Management letter

Dear Visitor,

In February 2000, RTFX Ltd (formerly Realtime Forex SA) launched its online trading service. We are proud to have been one of the first companies to offer online foreign exchange trading over the Internet and the first online service provider in Switzerland.

We have seen considerable growth and development of the market over the years: greater market and price transparency, filtering and improvement in the level of competition and more investors interested in the fast growing forex market.

Between April 2007 and April 2010, global average daily transactions increased from $3.3 trillion to $4 trillion. This increase was driven by a 48% growth in spot transactions which represent 37% of the entire forex market turnover.

Prior to the launch of its online trading service, telephone trading was still the norm, spread discrepancies were enormous and FX was completely unknown to the public.

Today, through the Internet, investors have instantaneous access to real time prices and market makers are no longer able to price discriminate. There is no longer any need for brokers who charge commissions. Market makers, who mark up prices or try to read clients, are finding that their services are no longer adequate. Investors now demand a transparent and high level of service.

Investors want trading tools and information available at their fingertips. Competitors that are using off-the-shelf software are finding they cannot keep up with investor requirements. More and more, investors are shopping around for the best prices and the best service. In a very short time frame, the market has developed into a much more competitive environment.

In order expand and grow its competitive environment, the board and management of Realtime Forex SA decided to become regulated within Europe and thus, applied for a European license in September 2008. After nine years of experience in the retail business operating from within Switzerland, Realtime Forex SA decided to establish itself in Europe and specifically in Malta.

Since April 2009, RTFX Ltd has always committed itself to providing a world class service to all its customers, without discriminating between big or small. We have never charged commissions and have always quoted real time market prices.

In March 2010, RTFX Ltd launched an Asset Management service, catering for those customers and individuals alike who may not have sufficient time to trade independently. We are proud of this service and delighted by the performance we have delivered to our customers.

Whether or not you choose RTFX Ltd as your foreign exchange service provider, you need to ensure that you fully understand all the risks involved in foreign exchange and derivatives trading before undertaking any investment. Trading on such products is risky and is, therefore, not recommended for those with little experience or knowledge of the foreign exchange market.

For more information, we suggest you read our risk disclosure statement. RTFX Ltd is fully committed to meeting the highest standards of corporate governance. RTFX Ltd complies with the standards established by the MFSA (Malta Financial Services Authority). RTFX Ltd’s financial statements and internal controls are audited by Deloitte & Touche on an annual basis.

Should you wish to test our service prior to opening a real account, we invite you to open our free demo account which is a quick and easy way to evaluate our service without any risk or commitment.

As an experienced player in the foreign exchange market, we are confident that, having appraised our service, we believe you will agree that there is no better and more competitive way of trading in this growing investment market.

We look forward to welcoming you to RTFX.