Account Opening Agreement Introducing Broker Agreement

Stocks, Bonds, Options, Futures, Foreign Exchange, CTA & Trading System Managed Accounts 38 Main Highway Ellerslie Auckland Ph: (64-9) 525-6511 Account Opening Agreement Introducing Broker Agreement This agreement is for clients who wish to open an ASX and International Equities & Derivatives Account on the general terms and conditions contained as an appendix to this document or For clients who wish to invest into a trading system to be managed by Strategic Capital Management Page 1

Interactive Brokers LLC Account Application for Financial Advisor Clients For Proprietary Trading Groups (Corporations, Partnerships, LLCs, Unincorporated Businesses) This application form is for Interactive Brokers organization account applicants whose account will be managed by an advisor. Do not use this application if your account will not be managed by an advisor. Do not use this application for an individual, joint, trust or IRA account. Do not use this application if you reside in the UK. Please check to ensure that you have completed all of the below steps before you return your application to us: Instructions: Complete All Application Forms. Specify Advisor Fee Arrangement. Fill Out the Security Question and Answer Sections (Page 6). Provide All Required Signatures. Signatures Are Requested On The Following Pages: Page 1 9 Page 2 2 Page 2 2 Page 2 5 Provide Instructions For Initial Deposit Of Funds And/Or Securities To Your Account. Include Required Proof Of Identity And Address For Each Account Holder: Proof of Identity for Account Holder Separate Document as Proof of Address for Account Holder Proof of Identity for Joint Account Holder (If Joint Account) Separate Document as Proof of Address for Joint Account Holder (If Joint Account) Return Completed Application Package, along With Proof Of Identity And Address Documents For Each Account Holder, and a Check (If you Are Funding your Account With a Check) To your Advisor Or To Interactive Brokers. If Sending To Interactive Brokers Directly, Use Any of the Following: Scan and Email Courier/Overnight Service (e.g., Fed Ex) Mail (Please allow extra time for processing) Andrew.gibbs@stratcap.co.nz 38 Main Highway Ellerslie Auckland 38 Main Highway Ellerslie Auckland Thank you for Choosing Strategic Capital Management U800587 - IB LLC Account Application for Financial Advisor Clients (Individual/Joint) - Sep 03 2009 IB LLC Account Application for Financial Advisor Clients (Proprietary Trading Groups) - Sep 22 2009 Page 2

I. Account and Applicant Information Name of Your Financial Advisor Name of Advisor's Firm (if any) Country of Legal Residence State/Province Account Type Partnership Corporation Limited Liability Company Unincorporated Business The Proprietary Trading Group is a hedge fund, mutual fund or similar collective investment vehicle containing investor or customer funds. If you checked the above box, STOP: Please do n o t use this application if your Proprietary Trading Group is a hedge fund, mutual fund or other collective investment vehicle containing investor or customer funds. Interactive Brokers has a separate and specific application form for these account types. Please ask your IB Sales Representative or visit the IB website at www.interactivebrokers.com. P a g e 3

Identification Proprietary Trading Group Name: Description of the Proprietary Trading Group's Business: Proprietary Trading Group's Tax or Government-Issued Identification Number: Country that Issued the Proprietary Trading Group's Tax or Identification Number: Principal Place of Business of the Proprietary Trading Group (no P.O. boxes or "in care of" addresses allowed) NOTE: Principal place of business is defined as the principal location of the firm where its officers and employees are located and where dayto-day operations are conducted. If the Proprietary Trading Group was created in an offshore jurisdiction or uses the services of a registered agent, and no actual officers or employees are located at the offshore or registered agent address, please do NOT list this address as the firm's principal place of business. Rather, you should list the address from which operations are conducted and where officers are physically located. Street Address City State/Province Country Zip/Postal Code Primary Phone Secondary Phone (optional) Fax Website Address, if any E-Mail Address for Account Correspondence Confirmation of E-Mail Address Mailing Address (if different from business address) Street Address City State/Province Country Zip/Postal Code P a g e 4

Regulatory Information Is the Proprietary Trading Group registered, licensed, or acting as any of the following, or would the Proprietary Trading Group be considered any of the following if it were located in the US: A foreign bank (A "foreign bank" is a bank that is organized under non-u.s. law and is located outside the U.S. Foreign banks include, but are not limited to, the offices, branches, and agencies of commercial banks or trust companies, private banks, national banks, thrift institutions, credit unions and other organizations chartered under banking laws and supervised by the banking supervisors of any state.) A securities broker or dealer (Securities brokers include, but are not limited to, organizations that: are members of a securities exchange, securities market or clearing house; underwrite securities or otherwise help to bring new issues to market; formally act as market makers either on an exchange, trading system or otherwise; hold themselves out as promoting liquidity to the market; are looked to as a source of liquidity to market professionals or to the public; or advertise or otherwise let others know that they are in the business of buying and selling securities) A futures commission merchant (FCM) or futures broker (Futures brokers include, but are not limited to, organizations that solicit or accept orders to purchase or sell futures or commodity option contracts or that accept money, securities or property to margin, guarantee or secure solicited or accepted futures trades or contacts.) An introducing or omnibus broker A branch or office, located outside of the US, of: an SEC-registered broker dealer; an SEC-registered mutual fund; or a CFTC-registered commodities broker A mutual fund, open-end investment company, hedge fund, private equity fund, venture capital fund, commodity pool, or any other type of investment vehicle or fund A money transmitter (Money transmitters include but are not limited to, organizations that are in the business of accepting currency or funds denominated in currency and transmitting the currency, funds or value thereof through a financial agency, financial institution, the Federal Reserve Bank or an electronic funds network or are otherwise engaged in the business of transferring funds.) A currency dealer or exchanger A bank Yes N o Is the Proprietary Trading Group a publicly-held corporation that is traded on a regulated U.S. or foreign stock exchange? If Yes, Name of the exchange on which the shares of the Proprietary Trading Group are traded: The stock symbol: Yes N o Is the Proprietary Trading Group regulated in the U.S. or in any other country? If Yes, please list up to three: Regulator Name Regulator's Country Registration Capacity Registration/License Number Yes N o Is the Proprietary Trading Group engaged in the brokerage business (e.g., is the Proprietary Trading Group registered, authorized or operating as a futures commission merchant, or securities or futures brokerage firm in the US, UK, Canada or elsewhere) If Yes, please provide details: Yes N o Is the Proprietary Trading Group, pursuant to National Futures Association By-law 1101, required to be registered with U.S. Commodity Trading Commission or registered with the IDA as a futures commission merchant, introducing broker, commodity pool operator, commodity trading a leverage transaction merchant or in any other country? If Yes, please provide details: P a g e 5

Yes N o Is the Proprietary Trading Group a member of an exchange or a regulatory or self-regulatory organization or an associated or affiliated person of an exchange member? If Yes, Name of Exchange(s): Name of Regulatory or Self Regulatory Organization(s): Yes N o Has the Proprietary Trading Group or any of its officers or authorized traders ever been the subject of, or initiated, litigation, arbitration or any other type of dispute or settlement proceeding with another broker or dealer? If yes, please provide details, including the disposition of the proceeding: Yes N o Has the Proprietary Trading Group or any of its officers or authorized traders ever been the subject of an investigation or proceeding by any commodities or securities exchange or any regulatory or self-regulatory authority? If yes, please provide details, including the disposition of the investigation or proceeding: Yes N o Have any of the principals, officers or authorized traders of the Proprietary Trading Group ever been arrested for, or convicted of, a crime? Yes N o Does the Proprietary Trading Group control or own more than 10% of the shares of any publicly-traded company? If yes, enter stock symbol(s) of the companies, separated by commas: Yes N o Does the Proprietary Trading Group or do any of its officers or authorized traders control the trading in, or have a beneficial ownership interest in, any other Interactive Brokers accounts? If yes, enter the IB user names of these accounts, separated by commas: Yes No Is any officer or authorized trader of the organization registered as a broker or an employee, director or owner of a securities or commodities brokerage firm? Foreign Bank Please answer the below questions only if you have selected "a bank" or "a foreign bank" above. Is your firm operating under a banking license that has been issued by any of the following countries: Afghanistan, Angola, Belarus, Congo, Cote d'ivoire, Cuba, Democratic Peoples Republic of Korea (North Korea), Democratic Republic of the Congo, Iran (Islamic Republic of), Iraq, Liberia, Libyan Arab Jamahiriya, Macao Special Administrative Region of China, Myanmar, Nauru, Nigeria, Sierra Leone, Sudan, Syrian Arab Republic, Uzbekistan, The former Yugoslav Republic of Macedonia, or Zimbabwe. Is your firm operating under an "offshore banking license"? An "offshore banking license" is a license to conduct banking activities that prohibits the licensed entity from conducting banking activities with the citizens of, or with the local currency of, the country which issued the license. The firm hereby certifies that it will immediately contact IB in writing via an email addressed to newaccounts@interactivebrokers.com (Please put "Change in Foreign Bank Status" in the subject line) in the event that the firm begins to operate under a banking license that: a. Is an "offshore banking license" (as defined above); Yes Yes Yes No No No b. Has been issued by a foreign country that has been designated as an NCCT country by the FATF; or c. Has been issued by a foreign country that has been designated by the Secretary of the U.S. Department of the Treasury as warranting special measures due to money laundering concerns. P a g e 6

Name of Person Authorized to Complete Application and Sign Customer Agreements on behalf of the Proprietary Trading Group Name (First) (Middle Initial) (Last) Suffix (Optional) Please pick a security question from each of the three lists below and provide the answers to those questions so that we may use it in the future for verification purposes: Answer: What is the name of your hometown newspaper? What is the name of the High School you graduated from? What is the middle name of your eldest child? What city were you born in? What was the name of your first pet? What is the street number of the house you grew up in? What is your favorite cartoon character? What is your favorite color? What is your wife's middle name? What is the street name your work office is located on? What is the name of your favorite sports team? What is the last name of your favorite politician? In what city were you married? In what city or town was your first job? What is your favorite place to shop? Who was your childhood hero? What was your High School mascot? What was the name of a best friend during childhood? What was the first concert you attended? What is your grandmother's first name? Answer: What is name of first boyfriend/girlfriend? What is the name of a school you attended? What is your favorite vegetable? What is your shoe size (use decimals, if necessary)? Who was your first grade teacher? Where did you go on your honeymoon? What was your father's occupation? What was your childhood nickname? What was the model of your first car? Where is your favorite vacation spot? Answer: Controlling Officer Information Name (First) (Middle Initial) (Last) Suffix (Optional) NOTE: If the Proprietary Trading Group is a U.S. publicly-traded company or is registered with a U.S. financial regulatory agency (SEC, CFTC, etc), you do NOT need to provide the following information. P a g e 7

Title Primary Phone Fax Secondary Phone (optional) E-Mail Address Confirmation of E-Mail Address Street Address (n o P.O. boxes or "in care of" addresses allowed) City State/Province Country Zip/Postal Code Date of Birth(mm/dd/yyyy) Country of Citizenship If you are a U.S. citizen, a U.S. resident or have a U.S Social Security Number, you must provide a Social Security Number: If you are n o t a U.S. resident, please check which form of identification you will provide to Interactive Brokers (you must provide a copy of o n e of the following): Driver's License Alien Identification Card Passport National Identity Card Country of Issuance: Number: P a g e 8

NOTE: If the Proprietary Trading Group is a U.S. publicly-traded company or is registered with a U.S. financial regulatory agency (SEC, CFTC, etc), you do NOT need to provide the following information. Owner Information Please list any individual or entity that owns a 20% or greater share in the Proprietary Trading Group. First 20% or Greater Shareholder (individual or entity) Second 20% or Greater Shareholder (individual or entity) Owner's Name Owner's Name Percentage of Ownership Percentage of Ownership Date of Birth (mm/dd/yyyy) (if an individual) Date of Birth (mm/dd/yyyy) (if an individual) Street Address Street Address City City State/Province State/Province Country Country Zip/Postal Code Zip/Postal Code Primary Phone (with area code) Primary Phone (with area code) Secondary Phone (optional) Secondary Phone (optional) Fax No. (with area code) Fax No. (with area code) Country of Citizenship or Formation (if entity) Country of Citizenship or Formation (if entity) If shareholder is an individual and is a U.S. citizen, a U.S. resident or has a U.S Social Security Number, provide owner's Social Security Number: If shareholder is an individual and is a U.S. citizen, a U.S. resident or has a U.S Social Security Number, provide owner's Social Security Number: If shareholder is an individual and is n o t a U.S. resident, please check which form of identification owner uses: Driver's License Alien Identification Card Passport National Identity Card If shareholder is an individual and is n o t a U.S. resident, please check which form of identification owner uses: Driver's License Alien Identification Card Passport National Identity Card P a g e 9

First 20% or Greater Shareholder (individual or entity) Country of Issuance: Second 20% or Greater Shareholder (individual or entity) Country of Issuance: Number: Number: Tax ID No. (if shareholder is an entity): Tax ID No. (if shareholder is an entity): Country of Issuance: Country of Issuance: Third 20% or Greater Shareholder (individual or entity) Owner's Name Fourth 20% or Greater Shareholder (individual or entity) Owner's Name Percentage of Ownership Percentage of Ownership Date of Birth (mm/dd/yyyy) (if an individual) Date of Birth (mm/dd/yyyy) (if an individual) Street Address Street Address City City State/Province State/Province Country Country Zip/Postal Code Zip/Postal Code Primary Phone (with area code) Primary Phone (with area code) Secondary Phone (optional) Secondary Phone (optional) Fax No. (with area code) Fax No. (with area code) Country of Citizenship or Formation (if entity) Country of Citizenship or Formation (if entity) P a g e 10

Third 20% or Greater Shareholder (individual or entity) If shareholder is an individual and is a U.S. citizen, a U.S. resident or has a U.S Social Security Number, provide owner's Social Security Number: Fourth 20% or Greater Shareholder (individual or entity) If shareholder is an individual and is a U.S. citizen, a U.S. resident or has a U.S Social Security Number, provide owner's Social Security Number: If shareholder is an individual and is n o t a U.S. resident, please check which form of identification owner uses: Driver's License Alien Identification Card Passport National Identity Card Country of Issuance: If shareholder is an individual and is n o t a U.S. resident, please check which form of identification owner uses: Driver's License Alien Identification Card Passport National Identity Card Country of Issuance: Number: Number: Tax ID No. (if shareholder is an entity): Tax ID No. (if shareholder is an entity): Country of Issuance: Country of Issuance: Fifth 20% or Greater Shareholder (individual or entity) Owner's Name Percentage of Ownership Date of Birth (mm/dd/yyyy) (if an individual) Street Address City State/Province Country Zip/Postal Code P a g e 11

Fifth 20% or Greater Shareholder (individual or entity) Primary Phone (with area code) Secondary Phone (optional) Fax No. (with area code) Country of Citizenship or Formation (if entity) If shareholder is an individual and is a U.S. citizen, a U.S. resident or has a U.S Social Security Number, provide owner's Social Security Number: If shareholder is an individual and is n o t a U.S. resident, please check which form of identification owner uses: Driver's License Alien Identification Card Passport National Identity Card Country of Issuance: Number: Tax ID No. (if shareholder is an entity): Country of Issuance: P a g e 12

Account Financial Background Investment Objectives and Intended Purpose of Trading (check all that apply). NOTE: To be approved for option or margin trading, you must select "Speculation" or "Trading Profits" as one of your investment objectives. Preservation of Capital Income Growth Trading Profits Speculation Hedging Investment Experience (please fill in all blanks) Years Trading Experience Number of Trades Per Year Knowledge Level (check one for each product type) Stocks Extensive Good Limited Bonds Extensive Good Limited Options Extensive Good Limited Futures Extensive Good Limited Forex Extensive Good Limited Estimated Net Worth (in base currency, exclude value of residence) Estimated Liquid Net Worth (in base currency, exclude residence) Annual Net Income (in base currency) Total Assets (in base currency) Accredited Investor Qualification Information Please answer the questions below only if your Estimated Net Worth is equal to or greater than $5,000,000.00. Is your Proprietary Trading Group a broker or dealer registered pursuant to section 15 of the Securities Exchange Act of 1934? Yes No Is your Proprietary Trading Group a corporation, a partnership, a limited liability company, a Massachusetts or similar business trust, or an organization described in Section 501(c)(3) of the Internal Revenue Code, in each case not formed for the specific purpose of acquiring the securities offered, with total assets in excess of $5,000,000? Is your Proprietary Trading Group a trust, in each case, not formed for the specific purpose of acquiring certain debt and equity securities being offered, with total assets in excess of $5,000,000, whose purchase of securities is directed by a sophisticated person with such knowledge and experience in financial and business matters that such person is capable of evaluating the merits and risks of any prospective investment? Is your Proprietary Trading Group a bank as defined in section 3(a)(2) of the Securities Act of 1933 ("Act"), a savings and loan association or other institution as defined in section 3(a)(5)(A) of the Act whether acting in its individual or fiduciary capacity? I confirm under penalties of law that the foregoing answers are true and correct. I agree that if I am granted access to IB's Private Placement Site, I shall keep confidential and not provide to any other person or entity, any information made available to me on the IB Private Placement Site. Yes Yes Yes Yes No No No No P a g e 1 3

II. Account Configuration Please select only o n e of the following: The Proprietary Trading Group is an operating business and was n o t formed primarily for the purpose of trading or holding financial assets. If you checked the above box, please provide the following: Business Description (Please be specific. We cannot accept "general business", "general consulting", etc...): The Proprietary Trading Group is a personal or family investment vehicle. The Proprietary Trading Group is beneficially owned by a single person or close family members and is organized for the purpose of making financial investments for the owner and/or the owner's close family. If you checked the above box, please provide the following: Name of primary contributor/owner of the personal/family investment vehicle: Occupation (please be specific): Employer: Employer's Address: Source of funds invested in the vehicle (please be specific): Name of Administrator or Corporate Services Provider for personal/family investment vehicle (if any): Address of Administrator (if any): Contact person at Administrator (if any): Phone Number of contact (if any): The Proprietary Trading Group is a closely-held proprietary trading company (or corporation or similar vehicle). The Proprietary Trading Group is beneficially owned by a small group of people and is organized for the purpose of proprietary trading. If you checked the above box, please provide the following: Do any of the owners/investors of the Proprietary Trading Group reside in the U.S.? Yes No Does the Proprietary Trading Group solicit owners/investors who reside in the U.S.? Yes No Would the Proprietary Trading Group accept owners/investors who reside in the U.S.? Yes No The Proprietary Trading Group is a financial institution (bank, broker-dealer, etc) that will be trading for its own account and the account does n o t contain funds of customers or investors. If you checked the above box, please provide the following: By checking this box, applicant confirms and certifies that the Proprietary Trading Group's account will n o t contain customer or investor funds. Confirmed Not Confirmed Choose a Base Currency for the Account: United States Dollar USD Australian Dollar AUD British Pound GBP Canadian Dollar CAD Euro EUR Hong Kong Dollar HKD Japanese Yen JPY Mexican Peso MXN Swedish Krona SEK Swiss Frank CHF P a g e 1 4

Choose Cash or Margin Account (choose one) Cash Must have enough cash in the account to cover the cost of the transaction plus commissions. No shorting of stock or futures day trading benefits (50% of regular margin requirement during the day on certain exchanges). Limited purchase and sale of options and trading is only allowed for products denominated in the base currency of the account. Cash from the sale of stocks, options and futures becomes available when the transaction settles (e.g. US stock - 3 days, German stocks- 2 days, US options- 1 day). Portfolio Margin Same as a Reg T margin account (see below) except that margin requirements generally will be lower in a portfolio margin account because margin requirements will be calculated based on a risk based calculation methodology. Customers must maintain account equity of $100,000 in order to utilize a portfolio margin account. Otherwise Reg T margin requirements will apply. Reg T Margin Borrowing to support equities trading, shorting of equities, full options trading, full futures/futures options trading, currency conversions, and securities/commodities trading in multiple currency denominations available. Margin requirements are computed real-time under a rules-based calculation methodology, with immediate position liquidation if the minimum maintenance margin requirement is not met. Purchase and sale proceeds are immediately recognized. P a g e 15

A c c o u n t T r a d i n g P e r m i s s i o n s P l e a s e c h e c k a l l t h e p r o d u c t s t h a t y o u m a y w a n t t o t r a d e i n y o u r a c c o u n t. Y o u a n d y o u r a d v i s o r a l s o w i l l h a v e t h e a b i l i t y t o a d d a d d i t i o n a l p r o d u c t s a f t e r y o u r a c c o u n t h a s b e e n o p e n e d. G l o b a l A u s t r a l i a A u s t r i a B e l g i u m C a n a d a F r a n c e G e r m a n y H o n g K o n g I t a l y J a p a n K o r e a M e x i c o S i n g a p o r e S p a i n S w e d e n S w i t z e r l a n d T h e N e t h e r l a n d s U n i t e d K i n g d o m U n i t e d S t a t e s U n i t e d S t a t e s ( A l g o r i t h m i c E x e c u t i o n V e n u e ) U n i t e d S t a t e s ( F l o o r B a s e d E x c h a n g e s ) S t o c k s F i x e d I n c o m e W a r r a n t s O p t i o n s ( S t o c k & I n d e x ) F u t u r e s F u t u r e s O p t i o n s S i n g l e S t o c k F u t u r e s FOREX ( F o r e i g n E x c h a n g e ) P l e a s e n o t e t h a t SEC r e s t r i c t i o n s p r e v e n t U. S. l e g a l r e s i d e n t s f r o m t r a d i n g O P T I O N S o n s t o c k a n d i n d e x e s i n N o n - U.S. c o u n t r i e s. N o t i c e R e g a r d i n g A n t i - M o n e y L a u n d e r i n g a n d C u s t o m e r I d e n t i f i c a t i o n P r o c e d u r e s : T o h e l p t h e U. S. g o v e r n m e n t f i g h t t h e f u n d i n g o f t e r r o r i s m a n d m o n e y l a u n d e r i n g a c t i v i t i e s, F e d e r a l l a w r e q u i r e s a l l f i n a n c i a l i n s t i t u t i o n s t o o b t a i n, v e r i f y, a n d r e c o r d i n f o r m a t i o n t h a t i d e n t i f i e s e a c h p e r s o n o r e n t i t y w h o o p e n s a n a c c o u n t. W e a r e r e q u i r e d b y l a w t o a s k y o u t o p r o v i d e y o u r n a m e, a d d r e s s, d a t e o f b i r t h a n d o t h e r i n f o r m a t i o n a b o u t y o u, y o u r o r g a n i z a t i o n o r p e r s o n s r e l a t e d t o y o u r organization t h a t will allow u s t o identify you before we approve your account. We also will ask you t o provide certain identifying documents, s u c h a s your driver's license o r passport o r your organization's articles of incorporation a n d m a y obtain credit a n d other consumer reports t o assist u s in verifying your identity a n d in determining whether you satisfy o u r account criteria. Unless you provide t h e requested information a n d documentation, we may n o t b e able t o o p e n y o u r account. By applying for a n IB account, you agree t o provide accurate a n d truthful information a s requested by IB a n d y o u consent t o IB's acquisition of credit a n d other consumer reports about you for t h e purposes described above. P a g e 16

III.a ADVISOR FEE ARRANGEMENT Choose o n e of the following advisor fee billing methods: No Fee No fees are charged by your advisor for managing your account. Direct Billing You advisor bills you directly for fees and you pay your advisor directly (IB does not deduct the fees from your account). Automatic Billing Interactive Brokers calculates Advisor Fees and deducts these fees from your client account automatically and sends them to your advisor as specified. Check all that apply and fill-in the required amounts: Annualized Percentage of Net Liquidation Value applied on a daily basis (enter annual percentage) % Annualized Flat Fee applied on a daily basis, apportioned by 252 days (enter annual amount) Percentage of Annual Positive P&L applied as of 12/31(enter annual percentage) % Percentage of Quarterly Positive P&L applied as of March, June, Sept., Dec. (enter quarterly percentage) % Monthly/Quarterly Invoicing Your advisor calculates the Advisor Wrap Fees and removes the fees from your account up to a limit of per month/ or per quarter. Per-Trade Unit Advisory Fee (For non-us customers with non-us advisors only).if this method is chosen, you must complete the fee schedule below. III.b FEE PER TRADE UNIT Please acknowledge the change in fees charged by your advisor and send back to IB at the address above. Any asset class/currency for which a fee per trade unit is not specified will use the IB standard commission schedule as its default, in which case the advisor will not make any fee over and above the fee IB charges the advisor's client to execute and clear trades. A fee per trade unit may be entered as an absolute markup over and above IB's standard commission, as a % of IB's standard commission, or as an absolute amount (IB's standard commission will be subtracted from this amount). Absolute markup is entered in the currency of the asset class. The unit column indicates if the absolute markup gets applied to shares, contracts, or % of notional value and up to three decimal places may be entered. As an example, when you enter "1" Absolute Markup on the USD option line, and if one IB Smart option contract were executed, the client would be charged $2 ($1 is the standard IB commission, and $1 is specified as an absolute markup). The % markup is entered as a percentage without the decimal point. As an example, if you enter "100" percent markup on the EUR stock line, if IB charges 10 EUR for a trade the client will be charged a total of 20 EUR for the trade (10 EUR for IB with a 100% match). The absolute amount requires the input of a minimum for the trade, and then 1 to 3 fees (Fee#1, Fee#2, Fee#3) that are specified by volume breaks (Vol#1, Vol#2). The unit column indicates if the absolute markup gets applied to shares, contracts, or % of notional value and up to three decimal places may be entered. As an example, if you wanted to charge.4% for up to 500 shares,.3% for up to 1,000 shares, and.2% above 1,000 shares with a minimum of 10 GBP (minimums are always entered amounts) for GBP stocks, you would enter: Minimum Fee #1 Vol #1 Fee #2 Vol #2 Fee #3 1 0 0.1 5 0 0 0.3 1,000 0.2 IB standard UK fees of.1%, and stamp tax of.5% would be subtracted from the absolute fee specified above. Only 1 fee type (i.e. absolute markup, % markup, or absolute amount) may be entered for each asset class/currency. It should be noted that in no case may you enter more than 7 times IB's standard commission. Advisor Fee Cap IB caps the amount of advisor fees earned in any 360 day period to 25% of the client's average equity over this period, with additional cap limits at 30 day increments in-between (i.e. 7.2% over the last 30 days, 17.7% over the last 180 days). When any fee cap is exceeded for a client, the advisor will not receive any client fees until the fee cap is no longer exceeded. IB will continue to charge its standard commissions when the fee cap limit is exceeded. Please be aware that advisors are solely responsible for ensuring that the fees they charge are reasonable and in accordance with regulatory requirements. For a complete fee cap, visit http://www.interactivebrokers.com/en/accounts/advisors/ advisorwrapfees.php?ib_entity=llc. P a g e 17

Absolute Amount Currency Unit Minimum Fee Absolute Markup % Markup Fee #1 Vol #1 Fee #2 Vol #2 Fee #3 Pass t h r o u g h Fees* Stocks USD Shares EUR % CHF % GBP % CAD Shares SEK % JPY % HKD % EUR EUR EUR AUD % MXN % Warrants EUR % HKD % Stock & Index Options USD Contracts EUR Contracts HKD Contracts P a g e 18

Absolute Amount Currency Unit Minimum Fee Absolute Markup % Markup Fee #1 Vol #1 Fee #2 Vol #2 Fee #3 Pass t h r o u g h Fees* CHF Contracts GBP Contracts CAD Contracts JPY Contracts KRW % SEK Contracts AUD Contracts Futures, Futures Options, SSFs USD Contracts AUD Contracts EUR Contracts HKD Contracts CHF Contracts GBP Contracts CAD Contracts JPY Contracts KRW Contracts USD USD USD USD P a g e 19

Absolute Amount Currency Unit Minimum Fee Absolute Markup % Markup Fee #1 Vol #1 Fee #2 Vol #2 Fee #3 Pass t h r o u g h Fees* USD SEK Contracts MXN Contracts Forex AUD % CAD % CHF % EUR % GBP % HKD % JPY % USD % NZD NOK Bonds USD $1000 Face Value * Pass through exchange and regulatory fees applies to Absolute Amount only. Signature of Account Holder Second Signature (required only for joint and other accounts where multiple signatures needed) Date Date P a g e 20

IV. AGREEMENTS AND ACKNOWLEDGEMENTS Interactive Brokers Customer Agreement The Interactive Brokers Customer Agreement governs the relationship between Customer and Interactive Brokers and sets forth the terms and conditions governing Customer's IB account. The Customer Agreement has been provided separately to Customer as part of a package of documents labeled: Interactive Brokers LLC Agreements and Disclosure Documents. Customer must read the IB Customer Agreement in its entirety. Below are certain essential terms of the Agreement that Customer must understand: A. Customer is obligated t o accept all executions that are consistent with the instructions contained in Customer's orders. B. IB's systems are c o m p u t e r -based a n d any c o m p u t e r -based system may fail a t one time o r another, often by reason of forces beyond h u m a n control. IB is n o t liable for system o r network failures, a n d Customers who require t h e highest level of reliability agree t o maintain alternate trading facilities. C. Customers are responsible for protecting t h e secrecy of their usernames a n d passwords, a n d they will b e responsible for trades entered b y third parties using their usernames a n d passwords. D. In t h e event trades are confirmed by IB a s executed, a n d they are later cancelled by a n exchange, trading network o r regulatory authority, t h e IB confirmed trade will also be deemed cancelled. E. IB submits all orders for execution in the order in which it receives them, including all orders submitted by IB or its affiliates. F. IB is n o t responsible for the execution of orders at limit prices if the order's transmission is delayed or is otherwise affected by d a t a communication failure. G. IB d oes n o t provide trading, investment o r tax advice, a n d Customers shall n o t rely o n statements by IB employees which p u r p o r t t o provide such advice. H. IB d oes n o t m a k e margin calls, a n d IB maintains t h e right t o immediately close o u t positions, without notice o r liability, in any account t h a t does n o t have sufficient funds t o meet the margin requirements imposed by IB or regulatory authorities. I. IB customers are responsible t o IB for t h e continued accuracy a n d updating of all information provided t o IB. Commodity Futures Trading Commission Risk Disclosure Statement Interactive Brokers provides you the following disclosure document in the event that you and your advisor choose to trade futures or options on futures in your Interactive Brokers account. Please read and sign the following document. Risk Disclosure Statement for Futures and Options This brief statement does not disclose all of the risks and other significant aspects of trading in futures and options. In light of the risks, you should undertake such transactions only if you understand the nature of the contracts (and contractual relationships) into which you are entering and the extent of your exposure to risk. Trading in futures and options is not suitable for many members of the public. You should carefully consider whether trading is appropriate for you in light of your experience, objectives, financial resources and other relevant circumstances. Futures A. Effect of "Leverage" or "Gearing" Transactions in futures carry a high degree of risk. The a m o u n t of initial margin is small relative t o t h e value of t h e futures contract s o t h a t transactions are `leveraged' or `geared'. A relatively small market movement will have a proportionately larger impact o n the funds you have deposited o r will have t o deposit: this may work against you a s well a s for you. You may sustain a total loss of initial margin f u n d s a n d a n y additional funds deposited with the firm t o maintain your position. If the market moves against your position or market levels are increased, you may b e called u p o n t o pay substantial additional f u n d s o n short notice t o maintain your position. If you fail t o comply with a request f o r additional f u n d s within t h e time prescribed, your position may b e liquidated a t a loss a n d you will b e liable for any resulting deficit. B. Risk-reducing orders or strategies The placing of certain orders (e.g. ` s t o p -loss' orders, where permitted u n d e r local law, o r ` s t o p -limit' orders) which are intended t o limit losses t o certain a m o u n t may n o t b e effective because market conditions may m a k e it impossible t o execute such orders. Strategies using combinations of positions, s u c h a s ` s p r e a d ' a n d `straddle' positions may b e a s risky a s taking simple `long' o r ` s h o r t ' positions. Options C. Variable degree of risk Transactions in options carry a high degree of risk. Purchasers a n d sellers of options should familiarize themselves with the type of option (i.e. p u t o r call) which they contemplate trading a n d t h e associated risks. You should calculate t h e extent t o which t h e value of t h e options m u s t increase for your position t o become profitable, taking into account t h e p r e m i u m a n d all transaction costs. The purchaser of options may offset o r exercise t h e options o r allow t h e options t o expire. The exercise of a n option results either in a c a s h settlement or in the purchaser acquiring or delivering the underlying interest. If the option is o n a future, the purchaser will acquire a futures position with associated liabilities for margin (see the section o n Futures above). If the purchased options expire worthless, you will suffer a total loss of your investment which will consist of t h e option p r e m i u m plus transaction costs. If you are contemplating purchasing d e e p - o u t -o f -t h e -money options, you should b e aware t h a t t h e chance of such options becoming profitable ordinarily is remote. Selling (`writing' or `granting') a n option generally entails considerably greater risk than purchasing options. Although the premium received P a g e 21

by t h e seller is fixed, t h e seller may sustain a loss well in excess of t h a t amount. The seller will b e liable for additional margin t o maintain t h e position if t h e market moves unfavorably. The seller will also b e exposed t o t h e risk of t h e purchaser exercising t h e option a n d t h e seller will be obligated t o either settle the option in cash or t o acquire or deliver the underlying interest. If the option is o n a future, the seller will acquire a position in a future with associated liabilities for margin (see t h e section o n Futures above). If t h e option is `covered' by t h e seller holding a corresponding position in the underlying interest or a future or another option, the risk may be reduced. If the option is n o t covered, the risk of loss can be unlimited. Certain exchanges in some jurisdictions permit deferred payment of the option premium, exposing the purchaser t o liability for margin payments n o t exceeding t h e a m o u n t of t h e premium. The purchaser is still subject t o t h e risk of losing t h e p r e m i u m a n d transaction costs. When the option is exercised expires, the purchaser is responsible for any unpaid premium outstanding at that time. Additional risks common to futures and options. D. Terms and conditions of contracts You should ask t h e firm with which you deal about t h e t e r m s a n d conditions of t h e specific futures o r options which you are trading a n d associated obligations (e.g. the circumstances under which you may become obligated t o make or take delivery of the underlying interest of a futures contract and, in respect of options, expiration dates a n d restrictions o n the time for exercise). Under certain circumstances t h e specifications of outstanding contracts (including the exercise price of a n option) may be modified by the exchange or clearing house t o reflect changes in the underlying interest. E. Suspension or restriction of trading and pricing relationships Market conditions (e.g. illiquidity) a n d / or the operation of the rules of certain markets (e.g. the suspension of trading in any contract o r contract m o n t h because of price limits or "circuit breakers") may increase the risk of loss by making it difficult or impossible t o effect transactions or liquidate/offset positions. If you have sold options, this may increase the risk of loss. Further, normal pricing relationships between the underlying interest a n d the future, a n d the underlying interest a n d the option may n o t exist. This can occur when, for example, the futures contract underlying the option is subject t o price limits while the option is not. T h e absence of a n underlying reference price may m a k e it difficult t o judge "fair" value. F. Deposited cash and property You should familiarize yourself with the protections accorded money or other property you deposit for domestic a n d foreign transactions, particularly in t h e event of a firm insolvency o r bankruptcy. The extent t o which you may recover your money o r property may b e governed by specific legislation o r local rules. In s o m e jurisdictions, property which h a d been specifically identifiable a s your own will b e p r o -rated i n t h e s a m e m a n n e r a s cash for purposes o r distribution in t h e event of a shortfall. G. Commission and other charges Before you begin t o trade, you should obtain a clear explanation of all commission, fees a n d other charges for which you will b e liable. These charges will affect your net profit (if any) or increase your loss. H. Transactions in other jurisdictions Transactions o n markets in other jurisdictions, including markets formally linked t o a domestic market, may expose you t o additional risk. Such markets may be subject t o regulation which may offer different or diminished investor protection. Before you trade you should inquire about any rules relevant t o your particular transactions. Your local regulatory authority will be unable t o compel the enforcement of the rules of regulatory authorities or markets in other jurisdictions where your transactions have been effected. You should ask the firm with which you deal for details about t h e types of redress available in b o t h your h o m e jurisdiction a n d other relevant jurisdictions before you start t o trade. I. Currency risks The profit or loss in transactions in foreign currency-denominated contracts (whether they are traded in your own or another jurisdiction) will b e affected by fluctuations in currency rates where there is a need t o convert f r o m t h e currency denomination of t h e contract t o a n o t h e r currency. J. Trading facilities Most o p e n -outcry a n d electronic trading facilities are s u pported by c o m p u t e r -based component systems for t h e o r d e r -routing, execution, matching, registration or clearing of trades. As with all facilities a n d systems, they are vulnerable t o temporary disruption or failure. Your ability t o recover certain losses may b e subject t o limits o n liability imposed by t h e system provider, t h e market, t h e clearing house a n d /o r m e m b e r firms. Such limits may vary: you should ask t h e firm with which you deal for details in this respect. K. Electronic trading Trading o n a n electronic trading system may differ n o t only from trading in a n o p e n -outcry market b u t also f r o m trading o n other electronic trading systems. If you undertake transactions o n a n electronic trading system, you will be exposed t o risks associated with the system including t h e failure of hardware a n d software. The result of any system failure may b e t h a t your order is either n o t executed according t o your instructions o r is n o t executed a t all. L. O f f -exchange transactions In some jurisdictions, a n d only then in restricted circumstances, firms are permitted t o effect o f f - exchange transactions. The firm with which you deal may b e acting a s your counterparty t o t h e transaction. It may b e difficult o r impossible t o liquidate a n existing position, t o assess t h e value, t o determine a fair price o r t o assess t h e exposure t o risk. For these reasons, these transactions may involve increased risks. O f f - exchange transactions may be less regulated or subject t o a separate regulatory regime. Before you undertake such transactions, y o u should familiarize yourself with applicable rules a n d attendant risks. I hereby acknowledge that I have received and understood this risk disclosure statement: P a g e 22

S i g n a t u r e o f A c c o u n t H o l d e r S i g n a t u r e o f J o i n t A c c o u n t H o l d e r D a t e D a t e F u t u r e s T r a d i n g A r b i t r a t i o n A g r e e m e n t I f y o u t r a d e s t o c k s o r s t o c k o p t i o n s i n y o u r I B a c c o u n t, y o u w i l l b e c o v e r e d b y a m a n d a t o r y a r b i t r a t i o n a g r e e m e n t, w h i c h s t a t e s t h a t a n y d i s p u t e s r e g a r d i n g y o u r a c c o u n t w i l l b e r e s o l v e d t h r o u g h a r b i t r a t i o n. T h e f o l l o w i n g o p t i o n a l a r b i t r a t i o n a g r e e m e n t c o v e r s t r a d i n g i n f u t u r e s o r o p t i o n s o n f u t u r e s, i n t h e e v e n t t h a t y o u a n d y o u r a d v i s o r c h o o s e t o t r a d e t h e s e i n v e s t m e n t p r o d u c t s i n y o u r a c c o u n t. Y o u a r e n o t r e q u i r e d t o s i g n t h e F u t u r e s T r a d i n g A r b i t r a t i o n A g r e e m e n t b e l o w, b u t i f y o u d o n o t s i g n i t y o u r a c c o u n t w i l l b e r e s t r i c t e d t o a o n e c o n t r a c t t r a d i n g l i m i t. F u t u r e s T r a d i n g A r b i t r a t i o n A g r e e m e n t: A n y c o n t r o v e r s y o r c l a i m b e t w e e n I n t e r a c t i v e B r o k e r s L L C ( " I B " ) a n d t h e u n d e r s i g n e d ( " C u s t o m e r " ) a r i s i n g o u t o f o r r e l a t i n g t o C u s t o m e r ' s A c c o u n t w i t h I B, t o t r a n s a c t i o n s b e t w e e n I B a n d C u s t o m e r, t o t h e C u s t o m e r A g r e e m e n t w i t h I B o r a n y o t h e r a g r e e m e n t b e t w e e n I B a n d C u s t o m e r, o r t o t h e b r e a c h o f a n y s u c h t r a n s a c t i o n o r a g r e e m e n t s h a l l, e x c e p t a s p r o v i d e d b e l o w, b e r e s o l v e d b y a r b i t r a t i o n b e f o r e a f o r u m c h o s e n i n a c c o r d a n c e w i t h t h e p r o c e d u r e s e t o u t b e l o w. I f, b y r e a s o n o f a n y a p p l i c a b l e s t a t u t e, r e g u l a t i o n, e x c h a n g e r u l e o r o t h e r w i s e, C u s t o m e r ' s a d v a n c e a g r e e m e n t t o s u b m i t a c o n t r o v e r s y t o a r b i t r a t i o n w o u l d n o t b e e n f o r c e a b l e b y I B, t h i s p r o v i s i o n s h a l l n o t p e r m i t C u s t o m e r t o e n f o r c e I B ' s a d v a n c e a g r e e m e n t t o s u b m i t t o a r b i t r a t i o n. A n y a w a r d r e n d e r e d i n a n y a r b i t r a t i o n c o n d u c t e d p u r s u a n t t o t h i s a g r e e m e n t s h a l l b e f i n a l, b i n d i n g a n d e n f o r c e a b l e i n a c c o r d a n c e w i t h t h e l a w s o f t h e S t a t e o f C o n n e c t i c u t a n d j u d g m e n t m a y b e e n t e r e d o n a n y s u c h a w a r d b y a n y c o u r t h a v i n g j u r i s d i c t i o n t h e r e o f. A t s u c h t i m e a s C u s t o m e r n o t i f i e s I B t h a t C u s t o m e r i n t e n d s t o s u b m i t a c l a i m t o a r b i t r a t i o n, o r a t s u c h t i m e a s I B n o t i f i e s C u s t o m e r t h a t I B i n t e n d s t o s u b m i t a c l a i m t o a r b i t r a t i o n, C u s t o m e r w i l l h a v e t h e o p p o r t u n i t y t o c h o o s e a f o r u m f r o m a l i s t o f t h r e e o r m o r e q u a l i f i e d f o r u m s p r o v i d e d b y I B. A " q u a l i f i e d f o r u m " i s a n o r g a n i z a t i o n w h o s e p r o c e d u r e s f o r c o n d u c t i n g a r b i t r a t i o n s c o m p l y w i t h t h e r e q u i r e m e n t s o f t h e C o m m o d i t y F u t u r e s T r a d i n g C o m m i s s i o n ( " C F T C " ) R u l e 1 6 6. 5. A s r e q u i r e d b y C F T C R u l e 1 6 6. 5, I B w i l l p a y a n y i n c r e m e n t a l f e e s w h i c h m a y b e a s s e s s e d b y a q u a l i f i e d f o r u m f o r p r o v i s i o n o f a m i x e d a r b i t r a t i o n p a n e l, u n l e s s t h e a r b i t r a t o r s h e a r i n g t h e c o n t r o v e r s y d e t e r m i n e t h a t C u s t o m e r h a s a c t e d i n b a d f a i t h i n i n i t i a t i n g o r c o n d u c t i n g t h e a r b i t r a t i o n. A " m i x e d a r b i t r a t i o n p a n e l " i s a n a r b i t r a t i o n p a n e l c o m p o s e d o f o n e o r m o r e p e r s o n s, a m a j o r i t y o f w h o m a r e n o t m e m b e r s o r a s s o c i a t e d w i t h a m e m b e r o f a c o n t r a c t m a r k e t o r e m p l o y e e t h e r e o f, a n d w h o a r e n o t o t h e r w i s e a s s o c i a t e d w i t h a c o n t r a c t m a r k e t. I n c o n n e c t i o n w i t h t h i s A r b i t r a t i o n A g r e e m e n t, I B i s r e q u i r e d t o f u r n i s h t o y o u t h e f o l l o w i n g s t a t e m e n t, p u r s u a n t t o R u l e 1 6 6. 5 o f t h e C F T C : THREE FORUMS EXIST FOR THE RESOLUTION OF COMMODITY DISPUTES: CIVIL COURT LITIGATION, REPARATIONS AT THE COMMODITY FUTURES TRADING COMMISSION ("CFTC"), AND ARBITRATION CONDUCTED BY A SELF-REGULATORY OR OTHER PRIVATE ORGANIZATION. THE CFTC RECOGNIZES THAT THE OPPORTUNITY TO SETTLE DISPUTES BY ARBITRATION MAY IN SOME CASES PROVIDE MANY BENEFITS TO CUSTOMERS, INCLUDING THE ABILITY TO OBTAIN AN EXPEDITIOUS AND FINAL RESOLUTION OF DISPUTES WITHOUT INCURRING SUBSTANTIAL COSTS. THE CFTC REQUIRES, HOWEVER, THAT EACH CUSTOMER INDIVIDUALLY EXAMINE THE RELATIVE MERITS OF ARBITRATION AND THAT YOUR CONSENT TO THIS ARBITRATION AGREEMENT BE VOLUNTARY. BY SIGNING THIS AGREEMENT, YOU: (1) MAY BE WAIVING YOUR RIGHT TO SUE IN A COURT OF LAW; AND (2) ARE AGREEING TO BE BOUND BY ARBITRATION OF ANY CLAIMS OR COUNTERCLAIMS WHICH YOU OR IB MAY SUBMIT TO ARBITRATION UNDER THIS AGREEMENT. YOU ARE NOT, HOWEVER, WAIVING YOUR RIGHT TO ELECT INSTEAD TO PETITION THE CFTC TO INSTITUTE REPARATIONS PROCEEDINGS UNDER SECTION 14 OF THE COMMODITY EXCHANGE ACT WITH RESPECT TO ANY DISPUTE WHICH MAY BE ARBITRATED PURSUANT TO THIS AGREEMENT. IN THE EVENT A DISPUTE ARISES, YOU WILL BE NOTIFIED IF IB INTENDS TO SUBMIT THE DISPUTE TO ARBITRATION. IF YOU BELIEVE A VIOLATION OF THE COMMODITY EXCHANGE ACT IS INVOLVED AND IF YOU PREFER TO REQUEST A SECTION 14 "REPARATIONS" PROCEEDING BEFORE THE CFTC, YOU WILL HAVE 45 DAYS FROM THE DATE OF SUCH NOTICE IN WHICH TO MAKE THAT ELECTION. YOU NEED NOT SIGN THIS AGREEMENT TO OPEN OR MAINTAIN AN ACCOUNT WITH IB. SEE 17 CFR 166.5. I hereby acknowledge that I have read and understood and that I agree to the Futures Trading Arbitration Agreement: Signature of Account Holder Signature of Joint Account Holder Date Date Discretionary Trading Authorization/Power of Attorney for Financial Advisor and Request to Send Trade Confirmations and Account Statements to Advisor You are appointing a financial advisor ("Advisor"), chosen by you, to manage your Interactive Brokers account. The designated Advisor will be able to execute trades, deposit and withdraw money to and from your account (all withdrawals must be in your name), request information, receive account statements and confirmations, change certain of your customer information, and generally manage your Interactive Brokers account as specified below: General: The terms and conditions of this Authorization are in addition to the provisions of all other agreements between Interactive Brokers and P a g e 23

Customer or Advisor. The agreements applicable to Customer's account(s) will govern all orders and transactions, and Advisor is bound by all terms of those agreements. Request to Deduct Advisory Fees if Applicable: Customer requests and authorizes IB to deduct from Customer's IB account Advisory Fees and to disburse those Fees directly to the Advisor, based on the fee arrangement that Customer has agreed upon with the Advisor ("Fees") and specified to IB. If the Advisor bills Customer directly for Fees, or if Advisor does not charge Customer a Fee for Advisory services, Customer will specify that to IB. Request to Send Confirmations and Statements to Advisor: Customer requests that IB send all trade confirmations and account statements directly to Advisor and not to Customer directly. If Customer changes this instruction and decides that confirmations and account statements should be sent directly to Customer, Customer agrees to contact IB Customer Service at help@interactivebrokers.com or by calling the toll free Customer Service number listed on IB's website at www.interactivebrokers.com or www.interactivebrokers.co.uk or www.interactivebrokers.ca. Upon Customer's request, IB will provide Customer with a username and password so that Customer may view account statements online at the IB website. Advisor's Authority: This agreement authorizes Interactive Brokers to accept the instructions of the Advisor on behalf of the Customer. This authorization will be applicable to all assets Customer holds in all Interactive Brokers accounts for which Advisor has been designated. Customer hereby authorizes Advisor to inquire in, trade, buy, sell (including short sales), exchange, convert, tender, trade, or otherwise acquire or dispose of stocks, bonds, options securities, futures, security futures, foreign exchange and any other investments, on margin or otherwise, for and at the risk of the Customer. Customer understands that a commission will be charged to the account each time a trade is effected. The Advisor is also permitted to arrange for the deposit of funds and assets to the Customer's account(s) and to redeem or withdraw funds or assets from the Customer's account (including the delivery of securities from the account), for the benefit of the Customer, regardless of the tax consequences. The Advisor may initiate transfers (including inter-broker transfers), rollovers, Roth IRA conversions, IRA recharacterizations or other transfers of assets between and among Customer accounts. Customer authorizes Interactive Brokers, acting on Advisor's instructions, to aggregate transaction orders for Customer's account(s) with orders for one or more other accounts over which Advisor has trading authority. The Advisor is authorized to receive all information regarding the account(s) and to receive account statements, confirmations and tax information. The Advisor is authorized to add, delete or change Customer or account information. Interactive Brokers is authorized, but not required to, conduct further inquiry or seek authorization from the Customer or further clarification from Advisor or Customer regarding any instruction from Advisor for Customer's account(s). Interactive Brokers reserves the right, in it sole discretion, to refuse to honor particular instructions from Advisor, or to no longer honor instructions from Advisor. Customer and Advisor acknowledge that all information provided by either of them on this form, or otherwise provided to Interactive Brokers in the application process, is subject to verification, and Customer and Advisor authorize Interactive Brokers to verify all information through the use of credit agencies or any other customary or reasonable means. Advisor will provide promptly any information reasonably requested by Interactive Brokers concerning the management of the account(s) or compliance with this Authorization. This provision shall not be read to imply that Interactive Brokers has any duty to supervise or monitor Advisor's management of Customer's account(s) or compliance with applicable law. Not a Substitute for Advisory Agreement: Customer and Advisor acknowledge that this Authorization merely authorizes Advisor to conduct certain activities with respect to Customer's account and is not a substitute for an Advisory Agreement and is not designed to satisfy any regulatory obligations applicable to Advisor to enter such agreement. Role of Interactive Brokers - Disclaimer and Waiver of Liability: ADVISOR WAS SELECTED SOLELY BY CUSTOMER AND HAS NOT BEEN RECOMMENDED OR ENDORSED BY IB. ADVISOR IS NOT EMPLOYED BY OR REGISTERED OR ASSOCIATED WITH IB. IB WILL NOT INVESTIGATE OR JUDGE THE COMPETENCE OR INTEGRITY OF THE ADVISOR OR MONITOR THE ACTIONS OF THE ADVISOR. IB WILL NOT REVIEW THE ADVISOR'S RECOMMENDATIONS OR JUDGE THE SUITABILITY OF ANY TRADING OR INVESTMENT RECOMMENDATION OR DECISION OF ADVISOR OR CUSTOMER. IB DOES NOT PROVIDE ADVISORY SERVICES TO IB CUSTOMERS AND WILL NOT PROVIDE INVESTMENT OR TRADING OR TAX ADVICE REGARDING THE ACCOUNT. Advisor's Compliance with State, Federal or Non-U.S. Law: Advisor will comply with all applicable state and federal securities laws and regulations, including the Investment Advisors Act of 1940, the Commodity Exchange Act and comparable state laws, and will comply with any applicable laws of Non-U.S. jurisdictions (hereinafter "Applicable Laws and Regulations"). Interactive Brokers assumes no responsibility for determining if Advisor is complying with Applicable Laws and Regulations regarding its provision of advisory services. CUSTOMER ACKNOWLEDGES THAT IB IS NOT RESPONSIBLE FOR DETERMINING WHETHER ADVISOR IS REQUIRED TO BE REGISTERED OR LICENSED OR WHETHER ADVISOR IS EXEMPT FROM REGISTRATION OR LICENSING. THIS IS SOLELY THE RESPONSIBILITY OF ADVISOR. IF CUSTOMER HAS QUESTIONS ABOUT THIS, CUSTOMER MUST CONTACT ADVISOR FOR FURTHER INFORMATION. Termination: Customer and/or Advisor agree(s) to notify Interactive Brokers immediately, in writing, if Customer or Advisor terminates, modifies or revokes this Authorization. Advisor agrees to notify Interactive Brokers immediately, in writing, if Customer dies or becomes incapacitated such that this Authorization would be rendered void. This Authorization shall remain in effect until Interactive Brokers receives written notice of its termination and has had sufficient time to process such notice and terminate Advisor's authority. Indemnification of Interactive Brokers by Customer: Customer agrees to indemnify and hold Interactive Brokers, and its affiliates, and its and their successors and assigns, and its and their directors, officers, employees and Advisors harmless from and against all claims, actions, costs and liabilities, including attorney's fees, arising out of or relating to their reliance on this Authorization or their execution of any of Advisor's instructions. Customer agrees that since Interactive Brokers will not supervise or monitor Advisor's trading decisions or other activities, Customer will not attempt to hold Interactive Brokers liable for any trade or decision or action of Advisor. Interactive Brokers'srights under this paragraph are in addition to any other rights it has under other agreements with Customer and/or Advisor. Indemnification of Interactive Brokers by Advisor: Advisor agrees to indemnify and hold Interactive Brokers, and its affiliates, and its and their successors and assigns, and its and their directors, P a g e 24

officers, employees and Advisors harmless from and against all claims, actions, costs and liabilities, including attorney's fees, arising out of or relating to any breach by Advisor of any provision of this Agreement or other Agreements with Interactive Brokers and/or Customer; the performance or non-performance of the Advisor's services; any trade or action of Advisor in Customer's account(s); and any dispute involving Advisor and Customer. Interactive Brokers's rights under this paragraph are in addition to any other rights it has under other agreements with Customer and/or Advisor. Customer's Representations and Acknowledgments: A. Customer h a s granted t o Advisor t h e full discretion t o direct t h e trading in t h e account(s) o n Customer's behalf a n d Customer will n o t have access t o IB's electronic systems for placing orders for t h e account. Only t h e Advisor will b e able t o u s e t h e IB Trader Workstation t o conduct trading in the account. B. If Customer terminates the relationship with Advisor or for any other reason wishes t o terminate Advisor's access t o the account(s), or if Customer wishes t o direct the trading in Customer's account, or if Customer wishes t o use advisory services of another Advisor, Customer will contact IB immediately by email t o help@interactivebrokers.com or by calling the toll free Customer Service numbe r listed o n IB's website at www.interactivebrokers.com or www.interactivebrokers.co.uk or www.interactivebrokers.ca. C. Because Customer h a s instructed IB t o s e n d all confirmations a n d account statements directly t o Advisor, Customer will rely o n Advisor f o r information regarding Customer's account. If Customer h a s any questions o r concerns regarding t h e account, Customer will contact IB Customer Service at help@interactivebrokers.com or by calling the toll free Customer Service number listed o n IB's website a t www.interactivebrokers.com or www.interactivebrokers.co.uk or www.interactivebrokers.ca. D. Depending o n t h e equity in Customer's account, deduction of Advisory Fees in a n IB margin account may cause t h e account t o incur margin interest. Furthermore, if deduction of Advisory Fees would cause the account t o have insufficient equity t o cover margin requirements or t o satisfy any other obligation t o IB, IB may, a t its sole discretion: (1) deduct t h e Fees a n d exercise any of its rights a n d remedies u n d e r t h e IB Customer Agreement, including liquidating positions in th e account without prior notice in order t o satisfy margin requirements o r obligations; a n d /o r (2) decline t o deduct t h e Fees, in which case Customer will b e liable t o pay such Fees t o Advisor directly. E. All claims, questions or disputes regarding IB's provision of brokerage services or regarding IB's execution of particular trades m u s t b e referred t o IB. Advisor h a s n o authority t o resolve such claims o r disputes o n IB's behalf. F. ALL CLAIMS OR DISPUTES REGARDING ADVISOR's SERVICES OR ACTIONS (INCLUDING SPECIFIC CONDUCT, ADVICE, RECOMMENDATIONS, OR TRADES PLACED BY ADVISOR OR FEES OWED) ARE SOLELY BETWEEN CUSTOMER AND ADVISOR. IB IS NOT LIABLE FOR ANY SUCH CLAIMS AND DISPUTES AND CUSTOMER UNDERSTANDS AND FULLY ACKNOWLEDGES THAT CUSTOMER CANNOT BRING A CLAIM AGAINST IB OR RECEIVE DAMAGES OR COMPENSATION OF ANY KIND FROM IB, INCLUDING CLAIMS FOR DIRECT, INDIRECT, COMPENSATORY, INCIDENTAL, SPECIAL, EXEMPLARY, PUNITIVE OR CONSEQUENTIAL DAMAGES. ALL CLAIMS OR DISPUTES REGARDING THE FEES OWED TO ADVISOR ARE SOLELY BETWEEN CUSTOMER AND ADVISOR. IF CUSTOMER DISPUTES ADVISOR's RECEIPT OF ANY FEES THAT IB HAS DEDUCTED FROM THE ACCOUNT AND SENT TO ADVISOR, CUSTOMER UNDERSTANDS THAT CUSTOMER's SOLE REMEDY IS AGAINST ADVISOR AND CUSTOMER AGREES NOT TO BRING ANY CLAIM AGAINST IB. G. Arbitration: The agreements between Customer and Interactive Brokers (which are also binding o n Advisor) contain mandatory arbitration clauses requiring all parties to arbitrate any disputes regarding securities trading. The agreements m a y also contain arbitration provisions regarding futures trading. All applicable arbitration clauses are incorporated herein b y reference. Signature CUSTOMER REPRESENTS THAT CUSTOMER HAS RECEIVED THE PACKAGE OF DOCUMENTS TITLED "INTERACTIVE BROKERS LLC AGREEMENTS AND DISCLOSURE DOCUMENTS" AND HAS READ AND UNDERSTOOD AND INTENDS TO BE BOUND BY THE INTERACTIVE BROKERS CUSTOMER AGREEMENT AND ALL OF THE PROVIDED DISCLOSURE DOCUMENTS. CUSTOMER REPRESENTS THAT CUSTOMER HAS READ AND UNDERSTOOD AND INTENDS TO BE BOUND BY THE ABOVE "DISCRETIONARY TRADING AUTHORIZATION/ POWER OF ATTORNEY FOR FINANCIAL ADVISOR AND REQUEST TO SEND TRADE CONFIRMATIONS AND ACCOUNT STATEMENTS TO ADVISOR" CUSTOMER REPRESENTS THAT ALL INFORMATION PROVIDED DURING THE ACCOUNT APPLICATION PROCESS IS TRUE AND CORRECT AND AGREES TO NOTIFY INTERACTIVE BROKERS OF ANY MATERIAL CHANGES IN THAT INFORMATION. U.S. TAX CERTIFICATION: UNDER PENALTIES OF PERJURY, I CERTIFY THAT: 1) THE NUMBER PROVIDED IN THIS APPLICATION IS MY CORRECT TAXPAYER IDENTIFICATION NUMBER (OR I AM WAITING FOR A NUMBER TO BE ISSUED TO ME); AND 2) I AM NOT SUBJECT TO BACKUP WITHHOLDING BECAUSE: (A) I AM EXEMPT FROM BACKUP WITHHOLDING, OR (B) I HAVE NOT BEEN NOTIFIED BY THE INTERNAL REVENUE SERVICE (IRS) THAT I AM SUBJECT TO BACKUP WITHHOLDING AS A RESULT OF A FAILURE TO REPORT ALL INTEREST OR DIVIDENDS, OR (C)THE IRS HAS NOTIFIED ME THAT I AM NO LONGER SUBJECT TO BACKUP WITHHOLDING. ACCOUNT TRANSFER: IF CUSTOMER HAS PROVIDED INFORMATION REQUESTING THAT ANOTHER BROKER TRANSFER ASSETS A N D / OR CASH TO INTERACTIVE BROKERS, CUSTOMER HEREBY REQUESTS SUCH TRANSFER PURSUANT TO THE TERMS AND CONDITIONS SPECIFIED BELOW IN THE SECTION: "FUND YOUR ACCOUNT/TRANSFER FROM ANOTHER BROKER" THE INTERACTIVE BROKERS CUSTOMER AGREEMENT CONTAINS AN ARBITRATION CLAUSE REQUIRING BOTH PARTIES TO ARBITRATE ANY DISPUTES REGARDING SECURITIES TRADING OR CUSTOMER's SECURITIES ACCOUNT. CUSTOMER MUST BE AWARE THAT: ARBITRATION IS FINAL AND BINDING ON THE PARTIES. THE PARTIES ARE WAIVING THEIR RIGHT TO SEEK REMEDIES IN COURT, INCLUDING THE RIGHT TO JURY TRIAL. PRE-ARBITRATION DISCOVERY IS GENERALLY MORE LIMITED THAN AND DIFFERENT FROM COURT PROCEEDINGS. THE ARBITRATORS'S AWARD IS NOT REQUIRED TO INCLUDE FACTUAL FINDINGS OR LEGAL REASONING AND ANY PARTY'S RIGHT TO APPEAL OR TO SEEK MODIFICATION OF RULINGS BY THE ARBITRATORS IS STRICTLY LIMITED. P a g e 25

THE PANEL OF ARBITRATORS WILL TYPICALLY INCLUDE A MINORITY OF ARBITRATORS WHO WERE OR ARE AFFILIATED WITH THE SECURITIES INDUSTRY. Signature of Account Holder Signature of Joint Account Holder Date Date P a g e 26

V. FUND YOUR ACCOUNT Select funding method: How do you wish to initially fund your account? (choose one) Check (Cashiers, Bank and Teller checks accepted. Checks are only accepted for U.S. dollar currency deposits. Personal checks are held for 10 business days before funds are available for trading.) Wire Transfer Account Transfer from Another Broker - ACATS (ATON for Canadian Assets). Transfer of cash and securities positions from a thirdparty broker. Only transfers from a US or Canadian broker can be accepted (3 to 7 days for assets to arrive depending on the third-party broker). Please note, a number of brokers require a paper ACAT signature for transfer. If your broker is listed below, you must send a copy of the ACAT portion of your application directly to this broker. Firm Name Ameritrade Clearing National Financial Services Legent Brown and Co E*Trade Southwest Securities Computer Clearing Services Fahnstock Wachovia Securities, LLC Salomon Smith Barney Morgan Stanley Dean Witter Documents Requested Partial ACAT Partial and full ACATs Partial ACAT Partial ACAT Partial ACAT Partial ACAT Partial ACAT Partial ACAT Partial and full ACATs Partial and full ACATs Partial and full ACATs Complete only o n e of the below sections: Check: Complete this section only if you want to initially fund your account with a check: Amount of check (check must be in U.S dollars) Check Number (optional) Bank Routing (ABA) Number on check: Bank Account Number Instructions for Check Deposits: So that we may process your check as quickly as possible, please enter check information in the spaces provided above. If you are not sure what to enter, please see the example below: Please make your check payable to "Interactive Brokers LLC" and make sure the names of all account holders are written on the check (use the Memo line if necessary). Please enclose your check with this completed application. If you are faxing or e-mailing us your completed application and you want to mail the check separately, send it to: Interactive Brokers 8 Greenwich Office Park Greenwich, CT 06831-0504 Attn: IBCD P a g e 27

Free of Payment (FOP) Request: Complete this section only if you want to initially fund your account with a wire transfer: This form authorizes the transfer of assets held at a third-party broker to be moved to Interactive Brokers. You must contact your third-party broker to initiate the transfer. Your Account Name, Tax Identification Number, and Customer Type (i.e. individual, joint, Roth IRA) for your Interactive Brokers Account should match the third-party broker account in order for the transfer to take place. Please note that Interactive Brokers accepts only products that it makes available for trading. Certain products, such as Mutual Funds and Limited Partnership units cannot be held in your Interactive Brokers account. Please Note: You should confirm with your sending broker their DTC Participant # so as not to delay the processing of your Free of Payment delivery. Third-party Broker Account Name Account Number: Please specify stock positions to transfer: Symbol: Shares: Authorized Signature Date P a g e 28

Wire Transfer: Complete this section only if you want to initially fund your account with a wire transfer: Amount of wire transfer Currency of wire transfer (for example: U.S. dollars) Name of Sending Bank/Broker Instructions for Wire Transfer: You must notify your bank to send a wire. All incoming wires must have the account holder's name (both names if a joint account). Depending on your bank, please allow one to four business days for your funds to be received. For security reasons, incoming funds are held for ten business days before you can withdraw the funds. Use the chart below to determine where to have your bank send the wire transfer, based on the currency of the funds being sent. For wires originating in the same country as the receiving bank listed below, please instruct your bank to send funds via the in-country payment system(s). For wires originating outside the country of the receiving bank, instruct your bank to send funds via SWIFT. Line 59 of the SWIFT message should include Interactive Brokers LLC Bank Account Number at Citibank and Line 70 of the SWIFT message should include your name (IB Account Holder's Name). Currency Receiving Bank Name and Address Receiving Bank Codes Receiving Bank Account Name and Number If funds wired in U.S. Dollars: Citibank, N.A. (New York Branch) Wall Street New York, NY 10043 United States of America ABA Number: 021000089 SWIFT BIC Code: CITI US 33 Interactive Brokers LLC Bank Account No. 40806826 For further credit to: [Insert All Account Holder Name(s)] If funds wired in Australian Dollars: Citibank, N.A (Sydney) 2 Park Street SYDNEY NSW AUSTRALIA 2000 BSB Code: 242-000 SWIFT BIC Code: CITI AU 2X Interactive Brokers LLC Bank Account No. 121229005 For further credit to: [Insert All Account Holder Name(s)] If funds wired in Canadian Dollars: Citibank Canada 123 Front Street West Toronto, Ontario M5J 2M3 Canada SWIFT BIC Code: CITI CA TT Interactive Brokers LLC Bank Account No. 2014459007 For further credit to: [Insert All Account Holder Name(s)] If funds wired in Swiss Francs: Citibank, N.A. (London Branch) Citigroup Centre, Canary Wharf 33 Canada Square London, England (E14 LB) United Kingdom Sort Code: 185008 SWIFT BIC Code: CITI GB 2L Interactive Brokers LLC Bank Account No. 10569674 Int'l Bank Acct No. (IBAN): GB35CITI18500810569674 For further credit to: [Insert All Account Holder Name(s)] If funds wired in British Pounds: Citibank, N.A. (London Branch) Citigroup Centre, Canary Wharf, 33 Canada Square London, England (E14 LB) United Kingdom Sort Code: 185008 SWIFT BIC Code: CITI GB 2L Interactive Brokers LLC Bank Account No. 08774544 Int'l Bank Acct No. (IBAN): GB70CITI18500808774544 For further credit to: [Insert All Account Holder Name(s)] If funds wired in Euros: Citigroup Global Markets Deutschland AG & Co. KGaA. REUTERWEG 16 60323 FRANKFURT AM MAIN GERMANY FRANKFURT AM MAIN BLZ No.: 50210900 SWIFT BIC Code: CITI DE FF Interactive Brokers LLC Bank Account No. 0119754038 Int'l Bank Acct No. (IBAN): DE21502109000119754038 For further credit to: [Insert All Account Holder Name(s)] If funds wired in Hong Kong Dollars: Citibank, N.A. (Hong Kong Branch) 9/F Two Harbourfront 22 Tak Fung Street H u n g h o m Hong Kong CHATS Code: 006/391 SWIFT BIC Code: CITI HK HX Interactive Brokers LLC Bank Account No. 17739993 For further credit to: [Insert All Account Holder Name(s)] If funds wired in Japanese Yen: Citibank Japan (Ltd.) Honten Branch SWIFT BIC Code: CITI JP JT Interactive Brokers LLC Bank Account No. 0159170403 P a g e 29

Citigroup Center 2-3-14 Higashi Shinagawa Shinagawa-ku, Tokyo Japan zip- code: 140-8639 For further credit to: [Insert All Account Holder Name(s)] If funds wired in Mexican Peso: Banco Nacional de Mexico, S.A. Mexico Location: 3er Piso Torre Norte Act. Roberto Medellin No. 800 Col. Santa Fe, Mexico, D.F. 01210 Tampa Location: Citigroup Global Transaction Services 3800 Citigroup Center Tampa FL SWIFT BIC Code: CITIUS33MER * Interactive Brokers LLC Bank Account No. at Banamex: 231440011** For further credit to: [Insert All Account Holder Name(s)] If funds wired in Swedish Crona: Skandinaviska Enskilda Banken AB SKANDINAVSKA ENSKILDA BANKEN KUNGSTRÄDGÅRDSGATAN 8 106 40 STOCKHOLM SWIFT BIC Code: ESSESESS Interactive Brokers LLC Bank Account No. at S-E Banken: SE8850000000055558500891 For further credit to: [Insert All Account Holder Name(s)] * Citibank owns Banco Nacional de Mexico, S.A. ("Banamex"). Banamex has multiple SWIFT BIC codes. Please instruct your bank to use SWIFT BIC Code CITIUS33MER ** IB does not have a CLABE since its bank account held with Banamex is not a checking account. Account Transfer from Another Brokerage Firm (ACATS/ATON): Complete this section only if you want to initially fund your account through a transfer of assets and/or cash from a U.S. securities broker (ACATS) or a Canadian securities broker (ATON): Please note: The Account Name, Tax Identification Number, and Account Type (i.e. individual, joint, Roth IRA) for your Interactive Brokers account must exactly match the brokerage account from which you are transferring assets in order for the transfer to take place. Also, please note that Interactive Brokers accepts transfers only of assets that IB makes available for trading. Certain products, such as mutual funds and limited partnership units cannot be transferred to or held in your Interactive Brokers account. Name of brokerage firm that transfer is coming from Account number of account being transferred Type of account being transferred (individual, joint, IRA etc...) If transfer is from an IRA account, what type? (Roth, etc...) Do you have a margin loan in the account being transferred? Yes N o Are there options positions in the account being transferred? Yes N o Do you have any short positions in the account being transferred? Yes N o Are you transferring all assets from the account or just some assets? Full Transfer Partial Transfer Instructions for Account Transfer from Another Broker: Customer requests that transferring broker transfer to Interactive Brokers the specified assets in the third-party brokerage account specified above. Customer understands that to the extent any assets are not readily transferable, with or without penalties; such assets may not be transferred within the time frames required by the NYSE Rule 412 or similar rule of NASD or other designated examining body. Unless otherwise indicated, customer authorizes the transferring broker to liquidate any non-transferable proprietary money market fund assets that are part of the account and to transfer the resulting credit balance to Interactive Brokers. Customer authorizes transferring broker to deduct any outstanding fees due from the credit balance in the account. If the account does not contain a credit balance, or if the credit balance is insufficient to satisfy any outstanding fees due, Customer authorizes transferring broker to liquidate the assets in the account necessary to satisfy any obligation. Full Transfer: If you are transferring ALL the assets from another brokerage account into your Interactive Brokers account (full transfer), you do n o t need to complete the form below. Partial Transfer: If you are transferring only SOME of the assets from another brokerage account into your Interactive Brokers account (partial transfer), you must list all: 1) stock; 2) options; and 3) cash that you want to transfer. Use the form below and attach additional pages if necessary. P a g e 30

Partial Account Transfer Form (use only if you are opening your account by transferring only part of an account with another brokerage firm to Interactive Brokers). Use the lines below and attach additional pages if necessary: Positions: Stocks: Symbol Number Shares Long/Short L o n g Short Long Short Long Short Long Short Long Short Options (Please note, this is not available for ATON Underlying Symbol Number of Contracts Strike Price Expiration (yyyy/ m m / d d ) Put/Call Long/Short Put Call Long Short Put Call Long Short Put Call Long Short Put Call Long Short Put Call Long Short C a s h - ACATS are available for USD accounts only. ATONs are available for USD and CAD accounts A m o u n t Positive Cash Balance or Margin Loan? Cash balance Margin Loan If your broker requires a paper ACAT signature form for transfer, you must send a signed copy of the ACAT portion of your application to your broker. Authorized Signature Date P a g e 31

VI. NECESSARY ACCOUNT DOCUMENTATION Regulations require Interactive Brokers to obtain documentation verifying the identity of each of its customers. Please make sure all documents are clear and readable.please see further instructions below: Document Category Acceptable Documents (only one document per category is needed) Proof of your firm's existence (The document must clearly state the name of your firm) Articles of Incorporation Company Charter Partnership Agreement Govt-issued Certificate of Good Standing from the Jurisdiction of Incorporation Proof of your firm's address (The document must clearly state the client's firm principal place of business) Current Business Lease; Articles of Incorporation, Company Charter, Partnership Agreement Government-Issued Business License, or Government-Issued Certificate of Good Standing: But if you used one of the above as proof of the entity's existence, then we are required to obtain a second, different document for proof of address (i.e., the same document cannot be used for both purposes); Other Government-Issued Letters or Statements Establishing the Entity's Current Address (less than 12 months old). E.g., Tax Letters/ Notices, Etc. Bank Statement or Signed Letter from Bank on Bank Letterhead Confirming Address Customer and bank must be from a country that is a member of the Financial Action Task Force on Money Laundering (see http://www.fatf-gafi.org); Statement must be less than 12 months old; Brokerage Statement from a U.S.-Registered Broker Dealer or Foreign Affiliate of a U.S.-Registered Broker Dealer Customer must be from a country that is a member of the Financial Action Task Force on Money Laundering (see http:// www.fatf-gafi.org); Statement must be less than 12 months old; Business Insurance Policy Documents or Riders or Insurance Bill Policy must be currently in effect and show address being verified; Deed or Other Evidence of Property Utility Bill for Property (less than 12 months old) Proof of the IDENTITY of each individual or entity that has an ownership of 20% or more in the Advisor organization If the owner is an individual, a copy of the person's passport, driver's license, national identity card or alien identification card. If the owner is an entity, the entity's articles of incorporation, company charter, partnership agreement, govt-issued business license or govt-issued certificate of good standing Proof of the identity, date of birth, and signature for each of the officers of the organization that has the authority to sign for the organization (i.e., its Controlling Officer, Treasurer and/or Secretary) The document that the applicant provides must include the applicant's name, date of birth, and signature Proof of the ADDRESS of each individual or entity that has an ownership interest of 20% or more in the Advisor organization Driver's License Passport Other Government-Issued Identification Card Mortgage Statement, Deed or Other Evidence of Property; Current Lease; Utility Bill (less than 12 months old); Current Driver's License But if you used driver's license as proof of identity, then we are required to obtain a second, different document for proof of address (i.e., driver's license cannot be used again); Bank Statement, Bank-Issued Credit Card Statement or Bank-Issued Debit Card Statement or Signed Letter from Bank on Bank Letterhead Confirming Address Customer and bank must be from a country that is a member of the Financial Action Task Force on Money Laundering (see http://www.fatf-gafi.org); P a g e 32

Statement must be less than 12 months old; Brokerage Statement from a U.S.-Registered Broker Dealer or Foreign Affiliate of a U.S.-Registered Broker Dealer Customer must be from a country that is a member of the Financial Action Task Force on Money Laundering (see http:// www.fatf-gafi.org); Statement must be less than 12 months old; Current Homeowner's or Renter's Policy Documents or Riders Policy must be currently in effect; Bill for Homeowner's or Renter's Insurance Policy (less than 12 months old); Security System Bill/Statement (less than 12 months old); or Government-Issued Letters or Statements Establishing Current Address (less than 12 months old). E.g: Tax Letters and notices; Letters or notices from government housing authorities; Jury duty notices; Voter registration notices; Other official government letters or notices showing customer name and address being verified. Proof of the identity of the Advisor's Authorized Trader (the document must include the person's name, date of birth and signature) A copy of the person's passport, driver's license, national identity card or alien identification card. Proof of the Authorized Trader's authority to trade Documentary evidence of the Authorized Trader's authority to trade on behalf of the organization Proof of the residential address of the Advisor's Authorized Trader Mortgage Statement, Deed or Other Evidence of Property; Current Lease; Utility Bill (less than 12 months old); Current Driver's License But if you used driver's license as proof of identity, then we are required to obtain a second, different document for proof of address (i.e., driver's license cannot be used again); Bank Statement, Bank-Issued Credit Card Statement or Bank-Issued Debit Card Statement or Signed Letter from Bank on Bank Letterhead Confirming Address Customer and bank must be from a country that is a member of the Financial Action Task Force on Money Laundering (see http://www.fatf-gafi.org); Statement must be less than 12 months old; Brokerage Statement from a U.S.-Registered Broker Dealer or Foreign Affiliate of a U.S.-Registered Broker Dealer Customer must be from a country that is a member of the Financial Action Task Force on Money Laundering (see http:// www.fatf-gafi.org); Statement must be less than 12 months old; Current Homeowner's or Renter's Policy Documents or Riders Policy must be currently in effect; Bill for Homeowner's or Renter's Insurance Policy (less than 12 months old); Security System Bill/Statement (less than 12 months old); or Government-Issued Letters or Statements Establishing Current Address (less than 12 months old). E.g: Tax Letters and notices; Letters or notices from government housing authorities; Jury duty notices; Voter registration notices; Other official government letters or notices showing customer name and address being verified. P a g e 3 3

Other Financial Institution Account Statement (The document must clearly state the name of the firm and be less than 12 months old) This requirement applies only to organizations and trusts that have been formed in or are located in countries that are n o t full members of the Financial Action Task Force(FATF). NOTE: If you submitted a bank or brokerage statement as proof of address, that will satisfy this requirement also (same statement can be used for both). Bank Statement Broker Statement Mortgage Statement Loan Statement P a g e 3 4

VII. RETURN YOUR COMPLETED APPLICATION (ALONG WITH REQUIRED DOCUMENTS) TO YOUR ADVISOR OR TO INTERACTIVE BROKERS Please complete all information required in this application, provide all required signatures, and return the entire application to your Financial Advisor or directly to Interactive Brokers. Please make sure to include copies of all required documents listed above, as well as a check (if you are opening your account with a check). If your advisor has instructed you to send your application directly to Interactive Brokers, you may use any of the methods below: Scan and Email (This is the fastest method) Andrew.gibbs@stratcap.co.nz Please note: The scanning and emailing option is typically the most efficient method, and will make account review quicker. Please be aware of the following guidelines and limitations when sending us e-mails or scanned document attachments. Please send emails as text rather than HTML format. If possible, users of Microsoft Outlook emailer should disable RFT (rich-text format) encoding. Only the following attachment types are accepted:.gif.tiff.tif.jpeg.jpg.png.bmp.pdf. Please limit the size attachment to 10MB. Please limit the size of e-mail text to 2,000 characters. Emails longer than that will be truncated. When sending a document by email, please only include your account number in the Subject line of your email. This will allow the Interactive Brokers system to automatically post your email (with any attachments) to your application. Courier/Overnight Service (e.g. Fed Ex) Mailing your documentation via overnight carrier is also a choice, but please keep in mind that the processing time for approval of the account may take longer than if sending by email or fax. Fax 38 Main Highway Ellerslie Auckland Please note: Scanning and emailing required documents or sending documents by Courier/Overnight service are the best methods of sending documents. If you prefer to send documents via fax, please observe the following guidelines: Please enlarge documents to at least 125% of the normal size (up to 3/4 page-size) so we can read the document. Please lighten the documents by one or two increments when copying or faxing. As a general rule, before faxing, please make sure that all text is large and clear, and legible. Mail Mailing your documentation through the regular postal service is also a choice, but please keep in mind that the processing time for approval of the account may take longer than if sending by email or fax. 38 Main Highway Ellerslie Auckland Should you have any questions, please send us an email addressed to Andrew.gibbs@stratcap.co.nz P a g e 35

Form W-8BEN (Rev. February 2006) Department of the Treasury Internal Revenue Service Do not use this form for: Certificate of Foreign Status of Beneficial Owner for United States Tax Withholding» Section References are to the Internal Revenue Code.» See separate instructions.» Give this form to the withholding agent or payer. Do not send to the IRS. OMB No. 1545-1621 Instead, use Form: A U.S. citizen or other U.S. person, including a resident alien individual......w - 9 A person claiming that income is effectively connected with the conduct of a trade or business in the United States......W-8ECI A foreign partnership, a foreign simple trust, or a foreign grantor trust (see instructions for exceptions)......w-8eci or W-8IMY A foreign government, international organization, foreign central bank of issue, foreign tax-exempt organization,foreign private foundation, or government of a U.S. possession that received effectively connected income or that isclaiming the applicability of section(s) 115(2), 501(c), 892, 895, or 1443(b) (see instructions)......w-8eci or W-8EXP Note: These entities should use Form W-8BEN if they are claiming treaty benefits or are providing the form only to claim they are a foreign person exempt from backup withholding. A person acting as an intermediary......w-8imy Note: See instructions for additional exceptions. Part I Identification of Beneficial Owner (See instructions.) 1 Name of individual or organization that is the beneficial owner 2 Country of incorporation or organization 3 Type of beneficial owner: Individual Corporation Disregarded entity Partnership Simple trust Grantor trust Complex trust Estate Government International organization Central bank of issue Tax-exempt organization Private foundation 4 Permanent residence address (street, apt. or suite no., or rural route). Do not use a P.O. box or in-care-of address. City or town, state or province. Include postal code where appropriate. Country (do not abbreviate) 5 Mailing address (if different from above) City or town, state or province. Include postal code where appropriate. Country (do not abbreviate) 6 U.S. taxpayer identification number, if required (see instructions) 7 Foreign tax identifying number, if any (optional) SSN or ITI EIN 8 Reference number(s) (see instructions) Part II Claim of Tax Treaty Benefits (if applicable) 9 I certify that (check all that apply): a The beneficial owner is a resident of within the meaning of the income tax treaty between the United States and that country. b If required, the U.S. taxpayer identification number is stated on line 6 (see instructions). c The beneficial owner is not an individual, derives the item (or items) of income for which the treaty benefits are claimed, and, if applicable, meets the requirements of the treaty provision dealing with limitation on benefits (see instructions). d The beneficial owner is not an individual, is claiming treaty benefits for dividends received from a foreign corporation or interest from a U.S. trade or business of a foreign corporation, and meets qualified resident status (see instructions). e The beneficial owner is related to the person obligated to pay the income within the meaning of section 267(b) or 707(b), and will file Form 8833 if the amount subject to withholding received during a calendar year exceeds, in the aggregate, $500,000. P a g e 36

1 0Special rates and conditions (if applicable see instructions): The beneficial owner is claiming the provisions of Article of the treaty identified on line 9a above to claim a % rate of withholding on (specify type of income):. Explain the reasons the beneficial owner meets the terms of the treaty article: Part III Claim of Tax Treaty Benefits (if applicable) 1 1 I have provided or will provide a statement that identifies those notional principal contracts from which the income is not effectively connected with the conduct of a trade or business in the United States. I agree to update this statement as required. Part IV Certification Under penalties of perjury, I declare that I have examined the information on this form and to the best of my knowledge and belief it is true, correct, and complete. I further certify under penalties of perjury that: I am the beneficial owner (or am authorized to sign for the beneficial owner) of all the income to which this form relates, The beneficial owner is not a U.S. person, The income to which this form relates is (a) not effectively connected with the conduct of a trade or business in the United States, (b) effectively connected but is not subject to tax under an income tax treaty, or (c) the partner's share of a partnership's effectively connected income, and For broker transactions or barter exchanges, the beneficial owner is an exempt foreign person as defined in the instructions. Furthermore, I authorize this form to be provided to any withholding agent that has control, receipt, or custody of the income of which I am the beneficial owner or any withholding agent that can disburse or make payments of the income of which I am the beneficial owner. Sign Here Signature of beneficial owner (or individual authorized to sign for beneficial Date (MM-DD-YYYY) owner) For Paperwork Reduction Act Notice, see separate instructions. Cat. No. 25047Z Capacity in which acting Form W-8BEN (Rev. 2-2006) P a g e 37

The risk of loss in trading in Futures Contracts can be substantial. You should therefore carefully consider whether that kind of trading is appropriate for you in the light of your financial circumstances. In deciding whether or not you will become involved in that kind of trading, you should be aware of the following matters: (a) you could sustain a total loss of the initial margin funds that you deposit with your Futures Firm to establish or maintain a position in a Futures and Options Exchange or Off-Exchange; (b) if the market price moves against your position, you may be required, at short notice, to deposit with your Futures Firm additional margin funds in order to maintain your position. Those additional funds may be substantial. If you fail to provide those additional funds within the required time, your position may be liquidated at a loss and in that event you will be liable for any shortfall in your account resulting from that failure; (c) under certain conditions, it could become difficult or impossible for you to liquidate a position (this can, for example, happen when there is a significant change in prices over a short period); (d) the placing of contingent orders (such as a "stop-loss" order) may not always limit your losses to the amounts that you may want. Conditions may make it impossible to execute such orders; (e) a "spread" position is not necessarily less risky than simply "long" or "short" position; (f) the high degree of leverage that is obtainable in trading Futures Contracts, because of small margin requirements, can work against you as well as for you. The use of leverage can lead to large losses as well as large gains; and (g) if you propose to trade in options, the maximum loss in buying an option is the amount of the premium, but the risks in selling an option are the same as in other Futures Contracts. This statement does not disclose all of the risks and other significant aspects involved in trading Futures Contracts on a Futures and Options Exchange or Off-Exchange. You should therefore study trading in Futures Contracts carefully before becoming involved in it. GENERAL TERMS & CONDITIONS: 1. Application of Rules You acknowledge and Strategic Capital Management agree that the terms of their relationship in respect of futures and options contracts (Futures Contracts) and any dealings between them concerning Futures Contracts are subject to, and are bound by: (a) the Securities Markets Act 1988 and any other legislation applicable to Futures Contracts; (b) the NZX Futures and Options Rules; (c) in the case of Futures Contracts traded on a Futures and Options Exchange, the rules and regulations of the Futures and Options Exchange that trades the relevant Futures Contracts; (d) in the case of Futures and Options Contracts traded Off-Exchange, the terms and conditions governing the relevant Futures Contract; (e) this Client Agreement; (f) the Post Trade Agreement (if any); and (g) the Client Funds Regulations, in so far as they apply to Futures Contracts. 2. Client to Provide Information You acknowledge and must take all reasonable steps to deliver information or documentation to Strategic Capital Management, or cause information or documentation to be delivered to Strategic Capital Management concerning Futures Contracts which are requested by a person having a right to request such information or documentation. Strategic Capital Management is authorised to produce the information or documentation to the person making the request. 3. Risk and Financial Objectives 3.1 You acknowledge that you have read and understood: (a) the attached Client Acknowledgement and Risk Disclosure Statement;

ADVISOR DISCLOSURE DOCUMENT Andrew Gibbs is the director and advisor for Strategic Capital Management Limited. Experience & Qualifications ASX & NZX Futures & Options Advisor (March 2007) ASX Level 2 Derivatives Advisor (November 2005) B Bus Economics & Accounting (November 1999) Grad Dip Applied Finance & Investment (June 2003) Andrew Gibbs is the founder, director and advisor for Strategic Capital Management and has been involved in the stockmarket as either a trader or stockbroker since 1999. Andrew began his career in commodities markets and was initially involved with hedging currency risk and price risk for cotton farmers in south east Queensland along with trading his own account on the SPI 200 futures index. Following a trip to New Zealand in 2001 Andrew started work with Goldman Sachs JBWere in Auckland as a private client research assistant and was involved with asset allocation models, strategy and tailoring institutional research towards retail investors. Following a 4 year term at Goldman Sachs JBWere Andrew moved to Tricom Securities in Auckland and became a senior advisor and manager of equities for the Auckland office. At Tricom Andrew advised in equities, futures, options and FX. After due consideration and just shy of 3 years at Tricom Andrew started Strategic Capital Management, a boutique advisory firm dedicated to traders and superior research for traders. General Information Strategic Capital Management Limited is an advisory service located in Auckland NZ offering individually managed accounts, trade execution and general advisory services on Australian and International markets. All client accounts and funds are held with Interactive Brokers, MF Global or Attain Capital with clients utilising the advisory services of Strategic Capital Management. Strategic Capital Management advisors hold the necessary NZX advisor requirements for advising in stocks, options and futures. Strategic Capital Management Limited is regulated by the Securities Commission of New Zealand and the New Zealand Exchange. Strategic Capital Management Limited advisors have no criminal convictions. Procedures for Dealing with Money & Property All client funds are held with Interactive Brokers, MF Global or Attain Capital. All deposits and withdrawals are requested through Interactive Brokers, MF Global or Attain Capital although Strategic Capital Management Ltd may facilitate deposits and withdrawals on your behalf at your request. At no time are your funds held with Strategic Capital Management. Interactive Brokers, MF Global or Attain Capital will provide you with their account details after your account has been approved. Fees of the Advisor Fees are to be negotiated on a case by case basis with your advisor Trading Research Service This service will offer an online research portal with trade recommendations on equities, options, futures and FX. The fee will be via subscription and is yet to be announced. It is expected to be $75 AUD per month Complaints Procedure Strategic Capital Management Limited wants to know about any problems you may have relating to services provided by Strategic Capital Management. Where you have a complaint you should take the following steps: (a) Contact Strategic Capital Management by telephone, fax, e-mail or letter. (b) If your complaint is not satisfactorily resolved within 3 working days you should put your complaint in writing and post it to 38 Main Highway, Ellerslie. Strategic Capital Management Ltd will endeavor to respond in writing within 2 weeks of receipt of your written complaint. [c] Any client is entitled to make a complaint to the NZX. New Zealand Exchange Limited Level 2, NZX Centre, 11 Cable Street PO Box 2959, Wellington, NZ