CFD-Trading Prices and Services

The CFD-Trading prices and services below are taken from the supplementary list of CFD-Trading prices and services of biw AG, the custodian and account credit institution for clients acquired through ViTrade AG. All other current terms and conditions can be found in the biw AG Supplementary list of prices and services for CFD-Trading of biw AG.

Account Management and custody
The custodian and account bank is biw Bank für Investments und Wertpapiere AG.
The safe custody securities account set up for CFD-Trading is held in EUR and is free of charge.

Market maker
The market maker for CFD-Trading is the German securities trading bank CeFDex AG based in Frankfurt.

Order fees

CFDs on stocks	0.08%, min. 8.00 €
CFDs on ETFs	0.08%, min. 8.00 €
CFDs on indices	free of charge
CFDs on commodities	free of charge
CFDs on precious metals	free of charge
CFDs on currencies (FX)	free of charge
CFDs on interest rate futures	free of charge

Financing costs for CFDs on stocks, ETFs, indices and currencies (FX)

Long-Positions
An interest rate of 3 percentage points above the current EONIA interest rate (financing rate) will be charged for holding a Long-Position in CFDs on stocks, ETFs, indices and currencies (FX) beyond the close of business (overnight). Financing costs are charged based on the leveraged volume of the underlying as the capital for the entire position is financed (trading on margin). Open positions are charged in full at the financing rate continuously updated on the basis of the EONIA interest rate. An EONIA interest rate of 4% would mean Long-Positions would be charged at a financing rate of 7% (EONIA interst rate at 4% + 3% interest).

Short-Positions
There are no financing costs for holding a Short-Position in CFDs on stocks, ETFs, indices and currencies (FX) beyond the close of business (overnight). There are no credits as well. Notwithstanding effective lending fees may be charged.

Financing costs for CFDs on commodities, precious metals and interest rate futures

There are no other costs for these instruments as the basis for these CFDs are forward contracts and financing costs are included already.

Lending fess will be charged for the following securities:

Name	Ticker Symbol	Lending Fee	valid from
Conergy	CGY	25% p.a.	15.03.2011
SMA Solar	S92	20% p.a.	17.03.2011
Solarworld	SWV	20% p.a.	17.03.2011
Q-Cells	QCE	20% p.a.	05.07.2011
Phönix Solar	PS4	20% p.a.	05.07.2011
Pfleiderer	PFD4	15% p.a.	12.07.2011
Singulus	SNG	10% p.a.	03.11.2011
IVG	IVG	5% p.a.	13.12.2011
Commerzbank	CBK	5% p.a.	31.01.2012

You will find the current EONIA reference rate here.

Margin percentages

Category	Instruments	Margin	Leverage up to...
CFDs on stocks	DE-30 Securities Europe USA MDAX TEC-DAX Other Securities	5% 5% 10% 10% 10% 10%	20 20 10 10 10 10
CFDs on ETFs	Index ETFs	10%	10
CFDs on indices	DE30, DEMID50, DETEC30, EUSTX50, UK100 Other Indices VEU50	2% 5% 10%	50 20 10
CFDs on commodities	Energy, Softs	5%	20
CFDs on precious metals	Metals	5%	20
CFDs on currencies (FX)	Euro, Non-Euro-Currency Pairs	1%	100
CFDs on interest futures	BUND, BOBL, SCHATZ, BUXL US T-BOND, US T-NOTE	1% 1%	100 100

Spreads:
The spreads below are minimum spreads. These spreads may vary in illiquid or volatile trading phases!

Stocks:
Fluctuations in liquidity mean CFDs on stocks have no fixed spreads.

The most important Indices, Commodities, Currencies and Interest Futures

Name	Spread
DAX 30	2
EUROSTOXX 50	1
DOW JONES INDUSTRIAL AVERAGE 30	3.5
NASDAQ 100	2
VEU50	0,1
US Gold	0.4
US Light Crude Oil	0.06
EURUSD spot rate	1 pip
EUR BOBL 5 Years	0.01
EUR BUND 10 Years	0.01
EUR SCHATZ 2 Years	0.01
US T-BOND 30 Years	0.04
US T-NOTE 5 Years	0.01
US T-NOTE 10 Years	0.02