GENERAL TERMS ANC CONDITIONS OF BROKERAGE SERVICES PROVIDED BY BZ WBK BROKERAGE S.A. (UNIFORM TEXT)

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1 Appendix to the Resolution No. 17/2011 of the Management Board of BZ WBK Brokerage S.A. dated 25 February 2011 concerning adoption of the amended General Terms and Conditions of Brokerage Services Provided by BZ WBK Brokerage S.A. GENERAL TERMS ANC CONDITIONS OF BROKERAGE SERVICES PROVIDED BY BZ WBK BROKERAGE S.A. (UNIFORM TEXT)

2 TABLE OF CONTENTS CHAPTER PAGE I. GENERAL PROVISIONS...2 II. CONDITIONS AND PROCEDURES FOR ENTERING INTO A BROKERAGE AGREEMENT...4 III. ACCEPTANCE OF ORDERS AND INSTRUCTIONS...6 IV. TRANSMISSION OF ORDERS AND INSTRUCTIONS...7 V. MAINTENANCE OF ACCOUNTS...8 VI. EXECUTION OF ORDERS AND INSTRUCTIONS...10 VII. PROVISION OF SERVICES RELATED TO DERIVATIVES...14 VIII. PROVISION OF SERVICES RELATED TO PROPERTY RIGHTS...16 IX. PROVISION OF SERVICES RELATED TO FOREIGN FINANCIAL INSTRUMENTS...16 X. INDIVIDUAL PENSION ACCOUNTS (IKE)...19 XI. ANALYSES AND OTHER GENERIC RECOMMENDATIONS...21 XII. INVESTMENT ADVISORY...22 XIII. SHORT SELLING...24 XIV. OTHER SERVICES...26 XV. REPORTING...26 XVI. COLLATERAL SECURING FINANCIAL CLAIMS...26 XVII. ACTING BY PROXY...27 XVIII. REMUNERATION PAYABLE FOR PROVISION OF BROKERAGE SERVICES...28 XIX. CUSTOMER COMPLAINTS...29 XX. TERMINATION OF THE BROKERAGE AGREEMENT...30 XXI. TRANSITIONAL AND FINAL PROVISIONS

3 I. GENERAL PROVISIONS 1 The Terms and Conditions stipulate the conditions and procedures for provision of brokerage and other services by BZ WBK Brokerage S.A The terms used in the Terms and Conditions shall retain the meaning ascribed to them in the legal regulations or herein: Foreign exchange bank a bank entitled to act as an agent in execution of money transfers abroad, under the foreign exchange act and the banking act, Margin deposit the Client s assets, including, in particular, cash and financial instruments securing performance of the Client s obligations resulting from the purchase or disposal of financial instruments, trading in which requires placement of such margin, Depository an institution entitled to keep a securities account and/or a cash account and/or a register of foreign financial instruments and/or a currency account, or another register or record of financial instruments or other rights BZ WBK Brokerage BZ WBK Brokerage S.A., Proof of purchase of financial instruments any document certifying the purchase of financial instruments issued in compliance with binding legal regulations, in particular: deposit certificate, certificate of the purchase of financial instruments, confirmation of the purchase of financial instruments, confirmation of ownership of financial instruments, Instruction Client s instruction concerning extension of the scope of the agreement or its performance, which is not an order, Electronic channels the telephone network and the Internet, CSP Customer Service Point of BZ WBK Brokerage or an outlet of the agent of BZ WBK Brokerage, or an employee of BZ WBK Brokerage providing services outside a Customer Service Point, or an agent being a natural person or the agent s employee or representative providing services outside the agent s outlet, Policy the order execution policy or the policy on acting in the customer's best interest Investment policy the set of principles regulating selection of financial instruments for the Client s portfolio defined on the basis of the Client s individual situation Account or Investment account a securities account or a cash account, or a register of foreign financial instruments, or a currency account, or other register or record of financial instruments or other rights maintained by BZ WBK Brokerage or a depository or a foreign custodian bank, Currency account Client s account operated in convertible currencies and used to manage the securities account or the register of foreign financial instruments, Regulatory framework legal regulations and other regulations or acts introduced, issued or adopted by entities providing or acting as execution venues, clearing houses, and other individuals, entities, and units having impact on trading in financial instruments and provision of related services and issuers of financial instruments, in particular including issue prospectuses, statutes of investment fund companies, investment funds prospectuses, regulations, policies and procedures, General Terms and Conditions this document and the Schedule of Fees and Commissions of BZ WBK Brokerage, Receivables register a register of convertible currencies indicating the balance due to the Client in consideration of concluded yet unsettled transactions of the sale of foreign financial instruments, Register of rights to foreign financial instruments a register of acquired yet unsettled foreign financial instruments which, unless stipulated otherwise in the agreement, can cover sale orders, Register of foreign financial instruments a register of foreign financial instruments held by the Client, Website - a collection of web pages, applications and other electronic/it functionalities available to the Client after logging in (client authentication using a code and a password) to the website of BZ WBK Brokerage, Financial resources Polish zlotys and convertible currencies in the meaning of the foreign exchange act, Schedule the Schedule of Fees and Commissions of BZ WBK Brokerage, Brokerage agreement or Agreement an agreement on provision of brokerage services and other services concluded by and between BZ WBK Brokerage and the Client, 2

4 Services - brokerage services and other services provided by BZ WBK Brokerage for the Client under the brokerage agreement Free financial resources cash held by the Client and entered on the Client s cash account or currency account that can be managed freely, Foreign Custodian Bank a foreign credit institution or a foreign investment firm, or other institution, entitled, subject to the laws of the place in which it has its legal seat (or its head office, if applicable), to keep in custody or register foreign financial instruments or other rights, Foreign Broker a foreign credit institution or a foreign investment firm, or other institution, entitled, subject to the laws of the place in which it has its legal seat (or its head office, if applicable), to accept and transmit or execute orders concerning foreign financial instruments, Ordinance an internal legal act of BZ WBK Brokerage issued by the Management Board (resolution), the President of the Board, the Vice-President of the Board or the Member of the Management Board of BZ WBK Brokerage, Order at the broker s discretion an order at the discretion of BZ WBK Brokerage that allows for placing more than one broker s order, brokerage order, or other order, or a bid at the discretion of an employee of BZ WBK Brokerage executing an order, Broker s order a purchase or sale order for foreign financial instruments submitted by BZ WBK Brokerage to a foreign broker on the basis of the Client s order. 2. Unless the context leads to a different interpretation, terms written herein in the singular shall also refer to the plural and vice versa. 3. Titles of the chapters have an auxiliary significance and shall not affect interpretation of the provisions hereof BZ WBK Brokerage shall provide brokerage services under the brokerage agreement. 2. Pursuant to the brokerage agreement, BZ WBK Brokerage may also provide other services as specified therein. 3. BZ WBK Brokerage shall provide services in compliance with the binding regulations. 4. BZ WBK Brokerage shall provide services related to brokerage financial instruments specified in a relevant ordinance. 5. The provisions of the Terms and Conditions shall apply accordingly to rights other than financial instruments that are subject to provision of services by BZ WK Brokerage under the agreement. 6. BZ WBK Brokerage may exclude provision of brokerage services related to financial instruments, execution venues, individuals, and entities specified in a relevant resolution, or impose other restrictions. 7. BZ WBK Brokerage shall provide brokerage services through CSPs and electronic channels. In the case of agents, BZ WBK Brokerage shall provide services by means of agency activities carried out by them. BZ WBK Brokerage shall specify by way of resolution the scope of services provided by particular CSPs and via electronic channels, in particular including the range of services provided through agents (the scope of agency activities performed by agents) Provisions of the brokerage agreement shall be determined by the agreement itself, the Terms and Conditions, and instructions submitted by the Client on their basis. 2. The Terms and Conditions shall provide the basis for the relationship between BZ WBK Brokerage and the Client and determine the provisions of the brokerage agreement only if the latter expressly refers to the Terms and Conditions. This means that the Client and BZ WBK Brokerage shall not acquire mutual rights and obligations until the brokerage agreement is signed. In order to conclude the brokerage agreement, the Client and BZ WBK Brokerage might be obliged to perform additional activities prior to signing the agreement, in particular when it is required under legal regulations. 3. Performance of the Client s rights towards third parties, who authorised BZ WBK Brokerage to perform their obligations, or use the agency services of BZ WBK Brokerage, may require signing an agreement by the Client and BZ WBK Brokerage. 3

5 4. BZ WBK Brokerage may introduce new services other than those envisaged by the Terms and Conditions to be used by the Client pursuant to the provisions of the amended Terms and Conditions, separate terms and conditions, an instruction extending the scope of the brokerage agreement, or a separate agreement. 5. BZ WBK Brokerage shall provide brokerage services specified in the Terms and Conditions pursuant to a licence issued by the Polish Financial Supervision Authority and other consents, permissions or licences issued by competent entities or bodies, if required under applicable regulations (licence). BZ WBK Brokerage shall refuse to provide services, when it has no license. BZ WBK Brokerage shall suspend provision of services if a relevant licence is lost during the duration of the agreement In order to perform the agreement, BZ WBK Brokerage shall pass resolutions defining specific terms and conditions or circumstances of services, in particular those which due to their nature, volatility or origin cannot be, or for justified reasons should not be, regulated by the provisions of the agreement or the Terms and Conditions. 2. Resolutions shall be made available to the public on the website of BZ WBK Brokerage no later than 14 days before becoming effective, unless: 1) the Terms and Conditions stipulate otherwise, 2) the resolution extends the scope of provided services, 3) the resolution enhances availability of services, 4) the above stated deadline cannot be met due to the nature of the service subject to the resolution. In such cases, the resolution shall be published no later than on the date when it becomes effective. 3. The resolutions shall be available at each CSP. In specific cases, the resolutions shall be additionally made available in a manner envisaged by the regulations All correspondence between BZ WBK Brokerage and the Client shall be in writing, unless the Client instructs otherwise, subject to sec. 3 and Any information in connection with performance of the brokerage agreement shall be passed between BZ WBK Brokerage and the Client in a manner appropriate for a given service, as specified in a relevant instruction. 3. BZ WBK Brokerage can create a personal mailbox for the Client to receive electronic messages through the website. BZ WBK Brokerage shall use such mailbox to deliver mail in an electronic form addressed to the Client. 4. Delivery of mail to the mailbox, referred to in sec. 3 above, may be the only and sufficient way to provide the Client with information and declarations of will and knowledge on condition that the Client has ever logged in to the website at least once, unless it is in breach of legal regulations and the Client s instruction. 5. BZ WBK Brokerage shall reserve the right to send the Client correspondence in writing at any time. II. CONDITIONS AND PROCEDURES FOR ENTERING INTO A BROKERAGE AGREEMENT 7 1. The brokerage agreement shall be concluded in writing at a Customer Service Point. 2. The brokerage agreement can be signed by the Client outside a Customer Service Point, provided that the required details of the Client and authenticity of his signature are duly certified, subject to sec The Client s identity and signature can be authenticated by a notary public, a Polish consular office or a foreign country official in compliance with the provisions of the European Convention on the Abolition of Legalisation of Documents of 5 October, 1961 (Journal of laws 2005, No. 112, Item 938) or any other individual authorised by BZ WBK Brokerage, unless it is in breach of legal regulations. 4. BZ WBK Brokerage can accept other manner of authentication, unless it is considered questionable. 5. BZ WBK Brokerage can accept data or documents without authentication. In such case, BZ WBK Brokerage shall refrain from entering into the agreement or providing the services until the data and identity of the Client are verified in the relevant and reliable database, or until a proper certificate is issued by an entity that has authenticated the Client s data and identity as part of the conducted business, and such certificate is not questioned by BZ WBK Brokerage. In particular, a bank transfer to the account of BZ 4

6 WBK Brokerage made on the basis of the Client s instruction can be deemed as a certificate, referred to in the preceding sentence. BZ WBK Brokerage may refrain from entering into the agreement or providing the services at any time when the agreement is signed by the Client outside an outlet of BZ WBK Brokerage or its agent. 6. The Client shall have the right to extend or limit the scope of the brokerage services provided by BZ WBK Brokerage under the brokerage agreement by placing relevant instructions with BZ WBK Brokerage. Provisions of sections 1-5 or 12 sec. 2 shall apply to placement of instructions. 7. BZ WBK Brokerage shall have the right to reject to accept the Client s instruction to extend the scope of services provided under the brokerage agreement and shall notify the Client of this fact immediately Prior to conclusion of the agreement or (if justified) extension of its scope, BZ WBK Brokerage shall ask the Client to provide information necessary to assess whether a service provided or a financial instrument offered under the agreement are suitable for the Client, taking into account the Client s individual situation. The Client can refuse to provide such information, which will result in making the assessment impossible, and BZ WBK Brokerage shall inform the Client about it upon entering into the agreement or in the case of services referred to in 84 shall refuse to provide the service or extend the scope of the agreement 2. In order to conclude the brokerage agreement, the Client shall provide BZ WBK Brokerage with information (Client s details) necessary for its conclusion and performance of obligations resulting from the regulations by BZ WBK Brokerage. BZ WBK Brokerage can refuse to enter into the agreement if the Client refuses to provide the required information. 3. Based on the information, referred to in sections 1 and 2, BZ WBK Brokerage shall classify the Client in accordance with the applicable regulations. Prior to conclusion of the agreement, BZ WBK Brokerage shall inform the Client about the ascribed category, the principles of treatment of individual client category, and the possibility of demanding classification change, unless otherwise stipulated under the regulations. 4. In order to conclude the brokerage agreement, a natural person shall produce a valid identity document, and a legal person or other entity a valid document certifying its legal capacity, capacity to undertake legal actions and identity documents of natural persons representing such legal person or entity. 5. The authenticity of data is verified on the basis of the original documents that the Client is obliged to present at CSP or to individuals, referred to in 7 sec. 3. Provisions of 7 sec. 4 and 5 shall apply accordingly. 6. Documents originally issued in a foreign language shall be presented together with their sworn Polish translation. Provisions of 7 sec. 4 and 5 shall apply accordingly. 7. BZ WBK Brokerage can ask the Client to provide additional information or documents whenever such information or documents are considered essential to conclude or perform the brokerage agreement or to meet the obligations resulting from the binding laws; otherwise the brokerage agreement will not be concluded or BZ WBK Brokerage will refrain from providing the services. 8. BZ WBK Brokerage can make copies of the presented documents, unless it is in breach of the legal regulations The brokerage agreement shall be concluded on the date of signing thereof by BZ WBK Brokerage and shall remain in force until the date specified therein. BZ WBK Brokerage shall sign the agreement or notify the Client of its refusal to enter into it within 7 days after receipt of the agreement signed by the Client. 2. The instruction to extend or limit the scope of the brokerage services provided under the brokerage agreement shall become effective on the date specified by the Client therein. 3. BZ WBK Brokerage shall commence providing the services for the Client no later than 1 business day after the date of concluding the brokerage agreement or extending the scope of services, unless otherwise stipulated by the brokerage agreement or the Client s instruction. BZ WBK Brokerage may delay commencing or refrain from providing the services, if the applicable regulations so provide. 10 BZ WBK Brokerage keeps the documentary evidence and electronic records of the Client s statements submitted by means of electronic channels in connection with conclusion, change, termination and performance of the brokerage agreement. The aforementioned documents and records are considered as proof of performance of the activities described therein. 5

7 III. ACCEPTANCE OF ORDERS AND INSTRUCTIONS 11 BZ WBK Brokerage shall accept orders and instructions placed by the Client starting from the date of commencing provision of the brokerage services in connection with such orders and instructions, pursuant to the brokerage agreement The Client can place orders and instructions personally at each CSP. 2. The Client can place instructions by means of electronic channels, in particular sale or purchase orders for financial instruments. BZ WBK Brokerage shall specify by way of resolution a detailed list of orders and instructions accepted in this manner. 3. Order and instruction forms are available at each CSP and on the website, if the services related to such orders and instructions fall within the scope of the services provided in such manner. By placing an instruction or an order via electronic channels, the Client shall accept the information contained in the form and acknowledge reading it. 4. Prior to placing an order to be executed or transmitted by BZ WBK Brokerage, BZ WBK Brokerage shall make applicable regulations, pursuant to provisions stipulated therein, in particular including issue prospectuses, statutes of investment fund companies, or prospectuses of investment funds, available to the Client at each CSP or on the website. BZ WBK Brokerage can fulfil this obligation by informing the Client where and how the Client can get acquainted with such regulations. 5. BZ WBK Brokerage shall record all instructions submitted by the Client via electronic channels using electronic storage media. 6. When the Client s order or instruction is accepted, BZ WBK Brokerage transmits such order or instruction to an appropriate execution venue or carries out such order or instruction itself, in accordance with the information contained therein and the applicable regulations. 7. In the case of an instruction submitted by the Client via electronic channels in order to extend the scope of the agreement to include services the provision of which requires signing an agreement in writing, BZ WBK Brokerage shall prepare an instruction document in writing and sign it on behalf of Client, pursuant to the power of attorney granted by the Client. The Client shall receive one copy of such instruction. 8. BZ WBK Brokerage reserves the right to prepare a document in writing based on any order or instruction submitted by the Client via electronic channels, at any time after it was submitted, pursuant to the power of attorney granted by the Client. 9. BZ WBK Brokerage can determine other manners of placing particular types of orders or instructions. 13 The Client can place orders and instructions during business hours of a CSP or when the website and telecommunication systems are available for use as specified in a relevant resolution. BZ WBK Brokerage can also conclude agreements and accept orders and instructions outside a CSP or beyond business hours pursuant to the terms and conditions specified in a relevant resolution BZ WBK Brokerage may allow the Client to use dedicated rooms at CSPs called the trading floor room, where the Client can submit verbal instructions during particular phases of quotations on a given market. 2. Any dispute arising in connection with verbal instructions placed in the trading floor rooms shall be settled by an authorised employee of BZ WBK Brokerage BZ WBK Brokerage identifies the Client on the basis of his/her valid identification document and when an instruction is placed via electronic channels - on the basis of a code assigned to the Client and a defined password. The procedure for defining, modifying and using the password shall be set forth in a relevant resolution. 2. BZ WBK Brokerage can determine other or additional methods of client identification in respect of all or selected brokerage services. 6

8 3. The Client s code, password and other identification methods, referred to in sec. 2, are confidential and the Client shall be obliged to keep them confidential and prevent their disclosure. Failure to perform this obligation shall be considered a gross breach of the brokerage agreement The Client shall be obliged to complete all forms in such a manner that no doubts arise as to the conformance of the data provided with the actual facts or with the Client s intentions. 2. BZ WBK Brokerage will not transmit or execute any order or instruction placed in a manner that makes the information contained therein unclear. When seeking to interpret an unclear order or instruction, BZ WBK Brokerage takes into account the circumstances under which they were placed. 3. If the Client fails to define any of the execution terms attached to an order or an instruction, BZ WBK Brokerage transmits or executes such order or instruction in accordance with the applicable policy implemented by force of resolution. Any order or instruction lacking minimum requirements set forth in a relevant policy shall be rejected. 4. If the Client fails to define any of the execution terms attached to an order or an instruction, BZ WBK Brokerage can ask the Client to confirm that such order or instruction is to be transmitted or executed under the procedure of sec. 3 above. 5. Provisions of sections 1-4 shall apply accordingly to placement of instructions via electronic channels Each order placed by the Client shall contain the data required under the regulations as specified in the order form. If any of the data is missing, the order will not be rejected on condition that it can be transmitted or executed in accordance with a proper policy. 2. The Client s order can contain additional terms and conditions of the order execution on condition that it is not in breach of the law and BZ WBK Brokerage accepts orders with such terms of execution. 18 The Client can place an order or an instruction with BZ WBK Brokerage, which - when transmitted - will be executed for a third party, in particular a principal who appointed the Client as a proxy holder to act on a particular market, subject to 19 sec. 9. IV. TRANSMISSION OF ORDERS AND INSTRUCTIONS BZ WBK Brokerage shall transmit an order or an instruction to an appropriate execution venue, indicated in the order or instruction form, directly or through an entity defined in applicable regulations or a relevant resolution. 2. BZ WBK Brokerage can transmit orders subject to terms and conditions specified in the regulations, in particular subject to transfer of funds to the account of BZ WBK Brokerage to cover the purchase order for financial instruments. The regulations can also provide for other forms of order coverage. 3. BZ WBK Brokerage shall transmit orders to an appropriate execution venue forthwith, no later than within one business day from the date of order or instruction submission, unless otherwise stipulated in the order or instruction forms or regulations. 4. Orders shall be transmitted to particular execution venues on the first-come, first-served basis, subject to sec. 2 and If an order for the purchase of financial instruments that should be covered with cash transferred to the account of BZ WBK Brokerage is not fully covered by the deadline specified in the regulations, such order will become invalid in whole and as a result will not be transmitted, unless otherwise stipulated by the regulations. 6. The Client s order or instruction transmitted by BZ WBK Brokerage will be executed by an entity providing or acting as an execution venue in accordance with the relevant regulations. 7. The proceeds from the sale of financial instruments on the basis of the Client s order transmitted by BZ WBK Brokerage shall be transferred, in accordance with the regulations, to the account indicated by the Client in the order form, or paid out to the Client in cash, in accordance with the terms defined in a relevant resolution, at an outlet of an appropriate entity managing cash transactions of a CSP in which the Client placed the sale order, or otherwise delivered to the Client as specified in the regulations. 8. Orders shall become invalid in the cases specified in the Terms and Conditions or in the regulations. Specific cases in which orders can become invalid may be stipulated in a relevant resolution. 7

9 9. BZ WBK Brokerage shall not verify whether the contents of orders or instructions, including the details of the Client or a third party for which the Client acts, or information concerning financial instruments being the subject of an order or instruction, comply with the data held by an entity providing or acting as an execution venue where BZ WBK Brokerage transmits orders. In the event of any discrepancies between such data, regulations shall apply and such order or instruction may not be executed. 20 The Client can modify or cancel any order, unless such order is already transmitted, or it is in breach of the regulations. In the event of modification or cancellation of orders, the original orders shall become invalid BZ WBK Brokerage shall seek to match the Client with one or more entities to ensure execution of a transaction, pursuant to the Client s order. 2. In order to identify an entity interested in entering into a transaction, BZ WBK Brokerage can, in particular, contact the entities that earlier expressed interest in a transaction on the terms proposed by the Client, or on similar terms, or obtain declarations of interest in the transaction from other entities on the basis of the information disclosed to them. BZ WBK Brokerage can disclose information related the transaction to the extent permitted by the regulations. 3. If BZ WBK Brokerage finds a party interested in executing the transaction with the Client on terms defined by the Client in his/her order, or on similar terms, BZ WBK Brokerage shall either intermediate in the transaction execution or execute the transaction itself, depending on the joint decision of the Client and the party willing to enter into the transaction. 4. BZ WBK Brokerage shall accept orders referred to in sec. 1 depending on their value or fulfilment of other conditions. The minimum order value or other requirements shall be stipulated in a relevant resolution. V. MAINTENANCE OF ACCOUNTS BZ WBK Brokerage maintains a securities account and a cash account used to manage a securities account for the Client, pursuant to the Client s instruction. 2. The Client can open and close further accounts by placing relevant instructions. 3. As part of the account keeping services, BZ WBK Brokerage can maintain additional technical accounts and other accounting solutions, unless otherwise stipulated by the regulations. Entering financial instruments or cash on such technical accounts may produce effects specified in the regulations, in particular in connection with restrictions on the right to dispose of the financial instruments. 4. BZ WBK Brokerage shall maintain accounts used to register financial instruments or rights other than those subject to recording on the securities account for the Client, unless otherwise stipulated in the brokerage agreement or separate agreements. 5. BZ WBK Brokerage can maintain an account for the Client pursuant to an agreement with a third party or other act of law. In such case, the terms and conditions of maintaining the Client s account shall be stipulated in the agreement signed with such third party or the applicable regulations. In order to exercise the rights to such account or financial instruments entered on the account, the Client may be required to sign an agreement with BZ WBK Brokerage. 6. Cash credited to the account shall not run interest. 7. When the Client s funds are kept by BZ WBK Brokerage in an interest-bearing bank account, the Client shall be entitled to interest on deposited cash in the amount as specified in a resolution. 8. BZ WBK Brokerage shall not be obliged to ensure profit from the Client s deposited cash. 9. Provisions of sec. 7-8 shall apply accordingly to other manners of keeping the Client s funds at a profit. 10. BZ WBK Brokerage can offer interest on funds entered on the account, irrespective of the deposit manner. 11. Interest on funds entered on the account can be accrued on a daily, monthly, quarterly or annual basis, depending on the value of assets or turnover in the account. The value of assets and turnover in the account and the amount of interest paid shall be determined by way resolution BZ WBK Brokerage can provide services for the Client using an account or with the result for an account maintained for the Client by a depository. 2. Provision of services using an account or with the result for an account maintained for the Client by a depository may depend on signing an agreement by BZ WBK Brokerage and a depository, or other third 8

10 party, or performance of other activities. BZ WBK Brokerage shall not be obliged to enter into such agreement or perform other activities, including the Client s requests, unless otherwise stipulated in the brokerage agreement BZ WBK Brokerage shall enter financial instruments acquired both on the organised market and on theover-counter market on the Client s account. 2. Financial instruments acquired by the Client on organised market shall be entered on the Client s account in compliance with the applicable regulations. 3. Financial instruments acquired by the Client outside the organised market shall be entered on the Client s account pursuant to the Client s instruction, when the Client specifies the legal basis for crediting such financial instruments to the Client s account, or where BZ WBK Brokerage is a party to such transaction, acts as an agent or is otherwise involved in it. 4. A document certifying the Client s rights to financial instruments acquired outside the organised market, in particular a proof of purchase of the financial instruments, or a declaration to transfer the financial instruments to the Client, shall provide the legal basis for entering such instruments on the Client s account. 5. When a third party s statement is required to form a legal basis for entering financial instruments on the Client s account, the statement of such third party or confirmation of the statement contained in the document referred to in sec. 4, shall be submitted in compliance with 7 sec BZ WBK Brokerage may ask the Client to provide additional documents or information in connection with entering the financial instruments acquired outside the organised market on the Client s account, if the legal basis for such procedure is dubious or when it is required under regulations The financial instruments subject to joint ownership may be entered on the Client s account. In such case, the rights to such instruments shall be exercised by the Client on whose account the instruments are recorded. Other joint holders can exercise their rights to the financial instruments entered on the account as proxies appointed by the Client or Client s representatives named in an appropriate instruction, when the Client is not a natural person. 2. BZ WBK Brokerage can enter into an agreement with the joint holders of the financial instruments to dispose of the assets entered on the account or dissolve joint ownership of such instruments. 3. BZ WBK Brokerage shall maintain accounts on which the assets subject to joint ownership of spouses are entered, pursuant to the terms and conditions set out in section BZ WBK Brokerage shall transfer financial instruments or cash held by the Client to other accounts of the Client or joint holders of the financial instruments, in accordance with the regulations, pursuant to the Client s instruction. 5. BZ WBK Brokerage shall transfer the Client s financial instruments onto the accounts of third parties based on the Client s instruction. Provisions of 24 sec. 3, 4 and 6 shall apply accordingly. 6. If the financial instruments that are to be transferred are subject to joint ownership, the Client s statement confirming the rights of a person to whose account such financial instruments are to be transferred under joint ownership will be sufficient to effect such transfer. 7. BZ WBK Brokerage shall transfer the financial instruments subject to limited property law or financial instruments of limited marketability, exclusively without prejudice to the above laws or limits, unless otherwise specified by the regulations or the legal relation being the grounds for a limited property title or limited marketability of financial instruments BZ WBK Brokerage shall make payments or accept other instructions debiting the cash entered on the Client s account up to the balance of free cash. 2. Acceptance of an instruction debiting the funds entered on the account will result in blocking an amount of cash required to execute such instruction and deducting such amount from the free cash. 3. The funds designated for performance of instructions are blocked in order of their submission until all free financial resources are used up. 4. The payment instruction shall be valid until the end of the day on which it is placed, and other instructions debiting the funds from the Client s account shall remain valid until the date of their execution or 9

11 cancellation, unless otherwise instructed or determined by the circumstances, separate regulations or the nature of the instruction. 5. When the instruction becomes invalid, the blockade of funds shall be lifted and the balance of free financial resources shall be increased, provided the funds are not used in accordance with the instruction and are still deposited in the account. 6. Instructions debiting the funds entered on the account are subject to cancellation in reverse order of their submission, if the balance of the blocked funds allocated for execution of such instructions decreases in the period between the instruction submission and its execution and there are no available free funds. Instructions shall be cancelled until the total balance of the unblocked funds allows for execution of at least part of the last cancelled instruction The Client can credit the account with cash or non-cash payments. The cash account can be credited with cash exclusively through a bank providing cash services for BZ WBK Brokerage. 2. BZ WBK Brokerage maintains cash accounts in the Polish currency. 3. BZ WBK Brokerage shall open and maintain a currency account based on the Client s instruction. BZ WBK Brokerage shall maintain a currency account only in currencies specified in a resolution. BZ WBK Brokerage can open and maintain a currency account for the Client without a separate instruction, when BZ WBK Brokerage is obliged under regulations to settle a transaction concluded by the Client in a foreign currency or perform any other obligation towards the Client in a foreign currency. 4. BZ WBK Brokerage shall exchange currency based on the Client s instruction. Without a separate instruction of the Client, BZ WBK Brokerage shall exchange foreign currency on the basis of the power of attorney granted to BZ WBK Brokerage by the Client, in the cases specified in a relevant policy, in order to satisfy claims of third parties duly authorised under applicable regulations, or when an obligation resulting from the financial instruments or in connection with such financial instruments is performed in a currency other than the currency in which the Client s account is maintained, subject to sec. 3, sentence BZ WBK Brokerage exchanges currencies through a foreign exchange bank. 6. When a currency is exchanged by BZ WBK Brokerage through a foreign exchange bank, exchange rates fixed by such bank shall be applied. 7. The proceeds from the sale of financial instruments shall be credited to the Client s account after the transaction settlement by a proper clearing house on the date specified in the applicable regulations, or based on other relevant data when the transaction is settled outside a clearing house, provided that the proceeds from such transaction are to be credited to the Client s account in accordance with the regulations and the conditions of the transaction BZ WBK Brokerage shall block the financial instruments and issue a registered deposit certificate for the Client based on the Client s instruction, specifying the type and number of financial instruments, the purpose of issuing the deposit certificate and its validity date. 2. Based on the Client s instruction, BZ WBK Brokerage shall issue a certificate of entitlement to attend the General Meeting of Shareholders and other certificates, pursuant to the applicable regulations BZ WBK Brokerage shall issue an account statement based on the Client s instruction. 2. BZ WBK Brokerage shall issue free of charge an account statement indicating the account balance as at the end of each calendar year and deliver it to the Client in a manner envisaged for correspondence. VI. EXECUTION OF ORDERS AND INSTRUCTIONS Orders shall be valid for the nearest trading session and executed during it, unless the Client specifies other nearest trading session or validity date. 2. The Client s order shall be executed by BZ WBK Brokerage by purchasing or selling financial instruments for the Client s account, based on a brokerage order issued by BZ WBK Brokerage and transferred to an execution venue. 10

12 3. BZ WBK Brokerage can carry out the Client s order by entering into an agreement on the sale of financial instruments to the account of BZ WBK Brokerage, unless otherwise stipulated in the brokerage agreement. 4. The Client s orders and instructions shall be executed in order of their submission, unless otherwise instructed or regulated by the regulations. 5. BZ WBK Brokerage shall verify the coverage for the Client s orders immediately before issuing a brokerage order or immediately before opening of the next trading session, if such brokerage order is transmitted to an execution venue for more than one session. 6. BZ WBK Brokerage shall issue a brokerage order immediately after accepting the Client s order, taking into account the business hours of BZ WBK Brokerage, an entity providing or acting as an execution venue, and a proper clearing house, in compliance with the regulations binding on a given execution venue, unless otherwise instructed by the Client. 7. If a brokerage order issued on the basis of the Client s order becomes invalid or is rejected pursuant to the regulations binding on a given execution venue, BZ WBK Brokerage shall issue another brokerage order, unless otherwise determined by the conditions of the Client s order, or if the Client s order becomes invalid or it cannot be carried out in accordance with the regulations binding on a given execution venue. If the Client s order cannot be interpreted unambiguously when the brokerage order becomes invalid or is rejected, taking into account the circumstances arising from such invalidity or rejection, the Client s order shall become invalid. Specific cases can be regulated by a relevant resolution. 8. The Client s order can become invalid in connection with performance of another Client s order linked by a certain execution condition. In such case, BZ WBK Brokerage shall immediately cancel or modify the Client s order or a brokerage order issued on the basis of the Client s order which has become invalid in whole or in part, unless both brokerage orders are executed before it is possible to cancel any of them. The Client can define the conditions of mutual relations of the placed orders, pursuant to the provisions of a resolution, unless it is in breach of the regulations binding on a given execution venue. 9. BZ WBK Brokerage can accept Client s orders the performance of which, in whole or in part, results in submitting other orders to be next carried out by BZ WBK Brokerage. Other orders can be submitted pursuant to the power of attorney granted by the Client to BZ WBK Brokerage and provided that conditions set forth in the original orders are met. The terms and conditions of other orders shall be defined by the Client when placing the original orders BZ WBK Brokerage shall submit brokerage orders on the basis of sale orders placed by the Client, provided that the Client holds the coverage in the form of unblocked financial instruments or rights to financial instruments being the subject of sale orders and entered in the operational register. 2. As a result of placing sale orders by the Client, the financial instruments or rights, referred to in sec. 1, shall be blocked until the transaction is settled by a proper clearing house, or until the order is cancelled or expires. 3. If the Client s sale order is not fully covered, BZ WBK Brokerage shall perform the Client s order up to the amount of the unblocked financial instruments or rights, referred to in sec If the Client s sale order is not covered at the moment when BZ WBK Brokerage verifies the coverage, the Client s order shall become invalid. This shall not apply to sale orders placed prior to the opening of the trading session, where coverage is subject to verification until the opening of a given trading session. 5. Provisions of sec. 1-4 shall not apply to situations in which, according to the regulations, there could be no financial instruments entered on the Client s account at the time when the Client contracts an obligation to sell them. Such obligations can be contracted on condition that the requirements resulting from the regulations are met. BZ WBK Brokerage may define additional requirements in this respect in a relevant resolution. BZ WBK Brokerage can refuse to accept such order or accept it on condition that the Client places an instruction to extend the scope of the brokerage agreement to include the services related to acceptance, transmission and performance of such orders The Client s purchase order can be covered with free financial resources or funds due to the Client for concluded transactions less liabilities, on condition that such transactions are settled by a competent clearing house no later than on the settlement date of the transaction concluded on the basis of the purchase order. 2. Apart from the funds, referred to in sec. 1, the Client s order can be covered by the receivables limit pursuant to 33 sec. 1 item 2) and 3). 11

13 3. BZ WBK Brokerage shall allocate the receivables limit to the Client, based on the Client s instruction, and specify its maximum value designated for a given account of the Client. 4. If the Client s purchase order is not fully covered, BZ WBK Brokerage shall carry out the Client s order up to the coverage amount BZ WBK Brokerage shall issue a brokerage order based on the purchase order placed by the Client, provided that the Client is able to cover the order: 1) in cash, as referred to in 32 section 1, 2) in part in cash, in the amount specified in the brokerage agreement, and in part using the receivables limit, 3) using exclusively the receivables limit, where expressly permitted by the brokerage agreement. 2. Coverage shall be determined in respect of one account and a single currency. BZ WBK Brokerage can determine coverage for the Client s purchase order taking into account all financial resources which can be used to cover the order, including the funds entered on different accounts of the Client or the funds that require prior conversion into another currency, unless otherwise stipulated in the order execution policy. 3. Under the circumstances referred to in sec. 1 items 2) and 3), in order to carry out the Client s order, BZ WBK Brokerage may designate additional funds, referred to in 32 sec. 1, to cover the order if the receivables limit is not sufficient at the moment when the Client s order coverage is verified. 4. The Client s purchase orders are subject to cancellation in reverse order of their submission, if in the period between their submission and execution there are no sufficient funds to cover such orders. Orders shall be cancelled until the available coverage allows for execution of at least part of the last cancelled order. 5. Provisions of sec. 4 shall apply accordingly to the brokerage orders that are submitted yet not executed. 6. If there are no sufficient funds entered on the Client s account to cover the Client s purchase order at the moment when the order coverage is verified, the Client s order shall become invalid. This shall not apply to sale orders placed prior to the opening of the trading session, where coverage is subject to verification until the opening of a given trading session The value of the purchase order placed by the Client shall amount to the total value of the financial instruments specified in the Client s purchase order plus the estimated commission. 2. The value of the financial instruments subject to the purchase order shall be calculated in the following manner: 1) in the case of orders placed without a price limit it shall be the product of the number of financial instruments subject to the Client s purchase order and the reference rate increased by the maximum acceptable price increase of financial instruments, in accordance with the regulations binding on a given execution venue, subject to sec. 3, 2) in the case of orders placed with a price limit it shall be the product of the number of the financial instruments subject to the Client s purchase order and the price specified in such order. 3. When calculating the value of the financial instruments, BZ WBK Brokerage shall usually take into account the price rise limit applicable to a given execution venue, determined in accordance with the regulations. When such value limit is changed, BZ WBK Brokerage shall recalculate the value of the financial instruments subject to the Client s purchase order, immediately after being notified of such change, and adjust the required coverage accordingly, and if the coverage is insufficient, BZ WBK Brokerage shall modify the brokerage order accordingly. The Client may be called to cover the insufficient coverage if the brokerage order cannot be modified, or to cover the amount required to settle the transaction when such transaction is already performed based on the brokerage order In order to enter into the brokerage agreement under conditions specified in 33 sec. 1 item 2) and 3) of the Terms and Conditions, the Client shall be obliged to establish security to cover the purchase order in part or in whole. 2. BZ WBK Brokerage may waive the requirement to establish security when, according to BZ WBK Brokerage, the Client s financial standing and credibility allow for it. 12

14 36 1. BZ WBK Brokerage shall settle the concluded transactions immediately after receiving the information required for their settlement, pursuant to the regulations binding on a given execution venue. 2. No later than on the settlement date of the purchase transaction, the Client shall be obliged to fully cover the purchase order, using exclusively the funds referred to in 32 sec. 1. Failure to provide sufficient coverage shall be considered a gross violation of the provisions of the brokerage agreement BZ WBK Brokerage shall accept instructions to cancel orders, unless otherwise stipulated by regulations binding on a given execution venue, or when such orders are already carried out in whole. BZ WBK Brokerage can impose restrictions on cancellation of orders in respect of selected execution venues as specified in a relevant resolution. 2. BZ WBK Brokerage shall accept instructions to modify orders, unless otherwise stipulated by regulations binding on a given execution venue, or when such orders are already carried out in whole. The instruction to modify the order shall be considered as a new order and will not require cancellation of the order subject to modification. BZ WBK Brokerage can impose restrictions on modification of orders in respect of selected execution venues as specified in a relevant resolution BZ WBK Brokerage shall specify, in its order execution policy, the list of execution venues where it carries out the Client s orders. 2. Where the Client s order can be carried out in more than one execution venues, BZ WBK Brokerage shall submit the brokerage order and transmit it to an execution venue in accordance with the order execution policy, unless the Client expressly indicates a specific execution venue BZ WBK Brokerage shall accept orders at the broker s discretion. 2. BZ WBK Brokerage shall accept orders at the broker s discretion depending on their value. The minimum value shall be determined in a relevant resolution. 3. BZ WBK Brokerage can submit, modify or cancel brokerage orders placed on the basis of orders at the broker s discretion. 4. BZ WBK Brokerage may refuse to accept orders at the broker s discretion if, according to an authorised employee of BZ WBK Brokerage, execution of such orders is impossible or could be extremely difficult. 5. Under the circumstances referred to in section 4, an authorised employee of BZ WBK Brokerage shall offer the Client the possibility of placing orders other than orders at the broker s discretion BZ WBK Brokerage can carry out the Client s order by entering into the agreement on the sale of financial instruments to its own account with the Client, if the brokerage agreement so provides. 2. The terms and conditions of the transaction or the sale agreement, referred to in sec. 1, shall be determined in the Client s order. Such terms and conditions shall not differ from the terms and conditions applicable to a given execution venue. 3. BZ WBK Brokerage shall specify, in its resolution, the list of financial instruments that can be subject to orders carried out in a manner referred to in sec BZ WBK Brokerage shall not be obliged to carry out the Client s order in a manner referred to in sec. 1 and it can carry out the Client s order on the organised market. 41 BZ WBK Brokerage can carry out the Client s order by concluding the transaction outside the organised market, if the brokerage agreement so provides. Provisions of 40 sec. 2 and 4 shall apply accordingly. 42 Pursuant to the Client s instruction, BZ WBK Brokerage shall issue confirmations of concluded transactions and deliver them to the Client in a manner envisaged for handling correspondence on the date specified in such instruction. 13

15 VII. PROVISION OF SERVICES RELATED TO DERIVATIVES BZ WBK Brokerage shall provide services related to derivatives, pursuant to the Client s instruction extending the scope of the brokerage agreement. 2. BZ WBK Brokerage shall provide services related to derivatives, in accordance with the terms and conditions of trading and standards of derivatives Services related to derivatives shall be provided exclusively within a single account of the Client. 2. The Client s derivatives may be recorded in different portfolios within a single account. 3. Derivatives recorded in different portfolios held by the Client shall be treated separately and, in particular, shall not be subject to correlation. 4. The provisions hereof shall apply accordingly to individual portfolios of the Client In connection with acquisition and entering of derivatives onto the account, the Client shall be obliged to place margin under the terms and conditions stipulated herein. The provisions hereof concerning margin shall apply accordingly to premiums and other fees payable under the terms and conditions of trading in a given derivative. 2. BZ WBK Brokerage shall determine the value of margins and limits of positions in accordance with the applicable regulations. BZ WBK Brokerage can determine the value of margins or limits of positions other than required or acceptable in a given execution venue, if the regulations so provide. In particular, BZ WBK Brokerage can apply higher margins or lower limits of positions individually for each Client, taking into consideration risk associated with the Client s investments, his/her portfolio or other circumstances pertaining to the Client or his/her investments. BZ WBK Brokerage shall notify the Client of any change in the value of margin or limits of positions by publishing such information on the website. The notification shall also be made available at a CSP. This shall not apply to individual margins and limits of positions. Notifications concerning such margins and limits of positions shall be made available to the Client in a manner envisaged for in the instruction concerning services related to derivatives. 3. Information about financial instruments that can be used to place margin and the maximum acceptable share of such instruments in margins as well as principles underlying their valuation shall be made available to the Client on the website and at a CSP. BZ WBK Brokerage can determine in its resolution different procedures for placing and covering margins, in particular including the terms and conditions of factoring correlation of positions in derivatives, if the applicable regulations so stipulate. 4. The Client shall not place orders that are not secured by margin. The Client shall be responsible for any consequences resulting from placing and carrying out the order, in particular the Client shall be obliged to place margin in an appropriate amount BZ WBK Brokerage shall carry out the Client s purchase or sale orders for derivatives on condition that the Client places margin and provides funds to cover the estimated commission, subject to sec Margin and funds designated for the estimated commission shall be ensured by establishing blockade on the Client s account. Such funds shall be blocked without a separate instruction of the Client. 3. BZ WBK Brokerage shall release the funds constituting margin if the order is not executed, in whole or in part, in the amount corresponding to the extent to which the order is executed, without a separate instruction of the Client, no earlier than after the end of the session. 4. Blockade of financial instruments established to place margin shall require the Client s blockade instruction. BZ WBK Brokerage shall use the financial instruments to place margin in accordance with the regulations, without a separate instruction of the Client. Margin can be released on condition that it does not drop below the required value. 5. BZ WBK Brokerage may waive the requirement to place margin, if performance of the Client s order results in closing of an opened position or opening of a correlated position, unless performance of the order results in the lack of security for the Client s position in derivatives. 6. BZ WBK Brokerage may waive the requirement to ensure the funds to cover the estimated commission for selected orders, if according to BZ WBK Brokerage such commission can be paid in the course of 14

16 current clearing market procedures and final settlement. Principles underlying the waiver of the requirement to provide funds to cover the estimated commission shall be stipulated in a relevant resolution. 7. When the value of assets is not sufficient to place margin in the required amount, BZ WBK Brokerage shall carry out the Client s order up to the amount of the existing margin. 8. When there are no funds to place margin, the Client s order shall become invalid. 47 Margins unused during trading sessions resulting from closing of positions in derivatives can be used to place margin during a given trading session. This shall also apply to financial instruments subject to blockade that do not secure any order or position. 48 The Client shall be obliged to maintain the required margin in connection with derivatives entered on the Client s account. The Client shall be obliged to verify the level of margin each time after current market clearing and final settlement of transactions in derivatives and immediately bring the margin level back up to the required level, if necessary. The Client shall be responsible for any consequences resulting from failure to perform the aforementioned obligation BZ WBK Brokerage shall carry out daily valuation of the financial instruments constituting margins after each trading session settlement, in accordance with regulations. 2. Depending on the results of the valuation carried pursuant to sec. 1, BZ WBK Brokerage shall lift or establish blockade in respect of margin BZ WBK Brokerage shall make settlement with the Client, based on the information provided by an appropriate clearing house in connection with current market clearing and final settlement of transactions in derivatives, by lifting or establishing blockade in respect of margin. 2. When the Client incurs any liabilities arising in connection with current market clearing and final settlement of transactions, the margin balance shall be reduced by the amount due from the Client. 3. When any receivables arise in connection with current market clearing and final settlement of transactions, the margin balance shall be increased by the amount owed to Client. 4. BZ WBK Brokerage can monitor the margin value during a trading session. If BZ WBK Brokerage finds that settlements between the Client and BZ WBK Brokerage resulting from current market clearing and final settlement of transactions are at risk, BZ WBK Brokerage shall apply accordingly the provisions of 5, or take any other action to prevent such risk. In such case, the Client shall be obliged to perform the obligations imposed by BZ WBK Brokerage. Provisions of 51 section 6 shall apply accordingly. 5. While determining the margin available to the Client during a given trading session, BZ WBK Brokerage can take into account the outcome of the transactions in derivatives carried out during such session prior to their market settlement by an appropriate clearing house If the value of the Client s margin drops below the required level, BZ WBK Brokerage shall block the Client s funds to bring the margin level back up to the required level. 2. The Client shall be obliged to ensure that there are sufficient funds entered on his/her account for BZ WBK Brokerage to bring the margin level back up to the required level. 3. If there are no funds entered on the Client s account to bring the margin level back up to the required level, BZ WBK Brokerage shall issue a margin call to bring the margin level back up to the required level in a manner envisaged for in the instruction related to provision of brokerage services concerning derivatives. 4. The Client shall be obliged to bring the margin level back up to the required level within the deadline specified in a margin call, referred to in sec The Client shall bring the margin level back up to the required level by depositing the required amount in the account. The margin level shall be considered to be brought back up to the required level when the funds are credited to the Client s account. 6. If the margin level is not brought back up to the required level, pursuant to sec. 4 and 5, BZ WBK Brokerage shall close the selected Client s open positions at any time, including successive trading sessions, to be able to reduce the required margin level to the initial margin level. 15

17 52 Provisions hereof concerning the Client s failure to place margin or bring the margin level back up to the required level shall apply accordingly to the Client s failure to perform obligations resulting from positions taken in derivatives. 53 Derivatives shall be entered on the Client s account in connection with the transfer of a portfolio on condition that the required margin is placed. VIII. PROVISION OF SERVICES RELATED TO PROPERTY RIGHTS Provisions hereof concerning the financial instruments admitted to organised trading shall apply accordingly to services related to property rights. 2. When trading in property rights requires margins in order to provide services related to property rights, provisions hereof concerning derivatives shall apply accordingly. IX. PROVISION OF SERVICES RELATED TO FOREIGN FINANCIAL INSTRUMENTS BZ WBK Brokerage shall provide services related to foreign financial instruments, pursuant to the Client s instruction extending the scope of the brokerage agreement. 2. Provisions hereof concerning acceptance, transmission and performance of orders for financial instruments carried out in domestic execution venues shall apply accordingly to services related to foreign financial instruments, subject to the provisions of this chapter. 3. When trading in foreign financial instruments requires margins in order to provide services related to foreign financial instruments, provisions hereof concerning derivatives shall apply accordingly. 4. BZ WBK Brokerage shall open and maintain registers and a foreign currency account, based on the Client s instruction in respect of foreign financial instruments. The currency account shall not be opened, if the Client already keeps such account with BZ WBK Brokerage. 5. BZ WBK Brokerage shall keep foreign financial instruments acquired on behalf of the Clients in its account maintained by a foreign custodian bank. BZ WBK Brokerage shall keep individual records of foreign financial instruments acquired on behalf of the Clients. 56 BZ WBK Brokerage shall perform the brokerage agreement in respect of foreign financial instruments in compliance with the regulations binding on a given execution venue. In particular, all Client s orders and instructions shall be carried out on condition that they comply with the requirements resulting from the relevant regulations Individual convertible currencies shall be registered separately within a single foreign currency account. 2. BZ WBK Brokerage shall transfer convertible currencies abroad through a foreign exchange bank selected in accordance with a relevant policy. 3. When the Client places an instruction concerning funds, which involves transfer between a foreign exchange bank and a foreign custodian bank, or a depository, BZ WBK Brokerage shall transfer such funds immediately and carry out the instruction sufficiently in advance to allow such transfer The register of foreign financial instruments shall be used to record the quantitative and qualitative balance of foreign financial instruments held by the Client. 2. In the case of purchase transactions, as soon as BZ WBK Brokerage receives from a foreign broker confirmation of a transaction concluded in a foreign execution venue, foreign financial instruments acquired 16

18 by the Client shall be registered by BZ WBK Brokerage in the register of rights to foreign financial instruments, in the period between the transaction conclusion and settlement. 3. On the purchase settlement date specified in the transaction confirmation, referred to in sec. 2, BZ WBK Brokerage shall record the acquired foreign financial instruments in the register of the Client s foreign financial instruments. 4. Under the circumstances other than referred to in sec. 3, BZ WBK Brokerage shall record foreign financial instruments in the register of foreign financial instruments as soon as it receives from a foreign broker relevant information confirming changes in the balance of foreign financial instruments entered on the account of BZ WBK Brokerage kept with a foreign custodian bank. 5. Records, referred to in sec. 3 and 4, shall be updated taking into account the time difference resulting from the difference in the geographical longitude and the business hours of BZ WBK Brokerage BZ WBK Brokerage shall act as an agent in the purchase or the sale of foreign financial instruments, or the execution of rights resulting from foreign financial instruments, acting in its own name and on behalf of the Client while carrying out the Client s orders, or acting in the name and for the account of the Client while accepting and transmitting the Client s orders. 2. BZ WBK Brokerage shall pass a relevant resolution to determine the following: 1) foreign execution venues where orders are transmitted or executed, subject to sec. 6, 2) foreign financial instruments for which it acts as an agent, 3) convertible currencies in which it keeps currency accounts, 4) foreign custodian banks with which it cooperates, 5) foreign brokers with which it cooperates, 6) deadlines for submitting broker s orders, 7) types of orders it accepts. 3. The resolutions, referred to in sec. 2 item 1) and 2) shall become effective as of the date of adopting thereof. 4. BZ WBK Brokerage, based on the Client s instruction, shall provide information about: 1) the Client s rights resulting from foreign financial instruments acquired on behalf of the Client, 2) regulations and practices of a given execution venue, 3) regulations regarding safekeeping of foreign financial instruments acquired on behalf of the Client by a foreign custodian bank, 4) general conditions of trading in foreign derivatives and the applicable standards. 5. Information, referred to in sec. 4 item 2) and 4), furnished to the Client shall be obtained from sources considered reliable by BZ WBK Brokerage. 6. When the Client s order, which can be carried out in more than one execution venues, does not expressly indicate a specific execution venue, such order shall be transmitted or carried out in accordance with the applicable order execution policy of BZ WBK Brokerage or a foreign broker, which provides for extra foreign execution venues BZ WBK Brokerage shall select a foreign broker in order to submit broker s orders to it, in accordance with a relevant policy. The Client may indicate a foreign broker or determine conditions other than stipulated in the resolution, if the brokerage agreement so provides. 2. BZ WBK Brokerage shall reject the Client s order, if the Client does not hold a required currency permit. 3. BZ WBK Brokerage shall carry out the Client s order before the deadline for the transfer of funds between a foreign exchange bank and a foreign custodian bank, or a depository. 61 The value of the Client s purchase order for financial instruments shall be calculated in a convertible currency in which such instruments are quoted in a foreign execution venue where the transaction based on such order is to be carried out, and when the order can be carried out in more than one execution venues, where different convertible currencies are used, the value of the purchase order shall be calculated in accordance with a relevant policy. 17

19 62 1. BZ WBK Brokerage shall submit the broker s order based on the Client s purchase order for foreign financial instruments, which do not require margins, on condition that the Client holds funds sufficient to cover the purchase order no later than at the moment when coverage is verified before the broker s order is submitted. 2. The purchase order can be covered with the Client s proceeds from the concluded yet not settled sale transactions involving foreign financial instruments, registered in the Client s receivables register, on condition that: 1) the value of the purchase order is denominated in the same convertible currency as the receivables, subject to sec. 7, and 2) the sale transaction is settled by a clearing house before the purchase transaction is settled or on the same date, and 3) the purchase and sale transactions are settled through the same foreign custodian bank. 3. The purchase order can be covered with funds entered on the currency account and denominated in the same convertible currency as the order value, subject to sec The purchase order can be covered with the receivables limit allocated to the Client pursuant to the brokerage agreement. The coverage of the purchase order with the receivables limit shall be verified on the basis of the last valid exchange rate, taking into account currency risk expressed as a percentage in a relevant resolution. 5. The Client s purchase order shall not be considered as an instruction to exchange funds into a convertible currency in which the order value is expressed, subject to item The purchase order cannot be covered with blocked funds or receivables, or the used receivables limit. 7. If the order execution policy so provides, BZ WBK Brokerage can determine the coverage of the purchase order placed by the Client, taking into account all financial resources which can be used to cover such order, including the funds entered on different accounts of the Client or the funds that require prior conversion into another currency. In order to carry out the Client s order in compliance with the order execution policy, BZ WBK Brokerage can exchange currencies pursuant to the power of attorney granted by the Client, without a separate instruction of the Client. 63 When BZ WBK Brokerage submits the broker s order based on the purchase order placed by the Client, the receivables or funds constituting the order coverage shall be blocked or the receivables limit shall be used until the Client s account is debited in compliance with 67 sec. 1, or until the order becomes invalid The Client can modify or cancel orders, if: 1) the regulations binding on a given foreign execution venue provide for modification or cancellation of orders, and 2) a foreign broker through which the order is executed accepts modification and cancellation instructions, and 3) BZ WBK Brokerage is able to effectively undertake actions to modify or cancel the broker s order. subject to sec Orders shall be modified or cancelled under the procedure applicable to placing of orders. 3. BZ WBK Brokerage can impose restrictions on modification of orders in respect of selected foreign execution venues specified in a relevant resolution The purchase and sale transactions involving foreign financial instruments executed pursuant to the Client s orders shall be settled by BZ WBK Brokerage before the settlement deadline set for such transactions in a given foreign execution venue, taking into account the time difference resulting from the difference in the geographical longitude and the business hours of BZ WBK Brokerage. 2. Transactions concluded in foreign execution venues shall be settled through a foreign custodian bank keeping in custody foreign financial instruments acquired by BZ WBK Brokerage on behalf of its Clients. 3. BZ WBK Brokerage shall settle transactions by recording changes in the Client s account balance. 18

20 66 When the purchase order is covered with the receivables limit, the Client shall be obliged to settle the payment for the acquired foreign financial instruments no later than on the transaction settlement date. In the event of a considerable order value, as specified in a relevant resolution, the payment deadline can be shortened. The payment should be made sufficiently in advance to allow the transfer of funds between a foreign exchange bank and a foreign custodian bank, or a depository. BZ WBK Brokerage can restrict or preclude the use of the receivables limit by the Client in respect of selected foreign execution venues BZ WBK Brokerage shall debit the Client s currency account with an amount equivalent to the Client s obligations resulting from the purchase of foreign financial instruments, denominated in a convertible currency, no earlier than upon receipt of the confirmation of the purchase transaction from a foreign broker. BZ WBK Brokerage shall transfer an amount equal to the value of the Client s obligations resulting from the purchase of foreign financial instruments sufficiently in advance to allow the transfer of a convertible currency to the account of BZ WBK Brokerage kept with a foreign custodian bank so that the purchase transaction is settled by a foreign custodian bank in a timely manner. 2. In the case of sale transactions, as soon as BZ WBK Brokerage receives from a foreign broker confirmation of the transaction, convertible currencies constituting the proceeds from the sale transactions shall be registered by BZ WBK Brokerage in the receivables register, in the period between the transaction conclusion and settlement. 3. In the case of sale transactions, BZ WBK Brokerage shall credit the Client s currency account with a convertible currency resulting from settlement of the sale transaction on the date of crediting such currency to the account of BZ WBK Brokerage kept with a foreign custodian bank Unless otherwise instructed by the Client, any performance and other rights or benefits resulting from the foreign financial instruments acquired by the Client shall be debited from or credited to the Client s account by BZ WBK Brokerage on the date of their execution, unless execution of the aforesaid rights requires any further action. BZ WBK Brokerage shall undertake further actions, referred to in the preceding sentence, in particular, it shall take proceedings in order to satisfy claims resulting from foreign financial instruments, pursuant to a separate agreement with the Client. 2. When the Client s foreign financial instruments are subject to partial redemption, a foreign custodian bank shall specify, at its own discretion, which financial instruments should be partially redeemed, which should be used to make a partial payment or perform other activities affecting less than all foreign financial instruments held by the Client. The settlement conditions of partial redemption in specific cases shall be stipulated in a relevant resolution, pursuant to the regulations binding on a given execution venue BZ WBK Brokerage shall act as an agent in trading in foreign financial instruments which requires margins on condition that the Client enters into the brokerage agreement concerning derivatives with BZ WBK Brokerage. 2. BZ WBK Brokerage may specify the detailed terms and conditions of services related to acting as an agent in trading in foreign financial instruments which requires margins in an relevant resolution, depending on the regulations binding in a given execution venue. 70 BZ WBK Brokerage shall accept and carry out the Client s instructions in respect of property and non-property rights related to foreign financial instruments acquired by the Client other than purchase and sale orders under the conditions laid down in 68 sec. 1. X. INDIVIDUAL PENSION ACCOUNTS (IKE) 71 BZ WBK Brokerage shall provide services related to Individual Pension Accounts (IKE Accounts), pursuant to the Client s instruction extending the scope of the brokerage agreement. 19

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