2. WHY USE FIRST RATE FX ? First Rate FX was created in 2005 to offer a cost effective solution to the high street banks. From our UK head office in the CitiGroup building (Canary Wharf) we have assisted over 30,000 clients on their Foreign Exchange. We service private and corporate clients as well as large associations (such as the PFA – Professional Footballers Association).

3. If you are exchanging upwards of £1,000 (or equivalent) we can help you The core benefits of using our company are: *Excellent client service * Savings of up to 4% per transaction compared to your bank * Same day delivery on all major currencies * NO fees whatsoever * Fixed Rate Forward Contracts * Segregated client accounts – Do not form part of FRFX assets

4. Security of funds A key feature of our services is ensuring that your funds are secure; please see below a brief outline of the security measurements that First Rate FX has implemented: First Rate FX are authorised by the Financial Conduct Authority (FCA) under the Payment Services Regulations 2009 and are a registered Money Services Business with HM Revenue & Customs. First Rate FX Limited holds a Professional Indemnity and Crime Insurance policy underwritten by Chubb SE Europe. This policy insures every transaction up to the value of £1million. All our Client funds are securely held in segregated Accounts with Barclays Bank.

5. Before you can trade In order to trade with us you will need to open up a trading account. This can be done online by going to our website: www.firstratefx.com We comply with HMRC Money Laundering Regulations; therefore we may need further documentation from you in order to open your trading account.

6. After Registration Once you have registered your trading account you can discuss booking a rate with your designated trader. All trades are booked over the phone so that we can access the best live rate for you at that given time. The currency market is fluid and extremely volatile; therefore we need to take an instruction for you to book your currency over the phone.

7. Trading Process Confirm Rate on the phone – There are two types of contract Spot – Buy now, pay now We allow up to 1 month to settle on a trade (without a deposit) Forward – Buy now, pay later You can secure todays rate and pay for the currency up to 2 years later Deposit required: 3-10%

8. Why buy forward? - Minimise risk/exposure, helps with Costing + allows you to budget Case Study A UK wine merchant imports wine from France. In July 2012, the merchant placed an order for 10,000 cases of Chardonnay at €153.50 per case. These cases were due to be delivery in January 2013 at a total cost of €1,535,000. Two scenarios Spot In July 2012 the GBP/EUR rate was 1.28. The merchant made the assumption that the rate would not vary significantly in the period to January and calculated that he would need to convert £1,200,000.00 when the wine was delivered. In January, when the wine was delivered, the exchange rate had moved to 1.15. This meant that it cost the merchant £1,335,000.00 to buy €1,535,000 - £135,000.00 more than he anticipated in January. Forward In July, the merchant entered into a Forward Contract to purchase €1,535,000 at a fixed rate of 1.28, thus ensuring that the New Zealand Dollars were purchased for £1,200,000.00 when the wine was delivered in January, just as the merchant had budgeted.