GENERAL BUSINESS TERMS BINCKBANK N.V. CONTENTS

INTRODUCTION WARRANTIES, INDEMNITIES AND DEFAULT 1. Definitions and interpretation of terms 3 26. Client warranties and representations 28 2. Risk acknowledgement 8 27. Default and default remedies 28 3. Client classification and investor protection 8 28. Indemnity and limitations on liability 30

SERVICES AND TRADING MISCELLANEOUS 4. Services 9 29. Conflict of interest 32 5. Advice and recommendations 9 30. Confidentiality and recording of 6. Orders and instructions 10 conversations 32 7. Dealings and communications 11 31. No right of cancellation 33 8. Power of attorney 12 32. Amendments of these Terms 33 9. Use of the Trading Platform 12 33. Termination 33 10. Transfer of funds 12 34. Regulatory authority and the guarantee 11. Positions - refusal, close-out and roll 14 scheme 34 12. Prices, errors and changes in conditions 15 35. Disputes and complaints 34 13. Aggregation and split 16 36. Governing law and jurisdiction 34 14. Handling of Clients using Joint Accounts 16 37. Status of Terms, Country Annexes, 15. Use of Liquidity Providers for executing additional applicable business terms, etc. 35 orders or Contracts 16 16. Settlement and delivery of Instruments 17 APPENDICES 17. Delegated trade reporting 18 Appendice I: Risk Disclosures 36 Appendice II: Business Terms Securities Trading 41 CUSTODY SERVICES Appendice III: Business Terms International 18. General provisions 19 Transfer of Funds 50 19. Custody Securities held in omnibus Appendice IV: Market Conduct Information 52 accounts 19 Appendice V: Conflict of Interest Policy 56 20. Corporate Actions 0

FINANCIAL TERMS 21. Commissions, charges and other costs 22 22. Interest, account balance and currency conversions 23

MARGIN REQUIREMENT, PLEDGE, ENFORCEMENT, NETTING AND SET OFF 23. Margin requirement and Margin Positions 25 24. Pledge and enforcement 26 25. Netting and set off 27

2 BinckBank is a tradename of Binckbank N.V. - Licensee Dutch National Bank - Registered at the Authority of Financial Markets (A.F.M.) - Chamber of Commerce Amsterdam 33162223 INTRODUCTION

1. DEFINITIONS AND x. “Client” means the natural or legal INTERPRETATION OF TERMS person, being a customer of BinckBank; 1.1 In these General Business Terms, including xi. “Client Classification” means schedules, appendices and annexes BinckBank’s classification of Clients (hereinafter these “Terms”) the following terms according to the Dutch Financial Act ; shall, unless the context otherwise requires, xii. “Collateral” means (i) any cash, (ii) any have the following meanings and is used in Instruments, (iii) the value of any singular or plural as appropriate: outstanding Contracts of the Client, (iv) i. “Account” means an account of the any guarantee or indemnity accepted Client with BinckBank; by BinckBank pursuant to Clause ii. “Account Statement” means a periodic 26.6, and (v) any other assets of the statement of the transactions credited Client, in each case ((i)-(v)) deposited or debited to an Account; with, possessed or controlled by iii. “Account Summary” means a statement BinckBankor any entity in the BinckBank of the Client’s portfolio of Instruments, Group. open positions, Collateral, cash xiii. “Commissions and Charges” means the deposits etc. at a specific point in time; Commissions and Charges to be paid iv. “Act on Measures to Prevent Money by Clients to BinckBank as stated in the Laundering” means the Dutch Act Commissions, Charges & Margin on Measures to Prevent Money Schedule; Laundering and Financing of Terrorism xiv. “Commissions, Charges & Margin (Wet ter voorkoming van witwassen en Schedule” means commissions, financieren van terrorisme)“); charges, margin requirement, interest v. “Agent” means a natural or legal person and other rates that at any time undertaking a transaction on behalf of are applicable to the Services as another natural or legal person, but in determined by BinckBank and notified the agent’s own name; to the Client or made available at vi. “API” means Application Programming BinckBank’s website www.BinckBank. Interface for the use of alternative com from time to time; trading interfaces or platforms; xv. “Confidential Information” means any vii. “Best Execution Obligations” means the and all information (including personal best execution obligations of BinckBank data) related to the Parties and their as provided by the Order Execution relationship and all dealings between Policy; the Parties, including, but not limited viii. “Business Day” means any day on which to, any information relating to the banks are generally open for business business, investments and finances of in the Netherlands (and not for internet BinckBank, the BinckBank BinckBank banking only); N.V. and the Client; ix. “CFD Contract” or “CFD” means a contract for difference by reference to fluctuations in the level, price or value of the relevant Instrument;

BinckBank is a tradename of Binckbank N.V. - Licensee Dutch National Bank - Registered at the Authority of Financial Markets (A.F.M.) - Chamber of Commerce Amsterdam 33162223 3 xvi. “Conflict of Interest Policy” means xxiii. “Event of Default” shall have the BinckBank’s prevailing policy regarding meaning given to this term in Clause conflicts of interest which is available 27.3; at BinckBank’s website xxiv. “Exceptional Market Condition” www.BinckBank.com; includes, but is not limited to, (i) xvii. “Contract” means any contract, whether the suspension or closure of any oral or written, between BinckBank Regulated Market or other market, and the Client for the purchase of, or (ii) the abandonment or failure of any with reference to, an Instrument and event, service or information to which any other transaction relating thereto, BinckBank relates its quotes and between the Client and BinckBank, other pricing, (iii) the occurrence of an including Margin Positions; excessive movement in the level of any xviii. “Corporate Actions” means a corporate Margin Position and/or any underlying event that may impact the share price market, (iv) situations described in of the relevant company. Corporate Clause 12.4(i) or Clause 12.5(i) and/ Actions include e.g. share and rights or (v) in each of (i)-(iv) BinckBank’s issues, delistings, mergers and reasonable expectation that such event demergers, conversions, share splits, might occur; sell-offs and dividends; xxv. “FIFO Principle” means “First In First xix. “Custody Securities” means securities Out” and entails that BinckBank will, as held in custody by BinckBank, including a general rule, close the oldest Contract shares, bonds, units in collective first in case one or more Contracts with investment undertakings and similar the same characteristics are closed; instruments that are not traded on xxvi. “Dutch Financial Act” means the Dutch margin; Financial Act on Financial Supervision xx. “Durable Medium” means any (in Dutch Wet op het financieel instrument which enables the Client to toezicht)“); store information in a way accessible xxvii. “Force Majeure Event” means, without for future reference for a period of limitation, any abnormal and unfore- time adequate to the purposes of seeable event beyond the the information and which allows reasonable control of BinckBank, the unchanged reproduction of the including technical difficulties, such information stored; as telecommunication failures or xxi. “Eligible Counterparties” means Clients disruptions, utilities failure, categorised as eligible counterparties declared or imminent war, revolt, pursuant to the Dutch Financial Act; civil unrest, catastrophes of nature, xxii. “EMIR” means Regulation (EU) enactment of new legislation, measures No 648/2012 of the European taken by authorities, strikes, lock outs, Parliament and of the Council of 4 boycotts, or blockades (whether or not July 2012 on OTC derivatives, central BinckBank is a party to the conflict), counterparties and trade repositories, notwithstanding that only part of as supplemented from time-to-time BinckBank’s functions are affected by including by the Commission Delegated such events; Regulation (EU) No 148/2013 of 19 December 2012, and the Commission Implementing Regulation (EU) No 1247/2012 of 19 December 2012;

4 BinckBank is a tradename of Binckbank N.V. - Licensee Dutch National Bank - Registered at the Authority of Financial Markets (A.F.M.) - Chamber of Commerce Amsterdam 33162223 xxviii. “Guarantee Scheme for Depositors xxxi. “Instruction Deadline” means the and Investors” means the Guarantee deadline given by BinckBank to the Scheme for Depositors and Investors Client for the Client to give instructions as established by the Dutch Act on a regarding a Corporate Action. Depositor and Investor Guarantee Instruction Deadline may vary from Scheme; deadlines stipulated in the prospectus xxix. “Inside Information” means non-public or other material referring to market information which is likely to have a deadlines; significant effect on the pricing of an xxxii. “Instrument” means any financial Instrument if it was made public; instrument or other instrument, xxx. “Insolvency Proceedings” means whether traded OTC or traded on a dissolution (other than pursuant to Regulated Market or other market, a consolidation, amalgamation or including, but not limited to, shares, merger), bankruptcy, composition bonds and other debt instruments negotiations, suspension of payments, (including debt instruments issued by administration of the insolvent estate governments and public authorities), of a deceased Client, debt restructuring mutual and other investment funds, as well as any other Dutch and foreign currencies, commodities, interest rates, types of liquidation or reorganisation indices, spots and derivatives (including measures caused by the insolvency options, futures, CFD’s, forwards, of the Client, including (i) collective warrants or other Contracts, including proceedings involving realisation of the Custody Securities); assets and distribution of the proceeds xxxiii. “In the money” shall, in relation to put among the creditors, shareholders or options, mean when the strike price is members as appropriate, which involve above the market price, and shall, in any intervention by administrative or relation to call options, mean when the judicial authorities, including where strike price is below the market price; the collective proceedings are xxxiv. “Joint Account” means an Account held terminated by a composition or other by two or more Clients over which each analogous measure, whether or not of the Clients may dispose; they are founded on insolvency or are xxxv. “Joint Account Client” means a Client voluntary or compulsory, (ii) measures holding and disposing over a Joint which involve any intervention by Account with one or more other Joint administrative or judicial authorities Account Clients; which are intended to preserve or xxxvi. “Limit Order” means an order to buy or restore the financial situation and sell at a specified price limit or better which affect pre-existing rights of third and for a specified size; parties, including, but not limited to, xxxvii. “Liquidity Provider” means banks, measures involving a suspension of brokers and/or trading venues through payments, suspension of enforcement whom BinckBank may cover or hedge measures or reduction of claims, and its Contracts with Clients or hold (iii) that the Client has instituted against Clients’ Custody Securities or with it enforcement proceedings in the whom BinckBank otherwise deals in course of which all or substantially all of relation to Clients’ transactions; its assets are seized by a bailiff; xxxviii. “Listed Option” means an option contract between BinckBank and a Client the terms of which are identical to the terms of a Reference Option;

BinckBank is a tradename of Binckbank N.V. - Licensee Dutch National Bank - Registered at the Authority of Financial Markets (A.F.M.) - Chamber of Commerce Amsterdam 33162223 5 xxxix. “Listed Derivative” means a derivative xlviii. “Order Execution Policy” means contract (including a Listed Option) BinckBank’s prevailing policy on the between BinckBank and a Client the execution of Client orders, available on terms of which is identical to the terms BinckBank’s website www.home.saxo; of a Reference Derivative; xlix. “OTC” means “over the counter”, i.e. xl. “Listed Derivative Counterparty” not listed or traded on any Regulated means a Liquidity Provider which (i) Market or other market; enters into a contract with BinckBank, l. “Out of the Money” shall, in relation to which is identical to the relevant put options, mean when the strike price Listed Derivative and (ii) enters into, or is below the market price and shall, in instructs a third party to enter into, the relation to call options, mean when the matching Reference Derivative; strike price is above the market price; xli. “Margin Position” means a Contract li. “Parties” means BinckBank and the opened, maintained and based on a Client; deposit of Collateral which at all times lii. “Personal Data Act” means the Dutch must satisfy the Margin Requirement; Act on Personal Data (in Dutch “Wet xlii. “Margin Requirement” means the bescherming persoonsgegevens”); margin requirement applicable from liii. “Pledge” means the first priority pledge time to time as set out in Clause 26; of the Collateral in favour of BinckBank xliii. “Market Maker” means a person who created under Clause 24.1 of these on an organised, continuous and Terms; systematic basis deals on own account liv. “Principal” means the individual against proprietary capital at prices person or the legal entity which is a defined by the Market Maker in relation counterparty to a Contract; to Instruments and thereby create a lv. “Private Use” means any non- market for such Instruments; commercial use of the Trading Platform xliv. “Market Rules” means the rules, by Clients that are natural persons. regulations, customs and practices lvi. “Professional Clients” means Clients from time to time of any Regulated categorised as professional clients Market and clearing house or other pursuant to the Dutch Financial Act; organisation or market involved in, or lvii. “Reference Derivative” means a otherwise relevant to, the conclusion, derivative contract traded on a execution, terms or settlement of Regulated Market or any other market an Instrument and any exercise of which is identical to (i) the related Listed any power or authority by any such Derivative and (ii) any contract entered Regulated Market, clearing house or into by BinckBank and an Listed other organisation or market; Derivative Counterparty in relation to xlv. “MiFID “ means European Directive the Listed Derivative; 2004/39/EC on markets in financial lviii. “Reference Option” means an option instruments; traded on a Regulated Market or any xlvi. “Misquoted Price” shall have the other market which is identical to (i) meaning given to this term in Clause the related Listed Option and (ii) any 12.4; contract entered into by BinckBank and xlvii. “Net Free Equity” means the net free a Liquidity Provider in relation to the equity as defined in the Commissions, Listed Option; Charges & Margin Schedule, which lix. “Regulated Market” means a regulated forms the basis for the calculation of market as defined in Article 4(1)(14) of interest; MiFID;

6 BinckBank is a tradename of Binckbank N.V. - Licensee Dutch National Bank - Registered at the Authority of Financial Markets (A.F.M.) - Chamber of Commerce Amsterdam 33162223 lx. “Related Orders” means an instruction lxiv. “Services” means the services and by the Client pursuant to which a products provided by BinckBank to its position shall only be closed if a certain Clients from time to time; price level is reached, including Limit lxv. “Settlement/Trade Confirmation” means Orders and Stop Orders; a notification from BinckBank to the lxi. “Related Rights” means any rights Client confirming the execution of an related to the Collateral, including, order and/or a Client’s entry into a but not limited to, (i) all proceeds, Contract; all dividends, interest or other lxvi. “Stop Order” means an order to buy or distributions in cash or in kind to be sell once the price reaches a specified paid or made on or in respect of the level; Collateral, (ii) all allotments, offers, lxvii. “Terms” has the meaning set out in rights, benefits and advantages Clause 1.1; whatsoever accruing, offered, lxviii. “Tick” means the minimum amount that exchanged for or arising in respect of the price or value of an Instrument may the Collateral and (iii) all administrative fluctuate pursuant to the Market Rules rights, including any voting rights; of the relevant Regulated Market; lxii. “Retail Clients” means Clients lxix. “Trade Repository” means a trade categorised as retail clients pursuant to repository, registered in accordance the Dutch Financial Act; with Article 55 of EMIR and chosen by lxiii. “Secured Obligations” means each BinckBank in its sole discretion; of the following items (i) through (iv) lxx. “Trading Platform” means any online (inclusive), whether arising under trading platform made available by these Terms, a Contract, a Margin BinckBank under these Terms; Position or otherwise: (i) any and all obligations of the Client towards 1.2 In these Terms any reference to a person shall BinckBank or any member of the include corporate entities, unincorporated BinckBank N.V., including any right associations, partnerships, any other legal to require cash payment or delivery person and individuals. of Instruments, (ii) any debit balance 1.3 Headings in these Terms are for reference on any Account, (iii) any and all other only and shall not affect the contents or present and future obligations and interpretation of these Terms. liabilities (whether actual or contingent 1.4 In these Terms references to any act, executive or in any other capacity whatsoever) order, statute, regulation or enactment shall of the Client towards BinckBank and include references to such an act, executive the BinckBank N.V., and (iv) all losses, order, statute, regulation or enactment as taxes, expenses, costs and liabilities replaced, amended or modified from time to whatsoever (present, future, contingent time. or otherwise and including reasonable 1.5 In case of a conflict between these General legal fees) which may be suffered Business Terms and the General Banking or incurred by BinckBank or the Terms, these General Business Terms will BinckBank N.V. due to the relationship prevail. with the Client and/or in connection with the protection, preservation or enforcement by BinckBank of its respective rights;

BinckBank is a tradename of Binckbank N.V. - Licensee Dutch National Bank - Registered at the Authority of Financial Markets (A.F.M.) - Chamber of Commerce Amsterdam 33162223 7 2. RISK ACKNOWLEDGEMENT 3. CLIENT CLASSIFICATION AND 2.1 The Client acknowledges, recognises INVESTOR PROTECTION and understands that: 3.1 In compliance with MiFID and the Dutch i. Margin Positions are highly speculative, may Financial Act, BinckBank classifies its Clients in involve an extreme degree of risk, and are three main categories: Eligible Counterparties, appropriate only for persons who accept Professional Clients and Retail Clients. risk of loss in excess of their Collateral with 3.2 BinckBank attaches different levels of BinckBank; regulatory protection to Clients within each ii. because of the low level of Collateral often category. In particular, Retail Clients are required in Margin Positions, changes in the afforded the most regulatory protection. price of the underlying Instrument may result Professional Clients and Eligible Counterparties in significant losses, which may substantially are considered to be more experienced, exceed the Client’s investment and Collateral knowledgeable and sophisticated and able to with BinckBank; assess their own risk and are thus afforded less iii. when the Client instructs or requests regulatory protection. BinckBank to enter into any Contract or 3.3 BinckBank offers its Clients the possibility to purchase any Instrument, any profit or loss on request to be reclassified online and thus to such Contract or Instrument will be entirely for increase or decrease the level of regulatory the Client’s own account and risk; protection afforded. If a Client requests to iv. unless it is otherwise specifically agreed, be treated as an Eligible Counterparty or a BinckBank shall not conduct any continuous Professional Client (either on an overall level or monitoring of the transactions entered into by on a product level), the Client needs to meet the Client neither automatically nor manually. certain specified criteria as provided by the Hence, BinckBank cannot be held responsible Dutch Financial Act. for transactions developing differently from 3.4 The Client acknowledges that the Services that what the Client might have presupposed and/ BinckBank offers to Clients may depend on the or to the disadvantage of the Client; client classification, and that all Services may v. any investments include risks, and the Client therefore not be available to all types of Clients. has received no assurance otherwise and no guarantees of profit or similar representations from BinckBank, any entity of the BinckBank BinckBank N.V., or representatives hereof.

8 BinckBank is a tradename of Binckbank N.V. - Licensee Dutch National Bank - Registered at the Authority of Financial Markets (A.F.M.) - Chamber of Commerce Amsterdam 33162223 SERVICES AND TRADING

4. SERVICES 5. ADVICE AND RECOMMENDATIONS 4.1 BinckBank provides a variety of banking and 5.1 BinckBank provides execution-only services trading related Services. Unless otherwise to the Client unless otherwise agreed. specifically agreed in writing, all Services BinckBank accepts no obligation to provide provided by BinckBank to Clients are subject to individual advice, surveillance, information or these Terms. recommendations in respect of any Instrument 4.2 The Client and BinckBank will enter into any or Service. Contracts as Principals. BinckBank may at its 5.2 If BinckBank provides advice, information or discretion cover or hedge any Contracts with its recommendations to the Client, BinckBank Liquidity Providers, but the Client will have no makes no representation, warranty recourse against any of BinckBank’s Liquidity or guarantee as to, and shall not be Providers. responsible for, the profitability, accuracy or 4.3 BinckBank shall be entitled to consider the completeness of such advice, information or Client as Principal in relation to any Contract recommendations, unless BinckBank has acted even if the Client in its arrangements with any grossly negligently and is liable pursuant to third party acts as Agent on behalf of such third these Terms. party, regardless of whether the Client has 5.3 BinckBank does not provide any advice to the identified the arrangement and/or the third Client on any tax related matters. BinckBank party to BinckBank. encourages the Client to obtain independent 4.4 Notwithstanding any other provision of these advice from its financial advisor, auditor and/or Terms, in providing its Services, BinckBank legal counsel with respect to tax implications of is entitled to take any action considered the respective Services. necessary and reasonable to ensure 5.4 The Client acknowledges, recognizes and compliance with the Market Rules, decisions accepts that (i) any recommendation and any by and agreements with Regulated Markets, information communicated by BinckBank does other markets, Liquidity Providers or public not constitute an offer to enter into a Contract authorities and/or applicable law. or an offer to buy or sell or the solicitation of an offer to buy or sell any Instrument, and (ii) such recommendation and information, although based upon information from sources believed by BinckBank to be reliable, may be based solely on a broker’s opinion, and (iii) any information communicated may be incomplete and may be unverified and/or unverifiable.

BinckBank is a tradename of Binckbank N.V. - Licensee Dutch National Bank - Registered at the Authority of Financial Markets (A.F.M.) - Chamber of Commerce Amsterdam 33162223 9 6. ORDERS AND INSTRUCTIONS 6.4 Only the Settlement/Trade Confirmation made 6.1 The Client may provide BinckBank with available to the Client constitutes BinckBank’s instructions and orders in the form and using confirmation of the execution of a Contract or the media determined by BinckBank from time order. Confirmation by the Trading Platform to time. If the Client submits an order by other itself, when the Client transmits instructions means than the Trading Platform, BinckBank via the Trading Platform, does not constitute manually verifies the basis of the relevant order confirmation of the execution of a Contract or prior to processing, and this may likely result order. in an extended processing time. Placement of 6.5 In the event that the Client believes to orders by telephone may be subject to higher have placed an instruction or order, but commissions than placement of orders via the the Client has not received a Settlement/ Trading Platform. Trade Confirmation, the Client must contact 6.2 The Client’s instructions and orders are binding BinckBank immediately. In the absence of such on the Client when received by BinckBank. If immediate notice from the Client, the order, the Client wishes to withdraw an instruction transaction or Contract may at BinckBank or order to BinckBank that has not yet been BinckBank’s sole discretion be deemed non- executed, the Client may contact BinckBank existent even if received by BinckBank. and request that the order be cancelled, but 6.6 BinckBank will handle orders and instructions BinckBank is under no obligation to accept in accordance with its Order Execution Policy the cancelation of such instruction or order. and applicable law. If BinckBank believes A request for cancellation of an order can be that it is not reasonably practicable to act made via the Trading Platform or by calling upon instructions or orders from a Client BinckBank, except that requests concerning within reasonable time, BinckBank (i) may cancellation of orders, made when the Margin defer acting upon that instruction or order Requirement is not fulfilled, can only be until it is, in BinckBank’s reasonable opinion, made to BinckBank. An instruction or order is practicable to do so, or (ii) notify the Client that not cancelled until the Client has received a BinckBank will not act upon such instruction written confirmation of the cancellation from or order. BinckBank may cancel any order BinckBank. for an Instrument if the specific Instrument is 6.3 No instruction or order from a Client is binding suspended from trading or transferred to the on BinckBank until it has been accepted. observation list on the relevant market. No binding Contract or other transaction 6.7 BinckBank supports different order types is entered into until it has been recorded which are described in, and executed in as executed by BinckBank and confirmed accordance with, its Order Execution Policy. For by BinckBank to the Client through the the avoidance of doubt, Limit Orders and Stop Settlement/Trade Confirmation, subject to Orders are not guaranteed executable at the Clause 12. If an Event of Default occurs, price or amount specified by the Client, but will BinckBank reserves the right to calculate the be executed in accordance with BinckBank’s net amount owed by either party in accordance Order Execution Policy in the absence of an with these Terms regardless of any Settlement/ Event of Default of the Client. Trade Confirmation provided. 6.8 The Client shall be responsible for (i) all orders and instructions provided, (ii) the accuracy of all information sent via the Internet in the Client’s name and (iii) passwords and any other personal identification means implemented to identify the Client.

10 BinckBank is a tradename of Binckbank N.V. - Licensee Dutch National Bank - Registered at the Authority of Financial Markets (A.F.M.) - Chamber of Commerce Amsterdam 33162223 6.9 BinckBank may refuse to act upon any 7.4 The Client is obliged to verify the contents instruction from a client or any person of any communication, notice, statement authorised by the Client if BinckBank or document, from BinckBank whether reasonably believes that the disposal, pursuant sent electronically or in print. Such content, to the instruction submitted, will be in violation shall in the absence of manifest error be of e.g. Market Rules, usual market practice, deemed conclusive evidence, unless the and/or applicable law, including, but not limited Client notifies BinckBank in writing to the to, legislation on money laundering and insider contrary immediately after having received trading. Further, BinckBank may refuse to act such communication, notice, statement or if such disposal, in BinckBank’s sole discretion, document. will put the Client’s and/or BinckBank’s 7.5 In order to protect the interests of the Client economic solidity at risk. and/or BinckBank, the Client shall promptly carry out any action, which BinckBank 7. DEALINGS AND COMMUNICATIONS may reasonably request, e.g. in relation to 7.1 From the Trading Platform, the Client can print Corporate Actions. If the Client does not reports on trading activities, Account balances, carry out such an action promptly, BinckBank Account Statements and Account Summaries. may at its sole discretion take such steps, 7.2 The Account Summary and the Account at the Client’s cost, as BinckBank considers Statement are normally updated during necessary or desirable for its own protection BinckBank’s opening hours. The Client accepts or the protection of the Client. This provision not to receive any Account Statements or is similarly applicable in situations where Account Summaries in printed form other than BinckBank is unable to obtain contact with the upon specific request. Client. 7.3 Any notice or any other communication 7.6 BinckBank may (but is not obliged to) require to be provided by BinckBank to the Client, confirmation in such form as BinckBank may including Account Statements and Settlement/ reasonably request if an instruction is to Trade Confirmations, may at BinckBank’s close an Account or remit money due to the discretion be sent to the Client in electronic Client or if it appears to BinckBank that such form via e-mail or by display on the Client’s confirmation is necessary or desirable. Account Summary on the Trading Platform. 7.7 Clients shall be able to communicate The Client is obliged to provide BinckBank with BinckBank in English. BinckBank may with an e-mail address for this purpose. An communicate with the Client in English or any e-mail is considered received by the Client other language agreed between the Parties. when sent from BinckBank. BinckBank is not responsible for any delay, alteration, redirection or any other modification an e-mail or other message may undergo after transmission from BinckBank. A message on the Client’s account on the Trading Platform is considered received by the Client when BinckBank has placed the message on the Trading Platform. It is the responsibility of the Client to ensure that the Client’s software and hardware setup does not prevent the Client from receiving e-mails or accessing the Trading Platform.

BinckBank is a tradename of Binckbank N.V. - Licensee Dutch National Bank - Registered at the Authority of Financial Markets (A.F.M.) - Chamber of Commerce Amsterdam 33162223 11 8. POWER OF ATTORNEY 9.3 If the Client becomes aware, or suspects, any 8.1 If the Client wants to allow a third party to unauthorized use of the Trading Platform trade on the Client’s Account, the Client shall and/or that the Client’s password has been issue a separate written power of attorney to misappropriated by a third party, the Client the relevant third party. In such instance, it is a shall immediately notify BinckBank, via requirement that one of BinckBank’s power of telephone +34 951 56 56 56, to block the attorney forms is used. The issue of the power password, Account and Trading Platform. of attorney must be approved by BinckBank. Blocking the Trading Platform prevents other A personal user ID and password will be parties from accessing it. Open orders and provided by BinckBank to the approved holder positions placed on the Trading Platform of the power of attorney. BinckBank can only before any blocking will not be affected undertake to register one power of attorney hereby, unless the Client specifically requests per Client. BinckBank must be informed in otherwise. Upon the blocking of a password, writing if the Client wishes to revoke such the Client may order a new password. power of attorney, to change the extent of the 9.4 The Client is obliged to keep passwords secret power of attorney, or grant a power of attorney and ensure that third parties do not obtain to a different person. access to the Client’s Account(s) or Trading 8.2 BinckBank shall be entitled to receive Platform(s). instructions from any person authorised 9.5 Subject to Clause 9.7 and mandatory by the Client and to rely on any power of applicable law, the Client is liable to BinckBank attorney afforded to any person who appears for orders and Contracts placed or entered authorised. into by use of the Client’s password, even if 8.3 The Client is accountable to BinckBank for such use proves wrongful, and for any other losses that BinckBank may suffer as a result of unauthorised use. instructions from a person who has explicit or 9.6 The right to use the Trading Platform is strictly tacit power of attorney to instruct BinckBank personal, and the Client shall not allow any on behalf of the Client. other parties to use the Client’s user ID and/or password. 9. USE OF THE TRADING PLATFORM 9.7 The Client shall not be liable for any abuse 9.1 The technical requirements, which the or other unauthorized use of the Trading Client’s IT-equipment, operating system, Platform occurring after the Client has internet connection etc. shall comply with, notified BinckBank pursuant to Clause 9.3 and are described on BinckBank’s website BinckBank has had reasonable time to act www.BinckBank.com thereon. 9.2 The Client shall enter his/her user ID and password when logging on to the My Binck 10. TRANSFER OF FUNDS Page and afterwards launch the Trading 10.1 The Client understands and accepts that Platform. The Client shall memorize the in order to secure the identity of the password. Entering an incorrect password five transferor/Client, BinckBank only allows times in a row will automatically terminate the transfers of funds to and from the Client’s connection and block the user ID. BinckBank Account(s) to and from the Client’s own shall inform the Client of a termination/blocking account(s) in other banks. This entails and the reasons for it, where possible, before that BinckBank must receive sufficient the termination/blocking, and if this is not information about the transfer from the possible, immediately thereafter, unless giving transferring bank to ensure the identification such information will compromise objectively of the relevant Client and relevant Account justified security reasons. on which the funds shall be booked.

12 BinckBank is a tradename of Binckbank N.V. - Licensee Dutch National Bank - Registered at the Authority of Financial Markets (A.F.M.) - Chamber of Commerce Amsterdam 33162223 Therefore, the Client understands and 10.7 The Client acknowledges that BinckBank accepts that BinckBank is only able to place cannot be held liable for the number of days and book any transferred funds, if BinckBank passing between the transfer of funds from is able to properly identify the Client and the BinckBank until the funds are booked on the Account on which the funds shall be booked. account with the receiving bank. 10.2 For incoming transfers of currency, the 10.8 The Client understands and accepts that funds are booked and at disposal on the the Client is liable for any costs arising from Client’s Account without undue delay after any delays caused by and any errors made BinckBank has received the funds and in by the receiving financial institution or its accordance with applicable law, subject to intermediate financial institutions. the instruction being complete and correct. 10.9 The Client is made aware that Exceptional The funds will not be taken into account for Market Conditions, Force Majeure Events purposes of the Client’s Margin Requirement and similar events can cause the booking of before the funds are booked and at disposal funds to be delayed. BinckBank is not liable on the Client’s Account. for such delays. 10.3 When the Client transfers funds between 10.10 If electronic transfer requests are received two Accounts held with BinckBank, the funds online, the transfer will be processed the are at disposal on the receiving Account on same day. the day of the transfer. 10.11 The Client understands and accepts that 10.4 Payments into the Client’s Account are due to transfer costs, if the amount held in deposited by BinckBank on the condition the Client’s Account(s) is less than EUR 100, that BinckBank receives the amount in BinckBank will transfer the total amount. question. This shall apply irrespective of 10.12 If transfer requests are received in any other whether it has been explicitly stated in format than described in Clause 10.5, the receipts or other notices of, or requests for, transfer request will be processed within 2 payment. (two) Business Days. 10.5 The Client understands and accepts that 10.13 The Client understands and accepts that the Client must always supply BinckBank BinckBank executes all payments as SHA with complete and correct payment details payments which means that the Client must when providing payment instructions, carry all costs applied by other banks used including IBAN number and the BIC code for routing the funds to the Client’s account where relevant. When providing payment with the beneficiary bank. instructions the Client shall use the form 10.14 For standard transfers the cash is available available on BinckBank’s website to BinckBank’s correspondent bank in www.BinckBank.com In the absence of the 1 (one) Business Day after execution at said information, BinckBank is not liable BinckBank. for the completion of the transfer, nor for 10.15 The Client understands and accepts that any delays or extra costs arising from the BinckBank executes payments as SEPA absence of e.g. the IBAN number and/or payments if the following criteria are met: BIC code. i. The receiving bank must be a financial 10.6 The Client acknowledges that BinckBank institution located within the EU or the cannot be held liable for the number of days EEA. passing between the transfer of funds by the ii. The recipient’s account number must be sending bank until the funds are received indicated in the form of an IBAN number. by BinckBank and booked on the Client’s iii. The receiving bank must be indicated in Account. the form of a BIC code. iv. The receiving bank must have adopted the “SEPA Credit Transfer Scheme”.

BinckBank is a tradename of Binckbank N.V. - Licensee Dutch National Bank - Registered at the Authority of Financial Markets (A.F.M.) - Chamber of Commerce Amsterdam 33162223 13 11. POSITIONS - REFUSAL, ii. Close all or part of opposite Margin Positions CLOSE-OUT AND ROLL at the prevailing market rate (the Closing 11.1 The Client accepts and acknowledges that Rate) and opening new similar positions at BinckBank shall have the right (in addition the Closing Rate, and/or to any other rights BinckBank may have iii. Close all or part of the Margin Positions by under these Terms, or under Dutch law in executing directly opposite trades, thereby general) to refuse orders to establish new or realizing the losses suffered. The unrealized larger positions or to buy or sell Instruments. loss is calculated as the sum of all the BinckBank will inform the Client as soon as unrealized losses deducted the unrealized practicable regarding such refused orders and profits of all the Client’s Accounts with the reason for the refusal. BinckBank. 11.2 The Client accepts and acknowledges that 11.4 When the Client instructs BinckBank to enter BinckBank shall have the right (in addition to into a position opposite to one or more of the any other rights BinckBank may have under Client’s existing open positions, BinckBank will these Terms, or under Dutch law in general) to close out the opposite position in accordance reduce the size of the Client’s open positions with the FIFO Principle, unless the existing (net or gross). BinckBank will inform the position has Related Orders or otherwise Client as soon as practicable regarding such agreed between BinckBank and the Client. reduction and the reason hereof. Situations However, even where there is a Related Order where BinckBank may exercise the right to to an existing position, BinckBank will wholly reduce the size of the Client’s open positions or partially close out the existing position in include, but are not limited to, situations accordance with the FIFO Principle if BinckBank where: can only partially fill an opposite order. Any i. BinckBank has reason to believe that the Related Order to the existing position will Client may be in possession of Inside thereby be cancelled, but the Client can Information; place new Related Orders in relation to any ii. BinckBank considers that there are remainder of such existing positions. abnormal trading conditions. 11.5 Subject to Clause 11.4, the Client acknowledges iii. the value of the Client’s Collateral (as that BinckBank has the right, but not the determined by BinckBank in accordance obligation, to close opposite positions, wholly with Clause 26.7) falls below the Margin or partly, regardless of whether the opposite Requirement; positions are held on the same Account or iv. the Client has a negative cash balance on separate Accounts. any Account; or 11.6 The Client is specifically made aware that v. an Exceptional Market Condition occurs or is unless closed manually, FX positions and likely to occur. FX commodities may be rolled over on a 11.3 Unrealized losses of Euro 250,000 or more continuous basis and the Client will thereby in Margin Positions can potentially cause incur a cost for such roll over in relation to unnecessary risks to the Client and BinckBank. each position. The Client accepts and acknowledges that if unrealized losses on Margin Positions in aggregate exceed Euro 250,000, BinckBank has with 8 Business Days’ written notice to the Client the right, but not the obligation to: i. Initiate netting of positions in accordance with the FIFO Principle and cancel all or part of the Client’s Related Orders, and/or

14 BinckBank is a tradename of Binckbank N.V. - Licensee Dutch National Bank - Registered at the Authority of Financial Markets (A.F.M.) - Chamber of Commerce Amsterdam 33162223 12. PRICES, ERRORS AND CHANGES been, entered into at the Misquoted Price, (b) IN CONDITIONS execute the Contract or the sale or purchase 12.1 If the Client makes any payment which of any Instrument at the Misquoted Price or is subject to any currency fluctuations, the price which in BinckBank’s reasonable withholding or deduction, the Client shall opinion reflects the market price, or (c) change pay to BinckBank an additional amount to any Contract or purchase or sale of any ensure that the total amount actually received Instrument already executed to the price which by BinckBank is equal to the full amount in BinckBank’s reasonable opinion reflects the BinckBank would have received had no market price. currency fluctuations, withholding or deduction 12.5 If BinckBank can (i) document the existence been made. of errors in prices, Commissions and Charges, 12.2 BinckBank may offer real time tradable prices other commissions and/or in the Trading to the Client. Due to delayed transmission, the Platform at the time of the conclusion of the price offered by BinckBank may have changed Contract or order and (ii) render probable before an order or instruction from the Client that, based on the Client’s trading strategy is received by BinckBank. BinckBank shall be or other behaviour, the Client deliberately entitled to change the price on which the and/or systematically has exploited or Client’s order or instruction is executed to the attempted to exploit such errors, BinckBank is market value at the time at which the order entitled to take one or more of the following from the Client is received or executed. countermeasures: 12.3 Prices offered by BinckBank regarding the i. Adjust the price spreads and/or liquidity sale, purchase or exercise of Listed Derivatives available to the Client; reflect the price of the relevant Reference ii. Restrict the Client’s access to streaming, Derivative. Due to the period from the Client’s instantly tradable quotes, including providing acceptance or instruction regarding a Listed manual quotation only; Derivative until the execution of the relevant iii. Retrieve from the Client’s Account any Reference Derivative on the Regulated historic trading profits that have been gained Market by the Listed Derivative Counterparty, through such behaviour at any time during another third party or BinckBank (as the case the relationship between the Client and may be), the price as listed on the Trading BinckBank; and/or Platform is subject to change, in order for the iv. Terminate the relationship between the Listed Derivative to reflect the price of the Client and BinckBank immediately by giving relevant Reference Derivative at the time of its written notice. execution or exercise (as applicable). 12.6 If (i) the Regulated Market, on which a 12.4 (i) In the event that a price quoted by Reference Derivative is traded, and/or (ii) the BinckBank or at which any Contract or other Listed Derivative Counterparty takes any action transaction is entered into (including where which affects the Reference Derivative or the confirmed in a Settlement/Trade Confirmation) contract BinckBank has entered into with the does not reflect the market price (e.g. due to Listed Derivative Counterparty, then BinckBank market liquidity, announcements affecting the may take any action with regard to the relevant market, misfeeds from providers of prices, Listed Derivative which BinckBank in its sole quotes from Liquidity Providers, or suspension discretion considers desirable or appropriate of trading) (a “Misquoted Price”) or (ii) if an to (a) match the action taken by the Regulated Exceptional Market Condition occurs or is likely Market and/or Listed Derivative Counterparty to occur, BinckBank may in its sole discretion or (b) mitigate any loss which is or may be either (a) refrain from executing, or cancel, incurred by it as a result of such action. any Contract or any purchase or sale of any Instrument which is, or purports to have

BinckBank is a tradename of Binckbank N.V. - Licensee Dutch National Bank - Registered at the Authority of Financial Markets (A.F.M.) - Chamber of Commerce Amsterdam 33162223 15 12.7 The Client acknowledges, recognizes and 13.3 Orders will only be aggregated or split if understands that: BinckBank reasonably believes it to be in the i. The execution of all transactions in best interest of Clients. On some occasions, Instruments which are traded on Regulated aggregation or split of the Client’s order may Markets, and many Contracts, will be result in the Client obtaining a less favourable effected subject to, and in accordance with, price than if the Client’s orders had been Market Rules; executed without being aggregated with other ii. Market Rules usually contain far reaching orders or split, which the Client accepts. powers for authorities and market places in an emergency or otherwise undesirable 14. HANDLING OF CLIENTS USING situation; JOINT ACCOUNTS iii. If any Regulated Market or clearing house 14.1 In relation to Joint Accounts, takes any action which affects a transaction i. the liabilities of each of the Joint Account in Instruments or a Contract, directly or Clients on a Joint Account shall be direct, indirectly, including any Listed Derivative, joint and several; then BinckBank is entitled to take any ii. any notice or other communication provided action which BinckBank in its sole discretion by BinckBank to one Joint Account Client considers desirable or appropriate in shall be deemed to have been provided to relation to any Contract or transaction with all Joint Account Clients of the relevant Joint any Client; Account; and iv. Where any transaction is effected by iii. if an Event of Default has occurred in respect BinckBank as Agent for the Client, delivery or of one Joint Account Client, then such Event payment (as appropriate) by the other party of Default shall be deemed to have occurred to the transaction shall be at the Client’s in respect of all the Joint Account Clients entire risk; and of that specific Joint Account and all of the v. BinckBank’s obligation to deliver Instruments rights of BinckBank, including under Clauses to the Client or to account to the Client or 26-28 and 30 shall apply in relation to all the any other person on the Client’s behalf for Joint Account Clients of the relevant Joint the proceeds from a sale of Instruments, Account. shall be conditional upon receipt by BinckBank of deliverable documents or sale 15. USE OF LIQUIDITY PROVIDERS FOR proceeds (as appropriate) from the other EXECUTING ORDERS OR CONTRACTS party or parties to the transaction. 15.1 For the execution of an order or Contract on a Regulated Market, of which BinckBank 13. AGGREGATION AND SPLIT is not a member, or for the execution of any 13.1 BinckBank is entitled to aggregate the Client’s other Client instruction, BinckBank may, at orders with BinckBank’s own orders, orders BinckBank’s own discretion, select any Liquidity of any member of the BinckBank N.V. and/or Provider to carry out such execution. persons connected with BinckBank, including 15.2 BinckBank shall not be responsible for errors employees and other clients. committed by such Liquidity Providers unless 13.2 BinckBank may split the Client’s orders when it is proven that BinckBank has not acted with executing these. sufficient care when selecting the Liquidity Provider.

16 BinckBank is a tradename of Binckbank N.V. - Licensee Dutch National Bank - Registered at the Authority of Financial Markets (A.F.M.) - Chamber of Commerce Amsterdam 33162223 16. SETTLEMENT AND DELIVERY 16.5 When BinckBank is notified by its Liquidity OF INSTRUMENTS Providers that one or more short option 16.1 The Client shall be obliged to promptly make positions have been exercised in relation to any payment or deliver any Instrument under short Listed Options, BinckBank will apply a a Contract in accordance with (i) the terms of random method of allocating the exercised that Contract and (ii) any instructions given positions among the relevant Clients. by BinckBank for the purpose of enabling BinckBank’s allocation method randomly BinckBank to perform its obligations under any selects short Listed Options among all corresponding contract entered into between BinckBank’s relevant Clients, including Listed BinckBank and a Liquidity Provider, including Options opened immediately prior to the Listed Derivative Counterparties. allocation. All short Listed Options are subject 16.2 If the Client does not provide BinckBank with to the exercising of any rights and allocation notice of its intention to exercise a Contract, at any time. When a short Listed Option is which requires an instruction from the allocated, the relevant Client is obliged to, Client, at the time stipulated by BinckBank, within the applicable time of delivery, deliver BinckBank may assume that the Client has (i) the Instrument or relevant amount of cash given up the Contract, subject to Clause in case of a short call Listed Option and (ii) the 18.4. If the Client wishes to exercise such a relevant amount of cash in case of a short put Contract, the Client must provide BinckBank Listed Option, to effect settlement. with notice thereof in reasonable time (and 16.6 Settlement of Listed Options shall correspond within applicable cut-off times) for BinckBank to the settlement of the relevant Reference to exercise the corresponding right under Option in accordance with the applicable any Contract, including any Contract entered Market Rules and terms and conditions, and into by BinckBank with a Listed Derivative i. for Listed Options with a cash settled Counterparty in relation to Listed Derivatives. option as Reference Option, final settlement 16.3 When a Client purchases Custody Securities, requires payment of the cash difference the Client only obtains unconditional title of between the value of the Reference Option right to the Custody Securities provided the and the strike price; final payment to BinckBank is made on the ii. for Listed Options with physically settled settlement date. Until final payment is made, options as Reference Options, the Listed BinckBank reserves the right to the Custody Options will settle into physically settled Securities being purchased by the Client. options between BinckBank and the Client; When a Client sells Custody Securities to iii. a Listed Option, which has an option on a BinckBank, BinckBank BinckBank’s payment of future as a Reference Option, will settle into the settlement amount is subject to BinckBank a future, between BinckBank and the Client, acquiring unconditional title to the Custody which matches the relevant future and which Securities on the day of settlement. is acquired at the strike price; 16.4 Listed Options, with put or call options as iv. BinckBank will only allow the Client to trade Reference Options, that close one Tick or Listed Options which have an option on a more In the Money on the last trading day, future, with physical delivery, as a Reference will automatically be exercised, regardless Option, if the Listed Option expires before of whether the Client has purchased or sold the relevant future; and the Listed Option. The Client cannot instruct v. BinckBank will require the Client to close any BinckBank to refrain from exercising Listed Listed Derivative with physical delivery of Options that are In the Money at expiry, and commodities before it can be exercised or is cannot at any time instruct BinckBank to completed, as BinckBank does not support exercise Listed Options that are Out of the physical delivery of commodities. Money.

BinckBank is a tradename of Binckbank N.V. - Licensee Dutch National Bank - Registered at the Authority of Financial Markets (A.F.M.) - Chamber of Commerce Amsterdam 33162223 17 16.7 When BinckBank is notified by its Liquidity in Clauses 31 and 39. BinckBank is under no Providers that one or more short option circumstances, responsible for indirect loss or positions have been assigned or early damage. exercised in relation to Listed Options, 17.7 The Client can at any time, by giving notice to BinckBank will notify the client solely within the BinckBank, choose to discontinue Delegated trading application. It is the responsibility of Trade Reporting. BinckBank may discontinue the client to control outstanding short option Delegated Trade Reporting by giving not less positions at all time as BinckBank cannot be than three months prior written notice to the held responsible for informing the client on Client. his/her outstanding positions. 17.8 No charge is currently levied by BinckBank in connection with Delegated Trade Reporting. 17. DELEGATED TRADE REPORTING However, BinckBank reserves the right to 17.1 This section only applies to Clients domiciled charge a fee for Delegated Trade Reporting in a country in the European Economic Area and may exercise its right to do so by giving no (EEA). less than two months’ notice to the Client. 17.2 Unless otherwise agreed, BinckBank will on behalf of the Client report the entry into, modification and termination of all derivative transactions, between BinckBank and the Client, to a Trade Repository (Delegated Trade Reporting) as required by EMIR. 17.3 Correct performance of Delegated Trade Reporting is subject to the Client timely providing BinckBank with the Client’s Legal Entity Identifier code (LEI code) and such other information, as BinckBank requires from time- to-time. 17.4 Notwithstanding Delegated Trade Reporting performed by BinckBank, the Client remains legally responsible for reporting its own transactions. The Client is encouraged to request the Trade Repository for access to view all derivative transactions reported by BinckBank under the Client’s LEI code. The Client must notify BinckBank immediately if the Client believes there are any inaccuracies in such reports. 17.5 The Client accepts and acknowledges that BinckBank is not in breach of any restrictions on disclosure of information imposed by any agreement or by any legislative, regulatory or administrative provisions when performing Delegated Trade Reporting. 17.6 Any loss or damage the Client may suffer as a consequence of Delegated Trade Reporting is subject to the terms and conditions of these Terms including, but not limited to, the general liability limitation and governing law

18 BinckBank is a tradename of Binckbank N.V. - Licensee Dutch National Bank - Registered at the Authority of Financial Markets (A.F.M.) - Chamber of Commerce Amsterdam 33162223 CUSTODY SERVICES

18. GENERAL PROVISIONS whether or not it is expressly stated in the 18.1 BinckBank may hold Custody Securities in Account Statement or the notification of the custody on behalf of the Client. This Clause 18 deposit. contains the terms and conditions that apply 18.7 BinckBank will not inform the Client about any specifically to BinckBank’s custody services. ordinary or extraordinary general meeting or 18.2 In order to open a custody account with any extraordinary information communicated BinckBank, the Client must have an Account by the issuer. Unless otherwise specifically with BinckBank to which the revenue from the agreed the Client will not be entitled to vote at custody account is credited and any custody the shareholders’ general meetings. fees etc. may be debited. 18.8 Both BinckBank and the Client as custody 18.3 When the Client deposits or transfers Custody account holder are subject to the laws and Securities to its custody account, BinckBank practices of the home countries of the does not check for any deficiencies, including issuers of the Client’s Custody Securities and insufficient title and authenticity of the Custody BinckBank’s external professional providers, Securities. depositories or custodians. BinckBank may be 18.4 If any kind of encumbrances, security interests required under such laws and practices to e.g. or other rights to Custody Securities, which report the name and the address of the Client, are provided as Collateral for Contracts or as well as the size, composition and returns on Margin Positions entered into by the Client the Client’s portfolio to foreign authorities and with BinckBank, are registered, BinckBank will companies. no longer include such Custody Securities in the calculation of the satisfaction of the 19. CUSTODY SECURITIES HELD Margin Requirement applicable to the Client IN OMNIBUS ACCOUNTS (but such Custody Securities will still form 19.1 By accepting these Terms the Client agrees part of the Collateral). BinckBank reserves the that BinckBank may keep the Client’s Custody right to reject any pledge, attachment or other Securities in an omnibus custody account as encumbrance over any Custody Securities that described in the Dutch Financial Act. Omnibus are pledged in favour of BinckBank. custody accounts are used for registration 18.5 Unless otherwise agreed, dividend paid on of multiple Clients’ Custody Securities in shares held in a custody account may be the name of BinckBank or any of its agents paid to the Client less any applicable default instead of the Client’s name, with the relevant withholding tax. BinckBank is not obliged to or clearing institution or custodian. Thus, the liable for claiming back any withheld tax unless Client is not individually or personally entitled otherwise agreed by BinckBank and the Client. to compensation for any error made by 18.6 The Client should expect the dividend of the relevant clearing institution. BinckBank Custody Securities to be credited to the Client’s maintains a register, clearly stating the Account after it is made available to BinckBank. individual Client’s ownership to the Custody The dividend is credited to the Client’s Account Securities kept in the omnibus custody on the condition that BinckBank receives the account. Any foreign Custody Securities and relevant amount from the issuer, external Dutch Custody Securities, which are not professional provider, depositary or custodian. registered in a separate custody account, If BinckBank does not receive this amount will be kept in omnibus custody accounts BinckBank is entitled to reverse any amount with BinckBank or an external professional deposited to the Client’s Account. This applies provider, depositary, or custodian appointed

BinckBank is a tradename of Binckbank N.V. - Licensee Dutch National Bank - Registered at the Authority of Financial Markets (A.F.M.) - Chamber of Commerce Amsterdam 33162223 19 by BinckBank, and the external professional behalf of the Client before the expiry of the provider, depositary, or custodian will be rights. The proceeds from a sale of rights will responsible for claiming and collecting interest be deducted the standard commission of the payment, dividends, income and other rights Account. belonging to the Client. BinckBank is not liable If the rights are non-renounceable, they will, if whatsoever for any disposition or omission or not exercised, be worthless at expiry. insolvency of an external professional provider, 20.2 BinckBank will notify the Client about depositary, or custodian and cannot be made conversions of convertible bonds held liable by the Client for any loss directly or in custody with BinckBank, provided that indirectly owing to the action or omission or BinckBank has been made aware of such insolvency mentioned above. The Client is to conversions and can notify the Client within the same extent as BinckBank subject to the the stipulated deadlines. Such notification current laws and common practices applying to will be for information only and will not be a the external professional provider, depositary, recommendation. Within the deadline set by or custodian and its general terms and BinckBank, the Client must inform BinckBank conditions of business. whether the Client wants to (i) convert the 19.2 In case of bankruptcy of BinckBank, each bonds into shares or (ii) collect the proceeds Client is, on the basis of the rights registered from the bonds at maturity. If BinckBank does for that person, entitled to claim the Client’s not receive instructions from the Client within Custody Securities from the relevant omnibus the deadline set by BinckBank, the convertible custody account, provided there is no current bonds will be allowed either to mature or to dispute regarding the Client’s ownership of wait for a subsequent offer or conversion. the Custody Securities. In case of bankruptcy In case of other Corporate Actions, BinckBank of BinckBank, of an external professional will, to the extent required, seek to obtain provider, depositary, or custodian BinckBank instructions from the Client and will otherwise may withdraw the Custody Securities from the seek to handle such Corporate Actions in omnibus custody account on behalf of any the best interest of the Client to the extent Client who BinckBank, according the register, that time and operational procedures will has recorded as owner of the relevant Custody allow. BinckBank will have no liability for Securities. anything done or not done in the discretion of BinckBank acting in good faith. Special local 20. CORPORATE ACTIONS rules may apply to certain Corporate Actions. 20.1 A rights issue is when an existing stockholder is 20.3 The Client is made aware and acknowledges offered a number of new shares proportional that in voluntary Corporate Action where to their holding at a specified price for the alternative to a cash settlement is the subscription by a specified date. These new settlement in a security that is not supported shares may be renounceable (tradable) or non- by BinckBank, the Client will not have the renounceable. option to choose, but will be given the cash If the Client is holding a stock for which there settlement. is a right issue the Client will receive the rights 20.4 It is standard practice for depositary receipts to and have the opportunity to subscribe for new charge an annual administration fee per share stocks, ignore the rights or sell the rights, if depending on the issuing depositary bank. possible. The intent of the fee is to cover costs for the In order to prevent renounceable rights from banks that take on the operational processes becoming worthless when they expire, if the necessary to issue and trade the depositary Client by the Instruction Deadline has not receipt line. Typically, the fee is deducted when instructed BinckBank, BinckBank may, but is dividend payments are made, however, in case not required to, sell the rights (if possible) on the depositary receipts do not pay a dividend

20 BinckBank is a tradename of Binckbank N.V. - Licensee Dutch National Bank - Registered at the Authority of Financial Markets (A.F.M.) - Chamber of Commerce Amsterdam 33162223 or did not include the custodial fee in their dividend events, the fee will be administered through fee-only events. The dividend fee is stipulated in the deposit agreement between the depositary bank and the company based upon industry standards. The fee per depositary receipt is not dependent on the total amount of dividend being paid, but the amount of securities held. 20.5 BinckBank may charge commission and fees related to Corporate Actions. The prevailing trading costs are set out in the Commissions, Charges & Margin Schedule. 20.6 Taxes and fees may also occur on Corporate Actions such as fee on a stock dividend or tax on a merger. When such taxes and fees occur BinckBank may debit the Client’s Account accordingly.

BinckBank is a tradename of Binckbank N.V. - Licensee Dutch National Bank - Registered at the Authority of Financial Markets (A.F.M.) - Chamber of Commerce Amsterdam 33162223 21 FINANCIAL TERMS

21. COMMISSIONS, CHARGES 21.5 In addition to Commissions and Charges, AND OTHER COSTS the Client shall be obliged to pay all 21.1 The Client shall be obliged to pay to applicable VAT and other taxes, storage and BinckBank the Commissions and Charges set delivery charges, fees of Regulated Markets out in the Commissions, Charges & Margin and clearing houses and all other fees Schedule. The Commissions, Charges & incurred by BinckBank in connection with Margin Schedule is available on BinckBanks any order, Contract and/or in connection website, www.BinckBank.com, and may be with BinckBank maintaining the Client supplied to the Client on demand. relationship. 21.2 BinckBank may vary the Commissions 21.6 Furthermore, BinckBank shall be entitled and Charges without notice when the to demand that the following expenses are change is to the Client’s advantage, or the paid separately by the Client: grounds for changes are due to external i. All extraordinary disbursements circumstances beyond BinckBank’s control. resulting from the Client relationship, e.g. Such circumstances include: telephone, telefax, courier, and postal i. significant particulars of the Client, based expenses, in case the Client requests on which individual conditions were hardcopy Settlement/Trade Confirmations, provided, have changed; Account Statements etc. which BinckBank ii. changes in the relationship with could have delivered in electronic form; BinckBank’s Liquidity Providers, which ii. Any expenses of BinckBank caused by affect BinckBank’s cost structures; and/or non-performance by the Client including iii. changes in commissions, fees and charges a fee determined by BinckBank in from Regulated Markets, other markets, relation to forwarding of reminders, legal clearing houses, information providers or assistance etc.; other third party providers. iii. Any expenses of BinckBank in connection 21.3 BinckBank may introduce new fees and vary with replies to inquiries by public the Commissions and Charges with one authorities including a fee determined month’s notice if: by BinckBank in relation to forwarding of i. Market conditions, including competitive transcripts and enclosures and for the behaviour, call for changes to BinckBank’s preparation of copies; conditions; and/or iv. Administration fees in connection with ii. BinckBank for commercial reasons wishes deposits of Instruments with custodians to change its general cost and pricing and insurance premium payments; structure. v. Any expenses of BinckBank in connection 21.4 The Client is deemed to have accepted with auditor’s comments/reports if such the changes in Commissions and Charges are requested by the Client; and pursuant to Clause 21.3 if the Client does vi. Any handling fee to BinckBank not, before the proposed date of the in connection with requests for change in Commissions and Charges (or documentation from the Client. for immediate changes promptly after the 21.7 Fees will be charged either as a fixed amount change), notify BinckBank that the Client corresponding to payments effected or as does not accept the change in Commissions a percentage or hourly rate corresponding and Charges. to the service performed. The methods of

22 BinckBank is a tradename of Binckbank N.V. - Licensee Dutch National Bank - Registered at the Authority of Financial Markets (A.F.M.) - Chamber of Commerce Amsterdam 33162223 calculation may be combined. BinckBank 21.11 Unless specified otherwise in these Terms, reserves the right to introduce new fees. all amounts to be paid by the Client to 21.8 BinckBank may share any commissions and BinckBank (or Agents used by BinckBank) charges with its affiliates Brokers or other under these Terms shall, at BinckBank’s third parties or receive remuneration from option: them in respect of Contracts and other i. Be deducted from any funds, including transactions entered into by BinckBank. Collateral and other cash deposits and Details of any such remuneration or sharing any Collateral, held by BinckBank for the arrangement will not be set out on the Client; or relevant Settlement/Trade Confirmations. ii. Be paid by the Client in accordance with BinckBank (or any associate) may benefit the provisions of the relevant Settlement/ from commission, mark up, mark down or Trade Confirmation and/or as instructed any other remuneration where it acts as by BinckBank. counterparty to a Contract. 21.9 BinckBank shall disclose to the Client the 22. INTEREST, ACCOUNT BALANCE receipt of, or payment of, any commission AND CURRENCY CONVERSIONS including (i) the characteristics of and (ii) the 22.1 Subject to Clause 22.2 and save as otherwise amount of, or method of calculating, the agreed in writing, BinckBank shall not be commission in accordance with the Dutch liable to: Financial Act. i. pay interest to the Client on any Collateral 21.10 The Client accepts that interest charges, or any credit balance in any Account or on commissions, brokerage fees and other any other sum held by BinckBank; or costs associated with the Client’s trading ii. account to the Client for any interest activities may be extensive and may, in received by BinckBank on any sums or addition to trading losses, deplete or in connection with any Contract or other exceed the value of deposited Collateral transaction. and negatively affect the Client’s Account. 22.2 The Client is entitled to interest based The Client acknowledges and accepts that on the Client’s positive Net Free Equity frequent transactions may result in a sum in accordance with the terms of the total of commissions, fees, price or interest/ Commissions, Charges & Margin Schedule. financing rate adjustments for trades 22.3 The Client is obliged to pay interest based conducted that may be substantial and not on the Client’s negative Net Free Equity necessarily be offset by the net profits, if in accordance with the terms of the any, achieved from the relevant trades. The Commissions, Charges & Margin Schedule. Client is responsible for correctly assessing 22.4 If the Client fails to make any payment when whether the size of the total commissions, it falls due, the Client shall pay interest fees, price and/or interest/financing rate (from the due date and until payment takes adjustments, for trades conducted on the place) on the outstanding amount at the Client’s Account, makes trading commercially rate stated in the Commissions, Charges & viable. Margin Schedule.

BinckBank is a tradename of Binckbank N.V. - Licensee Dutch National Bank - Registered at the Authority of Financial Markets (A.F.M.) - Chamber of Commerce Amsterdam 33162223 23 22.5 BinckBank may vary interest rates and/or 22.10 BinckBank is entitled, but shall not in any thresholds for interest calculation in the circumstances be obliged, to convert: Commissions, Charges & Margin Schedule i. Any realised gains, losses, option without notice when (i) the changes premiums, commissions, interest are to the Client’s advantage, or (ii) the charges and brokerage fees, which are grounds for changes are due to external denominated in a currency other than the circumstances beyond BinckBankcontrol. base currency of the Client’s Account into Such circumstances include: the base currency; i. Changes to significant particulars of ii. Any cash deposit in one currency to the Client, based on which individual another currency for the purpose of conditions were provided, occurs; purchasing an Instrument or other asset ii. Changes in domestic and/or foreign denominated in a currency other than the monetary or credit policies that affect the Base Currency; general interest level; iii. Any cash deposited with BinckBank iii. Other changes in the general interest by the Client into such other currency level, including in the money and bond as BinckBank considers necessary or markets; and/or desirable to cover the Client’s obligations iv. Changes in the relationship with and liabilities in that currency. BinckBank Liquidity Providers, which affect 22.11 Whenever BinckBank conducts currency BinckBank cost structures. conversions in accordance with Clause 22.6 BinckBank may vary interest rates with one 22.10, BinckBank will do so at such month’s notice if reasonable rate of exchange as selected by i. Market conditions, including competitive BinckBank. BinckBank shall be entitled to behaviour, call for a change in BinckBank add and charge a mark up to the exchange interest rates; and/or rates. The prevailing mark-up is provided ii. BinckBank wishes to change its general in the Commissions, Charges & Margin commission, fee and pricing structure for Schedule. commercial reasons. 22.7 The Client is deemed to have accepted the changes in interest rates pursuant to Clause 22.6 if the Client does not, before the proposed date of the change in interest rates (or for immediate changes promptly after the change), notify BinckBank that the Client does not accept the change in interest rates. 22.8 The Client is obliged to have a positive cash balance on all Accounts at all times. 22.9 When calculating the actual cash balance on an Account, unrealised losses from the Client’s investment activities shall be deducted from the cash balance. If such deduction results in a negative cash balance, the Client is obliged to immediately provide additional funds into the Account to ensure a continuing positive cash balance.

24 BinckBank is a tradename of Binckbank N.V. - Licensee Dutch National Bank - Registered at the Authority of Financial Markets (A.F.M.) - Chamber of Commerce Amsterdam 33162223 MARGIN REQUIREMENT, PLEDGE, ENFORCEMENT, NETTING AND SET OFF

23. MARGIN REQUIREMENT 23.4 The Client shall at all times comply with AND MARGIN POSITIONS the Margin Requirement and shall pay to 23.1 BinckBank’s general Margin Requirement for BinckBank on demand: different types of Margin Positions appear i. Such sums of money as may from time to from the Commissions, Charges & Margin time be due to BinckBank under an order Schedule available on BinckBank’s website, or Contract; www.BinckBank.com, as amended from time ii. Such sums of money as BinckBank may to time, and may be supplied to the Client from time to time require as Collateral in on demand. However, BinckBank reserves accordance with the Margin Requirement; the right to determine specific Margin and Requirement for individual Margin Positions iii. Any amount to maintain a positive cash- and Clients. balance on any and all Account(s). 23.2 The Client is specifically made aware that the 23.5 When executing orders and Contracts, Margin Requirement is subject to change including Listed Derivatives, on Regulated without notice. When a Margin Position has Markets or with Liquidity Providers (including been opened, BinckBank is not allowed to Listed Derivative Counterparties), BinckBank close the Margin Position at its discretion, may be required to deliver additional but only at the Client’s instruction or collateral from time to time as stipulated by according to BinckBank’s rights under these the relevant Regulated Market or Liquidity Terms. However, BinckBank may increase Provider. BinckBank may under such the Margin Requirement if BinckBank at its circumstances without notice, change the sole discretion considers that its risk on a Margin Requirement applicable upon the Margin Position or in respect of the Client Client to reflect any such additional collateral has increased as compared to the risk requirements, in relation to such execution on the date of the opening of the Margin of orders and Contracts. In such situations, Position. the Client is obliged to pay on demand 23.3 The Margin Requirement applies from BinckBank any such additional Collateral. opening a Margin Position and throughout 23.6 As Collateral, the Client may deposit cash the term of the Margin Position. It is the or with the prior consent of BinckBank (i) Client’s responsibility to continuously ensure deposit Instruments, and/or (ii) provide that sufficient Collateral is available on the BinckBank with a guarantee or indemnity Account at any time to meet the Margin in a form acceptable to BinckBank for the Requirement. BinckBank may, but is not purpose of complying with the Client’s required to, notify the Client if the Margin obligations. Requirement is not met (margin call).

BinckBank is a tradename of Binckbank N.V. - Licensee Dutch National Bank - Registered at the Authority of Financial Markets (A.F.M.) - Chamber of Commerce Amsterdam 33162223 25 23.7 BinckBank may, on a continuous basis and 23.12 Furthermore, BinckBank is entitled, in its sole in its sole discretion, determine the value discretion, to determine that an emergency of the Collateral registered on the Client’s or an Exceptional Market Condition exists. Account including whether it accepts In addition to any other rights BinckBank different types of Collateral to satisfy the may have under these Terms, BinckBank Margin Requirement, and BinckBank is on a may among others (i) increase the Margin continuous basis entitled to redetermine the Requirement, (ii) reduce the Client’s value of the Collateral without prior notice exposure, (iii) close or reduce any or all of to the Client. If BinckBank, upon delivery or the Client’s open Margin Positions and/or (iv) subsequently, determines that the value of suspend trading. the Collateral does not cover the obligations of the Client (including, but not limited to, 24. PLEDGE AND ENFORCEMENT the Margin Requirement), the Client shall be 24.1 As a first priority security (in Dutch obliged immediately to provide additional “pandrecht”) for the payment and Collateral in order to comply with its satisfaction in full of the Secured Obligations, obligations including, but not limited to, the the Client pledges (in Dutch “pandrecht”) Margin Requirement. all its right, title and interest in and to the 23.8 If the Client fails at any time to have provided Collateral and the Related Rights to and in sufficient Collateral to meet the Margin favour of BinckBank. Requirement, other deposits or other sums 24.2 The Client accepts and acknowledges that due under these Terms, BinckBank may no Collateral may, without the prior consent close any and all Contracts and Margin of BinckBank, be transferred or further Positions upon notice to the Client and apply pledged or used as collateral to secure any proceeds thereof towards the payment any obligations of the Client other than the of any amounts owed by the Client to Secured Obligations. The Client accepts and BinckBank. acknowledges that BinckBank may reject any 23.9 For exact details on the procedure of transaction or transfer relating to Collateral, closure of positions in case of excess of unless the Client first closes all outstanding Margin Utilization on your account, please Margin Positions and settles all Secured read the Trading Conditions for each specific Obligations. product as published on our website in the 24.3 Subject to Clause 24.4, upon an Event of document centre. Default: 23.10 If the Client has several Accounts, BinckBank i. the Pledge shall be immediately is entitled to transfer cash and Instruments enforceable by BinckBank without any from one Account to another, even if such prior approval from any court, public transfer will necessitate the closing of Margin authority or other entity or person and Positions or other trades on the Account without prior notification to the Client, from which the transfer takes place. except where required by applicable 23.11 If the Client’s combined exposure in Dutch law; one or more Margin Positions reaches a ii. BinckBank has the right (in each case level which, in case of an adverse market without obtaining a ruling, a judgement development, may in BinckBank’s opinion or other basis of execution) to realise the lead to a significant deficit not covered by Collateral; the Client’s Collateral, BinckBank may, in iii. Realisation by sale of Collateral does not its sole discretion (i) increase the Margin require the participation of a securities Requirement and/or (ii) reduce the Client’s dealer, except where required by exposure by closing or reducing one or more applicable Dutch law; or all of the Client’s open Margin Positions.

26 BinckBank is a tradename of Binckbank N.V. - Licensee Dutch National Bank - Registered at the Authority of Financial Markets (A.F.M.) - Chamber of Commerce Amsterdam 33162223 iv. The Collateral may also be realised 25.5 If an Event of Default occurs, all obligations by setting off its value against the between BinckBank and the Client, including Secured Obligations or by BinckBank’s the Secured Obligations and any Contracts, appropriation of the Collateral or in any shall upon BinckBank’s notice to the Client other way or manner BinckBank sees fit, be terminated (closed-out) and netted into except where this is not permitted under one termination amount by way of close-out applicable Dutch law. netting. 24.4 The Client undertakes to (i) execute and 25.6 In relation to close-out netting pursuant to deliver to BinckBank such documents and Clause 25.5, the value of Contracts shall be do such acts and take such steps which determined in accordance with the following: BinckBank shall request for the purpose of i. Rates at which the Contracts shall be perfecting and exercising its rights under closed shall be market rates applicable on the Pledge and (ii) bear all reasonable the day on which BinckBank decides to costs related to the perfection and/or close the Contracts; and/or enforcement of the Pledge. ii. BinckBank may, at its sole discretion, 24.5 If BinckBank exercises its rights to sell any determine the rates by obtaining a quote Collateral or property of the Client under from a broker in relation to the asset this Clause 24, it will effect such sale without in question or by applying rates from liability to the Client, on behalf of the Client electronic financial information systems or and apply the proceeds of sale in or towards other reasonable sources as determined discharge of the Secured Obligations. by BinckBank. In addition to the amounts set out in i. 25. NETTING AND SET OFF and ii. when calculating the termination 25.1 All obligations, including the Secured amount pursuant to Clause 25.5, BinckBank Obligations, owed between BinckBank and may include any loss or cost incurred in the Client shall be netted on an ongoing connection with its terminating, liquidating basis. or re-establishing any hedge related to 25.2 BinckBank has the right to set off any transactions terminated. amounts of the Client held by BinckBank 25.7 If any obligations owed between BinckBank against any amounts owed by the Client to and the Client that are netted or set-off are BinckBank. not in the same currency, the obligations 25.3 BinckBank shall be entitled, at all times and shall be converted by BinckBank in without notice, to consolidate all Accounts of accordance with Clause 22.11. the Client and all Accounts or assets of the 25.8 When determining the value of obligations Client with/or held by other BinckBank N.V. to be netted under this Clause 25, BinckBank entities and set off these against all amounts may apply its usual spreads and include all owed to BinckBank or other BinckBank costs and other charges. N.V. entities by the Client in such a manner as BinckBank, at its sole discretion, may determine. 25.4 If the Client, at any time during the Client relationship, has a negative cash balance in any Account, BinckBank is entitled, but not obligated, to net between the Client’s Accounts.

BinckBank is a tradename of Binckbank N.V. - Licensee Dutch National Bank - Registered at the Authority of Financial Markets (A.F.M.) - Chamber of Commerce Amsterdam 33162223 27 WARRANTIES, INDEMNITIES AND DEFAULT

26. CLIENT WARRANTIES AND repeated each time the Client places an REPRESENTATIONS order, enters into a Contract, provides any 26.1 The Client warrants and represents that: instructions to BinckBank and/or complies i. The Client has full power to enter into with any obligations under these Terms and/ and perform its obligations under these or any Contract. Terms, including any obligation under 26.3 By accepting these Terms on behalf of a a Contract, order or other transaction legal person, the person signing on behalf of carried out under these Terms; that legal person represents and warrants ii. The Client has obtained all necessary that he/she is authorized to (i) act on behalf consents to enter into these Terms and of such legal person and (ii) bind the legal any Contract, place any order and carry person to these Terms and all obligations out any other transaction under these arising hereunder. If it becomes apparent Terms, and has the authority to operate that the signing person was not duly according to these Terms (and if the authorized to bind the legal person the Client is a legal person, that it is properly signing person shall indemnify BinckBank empowered and has obtained necessary for all liabilities, losses, damages, costs and corporate or other authority pursuant expenses in relation to any claims or actions to its constitutional and organisational brought against BinckBank as a result of documents); the signing person not having the due iii. The Client is willing and able, financially authorisation. and otherwise, to assume the risk of making speculative investments; 27. DEFAULT AND DEFAULT REMEDIES iv. Instruments and/or other assets supplied 27.1 The provisions contained in this Clause 27 by the Client to BinckBank for any supplement any other rights that BinckBank purpose are, subject to these Terms and or the BinckBank N.V. have according to the Pledge, at all times free from any these Terms, including, but not limited to, charge, lien, pledge or encumbrance and Clauses 23-25, and furthermore any other the Client shall have full right in and title rights BinckBank has under Dutch and other to such Instruments and/or other assets; applicable law. v. It is in compliance with all laws to which it 27.2 The Client authorises BinckBank to, at is subject, including, without limitation, all BinckBank’s discretion and at any time tax laws and regulations, exchange control and without notice, sell, apply, set off and/ requirements, sanctions and registration or charge in any manner any or all of the requirements; and Collateral, in order to discharge any or all of vi. The information provided by the Client to the Client’s obligations owed to BinckBank BinckBank is complete, accurate and not and/or to entities within the BinckBank N.V.. misleading in any material respect. 27.3 Each of the following events shall constitute 26.2 The above warranties and representations an Event of Default for the Client: shall be deemed to be in force for the i. If Insolvency Proceedings over the Client duration of the relationship between are initiated; BinckBank and the Client and shall be

28 BinckBank is a tradename of Binckbank N.V. - Licensee Dutch National Bank - Registered at the Authority of Financial Markets (A.F.M.) - Chamber of Commerce Amsterdam 33162223 ii. If any charge, pledge or other x. If BinckBank reasonably considers it encumbrance is levied against any necessary for its own protection or the Collateral; protection of the BinckBank BinckBank iii. If the Client is in breach of these Terms, N.V.. including, but not limited to, (i) if the 27.4 Upon the occurrence of an Event of Default, Client fails to make any payment or fails and in addition to Clauses 23-25, BinckBank to do any other act required under these shall, in its discretion, be entitled to: Terms, any Contract, or by BinckBank at i. Immediately terminate, cancel and close- its sole discretion, including if the Client out any and all outstanding Contracts fails to comply at any time with the Margin as at a date specified by BinckBank; and Requirement; (ii) if the Client fails to remit immediately terminate the relationship funds necessary to enable BinckBank with the client. to take delivery under any Contract on ii. Buy or sell any Instrument, investment or the first due date; (iii) if the Client fails other property where this is, or is in the to provide Instruments for delivery, or reasonable opinion of BinckBank likely to take delivery of Instruments, under any be, necessary in order for BinckBank to Contract on the first due date; (iv) if any fulfil its obligations under any Contract or representations or warranties given in relation to any Contract and the Client by the Client under Clause 26 are, or shall re-imburse BinckBank for the full become, untrue or misleading; amount of any purchase price plus any iv. If the Client dies or becomes of unsound associated costs and expenses; mind; iii. Deliver any Instrument, or property to any v. If any security created by any mortgage, third party, or otherwise take any action pledge or charge over any of the Client’s BinckBank considers to be desirable in assets becomes enforceable against order to close any Contract; the Client and the secured party takes iv. Enter into any foreign exchange steps to enforce the mortgage, pledge or transaction, at such market rates and charge; times as BinckBank may determine, in vi. If any indebtedness of the Client or any order to meet obligations incurred under of its affiliates becomes immediately a Contract; due and payable, or capable of being v. Close-out all or part of any assets declared so due and payable, prior to its standing to the debit or credit of any stated maturity by reason of default of the Account (including converting BinckBank’s Client (or any of its subsidiaries) under or the Client’s obligation to deliver an the relevant agreement or the Client (or Instrument into an obligation to pay an any of its affiliates) fails to discharge any amount equal to the market value of the indebtedness on its due date; Instrument (determined by BinckBank at vii.If BinckBank or the Client is requested to its sole discretion) on the date the close- close a Contract (or any part of a Contract) out takes place); and by any regulatory agency, authority, vi. Take any other action or step to enforce exchange or Liquidity Provider; BinckBank’s security interest in and to the viii.If the Client fails to comply with Collateral or otherwise relevant for the applicable Market Rules or applicable law; protection of the interests of BinckBank or ix. If the Client fails to provide BinckBank the BinckBank N.V.. with information that BinckBank has reasonably requested or is required to obtain from the Client according to Market Rules or applicable law; and

BinckBank is a tradename of Binckbank N.V. - Licensee Dutch National Bank - Registered at the Authority of Financial Markets (A.F.M.) - Chamber of Commerce Amsterdam 33162223 29 27.5 The Client authorises BinckBank to, on 28.3 BinckBank shall not be liable for any losses behalf of the Client, take any or all of resulting from: the actions required to enforce and/or i. Operational failures preventing the use of preserve BinckBank’s rights, including the the Trading Platform; actions described in Clauses 23-25 and this ii. Interruptions preventing the Client from Clause 27, without notice to the Client and accessing the Trading Platform; the Client acknowledges that BinckBank iii. Use of the Internet as a means of shall not be responsible for any losses or communication and transport; or consequences associated with BinckBank iv. Damage caused by matters relating to the taking any such action, unless BinckBank has Client’s own computer systems. exercised gross negligence in connection 28.4 In relation to orders and Contracts executed herewith. via the Trading Platform, BinckBank shall 27.6 The Client shall execute any documents and not be liable for any loss, expense, cost or take any action as BinckBank may request liability suffered or incurred by the Client in order to protect the rights of BinckBank due to a system or transmission failure or and the BinckBank N.V. under these Terms delays or similar technical errors unless or under any agreement the Client may have BinckBank has exercised gross negligence in entered into with BinckBank or any member connection herewith. of the BinckBank N.V.. 28.5 BinckBank shall not be liable for any failure, hindrance or delay in performing its 28. INDEMNITY AND LIMITATIONS obligations under these Terms where such ON LIABILITY failure, hindrance or delay is, directly or 28.1 The Client shall indemnify BinckBank for all indirectly, due to a Force Majeure Event and losses, taxes, expenses, costs and liabilities BinckBank shall not be liable for any losses whatsoever (present, future, contingent or due to any Force Majeure Event. otherwise and including reasonable legal 28.6 BinckBank shall not be responsible for fees) which may be suffered or incurred by losses resulting from the Client’s installation BinckBank as a result of, or in connection and use of the computer programs used in with relation to the Trading Platform, unless such i. the Client’s breach of these Terms; liability follows from mandatory applicable ii. BinckBank executing any order or law. entering into any Contract or transaction 28.7 The Client shall be responsible for ensuring on the Client’s instruction; or that the Trading Platform is adequately iii. BinckBank taking any action which protected against direct and indirect losses, BinckBank is entitled to take in order to which may result from the installation and enforce and preserve its rights, including use of the computer programs in the Client’s the rights of BinckBank under Clauses computer system. Furthermore, the Client 23-25 and 27, unless, and to the extent shall be obliged to make backup copies of all only that, such losses, taxes, expenses, data. costs and liabilities are suffered or 28.8 BinckBank shall not be liable for: incurred as a result of BinckBank’s gross i. any loss, expense, cost or liability suffered negligence or wilful default. or incurred by the Client as a result of or 28.2 The right to be compensated, as provided to in connection with the provision of the BinckBank under Clause 28.1, shall survive Services unless and to the extent that any termination of the relationship between such loss is suffered or incurred as a BinckBank and the Client. result of BinckBank’s gross negligence or wilful default;

30 BinckBank is a tradename of Binckbank N.V. - Licensee Dutch National Bank - Registered at the Authority of Financial Markets (A.F.M.) - Chamber of Commerce Amsterdam 33162223 ii. any loss due to actions taken by BinckBank according to its rights under these Terms; or iii. any consequential or other indirect loss suffered or incurred by the Client whether arising from BinckBank’s negligence or otherwise. 28.9 BinckBank shall not be liable for losses suffered by the Client as a result of the acts or omissions of any Regulated Market or clearing house or any action reasonably taken by BinckBank as a result of such acts or omissions unless BinckBank has exercised gross negligence in connection herewith. 28.10 The Trading Platform may be available in several versions, which may be differentiated in various aspects including, but not limited to, the level of security applied, products and Services available. BinckBank shall not be liable to the Client for any loss, expense, cost or liability suffered or incurred by the Client due to the Client using a version different from BinckBank’s standard version with all available updates installed.

BinckBank is a tradename of Binckbank N.V. - Licensee Dutch National Bank - Registered at the Authority of Financial Markets (A.F.M.) - Chamber of Commerce Amsterdam 33162223 31 MISCELLANEOUS

29. CONFLICT OF INTEREST 30.3 By accepting these Terms, the Client permits 29.1 BinckBank and the BinckBank N.V. or other BinckBank to, in accordance with applicable persons or companies connected with law, including the Financial Business Act and BinckBank may have an interest, relationship the Personal Data Act, transfer Confidential or arrangement that is material in relation to Information about the Client, submitted any order, Contract or transaction effected, to BinckBank, to any legal entity within the or advice provided by BinckBank under BinckBank N.V.. these Terms. This is described in BinckBank’s 30.4 The BinckBank N.V. may transfer Confidential Conflict of Interest Policy which is available Information regarding the Client for the on BinckBank’s website purposes of (i) complying with regulatory www.BinckBank.com. matters (including the Act on Measures to 29.2 By accepting these Terms the Client agrees Prevent Money Laundering), (ii) providing and that BinckBank may transact such business performing investment advice, investment as described in Clause 29.1 and the Conflict services, and other services which BinckBank of Interest Policy without BinckBank having offers, (iii) conducting marketing, (iv) to inform the Client hereof and without managing the Client relationship, and (v) the Client being able to make claim against otherwise providing its Services to the BinckBank in respect thereof. Client. Such Confidential Information may be transferred to BinckBank N.V. entities in 30. CONFIDENTIALITY AND RECORDING countries where data protection laws may OF CONVERSATIONS not provide a level of protection equivalent 30.1 Neither BinckBank nor the Client may to the protection offered in Denmark. disclose any Confidential Information 30.5 BinckBank may share Confidential and each Party shall use all reasonable Information with (i) a third party working endeavours to prevent any such disclosure, on behalf of BinckBank with the purpose except as set out in this Clause 30. of performing Client analysis to be used 30.2 By accepting these Terms, the Client in BinckBank’s sales and marketing and (ii) authorises BinckBank to disclose any Introducing Broker for the purpose of Confidential Information relating to the completing a due diligence and approving Client as may be required by applicable law, Account applications. any regulatory authority or any applicable 30.6 The Client’s personal information will be Market Rules, without prior notice to or stored no longer than necessary in order consent from the Client. Furthermore to carry out the purposes listed in these BinckBank may disclose information relating Terms. The Client has the right to request to the Client to third parties in or outside correction, supplementation, deletion or Denmark in order to facilitate the transfer of blocking of such personal information if funds by credit card initiated by Client. inaccurate, incomplete, or irrelevant for the purpose of the processing or, if processed, in any other way that is unlawful.

32 BinckBank is a tradename of Binckbank N.V. - Licensee Dutch National Bank - Registered at the Authority of Financial Markets (A.F.M.) - Chamber of Commerce Amsterdam 33162223 30.7 In certain circumstances, the Client may 32.3 All transactions with BinckBank effected also have the right to object for legitimate prior to the Client’s acceptance of these reasons to the processing of personal Terms, including the rights and obligations of information in accordance with the BinckBank and the Client in respect thereto, procedures set forth in the applicable data shall be governed by these Terms. protection regulations and to seek other 32.4 The Client is deemed to have accepted any legal remedies available in connection with amendments of these Terms if the Client the processing of such personal information. does not, before the proposed date of their 30.8 The Client agrees that BinckBank may entry into force, notify BinckBank that it does record all telephone conversations, internet not accept the amendments. conversations (chats), and meetings between the Client and BinckBank. 33. TERMINATION 30.9 In case of any dispute or anticipated 33.1 The Client relationship shall remain in force dispute between BinckBank and the until terminated. Client, BinckBank may disclose and/or 33.2 The Client is entitled to terminate the use recordings, or transcripts from such relationship with BinckBank immediately by recordings, as evidence towards the Client giving written notice to BinckBank. and any other party before any authority 33.3 BinckBank is entitled to terminate the (including, but not limited to, any regulatory relationship with the Client by giving authority and/or court of law) if BinckBank at minimum one month’s notice BinckBank will its sole discretion sees it to be desirable or provide the notice to the Client on a Durable necessary. Medium. 30.10 Technical reasons may prevent BinckBank 33.4 Termination shall not affect any accrued from recording a conversation, and rights and obligations. recordings or transcripts made by BinckBank 33.5 Upon termination, Contracts that are already will be destroyed in accordance with entered into or under execution shall BinckBank’s normal practice. immediately terminate, and these Terms 30.11 The Client shall not expect to be able to rely shall continue to bind the Parties in relation on any recordings made pursuant to Clause to such Contracts. 30.9. 33.6 BinckBank is entitled to deduct all amounts due to it before transferring any credit 31. NO RIGHT OF CANCELLATION balances on any Account to the Client and 31.1 The right of cancellation rules of the Dutch BinckBank is entitled to postpone such Civil Code do not apply to agreements transferring until any and all Contracts concerning securities or financial services as between BinckBank and the Client have offered by BinckBank, The Client relationship been closed. between BinckBank and the Client may be 33.7 BinckBank shall charge no separate fees terminated by the Client immediately in in relation to the opening and closure of accordance with Clause 33. Accounts. In relation to the closure of any open positions, BinckBank shall charge no 32. AMENDMENTS OF THESE TERMS separate fees except as provided by the 32.1 BinckBank is entitled to amend these Terms Commissions, Charges & Margin Schedule. in favour of the Client without notice. 33.8 BinckBank is entitled to require the Client 32.2 Amendments of these Terms which are not to pay any charges incurred in transferring in the Client’s favour may take place at any the Client’s investments and funds upon the time by BinckBank giving minimum one termination of the Client relationship. month’s notice. BinckBank will provide such notice to the Client on a Durable Medium.

BinckBank is a tradename of Binckbank N.V. - Licensee Dutch National Bank - Registered at the Authority of Financial Markets (A.F.M.) - Chamber of Commerce Amsterdam 33162223 33 34. REGULATORY AUTHORITY be desirable for the purpose of limiting the AND THE GUARANTEE SCHEME maximum amount involved in the dispute. 34.1 BinckBank is regulated and under BinckBank shall not be responsible to the supervision by the Dutch Central Bank and Client for any subsequent fluctuations in the the Dutch Authority Financial Markets (in price level of the relevant Margin Position. Dutch “DNB and AFM”). BinckBank shall take reasonable steps to 34.2 Should the Client not obtain full coverage inform the Client that BinckBank has taken for its cash deposits via the bankruptcy such action as soon as practicable possible estate of BinckBank, the Dutch Guarantee after doing so. Scheme for Depositors and Investors (in 35.3 Where BinckBank closes a Margin Position Dutch: “Nederlands Depositogarantiestelsel”) or alleged Margin Position in accordance provides coverage of up to Euro 100,000 with Clause 35.2 the closing shall be in accordance with the Guarantee Scheme without prejudice to the Client’s rights to for Depositors and Investors Act as further open new Margin Positions, provided that described on BinckBank BinckBank’s such new Margin Positions are opened website, www.BinckBank.com. in accordance with these Terms. When 34.3 Should the bankruptcy estate of BinckBank calculating Collateral or other funds required not be able to fully return all the Client’s for such new Margin Positions by the Client, securities, then the Dutch Guarantee BinckBank is entitled, on an individual basis, Scheme for Depositors and Investors to impose specific Margin Requirement or provides coverage for securities up to Euro other requirements upon such new Margin 20,000 in accordance with the Guarantee Positions. Scheme for Depositors and Investors Act as further described on BinckBank’s website, 36. GOVERNING LAW AND JURISDICTION www.BinckBank.com. 36.1 The relationship between BinckBank and the Client, any order, instruction and Contract 35. DISPUTES AND COMPLAINTS and these Terms are subject to and shall be 35.1 In case the Client has raised a question or construed in accordance with Dutch law as a problem with the account executive or the sole and exclusive governing law. another employee of BinckBank without 36.2 The Client and BinckBank agree that the receiving a satisfactory answer, the Client is Court of Amsterdam shall have exclusive entitled to, via e-mail, file a written complaint jurisdiction over disputes regarding (i) the with BinckBank at info@ BinckBank.com. relationship between BinckBank and the BinckBank will investigate and answer the Client, (ii) any order and Contract and (iii) complaint. these Terms. However, BinckBank reserves If the Client is not satisfied with BinckBank’s the right to commence proceedings in any response, the Client may, if eligible, file a competent court and jurisdiction that it may complaint with KIFID Den Haag Postbus find suitable, including, but not limited to, 93257 2509 Den Haag – The Netherlands jurisdictions in which the Client is a citizen or 35.2 Without prejudice to any of BinckBank’s resident and jurisdictions in which the Client other rights under these Terms, and in possesses assets. case of a dispute between the Client and 36.3 This Clause 36 shall survive any termination BinckBank over a Margin Position or alleged of the relationship between BinckBank and Margin Position or any instruction relating to the Client. a Margin Position, BinckBank is entitled, at its sole discretion and without notice, to close any such Margin Position or alleged Margin Position, if BinckBank believes such action to

34 BinckBank is a tradename of Binckbank N.V. - Licensee Dutch National Bank - Registered at the Authority of Financial Markets (A.F.M.) - Chamber of Commerce Amsterdam 33162223 37. STATUS OF TERMS, COUNTRY 37.7 All transactions undertaken by the Client ANNEXES, ADDITIONAL APPLICABLE shall be subject to these Terms. BUSINESS TERMS, ETC. 37.8 The rights and remedies contained in these 37.1 All Contracts are entered into in reliance on Terms are cumulative and not exclusive of the fact that these Terms and all Contracts any rights or remedies provided by law. form a single agreement between the Client 37.9 No delay or omission on the part of and BinckBank, and the parties would BinckBank in exercising any right, power not otherwise enter into any Contracts. or remedy provided by law or under these Without limiting the foregoing, all obligations Terms, or partial or defective exercise between the Client and BinckBank, including thereof, shall: the Secured Obligations, are connected i. Impair or prevent further or other and originate from one and the same exercise of such right, power or remedy; commercial relationship. or 37.2 If, at any time, any provision of these ii. Operate as a waiver of such right, power Terms is or becomes illegal, invalid or or remedy. unenforceable in any respect under the 37.10 No waiver of any breach of these Terms laws of any jurisdiction, neither the legality, shall (unless expressly agreed in writing by validity or enforceability of the remaining the waiving party) be construed as a waiver provisions of these Terms under the law of of a future breach of the same Clause or as that jurisdiction nor the legality, validity or authorising a continuation of the particular enforceability of such provision under the breach. laws of any other jurisdiction shall be in any 37.11 BinckBank or third parties may have way affected. provided the Client with translations of these 37.3 As an integrated part of these Terms, Clients Terms. The original English versions of these resident, incorporated or organised (as Terms will be the only version that are legally applicable) in certain countries are subject to binding upon the Client and BinckBank. In additional terms set out in country annexes case of discrepancies between (i) the English to these Terms. These country annexes versions and (ii) other translations of these supplement and have priority over the rest Terms, the original English versions, provided of the Terms in respect of the Clients to on BinckBank’s website, www.BinckBank. which they apply. com, shall prevail. 37.4 In addition to these Terms, the “Business 37.12 The Client accepts that BinckBank may be Terms for International Transfer of Funds”, closed on significant European holidays. “Conflict of Interest Policy”, the “Order 37.13 If there is any conflict between these Terms Execution Policy” and the “Addendum to and relevant Market Rules, the Market Rules General Business Terms for Life Insurance shall prevail. Policy Accounts” (which all appear on BinckBank’s website, www.BinckBank.com) shall apply to the relationship between BinckBank and the Client. 37.5 The Client may not assign or transfer any of its rights or obligations under these Terms and/or a Contract. 37.6 BinckBank may assign or transfer any of its rights or obligations under these Terms and/or a Contract to any regulated financial institution.

BinckBank is a tradename of Binckbank N.V. - Licensee Dutch National Bank - Registered at the Authority of Financial Markets (A.F.M.) - Chamber of Commerce Amsterdam 33162223 35 APPENDICES

Appendice I: Risk Disclosures

In order to comply with EU regulations, i.e. the FOREIGN EXCHANGE AND DERIVATIVES MiFID directive, BinckBank provides you with Risk Disclosures on complex financial products below. EFFECT OF “LEVERAGE” OR “GEARING” Transactions in foreign exchange and derivatives INFORMATION ABOUT THE CHARACTER- carry a high degree of risk. The amount of initial ISTICS OF CERTAIN COMPLEX FINANCIAL margin may be small relative to the value of the PRODUCTS AND THE RISKS ASSOCIATED foreign exchange or derivatives contract so that WITH THEM transactions are “leveraged” or “geared”. A relatively small market movement will have a proportionately Risk disclosure statement for trades in foreign larger impact on the funds you have deposited or exchange and derivatives (including futures and will have to deposit; this may work against you as options) well as for you. You may sustain a total loss of initial This brief statement, which constitutes an addition margin funds and any additional funds deposited to these Terms, does not disclose all of the risks and with BinckBank to maintain your position. If the other significant aspects of trading foreign exchange market moves against your position and/or Margin and derivatives. In consideration of the risks, you Requirement is increased, you may be called upon should enter into transactions with the mentioned to deposit additional funds on short notice to products only if you understand the nature of the maintain your position. Failing to comply with a contracts and the contractual legal relationship request for a deposit of additional funds, may result into which you are entering and the extent of your in closure of your position(s) by BinckBank on your exposure to risk. Transactions in foreign exchange behalf and you will be liable for any resulting loss or and derivatives are not suitable for many members deficit. of the public. You should carefully consider whether transacting is appropriate for you in light of your When trading in foreign exchange, the investor experience, objectives, financial resources and other speculates in the development of the price of one relevant circumstances. currency relative to another, where one is sold and the other is purchased. By way of example, Below is an overall description of the characteristics an investor may sell British pounds (GBP) against of certain complex financial products and their the US dollar (USD) if he expects that the USD will markets and of the risks associated with these increase relative to the GBP. products. Further information is available on the last pages of the General Business Terms of BinckBank Foreign exchange is traded as a margin product, N.V. and on www.BinckBank.com under the section which means that you can invest more money than Education. is available in your account by borrowing money from BinckBank. Foreign exchange may be traded Trading in financial products always involves a risk. as FX Spot, FX Forward or FX Options. FX Spot is As a general rule, you should therefore only trade the purchase of one currency against the sale of in financial products if you understand the products another for immediate delivery. FX Forward and and the risks associated with them. FX Options transactions are settled on an agreed future date at prices which are agreed on the date

36 BinckBank is a tradename of Binckbank N.V. - Licensee Dutch National Bank - Registered at the Authority of Financial Markets (A.F.M.) - Chamber of Commerce Amsterdam 33162223 of the transaction. FX Forward trading involves an the market. However, this does not necessarily obligation to make the transaction at the agreed mean that your gain or loss is offset by a loss or price on the settlement date. A buyer of FX Options gain on behalf of BinckBank, as BinckBank seeks to has a right to make a transaction in the underlying hedge its risks with other counterparties. FX Spot currency pair on the expiry date if the price is more favorable than the market price at this time. As foreign exchange is margin traded, allowing On the other hand, a seller of FX options has an you to take a larger position than you would obligation to enter into a transaction with the buyer otherwise be able to based on your funds with (BinckBank) on the settlement date if requested by BinckBank, a relatively small positive or negative the buyer. Purchased FX options therefore involve a market movement can have a disproportionate and limited risk in the form of premium which is payable significant effect on your investment. This can be when the contract is made, while FX options that both advantageous and disadvantageous to you. have been sold involve an unlimited risk in the form This makes the potential gain quite high, even if the of changes to the price of the underlying FX Spot deposit is relatively small, but also a significant loss if currency pair. the trade goes against you. If your total exposure on margin trades exceeds your deposit, you risk losing RISK REDUCING ORDERS OR STRATEGIES more than your deposit. The placing of certain orders (e.g. “stop loss” orders, where permitted under local law, or “stop limit” CFDs orders), which are intended to limit losses to certain A CFD - or Contract for Difference - is speculation amounts, may not be adequate given that markets in changes in values. The product allows you to conditions make it impossible to execute such speculate in future increases or decreases in the orders, e.g. due to illiquidity in the market. Strategies value of a specific asset, amongst others, forex, using combinations of positions, such as “spread” precious metals, indicies and shares, however, it and “straddle”’ positions may be as risky as taking should be noted that no physical delivery of the simple “long” or “short” positions. underlying asset will occur. If your speculations prove to be correct, you will make a profit from the The currency exchange market is the world’s largest difference in value (less costs), but you will have financial market with 24 hour trading during all to pay the difference in value (plus costs) if your working days. It is characterized, among other speculations turn out to be wrong. Being tied to things, by a relatively low profit margin compared an underlying asset, the value of a CFD depends to other products. A high profit is therefore subject on that asset. CFDs are always margin traded to a large trading volume, which is achieved for (see the above paragraph on foreign exchange instance by margin trading as described above. transactions). CFDs are traded with BinckBank as When trading in foreign exchange, a net gain before the counterparty which implies that any position costs, such as commission and spread, realized by opened with BinckBank can only be closed with one market player will always be offset by another BinckBank. Overall, OTC transactions may involve player’s loss. Foreign exchange transactions are greater risk compared to for example exchange always made with BinckBank as counterparty this traded products like shares due to the fact that in implies that any position opened with BinckBank OTC transactions there is no central counterparty can only be closed with BinckBank. Overall, OTC and either party to the transaction bears certain (Over The Counter) transactions may involve greater credit risk and risk of default on the other party. risk compared to, for example, trading in secureties However, the price always moves with the price of like shares due to the fact that in OTC transactions the underlying asset, which is in most cases traded there is no central counterparty and either party to on a regulated market. The price and liquidity of the transaction bears certain credit risk and risk of CFDs on individual shares mirror the price and default on the other party. BinckBank quotes prices liquidity of the share on the market in which the on the basis of the prices that can be obtained in share is admitted for trading, whereas, for instance,

BinckBank is a tradename of Binckbank N.V. - Licensee Dutch National Bank - Registered at the Authority of Financial Markets (A.F.M.) - Chamber of Commerce Amsterdam 33162223 37 index CFDs are OTC products with a price fixed by CONTRACT OPTIONS BinckBank on the basis of the price and liquidity of the underlying shares, the futures market, estimated Variable Degree of Risk future dividends, the effects of interest rates, etc. Transactions in options carry a high degree of risk. Purchasers and sellers of options should As CFDs are margin traded, allowing you to take familiarize themselves with the type of option (i.e., a larger position than you would otherwise be put or call) which they contemplate trading and the able to based on your funds with BinckBank, a associated risks. You should calculate the extent relatively small positive or negative movement in the to which the value of the options must increase underlying instrument can have a significant effect for your position to become profitable, taking into on your investment over a very short period of time. account the premium and all transaction costs. The CFD trading therefore involves a relatively high level purchaser of options may offset or exercise the of risk. This makes the potential gain quite high, options or allow the option to expire. The exercise even if the deposit is relatively small. If your total of an option results either in a cash settlement or in exposure on margin trades exceeds your deposit, the purchaser acquiring or delivering the underlying you risk losing more than your deposit. interest. If the option is on a future, the purchaser will acquire a futures position with associated FUTURES liabilities for margin (see the section on leverage Future trading involves speculating on the price of or gearing above). If the purchased option is out a specific underlying asset going up or down in the of-the money when it expires, you will suffer a total Future. A Future gives the holder a standardized loss of your investment, which will consist of the obligation to either buy or sell the underlying option premium plus transaction costs. If you are asset at a specified price at a certain date in the contemplating purchasing out of the money options, future. The underlying asset may, for instance, be you should be aware that the chance of such raw materials, agricultural produce or financial options becoming profitable ordinarily is remote. products. Depending on the nature of the Future, the asset either has to be settled for the price Selling (“writing” or “granting”) an option generally difference or by actual delivery at the settlement entails considerably greater risk than purchasing date however it should be noted that no physical options. Although the premium received by the delivery of the underlying asset will occur. Futures seller is fixed, the seller may sustain a loss well in are always traded on margin (see “Foreign exchange excess of that amount. The seller will be liable for trading” above). Futures are always traded in a additional margin to maintain the position if the regulated market, either by direct trading in the market moves unfavourably. The seller will also be stock exchanges’ trading systems, or by reporting of exposed to the risk of the purchaser exercising transactions. the option and the seller will be obligated to either settle the option in cash or to acquire or deliver As Futures are margin traded, allowing you to take the underlying interest. If the option is on a future, a larger position than you would otherwise be able the seller will acquire a position in a future with to based on your funds with BinckBank, a relatively associated liabilities for margin (see the section on small negative or positive market movement can leverage or gearing above). If the option is “covered” have a significant effect on your investment. Future by the seller holding a corresponding position in the trading therefore involves a relatively high degree of underlying asset, in a future or in another option, risk. This makes the potential gain quite high, even the risk may be reduced. In case the option is not if the deposit is relatively small, but also a significant covered, the risk of loss can be unlimited. loss if the trade goes against you. If your total exposure on margin trades exceeds your deposit, you risk losing more than your deposit.

38 BinckBank is a tradename of Binckbank N.V. - Licensee Dutch National Bank - Registered at the Authority of Financial Markets (A.F.M.) - Chamber of Commerce Amsterdam 33162223 Certain exchanges in some jurisdictions permit If your total exposure on margin trades exceeds deferred payment of the option premium, exposing your deposit, you risk losing more than your the purchaser to liability for margin payments deposit. If the underlying asset of a Contract Option not exceeding the amount of the premium. The is a margin traded product (i.e. a derivative), and if purchaser is still subject to the risk of losing the the Contract Option is being exercised by the buyer, premium and transaction costs. When the option is then the buyer (in case of a call Option) or the seller exercised or expires, the purchaser is responsible (in case of a put Option) of the Contract Option will for any unpaid premium outstanding at that time. acquire a position in the underlying margin traded product with associated risks as well as liabilities to Option trading is highly speculative and is not provide margin. suitable for all investors due to the risks involved. Buyers and sellers of Contract Options should Before trading Contract Options, you should familiarize themselves with the type of option (i.e. carefully read the manual on Contract Options put or call, buy or sell) they intend to trade and the available on: www.BinckBank.com associated risks. Contract Options are traded with BinckBank as counterparty to the trades this implies ADDITIONAL RISKS COMMON TO that any position opened with BinckBank can only FOREIGN EXCHANGE AND DERIVATIVE be closed with BinckBank. TRANSACTIONS

A Contract Option gives you the right or the 1 Terms and Conditions of Contracts obligation to either buy or sell a specified amount You should ask the firm with which you deal about or value of a particular underlying asset at a fixed the terms and conditions of the Contracts entered exercise price, by the Option being exercised into and information on associated obligations (e.g. either before or on its specified expiration date. the circumstances under which you may become A Contract Option which gives you the right to obligated to make or take delivery of the underlying buy or the obligation to sell is a call Option, and a interest of a futures contract and, in respect of Contract Option that gives you the right to sell or options, expiration dates and restrictions on the the obligation to buy is a put Option. time for exercise). Under certain circumstances the specifications of outstanding contracts (including A Contract Option that is in the money on expiry will the exercise price of an option) may be modified by always be exercised. the exchange or clearing house to reflect changes in the underlying interest. Trading Contract Options involves a high level of risk. Contract Options that gives you the right 2 Suspension or Restriction of Trading to either buy or sell an underlying asset (bought and Pricing Relationships Contract Options) might expire worthless and your Market condition (e.g. illiquidity) and/or the initial investment ( i.e. premium and transaction operation of the rules of certain markets (e.g., the costs) will be lost. Contract Options that gives you suspension of trading in any contract or contract the obligation to either buy or sell an underlying month because of price limits or “circuit breakers”) asset (sold Contract Options) can result in may increase the risk of loss by making it difficult substantial (potentially unlimited) losses. To assure or impossible to effect transactions or close/offset you will be able to cover losses on sold Contract positions. If you have sold options, this may increase Options BinckBank will require margin charges. the risk of loss. Nonetheless, potential losses can exceed the margin charged and you will be liable for these losses. Normal pricing relationships between the underlying asset and a derivative do not always exist. The absence of an underlying reference price may make it difficult to judge “fair” value.

BinckBank is a tradename of Binckbank N.V. - Licensee Dutch National Bank - Registered at the Authority of Financial Markets (A.F.M.) - Chamber of Commerce Amsterdam 33162223 39 3 Deposited Cash and Property 7 Trading Facilities You should familiarize yourself with the protections Most open outcry and electronic trading facilities accorded the Collateral you deposit by way of are supported by computer based component money or other assets in domestic and foreign systems for the order routing, execution, matching, transactions, particularly in the event of a firm registration or clearing of trades. As with all facilities insolvency or bankruptcy. The extent to which and systems, they are vulnerable to temporary you may recover your money or other assets is disruption or failure. Your ability to recover certain governed by the legislation and local rules in the losses may be subject to limits on liability imposed country at which location the counterparty acts. by the system provider, the market, the clearing house and/or member firms. Such limits may vary: 4 Commission and Other Charges you should ask the firm with which you deal for Before you begin to trade, you should obtain a details in this respect. clear explanation of all commission, fees and other charges for which you will be liable. These charges 8 Electronic Trading will affect your net profit or loss. Trading on an electronic trading system may differ not only from trading in an open-outcry market 5 Transactions In Other Jurisdictions but also from trading on other electronic trading Transactions on markets in other jurisdictions, systems. If you undertake transactions on an including markets formally linked to a domestic electronic trading system, you will be exposed to market, may expose you to additional risk. Such risks associated with the system including the failure markets may be subject to regulation, which may of hardware and software. The result of any system offer different or diminished investor protection. failure may be that your order is either not executed Your local regulatory authority will be unable to according to your instructions, is not executed at compel the enforcement of the rules of regulatory all and a lack of capability to keep you informed authorities or markets in other jurisdictions where continuously about your positions and fulfilment of your transactions have been effected. the Margin Requirement.

6 Currency Risks 9 Off Exchange Transactions The profit or loss in transactions in foreign currency In some jurisdictions firms are permitted to effect denominated contracts in another currency off-exchange transactions. The firm with which than your account currency will be affected by you deal may be acting as your counterpart to the fluctuations in currency rates where there is a need transaction. It may be difficult or impossible to to convert from the currency denomination of the liquidate an existing position, to assess the value, contract to the account currency. to determine a fair price or to assess the exposure to risk. For these reasons, these transactions may involve increased risks. Off-exchange transactions may be less regulated or subject to a separate regulatory regime. Before you undertake such transactions, you should familiarize yourself with applicable rules and attendant risks.

40 BinckBank is a tradename of Binckbank N.V. - Licensee Dutch National Bank - Registered at the Authority of Financial Markets (A.F.M.) - Chamber of Commerce Amsterdam 33162223 Appendice II: Business Terms Securities Trading

BinckBank N.V. (‘BinckBank’) aims to provide “Instruction Deadline” shall mean the deadline given its Clients with the highest level of flexibil- by BinckBank N.V. to the Client for the Client to ity when trading Securities, and BinckBank give its instructions regarding a Corporate Action. . BinckBank therefore offers a selection of Instruction deadline can vary to a larger or less different types of orders. To enable Clients degree from deadlines stipulated in the prospectus to select the appropriate type of order, the or other material referring to market deadlines. different types of orders are detailed in these Business Terms. “Pay Date” shall mean the value date of the Corporate Action or the date on which a dividend or Stock exchange trading is generally subjected to bond interest payment is made or scheduled to be the general terms and conditions in force on the made. relevant stock exchange. “Prevailing Stocks” shall mean the form of stocks ”Terms” shall mean these Business Terms for prevailing after a merger between two entities. Securities Trading; “The Stock Exchange’s Trading System” shall The Business Terms for Securities Trading generally mean the proprietary trading system of the Stock refer to the definitions contained in BinckBank Exchange that supports Automatic Order Routing; N.V General Business Terms and other product and or platform specific conditions. Additionally the following terms shall, unless the context otherwise ”Securities” shall mean shares, bonds, financial requires, have the following meanings and may be futures or other comparable units. used in the singular or plural as appropriate: The Client is personally liable for the market risk “Automatic Order Routing” shall mean the automatic inherent with Securities trading. Moreover, the routing of Client-submitted orders to the stock Client is liable for any investment that BinckBank exchange’s trading system; N.V. is requested to perform on behalf of the Client and any subsequent loss resulting thereof. “Corporate Actions” shall mean a corporate event The Client should not base expectations of future that may impact the share price of the relevant returns on any past returns on the relevant company. Corporate Actions include share issues, Securities. mergers, conversions, share splits, sell-offs and dividends; When executing a Client order, BinckBank N.V. shall secure the best execution reasonably available given “Dividend Reinvestment Rate” shall mean the rate the circumstances, including price, costs, speed, defined by the issuer of Corporate Action at which likelihood of execution and settlement, volume, dividends will be converted into shares. nature and other factors relevant for the execution of the relevant order. “Ex-Date” shall mean the effective date of the Corporate Action, the date on which or the date BinckBank N.V. executes the Client’s order as soon after a security trades without its previously as possible on the day of receipt, unless otherwise declared dividend or distribution. agreed.

BinckBank is a tradename of Binckbank N.V. - Licensee Dutch National Bank - Registered at the Authority of Financial Markets (A.F.M.) - Chamber of Commerce Amsterdam 33162223 41 Under exceptional market conditions BinckBank N.V. authority and/or court of law, which BinckBank BinckBank N.V. reserves the right not to execute a N.V. in its own discretion deems appropriate Client order. or necessary with a view to providing that party The Client will be notified if an order cannot be with such information concerning any dispute or executed. If BinckBank N.V. is unable to obtain and anticipated dispute between BinckBank N.V. and deliver the requested Securities, BinckBank N.V. may the Client. Technical reasons, however, may prevent be unable to complete the Client’s purchase order. BinckBank N.V. from recording a conversation and Consequentially the trade will be cancelled, unless recordings or transcripts made by BinckBank N.V. BinckBank N.V. holds the Securities itself or is able will be disposed off in line with standard practice at to obtain these at usual terms no later than two BinckBank N.V.. Hence, the Client cannot assume banking days after the value date in question. any such recording is readily available.

BinckBank N.V. will cancel any order for a Security Any order submitted by the Client via the Trading if the specific Security is suspended or transferred Platform or by e-mail is only assumed to be to the observation list on the Copenhagen Stock received and is considered a valid instruction Exchange. and/or binding contract between BinckBank N.V. and the Client when the relevant instruction is Further information about order execution is recorded as executed by BinckBank N.V. and provided in the sections on the different types of confirmed by BinckBank N.V. towards the Client by orders offered by BinckBank N.V.. a Trading Confirmation and/ or Account Statement. The Client’s transmission, taken separately, thus 4. COOLING OFF does not constitute any binding contact between The right of cancellation rules of the Dutch Civil BinckBank N.V. and the Client. Code do not apply to agreements concerning securities or financial services as offered by 6. TRANSACTION TYPES BinckBank Hence, the Client does not enjoy any For various types of Securities BinckBank N.V. offers right of cancellation when buying and selling various types of transactions and orders, including Securities through BinckBank N.V.. the following: i. Immediate trades, ii. Market orders, 5. PLACEMENT OF ORDERS iii. Average price transactions, BinckBank N.V. executes orders by request of iv. Trades in foreign Securities via a foreign broker. the Client. BinckBank N.V. recommends the Client to make use of the Trading Platform when The transaction and order types are detailed below. trading Securities, which provides for swift Client BinckBank N.V. readily advises on the individual identification and thus faster processing of Client transaction and order types, however, the decision orders. If the Client submits an order in another about the type of execution lies solely with the manner, BinckBank N.V. manually verifies the basis Client. The individual transaction and order types of the relevant order prior to processing, and this are characterised by specific features and the may likely result in an extended processing time. Client should therefore familiarise themselves with Placement of orders by telephone may by subject to the features and consider the advantages and higher commissions relative to the Trading Platform. disadvantages before opting for a specific type of transaction or order. The Client acknowledges that BinckBank N.V. is If the Client does not instruct BinckBank about the entitled to record any telephone conversation, intended type of transaction or order the Client internet-based conversation (chat) and meeting trades on a commission basis. BinckBank N.V. will between the Client and BinckBank N.V. and to use then choose the transaction type or order that on any such recording or transcript as evidence to any the basis of an overall assessment is considered in party, including but not limited to any regulatory the Clients best interest.

42 BinckBank is a tradename of Binckbank N.V. - Licensee Dutch National Bank - Registered at the Authority of Financial Markets (A.F.M.) - Chamber of Commerce Amsterdam 33162223 7. IMMEDIATE TRADES The Client may not submit orders which are BinckBank N.V. offers immediate trades in a number devoid of commercial purpose, which individually of Dutch and foreign Securities. BinckBank N.V. or combined aims to affect pricing in the trading determines which Securities can be spot traded. system or which aims to delay or prevent access Information about which Securities (including to the trading system for other members of the quantity) that may be traded immediately is Copenhagen Stock Exchange. available on the Trading Platform. A Client cannot enter an order into the trading Immediate trades allow the Client to trade at a system on conditions fully or partially identical to current price offered by BinckBank N.V.. Hence, the another unexecuted trade entered into the trading Client will know the exact price when submitting an system by the same client. order. This eliminates the risk of price fluctuations – a risk that may be generated by other transaction or The Client may not disclose public market order types from the time of submitting an order to information made available through the trading its execution – and it ensures complete execution of system of the Stock Exchange. the order. 8.1 Right to act as principal in market orders Immediate trades are performed with BinckBank If the Client requests a market order BinckBank N.V. N.V. as counterparty. may choose to act as principal in accordance with the Dutch Act on Commission, and BinckBank N.V. 8. MARKET ORDERS will accordingly become counterparty to the Client. BinckBank N.V. offers market orders for Securities BinckBank N.V. may choose to act as principal to a listed on the Stock Exchange. When the Client has trade if BinckBank N.V. as a result thereof is able chosen a market order, Saxo Bank inputs the order to execute the Client’s order at a more favourable directly into the trading system of the Copenhagen price or if a more favourable market price cannot Stock Exchange. Investment certificates, which be obtained at the time of trading, the relevant are unlisted but available for trading on the time, quantity and trading conditions taken into Copenhagen Stock Exchange, may similarly be consideration. The Trading Confirmation will confirm traded through market orders. whether a trade is made at the stock exchange with BinckBank N.V. as counterparty. Market orders entails that the trade is done at the Client’s expense but in the name of BinckBank N.V.. 8.2 Executing market orders The Client may enter a market order via the Trading Should the type of transaction or order not have Platform during the trading hours of the Stock been agreed between the Client and BinckBank Exchange.Orders communicated to BinckBank N.V., BinckBank N.V. will for Securities listed on the N.V. in a different manner will be handled intra-day Stock Exchange attempt to execute the order as an provided the order is submitted by the Client. market order unless BinckBank N.V. on behalf of the Client may obtain an identical volume at a more An order is executed only to the extent that favourable or identical price by selecting a different counterparties are available at the Stock Exchange. type of transaction or order. An order submitted directly to the Stock Exchange may be split into several orders and executed at Bincbank N.V. is entitled to immediately cancel different prices during the day of trading or the Automatic Order Routing on behalf of Clients in case following days. In case an order is split, and filled of extraordinary circumstances. partially over a period of more than one day, the total trading costs may increase.

BinckBank is a tradename of Binckbank N.V. - Licensee Dutch National Bank - Registered at the Authority of Financial Markets (A.F.M.) - Chamber of Commerce Amsterdam 33162223 43 The reason for such increase is that the minimum An order does not reflect the current market value fee may be charged more than one time based if it has been entered into the order book at a price on the number of days necessary for the total that, provided the trade is performed automatically, execution of the order. obviously will result in a trade that does not reflect the current market value. The validity of an order If an order is submitted outside market hours, it will must be considered when assessing the market be processed when the market re-opens. If an order value. is partially executed at the closing of the market, the remainder of the trade will be executed when the BinckBank N.V. is entitled to cancel orders and market re-opens. trades that do not reflect the current market value of the relevant instrument. BinckBank N.V. cannot 8.3 Limitation of liabilities for Automatic Order be held liable for any cancellation of an order or Routing BinckBank N.V. cannot be held liable for trade. any loss suffered by the Client in conjunction with Automatic Order Routing owing to system error, The Stock Exchange may determine that an order, power outage or any other event beyond the which does not fulfil the above criteria or that may control of BinckBank N.V.. be considered as attempted price manipulation, is considered invalid and to be deleted from the order When trading directly at the Stock Exchange the book. Moreover, any trade, which does not fulfil the aggregate market value of unsettled trades and above or that may be considered as attempted price orders is subject to a certain limit. Trades or orders manipulation, is considered as constituting a trade remain unsettled until the value date. The Client that cannot update the most recently price paid. may enter orders up to an amount equivalent to the 8.5 Trades cancelled by the Stock Exchange value of the funds available ion the Client’s account. To ensure market integrity or in exceptional circumstances the Stock Exchange may cancel any 8.4 BinckBank N.V.’s right to cancel orders trade if required. and trades Orders, which are entered into the order book, and Exceptional circumstances are defined as any error, trades, which has been merged automatically in which is not subject to any doubt, or an incident or entered into the Trading Platform, must reflect caused by a technical or manual mistake at the the relevant instrument’s current market value and stock exchange, at BinckBank N.V. or at the Client, represent actual orders and trades. a significant and indisputable violation of legislation or directions or the rules of the Stock Exchange or The “current market value” of a trade is the price any technical disruption in trading and/or clearing which based on an overall assessment reflects systems that is beyond of the control of BinckBank the current pricing of the relevant instrument. N.V.. An assessment of the current market value shall among other things include the pricing on the relevant exchange day, any change in pricing 9. AVERAGE PRICE TRANSACTIONS of the instrument on past exchange days, the An average price transaction is executed following volatility of the instrument and any general change the completion of the stock exchange trade on the in the pricing of comparable instruments and, if first exchange day after BinckBank N.V.’s receipt of appropriate, any other specific conditions of the the relevant order. Average price transactions are trade in question. executed with BinckBank N.V. as counterparty. The Client may perform average price transactions in Securities listed on the Stock Exchange.

44 BinckBank is a tradename of Binckbank N.V. - Licensee Dutch National Bank - Registered at the Authority of Financial Markets (A.F.M.) - Chamber of Commerce Amsterdam 33162223 9.1 Rates for average price transactions The Client’s order may be split or merged, and thus The Stock Exchange calculates a weighted average be executed at different prices during the day of price labelled the “all trades”-price. BinckBank N.V. trading or the following days. In case an order is settles average price transactions at this price at split, and filled partially over a period of more than the closing of the exchange day added or deducted one day, the total trading costs may increase. The BinckBank N.V.s prevailing mark-up/down. reason for such increase is that the minimum fee may be charged more than one time based on the For Securities that are not regularly traded or for number of days necessary for the total execution of which a bid or offer rate is not provided on the the order. Unless otherwise agreed, BinckBank N.V. relevant trading day in the Stock Exchange’s trading selects the currency in which the trade is executed system, BinckBank N.V. determines a rate that under and the market and intermediary for executing the the circumstances represents the best possible trade. price and overall conditions for the Client. The rate is determined in consideration of, among other The Client’s order is executed during the official things, interest and price developments, information business hours of the foreign market. If the order about market supply and demand, the price of is submitted outside market hours, it will be similar Securities and available market-relevant processed when the market reopens. If the order is information about the issuer of the Security. partially executed at the closing of the market, the remainder of the trade will be executed when the The Trade Confirmation will state whether an ”all market reopens. trades” price was calculated and published by the Stock Exchange on the relevant trading day. BinckBank N.V. settles the trade at the market prices available to BinckBank N.V. at its Securities brokers BinckBank N.V. is under no obligation to execute or on the relevant exchange. Payment and delivery the Client’s order, if the sales volume of the trading takes place via foreign clearing centers and business system at the Stock Exchange is less than the partners. volume of the Client’s order on the trading day. Moreover, BinckBank N.V. is under no obligation 11. LIMIT ORDERS to execute the Client’s order if BinckBank N.V. can The Client is able to place limit orders connected only acquire Securities at a rate higher than the “all to market orders, average price transactions and trades” price. commission trades in foreign Securities. The Client may limit an order in a defined period, should the 10. TRADES IN FOREIGN SECURITIES Client wants to buy or sell at a specific price. If the BinckBank N.V. trades foreign Securities through price within the period equals or breaches the price its Securities brokers unless the Client requests indicated, the trade will be executed. an immediate trade or BinckBank N.V. does not offer immediate trades in the relevant Security. When entering a market order via the Trading The Securities brokers decide whether the trade in Platform, the Client must limit the relevant order. question is executed on an exchange. The trade is However, when executing a market order outside performed on a commission basis and consequently the Trading Platform, the Client may add a limit in the name of BinckBank N.V.. order. If the Client does not limit a market order, The Client order is only executed provided it is BinckBank N.V. will assess at which price the Client’s tradable on the relevant exchange or through the order should be executed. relevant Securities broker. If the trade cannot be executed at the terms outlined above, BinckBank N.V. may however choose to execute the Client’s order by means of its own portfolio.

BinckBank is a tradename of Binckbank N.V. - Licensee Dutch National Bank - Registered at the Authority of Financial Markets (A.F.M.) - Chamber of Commerce Amsterdam 33162223 45 If the Client has limited an average price transaction, 13. TRADING COSTS AND CALCULATION BinckBank N.V. will only execute the trade, METHODS provided it may take place at a price that equals or BinckBank N.V. may charge commission for any outperforms the limit price after taking into account Securities transaction. BinckBank N.V.’s prevailing mark-up/down for the “all trades” price. For immediate trades in shares BinckBank N.V. does not charge trading costs by way of a mark-up/down. If the Client has agreed on limiting a trade in For immediate trades in bonds, however, the spot foreign Securities, BinckBank N.V. will execute the price and the price quoted by the Stock Exchange trade only if it can trade at the limit price with its may differ since BinckBank N.V. reserves the right to foreign Securities brokers. If the order is partially adjust the price to reflect the time of trading, order executable, only the non-executed part will be volume and trading volume of the Security. cancelled. The Client is made aware of the trading BinckBank N.V. charges trading costs for average terms for limit orders as stipulated by the Stock price transactions in shares and bonds by way of a Exchange. mark-up/down. Trades in OTC Securities are subject to trading costs 12. SETTLEMENT OF SECURITIES TRADES as a percentage mark-up/down on the basis of the By settlement is meant payment and delivery bid/offer price, relatively. related to a Securities trade. Unless otherwise agreed the settlement date is the third exchange Order submitted in any other manner than via day after the trading day. The settlement day is also Trading Platform may result in increased trading the value/interest-rate date. Specific settlement costs. rules and deadlines apply to foreign Securities. The Client may obtain information about these rules and The prevailing trading costs are available on deadlines by contacting BinckBank N.V.. BinckBank N.V.’s “Commissions, Charges, and Margin Schedule” available on www.saxobank.com When a Client purchases Securities, the Client only obtains unconditional title of right to the Securities The above costs may be changed in accordance with provided the final payment to BinckBank N.V. is the General Business Terms of BinckBank N.V.. made on the settlement date. Until final payment is made, BinckBank N.V. reserves the right to the 14. TRADE CONFIRMATIONS Securities being purchased by the Client. When a BinckBank N.V. will make available a Trade Client sells Securities to BinckBank N.V., BinckBank Confirmation to the Client no later than on the N.V.’s payment of the settlement amount is subject exchange day following the execution of the trade or to BinckBank N.V. acquiring unconditional title to the the day after BinckBank N.V.’s receipt of a third-party Securities on the day of settlement. confirmation of the trade. The Trade Confirmation is made available on the Trading Platform. When trading foreign Securities, BinckBank N.V. bases the exchange rate on the current ”Currency 15. EXCEPTIONAL MARKET CONDITIONS Conversions” rate as defined in Commissions, In exceptional market conditions BinckBank Charges and Margin Schedule at N.V. reserves the right not to execute an order. www.BinckBank.com. Exceptional market conditions may occur in case of Information about the costs of registration and a significant deviation between bid and offer prices, deposit of foreign Securities is available on the where market prices are unavailable for the relevant “Commissions, Charges and Margin Schedule” Security, or in case of sudden uncertainties in the available on www.BinckBank.com global market.

46 BinckBank is a tradename of Binckbank N.V. - Licensee Dutch National Bank - Registered at the Authority of Financial Markets (A.F.M.) - Chamber of Commerce Amsterdam 33162223 16. CORPORATE ACTIONS BinckBank N.V. do not support currency option 16.1 Rights Issues dividend – a dividend payable in cash with the A Rights Issue is when a existing stockholder is position holder’s option to receive payment in a offered a number of new shares proportional to different currency. their holding at a specified price for subscription by a specified date. These new shares may be 16.4 Stock Dividends and Bonus Issues renounceable (tradable) or non-renounceable. In a Stock Dividend the shareholder is receiving additional shares to those already held in the same If the Client is holding a stock where there is a Right security. This means that additional stocks are Issue the Client will receive the rights and have the allocated on Ex-Date for value on Pay Date. opportunity to subscribe for new stocks, ignore the rights or sell the rights, if possible. In a Bonus Issue shareholders will receive additional shares in proportion to the existing holding. In order to prevent renounceable rights from Additional stocks are allocated on Ex-Date for value becoming worthless when they expire BinckBank on Pay Date. N.V. will, if the Client by the Instruction Deadline has not instructed BinckBank N.V., sell the rights (if 16.5 Stock Splits / Reverse Stock Splits / possible) on behalf of the Client before the expiry of Spin Offs the rights. The proceeds from a sale of rights will be A Stock Split is an increase in an issuer’s number of deducted the standard commission of the account. issued shares proportional to a reduction in the par If the rights are non-renounceable, they will if not value of the existing shares. The holders will receive exercised be worthless at expiry. additional stocks, allocated on Ex-Date, but at a reduced price. 16.2 Cash Dividends A Cash Dividend is the cash payment of a dividend A Reverse Stock Split is a decrease in the number of to the shareholder per share held. Cash dividends issued shares proportional to an increase in the par are booked on Ex-Date reflecting the market value of the existing shares. The shareholders will price movement. However, the actual value of the see their stock position being reduced, on Ex-Date, payment will be settled on Pay Date. but at an increased price.

Cash Dividends are credited to the Client’s account A Spin Off means that the shareholders will receive with any applicable standard withholding taxes additional shares in a new share in proportion to deducted. the existing holding. Additional stocks are allocated on Ex-Date. 16.3 Dividend Option A Dividend Option is per default the cash payment 16.6 Tender Offers of a dividend to the shareholder per share held, A Tender Offer is the offering to shareholders to sell however, the shareholder will be given the option to their shares at a price determined by the Tender elect to receive securities proportional to the shares Offer issuer. held.

Client eligible for cash will receive payment on Ex- Date. Clients electing to receive stocks will receive these based on the Dividend Reinvestment Rate at Pay Date.

BinckBank is a tradename of Binckbank N.V. - Licensee Dutch National Bank - Registered at the Authority of Financial Markets (A.F.M.) - Chamber of Commerce Amsterdam 33162223 47 16.7 Mergers & Mergers with Elections do not pay a dividend or did not include the A Merger is the situation where two entities custodial fee in their dividend events, the fee will be merge into one. Under normal circumstances the administered through fee-only events. shareholders of either entity will be entitled to either: The dividend fee is stipulated in the Deposit i. Receive a cash compensation on Pay Date, ii. Agreement between the depositary bank and the Receive the Prevailing Stocks on Ex-Date, or company based upon industry standards. iii. A proportional combination of cash compensation and the Prevailing Stocks. The fee per depositary receipt is not dependent on the total amount of dividend being paid but the If the Client is holding a stock where there is a amount of Securities held. Merger the Client will be in a position to the elect between different options available for the specific 16.11 Costs Merger, if instruction is given to BinckBank N.V. BinckBank N.V. may charge commission and prior to the Instruction Deadline. In the absence of fees related to Corporate Actions. The prevailing instruction from the Client the default option of the trading costs are available on BinckBank N.V.’s Merger will be applied. “Commissions, Charges, and Margin Schedule” available online at www.saxobank.com. 16.8 Special Corporate Action Events Special and infrequent Corporate Actions that do 16.12 Taxes and Fees on Corporate Actions not fall under the descriptions above may occur. Taxes and fees may also occur on Corporate Actions BinckBank N.V. will other than cash dividends such as fee on a stock dividend or tax on a merger. When such taxes and handle such Corporate Actions in the best interest fees occur BinckBank N.V. will debit the client’s of the Client to the extent that time and operational account accordingly. procedures will allow. 17. DISCLAIMER Special local rules may apply to certain Corporate BinckBank N.V. shall not be liable to the Client for Actions. The terms for these can be seen on www. any failure, hindrance or delay in performing its saxobank.com. obligations under the Terms where such failure, hindrance or delay arises directly or indirectly 16.9 Election for non-supported securities from circumstances beyond its reasonable The Client is made aware and acknowledges that in control. Such force majeure events shall include voluntary Corporate Action where the alternative to without limitation any technical difficulties such as a cash settlement is the settlement in a Security that telecommunications failures or disruptions, non- is not supported by Bincbank N.V., the Client will not availability of BinckBank N.V.’s website e.g. due to have the option to choose but will be given the cash maintenance downtime, declared or imminent war, settlement. revolt, civil unrest, catastrophes of nature, statutory provisions, measures taken by authorities, strikes, 16.10 Depositary Receipt Fees lock-outs, boycotts, or blockades, notwithstanding It is standard practice for depositary receipts to that BinckBank N.V. is a party to the conflict and charge an annual administration fee per share including cases where only part of BinckBank N.V.’s depending on the issuing depositary bank. The functions are affected by such events. intent of the fee is to cover costs for the banks that take on the operational processes necessary to BinckBank N.V. is not liable vis-à-vis the Client issue and trade the depositary receipt line. Typically, for any damage caused by a Danish or foreign the fee is deducted when dividend payments are representative when performing work for BinckBank made, however, in case the depositary receipts N.V..

48 BinckBank is a tradename of Binckbank N.V. - Licensee Dutch National Bank - Registered at the Authority of Financial Markets (A.F.M.) - Chamber of Commerce Amsterdam 33162223 Moreover, BinckBank N.V. is not liable vis-à-vis the Client for any damage caused by any institution such as a stock exchange, clearing house or a Securities depository.

18. AMENDMENTS BinckBank N.V. may amend the Terms with 30 days’ prior notice to the Client (including notice by e-mail). The prevailing Terms are at all times available on BinckBank N.V.’s website: www.BinckBank.com.

19. GOVERNING LAW The Terms are subject to and shall be construed in accordance with Dutch legislation as the sole and exclusive governing law.

BUSINESS TERMS FOR SECURITIES TRADING These terms are applicable from oktober 1st 2017 and shall remain effective until a more recent version is released. the prevailing version of the terms is always available at www.binckbank.com

BinckBank is a tradename of Binckbank N.V. - Licensee Dutch National Bank - Registered at the Authority of Financial Markets (A.F.M.) - Chamber of Commerce Amsterdam 33162223 49 Appendice III: Business Terms International Transfer of Funds

BinckBank is complying with the guidelines set out If the client enters both an IBAN and a SWIFT BIC on in EUR-regultation no. 2560/2001 of December the receiving bank, and these do not correspond 19, 2001 on cross border transactions of funds the SWIFT-BIC will prevail. BinckBank will therefore (hereafter referred to as the “Act”) transfer the funds to the receiving bank as identified by the Swift BIC. Under the Act special rules apply for transactions of funds up to € 50.000 or equivalent in other EU- or Correspondant bank EEC currencies inside the EU or countries, which EU When transferring funds to other countries has a special agreement with (at present: Norway, BinckBank’s correspondent bank in the receiving Iceland and Liechtenstein). country may not be the same as the client’s bank. In certain circumstances BinckBank may use selected The Act sets out the rights and duties for, for among correspondant banks and international clearing others, banks and their clients before, under and systems to facilitate the transfer. after an international transfer of funds. BinckBank accepts no liability for errors, delays or The Act does not cover transactions made by other inconveniences caused by any correspondent cheque or debit/credit cards. bank chosen by the client. BinckBank can also not be held responsible for the solidity of such Saxobank A/S must according to section 2 in the Act correspondent bank. inform the clients about the Following terms: TRANSFER OF FUNDS TO ACCOUNTS CHOICE OF FOREIGN BANK OUTSIDE THE NETHERLANDS Receiving bank Transfer time The client must always choose a receiving bank. According to section 5 of the Act an international The receiving bank can be identified either with transfer of funds must take place within the period a SWIFT-BIC (Bank Identifier Code) or with an of time agreed between the bank and the client. IBAN (International Bank Account Number), which contains both information on the receiving bank’s If no agreement has been made between the identity and the client’s account number. parties, the transferred amount shall be made available to the receiving bank no later than on If the client enters a SWIFT-BIC on the receiving the fifth business day following the day where bank, but does not enter an IBAN, BinckBank will use BinckBank demand on sufficient financial coverage the additional information the client has entered to and the necessary information in order for identify his account with the receiving bank. BinckBank to complete the transfer has been made available. If the client enters an IBAN on the transfer request, BinckBank will get the relevant information directly All Internationl transfers of funds from an account from this number. BinckBank cannot be held with BinckBank shall be made available to the responsible if the submitted IBAN refers to an receiving bank no later than 10 business days account not belonging to the client. after BinckBank has received the transfer request. The value date will be stated on the “Account Statement”.

50 BinckBank is a tradename of Binckbank N.V. - Licensee Dutch National Bank - Registered at the Authority of Financial Markets (A.F.M.) - Chamber of Commerce Amsterdam 33162223 Compensation been made available to the receiving bank. If the funds have not been made available to the receiving within the agreed amount of time, the BinckBank will not pay compensation if the delay is client can, under certain circumstance, demand caused by the client, cf. section 6.3 in the Act. compensation. As compensation BinckBank will calculate interest on the amount of funds the client Reimbursement has requested to be transferred. The interest shall If the funds have not been made available to the be calculated as “interest on overdue payments” as receiving bank within the agreed amount of time, defined in section 5.1 in the Dutch act on interest. the client may, under certain circumstance, demand a reimbursement, cf. section 13 – 16 in the Act. The client is entitled to compensation from the first Suchs Reimbursement is maximized to € 12.5000 day after the day on which the funds should have and any fees already paid. In addition BinckBank will pay compensation as stated above. The client cannot request reimbursement before the funds EXCHANGE OF INFORMATION WITH should have been made available to the receiving US AUTHORITIES bank. Please note that when transferring funds internationally information may be passed on to The client cannot request reimbursement, the US authorities. SWIFT – who facilitates such cf. section 16 in the Act, if the delay is caused international transfers – is required to report erroneous or inadequate information submitted information about the transaction to the US by the client, or by errors committed by an authorities if they suspect that the transaction intermediary chosen by the client, cf. section 16.2. is connected to financing or criminal activities or terrorism in accordance with US regulation. Fees The client and bank can agree that any costs SWIFT is a Belgian Data-network which facilitates connected to the transfer shall be paid by the client international fund transfers. The network includes fully or in part, cf. section 10.2 in the Act. Has no more than 8.000 financial institutions in 206 such agreement been made all costs must be paid countries and has IT facilities in Europe and the US. by the transferring bank, cf. section 10 in the Act. SWIFT is short for Society for Worldwide Interbank Financial Telecommunication. Applicable to all transfers of funds from BinckBank is, that the client agrees to pay the fee stated under DISPUTES “account” – Fees to cover any costs that may be If an international transfer of funds gives rise to a connected to the transfer. dispute that cannot be solved to client’s content a complaint can be filed to BinckBank Spain - Exchange rates Urb. La Carolina Local N – 29602 Marbella – Spain. Information on which exchange rates BinckBank will apply, if the transfer is requested in another currency than the account’s base currency, can be found on www.BinckBank.com

Force majeur According to section 17 in the Act BincBank cannot be held responsible under unusual or unpredictable circumstances, which BincBank has no influence on and cannot avoid, despite acting with the highest degree of care.

BinckBank is a tradename of Binckbank N.V. - Licensee Dutch National Bank - Registered at the Authority of Financial Markets (A.F.M.) - Chamber of Commerce Amsterdam 33162223 51 Appendice IV: Market Conduct Information

Globally, financial regulatory bodies are increasingly • Taking advantage of price sensitive non- focused on market conduct rules across the published information concerning a company financial markets and products. Consequently new in order to make a profit or avoid incurring financial regulation comes into force on an ongoing losses by buying or selling stocks and/derivatives basis, and most recently through the introduction of or to attempt to take advantage of the said Market Abuse Regulation. information in any other way (insider trading). • Passing on insider information. It is therefore essential that you, as a client of • Disseminating false or misleading information on BinckBank N.V., receive information on and gain circumstances of substantial importance for the insight into which part of the said rules and valuation of a security (e.g. a company’s earnings, regulations you are required to comply with. Below, orders or product pipeline or a general supply you will find an overall description of the rules. shortage). You will also find a non-exhaustive list describing • Disseminating false or misleading information, situations which you need to avoid as these rumors or messages that may influence the constitute violations of market rules. price of a security with the intent to exploit the resulting price movement. Market conduct rules • Entering low-volume purchase orders with Regulation of the financial markets and market successively higher prices in order to Simulate conduct rules are aimed at ensuring trust and an increased demand amid rising prices (painting integrity and thus promoting integrated, efficient the tape). and transparent markets. Specific rules set forth • Simultaneously buying and selling the same unacceptable market conduct by prohibiting the securities for the account of one and the same abuse of insider information and various forms of beneficial owner in order to create false or market manipulation. The exchanges/trading venues misleading signals regarding the supply of, may have specific rules about market disruption demand for, or market price of securities (wash so at the end of this document you will find links to trades). the relevant sites. One example of such rules is that • To distort liquidity or prices by entering equal but some exchanges have specific limits for the size of opposite buy and sell orders in the same security positions in various derivatives. by prior mutual agreement between a number of parties (matched orders or daisy chains Market conduct rules and regulation applies to all coordinated among a number of parties). individuals and all legal entities. Therefore all market • Constricting the market by building up large participants are obliged to familiarize themselves positions (cornering) or depositing securities with the relevant rules and regulations. It should be with third parties (parking) in order to distort noted that the responsibility of complying with the securities prices (creating a squeeze). specific rules lies solely with the individual market • Buying or selling securities shortly before the participant, and i.e. you as our client. exchange closes with the intent to influence closing prices (marking the close). Trading activity is being monitored and any • Buying or selling securities in order to move suspicious activity will be investigated by the prices (ramping) or keep them at a specific level relevant markets and authorities. The following is (e.g. capping, pegging). a non-exhaustive list of examples of conduct that violate market conduct rules:

52 BinckBank is a tradename of Binckbank N.V. - Licensee Dutch National Bank - Registered at the Authority of Financial Markets (A.F.M.) - Chamber of Commerce Amsterdam 33162223 • Influencing commodity prices in order to give out For further information regarding market false or misleading signals regarding the supply regulations and practices please make sure and visit of or demand for securities. the following exchanges: • Placing orders but with no intention to execute (Spoofing). • Similar to spoofing market participants “layers” or “baits” other market participants to react and trade with bona fide order on the other side of the market without intention to trade (Layering). • Attempting to push down the price of a stock by heavy selling or short selling ( Bear raiding).

EXCHANGE NAME SYMBOL RULES AND REGULATION North America & Canada NASDAQ NASDAQ & NSC Read more New York Stock Exchange NYSE & ARCA Read more NYSE MKT AMEX Read more OTC Bulletin Board/Pink Sheets OOTC & OTCBB Read more Toronto Stock Exchange TSE Read more TSX Venture Exchange TSX Read more

Europe / Middle East / Africa Athens Exchange AT Read more BME Spanish Exchanges SIBE Read more Deutsche Börse (XETRA) FSE Read more Irish Stock Exchange ISE Read more London Stock Exchange (IOB) LSE_INTL Read more London Stock Exchange LSE_SETS Read more Milan Stock Exchange MIL Read more NASDAQ OMX Copenhagen CSE Read more NASDAQ OMX Helsinki HSE Read more NASDAQ OMX Stockholm SSE Read more NYSE Euronext Amsterdam (AEX) AMS Read more NYSE Euronext Brussels BRU Read more NYSE Euronext Lisbon LISB Read more NYSE Euronext Paris PAR Read more Oslo Stock Exchange OSE Read more Prague Stock Exchange PRA Read more SIX Swiss Exchange SWX & VX Read more Vienna Stock Exchange VIE Read more Warsaw Stock Exchange WSE Read more Johannesburg Stock Exchange JSE Read more

BinckBank is a tradename of Binckbank N.V. - Licensee Dutch National Bank - Registered at the Authority of Financial Markets (A.F.M.) - Chamber of Commerce Amsterdam 33162223 53 EXCHANGE NAME SYMBOL RULES AND REGULATION Asia / Pasific Australian Securities Exchange ASX Read more Hong Kong Exchanges HKEX Read more Singapore Exchange SGX-ST Read more Tokyo Stock Exchange TYO Read more

Futures Exchanges Chicago Mercantile Exchange CME Read more Chicago Board of Trade CBOT Read more Chicago Board Options Exchange CBOE Read more Commodity Exchange COMEX Read more New York Mercantile Exchange NYMEX Read more Euronext Equity and Index Derivatives AMS Read more European Energy Exchange EEX Read more Euronext Equity and Index Derivatives PAR Read more Euronext Commodities Derivatives PAR Read more Hong Kong Exchanges HKEX Read more ICE Futures Europe ICE Read more ICE Futures Europe-Financials ICE-LIF Read more ICE Futures U.S. NYBOT Read more ICE Futures Europe - Soft Commodities ICE-SOFT Read more Borsa Italiana SpA IDEM Read more Spanish Official Exchange MEFF Read more Bourse de Montreal MON Read more Osaka Exchange OSA Read more Sydney Futures Exchange SFE Read more Singapore Exchange SGX Read more NASDAQ OMX Stockholm SSE Read more EUREX Eurex Read more

Options Exchanges Australian Securities Exchange ASX Read more Euronext Equity and Index Derivatives AMS Read more Euronext Equity and Index Derivatives PAR Read more EUREX Eurex Read more Hong Kong Exchanges HKEX Read more ICE Futures Europe-Financials ICE-LIF Read more Borsa Italiana SpA IDEM Read more NYSE NYSE Read more NYSE Arca ARCA Read more BATS BATS Read more Boston Options Exchange BOX Read more Chicago Board Options Exchange CBOE Read more C2 C2 Read more International Securities Exchange ISE Read more MIAX MIAX Read more

54 BinckBank is a tradename of Binckbank N.V. - Licensee Dutch National Bank - Registered at the Authority of Financial Markets (A.F.M.) - Chamber of Commerce Amsterdam 33162223 EXCHANGE NAME SYMBOL RULES AND REGULATION NASDAQ NASDAQ Read more Euronext Commodities Derivatives PAR Read more Hong Kong Exchanges HKEX Read more ICE Futures Europe ICE Read more ICE Futures Europe-Financials ICE-LIF Read more ICE Futures U.S. NYBOT Read more ICE Futures Europe- Soft Commodities ICE-SOFT Read more Borsa Italiana SpA IDEM Read more Spanish Official Exchange MEFF Read more Bourse de Montreal MON Read more Osaka Exchange OSA Read more Singapore Exchange SGX Read more Chicago Mercantile Exchange CME Read more Chicago Board of Trade CBOT Read more Commodity Exchange COMEX Read more New York Mercantile Exchange NYMEX Read more NASDAQ OMX Stockholm SSE Read more Oslo Bors OSE Read more

BinckBank is a tradename of Binckbank N.V. - Licensee Dutch National Bank - Registered at the Authority of Financial Markets (A.F.M.) - Chamber of Commerce Amsterdam 33162223 55 Appendice V: Conflict of Interest Policy

1. INTRODUCTION 2.2 BinckBank has identified the following 1.1 This Policy is issued pursuant to, and reflects circumstances which may give rise to a conflict compliance with, the European Directive 2004/- of interest: 39/EC of 21 April 2004 on markets in financial A. BinckBank may provide advice to clients instruments (MiFID) and with the implementing whose interests may be in conflict or utch legislation that apply to BinckBank and its competition with other clients’ interests; branch offices (“BinckBank”). It is not intended B. BinckBank may have an interest that is to create third party rights or duties that would contrary to clients’ transactions, e.g. when not already exist if the Policy had not been clients trade in markets where BinckBank made available and it does not form part of any acts as a market maker or when BinckBank contract between BinckBank and any client or wishes to invest in the same instrument as a prospective client. client; 1.2 This Policy is a supplement to BinckBank C. When acting as market maker BinckBank overall general obligation to act with integrity may manage its own risk by hedging in the and fairness, both towards its clients and its market which may affect market levels and counterparties. thus affecting client levels including stop-loss 1.3 BinckBank is committed to professionally levels. Furthermore, BinckBank may profit managing potential conflicts of interest which from its hedging activity even though the may arise between its constituent businesses. client’s transaction declines in value; 1.4 This Policy is available to BinckBank clients D. BinckBank, its employees and related legal upon request and is also made available on persons may have, establish, change or our websites, including www.BinckBank.com cease to have positions in securities, foreign BinckBank reserves the right to amend or exchange or other financial instruments supplement this Policy at any time. covered by an investment recommendation 1.5 Heads of the different business sections in or advice; BinckBank are responsible for identifying, E. BinckBank portfolio managers may trade preventing and managing conflicts of interests in securities or other financial instruments in their section. on behalf of the clients knowing that the trades will be beneficial to BinckBank, its 2 IDENTIFICATION AND GENERAL employees’ or related persons’ positions in DISCLOSURE OF THE NATURE OF the same instruments; POTENTIAL CONFLICTS OF INTEREST F. BinckBank may have an interest in AND OF THEIR SOURCES maximizing trading volumes in order to 2.1 BinckBank hereby identifies and discloses a increase its commission revenue, which range of circumstances which may give rise is inconsistent with the client’s personal to a conflict of interest and potentially but not objective of minimizing transaction necessarily be detrimental to the interests of costs; one or more clients. Such a conflict of interest G. BinckBank bonus scheme may award act may arise if BinckBank, or any person directly its employees based on the trading volume or indirectly controlled by BinckBank or a etc.; client, is likely to make a financial gain, or avoid a financial loss, at the expense of a client. BinckBank will manage conflicts of interest fairly.

56 BinckBank is a tradename of Binckbank N.V. - Licensee Dutch National Bank - Registered at the Authority of Financial Markets (A.F.M.) - Chamber of Commerce Amsterdam 33162223 H. BinckBank may receive or pay inducements E. BinckBank will only hedge for such purposes to or from third parties for the referral and in a manner that is not meant to of new clients where the amount of disadvantage the client or disrupt the remuneration is based on the fees earned market; from the clients. F. All clients are to be treated fairly and with I. BinckBank, its employees and related transparency; legal persons may have interests in business G. BinckBank aims at distributing research competing with BinckBank clients. publications to clients, prospective clients and other third persons for information 3 REGISTRATION OF CONFLICTS OF and educational purposes as part of its INTEREST investment management activities and in 3.1 BinckBank maintains a register of the circumstances in which BinckBank will not investment services and activities and reasonably be expected to have a material ancillary services carried out by or on behalf influence on a client’s or a third person’s of BinckBank which have given or could investment decision; give rise to a conflict of interest, which may H. Research publications/recommendations be detrimental to the interests of one or contain information on any material more clients. The information in the register interests or conflicts of interest that facilitates the management of conflicts of BinckBank or its related legal persons or interests and potential conflicts of interest. the research analyst responsible for the publlication/recommendation has in relation 4 MANAGING CONFLICTS OF INTEREST to the securities or the issuer to whom the 4.1 In order to manage possible conflicts of publication/recommendation pertains and interest, BinckBank maintains processes, information on BinckBank organizational procedures and organizational arrangements, and administrative arrangements for which are referred to hereinafter. managing conflicts of interest in connection 4.2 Critical arrangements of BinckBank Policy with such publications/recommendations. for managing conflicts of interest include the Employees who issue such publications/ following: recommendations need to wait at least A. All employees are bound by professional 24 hours from the time of the publication secrecy and confidential information is only before they trade the security themselves; to be shared if essential for performing a job I. Research publications/recommendations function; are internally distributed exclusively at B. All employees are at all times bound the same time as they are distributed to to loyally to BinckBank and be in full clients. Research analysts do not provide compliance with its procedures; Trading personnel with advance knowledge C. All employees are obliged to immediately of the timing and content of forthcoming inform BinckBank of any interests the publications/recommendations; employee or the employee’s related J. Trading personnel are not permitted to legal persons may have in any business review sections of publications containing competing with BinckBank or BinckBank recommendations, research summary, price clients and which could give rise to a targets or value recommendations, even to potential conflict of interest; verify factual accuracy, prior to publication; D. All employees receive instructions and K. All employees are bound by BinckBank rules guidance regarding managing of conflicts and guidelines for employee trading as in of interest; force and effect from time to time;

BinckBank is a tradename of Binckbank N.V. - Licensee Dutch National Bank - Registered at the Authority of Financial Markets (A.F.M.) - Chamber of Commerce Amsterdam 33162223 57 L. BinckBank bonus scheme is compounded of several elements and each trade related element does not alone affect the bonus significantly; M. All representatives of BinckBank hold a license if a license is required for performing the business in the country where the representative is registered; N. BinckBank monitors internal reporting and the effectiveness of its policies and procedures for managing conflicts of interest.

5 DISCLOSURE OF CONFLICTS OF INTEREST 5.1 If the measures in place are not sufficient to avoid or manage a conflict of interest relating to a client, BinckBank will disclose the conflict of interest before undertaking further business with the client.

6 REVIEW 6.1 This Policy is reviewed on a regular basis and at least once a year.

These Terms are applicable from 01/12/2017 for client relationships established on or after 01/12/2017 and from 01/12/2017 for client relationships established This policy is effective from 17 March, 2017 and shall before 01/12/2017. These Terms shall remain effective remain effective until a more recent version is released. until a more recent version is released. The prevailing The prevailing version of the policy is always available version of these Terms is always available at at www. BinckBank.com. www.BinckBank.com.

58 BinckBank is a tradename of Binckbank N.V. - Licensee Dutch National Bank - Registered at the Authority of Financial Markets (A.F.M.) - Chamber of Commerce Amsterdam 33162223 BinckBank NV Barbara Strozzilaan 310 1083 HN Amsterdam The Netherlands

BinckBank Spain Urb. La Carolina Edf. Aries Local N 29602 Marbella

+34 951 56 56 56 [email protected] www.binckbank.com

BB/AS/GBT/1217