(a) The customer’s or the Company’s hardware or software failure, malfunction, or misuse.

(b) Poor internet connection either on the side of the Customer or the Company or both, or interruptions or transmission blackouts or public electricity network failures or hacker attacks, an overload of connection.

(c) The wrong settings in the client terminal.

(d) Delayed client terminal updates.

(e) The Customer disregards the applicable rules described in the client terminal user guide and the Company’s website.

The Customer acknowledges that at times of excessive deal flow the Customer may have some difficulties connecting over the telephone with a dealer, especially in a fast market (for example, when key macroeconomic indicators are released).

ABNORMAL MARKET CONDITIONS

The Customer acknowledges that under abnormal market conditions, the period during which the instructions and requests are executed may be extended.

TRADING PLATFORM

The Customer acknowledges that only one request or instruction can be in the queue at one time. Once the Customer has sent a request or an instruction, any further requests or instructions sent by the Customer are ignored and the “Order is locked” message appears until the first request or instruction is executed. The Customer acknowledges that the only reliable source of quotes flow information is that of the real/live server’s quotes base. Quotes base in the client terminal is not a reliable source of quotes flow information because the connection between the client terminal and the server may be disrupted at some point and some of the quotes simply may not reach the client terminal. The Customer acknowledges that when the customer closes the order placing/modifying/deleting window or the position opening/closing window, the instruction or request, which has been sent to the server, shall not be cancelled. In case the Customer has not received the result of the execution of the previously sent instruction but decides to repeat the instruction, the Customer shall accept the risk of making two transactions instead of one, however, the client may receive an “Order is locked” message as described in point 1 above. The Customer acknowledges that if the pending order has already been executed but the Customer sends the instruction to modify its level and the levels of If-Done Orders at the same time, the only instruction, which will be executed, is the instruction to modify Stop Loss and/or Take Profit levels on the position opened when the pending order triggered.

COMMUNICATION

The Customer shall accept the risk of any financial losses caused by the fact that the Customer has received with delay or has not received at all any notice from the Company.

The Customer acknowledges that the unencrypted information transmitted by email is not protected from any unauthorized access.

The Customer is fully responsible for the risks in respect of undelivered trading platform internal mail messages sent to the Customer by the Company as they are automatically deleted within 3 (three) calendar days.

The Customer is wholly responsible for the privacy of the information received from the Company and accepts the risk of any financial losses caused by the unauthorized access of a third party to the Customer’s Trading Account.

The Company has no responsibility if authorized/unauthorized third persons have access to information, including electronic addresses, electronic communication, and personal data, access data when the above are transmitted between the Company or any other party, using the internet or other network communication facilities, telephone, or any other electronic means.

FORCE MAJEURE EVENT

In the case of a force majeure event, the Customer shall accept the risk of financial losses.

RISK WARNING NOTICE FOR FOREIGN EXCHANGE AND DERIVATIVE PRODUCTS

This notice cannot disclose all the risks and other significant aspects of foreign exchange and derivative products such as futures. You should not deal with these products unless you understand their nature and the extent of your risk exposure. You should also be satisfied that the product is suitable for you in light of your circumstances and financial position. Certain strategies, such as a “spread” position or a “straddle”, maybe as risky as a simple long or short position. Although forex and derivative instruments can be used for the management of investment risk, some of these products are unsuitable for many investors. You should not engage in any dealings directly or indirectly in derivative products unless you know and understand the risks involved in them and that you may lose entirely all of your money. Different instruments involve different levels of risk exposure and in deciding whether to trade in such instruments you should be aware of the following points:

EFFECT OF LEVERAGE

1. Under margin trading conditions even small market movements may have a great impact on the Customer’s trading account. It is important to note that all accounts trade under the effect of leverage. The Customer must consider that if the market moves against the Customer, the Customer may sustain a total loss greater than the funds deposited. The Customer is responsible for all the risks, financial resources the Customer uses, and for the chosen trading strategy.

2. It is highly recommended that the Customer maintains a margin level (percentage equity to necessary margin ratio which is calculated as equity / necessary margin * 100%) of not lower than 1,000%. It is also recommended to place a stop-loss to limit potential losses, and take profit to collect profits when it is not possible for the Customer to manage the Customer’s open positions.

3. The Customer shall be responsible for all financial losses caused by the opening of the position using temporary excess Free Margin on the Trading Account gained as a result of a profitable position (canceled by the Company afterward) opened at an error quote (spike) or a quote received as a result of a manifest error.

HIGHLY VOLATILE INSTRUMENTS

Some Instruments trade within wide intraday ranges with volatile price movements. Therefore, the Customer must carefully consider that there is a high risk of losses as well as profits. The price of derivatives financial instruments is derived from the price of the underlying asset to which the instruments refer (for example currency, stock, metals, indices, etc.). Derivative financial instruments and related markets can be highly volatile. The prices of instruments and the underlying asset may fluctuate rapidly and over wide ranges and may reflect unforeseeable events or changes in conditions, none of which can be controlled by the Customer or the Company. Under certain market conditions, it may be impossible for a Customer’s order to be executed at the declared price leading to losses. The prices of instruments and the underlying asset will be influenced by, amongst other things, changing supply and demand relationships, governmental, agricultural, commercial and trade programs and policies, national and international political and economic events, and the prevailing psychological characteristics of the relevant marketplace. Therefore, a stop-loss order cannot guarantee the limit of loss. The Customer acknowledges and accepts that, regardless of any information which may be offered by the Company, the value of Instruments may fluctuate downwards or upwards and it is even probable that the investment may become of no value. This is owed to the margining system applicable to such trades, which generally involves a comparatively modest deposit or margin in terms of the overall contract value so that a relatively small movement in the underlying market can have a disproportionately dramatic effect on the Customer’s trade. If the underlying market movement is in the Customer’s favor, the Customer may achieve a good profit, but an equally small adverse market movement can not only quickly result in the loss of the Customers’ entire deposit, but may also expose the Customer to a large additional loss. Some of the underlying assets may not become immediately liquid because of reduced demand for the underlying asset and the Customer may not be able to obtain information on the value of these or the extent of the associated risks.

FUTURES

Transactions in futures involve the obligation to make or to take, delivery of the underlying asset of the contract at a future date, or in some cases to settle the position with cash. They carry a high degree of risk. The gearing or leverage often obtainable in futures trading means that a small deposit or down payment can lead to large losses as well as gains. It also means that a relatively small movement can lead to a proportionately much larger movement in the value of your investment, and this can work against you as well as for you. Futures transactions have a contingent liability, and you should be aware of the implications of this, the margining requirements, which are set out below.

OFF-EXCHANGE TRANSACTIONS IN DERIVATIVES

Forex and precious metals are off-exchange transactions. While some off-exchange markets are highly liquid, transactions in off-exchange or non-transferable derivatives may involve greater risk than investing in on-exchange derivatives because there is no exchange market on which to close out an open position. It may be impossible to liquidate an existing position, to assess the value of the position arising from an off-exchange transaction, or to assess the risk exposure. Bid prices and Ask prices need not be quoted, and, even where they are, they will be established by dealers in these instruments and consequently, it may be difficult to establish what is a fair price.

FOREIGN MARKETS

Foreign markets involve various risks. On request, the Company must explain the relevant risks and protections (if any) which will operate in any foreign markets, including the extent to which it will accept liability for any default of a foreign firm through whom it deals. The potential for profit or loss from transactions on foreign markets or in foreign denominated contracts will be affected by fluctuations in foreign exchange rates.

CONTINGENT LIABILITY INVESTMENT TRANSACTIONS

1. Contingent liability investment transactions, which are margined, require you to make a series of payments against the purchase price, instead of paying the whole purchase price immediately. The Margin requirement will depend on the underlying asset of the instrument. Margin requirements can be fixed or calculated from the current price of the underlying instrument, it can be found on the website of the Company. If you trade in futures, you may sustain a total loss of the funds you have deposited to open and maintain a position. If the market moves against you, you may be called upon to pay substantial additional funds at short notice to maintain the position. If you fail to do so within the time required, your position may be liquidated at a loss and you will be responsible for the resulting deficit. It is noted that the Company will not have a duty to notify the Customer of any margin call to sustain a loss-making position.

2. Even if a transaction is not margined, it may still carry an obligation to make further payments in certain circumstances over and above any amount paid when you entered the contract.

3. Contingent liability investment transactions that are not traded on or under the rules of a recognized or designated investment exchange may expose you to substantially greater risks.

COLLATERAL

If you deposit collateral as security with the Company, how it will be treated will vary according to the type of transaction, and where it is traded. There could be significant differences in the treatment of your collateral depending on whether you are trading on a recognized or designated investment exchange, with the rules of that exchange (and the associated clearing house) applying or trading off-exchange. Deposited collateral may lose its identity as your property once dealings on your behalf are undertaken. Even if your dealings should ultimately prove profitable, you may not get back the same assets that you deposited and may have to accept payment in cash. You should ascertain from your firm how your collateral will be dealt with.

COMMISSIONS AND TAXES

Before you begin to trade, you should make yourself aware of all commissions and other charges for which you will be liable. If any charges are not expressed in monetary terms (but, for example, as a percentage of contract value), you should ensure that you understand the true monetary value of the charges. There is a risk that the Customer’s trades in any Financial Instruments including derivative instruments may be or become subject to tax and/or any other duty for example because of changes in legislation or his personal circumstances. The Company does not warrant that no tax and/or any other stamp duty will be payable. The Customer is responsible for any taxes and/or any other duty which may accrue in respect of his trades.

SUSPENSIONS OF TRADING

Under certain trading conditions, it may be difficult or impossible to liquidate a position. This may occur, for example, at times of rapid price movement if the price rises or falls in one trading session to such an extent that under the rules of the relevant exchange trading is suspended or restricted. Placing a stop-loss will not necessarily limit your losses to the intended amounts because market conditions may make it impossible to execute such an order at the stipulated price. In addition, under certain market conditions, the execution of a stop-loss order may be worse than its stipulated price and the realized losses can be larger than expected.

CLEARINGHOUSE PROTECTIONS

On many exchanges, the performance of a transaction by your firm (or a third party with whom it is dealing on your behalf) is guaranteed by the exchange or clearinghouse. However, this guarantee is unlikely in most circumstances to cover you, the Customer, and may not protect you if your firm or another party defaults on its obligations to you. On request, the Company must explain any protection provided to you under the clearing guarantee applicable to any on-exchange derivatives in which you are dealing. There is no clearinghouse for off-exchange instruments that are not traded under the rules of a recognized or designated investment exchange.

INSOLVENCY

The Company’s insolvency or default may lead to positions being liquidated or closed out without your consent. In certain circumstances, you may not get back the actual assets that you lodged as collateral and you may have to accept any available payments in cash or by any other method deemed to be appropriate. Segregated funds will be subject to the protections conferred by applicable regulations. Non-segregated funds will not be subject to the protections conferred by applicable regulations. Non-segregated funds will not be segregated from the Company’s money and will be used during the Company’s business, and in the event of the Company’s insolvency, you will rank as a general creditor.

THIRD-PARTY RISK

This notice is provided to you in accordance with applicable legislation. The Company may pass money received from the Customer to a third party (e.g. a bank, a market, intermediate broker, OTC counterparty, or clearinghouse) to hold or control to affect a transaction through or with that person or to satisfy the Customer’s obligation to provide collateral (e.g. initial margin requirement) in respect of a transaction. The Company has no responsibility for any acts or omissions of any third party to whom it will pass money received from the Customer. The third-party to whom the Company will pass money may hold it in an omnibus account and it may not be possible to separate it from the Customer’s money, or the third party’s money. In the event of the insolvency or any other analogous proceedings in relation to that third party, the Company may only have an unsecured claim against the third party on behalf of the Customer, and the Customer will be exposed to the risk that the money received by the Company from the third party is insufficient to satisfy the claims of the Customer with claims in respect of the relevant account. The Company does not accept any liability or responsibility for any resulting losses. The Company may deposit Customer money with a depository who may have a security interest, lien, or right of set-off in relation to that money. A Bank or broker through whom the Company deals with could have interests contrary to the Customer’s interests.