Rules & Conditions

These Qualification Terms of Service (the "Terms") are issued by Hitomorrow Assessment Data Classification and Analysis L.L.C, a limited liability company incorporated in the United Arab Emirates under Commercial License No. 1275729, which operates the hi2morrow platform and related assessment services (hereinafter "hi2morrow", "we", "us", or the "Company").

These Terms govern participation in any qualification or evaluation program ("Qualification Program" or "Program") offered by hi2morrow. They form part of the contractual framework with the General Terms & Conditions ("GTC"), the Terms and Conditions, the User Agreement, the Return & Refund Policy, the Legal Disclosures and Risk Warnings ("Legal Disclosures"), the Risk Disclosure Statement, the Privacy Policy, the Qualification Privacy Policy and the Cookie Policy, each as published on the Website (together with these Terms, collectively, the "Governing Documents").

Incorporation by Reference. These Terms must be read together with the GTC (in particular Sections 3, 7, 11, 13, 14, 16, 18, 23, 24, 25 and 28) and the Legal Disclosures. In the event of any inconsistency concerning the Qualification Program, the GTC shall prevail, then these Terms, and then the Terms and Conditions. The Rules & Conditions page published on the Website states the same rules in plain language and carries the same version number and effective date as these Terms; where that page and these Terms differ, these Terms prevail. Any allocation of real firm capital, and the Real Capital Phase in its entirety, are governed exclusively by separate written agreements with the relevant group entity (Neoway Trading Ltd or Hitomorrow Securities LTD) and are outside the scope of these Terms.

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1. DEFINITIONS AND INTERPRETATION

In these Terms, unless the context otherwise requires, the following words and expressions shall have the following meanings. Terms defined in the GTC or Legal Disclosures shall bear the same meaning when used herein unless otherwise defined.

Additional definitions are set out in Section 3 of the General Terms & Conditions and Section 3 of the Legal Disclosures.

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2. ACCEPTANCE OF TERMS AND GOVERNING DOCUMENTS

2.1 By purchasing, accessing, registering for, or participating in any Qualification Program, you acknowledge that you have read, understood and agree to be bound by these Terms, the GTC, the Terms and Conditions, the User Agreement, the Return & Refund Policy, the Legal Disclosures, the Risk Disclosure Statement, the Privacy Policy, the Qualification Privacy Policy and the Cookie Policy, as amended from time to time.

2.2 If you do not agree to any provision of these Terms or the Governing Documents, you must not purchase or participate in any Qualification Program.

2.3 These Terms constitute a binding contract between you and Hitomorrow Assessment Data Classification and Analysis L.L.C. Continued participation after any amendment constitutes acceptance of the amended Terms.

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3. NATURE AND PURPOSE OF THE QUALIFICATION PROGRAM

3.1 The Qualification Programs are structured assessment mechanisms designed to evaluate participants' trading skill, discipline, consistency, risk management and decision-making quality under simulated market conditions using real-time data feeds from the US equity exchanges (the New York Stock Exchange, NASDAQ and NYSE American).

3.2 The Qualification Program is an assessment process only. It is not a competition, does not confer any prize, title or ranking with monetary value, and does not create any right, entitlement or legitimate expectation to receive real firm capital, an allocation of firm capital, a Level, profit share, compensation, employment or any ongoing commercial relationship with hi2morrow or any group entity.

3.3 All trading activity within a Qualification Program occurs in a simulated environment. Market data is real-time, but all positions, profit and loss, Equity and Buying Power are notional. No actual securities or other financial instruments are bought, sold or otherwise dealt in, and no real market or counterparty risk is assumed by the participant or by hi2morrow.

3.4 Every tier applies the same assessment framework, expressed in the same unit of risk. What differs between tiers is the Allocated Buying Power, the resulting monetary limits, the Maximum Loss (which is the Allocation of the Level that the tier opens and which therefore falls, expressed in R, as the tier rises), and the Level at which a participant would enter the Real Capital Phase were an allocation to be offered. The Best Day Rule set out in clauses 5.6 and 5.7, the Profit Target of 20R, the Daily Pause of 1R, the AutoStop of 1.5R and the monthly AutoStop allowance are identical at every tier.

3.5 Fees paid for a Qualification Program are consideration solely for access to the assessment infrastructure, technology platform, real-time data feeds, analytics tools, evaluation processes and related services. Fees do not constitute payment for real trading capital, any guarantee of future opportunities, or any results-based compensation.

Further detail on the distinction between the Qualification Phase and the Real Capital Phase is set out in Section 5 of the Legal Disclosures and Section 16 of the General Terms & Conditions.

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4. ELIGIBILITY AND REGISTRATION

4.1 To be eligible to participate in any Qualification Program you must:

• be at least eighteen (18) years of age or the age of legal majority in your jurisdiction of residence, whichever is higher;
• provide accurate, complete and truthful information during registration and throughout the Program;
• not be resident in, or a national of, any Restricted Jurisdiction as defined in the GTC;
• not be subject to any sanctions, embargoes or restrictions imposed by the United Nations, European Union, United States OFAC, or any other relevant authority that would prohibit your participation;
• not have been convicted of any offence involving fraud, financial crime, dishonesty or terrorism; and
• comply with all applicable laws and regulations in your jurisdiction.

Restricted territories. The Services are not offered to, and may not be purchased by, any person resident in the European Economic Area or in the United Kingdom. Registration and payment are refused where the country of residence given is within those territories. The Services are also not directed to any person in any other jurisdiction where their offer or use would be contrary to local law, and it is the responsibility of each person to satisfy themselves that participation is lawful where they live.

4.2 hi2morrow reserves the right, at its sole discretion, to refuse registration, suspend or terminate access, or disqualify any participant at any time if eligibility requirements are not met or if false, incomplete or misleading information is provided. No refund shall be due in such circumstances.

4.3 Every tier is open to any person who satisfies clause 4.1. No tier requires an application, an invitation, a prior assessment or any approval before purchase, and the participant selects the tier. The tier selected determines the Allocated Buying Power and the monetary limits set out in clause 5.13; the assessment itself is the same at every tier.

See also GTC Section 4.3 (Restricted Jurisdictions) and Section 12 (Enhanced Due Diligence).

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5. QUALIFICATION PROGRAM RULES AND REQUIREMENTS

5.1 Participants must comply strictly with all rules published on the Website and in Program documentation for the specific tier purchased. The rules set out below are fundamental terms. Breach may result in immediate failure of the Qualification Program, removal of trades from performance calculations, or termination of access without refund.

5.2 Trading Hours and Position Management

Intraday Only. Trading is permitted solely during the Intraday Trading Period on each Calendar Day on which the US equity exchanges are open for regular trading. No position may be opened before 9:35 AM ET or after 3:45 PM ET, and any position still open at 3:50 PM ET is closed by the system. No overnight positions, swing trading, pre-market trading, after-hours trading or options trading is permitted under any Qualification Program.

Eligible markets and instruments. Positions may be opened only in common stock and exchange-traded products listed on the New York Stock Exchange, NASDAQ and NYSE American, and only in instruments which satisfy the liquidity criteria and the position limits in clause 5.5.

Position Closure. All open positions must be flat by 3:50 PM ET on each trading day. Any position remaining open at 3:50 PM ET is closed by the system at the market price, and the result of that closure is applied in full to the participant's performance, whether that result is a profit or a loss. Reliance on system closure is not a substitute for compliance with this clause, and repeated or deliberate reliance on it may be treated as a rule violation under Section 8.

Trading halts. No position may be opened or added to in a symbol while trading in that symbol is halted, and no position may be opened or added to in that symbol until one (1) minute after trading in it resumes. Clause 5.19 applies in full to halts and to the conduct required during and after them.

One attempt at a time. A participant may hold one active Qualification Account at any time. Opening the same position, or the opposite position, in the same instrument on another account, whether that account is the participant's own or that of a connected person, within thirty (30) minutes constitutes copy trading or wash trading. Placing an order with no intention that it be executed, and any other conduct intended to manipulate the simulated result, is likewise prohibited. Where hi2morrow determines that conduct of either kind has occurred, the attempt shall end, and clause 8.1 and the remainder of Section 8 apply to the consequences.

5.3 The Daily Pause

The daily unit of risk. The Daily Pause is 0.250 per cent of Allocated Buying Power, being one Risk Unit (1R), and applies on each trading day of an attempt. It is set at activation and holds the same monetary amount until the attempt ends. Neither a losing day nor a sequence of losing days reduces it, and no de-risking ladder or size reduction of any kind is applied to a Qualification Account. The monetary amount for each tier is set out in clause 5.13.

Effect of reaching the limit. Where the net result for the session (realised and unrealised) on a Qualification Account reaches minus one Risk Unit (−1R), the participant may open no new position and may add to no existing position for the remainder of that session. Positions already open are not closed by the operation of this clause, and the participant remains free to reduce or to close them at any time. Reaching the Daily Pause is an ordinary outcome within the Program: it is not recorded against the participant, is not of itself a rule violation, and has no effect on the Profit Target or on the time limit in clause 5.11. The Daily Pause resets in full at the opening of the next trading session.

Continued trading. Opening a new position, or adding to an existing position, after the Daily Pause has been reached constitutes a material violation. Reducing or closing an existing position after that point does not. hi2morrow's response to a violation of this clause under Section 8 shall have regard to whether the violation was isolated or was repeated or reckless, but a single violation is a material violation in either case.

The Daily Pause and the AutoStop are separate controls. The Daily Pause governs conduct: it stops new risk being taken for the remainder of the session, and nothing more. The AutoStop in clause 5.4 governs money: it is the hard limit at which the risk system closes every open position and ends the session. A position left open after the Daily Pause has been reached may continue to move against the account and may carry the session to the AutoStop, and the participant bears that outcome in full.

5.4 AutoStop

What the AutoStop does. Where aggregate loss (realised and unrealised) on a Qualification Account reaches 0.375 per cent of Allocated Buying Power (1.5R) within a single Calendar Day, the risk system shall close all open positions and the trading day shall end. No further position may be opened until the next trading day. The monetary amount for each tier is set out in clause 5.13.

Why it sits where it does. The AutoStop bounds what a single session can cost, and it is set at the same percentage of Allocated Buying Power at every Level of the Real Capital Phase, so that the risk framework a participant works to during an attempt is the framework that applies afterwards. hi2morrow does not warrant that the AutoStop will execute at or close to the stated level in all market or system conditions; clause 11.2 and Section 12 apply to its operation.

Status of an AutoStop. An AutoStop is recorded as a discrete event on the account and is not of itself a rule violation. It does not end the attempt, and trading resumes at the full Daily Pause on the next trading session.

Monthly allowance. Two (2) AutoStop events are permitted in each calendar month during an attempt, and the allowance resets to zero on the first Calendar Day of each calendar month. A third AutoStop event within the same calendar month shall end the attempt. An attempt spans two calendar months, so four AutoStop events in total may occur without ending the attempt, provided that no single calendar month contains three. The allowance during a Qualification Program is two; the allowance in the Real Capital Phase is three, and two following a calendar month which closed net-negative. The assessment is deliberately set tighter in this respect than the framework described in clause 6.5, and clauses 6.1 and 6.2 apply to that framework in full.

Relationship to the Daily Pause. The Daily Pause at 1R is the point at which no new risk may be taken for the remainder of the session; it does not close any position. The AutoStop at 1.5R is the boundary enforced by the risk system, at which every open position is closed and the session ends. An AutoStop occurring while a participant is reducing or closing positions after the Daily Pause has been reached shall not of itself constitute a violation of clause 5.3, and hi2morrow's rights under Section 8 are unaffected.

5.5 Position Sizing and Concentration

The position limit. A Qualification Program at Associate, Associate Plus or Senior, including a Test Flight and a second attempt on those tiers, carries no limit on the size of a single position or on aggregated exposure in the same underlying instrument. At Lead and Principal, and at Levels L9 to L12 in the Real Capital Phase, the maximum size of a single position, or of aggregated exposure in the same underlying instrument, is fifty per cent (50%) of Allocated Buying Power, measured at the time the position is opened or added to. That figure is a single limit and applies to every instrument alike: no price band, no instrument class and no exchange-traded fund carries a limit of its own, and no limit changes in the opening or the closing minutes of the session.

Gross exposure. The gross value of all open positions may not exceed one hundred per cent (100%) of Allocated Buying Power at any time. The number of instruments traded concurrently is not otherwise restricted.

Share count. No position in a single instrument may exceed one half of one per cent (0.5%) of that instrument's twenty-day median daily volume. Breach of any limit in this clause constitutes a material violation.

Eligible instruments. Positions may be opened only in instruments that meet the liquidity criteria published on the Website, being at the effective date of these Terms an average daily volume above two million (2,000,000) shares, a volume on the day of the trade above three hundred thousand (300,000) shares, and a market capitalisation above two hundred million United States dollars ($200,000,000). Breach constitutes a material violation.

5.6 The Best Day Rule

Tiers to which this clause applies. The Best Day Rule applies at the Associate, Associate Plus, Senior, Lead and Principal tiers alike, in the same form and on the same percentage, and applies to a Test Flight in the same way. It operates only during a Qualification Program or a Test Flight and forms no part of the Real Capital Phase. No cap of any kind is placed on the profit which a single trading session may contribute towards the Profit Target, and no tier is subject to any consistency mechanism other than the one set out in this clause. This clause and clause 5.7 state the whole of the consistency requirement applicable to a Qualification Program, and clause 7.3 and clause 14.2 govern the position of an attempt activated under earlier parameters.

The threshold. The threshold for a single session is twenty per cent (20%) of the Profit Target then in force, measured on the net result of that session after deduction of Virtual Commissions. At activation the Profit Target is 20R and the threshold is therefore 4R, being two hundred dollars ($200) at Associate, five hundred dollars ($500) at Associate Plus, one thousand five hundred dollars ($1,500) at Senior, three thousand dollars ($3,000) at Lead and six thousand dollars ($6,000) at Principal. Where the Profit Target has already risen under this clause, the threshold is twenty per cent (20%) of the figure to which it has risen.

Effect of exceeding the threshold. Where the net result of a session exceeds the threshold, the Profit Target for that attempt becomes the net result of that session divided by 0.20, so that the session in question represents exactly twenty per cent (20%) of the adjusted Profit Target. The attempt is not failed. No result is reduced, excluded or disregarded, and every dollar of the session counts towards the cumulative net result in full. No further fee becomes payable by reason of the adjustment, and no election of any kind falls to be made by the participant. The adjustment is applied by the system after the close of the session and takes effect immediately.

What the rule does not do. The Profit Target never falls. It is not reduced below the figure set at activation, it is not reduced from a figure to which it has already risen, and it is not capped at any level. A session which closes net-negative has no effect on the Profit Target. The purpose of the rule is to ensure that qualification demonstrates a result which a participant can repeat rather than a single unusual session: it sets the amount of profit required and removes no profit already recorded. This clause is subject to Section 8 and to clause 5.2, and does not limit any right of hi2morrow to void, exclude or disregard a trade or a session's result.

5.7 The Best Day Rule: Application

How the Profit Target is recalculated. The Best Day Rule is applied once after the close of each trading session, in the following order. The net result of the session is determined after deduction of Virtual Commissions. That result is compared with twenty per cent (20%) of the Profit Target then in force. Where the result is greater, the Profit Target is replaced by that result divided by 0.20. Where a later session exceeds twenty per cent (20%) of the Profit Target as so replaced, the calculation is performed again on the same basis. There is no limit on the number of times the Profit Target may rise during an attempt, and no attempt is ended by the operation of this clause.

Worked example at the Associate tier. The Profit Target at activation is one thousand dollars ($1,000) and the threshold is two hundred dollars ($200). A session closing at a net result of three hundred dollars (+$300) exceeds that threshold, and the Profit Target becomes one thousand five hundred dollars ($1,500), the threshold becoming three hundred dollars ($300). A later session closing at a net result of four hundred dollars (+$400) exceeds the threshold in turn, and the Profit Target becomes two thousand dollars ($2,000). Both sessions count in full towards the cumulative net result, and no part of either is excluded.

The same rule at every other tier. The arithmetic is identical at every tier, because the threshold is a percentage of the Profit Target rather than a monetary amount fixed in advance. The Profit Target and the threshold at activation for each tier are set out in clause 5.13.

Passing. An attempt passes at the close of the session at which the cumulative net result stands at or above the Profit Target then in force, subject to clauses 5.9 and 5.23 and to Section 8. A session which raises the Profit Target under this clause may nevertheless be the session at which the attempt passes, where the cumulative net result at the close of that session stands at or above the raised figure.

5.8 Maximum Loss

The limit. The Maximum Loss for a tier is the Allocation of the Level which that tier opens, measured from the Starting Balance, being 20R at Associate, 18R at Associate Plus, 14R at Senior, 12R at Lead and 10R at Principal. Expressed in money, the Maximum Loss is one thousand dollars ($1,000) at Associate, two thousand two hundred and fifty dollars ($2,250) at Associate Plus, five thousand two hundred and fifty dollars ($5,250) at Senior, nine thousand dollars ($9,000) at Lead and fifteen thousand dollars ($15,000) at Principal, as set out in clause 5.13.

Why the limit differs between tiers. The Allocation attaching to a Level in the Real Capital Phase is max(21 − Level, 10) expressed in R, as set out in clause 6.3. The Maximum Loss of a tier is set equal to the Allocation of the Level which that tier opens, so that a participant is assessed under the same room as would attach to that Level. It follows that the Maximum Loss is not the same multiple of R at every tier and that a higher tier is assessed under a tighter multiple, the room falling from 20R at Associate to 10R at Principal.

Static measurement. The Maximum Loss is calculated once, at activation, and does not move during an attempt. It does not follow the highest Equity reached and is not recalculated after a profitable day, so profit made during an attempt widens the distance between the account and the Maximum Loss for the remainder of that attempt. It differs in this respect from the Allocation in the Real Capital Phase, which is measured as a drawdown from the highest cumulative result reached at the current Level.

Effect. Where the cumulative decline in Equity from the Starting Balance reaches the Maximum Loss at any point, the Qualification Program shall be deemed failed automatically and the attempt shall end. A further attempt may be purchased in accordance with clause 7.4.

5.9 Profit Target

The Profit Target is 5.000 per cent of Allocated Buying Power (20R) at every tier at activation, calculated on cumulative net simulated profit after deduction of Virtual Commissions, subject to increase under clauses 5.6 and 5.7 and to the profit recognition requirements in clause 5.21. An attempt in which the cumulative net result reaches the Profit Target then in force, at the close of any trading session within the time limit in clause 5.11, without the Maximum Loss having been reached and without a third AutoStop event within a single calendar month, shall be recorded by hi2morrow as successfully completed, subject to clause 5.23 and to Section 8. Successful completion is subject in all respects to Section 6.

5.10 Virtual Commissions and Fees

A Virtual Commission of USD 0.0015 per share is applied to every simulated trade. All performance calculations, Equity and P&L are stated net of Virtual Commissions. hi2morrow may adjust the Virtual Commission rate with reasonable notice; such adjustment shall not affect an attempt already activated.

5.11 Time Limit

Each Qualification Program runs for two (2) calendar months, beginning with the first US trading session after the Qualification Account is activated and ending at the close of the last US trading session falling on or before the day of the second following month that corresponds to the date of activation or, where that month has no such day, its last day. That period contains approximately forty (40) trading sessions. Where the cumulative net result has not reached the Profit Target then in force by that close, the attempt shall end, and no extension of the period is granted by reason of the Profit Target not having been reached. A Test Flight runs for one (1) calendar month from activation, ending on the day of the following month that corresponds to the date of activation or, where that month has no such day, on its last day. Where a failure of the platform operated by hi2morrow prevents access for a material part of the period, hi2morrow shall extend that period by an equivalent period, on the terms of Section 7 of the Return & Refund Policy; that extension is a remedy for a failure of the Services and is not an extension granted at discretion. An interruption caused by the participant's own equipment, software, network configuration or internet connection, or by an event beyond hi2morrow's control, gives rise to no right to an extension, refund, re-run or compensation of any kind, and clause 11.2 and Section 12 apply.

5.12 Rules Applicable to the Real Capital Phase Only

The following controls apply in the Real Capital Phase and do not apply to any Qualification Program or to any Test Flight: the Weekly Loss Limit of 0.750 per cent of Allocated Buying Power (3R), measured over the trailing five trading sessions; the Monthly Loss Limit of 1.500 per cent of Allocated Buying Power (6R); the size rungs of 1.00, 0.70 and 0.50 of R referred to in clause 6.5; the points score by which each session is assessed; and promotion and demotion between Levels. No weekly loss limit, no monthly loss limit, no de-risking ladder, no size reduction and no behavioural points score is applied to a Qualification Account, and no result recorded during a Qualification Program is scored under the points system.

Conversely, the Best Day Rule in clauses 5.6 and 5.7 applies only during a Qualification Program or a Test Flight and forms no part of the Real Capital Phase, and the Maximum Loss in clause 5.8 is replaced in the Real Capital Phase by the Allocation, which is measured as a drawdown from the highest cumulative result reached at the current Level rather than from a starting balance.

5.13 Tier Parameters

The following parameters apply for the duration of an attempt and form part of these Terms. Every monetary figure is derived from Allocated Buying Power at the constants stated in these Terms: the Daily Pause at 0.250 per cent, the AutoStop at 0.375 per cent, the Profit Target at 5.000 per cent and the Best Day Threshold at twenty per cent (20%) of the Profit Target, being 1.000 per cent of Allocated Buying Power at activation. The Maximum Loss is the Allocation of the Level which the tier opens. No figure in the table is set by hand.

The monthly AutoStop allowance is two (2) events at every tier, and a third event within the same calendar month ends the attempt, as set out in clause 5.4. The Best Day Rule in clauses 5.6 and 5.7 applies at every tier in the same form. The Profit Target stated in the table is the figure at activation and may rise under clause 5.6; it never falls and is not capped.

Every tier in the table is open to any eligible person in accordance with clause 4.3. The Entry Level column states the Level at which a participant would enter the Real Capital Phase were an allocation to be offered, and at the Lead and Principal tiers is subject to clause 6.6. No tier confers a Level, no tier confers any entitlement to an allocation, and Section 6 applies to the column in full.

The parameters applicable to an attempt are those in force at its activation, as recorded by hi2morrow for that attempt. The table above states the parameters in force at the effective date of these Terms, and participation fees are those published on the Website at the time of purchase. It is your responsibility to review the current parameters before purchase.

TEST FLIGHT

5.14 Nature of the Test Flight

The Test Flight is a trial of the assessment environment, offered for a fee of ten dollars ($10). It provides the platform, the real-time market data and the rule set of a Qualification Program, so that a person can see how the assessment works before deciding whether to enter one. A Test Flight is not a Qualification Program. Sections 1 to 4 and 6 to 15 of these Terms apply to a Test Flight as they apply to a Qualification Program, and clause 5.15 states which rules of this Section apply to it.

5.15 Conditions and duration

Before payment the participant selects the tier on whose conditions the Test Flight is to run, being Associate, Associate Plus, Senior, Lead or Principal. The Allocated Buying Power, Daily Pause, AutoStop, monthly AutoStop allowance, Profit Target, Maximum Loss and Best Day Threshold of the selected tier then apply, and no other entry in the table at clause 5.13 applies to a Test Flight. On payment the selection is fixed and may not be changed, transferred to another tier or reallocated to another person. The Test Flight runs for one (1) calendar month from activation, and clauses 5.1 to 5.10, 5.19 to 5.22, 5.24 and 5.25 apply to it in the same way as to a Qualification Program, save that the time limit is the one stated in this clause. Clause 5.23 does not apply to a Test Flight, and clause 5.16 governs its result.

5.16 What a Test Flight confers

Completion of a Test Flight, on any result, does not confer a place in the Real Capital Phase, does not confer a Level, does not count towards the Profit Target, the elapsed time or any other parameter of a later Qualification Program, and does not create any right, entitlement or legitimate expectation of any kind against hi2morrow or any group entity. A person who wishes to be assessed must purchase and complete a Qualification Program, and a Test Flight forms no part of that assessment. Section 6 applies to a Test Flight in full. At the end of the month the participant is given their own figures for the period, being the average daily net result, the number of sessions on which the Daily Pause was reached and the number of AutoStop events recorded; those figures are a report and confer nothing. The single exception is the discount code described in clause 5.17.

5.17 The Test Flight discount code

How the code is earned. Where, at the close of any session within the month of the Test Flight, the cumulative net result reaches one half of the Profit Target of the selected tier as that target stood at activation, being ten Risk Units (10R), the Best Day Rule in clauses 5.6 and 5.7 having applied to the Test Flight throughout and the Test Flight not having ended under clause 5.2, clause 5.4, clause 5.8 or Section 8, hi2morrow shall issue a discount code worth twenty-five per cent (25%) of the participation fee. The thresholds are five hundred dollars ($500) on Associate conditions, one thousand two hundred and fifty dollars ($1,250) on Associate Plus, three thousand seven hundred and fifty dollars ($3,750) on Senior, seven thousand five hundred dollars ($7,500) on Lead and fifteen thousand dollars ($15,000) on Principal.

Terms of the code. The code applies to the participation fee of the tier whose conditions were selected for the Test Flight, or of any lower tier. Applied to the fees in clause 5.13, the code produces a price of seventy-four dollars and twenty-five cents ($74.25) at Associate, one hundred and forty-nine dollars and twenty-five cents ($149.25) at Associate Plus, four hundred and eighty-six dollars and seventy-five cents ($486.75) at Senior, eight hundred and sixty-one dollars and seventy-five cents ($861.75) at Lead and one thousand seven hundred and twenty-four dollars and twenty-five cents ($1,724.25) at Principal. It is valid for a single use, is not transferable, expires sixty (60) Calendar Days after issue, and may not be combined with the reduced fee for a second attempt under clause 7.4. The code is the only benefit a Test Flight confers, and clause 5.16 applies to every other aspect of the result.

5.18 One Test Flight per person

One Test Flight may be purchased per person. A further Test Flight purchased by the same person confers no rights of any kind; hi2morrow shall cancel it and refund the fee paid for it. The Test Flight fee is payable in advance, and Section 7 applies to it in the same way as to a Qualification Program fee.

HALTS, VOLATILITY AND PROFIT RECOGNITION

5.19 Trading Halts and Volatility

No trading during a halt. Active trading is not permitted during a trading halt. For the purposes of this clause a halt includes a pause in trading in a symbol for any reason, an automatic market-wide shutdown or other disruption on an exchange or across the market, any condition that disrupts a fair and orderly market in a symbol or market-wide, whether declared in advance or at the time by hi2morrow, and any condition in which the trading system shows a symbol as non-tradeable.

What counts as active trading. Active trading includes the execution of any order in a halted symbol and the placing of an order to open or add to a position in a halted symbol. Execution during a technically implemented halt is generally impossible; where the system inadvertently records such an execution, hi2morrow may cancel or remove the trade in question.

Resumption. Where a halt occurs, the participant must wait one (1) minute after trading resumes before opening or adding to a position in the affected symbol. There is no exception to this rule, and a position opened in breach of this clause may be removed from performance calculations.

Automatic halts. A symbol may be halted automatically and without prior notice after the asset moves by ten per cent (10%) within five (5) regular trading minutes. The participant is responsible for being aware of possible halts and for managing open positions and orders accordingly, and should be familiar with the trading halt rules of the US exchanges, including the Limit Up-Limit Down (LULD) mechanism, under which the applicable bands are set by the exchanges and vary by security.

5.20 Position Opening Restrictions

Entry after a sharp movement. No position may be opened or added to in the direction of the movement in a symbol which has moved by eight per cent (8%) within four (4) regular trading minutes.

The measurement period. The volatility measurement period covers the last two hundred and forty (240) regular trading seconds on a rolling basis at the time of entry, limited to the current trading session and excluding any halt period for the symbol and any extended trading hours.

How the restriction is applied. The restriction applies where the price is greater than or equal to 1.08 times the minimum execution price for long positions, or less than or equal to 0.92 times the maximum execution price for short positions. Entry on a retracement within the eight per cent (8%) movement is permitted, provided that the range set by this calculation is not breached.

5.21 Profit Recognition Requirements

Minimum profit on a position. For profit on a position to be counted, each position must produce at least ten (10) price ticks of profit, being a difference of ten (10) cents between the average entry price and the average exit price. By way of example, a purchase at $50.10 and a sale at $50.20 meets the minimum.

Minimum interval between executions. Between each opening or adding execution and the next closing or reducing execution during the life of a position, an interval of at least sixty (60) seconds must elapse.

Scope. The requirements in this clause apply to profit over the entire life of a position, from the opening of the trade until the position is closed in full.

Effect. Profit on a position which does not meet the requirements of this clause is retained on the Qualification Account but is not credited towards the Profit Target.

REVIEW, CONFIRMATION AND DISCRETION

5.22 Three Consecutive Losing Sessions

Three consecutive trading sessions each closing net-negative are flagged for review by the risk desk. The review does not end the attempt, does not alter any limit, parameter or recorded result, does not count towards the monthly AutoStop allowance and has no bearing on the assessment of the attempt. It exists so that a participant in difficulty is contacted by a person. A participant is under no obligation to respond to it, and no adverse inference is drawn from a failure to do so.

5.23 Confirmation of a Pass

Review of a passed attempt. Every attempt in which the cumulative net result reaches the Profit Target is reviewed by hi2morrow within five (5) business days of the close of the session at which it was reached, for compliance with this Section. A pass is confirmed unless a rule in this Section has been breached. Where a breach is found, Section 8 applies.

Verification of identity and residence. Verification of identity and of country of residence is required before any Level is allocated. Where that verification is not completed, or where it establishes that the participant was ineligible under clause 4.1 at any material time, no Level is allocated and clause 4.2 applies.

What a confirmed pass records. A confirmed pass at the Associate, Associate Plus or Senior tier is recorded against the Level stated for that tier in clause 5.13, that Level being the one at which an allocation would be made were an allocation to be offered at all. A confirmed pass at the Lead or Principal tier is subject in addition to clause 6.6. A confirmed pass is not itself an allocation and does not open one. Section 6 applies in every case in full, and a confirmed pass creates no right, entitlement or legitimate expectation to any allocation of firm capital, to any Level or to any relationship with hi2morrow or any group entity.

5.24 Matters Which Are Not Discretionary

Every parameter published in these Terms is applied by the system as written, to every participant, without exception and without variation in any individual case. This applies to the Daily Pause, the AutoStop, the monthly AutoStop allowance, the Maximum Loss, the Profit Target, the Best Day Rule and its threshold, the position limits, the time limit, the participation fees, the reduced fee for a second attempt under clause 7.4, the discount code under clause 5.17 and the return of the participation fee under clause 7.5. hi2morrow does not waive any of them and does not apply any of them more favourably or less favourably to any individual. A change to any of them takes effect only under clause 7.3 and clause 14.2 and does not affect an attempt already activated.

5.25 Matters Which Are Discretionary

The following are matters of judgment for hi2morrow, and in each case the determination and the reason for it are recorded: whether conduct flagged in a review under clause 5.22, or found in a review under clause 5.23, amounts to a breach; whether conduct amounts to a breach under clause 5.2, clause 5.19 or Section 8; the determination under clause 6.6 of the Level which a verified track record supports, made against criteria published before purchase; a reduction or restoration of size under clause 6.5, the reason for which is recorded and given to the person concerned; and the commercial terms of any arrangement above the published Levels referred to in clause 6.3. hi2morrow's determination in each such case is final and binding, subject to Section 13.

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6. SIMULATED ENVIRONMENT AND NO ENTITLEMENT TO REAL CAPITAL

6.1 Successful completion of a Qualification Program does not create any right, title, interest, entitlement or legitimate expectation to receive real firm capital, an account holding firm capital, a Level, profit share, signing bonus, compensation or any form of ongoing relationship with hi2morrow or any group entity, and does not entitle you to be considered for any allocation of firm capital. Qualification is the first step of a selection process and confers nothing beyond the record of the attempt itself.

6.2 Any allocation of real firm capital, if offered at all, is granted at the sole and absolute discretion of hi2morrow and the relevant group entity (typically Neoway Trading Ltd) following separate Enhanced Due Diligence, execution of a written contractor, trader or employment agreement, and satisfaction of all applicable regulatory and fit-and-proper requirements. Such allocation and any subsequent live trading are governed exclusively by the terms of that separate agreement and not by these Terms. Each candidate is reviewed individually and the final decision rests with the Company.

6.3 The Level ladder, for information. The Real Capital Phase is organised in twelve Levels, grouped in five bands: Associate, Trader, Senior Trader, Lead Trader and Principal. A band is one step of profit share, so a promotion within a band changes Allocated Buying Power alone, while a promotion across a band may also change the profit share; the Associate band and the Trader band share a profit share of fifty per cent (50%), so the crossing from L4 to L5 changes Allocated Buying Power alone. The outline below is published for information only, may be varied or withdrawn at any time, confers no entitlement to any Level or to any allocation, and takes effect for any individual only through the separate written agreement referred to in clause 6.2.

Every figure in the table is derived from Allocated Buying Power at the same constants as apply during a Qualification Program: the Daily Pause at 0.250 per cent, the AutoStop at 0.375 per cent, the Weekly Loss Limit at 0.750 per cent, the Monthly Loss Limit at 1.500 per cent and the promotion threshold at 5.000 per cent of Allocated Buying Power. The Allocation column follows max(21 − Level, 10) expressed in R, so it falls by one R for each Level from 20R at L1 and stops falling at 10R, which L11 and L12 share.

The published ladder of profit shares ends at sixty-five per cent (65%). A profit share above sixty-five per cent (65%) is not published and arises only under individually agreed terms. Partner terms begin at Buying Power of one million dollars ($1,000,000) and may carry a profit share of up to eighty per cent (80%). The threshold for Partner terms is a cumulative net result of 60R at L12. Partner is a threshold rather than a published Level, and the commercial terms are agreed individually in each case.

6.4 The percentages in the table at clause 6.3 are shares of the net trading result on firm capital under the separate written agreement referred to in clause 6.2. They are not a rate of return and are not a projection of earnings. No sum of any kind is promised, guaranteed or implied by their publication.

6.5 The Real Capital Phase framework, for information. In the Real Capital Phase the Daily Pause, the AutoStop and the promotion threshold are calculated on the same percentages of Allocated Buying Power as during a Qualification Program, so that the risk framework a participant works to during an attempt is the framework which would apply were an allocation to be offered. The controls set out below apply in addition, and none of them forms any part of a Qualification Program.

The Weekly Loss Limit and the Monthly Loss Limit. Where the sum of net results over the trailing five trading sessions is minus three Risk Units (−3R) or worse, trading is stopped for the remaining sessions of that calendar week and resumes on the following Monday at full size. Where the net result for a calendar month reaches minus six Risk Units (−6R), open positions are closed and trading resumes at the first session of the following calendar month at full size. Neither stop changes the Level, the Allocation or the size at which a person trades.

The Allocation. The Allocation is measured as a drawdown below the highest cumulative result reached at the current Level. The high-water mark resets on a change of Level. Reaching the Allocation ends the arrangement, and there is no second allocation on that route.

The AutoStop allowance and size. The allowance is three AutoStop events in a calendar month, and two where the preceding calendar month closed net-negative. Exceeding the allowance does not end the arrangement: it reduces size by one rung and triggers a review. Size is expressed in rungs of 1.00, 0.70 and 0.50 of R. A reduction is made only for a stated reason recorded at the time, being an allowance breach, a critical month on the points score, or a decision of the risk manager; there is no automatic reduction for a sequence of losing days, and a reduction can never increase size. One rung is restored after ten consecutive clean sessions, and full size is restored in any calendar month which closes net-positive.

Promotion, demotion and the points score. Promotion is decided at the close of a calendar month which closed net-positive, on an accumulator of 20R of net profit at the current Level which carries across months without expiry, any excess carrying to the next Level; faster routes exist within a band, being a calendar month producing 6R with no AutoStop event, a calendar month producing 11R with no more than one, or a calendar month producing 16R, each of which moves the person one Level within the band, and a calendar month producing 25R or more which may move two Levels within the band; a move into a new band is on the 20R accumulator alone. The band boundaries are L4 to L5, L6 to L7, L8 to L9 and L10 to L11. Two consecutive calendar months both closing net-negative reduce the Level by one; the current size rung carries down and the lower Level begins with half of its Allocation already consumed. A third such reduction ends the arrangement. Each session is additionally scored on how it was traded, the score expiring at the close of each calendar month, and a month closing net at or above zero cannot cost a person the arrangement or the Level on that score. The scoring table, the thresholds and the consequences of a month scored as critical or referred to committee are set out in the separate written agreement referred to in clause 6.2.

Holding periods and position limits. The position limits in clause 5.5 apply. Levels L1 to L8 are intraday only and flat by the close, as during a Qualification Program. Levels L9 to L12, after six months in the Real Capital Phase, may hold positions overnight within separate caps, being twenty per cent (20%) of Allocated Buying Power in a Tier 1 US stock, ten per cent (10%) in a developed-market American Depositary Receipt, twenty per cent (20%) in a sector or single-country exchange-traded fund and ten per cent (10%) nominal in a leveraged or inverse product. Tier 2 instruments, low-float instruments, American Depositary Receipts of issuers in China, Hong Kong and other capital-control markets, and any instrument through a scheduled binary event may not be held overnight. Exposure above an overnight cap is reduced by the system at 3:30 PM ET.

All of the above takes effect for any individual only under the separate written agreement referred to in clause 6.2, and the terms of that agreement prevail over this clause.

6.6 Verification of track record at the Lead and Principal tiers. Where a Participant completes a Qualification Program purchased at the Lead or Principal tier, hi2morrow shall verify that Participant's trading track record after completion and before any Level is allocated. A pass at the Lead or Principal tier does not of itself allocate the Level stated for that tier in clause 5.13. Where the verified track record does not support the Level associated with the tier purchased, the Participant shall choose between allocation at the highest Level which the verified track record does support and the return of the full Participation Fee paid for that Qualification Program. The choice rests with the Participant, and hi2morrow shall give effect to it. The criteria applied in the verification are published on the Website before purchase and are not changed after the Participation Fee has been paid. This clause applies to the Lead and Principal tiers only, and clause 5.23 applies to a pass at every tier. A return made under this clause is a refund of the Participation Fee. Apart from a return under this clause, and the return of the Participation Fee with a first profit share under clause 7.5, which is a term of the separate written agreement rather than a refund, a Participation Fee is refunded only in exercise of the statutory rights described in Section 7 and the Return & Refund Policy.

6.7 Place of work. Where an allocation is offered, it is performed remotely by default for any person outside the location of the Company's trading floor. Neither a Qualification Program nor any allocation confers a right to attend any premises of hi2morrow or of any group entity, and nothing in these Terms is an offer of employment, of a work placement or of a place at any premises. Clause 6.1 applies in full.

See Legal Disclosures Section 4 and GTC Section 16 for full detail on the distinction between phases.

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7. FEES, PAYMENT AND REFUND POLICY

7.1 All fees for Qualification Programs, including the Test Flight fee, are non-cancellable and non-refundable once the Qualification Account has been activated or any trade has been placed, except to the extent required by mandatory consumer protection legislation in your jurisdiction of residence (including any applicable cooling-off or withdrawal rights).

7.2 Fees are payable in full before access is granted. Payment is deemed received only when cleared funds are credited to hi2morrow's account.

7.3 hi2morrow reserves the right to change fees and Program parameters at any time. Such a change shall not affect an attempt already activated, which continues on the parameters recorded for it at activation.

7.4 Second and subsequent attempts. One attempt is included in the participation fee. Where that attempt ends before the Profit Target is reached, a second attempt at the same tier may be purchased at one half of the participation fee for that tier, rounded down to the whole dollar, being $49 at Associate, $99 at Associate Plus, $324 at Senior, $574 at Lead and $1,149 at Principal. A second attempt may be started no earlier than the calendar month following the month in which the previous attempt ended. Each further attempt is purchased at the full participation fee for the tier. The reduced fee may not be combined with a discount code issued under clause 5.17.

7.5 Return of the participation fee. Where a participant is allocated firm capital under the separate written agreement referred to in clause 6.2, the participation fee paid for the Qualification Program that preceded the allocation is returned to that person with the first profit share settled under that agreement. The participation fee is retained by hi2morrow in every other case. This clause does not create any right or expectation of an allocation, and Section 6 applies to it in full.

7.6 Initiation of an unjustified chargeback or dispute may result in immediate termination of access, forfeiture of all progress and eligibility, and denial of future services at hi2morrow's discretion.

See also GTC Section 9 (Payment Terms) and Section 10.6 (cooling-off rights where applicable).

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8. PROHIBITED CONDUCT, RULE VIOLATIONS AND TERMINATION

8.1 The following conduct is strictly prohibited and constitutes a material breach of these Terms:

• Any violation of the rules set out in Section 5 or published on the Website;
• High-frequency trading, tick scalping, latency arbitrage, statistical arbitrage, spread arbitrage or any strategy designed to exploit platform, data feed or system inefficiencies;
• Martingale, grid, gambling-style or excessive leverage strategies;
• Mirroring, reverse trading or the replication of orders across multiple accounts or users, including the opening of the same position or of the opposite position in the same instrument on another account within thirty (30) minutes;
• Any conduct intended to obtain credit towards the Profit Target otherwise than through the participant's own trading decisions, including the coordinated use of two or more accounts;
• Use of VPN, VPS, datacentre or server infrastructure intended to circumvent detection, geolocation or rule enforcement;
• IP sharing, coordinated activity between accounts, or creation of multiple profiles by the same individual or connected persons;
• Any form of manipulation, abuse or conduct that undermines the integrity or fairness of the assessment process;
• Provision of false, misleading or incomplete information.

8.2 Upon breach or suspected breach, hi2morrow may, at its sole discretion and without prior notice or refund:

• declare the Qualification Program failed;
• remove or disregard violating trades from performance calculations;
• automatically close all positions;
• suspend or permanently terminate access to all Services and the Client Section;
• forfeit any eligibility, progress or results; and/or
• retain all fees paid.

8.3 hi2morrow's determination as to whether conduct constitutes a prohibited practice or rule violation is final and binding.

See GTC Section 11 (Prohibited Practices) and Section 25 (Term and Termination).

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9. DATA COLLECTION, MONITORING AND USAGE

9.1 By participating in a Qualification Program you acknowledge that hi2morrow (and its group entities) collect, record, monitor, store and analyse all trading activity, order flow, behavioural patterns, journal entries, session data, device and IP information, and any other data generated during the Program. That processing is necessary for the performance of the contract between you and hi2morrow and rests, so far as it goes beyond what that performance requires, on hi2morrow's legitimate interest in operating an assessment which cannot be manipulated and in defending claims. Participation is not conditional on consent to monitoring, and the legal basis for each category of processing is set out in the Privacy Policy.

9.2 Such data may be used for:

• evaluation of your performance, skill, discipline and risk management;
• improvement and validation of assessment methodologies;
• compliance, risk management and anti-abuse purposes;
• sharing with group entities (including Neoway Trading Ltd and Hitomorrow Securities LTD) for the purpose of considering eligibility for real capital allocation programmes; and
• aggregated or anonymised analytics and product development.

9.3 You acknowledge that you have no right to compensation or remuneration in respect of any such use of data. The records, analytics and derived materials generated by hi2morrow from the Program remain the exclusive property of hi2morrow. Personal data is not the subject of ownership by either party: it is processed on the terms of the Privacy Policy and of applicable data protection law, and your rights as a data subject are unaffected by this clause.

Processing of personal data is governed by the Privacy Policy and applicable data protection laws. See also GTC Section 18.

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10. INTELLECTUAL PROPERTY AND LIMITED LICENCE

10.1 All platforms, data feeds, software, content, analytics, methodologies, trademarks and other materials provided in connection with the Qualification Programs remain the exclusive property of hi2morrow or its licensors.

10.2 You are granted a limited, non-exclusive, non-transferable, revocable licence to access and use the Services solely for the purpose of completing the Qualification Program in which you are enrolled. No other rights are granted.

10.3 You shall not copy, modify, reverse engineer, create derivative works from, distribute, sublicense or commercially exploit any part of the Services or Content.

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11. REPRESENTATIONS, WARRANTIES AND UNDERTAKINGS

11.1 You represent and warrant that:

• you have full legal capacity and authority to enter into these Terms;
• all information provided by you is true, accurate and complete;
• you will comply with these Terms and all applicable laws;
• you will not use the Services for any unlawful purpose or in any manner that could damage, disable or impair the Services or the rights of others.

11.2 The Services and all Content are provided "as is" and "as available" without warranty of any kind, express or implied, except to the extent prohibited by mandatory law. Without limiting the generality of the foregoing, hi2morrow does not warrant that the platform, the data feed or any risk control described in Section 5 will be available without interruption or will operate at any particular level in all market or system conditions.

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12. LIMITATION OF LIABILITY AND INDEMNITY

12.1 To the maximum extent permitted by applicable law, hi2morrow and its group entities, officers, directors, employees, agents and affiliates shall have no liability to you or any third party for any indirect, incidental, special, consequential, punitive or exemplary damages, including but not limited to loss of profits, revenue, data, opportunity, goodwill or anticipated savings, whether arising in contract, tort (including negligence), breach of statutory duty or otherwise, even if advised of the possibility of such damages.

12.2 Where liability is established by a competent court or authority, the aggregate liability of hi2morrow and all group entities combined in connection with these Terms or any Qualification Program shall not exceed the total fees actually paid by you for the specific Qualification Program giving rise to the claim. This cap applies regardless of the number of claims or causes of action and constitutes your sole and exclusive remedy, save as provided in clause 12.3.

12.3 Nothing in these Terms excludes or limits liability for fraud, fraudulent misrepresentation, death or personal injury caused by negligence, or any other liability that cannot be excluded or limited by mandatory applicable law.

12.4 You agree to indemnify and hold harmless hi2morrow and its group entities from and against all claims, actions, proceedings, losses, damages, expenses and costs (including reasonable legal fees) arising out of or in connection with your breach of these Terms, misuse of the Services, violation of applicable law, or any conduct during participation in a Qualification Program.

See also GTC Section 14 (Limitation of Liability) and Section 24 (Indemnity), and Legal Disclosures Section 11.

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13. COMPLAINTS, GOVERNING LAW AND DISPUTE RESOLUTION

13.1 Any complaint regarding a Qualification Program should first be submitted in writing to support@hi2morrow.com. hi2morrow will acknowledge receipt within five (5) business days and aim to provide a substantive response within thirty (30) days.

13.2 If the complaint remains unresolved, you may escalate in accordance with the complaints procedure published on the Website and Section 23 of the GTC.

13.3 These Terms and any dispute arising out of or in connection with them or the Qualification Programs shall be governed by and construed in accordance with the laws of the United Arab Emirates, and in particular the laws applicable in the Emirate of Dubai. The Real Capital Phase is not governed by this instrument: it is governed by the separate written agreement with the relevant group entity and by the law stated in that agreement. The courts of Dubai shall have exclusive jurisdiction, subject to any mandatory consumer protection rights available in your country of residence.

See GTC Section 28 (Governing Law & Jurisdiction) and Legal Disclosures Section 14.

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14. AMENDMENTS, SEVERABILITY AND ENTIRE AGREEMENT

14.1 hi2morrow may amend these Terms at any time by publishing the updated version on the Website. Amendments shall be effective immediately upon publication or such later date as specified. Continued participation after the effective date constitutes acceptance of the amendments.

14.2 Notwithstanding clause 14.1, an amendment to a Program parameter set out in clause 5.13 applies to attempts activated after the effective date of the amendment. An attempt already activated continues on the parameters recorded for it at activation.

14.3 If any provision of these Terms is held to be invalid, illegal or unenforceable, the remaining provisions shall continue in full force and effect. The invalid provision shall be modified to the minimum extent necessary to make it valid and enforceable.

14.4 These Terms, together with the other Governing Documents, constitute the entire agreement between the parties with respect to the subject matter hereof and supersede all prior agreements, representations and understandings, whether written or oral.

14.5 No failure or delay by hi2morrow in exercising any right under these Terms shall constitute a waiver of that right.

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15. NOTICES AND CONTACT

15.1 All notices and communications from hi2morrow will be sent to the email address registered in your Client Section.

15.2 All notices from you to hi2morrow must be sent in writing to legal@hi2morrow.com or such other address as published on the Website.

15.3 For general support queries regarding Qualification Programs, contact support@hi2morrow.com.

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Hitomorrow Assessment Data Classification and Analysis L.L.C United Arab Emirates | Commercial License No. 1275729 Trading as hi2morrow Group entities include Neoway Trading Ltd and Hitomorrow Securities LTD (Republic of Cyprus)

© hi2morrow. All rights reserved.