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Terms & Conditions

BANFERS BANK & TRUST

TERMS AND CONDITIONS

The Terms and Conditions, along with any Frame Agreement, Specific Agreement, Data Protection and Confidentiality Policy, Tariff, and other related agreements, constitute the Legal Agreement between Banfers Bank Limited and its various brands. This international bank is established and existing in accordance with the laws of Dominica, in Commonwealth, Dominica, under number 2018 / C0251.

Banfers Bank Limited operates under a license granted by the Offshore Banking Act (the “Law”) and is fully empowered to offer services to clients globally, with the exception of citizens and residents of the Commonwealth of Dominica. The provision of these services is conducted under the prudential oversight of the Financial Services Unit (FSU – http://fsu.gov.dm).

GLOSSARY:

For this Agreement, the following capitalized terms shall have the meanings indicated below:

“Account” means all current and future accounts opened by the Bank in the name of its customers and includes all monies or balances thereof deposited therein, all accrued and accruing interest and all related rights.

“Activation Forms” Refers to the documents signed by THE CLIENT with the purpose of requesting the opening or activation of each of the banking services contained in this document of TERMS AND CONDITIONS and in which when stamping your signature THE CLIENT declares that has read, accepts and adheres to each and every one of the particular terms and conditions of the banking services offered by THE BANK, contained generally in this document. Said forms, likewise, will be used for the incorporation to this agreement of one or all accounts, products or services that THE CLIENT maintains with THE BANK, as well as the incorporation if the CUSTOMER so requires, of a third person, under the conditions to be established, according to the requirements expressed by it.

“Bank” or “Banfers Bank” means Banfers Bank Limited, a banking institution existing under the laws of the Commonwealth of Dominica, having its registered office at Centre Cross Lane, Roseau, Commonwealth of Dominica, together with its successors in title and assigns.

“Balance” means any money in any currency supported by Banfers Bank that the Client has in the Client’s Account at any given time.

“BIN Sponsor,” “Issuer,” or “Acquirer” means a company different from Banfers Bank that is responsible for the issuance, activation, deactivation, and management of payment cards. A BIN Sponsor is licensed to issue and acquire payment cards, prepaid cards, credit cards, NFC stickers, mobile POS, Internet acquiring and other payment services, which has a contract with Banfers Bank for BIN sponsorship and issuing and acquiring of payments cards and other payment instruments and payment services.

“Business account” means an account opened by a Legal Person, business or organization to manage its finances and conduct transactions related to its day-to-day operations. A legal entity must operate a business account used for business purposes only.

“Business Day” means Monday to Friday, excluding public and bank holidays in the Commonwealth of Dominica.

“Business Hours” means 09:00 to 18:00 Caribbean Eastern Time, where Banfers Bank’s operations are open to customers or as may be otherwise determined by the Bank.

“Card” means “Banfers Bank Card” or “Banfers Bank Virtual Card,” issued as part of the Service when available, collectively called “Card” means a payment instrument with the logos of Banfers Bank and one of the Card Organizations, providing the possibility for the cardholder to submit payment orders for payment on POS, internet banking, or ATM transactions, such as cash withdrawal or balance check. Cards are always associated with the Account of the Client. The Card is always personalized with personalized security characteristics, such as PAN, expiry date, CHIP & PIN based, CVV or CVC or similar characteristics. Cards embossed with the cardholder’s name are available where the Card Program permits.

“Client” or “User” means a Natural or legal person who accepts, declares to know the content and subscribes to these TERMS AND CONDITIONS by stamping his signature on an activation form of any banking service, in the same way, the people named by THE CLIENT in any accounts or services banking and includes its successors and the persons authorized by it to carry out any banking operation, to turn, dispose of the funds deposited in THE BANK and to instruct the bank.

Therefore, references to THE CLIENT that are made in the future will be applied and obliged to each and every person who has the status of CLIENT, that is, the successors, proxies or representatives thereof, who declare that accept each and every one of the terms and conditions provided in this document.

Any reference to a person such as the » DEBTOR ”,“ ‘CODEUDOR ” “ GUARANTOR ” “ GUARANTOR ”,“ SIGNATORY ”,“ MAIN CUSTOMER ”,“ ADDITIONAL CUSTOMER ” “ CARDMAN ”or“ THE CUSTOMER ”in

this document and in any form of activation of any banking service or in any communication of THE BANK, it also refers to THE CUSTOMER, therefore, any obligation payable to THE CUSTOMER will be enforceable to said person.

ANY entity, its corresponding board of directors must notify THE BANK in writing of any change in its shareholder composition or in its administrative body within thirty (30) calendar days after the modification occurs . THE BANK may deactivate the use and handling of banking services, while verifying the information legally.

Any power granted by THE CLIENT or designation that he has made of persons authorized to handle any of the banking services will remain in force and valid until such time as THE CLIENT notifies the BANK in writing of its revocation or cancellation. In the event that THE CLIENT was a natural person, such powers or authorizations will be without effect from the moment THE BANK becomes aware by any means of the death of THE CLIENT or the Representative or authorized person. However, THE BANK will process the transactions or operations that had been carried out before the revocation of the powers or authorizations or the death of THE CLIENT or the agent or authorized person to manage the Banking Services.

“Client email address” means the email address provided by the Client during the Account opening application or later amended by the Client via the Service. Banfers Bank will use the provided email to communicate with the Client, generate two-factor authentication and other security features, and associate the email address with an account so that it may act as an account identifier.

“Client mobile phone number” means the mobile phone number provided by Client at the Account opening stage or later amended by Client via the Service; Banfers Bank will use the mobile number to generate the Client’s two-factor authentication where applicable.

“Currencies supported by Banfers Bank” means currencies supported by Banfers Bank for the Service.

“Consumer” means a natural person, who uses the Service for personal needs, different from their business, commercial or professional needs or activities. Any other natural or legal person using the Service mainly for business, professional, commercial or other purposes different from personal, family or household needs is not a consumer.

“Disputes” means any disagreements, complaints, litigation, arrangements and other such disputes between Banfers Bank and Client arising from these Terms and Conditions or concerning the use of the Service, or the laws of Dominica or the United States, where the laws of Dominica take precedence.

“General Terms and Conditions” or “Terms and Conditions” shall mean these General Terms and Conditions of business.

“Minor” means a person who is under the age of 18 years old.

“Non-payment transaction” means a transaction that does not involve the transfer of funds but instead comprises activities such as reviewing account balances, transaction history, statements, changing passwords, providing security for compensation of obligations (if applicable) and other non-payment transactions available for the Service;

“Online account” means a financial account that can be accessed and managed online, allowing customers to perform banking activities remotely. All Accounts at Banfers Bank are Online Accounts.

“Online banking” means using the internet to access and manage bank accounts and financial services remotely. By agreeing to these Terms and Conditions, you agree to open an Online Bank Account at Banfers Bank;

“Payment Order” means all financial instructions made by the Payer or Payee to Banfers Bank, ordering the execution of payment transaction; “Payment transaction” means the transactions for money transfer or any other payment transactions with the payment instrument available for the Service;

“Payer” means a Client that submits the payment order;

“Payee” means a Client that is a recipient of the amount of the payment transaction;

“Personalized security features” or “Identifying Credentials” means all personalized security characteristics of all payment instruments, such as the username, password, two-factor-authentication, security codes and all other unique identifying information that Banfers Bank provides to the Client;

“Peer-to-Peer (P2P) Transactions” Subject to applicable Fees, Users can transfer Funds from their Account to the Account of another User of Banfers Bank or the banfersdm.com brand.

“Service” refers to any payment instruments and Account and any other service Banfers Bank may provide to Client from time to time, including but not limited to accounts (current accounts, savings accounts, merchant accounts, accounts for Term Deposits) supported by Banfers Bank, identified with unique account numbers and all payment transactions, such as money transfers or others;

“Signature Registration Card” Refers to the documents in which THE CLIENT stamps his signature for THE BANK’s records, THE CLIENT also declares that he has read, accepts and adheres to each and every one of the general terms and conditions and particular of the banking services offered by THE BANK, contained in this document. The valid signature for THE BANK will be the one that appears on the signature registration cards.

The signature on the Signature Registration Card will be the same that must be used before THE BANK to sign all bank documents, forms, applications and instructions to make a transaction with the account or have access to a banking service. THE BANK may agree with THE CLIENT the use of facsimile or electronic signatures or other technological means to replace the original autograph signatures, which will have the same value as the latter. THE CUSTOMER acknowledges and accepts that he will assume the responsibility, as well as the damages and losses he suffers from the consequences in case of falsification or alteration of the aforementioned usual or conventional signature, or as a consequence of the confusions that the employment of said signature generates, both for THE BANK as for any third party and, in addition, expressly releases THE BANK from any responsibility for the acceptance of the usual or conventional signature that is falsified or altered.

“Website for the Service” means the website of Banfers Bank www.Banfersbank.com, its banfersdm.com brand (www.banfersdm.com) or other websites of Banfers Bank, as indicated to the Client. Therefore, the Client can use all authorized Banfers Bank websites accessed by the Client via the internet to access all information relevant to their Account and the Services.

1. TERMS OF SERVICES

2. ELIGIBILITY FOR THE SERVICES. TYPES OF ACCOUNTS AND CARDS:

3. INCOMING PAYMENTS:

4. **PAYMENTS:

5. Instructions to Banfers Bank:

6. REFUSAL, REVERSAL OF UNAUTHORIZED TRANSACTION AND REVERSAL OF INCORRECT PAYMENT ORDERS:

**You shall not be held responsible for any losses arising from the following circumstances:

7. PAYMENT TRANSACTIONS WITH CARDS:

8. RECORD KEEPING AND ACCOUNT STATEMENTS:

9. PAYMENT INSTRUMENTS SECURITY FEATURES. SECURITY MEASURES AND SAFETY REQUIREMENTS:

10. PROTECTION OF CLIENT PERSONAL INFORMATION AND BANK SECRECY:

a)The Client grants permission to Banfers Bank to share and obtain information regarding the Client from third parties, as permitted by law. This includes personal data and potentially sensitive personal data as defined by applicable data protection laws, for the purpose of conducting necessary due diligence and identity verification. The Client acknowledges that these third parties may retain the information shared in this manner.

b)Should the Client be dissatisfied with the stipulations outlined in this clause, which mandates the provision of information requested by Banfers Bank for identity verification or compliance with anti-money laundering regulations, such dissatisfaction may lead to the refusal or immediate suspension of the Client’s access to the Service, as well as the termination of these Terms and Conditions without prior notification to the Client.

c) Banfers Bank is entitled to rely on and act in accordance with instructions received through the Banfers Bank portal, telephone, facsimile, or any other electronic means that appear to originate from the Client or an authorized individual. Banfers Bank will assume, in good faith, that these instructions are authentic.

11. Banfers BANK ACCEPTANCE POLICY AND PERMISSIBLE TRANSACTIONS:

Violation of these Terms and Conditions (including, but not limited to, the provision of false or misleading identification information, such as incorrect names, email addresses, multiple mobile numbers, or other data, with the intent of creating multiple Accounts for a single user or circumventing the limits set by Banfers Bank in any manner); or

Violation or potential violation by the Client or Banfers Bank of any applicable law, statute, contract, or regulation; or

Misuse of the reversal or chargeback process initiated by the Client’s Bank.

The Service must not be utilized in a manner that leads to or has the potential to lead to complaints, disputes, claims, reversals, chargebacks, fees, fines, investigations, penalties, or any other liabilities for Banfers Bank, its Branch, or its Agents.

Additionally, the initiation of transactions that could be classified as cash advances, or the facilitation of cash advances from Merchants or the purchase of cash equivalents such as travelers’ cheques or money orders, is prohibited.

Furthermore, any infringement upon the copyright, patent, trademark, trade secret, or other intellectual property rights of Banfers Bank or any third party, as well as rights related to publicity or privacy, is not allowed.

The Service must also not be used in conjunction with any illegal transactions.

Specific activities that are prohibited include, but are not limited to, gambling and gaming activities involving payments for wagers, gambling debts, or winnings, irrespective of the gambling context (including both online and offline venues),

the sale of prescription drugs or pseudo pharmaceuticals,

the trade of weapons and knives,

participation in unlicensed lotteries,

the sale of firearms or ammunition,

engagement in pyramid or Ponzi schemes or other «get rich quick» schemes, the initiation of cash advance transactions,

sending unsolicited emails or posting referral links on unauthorized websites,

and receiving funds for the sale of counterfeit or stolen goods.

The following jurisdictions are classified as prohibited by Banfers Bank: Afghanistan

Belarus, Cuba, Crimea, Iran, Luhansk and Donetsk Provinces of Ukraine, Myanmar, North Korea, Syria, Russia**, Yemen.

a) Clients are prohibited from initiating transactions or accessing accounts from prohibited jurisdictions.

b) If the Client is an individual, they must not reside in a prohibited jurisdiction. Any of the aforementioned conditions may serve as grounds for rejecting or terminating an account application or for ending a business relationship between Banfers Bank and a client or applicant.

11.4. Sanctions Banfers Bank reserves the right to independently implement actions, controls, restrictions, and regulations to mitigate risks associated with the sanctions regimes outlined in Section 11.2

(c). The Bank is not obligated to disclose the specific actions, controls, conditions, or regulations to the Client when these restrictions impact the Client’s Account, transactions, or intended transactional activities; however, it will provide communication regarding the impact on the Client’s Account when it is deemed permissible and reasonable.

11.5. 1. The Client is prohibited from utilizing the Service and from accepting the Terms and Conditions. Banfers Bank reserves the right to suspend or terminate the Service or the Terms and Conditions immediately and without prior notification to the Client under the following circumstances:

12. BANK CHARGES, COMMISSIONS AND FEES:

13. CLIENT LIABILITY:

Representations and Warranties.

It is mutually acknowledged by the parties that the execution of obligations by Banfers Bank under this agreement, regardless of whether the User’s representations, warranties, and covenants are met, shall not diminish Banfers Bank’s entitlement to any such representations, warranties, and covenants made by the User. Consequently, the User hereby guarantees and agrees to Banfers Bank that:

• 13.1. The Client shall bear full responsibility for any losses arising from unauthorized transactions and any associated damages, irrespective of the extent of such losses or damages, if the Client has engaged in fraudulent behavior or has, with intent or gross negligence, failed to adhere to the present Terms and Conditions, including the Client’s duty to maintain the security of Client Identifying Credentials and to safeguard access to the Client’s Account or other payment methods.

• 13.2. The Client shall have the right to seek compensation for losses (excluding fees or interest for Clients who are not Consumers) resulting from unauthorized or erroneous transactions, provided that the Client has notified Banfers Bank of the unauthorized or erroneous transaction and Banfers Bank has successfully blocked the Account and Card or other payment methods without unnecessary delay. In instances where the Client is eligible for compensation, Banfers Bank will reimburse the amount of the unauthorized transactions, minus any applicable fees.

13.3. The Client consents to indemnify, defend, and hold Banfers Bank harmless from any losses or negative balances associated with the Account or Cards. This indemnification covers any and all actions, claims, demands, liabilities, judgments, damages, or expenses (collectively referred to as «Claim» or «Claims») that Banfers Bank may incur, sustain, or become subject to during the term of these Terms and Conditions or within five (5) years following their termination. Such Claims may arise from: (a) activities related to the Client, their employees, agents, subcontractors, or third parties utilizing the Service; (b) incidents involving willful acts, gross negligence, or other similar misconduct by the Client, their employees, agents, subcontractors, end customers, or third parties using the Service, including but not limited to fraud, chargebacks initiated by the Client or third parties, offline transactions, recurring transactions, currency conversions, pre-authorizations, manual operations, system malfunctions, or other unlawful uses; or (c) any failure by the Client, their employees, agents, subcontractors, end customers, or third parties using the Service to comply with applicable laws or regulations, including but not limited to the Proceeds of Crime Act (2014) and related legislation, as well as data protection laws and other relevant regulations. The Client acknowledges that Banfers Bank is authorized to fulfill any obligations of the Client by directly debiting or withdrawing funds from the Client’s Account or any collateral provided by the Client (if applicable), or from any outstanding amounts owed by Banfers Bank to the Client, including charges to the Client’s funding instrument. Banfers Bank will notify the Client regarding the basis, amount, and value of such withdrawals unless prohibited by law or regulation.

13.4. 1. In the case of a delayed payment owed to Banfers Bank, the Client will incur a late fee calculated at the interest rate established by the Eastern Caribbean Central Bank. This interest will accrue for each day the payment remains unpaid.

13.5. Right of Retention: Unless a different written agreement is made between the parties, in accordance with the laws of the Commonwealth of Dominica, Banfers Bank reserves the right to retain all funds belonging to the Client in their accounts with the Bank until all outstanding fees, costs, charges, expenses, and liabilities owed to Banfers Bank are fully settled.

13.6. Notwithstanding the above, the Client acknowledges and agrees that the responsibility for reporting and paying any applicable taxes, as mandated by law, lies solely with the Client. Consequently, the Client commits to adhering to all relevant tax regulations.

13.7. Additional liabilities of the Client are detailed in other sections of these terms.

14. TERMINATION OF THE BUSINESS RELATIONSHIP:

(a) Informing Banfers Bank in accordance with the communication procedures specified below;

(b) Closing the Client’s Account associated with the Service, which includes withdrawing or redeeming any available balance;

(c) Returning the Card to Banfers Bank.

a) Banfers Bank may transfer the remaining funds to the appropriate government receiver in accordance with due process. These funds will then be classified as bona vacantia, and the Client must reach out to the relevant government authority regarding the assets.

15. LIMITATION OF WARRANTIES:

The Terms and Conditions do not permit the exclusion or limitation of the Bank’s liability for losses that cannot be lawfully excluded or limited by these Terms and Conditions or applicable law. Nevertheless, subject to clause 15.1 mentioned earlier, the Bank, along with its Agents/Distributors, subcontractors, or Licensees, shall not be held liable for any indirect or consequential losses. This includes, but is not limited to, any loss of profit (whether direct or indirect), loss of goodwill or business reputation, or loss of data experienced by you.

Furthermore, the Bank shall not be responsible for any loss or damage you incur due to your reliance on the completeness, accuracy, or existence of any advertising, nor for any relationship or transaction you engage in with any advertiser whose advertisements are featured on the Service. The Bank also disclaims liability for any modifications it may implement to the Service, any temporary or permanent interruptions in the provision of the Service (or any of its features), any malfunctions of the Service, the deletion, corruption, or failure to store any communications data that you maintain or transmit through your use of the Service, your failure to provide accurate account information, or any fraudulent use of the Service by you or third parties.

Lastly, the Bank will not reimburse you for any fees or interest charged to Clients who are not Consumers due to the non-performance or improper performance of a payment transaction.

16. CHANGES TO THE TERMS AND CONDITIONS:

17. COMMUNICATIONS AND NOTICES:

18. GENERAL LEGAL TERMS:

19. NOTIFICATION OF MATERIAL CHANGES IN YOUR CIRCUMSTANCES

20 OBLIGATION TO CARRY DUE DILIGENCE

20.1 THE BANK that are required by THE CUSTOMER or by any person authorized by it and that are available such as: customer card / chip card, personal code, keys, magnetic tapes, keys private, certificates, customer card with password and online services THE BANK, among others. If the information in this document differs from the conditions specified in the special terms and conditions for individual services of THE BANK, the latter will apply the precedence; if there are no differences, both documents will complement each other. For all other terms and conditions governing the relationship with THE BANK, such as the conditions for opening accounts or custody of accounts, the general conditions of THE BANK and the custody regulations will also have legal validity

20.2 If THE CLIENT or a third party agrees with any of the electronic support tools for the use of any service, the user’s identity will not be verified by THE BANK against signatures or identity documents. The identity in this case is established by an authentication process through the available electronic tools (self-identification), this means that every person who identifies correctly will have access to the corresponding account. THE CUSTOMER is responsible, even legally, for activities carried out electronically, unless he can prove otherwise with reliable evidence.

20.3 THE CLIENT or any person authorized by him must take the necessary measures for the safe use of electronic support tools. The entry and verification data of the electronic tools received by THE BANK must be securely protected for the purpose of identification. The keys, nominal lists, private keys and any electronic support tool must be kept secret. Under no circumstances should they be disclosed and / or transmitted to other people. Electronic support tools must be kept separately; For example, the keys must not be registered in other electronic devices. Access to private keys must be protected with keys that meet the following requirements: they should only be stored in reliable hardware (eg, chip cards), security numbers and keys must be selected so that they are not easy to detect or deduct (for example: based on telephone numbers, birth dates, vehicle registration number, etc.). If there is a possibility or suspicion that a security number, key, private key or nominal list has been discovered by an unauthorized person, THE CUSTOMER or person authorized by it, you should immediately ensure that it is changed, deleted or blocked. . If necessary, the authorized user must request another nominal list from THE BANK, the certificate of the private key must be blocked immediately. THE BANK must be notified immediately of the loss of any electronic support tool. THE CUSTOMER is fully responsible for ensuring that the other persons authorized by him for the use of electronic support tools comply with these conditions.

20.4 ENTRY LOCK: when expressly requested, THE BANK may block access to specific services. A block may be limited to the use of electronic support tools or to a specific person. The block may be requested before the office of THE BANK that manages the account or at any point of special service. THE CUSTOMER or person authorized by it may also block if the electronic support tool allows it. Once the entrance access is blocked, it cannot be reversed until said request is made in writing to THE BANK. THE CLIENT runs any risk that may result from the use of electronic support tools before the lock has been activated through normal procedures.

20.5 TRANSMISSION ERRORS, TECHNICAL FAULTS, FAULTS AND LEGAL INSTRUCTIONS: THE BANK exempts from liability for damages caused due to transmission errors, technical failures, breakdowns and legal instructions or through the use of ATMs, terminals, screens or other ped systems of THE CLIENT, of the persons authorized by the same or third parties, or in ped systems generally accessible by the general public, unless THE BANK is guilty of complete negligence. Similarly, THE BANK is not responsible for damages caused as a result of technical failures or service interruptions (including maintenance work required by the system) or for overloads affecting its own ATMs or ped systems.

21. MARKETING IN EUREX OR OTHER CONTEMPORARY SECURITIES BAGS

21.1 THE CLIENT hereby declares that he is aware of the functional aspects of the financial instruments derived from the markets in which they operate, as well as their rules and regulations, and that THE CLIENT knows that under certain circumstances his instructions may not be executed. Immediately, and / or may be partially executed. THE CLIENT acknowledges that THE BANK is obliged to establish a margin in these stock exchanges where it acts in its name, and that THE CLIENT is obliged to supply this margin at the time of giving the instructions (initial margin), and that it is also obliged to provide additional coverage (variation margin) to THE BANK if requested. THE CUSTOMER authorizes THE BANK to close the position of not receiving the additional guarantee requested on the first banking day following the request. THE CLIENT may authorize THE BANK to commit and give as guarantee any good that is in the custody of THE BANK to safeguard the position of THE CLIENT. THE BANK is also authorized to debit from THE CLIENT’s account any commission and / or charge that may arise, if THE BANK has not received the instructions indicating otherwise before 12 noon, two days before the due date and You are obliged and authorized to liquidate, enter or negotiate any contract that may exist on the funds from this moment forward. THE CUSTOMER knows and accepts that all the short options that may exist on the money are tendered daily until the expiration date (American) or on the expiration date (European and American), and that circumstances that may lead to the event may arise that THE CLIENT is not notified or taken into consideration in due time. All transactions will be carried out at the own risk of THE CLIENT, regardless of the relations of THE BANK in relation to the counterparties. THE CUSTOMER is aware that THE BANK must comply with the laws applicable in the country of the respective stock exchange as well as the current regulations, general rules and normal practices of these exchange houses. THE CLIENT also understands everything about THE BANK and THE CLIENT expressly confirms that he is familiar with these regulations, general rules and practices, and that he has received a copy of the information document about the future and the options, and we understand its content.

22. PERFORMANCE OF A MARGIN

22.1 THE CUSTOMER acknowledges the fact that THE BANK reserves the right to require a deposit margin for its possible demands that may arise from transactions concluded with it, which will be deposited in THE BANK. The amount of this margin must be established by THE BANK either generally or on a case-by-case basis, taking into account the duration, rates / prices of each transaction and taking into account the applicable laws and regulations. THE BANK may change its requirements regarding the general margin at any time. During the validity of a transaction, THE BANK will also have the right to increase the original amount of the margin or subsequently specify the amount of a deposit for any transaction concluded without margin. THE BANK also has the right to request additional coverage (called margin) if, changes in the market after the conclusion of a transaction, cause loss to THE CLIENT at the time of settlement of the transaction, or if the value of the margin deposit has decreased. In these cases, THE CLIENT agrees to supply THE BANK with this supplement or a new guarantee. In the event that THE CLIENT does not comply with this margin request on the next banking day – or in case of deterioration of market conditions, within a shorter period of time as established by THE BANK will be entitled, but not required, to carry out any transactions that are necessary to ensure that any of them will be covered or settled on their due date, and THE CLIENT will be responsible for any loss incurred by THE BANK. If any debt arises, THE BANK shall have the right, but is not obliged to settle this loss of the margin deposit or to dispose of the deposit as it deems necessary. THE BANK will also have the right to proceed according to what is previously established in this document: Use of goods as collateral: the goods that are used as collateral before THE BANK are committed to THE BANK. The details of this commitment are set out in a separate commitment document. Commitments by third parties / guarantor, in case the margin coverage should be provided by a third party, the same conditions will apply.

21.2 DERIVATIVE AND FRONT TRANSACTIONS. These transactions carried out through THE BANK or THE BANK in the account of THE CUSTOMER will be at your own risk, so that THE BANK is exempted from any obligation and responsibility for monitoring. THE CUSTOMER acknowledges that he has received and taken into consideration a booklet called “Special Risks In Securities Transactions”. On its own initiative, THE CLIENT accepts that all transactions will be concluded on its own initiative on the basis of its evaluation of market conditions, and not based on recommendations received from THE BANK. Acting capacity. THE CLIENT hereby confirms that he has the necessary capacity to act in these transactions or that he has been empowered to do so.

23. VOTING RIGHT. THE CUSTOMER authorizes THE BANK to exercise the right to vote regarding the shares it holds during general meetings of shareholders and to delegate this authority when deemed necessary by this authorization. THE BANK may also but is not obliged to represent the undersigned in said general shareholders meetings and to exercise the right to vote in relation to the shares, which at the time of said meetings the CLIENT owns and are in guarantee for his account. THE CLIENT acknowledges that THE BANK will only use this authorization to vote during these general meetings when a company so requests before THE BANK. In such cases, THE CLIENT will be informed of said situation before the general meeting in relation to the proposals to be submitted, and will be asked for instructions for voting. In case the instructions are not received in due time, THE BANK will vote in favor of the proposals of the board of directors. This general authorization will remain in effect even after death or inability to act.

24. ABSOLUTE POWER FOR THE MANAGEMENT OF PROPERTY FOR EXTERNAL PROPERTY MANAGERS:

24.1 Complete management of goods. THE CLIENT authorizes the above mentioned lawyer- without substitution power – to handle my / our name, without restrictions, all the assets deposited at any time in my / our account with the bank identified with the number mentioned above. In particular, said lawyer is authorized to give instructions for the purchase and sale of securities and currencies, to convert and exchange securities, to establish arbitration operations and subscriptions, to exercise or sell subscription rights, to buy shares in investment funds not belonging to THE BANK other unidentified securities, to carry out investments based on trusts – in the name of THE BANK but at my / our cost and risk – a use the electronic services provided by THE BANK, to choose the jurisdiction, and take any other measures deemed necessary and appropriate in relation to the handling of my / our assets. The lawyer will also be authorized to instruct THE BANK, legally binding on my / our name for the handling of property and close loan agreements on my / our name in relation to securities in our custody. THE CLIENT accepts responsibility for any obligation that may arise as a result of all the activities of the lawyer, in addition, THE CLIENT accepts responsibility as creditors of THE BANK. However, the lawyer will not be authorized to withdraw, in whole or in part, securities / rights or credit balances of any kind, to commit them to any claim by THE BANK against the lawyer or third parties or make other payments to the purchase of said goods or the execution of the transactions mentioned above for the principal’s accounts. 2. Conclusion of separate agreements, THE BANK requires the creation of separate agreements for the execution of certain business transactions. THE CLIENT hereby authorizes the lawyer to conclude such contracts in my / our account and to accept any guidelines and receive newsletters relating to the risks in certain transactions and, if necessary, to sign my / our name when legally necessary. 3. Credit / assets as collateral. In matters of property management, the lawyer is authorized to request credits in THE BANK to my / our name for my / our account to guarantee my / our assets against claims against me by THE BANK and to sign the agreements of Credit corresponding to my / our name. The additional funds acquired through this concept will be managed by my / our lawyer based on the power granted. 4. Derivative exchange and forward transactions. THE CLIENT expressly authorizes the lawyer to carry out any derivative transaction, such as options and financial future as well as forward transactions. THE CLIENT confirms that those forward transactions through financial instruments executed by the lawyer in my / our account are at my / our own risk and that THE CLIENT exempts THE BANK from any responsibility. In particular, THE CLIENT is aware that such derivative financial instruments and forward transactions are not only used as collateral methods and that, depending on the product and the strategy, there could be considerable risks of losses. THE CUSTOMER is aware that margin coverage is required for certain forward and derivative transactions and that my / our assets in THE BANK will serve as collateral for it. 5. Risk of declaration. THE CLIENT hereby declares that he has been informed by the lawyer of the special risks that accompany these specific types of transactions, especially those related to securities transactions, and THE CLIENT expressly exempts THE BANK from any responsibility to inform us of these risks 6. Debit of handling charge. The lawyer is authorized to directly debit from THE CLIENT’s account their fees (including expenses and – if applicable – taxes). There is no obligation on the part of THE BANK to examine these charges. THE CLIENT is aware that THE BANK may grant the lawyer discounts based on volume in the commissions charged. The lawyer will have full responsibility to inform THE CLIENT about this volume discount. 7. The bank will have no obligation to supervise. THE CLIENT is aware that THE BANK does not exercise any control over the transactions executed by the lawyer by my designee who must be supervised by THE CLIENT. THE BANK is not obliged to review whether orders, instructions and directives as well as contracts if they are appropriate, nor to warn about the possible outcome. Nor to refuse the execution of any of these transactions. THE CLIENT is aware that THE BANK does not monitor if the lawyer is governed by the guidelines and regulations of professional organizations or any other regulations that even the bank had to observe. In any of these cases, it is the responsibility of the lawyer to keep me informed of all your transactions. 8. Receipt of invoices, account statements (s) of accounts in custody and notifications. The lawyer will not have access to the correspondence withheld in THE BANK addressed to my / our institution. However, the lawyer may receive copies of invoices, statements and any other correspondence sent to me / us.

24.2 Communication between the lawyer and the bank; The referral of instructions by the lawyer and sending notifications will be made through any delivery service (in addition to common mail also through telephone calls, fax, electronically etc). The lawyer is expressly authorized to sign additional contracts that may be required. In relation to communication with THE BANK, specifically the referral of instructions, the lawyer is authorized to appoint other people to support him in this matter. 10. The validity of this power granted to the lawyer will remain in effect until it is revoked by THE CLIENT and THE BANK is informed of said action in writing.

25. FORCE MAJEURE

25.1 THE BANK shall not be liable for losses or delays caused by fire or other catastrophes, mechanical, computer, telecommunications or electrical failures, or natural disasters or any other circumstance beyond the control of THE BANK. Circumstances beyond the control of THE BANK include, but are not limited to, declared or undeclared wars, freezing of property, exchange controls, censorship, nationalizations, confiscations, expropriations, blockades, revolutions, or any law, decree, moratorium, regulation, control by public authorities or by domestic or foreign governments, in fact or in the right to exist obligation of THE BANK in relation to transfer of funds, or the return of funds to the original sender, it will be suspended as long as it is necessary for any of the situations or circumstances described above.

26. You agree that any action or process related to a payment order or to this agreement will be submitted to the Dominica court with presence in Dominica, and you agree to refer to the jurisdiction of each of these courts for such actions or processes. Both you and THE BANK dispense any right that either of you may have to a jury trial with respect to any action, procedure or against claim related to any payment order or to this agreement.

THIS AGREEMENT AND / OR DECLARATION WILL BE REGARDED AND INTERPRETED EXCLUSIVELY IN ACCORDANCE WITH DOMINICAN LAWS

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