Privacy Policy

USER AGREEMENT
RECITALS

This Agreement is made between:

(1) FUMBI NETWORK j. s. a., a simple joint-stock company (in Slovak: jednoduchá
spoločnosť na akcie) incorporated in the Slovak Republic, Identification No. 52 005 895,
registered in the Commercial Register of the District Court Bratislava I, Section: Sja, Insert
No.: 57/B (“FUMBI Network”);

(2) FUMBI CONVERSION HUB LTD., a private limited company incorporated in the United
Kingdom of Great Britain and Northern Ireland with company No. 08405808 and whose
registered office is at 2nd Floor Kestrel House, Primett Road, Stevenage, SG1 3EE, United
Kingdom of Great Britain and Northern Ireland (“FUMBI IP”);
FUMBI Network and FUMBI IP are collectively and each of them individually referred
to as “FUMBI” (and depending on the context “we”, “our” or “us”);

and

(4) you as the user to whom FUMBI will be providing FUMBI Services (“User”, “you” or
“your”, depending on the context).
FUMBI Network, FUMBI IP and the User are collectively referred to as the “Parties” and
each individually as the “Party”.
Please read this Agreement carefully. By signing up to open and use an account through
https:/fumbi.network, or any of our associated websites, or mobile application(s) (collectively referred
to as “FUMBI Site”), and clicking the acceptance button, you expressly agree that you have read,
understood and accept this Agreement, including Data Protection Policy, and consent to be legally
bound by all terms and conditions provided for herein.
This Agreement governs your use of FUMBI Services provided by FUMBI through FUMBI’s Site.
You acknowledge that your use of FUMBI Services is at your own discretion, risk and in compliance
with all applicable laws.

Risk Warnings
Please read the following risk warnings carefully.
A. The trading currencies, real or virtual, as well as cryptocurrencies, involves significant risk.
Prices can and do fluctuate. Due to such price fluctuations, your assets may increase or lose their value
at any given moment. Any currency - real or virtual - may be subject to large swings in value and may
even become worthless. There is an inherent risk that losses will occur as a result of buying, selling or
exchanging any cryptocurrency on a market.
B. The price or value of cryptocurrency can rapidly increase or decrease at any time and may
even fall to zero. The risk of loss in trading or holding cryptocurrencies can be substantial and can
result in the loss of your entire exposure.
C. Cryptocurrency exchanges also carry special risks not generally shared with official currencies
or fiat money. Unlike most currencies, which are centralised and backed by governments or any other
central institution, or by commodities such as gold, cryptocurrency is a unique type of currency,
backed by technology and trust of the community. There is no central authority taking corrective
measures to protect the value of cryptocurrency or issuing more currency in any crisis.
D. Instead, cryptocurrencies are as-yet autonomous and largely unregulated worldwide system
being a digital, decentralised and partially anonymous system that relies on peer-to-peer networking
and cryptography to maintain its integrity.
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E. There is a risk that the offer and/or use of the cryptocurrencies could be prohibited under
applicable law. DLT or blockchain technology allows new forms of interaction and it is possible that
certain jurisdictions will apply existing regulations on, or introduce new regulations addressing,
blockchain technology based applications and cryptocurrency sales. FUMBI may cease operations
in a jurisdiction in the event that regulatory actions, or changes to law or regulation, make it illegal
to operate in such jurisdiction and/or use the cryptocurrencies or make it commercially undesirable
to obtain the necessary regulatory approval(s) to operate in such jurisdictions.
F. Cryptocurrency exchanges are probably susceptible to irrational (or rational) bubbles or loss
of confidence, which could collapse demand relative to supply. For example, confidence might
collapse in any cryptocurrency due to unexpected changes imposed by software developers or others,
creation of superior competing alternative currencies, or a government crackdown or due to technical
problems (i.e. if anonymity of the system is compromised, if money is lost or stolen, or if cyberattack
occurs or governments are able to prevent any transactions from settling).
F. There may be additional risks that we have not foreseen or identified in this Agreement.

FUMBI SERVICES
FUMBI offers you an investment opportunity with regards to the cryptocurrencies with highest market
capitalization based on recommendations resulting from a specific algorithm calculating the neutral
proportion of cryptocurrencies at a given point of time. Your investment will be converted and
maintained in the cryptocurrencies in such way that the value of your cryptocurrencies portfolio
approximates direct proportion to the growth or decrease of the cryptocurrency market as a whole.
On the terms and conditions set forth in this Agreement, FUMBI provides you with the following
services:

1.1 FUMBI IP Services
FUMBI IP operates and provides you with an algorithm that aims to keep the portfolio of the
top cryptocurrencies (sorted by market capitalization after exclusion of the Cryptocurrencies’
Blacklist) of all users of FUMBI Services close to the Neutral Proportion. The Neutral
Proportion is re-balanced upon every entry of a new user, every increase or decrease of an
existing investment of a user or exit of an existing user (“FUMBI IP Services”). The Neutral
Proportion is exclusively dependent on the available supply of each Cryptocurrency
in circulation. Every user’s Cryptocurrencies’ Portfolio, containing the Cryptocurrencies
acquired on the basis of FUMBI Algorithm is subsequently re-balanced to approximate the
Neutral Proportion by continuous peer-to-peer virtual swaps on zero-sum basis driven by new
user investments or existing user investments or withdrawals.

1.2 FUMBI Conversion Services
FUMBI Network provides you with a Cryptocurrency conversion service enabling you
to invest in the Cryptocurrencies and redeem the Cryptocurrencies partially or in full at your
exit (“FUMBI Conversion Services”).

1.3 FUMBI Custody Services
The private keys to the Cryptocurrencies (“Private Keys”) are stored offline in the form of
paper wallets, i.e. physical data cold storage held by FUMBI Network in secured vaults
(“Paper Wallets”). FUMBI Network acts also as custodian of the Paper Wallets (“FUMBI
Custody Services”), however FUMBI Network cannot access or otherwise dispose over the
Paper Wallets without the consent and express instruction of the User as expressed in this
Agreement.
FUMBI IP Services, FUMBI Conversion Services and FUMBI Custody Services together
referred to as the “FUMBI Services”.
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2 FUMBI PROFILE

2.1 Registration
In order to use FUMBI Services, you must open an account on our FUMBI Site (“FUMBI
Profile”) by (i) providing and filling into a join form your contact information such as your
name and surname or company name and identification number, phone number, e-mail
address and an amount you intent to invest in the Cryptocurrencies (“Join Form”) and
(ii) clicking the acceptance button that you have read, understood and accept the Data
Protection Policy.

2.2 Verification of Your Identity
You need to successfully pass certain verification procedures before being granted an access
to FUMBI Services and permitted to use FUMBI Services (“Identity Verification”).
The limits applicable to the use of FUMBI Services may be altered as a result of your
information collected on an ongoing basis.
Upon the preliminary verification via the Join Form, you will receive an e-mail with a link
to the KYC form, in which we will require additional KYC information from you to help
to verify your identity and assess your business risk, such as filling in a KYC form and
uploading a copy of your passport or ID card (“KYC Form”). You agree to provide us with
the information we request for the purposes of the Identity Verification, assessing your
business risk and detection of fraud, money laundering, terrorist financing, or any other
financial crime.
In order to verify the information you submit via the Join Form and/or KYC Form at FUMBI
Profile registration process, you hereby authorize us to make the inquiries, whether directly or
through third parties that we consider necessary to verify your identity or protect you and/or us
against fraud, money laundering, terrorist financing or any other financial crime, and to take
action we reasonably deemed necessary based on the results of such inquiries. You further
acknowledge and agree that your personal information may be disclosed to credit reference
and fraud prevention or financial crime agencies and that these agencies may respond to our
inquiries in full.
From time to time FUMBI may engage third parties in order to assist in different aspects
of the provision of FUMBI Services to you. You acknowledge and agree your use of the
FUMBI Services may require we share your information with these third parties who may
need to review your eligibility to use FUMBI Services according to their own verification
procedures.
By providing us with this or any other information that may be required, you confirm that the
information is truthful, accurate and/or complete as well as agree to keep us updated if any
of the provided information changes, and you agree to indemnify and hold us harmless if any
of the provided information is or becomes untruthful, inaccurate and/or incomplete.

2.3 Eligibility
To be eligible to use FUMBI Services, you must be at least eighteen (18) years old.
Your eligibility to access FUMBI Services also depends on the country in which you reside
(“Eligible Countries Whitelist”). If the country of your residence is not included in the
Eligible Countries Whitelist at the time of your registration on our FUMBI Site, we will
inform you accordingly via an e-mail. However, once the country of your residence is
included in the Eligible Countries Whitelist, we will notify you thereof.

2.4 Log-in to FUMBI Profile
Upon successful Identity Verification (including KYC approval procedure), you shall receive
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a confirmatory e-mail containing (i) notification that you have been approved as an eligible
user of FUMBI Services and you are entitled to access the member area on our FUMBI Site
(“Member Area”), (ii) a link to this Agreement and (iii) a link through which you will set
your password to your FUMBI Profile.
Upon your first log-in to your FUMBI Profile and accessing the Member Area, by clicking the
acceptance button, you expressly agree that you have read, understood and accept this
Agreement and consent to be legally bound by all its terms and conditions.
Upon accepting this Agreement, you shall be automatically redirected to payment details
regarding the bank account of FUMBI Network (“FUMBI Bank Account”), to which you are
required to transfer the Investment (as defined below).

2.5 Guarding your FUMBI Profile
You are responsible for maintaining the confidentiality of your password and FUMBI Profile
access information.
In order to increase the security of your FUMBI Profile, FUMBI may offer you a second
factor authentication via your mobile device (Short Message Service, SMS, or supported
password verification, Google Authenticator application).

2.6 Necessary Equipment
To access FUMBI Site and use FUMBI Services, you must have the necessary equipment
(such as a smartphone, tablet or notebook). You should be solely responsible for providing,
maintaining and ensuing compatibility with the software, hardware, electrical and other
physical requirements for your use of FUMBI Services, including without limitation,
telecommunications and internet-access connections and links, web browsers or other
equipment and programs required to access and use FUMBI Services. FUMBI Services can be
accessed directly by logging in your FUMBI Profile on FUMBI Site.

2.7 Our Right to Reject
We reserve the right to decline to open FUMBI Profile for you without stating any reason
therefore.

3 FUMBI CONVERSION SERVICES TERMS

FUMBI Network enables you to acquire the Cryptocurrencies by converting your funds in the
Cryptocurrencies.

3.1 Funding
Subject to the Investment Limit, when you decide for any investment in the Cryptocurrencies,
you are required to load an optional amount of funds denominated in EUR to FUMBI Bank
Account using the wire transfer or any other payment method available at FUMBI Site
(“Investment”).

3.2 Purchase of Cryptocurrencies
Once FUMBI Network has received the Investment, acting as a direct representative in the
name and for the account of the User, it processes the Investment by converting it into the
Cryptocurrencies on the first following Business Day.
The Cryptocurrencies acquired by FUMBI Network on your behalf will be transferred to the
public addresses of the Paper Wallets and displayed at your FUMBI Profile and you will hold
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the title in such Cryptocurrencies. Such transfer shall be made on the first following Business
Day after the acquisition transaction is finalized by FUMBI Network.

3.3 Revocation
By sending the Investment to FUMBI Bank Account, you give us your consent and instruct us
to convert the received Investment into the Cryptocurrencies, and you cannot revoke your
consent and instruction to that acquisition as the value of the Cryptocurrencies and related
FUMBI Services provided by us is dependent upon prices’ fluctuation on the
Cryptocurrencies’ exchanges which FUMBI cannot influence and which occur at any given
moment.

3.4 Redeeming of Cryptocurrencies
After lapse of the Hold-up Period, you may redeem your Cryptocurrencies displayed in your
FUMBI Profile in full by sending a request from your FUMBI Profile to FUMBI Network
(“Redemption Request”).
You are entitled to redeem your Cryptocurrencies displayed in your FUMBI Profile also
partially, provided the amount of your Cryptocurrencies you wish to redeem equals to or
exceeds the Threshold Limit and the remaining balance of your Investment amounts to at least
EUR 500.00. Please also see Section 4.4 hereof.
Once FUMBI Network has received the Redemption Request, it locks up the value of your
Cryptocurrencies to be redeemed on the following Business Day after receipt of the
Redemption Request.
Unless agreed otherwise, once the mutual claims of the Parties are settled, the funds received
for your Cryptocurrencies converted by FUMBI Network into fiat money (denominated in
EUR) will be transferred to the bank account you have provided us with at your FUMBI
Profile registration. Such transfer shall be made within a period of one (1) month following the
delivery of the Redemption Request.

3.5 Unauthorized Transaction
Where redemption of your Cryptocurrencies is initiated from your FUMBI Profile using your
credentials, we will assume that you authorized such transaction, unless you notify us through
your FUMBI Profile otherwise. If you believe you did not authorize a particular redemption
(“Unauthorized Transaction”), you must notify us as soon as possible and in any case no
later than six (6) hours after the relevant Redemption Request was sent from your FUMBI
Profile.
It is important that you regularly check your FUMBI Profile to ensure any Unauthorized
Transactions are identified and notified to us at the earliest possible opportunity. We are not
responsible for any claim for Unauthorized Transaction unless you have notified us thereof
in accordance with this Section.

3.6 Cancellation of Redemption Request
If an Unauthorized Transaction occurs, and you will notify us thereof within six (6) hours after
the Redemption Request was sent from your FUMBI Profile, we will cancel such Redemption
Request and restore your FUMBI Profile to the state it would have been in had the
Unauthorized Transaction not happened.
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4 FUMBI CUSTODY SERVICES TERMS

4.1 Access to FUMBI Profile
FUMBI Site is operated by FUMBI Network. You shall be able to access your FUMBI Profile
at all times, in order to check information about your Cryptocurrencies, to initiate new
investment or redemption of your Cryptocurrencies. The FUMBI Profile enables you to track
the balances of your Cryptocurrencies and follow the transaction history, including (i) the
amount of each Cryptocurrency included in your Cryptocurrencies’ Portfolio, (ii) the history
of the last peer-to-peer Cryptocurrencies swaps, and (iii) a breakdown of any fees charged or
any rewards distributed by us.
However, FUMBI Network may restrict access to your FUMBI Profile by you if, in FUMBI
Network’s good faith belief, such restriction is reasonably necessary to comply with FUMBI
Network’s anti-money laundering programs and policies or any requirements under applicable
law.

4.2 Custodial Relationship
Due to safety reasons, the Private Keys to your Cryptocurrencies are stored in the Paper
Wallets held by FUMBI Network. The Paper Wallets represent one of the safest means for
storage of the Private Keys. FUMBI Network will hold custody of the Paper Wallets and store
them in secured vaults.
FUMBI Network hereby acknowledges and agrees that it is a custodian of the Paper Wallets
and FUMBI Network has no right, interest, or title in the Private Keys and/or the User’s
Cryptocurrencies. FUMBI Network hereby further confirms that the User’s Cryptocurrencies
do not constitute an asset on the balance sheet of FUMBI Network and that the User’s
Cryptocurrencies will at all times be identifiable in FUMBI Network’s database as being
stored for the User.

4.3 Duties and Obligations of FUMBI Network
The duties and obligations of FUMBI Network shall include the following:

4.3.1 Safekeeping of Paper Wallets
FUMBI Network shall use best efforts to keep the Paper Wallets in safe custody. All Private
Keys shall be:
(i) held in Paper Wallets and the Paper Wallets shall be stored in secured vaults
controlled by FUMBI Network at all times, and
(ii) appropriately identified as being held for the users.

4.3.2 Record Keeping
FUMBI Network shall keep appropriate records regarding FUMBI Custody Services and the
Paper Wallets shall be appropriately identified as being held for the users. All records
maintained pursuant to this Section shall be retained by FUMBI Network for such period
as required by applicable law, after which retention of such records shall be at FUMBI
Network’s discretion.

4.4 Cancellation of FUMBI Custody Services
You are also entitled to cancel the FUMBI Custody Services and withdraw all your
Cryptocurrencies. By clicking the respective button (“Custody Cancellation Request”) you
will be redirected to a form, into which you have to fill in all the public addresses where you
wish to receive your withdrawn Cryptocurrencies. FUMBI Network will validate such public
addresses and will deliver your Cryptocurrencies to the public addresses within a period of one
(1) week following the Custody Cancellation Request. Since all your Cryptocurrencies will be
BRATISLAVA/20637.1 7
withdrawn and FUMBI Custody Services will be cancelled by you, FUMBI Network will
close your FUMBI Profile.

5 FUMBI IP SERVICES TERMS

5.1 FUMBI Algorithm
FUMBI Algorithm is a network-based process with the aim to keep the Cryptocurrencies’
Portfolio of all users of FUMBI Services close to the Neutral Proportion (“FUMBI
Algorithm”).
FUMBI Algorithm consists of the following stages:
(a) Cryptocurrencies’ Blacklist determination;
(b) Cryptocurrency Selection;
(c) Cryptocurrencies’ Portfolio Changes;
(d) Neutral Proportion Calculation; and
(e) Virtual P2P Swaps.

5.2 Stages of FUMBI Algorithm

5.2.1 Cryptocurrencies’ Blacklist Determination
FUMBI IP will determine from time to time which cryptocurrencies do not meet its security
and due care criteria. The list of these cryptocurrencies (“Cryptocurrencies’ Blacklist”) will
be frequently updated however FUMBI IP does not guarantee that the Cryptocurrencies’
Blacklist constitutes definite protection against low quality cryptocurrencies.
When determining or updating the Cryptocurrencies’ Blacklist, FUMBI IP shall consider the
following criteria:
(i) the cryptocurrency is suspected of being fraudulent (e.g. pump & dump schemes,
pyramid schemes, highly aggressive marketing) or supporting criminal activities and
cannot be included by exercising our due care;
(ii) the cryptocurrency unit value is capped by the definition of currency; or
(iii) the cryptocurrency does not have available offline cold storage method of saving
in the form of a paper wallet.
Except for the above stated criteria, FUMBI does not judge the cryptocurrencies and their
growth potential and does not cherry-pick the cryptocurrencies based on any expectations.

5.2.2 Cryptocurrency Selection
FUMBI IP will determine how many Cryptocurrencies may be included in the portfolio based
on technical and other requirements (“Portfolio Range” or “N”). The Portfolio Range will
never contain less than thirty (30) Cryptocurrencies and is envisioned to grow to at least one
hundred (100) Cryptocurrencies in the future.
The Portfolio will contain top N Cryptocurrencies by market capitalization after exclusion
of the Cryptocurrencies’ Blacklist (“Cryptocurrency Selection”). The Cryptocurrency
Selection will be performed upon every entry of a new user, increase or decrease of an
investment of an existing user or exit of an existing user.

5.2.3 Cryptocurrencies’ Portfolio Changes
In the event that the current Cryptocurrency Selection contains different Cryptocurrencies than
the previous Cryptocurrency Selection there may arise a need to sell some of the
Cryptocurrencies and/or buy new ones. It may happen especially if:
(i) some of the Cryptocurrencies in the Portfolio are put on the Cryptocurrencies’
Blacklist, or
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(ii) some of the Cryptocurrencies in the Portfolio decline in their value compared to other
Cryptocurrencies and fall out of the Portfolio Range while being replaced by others, or
(iii) the Portfolio Range changes.

5.2.4 Neutral Proportion Calculation
The Neutral Proportion means that each user’s Investment value denominated in EUR moves
in direct proportion with the total market capitalization value of the Cryptocurrencies included
in the Portfolio at any combination of the individual price movements of the said
Cryptocurrencies (“Neutral Proportion”).
The Neutral Proportion will be recalculated by FUMBI IP at every Cryptocurrency Selection.
Each user’s Portfolio will be re-balanced to approximate the Neutral Proportion by Virtual
P2P Swaps (as defined below).
5.2.5 Virtual P2P Swaps
In the event of entry of a new user or increase of an investment of an existing user the new
Investment amount is converted by FUMBI Network into Cryptocurrencies required for rebalancing of the Portfolio of all existing users as calculated by FUMBI IP.
Subsequently the new user’s Cryptocurrencies are swapped with all other users’
Cryptocurrencies so that every user’s Portfolio is rebalanced.
In the event of exit of a user or decrease of an investment amount of an existing user, all
remaining users will swap their Cryptocurrencies with the exiting user in such way, that
Cryptocurrencies redundant to them based on the procedures under Sections 5.2.2, 5.2.3 and

5.2.4 are transferred to the exiting user while the required Cryptocurrencies are acquired from
the exiting user. Subsequently, the redundant Cryptocurrencies are sold in order to satisfy the
Redemption Request.

The Virtual P2P Swaps are always zero-sum denominated in EUR.
You as the User hereby expressly authorize (i) FUMBI IP to calculate the Virtual P2P Swaps
on your behalf and (ii) FUMBI Network to carry out the Virtual P2P Swaps as calculated by
FUMBI IP. You may revoke this authorization at any time however such revocation will
trigger closure of your FUMBI Profile with immediate effect in accordance with Clause 9
hereof.

5.3 Intellectual Property
You agree and acknowledge that we own all right, title and interest (including all copyright,
trademark, trade secrets, and all other intellectual property rights) to and in FUMBI Services,
the associated software, data processing service, application, communication service and
technology tools, FUMBI Site, the content displayed on FUMBI Site (including all brands,
logos, service marks, designs, URLs, and trade names), and other content created or offered
by FUMBI, including but not limited to, FUMBI Algorithm (collectively, the “FUMBI IP
Rights”).

5.4 Limited License
We grant hereby to you a limited, non-exclusive, revocable and non-transferable license
during the term of this Agreement, subject to the terms of this Agreement, to access and use
FUMBI IP Rights solely as reasonably necessary to access and use FUMBI Services
to convert the Investment into the Cryptocurrencies, without the right to sublicense
(the “License”).
BRATISLAVA/20637.1 9

Any other use of FUMBI Site or FUMBI IP Rights is expressly prohibited and all other rights,
title, and interest in FUMBI Site or FUMBI IP Rights are exclusively the property of FUMBI
and its licensors.

You agree not to sublicense, rent, lease, distribute, copy, reproduce, download, display,
modify or timeshare FUMBI IP Rights or any portion thereof, or use FUMBI IP Rights
as a component of or a base for products or services prepared for commercial sale, sublicense,
lease or distribution. You shall not prepare any derivative work based on FUMBI IP Rights,
nor shall you translate, reverse engineer, decompile or disassemble FUMBI IP Rights.

6 REPRESENTATIONS, WARRANTIES AND COVENANTS

6.1 FUMBI IP represents, warrants and covenants that:
(i) it is duly organized and existing under the laws of United Kingdom of Great Britain
and Northern Ireland, validly existing and in good standing under the laws of its
jurisdiction of incorporation, has all corporate powers required to carry on its business
as now conducted, and is duly qualified to do business and is in good standing in each
jurisdiction where such qualification is necessary;
(ii) it has full power to execute and deliver this Agreement and to perform all the duties
and obligations to be performed by it under this Agreement; and
(iii) execution, delivery and performance by FUMBI IP of this Agreement and the
provision of the services contemplated hereby are within FUMBI IP’s corporate
powers and have been duly authorized by all necessary corporate actions on the part
of FUMBI IP. This Agreement constitutes a valid and binding agreement of FUMBI
IP enforceable against FUMBI IP in accordance with its terms (subject to applicable
bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and other
laws affecting creditors’ rights generally and general principles of equity) and does not
contravene, or constitute a default under, any provision of applicable law or regulation
or of the foundation deed or other documents under which FUMBI IP is organized or
of any agreement, judgment, injunction, order, decree or other similar instrument
binding upon FUMBI IP.

6.2 FUMBI Network represents, warrants and covenants that:
(i) it is duly organized and existing under the laws of the Slovak Republic, validly
existing and in good standing under the laws of its jurisdiction of incorporation, has all
corporate powers required to carry on its business as now conducted, and is duly
qualified to do business and is in good standing in each jurisdiction where such
qualification is necessary;
(ii) it has full power to execute and deliver this Agreement and to perform all the duties
and obligations to be performed by it under this Agreement;
(iii) execution, delivery and performance by FUMBI Network of this Agreement and the
provision of the services contemplated hereby are within FUMBI Network’s corporate
powers and have been duly authorized by all necessary corporate actions on the part
of FUMBI Network. This Agreement constitutes a valid and binding agreement of
FUMBI Network enforceable against FUMBI Network in accordance with its terms
(subject to applicable bankruptcy, insolvency, fraudulent transfer, reorganization,
moratorium and other laws affecting creditors’ rights generally and general principles
of equity) and does not contravene, or constitute a default under, any provision of
applicable law or regulation or of the foundation deed or other documents under which
FUMBI Network is organized or of any agreement, judgment, injunction, order,
decree or other similar instrument binding upon FUMBI Network; and
(iv) FUMBI Network has no ownership interest in the user’s Cryptocurrencies and/or
Private Keys.
BRATISLAVA/20637.1 10

6.3 You represent, warrant and covenant that:
(i) you are of legal age to enter into a binding agreement and have full power to enter into
this Agreement and to perform all the duties and obligations to be performed by you
under this Agreement;
(ii) execution, delivery and performance by you of this Agreement are within your legal
powers. This Agreement constitutes a valid and binding agreement of you enforceable
against you in accordance with its terms (subject to applicable bankruptcy, insolvency,
fraudulent transfer, reorganization, moratorium and other laws affecting creditors’
rights generally and general principles of equity) and does not contravene, or
constitute a default under, any provision of applicable law or regulation or any
agreement, judgment, injunction, order, decree or other similar instrument binding
upon you;
(iii) you have provided and will provide truthful, accurate and complete information
to FUMBI as required for access to and use of the FUMBI Services;
(iv) you will not use FUMBI Services except for their intended purpose and not contrary
to the general prohibitions regarding your FUMBI Account according to this
Agreement; and
(v) you are familiar with the nature and workings of the technology behind the
cryptocurrencies, and in particular, the irreversibility of transactions and the apparent
risks associated with exposure to the cryptocurrencies.

7 USE OF FUMBI SERVICES

7.1 Unauthorized Access
You are fully responsible for all activities that occur with the use of your password or FUMBI
Profile. You shall:
(i) ensure that you log off from your FUMBI Profile at the end of each session and close
the web browser used during such session when accessing FUMBI Services; and
(ii) promptly notify FUMBI Network through your FUMBI Profile of any unauthorized
access, use or disclosure of your FUMBI Profile credentials, unauthorized access or
use of your FUMBI Profile and/or any other breach of security.
Despite the fact that an unauthorized log-in into your FUMBI Profile is not likely to result
in loss of your Cryptocurrencies or any other monetary loss, you shall be careful and not share
your FUMBI Profile credentials with anybody. If you share your FUMBI Profile password
with others we will not be liable for any loss that you may incur as a result of someone else
using your password or FUMBI Profile, either with or without your knowledge. You may not
allow other users to use your FUMBI Profile.
You are solely responsible for any and all acts and omissions that occur under your FUMBI
Profile, security information or password, and you agree not to engage in unacceptable use
of FUMBI Services and FUMBI IP Rights.

7.2 Prohibited Activities
You agree that you will not use FUMBI Services to perform any type of illegal activity of any
sort or take any action that may negatively affect the performance of FUMBI Services.
You may not engage in any of the following activities via FUMBI Services, nor may you help
a third party in any such activity:
(i) attempt to gain unauthorized access to FUMBI Services or another user’s profile;
(ii) make any attempt to bypass or circumvent any security features;
(iii) violate any law, statute, ordinance or regulation;
BRATISLAVA/20637.1 11
(iv) reproduce, duplicate, copy, sell or resell FUMBI Services and/or FUMBI IP Rights
for any purpose; or
(v) engage in any activity that is abusive or interferes with or disrupts FUMBI Services.
Use of FUMBI Services is subject to the laws and regulations of the Slovak Republic and
United Kingdom of Great Britain and Northern Ireland regarding the prevention of money
laundering and terrorist financing. You agree and acknowledge that your use of FUMBI
Services would and will comport with applicable laws and regulations.

8 FEES AND EXPENSES
The fees we charge for FUMBI Services are set out in this Clause 8 (“FUMBI Fees”).
You shall pay FUMBI Fees according to a current price list generated for you (“Price List”)
to be available in the Member Area.
FUMBI may from time to time alter the Price List and/or introduce new fees, in accordance
with Section 13.1 of this Agreement, upon sixty (60) days’ written notice delivered to your email address. You agree that FUMBI is entitled to deduct and settle any and all fees and
expenses you are obliged to pay under this Agreement from your Investment.

8.1 Exchange Rate Spread
We charge you with an exchange rate spread related to carrying out the conversion and
covering our exchange expenses to be deducted from your Investment (“Exchange Rate
Spread”). The exchange rate spread is charged by FUMBI Network.

8.2 License Fee
Your use of FUMBI Algorithm is subject to a license fee to be charged to you by FUMBI IP
(“License Fee”). The License Fee is an annual fee to be charged up-front for every
commenced calendar year of using FUMBI IP Services.

8.3 Custody Fee
The custody of the Private Keys held in the Paper Wallets by FUMBI Network is subject to a
custody fee (“Custody Fee”). The Custody Fee is a monthly fee to be charged up-front for
every commenced calendar month of using FUMBI Custody Services.

8.4 Success Fee
Upon your exit and redemption of all your Cryptocurrencies, we charge you with a success fee
to be deducted from your profit by FUMBI IP (“Success Fee”).

9 SUSPENSION, TERMINATION AND CANCELLATION

9.1 Your Right to Close Your FUMBI Profile
Upon the lapse of the Hold-up Period, you may close your FUMBI Profile by sending
a request from your FUMBI Profile to FUMBI (“Closure Request”). The notice period shall
be, unless stated otherwise in this Agreement, three (3) months and shall commence on the
first (1st) day of the month following the month of delivery of the Closure Request to FUMBI
by you (“Notice Period”).
Upon your cancellation of the FUMBI Custody Services and withdrawal of all your
Cryptocurrencies in accordance with Section 4.4 hereof, FUMBI Network will close your
FUMBI Profile.
You will still be obligated to us for any FUMBI Fees incurred, if applicable, before the
BRATISLAVA/20637.1 12
closure.

9.2 Our Right to Suspend or Terminate Your FUMBI Profile
We may, at our discretion, (a) suspend, restrict, or terminate your access to any or all
of FUMBI Services, and/or (b) suspend or close your FUMBI Profile with immediate effect
for any reason, including but not limited to where:
(i) any representation, warranty or statement made by you under this Agreement was or
becomes incorrect in any material respect;
(ii) we reasonably suspect you have failed to comply with this Agreement or of acting
in breach of this Agreement;
(iii) we are required to do so by applicable law or any court or other authority to which we
are subject in any jurisdiction;
(iv) we have concerns about the security of your FUMBI Profile or we suspect FUMBI
Services are being used in a fraudulent or unauthorized manner;
(v) we suspect fraud, money laundering, terrorist financing, or any other financial crime;
and/or
(vi) use of your FUMBI Profile is subject to any pending litigation, investigation, or
government proceedings and/or we perceive a risk of legal or regulatory noncompliance associated with your FUMBI Profile activity.
If we suspend or close your FUMBI Profile, or terminate your use of FUMBI Services in this
way, we will (unless it would be unlawful for us to do so) provide you with notice of our
actions and the reasons for suspension or closure and where appropriate, with the procedure
for correcting any factual errors that led to the suspension or closure.
In the event that we suspend your FUMBI Profile we will lift the suspension as soon
as reasonably practicable once the reasons for suspension no longer exist.
You acknowledge that our decision to take certain actions, including restricting access to,
suspending or closing your FUMBI Profile, may be based on confidential criteria that are
essential to our risk management and security protocols. You agree that we are under no
obligation to disclose the details of our risk management and security procedures to you.
We will not be liable to you for any losses that you incur in connection with our suspension,
restriction or termination of your access to FUMBI Services and/or suspension or closure
of your FUMBI Profile.

9.3 Effect of FUMBI Profile Closure
Upon closure of your FUMBI Profile, unless it is a result of Custody Cancellation Request
according to 4.4. hereof, and after lapse of the Notice period, FUMBI shall redeem or cause to
be redeemed to you all your Cryptocurrencies. The funds received for your Cryptocurrencies
converted by FUMBI Network into fiat money (denominated in EUR) will be transferred to
the bank account you have provided us with at your FUMBI Profile registration. Such transfer
shall be made within a period of one (1) month following the delivery of the Closure Request.
Prior to redeeming your Cryptocurrencies, we may conduct checks for the purposes
of preventing fraud, money laundering, terrorist financing and/or other financial crimes, which
may mean we are prevented or delayed from transferring the funds to you.
If your FUMBI Profile is closed, you agree:
(i) to continue to be bound by this Agreement, as required by Section 13.17 (Survival);
(ii) that the License granted to you under this Agreement shall terminate;
BRATISLAVA/20637.1 13
(iii) all FUMBI Fees as set forth in this Agreement accrued to the date of such closure shall
be settled and processed by us; and
(iv) we shall not be liable to you or any third party for termination of access to FUMBI
Services.

10 LIABILITY

10.1 Indemnification
You agree to indemnify and hold FUMBI harmless, and any of its shareholders, directors,
officers, employees, representatives, affiliated and related entities and agents (“Indemnified
Parties”) from and against any loss, damage, action, claim, debt, demand or liability
(including, without limitation, costs, expenses, and reasonable attorneys’ fees) asserted by any
person, arising out of, relating to, or incurred in connection with: (a) this Agreement; (b) any
actual or alleged breach of any representations or warranties by you under this Agreement or
your obligations set forth herein; (c) your wrongful or improper use of FUMBI Services; or
(d) any unacceptable access or use of FUMBI Services with your FUMBI Profile credentials.

10.2 Limitations of Liability
In no event and under no circumstances will FUMBI or its affiliates be liable to you or any
third party for any damages including general, special, direct, indirect, incidental,
consequential, exemplary, punitive, or any other damages (including, without limitation, any
loss, theft, disappearance, lost profits, lost revenues, lost data or business interruption) of any
kind whether in an action in contract or negligence arising or relating in any way to the use or
inability to use by any party of FUMBI Site and/or FUMBI Services, or in connection with
any failure of performance, error, omission, interruption, defect, delay in operation or
transmission, computer virus or line or system failure, even if FUMBI, its affiliates or
representatives thereof, are advised of the possibility of such damages, losses, or expenses.
Neither FUMBI nor its affiliates are liable for any defamatory, offensive, or illegal conduct
of any user. Your sole remedy for dissatisfaction with FUMBI Site and/or FUMBI Services is
to stop using FUMBI Site and/or FUMBI Services.
In no event will we be liable to you or any third party for any damage, loss or injury resulting
from hacking, tampering, virus transmission or other unauthorized access or use of FUMBI
Services, your FUMBI Profile, or any information contained therein.
Nothing in this Agreement excludes or limits either our, or your, liability for fraud (including
fraudulent misrepresentation or concealment), breach of contract, wilful default, negligence or
any other liability which cannot be lawfully excluded or limited.

10.3 Liability Cap
If the foregoing limitation is found to be invalid, you agree that FUMBI and its affiliates’ total
liability to you for all damages, losses, or causes of action of any kind or nature shall be
limited to the fees earned by us in connection with your use of FUMBI Services during the six
(6) month period immediately preceding the event giving rise to the claim for liability.

10.4 Applicable Law
The foregoing limitations of liability shall apply to the fullest extent permitted by law in the
applicable jurisdiction.

10.5 Disclaimer of Warranties
We provide FUMBI Services and FUMBI Algorithm on an “as is” and “as available” basis,
and your use of FUMBI Services is at your sole risk.
BRATISLAVA/20637.1 14

To the maximum extent permitted by applicable law, we provide FUMBI Services without
warranties of any kind, whether express or implied (including, without limitation, warranties
of merchantability, fitness for a particular purpose, or non-infringement). Without limiting the
foregoing, we do not warrant that FUMBI Services (and our FUMBI Site) will operate errorfree or that defects or errors will be corrected; will meet your requirements or will be
available, uninterrupted or secure at any particular time or location; are free from viruses or
other harmful content; nor does FUMBI make any warranty as to any results that may be
obtained by use of FUMBI Services.
In no event shall FUMBI IP or its shareholders, directors, officers, employees, independent
contractors, the authors of FUMBI Algorithm, affiliated and related entities of FUMBI,
copyright holders or any of its or their respective service providers, be liable to you or any
third party for any use, interruption, delay or inability to use FUMBI Services, lost revenues or
profits, delays, interruption or loss of services, business or goodwill, loss or corruption of data,
loss resulting from system or system service failure, malfunction or shutdown, failure
to update or provide correct information, system incompatibility or provision of incorrect
compatibility information or breaches in system security, or for any consequential, incidental,
indirect, exemplary, special or punitive damages, whether arising out of or in connection with
this Agreement, breach of contract, tort (including negligence) or otherwise, regardless
of whether such damages were foreseeable and whether or not we were advised of the
possibility of such damages or other liability, whether in an action of contract, tort or
otherwise, arising from, out of or in connection with FUMBI Services or the use or other
dealings in FUMBI Services.

10.6 Safety and Security of Your Computer and Devices
FUMBI uses industry standard techniques to protect FUMBI Site free from viruses and other
attacks.

FUMBI will not liable for any loss or damage caused by any computer virus, spyware,
scareware, Trojan horses, worms or other technological malware that may infect your
computer or other equipment or data, or any phishing, spoofing or other attack, due to your
use of FUMBI Site.

We advise the regular use of a reputable and readily available virus screening and prevention
software. You should also be aware that e-mail services are vulnerable to spoofing and
phishing attacks and should use care in reviewing messages purporting to originate from us.
FUMBI customer support will never ask to screen share or otherwise seek to access your
computer or account; similarly, we will not ask for your two factor authentication codes.

10.7 Circumstances Beyond Our Control
We will not be liable for any loss or damage that you may suffer because of any abnormal,
unforeseeable or unexpected circumstances outside our reasonable control which would have
been unavoidable despite all efforts to the contrary, including without limitation, any change,
suspension or breakdown of any payment system, any market and/or exchange (whether
relating to fiat money or cryptocurrencies); any act of state, government or any financial
institution (incl. any regulatory action); any delays or failures caused by problems with any
system or network; any breakdown or failure of transmission, communication, data processing
or computer facilities; any mechanical breakdown; war, riot or terrorism, any act of God,
strikes or similar industrial action; or any prevention from or hindrance in obtaining any real
or virtual currencies or any other materials or supplies necessary for the provision of FUMBI
Services and/or performance of our obligations under this Agreement.
BRATISLAVA/20637.1 15

11 REFERRAL SYSTEM

11.1 Referral System Arrangement
FUMBI provides you with an opportunity to participate in FUMBI Referral System
(“Referral System”) and receive a Referral Reward for referring new users of FUMBI
Services. The “Referral” is defined as a person or an entity that follows a link to FUMBI Site
provided to it by you and opens a new FUMBI profile.
This Section stipulates the terms and conditions between FUMBI and you as the User, who
decides to participate in the Referral System.

11.2 Promotion of the Relationship
FUMBI will provide you with a link to be used for referring new users (“Link”), which
subject to the terms and conditions hereof, you may send as often and to as many persons or
entities as you desire.

11.3 Tracking Referrals
FUMBI will register your Referrals, however we reserve the right to refuse the Referrals or
close their profiles if necessary to comply with any requirements we may periodically
establish.

FUMBI shall track your Referrals’ investments for the purposes of calculating the Referral
Reward and all relevant information shall be available to you via your FUMBI Profile in the
Member Area.

11.4 Your Rights and Obligations
You shall only engage in referring efforts which do not violate any law and which reflect
positively upon the business reputation of FUMBI. The Link may not be placed within
unsolicited e-mails, unauthorized newsgroup postings, chat rooms or through the use
of “bots”. Referrals generated illegally will not be commissionable.
You shall bear all costs and expenses incurred in connection with referring new users.
It is your sole responsibility to comply with any legal regulation, including tax laws that may
apply to your referring of new users and/or the Referral Reward.

11.5 Referral Reward
You will receive a Referral Reward for the time your Referral uses FUMBI Services, to be
calculated based on the License Fee and the Success Fee according to the current FUMBI's
Reward Policy, for as long as you remain an active user of FUMBI Services (“Referral
Reward”). If the Referral registered through you is banned from using FUMBI Services
for any reason, and FUMBI has to return any investment or any part thereof to the Referral,
FUMBI will not pay to you any Referral Reward for such banned Referral.
The Referral Reward will be payable immediately, i.e. at the moment FUMBI receives the
revenue generated by investment of the particular Referral. The Referral Reward by FUMBI
shall be made in the Cryptocurrencies transferred and recorded to your FUMBI Profile
in accordance with FUMBI's Reward Policy and subject to applicable law.

11.6 Termination
FUMBI has the right to terminate the Referral System relationship without prior notice if you
breach any terms or conditions hereof.
Upon termination, you are obliged to cease to provide any further Links to any third parties.
You will be entitled to unpaid Referral Reward, if any, earned on or prior to the date of
termination. If you have failed to fulfil your obligations and responsibilities, FUMBI will not
pay any Referral Reward otherwise owed on termination. If FUMBI continues to generate any
revenue from your Referrals after termination, this does not constitute a continuation or
BRATISLAVA/20637.1 16
renewal of the Referral System relationship between FUMBI and you or a waiver
of termination.

11.7 Referral Relationship between you and FUMBI
It is expressly understood and agreed that FUMBI and you are independent contractors, and no
terms herein shall constitute or be deemed to establish any partnership, agency relationship or
joint venture, franchise, sales representative or employment relationship between FUMBI and
you. Consequently, you shall not hold yourself out to others as having any relationship
with FUMBI other than as specifically set forth herein. Further, you will have no authority
to make any representation or take any other action whatsoever on behalf of FUMBI.
In performing this Section, you will not be authorized to bind FUMBI in any way and will
make no representation to prospective users or other persons relative to FUMBI or FUMBI
Services other than as expressly authorized by this Section or otherwise in writing by FUMBI.

11.8 Disclaimer
FUMBI makes no express or implied warranties or representations with respect to the Referral
System, or the Referral Reward and referral arrangements.

12 GENERAL TERMS AND CONDITIONS

12.1 Security
In order to access FUMBI Services you are required to provide an email address and create
a password.
You are responsible for keeping electronic devices through which FUMBI Services are
accessed safe and maintaining adequate security and control of any and all security details that
are used to access FUMBI Services. This includes taking all reasonable steps to avoid the loss,
theft or misuse of said electronic devices and ensuring that said electronic devices are
password protected. Any loss or compromise of personal electronic devices or security details
may result in unauthorized access of your FUMBI Profile by third-parties and the misuse
of any associated accounts, including linked bank account(s) and credit/debit card(s).
You shall be solely responsible for any authorized or unauthorized access to your FUMBI
Profile by any person. You agree to bear all responsibility for the confidentiality of your
security devices, information or passwords.

12.2 Availability of FUMBI Services
We cannot guarantee the value of any cryptocurrency at the point of your request
for investment in the Cryptocurrencies and/or redemption of your Cryptocurrencies.
FUMBI Services are provided without warranty of any kind, either express or implied. We do
not represent that FUMBI Services will be available 100% of the time to meet your needs.
We will strive to provide you with FUMBI Services as soon as possible but there are no
guarantees that access to FUMBI Services and/or your FUMBI Profile will not be interrupted,
or that there will be no delays, failures, errors, omissions or loss of transmitted information.
We will however use reasonable endeavours to ensure that FUMBI Services can normally be
accessed by you in accordance with this Agreement.
We may suspend use of FUMBI Services for maintenance and we will make reasonable efforts
to give you notice. You acknowledge that this may not be possible in an emergency.

12.3 Accessibility
You agree that from time to time FUMBI Services may be inaccessible or inoperable for any
BRATISLAVA/20637.1 17
reason, including, without limitation: (i) equipment malfunctions; (ii) periodic maintenance
procedures or repairs which FUMBI may undertake from time to time; or (iii) causes beyond
the control of FUMBI or which are not reasonably foreseeable by FUMBI.

12.4 Website Accuracy
Although we intend to provide accurate and timely information on FUMBI Site, FUMBI Site
(including, without limitation, the content of FUMBI Site) may not always be entirely
accurate, complete or current and may also include technical inaccuracies or typographical
errors. In an effort to continue to provide you with as complete and accurate information
as possible, information may, to the extent permitted by applicable law, be changed or updated
from time to time without notice, including without limitation information regarding FUMBI
Services. Accordingly, you should verify all information before relying on it, and all decisions
based on information contained on FUMBI Site are your sole responsibility and we shall have
no liability for such decisions.

12.5 Excuse of Performance
Notwithstanding anything to the contrary in this Agreement, FUMBI shall not be responsible
or liable to you for failure or inability to perform under this Agreement or for any loss of your
Cryptocurrencies to the extent FUMBI did not cause or contribute to such loss and such
failure, inability or loss is attributable to:
(i) circumstances beyond FUMBI’s reasonable control when exercising best efforts,
including without limitation, any change, suspension or breakdown of any payment
system, any market and/or exchange (whether relating to fiat money or
cryptocurrencies); any act of state, government or any financial institution (incl. any
regulatory action); any act of God, terrorist activities, war, rebellion, military or
usurped power or confiscation;
(ii) activities FUMBI has a good faith belief are reasonably necessary to comply with
requirements under applicable law, including requirements under any applicable antimoney laundering laws and regulations, except with respect to activities that are not
caused or contributed to by your actions or status;
(iii) your negligence;
(iv) any material breach of this Agreement by you;
(v) your failure to protect the confidentiality or security of your FUMBI Profile login
credentials; or
(vi) unauthorized party’s access to any device used by you to access the FUMBI Profile.

12.6 Confidentiality
“Confidential Information” shall mean information designated by the Parties to this
Agreement that is sensitive in the sole discretion of the Parties, the contents of any document
or other information (including, without limitation, any information relating to, or transactions
involving, FUMBI Algorithm, FUMBI Services, the Cryptocurrencies, trade secrets or other
confidential commercial information).
Access to Confidential Information shall be limited to the Parties and such Parties shall use the
Confidential Information for purposes only in accordance with this Agreement. To this end,
other than as provided herein, Parties shall prohibit distribution of Confidential Information
to persons other than the Parties. Parties shall not use the Confidential Information in any
manner that is detrimental to Parties.
Parties will preserve the confidential nature of Confidential Information that they receive
pursuant to this Agreement. Parties shall not disclose any of the Confidential Information
to any third party, unless required by law or court order, and, even then, the relevant Party
shall provide the other Parties to this Agreement at least ten (10) day notice prior to such
BRATISLAVA/20637.1 18
required disclosure under the law or court order, provided, however, that if the pertinent law or
court order does not permit at least ten (10) day notice, then the relevant Party shall provide
as much notice as is reasonably practicable and legally permissible under the circumstances.
The Parties reserve all rights to their Confidential Information not expressly granted herein.
Confidential Information shall not include information which (i) was in the public domain
before disclosure to the Parties; (ii) was lawfully in the Parties’ possession before the Parties
entered to this Agreement; or (iii) becomes part of the public domain by publication or
otherwise through no unauthorized act or omission on the part of the Parties.

13 MISCELLANEOUS

13.1 Amendments
We may update or change this Agreement from time to time by posting the amended version
of this Agreement in the Member Area on our FUMBI Site.
FUMBI will make reasonable efforts to notify you thereof by delivering notice of and links
to such amended Agreement to you by e-mail to the e-mail address provided to FUMBI
by you. Unless you express your disagreement with the amended version of this Agreement
within a period of fourteen (14) days, your continued use constitutes an acceptance of the
amended version of this Agreement and an agreement to be bound thereby and such updates or
changes shall be effective as of the time of posting. In case you do not agree to the amended
Agreement, you should close your FUMBI Profile per the termination section of this
Agreement and cease using FUMBI Services.
Copy of the most up-to-date version of the Agreement will be made available in the Member
Area on FUMBI Site at all times.

13.2 Headings
Section headings in this Agreement are for convenience only and shall not affect the
construction or interpretation of any provision of this Agreement.

13.3 Relationship of the Parties
Nothing in this Agreement shall be deemed or is intended to be deemed, nor shall it cause,
either you or FUMBI, to be treated as the agent of the other, nor you and FUMBI to be treated
as partners, joint ventures, or otherwise as joint associates for profit.

13.4 Contact Information
You are responsible for keeping your e-mail address and telephone number up to date in your
FUMBI Profile in order to receive any notices or alerts that we may send you.

13.5 Taxes
It is your responsibility to determine whether, and to what extent, any taxes apply to any
transactions you conduct through FUMBI Site (“Taxes”), and to withhold, collect, report and
remit the correct amounts of Taxes to the appropriate tax authorities. Upon your request,
FUMBI is able to provide you with your transaction history of your FUMBI Profile.
We are not obligated to, nor will we determine whether Taxes apply, or calculate, collect,
report, or remit any Taxes to any tax authority arising from any transaction.
BRATISLAVA/20637.1 19
You shall indemnify FUMBI for any damages relating to any Tax, other than any Tax arising
out of FUMBI’s negligence or willful misconduct, that FUMBI is required to deduct or
withhold or remit under applicable law (whether by assessment or otherwise).

13.6 Unclaimed Property
If any Cryptocurrencies are recorded in your FUMBI Profile and we are unable to contact you
and have no record of your use of FUMBI Services for several years, applicable law may
require us to report your Cryptocurrencies as unclaimed property to the authorities in certain
jurisdictions. We will try to locate you at the address shown in our records, but if we are
unable to, we may be required to deliver any such Cryptocurrencies or money received
in connection with redemption of such Cryptocurrencies to the authorities in certain
jurisdictions as unclaimed property. We reserve the right to deduct a dormancy fee or other
administrative charges from such unclaimed funds, as permitted by applicable law.

13.7 Entire Agreement
This Agreement (including documents incorporated by reference herein) embodies the entire
agreement and understanding among the Parties hereto and supersedes any and all prior
agreements and understandings, oral or written, relating to the subject matter of this
Agreement.

13.8 Severability
In the event that any term or provision of this Agreement or the application thereof to persons
or circumstances shall to any extent be determined to be invalid or unenforceable under any
law, rule or regulation, such determination will not affect the validity or enforceability of any
other provision of this Agreement and each term or provision hereof shall be valid and
enforced to the fullest extent permitted by law.
Upon such a determination, the Parties shall negotiate in good faith to modify this Agreement
so as to effect the original intent of the Parties as closely as possible in an acceptable manner
in order that FUMBI Services contemplated hereby be consummated as originally
contemplated to the fullest extent possible.

13.9 Transfer, Assignment
This Agreement is personal to you and you may not transfer or assign your rights, licenses,
interests and/or obligations under this Agreement to anyone else.
We may transfer or assign our rights, licenses, interests and/or our obligations at any time,
provided that this transfer or assignment does not materially impact the quality of FUMBI
Services you receive.

13.10 No Waiver
Our failure to assert any right or provision in this Agreement shall not constitute a waiver
of such right or provision, and no waiver of any term shall be deemed a further or continuing
waiver of such or other term.

13.11 No Advice
For the avoidance of any doubt, you hereby acknowledge that FUMBI does not provide any
legal, tax, or investment advice in connection with FUMBI Services contemplated by this
Agreement. Any decision to obtain exposure to the Cryptocurrencies offered as part
of FUMBI Services is your decision and we will not be liable for any loss suffered by you.
If you are unsure about whether an exposure to cryptocurrency is suitable, you should contact
an independent financial advisor.
BRATISLAVA/20637.1 20
13.12 Claims
It is the intention of the Parties that no beneficiary or party other than Parties to this
Agreement shall have or assert any rights, claims or remedies against any Party in respect
of any action, omission, failure or neglect in the performance of any responsibilities referred
to in this Agreement. For the avoidance of doubt, the Parties acknowledge and agree that the
foregoing sentence does not affect the right of any Indemnified Party pursuant to Section 10.1
of this Agreement to recover from the User the losses, claims, damages, liabilities or expenses
specified therein.

13.13 Security Interest
You must not create security over your Cryptocurrencies unless we provide you with our prior
written approval.

13.14 Governing Law, Arbitration
This Agreement will be governed by and construed in accordance with (i) the laws of United
Kingdom of Great Britain and Northern Ireland with regards to the FUMBI Services provided
for by FUMBI IP under this Agreement and (ii) the laws of the Slovak Republic with regards
to the FUMBI Services provided by FUMBI Network under this Agreement.
All disputes or claims arising out of or in connection with this Agreement including disputes
relating to its validity, breach, termination or nullity shall be finally settled under the Rules
of Arbitration of the International Arbitral Centre of the Austrian Federal Economic Chamber
in Vienna (the “Vienna Rules”) by three arbitrators appointed in accordance with the said
Vienna Rules. The arbitration shall be held in Vienna, Austria.
If any part of this arbitration clause is later deemed invalid as a matter of law, then the
remaining portions of this Section shall remain in effect.

13.15 Notices
You agree to accept communications from us in an electronic format, and agree that all terms,
conditions, agreements, notices, disclosures or other communications that we provide to you
electronically will be considered to be “in writing”.

13.16 Language
This Agreement shall be concluded and interpreted in the English language. If this Agreement
is translated into another language, it is for reference purposes only. All communications
between the Parties shall be in the English language.

13.17 Survival
All provisions of this Agreement which by their nature extend beyond the expiration or
termination of this Agreement, including, without limitation, the Sections relating
to suspension or termination of FUMBI Profile, debts owed to FUMBI, general use of FUMBI
Site, disputes with FUMBI, indemnification, no warranties, limitation of liability, governing
law and arbitration will continue to be binding and operate after the termination or expiration
of this Agreement.
BRATISLAVA/20637.1 21
ANNEXES
Annex No. 1 DEFINITIONS
Closure Request shall have the meaning ascribed to it in Section 9.1.
Confidential Information shall have the meaning ascribed to it in Section 12.6.
Cryptocurrencies mean the top cryptocurrencies in the cryptocurrency market with the highest
market capitalization, but excluding the Cryptocurrencies’ Blacklist.
Cryptocurrencies’ Blacklist shall have the meaning ascribed to it in Section 5.2.1.
Cryptocurrency Selection shall have the meaning ascribed to it in Section 5.2.2.
Custody Cancellation Request shall have the meaning ascribed to it in Section 4.4.
Custody Fee shall have the meaning ascribed to it in Section 8.3.
Eligible Countries Whitelist shall have the meaning ascribed to it in Section 2.3.
Exchange Rate Spread shall have the meaning ascribed to it in Section 8.1.
FUMBI shall have the meaning ascribed to it in Recitals.
FUMBI Algorithm shall have the meaning ascribed to it in Section 5.1.
FUMBI Bank Account shall have the meaning ascribed to it in Section 2.4.
FUMBI Conversion Services shall have the meaning ascribed to it in Section 1.2.
FUMBI Custody Services shall have the meaning ascribed to it in 1.3.
FUMBI Fees shall have the meaning ascribed to it in Section 8.
FUMBI IP shall have the meaning ascribed to it in Recitals.
FUMBI IP Rights shall have the meaning ascribed to it in Section 5.3.
FUMBI IP Services shall have the meaning ascribed to it in Section 1.1.
FUMBI Network shall have the meaning ascribed to it in Recitals.
FUMBI Profile shall have the meaning ascribed to it in Section 2.1.
FUMBI Services shall have the meaning ascribed to it in Section 1.3.
FUMBI Site shall have the meaning ascribed to it in Recitals.
Hold-up Period means a period of one (1) calendar month commencing on the date of your
acceptance of the terms and conditions of this Agreement, during which you
are not entitled to redeem the Cryptocurrencies.
Identity Verification shall have the meaning ascribed to it in Section 2.2.
Indemnified Parties shall have the meaning ascribed to it in Section 10.1.
Investment shall have the meaning ascribed to it in Section 3.1.
Investment Changes shall have the meaning ascribed to it in Section 5.2.
Investment Limit means a minimum amount of Investment and is subject to current Price List.
Join Form shall have the meaning ascribed to it in Section 2.1.
KYC Form shall have the meaning ascribed to it in Section 2.2.
License shall have the meaning ascribed to it in Section 5.4.
License Fee shall have the meaning ascribed to it in Section 8.2.
Member Area shall have the meaning ascribed to it in Section 2.4.
BRATISLAVA/20637.1 22
Neutral Proportion shall have the meaning ascribed to it in Section 5.2.4.
Notice Period shall have the meaning ascribed to it in Section 9.1.
Paper Wallets shall have the meaning ascribed to it in Section 1.3.
Party shall have the meaning ascribed to it in Recitals.
Portfolio means the collection of the Cryptocurrencies held by the User.
Price List shall have the meaning ascribed to it in Section 8.
Private Keys shall have the meaning ascribed to it in Section 1.3.
Redemption Request shall have the meaning ascribed to it in Section 3.4.
Referral shall have the meaning ascribed to it in Section 11.1.
Referral Reward shall have the meaning ascribed to it in Section 11.5.
Referral System shall have the meaning ascribed to it in Section 11.1.
Success Fee shall have the meaning ascribed to it in Section 8.4.
Taxes shall have the meaning ascribed to it in Section 13.5.
Threshold Limit means a minimum limit of your Cryptocurrencies available for partial
redemption as opposed to full redemption and is subject to current Price List
Unauthorized Transaction shall have the meaning ascribed to it in Section 3.5.
User shall have the meaning ascribed to it in Recitals.
Vienna Rules shall have the meaning ascribed to it in Section 13.14.
Virtual P2P Swaps shall have the meaning ascribed to it in Section 5.2.5.
BRATISLAVA/20637.1 23

Annex No. 2 DATA PROTECTION POLICY
DATA PROTECTION POLICY
pursuant to the Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on
the protection of natural persons with regard to the processing of personal data and on the free movement of such
data, and repealing Directive 95/46/EC (General Data Protection Regulation) (“GDPR”).

  1. Our Data Protection Policy
    We at FUMBI take the security and privacy of your personal data very seriously. This Data Protection Policy
    (“Data Protection Policy”) forms the basis for the processing of all personal data obtained in connection with
    the conclusion and performance of the Cryptocurrencies Index User Agreement (“Agreement”) between you
    and us as well as your use of our website https://fumbi.network (“Website”). This Data Protection Policy
    governs the collection, use, retention and deletion of your personal data by us and provides you with information
    about your rights under the GDPR.
    For the purpose of the GDPR, the data controllers for any personal information we hold about you are FUMBI
    NETWORK j. s. a., a simple joint stock company incorporated in the the Slovak Republic, with its seat at
    Mostová 2, mestská časť – Staré Mesto, 811 02 Bratislava, Slovak Republic and FUMBI CONVERSION HUB
    LTD., a private limited company incorporated in the United Kingdom of Great Britain and Northern Ireland
    whose registered office is at 2nd Floor Kestrel House, Primett Road, Stevenage, United Kingdom of Great
    Britain and Northern Ireland. Each action involving the processing of personal data is carried out in accordance
    with the GDPR and this Data Protection Policy. Please read this Data Protection Policy carefully so that you
    understand our view on and our procedures with respect to your personal data and how we deal with them.

  2. The Data Protection Principles We Abide
    We process your personal data in accordance with the following principles set forth by the GPDR:
    (a) Lawfulness, fairness and transparency
    We process your personal data lawfully, fairly and in a transparent manner.
    (b) Purpose limitation
    We collect your personal data for specified, explicit and legitimate purposes and do not further process
    your personal data in a manner that is incompatible with those purposes.
    (c) Data minimisation
    Personal data which we process is adequate, relevant and limited to what is necessary in relation to the
    purposes for which it is processed.
    (d) Accuracy
    We keep your personal data accurate and update it where necessary.
    (e) Storage limitation
    We keep your personal data in a form which permits your identification for no longer than is necessary
    for the purposes for which we process your personal data.
    (f) Integrity and confidentiality
    BRATISLAVA/20637.1 24
    We ensure appropriate security of your personal data, including protection against unauthorised or
    unlawful processing and against accidental loss, destruction or damage.
    (g) Accountability
    We carry out any processing of your personal data in a responsible fashion and in compliance with the
    GDPR.

  3. Sources and Scope of Personal Data We Process
    We primarily collect your personal data directly from you. During the process of opening your FUMBI Profile,
    you provide us with your name, surname, address, telephone number, bank account details and e-mail address
    and you also set your log-in and password to your FUMBI Profile.
    After the opening of your FUMBI Profile and prior to our provision of any services to you, we will ask you to
    provide us with additional information for the purposes of verification of your identity, assessing your business
    risk, detection of fraud, money laundering, terrorist financing, or any other financial crime. In this respect, we
    will ask you to upload a copy of your passport or ID card and fill in a KYC and AML form.
    We may also collect certain information about you from public registers and other publicly accessible sources
    for the purposes of verification of your identity, assessing your business risk, detection of fraud, money
    laundering, terrorist financing, or any other financial crime.
    We collect and process payment information from you when you open your FUMBI Profile and any time that
    you make a payment to us. If you give us bank account details, we use it solely to collect payment from you and
    facilitate our payments to you.
    If you visit our Website, we may automatically collect information about you using Google Analytics in order to
    understand how you engage with our Website. Such information is collected and provided to us by Google LLC,
    as our data processor. If you don’t want Analytics to be used in your browser, you can install the Google
    Analytics browser add-on. You can learn more about Google Analytics and privacy here.

  4. Processing of Your Personal Data
    Compliance with our Data Protection Policy
    We use your personal data in compliance with this Data Protection Policy. We will never sell your personal data
    to any third party, unless you give us your explicit consent with such sale.
    Use of Personal Data
    We may use your personal data on the basis of the following legal bases:
    (a) Performance of a Contract
    We will process your personal data where it is necessary for the conclusion, performance, amendment and
    termination of the Agreement. In this respect, we process your name, surname, address, telephone
    number, e-mail address and your bank account details. The conclusion and performance of the Agreement
    is only possible after the opening of your FUMBI Profile and therefore we also process your log-in and
    password to your FUMBI Profile.
    The term of processing your personal data is determined by the term of the Agreement. We may continue
    to process your personal data even after the termination of the Agreement based on a different legal basis
    where applicable.
    (b) Compliance with a Legal Obligation
    We will process your personal data where it is necessary for compliance with a legal obligation to which
    we are subject. We will process your personal data for the purpose of our compliance with applicable
    BRATISLAVA/20637.1 25
    legislation on detection of fraud, prevention of money laundering and terrorist financing, or any other
    financial crime. In this respect, we will ask you to upload a copy of your passport or ID card and fill in a
    KYC and AML form.
    We may disclose your personal data where it is necessary to comply with a law, court order, or legal
    process.
    The term of processing your personal data is determined by the duration of the respective legal
    obligations.
    (c) Legitimate Interests
    We may also process your personal data where it is necessary for the purposes of our legitimate interests,
    except where such interests are overridden by your interests or fundamental rights and freedoms. Our
    legitimate interests include the following:
    • Protection of our rights
    We may hold your personal data where it is necessary for the protection of our rights under the
    Agreement or applicable law. We will only hold such personal data for a necessary period of time
    which will not exceed 10 years after the termination of Agreement.
    • Prevention of fraudulent behaviour
    We may hold your personal data where it is necessary for the purpose of preventing fraud that may
    harm us and our interests for a period of up to 5 years after the termination of Agreement.
    • Enforcement of claims
    We may hold your personal data where it is necessary for the enforcement of claims that we may
    have against you. We will only hold such personal data until the applicable limitation periods
    expire.
    • Direct marketing
    We use your name and e-mail address to provide you with information about our products and
    services. In order to provide you with such information we will send you an e-mail newsletter,
    unless you have objected to this or you will object at any time in future.
    • Recommendations and rewards
    We store the information about each recommendation made by an existing user of FUMBI
    services, if a new user joined FUMBI on the basis of such recommendation, for the purposes of
    evaluating eligibility to receive a reward under applicable reward scheme. Such information is
    stored in relation to both the existing user making a recommendation as well as the new user who
    joined FUMBI on the basis of the recommendation.

  5. Use of Cookies
    We use "cookies" to help you personalise the use of our Website. A cookie is a text file that is placed on your
    hard disk by a web server. Cookies are uniquely assigned to you and can only be read by a web server in the
    domain that issued the cookie to you. One of the primary purposes of cookies is to provide a convenience feature
    to save you time. The purpose of a cookie is to tell the web server that you have returned to a specific page. For
    example, if you personalise pages on our Website, a cookie helps us to recall your specific information on
    subsequent visits. When you return to the same website, the information you previously provided can be
    retrieved, so you can easily use the customised features.
    BRATISLAVA/20637.1 26
    Most web browsers automatically accept cookies, but you can usually modify your browser setting to decline
    cookies if you prefer. If you choose to decline cookies, you may not be able to fully experience the interactive
    features of our Website.

  6. Recipients and Processors of Your Personal Data
    We may appoint third parties – processors – to carry out certain tasks related to processing of your personal data
    under a data processing agreement. We will appoint only processors providing sufficient guarantees to
    implement appropriate technical and organisational measures in such a manner that processing will meet the
    requirements of the GDPR and ensure the protection of your rights.
    We use the following data processors, who may receive and process your personal data on our behalf:
    • Google LLC (“Google”), 1600 Amphitheatre Parkway, Mountain View, CA 94043, United States
    • Liquid Web, LLC, 2703 Ena Dr., Lansing, MI 48917, United States
    Mailgun Technologies, Inc., 535 Mission St., Fl 14, San Francisco, CA 94105, United States We may transfer
    your personal data to processors or other recipients in third countries but only (i) where the European
    Commission has decided that the third country, a territory or one or more specified sectors within that third
    country in question ensures an adequate level of protection or (ii) where the processor has provided appropriate
    safeguards, and on condition that enforceable data subject rights and effective legal remedies for data subjects
    are available.

  7. Your Rights
    Pursuant to the GDPR, you have the following rights related to processing of your personal data:
    (a) The right to be informed
    You have the right to be informed about processing of your personal data. We provide you with the
    information about such processing in this Data Protection Policy.
    (b) The right to access your personal data
    Contact us if you wish to access the personal data we hold about you.
    (c) The right to rectification
    If the personal data we hold about you is inaccurate or incomplete, you have the right to ask for its
    rectification. If that personal data has been passed to a third party with your consent or for legal reasons,
    then we must also ask them to rectify the data.
    (d) The right to erasure (‘the right to be forgotten’)
    You have the right to ask us to erase all your personal data. However, we are not obligated to erase your
    personal data if we have a legal reason to process it or if the processing is necessary for the performance
    of the Agreement.
    (e) The right to restrict processing
    You have the right to ask us to restrict how we process your personal data if:
    • you contest the accuracy of your personal data;
    • the processing is unlawful and you oppose the erasure of the personal data and requests the
    restriction of their use instead;
    • we no longer need the personal data for the purposes of the processing, but they are required by the
    data subject for the establishment, exercise or defence of legal claims;
    BRATISLAVA/20637.1 27
    • you have objected to processing pursuant to Article 21(1) GDPR pending the verification whether
    the legitimate grounds of the controller override those of the data subject.
    This means we are permitted to store the data but not further process it. We keep just enough data to make
    sure we respect your request in the future.
    (f) The right to data portability
    We are obligated to allow you to obtain and reuse your personal data for your own purposes across
    services in a safe and secure way without this affecting the usability of your data.
    (g) The right to object
    You have the right to object to processing of your personal data if it is based on our legitimate interests.
    Unless we demonstrate compelling legitimate grounds for the processing which override your interests,
    rights and freedoms or for the establishment, exercise or defence of legal claims, we will no longer
    process your personal data.
    (h) The right to withdraw consent
    If you have given us your consent to process your data but change your mind later, you have the right to
    withdraw your consent at any time. If you withdraw previously granted consent, we will stop processing
    your data. However, we generally do not process your personal data on the basis of your consent.
    (i) The right to complain
    You have the right to complain to a competent data protection authority if you feel that we are processing
    your personal data in a manner inconsistent with the GDPR or if you feel that we do not respect your
    rights. Contact details of the all EU member states’ data protection authorities are available at:
    http://ec.europa.eu/justice/article-29/structure/data-protection-authorities/index_en.htm
    You can exercise any of the above rights (except the right to complain, which should be exercised by contacting
    the competent data protection authority directly) by submitting the appropriate request with us. Please contact us
    by email at info@fumbi.network.

  8. Links to Other Websites
    Our Website may contain links to and from websites of our partners, advertisers, social media sites etc. If you
    follow a link to any of these websites, please note that these websites may have their own privacy notices and
    that we do not accept any responsibility or liability for any such notices. Please check these notices, where
    available, before you submit any personal data to these websites.

  9. How we Secure your Personal Data
    We use a variety of security technologies and procedures to help protect your personal data from unauthorised
    access, use or disclosure. We secure your personal data on computer servers in a controlled, secure environment,
    protected from unauthorised access, use or disclosure. When sensitive information (such as a bank account
    details and/or geo-location data) is collected on our Website and/or transmitted to other websites, it is protected
    through the use of encryption, such as the Secure Socket Layer (SSL) protocol.
    Even though we strive to provide the most secure environment for the processing of your personal data, we
    cannot completely rule out a possibility of unauthorised access, use or disclosure. In the case of such a personal
    data breach, we will inform the competent supervisory authority without undue delay and act swiftly to address
    the situation. If the personal data breach is likely to harm you, we will also inform you about the personal data
    breach without undue delay.

  10. Changes to Our Data Protection Policy
    BRATISLAVA/20637.1 28
    We may amend this Data Protection Policy from time to time in which case we will always provide you with the
    amended version of the Data Protection Policy.
    Contact Us
    If you have any questions about this Data Protection Policy, you may contact us at info@fumbi