ACCOUNT TERMS

Switch Markets PTY LTD

CORPORATE AUTHORIZED REPRESENTATIVE

Suite 126, 117 Old Pittwater road,
Brookvale,
NSW 2100, Australia
PH: +44 1902 943 383

Prepared on 24 December 2020

Switch Markets PTY LTD is an authorized representative of and issues products on behalf of the Authorizer, ROYAL ETP LLC. ROYAL ETP LLC will be the counterparty to all trades.

1. INTRODUCTION

1.1 These terms govern your Account with Switch Markets PTY LTD ("Switch", "we" or "us") on behalf of the Authorizer. Switch is the authorized representative of Royal ETP LLC (149 LLC 2019) ('Authorizer'). The Authorizer will be the counterparty to all trades. Your funds will be held in the Authorizer's segregated client trust account. The particular terms which apply to you will depend on the Financial Products or financial services provided to you by Switch on behalf of the Authorizer. All of the Financial Products or financial services are subject to the general terms in this document and to the Schedules which apply to particular financial services you may receive or particular Financial Products you may transact from time to time.

1.2 In relation to your Account, a reference to "Terms" is a reference to the terms in this document (including the Schedules) which are applicable to you, as amended from time to time.

1.3 In order to establish your Account, you will need to complete and return to Switch your completed Application Form. Switch may, in its absolute discretion, accept or decline to provide any one or more Financial Products or financial services that you have selected in your Application Form.

1.4 These Terms will apply to you in respect of your Account from the earlier of (a) the time Switch accepts your application in the Application Form in respect of a particular Financial Product or financial service; (b) the time Switch otherwise agrees to provide the Financial Product or financial service to you; or (c) the time you first place an Order in respect of a Financial Product with Switch or otherwise instruct Switch to provide the financial service to you.

1.5 You acknowledge and agree that you have read and understood all documentation provided to you by us including these Terms and any Product Disclosure Statement (PDS) in relation to any Financial Products which you request Switch to make available on behalf of the Authorizer to you in relation to your Account. You authorize Switch to open an Account for you.

1.6 You acknowledge that you have received, read and understood our Financial Services Guide (FSG), PDS and these Terms. Our FSG and PDS may change from time to time. A copy of the current FSG and PDS can be obtained on our website or upon request.

1.7 You acknowledge that all dealings in Financial Products and the performance by us are obligations under these Terms.

1.8 You acknowledge that we will not provide legal, tax, financial or accounting advice to you as part of the services that we provide to you in accordance with these Terms.

By these Terms we do not act in a fiduciary capacity and Switch does not owe any fiduciary obligations to you in respect of its services provided to you in connection with these Terms except as expressly stated in these Terms.

1.9 These Terms do not constitute personal financial advice, nor a recommendation or opinion that a particular Financial Product or service is appropriate for you.

1.10 A liability of the Authorizer accrues solely to that entity. The Authorizer is not the agent, fiduciary, joint venture participant or guarantor of any other person.

1.11 Switch has discretions under these Terms which may affect your Transactions. You do not have any power to direct how we exercise our discretions. When exercising our discretions, we will comply with our legal obligations as the authorised representative of the Authorizer. We will have regard to our policies and to managing all risks (including financial, credit and legal risks) for ourselves and all of our clients, our obligations to the Authorizer, market conditions and our reputation. We will try to act reasonably in exercising our discretions, but we are not obliged to act in your best interests, or to avoid or minimize a loss in your Account.