Rules and Regulations

of rendering brokerage services and executing orders in trading in financial instruments and maintaining related accounts and registers by X-Trade Brokers Dom Maklerski Spółka Akcyjna of November 15, 2006 Definitions

1.1 Equity – the balance of the Operational Register determined in the manner specified in clause 5.3;

1.2 Financial Instrument Price – the bid or ask price of a particular Financial Instrument published systematically by X-Trade Brokers via EOPS. The bid or ask price is always quoted two-way with an appropriate Spread;

1.3 Option Reference Price – the price of the Underlying Instrument determined in accordance with the formula specified in the Financial Instruments Specification Table, used for the settlement of the Option on the Option Expiration Date.

1.4 Option Strike Price – one of the Option parameters necessary to determine its value on the Option Expiration Date.

1.5 Trading Day – any day on which Transactions can be executed via EOPS , specified in the Order of the President of the Management Board of X-Trade Brokers;

1.6 Expiration Day – the date on which rights and obligations of the parties under the Financial Instrument;

1.7 Option Expiration Date – the date on which rights and obligations of the parties under the Option expire;

1.8 EOPS (Electronic Order Placement System) – internet application used to directly place Transaction Orders by Clients;

1.9 GMT – Greenwich Mean Time;

1.10 Physical Delivery - the operation of closing an open position, described in chapter 17 of the Rules and Regulations;

1.11 Forward Financial Instrument – Forward type Financial Instrument with an expiration date stated in the moment of opening;

1.12 Password – Client’s personal password necessary to execute Transactions in EOPS or OOPS , place Transaction Orders and withdraw funds;

1.13 User Manual – a description of EOPS or OOPS functioning available on the X-Trade Brokers website;

1.14 Underlying Instrument – an instrument whose market price constitutes the basis to determine the Financial Instrument Price; In particular, a currency rate, values of stock exchange indices, deposit interest on the interbank market, prices of metal or other commodities may be considered the price of the Underlying Instrument;

1.15 Financial Instruments – financial contracts other than securities, such as spot transactions, forward transactions, currency swaps and options specified in article 69 paragraph 2 clause 1 in connection with article 2 paragraph 2 and paragraph 1 clause 2 letters c and d of the Act;

1.16 Client ID Card – a document containing the information identifying the Client which constitutes an integral part of the Agreement;

1.17 Client – a natural person, legal person or organisational entity with no legal personality with whom X-Trade Brokers signed the Agreement on rendering brokerage services and executing orders in the trading in Financial Instruments and on maintaining related accounts and registers;

1.18 Transaction limit – given on the basis of a separate limit agreement, and used as substitute to the Margin ,constituting a collateral for an Open Position on Financial Instruments;

1.19 Login – Client’s ID number necessary to execute Transactions via EOPS, OOPS and withdraw funds;

1.20 Lot – a transactional unit of a particular type of Financial Instrument specified in the Financial Instruments Specification Table;

1.21 Option – a Financial Instrument specified in article 2 paragraph 1 clause 2 letter d of the Act;

1.22 Open Position – Transactions on Financial Instruments which have not been yet closed, opened in accordance with the provisions of Chapter 13 of the Rules and Regulations;

1.23 OOPS (Option Order Placement System) - internet application used to directly place Transaction Orders by Clients on Option type Financial Instruments;

1.24 Company’s Registered Office – registered office of X-Trade Brokers;

1.25 Transaction Confirmation – information generated automatically in EOPS and OOPS immediately after each operation is executed on the Client’s account, confirming the Transaction execution, in particular a sale or a purchase of a particular Financial Instrument;

1.26 Option Premium – the amount payable in respect of a purchase or sale of an Option;

1.27 Cash Account – an account opened and maintained for the Client in accordance with the provisions of Chapter 4 of the Rules and Regulations, used to service the Operational Register and the Recording Ledger;

1.28 Settlement Account – a bank account maintained for X-Trade to make cash settlements of Closed Transactions on Financial Instruments between X-Trade and the Client and used to make payments and withdrawals of Client’s funds;

1.29 Annual Statement – a list of all Transactions on Financial Instruments closed during a calendar year;

1.30 Rules and Regulations – the present document;

1.31 Register of Financial Instruments – a register of Financial Instruments that are subject of Transactions executed at a Client’s order, recorded in the EOPS or OOPS accounting and settlement section;

1.32 Operational Register – a subsidiary register of the Cash Account used to record an estimated valuation of current receivables and liabilities of the Client in respect of executed Transactions, in particular to monitor current level of the Margin;

1.33 Position Rollover – the operation described in Chapter 15 of the Rules and Regulations;

1.34 Decree – the Decree of the Council of Ministers of April 19, 2005 regarding the procedure and conditions of the activity of brokerage houses and banks maintaining securities accounts (Journal of Laws No. 73, item 644);

1.35 Interbank Market – not regulated, over the counter market created by Banks;

1.36 Cash Account Balance – the remaining amount of funds held on the Cash Account after operations listed in clause 4.3 are executed;

1.37 Cash Sub Account Balance - the remaining amount of funds held on the Cash Sub Account after operations listed in clause 4.6 are executed;

1.38 Spread – the difference between the bid and ask price of a particular Financial Instrument;

1.39 Cash Sub Account – account opened and managed for the client, according to the decisions listed in clause 4 of the Regulations, used also for the Operational Register and the Register of Financial Instruments within the OOPS;

1.40 X-Trade Average Rate – the average rate of the Base Currency to the currency in which the transaction registered in EOPS or OOPS is expressed, applicable at the time the operation is recorded;

1.41 Margin Table – a list of funds constituting the Margin, subject to a blockade on the Cash Account at the time a position is opened;

1.42 Table of Commissions and Fees – a list of commissions and fees charged by X-Trade Brokers in respect of activities performed under the Agreement;

1.43 Swap Points Table – a list of swap points rates calculated under the Position Rollover;

1.44 Financial Instruments Specification Table – a description of detailed conditions on which Transactions are executed with reference to individual Financial Instruments, containing in particular the Spread level and Lot nominal value for individual Financial Instruments;

1.45 Transaction – a purchase or sale of a Financial Instrument via EOPS or OOPS;

1.46 Reverse Transaction - a Transaction opposite to the currently held open Transaction;

1.47 Agreement – the agreement on rendering brokerage services and executing orders in the trading in Financial Instruments and maintaining related accounts and registers, specifying the conditions of executing Transactions on Financial Instruments via EOPS and OOPS together with all appendices;

1.48 Act – the Act of July 29, 2005 on trading in financial instruments (Journal of Laws No. 183, item 1538);

1.49 Base Currency – the currency in which the Client’s Cash Account is maintained and all transactions are settled on this Account;

1.50 Transaction Currency – the currency in which the nominal value of a Financial Instrument is specified;

1.51 Currency Financial Instrument – a Financial Instrument for which a currency pair constitutes the Underlying Instrument.

1.52 Net Transaction Result – profit or loss realised on a closed Transaction on a particular Financial Instrument adjusted with swap points amounts and commissions and fees charged during the Transaction maintenance in accordance with the Table of Commissions and Fees;

1.53 Customary Practice – principles and customs applied on the market applicable for a particular Underlying Instrument on the basis of which the price of a Financial Instrument is quoted;

1.54 X-Trade Brokers – X-Trade Brokers Dom Maklerski Spółka Akcyjna with its registered office in Warsaw;

1.55 Margin – funds constituting a collateral for an Open Position on Financial Instruments;

1.56 Transaction Order – an order placed by the Client to execute a Transaction on its account, completed by X-Trade Brokers in accordance with the provisions of Chapter 12 of the Rules and Regulations;

1.57 Closed Position – an Open Transaction for which a Reverse Transaction was executed with an indication that it is a closing Transaction for a particular Open Transaction.

1. General provisions

2.1 X-Trade Brokers renders services consisting in accepting or forwarding orders to sell or buy Financial Instruments as well as executing orders on the Clients’ own account, in accordance with the conditions specified in the Financial Instruments Specification Table, recording the position of Financial Instruments in the Register of Financial Instruments and maintaining Cash Accounts and the Operational Register used for processing Transactions executed by the Clients on the above mentioned Financial Instruments, on terms and conditions specified in the Agreement and these Rules and Regulations which constitute an integral part of the Agreement, subject to the Customary Practice.

2.2 Whenever a reference to time is made in EOPS or OOPS it shall be understood as the Central European Time.

3 Signing the Agreement

3.1 In order to start co-operating with X-Trade Brokers, the Client shall sign the Agreement together with the Investment Risk Disclosure Statement constituting a part thereof and to complete the Client ID Card. In addition, when signing the Agreement the Client shall read the User Manual and familiarise itself with the Demo Version of the X-Trade Brokers Transaction System and to submit an appropriate statement acknowledging the above.

3.2 X-Trade Brokers shall have the right to refuse to sign the Agreement with the Client without having to state its reasons.

3.3 In the case of a natural person, in order to sign the Agreement such person shall put its specimen signature in the presence of a X-Trade Brokers employee and shall deliver documents enabling the identification of the person signing the Agreement.

3.4 X-Trade Brokers shall permit a possibility of concluding the Agreement by mail. For this purpose X-Trade Brokers shall send to the Client the documents specified in clause 3.1 to fill them in as well as the Rules and Regulations. In order to conclude the Agreement in the manner referred to in the first sentence, the Client shall also deliver to X-Trade Brokers a photocopy of an ID document identifying the person signing the Agreement.

3.5 Domestic legal persons and organisational entities without legal personality shall submit the following documents in order to open an Investment Account:

a. a valid excerpt from a relevant register or a certificate confirming an entry into the register of business activity;

b. a certificate confirming the assignment of the statistical identification number (REGON);

c. a certificate confirming the assignment of the tax identification number (NIP);

d. a list of persons authorised to make declarations of will against X-Trade Brokers, in particular to execute Transactions and manage the Investment Account of a particular person.

3.6 X-Trade Brokers shall have the right to demand documents other than those specified in clause 3.5 if required by law or justified by the circumstances.

3.7 The Client shall immediately inform X-Trade Brokers personally or by registered mail about any changes in the documents listed in clauses 3.1, 3.5 and 3.6.

3.8 X-Trade Brokers shall not be liable for any losses resulting from a failure to fulfil the obligation referred to in clause 3.7.

3.9 X-Trade Brokers shall open a Cash Account for the Client following a payment of funds by the Client to the Settlement Account at the amount not less than the minimum amount specified each time by X-Trade Brokers at signing the Agreement. The Cash Account shall be opened on the date on which the amount referred to in the first sentence is credited to the Settlement Account.

4 Cash Account

4.1 X-Trade Brokers shall open for the Client a Cash Account for the purpose of settling Transactions executed in EOPS.

4.2 The Cash Account shall be maintained in the Base Currency.

4.3 The following transactions shall be recorded on the Cash Account:

a. payments and withdrawals of Client’s funds;

b. profits and losses arising from closed Transactions on Financial Instruments with the exception of Transactions on Option Financial Instruments settled within OOPS;

c. charges in respect of settled amounts of swap points, commissions and fees payable to X-Trade Brokers in accordance with the Table of Commissions and Fees;

d. credits and debits in respect of a Physical Delivery;

e. credits and debits in respect of giving, increasing, decreasing or withholding of Transaction Limit;

f. credits and debits in respect of a settlement of the Option Premium;

g. other charges arising from the Agreement.

4.4 On Clients demand, X-Trade Brokers can open a Cash Sub Account in the purpose of transaction settlement within the OOPS.

4.5 Cash Sub Account is dealt on the basis of Base Currency.

4.6 The following operations are registered on the Cash Sub Account:

a. credits and debits in respect of a settlement of the ESPZ;

b. credits and debits in respect of a settlement of Transactions on Option Financial Instruments;

c. credits and debits in respect of a Physical Delivery.

4.7 Clients’ payments into the Cash Account shall be made to a Settlement Account specified by X-Trade Brokers. The Settlement Account shall be each time specified in writing in the Agreement. X-Trade Brokers shall inform the Client about each change of the Settlement Account not later than 5 business days prior to such change.

4.8 When making a payment into the Settlement Account the Client shall provide the following information:

a. forename and surname of the Cash Account holder;

b. payment title;

c. Client’s id number – Login.

4.9 Funds paid into the Cash Account shall be used in the following order:

a. to cover commissions and fees payable to X-Trade Brokers;

b. to cover a negative balance on the Cash Account;

c. to settle losses on Closed Transactions;

d. to settle the Option Premium;

e. to be used as the Margin.

4.10X-Trade Brokers shall execute Client’s instructions regarding the funds held on its Cash Account solely in order to:

a. settle the results of Transactions on Financial Instruments;

b. reclassification of funds to and from the Cash Sub Account;

c. cover commissions and fees payable to X-Trade Brokers;

d. transfer funds to the Client’s bank account indicated on the Client’s ID Card.

4.11An instruction to transfer funds to the Client’s bank account may be placed personally by the Client in the Company’s Registered Office, by fax sent to X-Trade Brokers or by telephone following a prior identification of the Client in accordance with the Principles of Client Identification.

4.12A transfer of funds from the Client’s Cash Account may be executed only to the account indicated by the Client on the Client ID Card.

4.13Instructions to withdraw funds shall be executed within 1 business day, however not later than within 3 business days from the date of a receipt of such instructions from the Client.

4.14X-Trade Brokers shall refuse to execute instructions to withdraw funds from the Client’s Cash Account if:

a. the bank account number on the withdrawal instruction is inconsistent with the bank account number on the Client’s ID Card;

b. the amount of funds on the withdrawal instruction exceeds the balance of funds available according to the Operational Register;

c. funds have been blocked or seized in accordance with applicable laws.

4.15 Transactions recorded on the Client’s Cash Account shall be converted into the Base Currency at the X-Trade Average Rate applicable at the time of recording the transaction on the Cash Account.

4.16 Funds percentage on the Cash Account, is fixed with accordance to rates stated in the order issued, by the president of X-Trade Brokers. Interest payments are assessed on the basis of accessible funds at the end of Trading Day according to the Operational Register. The Cash Account is credited on the interest payments for the period of a month, on the last day of a month.

5 Operational Register

5.1 As part of EOPS and OOPS X-Trade Brokers shall keep for the Client an Operational Register which functions as a subsidiary account for the Cash Account.

5.2 The Operational Register shall be maintained in the Base Currency and all Register items shall be converted into the Base Currency at the current X-Trade Average Rate.

5.3 The Equity, within the EOPS shall be determined after the Cash Account is adjusted by the following items:

a. profit/loss on Transactions on Financial Instruments that have not been yet closed;

b. unsettled amounts of swap points, commissions and fees payable to X-Trade Brokers in accordance with the Table of Commissions and Fees.

The Equity, within the OOPS shall be determined after the Cash Account is adjusted by the evaluation of unclosed Option Financial Instruments.

5.4 The balance of funds available according to the Operational Register shall be established after the Equity is adjusted by the amount of the Margin blocked on the Client’s Cash Account to secure Open Positions.

5.5 The amount of the Margin shall be determined subject to the amount of funds held on the Client’s Cash Account and types of Financial Instruments involved in Transactions executed by the Client. Detailed principles of determining the Margins are specified in the Margin Table.

6 Register of Financial Instruments

6.1 A Register of Financial Instruments, within the EOPS and OOPS, shall be used to record Transactions on Financial Instruments executed by the Client.

6.2 A Transaction shall be recorded in the Register of Financial Instruments at the time it is executed on the Client’s account.

6.3 The Register of Financial Instruments shall contain a list of open Transactions on Financial Instruments.

6.4 The Register of Financial Instruments shall contain the following parameters regarding Transactions on Financial Instruments:

a. Transaction number - Deal;

b. Client’s ID number – Login;

c. Client’s name;

d. date, hour and minute of Transaction opening;

e. Transaction type (sell / buy);

f. type of a Financial Instrument;

g. number of Financial Instruments for which the Transaction was executed – Lots;

h. Opening Price;

i. Closing Price;

j. commission payable to X-Trade Brokers for the executed Transaction if provided for in the Table of Commissions and Fees;

k. amount of swap points;

l. profit/loss the Transaction;

m. other Transaction parameters.

6.5 The value of Financial Instruments that have not been closed, recorded in the Register of Financial Instruments shall be subject to an ongoing valuation based on the market closing price for a particular Financial Instrument.

6.6 Profit or loss on all Financial Instruments shall be determined in the Base Currency and recognised in the Operational Register.

6.7 A Transaction recorded in the Register of Financial Instruments shall be crossed off the Register of Financial Instruments upon a settlement thereof.

7 Principles of establishing and determining Margins

7.1 The Client may execute a Transaction on a particular Financial Instrument subject to submitting the Margin at the amount equivalent to the number of Lots involved in the Transaction executed by the Client.

7.2 The Margin level shall be determined in accordance with the Margin Table and the amount corresponding to the Margin specified in this manner shall be blocked on the Client’s Cash Account.

7.3 When the Position is Open the balance of funds available on the Cash Account shall be reduced by:

a. the amount of a current Margin blocked on the Cash Account in accordance with clauses 7.1 and 7.2;

b. level of loss on Transactions on Financial Instruments that have not been yet closed;

c. unsettled amounts of swap points, commissions and fees payable to X-Trade Brokers in accordance with the Table of Commissions and Fees.

d. the amount of a current Margin blocked on the Cash Sub Account in accordance with clauses 7.1 and 7.2;

e. negative evaluation on unclosed transactions on Option Financial Instruments;

7.4 If the Equity is lower than 30% of the current Margin, within the EOPS or OOPS, X-Trade Brokers shall automatically and without having to obtain Client’s consent close a Client’s Transaction that has not been yet closed and which generates the largest loss, save that Transactions shall be always closed at the current market price.

7.5 A settlement of a Client’s Transaction closed in the manner specified in clause 7.4 shall be charged to the Client’s Cash Account.

7.6 If closing a Client’s position in the manner specified in clause 7.4 results in a debit balance on the Cash Account, the Client shall immediately supplement the funds on the Cash Account.

7.7 In the case of a debit balance on the Cash Account X-Trade Brokers shall charge penalty interest for each day of a deficit at the amount specified in the Table of Commissions and Fees.

7.8 The Client agrees to X-Trade Brokers charging its Cash Account with the amount of interest referred to in clause 7.7.

7.9 X-Trade Brokers shall have the right to change the amount of the Margin and such changes shall be immediately notified to the Client.

7.10 The Client shall constantly monitor the amount of the required Margin and the amount of additional funds that must be kept on the Cash Account in respect of an Open Position currently held by the Client.

7.11The Client authorises X-Trade Brokers to undertake on its behalf the actions specified in clause 7.4 immediately after the reason justifying a closing of the Transaction occurs without having to obtain Client’s confirmation. Such actions shall not be deemed as actions against the Client’s will or actions undertaken to the detriment of the Client.

7.12The current Margin Table shall be always made available at the Company’s Registered Office and on X-Trade Brokers website.

7.13The provisions of this Chapter shall not apply to Options.

8 Principles of quoting the prices of Financial Instruments

8.1 X-Trade Brokers shall systematically quote on Trading Days the prices of Financial Instruments on the basis of prices of corresponding Underlying Instruments applicable on the Interbank Market or other financial market on which the trading volume of the above mentioned Underlying Instruments is the highest and most liquid.

8.2 Transaction prices shall be quoted in EOPS on the basis of current prices made available by leading financial institutions on an ongoing basis. This clause shall not apply to Options.

8.3 X-Trade Brokers shall use its best endeavours to ensure that transaction prices do not differ materially from the prices of Underlying Instruments made available in real time by the most reputable information services.

8.4 The Client acknowledges that in particularly justified circumstances quotations published by X-Trade Brokers via EOPS or OOPS may contain errors caused by reasons beyond the control of X-Trade Brokers, such as extraordinary volatility of the Underlying Instrument price or other circumstances defined as Extraordinary Change of Conditions.

8.5 In the case of erroneous quotations referred to in clause 8.4 X-Trade Brokers shall withdraw from EOPS or OOPS any Transactions executed at erroneous transaction prices.

8.6 If X-Trade Brokers fulfil the obligation referred to in clause 8.5, X-Trade Brokers shall adjust the balance of the Cash Account by reinstating the Client’s Cash Account balance and recording the balance in individual registers as it was prior to executing a Transaction by the Client at an erroneous price.

8.7 The price of a Financial Instrument determined in the manner specified in clauses 8.1 and 8.2 shall be always quoted by X-Trade Brokers two-way. A two-way quotation shall simultaneously quote a bid price and a corresponding ask price. The difference between the bid and ask price shall constitute the Spread.

8.8 X-Trade Brokers applies a principle of quoting prices of Financial Instruments including with a fixed Spread specified in the Financial Instruments Specification Table.

8.9 X-Trade Brokers reserves the right to increase Transaction Spreads for individual Financial Instruments in the following circumstances:

a. higher than average volatility of prices of a particular Underlying Instrument;

b. low liquidity on the market of a particular Underlying Instrument;

c. unexpected political and economic events;

d. Extraordinary Change of Conditions.

8.10In the events specified in clause 8.0 the Spread may be increased automatically without prior notice to the Client.

8.11A selection of the type of a Transaction and the price at which the Client shall execute the Transaction on a Financial Instrument shall be an autonomous decision of the Client made on its own responsibility and discretion, unless:

a. X-Trade exercises the rights vested in it under the Agreement to close a Transaction, in accordance with the principles specified in these Rules and Regulations;

b. a Transaction is closed pursuant to the provisions of clause 7.4.

8.12X-Trade shall not be required to quote prices of Financial Instruments, accept Transaction Orders and execute Client’s instructions on days other than Trading Days.

8.13The Parties represent that they are aware that execution of transactions with the use of EOPS may generate errors. If a Transaction is executed on the basis of an erroneous quotation, the Party making a related objection shall inform the other Party about this fact within 2 business days from the Transaction date. If the Client is the Party making objection as to the correctness of the quotation, X-Trade Brokers shall resolve on the basis of objective historical market data whether the quotation was, or might have been in a particular market situation, erroneous. If the quotation is deemed incorrect, the Transaction executed on its basis shall be considered invalid. In the situation referred to in the third sentence, the provisions of clause 8.6 shall apply accordingly.

8.14Quotations of prices of Financial Instruments shall be published via EOPS or OOPS. X-Trade Brokers may also quote prices of Financial Instruments by telephone.

8.15Quotations of prices of Forward Financial Instruments, due to their specification, are only given via phone.

8.16If a Client’s order exceeds the number of Lots determined in the Financial Instruments Specification Tables (a maximum order value in Lots), X-Trade Brokers may request the Client to meet additional requirements as well as offer special terms for the Transaction. X-Trade Brokers shall inform the Client about this fact directly at the time the order is placed the Client. The Client shall accept the offered conditions solely at its own discretion.

9 Executing Transactions on Financial Instruments

9.1 Transactions on Financial Instruments executed by the Client pursuant to orders submitted via X-Trade Brokers are unreal and no obligation in this respect shall be imposed on either Party to make a physical delivery of a particular Financial Instrument. This clause may not apply only to certain Currency Financial Instruments for which an open position might be closed by a Physical Delivery described in Chapter 17.

9.2 A Transaction may be executed in the following manner:

a. by placing a telephone instruction to X-Trade Brokers to execute a specific Transaction on the account of the Client who places the order;

b. by placing an instruction to execute a Transaction by the Client via EOPS or OOPS.

9.3 Forward Financial Instrument transactions may only be settled via phone.

9.4 A telephone instruction, EOPS or OOPS instruction may be placed only on a Trading Day.

9.5 X-Trade Brokers may refuse the Client to execute a Transaction in the following cases:

a. if the level of the Margin is insufficient to execute the Transaction;

b. if the nominal value of the Transaction exceeds the maximum value of the order in Lots, determined in accordance with clause 8.15;

c. if X-Trade cannot determine the market price of the Financial Instrument due to a lack of market data;

d. if the market experiences extraordinary fluctuations of the price of the Underlying Instrument corresponding to a particular Financial Instrument;

e. immediately prior to a publication of economic data or a result of social and political events;

f. occurrence of Extraordinary Change of Conditions.

9.6 In order to enable the Client to execute Transactions on Financial Instruments, X-Trade Brokers shall assign to the Client a unique Login and a starting Password for EOPS. The login and password for OOPS are given after the Client’s clear instructions.

9.7 The Login and starting Password shall be made available to the Client by X-Trade Brokers by telephone using a telephone number provided by the Client in the Client ID Card and following a prior Client identification carried out in accordance with the information contained in the Client ID Card.

9.8 The Client shall have the right to change the Password to any other Password after the first login into EOPS or OOPS.

9.9 The Client represents that it is fully aware that a disclosure of the EOPS OOPS Login and Password to third parties may constitute a serious threat to the security of funds held on its Cash Account. Therefore, the Client shall immediately inform X-Trade Brokers if he suspects that the identification data referred to in clause 9.5 is known to third parties to any extent.

9.10The Client shall exercise due diligence in the storage and disclosure of the Login, Password and data contained on the Client ID Card.

9.11The Client shall be fully responsible for any Transaction Orders placed via EOPS or OOPS and for instructions to withdraw the funds executed by X-Trade Brokers with due diligence and compliance with the provisions of these Rules and Regulations which were accompanied by the Client’s Login and Password.

9.12The Client undertakes to make good any losses that X-Trade Brokers may incur as a result of executing Client’s erroneous instructions in EOPS or OOPS if they are accompanied by its Login regardless of who actually placed such orders.

10 Terms and conditions of placing orders to execute transactions by telephone

10.1 By signing the Agreement the Client authorises X-Trade Brokers to forward on its behalf orders to execute Transactions on Financial Instruments on the basis of Client’s telephone instructions.

10.2The execution of a telephone instruction shall be understood as entering by X-Trade Brokers an order to execute a Transaction into EOPS or OOPS.

10.3Only authorised X-Trade Brokers employees shall be entitled to accept and execute a Client’s telephone instruction.

10.4In order to place a telephone order the Client shall provide the following information to an authorised X-Trade Brokers employee:

a. Client’s forename, surname or name;

b. Client’s ID number – Login;

c. Password to EOPS or OOPS ;

d. any other information contained in the Client’s ID Card that will be requested by an authorised X-Trade Brokers employee.

10.5If any information provided by the Client, specified in clause 10.4, is inconsistent with the information submitted by the Client to X-Trade Brokers, an authorised X-Trade Brokers employee shall refuse to accept a telephone instruction.

10.6X-Trade Brokers shall not be liable for executing an order, pursuant to a telephone instruction of the Client or its proxy, if such order was accepted in compliance with the conditions specified in these Rules and Regulations. In particular, the Client may not claim that the Transaction was executed by a third party if X-Trade Brokers correctly identified the Client, in accordance with clause 10.4.

10.7X-Trade Brokers shall not be liable for consequences arising from disclosing the Login and Password to third parties, including a placement of an order to execute a Transaction or other instructions by a third party using the Client’s Login and Password.

11 Terms and conditions of placing orders to execute transactions via EOPS

11.1By signing the Agreement the Client authorises X-Trade Brokers to forward on its behalf orders to execute Transactions on Financial Instruments on the basis of instructions placed via EOPS or OOPS.

11.2 The execution of an instruction placed in the manner referred to in clause 11.1 shall be understood as entering by X-Trade Brokers an order to execute a Transaction into EOPS or OOPS.

11.3In order to place the instruction specified in clause 11.1 the Client must log into EOPS or OOPS through a computer application available for download on the X-Trade Brokers website.

11.4The identification data that enable a login into EOPS or OOPS are as follows:

a. Login;

b. Password.

11.5An order to execute a Transaction by the Client shall be effective upon an acceptance by X-Trade Brokers of the instruction placed by the Client in EOPS or OOPS.

11.6X-Trade Brokers shall not be liable for losses, lost profits or costs incurred by the Client in connection with instructions and orders placed via EOPS or OOPS which:

a. were not received and therefore were not accepted by X-Trade Brokers,

b. for which an acceptance of X-Trade Brokers was delayed not due to a fault of X-Trade Brokers,

c. were accepted but do not reflect the original intention of the Client.

11.7The Client shall be fully responsible for instructions and orders placed directly via EOPS or OOPS and accompanied by its Login and Password. In particular, the Client may not claim that a Transaction was executed by a third party if the login into EOPS or OOPS was effected with the use of the Client’s Password and Login.

11.8 If orders with similar execution parameters are placed, they shall be executed in the order of their placement.

12 General conditions of executing Transaction Orders

12.1An order to execute a Transaction on Financial Instruments in EOPS may be placed in the following manner:

a. by placing a market order at a current price of a Financial Instrument published in EOPS ;

b. by placing a limit order to execute a Transaction (a Buy Limit Order; Sell Limit Order);

c. by placing a stop loss order to execute a Transaction (Buy Stop order, Sell Stop order);

d. by submitting a Financial Instrument price request.

An order to execute a Transaction on Financial Instruments in OOPS may be placed only by placing a question about the price of the Option Financial Instrument.

12.2In order to be valid, a Transaction Order shall include the following elements:

a. Client’s forename and surname (company or name) and the account number;

b. date, hour and minute of placement;

c. type of a Financial Instrument to which the Transaction Order pertains;

d. number of Financial Instruments for which the Transaction Order is issued;

e. Transaction Order number;

f. Transaction Order type;

g. price at which the Transaction Order was placed;

h. signature of the Client or its proxy.

12.3When executing a Client’s orders X-Trade Brokers shall use its best endeavours to ensure that the orders are executed immediately after they are placed by the Client and at the price shown on the order.

12.4Preceding the execution of a Client’s order by X-Trade Brokers, the Client has the right to modify or even cancel the order. The Client cannot accuse X-Trade Brokers of not being able to modify or cancel his order, if this right is used at the time of order execution.

13 Execution of Transaction Orders by opening a position

13.1Opening of a position shall mean a creation of property rights and obligations related to a purchase or sale of a Financial Instrument.

13.2When opening a position X-Trade Brokers shall block the amount of the Margin payable in respect of a collateral for a settlement of an Open Position at the time of its closing, in accordance with the conditions specified in Chapter 7. This clause shall not apply to Options.

13.3A position shall be opened by placing a Transaction Order, by telephone or directly in EOPS or OOPS , which contains all necessary parameters and following its acceptance by X-Trade Brokers.

13.4A Transaction Order shall be executed only when the Operational Register shows that the Client has sufficient funds on its Cash Account to establish the Margin.

13.5If at the execution of a Client’s order its funds turn out to be insufficient to execute the Transaction, its order shall be rejected and annulled.

13.6A Client’s order may be rejected and annulled if the nominal value of an order to execute a Transaction exceeds the maximum order value specified in the Financial Instruments Specification Table.

14 Execution of Transaction Orders by closing a position

14.1Closing a position shall mean a creation of rights or obligations arising from a previously opened position.

14.2A position shall be closed by executing by the Client a Reverse Transaction for the transaction recorded in the Register of Financial Instruments that has been previously opened, i.e. if the Client purchased a Financial Instrument at the opening then in order to close the position it must sell it and if the Client sold a Financial Instrument at the opening then it must repurchase it at currently applicable prices, except for closing an open position by a physical delivery described in Chapter 17 or a settlement of an Option on the Option Expiration Date.

14.3An Open Position on Financial Instruments shall be closed without Client’s consent after 12 months from the date of opening the position unless:

a. The Client will close the position by a Reverse Transaction beforehand, in the manner specified in clause 14.2 or by a Physical Delivery specified in Chapter 17;

b. X-Trade Brokers exercises the right to close a Client’s Transaction beforehand in situations specified in these Rules and Regulations.

14.4 The Forward Financial Instrument must be closed up to the Expiration Day, stated at the time of position opening. In the case of not doing so, X-Trade Brokers have the right to automatically and without Client’s acknowledgement close the uncloses position, based on the current market price.

14.5Clause 14.3 shall not apply to Options.

14.6The result of closing a position shall be settled on the day of closing.

14.7The financial result from closing the position shall be converted into the Base Currency in which the Cash Account is maintained at the time the Transaction is closed at the X-Trade Average Rate.

15 Position Rollover

15.1If by the end of the Trading Day on which the Client opened a position on a Financial Instrument the Transaction is not closed by a Reverse Transaction, it shall be automatically prolonged and the Swap Points Amount shall be calculated that corresponds to the value and type of an Open Position.

15.2The amount of swap points which shall be credited or debited to the Client’s account shall be calculated as the product of the number of Lots opened by the Client and swap points rates for a particular Financial Instrument.

15.3Swap points rates shall be published by X-Trade Brokers on its website in the Swap Points Table.

15.4Swap points rates shall be determined by X-Trade Brokers on the basis of market interest rates for deposits and loans on the interbank market.

15.5X-Trade Brokers shall normally update swap points rates once a week. However, in the event of significant changes of interest rates for deposits and loans on the interbank market, X-Trade Brokers reserves the right to change the Swap Points Table more frequently.

15.6The calculated Swap Points Amount shall be recognised in the Client’s Operational Register until the position is closed. The Swap Points Amount calculated on the Client’s Cash Account shall be settled at the time the position is closed.

15.7Regulations of this Chapter shall not apply to Options and Forward Financial Instruments.

16 Settlement of the result on Transactions on Financial Instruments

16.1If a Transaction is closed, the Opening Value (OV) and the Closing Value (CV) shall be calculated as the following product:

OV=N*OP*AVX;

CV=N*CP*AVX

where:

CV = Transaction Closing Value;

OV = Transaction Opening Value;

N = Nominal Contract value in the Transaction Currency;

OP = Transaction Opening Price;

CP = Transaction Closing Price;

AVX = X-Trade Average Rate at Transaction closing.

16.2If the CV is different from the OV then the following flows occur at the closing:

a. if the CV>OV then the Cash Account of the long position holder (a Client who purchased a Financial Instrument at the opening) shall be credited with the amount being the difference of CV-OV and the Cash Account of the short position holder (a Client who sold a Financial Instrument at the opening) shall be debited with the amount being the difference of CV-OV.

b. if the CV<OV then the Cash Account of the long position holder (a Client who purchased a Financial Instrument at the opening) shall be debited with the amount being the difference of OV-CV and the Cash Account of the short position holder (a Client who sold a Financial Instrument at the opening) shall be credited with the amount being the difference of OV-CV.

16.3The result on the Transaction calculated in accordance with clause 16.2 shall be recognised in the Client’s Operational Register until the position is closed. The result calculated on the Client’s Cash Account shall be settled at the time the position is closed.

16.4Regulations of this Chapter shall not apply to Options.

17 Closing of an Open Position by a Physical Delivery

17.1 In the cases specified in this Chapter the Client shall have the right to close an Open Position by a Physical Delivery of a Financial Instrument. A transaction shall be closed by a Physical Delivery only on a Client’s request, otherwise a closing of an Open Position shall be governed by standard procedures specified in these Rules and Regulations.

17.2Closing of an Open Position by a Physical Delivery may apply only to certain Currency Financial Instruments, indicated expressly in the Financial Instruments Specification Table.

17.3 Due to its specificity, an order to close an Open Position by a Physical Delivery may be placed only by a telephone instruction.

17.4Only an Open Position with the unit nominal value not lower than the minimum value specified in the Order of the President of the Management Board of X-Trade Brokers may be closed by a Physical Delivery.

17.5A position shall be closed by a Physical Delivery by X-Trade Brokers executing a Transaction on the Client’s account that is reverse to the Transaction recorded in the Register of Financial Instruments and that has been previously opened in the manner specified in clause 14.2 at the transaction opening price and:

a. by a delivery to its Cash Account maintained in the first currency of the currency pair of the amount determined in the following manner:

NL * LNV

where:

NL = Number of Lots

LNV = Lot Nominal Value

and by debiting the Client’s Cash Account maintained in the second currency of the currency pair with the amount determined in accordance with the following formula:

NL * LNV * (OP + M)

where:

OP - Transaction opening price

M – X-Trade Brokers margin at the closing of an Open Position by a Physical Delivery

- if a Physical Delivery relates to a closing of an Open Position of the Client who previously purchased a Currency Financial Instrument at the opening.

b. by a delivery to its Cash Account maintained in the second currency of the currency pair of the amount determined in accordance with the following formula:

NL * LNV * (OP - M)

Where:

OP = Transaction opening price

M = X-Trade Brokers margin at the closing of an Open Position by a Physical Delivery

and by debiting the Client’s Cash Account maintained in the first currency of the currency pair with the amount determined in accordance with the following formula:

NL * LNV

- if a Physical Delivery relates to a closing of an Open Position of the Client who previously sold a Financial Instrument at the opening.

17.6A Transaction shall be settled by a Physical Delivery by X-Trade Brokers subject to the Client holding Cash Accounts at X-Trade Brokers maintained in both currencies of the currency pair to which a Physical Delivery is to apply.

17.7In order to close an Open Position by a Physical Delivery the Client shall have available funds in the amount sufficient to make a settlement of transactions described in clause 17.5.

17.8 The X-Trade Brokers margin at the closing of an Open Position by a Physical Delivery shall be specified in the Table of Commissions and Fees.

17.9Regulations mentioned in this clause do not influence Option Financial Instruments.

18 Options

18.1It is agreed that a detailed description of types and properties of Options together with a description of the manner of determining a profit or loss on those Financial Instruments shall be included in the Financial Instruments Specification Table. All transactions on Options will be settled within the OOPS. Within the OOPS, in order to settle any operations, there will be a Cash Sub Account, Operational Register and Financial Instruments Register with accordance to the regulations in clauses 4,5 and 6.

18.2It is agreed that the Client may only purchase an Option from X-Trade Brokers, which shall constitute an opening of a position. An order to sell a Financial Instrument may be used only to close a previously opened position.

18.3It is agreed that an Option may be settled only by a sale of a Financial Instrument previously purchased from X-Trade Brokers or by its settlement on the Option Expiration Date.

18.4A settlement on the Option Expiration Date shall mean a comparison of the Option Strike Price with its Reference Price on the Option Expiration Date and a determination of a profit or loss on an Option in accordance with a formula specified in the Financial Instruments Specification Table.

18.5The manner of determining the Option Reference Price and a formula of determining a profit or loss on Options shall be specified in the Derivates Specification Table.

18.6Due to the specificity of this instrument, an order to execute a transaction on an Option shall be forwarded only on the basis of a Client’s telephone instruction or OOPS.

18.7A principle is agreed that X-Trade Brokers shall quote the price of Options two-way, i.e. the bid price and ask price, save that the client may only use the bid price solely to close an Option already owned. Clause 8.2 shall not apply in this case.

18.8The Client shall pay to X-Trade Brokers for a purchase of an Option the Option Premium in the amount specified by X-Trade Brokers on the date of purchasing an Option. The Client’s Cash Account shall be debited with the Option Premium amount. X-Trade Brokers shall refuse to execute the order if no sufficient funds are available for a purchase.

18.9At any time up to the Option Expiration Date the Client shall have the right to resell to X-Trade Brokers a previously purchased Option and X-Trade Brokers shall be obligated to repurchase it. It is agreed that the repurchase price shall be quoted by X-Trade Brokers two-way and it may be used by the Client to both resell and purchase a new Option.

18.10 If the Client accepts the repurchase price of a previously purchased Option, its Cash Account shall be credited with the Repurchase Amount whereas a previously purchased Financial Instrument and all rights and obligations attached to it shall expire. The Client’s Cash Account shall be credited on the date of a repurchase of an Option.

18.11 If by the end of the Trading Day preceding the Option Expiration Date the Client does not resell to X-Trade Brokers a previously purchased Option, X-Trade Brokers shall settle the Financial Instrument on the Option Expiration Rate and shall credit the Client’s Cash Account with the amount resulting from a settlement, determined in accordance with a formula applicable for a particular type of an Option, defined in the Financial Instruments Specification Table.

18.12 TThe minimum value of an order to buy or sell Options shall be determined in the Financial Instruments Specification Table.

18.13 If the Base Instrument for the Optional Financial Instrument, is a Currency Financial Instrument, then the Client has the right, to the day of option expiry, to demand the settlement of a previously opened position by Physical Delivery. This kind of demand can only be executed via phone. In the case of this type of settlement, the Physical Delivery of Currency will be made on the basis of the Option’s Strike Price revised by the X-Trade Brokers margin. Points 17.4, 17.6, 17.7 and 17.8 of the regulations are applicable to the settlement of Option Financial Instruments by Physical Delivery.

19 Independence

19.1It is agreed that X-Trade Brokers shall not provide the Client with recommendations to execute a specific Transaction on Financial Instruments or suggest conditions of executing a Transaction Order.

19.2A publication by X-Trade Brokers of comments on the situation on financial markets and of statements of X-Trade Brokers employees on the current situation on financial markets shall not constitute a violation of the independence principle.

19.3An execution of a Transaction shall be an independent decision of the Client made at its discretion.

19.4The Client may not claim for any purpose that a Transaction was executed on the basis of a comment, suggestion or recommendation of X-Trade Brokers.

20 Reports and Correspondence

20.1X-Trade Brokers shall provide the Client on an ongoing basis under EOPS or OOPS with an access to any information necessary to determine:

b. the balance of the Cash Account;

c. the amount of the Margin currently used;

d. current Open Positions on Financial Instruments;

e. the Equity;

f. free Margin.

20.2Immediately after executing a Transaction or placing a Transaction Order by the Client in EOPS or OOPS an appropriate confirmation of the executed transaction shall be generated.

20.3The confirmations referred to in clause 20.2 shall be displayed in real time in EOPS and OOPS and archived for evidence purposes by X-Trade Brokers.

20.4After the end of each Trading Day X-Trade Brokers shall send to an e-mail address provided by the Client in the Client Identification Card or to an EOPS internal e-mail address a Daily Confirmation containing a list of Transactions Closed on a given day, a list of Open Trades, Working Orders and a Cash Account summary.

20.5The Daily Confirmation referred to in clause 20.4 shall be sent only if the Client has executed a Transaction on a given Trading Date.

20.6After each calendar year X-Trade Brokers shall send to the Client an Annual Statement in a paper form which shall contain a list of Transactions closed in a given calendar year.

20.7At a Client’s request X-Trade Brokers may prepare a statement of transactions on the Client’s account for any period in a paper form for a fee. The cost of preparing such statement shall be specified in the Table of Commissions and Fees.

20.8The Client shall exercise due diligence by constantly monitoring the conditions of transactions recorded in EOPS and OOPS and shall immediately inform X-Trade Brokers about any inconsistencies between the data in Transactional EOPS and OOPS and the actual state.

20.9X-Trade Brokers shall correspond with the Client by ordinary mail, electronic mail or by EOPS internal electronic mail.

20.10 In the situations specified in these Rules and Regulation as well as in other cases, when X-Trade Brokers deems it necessary, X-Trade Brokers shall correspond via registered mail or a courier services with a return receipt requested.

20.11 The Client shall read the correspondence received from X-Trade Brokers.

20.12 Any correspondence sent to the Client by X-Trade Brokers shall be deemed received by the Client upon the expiry of the following deadlines:

a. in the case of ordinary mail – after 14 days from the date of sending;

b. in the case of registered mail – upon its delivery;

c. in the case of electronic mail – after 1 day from the date of sending;

d. in the case of internal electronic mail – after 1 day from the date of sending;

e. in the case of courier service – upon a delivery.

20.13 Any correspondence shall be sent to addresses, e-mail addresses, fax numbers and telephone numbers contained in the Client Information Card.

21 Extraordinary Change of Conditions

21.1The Extraordinary Change of Conditions shall mean a situation in which due to events beyond control of X-Trade Brokers the functioning of X-Trade Brokers or EOPS or OOPS in accordance with the principles specified in the Agreement and the Rules and Regulations is not possible. The Extraordinary Change of Conditions shall mean in particular:

a. commotion, strikes, power outage, lack of communication, cataclysm;

b. situations related with the occurrence of terrorist attacks;

c. destruction of the HQ of the company or circumstances which disable the capability of operational activity;

d. a situation in which quotations of Underlying Instruments on a specific market have been suspended or severed or if for any reason a relevant market has been closed;

e. a situation in which specific requirements or principles have been imposed on a particular market that prevent an execution of transactions in accordance with the existing generally accepted principles;

f. a situation in which a specific market experiences an extraordinary volatility of prices of the Underlying Instrument or a loss of liquidity;

g. a publication of macroeconomic data or other economic or political information that have a material impact on the prices of the Underlying Instrument;

h. errors in the functioning of EOPS or OOPS ;

i. other events that may significantly impact the correct functioning of EOPS or OPSZ.

j. breakdown of I.T systems, for which X-Trade Brokers does not hold responsibility;

k. breakdown of computer devices, disabling the proper functioning of I.T systems, for which X-Trade Brokers does not hold responsibility;

l. lack of Internet connection, due to the breakdown of the Internet provider or connectivity overload;

m. modernisation of server programming;

n. decisions and orders of country administration and rulers;

o. breakdown of telecommunication systems.

21.2In the event of the Extraordinary Change of Conditions X-Trade Brokers shall not be liable against the Client for any impediments, delays or a failure to fulfil obligations imposed on X-Trade Brokers by the provisions of the Rules and Regulations and the Agreement.

22 Commissions and Fees

22.1X-Trade Brokers shall have the right to charge commissions and fees for services rendered.

22.2Detailed principles of charging commissions and fees shall be determined in the Table of Commissions and Fees.

23 Withdrawal of funds from the Cash Account

23.1The Client shall have the right to withdraw funds from its Cash Account at any time at the amount that does not exceed the Balance of Available Funds according to the Operational Register unless:

a. X-Trade Brokers deems, on a reliable basis, that funds which the Client intends to withdraw are or may be necessary to supplement the required Margin;

b. there is a dispute between the Client and X-Trade Brokers concerning any Transaction executed between the Client and X-Trade Brokers or a dispute regarding the fact of concluding or conditions of concluding such Transaction.

23.2Regardless of the provisions of these Rules and Regulations X-Trade Brokers shall have the right to deduct from funds paid by the Client any amounts payable to X-Trade Brokers as a result of execution, termination, expiration or settlement of Transactions as well as any other amounts payable pursuant to these Rules and Regulations and the Agreement.

24 Exclusion of liability

24.1X-Trade Brokers shall not be liable for Client’s losses arising from the execution of its Transaction Orders completed in accordance with a Client’s instruction.

24.2X-Trade Brokers shall not be liable for lost profits or losses of the Client caused by interruptions or delays in the data transmission. In particular, the Client may not claim against X-Trade Brokers that due to a faulty functioning of telecommunications lines it could not place a Transaction Order or submit an instruction referred to in clause 11.1 or obtain the information on the balance of its funds on the account.

24.3X-Trade Brokers shall not be liable for lost profits or losses incurred by the Client that occurred as a result of erroneous quotation of prices of Financial Instruments in EOPS or OOPS unless it did not withdraw Transactions at an appropriate time in accordance with clause 8.5 of the Rules and Regulations.

24.4X-Trade Brokers reserves the right to withdraw transaction executed at erroneous transaction prices and to make necessary adjustments in the Recording Ledger, Operational Register and on the Client’s Cash Account in accordance with the conditions specified in the Rules and Regulations.

24.5It is agreed that a reference point for deeming a specific quotation as erroneous shall be informative quotations published by two reputable information agencies designated by X-Trade Brokers.

25 Methods and dates of handling Clients’ complaints

25.1 The Client shall have the right to report to X-Trade Brokers any inaccuracy or irregularity in the services rendered by X-Trade Brokers, both in the cases of technical nature and in the case of improper behaviour of X-Trade Brokers employees.

25.2The Client may file comments and complaints referred to in clause 25.1 with members of the X-Trade Brokers Management Board directly in oral form and by telephone or in writing as well as by means of electronic communication.

25.3X-Trade Brokers shall immediately investigate the situation being the grounds of a comment or complaint filed by the Client and then inform the Client about results of the investigation conducted.

26 Authorisations

26.1The Client may appoint proxies to execute on its behalf any activities related to conclusion, amendment, termination and performance of the Agreement.

26.2Subject to clause 26.3, the authorisation or revocation thereof may be granted only in writing in the presence of a person authorised by X-Trade Brokers who shall confirm the data contained in the authorisation and the authenticity of signatures of the Client and its proxy.

26.3The requirement referred to in clause 26.2 shall not apply to authorisations granted in writing with a signature of a principal certified by a notary and in the form of a notary deed, save that in order for authorisations granted in the above manner to be effective to the extent specified in clause 26.1 a specimen signature of a proxy certified by a notary shall be attached to the authorisation.

26.4A proxy referred to in clause 26.1 may appoint further proxies only if such possibility is expressly provided for in the authorisation.

26.5An expiry of an authorisation shall be effective for X-Trade Brokers upon a receipt by X-Trade Brokers of a notice regarding: (a) revocation of authorisation by the Client or a proxy, (b) Client’s or proxy’s death, (c) loss of Client’s legal personality if the Client is a legal person, in the form corresponding to the form in which the authorisation was granted or in any other form that nonetheless does not raise any doubts as to its authenticity.

27 Final provisions

27.1The Client hereby agrees to X-Trade Brokers recording all conversations between the Client and X-Trade Brokers conducted by telephone or other means of communication, in particular the correspondence in the electronic form, and to using such recordings and records as evidence in any disputes between the Parties.

27.2Any recordings and records referred to in the preceding clause shall be stored by X-Trade Brokers for 5 years.

27.3X-Trade Brokers shall have the right to amend the Rules and Regulations subject to immediate notice to the Client. A relevant notice shall be sent by electronic mail and EOPS internal electronic mail.

27.4The content of the new Rules and Regulations shall be made available by X-Trade Brokers at the Company’s registered office and on its website.

27.5Any amendments shall enter into force on the date specified in the notice, however not earlier than on 14^th day from the date of a notice.

27.6Amendments to the Rules and Regulations made pursuant to clause 27.4 shall change the conditions of each open Transaction.

27.7A Client who does not accept amendments to the Rules and Regulation shall have the right to terminate the Agreement and close the account with immediate effect. An absence of Agreement termination shall be deemed as Client’s acceptance of the conditions of the new Rules and Regulations.

27.8X-Trade Brokers shall have the right to amend the Financial Instruments Specification Table, the Margin Table and the Table of Commissions and Fees subject to immediate notice to the Client. A relevant notice shall be sent by electronic mail and EOPS internal electronic mail. A current Financial Instruments Specification Table, Margin Table and Table of Commissions and Fees shall be made available by X-Trade Brokers at the Company’s Registered Office and on its website.

27.9Any amendments made in the Financial Instruments Specification Table, Margin Table and Table of Commissions and Fees shall enter into force on the date specified in the notice, however not earlier than on 7^th day from the date of a notice.

27.10 X-Trade Brokers shall have the right to modify the Swap Points Table, however with no obligation to notify the Client.

27.11 A current Swap Points Tables shall be made available by X-Trade Brokers at the Company’s registered office and on its website.

27.12 Any modifications in the Swap Points Table shall enter into force on the date such modifications are made.

27.13 Changes to any other documents not specified in Chapter 27 that regulate the conditions of the co-operation between the Client and X-Trade Brokers shall be sent by internal electronic mail and shall enter into force on the date specified in a notice, however not earlier than on 7^th day from the date of a notice.

27.14 The Client undertakes to notify X-Trade Brokers in writing about any changes in the data originally submitted to X-Trade Brokers or any legal change or a change in its financial situation that may impact the relations between the Client and X-Trade Brokers within the scope covered by the provisions of the Rules and Regulations and the Agreement.

27.15 The Client has the right to Contract cancellation with instantaneous result, after informing X-Trade Brokers with a certified letter for assurance of reception.

27.16 X-Trade Brokers have the right to Contract cancellation:

a. with a 1 month preceding period at any time;

b. with instantaneous result, after written notification to the Client in the case of the break of Contract rules or regulations.

27.17 Cancellation of the contract has no influence on previously bought rights.

27.18 The services rendered by X-Trade Brokers pursuant to the Agreement and these Rules and Regulations shall be interpreted in accordance with the Polish law.