TERMS AND CONDITIONS OF USE

(revised 28 April 2015)

Before becoming a user (a "User") to QUANTLAB.CO.ZA (referred to as "QUANTLAB.CO.ZA" and sometimes referred to as the "Service"), you must read and agree to the following terms and conditions of use (the "Terms and Conditions") which govern your use of this Website and its products and services (including, but not limited to, message boards, blog-related services and subscription services) and all individuals and companies associated with this Website (collectively referred to as " QUANTLAB.CO.ZA " or "We"). If you do not agree to these Terms and Conditions, do not use the Service. We may change the Terms and Conditions from time to time and at any time without notice to you, by posting such changes on this Website and indicating the date of the most recent revision. By using the Service following any modifications to these Terms and Conditions, you agree to be bound by any such modifications to the Terms and Conditions.

TERMS AND CONDITIONS

By using QUANTLAB.CO.ZA, including any services, products, software and content contained therein, you agree that use of the Service is entirely at your own risk. QUANTLAB.CO.ZA is not a registered investment advisor nor an investment advisory service. Furthermore QUANTLAB.CO.ZA is not registered as a financial services provider under the auspices of the Financial Advisory and Intermediary Services Act, 2002 (Act No. 37 of 2002). We do not purport to tell or suggest which securities clients should buy or sell for themselves, we merely provide the results of our research and all orders sent by Users via our Service are done so at their own risk. You understand and acknowledge that there is a very high degree of risk involved in trading securities. Past results of any individual trader or strategy published on this Website are not indicative of future returns by that trader, and are not indicative of future returns which may be realized by you. All forecasting is based on past performance and past performance of any trading methodology is no guarantee of future results. We assume no responsibility or liability for your trading and investment results. The trading strategies discussed may be unsuitable for you depending upon your specific investment objectives and financial position. You must make your own investment decisions in light of your own investment objectives, risk profile, and circumstances. Use independent advisors as you believe necessary. Therefore, the indicators, strategies, columns, articles and all other features of QUANTLAB.CO.ZA (collectively, the "Information") are provided for informational and educational purposes only and should not be construed as investment advice. The analysts and employees or affiliates of QUANTLAB.CO.ZA may hold positions in stocks or industries discussed here. You should not rely solely on the Information in making any investment. Rather, you should use the Information only as a starting point for doing additional independent research in order to allow you to form your own opinion regarding investments. Factual statements in this web page are made as of the date stated and are subject to change without notice.

By using the Information on QUANTLAB.CO.ZA, you assume full responsibility for any and all gains and losses, financial, emotional or otherwise, experienced, suffered or incurred by you. QUANTLAB.CO.ZA does not guarantee the accuracy, completeness or timeliness of, or otherwise endorse in any way, the views, opinions or recommendations expressed in the Information, does not give investment advice, and does not advocate the purchase or sale of any security or investment by you or any other individual. The Information is not intended to provide tax, legal or investment advice, which you should obtain from your professional advisor prior to making any investment of the type discussed in the Information. The Information does not constitute a solicitation by the information providers, QUANTLAB.CO.ZA or other of the purchase or sale of securities.

HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION, HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE ABILITY TO WITHSTAND LOSSES OR TO ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS.

THE SERVICE IS PROVIDED ON AN "AS IS" AND "AS AVAILABLE" BASIS AND WITHOUT WARRANTY OF ANY KIND, EITHER EXPRESS OR IMPLIED, INCLUDING WITHOUT LIMITATION, ANY WARRANTY FOR INFORMATION, DATA, SERVICES, UNINTERRUPTED ACCESS, OR PRODUCTS PROVIDED THROUGH OR IN CONNECTION WITH THE SERVICE. SPECIFICALLY, QUANTLAB.CO.ZA DISCLAIMS ANY AND ALL WARRANTIES, INCLUDING, BUT NOT LIMITED TO: (i) ANY WARRANTIES CONCERNING THE AVAILABILITY, ACCURACY, USEFULNESS, OR CONTENT OF INFORMATION, PRODUCTS OR SERVICES; AND (ii) ANY WARRANTIES OF TITLE, WARRANTY OF NON-INFRINGEMENT, WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE. THIS DISCLAIMER OF LIABILITY APPLIES TO ANY DAMAGES OR INJURY CAUSED BY ANY FAILURE OF PERFORMANCE, ERROR, OMISSION, INTERRUPTION, DELETION, DEFECT, DELAY IN OPERATION OR TRANSMISSION, COMPUTER VIRUS, COMMUNICATION LINE FAILURE, THEFT OR DESTRUCTION OR UNAUTHORIZED ACCESS TO, ALTERATION OF, OR USE OF RECORD, WHETHER FOR BREACH OF CONTRACT, TORT, NEGLIGENCE, OR UNDER ANY OTHER CAUSE OF ACTION.

NEITHER QUANTLAB.CO.ZA NOR ANY OF ITS EMPLOYEES, AGENTS, SUCCESSORS, ASSIGNS, AFFILIATES, OR CONTENT OR SERVICE PROVIDERS SHALL BE LIABLE TO YOU OR OTHER THIRD PARTY FOR ANY DIRECT, INDIRECT, INCIDENTAL, SPECIAL OR CONSEQUENTIAL DAMAGES ARISING OUT OF USE OF SERVICE OR INABILITY TO GAIN ACCESS TO OR USE THE SERVICE OR OUT OF ANY BREACH OF ANY WARRANTY.

QUANTLAB is the owner and/or authorized user of any trademark, registered trademark and/or service mark appearing on the QUANTLAB.CO.ZA Website, and is the copyright owner or licensee of the content and/or information on the Website, unless otherwise indicated. QUANTLAB.CO.ZA does not grant to you a license to any content, features or materials you may access on this Website. You may not download or save a copy of any of the content or screens except as otherwise provided in these Terms and Conditions, for any purpose. You may, however, print a copy of the information on this Website solely for your personal use or records. If you make other use of this Website, except as otherwise provided above, you may violate copyright and other laws of South-Africa, other countries and may be subject to liability for such unauthorized use. We do not grant any license or other authorization to any user of its trademarks, registered trademarks, service marks, other copyrightable material or any other intellectual property, by including them on this Website. User acknowledges that content, including but not limited to text, software, music, sound, photographs, video, graphics or other material contained in either sponsor advertisements or email-distributed, commercially produced information presented to User by QUANTLAB.CO.ZA or its Advertisers, is protected by copyrights, trademarks, service marks, patents or other proprietary rights and laws; therefore, User is only permitted to use such content as expressly authorized by the Service or the Advertiser.

We reserve the right to change any information on this Website, including but not limited to revising and/or deleting features or other information without prior notice to you. Accessing certain links within this Website may provide you with access to other Websites for which we assume no responsibility of any kind for the content, availability or otherwise. (See "Links from and to QUANTLAB.CO.ZA" below.) The content of this Website may vary depending upon your browser functionality and limitations.

You acknowledge and agree that you must: (a) provide for your own access to the World Wide Web and pay any service fees associated with such access, and (b) provide all equipment necessary for you to make such connection to the World Wide Web, including a computer, software, a modem and a working telephone line.

In consideration of your use of QUANTLAB.CO.ZA, you agree that you are at least eighteen (18) years of age and you agree: (a) to provide true, accurate, current and complete information about yourself as prompted by the Registration Form, and (b) to maintain and update this information to keep it true, accurate, current and complete. If any information provided by you is untrue, inaccurate, not current or incomplete, we have the right to terminate your account and refuse any and all current or future use of the Service. You agree not to resell or transfer the Service or use of or access to the Service.

PRICING

QUANTLAB.CO.ZA offers different versions of the paid annual subscription to our Service which are differentiated by quantity and quality of research made available to the User. Our pricing is a variable fee based on a fixed percentage of the value of monies deposited into a third party brokerage account with one of our brokerage partners. It's subject to a minimum and maximum account balance and subject to change. The maximum account balance as displayed to the User on the website and on any invoice attributable to their use of the Service shall serve as the maximum value used by QUANTLAB.CO.ZA when calculating position sizes or sale orders as per our research parameters.

GUARANTEE

QUANTLAB.CO.ZA in no way or form guarantees any of the funds placed into the Users brokerage accounts held by third party licenced stock brokers. Nor does it guarantee any losses however incurred as a result of using this Service.

However a User may requests repayment of his subscription fee for the use of this Service within a period of 120 days from initial payment of their first year's subscription fee. QUANTLAB.CO.ZA will endeavour to repay the User within a period of 90 days following written receipt of a cancellation request. No cancellation requests apart from the ones contemplated above shall require QUANTLAB.CO.ZA to reimburse any part of any fees collected by it or its affiliates.

ORDERS AND PAYMENT

Each User is responsible for any fees or other charges that may be incurred to access QUANTLAB.CO.ZA. All orders submitted to QUANTLAB.CO.ZA through this website or by a sales representative are subject to final approval by the head office.

USER CONDUCT ON QUANTLAB.CO.ZA

While using the Service, you may not:

1) upload, post, publish, transmit, reproduce, or distribute in any way, information, software or other material obtained through the Service which is protected by copyright, or other proprietary or intellectual property right, or derivative works with respect thereto, without obtaining permission of the copyright owner or rightholder; or

2) upload, post, publish, reproduce, transmit or distribute in any way any component of the Service itself or derivative works with respect thereto, as the Service is copyrighted as a collective work; or

3) upload, post, publish or transmit any unlawful, fraudulent, libelous, defamatory, obscene, pornographic, profane, threatening, abusive, or otherwise objectionable information of any kind, including without limitation any transmissions constituting or encouraging conduct that would constitute illegal activity, give rise to civil liability, or otherwise violate any local, national or foreign law; or

4) upload, post, publish, transmit, reproduce, distribute or in any way exploit any information, software or other material obtained through the Service for commercial purposes (other than as expressly permitted by the provider of such information, software or other material); or

5) restrict or inhibit any other user from using and enjoying the Service; or

6) knowingly violate any laws, or any rule of any securities exchange, including, without limitation, the Johannesburg Stock Exchange.

7) post or transmit any advertisements, solicitations, chain letters, pyramid schemes, investment opportunities or schemes or other unsolicited commercial communication (except as otherwise expressly permitted by QUANTLAB.CO.ZA) or engage in spamming or flooding; or

8) impersonate any other person or entity, or misrepresent your affiliation with any other person or entity; or

9) post or transmit any information or software which contains a virus, trojan horse, worm or other harmful component.

We have no obligation to monitor the Service. You acknowledge and agree, however, that we do retain the right to monitor the Service and, subject to the limitations of the QUANTLAB.CO.ZA Privacy Policy, to disclose any information as necessary or appropriate to satisfy any law, regulation or other governmental request, to operate the Service properly, or to protect itself or its users. We will not intentionally monitor or disclose any private electronic-mail message unless required by law. We reserve the right to refuse to post or to remove any information or materials, in whole or in part, that, in its sole discretion, are unacceptable, undesirable, inappropriate or in violation of these Terms and Conditions.

SUBMISSIONS

All information submitted to QUANTLAB.CO.ZA via this Website shall be deemed and remain the property of QUANTLAB.CO.ZA, and we shall be free to use, for any purpose, any ideas, concepts, know-how or techniques contained in information any user of this Website provides to QUANTLAB.CO.ZA through this Website. QUANTLAB.CO.ZA shall not be subject to any obligations of confidentiality regarding submitted information, except as agreed by the QUANTLAB.CO.ZA entity having the direct customer relationship or as otherwise specifically agreed or required by law.

FAILURE TO COMPLY AND TERMINATION

Subscription to this Service may be terminated at any time, and without cause, by QUANTLAB.CO.ZA, upon notification by telephone or e-mail.

You acknowledge and agree that we may terminate your password or account or deny you access to all or part of the Service without prior notice if you engage in any conduct or activities that we, in our sole discretion, believe violate any of these Terms and Conditions, violate the rights of QUANTLAB.CO.ZA, or are otherwise inappropriate for continued access.

You acknowledge and agree that we may, in our sole discretion, deny you access, through QUANTLAB.CO.ZA, to third party services, merchandise, materials or information on the Internet, and we shall have no responsibility to notify any third-party providers of services, merchandise or information nor any responsibility for any consequences resulting from lack of notification.

You agree to defend, indemnify and hold QUANTLAB.CO.ZA and its affiliates harmless from any and all claims, liabilities, costs and expenses, including reasonable attorneys' fees, arising in any way from your use of the Service or the placement or transmission of any message, information, software or other materials through the Service by you or users of your account or related to any violation of these Terms and Conditions by you or users of your account.

MISCELLANEOUS

The Terms and Conditions and the relationship between you and QUANTLAB.CO.ZA shall be governed by the laws of South-Africa. You and QUANTLAB.CO.ZA each agrees to submit to the personal and exclusive jurisdiction of the courts located within South-Africa.

The failure of QUANTLAB.CO.ZA to exercise or enforce any right or provision of the Terms and Conditions shall not constitute a waiver of such right or provision. If any provision of the Terms and Conditions is found by a court of competent jurisdiction to be invalid, the parties nevertheless agree that the court should endeavor to give effect to the parties' intentions as reflected in the provision, and the other provisions of the Terms and Conditions remain in full force and effect.

You agree that regardless of any law to the contrary, any claim or cause of action arising out of or related to use of the Service or the Terms and Conditions must be filed within one (1) year after such claim or cause of action arose or be forever barred.