C O N T R A C T FOR PROVISION OF INTERMEDIATION SERVICES IN RELATION TO THE CONCLUSION OF TRANSACTIONS WITH FINANCIAL INSTRUMENTS ON FOREIGN MARKETS

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1 C O N T R A C T FOR PROVISION OF INTERMEDIATION SERVICES IN RELATION TO THE CONCLUSION OF TRANSACTIONS WITH FINANCIAL INSTRUMENTS ON FOREIGN MARKETS Today,.., in the city of....., the present Contract is made by and between: 1. PARTIES 1... (names/firm), date of birth:.., personal ID /BULSTAT. and tax number., identity document, issued on... by.. (for natural persons), address/seat and registered address., registered under company file.. of.. court (for legal entities), correspondence address.., correspondence .., telephone, hereinafter referred to as the CUSTOMER,, represented by.. (names), personal ID., identity document., issued on. By, address.. correspondence address...., correspondence .., tel....., in the capacity of... (proxy/legal representative - what), power of attorney of.., on the one hand, and 2. Investment Intermediary BULBROKERS PLC, having its seat in the city of Sofia and registered address: 7 Sheinovo str., registered in the register of the Sofia City Court by a Decision under company file 14059/1997, volume 491, page 76, batch 44709, register І, having identification code BULSTAT , correspondence address the city of Sofia, 1504, 7 Sheinovo str., correspondence office@bulbrokers.bg, holder of license for performance of activity as an investment intermediary purusuat to Decision 103-ИП dated of the Financial Supervision Commission, represented by Ivo Ivanov Seizov, personal ID , in his capacity of executive director and Radoslav Georgiev Rachev, personal ID , in his capacity of executive director, through..., personal ID in his/her capacity of.... (broker/person under art.39, par.1, item 2 of Ordinance 38/ executive director/procurator), hereinafter referred to as BULBROKERS, on the other hand. 2. SUBJECT OF THE CONTRACT Art.1. (1) the CUSTOMER appoints, and BULBROKERS accepts to perform on account of the CUSTOMER intermediation for conclusion of transactions with financial instruments. (2) BULBROKERS shall ensure the provision of the intermediation services under par.1 by accepting and forwarding the customer s orders for execution to the respective regulated markets or multilateral trading systems on the grounds of a contract with Interactive Brokers LLC, One Pickwick Plaza, Greenwich, CT USA (foreign broker). (3) The CUSTOMER shall be properly informed in case of a change in the foreign broker under par.2. Art.2. Financial instruments subject of the services under this Contract shall be: 1. shares; 2. mutual fund shares (including Exchange-traded funds); 3. options; 4. futures; 5. transactions with foreign means of payment, that are accepted for trade on a foreign market. Art.3. (1) The services subject of this Contract shall be carried out on foreign regulated markets, multilateral trading systems or other markets, the access to which is provided by Interactive Brokers LLC. The activity of Interactive Brokers LLC is regulated by U.S. Securities and Exchange Commission and Commodity Futures Trading Commission. (2) In the performance of this Contract, BULBROKERS shall not provide and the CUSTOMER shall not have the right to request from it investment consultations, legal, tax and other advices (3) The market information or the information for certain financial instruments provided by BULBROKERS shall not constitute a recommendation for conclusion or refraining from conclusion of a transaction. 3. CONCLUSION OF THE CONTRACT. ENTRY INTO FORCE Art.4. The Contract is entered into for a term of one year, counted from the moment when the CUSTOMER provides to BULBROKERS cash in relation to conclusion of transactions - subject of orders under this Contract. (2) In case that neither party expresses before the other party will to discontinue the relations within two weeks prior to the date of expiration of the term under par.1, the Contract shall be extended for a period of one year.

2 4. REMUNERATION Art.5. (1) For the services provided on the grounds of this Contract BULBROKERS shall be entitled to remuneration from the CUSTOMER. (2) The amount of the remuneration shall be determined pursuant to Tariff for the Standard Commission Remuneration under Contracts with Customers, as well as dependant on the type and amount of the expenses for customers if they are not included in the remuneration, unless otherwise established upon the placement of the specific order pursuant to this Contract. (3) BULBROKERS shall also be entitled to the expenses made by it in pursuance of the services provided pursuant to this Contract, incl. expenses for obtaining of market information, access to the markets, etc. (4) The remunerations and the expenses shall be set off against the funds in the guarantee account opened with BULBROKERS. (5) If there are not sufficient funds in the customer s account, for performance of the obligation for remuneration and expenses, the CUSTOMER shall be bound to pay, in the day of conclusion of the specific transaction, to BULBROKERS the remuneration and the expenses. 5. ACCEPTANCE, PLACEMENT AND EXECUTION OF ORDERS General Provisions Art.6. (1) BULBROKERS shall provide the services under the present Contract on the grounds of orders placed by the CUSTOMER. Art.7. (1) The CUSTOMER shall have the right to place the following types of orders: 1. Buy market order - order for purchase of financial instruments on the current market price; 2. Sell market order - order for sale of financial instruments on the current market price; 3. Limit Buy order - order for purchase of financial instruments at a price determined in the order or at a price lower than the one determined in the order; 4. Limit Sell order - order for sale of financial instruments at a price determined in the order or at a price higher than the one determined in the order; 5. Buy stop order - determination of a price, upon the touching of, or goring through, which the CUSTOMER wants to buy certain financial instruments; 6. Sell stop order - determination of a price, upon the touching of, or goring through, which the CUSTOMER wants to sell certain financial instruments. (2) Upon orders under items 5 and 6 of par.1 the execution at the level specified by the CUSTOMER shall not be guaranteed. (3) BULBROKERS shall also accept all modifications of the main types of orders listed in par.1, possible by the Bulbrokers Trader Workstation electronic trading software. (4) Placement of an order by the CUSTOMER pursuant to this Contract may bring about: 1. opening of a position - purchase/sale of a certain quantity of financial instruments, which by the moment of conclusion of the transaction were not available in the account of the CUSTOMER; 2. closing of a position - purchase/sale of already purchased/sold financial instruments. (5) Any order followed by conclusion of a transaction shall be binding upon the CUSTOMER, whether the CUSTOMER violates restrictions or other requirements to the CUSTOMER, established in this Contract or not. Art.8. (1) Orders shall be placed using one of the following methods: 1. through the Bulbrokers Trader Workstation electronic trading software - trading platform provided by BULBROKERS, by which the CUSTOMER may place order electronically; 2. by telephone. (2) Upon placement of orders, the CUSTOMER shall identify him-/her-/itself by a username and password or by first name and surname, username and number of such CUSTOMER S account with BULBROKERS and password for placement of orders by telephone upon placement of orders by telephone. (3) Upon placement of orders by telephone, the CUSTOMER shall be bound to comply with the rules for placement of orders by telephone, theses rules being specified in Appendix 3 to this Contract. (4) The CUSTOMER shall only have the right to place orders that: 1. comply with rules on the markets, where transactions shall be concluded pursuant to the CUSTOMER'S orders and the other applicable rules and requirements; 2. meet the requirements of and have the contents required by the effective legislation, the General Conditions and this Contract. (5) Subject to an established minimal admissible amount of an order (minimal amount of units of the respective financial instrument) the CUSTOMER may place an order in an amount that is not less than the established one. Art.9. (1) BULBROKERS shall forward orders accepted pursuant to this Contract for execution to Interactive Brokers LLC. (2) An order for conclusion of a transaction shall be considered placed after receipt by the CUSTOMER of a confirmation of its acceptance from Bulbrokers Trader Workstation system or from the employee of BULBROKERS, who accepts the order by telephone and enters it in the system. (3) BULBROKERS shall have the right to refuse to forward for execution an order, which conflicts with the law, the stipulations of the General Conditions, The Policy for Execution of Orders or of this Contract. Art.10. (1) The CUSTOMER shall declare in writing the types of instruments and the markets where the CUSTOMER intends to place orders (Appendix 2). 001/ page 2-10

3 (2) The list of the Financial Markets accessible for trade and the instruments traded on them may be changed by BULBROKERS from time to time. BULBROKERS shall publish the up-to-date markets on its internet page, as well as in в the Bulbrokers Trader Workstation electronic trading software. Art.11. (1) BULBROKERS shall not have obligations to ensure execution at conditions that are better than the ones specified in the order; to monitor the positions opened by the CUSTOMER or to give advices in respect of them; to inform the CUSTOMER for the current value of the CUSTOMER S security; to close any position of the CUSTOMER, except in the cases described in this Contract. (2) BULBROKERS shall not be bear liability for losses resulting from closed positions, payments of dividends, interests and other cash flows incurred by the CUSTOMER as a result from any inaccuracy or error in the submitted information. A transaction entered into as a result from such an inaccuracy or error shall be binding upon either party. (3) Upon placement of an order, the CUSTOMER shall be bound to submit to BULBROKERS all declarations, certifying and other documents required pursuant to the effective legislation and necessary for the proper fulfillment of the obligations of BULBROKERS. (4) The CUSTOMER shall have the right to place orders for transactions with financial instruments by telephone or by another remote means of communication, to which BULBROKERS explicitly consented. Placement of Orders through Bulbrokers Trader Workstation Art.12. (1) Pursuant to this Contract, BULBROKERS shall also accept orders placed by the CUSTOMER through the Bulbrokers Trader Workstation electronic trading system, internet-based application for electronic placement of orders by customers of Interactive Brokers LLC. (2) By the signing of this Contract, the CUSTOMER declares that the Customer is fully acquainted with the up-to-date Operational Rules pf the Bulbrokers Trader Workstation system, as well as with all rules for trade and the other applicable market regulators subject of the present Contract incl. working hours of the markets and trading sessions, types of orders and conditions for their execution, clearing and settlement policies, regulations, etc. (3) The CUSTOMER shall have the right to place orders determining the specific execution venue or the using of the "Smart Routing" technology, which is to monitor for the market where the order shall be executed at the best price Transactions with Shares and Shares of Funds Art.13. (1) When a CUSTOMER bought shares the account of the CUSTOMER shall be credited with the dividends that the issuer of the respective shares allots. (2) Upon margin purchase of shares, the account of the CUSTOMER shall be debited every month with interests determined on the basis of the market interest levels, +/- a premium, which shall be calculated every day on a 360 day basis. The interests shall be subject to change without a prior notice. Art.14. (1) When a CUSTOMER makes a transaction for a short sale, the incomes from the sale shall be received in the account of the CUSTOMER and shall remain blocked. In the cases, when the market value of the sold securities exceeds the incomes from the sale (i.e. there is a current loss), the CUSTOMER shall owe interests on the difference. In the cases, when the market value of the sold securities is smaller than the incomes from the sale (i.e. there is a potential profit), the difference shall decrease the amount of the debit for maintenance of other long positions of the CUSTOMER, on which amount the CUSTOMER owes interests. (2) When the CUSTOMER is in a position, which is a result from a short sale, if the owner of the securities wants them and the clearing house is not able to lend them from anybody else, the clearing house shall cover the position by buying the securities at then current market price. This shall be considered closing of the short position of the CUSTOMER and the amount of the profit/loss (if any is made) shall be added tо/deducted from the CUSTOMER S account. (3) Shares shall not be subject to short sales 10 full days prior to the day, when dividends under them are paid. Each existing short position in shares must be closed by the CUSTOMER 7 days prior to the day when dividends are paid under the shares. BULBROKERS shall have the right to close any short position in shares of the CUSTOMER, which is not closed 7 days prior to the date of payment of the dividends for the respective shares, as the CUSTOMER consents in advance to the prices of closing of such positions. The respective type of shares shall be available for short sales immediately after the date of payment of dividends. Futures Transactions Art.15. (1) A Customer shall enter into futures transactions by taking a position in the respective futures, as follows: 1. Short position - sale on the part of the customer of a futures, where the customer undertakes to deliver respective quantity of the base asset; 2. Long position - purchased on the part of the customer of a futures, where the customer undertakes to buy respective quantity of the base asset; (2) In cases of transactions with futures - subject of this Contract, concluded by the CUSTOMER, BULBROKERS shall not carry out a delivery (for or from the CUSTOMER) of the base asset of the futures. (3) As a result from futures transactions pursuant to this Contract, the CUSTOMER may only make profit or loss as a result from the exchange rate differences between the price of opening and the price of closing of the position in the respective futures. (4) The CUSTOMER shall be bound, prior to the deadline, established for the respective futures, to transfer the CUSTOMER S position in futures in the next in chronological terms contract for the respective base asset or to close its position, in order to avoid delivery of the base asset. For long positions, the standard deadline shall be the end of the fourth working day prior to the first prior notice day determined by the 001/ page 3-10

4 respective market. For short positions, the deadline for closing shall be the end of the fourth working day prior to the last day for trade of the respective futures. (5) The CUSTOMER shall be bound to keep track of the approaching of the first prior notice day. If the CUSTOMER has not closed the CUSTOMER S position in a futures contract until the first prior notice day, BULBROKERS shall have the right to close, without a prior notice, the opened position of the CUSTOMER in the expiring futures. (6) On the maturity date of the futures the CUSTOMER may transfer the CUSTOMER S position by closing the position in the futures whose maturity date comes and opening a new position in the chronologically following futures. Option Transactions Art.16. (1) The CUSTOMER shall have the right to enter into transactions with the following types of options pursuant to this Contract: 1. put option - right to sell the base asset, for which the option is issued on a definite future date and at a definite price; 2. call option - right to buy the base asset, for which the option is issued on a definite future date and at a definite price. (2) For acquisition of the right of purchase or sale of the base asset, the CUSTOMER shall pay a fixed price in the form of a premium. The premium amount shall be determined by the parameters of the option, subject of the transaction. Upon purchase of an option, the CUSTOMER shall pay out of the CUSTOMER S account with BULBROKERS the premium amount in the moment of conclusion of the transaction, as there shall be no any further requirements for maintaining of a guarantee amount under the opened position. Upon sale of a purchase option the account of the CUSTOMER shall be credited with the amount of the received premium. This amount shall be transferred to an account of the CUSTOMER in the day of conclusion of a transaction and shall finally remain in favour of the CUSTOMER. (3) The CUSTOMER shall have the right to enter into option transaction pursuant to this Contract, by taking positions in the respective option, as follows: 1. upon purchase of a call option, the CUSTOMER shall have the right, but not the obligation prior to the maturity date to buy the respective shares or futures at the price specified in the option; 2. upon purchase of a put option, the CUSTOMER shall have the right, but not the obligation prior to the maturity date to sell the respective shares or futures at the price specified in the option 3. upon sale of a call option, the CUSTOMER undertakes to sell the respective shares or futures at the price specified in the option, if the rights incorporated in the option may be exercised on the part of the buyer prior to the maturity date; 4. upon sale of a put option, the CUSTOMER undertakes to buy the respective shares or futures at the price specified in the option, if the rights incorporated in the option are exercised on the part of the buyer prior to the maturity date; (4) In the cases under par.2, items 1 and 2 the CUSTOMER may make profit expressed in the positive exchange rates between the paid premium in the moment of purchase of the option and the premium received in the moment of its sale. (5) in the cases under par.2, items 1 and 2 upon provision of right of purchase or sale of the respective shares or futures, when the rights under the option contract are exercised, the CUSTOMER may make profit expressed in the positive exchange rates or loss expressed in the negative exchange rates. (6) Option, which is in cash, shall be automatically executed on the maturity date and the CUSTOMER shall take a position in the respective shares or futures at a price specified in the option. 6. RIGHTS AND OBLIGATIONS OF BULBROKERS Art.17. Upon performance of the services subject of the present Contract, BULBROKERS shall be bound to act honestly, fairly, in a professional manner, in the best interests of the CUSTOMER, treating the CUSTOMER equally with the other customers. Art.18. In the performance of the Contract, BULBROKERS shall be guided by the information received for the experience and knowledge of the CUSTOMER in the investment activity, pursuant to Appendix 2 to the Contract, on the grounds of which BULBROKERS shall judge whether the proposed investment service is appropriate for the CUSTOMER, establishing whether the CUSTOMER possesses the necessary experience and knowledge to understand the risks related to this service. If BULBROKERS considers that the proposed investment service shall not be appropriate, it shall notify the CUSTOMER thereof in writing. Art.19. BULBROKERS shall undertake all necessary acts to establish any potential conflicts of interests and to avoid conflict of interests in accordance with the Policy for Treatment of Conflict of Interests established in the Internal Rules of BULBROKERS. In case that still there is a risk for the interests of the CUSTOMER, BULBROKERS shall submit to the CUSTOMER information for such conflict of interests and may not perform activity on account of the CUSTOMER, if the CUSTOMER has not adopted a resolution, based on this information, to use the respective service. Art.20. BULBROKERS may authorize, reauthorize or replace itself with another entity - licensed investment intermediary, with whom BULBROKERS entered a contract. By the signing of this Contract, the CUSTOMER authorizes BULBROKERS to make such authorization, re-authorization or replacement with another entity. Art.21. (1) (1) BULBROKERS shall be bound to provide to the CUSTOMER the information required pursuant to the effective legislation, the General Conditions and this Contract. 001/ page 4-10

5 (2) BULBROKERS shall have the right to receive from the CUSTOMER all information necessary for the performance of its obligations that the latter is bound to submit pursuant to the effective legislation, the General Conditions and this Contract. (3) BULBROKERS shall be bound to kept the trade secrets of the CUSTOMER, as well as the CUSTOMER S commercial reputation, as BULBROKERS and the persons working for BULBROKERS may not disclose, except in the cases provided for in the law, and use for their own of any other persons benefit, facts and circumstances affecting the balances and the operations under the accounts for financial instruments and for cash of the CUSTOMER, as well as all other facts and circumstances representing trade secret. Art.22. BULBROKERS shall have the right to submit the information received from the CUSTOMER, as well a other information related to the CUSTOMER and the performance of this Contract, to Interactive Brokers LLC, as long as this information is needed by the foreign broker in view of the execution of the placed orders, the maintenance of the accounts for the assets of the CUSTOMER and/or fulfillment of obligations of Interactive Brokers LLC, including obligations for disclosure of information by the latter before the respective authorities exerting control over its activity. Obligations Related to Placement of Orders through Bulbrokers Trader Workstation Art.23. (1) BULBROKERS shall provide access to the Bulbrokers Trader Workstation platform. The platform supports encrypted communication between the CUSTOMER and the servers, on which the orders are forwarded. (2) BULBROKERS shall provide the CUSTOMER with access (password and username) to the Bulbrokers Trader Workstation platform, after provision of the minimal cash required to open an account. The CUSTOMER undertakes not to disclose the CUSTOMER S password and identification data to other persons/entities, for which the CUSTOMER shall bear full liability. (3) BULBROKERS provides access for placement of orders to markets and types of instruments specified explicitly by the CUSTOMER in Appendix 4. (4) BULBROKERS shall provide access to market information (real-time quotations, charts, etc.) for markets and types of instruments specified explicitly by the CUSTOMER in Appendix 4. Art.24. (1) BULBROKERS shall give the CUSTOMER a confirmation for each concluded transaction. (2) Upon an order submitted by the CUSTOMER by telephone or by the Bulbrokers Trader Workstation electronic trading software, BULBROKERS shall give the confirmation for a concluded transaction through the electronic trading software in the Executions module. (3) BULBROKERS shall maintain accounts for the cash, their movement, the transactions, the deducted fees and commissions of the CUSTOMER, as well as for the continuous revaluation of the open positions through the Bulbrokers Trader Workstation electronic trading software. (4) BULBROKERS shall provide the CUSTOMER with access to daily and monthly statements of its account containing accounts of all performed transactions, the opened positions and their revaluation at market prices, cash transactions, commission, etc. through a specialized page on the internet page of the INVESTMENT INTERMEDIARY. Access to the information shall be obtained by the CUSTOMER after correct identification by a username and password. (5) BULBROKERS shall submit to the CUSTOMER the information under par.3 on the of the CUSTOMER, in case that the latter explicitly ordered that, as well as upon a request subject to the rest of the provisions of the present Contract. Art.25. BULBROKERS shall have the right to suspend for a certain period of time or to terminate finally (by a unilateral termination of the operation of the contract) the rights of the CUSTOMER to use Bulbrokers Trader Workstation, if by its acts the CUSTOMER violates the applicable legal acts, the General Conditions of BULBROKERS and this Contract, as well as in the cases of lack of sufficient funds in the account of the CUSTOMER. Art.26. (1) BULBROKERS shall not bear liability upon the occurrence of technical breakdowns in the Bulbrokers Trader Workstation electronic system, as well as in the cases of abuse of customer s rights by unauthorized persons, who were granted access to the data for activation of the customer's terminal due to negligence on the part of the user or for any other reasons beyond the control of BULBROKERS, including: lost control over the username and password. (2) BULBROKERS shall not bear liability for damages incurred by the CUSTOMER, as well as for future earnings inccurred by the latter, as a resit from lack of possibility for the CUSTOMER to establish contact with the servers servicing the Bulbrokers Trader Workstation system and respectively to palce an order. Art.27. Pursuant to the rights under this Contract, BULBROKERS may also provide the CUSTOMER with another electronic trading system, other than the Bulbrokers Trader Workstation system, approved pursuant to the effective legislation and the applicable legal acts. The rules for use, the operational instructions and the other requirements and conditions shall be specified in an additional agreement between the parties. 7. RIGHTS AND OBLIGATIONS OF THE CUSTOMER Art.28. (1) The CUSTOMER shall have right to place orders pursuant to the clauses of the present Contract. (2) The CUSTOMER shall have the right to receive a username and password for operation in Bulbrokers Trader Workstation with customer s rights. 1. to enter for confirmation orders for transactions with financial instruments 2. to cancel its orders entered in Bulbrokers Trader Workstation, deleting them under the proper procedure. 001/ page 5-10

6 (3) The CUSTOMER shall have the right to request strict performance of the contractual obligations on the part of BULBROKERS. (4) The CUSTOMER shall have the right to receive from BULBROKERS all the information due to be submitted the CUSTOMER pursuant to the effective legislation, the General Conditions and this Contract, in accordance with the type of the CUSTOMER, determined under Appendix 1 to the Contract and the characteristics of the provided service. (5) The CUSTOMER shall have the right to enjoy all the benefit from a transaction entered into under conditions that are more beneficial than the conditions established by such CUSTOMER. Art.29. (1) The CUSTOMER shall be bound to provide to BULBROKERS the information set out in the effective legislation, the General Conditions and the Contract, which shall be required by BULBROKERS for the purpose of fulfillment of its obligations, including the information about the categorization of the CUSTOMER pursuant to Appendix 1 to this Contract. (2) The CUSTOMER shall be bound to update the information submitted to BULBROKERS, including the information for the CUSTOMER S categorization, knowledge and experience, as well as the CUSTOMER'S identification data, addresses, telephones and other contact information. (3) For the services provided under this Contract by BULBROKERS, the CUSTOMER shall be bound to pay remuneration to the CUSTOMER determined in accordance with Tariff for the Standard Commission Remuneration under Contracts with Customers. 8. KEEPING AND ADMINISTRATION OF ASSETS Art.30. (1) The financial instruments of the CUSTOMER - subject of the services under this Contract shall be kept in a sub-account of the CUSTOMER, opened to an account of BULBROKERS with Interactive Brokers LLC. In the cases, when due to impossibility of opening of an individual account of the CUSTOMER, BULBROKERS keeps the financial instruments in a joint account for customer s assets BULBROKERS shall notify the CUSTOMER. The rights of the CUSTOMER related to the financial instruments may vary, as long as they may be kept pursuant to the law of a state, which is not a member-state. (2) The funds of the CUSTOMER supplied by the CUSTOMER or acquired by the CUSTOMER as a result from transactions concluded on the CUSTOMER S account shall be kept in an individual account opened with Interactive Brokers LLC. In the cases, when due to impossibility of opening of an individual account of the CUSTOMER, BULBROKERS keeps the cash in a joint account for customer s assets BULBROKERS shall inform the CUSTOMERВ for the institutions, where the CUSTOMER S funds are kept. (3) Dependant on the markets, on which the CUSTOMER intends to trade, the CUSTOMER S account may be further divided into a securities account regulated in accordance with the SEC requirements and account for futures trade, pursuant to the requirements of CFTC. Nevertheless, the requirements for securing of the open positions, the accounting and other activities related to the account of the CUSTOMER shall be kept in a consolidated manner for the entire account. (4) BULBROKERS may transfer customer s assets between the financial institutions, where it has opened accounts for financial instruments and cash of customers with the objective of risk management, protection of its customer s interests, increase of the efficiency of their service, for which it shall inform its customers. Requirements for Supplying of Cash by the CUSTOMER. Art.31. (1) For fulfillment of its obligations in relation to orders placed pursuant to this Contract, the CUSTOMER shall supply to BULBROKERS cash, which shall be accounted under an account kept by BULBROKERS. (2) The account under par.1 may be: 1. Cash Account - in which the financial instruments, subject of the orders shall be fully paid. 2. Guarantee Account - in which, for the purpose of the performance of the transactions with the financial instruments, there is a possibility to block a guarantee deposit, in accordance with the regulations of the financial market, where the transactions are performed. BULBROKERS shall not support the said option for markets and instruments, whose rules do not allow it. (3) The funds in the account under par.1 shall serve for payment of financial instruments acquired by the CUSTOMER, coverage of the risk of losses under positions opened by the CUSTOMER, payment of the remuneration and the expenses, dividends, interests and other cash flows in relation to transactions concluded by the CUSTOMER and positions opened by the CUSTOMER on the grounds of this Contract. (4) By signing this Contract, the CUSTOMER agrees that all negative for the CUSTOMER results from revaluation of open positions, from closed positions, payments of dividends, interests and other cash flows, arisen as a result from transactions concluded by the CUSTOMER under this Contract, shall be directly reflected in the account under par.1. BULBROKERS undertakes that all positive for the CUSTOMER price and interest differences and dividends, arisen as a result from transactions concluded by BULBROKERS under this Contract shall be directly reflected in the account under par.1. (5) The CUSTOMER S funds in the account under par.1 shall at any time be at least equal to the sum of the minimal guarantee amounts under all positions opened by the CUSTOMER. The CUSTOMER shall be bound to fulfill the obligations under the transactions concluded on the CUSTOMER S account, whether the amount of these obligations exceeds that amount of the funds in the account under par.1. (6) For opening of a new position the CUSTOMER must have at its disposal free cash in the account under par.1. The amount of the free cash must not be lower than the amount for acquisition of financial instruments, or the minimal guarantee amounts under the position, which the CUSTOMER wants to open. 001/ page 6-10

7 (7) The minimal guarantee amount for each position shall be calculated separately dependant on the type of the instrument and shall be determined on the grounds of the rules of the execution markets, where the transaction - subject of the CUSTOMER S order is concluded. (8) BULBROKERS shall all the time keep the CUSTOMER informed for the positions opened by it and the value of the guarantee amount necessary for their maintenance in the Account module in the Bulbrokers Trader Workstation electronic trading software. (9) The liability for the observance of the requirements for minimal guarantee amount for the open positions on a margin basis shall be fully born by the CUSTOMER. BULBROKERS shall not assume any obligation to monitor the account of the CUSTOMER and to inform the CUSTOMER in the cases of occurrence of a deficit therein (Margin Call). (10) When the available funds in the account become equal to, or less than, the necessary guarantee amount for all open positions, BULBROKERS shall have the right to close without a prior notice partially or fully the open positions of the CUSTOMER in order to achieve the necessary value of the guarantee amount for the open positions. In case of closing of positions in accordance with previous sentence the CUSTOMER shall not be entitled to objections in relation to the closing of positions, including to the prices, at which the positions are closed. (11) Regardless of the acts of position closing undertaken by BULBROKERS, if as a result the account balance under the CUSTOMER S account is negative, the CUSTOMER must supply to BULBROKERS an amount equal to the shortage under the account. Art.32. (1) The account shall be kept in base currency US Dollar (USD), Euro (EUR) or Bulgarian leva (BGN). (2) Upon depositing and withdrawal of funds in a currency other than the account currency, the account shall be certified by an amount in the base currency calculated: for amounts of up to 1000 currency units - at the BNB exchange rate for the date; for amounts exceeding 1000 currency units - by negotiation. (3) Upon transactions with financial instruments, quoted in a currency other than the guarantee account currency, all results from the concluded transactions, the positive and negative differences in exchange rates arising from the revaluation of the open positions, interests, fees, commissions, results from transfer of open positions and other financial flows, shall be revaluated in the account in its base currency but shall not be converted. (4) Upon depositing of amounts in the guarantee account it shall be certified by the deposited amount: 1. upon depositing of amounts of up to USD, EUR or BGN - on the same working day; 2. upon depositing of amounts exceeding USD, EUR or BGN - up to the third working day after the depositing by the CUSTOMER. Art.33. (1) The CUSTOMER may withdraw amounts from the CUSTOMER S guarantee account up to an amount that shall not bring about violation of the requirements for minimal guarantee amount. Upon submission of an application under the previous sentence, the respective amount shall be blocked in the account of the CUSTOMER and shall not be taken into account in relation to the observance of the requirements for minimal guarantee amount. (2) The CUSTOMER may withdraw sums from the CUSTOMER S guarantee account with a prior notice dependant on the amount of such sum: 1. for amounts of up to USD, EUR or BGN - without a prior notice; 2. for amounts from USD, EUR or BGN to USD, EUR or BGN - by 1 (one) working day prior notice; 3. for amounts exceeding USD, EUR or BGN - by a prior notice of 4 (four) working days. 9. RISK AND LIABILITY Art.34. (1) BULBROKERS shall provide the services under this Contract fully on account and risk of the CUSTOMER. (2) BULBROKERS shall only be liable for the prompt and proper forwarding of the orders of the CUSTOMER to Interactive Brokers LLC. (3) BULBROKERS shall not bear liability for the result achieved by the CUSTOMER in the course of execution of the CUSTOMER'S orders, as the risk shall be fully born by the CUSTOMER. (4) The CUSTOMER is notified that guarantees for profit or for avoidance of losses do not exist, as well as that the incomes from the activitiies under this Cotnract are insecure and may be variable. (5) BULBROKERS shall not bear liability for damages incurred by the CUSTOMER as a result from an order that is in good faith accepted and forwarded by BULBROKERS and that is placed by any person, other than the CUSTOMER, who properly identified him-/her-/itself in compliance with the requirements of this Contract. In the relations between the parties the order under the previous sentence shall be considered placed by the CUSTOMER. (6) BULBROKERS shall not bear liability for damages incurred by the CUSTOMER, as well as for future earnings incurred by the latter as a result from inability of the CUSTOMER to establish a contact with BULBROKERS and respectively to place an order. (7) BULBROKERS shall not bear liability for damages incurred by the CUSTOMER, as well as for future earnings incurred by the latter as a result from inability of BULBROKERS to establish a contact with Interactive Brokers LLC, which may not be attributed to the INVESTMENT INTERMEDIARY. (8) The parties to this Contract shall not bear liability for non-performance thereof caused by forcemajeure events - unforeseen or unpreventable events of an extraordinary nature, arisen after the conclusion of the Contract, including, but not limited to acts of terrorism, natural disasters, emergencies, political instability, bank system collapse and the like. The party that cannot fulfill its obligation due to force majeure 001/ page 7-10

8 must inform the other party in writing in an appropriate term what this force majeure constitutes and what are the possible consequences from it for the performance of the Contract. While such force majeure persists the fulfillment of the obligations and of the counter-obligations related thereto shall be suspended. 10. TERMINATION OF THE CONTRACT Art.35. (1) The Contract shall be terminated on the grounds and under the procedure provided for in the General Conditions. (2) The Contract shall be terminated by the expiration of its term. (3) The Contract shall be terminated earlier upon the will of the parties: by mutual consent or by a 14-day written prior notice. (4) The Contract shall be terminated earlier due to objective reasons: upon death or putting under judicial disability of the CUSTOMER, when the latter is a natural person; upon dissolution of the legal entity of the CUSTOMER or of BULBROKERS; upon opening of a bankruptcy procedure for a customer - legal entity; upon cancellation of the license of BULBROKERS. 11. EXCHANGE OF INFORMATION BETWEEN THE PARTIES Art.36. (1) The parties agree that the Bulgarian language shall be used for the conduction of correspondence, submission of documents, making notices, as well as any other type of exchange of information between them. (2) The parties shall exchange information in any of the methods specified in the General Conditions, as the sending and acceptance of orders shall be carried out for financial instruments traded on certain markets included in a List with the financial instruments and their specific conditions for trade. Art.37. (1) By the signing of this Contract the CUSTOMER agrees that the CUSTOMER shall receive all the information that BULBROKERS is bound to supply to the CUSTOMER on a durable media, on the specified above, and explicitly declares that the CUSTOMER prefers this manner of provision of information to its provision on a hard copy. (2) When admissible, pursuant to the legal requirements, the information under par.1 may be submitted to the CUSTOMER though the intermediary s internet page, as by the signing of this Contract the CUSTOMER explicitly consents to this method of submission of the information. (3) BULBROKERS shall be bound to inform the CUSTOMER by electronic means for the address of the internet page and where exactly on the page this information is. 12. SUPPLEMENTARY PROVISIONS Art.38. As concerns all issues not settled herein the effective legislation, as well as the special clauses of the General Conditions, applicable to contracts with customers of BULBROKERS, adopted by the Board of Directors of BULBROKERS PLC that do not contradict to it shall apply. Art.39. By the signing of this Contract the CUSTOMER declares that the Customer has received and acquainted with the following documents and information: 1. the General Conditions, applicable to contracts with customers of BULBROKERS, adopted by the Board of Directors of BULBROKERS PLC on ; 2. The Tariff of BULBROKERS for the standard commission remuneration under contracts with customers, as well as the type and amount of the expenses for the customers, if they are not included in the remuneration; 3. The Policy for Execution of Orders or customers applied by BULBROKERS, adopted by the Board of Directors of BULBROKERS on ; 4. The Rules for Customer Categorization of BULBROKERS, adopted by the Board of Directors of BULBROKERS on ; the CUSTOMER is informed for the right to request to be otherwise determined and for the changes in the provided protection as a result from that; 5. Information for the Policy for Treatment of Conflicts of Interests applied by BULBROKERS; 6. Information for the financial instruments - subject of the services that BULBROKERS shall provide on the grounds of the concluded contract and the risks related thereto; 7. Information about the keeping of the financial instruments and the funds of the CUSTOMER; 8. User Manual for Bulbrokers Trader Workstation; 9. Any other information that BULBROKERS shall be bound to submit to the CUSTOMER, including the information specified hereinabove. Art.40. By the signing of this Contract the CUSTOMER consents to the applicability thereto of the General Conditions, the Tariff and the Policy for Execution of Orders. Art.41. By the signing of this Contract the CUSTOMER declares that the CUSTOMER is notified and agrees that BULBROKERS shall keep in written and electronic form the CUSTOMER S personal data and process them for the purposes specified in the Contract, as well as is notified of and consents to the conditions for the submission thereof to third parties, the methods for access to and changing of the collected personal data. Art.42. By the signing of this Contract, regardless of the fulfillment of the obligation of BULBROKERS to judge whether the services being provided are suitable for the CUSTOMER, the CUSTOMER declares that in the CUSTOMER S own opinion the services - subject of the contract are suitable for the CUSTOMER in view of the CUSTOMER S investment experience, objectives and financial capacities, the CUSTOMER is acquainted with and understands the Contract and the documents related to its application, the CUSTOMER is notified of the risks related to the services provided on the grounds of this Contract by BULBROKERS and to the financial instruments in relation to which these services are provided, including to the possibility to incur significant losses as a result from the changes in the rates of the financial instruments, the lack of guarantee for profit or for avoidance of a loss, the CUSTOMER is aware of these risks and accepts them. 001/ page 8-10

9 Art.43. By the signing of this Contract the CUSTOMER gives its explicit consent to have the CUSTOMER S telephone conversations made by the CUSTOMER with BULBROKERS recorded, heard and otherwise used, where necessary. Art.44. In case that the Contract is entered into by a CUSTOMER S proxy, by the signing of the Contract the proxy declares that the proxy does not perform by occupation transactions with financial instruments, as well as that the proxy has not performed such transactions for a period of one year prior to the conclusion of the Contract. 13. CONFLICT RESOLUTION Art.45. Upon the occurrence of any problems the customers may refer to the Head of the Customer Service Department or to the executive director for the settlement thereof. Art.46. The CUSTOMER shall also have the right to file an appeal, which shall be considered by BULBROKERS in accordance with the Internal Organization Rules of BULBROKERS PLC, as within 10 working days as from the filing of the appeal, and when it is heard on a session of the Board of Directors, of which circumstance the CUSTOMER shall be notified - within 3 working days counted from the session оf the Board of Directors, BULBROKERS shall send to the customer a written reply.. Art.47. In case that disputes arisen between the parties may not be settled by mutual consent the dispute shall be referred for resolution to the competent court or an arbitration tribunal selected by the parties. 14. DEFINITIONS AND INTERPRETATION Definitions Art.48. In the present Contract, unless the context requires otherwise, the following words and expressions shall have the respective meaning specified herein below: 1. Guarantee Account - the account open in the name of the CUSTOMER with BULBROKERS for trade with currency and FX Margin CFD Agreement. 2. Trading Platform - this is the Bulbrokers Trader Workstation trading software provided by BULBROKERS, through which the CUSTOMER may place orders electronically and enter into transactions, as well as monitor the CUSTOMER S account balance. The software supports encrypted communication between the CUSTOMER and the BULBROKERS servers. 3. Authorized Person - one or several persons authorized by the CUSTOMER by a notarized power of attorney, having the right to give instructions and orders to BULBROKERS. 4. Working Hours - this is the time, when transactions may be entered into through BULBROKERS, pursuant to the present Contract. The working hours shall be specific and shall be in accordance with the stock exchange where the financial instruments are traded. Exception shall be made for public holidays, as well as the cases, when the stock exchange is terminated for any reason. 5. Order - it is any volitional order for transaction explicitly placed by the CUSTOMER by phone or by STS Financе Trader Workstation or in any other way, to which BULBROKERS expressly consented. 6. Base Currency - the currency in which the CUSTOMER S account with BULBROKERS is opened. All difference, commissions and other financial flows that are in a currency other than the base currency shall be calculated at a reference rates and shall be reflected in the base currency account. 7. Minimal Order - the minimal admissible amount of units of the traded instrument. 8. Long Position - this is the purchase on the part of the CUSTOMER of the base currency in the respective currency pair or contract for difference (CFD). The customer holding long position expects increase of the price of the selected financial instrument. The holder of Contract for Difference shall receive dividend in case of its payment to the holders of the securities - base asset. 9. Short Position - this is the sale on the part of the CUSTOMER of the base currency in the respective currency pair or contract for difference (CFD). The customer holding short position expects decrease of the price of the selected financial instrument. The holder of Contract for Difference shall receive dividend in case of its payment to the holders of the securities - base asset. 10. Account Balance - it is equal to the funds deposited by the CUSTOMER in the account, adjusted by the results from the closed positions, including the positive and negative rates of exchange, as well as the interests under the closed positions. 11. Deficit under the Guarantee Amount (Margin Call) - it represents the shortage of funds necessary for satisfaction of the requirements for minimal deposit (margin). 12. Price of Revaluation of the Open Positions, the buy, respective sell price, on short or long position of the respective financial instrument in the trading platform. After the end of the trading session, it is the last buy/sell price in the platform. 13. Index - means the market index, on which the contract for difference is based; 14. Customer is a natural person or legal entity that uses investment and/or additional services provided by the investment intermediary. 15. Professional customer is a customer that possesses experience, knowledge and skills in order to undertake self-dependent investment decisions and properly assess the risks related to investing and that meets the criteria under the Appendix. 16. Non-professional customer is a customer that does not meet the requirements for a professional customer. 17. Eligible counterparty is an investment intermediary, credit institution, insurance company, collective investment scheme, managing company, pension fund, pension-and-social-insurance company, other financial institutions, the entities under art.4, par.1, item 11 and 12 of the Markets in Financial Instruments Act, state governments, state authorities that participate in the governing of the national debt, 001/ page 9-10

10 central banks and international institutions, as well as entities from third country that explicitly requested to be treated as such. 18. Market-Maker is a person/entity that is continuously present on the financial markets with the objective of trading on his/her/its account by purchase and sale of financial instruments against his/her/its own funds at prices determined by him/her/it. 19. Performance of Orders on Account of Customers is the performance of acts directed to the conclusion of transactions for purchase or sale of one or more types of financial instruments on behalf of and on account of a customerт. 20. Trade on Own Account is the performance of trade with own funds resulting in the conclusion of a transaction with one or more types of financial instruments. Interpretation Art.49. If the context requires so, the words importing singular, shall also include singular and viceversa. Art.50. Any reference to an article, paragraph or Appendix shall be, unless the context explicitly specifies otherwise, reference to such article, paragraph from Appendix to the present Contract. Art.51. In case of conflict or discrepancy between the provisions of the present Contract and those of any Appendix, the provisions of the present Contract shall prevail. Art.52. The headings are only inserted for convenience purposes and in no way affect the interpretation of the present Contract. Art.53. Any references to the present Contract or to any other document, contract or agreement shall include the reference to the present Contract or other document, contract or agreement, as they are amended, supplemented, modified, replaced or novated from time to time. Art.54. The references to any legal act or a separate provision thereof shall include any legal acts or provisions that replace or amend or which amended or replaced the first ones and shall include any statutory instruments created pursuant to such legal acts and provisions. APPENDICES Appendix 1: Questionnaire for Customer Categorization Appendix 2: Request for Opening of an Account Appendix 3: Rules for Placement of Orders by Telephone For the CUSTOMER For BULBROKERS Declaration under аrt.25, par.1 of Ordinance 38 of the Financial Supervision Commission I, the undersigned in my capacity of proxy of customer..... under contract. dated., declare that I do not perform by occupation transactions with financial instruments and/or compensatory instruments and that I have not performed such transactions for a period of one year prior to the entry into of the Contract. Date: Proxy: Declaration under аrt.24, par.3 of Ordinance 38 of the Financial Supervision Commission I, the undersigned in my capacity of a person in charge of the internal control in investment intermediary BULBROKERS PLC made an examination of the concluded Contract... dated...., where I established that it: complies does not comply (specify a reason)..... with the requirements of the Markets in Financial Instruments Act, the acts related to the implementation thereof and with the internal acts of the investment intermediary. Date: In Charge of Internal Control: 001/ page 10-10