RATES & CONDITIONS 30th March 2016

Price Plans Forex CFDs Stocks Futures Contract Options Single Stock Options ETFs Bonds

Saxo Capital Markets – Rates & Conditions – March 2013 Saxo Capital Markets – Rates & Conditions

Price Plans Saxo Capital Markets UK Price Plans: Saxo Capital Markets UK offers clients the freedom to choose the FX and equity pricing structure that they feel is best suited to their needs. FX Volume Price Plans The FX Volume Price Plans offer typically tighter, more variable spreads with a post-trade commission applied. Commission charges per USD million traded vary from USD20 to USD60 per million traded and correspond with prospective total trade volume per month. Commission rates and corresponding monthly FX volume are detailed below.

Forex commission price plans Commission ($ per $ million) Minimum commission (monthly) Corresponding FX Spot volume (monthly)*

FX Active 60

FX Active 30

FX Active 20

60

30

20

Zero

USD 600

USD 2,000

USD 0-20mln

USD 20-100mln

above USD 100mln

* Cumulative USD equivalent volume across all currency pairs on a monthly basis

The FX60 (USD60 per million traded) price plan is applied to all Standard accounts by default. To change to FX30 (USD30 per million traded) or FX20 (USD20 per million traded) price plans clients should contact us on +44 20 7151 2100 or email [email protected]. Where price plans have a minimum cumulative monthly commission requirement it is important to note that if the minimum cumulative monthly commission requirement for that plan is not reached a client will be charged the shortfall. For example, a client who selects the FX30 (USD30 per million traded) price plan needs to meet minimum cumulative commission charges of USD600 per month which equates to USD20 million trade volume. If in one month the client trades USD8million, this would result in cumulative monthly commissions of USD240. USD240 is less than the monthly minimum of USD600 (in order to qualify for the USD30 level), the client will be debited the difference of USD360 (USD600 minus USD240). For full Forex terms and conditions, please visit the Trading Rates and Conditions section on our website. FX All Inclusive Price Plan The All Inclusive FX price plan allows clients to trade without a post-trade commission as all

Saxo Capital Markets – Rates & Conditions

Price Plans charges are built into the price/spread. This plan typically provides a slightly wider but more consistent spread width throughout the trading period. There are no post-trade commissions and no minimum monthly volume or commission requirements. Clients can transfer their accounts from our standard FX Volume Price Plans to the All Inclusive Price Plan by contacting us on +44 20 7151 2100 and via email [email protected].

Equity Active The Equity Active Price Plan is designed for active equity traders who anticipate executing 100 trades or more per calendar month on Stocks, ETFs and Single Stocks CFDs. Clients on the Equity Active Price Plan will benefit from lower per trade commissions. If a client is on the Equity Active Price Plan and does not execute 100 trades in a calendar month, the account will revert to standard commission rates. Clients can transfer their accounts to the Equity Active plan by calling their Account Manager.

Read the full Rates and Conditions here

Saxo Capital Markets – Rates & Conditions

Forex Trading Rates & Conditions Forex Spot Listed below is a selection of the major currency pairs. For further information, please refer to our website for a comprehensive list of currency pairs offered by Saxo Capital Markets UK Limited (SCML).

FX Target Spreads Currency Pair AUDUSD EURCHF EURGBP EURJPY EURUSD GBPUSD USDCAD USDCHF USDJPY

Target spread¹ 0.00016 0.00016 0.00016 0.019 0.00015 0.00018 0.00015 0.00016 0.015

Margin Requirements 2% 3% 2% 2% 2% 2% 2% 3% 2%

Commission Threshold2 AUD 100,000 EUR 100,000 EUR 100,000 EUR 100,000 EUR 50,000 GBP 50,000 USD 50,000 USD 50,000 USD 50,000

The target spreads listed are our best possible spreads used in normal market conditions. Under certain market conditions, - such as over the release of key economic figures, during periods of volatile market conditions, and during the sometime illiquid European night time - spreads may be wider and auto execution limits may be lowered or disabled. For Forex trades below the Commission Threshold listed, a small ticket fee of USD 10 is added to the trade to cover administration costs.

Leverage available - margin requirements With Saxo Capital Markets it is possible to leverage FX positions up to 100:1 (1% margin) on the notional value of the position. Margin levels are tiered based on USD notional amounts, the higher the notional amount potentially the higher the margin rate. The tiered margin requirement is calculated per currency pair. Example 1: You have deposited 10,000 EUR on your trading account with Saxo Bank. You buy 250,000 EURUSD, as you expect EUR to increase in value against USD. The trade ticket on your trading platform will display the margin required for making the trade as: 2,500 EUR (250,000 EUR * 1.10 = 275,000 USD) or (275,000 USD * 1% = 2,750 USD / EUR @ 1.10) Example 2:

Saxo Capital Markets – Rates & Conditions

Forex Trading Rates & Conditions You have deposited 250,000 EUR on your trading account with Saxo Bank. You sell 10M USDCAD, as you expect CAD to increase in value against USD. The trade ticket on your trading platform will display the margin required for making the trade as: 200,000 EUR (1% * 3M USD + 2% * 2M USD + 5M USD * 3%) or (30,000 USD + 40,000 USD + 150,000 USD) = (220,000 USD / EUR @ 1.10). The DEFAULT margin requirements by currency pair are listed under the Forex Trading Conditions tab in the trading platforms and can also be viewed under 'Margin & Trading Requirements'. For further explanation of the above methodology, please click here. Margin requirements may be changed without prior notice. Saxo Capital Markets reserves the right to increase margin requirements for large position sizes, including client portfolios considered to be of very high risk. For a complete and up-to-date overview, please visit the Forex trading Rates and Conditions on our website.

Saxo Capital Markets – Rates & Conditions

CFD Trading Rates & Conditions Stock CFDs and ETF CFDs Exchange name

Symbol

Commission

Min. Commission

Min. Order value

North America & Canada NASDAQ

NASDAQ & NSC

0.02 USD/share

20 USD

50 USD

New York Stock Exchange

NYSE & ARCA

0.02 USD/share

20 USD

50 USD

NYSE MKT

AMEX

0.02 USD/share

20 USD

50 USD

OTC Bulletin Board/Pink Sheets

OOTC & OTCBB

0.02 USD/share

20 USD

50 USD

Toronto Stock Exchange

TSE

0.03 CAD/share

25 CAD

100 CAD

TSX Venture Exchange

TSX

0.03 CAD/share 2

25 CAD

100 CAD

Europe / Middle East / Africa Athens Exchange

AT

0.3%

12 EUR

100 EUR

BME Spanish Exchanges

SIBE

0.10%

12 EUR

100 EUR

Deutsche Börse (XETRA)

FSE

0.10%

12 EUR

100 EUR

Irish Stock Exchange

ISE

0.10%

12 EUR

100 EUR

London Stock Exchange (IOB)

LSE_INTL

0.10%

20 USD

100 USD

London Stock Exchange

LSE_SETS

0.10%

8 GBP

100 GBP

Milan Stock Exchange

MIL

0.19%

15 EUR

100 EUR

NASDAQ OMX Copenhagen

CSE

0.10%

65 DKK

1,000 DKK

NASDAQ OMX Helsinki

HSE

0.10%

10 EUR

100 EUR

NASDAQ OMX Stockholm

SSE

0.10%

65 SEK

1,000 SEK

NYSE Euronext Amsterdam

AMS

0.10%

12 EUR

100 EUR

NYSE Euronext Brussels

BRU

0.10%

12 EUR

100 EUR

Saxo Capital Markets – Rates & Conditions

CFD Trading Rates & Conditions NYSE Euronext Lisbon

LISB

0.10%

12 EUR

100 EUR

NYSE Euronext Paris

PAR

0.10%

12 EUR

100 EUR

Oslo Stock Exchange

OSE

0.10%

65 NOK

1,000 NOK

Prague Stock Exchange

PRA

0.28%

500 CZK

2,500 CZK

SIX Swiss Exchange

SWX

0.10%

18 CHF

150 CHF

SIX Swiss Exchange (Blue-Chip)

VX

0.10%

18 CHF

150 CHF

Vienna Stock Exchange

VIE

0.10%

12 EUR

100 EUR

Warsaw Stock Exchange

WSE

0.30%

65 PLN

300 PLN

Johannesburg Stock Exchange

JSE

0.25%

100 ZAR

750 ZAR

Australian Securities Exchange

ASX

0.10%

8 AUD

150 AUD

Hong Kong Exchanges

HKEX

0.25%

90 HKD

1,000 HKD

Singapore Exchange

SGX-ST

0.15%

25 SGD

150 SGD

Tokyo Stock Exchange

TYO

0.15%

1,000 JPY

1,000 JPY

Asia / Pacific

Saxo Capital Markets – Rates & Conditions

DMA CFD Trading Rates & Conditions Commission

Min. Commission

CFD Financing (Long/Short)

NASDAQ & NSC -

0.05 USD/share 0.03 USD/share

15 USD 15 USD

3.5pp/-3.0pp 3.5pp/-3.0pp

NYSE & ARCA -

0.05 USD/share 0.03 USD/share

15 USD 15 USD

3.5pp/-3.0pp 3.5pp/-3.0pp

AMEX -

0.05 USD/share 0.03 USD/share

15 USD 15 USD

3.5pp/-3.0pp 3.5pp/-3.0pp

TSE

0.03 CAD/share

25 CAD

3.5pp/-3.0pp

AT

0.30%

20 EUR

4.5pp/-4.0pp

BME Spanish Exchanges

SIBE

0.10%

20 EUR

3.5pp/-3.0pp

Budapest Stock Exchange

BUX

0.50%

6,000 HUF

3.5pp/-3.0pp

Deutsche Börse (XETRA)

FSE

0.10%

20 EUR

3.5pp/-3.0pp

ISE

0.10%

20 EUR

3.5pp/-3.0pp

Istanbul Stock Exchange

IST

0.20%

50 TRY

4.0pp/-5.0pp

London Stock Exchange

LSE_SETS

0.10%

15 GBP

3.5pp/-3.0pp

London Stock Exchange (IOB)

LSE_INTL

0.10%

20 USD

3.5pp/-3.0pp

MIL

0.25%

22 EUR

3.5pp/-3.0pp

CSE

0.10%

65 DKK

3.5pp/-3.0pp

HSE

0.10%

10 EUR

3.5pp/-3.0pp

NASDAQ OMX Stockholm

SSE

0.10%

65 SEK

3.5pp/-3.0pp

NYSE Euronext Amsterdam

AMS

0.10%

20 EUR

3.5pp/-3.0pp

NYSE Euronext

BRU

0.10%

40 EUR

3.5pp/-3.0pp

Exchange name

Symbol

North America & Canada NASDAQ Share Price > 10 USD Share Price < 10 USD New York Stock Exchange Share Price > 10 USD Share Price < 10 USD NYSE MKT Share Price > 10 USD Share Price < 10 USD Toronto Stock Exchange*

Europe / Middle East / Africa Athens Exchange

Irish Stock Exchange

Milan Stock Exchange NASDAQ OMX Copenhagen NASDAQ OMX Helsinki

Saxo Capital Markets – Rates & Conditions

DMA CFD Trading Rates & Conditions

Brussels

NYSE Euronext Lisbon

LISB

0.10%

20 EUR

3.5pp/-3.0pp

NYSE Euronext Paris

PAR

0.10%

20 EUR

3.5pp/-3.0pp

Oslo Stock Exchange

OSE

0.10%

65 NOK

3.5pp/-3.0pp

PRA

0.25%

500 CZK

3.0pp/-5.0pp

SWX & VX

0.10%

30 CHF

3.5pp/-3.0pp

Vienna Stock Exchange

VIE

0.20%

30 EUR

3.5pp/-3.0pp

Warsaw Stock Exchange

WSE

0.25%

100 PLN

3.5pp/-3.0pp

Johannesburg Stock Exchange

JSE

0.25%

100 ZAR

5.0pp/-3.5pp

ASX

0.10%

8 AUD

3.5pp/-3.0pp

Hong Kong Exchanges

HKEX

0.32%

150 HKD

3.5pp/-3.0pp

Singapore Exchange

SGX-ST

0.22%

25 SGD

3.5pp/-3.0pp

Tokyo Stock Exchange

TYO

0.15%

1,200 JPY

3.5pp/-3.0pp

Prague Stock Exchange SIX Swiss Exchange

Asia / Pacific Australian Securities Exchange

*Due to limited liquidity in the exchange order book, market orders are not supported on this exchange as the fill price can vary considerably from the indicated market price. Use Limit Orders instead to guarantee the minimum price for your order. **Automated trading from 09:30 – 16:30 with a break between 12:00 – 13:30 ***South African Stocks and Single Stock CFDs are not available for trading to residents of South Africa due to regulatory restrictions.

Saxo Capital Markets – Rates & Conditions

Margin Requirements – Rating Groups Saxo Capital Markets' tradable CFDs are grouped into five different margin classes based on the market capitalisation, liquidity and volatility of the underlying asset. The leverage available on Single Stock CFDs begins at 10:1 which corresponds to only 10% margin.

Rating Group 1 2 3 4 5

Product / Instrument Single Stock CFDs & ETF/ETC CFDs Single Stock CFDs & ETF/ETC CFDs Single Stock CFDs & ETF/ETC CFDs Single Stock CFDs & ETF/ETC CFDs Single Stock CFDs & ETF/ETC CFDs

Margin Requirement 10% 20% 40% 80% 100%

Individual Stock CFD Margins For more information on CFD margin rates and for individual stock ratings, please refer to our website or trading platform.

Saxo Capital Markets – Rates & Conditions

Index CFDs Stock Index

Symbol code

Margin

Spread*

Trading Hours**

Netherlands 25 Australia 200 Belgium 20 Denmark 20 Denmark 20 Cap EU Stocks 50 France 40 Germany 30 Germany MidCap 50 Germany Tech 30 Hong Kong 40 Italy 40 Japan 225 Norway 25 Spain 35 Sweden 30 Portugal 20 Switzerland 20 UK 100 UK Mid 250 US 30 Wall Street US SPX500 US Tech 100 NAS South Africa 40 Index

NETH25.I AUS200.I BELG20.I DEN20.I DEN20CAP.I

3% 2% 5% 5% 5%

0.25 1.5 13 2.5 2.5

08:01-21:55 10:10-16:25 09:10-17:30 09:10-16:55 09:10- 16:55

CFD Financing requirements (long/short)*** 3pp/-2.5pp 3pp/-2.5pp 3pp/-2.5pp 3pp/-2.5pp 3pp/-2.5pp

EU50.I FRA40.I GER30.I Ger50MID.I.

4% 5% 3% 5%

2 2 1.5 15

08:01 08:01 08:01 09:10

21:55 21:55 21:55 17:30

3pp/-2.5pp 3pp/-2.5pp 3pp/-2.5pp 3pp/-2.5pp

GERTECH30.I

5%

4.5

09:10 - 17:30

3pp/-2.5pp

HK50.I ITALY40.I JP225.I NOR25.I IBEX35.I SWE30.I PORT20.I SWISS20.I UK100.I UK250MID.I US30.I

5% 5% 3% 5% 5% 5% 10% 4% 2% 5% 2%

12 12 (+0.02%) 12 1 8 0.65 25 3 1 44 3

09:16 09:01 09:01 09:01 09:01 09:01

-

16:10 17:25 00:30 16:15 19:55 17:25

08:01 01:01 08:10 18:00

-

21:55 20:55 16:30 16:00

3pp/-2.5pp 3pp/-2.5pp 3pp/-2.5pp 3pp/-2.5pp 3pp/-2.5pp 3pp/-2.5pp 3pp/-2.5pp 3pp/-2.5pp 3pp/-2.5pp 3pp/-2.5pp 3pp/-2.5pp

US500.I USNAS100.I

2% 2%

0.9 1

18:00 - 16:00 18:00 - 16:00

3pp/-2.5pp 3pp/-2.5pp

ZA40.1

10%

10

-

3pp/-2.5pp

* Normal market conditions. If the underlying future trades at a spread that is larger than the minimum spread, the Index spread will be increased with the additional spread from the future. Example: GER30.I normal spread is 3 index points if the future spread is 0.5 indicating normal conditions. If the liquidity is low in the future and the spread is 1, the Index spread will be 3 (1-0.5) = 3.5. ** The trading hours stated in the above table are the local hours of the underlying exchange please note that the Hong Kong trading session has a mid-session break between 12:00-13:00 and the trading session in Japan between 3:25 pm and 4:15 pm. For UK100 there is a trade break from 07:50-08:01. ***This is charged on top of the relevant interbank rates.

Saxo Capital Markets – Rates & Conditions

Index CFDs

Details of the other indices offered by Saxo Capital Markets UK can be made available on request.

Contract Details Instrument Name

Symbol

Spread Minimum

Min. trade size

Margin

Trading hours

Expiry date

METALS Gold Silver Platinum Palladium US Copper

GOLD

0.60

1

4%

18:00-17:15 EST

FND -2

SILVER

3.5

25

8%

18:00-17:15 EST

FND -2

PLATINUM

1.7

1

8%

18:00-13:05 EST

FND -2

PALLADIUM

1.75

1

8%

18:00-17:15 EST

FND -2

COPPERUS

0.55

500

4%

18:00-17:15 EST

FND -2

ENERGY US Crude UK Crude Heating Oil Gasoline US Gas Oil US Natural Gas CO2 Emissions

OILUS

0.05

25

4%

18:00-17:15 EST

LTD -2

OILUK

0.05

25

4%

01:00-22:15 BST

LTD -2

HEATINGOIL

0.35

500

4%

18:00-17:15 EST

LTD -2

GASOLINEUS

0.25

500

4%

18:00-17:15 EST

LTD -2

GASOLINEUK

1.25

1

2%

01:00-22:15 BST

LTD -2

NATGAS

0.017

200

8%

18:00-17:15 EST

LTD -2

EMISSIONS

0.07

25

8%

07:00-17:00 BST

LTD -2

AGRICULTURE Corn Wheat

CORN

1.25

200

5%

19:00 – 13:15 CST

FND -2

WHEAT

2.25

200

5%

19:00 – 13:15 CST

FND -2

Saxo Capital Markets – Rates & Conditions

Index CFDs

Soybeans

SOYBEANS

1.75

200

5%

19:00 – 13:15 CST

FND -2

SOFTS NY Sugar No. 11 NY Coffee NY Cocoa

SUGARNY

0.05

5,000

5%

03:30-13:00 EST

LTD -2

COFFEE

0.45

1,000

5%

03:30-14:00 EST

FND -2

COCOA

9

1

4%

04:00-14:00 EST

FND -2

09:05-13:00 CST

LTD -2

MEATS Live Cattle

LIVECATTLE

0.175

2,000

2%

FND= First Notice LTD= Last trading

For all other CFDs the above table indicates the normal margin rate. Similar to Futures, Commodity CFDs expire CFDs will expire each month and will be cash settled on the expiry date of the underlying future. Front month (current contract) and back month (following contract) will be offered to enable clients to manually roll positions from one contract to the next. See the Trading Rates and Conditions for full contracts details and specifications. All information in this document is subject to change.

Saxo Capital Markets – Rates & Conditions

Forex CFDs Currency Pair

Ticker

Min. spread1

Margin Requirements²

Euro/US Dollar

EURUSDEC

0.0002

2%

Euro/Japanese Yen

EURJPYRY

0.03

4%

Euro/Swiss Franc

EURCHFR

0.0003

10%

Euro/British Pound

EURGBPRP

0.0003

2%

British Pound/US Dollar

GBPUSDBP

0.0003

2%

Australian Dollar/US Dollar

AUDUSDAD

0.0003

4%

USD Index

USDINDEX

0.01

2%

1. The target spreads listed are our best possible spreads used in normal market conditions. Under certain market conditions, - such as over the release of key economic figures, during periods of volatile market conditions, and during the sometime illiquid European night time - spreads may widen and auto execution limits may be lowered or disabled. 2. Please refer to the CFD Trading Conditions page in the trading platform or on our website. Similar to Futures, FX CFDs expire and will be cash settled on the expiry date. Any positions still open at the time of expiry will be automatically closed at the market price. Manually roll of a position from one expiry to another may be done until the time of expiry. The specific expiry date and time for individual FX CFDs can always be found in the trading platforms under Trading Conditions. All information in this document is subject to change.

Saxo Capital Markets – Rates & Conditions

Bond CFDs Contract details Instrument Name

Symbol

Minimum Spread1

Min. trade size

Margin requirements2

Trading hours

BONDS German Government 10 year Bund

BUND

0.03

50 CFDs

2%

08:0121:55 CET

German Government 5 year Bobl

BOBL

0.03

50 CFDs

12%

08:0121:55 CET

German Government 2 year Schatz

SCHATZ

0.015

50 CFDs

2%

08:0121:55 CET

Italian Government 10 year BTP

10YBTP

0.05

50 CFDs

2%

08:0118:55 CET

French Government 10 year OAT

10YOAT

0.05

50 CFDs

2%

08:0118:55 CET

1

The target spreads listed are our best possible spreads used in normal market conditions. Under certain market conditions, - such as over the release of key economic figures, during periods of volatile market conditions, and during the sometime illiquid European night time - spreads may widen and auto execution limits may be lowered or disabled.

2

The available leverage and margin requirement indicated with * applies to the first EUR 50,000 (or equivalent) of your combined collateral. The required margin requirement on collateral over EUR 50,000 the required margin will double the rate indicated in the above table. For a full list of applicable CFDs, please refer to the CFD Trading Conditions page in the trading platform or on our website.

Similar to Futures Contracts, Bond CFDs expire and will be cash settled on the expiry date. Any positions still open at the time of expiry will be automatically closed at the market price. Manual roll of a position from one expiry to another may be done until the time of expiry. The specific expiry date and time for individual Bond CFDs can always be found in the trading platforms under CFD on Futures Trading Conditions. All information in this document is subject to change.

Saxo Capital Markets – Rates & Conditions

Stock & ETF Trading Rates & Conditions

Exchange name

Symbol

Commission

Min. Commissio n

Min. Order value

North America & Canada NASDAQ

NASDAQ & NSC

0.02 USD/share

15 USD

50 USD

New York Stock Exchange

NYSE & ARCA

0.02 USD/share

15 USD

50 USD

NYSE MKT

AMEX

0.02 USD/share

15 USD

50 USD

OTC Bulletin Board/Pink Sheets

OOTC & OTCBB

25 USD

50 USD

Toronto Stock Exchange

TSE

25 CAD

100 CAD

TSX Venture Exchange

TSX

25 CAD

100 CAD

0.15%

1)

0.03 CAD/share 0.02 CAD/share

2)

Europe / Middle East / Africa BME Spanish Exchanges

SIBE

0.10%

12 EUR

100 EUR

Deutsche Börse (XETRA)

FSE

0.10%

12 EUR

100 EUR

Irish Stock Exchange

ISE

0.10%

12 EUR

100 EUR

London Stock Exchange (IOB)

LSE_INTL

0.10%

20 USD

100 USD

London Stock Exchange

LSE_SETS

0.10%

8 GBP

100 GBP

Milan Stock Exchange

MIL

0.10%

12 EUR

100 EUR

NASDAQ OMX Copenhagen

CSE

0.10%

29 DKK

1,000 DKK

NASDAQ OMX Helsinki

HSE

0.10%

12 EUR

100 EUR

NASDAQ OMX Stockholm

SSE

0.10%

65 SEK

1,000 SEK

NYSE Euronext Amsterdam

AMS

0.10%

12 EUR

100 EUR

NYSE Euronext Brussels

BRU

0.10%

12 EUR

100 EUR

NYSE Euronext Lisbon

LISB

0.10%

12 EUR

100 EUR

NYSE Euronext Paris

PAR

0.10%

12 EUR

100 EUR

Oslo Stock Exchange

OSE

0.10%

65 NOK

1,000 NOK

Prague Stock Exchange

PRA

0.28%

500 CZK

2,500 CZK

Saxo Capital Markets – Rates & Conditions

Stock & ETF Trading Rates & Conditions SIX Swiss Exchange

SWX

0.10%

18 CHF

150 CHF

SIX Swiss Exchange (BlueChip)

VX

0.10%

18 CHF

150 CHF

Vienna Stock Exchange

VIE

0.10%

12 EUR

100 EUR

Warsaw Stock Exchange

WSE

0.30%

75 PLN

300 PLN

Johannesburg Stock Exchange

JSE

0.25%

100 ZAR

750 ZAR

Australian Securities Exchange

ASX

0.10%

15 AUD

150 AUD

Hong Kong Exchanges

HKEX

0.15%

150 HKD

1,000 HKD

Singapore Exchange

SGX-ST

0.15%

25 SGD

150 SGD

Tokyo Stock Exchange

TYO

0.15%

1,500 JPY

1,000 JPY

Asia / Pacific

Re-use of Stock collateral for other investments Subject to our risk rating, up to 75% of the value of the stock held in your Saxo trading account may be eligible for use as collateral for additional trading in margined products. For a comprehensive list of the risk rating of the various stocks, please visit our website.

Saxo Capital Markets – Rates & Conditions

ISA Stock & ETF Trading Rates & Conditions Exchange name

Symbol

Commission

Min. Commission

Min. Order value

North America & Canada NASDAQ

NASDAQ & NSC

0.02 USD/share

15 USD

50 USD

New York Stock Exchange

NYSE & ARCA

0.02 USD/share

15 USD

50 USD

NYSE MKT

AMEX

0.02 USD/share

15 USD

50 USD

OTC Bulletin Board/Pink Sheets

OOTC & OTCBB

25 USD

50 USD

Toronto Stock Exchange

TSE

0.03 CAD/share

25 CAD

100 CAD

TSX Venture Exchange

TSX

0.02 CAD/share

25 CAD

100 CAD

0.15%

1)

2)

Europe / Middle East / Africa BME Spanish Exchanges

SIBE

0.10%

12 EUR

100 EUR

Deutsche Börse (XETRA)

FSE

0.10%

12 EUR

100 EUR

Irish Stock Exchange

ISE

0.10%

12 EUR

100 EUR

London Stock Exchange (IOB)

LSE_INTL

0.10%

20 USD

100 USD

London Stock Exchange

LSE_SETS

0.10%

8 GBP

100 GBP

Milan Stock Exchange

MIL

0.10%

12 EUR

100 EUR

NASDAQ OMX Copenhagen

CSE

0.10%

29 DKK

1,000 DKK

NASDAQ OMX Helsinki

HSE

0.10%

12 EUR

100 EUR

NASDAQ OMX Stockholm

SSE

0.10%

65 SEK

1,000 SEK

NYSE Euronext Amsterdam

AMS

0.10%

12 EUR

100 EUR

NYSE Euronext Brussels

BRU

0.10%

12 EUR

100 EUR

NYSE Euronext

LISB

0.10%

12 EUR

100 EUR

Saxo Capital Markets – Rates & Conditions

ISA Stock & ETF Trading Rates & Conditions Lisbon NYSE Euronext Paris

PAR

0.10%

12 EUR

100 EUR

Oslo Stock Exchange

OSE

0.10%

65 NOK

1,000 NOK

Prague Stock Exchange

PRA

0.28%

500 CZK

2,500 CZK

SIX Swiss Exchange

SWX

0.10%

18 CHF

150 CHF

SIX Swiss Exchange (BlueChip)

VX

0.10%

18 CHF

150 CHF

Vienna Stock Exchange

VIE

0.10%

12 EUR

100 EUR

Warsaw Stock Exchange

WSE

0.30%

75 PLN

300 PLN

Johannesburg Stock Exchange

JSE

0.25%

100 ZAR

750 ZAR

Australian Securities Exchange

ASX

0.10%

15 AUD

150 AUD

Hong Kong Exchanges

HKEX

0.15%

150 HKD

1,000 HKD

Singapore Exchange

SGX-ST

0.15%

25 SGD

150 SGD

Tokyo Stock Exchange

TYO

0.15%

1,500 JPY

1,000 JPY

Asia / Pacific

Important information for ISA account holders The above table indicates are SCML’s standard charges for the complete list available exchanges available for trading within SCML’s platform. Subject to the HM. Revenue & Customs eligibility criteria not all of the available exchanges listed in the above table will be available for trading within a Saxo ISA account. Please note that when trading stocks and/or shares from your Saxo ISA account you will not be permitted to re-use the value of any holdings for additional trading in margined products.

Saxo Capital Markets – Rates & Conditions

Taxation on UK Shares For UK stocks a Panel for Takeovers and Mergers (PTM) Levy and Stamp Duty may be applicable. Stamp Duty is applied on all buy transactions at a rate of 0.5% of the transaction value. A PTM Levy of £1 is applied to buy and sell transactions where the Gross Value of the trade exceeds £10,000. Please note that for Irish registered stocks, Stamp Duty is 1% of the transaction value. Taxation on Hong Kong Shares For Hong Kong stocks, Stamp Duty and other charges apply: 0.108%. Note: Automated trading from 09:30-16:30 with a break between 12:00 - 13:30. Taxation on Singapore Shares For Singapore Stocks a Clearing Fee of 0.04% is payable, subject to a maximum of SGD 600. Taxation on South African Shares The Johannesburg Stock Exchange applies a Securities Transfer Tax (STT) of 0.25% when opening a stock position (on stock buy trades). Taxation on French Shares For purchases of French large cap Stocks a Financial Transaction Tax (FTT) of 0.20% will apply. Taxation on Italian Shares For purchases of Italian listed stocks an Italian Financial Transaction Tax (FTT) of 0.12% will apply. Taxation on Italian Derivatives The Italian FTT for Derivatives applies irrespective of the location of the client or the jurisdiction of the transaction for Buys and Sells.

Summary of Italian FTT for Derivatives

Retail Min Commission

Product

Retail Price

Italian Futures

For transactions between 0-100,000 Euros an additional 13 Euros 0.5 Euros per trade will be added to the commission For transactions of 100,001+ Euros an additional 5.0 Euros will be added per trade

Italian Options

For transactions between 0-100,000 Euros an additional No minimum 0.5 Euros per trade will be added to the commission For transactions of 100,001+ Euros an additional 5.0 Euros will be added per trade

Saxo Capital Markets – Rates & Conditions

Depositary Receipt fees - US It is standard practice for US depositary receipts to charge an annual administration fee up to USD 0.05 per share depending on the issuing depositary bank. The intent of the fee is to cover costs for the banks that take on the operational processes necessary to issue and trade the depositary receipt line. Typically the fee is deducted when dividend payments are made, however, in case the depositary receipt does not pay a dividend 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 Deposit Agreement is filed with the SEC and is readily accessible by the public. The fee per depositary receipt is not dependent on the total amount of dividend being paid but the amount of shares held. SEC Section 31 Fees for US Shares Saxo Capital Markets passes on to clients the SEC Section 31 fee of $22.40 per million (0.224 BP) on US exchange stock SELL transactions where client orders are entered directly into the underlying market. This fee applies only to US exchanges. To read more about Section 31 visit: http://www.sec.gov/answers/sec31.htm Stock Transfer Out fee Transfers of Stock from a Saxo Capital Markets trading account to an alternative account in the same name will be subject to a stock transfer out fee, which will be charged as follows:  DK Stocks: 25 EUR per ISIN (max. 160 EUR)  Other Stocks: 50 EUR per ISIN (max. 160 EUR) All information in this document is subject to change. For a complete and up-to-date overview, please visit the Stock Trading Rates and Conditions section on our website.

Saxo Capital Markets – Rates & Conditions

Futures Trading Rates & Conditions Commissions for online traded contracts The below list of commissions are for each contract and for each trade (buy or sell) through SaxoTrader and exclude exchange fees which are listed under the contract specifications. 1,001 –5,000

Contract Currency

0 - 250

AUD

AUD 10.00

AUD 5.00

AUD 2.50

EUR GBP

EUR 6.00 GBP 5.00

EUR 3.00 GBP 2.50

EUR 1.50 GBP 1.25

SGD USD

SGD 15.00 USD 6.00

SGD 7.50 USD 3.00

SGD 3.75 USD 1.50

CHF JPY SEK CAD HKD (full-sized contracts) HKD (mini contracts)

CHF 8.00 JPY 1,000.00 SEK 75 CAD 6.00 HKD 45

CHF 4.00 JPY 800.00 SEK 40 CAD 3.00 HKD 30

CHF 2.00 JPY 750.00 SEK 20 CAD 1.50

HKD 30

HKD 25

BRL (full-sized contracts) BRL (mini contracts)

BRL 20

BRL 15

BRL 15

BRL 10

BRL 10 BRL 7.5

NZD

NZD 15

NZD 7.5

NZD 4.0

251 –1,000

HKD 20 HKD 20

The minimum commission per trade is USD 10, EUR 10, GBP 8, CHF 11, AUD 12.5, CAD 10, JPY 1200, SEK 100, NZD 15 or SGD 20. These commissions are for each contract and for each trade (buy or sell) through SaxoTrader and exclude exchange fees which are listed under the contract specifications. If you trade more than 5,000 contracts per month please contact us for pricing. Commissions for offline-traded contracts For contract futures not traded directly online, a commission fee of USD 15 per contract per trade is charged which includes exchange fees. All information in this document is subject to change.

Saxo Capital Markets – Rates & Conditions

Contract Options Trading Rates & Conditions Online Contract Options are traded on existing monthly volume-based commissions: Contract Currency

Trade Volume: Contracts/Month 0 - 250

251 - 1.000

1.001 - 5.000

AUD

10.00

5.00

2.50

EUR

6.00

3.00

1.50

GBP

5.00

2.50

1.25

SGD

15.00

7.50

3.75

USD

6.00

3.00

1.50

CHF

8.00

4.00

2.00

JPY

1,000.00

800.00

750.00

SEK

75.00

40.00

20.00

CAD

6.00

3.00

1.50

HKD

45.00

30.00

20.00

Minimum ticket fees When trading Contract Options at Saxo Capital Markets UK Limited, there are no minimum ticket fees as each trade is subject to a flat-rate fee based on the applicable volume bracket. If you trade more than 5,000 contracts per month please contact a sales representative to discuss an appropriate pricing structure based upon your trading volumes. In the event that no agreement exists to the contrary, you will be charged the default pricing category which is the highest price listed in the above table. Moves to different price categories take place at the discretion of Saxo Capital Markets UK Limited and always take effect from the beginning of the following month without any adjustment in commissions already paid. All information in this document is subject to change. For a complete and up-to-date overview, please visit the Contract Options Trading Rates and Conditions section on our website. Saxo Capital Markets – Rates & Conditions

Rates and Conditions for Single Stock Options Commission costs The existing monthly volume-based pricing for standard Contract Options will be adopted for Stock Options. Stock Options Contracts Currency AUD EUR GBP USD CHF HKD Minimum Ticket

Trade volume: Contracts/Month 0-1000 AUD 5.00 EUR 3.00 GBP 2.5 USD 3.00 CHF 4.00 HKD 30

1,001 – 5,000 AUD 3.00 EUR 2.00 GBP 1.5 USD 2.00 CHF 3.00 HKD 20

None

Saxo Capital Markets charges clients a per-lot fee to trade Single Stick Options, where the fee is dependent on the number of Stock Options the client trades in the previous calendar month. If you trade more than 5,000 contracts per month please contact a sales representative to discuss an appropriate pricing structure based upon your trading volumes. In the event that no agreement exists to the contrary, you will be charged the default pricing category which is the highest price listed in the above table. Expiry All positions are subject to an Auto Exercise procedure at expiry:   

All long positions on In-the-Money are assumed to be exercised All short positions on In-the-Money are assumed to be exercised All positions on Out-of-the-Money and At-the-Money options are abandoned

All information in this document is subject to change.

Saxo Capital Markets – Rates & Conditions

Bonds Rates & Conditions Commissions for offline trading Commission: Minimum commission:

0.08% EUR 80

Custody fees Bond currency Fee EUR

Annual 0.12%

USD

0.12%

GBP

0.12%

NOK

0.12%

DKK

0.12%

CZK

0.12%

Other Currencies

0.12%

Bond margin collateral Saxo Capital Markets allows collateral invested in Bonds to be used for margin trading activities. The percentage of the collateral that can be used for margin trading depends on the rating of the bond: Definition collateral Highest Rating

Margin 95%

Very High Quality

90%

High Quality

80%

All information in this document is subject to change.

Saxo Capital Markets – Rates & Conditions

Rates and Conditions for Trading SIPP Funds The Standard retail rates and conditions apply when trading your SIPP Funds with Saxo Capital Markets UK Limited, with the exception of Stock & ETF CFD commissions where the following will apply:

CFD Trading Rates & Conditions Exchange

Commission Rate

EUROPE Austria (VIE) Belgium (BRU) Czech Republic (PRA) Denmark (CSE) Finland (HSE) France (PAR) Germany (FSE)

Minimum Commission

CFD Financing (Long/Short)

0.15% 0.15% 0.25% 0.15% 0.15% 0.15% 0.15%

EUR 18 EUR 18 CZK 500 DKK 110 EUR 18 EUR 18 EUR 18

3pp/-2.5pp 3pp/-2.5pp 3.5pp/-4.5pp 3pp/-2.5pp 3pp/-2.5pp 3pp/-2.5pp 3pp/-2.5pp

Greece (AT) Hungary (BUD) Italy (MIL) London International (LSE_INTL) Netherlands (AMS) Norway (OSE) Poland Portugal (LISB) Spain (SIBE) Sweden (SSE) Switzerland (SWX) Turkey (IST) UK (LSE_SETS) NORTH AMERICA Nasdaq (NASDAQ) New York (NYSE) 00 ARCA (NYSE_ARCA) 3pp/-2.5pp NYSE

0.5% 0.50% 0.24% 0.15% 0.15% 0.15% 0.375% 0.15% 0.15% 0.15% 0.15% 0.20% 0.15%

EUR 18 HUF 6,000 EUR 18 USD 30 EUR 18 NOK 110 PLN 120 EUR 18 EUR 18 SEK 110 CHF 25 TRY 50 GBP 12

3pp/-2.5pp 3pp/-2.5pp 3pp/-2.5pp 3pp/-2.5pp 3pp/-2.5pp 3pp/-2.5pp 3pp/-2.5pp 3pp/-2.5pp 3pp/-2.5pp 3pp/-2.5pp 3pp/-2.5pp 3.50pp/4.5pp 3pp/-2.5pp

$0.03 CFD $0.03 CFD $0.03 CFD

USD 30 USD 30 USD 30

3pp/-2.5pp 3pp/-2.5pp

Toronto (TSE) Toronto (TSX) US (AMEX)* ASIA/PACIFIC Australia (ASX) Hong Kong (HKEY)** Singapore (SGX-ST) Tokyo (TYO) AFRICA South Africa***

$0.04 CFD $0.04 CFD $0.03 CFD

CAD 35 CAD 35 USD 30

3pp/-2.5pp 3pp/-2.5pp 3pp/-2.5pp

0.15% 0.375% 0.39% 0.225%

AUD 13 HKD 140 SGD 25 JPY 1,500

3pp/-2.5pp 3pp/-2.5pp 3pp/-2.5pp 3pp/-2.5pp

ZAR 100

4.5pp/-3pp

0.25%

Saxo Capital Markets – Rates & Conditions

Increased margin requirements will apply to the following products subject to the terms and conditions of your SIPP trustee: Stock & ETF CFDs Rating Group Requirement 1 2 3 4 5 6 7 8

Product / Instrument Stock Index Trackers Single Stock CFDs & ETF/ETC CFDs Single Stock CFDs & ETF/ETC CFDs Single Stock CFDs & ETF/ETC CFDs Single Stock CFDs & ETF/ETC CFDs Single Stock CFDs & ETF/ETC CFDs Single Stock CFDs & ETF/ETC CFDs

Margin 25% 25% 25% 25% 25% 100% 100%

Single Stock CFDs & ETF/ETC CFDs

100%

Bond, Commodity & Forex CFDs

CFD Type

Margin Requirement

Bond CFDs Commodity CFDs Forex CFDs Index CFDs

10% 10% 10% 10%

Forex

Base Currency

Margin Requirement

AUD, CAD, CNH, EUR, DKK, USD, GBP, JPY, NOK, NZD, SEK, SGD & ZAR HKD, HUF, PLN, XAG & XAU CHF RUB All other

10% 12% 10% 40% 16%

Futures Double the exchange minimum

Saxo Capital Markets – Rates & Conditions

Rates and Conditions for Trading Limited Leverage Accounts A limited leverage account means that we have enabled you to trade margined products at our standard account commission and rates however increased margin requirements will apply as below: Stock & ETF CFDs Rating Group 1 2 3 4 5 6 7 8

Product / Instrument Stock Index Trackers Single Stock CFDs & ETF/ETC CFDs Single Stock CFDs & ETF/ETC CFDs Single Stock CFDs & ETF/ETC CFDs Single Stock CFDs & ETF/ETC CFDs Single Stock CFDs & ETF/ETC CFDs Single Stock CFDs & ETF/ETC CFDs Single Stock CFDs & ETF/ETC CFDs

Margin Requirement 25% 25% 25% 25% 25% 100% 100% 100%

Bond, Commodity & Forex CFDs CFD Type

Margin Requirement

Bond CFDs Commodity CFDs Forex CFDs Index CFDs

10% 10% 10% 10%

Forex Base Currency

Margin Requirement

AUD, CAD, CNH, DKK, USD, GBP, JPY, NOK, NZD, SEK, SGD & ZAR HKD, HUF, PLN, XAG & XAU CHF RUB All other

10% 12% 10% 40% 16%

Futures Double the exchange minimum

Saxo Capital Markets – Rates & Conditions

Important Information All information in this document is subject to change. For a complete and up-to-date overview please refer to our website or contact us for further information. The products available for trading on our platform are leveraged products and carry a high level of risk to your capital as it is possible to lose more than your initial investment. These products may not be suitable for everyone and therefore ensure you understand the risks and if you remain unsure you should seek independent advice.

If you have been introduced to Saxo Capital Markets UK Limited (SCML) by an introducing broker, SCML may pay a percentage of any commissions, fees and other income as a result of your trading with SCML. As a result of any commission sharing arrangement you be subject to trading commissions which are above the standard rates published in this document. For further details of any commission sharing arrangements is available upon written request. The information contained within this document was correct at the time of publication and is subject to change any time. This document refers to commissions/trading conditions for standard order types and for other order types such as Algorithmic Orders an additional commission and minimum order size may be apply. For further details you should refer to our website www.saxomarkets.co.uk.

Saxo Capital Markets UK Limited is authorised and regulated by the Financial Conduct Authority, Firm Reference Number 551422. Registered address: 26th Floor, 40 Bank Street, Canary Wharf, London E14 5DA. Company number 7413871.

Saxo Capital Markets – Rates & Conditions