Account Application

Account Title Mrs. Juliana N CARLOS PAIVA

Account Application Customer Type Individual Advisor Client
Account ID U17864450
Advisor Title Tutors Consultoria De Valores
Mobiliarios Ltda
Advisor Country Brazil
Dear Mrs. Juliana N CARLOS PAIVA,

Return your completed and signed application (along with a signed government issued ID) via any of the following methods:

Scan & Email (recommended) newaccounts@interactivebrokers.com

Acceptable file formats include: JPG, JPEG, PNG, PDF
Include your Account ID in the Email Subject.

Courier/Overnight Service Interactive Brokers LLC

ATTN: Document Processing
209 South LaSalle Street
10th Floor
Chicago, IL 60604
United States

Fax (312) 984-1017

Include your Account ID in the Fax Cover Sheet.

Mail Interactive Brokers LLC

ATTN: Document Processing
209 South LaSalle Street
10th Floor
Chicago, IL 60604
United States

Electronic Signature Documents must be physically signed unless completed using IBKR DocuSign.

In addition to the documents provided to you in this application, the following documents are included in the separate file provided to
you by your advisor . These documents are also available on the IB website at www.interactivebrokers.com. If you have any trouble
accessing these documents, please contact IB Customer Service using one of the methods available at http://
www.interactivebrokers.com/en/index.php?f=1560&p=contact.

• Interactive Brokers Group Privacy Policy (2192 version: 12346 date: Jan 22, 2025)
• Interactive Brokers Business Continuity Plan Disclosure (3070 version: 11462 date: Oct 3, 2024)
• Day Trading Risk Disclosure Statement (3071 version: 8976 date: Jun 29, 2023)
• IB Order Routing and Payment for Order Flow Disclosure (3074 version: 10896 date: May 21, 2024)
• Notice Regarding USA Patriot Act Section 311 (3081 version: 11777 date: Oct 24, 2024)
• Global Financial Information Services Subscriber Agreement (3089 version: 9804 date: Dec 14, 2023)
• Notice Regarding NFA's BASIC System (3094 version: 10319 date: Feb 14, 2024)
• Interactive Brokers LLC Client Agreement (3203 version: 12328 date: Jan 10, 2025)
• After-Hours Trading Disclosure (4016 version: 8309 date: Nov 28, 2022)
• Interactive Brokers Customer Relationship Summary (4024 version: 9851 date: Dec 19, 2023)
• Interactive Brokers Fractional Share Trading Disclosure (4289 version: 10681 date: Mar 20, 2024)
• Interactive Brokers LLC Regulation Best Interest Disclosure (4304 version: 10318 date: Feb 14, 2024)
• Interactive Brokers Group Cookie Policy (4399 version: 8451 date: Feb 1, 2023)
• FINRA Investor Protection Information Resources (4404 version: 8351 date: Nov 30, 2022)
• Risk Disclosure Regarding Ramp and Dump Scams (4587 version: 10270 date: Feb 9, 2024)
• Trading Control and Ownership Certification (5013 version: 10035 date: Jan 26, 2024)
• Stock Stop Order Disclosure (9130 version: 10635 date: Mar 14, 2024)

____________ (Juliana N CARLOS PAIVA) Initial here to indicate you have reviewed each of the documents listed above.

U17864450 • Feb 27, 2025 Page 1 of 16

By signing below, you confirm that you have received each of the documents listed above, that you have reviewed them and agree to
their terms.

Signature
I acknowledge that the foregoing information and all other information provided during the account application process is true and correct and agree to notify
Interactive Brokers by email of any material changes therein. I authorize Interactive Brokers to confirm the accuracy of the information as it deems necessary.
I acknowledge that I intend to be bound to the terms of the Customer Agreement (which contains a pre-dispute arbitration clause in the paragraph noted at the
end of the Agreement) and the other agreements and disclosures in the separate file of documents, which I acknowledge was provided to me.

Account Title: Date Signed:

Mrs. Juliana N CARLOS PAIVA February 27, 2025 1:29:50 PM EST

Name: Juliana N CARLOS PAIVA

(Juliana N CARLOS PAIVA) SIGN HERE:

U17864450 • Feb 27, 2025 Page 2 of 16

Personal Information
Salutation Mrs.
First Name Juliana
Middle name Nobre
Last name CARLOS PAIVA
Suffix Left Blank
Western Name Mrs. Juliana N CARLOS PAIVA
Date of Birth 04/10/1981
Email Address juliananobreadv@hotmail.com
Marital Status Married
Number of Dependents 0

Address
Country Brazil
Address R. Atenas 117
Apt, Suite, Floor, etc. BL 01 APTO 105 - 7
City Cuiabá
State/Province Mato Grosso
Postal Code 78048-080

YES NO Do you have a different mailing address?

YES NO Do you have a different Country of Citizenship other than Brazil?
YES NO I was born outside of Brazil?

Contact Information

Type MOBILE
Number +5565981404546
Country Brazil

Tax Residency

Country Brazil
Tax ID XXXXXXX5443

Identity Documents

Document Type Drivers License

Identity Number 1 01153971863
Identity Number 2 Left Blank

U17864450 • Feb 27, 2025 Page 3 of 16

Expiration Date 2033-02-11
Country Brazil

Employment
Employment Status Self Employed
YES NO Are you or anyone in your immediate family employed by or registered with a broker-dealer, investment advisor, futures
commission merchant, hedge fund, exchange or other financial services firm?
Employer Name Tibunal de justica do estado de Mato Grosso
Nature of Business Legal
Occupation Attorney

Country Brazil
Address R. C S/N
Apt, Suite, Floor, etc. Left Blank
City Cuiabá
State/Province Mato Grosso
Postal Code 78050-970

YES NO Do you have any additional sources of wealth?

Account Information
Account Type CASH
Currency USD

Regulatory Information

Affiliate Designation

YES NO Are the owners of, or other non-owners listed on, the account Employees of a publicly traded company?

YES NO Do the owners of, or other non-owners listed on, the account Control a publicly traded company?

• “Control” means the possession, direct or indirect, of the power to direct the management and policies of a company, whether
through ownership of voting securities, by contract, or otherwise.
• Any person that is an officer, director, or at least a 10% shareholder of a company is considered to Control the company.

U17864450 • Feb 27, 2025 Page 4 of 16

Assets & Income
The financial information below will be used by our Compliance Department to determine whether you are eligible to trade the
investment products you select now or in the future. We never sell your information to any third parties, nor will we call you and suggest
investments for you.

Net Worth 50,000 - 75,000 USD

Liquid Net Worth 20,000 - 50,000 USD
Net Income < 40,000 USD

Investment Objectives
Your choices below determine the investment products that you can be approved to trade.

Growth To increase the principal value of your investments over time rather than seek current income. Investor
assumes higher degree of risk.
Hedging To take positions in a product to hedge or offset the risk in another product.
Preservation of Capital To seek maximum safety and stability for your principal by focusing on securities and investments that carry
and Income Generation a low degree of risk and/or To generate dividend, interest or other income instead of or in addition to long-
term capital appreciation.
Profits from Active To increase the principal value of your investments by assuming substantially higher risk to your investment
Trading and Speculation capital and/or To substantially increase the principal value of your investments by assuming substantially
higher risk to your investment capital.

Growth Profits from Active Trading and Speculation

Preservation of Capital and Income Generation Hedging

I Want to Trade...
Your choices below determine the investment products that you can be approved to trade. Check all that apply.

Stocks

Years Trading > 10

Knowledge Level Extensive
Trades Per Year > 100
Exchanges Germany-Stocks Denmark-Stocks Italy-Stocks France-Stocks United States-Stocks United States-Trade
in Fractions Belgium-Stocks Switzerland-Stocks The Netherlands-Stocks Austria-Stocks Spain-Stocks
Sweden-Stocks Switzerland-Stocks Switzerland-Stocks Baltics-Stocks Central Europe-Stocks United
Kingdom-Stocks Norway-Stocks

Currency Conversion

Exchanges IB-Currency IB-Currency - IDEALPRO

U17864450 • Feb 27, 2025 Page 5 of 16

 Request ID: 394876939
Serial Number: 16554082

Substitute W-8BEN
Department of the Treasury Internal Revenue Service
1. Name of Beneficial Owner Mrs. Juliana N CARLOS PAIVA
2. Country of Citizenship Brazil
3. Address R. Atenas 117, BL 01 APTO 105 - 7, Cuiabá, BR-MT, Brazil,
78048-080
4. Mailing Address R. Atenas 117, BL 01 APTO 105 - 7, Cuiabá, BR-MT, Brazil,
78048-080
5. Date of Birth 1981-04-10
6. US tax identification number (SSN or ITIN)
7. Foreign tax identification number 00777705443

I certify that the beneficial owner is a resident of the following country within the meaning of the income tax treaty between the
United States and that country.

I am not a resident in a country with a US tax treaty

CONTINUED NEXT PAGE

U17864450 • Feb 27, 2025 Page 6 of 16

 Substitute W-8BEN
Certification
Under penalties of perjury, I declare that I have examined the information on this form and to the best of my knowledge and belief it
is true, correct, and complete. I further certify under penalties of perjury that:

• I am the individual that is the beneficial owner (or am authorized to sign for the individual that is the beneficial owner) of all
the income or proceeds to which this form relates or am using this form to document myself for chapter 4 purposes;
• The person named on line 1 of this form is not a U.S. person;
• This form relates to:
◦ income not effectively connected with the conduct of a trade or business in the United States;
◦ income effectively connected with the conduct of a trade or business in the United States but is not subject to tax
under an applicable income tax treaty;
◦ the partner’s share of a partnership’s effectively connected taxable income; or
◦ the partner’s amount realized from the transfer of a partnership interest subject to withholding under section 1446(f);
• The person named on line 1 of this form is a resident of the treaty country listed on line 9 of the form (if any) within the
meaning of the income tax treaty between the United States and that country; and
• For broker transactions or barter exchanges, the beneficial owner is an exempt foreign person as defined in the instructions
to IRS Form W-8BEN.
• I agree that I will submit a new form within 30 days if any certification made on this form becomes incorrect.

YES NO I agree under penalty of perjury that each certification above is true and correct and confirm I have reviewed the
information on this form W-8BEN (including any prepopulation) and it is true and correct.
YES NO I consent to the collection and distribution of tax forms in an electronic format in lieu of paper, including through the
account management portal.

Contact customer service if you cannot make either representation.

Furthermore, I authorize this form to be provided to any withholding agent that has control, receipt, or custody of the income of
which I am the beneficial owner or any withholding agent that can disburse or make payments of the income of which I am the
beneficial owner.

The Internal Revenue Service does not require your consent to any provisions of this document other than the
certifications required to establish your status as a non-U.S. person and, if applicable, obtain a reduced rate of
withholding.

Signature
I acknowledge that the foregoing information and all other information provided during the account application process is true and correct and agree to
notify Interactive Brokers by email of any material changes therein. I authorize Interactive Brokers to confirm the accuracy of the information as it deems
necessary. I acknowledge that I intend to be bound to the terms of the Customer Agreement (which contains a pre-dispute arbitration clause in the
paragraph noted at the end of the Agreement) and the other agreements and disclosures in the separate file of documents, which I acknowledge was
provided to me.

Account Title: Date Signed:

Mrs. Juliana N CARLOS PAIVA February 27, 2025 1:29:50 PM EST

Name: Juliana N CARLOS PAIVA

(Juliana N CARLOS PAIVA) SIGN HERE:

U17864450 • Feb 27, 2025 Page 7 of 16

Sub Account Fees Review
Review the fee methodology set by Tutors Consultoria De Valores Mobiliarios Ltda below.

We calculate Advisor Fees and deduct these fees from your client account automatically and send them to your advisor.

Annualized Percentage of Net Liquidation Value applied on a monthly basis

• 0 – 50000 (1.2%)
• 50000.01 – 500000 (0.8%)
• 500000.01 – 850000 (0.7%)
• 850000.01 – 1500000 (0.6%)
• 1500000.01+ (0.5%)

Signature
I acknowledge that the foregoing information and all other information provided during the account application process is true and correct and agree to notify
Interactive Brokers by email of any material changes therein. I authorize Interactive Brokers to confirm the accuracy of the information as it deems necessary.
I acknowledge that I intend to be bound to the terms of the Customer Agreement (which contains a pre-dispute arbitration clause in the paragraph noted at the
end of the Agreement) and the other agreements and disclosures in the separate file of documents, which I acknowledge was provided to me.

Account Title: Date Signed:

Mrs. Juliana N CARLOS PAIVA February 27, 2025 1:29:50 PM EST

Name: Juliana N CARLOS PAIVA

(Juliana N CARLOS PAIVA) SIGN HERE:

Essential Legal Terms for your IB Account (2109)

2109 | 7/12/2022

IBKR can maintain its low commission structure because we have built automated trade processes to minimize human intervention and discretion. In this respect,
we have established some simple terms which govern trading in all IBKR accounts. These rules recognize that from time to time, due to their nature, electronic
systems, which often rely on third party connectivity, may fail or be delayed and exchanges and data providers may make errors.

• Clients are obligated to accept all executions that are consistent with the instructions specified in clients' orders.
• Although we believe our failure rate is among the lowest in the industry, any system may fail at one time or another, often by reason of forces beyond
human control. IBKR is not liable for system or network failures, and clients who require the highest level of reliability agree to maintain secondary trading
facilities.
• Clients are responsible for protecting the confidentiality of their usernames, passwords and security devices, and they will be responsible for trades
entered by third parties using their credentials.
• In the event trades are confirmed by IBKR as executed, and they are later cancelled by an exchange, trading network or regulatory authority, the IBKR
confirmed trade will also be deemed cancelled.
• IBKR generally processes orders in the order in which it receives them, including all orders submitted by IBKR or its affiliates.
• IBKR is not responsible for ensuring the execution of orders at limit prices if the order's transmission is delayed or is otherwise affected by data
communication failure.
• IBKR may terminate a client's use of IBKR's services at any time in IBKR's sole discretion without prior notice to the client. IBKR may also decline to
accept, to execute or to cancel any client order, or may otherwise restrict, in whole or in part, a client's use of IBKR's services at any time, for any length
of time, in IBKR's sole discretion, without prior notice to the client.
• IBKR does not provide trading, investment or tax advice, and clients shall not rely on statements by IBKR employees or statements on the IBKR website
which could be construed as providing such advice.
• IBKR generally does not make margin calls, and IBKR maintains the right to close out positions at any time (including immediately), in any manner, and
through any market or dealer, without notice or liability, in any account that does not have sufficient funds to meet the account requirements imposed by
IBKR or by regulatory authorities (whether these are margin requirements for margin-enabled accounts or the requirement to maintain a positive account
balance for cash accounts), or else to satisfy any applicable fees that you owe to IBKR.
• Although IBKR maintains the right to liquidate positions in undermargined accounts, it owes no duty to clients to conduct such liquidations. Clients will not
rely on IBKR's liquidation rights and auto-liquidation systems to function as a stop-loss order.

U17864450 • Feb 27, 2025 Page 8 of 16

 • Notwithstanding the above, if for any reason you fail to meet the account requirements and IBKR does not liquidate your positions but instead issues you
with a margin call, you must satisfy such margin call immediately in the manner specified by IBKR. IBKR, in its sole discretion, will determine if it issues
you with a margin call or if it liquidates your positions to address the margin violation.
• You are responsible to IBKR for the continued accuracy and updating of all information provided to IBKR.
• IBKR clients agree to keep IBKR informed of their current email address, so they will be in a position to read and receive emails addressed to them by
IBKR.

____________ (Juliana N CARLOS PAIVA) Initial here to indicate you have reviewed each of the documents listed above.

Signature
I acknowledge that the foregoing information and all other information provided during the account application process is true and correct and agree to notify
Interactive Brokers by email of any material changes therein. I authorize Interactive Brokers to confirm the accuracy of the information as it deems necessary.
I acknowledge that I intend to be bound to the terms of the Customer Agreement (which contains a pre-dispute arbitration clause in the paragraph noted at the
end of the Agreement) and the other agreements and disclosures in the separate file of documents, which I acknowledge was provided to me.

Account Title: Date Signed:

Mrs. Juliana N CARLOS PAIVA February 27, 2025 1:29:50 PM EST

Name: Juliana N CARLOS PAIVA

(Juliana N CARLOS PAIVA) SIGN HERE:

Review and Acknowledgement of Application Information (4543)

4543 | 09/06/2023

Review and Acknowledgement of Application Information

I understand and acknowledge that I have reviewed all information in this application, which was completed by my self-selected independent advisor at my
direction, and have confirmed it is accurate. I agree to hold IBKR harmless for any errors my advisor made in completing information in this application as I had the
opportunity to review and correct it if appropriate.

U17864450 • Feb 27, 2025 Page 9 of 16

 Signature
I acknowledge that the foregoing information and all other information provided during the account application process is true and correct and agree to notify
Interactive Brokers by email of any material changes therein. I authorize Interactive Brokers to confirm the accuracy of the information as it deems necessary.
I acknowledge that I intend to be bound to the terms of the Customer Agreement (which contains a pre-dispute arbitration clause in the paragraph noted at the
end of the Agreement) and the other agreements and disclosures in the separate file of documents, which I acknowledge was provided to me.

Account Title: Date Signed:

Mrs. Juliana N CARLOS PAIVA February 27, 2025 1:29:50 PM EST

Name: Juliana N CARLOS PAIVA

(Juliana N CARLOS PAIVA) SIGN HERE:

Limited Liability Agreement (6108)

6108 | 3/16/2023

Agreement Limiting Interactive Brokers' Liability for decisions and actions of your
independent financial advisor.
In consideration for maintaining a brokerage account at Interactive Brokers, Customer agrees:

I UNDERSTAND THAT MY FINANCIAL ADVISOR IS INDEPENDENT FROM INTERACTIVE BROKERS ("IB") AND IS NOT AN EMPLOYEE OR AN AGENT OF
IB. I AGREE THAT INTERACTIVE BROKERS IS NOT LIABLE FOR THE TRADING DECISIONS OR ACTIONS OF MY ADVISOR AND I AGREE NOT TO
BRING LAWSUITS OR CLAIMS OF ANY KIND AGAINST IB FOR ACTIONS OR TRADING DECISIONS OF MY ADVISOR.

I UNDERSTAND THAT INTERACTIVE BROKERS' ONLY ROLE IS TO EXECUTE TRADES ORDERED BY MY ADVISOR AND HOLD MY POSITIONS IN AN IB
ACCOUNT. I AGREE THAT IB WILL NOT CONDUCT ANY "SUITABILITY" REVIEW TO MAKE SURE THAT MY ADVISOR'S TRADING DECISIONS ARE
SUITABLE FOR MY CIRCUMSTANCES AND OBJECTIVES. SINCE INTERACTIVE BROKERS IS NOT PROVIDING ANY ADVICE TO ME, IF MY ACCOUNT
GENERATES PROFITS, I WILL NOT HAVE TO SHARE THE PROFITS WITH IB. LIKEWISE I AGREE THAT IF MY ACCOUNT SUFFERS LOSSES,
INTERACTIVE BROKERS WILL NOT REPAY OR BE RESPONSIBLE FOR MY LOSSES.

I CERTIFY THAT, AFTER REVIEW, I AM SATISFIED THAT MY ADVISOR POSSESSES THE QUALIFICATIONS, COMPETENCE, AND INTEGRITY TO MANAGE
MY IB ACCOUNT.

I AGREE THAT INTERACTIVE BROKERS DOES NOT SEE MY ADVISOR'S COMMUNICATIONS TO ME AND IS NOT RESPONSIBLE FOR STATEMENTS OR
INFORMATION COMING TO ME FROM MY ADVISOR. I AGREE TO LOGIN TO THE IB WEBSITE OR TO CONTACT IB IF I WANT TO VERIFY ANY ACCOUNT
OR PROFIT/LOSS INFORMATION GIVEN TO ME BY MY ADVISOR.

____________ (Juliana N CARLOS PAIVA) Initial here to indicate you have reviewed each of the documents listed above.

U17864450 • Feb 27, 2025 Page 10 of 16

 Signature
I acknowledge that the foregoing information and all other information provided during the account application process is true and correct and agree to notify
Interactive Brokers by email of any material changes therein. I authorize Interactive Brokers to confirm the accuracy of the information as it deems necessary.
I acknowledge that I intend to be bound to the terms of the Customer Agreement (which contains a pre-dispute arbitration clause in the paragraph noted at the
end of the Agreement) and the other agreements and disclosures in the separate file of documents, which I acknowledge was provided to me.

Account Title: Date Signed:

Mrs. Juliana N CARLOS PAIVA February 27, 2025 1:29:50 PM EST

Name: Juliana N CARLOS PAIVA

(Juliana N CARLOS PAIVA) SIGN HERE:

IBLLC Discretionary Trading Authorization for Advisor Clients (6112)

6112 | 7 August 2024

Agreements & Disclosures - Advisor Client Agreement

Discretionary Trading Authorization/Limited Power of Attorney for Financial Advisor

By signing this Advisor Client Agreement ("Agreement"), you are providing the advisor designated below ("Advisor") with a limited power of attorney to manage and
exercise trading discretion over your Interactive Brokers LLC ("IBKR") account. Subject to the limitations discussed below, the Advisor will be able to execute
trades, appoint sub-advisors and/or third party advisors (collectively referred to as "sub-advisors") and arrange for certain deposits and withdrawals of funds to and
from your account. Your Advisor will also be able to request information regarding your IBKR account, view account statements and confirmations, and generally
manage your IBKR account as specified below. Certain communications regarding your IBKR account may only be sent to your advisor without copying you, and
your advisor can adjust whether you receive certain messages. You can review your account and its settings by logging into your account on the IBKR website.

In order to use this form, your Advisor must be an approved participant in Interactive Brokers' Advisor Program. For more information on the Advisor Program, go
to www.interactivebrokers.com.

Client Information:
Account: U17864450
Name of Account Holder: Mrs. Juliana N CARLOS PAIVA
Financial Advisor Information:
Name of Advisor: Tutors Consultoria De Valores Mobiliarios Ltda
Name of Advisor Firm (if any):

Terms and Conditions:

1. General:
The terms and conditions of this Agreement are in addition to the provisions of all other agreements, including the IBLLC Client Agreement or the
Institutional Services Customer Agreement (as applicable) ("IBKR Client Agreement"), between Interactive Brokers and Client or Advisor. The agreements
applicable to Client's account(s) will govern all orders and transactions.
2. Amendment of Terms:
This Agreement may be revised upon IBKR's tender of a revision or amendment of this Agreement, and Client's acceptance thereof shall be conclusively
established by subsequent use (by the Client or any authorized representative) of any services provided by IBKR other than closing positions or
transferring open positions or assets out of IBKR. Use of such services shall constitute consideration for the revised Agreement.
3. Request to Deduct Advisory Fees if Applicable:
Client requests and authorizes IBKR to deduct Advisory Fees (and sub-advisor fees, if advisor has appointed one or more sub-advisors) from Client's
IBKR account and to disburse those Fees directly to the Advisor (or sub-advisor(s)), to the extent that client separately submits fee arrangement(s) that
Client has agreed upon and specified to IBKR.
4. Confirmations and Statements:
Advisor will be able to access Client's IBKR account information, daily and monthly activity statements and daily trade reports for Client's account(s).
Client may access daily, monthly and annual activity statements and daily trade reports that detail the trading and other activity in Client's IBKR account(s)
through the Account Management functions on the IBKR website using Client's username and password and Client agrees to this form of electronic
delivery. Client may also configure settings relating to the notification and delivery method of daily and monthly activity statements and daily trade reports.
If Client does not create a username and password during the account application process, IBKR will provide Client with a username and password to
access this information. Client agrees to contact IBKR Customer Service by calling the toll free Customer Service number listed on IBKR's website at
www.interactivebrokers.com if Client does not receive a username and password to access their IBKR account.

U17864450 • Feb 27, 2025 Page 11 of 16

 5. Advisor's Authority:
1. This Agreement authorizes Interactive Brokers to accept the instructions of the Advisor on behalf of the Client. This authorization will be
applicable to all assets Client holds in all Interactive Brokers accounts for which Advisor has been designated. Client hereby authorizes Advisor
to inquire in, trade, buy, sell (including short sales), exchange, convert, tender, or otherwise acquire or dispose of stocks, bonds, options,
securities, futures, security futures, foreign exchange and any other investments, on margin or otherwise, for and at the risk of the Client. Client
understands that a commission will be charged to the account each time a trade is effected unless Advisor opts to pay the commission for such
trades on behalf of the Client.
2. To the extent applicable, Client may authorize Advisor to engage one or more sub-advisors to manage the investment of some or all of the
assets Client holds at Interactive Brokers, and authorizes Advisor to allocate assets among such sub-advisors. Client authorizes such sub-
advisors to exercise the same trading and investment discretion in Client's account(s) as exercised by Advisor, and authorizes such sub-advisors
to receive all information regarding Client's account(s). Client authorizes Interactive Brokers to accept the instructions of sub-advisors designated
by Advisor and to accept the instructions of employees, agents or representatives of Advisor or sub-advisors.
3. Advisor is authorized to arrange for the deposit of funds and assets to the Client's account(s) and to redeem or withdraw funds or assets from
the Client's account (including the delivery of securities from the account), for the benefit of the Client, regardless of the tax consequences. The
Advisor may initiate transfers (including inter-broker transfers) or other transfers of assets between and among Client's account(s). Client
authorizes Interactive Brokers, acting on Advisor's instructions, to aggregate transaction orders for Client's account(s) with orders for one or
more other accounts over which Advisor has trading authority.

However, unless otherwise agreed to through a Supplemental Power of Attorney, any deposits or withdrawals to and from Client's
IBKR account initiated by Advisor will only be made to destinations established or confirmed using Client's username or credentials.
4. Advisor may facilitate administrative processes on behalf of the client such as resetting the client's password.
5. Interactive Brokers is authorized, but not required to, conduct further inquiry or seek authorization from the Client or further clarification from
Advisor, sub-advisor(s) or Client regarding any instruction from Advisor or sub-advisor(s) for Client's account(s). Interactive Brokers reserves the
right, in its sole discretion, to refuse to honor particular instructions from Advisor or sub-advisor(s), or to no longer honor instructions from Advisor
or sub-advisor(s). Client acknowledges that all information provided to Interactive Brokers in the application process or afterward, is subject to
verification, and Client authorizes Interactive Brokers to verify all information through the use of credit agencies or any other customary or
reasonable means. This provision shall not be read to imply that Interactive Brokers has any duty to supervise or monitor Advisor's or sub-
advisor(s)' management of Client's account(s) or compliance with applicable law.
6. Client understands and agrees that Advisor may link Client's account to a third party vendor for services not provided by IB, including, but not
limited to, vendors who supply financial analysis tools or other software, and IB may send client's personal information to those vendors as
directed by advisor.
7. Authority to Conduct Post-Trade Allocations: Advisor may elect to conduct "Post-Trade Allocations." This means that Advisor may exercise its
discretionary trading authority to purchase or sell securities by submitting a block order during the trading day and allocating the resulting
executions between the client accounts it manages by the end of the trading day on which the block order executes, in whole or in part (the
"Trade Date"). If your advisor conducts "Post-Trade Allocations" in Client's account, Client understands that:
▪ Advisor may not timely allocate positions resulting from the execution of such block orders, and Client agrees that IBKR shall not be
required to bear the overnight risk of any positions the Advisor may fail to timely allocate. Client agrees that if the Advisor does not
allocate to its client accounts some or all of the executions received on a block order by the end of the Trade Date, IBKR has the right,
in its sole discretion, but not the obligation, to:
1. Allocate to each of the Advisor's client accounts, including Client's account(s), any positions resulting from a block order that
the Advisor has not timely allocated to a client account in proportion to the respective net liquidation value of each of Advisor's
client accounts; and/or
2. Allocate any remaining positions not so allocated to the Advisor's error (or other proprietary) account and/or liquidate those
positions, in IBKR's sole discretion.
▪ Client agrees that, because Advisor may place trades on Client's behalf and only later allocate those trades to Client, IBKR may delay
Client's requests to withdraw funds or transfer positions from Client's account between the time that Advisor places a block trade and
the time that Advisor allocates some or all of that trade to Client's account to ensure there is sufficient equity in Client's account to cover
any trades placed by Advisor.
▪ Client agrees that IBKR will have no liability to Client in connection with any losses incurred, or lost profits resulting, from the Advisor's
failure to timely allocate block orders after execution or IBKR's exercise of its rights under this Agreement.
▪ Client understands and acknowledges that IBKR can temporarily suspend or terminate the Advisor's ability to place block trades and
allocate those trades to Advisor's client accounts, (including the Client's account), on a post-trade basis or terminate its provision of
brokerage services with respect to Advisor at any time, in its sole discretion, with or without notice to Client.
6. Not a Substitute for Advisory Agreement:
Client acknowledges that this Agreement merely authorizes Advisor to conduct certain activities with respect to Client's account and is not a substitute for
an advisory agreement and is not designed to satisfy any regulatory obligations applicable to Advisor to enter such agreement.
7. Client's Due Diligence of Advisor:
Client certifies that Client has had an opportunity to conduct (and has conducted) adequate due diligence into the background of Advisor. Client states
that, based on this due diligence, Client is satisfied that Advisor is personally and professionally fit to manage Client's IBKR account.
8. Advisor's Compliance with State, Federal or Non-U.S. Law:
Interactive Brokers assumes no responsibility for determining if Advisor or any sub-advisor is complying with applicable laws and regulations regarding its
provision of advisory services. CLIENT ACKNOWLEDGES THAT IBKR IS NOT RESPONSIBLE FOR DETERMINING WHETHER ADVISOR OR ANY
SUB-ADVISOR IS REQUIRED TO BE REGISTERED OR LICENSED OR WHETHER ADVISOR OR ANY SUB-ADVISOR IS EXEMPT FROM
REGISTRATION OR LICENSING. THIS IS SOLELY THE RESPONSIBILITY OF ADVISOR AND SUB-ADVISOR(S). IF CLIENT HAS QUESTIONS
ABOUT THIS, CLIENT MUST CONTACT ADVISOR FOR FURTHER INFORMATION.
9. Termination:
Client agrees to notify Interactive Brokers immediately, in writing, if Client or Advisor terminates, modifies or revokes any authorization under this
Agreement. This Agreement shall remain in effect until IBKR receives written notice of its termination from the Client and has had sufficient time to
process such notice and terminate Advisor's authority. This Agreement shall terminate upon the earlier of (i) the termination date of the IBKR Customer
Agreement, or (ii) the date that Client delinks from the Advisor (subject to Section 13A)
10. Role of Interactive Brokers - Disclaimer and Waiver of Liability
ADVISOR WAS SELECTED SOLELY BY CLIENT AND HAS NOT BEEN RECOMMENDED OR ENDORSED BY IBKR. ADVISOR IS NOT EMPLOYED
BY OR REGISTERED OR ASSOCIATED WITH IBKR. IBKR WILL NOT INVESTIGATE OR JUDGE THE COMPETENCE OR INTEGRITY OF THE
ADVISOR OR MONITOR THE ACTIONS OF THE ADVISOR OR OF ANY SUB-ADVISORS. IBKR WILL NOT REVIEW THE ADVISOR'S
RECOMMENDATIONS OR JUDGE THE SUITABILITY OF ANY TRADING OR INVESTMENT RECOMMENDATION OR DECISION OF ADVISOR OR
SUB-ADVISOR OR CLIENT. IBKR DOES NOT PROVIDE ADVISORY SERVICES TO IBKR CLIENTS AND WILL NOT PROVIDE INVESTMENT OR
TRADING OR TAX ADVICE REGARDING THE ACCOUNT.
11. Indemnification of Interactive Brokers by Client:
Client agrees to indemnify and hold IBKR and its affiliates, and its and their successors and assigns, and its and their directors, officers and employees

U17864450 • Feb 27, 2025 Page 12 of 16

 (the "IBKR Indemnitees") harmless from and against all claims, actions, costs and liabilities, including attorney's fees, arising out of or relating to any of
the IBKR Indemnitees' reliance on any of the terms contained in this Agreement or any of the IBKR Indemnitees' execution of any of Advisor's or sub-
advisor's instructions. Client agrees that since IBKR will not supervise or monitor Advisor's or any sub-advisor's trading decisions or other activities, Client
will not attempt to hold any of the IBKR Indemnitees liable for any trade or decision or action of Advisor or any sub-advisor. IBKR's rights under this
paragraph are in addition to any other rights it has under other agreements with Client and/or Advisor.
12. Client's Representations and Acknowledgments:
1. Client has granted to Advisor the full discretion to direct the trading in the account(s) on Client's behalf. Only the Advisor, any sub-advisors, and
their employees, agents and representatives will have access to IBKR's electronic systems to conduct trading in the account unless Advisor has
also granted Client with trading access. If Advisor has not configured Client's account so that Client has trading access, Client may request
trading access to IBKR's system at any time through Advisor.
2. If Client terminates the relationship with Advisor or for any other reason wishes to terminate Advisor's access to the account(s), or if Client
wishes to direct the trading in Client's account, or if Client wishes to use advisory services of another Advisor, Client will immediately provide
notice to IBKR using one of the methods available on the IBKR website at www.interactivebrokers.com.
3. If Client has any questions or concerns regarding the account, Client will contact IBKR Customer Service by calling the toll free Customer
Service number listed on IBKR's website at www.interactivebrokers.com.
4. Depending on the equity in Client's account, deduction of Advisory Fees in an IBKR margin account may cause the account to incur margin
interest. Furthermore, if deduction of Advisory Fees would cause the account to have insufficient equity to cover margin requirements or to
satisfy any other obligation to IBKR, IBKR may, at its sole discretion: (1) deduct the Fees and exercise any of its rights and remedies under the
IBKR Client Agreement, including liquidating positions in the account without prior notice in order to satisfy margin requirements or obligations;
and/or (2) decline to deduct the Fees, in which case Client will be liable to pay such Fees to Advisor directly.
5. All claims, questions or disputes regarding IBKR's provision of brokerage services or regarding IBKR's execution of particular trades must be
referred to IBKR. Advisor has no authority to resolve such claims or disputes on IBKR's behalf.
6. ALL CLAIMS OR DISPUTES REGARDING ADVISOR'S OR ANY SUB-ADVISOR'S SERVICES OR ACTIONS (INCLUDING SPECIFIC
CONDUCT, ADVICE, RECOMMENDATIONS, OR TRADES PLACED BY ADVISOR OR FEES OWED) ARE SOLELY BETWEEN CLIENT AND
ADVISOR. NEITHER IBKR NOR ANY OF THE IBKR INDEMNITEES ARE LIABLE FOR ANY SUCH CLAIMS AND DISPUTES AND CLIENT
UNDERSTANDS AND FULLY ACKNOWLEDGES THAT CLIENT CANNOT BRING A CLAIM AGAINST IBKR OR ANY OF THE THE IBKR
INDEMNITEES OR RECEIVE DAMAGES OR COMPENSATION OF ANY KIND FROM IBKR OR ANY OF THE IBKR INDEMNITEES,
INCLUDING CLAIMS FOR DIRECT, INDIRECT, COMPENSATORY, INCIDENTAL, SPECIAL, EXEMPLARY, PUNITIVE OR CONSEQUENTIAL
DAMAGES. ALL CLAIMS OR DISPUTES REGARDING THE FEES OWED TO ADVISOR ARE SOLELY BETWEEN CLIENT AND ADVISOR.
IF CLIENT DISPUTES ADVISOR'S RECEIPT OF ANY FEES THAT IBKR HAS DEDUCTED FROM THE ACCOUNT AND SENT TO ADVISOR,
CLIENT UNDERSTANDS THAT CLIENT'S SOLE REMEDY IS AGAINST ADVISOR AND CLIENT AGREES NOT TO BRING ANY CLAIM
AGAINST IBKR.
13. Miscellaneous:
1. Client acknowledges that this Agreement shall continue to apply in the event that Client's account with IBKR is linked to another advisor that
participates in Interactive Brokers' Advisor Program.
2. Sections 10, 11, 12F, and 14 will survive the expiration or termination of this Agreement.
14. Arbitration:
The agreements between Client and IBKR contain arbitration clauses requiring all parties to arbitrate any disputes at paragraph 54 of the
IBLLC Client Agreement and paragraph D.3 of the Institutional Services Agreement. Such arbitration clauses are incorporated herein by
reference. Client acknowledges that all disputes regarding this Agreement, Client's account(s), or IBKR's provision of services to Client or
Advisor are subject to arbitration.

Signature
I acknowledge that the foregoing information and all other information provided during the account application process is true and correct and agree to notify
Interactive Brokers by email of any material changes therein. I authorize Interactive Brokers to confirm the accuracy of the information as it deems necessary.
I acknowledge that I intend to be bound to the terms of the Customer Agreement (which contains a pre-dispute arbitration clause in the paragraph noted at the
end of the Agreement) and the other agreements and disclosures in the separate file of documents, which I acknowledge was provided to me.

Account Title: Date Signed:

Mrs. Juliana N CARLOS PAIVA February 27, 2025 1:29:50 PM EST

Name: Juliana N CARLOS PAIVA

(Juliana N CARLOS PAIVA) SIGN HERE:

Forex and Multi-Currency Accounts Disclosure (3024)

3024 | 6 January 2025

U17864450 • Feb 27, 2025 Page 13 of 16

RISK DISCLOSURE STATEMENT FOR FOREX TRADING AND IB MULTI-
CURRENCY ACCOUNTS
Rules of the U.S. National Futures Association ("NFA") require Interactive Brokers ("IB") to provide you with the following Risk Disclosure Statement:

RISK DISCLOSURE STATEMENT

OFF-EXCHANGE FOREIGN CURRENCY ("FOREX") TRANSACTIONS INVOLVE THE LEVERAGED TRADING OF CONTRACTS DENOMINATED IN FOREIGN
CURRENCY CONDUCTED WITH A FUTURES COMMISSION MERCHANT OR A RETAIL FOREIGN EXCHANGE DEALER AS YOUR COUNTERPARTY.
BECAUSE OF THE LEVERAGE AND THE OTHER RISKS DISCLOSED HERE, YOU CAN RAPIDLY LOSE ALL OF THE FUNDS YOU DEPOSIT FOR SUCH
TRADING AND YOU MAY LOSE MORE THAN YOU DEPOSIT.

YOU SHOULD BE AWARE OF AND CAREFULLY CONSIDER THE FOLLOWING POINTS BEFORE DETERMINING WHETHER SUCH TRADING IS
APPROPRIATE FOR YOU.

1. TRADING IS NOT ON A REGULATED MARKET OR EXCHANGE. YOUR DEALER IS YOUR TRADING PARTNER WHICH IS A DIRECT CONFLICT OF
INTEREST. BEFORE YOU ENGAGE IN ANY RETAIL FOREIGN EXCHANGE TRADING, YOU SHOULD CONFIRM THE REGISTRATION STATUS OF
YOUR COUNTERPARTY.

The off-exchange foreign currency trading you are entering into is not conducted on an interbank market, nor is it conducted on a futures exchange
subject to regulation as a designated contract market by the Commodity Futures Trading Commission ("CFTC"). The foreign currency trades you transact
are trades with the futures commission merchant or retail foreign exchange dealer as your Counterparty. WHEN YOU SELL, THE DEALER IS THE
BUYER. WHEN YOU BUY, THE DEALER IS THE SELLER. As a result, when you lose money trading, your dealer is making money on such trades, in
addition to any fees, commissions, or spreads the dealer may charge.
2. AN ELECTRONIC TRADING PLATFORM FOR RETAIL FOREIGN CURRENCY TRANSACTIONS IS NOT AN EXCHANGE. IT IS AN ELECTRONIC
CONNECTION FOR ACCESSING YOUR DEALER. THE TERMS OF AVAILABILITY OF SUCH A PLATFORM ARE GOVERNED ONLY BY YOUR
CONTRACT WITH YOUR DEALER.

Any trading platform that you may use to enter off-exchange foreign currency transactions is only connected to your futures commission merchant or retail
foreign exchange dealer. You are accessing that trading platform only to transact with your dealer. You are not trading with any other entities or customers
of the dealer by accessing such platform. The availability and operation of any such platform, including the consequences of the unavailability of the
trading platform for any reason, is governed only by the terms of your account agreement with the dealer.
3. YOUR DEPOSITS WITH THE DEALER HAVE NO REGULATORY PROTECTIONS.

All of your rights associated with your retail forex trading, including the manner and denomination of any payments made to you, are governed by the
contract terms established in your account agreement with the futures commission merchant or retail foreign exchange dealer. Funds deposited by you
with a futures commission merchant or retail foreign exchange dealer for trading off-exchange foreign currency transactions are not subject to the
customer funds protections provided to customers trading on a contract market that is designated by the CFTC. Your dealer may commingle your funds
with its own operating funds or use them for other purposes. In the event your dealer becomes bankrupt, any funds the dealer is holding for you in
addition to any amounts owed to you resulting from trading, whether or not any assets are maintained in separate deposit accounts by the dealer, may be
treated as an unsecured creditor's claim.
4. YOU ARE LIMITED TO YOUR DEALER TO OFFSET OR LIQUIDATE ANY TRADING POSITIONS SINCE THE TRANSACTIONS ARE NOT MADE ON
AN EXCHANGE OR MARKET, AND YOUR DEALER MAY SET ITS OWN PRICES.

Your ability to close your transactions or offset positions is limited to what your dealer will offer to you, as there is no other market for these transactions.
Your dealer may offer any prices it wishes, and it may offer prices derived from outside sources or not in its discretion. Your dealer may establish its prices
by offering spreads from third party prices, but it is under no obligation to do so or to continue to do so. Your dealer may offer different prices to different
customers at any point in time on its own terms. The terms of your account agreement alone govern the obligations your dealer has to you to offer prices
and offer offset or liquidating transactions in your account and make any payments to you. The prices offered by your dealer may or may not reflect prices
available elsewhere at any exchange, interbank, or other market for foreign currency.
5. PAID SOLICITORS MAY HAVE UNDISCLOSED CONFLICTS

The futures commission merchant or retail foreign exchange dealer may compensate introducing brokers for introducing your account in ways which are
not disclosed to you. Such paid solicitors are not required to have, and may not have, any special expertise in trading, and may have conflicts of interest
based on the method by which they are compensated. Solicitors working on behalf of futures commission merchants and retail foreign exchange dealers
are required to register. You should confirm that they are, in fact registered. You should thoroughly investigate the manner in which all such solicitors are
compensated and be very cautious in granting any person or entity authority to trade on your behalf. You should always consider obtaining dated written
confirmation of any information you are relying on from your dealer or a solicitor in making any trading or account decisions.

FINALLY, YOU SHOULD THOROUGHLY INVESTIGATE ANY STATEMENTS BY ANY DEALERS OR SALES REPRESENTATIVES WHICH MINIMIZE
THE IMPORTANCE OF, OR CONTRADICT, ANY OF THE TERMS OF THIS RISK DISCLOSURE. SUCH STATEMENTS MAY INDICATE POTENTIAL
SALES FRAUD.

THIS BRIEF STATEMENT CANNOT, OF COURSE, DISCLOSE ALL THE RISKS AND OTHER ASPECTS OF TRADING OFF-EXCHANGE FOREIGN
CURRENCY TRANSACTIONS WITH A FUTURES COMMISSION MERCHANT OR RETAIL FOREIGN EXCHANGE DEALER.

PERFORMANCE OF INTERACTIVE BROKERS RETAIL CUSTOMER FOREX ACCOUNTS FOR THE PAST FOUR CALENDAR QUARTERS:

The table below sets forth the percentage of non-discretionary retail forex customer accounts maintained by Interactive Brokers LLC that were profitable and
unprofitable for the past four calendar quarters. The accounts were identified and these statistics were calculated according to the definitions and interpretations
set forth by the CFTC and NFA1

TIME PERIOD NUMBER OF ACCOUNTS PERCENTAGE OF PROFITABLE PERCENTAGE OF UNPROFITABLE

ACCOUNTS ACCOUNTS
Q-4 2024 24,810 44.32% 55.68%
Q-3 2024 24,719 47.76% 52.24%

U17864450 • Feb 27, 2025 Page 14 of 16

Q-2 2024 24,637 45.61% 54.39%
Q-1 2024 24,694 44.23% 55.77%

PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.

FURTHER INFORMATION PROVIDED BY INTERACTIVE BROKERS:

1. Overview: Interactive Brokers Multi-Currency enabled accounts allow IB Customers to trade investment products denominated in different currencies
using a single IB account denominated in a "base" currency of the customer's choosing. IB Customers can also use their Multi-Currency enabled
accounts to conduct foreign exchange transactions in order to manage credits or debits generated by foreign securities, options or futures trading, to
convert such credits or debits back into the Customer's base currency, or to hedge or speculate. IB foreign exchange transactions offered to retail
customers are forex spot transactions.
2. Nature of Your Account and Whether SIPC Covers Foreign Currency: Foreign currency trading at Interactive Brokers takes place in a securities
account. Your IB securities account is governed by rules of the U.S. Securities and Exchange Commission ("SEC") and the Financial Industry Regulatory
Authority. In addition, IB observes the rules of the National Futures Association in connection with foreign currency trading.

Interactive Brokers LLC is a member of the Securities Investor Protection Corporation ("SIPC"). SIPC protects cash and securities held with Interactive
Brokers as specified in the Securities Investor Protection Act. SIPC protects cash, including US dollars and foreign currency, to the extent that the cash
was deposited with Interactive Brokers for the purpose of purchasing securities. Whether foreign currency in your IB account would be protected by SIPC
would depend in part on whether the cash was considered to be deposited with Interactive Brokers for the purpose of purchasing securities. Interactive
Brokers expects that at least one factor in deciding this would be whether and the extent to which the customer engages in securities trading in addition to
or in conjunction with forex trading, but, as discussed in section 3 above, funds deposited specifically for forex trading have no regulatory protections
under NFA rules or CFTC regulations. For further information, you must contact your own legal counsel or SIPC.

Customer money held in the securities account is subject to Securities Exchange Act Rule 15c3-3 governing customer reserve requirements. Although
relevant regulations only require computation of the 15c3-3 reserve requirement and associated segregation of customer funds to be performed weekly,
IB performs such calculations and segregation on a daily basis.
3. General Risk: Customer understands and acknowledges that buying and selling securities, options, futures and other financial products that are
denominated in foreign currencies or traded on foreign markets is inherently risky and requires substantial knowledge and expertise. Customers applying
for Interactive Brokers Multi-Currency enabled accounts represent that they are aware of and understand the risks involved in trading foreign securities,
options, futures and currencies and that they have sufficient financial resources to bear such risks.
4. Customer Responsibility for Investment Decisions: Customer acknowledges that IB representatives are not authorized to provide investment, trading
or tax advice and therefore will not provide advice or guidance on trading or hedging strategies in the Multi-Currency enabled account. Customers must
evaluate carefully whether any particular transaction is appropriate for them in light of their investment experience, financial objectives and needs,
financial resources, and other relevant circumstances and whether they have the operational resources in place to monitor the associated risks and
contractual obligations over the term of the transaction. In making these assessments, IB strongly recommends that Customers obtain independent
business, legal, and accounting advice before entering into any transactions.
5. Exchange Rate Risk: Exchange rates between foreign currencies can change rapidly due to a wide range of economic, political and other conditions,
exposing the Customer to risk of exchange rate losses in addition to the inherent risk of loss from trading the underlying financial product. If a Customer
deposits funds in a currency to trade products denominated in a different currency, Customer's gains or losses on the underlying investment therefore
may be affected by changes in the exchange rate between the currencies. If Customer is trading on margin, the impact of currency fluctuation on
Customer's gains or losses may be even greater.
6. Currency Fluctuation: When Customer uses the foreign exchange facility provided by IB to purchase or sell foreign currency, fluctuation in currency
exchange rates between the foreign currency and the base currency could cause substantial losses to the Customer, including losses when the Customer
converts the foreign currency back into the base currency.
7. Nature of Foreign Currency Exchange Transactions Between Customer and IB: When Customer enters into a foreign exchange transaction with IB,
IB, as the counterparty to Customer's trade, may effectuate that transaction by entering into an offsetting transaction with one of IB's affiliates, with
another customer that enters quotes into IB's system, or with a third party bank (IB's "Forex Providers"). In such transactions, the Forex Provider is not
acting in the capacity of a financial adviser or fiduciary to Customer or to IB, but rather, is taking the other side of IB's offsetting trade in an arm's length
contractual transaction. Customer should be aware that the Forex Provider may from time to time have substantial positions in, and may make a market in
or otherwise buy or sell instruments similar or economically related to, foreign currency transactions entered into by Customer. IB's Forex Providers may
also undertake proprietary trading activities, including hedging transactions related to the initiation or termination of foreign exchange transactions with IB,
which may adversely affect the market price or other factors underlying the foreign currency transaction entered into by Customer and consequently, the
value of such transaction.
8. Prices on the IB Forex Platforms: The prices quoted by IB to Customers for foreign exchange transactions on IB's IdealPro platform will be determined
based on Forex Provider quotes and are not determined by a competitive auction as on an exchange market. Prices quoted by IB for foreign currency
exchange transactions therefore may not be the most competitive prices available. For purposes of maintaining adequate scale and competitive spreads,
a minimum size is imposed on all IdealPro orders (USD $25,000 as of December 2024 but this is subject to change at any time). Orders below the
minimum size are considered odd lots and limit prices for these odd lot-sized orders are not displayed through IdealPro. Retail leveraged forex orders for
odd lot-sized orders are generally executed within 1 pip of the best bid and best offer of the Interbank spread (NBBO). However, if the best quote for such
orders is more than 1 pip outside of the NBBO, IB will generally route the order to execute against a bank or dealer bid or offer regardless of the order
size in order to get an improved price. Customers may also enter a Request for Quote ("RFQ") on the system. IB will charge transaction fees as specified
by IB for foreign currency exchange transactions. IB's Forex Providers will try to earn a spread profit on transactions with IB (differential between the bid
and ask prices quoted for various currencies).
9. Price Slippage; Order Cancellation and Adjustment: Prices quoted on IB's system generally reflect the prices at which IB's Forex Providers are willing
to trade. Prices quoted on IB's system reflect changing market conditions and therefore quotes can and do change rapidly. As such, when a Customer
order is received and processed by IB's system, the quote on IB's platform may be different from the quote displayed when the order was sent by
Customer. This change in price is commonly referred to as "slippage." IB generally will not execute a Customer order at a certain price unless IB is able to
trade at that price against one of IB's Forex Providers.

If Customer sends an order for a forex transaction to IB's system but Customer's requested price is no longer available and therefore the order is non-
marketable, IB will not execute the order then but will place it in IB's limit order book in accordance with Customer's time-in-force instructions. Other
customers can then trade against this order when it becomes the National Best Bid and Offer ("NBBO") or IB may execute the order if it becomes
marketable based on prices received from IB's Forex Providers.

If Customer sends an order for a forex transaction to IB's system and the current price is more favorable for Customer than what Customer requested in
the order, the order will generally be executed at the available better price.

U17864450 • Feb 27, 2025 Page 15 of 16

 Although IB attempts to obtain the best price for Customer orders on forex transactions, because of the inherent possibility of transmission delays
between and among Customers, IB and Forex Providers, or other technical issues, execution prices may be worse than the quotes displayed on the IB
platform.

To execute your order, Interactive Brokers engages in back-to-back transactions with one or more counterparties. These counterparties on occasion may
cancel or adjust forex trades with us in the event of market or technical problems. In these cases we may have to cancel or adjust forex trades that you
have executed.
10. Other Risks: There are other risks that relate to trading foreign investment products and trading foreign currencies that cannot be described in detail in
this document. Generally, however, foreign securities, options, futures and currency transactions involve exposure to a combination of the following risk
factors: market risk, credit risk, settlement risk, liquidity risk, operational risk and legal risk. For example, there can be serious market disruptions if
economic or political or other unforeseen events locally or overseas affect the market. Also, the settlement date of foreign exchange trades can vary due
to time zone differences and bank holidays. When trading across foreign exchange markets, this may necessitate borrowing funds to settle foreign
exchange trades. The interest rate on borrowed funds must be considered when computing the cost of trades across multiple markets. In addition to
these types of risk there may be other factors such as accounting and tax treatment issues that Customers should consider.

1Information regarding the performance of Interactive Brokers retail forex customers for the past 5 years is available upon request.

Signature
I acknowledge that the foregoing information and all other information provided during the account application process is true and correct and agree to notify
Interactive Brokers by email of any material changes therein. I authorize Interactive Brokers to confirm the accuracy of the information as it deems necessary.
I acknowledge that I intend to be bound to the terms of the Customer Agreement (which contains a pre-dispute arbitration clause in the paragraph noted at the
end of the Agreement) and the other agreements and disclosures in the separate file of documents, which I acknowledge was provided to me.

Account Title: Date Signed:

Mrs. Juliana N CARLOS PAIVA February 27, 2025 1:29:50 PM EST

Name: Juliana N CARLOS PAIVA

(Juliana N CARLOS PAIVA) SIGN HERE:

U17864450 • Feb 27, 2025 Page 16 of 16