3 Complete the Form A - Establishment of the beneficial owner s identity

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1 Registration Documents Checklist (Individuals) Thank you for choosing Olsen Ltd. To open an account, please follow the steps below. Please use only PDF format when sending your registration documents. We will process this information as fast as possible and contact you if we require further information. Upon approval of your account, we will send you an confirming that your account is ready for funding. To comply with government regulations to prevent money laundering and the funding of terrorism, investment managers such as OLSEN are required by law to obtain, verify and retain information that identifies each person who opens an account. Name: 1 2 Complete the Asset Management Agreement Complete the Application Form 3 Complete the Form A - Establishment of the beneficial owner s identity 4 Prepare a copy of a document confirming your address such as a utility bill, bank or credit card statement Please ensure that the address on the document matches the address you provided on the Application Form (step 2). We require a document confirming the physical address where you reside (we cannot accept P.O. Boxes, mobile phone bills or TV licenses.). 5 Prepare a copy of a valid government-issued photo identification for the principal listed (passport, driver's licence) The identification number, date of issue and expiry date must be clearly visible. 6 Scan or photograph this check list and it, together with a copy of your documents to invest@olsen.ch. Alternatively, fax to If faxing, please set your fax machine to a light setting for the id documents to improve legibility. Zurich, 7 March 2013

2 !!! Asset Management Agreement (The Agreement) between The undersigned customer, ( Customer ) and Olsen Ltd, Seefeldstrasse 233, 8008 Zurich, Switzerland ( Olsen Ltd ) 1. Power of Attorney 1.1 The Customer hereby authorises Olsen Ltd to open and maintain an FxTrade account with OANDA Europe Limited ( OANDA ) in the name of and on behalf of the Customer (the OANDA Account). Please be aware that there are terms and conditions governing your OANDA Account and your rights and obligations associated with your OANDA Account. These are set out in OANDA s FXTrade Customer Agreement which you are encouraged to read carefully. This Agreement can be accessed by clicking: ( Additional undertakings by the Customer are contained in the waiver and release agreement between OANDA and the Customer set forth in Annex 1 hereto. All funds deposited to Customer s OANDA Account shall be held in an account(s) maintained by, and in the name of, OANDA Europe Limited at financial institution(s) of OANDA s choice. 1.2 Olsen Ltd is hereby requested and authorized to undertake the management of all assets held in the OANDA Account. Olsen Ltd shall manage the assets within the guidelines set forth below on the investment policy. 1.3 In addition, Olsen Ltd is hereby authorised to perform all acts that it considers expedient and being in the best interest of the Customer. 1.4 Customer hereby authorizes Olsen Ltd to act as Customer s agent and attorney-in-fact with full power and authority to manage and trade Customer s funds in Customer s OANDA Account in Customer s name and for Customer s account and risk, and with the same authority and effect as Customer acting personally. This authorization shall include, without limitation, trading in over-the-counter foreign exchange contracts and other commodities and/or options thereon in Customer s OANDA Account, on margin or otherwise. 2. Deposits and Withdrawals 2.1 The Customer shall transfer the assets to be managed from his own account to the OANDA Account. 2.2 The Customer acknowledges that Olsen Ltd may require the Customer to furnish further identification concerning the beneficial ownership of the assets in the OANDA Account and/or information concerning the source of funds deposited to, or the destination of funds withdrawn from, the OANDA Account before such deposit or withdrawal, as the case may be, can be processed. 2.3 The Customer warrants and represents that all funds deposited to the OANDA Account shall originate from a bank account or online payment processor account in the Customer's name and that all amounts withdrawn from the OANDA Account shall be directed to a bank account or online payment processor account in the Customer's name.

3 !!!! 2.4 The Customer acknowledges that Olsen Ltd reserves the right, in its sole discretion, to refuse to execute: (a) deposits to the OANDA Account, including without limitation, deposits made from third party sources; and (b) withdrawals from the OANDA Account which are directed to third party recipients. 2.5 The Customer agrees that Olsen Ltd shall not be liable for any loss, damage or expense of any kind which the Customer or any third party may suffer as a result of OANDA's failure to process a deposit or withdrawal request if, in Olsen Ltd's or OANDA's reasonable opinion, the Customer has not satisfactorily provided such identification and/or information. 2.6 Subject to the product specifications the Customer may increase or reduce the free assets in his account at his discretion. However, in order to avoid interference with Olsen Ltd's arrangements, the Customer shall abstain from giving his own trading instructions. 3. Investment policy 3.1 The Customer has taken note of the products described on the Olsen Ltd managed account website ( The trading strategies are based on the high-frequency finance model described in 'Introduction to High- Frequency Finance' by Dacorogna et al. (Harcourt's Academic Press, 2001; The Customer appoints and authorises Olsen Ltd to pursue an investment policy as per the product defined by Customer in the application form or adjusted directly on the account through the Olsen platform ( 3.2 The Customer has been informed of the speculative nature of the trading models. The Customer is aware of the risks of foreign exchange trading and should therefore diversify his/her investments and invest only part of his/her portfolio in foreign exchange trading. In addition, he/she must be capable of absorbing a considerable reduction in the value of his/her custodial assets and/or outright loss. 3.3 In view of the nature of its function, Olsen Ltd assumes no guarantee for the achievement of any particular investment performance or result, nor does it accept liability for the consequences of any acts or omissions undertaken in good faith and within the context of the chosen investment policy. The Customer hereby accepts and approves all transactions executed in accordance with the above, regardless of the outcome. Under this Agreement, Olsen Ltd shall be liable only for unlawful intent and gross negligence. 4. Term and Termination 4.1 Once signed, this Agreement shall become effective and shall remain binding upon both Parties until lawfully terminated. Both parties may terminate the Agreement at any time upon notification to the other Party by using the termination procedure on the Olsen platform [ or written notice. 4.2 It is clearly understood and agreed that the Agreement shall not expire upon the death of the Customer or in the event of his/her inability to act. In this case, the Agreement may be terminated by the person(s) having the right of disposal or by the rightful heirs. 4.3 Termination shall not affect any liability in any way resulting from transactions initiated prior to such effective date. 5. Confidentiality 5.1 Olsen Ltd shall treat its relationship with the Customer and the transactions executed under this Agreement with utmost confidentiality. This obligation shall remain in force after termination of the Agreement. Exceptions shall be limited to requests for information by courts and the competent administration or stock market supervisory bodies. 5.2 By signing this Agreement you confirm having read and agreed the Privacy Policy on the Olsen Ltd website.

4 !!!! 6. Account Statements and Information of the Customer 6.1 Olsen Ltd shall check the OANDA account statements, settlements and balance statements from OANDA carefully and conscientiously. Olsen Ltd declines responsibility for any incorrect operations or mistakes made by OANDA. 6.2 Olsen Ltd agrees to provide the Customer with information and documentation regarding the development of the OANDA Account and the administrative activities at any time through a password protected internet link. 6.3 Olsen Ltd's trading strategy is highly confidential and the Customer waives any rights to view the detailed transaction history in his OANDA Account. The Customer agrees to only have access to the reporting provided by Olsen Ltd. 7. Fees / Taxes and duties 7.1 Customer agrees to compensate for Olsen Ltd s services as specified in Schedule A. 7.2 Customer herewith agrees to be liable for any direct and/or indirect taxes and duties due on all transactions covered by this agreement, including, but not limited to, turnover taxes on certain transactions and VAT on the fees charged by Olsen Ltd to the customer. 7.3 Swiss VAT is included on the fees charged to customers resident in Switzerland. 8. Exclusion of Liability 8.1 In no event shall either party be liable to the other for anticipated profits or for incidental, special, indirect or consequential damages for a claim of any kind, or for any loss or damage arising out of or in connection with this agreement, or from any performance or breach, termination or expiration of this agreement except in case of gross negligence or willful intent. Olsen Ltd makes no warranty that the access to the OANDA Account and to the Olsen Platform will be uninterrupted or error-free, that defects will be corrected, or that viruses or other harmful components will not be transmitted in connection with your use of the services of Olsen Ltd and OANDA. Olsen Ltd expressly disclaims all warranties, express or implied, in particular, but not limited to, all warranties arising from the course of performance, trading and/or their equivalents. 9. Choice of Law and Jurisdiction 9.1 The Parties hereto agree that this Asset Management Agreement - in terms of origin and validity - and the business conducted hereunder shall be governed by Swiss Law. 9.2 Any dispute that arises between the Parties shall be judged exclusively by the courts of jurisdiction of the Canton of Zurich. 10. Risk Disclosure There are risks involved in trading over-the-counter contracts for foreign currency. You should trade in foreign currency contracts only if you understand the contracts (and contractual relationships) into which you are entering and the extent of your exposure to risk. Trading in foreign currency contracts is not suitable for many members of the public. You should consider whether trading is appropriate for you in light of your experience, objectives, financial resources and other relevant circumstances. Most importantly, do not invest money that you are not in a position to lose. 11. Miscellaneous 11.1 Each of the undersigned agrees to be bound by the terms and conditions of this Asset Management Agreement. Customer agrees that he/she understand and certifies that he/she has the financial resources to enter this Agreement and that all trading objectives have been explained. Customer acknowledges having filled the online registration form at received, read and understood the FXTrade Customer Agreement, Consent to Conduct Business Electronically and Risk Disclosure Agreement This Agreement and all rights and obligations may not be assigned in whole or in part by either Party without the prior written consent of the other, except that Olsen Ltd may assign the rights and obligations to another entity in connection with a reorganization, merger, consolidation, acquisition, or other restructuring.

5 !!!! 11.3 It is the intention of the parties to this Agreement that OANDA shall be a third party beneficiary of this Agreement and may enforce the Agreement to its benefit By signing below, Customer acknowledges having read and understood the contents of this Agreement, as well as the OANDA FXTrade Customer Agreement and the Waiver and Release of Liability of OANDA (Annex 1), and is willing and able, financially and otherwise, to assume the risks of foreign currency trading. Customer Signature Print Name Date Customer Address Olsen Ltd

6 !!!! Schedule A Definition of fee structure Cash Account Managed Accounts Overlay Accounts Fee Structure Management Fee per year Performance Fee A0 AA AB AC AD AF Static Dynamic 0.0% 0.0% 0.1% 0.25% 0.5% 0.75% 0.1% 0.5% 0.0% 20.0% 0.0% 20.0% Management Fee The management fee payable shall be calculated, based upon gross assets, accrued daily and paid monthly Performance Fee Olsen Ltd shall receive a performance fee of the appreciation in the value of the OANDA Account. The fee is calculated based on the last high-water mark and shall only be charged if the performance exceeds the last high-water mark. Payment Terms Management and performance fees shall be payable monthly by the tenth day of the following month. The Customer shall authorise OANDA to credit the calculated sums to Olsen Ltd in accordance with the abovementioned terms by means of a standing order. At each withdrawal the performance fee is charged for the amount withdrawn and the high-water mark is adjusted to the net assets. Upon termination of this Agreement, management and performance fees shall be paid to Olsen Ltd as if the effective date of the termination was the last day of the then current calendar month. Customer Signature Print Name Date Olsen Ltd

7 !!!! Annex 1 Waiver and Release of Liability of OANDA Europe Limited The undersigned customer, ( Customer ) I, the Customer, hereby certify that: 1. I authorize OANDA to follow Olsen Ltd s instructions in every respect concerning my OANDA Account. I ratify and confirm any and all transactions in the OANDA Account that are made based on such instructions, either prior to or subsequent to the execution of this Agreement. I further authorize OANDA to make available to Olsen Ltd all information pertaining to my OANDA Account. 2. I understand and agree that OANDA makes no representation as to the qualifications, experience or regulatory authorization of Olsen Ltd or lack thereof, and will not control its actions. I understand that OANDA does not, by implication or otherwise, endorse the operating methods of Olsen Ltd. I further understand and agree that Olsen Ltd is my agent and not OANDA s agent. I acknowledge that Olsen Ltd may also act as agent for other parties and may not be my exclusive agent. 3. I acknowledge that Olsen Ltd and OANDA may require me to furnish further identification concerning the beneficial ownership of the assets in the OANDA Account and/or information concerning the source of funds deposited to, or the destination of funds withdrawn from, the OANDA Account before such deposit or withdrawal, as the case may be, can be processed. 4. I acknowledge that Olsen Ltd and OANDA reserves the right, in its sole discretion, to refuse: (a) deposits to the OANDA Account, including without limitation, deposits made from third party sources; and (b) withdrawals from the OANDA Account which are directed to third party recipients. 5. OANDA may close your OANDA Account and/or terminate Olsen Ltd s authority to act as agent or attorney for the Customer s OANDA Account upon notification to Customer and Olsen Ltd. at their respective addresses on file with OANDA. 6. I authorize OANDA to pay fees, as calculated by Olsen Ltd, directly to Olsen Ltd from my OANDA Account without the need for independent verification by OANDA. I release OANDA from any and all losses, costs, damages, expenses or disputes arising out of or related to the calculation and payment of fees. 7. I hereby release OANDA, its directors, officers, shareholders and employees (the OANDA Parties ) from any and all liability to me the Customer, and anyone claiming through me, with respect to any and all losses, damages, liabilities and/or expenses of any kind or nature whatsoever ( Damages ) sustained or alleged to be sustained as a result of: i. OANDA following Olsen Ltd s instructions; ii. all actions of Olsen Ltd regarding the Account; and/or iii. any other matter arising out of the relationship between Olsen Ltd and I, even if resulting from Olsen Ltd s default, gross negligence or wilful misconduct, and I shall indemnify the OANDA Parties from any and all Damages arising there from. I HAVE READ AND UNDERSTOOD THE TERMS OF THIS WAIVER AND RELAEASE OF LIABILITY AGREEMENT, AND I AM AWARE THAT BY SIGNING THIS AGREEMENT I AM WAIVING SUBSTANTIAL LEGAL RIGHTS BY SIGNING IT AND I SIGN IT FREELY AND VOLUNTARILY WITHOUT ANY INDUCEMENT. Customer s Signature Date!

8 Customer Application Form for Olsen Products (The information contained in this form shall not be distributed to third parties except in accordance with our Privacy Policy.) Customer Information Customer information must be completed for each participant in the account. For the purpose of this document, the term Customer always refers to the entity for which this application has been made, regardless of legal description. First Name Last Name Street Address City and State (or Province) Zip Code/Postal Code Country Telephone Number (Home) Telephone Number (Office) Fax Number (optional) Citizenship Date of Birth Employment Details Employment Status Employed Self employed Unemployed Retired Employer s Name Employer s Address Length of Employment (Years) Type of Business Position Telephone (Business) Have you ever worked in a professional position(s) in the financial sector, which required knowledge of the types of FX transactions or services provided by OANDA? If yes, please provide details below. Employer s Name Employer s Address Length of Employment (Years) Type of Business Position Bank Information Bank Name Bank Address ABA or SWIFT Number Account Number Beneficiary Principal bank reference Address Telephone 1/3

9 Customer Application Form for Olsen Products Product Details Primary Account Currency US Dollar (USD) Canadian Dollar (CAD) Australian Dollar (AUD) Great Britain Pound (GBP) Euro (EUR) Swiss Franc (CHF) Japanese Yen (JPY) Managed Account Account Product Profile Currency A0 AA AB AC AD AF USD CAD AUD GBP EUR CHF JPY Overlay Account Account Product Profile Active and Static Currency A0 AA AB AC AD AF USD CAD AUD GBP EUR CHF JPY Financial Details What is your total estimated annual income? What is your total net worth? Do you have or have you ever had any other account(s) with OANDA? $/ / /CHF $/ / /CHF No Yes, please provide account number(s) Tading 1. Do you understand how the CFD and FXmarkets and trading operate, and the risks involved including price volatility and fluctuations? 2. Do you usually trade these markets on an execution only capacity? 3. Do you understand the nature of margined transactions? 4. How many years of experience of you have with margined transactions? 5. Do you understand the nature of risk involved in margined transactions? 6. How many years of experience have you had in FX trading? 7. How many years of experience have you had in CFD trading? No No No No Yes Yes Yes Yes years years years 2/3

10 Customer Application Form for Olsen Products 8. How many margined trades have you completed within the last year? 9. What is your average number of margined trades per month? 10. What is your average trade size in terms of the value of exposure? 11. Have you ever had a brokerage account (either alone or with others) or been an authorised trader on some else s brokerage account? No Yes, please list firms and state whether the accounts are still open 12. Do you control or have a financial interest in any other account with the above firm? No Yes, please list 13. Do you trade online? No Yes, Number of Years 14. Please list any relevant academic and professional qualifications. 15. Are you employed by a registered securities broker/dealer, investment advisor, bank or other financial institution? If YES, you must submit a compliance letter with this application. It should be on corporate letterhead and signed by a principal or compliance officer of the firm. No Yes, please list 16. What is your trading objective? To hedge other instruments Risk management To achieve speculative gains The undersigned hereby attest(s) and certifies to be a sophisticated participant and attest(s) that the above information is complete and accurate and hereby authorises Olsen Ltd to verify any information submitted in accordance with Olsen Ltd s Privacy Policy. Please include copies of 1 government-issued photo ID and 1 document confirming your current address with this application. Please scan or photograph this form and your IDs and to invest@olsen.ch Agreed and accepted: Signature: Olsen Ltd Seefeldstrasse 233 Print Customer Name: 8008 Zürich Switzerland Title: Date: 3/3

11 A Managed Account Contracting party (Name / first name individual or company) (Date of birth / incorporation) (Nationality / registered office) (Address) Establishment of the beneficial owner s identity (Form A according to 18 and 19 Regulations SRO PolyReg) The undersigned herewith declares: (Tick the appropriate box) That the contracting party is the beneficial owner of the assets involved That the following person / company is the beneficial owner of the assets involved 1. Beneficial owner 2. Beneficial owner Name / Company name First Name Date of birth / Date of incorporation Address / Country of registered office Additional information / Address Nationality / Extract from company register The contracting partner shall immediately inform the financial intermediary of his own accord about any changes. The contracting party takes notice that the identity of the beneficial owner will be made known to the financial institution concerned, should the administration of the above mentioned file require the opening of a bank account or bank deposit. If the undersigned intentionally provides wrong or incorrect information, or falsifies this document, this might be subject to the Swiss Penal Code. (Art. 251 Swiss Penal Code). Place/Date Signature of the counter party