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GPMT:

Terms and Conditions Privacy Policy Acceptable Use Policy

Table of Contents:

1. GPMT UK's legal identity 2. Deemed Acceptance and Prevailing versions 3. Our business relationship 4. Required information about you 5. Identity Verification 6. Validation of your GPMT account 7. Change and modification of your personal details 8. Your contact details 9. Privacy of your account 10. Your account Security and Passwords 11. Means of communication between us 12. Banks 13. Currency of the GPMT Clients Account 14. Methods of sending funds to GPMT clients account 15. Methods of withdrawing funds from your GPMT account 16. Minimum Account Balance 17. Trading procedures 18. Settlement of the unpaid charges 19. Prevention of money laundering 20. Safety and location of your precious metals 21. Form, Purity, Status and Origin of your precious metals 22. Entrustment of your precious metals 23. Processing procedures of your order 24. Risk Disclosure 25. Risks which are not a GPMT UK responsibility 26. Risks which are a GPMT UK responsibility 27. Death and Inheritance issues 28. Commission 29. Interruption to online trading 30. System availability and downtime 31. UK Regulatory Authorities 32. Corrections of Mistakes 33. Limitation of Liability

34. 35. 36. 37. 37. 39. 40. 41.

Termination Representations and Warranties Taxation Market Disruption and Events beyond the control of GPMT Assignment Language General Applicable Law

1.

GPMT UK's Legal Identity

Global Precious Metals Trading Company (UK) Ltd, (GPMT) is a limited liability company registered in England and Wales with registered company number 6869517. Our registered office is at Wenham Manor, Rogate, Petersfield, Hampshire GU31 5AY. The operating and administrative offices of GPMT is 315, Regents Park Road, Finchley, London N3 1DP. The following websiteswww.gpmt.com, www.gpmt.com, and www.gpmt.net are and all rights in, arising from or relating to it are owned, provided to and controlled by GPMT. Please address all your correspondence, queries and any complaints to the contacts as listed in our contact page. In these Terms and Conditions (Conditions) and all other documents as well as the GPMT websites at www.gpmt.com, www.gpmt.com, and www.gpmt.net (Websites) and other written communications, references to GPMT mean for those customers based in any country other than the United States of America: Global Precious Metals Trading Company (UK) Ltd and for those customers based in the United States of America Global Precious Metals Trading LLC. 2. Deemed Acceptance, Application of Conditions and Prevailing Versions

2.1 Please read these Conditions carefully and discuss with us anything which you do not understand. Unless you raise any specific issue or we have agreed in writing that any part of the Conditions is not to apply, we will regard the Conditions as setting out the relevant terms concerning our trading services. Transactions that we enter into with you under these Conditions are legally binding and enforceable. 2.2 After online confirmation of your online registration with GPMT on the Website, you become a new client and Account Holder of GPMT and deemed to accept that these Conditions, and any order submitted by you for the purchase or sale of precious Metals in accordance with Condition 2.4 below (a Transaction), form an enforceable and binding contract between you and GPMT which governs our trading services and all transactions we conduct with you (the Agreement). 2.3 These Conditions shall apply to and be incorporated into any Transaction and prevail over any inconsistent terms or conditions contained, or referred to, in your purchase order, confirmation of order or specification or other document supplied by you, or implied by law, trade custom, practice or course of dealing. 2.4 Your online Transaction constitutes an offer by you to purchase or sell precious Metals subject to these Conditions. No offer placed by you shall be accepted by GPMT other than:

(a) (b)

by a written email acknowledgement issued by GPMT; or (if earlier) by GPMT executing the precious Metals purchase,

when a contract for the supply and purchase of the precious Metals on these Conditions will be established. Your standard terms and conditions (if any) referred to in any Transaction shall not govern the Agreement. You accept that an offer to enter into a Transaction, once made, shall be irrevocable and binding upon you. GPMT shall at all times remain free, in its absolute discretion, to refuse to accept such offer and not enter into any Transaction. 2.5 As of 1 January 2010 until further notice, these Conditions represent the terms of business for all GPMT clients. GPMT may from time to time, by giving 30 days notice of modifications change the Conditions. The changed Conditions shall become effective only when they are published on the GPMT website and also emailed to you. During the 30 days notice period, you have the right to terminate the Agreement under the old Conditions. You can terminate the Agreement by selling your Metals and withdrawing your funds subject to deduction of any outstanding commission payable to GPMT. If you do not terminate the Agreement in this way you are deemed to accept the modifications after 30 days. 2.6 You acknowledge that due to the nature of the services offered by GPMT any instruction received by GPMT from you in respect of a Transaction, once given, shall be irrevocable except with the prior written consent of GPMT. Provided that the correct security procedures are followed, GPMT shall be entitled to rely on its belief in good faith that any such instruction, given by whatever means, emanates from you. Other than following the security procedures for the relevant account GPMT shall have no obligation to verify the identity or authority of the person giving such instruction or the authenticity of such instruction. You recognize and accept the risk of any error or misunderstanding and the risk of any instruction being unauthorized or given by an unauthorized person and you agree that you will put in place sufficient and reasonable security measures to avoid the same. Accordingly, you agree to be bound by all instructions which GPMT receives via your account using the relevant security procedures which GPMT believes in good faith to have been given by you. 3. Our business relationship

3.1 The business of GPMT is, with the tier one banks and regulated industries in the United States of America and via its own sister company Global Precious Metals Trading LLC, to facilitate trade and investment in precious Metals for clients (Metals). GPMT acts as broker between you and the above entities (or such others who are engaged by GPMT and notified to you in accordance with these Conditions). The clients of GPMT benefit from low commission charges, efficient and safe online trading facilities via the Website as well as personal one to one account managerial services. You have opened an account and become a GPMT client in order to benefit from GPMT trading services. 3.2 Our trading service is an on-line service and you specifically consent to the receipt of documents in electronic form via email, Website or other electronic means. Any communication sent to you may not in addition be sent in a paper form other than on your request. We reserve the right to charge a reasonable fee for documents supplied in a paper form. 3.3 You confirm that you have regular access to the Internet and agree to GPMT providing you with information about us and our services, our costs and charges and our notices and policies by email or by posting such information on our Website. 3.4 GPMT shall use reasonable endeavors to provide the trading services to you, in accordance in all material respects with these Conditions. 3.5 GPMT will use reasonable endeavors to meet any performance dates specified in a

Transaction, but any such dates shall be estimates only and time shall not be of the essence for performance of the trading services or Transactions. 3.6 GPMT will not provide advice to you on the merits of any Transaction and shall deal with you on an execution-only basis. None of our staff are authorized by us or permitted under FSA Rules to give you investment advice. Accordingly, you should not regard any transaction proposal, suggested trading strategies or other written or oral communications from us as investment recommendations or advice or as expressing our view as to whether a particular transaction is suitable for you or meets your financial objectives. You must rely on your own judgment for any investment decision you make in relation to your GPMT account. If you require investment advice, please contact an independent investment adviser. 4. Required information about you

By law and in order to make its services available to you, GPMT has to retain your data including information concerning the source of your funds. This is with your knowledge and consent. Your data will be stored for the purposes of GPMT performing services to you under this Agreement and processed in accordance with our Privacy Policy. GPMT shall not disclose your data to third parties except in normal administrative procedures for completing your transactions or when required by law. Please refer specifically to our Privacy Policy Privacy Policy 5. Identity Verification

Initially you are able to register with GPMT by providing limited identity information. This initial simple registration enables you to open a practice trading account. This is of course only a simulation account to help you practice and learn. You shall only be required to provide detailed identity information when you decide to transfer funds to your GPMT account for real transactions in precious Metals. The required identity documents for completing your full registration and also full registration your real trading account are:

Copy of your valid passport or driving license showing your photograph Two copies of your recent utility bills showing your residential address (not older than three months old) Copy of a bank statement or document received in relation to your bank account from which you intend to transact with GPMT (send funds from and receive funds into)

Your bank account document should clearly show:

Bank name Branch name and address Branch Sort Code, or Transit Code or Routing Code or Swift Number Account name Account number

Where documents have been translated into English, translated transcripts must be signed, stamped, and dated by an official independent translation service provider and accompanied by a copy of the official foreign language document (certified as above). The name and contact details of the person/company translating the documents must be clear and in English. All copy documents should be sent by email to the address specified on the registration form and GPMT reserves the right to require any customer to provide certified copies of originals where necessary. You confirm that the documents and information you provide are true and give your

consent to GPMT for making enquiries as to the verification of your identity. When you intend to open and validate your account with GPMT in the name of a corporation or a trust, in addition to the above we also require:

Photographic identity for any individual with a 25% or greater beneficial interest Company Certificate of Incorporation or a copy of trust deeds, as appropriate Board resolution authorizing you to open a trading account with GPMT on or attached to a company letterhead List of company directors

GPMT accepts your documents in English, Spanish, French, German, Portages, Italian, Russian, Chinese, Japanese, Korean, Arabic and Farsi. Documents in other languages must be accompanied by certified English translation. 6. Validation of your GPMT account

After careful consideration of your documents, GPMT shall inform you by email whether your account is validated, or further documents are required or your application is refused. If your application is refused, GPMT shall not be obliged to provide reasons. When validated, you can then transfer funds to your GPMT account. GPMT shall only transact with the same bank, details of which you have submitted with the other required documents. Should you want to use another bank, you agree to first submit fresh documents related to your new bank account and accept that the account name should be exactly the same as your account in the old bank. GPMT shall not be obliged to accept any new account applications. For security reasons, any new documents must only be submitted and shall only be accepted when you are securely logged into your own account. By requesting a change to your bank account details, you accept that GPMT may require further verification from your new bank. When your new bank account is confirmed, GPMT shall email you the account details and ask you to confirm that the details are correct and you will use the new bank to transact with GPMT. You are responsible for checking the details, and notifying GPMT immediately if the details are incorrect. Once the identification and registration process set out in these Conditions has been followed and the relevant security information (Login Name and password) has been allocated to you GPMT shall be entitled to rely on its belief that any offer in relation to a Transaction received from your account emanates from you without any further obligation to verify the identity of the person making such offer, and you agree to be bound by all offers which GPMT believes to have been made by you. 7. Change and modification of your personal details

When it becomes necessary to change your personal details, name and residential address, you accept to re-validate your account by providing:

Change of name - Supporting legal documents stating both the new and the old names such as marriage certificate, new passport / driving license with affixed photographs Change of residential Address: Two copies of your recent utility bills showing your new residential address (no longer than three months old) Copy of your bank account from which you intend to transact with GPMT showing your new

address You accept that the above procedures are for reasons of protecting yourself from identity fraud and safeguarding your transactions with GPMT. Accordingly, by following the above procedures, you confirm that GPMT has fulfilled its duty of care with regard to your request for any amendment and is entitled to charge reasonable administrative costs. Should it not be possible to comply with the above procedures for whatever reason and funds in your GPMT cannot be remitted to your original bank account, you authorize GPMT to take legal advice, follow legal procedures and/or take out appropriate insurance cover against any loss, all at your cost prior to refunding any funds to you. 8. Your contact details

You confirm that GPMT is authorized to keep a record of:

Your Your Your Your

email address mobile telephone number home telephone number home address

It is your responsibility to keep your contact details up to date via the GPMT website and GPMT is entitled to rely on the accuracy of the information that you have provided. Any time you provide GPMT with new contact details, GPMT shall notify you by email or if your email itself has been changed, emails to both your old and new emails and request you to confirm the changes. Failure to maintain your contact details correctly may result in loss or costs to your account or GPMT. You therefore accept to indemnify and keep indemnified GPMT against losses which may arise out of not maintaining your correct contact details with GPMT. 9. Privacy of your account

Exactly as your personal bank account is a private matter and known only to yourself and your account managers, your account with GPMT, your cash and/or Metal holdings are also private and shall only remain known to yourself, your authorized GPMT account managers and the GPMT auditors. However, in complying with money laundering regulations, GPMT is obliged by law to report suspicious activities to the appropriate government agencies. 10. Your account Security and Passwords Your personal information and financial data held at GPMT are protected by password as well as your unique pin number and also other key access information. It is your responsibility to safeguard the secrecy of your password, pin number and other access information. Should you forget your password, pin number or login name, by following the online recovery procedures on GPMT site, you will be able to set a new password and pin number. In case you are not able to do so, you must contact GPMT by telephone. Whenever you reset your password GPMT shall send you an email notifying you that you have changed your account password. By using advanced encryption technology GPMT computers are not able to store your password in decipherable form. Therefore GPMT UK staff cannot know your chosen passwords.

11. Means of communication between us The primary means of communication between you and GPMT are:

Online connection while you are logged into your account, conducting trade posting and receiving messages via the Website.

You confirm that while you are logged-in to your GPMT account, you will only use very reliable internet communication technology that is generally accepted to offer high level of reliability, security, privacy and accuracy in modern electronic data transmission.

Email. GPMT shall communicate with you by email and will keep a record of all emails sent and received. You also agree to keep copies of all email communication with GPMT for your own records and as back up.

When GPMT sends an email to you that is not bounced back within 30 minutes, we shall regard that email as delivered. It is therefore your responsibility to have opened and acted in accordance with the email content. You accept that if within 48 hours of the email transmission, you have not replied to the message by email, GPMT is entitled to regard your no response as your acknowledgment of the receipt and acceptance the content of the email. In the event that you respond to a GPMT email after 48 hours and raise an issue with regard to the content of the GPMT email, you consent that the GPMT management has sole discretion to propose a binding resolution. You accept and confirm that although you know emails are subject to interception, they are however the appropriate means of communicating between you and GPMT.

Telephone. GPMT may also communicate with you by telephone or sending SMS messages to your mobile phone.

SMS messages are deemed delivered when delivery is confirmed by the record of the relevant mobile phone company.

Post. GPMT may send document and information to you by post. You accept that if you did not reply within 10 days, GPMT is entitled to regard your receipt of, acceptance of and agreement with the content of the posted document.

12. Banks Bankers to GPMT accounts are: UK. The Royal Bank Of Scotland Current and Client accounts QIB Client accounts USA. BBT Bank

You accept that the above banks selected by GPMT for handling your funds and Metals are of adequate standing for your required transactions. You also accept that GPMT may at any time on giving you 30 days notice (in accordance with condition 2), engage other banks with adequate standing.

13. Currency and Operation of the GPMT Client Account US Dollar ($) is the international currency used for quoting and trading precious Metals. Therefore the client account of GPMT is a US Dollar current account. You agree that: 1. 2. a. b. c. 3. All funds that you send to this account shall be in US Dollars All funds that you send shall be referable to specific Metals purchases and be in order to: complete your specific purchase orders comply with any required margin calls; and settle any commission or costs that may be due to GPMT No interest shall be paid to your funds held in the GPMT client account

4. All funds that you instruct GPMT to send back to you, shall be converted at the prevailing exchange rate and sent to the currency of your own bank account You confirm that you shall not send funds to, or keep funds in the GPMT client account without being referable to a specific purchase order. Should funds belonging to you remain with GPMT for more than 30 days without any purchase order from you, GPMT shall send the funds back to your own bank account. All trading funds received from you or due to you shall be placed in the GPMT segregated Client Account for the appropriate actions in accordance with your instructions and subject to these Conditions. The segregated GPMT client account is a ring fenced account that cannot be utilized for any other purpose except instructions related to your trading of Metals. Furthermore, this account is ring fenced in such a way that: 1. No creditor of GPMT except our registered clients with account for trading precious Metals can have any claim against funds in this account 2. The eligible claims of registered clients are limited to the extent of their own confirmed amount of deposits You confirm that GPMT is permitted on your behalf to utilize your funds in the segregated Client Account exclusively for the following purposes: 1. To purchase physical Metals in accordance with this Agreement and your confirmed purchase order placed on the GPMT website or by written instructions 2. 3. To send funds back to you To pay any commission or other charges due to GPMT

GPMT hereby confirms that your cash balance within the segregated Client Account shall, subject to payment of any outstanding commission or charges to GPMT, be held on call for return to yourself within five business days.

14. Methods of sending funds to GPMT clients account You agree that any financial transactions with GPMT shall only be conducted through recognized banking methods. You hereby agree to only send funds to GPMT in the following ways: a. Online transfer, by chaps or telegraphic transfer from your bank account, details of which you have first registered with GPMT b. Online transfer, by chaps or telegraphic transfer via any other bank account belonging to yourself where your account name is exactly the same as your submitted identity documents c. Your own debit or credit cards linked to your own bank account with your name on the card being exactly the same as your submitted identity documents c.1 When credit or debit cards are used, you pay an additional processing fee of 1.5% of the total amount d. Your personal check with your name being exactly the same as your submitted identity documents e. Cashiers check where your full name is printed as reference and is exactly the same as your submitted identity documents f. Cash under USD $10,000 paid by yourself into GPMT bank account and reference is made to your full name which must be exactly the same as your submitted identity documents You accept that if your funds are received by GPMT and we discover discrepancy in your names as the sender in comparison with your identity documents, your trading activities shall be suspended pending clarification. In this instance you shall be asked to submit further documents proving that the funds belong to you and were sent by yourself. Subject to GPMT being satisfied with your documents, the funds shall be applied to your account and suspension will be removed.> You accept that where GPMT is not satisfied with your clarifications, the funds less any administrative costs shall be returned by a check and such check shall be issued to the exact spelling of the senders full name. 15. Methods of withdrawing funds from your GPMT account You accept and agree to adhere to the following procedures with regard to withdrawing funds from your account: 1. Provide a verifiable transfer request either online when you are logged in to your GPMT account or by email to admin(at)gpmt.com 2. Your receiving bank and account can only be the bank and account number that you have named and validated on your registration records 3. The maximum requested amount to be transferred shall not exceed the available cash in your account 4. If there is not enough cash in your account for you to withdraw the requested amount, you shall first sell sufficient precious Metals, or if possible, increase your borrowing to cover your request 5. Your transfer request shall be implemented when checked and approved by two authorized

officers of GPMT 6. When authorized, your requested amount less transfer charges and any outstanding commissions or charges shall be sent by bank transfer to your named and validated bank account within 5 working days 16. Minimum Account Balance The minimum amount for opening a trading account with GPMT is USD $25,000.00. If the balance in your account is reduced to less than 20% of your net equity, due to trading loss or cash withdrawal, you agree that your account shall be suspended pending further injections of funds or closure. You accept that if you do not bring your account to the minimum trading level within 30 days, GPMT shall be entitled to send the balance less banking charges and any commissions back to your named and validated bank account. In this case, your account shall not be closed and provided you do not change your validated records, your account can be reactivated to the trading level by the minimum deposit of USD $10,000.00 17. Trading procedures To open an account please follow these procedures: a. Click Register and complete the simple registration form (click submit once complete);

b. An email will be sent to you immediately (check your spam mail or similar and ensure that future emails from admin(at)gpmt.com , admin(at)gpmt.net , admin(at)gpmt.com are designated safe to receive); c. From the email in 17b you will be asked to confirm your registration and you will then be able to login to your virtual account with $100,000 virtual credit; d. We strongly recommend that you use your $100,000 of virtual credit to familiarize yourself with the procedures for Transactions and GPMTs systems - for more information on see the online Help topic: Explain GPMT ; e. When you have completed the above steps you may validate your account by submitting the required documents; f. Once GPMT has received your documents and completed its verification process we shall send you an email and/or a message via our secure on-line message facility confirming the same. Your account will then be ready for the deposit of funds and Transactions; g. Your new account page will appear without the details of your virtual trading activities. Click on Deposit Funds choose the method for making your deposit and proceed to deposit funds into your GPMT account. Please note the minimum initial sum is USD $25,000; h. As you will have learned using your virtual account, the panel on the left-hand-side of the home page is where you may place orders for Transactions. The procedures are the same as you practiced for your virtual account. Use the drop-down menus to choose the details of your trade. Then click calculate and review the details. i. To place your order, you will need to confirm your agreement to these Conditions by ticking the box entitled I agree to GPMTs Terms and Conditions. Please also insert your 4 digit pin number and click BUY/SELL. j. A summary page will appear setting out the details of your intended Transaction with the

following message: Please check the above details. At this stage you are able to change the details of your Transaction or cancel your order. By clicking Accept you acknowledge that: (1) Your order is correct, binding and irrevocable and you agree to waive any cancellation period under the Consumer Protection (Distance Selling) Regulations 2000 (if applicable), (2) Execution of your order may take up to 24 hours, (3) Your Transaction shall be executed at the spot market price within +/- 2.5% of the stated price at the time of your instruction received by GPMT. After you click Accept you will receive an email confirming your Transaction; if you do not receive an email from us please contact us on admin(at)gpmt.com or Telephone:+44 (0)208 349 2287, Fax:+44(0)208 349 6097 k. Following the above steps your Transaction will be checked and verified by your GPMT account manager and shall appear in the Pending section of your account until such steps are complete (see List Trading Activities Pending); l. Execution of your Transaction may take up to 24 hours. It is only after execution that the detail of your trade will be reflected in your account. We will send you an email confirming when your Transaction has been completed. m. If for any reason whatsoever your Transaction cannot be completed within 24 hours of receipt of your order, we shall inform you by email that your Transaction has been cancelled. You may wish to repeat the order or place a new order. 18. Settlement of the unpaid charges It is possible that at some point, you may have Metals credited to your GPMT account but not sufficient available cash balances or remaining credit to settle your various charges including, but not limited to, commissions, interest, custody banking, and insurance. In this case we shall inform you of the shortfall and request remittance of sufficient funds within 7 days. If you do not send the required funds via account with GPMT, you agree that GPMT shall be entitled to settle unpaid charges by selling sufficient quantity of your Metals at the then prevailing spot price. 19. Prevention of money laundering GPMT is committed to complying in full with both national and international legislation related to prevention of money laundering. For this reason and also for safety and security of financial transactions between us and our clients, GPMT shall at all times adhere to the following principles: a. Applications shall only be accepted from individuals and corporations when supported by verifiable identity documents b. Funds to be deposited to an account with GPMT must be sent via banking channels and by the owner of that account c. GPMT, shall only remit funds back to a client via bank transfer and to the pre-validated bank account of that client d. GPMT UK respects your rights to confidentiality and shall always comply with appropriate laws related to data protection. 20. Safety and location of your precious Metals Our clearing institutions are the sourcing, clearing, financing and vaulting of GPMT in relation to our Metals Transactions. Therefore, the integrity, safety, vault cation, delivery and insurance of our clients

Metals are entrusted to these insinuations. You accept that clearings institutions selected by GPMT for handling your Metals are of adequate standing for your required transactions. You also accept that GPMT may at any time, engage other banks with adequate standing and you have the right to be informed in accordance with these Conditions of any such change. Please note that your Metals will be held offshore (outside the UK) unless you wish to take physical delivery of your Metals to the UK. Please note however, that taking delivery of your Metals in the UK may have taxation implications. If you wish to take delivery of your Metals please notify us in writing so that we may give you further details of how to arrange delivery in accordance with condition 22 below. 21. Form, Purity, Status and Origin of your precious metals GPMT, warrants that any Metals that you purchase via your GPMT account and as long as they remain in the custody of selected clearins institutions , shall be: Form Bar Purity 99.95% Status UnAllocated Quality London Good Delivery

and tradable at the prevailing spot price. You accept that if you choose to take delivery or remove your Metals from the custody of our clearing institutions this warranty shall be deemed as expired. 22. Entrustment of your precious Metals You agree that upon confirmation of purchase, your Metals shall become your entrustment property under custodianship of our clearing institutions. The custodianship of all or parts of your Metals shall be terminated when you sell, take delivery or entrust custodianship to another organization. You agree that your instruction for change of custodianship can only be implemented via GPMT and is subject to: a. b. c. Full payments of all outstanding amounts in your GPMT account Minimum deliverable quantity Payment of delivery and insurance charges

23. Processing procedures of your order Your online orders for the sale or purchase of Metals shall be implemented as follows: 1. Your account administrator shall first review your order to make sure your order has been correctly placed via a valid and active account using the correct security information and that you have sufficient funds or Metals available to carry out your request; 2. Subject to 23.1 above, your account administrator shall execute your order and your account will be adjusted accordingly. This shall be confirmed by email and via our secure on-line messaging

system. 3. a. b. c. d. e. f. The confirmation message shall contain the following information: prevailing spot market price at the time of the execution of your order exact date and time when your order was executed exact price of your deal exact quantity of your deal GPMT commission amount finance (if any) and the rate of interest

Due to the necessity of your orders being reviewed by our account administrators there shall always be a delay in execution of your orders. In the intervening times, the spot market price may have moved from the price on which any of your orders were placed. You acknowledge the inevitability of these delays, and authorize GPMT to execute your orders within and no longer than 24 hours from the time that the order is placed. You agree and authorize GPMT to execute your order at the spot market price provided that at the time of execution: a. the spot market price is within and no more or less than 2.5% of the price of your order;

b. there are sufficient funds, credit or Metals available in your account to cover any possible additional purchasing costs within 2.5% above your stated order price. 24. Risk Disclosure 1. You acknowledge that you have read and understood both the Risk Disclosure Statement as well as these Conditions 2. You acknowledge that you have read and understood the help sections of GPMT and having utilized your initial Practice Account (made available to you at the time of your registration), you are competent to utilize the online trading facilities of GPMT 3. You agree that when you place online orders to buy any Metals at the spot price with immediate effect, by the time that your order is implemented, the spot price of that Metal may have moved above or below the price at the time of your order. Nevertheless, you acknowledge that you have authorized GPMT to implement your order up to 2% increased in the spot price of such Metals 4. You agree that when you place online orders to sell any Metals at the spot price with immediate effect, by the time that your order is implemented, the spot price of that Metal may have moved above or below the price at the time of your order. Nevertheless, you acknowledge that you have authorized GPMT to implement your order up to 2% decreased in the spot price of that Metal Furthermore, you acknowledge that you have read, understood and accepted the risks outlined in condition 25 which GPMT considers to be some, but not all, of the material risks in the business of trading Metals. You acknowledge and assume these risks as part of entering into Transactions.

25. Risks which are not a GPMT UK responsibility 1. Price movements. Precious Metals like all other commodities are exposed to rapid price movements. Therefore, at the time of sale, you are exposed to a potential loss arising from falling price of the Metal that you may have purchased. 2. Policy legislation. Governments for many reasons including taxation and currency might introduce laws affecting value, trade and ownership of your Metals. stability

3. Bank insolvency. GPMT operates a segregated clients bank account with the Royal Bank of Scotland (RBS). RBS is a highly rated state owned bank that is currently owned by the British government. However all banks are subject to possible failure. 4. Identity theft. GPMT has implemented the following security measures to protect against identity theft and prevent unauthorized access to your account: a. Login name. At time of registration, you can choose your Login name to be different from your real name and change it as you wish. It is your responsibility to keep your Login name confidential to yourself; b. Password. You have to choose a secret Password with a minimum of 6 letters and change it as you wish. It is your responsibility to keep your Password confidential and not disclose it to third parties; c. Initial access to your account is only possible by insertion of the correct combination of both your Login name as well as your Password; d. Secret question. At the time of registration, you have chosen a secret question, the answer to which should only remain known to yourself. By correct answer to this question, you are able to change or recover your forgotten Password or Login name; e. Pin number. In addition to the above measures, your identity and account is also protected by a 4 digit Pin number that you can choose, change and are responsible to protect. Without the insertion of the correct Pin number, is not possible to change your profile or execute any transaction in your account; f. Limited transactions. Transactions on your account are limited to the following three activities: 1. Order to Purchase. 2. Order to sell. 3. Order to transfer your funds back to your registered bank account. Orders to purchase or to sell can only be placed by you or someone who not only has accessed your account, but also knows your Login, Password and pin number. Although this possibility is rare, it may happen, but loss to your account may only be limited to: In the case of fraudulent order to purchase: As soon as the falsified order is discovered, the purchased precious Metals can be sold. Therefore your loss shall be limited to the possible fall in the price of the purchase Metal In the case of fraudulent order to sell: As soon as the falsified order is discovered, the sold precious Metals can be repurchased. Therefore your loss shall be limited to the possible rise in the price of the purchase Metal The above two possible losses may be recoverable from your own insurance policies which we recommend that you arrange. . In the case of Order to transfer funds: Transfer of your funds from GPMT can only be made to your own registered bank account. Therefore, except for the bank transfer or exchange of currency

charges, you shall not suffer any other loss. 5. Communication failure. GPMT uses up to date computer and communication systems, but there is always a risk that due to a variety of reasons, including, but not limited to, internet or telephone interruptions, computer and server breakdowns, you are unable to access your account and place your order for periods of time. You accept that any loss due to not being able to place and execute your order is not a GPMT responsibility. 26. Risks which are a GPMT UK responsibility GPMT accepts its duty of care with regard to the following risks in relation to your Metals and undertakes to use best efforts to contain them at minimal levels. Theft of your precious Metals GPMT undertakes to make sure that while your physical precious Metals are in the custody of our clearing institutions, they are covered by sufficient insurance. Theft of your funds All outward transactions related to your funds in the GPMT client account require approval of two senior officers of GPMT. GPMT undertakes to make sure that this requirement is always enforced and accept liability if you suffer any loss due to theft from your account with GPMT. Prevention of data loss GPMT undertakes to use the best customary business practices, methods and machinery in relation to safeguarding you data in electronic form. However it is conceivable that despite all protection and prevention measures, all or part of your data may be lost. For this reason, GPMT undertakes to forward copies of all your trading and communication data by email and also by the messaging system of the GPMT site to you for safe keeping. You hereby agree to keep these data in both electronic as well as paper form and if required, forward a copy to GPMT. 27. Death and Inheritance issues In the event of your death, GPMT undertakes to process your account in accordance with your will, the due process of law under the appropriate jurisdiction and instructions of the legally appointed executors of your estate. 28. Commission GPMT charges 1.5% (exclusive of Value Added Tax or any other applicable taxes or charges) commission on the total value of each Transaction. This amount shall normally be added to your outstanding finance or deducted from your cash reserve. In the event that neither is possible, you will be notified and asked to settle GPMT commission within 7 working days by injection of cash or disposal of sufficient amount of your Metals. Should the commission remain outstanding after the notice period, GPMT has the right to sell sufficient amount of your holding to settle any outstanding amounts owed to it by you. In addition, should any amount remain outstanding for longer than 7 working days GPMT reserves the right to charge interest on such amount at the rate of 4% above the base rate of Royal Bank of Scotland calculated from the date payment fell due until the date of actual payment (or such lesser amount as is the maximum rate permissible by law). If you are a business and registered in the UK for VAT purposes we will charge you VAT on our commission charges. If you are a business registered elsewhere or a consumer, we will not charge you VAT on our commission charges, however you may be subject to other taxes in your country of residence or in the UK and GPMT expressly excludes all liability in this regard. 29. Interruption to online trading

The GPMT online trading system is programmed to accept round the clock orders for purchasing or selling precious Metals. However, the orders shall only be executed Monday to Friday from 09.00 to 21.00 (UK time). 30. System availability and downtime You accept that from time to time, there may also be planned or unplanned service interruptions for maintenance or other urgent actions. GPMT shall endeavor, if possible, to keep you informed via email or other means of these interruptions. However, due to the kind of system interruption or shortage of time, it may not be possible to keep you informed. You accept that these types of interruptions are unavoidable and GPMT is not liable for any loss you may suffer during these interruptions. 31. UK Regulatory Authorities GPMT, is a UK registered limited liability company and subject to English Law., GPMTs deposit taking activities do not require it to be registered with the Financial Services Authority as any cash advances received from GPMT clients are solely referable to clients Metals purchases. GPMTs services are not classed as regulated pursuant to the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001. GPMT is not authorized by the FSA to take deposits from clients if their deposits are not referable to specific Metals purchases. 32. Correction of Trading Errors In the event of any administrative errors in your account GPMT is entitled to and shall make any necessary corrections after the event without any time limitation and including once your account has been closed. You accept that neither GPMT nor you have the right to make profits from GPMT trading system failures. The GPMT trading procedures are in place to prevent clear trading errors. However the effectiveness of our procedures in some respects such as, but not limited to, accuracy of spot prices and currency data is out of GPMT reasonable control. In the event of any resulting mistakes in this way, you accept that GPMT is entitled to make corrective and reasonable adjustments after the error is discovered and without limitation in time. 33. Limitation of Liability Clients Attention in particular is drawn to this Condition 33.1 Please note that conditions 33.2 and 33.4 only apply to you if you are contracting with GPMT in the course of a business and condition 33.5 only applies to you if you are contracting with GPMT as a consumer. Subject to the afore-going this clause 33 sets out the entire financial liability of GPMT (including any liability for the acts or omissions of its employees, agents, consultants, and subcontractors) to you in respect of: (a) any breach of contract including any deliberate breach of contract by GPMT, or its employees, agents or subcontractors or otherwise any breach of these Conditions; (b) any use made by you of the services offered by GPMT; and (c) any representation, statement or tortuous act or omission (including negligence) arising under or in connection with a Transaction. 33.2 Please note that this clause 33.2 only applies to you if you are dealing with us in the course of

a business. All warranties, conditions and other terms implied by statute or common law are, to the fullest extent permitted by law, excluded from the Agreement. 33.3 Nothing in these Conditions limits or excludes the liability of GPMT (whether dealing with you in the course of a business or as a consumer): (a) for death or personal injury resulting from negligence; or (b) for any damage or liability incurred by you as a result of fraud or fraudulent misrepresentation by GPMT; or (c) for anything that may not be lawfully excluded by law 33.4 Please note that this clause 33.4 only applies to you if you are dealing with us in the course of a business. Subject to condition 33.3: (a) GPMT shall not be liable for: (i) loss of profits; or (ii) loss of business; or (iii) depletion of goodwill and/or similar losses; or (iv) loss of anticipated savings; or (v) a fall in value of your Metals, currency depreciation or otherwise loss of goods; or (vi) loss of contract; or (vii) loss of use; or (viii) loss of corruption of data or information; or (ix) any special, indirect, consequential or pure economic loss, costs, damages, charges or expenses. (b) GPMT's total liability in contract, tort (including negligence or breach of statutory duty), misrepresentation, restitution or otherwise arising in connection with the performance, or contemplated performance, of a Contract shall be limited to the value of the commission received by GPMT in relation to the relevant Contract. 33.5 Please note that this clause 33.5 only applies to you if you are dealing with GPMT other than in the course of a business (i.e.: as a consumer). You hereby acknowledge and agree that subject to condition 33.3: (a) due to the nature of the services offered by GPMT, subject to these Conditions, the services may be commenced as soon as we receive instruction regarding a Transaction and in any event will be commenced within 24 hours of your order. Therefore, you hereby acknowledge and agree to waive the right you may have as a consumer under the Consumer Protection (Distance Selling) Regulations 2000 to cancel the contract formed between us up to seven days after contract formation; (b) your engaging in Transactions requires particular expertise and knowledge and entails certain risks of loss (some of which are specifically mentioned in this Agreement, including but not limited to

fluctuation in the prices of Metals). Accordingly, by entering into Transactions you agree to undertake such risks of loss in relation to your Transactions and/or to insure accordingly against such losses as you may require; (c) there may be instances where GPMT is unable to provide the services under the Contract and in such circumstances GPMT may not be able to execute Transactions including (but not limited to) you supplying incorrect or incomplete information or identification documents, GPMTs system failure, suspected or actual security breaches or any of the events mentioned under condition 37. In such circumstances you will be informed as soon as possible and our liability shall be limited to refund of any commission paid by you to us in respect of any orders we are unable to proceed with; (d) GPMT may reject any order (to buy or sell Metals) at any point prior to execution of the Transaction and for any reason whatsoever if in its sole discretion it is deemed necessary or prudent to do so and in such event GPMTs liability shall be limited to refund of any commission paid by you to it in respect of such rejected order; (e) GPMT shall not be liable for: (i) loss of profits; or (ii) loss of business; or (iii) depletion of goodwill and/or similar losses; or (iv) loss of anticipated savings; or (v) a fall in value of your Metals, currency depreciation or other loss of goods; or (vi) loss of contract; or (vii) loss of use; or (viii) loss of corruption of data or information; or (ix) any special, indirect, consequential or pure economic loss, costs, damages, charges or expenses. (f) GPMTs total liability to you in contract, tort (including negligence or breach of statutory duty) misrepresentation, restitution or otherwise arising in connection with the performance or contemplated performance of a Contract shall be limited to three times the value of the commission received by GPMT in relation to the relevant Agreement; and (g) the limitations in this clause 33.5 are fair and reasonable given the level of the commission fee payable to GPMT and that GPMT is merely acting as broker in Transactions. 34. Termination 34.1 Without prejudice to any other rights or remedies which we may have, GPMT may terminate the Agreement and close any open trading positions without liability to you immediately on giving notice to you if: (a) you fail to pay any amount due under a Transaction or Agreement on the due date for payment and remain in default not less than seven days after being notified in writing to make such payment; or

(b) you commit a breach of any of the terms of the Agreement and (if such a breach is remediable) fail to remedy that breach within 30 days of you being notified in writing of the breach; or (c) you repeatedly breach any of the terms of the Agreement in such a manner as to reasonably justify the opinion that your conduct is inconsistent with it having the intention or ability to give effect to the terms of the Agreement; or (d) you suspend, or threaten to suspend, payment of its debts or are unable to pay your debts as they fall due or admit inability to pay your debts or (being a company) is deemed unable to pay its debts within the meaning of section 123 of the Insolvency Act 1986 or (being a natural person) is deemed either unable to pay its debts or as having no reasonable prospect of so doing, in either case, within the meaning of section 268 of the Insolvency Act 1986 or (being a partnership) has any partner to whom any of the foregoing apply; or (e) you commence negotiations with all or any class of your creditors with a view to rescheduling any of your debts, or make a proposal for or enters into any compromise or arrangement with your creditors; or (f) a petition is filed, a notice is given, a resolution is passed, or an order is made, for or on connection with your winding up; (g) an application is made to court, or an order is made, for the appointment of an administrator or if a notice of intention to appoint an administrator is given or if an administrator is appointed over you; or (h) a floating charge holder over your assets has become entitled to appoint or has appointed an administrative receiver; or (i) a person becomes entitled to appoint a receiver over your assets or a receiver is appointed over your assets; or (j) a creditor or encumbrancer attaches or takes possession of, or a distress, execution, sequestration or other such process is levied or enforced on or sued against, the whole or any part of your assets and such attachment or process is not discharged within 14 days; or (k) any event occurs, or proceeding is taken, with respect to you in any jurisdiction to which you are subject that has an effect equivalent or similar to any of the events mentioned in condition 34(d) to condition 34.1 (j) (inclusive); or (l) you suspend or cease, or threaten to suspend or c ease, to carry on all or a substantial part of your business; or (m) you suffer a change of control (as defined in section 574 of the Capital Allowances Act 2001). 34.2 We acknowledge and agree that any breach of conditions 2, 5-8, 13, 16, 18, 34, and 38 shall constitute a material breach for the purposes of this condition 34. 34.3 On termination of the Agreement for any reason:

(a) you shall immediately pay to GPMT all of GPMT's outstanding unpaid invoices, commissions and interest and, in respect of trading services supplied but for which no invoice has been submitted, GPMT may submit an invoice, which shall be payable immediately on receipt; (b) our accrued rights and liabilities as at termination and the continuation of any provision expressly

stated to survive or implicitly surviving termination, shall not be affected. 34.4 On termination of the Agreement (however arising), conditions 1, 2, 3, 4, 5, 9, 10, 13, 14, 18, 24, 25, 28, 33, 34, 40 and 41 shall survive and continue in full force and effect. 35. Representations and Warranties

Representations and warranties are personal statements, assurances or undertakings given by you to us on which we rely when we deal with you. You make the following representations and warranties at the time you become a GPMT client and every time you place a Transaction or any other instruction: (a) all information that you supply to us (whether during registration or otherwise) is true, accurate and not misleading in any material respect; (b) if you are an individual, you are over 18 years old; (c) except where we have agreed otherwise in writing, you act as principal and not any other persons agent or other representative; (d) you have obtained all necessary consents and have the authority to enter into Transactions and/or to place any instructions; (e) if you are a company or body corporate you are properly empowered and have obtained all necessary corporate or other authority under your memorandum and articles of association or other constitutional or organizational documents; (f) you are not accessing the Website and dealing with us from the USA; (g) you agree that for the duration of this Agreement you will promptly notify us of any change to the details supplied by you on registration documents, including in particular moving to another country or territory or any change or anticipated change in your financial circumstances or employment status (including redundancy and/or unemployment) which may affect the basis on which we do business with you; and (h) You have the adequate financial expertise and the resources to understand and to comply with the Agreement. 36. Market Disruption and Events beyond the control of GPMT GPMT reserves the right to defer the date of delivery or to cancel a Transaction or reduce the volume of Metals ordered or sold by you (without liability to you) if it is prevented from or delayed in the carrying on of its business due to circumstances beyond the reasonable control of GPMT including, without limitation, acts of God, governmental actions, war or national emergency, pandemic, acts of terrorism, protests, riot, civil commotion, fire, explosion, flood, epidemic, lock-outs, strikes or other labor disputes (whether or not relating to either party's workforce), or restraints or delays affecting suppliers, provided that, if the event in question continues for a continuous period in excess of 30 days, you shall be entitled to give notice in writing to GPMT to cancel any Transaction and, subject to deduction of any outstanding commission or other amount payable to GPMT, request return of your funds. 37. Assignment 37.1 You shall not, without the prior written consent of GPMT, assign, transfer, charge, mortgage, subcontract or deal in any manner with all or any of your rights or obligations under these Conditions

or any Transaction. 37.2 GPMT may at any time assign, transfer, charge, mortgage, subcontract or deal in any other manner with all or any of its rights under these Conditions or any Transaction and may subcontract or delegate in any manner any or all of its obligations under these Conditions or any Transaction to any third party or agent. 37.3 Each party that has rights under these Conditions or any Transaction is acting on its own behalf and not for the benefit of another person. 38. Language The official and reference language of GPMT is English and all GPMT sites in other languages are a translation of the original GPMT site in English. Therefore all trade and communication by and with GPMT shall be conducted and referable to the original documents in English. 39. General 39.1 All communications between the parties about these Conditions or a Transaction shall be in writing and delivered by hand or sent by pre-paid first class post or sent by fax: (a) (in case of communications to GPMT) to its registered office or such other address as shall be notified to the Client by GPMT; or 39.2 Communications shall be deemed to have been received: to have been received:

(a) if sent by pre-paid first class post, two days (excluding Saturdays, Sundays and bank and public holidays) after posting (exclusive of the day of posting); or (b) if delivered by hand, on the day of delivery; or 39.3 Communications addressed to GPMT shall be marked for the attention of the Managing Director. be marked for the attention of the Managing Director. 39.4 If any provision of these Conditions or a Transaction is found by any court, tribunal or administrative body of competent jurisdiction to be wholly or partly illegal, invalid, void, voidable, unenforceable or unreasonable it shall to the extent of such illegality, invalidity, voidness, voidability, unenforceability or unreasonableness be deemed severable and the remaining provisions of the Conditions/Transaction and the remainder of such provision shall continue in full force and effect. 39.5 Failure or delay by GPMT in enforcing or partially enforcing any provision of these Conditions or a Transaction shall not be construed as a waiver of any of its rights under these Conditions or any Transaction. 39.6 Any waiver by GPMT of any breach of, or any default under, any provision of these Conditions or a Transaction by you shall not be deemed a waiver of any subsequent breach or default and shall in no way affect the other terms of these Conditions or any Transaction Conditions or any Transaction. 39.7 The parties do not intend that any term of the Conditions or any Transaction shall be enforceable by virtue of the Contracts (Rights of Third Parties) Act 1999 by any person that is not a party to it. is not a party to it. 40. Law

These Conditions and any Transaction and any dispute or claim arising out of or in connection with it or its subject matter or formation (including non-contractual disputes or claims) shall be governed by and construed in accordance with English law, and the parties irrevocably submit to the exclusive jurisdiction of the English courts. Copyright Global Precious Metals Trading (UK) Limited 2010 All Rights Reserved The material on this website is protected by English copyright law and international conventions worldwide and may not be reproduced or revised without the specific consent of GPMT. You may print copies for your personal use only.

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