Terms and Conditions

Trading in Contracts For Differences (CFDs) carries a high level of risk to your capital.
You may incur profits or losses of many times the amount of your stake or the money you
originally deposit with us. Only trade with money that you can afford to lose. Debts
incurred through CFD trading are legally binding and enforceable. Make sure you fully
understand the risks involved and take advice if necessary. CFD trading may not be suitable
for all individuals. We strongly recommend that you read the Risk Warning notice that forms
part of these Terms and Conditions and is also available on our website.

If you are unable to understand any part of either these Terms and Conditions or the Risk
Warning or Execution Policy you should contact Harmonic Investment Group with your questions before agreeing
to them.

1. Scope
1.1 These Terms and Conditions are made between you (the "client" or "you") and Harmonic Investment Group
Suite 305, Griffith Corporate Centre, Beachmont, P.O. Box 1510, Kingstown, Saint Vincent and
the Grenadines and apply:

via the internet over the Harmonic Investment Group Online Trading Platform ("OTP"); or
via any Downloadable Trading Platform ("DTP") that Harmonic Investment Group offers.
This includes any Transactions placed by an Authorised Third Party or any person giving the
client's name, account number and/or password.

1.2 We will deal with you on the terms of:

these Terms and Conditions;
the Risk Warning notice;
your completed Application Form;
our Execution Policy;
any relevant software license; and
any additional terms and conditions issued by us, including those relating to
Accounts and/or other terms issued in respect of transactions contemplated by these Terms
and Conditions, which together are referred to as this "Agreement".

1.3 Clients should also be aware that the Contract Specifications contain important
information in relation to the underlying products associated with Transactions and further
information in relation to these is contained at Clause 11.

1.4 In agreeing to this Agreement you authorise Harmonic Investment Group to telephone or otherwise contact
you at any time whatsoever in order to discuss any aspect of your account with Harmonic Investment Group or
any aspect of Harmonic Investment Group or its Associated Companies business.

1.5 Each time you enter into a Transaction you signify and agree that all statements
concerning personal warranties and representations are repeated and that:

all information that you have provided us with (in your Application Form and subsequently)
is true and accurate in all material respects;
you agree to be bound by this Agreement;
you have read and fully understood this Agreement, including the Contract Specifications and
the Risk Warning;
if you are an individual, you are over 18 years of age;
the action of entering into a Transaction with Harmonic Investment Group is legal in the jurisdiction you
are currently resident and that you will not violate any law relevant to you;
you are, or your Authorised Third Party is, taking each and every Transaction on your own
behalf as principal and not as a third party representative;
if you are a company, in placing any Transaction or instruction you are duly authorised to
do so; and
any person authorised by you to trade or issue instructions on your behalf has read and
understood the Agreement and the Risk Warnings.
1.6 If any losses are incurred by you or by Harmonic Investment Group due to your breach of any warranty as
set out herein, you shall be liable for the total sum involved.

1.7 In agreement with you, Harmonic Investment Group may waive or relax any of these Terms and Conditions
from time to time. In particular, but without limitation, where these Terms and Conditions
specify certain Transaction Size or Margin requirements, Harmonic Investment Group may, but only on
agreement with you, allow you to breach such limits. Any liability accrued due to such
permission is your sole responsibility. Any agreement to waiver or failure to enforce any
part of these Terms and Conditions shall not constitute a waiver by Harmonic Investment Group to enforce
such rules at a subsequent time.

1.8 The English translation and interpretation of this agreement takes precedence over all
other translated versions of this agreement.

2. YOUR ACCOUNT AND TRANSACTIONS
2.1 You must open an Harmonic Investment Group account before us accepting any of your Transactions. You
must fill out and send us an Application Form either electronically (online), or in print
(form available on our website), or the one available with these Terms and Conditions. All
mandatory sections must be filled out and any information supplied must be true and correct
to the best of your knowledge. Any incorrect or unclear information supplied will result in
either an outright rejection of the application or at the very least a delay in the opening
of your client account.

2.2 In signing, or electronically remitting to us, the application form you are authorising
Harmonic Investment Group to make such searches as it sees fit to certify that the information that you have
supplied is full and correct. Such searches will include, but may not be restricted to,
information from the electoral register and any credit agencies approached by Harmonic Investment Group .

2.3 Harmonic Investment Group may periodically check your details to verify that the information supplied by
you have not changed. However, you must immediately inform Harmonic Investment Group in writing as to any
material change in your financial circumstances or any change in the information provided on
your Application Form (including change of employment, address, contact details and email).
In Harmonic Investment Group’s absolute discretion, it may accept such notification over the telephone or by
email. Any losses that may be incurred by misdirection of contract details, due to incorrect
or out of date email addresses supplied by you, are entirely your responsibility.

2.4 Harmonic Investment Group reserves the right to accept or reject any application for any reason at its
own discretion. Harmonic Investment Group also reserves the right not to disclose the reasons behind such
decisions to its clients.

2.5 Harmonic Investment Group reserves the right to close or suspend your account at any time by sending you
a written notice 5 working days in advance. Should Harmonic Investment Group exercise this right, all open
Positions shall be closed on Harmonic Investment Group’s current quoted price and no new trades will be
accepted. Any Position you may have in markets not quoted (i.e. that have closed for that
day) shall be closed at the first price reasonably available to Harmonic Investment Group on the next
business day or, in case the market is suspended for any reason, closed under the terms
contained herein.

2.6 Harmonic Investment Group shall be entitled to disclose information concerning you or your account
without prior reference to you, to any competent authority with jurisdiction over
Harmonic Investment Group’s business, or to any other person Harmonic Investment Group reasonably believes to be seeking a
reference or credit reference in good faith. Harmonic Investment Group is specifically entitled to disclose
such information to other similar companies who may be inquiring as to any bad debt or
liability.

2.7 It is your sole responsibility to inform Harmonic Investment Group as to whether information concerning
your account Transactions should be reported to your employer, including its compliance
officer, and as to whether contract notes and statements of your account should be sent to
that compliance officer or to any other person authorised by your employer to receive such
information.

3. Services by Harmonic Investment Group
3.1 Subject to you fulfilling your obligations under this Agreement, we may enter into
contracts with you in respect of the following types of Transactions:

Forward CFDs on single securities, baskets of securities, stock or other indices, base and
precious metals, commodities, and currencies (foreign exchange).
Such other investments as we may, from time to time, agree to offer in writing or online.
3.2 We will deal with you on an execution-only basis at all times.

3.3 We shall not provide you with any advice on the merits or suitability of you entering
into this Agreement or any Transaction contemplated by this Agreement and, will never
provide you with any investment advice although we may at our discretion provide you with
generic or factual information from time to time on the nature, the terminology and of the
procedures involved with such Transactions or concerning factual financial data information.
You should rely on your own judgment when deciding whether or not to enter into any
Transaction contemplated by this Agreement.

3.4 When we execute an order on your behalf, we will generally act in accordance with our
order Execution Policy. A summary of our current Execution Policy has been provided to you.

3.5 We provide Contract Specifications in relation to the services that we provide and
explaining various matters relating to this Agreement. You should read the Contract
Specifications thoroughly before entering into any Transaction. If there is any matter that
you do not fully understand then you should seek clarification from us before entering into
the Transaction.

3.6 Any Transaction with Harmonic Investment Group can only be made during Harmonic Investment Group Quoting Hours for the
market in question and within the Permissible Size(s) (unless otherwise agreed by
Harmonic Investment Group). These are further detailed in the Contract Specifications. The minimum and
maximum limits are set by us with reference to the normal market size for which prices are
available. Permissible sizes are also set according to any relevant exchange or market which
offer live price information. We provide current minimum and maximum limits upon request,
and are detailed in the Contract Specifications. We are entitled to vary these minimum and
maximum limits and it is your responsibility to ensure that you are aware of those
alterations before entering into any Transaction. We also have the right to waive any
Transaction Size limits with or without notifying you.

3.7 Our activities with you under this Agreement are likely to include margined
transactions. Margined transactions are detailed further in Clauses 7 and 8 found below.

3.8 Notwithstanding any other provision of this Agreement, in providing our services, we
shall be entitled to take any action we deem necessary in our absolute discretion to ensure
compliance with Applicable Laws. You agree to strictly abide by all Applicable Laws. If we
reasonably consider that you have not so complied, we reserve the right to terminate this
Agreement. Clients are especially reminded that this applies to all forms of market abuse
such as insider trading and to directors trading in shares of their own companies.

3.9 Harmonic Investment Group will not be liable for any losses incurred as a result of – and not limited to
- any interruption of power supply, electronic communication, information system, or any
event which prevents Harmonic Investment Group from supplying such information in one or more of the markets
in which it would ordinarily quote.

3.10 The client accepts that Harmonic Investment Group, including its trading platform(s), other related
systems, and relevant third parties may perform maintenance/updates or face a technical
failure that may include shutting down, restarting or refreshing its systems/servers to
ensure a more effective operation of its trading platform(s) and/or other related systems.
During system maintenance/updates, the client accepts that this may cause the trading
platform(s) or other related systems to be inaccessible for a period of time. In addition,
the client accepts that there may be mechanical, chart, software, quote, computer,
telecommunications and/or electronic system failure/issues. In the event of system
issues/failure/maintenance/updates, the client accepts that Harmonic Investment Group bares no
responsibility for any loss, including financial loss, due to any of the actions referred to
in this paragraph.

4. PLACING TRADES
4.1 Harmonic Investment Group is not obliged to accept any request to trade.

4.2 Transactions with Harmonic Investment Group can only be made via an OTP or a DTP. The OTPs and DTPs have
minimum computer software requirements (further information is available upon request).
Platforms will be regularly updated and it is strongly suggested that clients should
download and install aforementioned updates when prompted in order to achieve the most
efficient platform functionality.

4.3 Harmonic Investment Group quotes a two-way price in a Size acceptable to Harmonic Investment Group which involves a
spread between the buy and the sell price. As the Client you may buy at a higher price or
sell at a lower price.

4.4 When placing a Transaction, you must share your name and account number or username,
otherwise the transaction will not be permitted, even if it is to close an existing open
Position. Transactions performed over the telephone will only be accepted by Harmonic Investment Group upon
Transaction approval. The verbal acceptance of a trade by Harmonic Investment Group negates neither
Harmonic Investment Group's nor your rights in the event of a Pricing Error.

4.5 All calls to Harmonic Investment Group telephone lines are recorded, and you hereby agree to the
recording of such conversations. All OTPs and DTPs retain chronological histories of all
Transactions conducted over that medium (including Transactions entered by Harmonic Investment Group
following an instruction by telephone) and an electronic audit trail of all client activity
(although this is not guaranteed). All such records and recordings of telephone
conversations are the exclusive property of Harmonic Investment Group and may be used as evidence in any
dispute.

4.6 Before access is permitted to an OTP or a DTP you will be obliged to enter your username
or account number and password. When placing a Transaction via an OTP your confirmation will
take place via an email contract note. Transactions on a DTP will be confirmed via an
on-screen contract note. The contract is binding to both parties except for instances of a
Pricing Error. Harmonic Investment Group will treat Transactions placed via an OTP or a DTP as active on
receipt of such an instruction and of its acceptance. Transactions placed via an OTP or a
DTP will normally be confirmed at the time they are made by electronic means.

4.7 Your username, password and account number are extremely sensitive pieces of
information. Any Transactions made on your account either over the telephone, an OTP or a
DTP using either your username, account number or your password will be deemed as valid
Transactions. You must not disclose your username, account number or password to any person
(save disclosure of your account number to an Authorised Third Party pursuant to Clause 15).
You must immediately inform Harmonic Investment Group if you are aware or suspect that a third party has had
access to your username, account number or password or that any person other than you (or
your Authorised Third Party) is transacting on your account.

4.8 In the case of Transactions placed via an OTP or a DTP, Harmonic Investment Group is under no obligation
to recognise the domain from which a client is trading, and it is your sole responsibility
to ascertain the legality of placing trades from your local jurisdiction.

4.9 A Transaction can only be placed on a current valid Quote. A price may change at any
time after it has been quoted and before you have traded. A Quote made to you over the
telephone is only valid for that conversation and may not be available on any subsequent
telephone call. Quotes that have been given as 'indication only' are not valid and cannot be
traded unless otherwise agreed on by Harmonic Investment Group. Quotes that have been qualified or Quotes
that you have been told are no longer valid before you place your Transaction are also not
tradable.

4.10 In the case of Transactions placed via an OTP or a DTP you may only offer to place a
trade on the prices currently quoted on an OTP or a DTP. Such prices are indicative and on
receipt Harmonic Investment Group may, in its absolute discretion, reject or accept your proposed
Transaction. Due to the nature of online trading systems and the potential unreliability,
delays, misquotes of market price feeds, Harmonic Investment Group may in its absolute discretion remove or
delete Transactions and any associated Transactions (i.e. any trades closing subsequently
deleted trades) which have been made over an OTP or a DTP which in the opinion of Harmonic Investment Group
do not reflect the actual market prices at the time of the placement of the relevant
Transaction. Harmonic Investment Group will not be responsible for losses or potential losses you sustain
due to trade on rejected or cancelled Transactions. Harmonic Investment Group Harmonic Investment Group is not responsible
or liable for losses made with other companies on Transaction undertaken in reference to a
rejected or cancelled trade.

4.11 The spot foreign exchange and commodities markets can experience extreme price
volatility often referred to as "Hectic or Fast Market", it is particularly common during
material economic or political events, such as news releases and monetary policy change.
During such times it is common practice for the Capital Markets to execute orders manually
and widen spread and place less reliance on automated systems. This practice can affect
online price providers and may slow down their service to customers, increase re-quotes,
human errors due to the extra time required to analyse the event and determine the fair
market price. This may cause significant delays in trade execution and order processing
while rates are cross-referenced to ensure valid execution. Harmonic Investment Group relies more on
automated systems and executes trades automatically using its servers to reduce delays,
re-quotes and human errors and we maintain our fixed spread (except during very hectic
market or holidays), therefore, protecting our clients’ stop-losses. Based on this, and to
keep you informed of our policy in this regard, please note that Harmonic Investment Group reserves the
right to cancel any trade that has been confirmed by our automated system during major news,
figure releases or fast market that does not reflect the actual market price or price delays
due to inevitable latency issue, thus preventing traders from abusing our automated system
or fixed spread.

4.12 Harmonic Investment Group does not allow scalping where the trading style is abusing our Automated
Services for short term gain. Such actions include sniping and hunting for on old price,
wrong quotes, trading during illiquid market, trading during fundamental releases/news
releases where the price on Harmonic Investment Group Market watch could be delayed due inevitable latency
issue or trade using expert advisors or other robots for abusive purposes. Customers are
urged to trade ethically and not to try to take advantage of our competitive services.
Customers will solely be held liable and will indemnify Harmonic Investment Group from any damages or losses
that may result from cancelling such trades. Clients are not permitted to Scalp or snipe.

5. TRADING
5.1 Clients should note that they are trading on the outcome of the price of a financial
derivative, and will not be entitled to the delivery of, or be required to deliver, the
underlying product.

5.2 This trading does not occur on an exchange. Rather the trading occurs off-exchange or
over-the-counter (OTC). As a result, Harmonic Investment Group enters directly into a contract with you in
respect of the financial instrument you wish to trade.

5.3 Harmonic Investment Group reserves the right to discontinue an Islamic/SWAP-free account by sending a
24-hour notice. Harmonic Investment Group will invoke this right in case of suspicion of abuse, in which
case Harmonic Investment Group may, at its sole discretion, decide to close all open positions in the
account and deduct or add swaps for all transactions currently and/or previously made in the
account. Harmonic Investment Group also reserves the right to decline accepting any further requests from
the Client to be exempted from SWAP.

5.4 The above provisions shall apply with respect to any constituent security of a
securities basket or securities index, and are also subject to any such adjustment being
scaled back in proportion to the respective weighting of the affected security within the
securities basket or securities index as we reasonably consider appropriate.

5.5 If a share becomes subject to a takeover offer, suspension, merger and stock split,
Harmonic Investment Group reserves the right to close any or all trades at the closing of the day or the
last closing trading price before the amendment.

5.6 Certain market conditions may make it impossible to close a single share Transaction
with sizable market consideration in full at one price. Such a Transaction may instead be
closed at a price reflecting the price at which Harmonic Investment Group is able to transact any relevant
underlying hedge, but only during the trading hours of the Underlying Market (whether or not
the relevant Transaction was opened during or outside the Underlying Market trading hours).

5.7 If the Underlying Market in relation to an existing open Position held by you becomes
illiquid in any fashion, leaves Harmonic Investment Group unable to purchase a sufficient amount of either
the underlying shares or contracts to cover your Transaction or Position or is unable to
borrow the same in the open market, Harmonic Investment Group reserves the right to close all or part of any
such Transaction or Position at the current Harmonic Investment Group Quote.

5.8 8 If a share or an Underlying Market is subject to dividends or fundamental news
announcement, and the client with an existing open position in the same shares, Harmonic Investment Group
may close partial or all position in shares to bring the equity/margin level above 200%.

5.9 If you are trading in concert whereby multiple clients are placing identical trades,
then Harmonic Investment Group may at its sole discretion treat this as one Trade. Therefore, if the
combined size is greater than the liquidity of the market and slippage occurs, all clients
may be treated the same, regardless of their individual stake size and filled at the same
level, which will be where Harmonic Investment Group was able to realistically trade in the Underlying
Market.

6. OPEN POSITIONS
6.1 Positions may be closed at any time within Harmonic Investment Group's Quoting Hours (except where the
relevant market is suspended or not available for whatever reason) unless Harmonic Investment Group notifies
you otherwise. Harmonic Investment Group may accept closure of Positions at other times dependent upon the
market but is not obliged to do so.

6.2 You are not required to close a Position prior to the Expiry Date provided that your
account is not in deficit. However, in certain circumstances and in accordance with these
Terms and Conditions, Harmonic Investment Group shall be entitled or may be required to close your Position
prior to their Expiry Date notwithstanding that your account is not in deficit.

6.3 If the Expiry Date of a Transaction is not a recognised business day of the relevant
Underlying Market, then the business day immediately preceding the one stated will be
considered as the Expiry Date unless an alternative is specifically stated in the Contract
Specifications or Harmonic Investment Group notifies you otherwise.

6.4 Open Positions will automatically close on their Expiry Date and at their expiry time
(as are detailed in the Contract Specifications) at the Harmonic Investment Group closing price on that day.
We ask our customers with existing open interest (futures) to take notice of our market
information sheet and act accordingly.

7. NEW ORDERS, STOP LOSS ORDERS AND LIMIT ORDERS
7.1 There are generally two basic order types available:

New Orders; and
Stop or Limit Orders.
7.2 New Orders are orders that are not connected to an existing open Position (although they
may close existing Positions – unless Harmonic Investment Group expressly agree otherwise. For more
information, refer to 6.2) if, when executed, they create trades that are opposite to
existing open Positions.) Harmonic Investment Group will accept the following types of new orders:

Good until means that the order will remain in effect until the time and date requested by
you when placing the order, or until Harmonic Investment Group ceases to quote the relevant market
(whichever is sooner).
Good For Day" means that the order will remain in effect until the end of the Harmonic Investment Group
Quoting Hours for the relevant market for that day;
Good Until" means that the order will remain in effect until the time and date requested by
you when placing the order or until Harmonic Investment Group ceases to quote the relevant market (whichever
is the sooner).
7.3 All Good Till Cancelled/Good for Day/Good Until orders are based on an Our Quote basis.

7.4 Good Till Cancelled order will only be valid during Harmonic Investment Group's Quoting Hours for the
market concerned. If there is any gap between the close of the market as quoted by Harmonic Investment Group
on one trading session and its subsequent reopening, either on the next session or, in the
case of a Force Majeure, whenever Harmonic Investment Group reopens said market, the Client's Stop will be
executed at the Harmonic Investment Group Quote based upon the first price that Harmonic Investment Group is reasonably able
to obtain in the Underlying Market.

7.5 Any orders placed as Stop-Losses on open Positions shall:

Be deemed Good Until Cancelled or until the contract expires or until such time as you close
the relevant Position;
Be deemed to be in respect of Harmonic Investment Group Quote/Our Quote; and
Be valid in respect, solely, of the market in Harmonic Investment Group accepted the order and not for any
other.
7.6 In respect of markets quoted by Harmonic Investment Group outside the trading hours of the relevant
Underlying Market, all orders are based on Harmonic Investment Group's Quote/Our Quote, and may be filled at
the Harmonic Investment Group Quote based on a price, which is in Harmonic Investment Group's opinion, fair and reasonable
in light of prevailing world markets at that time.

7.7 Harmonic Investment Group will accept orders placed in any market during the hours in which Harmonic Investment Group
offers a Quote in said market. However, no orders stops of any kind in any market will be
executed outside of the Harmonic Investment Group quoting hours for that market except by agreement with
Harmonic Investment Group. Upon the opening of any market quoted by Harmonic Investment Group any currently actionable Stop,
Limit or New Order will be filled at the first Quote for the relevant market that Harmonic Investment Group
is reasonably able to obtain with reference to the Underlying Market, and the size of the
order in question.

7.8 8 It is your responsibility to cancel any order that you no longer require. Any
uncancelled order placed by you may be filled by Harmonic Investment Group and may therefore cause losses to
which you will be liable. In the case of Stop-Loss orders, if the related Transaction is
closed by you, the Stop-Loss order will be deemed automatically cancelled. If the underlying
Stop-Loss on any open Position was actionable before you closed the open Position, Harmonic Investment Group
may at its sole discretion adjust the closing price of your trade to reflect the Stop-Loss
price.

7.9 An order will be executed when the Harmonic Investment Group Quote reaches the price specified in your
order or trades through the price specified. All Quotes are based upon an Underlying Market
that is sourced from either a recognised global exchange (LSE, NYSE, LIFFE etc) or from a
wholesale counterparty (a quoting bank or market maker). Our Quote may be higher or lower
than the Underlying Market due to interest rate costs, dividends, scrip issues, stock
splits, competitors' quotes or the weight of client business. The understanding of the
definition of Our Quote is very important for the correct operation of your account. If you
do not understand any part of its description we strongly recommend that you contact
Harmonic Investment Group for an explanation.

7.10 Harmonic Investment Group is not obliged to inform you if an order is filled. It is solely your
responsibility to ensure that you know at all times as to whether any order has been filled,
or is still active, and if you are in any doubt whatsoever as to deal acceptance, it is your
sole responsibility to contact Harmonic Investment Group immediately, first by telephone in order to obtain
clarification as to the validity of any Transaction.

7.11 Once a Stop, Limit or New Order level is reached Harmonic Investment Group may, at its sole discretion,
allow a client to amend this order before it has been actioned by Harmonic Investment Group. Although,
receipt of any confirmation of an order amendment is not binding to Harmonic Investment Group, Harmonic Investment Group
may, at its sole discretion, decide to execute the original order if the activation of that
order occurred before the amendment was made. Harmonic Investment Group shall not be liable for any
Positions generated by the clients' assumption of non-activation of a fairly executed order.

7.12 Unless otherwise stipulated, no orders are guaranteed, and are subject to Gapping
(which is detailed below at 7.14).

7.13 If a New Order is subject to Gapping (see 7.14) on activation, and the order is
actioned at a price that would also have activated any associated Limit or Stop orders, then
the Position will immediately be closed with a loss to the client of the prevailing
Harmonic Investment Group quoted spread for that market.

7.14 In this Agreement, "Gapping" refers to an occurrence whereby the market moves from one
quoted price to another, with the latter being significantly different from the first. Where
such an event happens and the second quote is through an order level (Stop Loss, Limit or
New Order), when the first quote was not, this may trigger a Gapping event.

There are a variety of reasons why this might happen. Some of the more usual are listed
below, but this list is by no means exhaustive.

7.14.1 because the particular Underlying Market on which the order is placed has opened and
started trading at a price significantly different from the previous session closing price;

7.14.2 Accordingly you must understand the potential impact of these events on any Order
that you have on your account.

All orders (Stop, Limit or New Order) are subject to slippage on the open market. In a
situation where slippage occurs during trading hours, any buy order (new or limit) below the
market, sell order (new or limit) above the market, sell orders (closing or stop) below the
market or buy orders (closing or stop) above the market may be subject to slippage. If any
market gaps from one quoted price to another are due to market sensitive pieces of
information (such as a profit warning or an economic data release), then any order in place
between these prices will be activated.

7.15 Where a series of orders may be filled to close existing open Positions and/or open new
Positions then these orders will be filled by Harmonic Investment Group in any sequence determined by
Harmonic Investment Group. If this results in subsequent orders having insufficient Trading Resources for
activation, then these orders will be cancelled. Harmonic Investment Group will not look at an order filling
sequences that may result in one order being filled and another failing Harmonic Investment Group will fill
orders as and when they are seen by Harmonic Investment Group, and at our sole discretion.

8. MARGIN CALCULATIONS
8.1 In general Harmonic Investment Group only allows its clients to trade on Deposit Accounts (where money
must be deposited before trading can commence).

8.2 You agree to provide and maintain your account at all times such Margin as is necessary
to cover the Margin Requirement. Your agreement is repeated for every Transaction entered by
you and shall relate separately to each account, if you have more than one account with us.

8.3 The minimum level of cleared funds that you are required to maintain on your account at
any particular time as margin – against any open positions – is referred to as the Margin
Requirement. Harmonic Investment Group may, at its sole discretion, alter the Margin Requirements on your
account.

8.4 Harmonic Investment Group will normally monitor the amount of Margin available for any Transaction, but
reserves the right to demand further Margin than may have been originally requested. In
circumstances during high market volatility or depending on the weight of customer business
or the trading style or before an important fundamental releases or due to general increase
of margin for an instrument in the exchange or at the closing of the week, Harmonic Investment Group
reserves the right to increase the margin requirement by reducing the leverage offered
and/or to increase the stop out level (equity/margin) from the agreed level up to 100% by
giving a written notice. In such cases if the stop out level is below 100%, then Harmonic Investment Group
will hedge the positions, or partially close them to bring the equity/margin to above 100%.
Customers will solely be held liable from any damages or losses that may result from closing
the position/positions.

8.5 Harmonic Investment Group maintains the right to close any client position/positions when stop out level
(equity/margin) falls to 0% of the total margin requirement, or the level agreed with the
client. In case the balance or equity becomes negative as a result of stop out, Harmonic Investment Group
reserves the right to claim the balance from the client to adjust the equity back to zero.
As stated in clause 8.4, Harmonic Investment Group reserves the right to increase the stop out level by
giving a written notice to the client.

8.6 An order placed as a Stop Loss for a position may not necessarily reduce the Margin
Requirement.

8.7 Notwithstanding any other provision of this Agreement, Harmonic Investment Group is entitled, in its
absolute discretion, to permit any trade for a Size which is above the recognised maximum
single Size for a particular market.

8.8 The minimum IMR for any market and stop out level may be changed from time to time by
Harmonic Investment Group without notice to you (for example, during volatile market conditions, or due to
the illiquid nature of any Underlying Market). These new margin requirements and stop out
level will be applied to all your existing Positions as well as any new Transactions. Most
contracts’ Minimum IMR is set out in the Contract Specifications, which are correct at the
time of publication. Margin Requirements, which are not set out in the Contract
Specifications or which have changed since the date of publication of the Contract
Specifications will be quoted on request or posted on the website. It is your responsibility
to ensure that you are using the most recent margin requirements applicable.

8.9 Occasionally, new or temporary markets are created. These markets attract their own
margin requirement that may not be published, but will be available on demand.

8.10 You undertake to provide us with, and to maintain on your account, at all times,
sufficient cleared funds in order to meet the margin requirement. Such undertaking shall be
deemed to be repeated each time you open/enter into a Transaction. Failure to meet your
margin obligations at any time is a Default Event and may result in us closing out your open
Positions without prior notice.

8.11 Neither the funds on your account nor the margin applied to your Position(s) represent
your total financial liability to Harmonic Investment Group.

8.12 Harmonic Investment Group reserves the right to increase margin requirements prior to the release of a
dividend. If you hold long positions on the ex-div date, you will receive a dividend in the
form of a cash adjustment (deposit). If you hold a short position on the ex-div date, you
will be charged the dividend amount in the form of a cash adjustment (withdrawal).

9. MARGIN CALLS
9.1 It is your responsibility to monitor your open Positions and all other relevant factors
used to calculate Margin payable. Harmonic Investment Group is not obliged to make Margin Calls of you at
all or within any specific time period. We shall not be liable to you for any failure by us
to contact you or attempt to contact you.

10. FEES AND PAYMENTS
10.1 In addition to Margin payments (as required and detailed above at Clauses 7 and 8
above), you agree to pay to us such sums of money as may from time to time be due to us as a
result of a Transaction or Position (including any charges and/or commissions detailed from
time to time in the Contract Specifications). Such sums as may be required in or towards
clearance of any debit balance on any account.

10.2 You will pay:

All applicable Value Added Tax (VAT), other taxes and all other fees reasonably incurred by
us in connection with any Transaction.
Any changes to tax laws, which result in future imposition of stamp duty, capital gains tax
or other tax, which may from time to time be levied on Transactions shall be for your
account.
You may be liable for other charges and taxes that are not imposed by us.
You are solely responsible for the timely payment of such charges and taxes.
You should seek independent advice if you are in any doubt as to what further charges or
taxes may apply to you as a result of you entering this Agreement.
10.3 You will be liable for any taxes or charges imposed by the credit or debit Card Company
(or any other provider) used to deposit funds on to your account. Harmonic Investment Group will not be
responsible for any non-payment and will not be liable for any proceedings or further
charges resulting from non-payment of such charges.

10.4 You agree that we may share commissions and charges with our Associated Companies,
Trading Partners or other third parties or receive or pay remuneration from or to the same
in respect of Transactions we have entered into with you. Details of any such remuneration
or sharing arrangements (in the instance of you being introduced to us via a third party)
will not be set out in the relevant contract note. Please note that such commissions and
charges will only be paid where we deem it satisfactory that such payments do not impair our
obligation to act in the best interests of our client.

11. TRANSACTION SPECIFICATIONS
11.1 The Contract Specifications provide important information in relation to each market
offered by Harmonic Investment Group. Clients are strongly advised to ensure they understand the totality of
those specifications. The information provided in the Contract Specifications includes:

Contract months available in each market;
Harmonic Investment Group buy/sell spread and/or commission rate for each market;
Min IMR requirements for each market;
Basis of settlement;
Last day of dealing;
Transaction Size specifications;
Harmonic Investment Group Quoting hours (in normal trading conditions the various trading times are set out
in the Contract Specifications and all times stated in the Terms and Conditions and Contract
Specifications relate to UK time);
The applicable interest rate for Overnight Financing; and
Other matters pertinent to various markets.
11.2 Harmonic Investment Group has to the best of its ability insured that the Contract Specifications are
correct but Harmonic Investment Group reserves the right to amend any part of the Contract Specifications at
any time.

11.3 Current spreads and/or commission rates on contracts will be quoted to you upon
request. Harmonic Investment Group reserves the right to vary spreads or commission rates on any contract or
vary the Size specifications without notice especially in, but not limited to, volatile
market conditions and/or illiquidity of the Underlying Market. At Harmonic Investment Group's discretion,
quoted spreads made via the telephone may differ from the spreads available on an OTP or a
DTP.

12. EXPIRY OF FUTURE CONTRACTS
12.1 Harmonic Investment Group does not roll-over dated OTC Future contracts. All positions that remain open
at expiration will be closed at the Harmonic Investment Group closing price on that day. Next month’s
contracts will be available for trading at least four days before front month expiration.
Therefore, it is the sole responsibility of the client to take notice of expiries and act
accordingly.

13. ACCOUNT SETTLEMENT AND SET OFF
13.1 If your account Balance is in debit, the full amount of that balance is due
immediately. Payment must be made in the currency in which the debit balance is denominated
(or by agreement with Harmonic Investment Group and at an exchange rate designated by Harmonic Investment Group the amount
may be transferred in a currency of your choice).

13.2 Harmonic Investment Group will require immediate payment of any debit Account Balance. Accepted methods
of payment are:

Swift transfer,
Debit/credit card
Any other method of immediate electronic transfer acceptable to Harmonic Investment Group
Payment are required to be made by 2:00pm on the same business day the debit account balance
became due. Harmonic Investment Group is entitled to refuse payment by cheque without notice and without
giving any reason.

13.3 Harmonic Investment Group reserves the right to, and shall be entitled to charge interest on all sums
payable to Harmonic Investment Group under these Terms and Conditions, which are not paid within 5 days of
their due date until payment is made in full. Harmonic Investment Group shall charge you 2% per calendar
month or part thereof cumulative on the sum owed to Harmonic Investment Group. Harmonic Investment Group will require
reimbursement for any and all costs it may suffer or incur if you fail to make payment in
due time for any reason whatsoever.

13.4 Harmonic Investment Group has the right to debit your account, or any other account in which you hold
any interest, costs, interest or expenses incurred in recovering said debt. All debts to
Harmonic Investment Group are recoverable in law. Harmonic Investment Group will actively pursue any due sum
(notwithstanding the size).

13.5 Unrealised profits will under no conditions be paid or be available for electronic
withdrawal or offset your obligation to pay your realised losses.

13.6 Harmonic Investment Group shall be entitled to keep hold of funds which are required to cover adverse
cash positions, Margin Requirement, any uncleared funds (i.e. cheques or credit card
payments), realised losses and any other amount due under this Agreement.

13.7 Harmonic Investment Group may at any time set off any liabilities owed by it to you against any amount
owed by you to Harmonic Investment Group. Harmonic Investment Group reserves the right, without notice to you and in its
absolute discretion, to consolidate any or all of your accounts of whatever type or
description, or any accounts in which you have a part or management function or oversight
interest.

13.8 Without prejudice to any part of this Agreement, Harmonic Investment Group shall be entitled to require
the settlement of all open Positions at any time and with immediate effect. Such settlement
shall be made at the prevailing Harmonic Investment Group Quote (Our Quote) for each trade at the time of
settlement, or at the first time that such a settlement may be practicably made. The
settlement amount, in respect of each open Position, shall be calculated by Harmonic Investment Group at its
sole discretion as the difference between the opening value of each trade and its value on
the settlement price.

13.9 For the avoidance of doubt, we shall be entitled at any time to deduct, without notice
or recourse to you, any monies deposited in or credited to your account in error by us or on
our behalf.

14. CONFLICTS OF INTERESTS
14.1 Harmonic Investment Group recognises that there is the risk that, under certain circumstances,
directors (including non-executive directors), employees, associates, consultants or any
other person directly or indirectly related to Harmonic Investment Group may hold interests, financial or
otherwise, and benefits that may be in conflict with the best interests of the clients
possibly damaging the client’s interests. This is known as a conflict of interest.

14.2 To prevent and to minimise the risk of conflicts of interest, Harmonic Investment Group has adopted a
number of systems and procedures which set out how it will seek to identify and manage all
material conflicts of interests. These are detailed in our Conflicts of Interest Policy
which may be found online.

14.3 If you wish to have further information on our Conflicts of Interests Policy, or on any
specific conflict of interest that you think might affect you, please contact us.

15. AUTHORISED THIRD PARTY
15.1 Harmonic Investment Group recognises that in some circumstances it may be necessary or desirable for
you to authorise someone to manage your account. You do so at your own risk, and both you
and the person you wish to authorise to operate your account, will be required to execute
and deliver to Harmonic Investment Group a letter in the form of a signed Power of Attorney document
authorising and appointing such person (an "Authorised Third Party") to operate your
account.

15.2 If you have opened an account electronically, and we do not have your original
signature, you will not be able to appoint an Authorised Third Party until such time as you
furnish us with an independently verified example of your signature (i.e. photocopy of your
passport or driving license).

15.3 You will be held fully responsible for all actions of the Authorised Third Party.
Harmonic Investment Group shall be entitled to accept instructions from such Authorised Third Party until
receipt of a written notice from you stating that the authority of the Authorised Third
Party is revoked. Such written notice must be sent to Harmonic Investment Group Client Services department
by registered mail or by personal delivery countersigned by an officer of Harmonic Investment Group. Upon
receipt of this instruction Harmonic Investment Group shall change your account number and any passwords
attributable to it. In any event, Harmonic Investment Group shall be entitled, and without notice to you, to
refuse accepting instructions from any Authorised Third Party, and to treat the appointment
of any such Authorised Third Party as terminated.

16. TERMINATION
16.1 You may terminate this Agreement immediately by giving written or verbal notice to us.

16.2 You can contact us at any time via email, writing or telephone to instruct us to close
your account. We will only close your account if you have no monies owing to us. Any open
Position shall be closed in accordance with Clause 9.5 above. Any losses incurred on your
account prior to the closure of the account shall be deemed to be immediately payable by
you.

16.3 You specifically and unconditionally agree that Harmonic Investment Group has the right to close or
suspend your account with immediate effect in any of the following events:

you are in breach of this Agreement (the Terms and Conditions);
you have made any material misrepresentation to Harmonic Investment Group;
you fail to provide information requested in relation to any verification undertaken by
Harmonic Investment Group;
you act in a rude or abusive manner to employees of Harmonic Investment Group; or
Harmonic Investment Group at its sole discretion decides to terminate your account.
16.4 If either party terminates this agreement all open Positions shall be immediately
closed on the current quote made by Harmonic Investment Group or, in the case where any market is closed for
any reason, at the next available quote reasonably made by Harmonic Investment Group on the reopening of
said market. No new trades shall be accepted by Harmonic Investment Group.

16.5 No penalty will be payable by either party on termination of this Agreement and
termination will not affect any accrued rights. On termination by either party, we may
consolidate all or any of your accounts and may deduct all amounts due to us before
transferring to you any credit balances to your account.

16.6 At any time after the termination of this Agreement, we may without notice, close out
any of your Positions.

16.7 Further, if an Insolvency Event or Default Event occurs Harmonic Investment Group may (but is not
obliged to):

Close (in whole or in part) all or any open Positions held by the client. Any profits or
losses attributable to such trades shall be settled immediately;
close all of your accounts and refuse to accept any new instructions or trades from you;
impose stop orders on all open Positions; or
Take any reasonable action to safeguard the interests of Harmonic Investment Group. Such action to be judged
solely by Harmonic Investment Group.
17. CLIENT MONEY
17.1 Harmonic Investment Group will treat money received from you or held by us on your behalf in our
Clients Monies bank accounts.

17.2 Harmonic Investment Group will hold all Client Money in client bank accounts.

17.3 It is not our policy to pay interest to you on any of your money held by Harmonic Investment Group.

17.4 In the event that there has been no movement on your account balance for a period of at
least six years (notwithstanding any payments or receipts of charges, interest or similar
items), and we are unable to trace you despite having taken reasonable steps to do so, you
agree that we may cease to treat your money as client money, we shall make and retain
records of all balances released and undertake to make good any future valid claims against
released balances.

17.5 You may not assign any part of your profits or losses to a third party. A third party
may not place any funds in your account or withdraw funds from your account. All withdrawals
from your account balance must be payable directly to you (by means of a cheque SWIFT or
debit/credit card payments).

17.6 Due to fraud prevention measures and in accordance with money laundering regulations
Harmonic Investment Group will only refund monies back to where they came from. Where monies have been
deposited by card the funds will be returned to that card where possible and where not
possible Harmonic Investment Group may require sight of original bank statements showing original fund
transfer to Harmonic Investment Group before refunding to the said bank account.

17.7 Where monies have been deposited by bank transfer Harmonic Investment Group may require sight of the
original bank statement showing the deposit of the transfer before any refund is made.

17.8 Where bank accounts have been closed, Harmonic Investment Group may require a letter from the
originating bank stating that the account has been closed and there are no funds owed to the
bank. Before Harmonic Investment Group refunds the new bank account, it may require sight of the original
deposit transfer statement from the closed account and sight of an original new bank account
statement.

17.9 In reference to this Clause, if Harmonic Investment Group's records show a discrepancy between card
details and Harmonic Investment Group's account details as supplied by you, Harmonic Investment Group may require sight of
original bank statements, or any other relevant evidence, to confirm your new status before
processing a refund.

18. FORCE MAJEURE
18.1 Force Majeure events are exceptional, unusual, or emergency market conditions which may
prevent Harmonic Investment Group from performing any or all of its obligations hereunder. They include,
without limitation:

markets that, in Harmonic Investment Group's reasonable assessment, are in an emergency or exceptional
state;
the suspension or closure of any market upon which we base our quotes, or the imposition of
limits or special or unusual terms on the trading in any such market;
the occurrence of any speculative movements, which in our reasonable assessment, distort the
level of prices in any market quoted by us;
compliance with any law or government order rule regulation or direction;
an event, which prevents Harmonic Investment Group from making orderly markets in any contract normally
quoted by Harmonic Investment Group for the purposes of making Transactions;
any abnormal loss of liquidity in any of the markets quoted, or the reasonable anticipation
of such occurring, or the event of excessive volatility, as reasonably assessed by
Harmonic Investment Group, in any market normally quoted by Harmonic Investment Group, or of the anticipation by Harmonic Investment Group
that such a situation may occur;
any act, event or occurrence including any strike, riot or civil commotion, terrorism,
interruption of power supply, or electronic communication or information system technical or
communication problems or other act of god caused through loss of power which prevents
Harmonic Investment Group from providing a normal
Transaction service.

18.2 If we conclude in our reasonable assessment that a Force Majeure situation exists then
we may in our absolute and sole discretion:

suspend trading and/or amend Harmonic Investment Group Quoting Hours for all or any markets;
increase deposit/Margin requirements and/or amend credit limits in the case of Credit
Accounts;
close any or all open Positions;
refuse to take any further Transactions even if such Transactions would be closing trades;
immediately require payment of Margin and/or any other amounts you may owe Harmonic Investment Group;
cancel or fill any orders in each case at such levels as we consider in good faith and in
our sole discretion to be fair and reasonable in the circumstances;
reduce the maximum Transaction Size allowable;
vary any spreads quoted by Harmonic Investment Group;
suspend or amend any part of these Terms and Conditions to the extent that it is impossible
or unreasonable for Harmonic Investment Group to conform to them; or
take such actions as Harmonic Investment Group deem proper in the circumstances to defend our clients and
ourselves as a whole.
18.3 In the absence of fraud or bad faith, Harmonic Investment Group shall not be liable to you for any
losses you may suffer by reason of any action it may take in accordance with this Clause.

19. CONFIRMATIONS, QUERIES, COMPLAINTS AND COMPENSATION
19.1 Upon entering into any Transaction or order or amendment of an order, or any
cancellation of an order, Harmonic Investment Group contract notes will be:

displayed on screen in relation to a DTP Transaction; or
In respect of orders placed via the telephone: (a) emailed to you where those orders are in
respect of a product provided on an OTP; or (b) available to view on screen in relation to
Transactions made via a DTP.
19.2 Any material action affecting your account will trigger an email and/or an on-screen
confirmation. The absence of an email confirmation or on-screen confirmation of an action on
your account will not affect the validity of any Transaction or any placed order.

19.3 It is solely your responsibility to keep yourself fully up-to-date in respect of all
your Transactions and Positions. As soon as you receive any contract note you must check it
to make certain that it is correct. The sooner that Harmonic Investment Group is made aware of any error or
problem, the sooner we will be able to look into or correct it. Please make sure to
regularly check your online statement.

19.4 Your account statement will be available online at any time unless Harmonic Investment Group suspends
your account, an OTP or a DTP are unavailable for any reason.

19.5 If you receive a contract note for a Transaction or filled order that you allege has
not been transacted by or for you, Harmonic Investment Group must be notified immediately. If you do not
receive a contract note for a Transaction you have placed (or believe you have placed) you
must notify Harmonic Investment Group immediately.

19.6 If you think that any contract note or statement contains any error you must notify
Harmonic Investment Group immediately.

19.7 Any query or dispute in respect of any trade or conversation, together with details of
the time and date of the trade or conversation must be communicated to Harmonic Investment Group as soon as
you become aware of it. If the dispute or complaint is not satisfactorily resolved it should
be referred, again with all details, to the Client Services team of Harmonic Investment Group.

19.8 In the event of any query or dispute Harmonic Investment Group may, at its discretion, immediately
close, at the prevailing Harmonic Investment Group quote or the first such quote available, any Position
that is in dispute. Harmonic Investment Group will not reopen or reinstate any such closed trade regardless
of the subsequent results of the dispute.

19.9 Client money will be deposited into a client bank account. In the event that Harmonic Investment Group
became insolvent, all client money held in the third party bank account would be protected.
In the event that the third party bank became insolvent, you may be entitled to compensation
from the Scheme if the third party bank were unable to meet their obligations. This depends
on the type of business you undertake, your status, and the circumstances of the claim.

20. ALTERATIONS TO THESE TERMS AND CONDITIONS
20.1 These Terms are subject to alteration by notice to you. Any alteration shall be
effective immediately on service in accordance with Clause 21 and shall apply to all open
Positions and unfilled orders as at and after the effective date of the change.

21. NOTICES
21.1 All notices will be sent to clients of Harmonic Investment Group via the email messaging medium and
unless Harmonic Investment Group receives a 'failure to deliver' message all such messages will be deemed to
have been received by you. Any alteration of your email address must be communicated
immediately to Harmonic Investment Group. Any losses incurred by you through non-receipt of notification or
confirmation (in the case of trades or orders placed) are payable by you. Harmonic Investment Group accepts
no responsibility for non-receipt by you of any such notification or confirmation.

21.2 Any request by Harmonic Investment Group that you make contact with us, for whatever reason, should be
regarded as vital and should be acted upon immediately.

21.3 Where Harmonic Investment Group is not notified, nor receives notification from the Client that any
notice or other communication has been received by the Client, it shall be deemed to have
been duly served the Client:

if hand delivered at the Client's last known home or work address, or when actually given in
person to the Client;
if given orally over the telephone, or in a face-to-face exchange with the Client (or person
claiming to the Harmonic Investment Group representative to be the Client), when it has actually been given;
if given by leaving a telephone answering machine message, text message or voice mail
message, two hours after the message being left on the relevant medium;
if sent by first class post two business days after posting of same;
if sent by fax, upon completion of its transmission, provided that a transmission
"successful" notification has been received by Harmonic Investment Group; or
if sent by email upon receipt of a delivery notice by Harmonic Investment Group.
21.4 Any notice or other communication given or made under or in connection with the matters
contemplated by this Agreement shall, except where oral communication is expressly provided
for, be in writing and shall be sent to support@harmonicgroups.com

22. LIMITATIONS OF LIABILITY
22.1 These Terms do not limit or exclude any liability arising out of fraud or for death or
injury arising by reason of Harmonic Investment Group negligence.

22.2 Subject to all other provisions of these Terms and Conditions and the Agreement,
Harmonic Investment Group is liable to you to pay you your realised available profits. The foregoing is
Harmonic Investment Group's entire liability to you.

22.3 You shall indemnify us and keep us indemnified on demand in respect of all liabilities,
costs, claims, damages and expenses of any nature whatsoever (present, future, contingent or
otherwise and including legal fees) which we suffer or incur as a direct or indirect result
of a breach by you of your obligations under this Agreement or under the laws and
regulations in force or us exercising our rights under in relation to the Default Event
provisions detailed in these Terms and Conditions, unless and to the extent such
liabilities, costs, claims, damages and expenses are suffered or incurred as a result of our
gross negligence or willful default. You shall indemnify us and keep us indemnified against
all losses which we may suffer as a result of: any error in any instruction given to us by
any Authorised Person or acting on any instruction, which is, or appears to be, from an
Authorised Person.

22.4 Subject to Clause shall not be liable:

for any loss, expense, cost or liability (together "Loss") suffered or incurred by you
unless and to the extent that such Loss is suffered or incurred as a result of our
negligence or willful default;
for any indirect or consequential loss or damage (whether for loss of profit, loss of
business or otherwise), costs, expenses or other claims for consequential compensation
whatsoever (howsoever caused) which arise out of or in relation to this Agreement; or
for any loss suffered or incurred by you as a result of any error in any order, instruction
or information given by you or an Authorised Person, or as a result of us acting on any
order or instruction which is, or appears to be, from such Authorised Person.
22.5 If any of these Terms and Conditions shall be found to be unenforceable or invalid,
such unenforceability or invalidity shall not affect any other part of these Terms and
Conditions (or the remaining portion of the affected part as the case may be), which shall
remain in full force and effect.

22.6 You shall not assign, transfer, charge or sub-contract any of the rights or liabilities
hereunder.

22.7 Harmonic Investment Group shall be entitled to assign, transfer, charge, sub-contract or deal in any
manner with all or any of its rights and/or liabilities hereunder including by way of
transfer of the same to an Associated Company or Trading Partner.

23. TAXES
23.1 At the present time, income from CFD Trading is not exempt from Capital Gains tax.
However, there is no Stamp Duty on CFDs. Tax regulations may change at any time. It is your
sole responsibility to ensure that your CFD activity complies with your local income tax
regulations and any other applicable fiscal laws.

24. PRIVACY
24.1 You acknowledge that by opening an account with us and placing Transactions you will be
providing us with personal information. You consent to us processing all such information
for the purposes of performing the contract and administering the relationship between us.
You consent to our disclosing such information:

where we are required to by law;
to Associated Companies;
to our Trading Partners;
to such third parties as we deem reasonably necessary in order to prevent crime;
to such third parties as we see fit to assist us in enforcing our legal or contractual
rights against you including but not limited to debt collection agencies and legal advisors.
24.2 You authorise us or our associated companies or any trading partner to telephone or
otherwise contact you at any reasonable time in order to discuss any aspect of our business
or of our associated companies' business or of our trading partners' business. If you do not
wish us or our associated companies or our trading partners to so contact you for any direct
marketing activities, you must inform us in writing.

DEFINITIONS

In this Agreement (and in addition to expressions defined elsewhere on our website) the
following words and expressions shall have the following meanings:

“Account Balance" is the "cash balance" on your account (your account balance does not
include profits or losses on any open Positions).

“Applicable Laws" means any national, local or other statute, law, rule, code guidance,
order or decision of a Governmental Authority.

“Application Form" means the application form supplied by Harmonic Investment Group in relation to these
Terms and Conditions.

“Associated Company" means any holding company or subsidiary company (as defined in the
Companies Act 2006) within the Harmonic Investment Group group and/or any subsidiary company of any such
holding company or its subsidiaries.

“Authorized Third Party" means a person authorised by you to initiate trades or close
existing trades using your account details, as referred to in Clause 15.

“Bet" (including "betting", "dealing”, and “trading") or other similar words express a
reference to a client entering into a Transaction. "Bid" or "bid price" is the price at
which the Client can sell.

“Buy" (including "Take", "Up Bet", "Go Long" “Long", and "Long Position") is defined as
making a buy Transaction or buying the market quoted by Harmonic Investment Group.

“Client" (including "you", and "your") means a person or company who has opened an account
with Harmonic Investment Group and has agreed to be bound by these Terms and Conditions.

“Client Money/Monies" refers to your funds in your account which is held by Harmonic Investment Group.

Clients of Harmonic Investment Group retain full titles to their monies, subject to usage requirements.

“Credit Account" is an account where Harmonic Investment Group, at its sole discretion, has offered you a
credit line to use as Trading Resources.

“Contract For Difference", "CFD" or other similar words express a reference to a client
placing a CFD trade.

“Default Event" shall be deemed to have occurred where:

any statement either oral or written made by you to Harmonic Investment Group is or becomes untrue or
misleading;
you fail to carry out any of your obligations to Harmonic Investment Group under this Agreement (including
failure to satisfy a Margin Call) or you fail to do anything that you have stated that you
will do whether orally or over the telephone or by any form of written or electronic
message;
in the event of your death or become a patient within the meaning of any applicable mental
health legislation;
you are in default of payment of money owed to Harmonic Investment Group or any of its Associated Companies
or Trading Partners;
Harmonic Investment Group at its sole discretion believes that any of the circumstances set out in this
definition are likely to happen.
“Deposit Account" is an account where you need to deposit funds before you can commence
trading.

“DTP" is any Downloadable Trading Platform provided by Harmonic Investment Group for trading our markets.

“Execution Policy" means Harmonic Investment Group's order Execution Policy, which may be amended from time
to time. A summary of the current Execution Policy is available on our website

“Expiry Date" means the expiry date and time of a Transaction.

“FX", (including "Forex" refers to currency trading, "Gapping" as is detailed in Clause 7.

“If Done Order" means an order that is only triggered on the activation of another attached
order. For example, if a New Order is activated, you may wish to pre-set a Stop Loss and/or
a Limit order. These additional orders are deemed "If Done Orders".

“IMR" (including "Min IMR") means Initial Margin Requirement which represents the minimum
Trading Resources (Free Margin) required to place an opening trade in the minimum trade size
permitted by Harmonic Investment Group. (i.e. if you have a Sterling Account and the Min IMR in a market was
50 then to place a unit trade size of £3 you would require at least £150 (£3x50) of
available resources to do so) "Insolvency Event" means and shall occur:

if you are an individual, on the passing, or proposal, by you of a voluntary arrangement
under the Insolvency Act of 1986 (specifically part VIII) or an agreement/composition with
your creditors generally or the making of a bankruptcy order;
if you are a company, the passing of any resolution, or order, for the winding up or
dissolution of the company, or making of an administration order or the appointment of an
official receiver or the sale under encumbrance of any asset of the company or the motion of
any voluntary arrangement under the Insolvency Act of 1986;
if, you as a client of Harmonic Investment Group under these Terms and Conditions, you are unable to pay
your debts as they fall due or any act of insolvency or similar or analogous event or action
taken in respect of you.
“Limit Order" refers to an instruction to take a profit on an open trade if our quote
reaches the level requested or as a contingent (‘If Done’) instruction on a New Order.

“Harmonic Investment Group", "Harmonic Investment Group" (including "we", "us", "our" and "ourselves" as appropriate) the
retail division of Harmonic Investment Group.

“LSE" the London Stock Exchange.

“Margin" a term that describes the cash required or being used on your account to either
open Transaction or run your Positions. See Clause 7.

“Margin Call" a request for Margin payment as referred to in Clause 8.

“Margin Requirement" is the amount of cash or credit resources required to maintain your
existing open Positions.

“Market" refers to indices, share, currencies, commodities, bonds and interest rates or any
other product that may be quoted by Harmonic Investment Group from time to time.

“Contract Specifications" refers to the document available online that details Harmonic Investment Group's
current Quoting Hours, Min IMR, Overnight Financing interest rates, other market
specifications and other rates applicable to the Transactions and Positions as determined by
us for you.

“New Order" is an instruction to open a new Transaction at a possible future price based in
the Harmonic Investment Group Quote.

“Offer" or "offer price" is the price at which the Client can buy.

“Order Book" the window on the OTP where your working orders are listed.

“OTP" is any Online Trading Platform provided by Harmonic Investment Group for trading our markets.

“Overnight Financing" is the credit or debit applied to your account when you hold a
Position in certain contracts overnight and including non-business days.

“Pricing Error" is defined as a misquote by Harmonic Investment Group where the price quoted materially and
clearly deviates from the prevailing market price (or the forward calculated market price)
at the time that it was quoted. A Pricing Error as defined, but not exclusively, is a Bid
price or Offer price which varies above or below the prevailing mid-market price of the
underlying product by more than the size of the quoted bid/offer spread of that product. For
example a bid/offer quote by Harmonic Investment Group in the FTSE Quarterly contract of 4804 - 4808 when
the correct quote should have been 4797 - 4801 may be considered to be a Pricing Error as
the Harmonic Investment Group Bid of 4804 is more than the quoted spread of the product (in this case 4)
away from the midpoint (4799) of the correct quote.

“Position(s)" means open Transactions.

“Rolling Daily" refers to Positions that automatically roll into the next trading day
without incurring any profit or loss. Such Positions usually have a long Expiry Date
(sometimes many years in the future) and attract Overnight Financing.

“Quote", "Our Quote", “Harmonic Investment Group Quote" is the price quoted by Harmonic Investment Group via an OTP or a DTP
or over the telephone. All Quotes are based upon an Underlying Market that is sourced from
either a recognised global exchange or from a wholesale counterparty.

“Quoting Hours", "Harmonic Investment Group Quoting Hours" are the times detailed in the Contract
Specifications when Harmonic Investment Group quotes its markets. Harmonic Investment Group will not quote any markets
outside of its opening hours.

“Sell", (including "Go Short", "Short", and “Short Position") is defined as making a sell
Transaction or selling the market quoted by Harmonic Investment Group.

“Size(s)" refers to the size of the buy or sell Transaction. The standard, minimum and
maximum trade sizes and stake sizes that Harmonic Investment Group allows can differ from market to market
and product to product and are further detailed in the Contract Specifications.

"Stop", "Stop Loss" is an order to close an open Position at a pre-determined level.

"Trading Partners" are anyone with whom Harmonic Investment Group has a contractual relationship, for
example a joint venture relationship, partnership relationship, agency relationship, white
label relationship or introducing broker relationship.

"Trading Resources" (or “Free Margin” or “available Margin”) is the amount of money
available on your account that may be apportioned to new Transactions or to moving current
Stop levels.

"Transactions" means any buy or sell trade or CFD trade made between you and Harmonic Investment Group
(including to close a Position) and includes any other such transaction made between
Harmonic Investment Group and you as may be agreed from time to time and on a case by case basis.

"Underlying Market" is the physical underlying assets from which our markets are derived,
and the market in which those assets are traded.