Terms & Conditions

Introduction

These conditions explain the rights, obligations, and responsibilities of all parties to this agreement. Where we use the word ‘you’ or ‘your’ it means the client: ‘we’,’us’ or ‘our’ means IsraTransfer Ltd. These terms and conditions can be varied or amended subject to prior written agreement.

Definitions

Maturity date refers to the date on which we have received your payment and subsequently transfer the funds you have purchased from us.

Trade Confirmation outlines the details of the transaction you have asked us to perform.

Draw Down refers to bringing forward the maturity date of a forward contract

Roll over refers to the extension of the maturity date of a forward contract.

We operate two different bank accounts. One account is run as part of the AACI Foreign Exchange Program – referred to as “AFXP account” (account number 233949) hereafter. The other account is our regular account – referred as “IT account” (account number 154313) hereafter.

1. Our services

1.1. IsraTransfer buys and sells currency on behalf of the client for commercial purposes only. For example, this may include the purchase of a property, living expenses, or emigration. We cannot trade for you if you are speculating on currency movements.

1.2. IsraTransfer will provide you with information about currency markets and related matters. We may also provide you with our opinion, but this should not be considered advice as when to trade. This decision is yours solely.

1.3. The types of trades we will enter into with you are:
(a) spot contracts, under which currency is bought and sold for delivery immediately against receipt of payment;
(b) fixed forward contracts, under which currency is bought and sold for delivery at a fixed future time;
(c) open forward contracts, under which currency is bought and sold for delivery at a time subsequently instructed by the Client within an agreed period or, failing such instructions, at the end of
the agreed period; and
(d) limit orders, under which currency is bought and sold for
delivery if and when an agreed exchange rate is available.

2. Making a contract to convert your currency

2.1. You may give us oral or written instructions relating to a transaction for the purchase or sale and delivery of currency. We deem your oral or written instruction as you entering into a
contract with us.

When transferring money via AFXP your money must be converted and transferred to your bank account within 7 business days of receipt. Failure to do so for any reason will result in funds being returned to sender. If the funds are received on a non-business day they will be converted and transferred to your account on the
next available day. We are unable to hold client funds in this account.

2.2. Once you have instructed us to purchase currency on your behalf, we will fax or email a document called a trade confirmation. The trade confirmation outlines the details of the transaction you have asked us to perform. In the case of funds transferred through “AFXP account”, we will send you a trade confirmation once funds have been received, converted and transferred to your account.

2.3. Once a trade has been agreed, it can not be cancelled unless with written agreement of IsraTransfer Ltd.

2.4. We have no obligation to accept any particular instruction from you, neither are we obligated to give any reason for refusal.

2.5. Failure by IsraTransfer to issue a trade confirmation will not prejudice the rights and obligations of the Client or IsraTransfer in relation to any transaction.

2.6. We will only transfer money to an account that shares the same name as the account the money originated from. At our discretion only, with prior written confirmation from IsraTransfer, we will make payments to a third party. Additional documentation may be required.

3. Payment

3.1. You shall make payment in cleared funds to the value of the currency to be sold as detailed on the trade confirmation. The account will always be in the name of IsraTransfer.

3.2. Payments must be made by a bank transfer. We cannot accept cash payments, checks or bankers drafts.

3.3. We must receive the full amount of funds due before we will settle the contract. If payment is not received in full, we can, at our discretion deduct the shortfall (or equivalent in purchased currency) from the amount being sent to you.

4. Payment and conditions for Forward Contracts

4.1. You will be required to notify us not less than 2 working days before the maturity of any Forward Contract, draw down or roll over with the details of the beneficiary, the payment means and
delivery instructions. Failure to do so may result in your purchased currency being delayed.

4.2. When performing a forward contract we will send you a trade confirmation. This trade agreement must be signed and returned to us by email or fax within two hours of transmission of the trade
agreement. If we do not receive the signed trade agreement within this time, we are at liberty to cancel the contract at any time up to and including the maturity date of the proposed trade. Notification of cancellation will be made by email or fax.

4.3. The trade agreement of any forward contract will detail the deposit you need to pay to us and the date that this is due. This deposit acts as a security payment from you to us in order to
secure the exchange rate for a future date. We will be entitled to request from you additional security payments in the event of exchange rate fluctuations prior to the maturity date. These additional security payments will be (at our discretion) between 5 and 10% of the contract value. Failure to pay the request for
additional security payments can result in the loss/partial loss of your initial security payments.

4.4. With our agreement, you may draw down (bring forward the maturity date) or roll over (extend the maturity date) your forward contract at any time up until its maturity date. There may be a cost
associated with either a draw down or roll over, and this cost will be passed on to you.

4.5. The balance of funds (total cost of sale currency less deposit paid) must be paid and cleared into our account detailed on the trade confirmation by one business day before maturity date (or
the amended maturity date in the case of a draw down or rollover) before we will transfer the purchased currency.

4.6. Failure to transfer to IsraTransfer Ltd the balance of funds by one business day before maturity date may result in the cancellation of the trade. This can result in the loss/partial loss of your initial security payments.

5. Costs

5.1. We impose a minimum transfer amount of $10,000 in our “IT account”. If an amount is transferred to us under this amount, you will be charged $30.00. We impose a minimum transfer amount of $3,000 in the “AFXP account”. If an amount under this is transferred to our account, you will be charged $20.00. Transferring funds to your account via next day delivery is free. If you need shekels transferred to more than one account, there is an additional charge of 25 NIS per transfer. The cost to transfer shekel funds via Zahav (IBAN) is 40 NIS. When transferring funds overseas, we may only make one transfer for you, which is free of
charge. We may deduct these fees from the purchased currency or any monies we are holding for you, should you fail to make payment for these transfer costs.

Exchange rates
5.2 Once your funds are received, we will contact you to receive your agreement to convert funds, unless this has already been agreed upon or instructions have been received by email. These instructions may be given via telephone or email only. You must verify that we have received your instructions by email. Absence of response by IsraTransfer does not mean acceptance of email instructions.

6. Our obligation to know our client

6.1. The law requires us to know our client and the nature of their business. We may need to meet the client face to face to fill out registration documents and to take original copies of identification documents. We also have to know that you are exchanging currency for a legitimate and non-speculative purpose.

6.2. Therefore, when signing this agreement and entering into any contract you warrant that you are acting on your own behalf, for a genuine reason (as explained in clause 1.1 above) and the currency
that you wish to sell is legally and beneficially yours and has not been obtained by illegal means. No money laundering or other unlawful act is committed in connection with opening an account with IsraTransfer. No proceeds of any money laundering activities are transferred to any bank account via IsraTransfer. All lawful
taxes from country of origin of wiring funds have been paid in full.

You also warrant that the information that you provide to us is accurate, that you will not withhold any material information from us and you will provide us with any information that we may
reasonably require.

6.3. Delivery of a communication by us to the last known address we have for you shall be considered sufficient communication to you of any matter under this contract. You also agree to advise us
of any change of your contact details, including your home address. If you fail to do so you agree that we may serve documents, including service of process, at the last address you provided to us and that such service shall be effective.

6.4. You also warrant that by making contracts under these Terms and Conditions you will not be in breach of any law in any relevant jurisdiction.

6.5. For trades over $50,000 or the equivalent in another currency we require in writing a detailed explanation for the reason of the transfer. Additional documentation will be required. IsraTransfer
will not be liable for any delay caused by your failure to submit additional documentation.

6.6. If additional documentation is not provided, funds will be returned to sender. Any trading loss/fees/legal fees as a result will be borne by the client and can be set off by IsraTransfer.
Agreement to these terms and conditions shall be construed as express consent for IsraTransfer to make said set off.

6.7. In order for us to transfer money out of Israel on your behalf we will require supporting documentation as to the source of the money. Additional tax documents may be required. IsraTransfer Ltd will not be held liable if the bank refuses to transfer the funds abroad due to legal and/or tax restrictions/implications.

6.8 We are not liable for any costs/fees your bank may charge to wire funds to us, or any fees charged by any correspondent bank used to transfer your funds to us.

Transfer to accounts outside Israel

6.9.1 Funds must originate from an account in your name in Israel and can only be transferred to an account in your name outside Israel. We cannot transfer to accounts with instructions “for
further credit/benefit of”.

6.9.2 When wiring funds internationally, we will not be liable for any correspondent bank/receiving bank fees.

7. Recording Telephone Conversations

7.1. We may record telephone conversations with or without use of a warning tone and we may use these recordings as evidence of contracts entered into or in relation to disputes as well as for our ongoing quality control and training program.

8. Default, Close & Refusal to Perform

8.1. We may terminate any contract in any of the following circumstances: i) you fail to make payment when due; or ii) you are otherwise in breach of the terms of these Terms and Conditions
and you do not remedy a remediable breach within a reasonable time when notified; or iii) we reasonably feel you will be unable to fulfil your obligations under any contract; or iv) for us to continue
any contract would expose us to a liability against which we are not protected; or v) we are required to do so on the instruction of any law enforcement agency or other body with appropriate authority. In the latter case we may retain all or any of your money if we are required to do so by law and then deal with it as ordered. In all cases you will be liable for any losses that we incur.

8.2. If you become aware of the occurrence of any event referred to in clause 8.1(i) to (v), you shall notify us immediately.

8.3. If any event referred to in Clause 8.1(i) to (v) takes place we shall at our discretion be entitled to:
(a) forfeit the whole or any part of any sums previously paid to us (to a maximum amount equal to all sums due or to become due to us from the Client);

(b) charge the Client with all of the costs, expenses and losses (and interest at the rate referred to in Clause 10.3) on any sums that we may expend or borrow in connection with contracts and action we may take to cover or reduce our exposure under them) incurred by us as a result of entering into contracts with you.

8.4. If for any reason a contract is closed out or does not proceed to completion, we will send any sum due to you or a notice setting out the sum due from you.

8.5. If we receive your payment later than the date specified on the trade agreement for whatever reason, you will be liable for all costs associated with the delay which can be a cost to swap the trade with our bankers plus any administrative charges they may levy. You can either pay the extra amount due or we will deduct these charges from your purchased currency.

8.6. We shall not be responsible in any way for any delay in payment we make under these Terms caused by you or any other third party, including but not limited to bank delay, postal delay, failure or delay of any fax or electronic transmission, telecommunication failures or disruptions or delay caused by accident, emergency, act of god, maintenance downtime, declared or imminent war, revolt, civil unrest, catastrophes of nature, lockouts, boycotts or blockades. For the avoidance of doubt you accept that you are solely responsible for ensuring that all payments required from you under any transaction between you and us are made promptly and within the time limits specified by the particular contract.

8.7. A “Manifest Error” means a misquote by IsraTransfer having regard to the current market conditions at the time a Transaction is opened or closed. IsraTransfer may, for this purpose, take into account all information including, without limitation, information concerning all relevant market conditions, any error in, or lack of clarity of, any information, source, announcement or obvious misquote from IsraTransfer’s usual method of calculating exchange rates. IsraTransfer reserves the right to close, void or amend any transaction that is affected by a Manifest Error.

8.8. Force Majeure. IsraTransfer may in its reasonable discretion determine that an exceptional or unusual market condition exists (a “Force Majeure Event”), including but not limited to: (a) any act, event or occurrence (including without limitation any strike riot or civil commotion, interruption of power supply or electronic, communication or information system) which in IsraTransfer’s reasonable opinion prevents IsraTransfer from maintaining its transactions; (b) the suspension or closure of any market; or (c) the
occurrence of an excessive movement in the level of, or the excessive loss of liquidity in any market or IsraTransfer’s reasonable anticipation of the occurrence of the same. If IsraTransfer determines that a Force Majeure Event exists, IsraTransfer may in its reasonable discretion (without prejudice to any other rights it may otherwise have) and for so long as such Force Majeure Event continues: (a) increase the Margin in relation to any Forward Contract; (b) close any or all transactions; and (c) take or omit to take all such other actions as IsraTransfer, acting reasonably and in good faith, deems appropriate in the circumstances to protect itself and its Clients.

9. Our liability to you

9.1. If we are in breach of our obligations under these Terms and Conditions, we will only be liable to you for the Direct Loss that you incur. ‘Direct Loss’ is here defined as the loss of the currency
we transfer, where it does not reach the destination you specify as a result of our gross negligence.

9.2. Except as set out in clause 9.1, we will not otherwise be liable to you. This limitation applies to i) indirect or consequential losses; ii) loss or anticipated loss of profits, savings, contracts or business,
iii) special damages; and iv) additional costs or losses incurred by you. This limitation also applies a) whether any of these i)-iv) arise under contract or from a negligent or other act or omission by us
or otherwise; b) to the fullest extent permitted by law; and c) whether or not the costs, losses or damages were within the contemplation of either you or us on or at any time after you sign this Trading Agreement. Your statutory rights otherwise remain unaffected. Our liability for fraud, death and personal injury
remains unlimited.

9.3. We will not be liable for the act or omission of any third party, whether involved in the payment process or otherwise.

9.4 Once we receive your funds we are obligated to convert and wire the agreed amount to your account, providing you have submitted all necessary documentation and have met all terms of this agreement.

10. Your Liability to us

10.1. You will indemnify us against all losses that we incur as a result of accepting your orders to buy/sell currency or us carrying out your instructions in accordance with clause 1.

10.2. You will indemnify us for all losses incurred as a result of terminating a contract in accordance with clause 8 above.

10.3. In respect of amounts due and payable to us under this clause, we may charge interest at 4% per annum above the Bank of Israel base rate.

10.4. In respect of any money due to us for any contract, we may retain any money we are holding for you on any other contract to offset against our losses.

11. General

11.1. These Terms set out the entire agreement and understanding of the parties on their subject matter and
supersede all previous oral and written communications on the same subject matter.

11.2. We may amend these Terms by notice in writing to you at any time and such amendment shall take effect from the date specified by us but may not affect any rights or obligations that have already arisen. Otherwise, these Terms may only be varied by the written agreement of you or us.

11.3. Should any of the terms and conditions be deemed to be unenforceable or illegal, the remainder of the Terms and Conditions shall remain in full force and effect as if the unenforceable or illegal part had been removed.

11.4. If a party fails to exercise or delays in exercising any right under these Terms, by doing so it does not waive such right. The rights provided in these Terms do not exclude other rights provided by law.

11.5. If we make any recordings or transcripts we may also destroy them in accordance with our normal procedures.

11.6. You acknowledge and agree that we are permitted to carry out an electronic database search and search credit reference agencies in order to verify your identity and credit standing. If such searches are carried out, we may keep records of the contents and results of such searches in accordance with all current and applicable laws.

11.7. Without prejudice to various means of communication between you and us referred to in this contract, delivery of a communication by us to the last known address we have for you shall be considered sufficient communication to you of any matter under this contract.

11.8. Orders shall be communicated to IsraTransfer by telephone to one of IsraTransfer’s dealers directly, no messages may be left and no Orders placed using IsraTransfer’s answerphone or voicemail facilities. Orders may not be placed by fax or letter.

Orders by email will only be considered complete when the client receives written confirmation that the order has been accepted by IsraTransfer. Non response to emails does not constitute acceptance of the order by IsraTransfer.

11.9. We are unable to pay interest on any money held on account, in any currency.

11.10 We can not trade currency on Saturday, Sundays, public holidays in Israel, days when currency is not traded in Israel and when the currency to be traded can not be traded outside Israel.

11.11 IsraTransfer cannot trade currency outside of regular banking hours in Israel. For the benefit of doubt, if an exchange rate were to reach a certain level at 20:00 Israel time, IsraTransfer would not be able to trade.

11.12 Any decision to transact is always your decision and we cannot be liable for any loss including loss of exchange rate move before or after you transact. We may provide market information at your request, but this is not provided as advice and you should not infer anything from the information. Foreign exchange
conditions are very complex and volatile and as a result we cannot accept responsibility for your decision to enter a transaction under this Agreement.

11.13 Exchange rates are calculated to 4 (four) decimal places.

12. Personal Data

12.1. The information that you provide to us is confidential and will not be used for any purpose other than in connection with the provision of services unless we inform you otherwise. Information may be shared between IsraTransfer and any of its associated companies including but not limited to subsidiaries or holding companies. Confidential information and personal data will be treated as such, provided that this information is not already in the public domain. Information of a confidential nature will only
be disclosed outside the aforesaid companies of which IsraTransfer forms a part in the following circumstances:

12.1.1. where required by law or if requested by any regulatory authority or exchange having control or jurisdiction over us or respective associate;

12.1.2. to investigate or prevent fraud or other illegal activity;

12.1.3. to any third party in connection with the provision of services to you by us;

12.1.4. for purposes ancillary to the provision of the services or the administration of your account, including, without limitation for the purposes of verification enquiries, credit enquiries or assessment;

12.1.5. if it is in the public interest to disclose such information;

12.1.6. at your request or with your consent.

12.2. When transferring money via the “AFXP account” it is necessary for designated accounting staff at the AACI to have access to information regarding your transaction. This is necessary for us to carry out your transfers through this secure account. All details are kept in the strictest confidence.

13. Applicable Law

13.1 These Terms and Conditions are under the jurisdiction of the courts of the State of Israel and shall be interpreted in accordance with Israeli law. However, this clause does not prevent us from commencing proceedings against you in any other jurisdiction should it be necessary to do so.

13.2 In the event of death of client(s), monies will be frozen and released upon presentation of a valid probation order or in the absence of a will, an intestate order as recognized by the Courts of the State of Israel. Monies will also be released upon the receipt of instruction of a temporary executor in possession of a valid court order as recognized by the State of Israel.