By accessing and using the information on this Website you (the User) agree and consent as follows: - 1. EQUITRADE is a trading name of Equitrade Markets Limited, a firm authorised and regulated by the Financial Services Authority to provide advice and arrange transactions on Spread Betting, CFDs, Futures, Options, Foreign Exchange and shares. Any advice is offered without regard to the specific circumstances of individual investors. Before trading or completing any investment transaction in any area covered by this Website the User should seek independent professional advice, if in doubt. 2. EQUITRADE warns you that trading CFDs, Spread Bets, Futures or Options, carries a high level of risk to the capital of those who trade or bet, and is not suitable for all investors. Those who trade CFDs should only speculate with money they can afford to lose and before placing any trades they should ensure they fully understand the risks, and seek independent advice if necessary. 3. EQUITRADE accepts no responsibility or liability for any use the User may make of the information on this Website or any associated services advertised on this Website. Advertisements on this Website do not constitute an endorsement by EQUITRADE or its editor, directors or employees, of the services or products advertised within it. 4. All registered users of the EQUITRADE website are treated as private investors, and are therefore afforded the greatest protection available under FSA rules. 5. EQUITRADE takes no responsibility of any kind for any third party contents or other sites, which the User is able to access through this Website. 6. EQUITRADE does not warrant the accuracy or reliability of any statements or opinions displayed on this Website and reserves the right without notice to change the content, presentation and/or facilities of this Website. 7. The User undertakes not to publish on this Website any matter that is libellous, obscene, defamatory or otherwise violates any copyright or other law and acknowledges that any submissions, may be edited, removed or modified. Notwithstanding this, the User shall remain solely responsible for the content of his own submissions and shall indemnify EQUITRADE accordingly. 8. The information on this website is intended for use by UK residents who are 18 years or older. EQUITRADE is a trading name of Equitrade Markets Limited, a firm authorised and regulated by The Financial Services Authority to give investment advice in the United Kingdom. EQUITRADE accepts no liability for compliance with the regulatory requirements or laws of any other country or for the use of the information by any person whose country of residence prohibits the use of such information.

 Risk Warning Notice

This notice provided by Equitrade Markets Ltd, which is a firm authorised and regulated by the Financial Services Authority, is being given to you as an Intermediate customer and you should be aware that it does not disclose all of the risks and other significant aspects of financial products traded on margin such as futures, options and contracts for differences. You should not deal in financial products traded on margin unless you understand the nature of the contract you are entering into and the extent of your exposure to risk. You should also be satisfied that the contract is suitable for you in the light of your circumstances and financial position. Certain strategies, such as a "spread" position or a "straddle", may be as risky as a simple "long" or "short" position. Whilst some financial products can be utilised for the management of investment risk, some are unsuitable for many investors. Different instruments involve different levels of exposure to risk, and in deciding whether to trade in such instruments you should be aware of the following points. 1. CONTINGENT LIABILITY TRANSACTIONS Contingent liability transactions, such as financial products traded on margin, will require you to make a series of payments against the purchase price, instead of paying the whole purchase price immediately. If you trade in futures, contracts for differences or sell options you may sustain a total loss of the margin you deposit with the broker to establish or maintain a position. If the market moves against you, you may be called upon to pay substantial additional monies or margin at short notice to maintain the position. If you fail to do so within the time required, your position may be liquidated at a loss and you will be liable for any resulting deficit. Even if a transaction is not margined, it may still carry an obligation to make further payments in certain circumstances over and above any amount paid when you entered the contract. The broker will carry out margined or other contingent liability transactions with or for you whenever possible on or under the rules of a recognised or designated investment exchange. However, contingent liability transactions entered into by you that are not traded on or under the rules of a recognised or designated investment exchange (such as foreign exchange transactions) may expose you to substantially greater risks. 2. FUTURES Transactions in futures involve the obligation to make, or to take, delivery of the underlying asset of the contract at a future date, or in some cases to settle your position with cash. They carry a high degree of risk. The "gearing" or "leverage" often obtainable in futures trading means that a small deposit or down payment can lead to large losses as well as gains. It also means that a relatively small market movement can lead to a proportionately much larger movement in the value of your investment, and this can work against you as well as for you. Futures transactions have a contingent liability, and you should be aware of the implications of this, in particular the margining requirements, which are set out in paragraph 1 above. 3. OPTIONS There are many different types of options with different characteristics subject to different conditions: - BUYING OPTIONS Buying options involves less risk than selling options because, if the price of the underlying asset moves against you, you can simply allow the option to lapse. The maximum loss is limited to the premium or amount paid to acquire the option, plus any commission or other transaction charges. However, if you buy a call option on a futures contract and you later exercise the option, you will acquire a futures contract and this will expose you to the risks described under points 1 and 2 above. WRITING OPTIONS If you write an option, the risk involved is considerably greater than buying options, you may be liable for margin to maintain your position and a loss may be sustained well in excess of any premium received. By writing an option, you accept a legal obligation to purchase or sell the underlying asset if the option is exercised against you, however far the market price has moved away from the exercise price. If you already own the underlying asset which you have contracted to sell (known as "covered call options") the risk is reduced. If you do not own the underlying asset (known as "uncovered call options") the risk can be unlimited. Very experienced persons should contemplate writing uncovered options, and then only after securing full details of the applicable conditions and potential risk exposure. 4. CONTRACTS FOR DIFFERENCE ("CFDs") Stocks or equities traded on margin are referred to as Contracts For Difference (CFDs). CFDs can also be options and futures on the FTSE 100 index or any other index, as well as currency and interest rate swaps. However, unlike other futures and options, these contracts can only be settled in cash. Investing in CFDs carries the same risks, as investing in futures or options contracts and you should be aware of these as set out in point 2 and 3 above. Transactions in contracts for differences may also have a contingent liability and you should be aware of the implications of this as set out in point 1 above. 5. FOREIGN EXCHANGE Transactions in Foreign Exchange contracts carry a high degree of risk. The "gearing" or "leverage" often obtainable in Foreign Exchange trading means that a relatively small market movement can lead to a proportionately much larger movement in the value of your liability. You should be Aware of the implications of this, in particular the margining requirements which, by signing below, will be confirmation by you that this has been explained to you by the broker or a broker introducing your account to the broker. 6. O.T.C. / OFF EXCHANGE TRANSACTIONS It may not always be apparent whether Foreign Exchange Contracts are effected on exchange or if they are an O.T.C off exchange transaction that the broker has made it clear to you if you are entering into an off exchange O.T.C. transaction. While some off exchange markets are highly liquid, some O.T.C. Contracts may involve greater risk than investing in exchange products because it may be impossible to liquidate an existing position, to assess the value of the position arising from an off exchange transaction, or to assess the exposure to risk. For example, although Foreign Exchange markets are highly liquid, bid and offer prices need not be quoted, and, even where they are, they will be established by dealers in these instruments and consequently it may be difficult to establish what is a fair price. 7. COLLATERAL If you deposit Collateral as security with the broker, the way in which it will be treated will vary according to the type of transaction and where it is traded. There could be significant differences in the treatment of your Collateral depending on whether you are trading on a recognised or designated investment exchange, under the rules of that exchange (and associated clearing house), or O.T.C. off exchange Contracts. Deposited Collateral may lose its identity as your property once dealings on your behalf are undertaken. Even if your dealings should ultimately prove profitable, you may not get back the same assets that you deposited and you may have to accept payment in cash. You should ascertain from the broker how your Collateral will be dealt with. 8. COMMISSIONS Before you begin to trade, you should obtain details of all commissions and other charges for which you will be liable. With respect to Foreign Exchange trading, commissions are often included in the transaction price. If this is the case, it is important to ascertain from the broker the size of the buy/sell spread quoted. 9. STOP-LOSS ORDERS Placing a stop-loss order will not necessarily limit your losses to the intended amounts, because market conditions may make it impossible to execute such an order at the stipulated price. 10. CLEARING HOUSE PROTECTIONS On many securities and futures exchanges, the performance of a transaction by the broker (or any third party with whom it is dealing on your behalf) is "guaranteed" by the exchange or its clearing house. However, you should be aware that such a guarantee does not apply to Foreign Exchange transactions since there is no clearing house for Foreign Exchange /O.T.C. off-exchange instruments as they are not traded under the rules of a recognised or designated investment exchange. 11. FOREIGN MARKETS Some foreign markets will involve different risks than other markets and in some cases the risks will be greater. On request, the broker will provide an explanation of the relevant risks and protection (if any) which will operate in any relevant foreign markets, including the extent to which the broker will accept liability for any default of a foreign broker or counterparty through whom the broker deals. The potential for profit or loss from transactions on foreign markets or in foreign denominated contracts will be affected by fluctuations in foreign exchange rates. 12. INSOLVENCY Insolvency or default, of any other brokers involved with your transaction(s), may lead to positions being liquidated or closed out without your consent. In certain circumstances, you may not get back the actual assets that you lodged as Collateral and you may have to accept any available payment in cash. You also understand that the broker does not accept liability for any insolvency of, or default by, other brokers involved with your transactions.

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