IWeb CFDs. Terms and Conditions

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1 IWeb CFDs Terms and Conditions

2 Page 01 CFD Trading Terms & Conditions IWeb CFDs is a trading name of IWeb CFDs Limited who are authorised and regulated by The Financial Services Authority. These Terms will apply to the IWeb CFDs trading service only and do not apply to services provided by IWeb (UK) Limited or other companies in its group. Any references to your account within these Terms solely refer to your CFD account and not accounts you may hold with IWeb (UK) Limited or other companies in its group. 1. Warning 1.1 CFD trading is high risk. In CFD trading:- in certain circumstances, your losses may be unlimited; you can lose more than your initial deposit; payments to cover open losses may be needed at short notice to maintain your open positions; debts are legally enforceable. 1.2 When you engage in CFD trading you are responsible for all your trades and everything you do or omit to do. You must monitor your open positions. The information needed to engage in CFD trading and to monitor your open positions is available from these sources: - the Interactive Trading Platform (ITP); the Market Information Sheets; the Website; the IWeb CFDs dealing desk; the information we provide to you, including contract notes and statements. You will need to call the IWeb CFDs dealing desk for some markets, as the relevant information is only available from the dealing desk. You will also need to call the dealing desk if for any reason you do not have access to the other sources (for example you are on holiday). You should also consider placing appropriate orders. See clause You should not engage in CFD trading unless you know what you are doing. In particular, it is your responsibility to make sure you understand:- all the risks, including potential losses; all terminology; how to open and close trades; how you win or lose trades; how to calculate profits, losses and Margin; when you have to make payments to IWeb CFDs. The Website explains some jargon and frequently asked questions. IWeb CFDs' brochure also contains working examples. In addition you can call IWeb CFDs and ask for a general explanation or attend one of the seminars we run (at your cost); please refer to the Website for details. 1.4 IWeb CFDs:- acts as principal on an execution only basis; has no obligation to you to monitor your trades or assess or advise whether your trades are suitable for you. 1.5 If you are classified as an intermediate customer you agree that IWeb CFDs does not owe you a duty of best execution (within the meaning of COB). 1.6 At the date of publication of the Terms CFD trading is not subject to English stamp duty. Legislation and tax laws change. You take the risk that your trades may be or become subject to tax (including stamp duty) e.g. because of changes in legislation or your personal circumstances, for example if you trade by way of a business. We do not warrant that no tax or stamp duty will be payable. You will be responsible for all taxes and stamp duty in respect of your trades and will indemnify us against them. 1.7 If in doubt, you should obtain legal and/or independent financial advice. 1.8 There are some parts of these terms which contain particular rights of IWeb CFDs or limitations on our liability to you and which we particularly wish to draw to your attention, as follows: - our right to vary spreads and set prices; clause 7; our right to vary the method of calculating the financing charge, financing rates and/or the types of CFDs to which the financing charge applies; clause 10.4; our right to vary the method of calculating commission, commission rates and/or the types of CFDs to which commission applies; clause 11.4; our right to reject any offer to trade; clause 12.7; our right to re-classify you; clause 20.2; our right to suspend your Account; clause 20.4; our right to close your Account; clauses 20.6, 20.9 and 29.2; our right to close or void your trades; clauses 17.11, 20.6, 20.11, and 25.3; our right to alter your Waived NTR; clauses 20.6 and 20.7; our right to change your Account to a Limited Risk Account; clauses 20.6 and 20.7; our right to alter NTR Factors and minimum and maximum trade sizes; clauses 8.1 and 20.8; our right to alter the Terms; clause 27; our right to charge interest on overdue amounts; clause 20.14; our right to combine all accounts you have with us and to set off anything we owe you against anything you owe us; clause 20.18; our rights in the case of a Corporate Action (clause 14.3). We have extensive rights including to change the opening level of trades and the level orders; to close or open trades and to render additional charges. Please refer to clause 14.3; our rights in the case of Manifest Error (clause 21.3) to close, void or amend trades; our rights in the case of Force Majeure Events, Market Disruption Events or Insolvency Events (clauses 21.4 and 21.5). We have extensive rights including to cease or suspend trading, to void, close or adjust trades, adjust prices and/or sizes of open trades or orders, cancel or fill orders, change NTR Factors, prices and spreads and to require payment of amounts owing. Please refer to clauses 21.4 and The above is not an exhaustive list of our rights, nor are all relevant clauses referred to. above merely serves to highlight some of the most important rights. 2. Definitions 2.1 Words with capital letters have particular meanings. See clause 36. If anything is unclear, please call IWeb CFDs and ask for an explanation. 3. Classification 3.1 In order to comply with the Regulatory System, IWeb CFDs will classify you as an intermediate or a private customer. We can also re-classify you; see clause When considering your application, classifying and dealing with you, we rely on information you provide. If there is any material change in that information you must immediately tell us in writing (for example, change of employment, address, contact details, material changes to financial status or bank/credit card details). 3.3 The Risk Warning Notice applies to private customers. 3.4 The Intermediate Customer Notice applies to intermediate customers. 4. Your Account 4.1 If we accept your application to open an Account, we will open an Account for you. We may designate that Account as a Limited Risk Account. 4.2 Limited Risk Accounts: - do not have Waived NTR; can only be operated if a Guaranteed Stop Loss Order is used with each opening trade placed. If you do not place a Guaranteed Stop Loss Order when you open a trade we will place one for you at the minimum stop level away from your trade. See clause 15.5 in relation to Guaranteed Stop Loss Orders. See the ITP, the Website or the Market Information Sheets for minimum stop levels or refer to the dealing desk; have a more limited range of available markets. See the Market Information Sheets. 4.3 All Accounts, other than Limited Risk Accounts, have Waived NTR, although this may be nil. 4.4 If we open an Account in your name, and that of someone else, you will both be responsible for that Account (jointly and severally). Also, we can accept any instructions (including trades) from either of you, without having to first tell the other. 5. Account Numbers and Passwords 5.1 Your Account will have a unique account number. You will also be given a password, in order to connect to the ITP. 5.2 Keep your Account number and password secret (and separate from each other). See clause in relation to your potential liability for unauthorised trades. 5.3 You must tell us immediately if you are aware or suspect that someone (other than an Agent - see clause 6) has ascertained your Account number and/or password and/or is dealing on your Account. The

3 Page Agency 6.1 If you want someone else to be authorised to deal on your Account, you must inform us. If we consent and appropriate documentation is signed, then you may appoint an Agent to deal on your Account. We can (acting reasonably) refuse consent and we will require information from the proposed Agent (e.g. evidence of identity) just as if the Agent was opening an account with us in his own name. 6.2 If you do appoint an Agent, you will still be treated as IWeb CFDs' client for all purposes including under COB rule You will be responsible for everything done or omitted by an Agent. 6.4 We have no duty to monitor the trades, orders or other acts or omissions of your Agent. However, if you have appointed an Agent and we have reasonable concerns that he may not be acting with your authority, we are entitled to give you at least 7 days in which to confirm the appointment. If you do not do so, we will be entitled to treat the appointment as terminated and to refuse to accept instructions from that Agent. We will give you notice of that. 7. Prices 7.1 IWeb CFDs normally quotes bid prices (at which you can offer to sell) and offer prices (at which you can offer to buy) for each market. Prices are determined by IWeb CFDs. Clients may "sell" at the lower (bid) price, also known as a down trade, or "buy" at the higher (offer) price, also known as an up trade. 7.2 The difference between the lower and higher price (referred to above) is the IWeb CFDs spread. The Market Information Sheets and the ITP give indications of typical IWeb CFDs spreads on most markets but for some markets you may need to call the IWeb CFDs dealing desk. In addition: - for some markets our spreads may change frequently, particularly in the case of trades relating to single shares, as our spread is related to the price of the share in the underlying market; we have the right to vary our spreads at any time with or without notice. 7.3 IWeb CFDs prices are available on the telephone and for more liquid markets are usually available on the ITP. The price will be given for the market you request. 7.4 You can only offer to place a trade on a current valid price. Prices are set by us in our absolute discretion. A price may change or cease to be valid at any time after it has been quoted and before your offer to trade is accepted. If you are told a price is "indication only" or no longer valid (e.g. by use of the phrase "interrupt" "change" or "off") you cannot trade on it. You can only trade on prices given over the telephone during the same telephone conversation in which the price was given to you. Additionally, your offer to trade is subject to acceptance by us, see clause Trades are conducted and settled in the currency specified in the Market Information Sheets in respect of the relevant trade, unless IWeb CFDs agrees otherwise or the relevant market requires otherwise. 8. Minimum/Maximum Trades 8.1 Trades you wish to place are subject to: - minimum limits; maximum limits; limits that are calculated by reference to your Tradable Funds. Minimum and maximum trade sizes are set by IWeb CFDs and can be found in the following sources: - the ITP; Market Information Sheets; the Website; the IWeb CFDs dealing desk (particularly for one-off markets or if changed since publication of the Market Information Sheets). IWeb CFDs can vary minimum and maximum trade sizes (see clause 20.8). You must make sure you know the current limits. IWeb CFDs also has the right to waive any of the trade size limits; see clause In addition to any maximum trade size set by IWeb CFDs, your trade cannot (unless IWeb CFDs agree) be more than a size calculated with regard to your Tradable Funds. We have set out in clause 36 (Definitions) how Tradable Funds are calculated. 8.3 You can calculate your Tradable Funds via the information available on the ITP; note that you will need to access information not only in relation to the Account, but all other accounts you have with us (spread, CFD or otherwise) as Tradable Funds takes account of the situation on all these accounts. If you are unsure, please telephone IWeb CFDs' dealing desk. 8.4 Once Tradable Funds have been calculated, the maximum size of your trade is the lower of: (a) maximum trade size set by IWeb CFDs (as referred to in clause 8.1) and (b) a trade size calculated as follows: - Tradable Funds NTR Factor. NTR Factors vary depending on the market concerned. Sources of information for the NTR Factors are: - the ITP; Market Information Sheets; the Website; notices from us to you; in our newsletters. It is your responsibility to make sure you access the above so that you know the current NTR Factor. If in doubt, call the IWeb CFDs dealing desk. IWeb CFDs has the right to vary Waived NTR and NTR Factors. See clauses 20.6, 20.7 and If your Tradable Funds are a negative figure you may not be permitted to trade unless you deposit funds with IWeb CFDs, so that Tradable Funds are sufficient for the trade you wish to place. This applies regardless of the type of Account you have. 8.6 If you place the maximum trade (or more) applicable to you, any adverse market movement may result in Margin becoming due. 8.7 Regardless of any other provision of these Terms, we can permit trades which are above or below any applicable maximum or minimum and whether with or without notice to you. 9. NTR 9.1 NTR is due to IWeb CFDs on each opening trade you place. However we may on a case by case basis waive this requirement in relation to any particular trade. It is your responsibility to make sure you know the required NTR. 9.2 Subject to clause 9.4, in the case of Limited Risk Accounts, NTR is calculated as follows: (level of Guaranteed Stop Loss Order - IWeb CFDs price) x trade size. If this calculation produces a positive figure, that figure is the NTR; if a negative figure is produced NTR is the positive equivalent. 9.3 Subject to clause 9.4, in the case of Accounts other than Limited Risk Accounts, NTR is usually calculated using the NTR Factor. The sources of information for NTR Factors are as above (clause 8.4). Once you know the applicable NTR Factor, NTR is calculated as follows: - (number of CFDs x IWeb CFDs price) x NTR Factor. If you are in any doubt, you will need to call IWeb CFDs' dealing desk. Please also note clause Depending on the size of any proposed trade or order (for example if particularly large), we can (before you place that trade or order) specify such NTR requirements as we think fit. 9.5 IWeb CFDs has the right to vary Waived NTR and NTR Factors. See clauses 20.6, 20.7 and Any new NTR Factor will be applied to existing open positions as well as new trades in accordance with clause 20.8, so additional NTR may become due in respect of open positions. 10. Financing Charge 10.1 A daily financing charge applies to each CFD position open at the close of IWeb CFDs' daily business in respect of that CFD. The financing charge is either paid by you to IWeb CFDs or by IWeb CFDs to you, depending on the type of CFD concerned and whether you are buying or selling. The method of calculation of the financing charge varies depending on the type of CFD concerned. The amount of financing charge will vary as it is calculated by reference to current interest rates (such as LIBOR) You need to refer to the following sources to ascertain whether you pay or receive the financing charge and the method of calculation: - the ITP; the Market Information Sheets; the Website; IWeb CFDs' dealing desk The financing charge will be credited or debited (as appropriate) to your Account on the next Business Day after the day to which it relates IWeb CFDs reserves the right to vary the method of calculating the financing charge, financing rates and/or the types of CFDs to which the financing charge applies by not less than 21 days notice to you.

4 Page It is your responsibility to make sure you access the sources referred to in clause 10.2, so that you know whether you pay or receive the financing charges, how it is calculated and the types of CFDs to which it applies. 11. Commission 11.1 Commission may be payable by you to open and close CFD trades. Whether or not this is the case depends on the type of CFD concerned You need to access the following sources in order to ascertain whether commission is payable to open or close a CFD trade, the rate of commission and whether any minimum amount of commission is payable:- the ITP; the Market Information Sheets; the Website; IWeb CFDs' dealing desk Commission payable will be debited from your Account at the same time as we open or close the relevant position IWeb CFDs reserves the right to vary the method of calculating commission, commission rates and/or the types of CFDs in respect of which commission is payable by not less than 21 days notice to you It is your responsibility to make sure you access the sources at clause 11.2, so that you know current commission rates and the types of CFDs in respect of which commission is payable. 12. Placing and Acceptance of Trades 12.1 In order to trade you either "buy" (an "up trade") or "sell" (a "down trade") at the current price (see clause 7). An up trade is also referred to as a long position and a down trade is also referred to as a short position You can only offer to trade during IWeb CFDs trading hours for the relevant underlying market You can trade using the telephone or the ITP To trade over the telephone you must give your name, Account number and any security information we may request To trade over the ITP you must use your Account number and password Before you place a trade, you must make sure you understand all the specifications, rules, terms and conditions that apply to the relevant market. These are available from the following sources: - the ITP; the Market Information Sheets; the Website; by calling IWeb CFDs We reserve the right not to accept any offer to trade. In particular we can reject any offer you make to trade if: - the proposed trade would be in breach of these Terms, the Regulatory System or any law; any amount you owe us (for example Margin) is overdue for payment; your proposed trade is of such a size (too small or too large) that (acting reasonably) we do not wish to accept that trade; we reasonably believe we will not be able to hedge the proposed trade in the underlying market; the proposed trade would result in you simultaneously holding open positions one of which is long a currency future and the other of which is short its inverse currency future contract (or vice versa) Trades are only accepted by IWeb CFDs verbally by the dealer (for telephone trade) or by specific confirmation message from the ITP (for trades over the ITP) If you are not sure whether a trade has been accepted you must contact IWeb CFDs immediately by telephone. Especially if communication over the ITP breaks down or is interrupted Please note: - it may not be possible to place an opening down trade (a sell) on some equities, especially those which are not liquid and of small market capitalisation. We may, however, (in our absolute discretion) permit you to open such trades subject to charging you an additional premium (set by us) in order to open the trade; whilst it may be very easy to open a trade this may not be the case when closing the trade, due to prevailing market conditions You are responsible for everything done or omitted using your Account number and password or name (as appropriate) and we are not obliged to enquire as to identity or authority. This includes all acts, omissions, trades, orders and instructions (including by an Agent). We cannot be expected to recognise your voice (or that of your Agent). We offer trading facilities over the ITP and do not restrict the domain from which you may access the ITP. Accordingly, we will not have regard to the domain from which an instruction over the ITP emanates. However, you will not be responsible if we have allowed someone (other than you or your Agent) access to your Account through our negligence. In this case we will indemnify you against any loss sustained as a direct result of our negligence In relation to your trades, please note:- we act on an execution only basis; we will not check or have any regard to any assumption made or expressed by you as to the effect of any trade on your overall positions with IWeb CFDs or anyone else. We will treat all trades as a buy or a sell regardless of whether the trade has the effect of opening a new position or closing an existing one; the fact that you bet/trade with anyone else will not affect your trades with IWeb CFDs; you may not hold opposing positions in the same market; for example, if you had originally placed a "sell" trade and you subsequently placed a "buy" trade on the same market, this will close all or part of your original "sell" trade and may create a new open position You are trading on IWeb CFDs prices (see clause 7) in relation to underlying markets. You have no rights or obligations in relation to the markets or assets on which IWeb CFDs prices are based; for example you will not become the owner of any underlying asset, nor be subject to any delivery obligation in relation to it. 13. Closure of Trades 13.1 You can close an "up trade" (or a buy) by selling at the bid price quoted on closing You can close a "down trade" (or a sell) by buying at the offer price quoted on closing Trades can normally be closed at any time during IWeb CFDs's trading hours for the relevant market (please refer to IWeb CFDs, the ITP, the Website or the Market Information Sheets) IWeb CFDs may limit the maximum trade size on closing to the maximum trade size applicable at the time of closing, regardless of the maximum trade size applicable at the time of opening the trade. If the maximum trade size on closing is less than the maximum trade size on opening, you will not be able to close all of your open positions in one trade If you have more than one open trade in the same market, those trades (or part of them) will normally be closed in the order "First In, First Out" (commonly known as "FIFO"). FIFO does not apply: - if we have accepted an express instruction from you as to the order in which any trades should be closed; to any trade which is subject to orders specific to that trade such as a Stop Loss Order. The above trades will be closed in accordance with your instructions or the relevant order, unless you specifically close the trade before your instruction or the relevant order is executed IWeb CFDs is entitled to close any of your open trades in the circumstances set out in clauses17.11, 20.6, 20.11, and Adjustments 14.1 If a dividend adjustment is applicable to any index, sector or equity to which your CFD trade relates and your trade is open at the close of IWeb CFDs business on the last IWeb CFDs Business Day before the relevant ex-dividend date, then IWeb CFDs will make an ex-dividend adjustment to those related index, sector or equity CFD positions held by you and the following apply: - the adjustment will reflect the market interpretation, as determined by IWeb CFDs acting reasonably, of the withholding tax requirements of the relevant tax authority; we may make the adjustments with or without notice to you. If we do so without giving notice; we will notify you that we have done so via your weekly statement; rates of adjustment will be supplied on request; the adjustment will be credited to your Account in the case of a long CFD position; the adjustment will be debited to your Account in the case of a short CFD position We may (acting reasonably) terminate or vary the dividend adjustment depending on changes in the law, the Regulatory System and/or rates of tax If a Corporate Action occurs, we can exercise the rights in this clause 14.3, subject to our obligations to you under clauses 14.4 and Our rights are to: - change IWeb CFDs prices;

5 Page 04 change minimum and maximum trades sizes; change NTR Factors; change the opening level of a trade; change the level of any orders; close any open trades; open new trades in any relevant new market. For example if you have a short position we may (acting reasonably) open a down trade for you if the Corporate Action consists of a rights issue; make an appropriate credit or debit to your Account We can only exercise the rights in bullet points 4 to 8 of clause 14.3 if the Corporate Action has occurred in relation to a share/equity to which your trade directly or indirectly relates; note that we can, for example, exercise those rights if your trade is in respect of any related product such as a sector CFD. When exercising those rights:- we will act reasonably in order to endeavour to preserve the economic value of the relevant trade/order; those rights will relate to open positions held at the close of business on the Business Day preceding the ex-date relating to the Corporate Action; depending on the nature of the Corporate Action concerned we may exercise those rights with or without notice. If we exercise without notice, we will give you notice as soon as reasonably practicable that we have done so; we will make adjustments to your Account as soon as we reasonably can, usually on or around the date we exercised the rights concerned If you have a short position relating directly or indirectly to an equity, IWeb CFDs may hedge this by taking a short position on the equity with a hedging institution. In this case: - there may be instances where the amount of stock available to borrow may be tight or otherwise in short supply and, as a result, charges may be incurred by us. In these instances, IWeb CFDs may, without notice to you, pass this borrowing charge on to you in the form of a daily special borrowing charge. This charge is at the discretion of our hedging partners and is subject to fluctuation. We will notify you if we render any such charge; if we are obliged to close the underlying hedging position, (for example the underlying equity becomes unborrowable and/or a buy in notice is enforced by the relevant exchange) we can (with or with notice to you) close your position at our price based on the underlying closure price. If we exercise this right without giving you prior notice, we will give you notice that we have done so as soon as reasonably practicable We can render an additional charge to take account of stamp duty or other taxes incurred by us in relation to equities to which your trade directly or indirectly relates. 15. Orders General 15.1 On certain markets where you have open positions or wish to open a position, we will accept instructions (orders) to trade when the IWeb CFDs price reaches a level set by you. To find out the markets on which we accept those orders, please call the IWeb CFDs dealing desk or refer to: the ITP; Market Information Sheets; the Website In these Terms: - "IWeb CFDs Quote" (otherwise known as "Our Quote") means that the relevant order will be executed: - in the case of a buy trade, if the IWeb CFDs offer price reaches the relevant price or trades through it; in the case of a sell trade, if the IWeb CFDs bid price reaches the relevant price or trades through it. In relation to execution of orders see clause "Good For The Day" or "GFTD" means that the order is only effective on the Business Day on which it is placed. It ceases to have effect on the earlier of: - execution; cancellation of the order by you; cancellation in accordance with clause 15.5; cessation of IWeb CFDs trading (on that day) in respect of the relevant market. "Good Till Cancelled" or "GTC" means that the order will remain in effect, on each Business Day until the earliest of the events to occur in the 4 bullet points under GFTD; however, if the event at the 4th bullet point occurs, the order is again effective on the next Business Day (on the same basis). Please note that this means that GTC orders are not monitored or executed outside IWeb CFDs trading hours The following applies to all orders: - orders must be given by telephone or via the ITP (in particular orders cannot be placed by ); we can, acting reasonably, refuse any request to place an order; unless we agree otherwise orders will not be attached to specific trades or other orders. In addition, unless we agree otherwise (for example in relation to orders that attach to a trade), all orders are instructions to open or close a trade regardless of whether the trade has the effect of opening a new position or closing an existing one; all orders must be at levels and on terms acceptable to us, acting reasonably; all Terms that apply to opening or closing a trade (as relevant) have to be complied with both on placing an order (as if you were then placing a trade) and on its execution (for example clause 12.7). We can refuse to accept or execute an order if the relevant Terms are not complied with; all orders are basis "IWeb CFDs Quote" (otherwise known as "Our Quote"); all orders are deemed GTC unless we agree when you place an order that it is GFTD; the level at which orders will be executed is not guaranteed, except for Guaranteed Stop Loss Orders. See below (clause 15.6) in relation to execution of orders; we are not obliged to execute your orders in any specific sequence and you should monitor your Account accordingly. If you have multiple orders, including some attached to specific trades and some which are not, there may be different outcomes if more than one order is triggered at the same time; you are responsible for cancelling any order you have placed; unless you do so the order will be executed (regardless of whether you have closed any of your positions or opened any new positions), unless it has been automatically cancelled as mentioned in clause 15.5; orders which would exceed maximum trade sizes applicable on execution will be executed in tranches (up to the maximum) until filled. The price applicable to each tranche may vary considerably. However, in the case of a Guarantee Stop Loss Order, that order will be filled at the trade size agreed on acceptance of the order. Types of Orders 15.4 The types of orders available fall into two main categories: - Limit Order: A Limit Order is an instruction to trade when the IWeb CFDs price reaches a level (agreed with us) that is more advantageous to the Client than the prevailing price at the time when the order is placed. For example, an instruction to sell a market at a price that is higher than is currently available or to buy a market at a price that is lower than is currently available. Stop Order: A Stop Order is an instruction to trade when the IWeb CFDs price reaches a level (agreed with us) that is less advantageous to the Client than the prevailing price at the time when the order is placed. For example, an instruction to sell a market at a price that is lower than is currently available or to buy a market at a price that is higher than is currently available Other types of orders are variations of Limit Orders and Stop Orders, as follows: - Attached Limits: We may allow a Limit Order to be attached to a specific trade so that the Limit Order will be automatically cancelled if the attendant open position is closed. Stop Loss Order: This is a Stop Order which is attached to a specific trade with the intention of limiting the liability of that trade; i.e. a Client with a long position might leave a Stop Loss Order to sell (in order to close his trade) if the IWeb CFDs price fell to a particular level. Equally a Client with a short position might leave a Stop Loss Order to buy (in order to close his trade) if the IWeb CFDs price rose to a particular level. If a Client closes the position before the level of the Stop Loss Order is reached the Stop Loss Order will be cancelled. Clients should note, particularly when trading on the ITP, the difference between a Stop Order and a Stop Loss Order. A Stop Order that has not been cancelled will remain active for its' lifetime until executed regardless of the effect on the Client's open positions. A Stop Loss Order is attached to a specific trade and will be automatically cancelled if the attendant opening trade is closed. Trailing Stop Loss Orders (or TSLO):This is a Stop Loss Order that operates as above and as follows: - - we agree the initial level of the TSLO with you when you place the order. The difference between the level of the TSLO and the IWeb CFDs price when you placed the TSLO is the reference distance. The reference distance determines if and how the TSLO will move with respect to the IWeb CFDs price of the related open position; - if the IWeb CFDs price moves favourably to the open position, the level of the TSLO automatically moves in your favour to maintain the reference distance. However, see 4th

6 Page 05 bullet point below if the market moves against you and then moves in your favour; - if the IWeb CFDs price moves adversely to the open position the level of the TSLO does not move. Hence the gap between the IWeb CFDs price and the level of the TSLO will narrow. However see 4th bullet point below if the market moves against you and then moves in your favour; - if the IWeb CFDs price moves adversely but before execution then moves favourably to the open position the level of the TSLO will move if the reference difference is restored. At that point the level of TSLO moves in your favour to maintain the reference distance; - the order will be executed (in accordance with clauses 15.2 and 15.6) if the IWeb CFDs bid or offer price reaches or trades through the then current level of the TSLO. "One Cancels the Other" order (OCO): This is a Limit Order and a Stop Order combined such that whichever order is executed first the remaining order is cancelled. These orders are typically used with an open position such that there is a Stop Loss, to limit the liability, and a Limit Order to take a profit. If either order is executed the remaining order will be cancelled. If the Client closes the position with a trade in the normal way, both the Stop Order and the Limit Order will be automatically cancelled. Guaranteed Stop Loss Orders. These are Stop Loss Orders where the agreed level will be the level at which the order is executed regardless of any gapping in the market or IWeb CFDs trading hours. An additional spread or charge (limited risk premium) is charged (on opening the trade) in connection with a Guaranteed Stop Loss Order. Please refer to the Market Information Sheets, the ITP, the Website or the dealing desk. In addition, Guaranteed Stop Loss Orders: - - are only available at our discretion and on some markets; - must be placed at the time the relevant opening trade is placed; - will not be accepted at a level that is closer to the price of the trade than the prevailing IWeb CFDs minimum stop level. That information is available from the dealing desk, the ITP, the Website or the Market Information Sheets; - are deemed GTC. You may ask us to change the level of a Guaranteed Stop Loss Order, though we are not obliged to agree (particularly if Margin is unpaid). The new level must not be closer to IWeb CFDs' then current price than the prevailing IWeb CFDs minimum stop level. If we agree to change the level of the Guaranteed Stop Loss Order, an extra charge may be payable (but this charge does not apply to Limited Risk Accounts). A Client who operates a Limited Risk Account must use a Guaranteed Stop Loss Order on each trade placed. In this case the Guaranteed Stop Loss Order cannot be cancelled by you. It will only be cancelled if you close the related open trade. Execution of Orders 15.6 Except in the case of Guaranteed Stop Loss Orders (see clause 15.7) and subject to clause 15.3, the following applies in relation to execution of orders: - orders will be executed by IWeb CFDs when it is reasonably able to do so; in the case of equity orders, these will only be executed during IWeb CFDs trading hours when those hours co-incide with the trading hours of the underlying market (even if IWeb CFDs quotes outside underlying market hours); orders are executed at the first price reasonably available to IWeb CFDs, on basis "IWeb CFDs Quote/Our Quote". For example, if the relevant underlying market is open and trades through or has opened through the level of an order, commonly known as 'gapping', orders will be executed at the IWeb CFDs price based upon the first price IWeb CFDs are reasonably able to obtain in the underlying market; no orders will be monitored or executed outside IWeb CFDs' trading hours for the relevant market. In the case of markets which continue to trade outside IWeb CFDs' trading hours, the price at which the order may be executed may be substantially different to the order price; if a market has traded through the level of an order outside IWeb CFDs' trading hours, but by the opening of IWeb CFDs trading hours that market has been restored so that the order level is not exceeded, IWeb CFDs will not execute that order at the opening of IWeb CFDs trading hours and the order will continue to be valid; in respect of markets quoted by IWeb CFDs outside the trading hours of the relevant underlying market (for example FTSE 100 trading in US hours), orders may be filled at the IWeb CFDs quote based on a price which is in IWeb CFDs' opinion reasonable in light of prevailing world markets at that time, unless IWeb CFDs has accepted alternative instructions from you Guaranteed Stop Loss Orders will be executed at the agreed level, regardless of any gapping or IWeb CFDs trading hours We are not obliged to inform you that an order has been executed (nor the price at which it has been executed) except by a contract note and statements in accordance with clause If we introduce new types of orders we will notify you in writing and will publish details on the Website or the ITP. 16. How to Calculate a Profit or Loss 16.1 On closure of a trade a profit or a loss will have arisen (subject to the 2nd, 3rd and 4th bullet points of clause 16.2), as follows: - you will have made a profit if the price at which you sold (whether in opening or closing the trade) exceeded the price at which you bought (whether opening or closing the trade); you will have made a loss if the price at which you sold (whether in opening or closing the trade) was less than the price at which you bought (whether opening or closing the trade) Your profit or loss: - is the difference between the opening value of your CFD trade (i.e. number of CFDs/shares x opening price) and the closing value of that CFD trade (i.e. number of CFDs/shares x closing price); plus or minus the financing charge applicable to that trade; minus any commission payable to open and/or close the trade. plus or minus any adjustments in accordance with clause 14 (dividends and Corporate Action) Profit will be credited to your Account Balance Losses will be debited from your Account Balance Unrealised Marked to Market profits (i.e. profits on open positions) will not be credited to your Account. Likewise unrealised Marked to Market losses (i.e. losses on open positions) will not be debited to your Account. Those unrealised profits and losses will be calculated as above, replacing the closing price with the Marked to Market price. Please note that unrealised profits and losses are taken into account in the calculation of Margin (see clause 17). 17. Payment of Margin 17.1 You are liable to pay Margin if the following calculation produces a negative figure: - your Total Position plus any positive Available Funds and less any negative Available Funds If you are liable to pay Margin under clause 17.1, the amount of Margin you have to pay is the amount needed to reduce that negative figure (i.e. calculated under clause 17.1) to zero. For example, if the figure calculated under clause 17.1 is - 5,000, you have to pay Margin of 5, into your Account It is your responsibility (and not IWeb CFDs') to: - ensure you understand how Margin is calculated; monitor your open positions and all other relevant factors used to calculate Margin. All information you need to calculate Margin is available on the ITP. Note that in order to calculate Margin you will need to access information not only in relation to the Account but also in relation to all other accounts you have with us (spread, binary betting, CFD or otherwise) as Available Funds relates to those other accounts. If you are unsure please telephone IWeb CFDs' Margin desk Margin: - is immediately payable. This is the case whether or not demanded and whether or not a Margin Call has been made; is due for payment immediately upon a Margin Call being made; is not the total extent of your financial liability to IWeb CFDs. You must in addition pay all your losses and any other payments due under these Terms You must notify us immediately if you cannot, or believe you will not be able to, meet a Margin payment when due IWeb CFDs is not obliged to make Margin Calls of you at all or within any specific time period. We shall not be liable to you for any failure by us to contact you or attempt to contact you A Margin Call is a request made by us to you for you to pay Margin; we are regarded as having made a Margin Call if we have: - requested payment of Margin by any means of communication, including telephone, answering machine message, voic , pager, letter, fax, or SMS text. You should inform us of any preferred method of contact in advance, particularly when you may be travelling; left a message for you requesting you to contact us, even if you do not contact us (including by leaving a message with someone we reasonably think will pass the message to you, e.g. a work colleague or spouse); used reasonable efforts to contact you, but have been unable to contact you and have been unable to leave a message for you. Clause 28 applies in relation to the time at which a Margin Call will be regarded as having become

7 Page 06 effective. In the 2nd and 3rd bullet points above (except for letter, fax or ) we will not usually leave our company name, (or the nature of the call) but we will leave our Margin telephone number and you will be expected to realise that the call is from us. Our current Margin telephone number is displayed on the Website and in our brochure. We also reserve the right to leave our company name if we think fit to do so. Any message we leave for you requesting you to contact us should be regarded as extremely urgent Subject to the Regulatory System, we may allow you to run open positions or to open trades even if you have not met any Margin payment which is due Margin payments must be settled in pounds sterling or, if we agree, in US Dollars or Euros If Margin exceeds 10,000, we can on or after a Margin Call require payment of the full amount by telegraphic transfer, debit card or any other method of immediate/electronic funds transfer acceptable to us. If we do so, you must pay us as follows: - Margin Call made after noon on a Business Day (or on a non-business Day): payment must be received at least one hour before the close of the relevant underlying market (or if more than one, the first of them to close) on the next Business Day; Margin Call made on or before noon on a Business Day: payment must be received at least one hour before the close of the relevant underlying market (or if more than one, the first of them to close) on that Business Day (unless you provide us with reasonable evidence to show that the payment is in transmission in the banking system and we receive the full payment on the next Business Day) If any of the following events occur: - Margin due exceeds three times your Account Balance; any Margin is not received within three Business Days of a Margin Call; any payment due under these Terms has not been received on the due date and we have given you at least 7 days notice to pay the amount due; any instrument of payment used by you to make payment to IWeb CFDs is not met on first presentation or is subsequently dishonoured; the Regulatory System, applicable law or the FSA require IWeb CFDs to exercise the below rights; an Insolvency Event occurs in relation to you; you die or become a patient under or any Court order is made in respect of you under relevant mental health legislation or we reasonably believe the same to be true. We can close any or all of your open trades on your Account and any other account you have with us, in whole or in part. This will be done on the basis of our current (or next available) price. We can do this with or without notice to you, but we would in any case give you notice as soon as reasonably practicable that we had exercised these rights We can exercise our rights under clause at any time after the relevant event has occurred and regardless of when the underlying market may close. However we generally (but not always) effect closures one hour before the close of the relevant underlying market. 18. Payments of Profits and Losses 18.1 IWeb CFDs can retain Margin, monies required to cover adverse positions (e.g. Marked to Market losses on open positions), realised losses, NTR, Excess NTR, uncleared funds and any other amounts payable to IWeb CFDs under these Terms or in respect of any other account you may have with us You can only be paid your realised profits if: - your Account Balance is in credit; and the following calculation produces a positive figure: your Total Position plus any positive Available Funds and less any negative Available Funds; the amount you will then be entitled to be paid is the smaller of the above two figures. The amount payable will be sent on request by cheque or available for electronic withdrawal in accordance with your instructions to an account in your name. We reserve the right to levy a reasonable charge for electronic withdrawals of less than 5, for same day value Your Account Balance, Total Position and Available Funds can be ascertained via the ITP. You can also call IWeb CFDs If your Account Balance is in debit, the full amount of the debit is due and payable immediately. In addition: - we reserve the right to refuse payment by cheque if: - - the debit balance is 10, or more; - the cheque is drawn on a non-uk clearing bank; - any cheque or other instrument previously given has not cleared on first presentation. if the debt balance is 10, or more, we can require immediate payment (on the same Business Day that payment became due) by telegraphic transfer, debit card or any other method of immediate electronic funds transfer acceptable to IWeb CFDs In relation to payments you make to IWeb CFDs: - all payments must be in pounds sterling, although we may (but are not obliged to) accept payment in US dollars or Euros; you will only be credited for the net cleared amount received after all deductions, for example, bank charges and any other costs of transfer This clause applies if you are an employee of any Associated Company of IWeb CFDs. If this clause applies: - IWeb CFDs, your employer, its Associated Companies and the trustees of any employee benefit trust of which you are a member, can deduct from any amount they owe you, any amount you owe IWeb CFDs; they can pay the amount deducted to IWeb CFDs (to reduce the amount you owe to IWeb CFDs); IWeb CFDs can pay to the persons above any amount it owes you, in order to reduce any amount you owe them. 19. Contract Notes and Statements 19.1 Unless we agree something different with you: - we will send you a contract note on the next Business Day after you place a trade or we fill an order for you; we will issue weekly statements of account showing your Account Balance Contract notes and statements will be sent by post, fax or ; in addition statements will be available on the ITP. In the case of joint account holders, copies sent by post will be sent to both Account holders, though if they live at the same address, only one copy will be sent, addressed to both As soon as you receive any statement or contract note you must check it to ensure it is correct In relation to contract notes and statements: - the absence of a contract note will not affect the validity of any trade or order which has been placed or filled; if you receive a contract note or a statement which you think is incorrect (e.g. it is not your trade or order) you must tell us immediately; if you do not receive a contract note for a trade you believe you have placed (or an order you think we have filled), you must tell us immediately You must keep yourself fully informed and up to date in relation to your trading positions and trades placed. The ITP provides access to open trades, recent transaction history, Account Balances and Tradable Funds. You can also telephone IWeb CFDs The sooner IWeb CFDs is made aware of any error or alleged error, the better IWeb CFDs will be able to investigate. 20. IWeb CFDs' Rights General 20.1 References to notice (in clause 20) means written notice. If we exercise any of our rights under these Terms without giving you notice, we will give you notice that we have done so as soon as reasonably practicable after exercising the right. Re-classification 20.2 IWeb CFDs can review your classification. We can re-classify you at any time in accordance with the Regulatory System. We will give you at least 14 days notice unless a different notice period (or no notice) is required by the Regulatory System. Compliance with law 20.3 We can do anything required by law, including the Regulatory System. This may include closing or suspending your Account or closing any open trades. These rights may be exercised with or without notice, subject to applicable law. Suspension of Accounts 20.4 IWeb CFDs can suspend your Account at any time for any good reason, by at least 14 days notice to you. In addition we can suspend your Account with or without notice if:- we have reasonable grounds to believe that any material representation or warranty made by you to us (including those in clauses (23 and 25.2) is or becomes untrue, inaccurate or misleading in any material respect; we have reasonable grounds to believe that you are in breach of any material provision of these Terms; we have reasonable grounds to believe that you are unlikely to meet any Margin or other payment when due;

8 Page 07 Margin or any other amount owed to us is not paid on time; have reasonable concerns in relation to breach of laws including the Regulatory System; you fail to provide information in relation to any credit check, within a reasonable timescale. You will generally be given two or three requests for information before we exercise this right; we have reasonable concerns that you do not have a sufficient understanding of CFD trading. If we have suspended your Account without prior notice, we will inform you that we have done so If we have suspended your Account, it means that: - we will not close your open trades (unless we are otherwise entitled to do so), but you will still be entitled to close your trades in accordance with these Terms; you will not be permitted to open any new trades; we will investigate the circumstances giving rise to the suspension and providing you cooperate with us we will use reasonable endeavours to conclude our investigation within 5 Business Days. Once we have concluded any investigation we have the rights referred to in clause The outcome of an investigation may result in: - you being entitled to continue to operate your Account in the normal way. We will notify you of this and it will be effective immediately; or the exercise by us of all or any of the following rights: - - closure of your Account. In this case trades will be closed as referred to in clause This may be done with or without notice; if we do so without giving notice we will inform you that we have done so; - altering your Waived NTR. This will be done by at least 2 Business Days notice; - changing your Account to a Limited Risk Account. This will be done by at least 2 Business Days notice. Re-designation of Account to a Limited Risk Account; Alteration of Waived NTR 20.7 IWeb CFDs can change your Account to a Limited Risk Account at any time for any good reason by at least 14 days notice. We can also alter your Waived NTR at any time for any good reason by at least 14 days notice to you. We can also do any of the things referred to in this clause 20.7, with or without notice to you, if we have closed your trades under clause NTR Factors; minimum and maximum trade sizes 20.8 We can alter NTR Factors and minimum and maximum trade sizes at any time. It is your responsibility to make sure you know the current NTR Factors and minimum/maximum trade sizes. Any changes will come into effect immediately upon being published on the ITP and/or in the Market Information Sheets. However, changes will only apply to your open trades and unfilled orders 14 days after publication. Closure of Accounts 20.9 IWeb CFDs can close your Account at any time for any good reason by at least 14 days notice to you. We can do so in particular (by giving that notice subject to as mentioned below) if: - you persistently fail to pay Margin or any other amount owed to us on time; Margin or any other amount owed to us has not been paid within 30 days of its due date; any litigation is commenced between us; you persistently act in an abusive manner when dealing with us; an Insolvency Event occurs in relation to you. In this case we may close your Account immediately without prior notice (though we would inform you that we had done so); you die or become a patient under or any Court order is made in respect of you under relevant mental health legislation or we reasonably believe the same to be true. In this case we may close your Account immediately without prior notice (though we would inform you that we had done so); your trading is of such a size or style that we no longer wish to deal with you On giving notice to close your Account (pursuant to clause 20.9) we will also suspend your Account and it will remain suspended until your Account is closed. During the period of suspension the first and second bullet points of clause 20.5 will apply When closing your Account as referred to in clause 20.9 we will generally, but not always, effect closures one hour before the close of the relevant underlying market. If we have given you notice under clause 20.9 trades will be closed on the next Business Day after the notice expires. Closures will be on the basis of our current or next available price. Once your Account has been closed you will not be permitted to open any new trades We can also close your Account as referred to in clauses 20.6 and Closure or Voiding of Trades We can close any open trade as referred to in clauses 17.11, 20.6, and We can also close or void any open trade if: - we are in dispute with you over that trade. In this case we can (acting reasonably) close all or part of the trade and whether or not that action is required to minimise the amount in dispute. The trade will be closed on the basis of our current (or next available) price; the trade has been placed in material breach of these Terms. The trade will be closed on the basis of our current or next available price; that trade would result in you simultaneously holding open positions one of which is long a currency future and the other of which is short its inverse currency future contract (or vice versa). In this case we will void the trade, as if it had never been placed; We are not obliged to give you any prior notice, but will notify you after we have exercised these rights. Any trade closed under clause 25.3 will be closed on the basis of our current (or next available) price. Interest and Costs If any amount you owe (except interest) is not paid within 7 days of its due date we can charge you interest from the due date until payment in full, (before and after judgement). The interest rate will be 4% above Barclays Bank plc's base rate from time to time You must indemnify IWeb CFDs against all costs and expenses we incur because you fail to pay amounts when due or breach these Terms. These include bank charges, Court fees, legal costs and other third party costs reasonably incurred Interest, costs and expenses referred to above are debts payable by you to IWeb CFDs. We can deduct them from your Account Balance. Netting All trades and transactions between you and IWeb CFDs in respect of the Account are entered into in consideration of each other and constitute one contract If we have exercised our rights to close all your open trades on the Account and/or to close your Account we can: - combine and consolidate your Account with any or all other accounts you may have with IWeb CFDs (whether Limited Risk Account, spread betting, binary betting, CFD or otherwise, even if any of those accounts have been closed); set-off against each other the amounts referred to in (a) and (b) below: - (a) (b) your Account Balance (if a credit balance), profits on open positions and any amounts that are payable by IWeb CFDs to you of whatever nature and whenever payable (including on any other account you have with IWeb CFDs, even if any of those accounts have been closed); your Account Balance (if a debit balance), losses on open positions, interest, costs, expenses, charges and any and all other liabilities or amounts that are payable by you to IWeb CFDs of whatever nature and whenever payable (including on any other account you have with IWeb CFDs, even if any of those accounts have been closed). You are also entitled to require us to exercise the above rights if we have closed all your open trades on the Account If the rights under clause are exercised all the payment obligations will be consolidated into an obligation for you to pay a net sum of cash to us, or for us to pay a net sum of cash to you The rights in clauses and apply regardless of the currency of any amount payable by us to you or by you to us. Currency We can convert from one currency to sterling or any other currency relevant to a particular trade: - any money you owe us or we owe you; any money you pay to us; your Account Balance; any profit or loss on open positions.. Currency conversion will be at prevailing market rates reasonably available to us. We can charge you all commission and costs incurred by us in currency conversion, if we converted because you had paid in a currency other than the currency you should have used. 21. IWeb CFDs' Protections General 21.1 When we exercise the rights in this clause 21 we may give you notice before, at the same

9 Page 08 time or after we have exercised the right referred to, depending on the prevailing circumstances. Any prior notice will be reasonable, having regard to prevailing circumstances. If we exercise any right before giving you notice, we will notify you as soon as practicable that we have exercised the right. Errors 21.2 If a contract note contains an error or is otherwise inaccurate, that will not affect the validity of the relevant trade or other transaction that has been effected If a trade is based on a Manifest Error we are entitled acting reasonably and in good faith: - to void the trade, from the beginning, as if the trade had never taken place; to close the trade on the basis of our then current prices; to amend the trade, so that the trade is the trade that would have been placed in the absence of Manifest Error. We will exercise the above rights as soon as reasonably practicable after becoming aware of the Manifest Error. We can exercise the above rights even if you have entered into (or refrained from entering into) arrangements with third parties relating to the relevant trade and even if you may suffer loss as a result. Force Majeure Events and Market Disruption Events 21.4 If a Force Majeure Event and/or a Market Disruption Event exists, we are entitled to do any of the following: - cease or suspend trading and/or alter trading times for all or any markets; change NTR Factors, prices and our spreads; change maximum and/or minimum trade sizes; close any or all open trades, refuse any trades, cancel and/or fill any orders in each case at such level as we consider in good faith to be appropriate in all the circumstances; make adjustments to the price and/or size of any open trades and/or orders; to void any trade, if IWeb CFDs's prices in relation to that trade are based on trades or prices in relation to any share/equity or other financial instrument and those trades or prices are subsequently cancelled by the relevant exchange; immediately require payment of Margin and/or any other amounts you may owe IWeb CFDs; take or omit to take all such other actions as we deem appropriate in the circumstances to protect ourselves and our Clients as a whole. Insolvency Events 21.5 If an Insolvency Event occurs in relation to an entity to which your trade directly or indirectly relates, we can take any of the steps referred to in clause 21.4 in relation to the markets affected by Insolvency Event. 22. Regulatory Provisions Client Money 22.1 In relation to private customers, IWeb CFDs is subject to the FSA's client money rules (including segregation) In relation to intermediate customers, unless IWeb CFDs has agreed otherwise in writing: - money (received from or held on behalf of an intermediate customer) will not be subject to the protections conferred by the client money rules of the FSA; that money will not be segregated from IWeb CFDs' own money and may be used by IWeb CFDs in the course of its business; intermediate customers rank as general creditors of IWeb CFDs. Interest 22.3 IWeb CFDs does not pay interest on client money or at all (unless it has expressly agreed in writing to pay interest). Complaints and Disputes 22.4 The sooner you raise any complaint or dispute with IWeb CFDs, the easier we will be able to deal with it You should keep your own record of dates and times of transactions, as that will assist us to investigate. It may be difficult or not reasonably possible for us to locate records/tapes in relation to transactions in the absence of reasonable information as to dates and times Copies of our complaints handling procedure are available on request from our Customer Services Department Any complaint or dispute should be raised as soon as reasonably practicable and in any case within 4 Business Days of the date of the relevant transaction or other matter Any complaint or dispute should in the first instance be referred to IWeb CFDs's Customer Services Department. If not resolved to your satisfaction you may refer the matter in writing to our Compliance Manager. In addition if you are a private customer and you are dissatisfied with IWeb CFDs's handling of any complaint, you may refer the matter to the Financial Ombudsman Service, South Quay Plaza, 183 Marsh Wall, London, E14 9SR. Any customer who was an intermediate customer (at the relevant time) does not have the right to refer complaints to the Financial Ombudsman Service. Compensation 22.9 We are covered by the Financial Services Compensation Scheme. You may be entitled to compensation from the scheme if we cannot meet our obligations. You would receive the first 30, in full and 90% of the next 20,000.00, so the maximum compensation is 48, Further information about compensation arrangements is available from the Financial Services Compensation Scheme. Payments to IWeb CFDs No payment is receivable by IWeb CFDs (or to its knowledge by its associates) in connection with any transaction executed by IWeb CFDs with or for you, in addition to or in lieu of any amount payable under these Terms. If any such payment is receivable, we will inform you in advance. 23. Representations and Warranties 23.1 When you enter into these Terms, and each time you place a trade or give any other instruction, you represent and warrant to us that: - all information you have provided to us (including in your Application Form) is true accurate and complete in all material respects; all information you provide to us from time to time is true accurate and complete in all material respects; you have completed, signed and submitted your Application Form yourself (unless you are not a natural person, in which case that has been done by someone duly authorised on your behalf); you (and your Agent, if any) have read and understood these Terms. In relation to CFD trading you (or your agent, if any) have also read and understood in the case of private customers the Risk Warning Notice and in the case of intermediate customers the Intermediate Customer Notice; you are authorised to enter into and perform these Terms, (and complete the Application Form) in compliance with any law regulation charter articles or memorandum of association (or similar document) relevant to you; neither the entry into these Terms nor the placing of any trade or other instruction will violate any law applicable to you (in particular any US law); you understand and accept that if you are not a UK citizen or are non-uk resident (or if you trade from outside the UK) you may also be subject to laws other than English law (including other tax laws) and that these may differ from English law; all trades placed and instructions given are done by you or your Agent (or if you are not a natural person, someone duly authorised on your behalf); these Terms are binding and enforceable upon you; you act as principal. 24. Data Protection 24.1 IWeb CFDs is the data controller in relation to Your Information You agree that IWeb CFDs can: - rely on Your Information in assessing your classification and in all its dealings with you; and its Associated Companies can, store and process Your Information on their computers, databases and any other way You agree that IWeb CFDs and/or its Associated Companies can use, analyse, assess and deal with Your Information as follows: - to consider applications made by you; for financial risk assessment, money laundering checks, compliance, regulatory reporting and fraud prevention. This includes performing credit and identity checks, obtaining bankers' references, making enquiries of credit reference and fraud prevention agencies, undertaking searches of the Electoral Register and making any other enquiries reasonably thought fit. You understand that credit reference and fraud prevention agencies may maintain a record of any enquiry and the information given to them and may share search details and Your Information with us and other organisations for credit, fraud, crime prevention and money laundering purposes (or similar) or to recover or trace debts; to comply with applicable law including the Regulatory System; to operate and administer services supplied, to manage your Account and recover amounts payable; for assessment and analysis (including product and marketing analysis) including to identify products and services which may interest you;

10 Page 09 to help us understand and develop our businesses, services and products You agree that IWeb CFDs and/or its Associated Companies can disclose Your Information as follows: - to our Associated Companies and to any of our/their service providers (including any data processors we or they may engage), agents or sub-contractors (including in connection with legal proceedings), on the understanding that they will keep the information confidential; to the persons referred to in the second bullet point of clause 24.3; to any regulator of IWeb CFDs' business or your employer if it is authorised or exempt under FSMA 2000 (including its compliance officer and by sending contract notes and statements to that compliance officer); in response to enquiries made by credit reference or fraud prevention agencies or any other person we reasonably believe to be seeking a reference or credit reference in good faith; to anyone to whom we transfer all or any of our rights and/or obligations in relation to Your Information under these Terms; to any person to whom we have a duty to disclose or to the extent that the law requires or permits us to disclose (including any governmental, regulatory or other relevant authority) You have the rights under the Data Protection Act 1998, for example to be informed of the type of personal data held and its uses As our business and that of our Associated Companies develops, the way in which we look at, record and use Your Information may change. Generally this will be because of changes in technology and in line with your expectations. If however we believe that the change is not obvious to you, we (or our Associated Companies) will give you notice. If you are notified of a change and continue to maintain Your Account for at least 60 days after you are notified, then you will have consented to that change (unless you write to us and tell us that you do not consent) In order to provide services to you, it may be necessary for Your Information to be transferred to someone who provides a service to us in other countries (including countries outside the EEA). You consent to that. If we do so we will ensure that the person to whom we pass the information agrees to treat it with the same level of protection as if we were dealing with it You agree that we may record all conversations with you and monitor all s sent by or to us. The ITP generally contains a record of all communications/transactions conducted over the ITP, but this is not guaranteed. All those records are IWeb CFDs's property and can be used by us in the case of a dispute IWeb CFDs will add Your Information to its databases/store information manually for the purposes of informing you (whether by letter, telephone (including text messages), electronically by computer or otherwise) about its products and services (including those of other persons) which may be of interest to you. IWeb CFDs will also be entitled to pass Your Information to its Associated Companies, who will also be entitled to use Your Information in the same way in relation to their products/services. If you do not wish to receive this information, please contact IWeb CFDs's Customer Services Department. 25. Market Abuse 25.1 IWeb CFDs will frequently hedge its liability to you by opening analogous positions with other institutions. A consequence of IWeb CFDs doing so is that when you trade CFDs with us your trades can through our hedging exert a distorting influence on the underlying market for the underlying instruments, in addition to the impact it might have on our own prices. This creates a possibility of market abuse and the function of this clause 25 is to prevent such abuse and to enable us to take appropriate action as referred to in clause You represent and warrant to us and agree that each such representation and warranty is deemed repeated each time you open and close a bet/trade that: you will not place and have not placed a trade or trades with us relating to a particular share/equity if to do so would result in you, or others with whom you are acting in concert together, having an exposure to that share/equity which is equal to or in excess of the amount of a declarable interest in the relevant company. For this purpose the level of declarable interest shall be the prevailing level at the material time, set by the stock exchange(s) upon which the underlying share/equity is listed; you will not place and have not placed a trade in connection with: - a placing, issue, distribution or other analogous event; or - an offer, take-over, merger or analogous event in which you are involved or otherwise interested; and you will not place and have not placed a trade that contravenes any primary or secondary legislation or other law or regulatory rules including in relation to insider dealing. For the purposes of this clause you agree that we may proceed on the basis that when you open or close a trade with us relating to a share/equity you may be treated as if you were dealing in securities within the meaning of Part V of the Criminal Justice Act In the event that (i) you place any trade in breach of any of the representations and warranties given in clause 25.2 or (ii) we have grounds for suspecting that you have done so, we may in our absolute discretion (and with or without giving notice to you) and without being under any obligation to inform you of our reason for doing so, close that trade and any other trades that you may have open at that time and also in our absolute discretion:- enforce the trade or trades against you if it is a trade or trades under which you have made losses; and treat all your trades closed under this clause as void if they are trades under which you have made profits, unless and until you produce conclusive evidence that you in fact have not committed the breach of warranty and/or misrepresentation as referred to in clause For the avoidance of doubt, if you do not produce such evidence within the period of six months from the date of closure under this clause 25.3, all such trades will be finally null and void as between us You acknowledge that we will not transfer voting rights relating to an underlying share/equity to you or otherwise allow you to influence the exercise of voting rights held by us or on our behalf You acknowledge that CFD trades are speculative instruments and you agree that you will not enter into any CFD trades with us in connection with any corporate finance style activity We are entitled to report to any relevant regulatory authority any trade or other transaction undertaken by you which may constitute a breach by you of this clause 25. You are reminded of your obligations to make reports to regulatory authorities as required by law or regulatory provisions The exercise by IWeb CFDs of any of its rights under this clause 25 in respect of any trade shall not affect any other right of IWeb CFDs (under these Terms or at law) whether in respect of that trade or any other trade. 26 Intellectual Property 26.1 The ITP, the Website and any and all information or materials contained in them or which we may supply or make available to you (including any software which forms part of those items), are and will remain our property or that of our service providers (including the providers of real time price data to us). In addition: - all copyrights, trademarks, design rights and other intellectual property rights in those items are and will remain our property (or those of our service providers, as appropriate); those items, to the extent supplied or made available to you, are supplied on a nonexclusive, non-transferable and revocable basis (though we will only revoke if your Account has been closed or if our service providers require us to); you must not in whole or in part distribute, re-publish, copy, reproduce, sell, sub-licence or otherwise transfer or disseminate those items; you must not delete, obscure or tamper with copyright or other proprietary notices we may have put on any of those items; you must only use those items for the operation of your Account in accordance with these Terms; if we have provided any materials to you in connection with the ITP you must return those to us on closure of your Account We will use reasonable endeavours to ensure that the Website and the ITP can normally be accessed for use in accordance with these Terms. However: - we do not warrant that they will always be accessible or usable; we do not warrant that access will be uninterrupted or error free; we are entitled to suspend (with or without notice) for any good reason including to carry out maintenance, repair or development (though we will endeavour to give you prior notice); we are not liable if access is prevented or interrupted due to a Force Majeure Event and/or for maintenance, repair or development; technical or communication difficulties may be encountered We warrant that we have the right to permit you to use the ITP in accordance with these Terms We will use reasonable endeavours to ensure that the Website and ITP are free from any virus, but we do not warrant that this will be the case. You must use your own virus protection software You are responsible for ensuring that your information technology is compatible with ours We are required by the providers of real time price data to obtain certain confirmations from you. You confirm in relation to that data (to the extent that we make it available to you) that: - you will not distribute, re-publish or otherwise provide that data to any third party in any manner; you either act in a personal capacity or on behalf of a corporate or other entity (in which case you are duly authorised to act on its behalf); if you act in a personal capacity and you are a registered or qualified professional securities trader or investment adviser, you will use any real time price data to which you have access under these Terms only for the management of your Account. The above confirmations will be deemed repeated each time you access the data referred to above.

11 Page Alteration of Terms 27.1 Subject to clause 27.3 we can amend or replace these Terms (including the Market Information Sheets) in whole or in part by giving you at least 10 Business Days' written notice, unless it is impracticable in the circumstances for that length of notice to be given. Subject to clauses 20.8 and 27.2, the amendments/new Terms apply to all open positions and unfilled orders as at and after the effective date of the change If you object to any amendments or new Terms (as referred to in clauses 20.8 or 27.1), you must tell us in writing within 14 days of the date notice is served on you. If you do not do so, you will be deemed to have accepted them. If you do give us notice that you object, then the amendments or new Terms will not be binding on you, but you will be required to close your Account as soon as reasonably practicable and you will only be permitted to trade in order to close your Account Clause 27.1 does not affect the rights we have reserved elsewhere in these Terms to make changes. 28. Notices 28.1 This clause 28 does not affect: (a) the way in which you can open and close trades and place orders, which should be done by telephone or via the ITP and (b) the manner in which we will send contract notes and statements to you IWeb CFDs and its Clients may serve notices on each other by personal service, post, airmail (if overseas), fax or . In addition we can serve a notice on you via the Website or ITP and (except if written notice is required) verbally, by telephone answering machine message, pager, voic SMS text and by leaving a message with someone who we reasonably think will pass the message to you (for example a spouse or work colleague). Note, in particular, that we can use any of these methods to make a Margin Call or other request for payment Notices to you may be made to your last known home or address, place of work, telephone, fax, pager number, via the ITP or Website or to your other contact details. Notices from you to us must be sent to IWeb CFDs' Customer Services Department, its fax number or e- mail address as appropriate Unless received sooner, any notices or other communications under clause 28.2 (from you to us or from us to you) are regarded as having been given: - personal service: when delivered; post or airmail: on (respectively) the next and 2nd Business Day after posting (unless not posted on a Business Day, in which case service is: on (respectively) the 2nd and 4th Business Day after posting); fax: one hour after a transmission "complete" report is received; one hour after sending, provided no 'not sent' or 'not received' message is received from the relevant providers. In the case of fax and , if the communication was not sent at least 1 hour before close of business on a Business Day, then it will only be regarded as received at 9.00am on the next Business Day In addition notices from IWeb CFDs to you are regarded as having been given: - verbally by telephone or face to face: at that time; telephone answering machine, pager or voice mail: one hour after leaving the message; SMS text; one hour after sending the text; published on the Website or sent via the ITP: one hour after publication or sending; leaving a message with any person: one hour after leaving the message These Terms will be supplied to you in English and we will communicate in English with you. 29. Termination 29.1 There is no minimum duration for these Terms. You may cancel these Terms (in whole, not in part) by serving a notice on us within 14 days of the date of conclusion of these Terms (i.e., the day we allocate an Account number to you; that date is also the date these Terms come into force). That notice must be served in accordance with clause 28 and can be served at Moorgate Hall, 155 Moorgate, London EC2M 6XB. If you do not exercise that right these Terms will continue. In addition to your right to cancel you have a separate and independent right to terminate these Terms (in whole, not in part) by giving us written notice (in accordance with clause 28) to close your Account We can terminate these Terms and close your Account at any time by not less than 3 months prior written notice given to you at any time If either of us give notice to cancel or terminate these Terms in accordance with clauses 29.1 or 29.2 you will only be entitled to place trades or otherwise deal as a Client insofar as necessary to close your Account Cancellation or termination of these Terms will not affect any actual current or contingent rights, remedies or liabilities of either of us including the enforceability of all trades (open or closed) and/or orders. This means that, for example, we will each continue to be liable to pay all amounts payable under these Terms. In addition cancellation or termination will not affect the continuance in force of any provision of these Terms which expressly or by implication is intended to survive termination, for example in relation to open trades or orders, trades placed in order to close your Account and/or to calculate amounts payable Following any cancellation or termination, we can retain any money held to meet your liabilities to us under these Terms and as referred to in clause Limitation of Liability 30.1 Nothing in these Terms shall exclude or limit any liability of IWeb CFDs: - arising by reason of its negligence or wilful default; arising out of fraud or fraudulent misrepresentation; for death or personal injury; or duty IWeb CFDs has to you under the Regulatory System, unless expressly excluded or limited by these Terms in accordance with the Regulatory System We shall not be liable to you for any direct or indirect costs, claims, losses, damages, liabilities or expenses you may suffer or incur: - as a result of the exercise of our rights under clause 21.3 or 21.4 and/or if a Force Majeure Event prevents or delays either of us being able to perform these Terms (including if the ITP is not accessible or usable or you being unable to open or close a trade or give any other instruction); as a result unauthorised access to the ITP by a third party or the corruption of data sent to or by us, unless this has arisen by reason of our negligence (in which case we will indemnify you against loss sustained as a direct result of that negligence); if you are unable to communicate with us, for example temporary or permanent loss of internet or telephone connection (including you being unable to open or close a trade or give any other instruction) Internet communications are not secure unless the data being sent is encrypted Subject to clauses 30.1 and 30.2 and subject to all amounts payable by us to you under the other provisions of these Terms, IWeb CFDs shall in no circumstances be liable to you for any consequential special or indirect loss, loss of profits, loss of opportunity (including in relation to subsequent market movements) or consequential costs, claims, losses, damages, liabilities or expenses you may suffer or incur however and whenever arising (save by reason of our negligence or wilful default) including those in relation to: - your Account; the unavailability of the ITP or the Website; anything done or omitted in relation to and/or arising out of the occurrence of a Corporate Action, Force Majeure Events, Manifest Error or Market Disruption Events; any inaccuracy or mistake in any information given to you; any trades or other transactions you make or refrain from making with IWeb CFDs or any other person; the exercise by IWeb CFDs of any of its rights under these Terms or at law. The above applies even if IWeb CFDs had been advised of the possibility of the Client incurring the same or the same were reasonably foreseeable If the limitations on liability in clauses 30.2 to 30.4 are not acceptable to you, you should not open an Account and should close any Account you have opened When agreeing to accept trades and trade on these Terms and when establishing prices and spreads IWeb CFDs has done so on the basis that the limitations and exclusions on liability contained in these Terms and in particular in this clause 30 are valid and enforceable. IWeb CFDs does not effect insurance in respect of the liabilities limited and/or excluded under this clause 30. If the limitations and/or exclusions on IWeb CFDs' liability in these Terms are not acceptable to you, you should not deal with IWeb CFDs. 31. Waiver and Remedies 31.1 If either of us fails to exercise or delays in exercising any right or remedy, that will not constitute a waiver by either of us of that right or remedy or any other rights or remedies If either of us waives a breach of these Terms that will not constitute a waiver of any other breach and will not affect the other Terms or prevent that party from subsequently requiring compliance with the waived obligation Rights and remedies under these Terms are cumulative and not exclusive of any other rights or remedies including under these Terms or at law All rights granted to IWeb CFDs are exercisable by IWeb CFDs in its absolute discretion IWeb CFDs is entitled to waive or relax any of these Terms from time to time insofar as relates to obligations, liabilities or restrictions otherwise applicable to you (and with or without notice to you). This applies in particular to any limits in relation to your trading activities, NTR and/or Margin requirements. If we have waived or relaxed any Term, we are entitled (with or without notice to you) to subsequently require full compliance with the relevant Term Each of us can in our discretion (in whole or in part) release, compromise or postpone any liability of the other owed to it, and that will not prejudice or affect rights in respect of any other rights or liabilities.

12 Page Severance 32.1 If any provision (or part) is to be found by any court or administrative body of competent jurisdiction to be unenforceable, that provision (or part) will be severed from and will not form part of the Terms, but all other provisions will be unaffected. Each provision and part of a provision in these Terms is separate and severable and enforceable accordingly. 33. Rights of Third Parties 33.1 Each company which is an Associated Company of IWeb CFDs may enforce all of these Terms pursuant to the Third Parties Act. A person who is a permitted successor to or assignee of the rights of IWeb CFDs is deemed a party to these Terms and able to enforce them Except as provided in clause 33.1 no provision of these Terms is enforceable under the Third Parties Act by a person who is not a party. This does not affect any right or remedy of such a person which exists or is available apart from under the Third Parties Act Even if these Terms are enforceable by a person who is not a party, these Terms may be varied, amended or modified, or these Terms may be suspended, cancelled or terminated by agreement in writing between IWeb CFDs and the Client or as otherwise provided in these Terms (including clause 27) or rescinded, in each case without the consent of any such third party. 34. Assignment 34.1 You must not assign or transfer the benefit or burden of these Terms (in whole or in part) IWeb CFDs can assign or transfer the benefit or burden of these Terms (in whole or in part) including to any third party and/or to an Associated Company of IWeb CFDs. In doing so we will comply with the Regulatory System. 35. Entire Agreement 35.1 These Terms contain the entire agreement between us relating to the subject matter of these Terms. These Terms supersede and replace any previous agreement between us relating to the subject matter of these Terms (including any previous IWeb CFDs terms and conditions and/or market information sheets) Each of the parties acknowledges and agrees that in entering into these Terms it does not rely on any undertaking, promise, assurance, statement, representation, warranty or understanding (whether in writing or not) of any person (whether party to these Terms or not) relating to the subject matter of these Terms, other than as expressly set out or referred to in these Terms Subject to clause 35.2, all other terms, conditions and warranties implied by statute or common law are excluded to the fullest extent permitted by law. 36. Definitions 36.1 In addition to expressions defined elsewhere, the following expressions have the meanings set out below: - "Account" your account with us relating to CFD trading. Each account will have a separate account number and will be treated as a separate Account under these Terms "Account Balance" "an Agent" "Application Form" "Associated Company" "Attached Limits" as defined in clause 15.5 "Available Funds" the balance of your Account with us (whether a credit or debit balance) taking into account credits and debits to that Account including any profit or loss arising from closed positions (but not taking into account any open positions). If you trade in a currency other than pounds sterling, the balance in relation to your trades (other than those in pounds sterling) will be notionally converted into pounds sterling for the purpose of calculating your Total Position (at an exchange rate reasonably selected by us) a person authorised to operate your Account as referred to in clause 6 IWeb CFDs Account application form for private customers or intermediate customers in hard copy or on-line a company that is an associate of another within s52 Companies Act 1989 is calculated separately for each account you have with us other than the Account, whether spread betting, binary betting, CFD or otherwise and even if any of those other accounts have been closed. For each such other account the Available Funds on that account (if any) will be the lower of the Account Balance on that account (whether a positive or a negative figure) and the Total Position on that account (whether a positive or negative figure). For the purposes of this definition, Account Balance and Total Position will mean as provided in these Terms, but with reference to each such other account and making appropriate changes depending on the nature of the other account concerned (and in the case of a binary betting account, taking into account "Maximum Binary Loss" in accordance with the terms and conditions applicable to binary bets) "Business Day" Monday to Friday (inclusive) excluding any English public holiday "IWeb CFDs" "we" "us" and "our" City Index Limited (no ) "IWeb CFDs Quote" as defined in clause 15.2 "Client", "you" and "your" "COB" "Corporate Action" (a) (b) (c) (d) (e) (f) (g) "Excess NTR" a person for whom IWeb CFDs has opened an Account and allocated an Account number the Conduct of Business rules of the FSA the occurrence of any of the following in relation to the issuer of any relevant underlying share/equity:- any rights scrip bonus or other issue or offer of shares/equities of whatsoever nature; acquisition of own shares/equities; reduction of share/equity capital; any distribution of cash or shares; a take-over or merger offer; any amalgamation or reconstruction affecting the shares/equities concerned; any other event which in IWeb CFDs' opinion (acting reasonably) has a diluting or concentrating effect on the market value of the underlying share/equity "Force Majeure Event" (a) (b) (c) (d) (e) an emergency or exceptional market condition; the NTR of all open trades on your Account that remains (if any) after deducting the Waived NTR applicable to your Account (if any) any cause preventing IWeb CFDs from performing any or all of its obligations under these Terms which arises from or is attributable to acts events omissions or accidents beyond the reasonable control of IWeb CFDs including:- compliance with any law governmental order or the Regulatory System; any act, event, omission or accident which prevents us from maintaining an orderly market in one or more of the indices/markets/exchanges in respect of which we ordinarily accept trades; any strike, lock-out or other industrial dispute, riot, terrorism, war, civil commotion, nuclear, chemical or biological contamination, sonic boom, act of God, malicious damage, accident, breakdown of equipment, fire, flood, storm, interruption of power supply, failure of a utility service or breakdown of or interruption in any electronic, communication or information system; the suspension or closure of any index/market/exchange or the abandonment or failure of any event upon which we base, or to which we may relate, our prices, or the imposition of limits or special or unusual terms on any such event "FSMA 2000" the Financial Services and Markets Act 2000 "the FSA" "Good For The Day" or "GFTD" as defined in clause 15.2 "Good Till Cancelled" or "GTC" as defined in clause 15.2 "Guaranteed Stop Loss Order" as defined in clause 15.5 "Insolvency Event" (a) (b) the Financial Services Authority and any successor to that authority in relation to you: if a resolution is passed or an order is made for your winding up, dissolution or administration, if any bankruptcy order is made against you, the appointment of a receiver, administrator, manager, administrative receiver or similar officer over, or if any encumbrancer takes possession of or sells, all or any part of your business or assets, the making of an arrangement or composition with your creditors generally or the making of an application to court for protection from your creditors generally (including under Chapter 11 of the US Bankruptcy Code). If the Client is a partnership, the occurrence of any of the foregoing events in relation to any partner in that partnership shall be deemed an "Insolvency Event" in relation to the Client; or if you become insolvent or are otherwise unable to pay your debts as they fall due, or any act of insolvency or analogous event (to those set out in paragraph (a) above) occurs in respect of you "Intermediate Customer Notice" "ITP" "Limit Order" as defined in clause 15.4 "Limited Risk Account" the notice provided to intermediate customers setting out the protections under the Regulatory System that do not apply to intermediate customers an interactive trading platform provided by IWeb CFDs an Account designated by us as a limited risk account

13 Page 12 "Manifest Error" any error omission or misquote (by IWeb CFDs or any third party) which is manifest or palpable including a misquote by the IWeb CFDs dealer taking into account the current market and currently advertised prices, for example wrong price, month, expiry date or market or any error or lack of clarity of any information, source, commentator, official, official result or pronunciation "Margin" as defined in clauses 17.1 and 17.2 "Margin Call" a request or deemed request for payment of Margin as referred to in clause 17.7 "Waived NTR" "the Website" "Your Information" (a) the amount of NTR which IWeb CFDs may in its absolute discretion waive in respect of an Account, subject to variation in accordance with these Terms the website maintained by IWeb CFDs for access by Clients, currently under the URL: all personal and financial information about you which:- is obtained from you (including on your Application Form) or from third parties such as joint account holders, credit reference agencies, fraud prevention agencies or other organisations; and/or "Marked to Market" the value of each open position on your Account calculated at IWeb CFDs' current prices (b) relates to or is ascertained from your Account, the way you use and manage your Account, the transactions and payments made including information as to late payments. "Market Disruption Event" (a) (b) (c) (d) any of the following events:- if trading in respect of the underlying equity/share/market/exchange on which our prices are based is suspended or limited for any reason whatsoever, including by reason of movements in the underlying price exceeding limits permitted by the relevant exchange or if limits or special or unusual terms are imposed on the trading of such equity/share/market exchange by the relevant exchange; trades in relation to any share/equity or other financial instrument are cancelled by the relevant exchange; an unusual movement in the level of, or the unusual loss of liquidity in respect of, the underlying equity/share/market/exchange on which our prices are based or our reasonable anticipation of the occurrence of the same; the occurrence of any other event which causes a material market disruption in respect of the underlying equity/share/market/exchange on which our prices are based "Market Information Sheets" "NTR" "NTR Factor" "One Cancels the Other" or "OCO" as defined in clause 15.5 "Our Quote" as defined in clause 15.2 "Regulatory System" "Risk Warning Notice" "Stop Order" as defined in clause 15.4 "Stop Loss Order" as defined in clause 15.5 the Market Information Sheets prepared by IWeb CFDs and as the same may be amended and/or replaced from time to time in accordance with these Terms notional trading requirement in respect of each opening trade on your Account, calculated in accordance with clause 9 a percentage as from time to time specified by IWeb CFDs the arrangements for regulating IWeb CFDs under FSMA 2000 (including the FSA's rules) the notice provided to private customers setting out a nonexhaustive statement of the risks involved in CFD trading 36.2 In these Terms clause headings are for convenience only and shall not affect the construction of these Terms and (unless the context otherwise requires):- reference to a statute or the Regulatory System also refers to those as amended, replaced and in force from time to time, including any re-enactment or consolidation with or without modification) and to all instruments and orders made under them; the words "including", "include", "in particular", "for example", the letters "e.g." or the like will not limit any general words; the expressions "bet", "betting", "trades" "dealing", "trading" or other analogous expressions include a reference to placing or closing a trade, bet or order and the execution of any order; any reference to "persons" includes natural persons, firms, partnerships, companies, corporations, associations, organisations, governments, states, foundations and trusts (in each case whether or not having separate legal personality); all times refer to UK time All IWeb CFDs trading hours are subject to variation by IWeb CFDs from time to time and may vary according to public holidays (whether UK or elsewhere) and the trading hours of the relevant underlying market. Please refer to the Market Information Sheets. 37. Law and Jurisdiction 37.1 These Terms, all trades and our relations prior to the establishment of any contract between us shall be governed by and construed in accordance with the laws of England The parties irrevocably agree that (except for the right of IWeb CFDs below) the courts of England and Wales will have exclusive jurisdiction over any claim or matter arising under or in connection with these Terms and the legal relationships established by these Terms. Nothing in this clause shall limit the right of IWeb CFDs to take proceedings against the Client in any other court of competent jurisdiction, nor shall the taking of proceedings in any one or more jurisdictions preclude the taking of proceedings in any other jurisdictions, whether concurrently or not, to the extent permitted by the law of such other jurisdiction. 38. Regulation of City Index 38.1 City Index is entered on the FSA's register under number IWeb CFDs's registered office is 3rd Floor, Moorgate Hall, 155 Moorgate, London, EC2M 6XB (telephone ). City Index's main business is the provision of spread betting, CFD trading, binary betting, and related services and products. "Terms" these terms and conditions and the Market Information Sheets, as they may from time to time be amended and/or replaced (in accordance with these Terms), all the foregoing together constituting IWeb CFDs' "terms of business" and "client agreement" for the purposes of the Regulatory System 38.2 City Index is authorised and regulated by the Financial Services Authority, 25 The North Colonnade, Canary Wharf, London E14 5HS.. September 2007 v.11 "Third Parties Act" the Contracts (Rights of Third Parties) Act 1999 "Total Position" is calculated for Accounts other than Limited Risk Accounts as follows: - Account Balance Less Excess NTR (if any) Plus Marked to Market profits (on all open trades) Less Marked to Market losses (on all open trades) And for Limited Risk Accounts is calculated as follows: - Account Balance Less NTR of all open positions Plus Marked to Market profits (on all open trades) Less Marked to Market losses (on all open trades) "Tradable Funds" your Total Position plus any positive Available Funds and less any negative Available Funds. If all amounts payable to us have been paid (including Margin) we will add Unused Waived NTR (if applicable). "Trailing Stop Loss Order" as defined in clause 15.5 or "TSLO" "Unused Waived NTR" the amount of Waived NTR (if any) remaining after deducting the total NTR of all open positions on your Account

14

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1.1 When we engage in CFD or Spot Forex trading with you, we do so on the basis of: - these terms, i.e. our CFD and Spot Forex Terms.

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