreasonably)oftheoccurrenceofsuchmovements.

IfwedeterminethataForceMajeureEventexistswemayinourabsolutediscretionwithoutnoticeandatanytimetakeoneor

moreofthefollowingsteps:

‧Increaseyourdepositrequirements;

‧CloseanyorallofyouropenContractsatsuchclosinglevelaswereasonablybelievetobeappropriate;

‧SuspendormodifytheapplicationofalloranyofthetermsofthisagreementtotheextentthattheForceMajeureEvent

makesitimpossibleorimpracticalforustocomplywiththetermortermsinquestion;

‧AlterthelasttimefortradingforaparticularContract.

‧Takeoromittotakeallsuchotheractionsaswedeemtobereasonablyappropriateinthecircumstanceshavingtour

position,yourpositionandthepositionsoftheothercustomers

Intheeventoftheaboveevents,ERATO shallnotbeliabletotheClientforanyclaims,losses,damage,costsandexpenses,

includinglawyers’fees,arisingdirectlyorindirectlyoutofsuchevents.

20.ENTRYINTOFORCE

ThisAgreementshallnotbedeemedacceptedbyERATOandshallnotbecomeabindingcontractbetweentheClientand

ERATO untiltheAgreementandtheCustomerAccountApplication,includingallrelevantannexes,havebeencompletedand

executedbytheClientandreceivedandacceptedbyERATO,anoticewhereofshallbegiventotheCustomer.

21.RISKWARNINGDISCLAIMER

Thefacilitiesweprovideareavailableonlytoexperiencedinvestorswithsufficientfinancialresourcestotradeinourinvestment

products.Thefollowingstatementsareintendedtomakeyouawareofanddisclosetoyouthepotentialriskandlossinrespectto

thetradingonthefinancialmarkets.YoumustfamiliarizeyourselfwiththenatureofCFDtrading,theterminologyusedandthe

proceduresinvolvedbeforeyouenterintoanycontract.OurrollingspotcontractsandCFDsarebasedonhighlyleveraged

margintrading;aswithanyderivativeinstrument,suchcontractscarryaveryhighdegreeofriskandtradingsuchinstruments

mayexposetheinvestortosubstantiallossesaswellasgains.ThegearingandleveragethatisobtainablewithCFDtrading

meansthatyouonlyneedtoplaceasmalldeposittocommencetradingwithusalthoughthissmalldepositmayresultinlarge

lossesorlargegains.Youmustconsiderthatifthemarketmovesagainstyou,youmaysustainatotallossgreaterthanthefunds

deposited.Itisyourresponsibilitytoensurethatyouarefullyawarealltheserisksbeforeenterintoanycontract.

IfyouhaveanyquestionsaboutthisAgreementorthenatureandsuitabilityoftheservicesweprovide,pleasecontactusbefore

commencinganyactivityonyouraccount.Wewillassumethat,oncommencementofbusiness,youaresatisfiedthatallterms

relatingtoyourfacilitywithushavebeenfullyunderstoodandacceptedbyyou.Wewillassessyourapplicationfromthe

informationavailabletousandinparticulartheresponsesyouhavegivenincompletingtheCustomerInformationSheet;ifyou

areacceptedasacustomeritwillbeonsuchabasis.Accordingly,wewillclassifyyouasaprivatecustomer.Youshouldnot

proceedwiththisarrangementunlessyouhavecarefullyconsideredthatitisappropriateforyouandaresatisfiedwiththese

terms.Investorsshouldnotethattoprotecttheirinterests,wemaysetzerostoporderswherenoclientorderhasbeenplacedto

minimiselosses.Inthisevent,clientscannotlosemorethantheirinitialcommitment.

22.CONFLICTSOFINTEREST

Weprovideherewithasummaryofthepolicywemaintaininordertomanageconflictsofinterestinrespectofthedutiesweowe

toourclients.

GENERAL

AconflictofinterestcanarisebetweenERATOandyouasaclientorbetweenyourinterestsandthoseofanotherclientofours.

Weaimtoestablishandmaintainandoperateeffectiveorganizationalandadministrativearrangementswithaviewtotalkingall

reasonablestepstopreventconflictsofinterestfromconstitutingorgivingrisetoamaterialriskofdamagetotheinterestsofour

clients.

OURPOLICY

Weaimtokeeparecordofthekindsofactivitywecarryoninwhichamaterialconflictcouldariseorhasarisen,and,indoingso

wetakeaccountoftheactivitiesofothermembersofourgroupofcompanies.Wealsomaintainprocedurestomaintain

appropriateindependencebetweenmembersofourstaffwhoareinvolvedindifferentactivities,forexample,throughthe

operationofinformationbarriers,thesegregationofdutiesandresponsibilitiesandmaintenanceofapolicyofindependence

whichrequiresourstaff,whenprovidingservicestoaclient,toactinthebestinterestsoftheclientandtodisregardanyconflicts

ofinterest;and,insomecircumstancesdecliningtoactforaclientorpotentialclient.

DISCLOSURE:GENERAL

Whereourarrangementstomanageconflictsarenotorcannotbesufficienttobereasonablyconfidentthatrisksofdamagetoa

client’sinterestwillbepreventedweaimtodisclosethegeneralnatureand/orsourcesofconflictsbeforecarryingonbusinessfor

theclient.Thisistoallowtheclienttoconsiderwhethertoaskformoreinformationandwhethertocontinuewiththeservice;we

donotaimtoprovidedetailed,highlyspecificorcomprehensiveinformation.

GIFTANDHOSPITALITY

Wedonotprohibitourstafffromreceivingsmallgiftsandminorhospitalityfromotherpartieswithwhichwedobusinessbutonly

whereintheopinionofadirectororseniormanageritisatalevelthatisnotlavishorexcessiveandonlywhereitwillnotimpair

ourdutytoactinthebestinterestsofourclientsorotherlegalorregulatoryobligations.

B)ONLINETRADINGAGREEMENT

ThisAgreementsetsforththetermsandconditionsunderwhichERATOshallpermityouasourclienttohaveaccesstooneor

moreterminals,includingterminalaccessthroughyourinternetbrowser,fortheelectronictransmissionofordersand/or

transactions,foryouraccountswith ERATO.ThisAgreementalsosetsforththetermsandconditionsunderwhichERATOshall

permityouelectronicallytomonitortheactivity,ordersand/ortransactionsinyouraccount(collectively,the“OnlineService”).For

purposesofthisAgreementtheterm“OnlineService”includesallsoftwareandcommunicationslinksandinconsideration

thereof,Clientagreestothefollowing:

1.LICENCEGRANTANDRIGHTOFUSE

BythisAgreement,whereERATO issupplyingtheClientwithsoftwareforusewiththeOnlineService,theClientundertakesto

usethesoftwaresolelyforhis/herowninternalbusinesspurposes.NeitherthesoftwarenortheOnlineServicemaybeusedto

providethirdpartytrainingorasaservicebureauforanythirdparties.TheClientagreestousetheOnlineServiceandthe

softwarestrictlyinaccordancewiththetermsandconditionsofERATOAccountOpeningDocumentation,asamendedfromtime

totime.TheClientalsoagreestobeboundbyanyrules,proceduresandconditionsestablishedbyERATOconcerningtheuseof

theOnlineServiceprovidedbyERATO.

2.ACCESSESANDSECURITY

TheOnlineServicemaybeusedtotransmit,receiveandconfirmexecutionoforders,subjecttoprevailingmarketconditionsand

applicablerulesandregulations.ERATOconsenttoClient’saccessanduseinrelianceuponhis/herhavingadoptedprocedures

topreventunauthorizedaccesstoanduseoftheOnlineService,andinanyevent,theClientagreestoanyfinancialliabilityfor

tradesexecutedthroughtheOnlineService.TheClientacknowledges,representsandwarrantsthat:

a)He/Shehasreceivedanumber,codeorothersequence,whichprovidesaccesstotheOnlineService(“thePassword”);

b)He/SheisthesoleandexclusiveownerofthePassword;

c)He/Sheisthesoleandexclusiveownerofanyidentificationnumberorloginnumber(“theLogin”);

d)He/SheacceptsfullresponsibilityforuseandprotectionsofthePasswordandtheLoginaswellasforanytransaction

occurringinanaccountopened,heldoraccessedthroughtheLoginand/orPassword.

TheClientacceptsresponsibilityforthemonitoringofhis/heraccount(s).TheClientwillimmediatelynotifyERATOinwritingif

He/Shebecomesawareofanyofthefollowing:

a)Anyloss,theftorunauthorizeduseofhis/herPassword(s),Loginand/oraccountnumber(s);or

b)Anyfailurebyhim/hertoreceiveamessageindicatingthatanorderwasreceivedand/orexecuted;or

c)Anyfailurebyhim/hertoreceiveanaccurateconfirmationofanexecution;or

d)Anyreceiptofconfirmationofanorderand/orexecution,whichhe/shedidnotplace;

e)Anyinaccurateinformationinhis/heraccountbalances,positions,ortransactionhistory.

3.RISKSOFONLINETRADING

TheClient’saccesstotheOnlineService,oranyportionthereof,mayberestrictedorunavailableduringperiodsofpeak

demands,extrememarketvolatility,systemsupgradesorotherreasons.ERATOmakesnoexpressorimpliedrepresentationsor

warrantiestotheClientregardingtheusability,conditionoroperationthereof.ERATOdoesnotwarrantthataccesstooruseof

theOnlineServicewillbeuninterruptedorerrorfreeorthattheOnlineServicewillmeetanyparticularcriteriaofperformanceor

quality.

SinceERATOdoesnotcontrolsignalpower,itsreceptionorroutingviainternet,configurationofyourequipmentorreliabilityofits

connection,wecannotberesponsibleforcommunicationfailure,distortionsordelayswhentradingonlineviainternet.

Undernocircumstancesincludingnegligence,shallERATOoranyoneelseinvolvedincreating,producing,deliveringor

managingtheOnlineServicebeliableforanydirect,indirect,incidental,specialorconsequentialdamagesthatresultfromthe

useoforinabilitytousetheOnlineService,oroutofanybreechofnaywarranty,including,withoutlimitation,thoseforbusiness

interruptionorlossofprofits.

TheClientexpresslyagreedthathis/heruseoftheOnlineServiceisofhis/hersolerisk.TheClientassumesfullresponsibility

andriskoflossresultingfromuseof,ormaterialsobtainedthroughtheOnlineService.NeitherERATOorothersuppliers

providingdata,information,orservices,warrantthattheOnlineServicewillbeuninterruptedorerrorfree;nordoes ERATOmake

anywarrantyastotheresultsthatmaybeobtainedfromtheuseoftheOnlineServiceorastothetimeliness,sequence,

accuracy,completeness,reliabilityorcontentofanyinformation,service,ortransactionprovidedthroughtheOnlineService.

4.MARKETDATAANDINFORMATION

NeitherERATOnoranyprovidershallbeliableinanywaytotheClientortoanyotherpersonfor:

a)Anyinaccuracy,errorordelayin,oromissionofanysuchdata,informationormessageorthetransmissionordeliveryof

anysuchdata,informationormessage;or

b)Anylossordamagearisingfromoroccasionedbyanysuchinaccuracy,error,delay,omission,nonperformance,

interruptioninanysuchdata,informationormessage,dueeithertoanynegligentactoromissionortoanyconditionof

forcemajeureoranyothercause,whetherornotwithinERATOoranyprovider’scontrol.ERATOshallnotbedeemedto

havereceivedanyorderorcommunicationtransmittedelectronicallybytheClientuntilERATOhasactualknowledgeof

suchorderorcommunication.Additionally,ifaclientexecutedatradeatapricewhichatthetimethetradewasexecuted

waswrongand/ordelayedfromtheactualmarketpricethenERATOmaycancelthattradefromtheClient’saccountand

HenyepInvestmentshallremainharmlessofanydamagesorcostsarisingthereof.

5.REPRESENTATIONS

TheClientacknowledgesthatfromtimetotime,andforanyreason,theOnlineServicemaynotbeoperationalorotherwise

unavailableforhis/heruseduetoservicing,hardwaremalfunction,softwaredefect,serviceortransmissioninterruptionorother

cause,andhe/sheagreestohold ERATOandanyproviderharmlessfromliabilityofanydamagewhichresultsfromthe

unavailabilityoftheOnlineService.TheClientacknowledgesthathe/shehasalternativearrangements,whichwillremainin

placeforthetransmissionandexecutionofhis/herorders,intheevent,foranyreason,circumstancespreventthetransmission

andexecutionofall,oranyportionofhis/herordersthroughtheOnlineService.

TheClientrepresentsandwarrantsthathe/sheisfullyauthorizedtoenterintothisAgreementandundernolegaldisabilitywhich

preventshim/herfromtrading,andthathe/sheshallremainincompliancewithalllaws,rulesandregulationsapplicabletohis/her

business.TheClientagreesthathe/sheisfamiliarwithandwillabidebyanyrulesorprocedureadoptedbyERATOandany

providerinconnectionwithuseoftheOnlineServiceandhe/shehasprovidednecessarytraininginitsuse.TheClientshallnot

(andshallnotpermitanythirdparty)tocopy,use,analyze,modify,decompile,disassemble,reverseengineer,translateor

convertorconvertanysoftwareprovidedtohim/herinconnectionwithuseoftheOnlineServiceordistributethesoftwareorthe

OnlineServicetoanyotherthirdparty.

6.TERMINATION

ERATOmay,initssolediscretion,terminateorrestricttheClient’saccesstotheOnlineServiceandmayterminatethis

Agreementatanytime.Upontermination,anysoftwarelicensegrantedtotheClienthereinshallautomaticallyterminate.

7.INDEMNITY

TheClientagreestoindemnifyandholdERATOharmlessfromandagainstanyandallclaims,losses,liabilities,damages,costs

andexpenses(includingreasonablelegalfees)arisingoutoforrelatedtothisAgreementandduetoanyerrorthattheClientfail

tocorrectorarrangefor ERATOtocorrect(ifpossible).ThisindemnificationshallbebindingupontheClientandtheClient’s

executors,administrators,heirs,successorsandpermittedassignsandwillsurviveterminationofthisAgreement.

8.MISCELLANEOUS

TheClientmaynotamendthetermsofthisAgreement.ERATOmayamendthetermsofthisAgreementuponnoticetotheClient

(includingelectronicdelivery).BycontinuedaccesstoanduseoftheOnlineService,theClientagreestoanysuchamendments

tothisAgreement.ThisAgreementissupplementaltothecustomerAgreement.

9.DECLARATIONOFACCEPTANCE

InvestmentTermsConditionsinfullandherebyconsenttobeboundbyalltermscontainedtherein.Ideclarethatthe

informationcontainedinthisAccountOpeningDocumentationistrueandaccurateandcertifythattheelectronicsignatureis

genuineandthatcopiesoftheverificationofidentitydocumentsforwardedaretruecopiesoftheoriginal.

10.RISKANDDISCLAIMER

Bysubmittingeithertheregistrationformtodownloadthedemo,requestingaquickcallbackorregisteringforthenewsletteryou

areconsentingtoreceiveinformationbyemail,telephone,postoranyothermethodfromERATOaboutoffersthatyoumaybe

entitledtoandproductsandservices,whichwebelievemaybeofinteresttoyou.Wewillnotshareyourdetailswithanythird

parties,otherthanouraffiliatedcompanies,formarketingpurposeswithoutyourpriorconsent.Ifatanytimeyounolongerwish

toreceivethisinformation,pleaseletusknowbyusingtheunsubscribefacilityprovidedwithinanyemailwemaysendyou,or

alternativelyyoumayemailusandwewillremoveyourdetailsfromourdatabase.

OurrollingspotcontractsandCFDsarebasedonhighlyleveragedmargintrading;aswithanyderivativeinstrument,such

contractscarryaveryhighdegreeofriskandtradingsuchinstrumentsmayexposetheinvestortosubstantiallossesaswellas

gains.Thecontentsofthissiteandthefacilitiesweprovideareavailableonlytoexperiencedinvestorswithsufficientfinancial

resourcestotradeinourinvestmentproducts.Investorsshouldnotethattoprotecttheirinterests,wemaysetzerostoporders

wherenoclientorderhasbeenplacedtominimizelosses.Inthisevent,generallytheclientscannotlosemorethantheirinitial

investmentmadeonaparticulartransaction.

11.PRIVACYPOLICY

ThePrivacyPolicyexplainshowERATOcollectspersonalinformationandthenmaintainsusesanddisclosesthatinformation.It

alsoprovidessomedetailaboutClient’srights.ERATOPrivacyPolicyStatementwillbereviewedfromtimetotimetotake

accountofnewlawsandtechnology,changestoouroperationsandpracticesandtomakesureitremainsappropriatetothe

changingenvironment.AnyinformationweholdwillbegovernedbythemostcurrentERATO PrivacyPolicyStatement.

WhydoesERATOcollectpersonalinformation?

Ourbusinessistomeetourcustomers'needsforarangeoffinancialservices.Todothiseffectively,weneedtocollectcertain

personalinformation.

Whatkindofpersonalinformationdoweaskfor?

Thetypeofpersonalinformationwemaycollectcaninclude(butisnotlimitedto)name,address,dateofbirth,contactdetails,

income,assetsandliabilities,accountbalances,tradingstatements,taxandfinancialstatementsandemploymentdetails.We

obtainmostoftheinformationdirectlyfromourcustomersthroughapplicationorotherforms,andfrommaintainingrecordsof

informationprovidedinthecourseofongoingcustomerservice.Wemayalsoobtaininformationfromothersources.Wemayask

forotherinformationvoluntarilyfromtimetotime(forexample,throughmarketresearch,surveysorspecialoffers)toenableusto

improveourserviceorconsiderthewiderneedsofourcustomersorpotentialcustomers.Ifyouchoosenottoprovidethe

informationweneedtofulfillyourrequestforaspecificproductorservice,wemaynotbeabletoprovideyouwiththerequested

productorservice.

Howdoweusethisinformationandwhomaywediscloseitto?

Whilewemaysendyoumarketingmaterialfromtimetotimethatwethinkwillbeusefultoyou,weareconsciousoftheneedto

respectyourprivacy.Unlessyouareinformedotherwise,thepersonalinformationweholdisusedforestablishingandmanaging

youraccount,reviewingyourongoingneeds,enhancingcustomerserviceandproductsandgivingyouongoinginformationor

opportunitiesthatwebelievemayberelevanttoyou.Dependingontheproductorserviceconcernedandparticularrestrictions

onsensitiveinformation,thismeansthatpersonalinformationmaybedisclosedto:

a)serviceprovidersandspecialistadviserstoERATO thathavebeencontractedtoprovide ERATOwithadministrative,

financial,insurance,researchorotherservices

b)creditproviders,courts,tribunalsandregulatoryauthoritiesasagreedorauthorizedbylaw

c)creditreportingorreferenceagencies

d)anyoneauthorizedbyanindividual,asspecifiedbythatindividualorthecontract

Howdowestorepersonalinformation?

Safeguardingtheprivacyofyourinformationisimportanttous,whetheryouinteractwithuspersonally,byphone,mail,overthe

internetorotherelectronicmedium.Weholdpersonalinformationinacombinationofsecurecomputerstoragefacilitiesand

paper-basedfilesandotherrecords,andtakestepstoprotectthepersonalinformationweholdfrommisuse,loss,unauthorised

access,modificationordisclosure.Wemayneedtomaintainrecordsforasignificantperiodoftime.However,whenweconsider

informationisnolongerneeded,wewillremoveanydetailsthatwillidentifyyouorwewillsecurelydestroytherecords.

Howdowekeeppersonalinformationaccurateandup-to-date?

ERATOendeavorstoensurethatthepersonalinformationitholdsisaccurateandup-to-date.Werealizethatthisinformation

changesfrequentlywithchangesofaddressandotherpersonalcircumstances.Wecangenerallyupdateyourcustomer

informationoverthetelephone.Youhavetherighttocheckwhatpersonalinformationaboutyouisheldbyus.UndertheData

ProtectionAct,youhavetherighttoobtainacopyofanypersonalinformationwhichERATOholdsaboutyouandtoadvise

ERATOofanyperceivedinaccuracy.TheActdoessetoutsomeexceptionstothis.Tomakearequest,pleasewritetous,

verifyingyouridentityandspecifyingwhatinformationyourequire.Whatifyouhaveacomplaint?Ifyouconsiderthatanyaction

ofERATObreachesthisPrivacyPolicyStatementortheDataProtectionPrinciplesorotherwisedoesn'trespectyourprivacy,you

canmakeacomplaint.Thiswillbeacteduponpromptly.Tomakeacomplaint,pleasesendmailto??.Your ConsentByaccessingthiswebsiteyouconsenttoERATOcollectinganddisclosingpersonalinformationaboutyouandprovided

byyouoranyotherpersonasdescribedabove.

C)APPLICATIONFORM

1.PERSONALDETAILS

Surname: / Title: / Mr./Mrs./Ms./Other
Forename: / DateofBirth:
Nationality: / Mobile:
MSN: / QQ:
E-mail:
1-3Years / 3-5Years / Above5Years
FuturesOptions
BondsShares
Forex
Metals

2.TRADINGEXPERIENCE

Ideclarethatbymysignature:

·Theinformationstatedaboveiscorrectandwarrantthatcopiesofdocumentsprovidedeitherinhardcopyorbyelectronic

meansasproofofmyidentityaretruecopiesoftheorigin

·Tohaveread,understoodandagreedtotheCustomerAgreementandallitscontents.

______

CustomerSignature Date

Witnessedby

______

NameofWitness WitnessSignature

(personauthorisedbyERATO

______

ForandonbehalfofERATO AuthorisedSignature

NOTES

Clientsmustenclose

·Scanningcopyofpassport/ID

·Scanningcopyofallcreditcardstobeusedfordepositoffunds(pleaseignorethisitemifyoudon'tdepositwithcreditcard)

·Scanningcopyofrecentutilitybill(water,gasandelectricityetc.)orbankstatement

CREDITCARDSANDWITHDRAWALSAUTHORIZATIONFORM

To:ERATOSERVICES GROUP CO.,LIMITEO

Email:

Re:Creditcardsandwithdrawalsauthorization(accountno.______)

I,beingtheholderoftheabove-mentionedaccount(the“Account”),herebyconfirmthatIhavebeenusingthefollowingcredit

cards(the“CreditCards”)fordepositingfundstotheCompany:

Nameoncredit
card / Creditcardno. / Expiry
date / Type(Visa/Masteretc.)

CREDITCARDDETAILS

______

Specimensignatureofcardholder

I,theundersigned,readandfullyunderstandandacceptthetermsandconditionsofactivityinmyaccountwiththeCompany,as

appearedontheCompany’swebsite(

confirmandapprovebyactualsignatureregardingalldepositsmadebymebyusinganyoftheCreditCards.

BANKACCOUNTDETAILS

Iherebyconfirmthatthefollowingbankaccount(the“BankAccount”),whichisheldinmyname,istobeusedforfunds withdrawal:

NameofBank
BankAccountNo.
BankAddress
Swift/IBANCodeSwift
NameofBeneficiary

Inconnectionwithmyfuturewithdrawalrequests:

IherebyauthorizetheCompanytowithdrawfromtheAccountanyamountandtotransfersuchamounttotheCreditCards

and/orBankAccountand/ortoperformanyotheractsregardingsuchamountinaccordancewithmyinstructionseithergiven

onlineorthroughmyIntroducingBrokerfromtimetotime(the“Withdrawal”),IherebyundertaketoprovidetheCompanywithfull,

accurateandupdatedinformationnecessarytofacilitatetheWithdrawal,andthattheAccountwillhavesufficientfundsinorderto

allowfortheWithdrawal;

IherebyundertakethatthisauthorizationdoesnotobligatetheCompanytoperformanyWithdrawal,andthattheperformanceof

anyWithdrawalshallbeattheCompany’ssoleandexclusivediscretion;

Iherebywaiveanyclaimand/orlawsuitagainsttheCompanyregardinganyoftheCompany’sacts,whichareperformedin

accordancewiththisauthorization.Inaddition,IherebyexempttheCompanyfromanyliabilitytodamagesand/orcosts,ifany,

asaresultofthisauthorizationand/ortheCompany’sactionstakeninaccordancewiththisauthorization;

IagreethattheCompanycanexerciseitssolediscretiontorequiremetosignspecificwithdrawalform(the“Form”)withregard

toanyofmywithdrawalrequests.IunderstandthattheCompanyhastherightofrefusinganyWithdrawal,atitssolediscretion,

priortomesigningsuchFormandprovidingtheCompanywiththesignedFormand/oranyotherinformationthattheCompany

mayrequirefromtimetotime;

Withoutderogatingfrommysoleandentireresponsibilityforpayingtaxesandbankcharges,IherebyagreethattheCompany

hastherighttodeductanytaxesandbankcharges,asmayberequired,fromtheamountswithdrawnaccordingtothis

authorization.Iamawarethattheamountswithdrawnaregrossamounts,fromwhichtheCompanymaydeductsuchtaxesand

bankcharges,andIshallhavenoclaimtowardstheCompanywithregardtosuchdeductions;

Inthisauthorization,the“Company”shallmeantheCompany,anysubsidiaryand/orparentcompany,aswellasanyofthe

Company’sshareholders,executives,employees,and/oranyotherthirdpartiesactingontheCompany’sbehalf.

______

Client Signature Date

______

ClientName

ERATOUSEONLY

______

Approvedby Date

Byacceptingthetermsandconditionsinthisdocumentyouagreenottofileacreditcardordebitcardchargebackwithregardto

anypurchaseandinsteadabidebythedisputeresolutionproceduresoutlinedbelow.Intheeventthatyoubreachthisagreement

andfileachargeback,uponaresolutioninourfavorofthechargebackbyeitherthecreditcardissuingbank，thecreditcard

processororbyVISAorMASTERCARD,youagreetoreimburseusforanycostsincurredinresearchingandrespondingtosuch

chargeback,includingwithoutlimitation,ouractualcostspaidtothecreditcardprocessororourbanks,otherthirdparties,and

thereasonablevalueofthetimeofouremployeesandownersspentonthematter,asdeterminedinourdiscretioningoodfaith.

Youfurtheragreethatalldisputeresolutionproceduresbelowwillbedeemedwaivedbyyou,andthattheseamountswillbe

addedtotheoriginalamountoftheorder,andthatthistotalamountwillthenbeimmediatelydueandpayable.Ifyourchargeback

isupheld,youagreetopayallofthesamecosts,inadditiontotheoriginalpurchaseprice,butwewillusethedisputeresolution

proceduresbelowtoconfirmandcollectsuchamounts.

Intheeventthatachargebackisplacedorthreatenedonatransactionwealsoreservetherighttoreporttheincidentfor

inclusioninchargebackabuserdatabase(s)ofourchoosingandinoursolediscretion.Theinformationreportedwillincludename,

emailaddress,orderdate,orderamount,IPaddress,fulladdress,andphonenumber.Beinglistedonsuchdatabasesmaymake

itmoredifficultorevenimpossibleforyoutouse(anyof)yourcreditcard(s)onfuturepurchaseswithusorothermerchants.