The financial investment company BT SECURITIES SA, registered offices: Cluj-Napoca, B-dul 21 Decembrie 1989 No. 104, postal code: 400124, telephone: 0264-430564, 0264-597980, fax: 0264-431718, e-mail: bt-trade@btsecurities.ro, bt-trade@btsecurities.ro, unique registration code: 6838953, registered at the Cluj Trade Register with no. J12/3156/1994, authorised as financial investment service provider company pursuant to the Decision No. 2330 as of 22.07.2003 of the National Securities Commission, legal representative Mr. Rares-Doralin Nilas, hereinafter referred to as Broker,

In the context of this contract, the following terms have the following meanings:

means this contract, including its annexes, as well as any other terms and conditions agreed in writing by the client and the Broker related to this contract;

means the account opened with the Broker on behalf of the Client for recording its holdings and securities and cash operations;

means the instructions received by the Broker from the Client for selling or buying a certain security through the online system and received by the Broker under the Client's passwords;

means the instruction received by the Broker from the Client regarding the traded securities, or any other information related to the performance of this contract, through the online system and received by the Broker under the Client's passwords;

is the provider of depository, registry and corporate actions services to the issuers of securities traded on regulated markets and alternative trading systems in Romania according to Law no. 297/2004 regarding the capital market, Romanian National Securities Commission Regulation no. 13/2005 and National Bank of Romania Regulation no. 1/2005.

means the registration performed by the Broker in the Central Depository, on behalf and on the account of the Client, of the instructions concerning the transfer of ownership on a basis other than the one specific to a stock exchange transaction, pledging of securities, making the changes to the Client's personal data in the Central Depository;

means the performance by the Broker, on behalf and on the account of the client, the sale-acquisition orders submitted by the client, followed by the performance, on behalf and on the account of the client, of changing the notes in the Central Depository concerning the ownership of the client.

means the information system implemented, controlled and operated by the Broker, and accessed through the Internet by the Client, with the aim of easing the communication and reception of the Client's orders and instructions, or the acknowledgement of the compliance with the orders and of the reports by the Broker, by electronic submission of:

    - the trading orders received from the Client;
    - the Client's instructions concerning the transfer of cash / securities into/from its account; or
    - the Client's instructions concerning the cancelling of the communicated trading orders, the execution of which was not yet acknowledged by the Broker and for which the status allows their withdrawal from the market;
    - acknowledgement of the reception, execution or cancelling of the Client's orders and instructions, of reports by the Broker;

The Broker receives, communicates and carries out, on behalf and on the account of the Client, the Client's securities sale-acquisition orders, followed by making, on behalf and on the account of the Client, the changes to the notes from the Central Depository concerning the Client's ownership, as well as the performance of the Client's instructions concerning the "changing the position in the Central Depository", communicated through the BT TRADE system, and related to the securities quoted on the regulated markets or traded in the alternative trading systems and/or through over the counter negotiation mechanisms.

Withdraws from the cash account opened by the Client with the Broker the amounts owed for the settlement of the transactions carried out for the client, the fees and taxes included in Annex 1 hereto, as well as the profit taxes, as the case may be, in accordance with the provisions of the legislation in force.

Opens and maintains in its records a BT TRADE account for the Client, in which it shall record all the Client's securities and cash properties and operations, carried out in accordance with this Contract. The Client's account is activated if the Client deposits the minimum amount specified by the Broker, included in Annex No. 1 to this Contract.

Performs in good faith and in secrecy the orders and instructions communicated by the Client through the means stipulated in this Contract, in accordance with the information specified therein, and in compliance with the legislation applicable to the capital market and the regulations adopted by the National Securities Commission, as well as the regulations and procedures of the market the securities are traded on and are the subject of those orders and instructions. The trading orders received by the Broker can only be performed provided the securities or, as the case may be, the required amounts exist in the Client's BT TRADE account opened with the Broker.

Acts only on basis of the Client's instructions, except the cases stipulated by the law and this Contract.

- the amounts the Client forwards to the Broker in order to carry out the its orders and instructions;
- the net amounts obtained as revenues resulting from the securities transactions carried out, after the deduction of the fees, taxes and profit tax, as the case may be;
- any other finances the Client is entitled to as a result of this Contract.

Makes available to the Client all the available amounts (except the amounts required for the completion of the transactions in progress or in process of settlement) in the Client’s cash account, in order to be used as preferred to, within 3 days from the date of such request, through a money order transmitted to the Client’s bank or through postal order with return receipt.

- acknowledgement of the trading orders within 24 hours from their execution;
- the reporting forms for the Client – the portfolio and the securities book, as well as the cash account statement that includes up-to-date information on the trading activities in the BT TRADE account.

Maintains the secrecy of all the data, accounts and operations carried out on behalf and on the account of the Client, and uses these information in accordance with the regulations of the National Securities Commission and of the market these securities are traded on.

The Broker assumes the responsibility for the proper performance of the Client's orders once the acknowledgement of their registration has been communicated to the Client, and as soon as possible after the Client has re-acknowledged the order.

The financial investment services under this Contract are performed by the Broker at the Client's request; the Broker is not bound to assess the opportunity of any investment or service rendered.

The Broker shall not be held liable for the losses or damages incurred directly/indirectly by the Client or by any other person/entity, arising from: the violation by the Client of its contractual obligations; access to the BT TRADE system by an unauthorised person; system crash; failure of the communication network or interferences caused by factors beyond the Broker's control, including a faulty Internet service.

The Broker does not assume any responsibility and does not guarantee in any way, neither expressly nor implicitly, the accuracy, up-to-dateness and completeness of the data and information taken over from other web service providers and presented through the BT TRADE system. The Broker shall not be held liable by the Client or by any other person/entity for any damages that result directly or indirectly, from the use of these data and information.

Disposes without any restrictions of the available amounts (except the amounts required to complete the transactions in progress or in process of settlement) in the Client's cash account opened with the Broker.

Cancels non-overdue trading orders whose performance was not acknowledged by the Broker and whose status allows their withdrawal from the market."

Accesses in real time the Client's account opened with the Broker through the BT TRADE system.

Requests in writing to receive via post the acknowledgements and reports concerning the trading activities on the Client's BT TRADE account. In this case the Client shall pay the related fees, mentioned in Annex No. 1 to this Contract.

Deposits a minimum amount required to open the account through the BT TRADE system, as stipulated in Annex No. 1 to this Contract.

Forwards the required amounts if the cash account has insufficient funds, prior to the submission of the acquisition order for securities or the instruction on the "change of the position in the Central Depository."

Pays the fees owed to the Broker for the transactions performed by the Broker on the Client's account.

Communicates the Broker all the trading orders through the means stipulated in this Contract.div>

Specifies all the data required on the forms requested by the Broker, and it attaches the documents requested in the Application for opening an account, as the case may be.

Notifies in writing the Broker when obtains the status of initiated person in relation to one ore more Issuers, as stipulated in Regulation No. 1/2006 of CNVM. The Client accepts that in the absence of such a notification, the legality of the trading orders carried out by the Broker on behalf of the Client is the Client's responsibility.

If following a securities acquisition or sale operations issued by a company the voting rights of the Client reach, exceed or fall under the thresholds of 5%, 10%, 15%, 20%, 25%, 33%, 50%, 75% or 90% from the total of the voting rights, notifies in writing within 3 working days from the moment the operation in question is acknowledged, both the Broker, the issuer company, CNVM and the market the securities are traded on, as stipulated in Regulation No. 1/2006 of CNVM, modified through Regulation No. 31/2006.

The Client expressly agrees to use the Internet communication for the fulfilment of this Contract and hereby authorises the Broker to take over and to carry out the orders and instructions received under the Client's passwords through the BT TRADE system. The Client is the sole authorised user of the BT TRADE system on basis of this Contract. The secrecy and the use of the username and passwords, as well as of any other safety elements used for the identification of the Client in the BT TRADE system, and the access to its accounts opened with the Broker are the Client's exclusive responsibility.

The Client hereby declares that its information systems, used for accessing the BT TRADE system, allow the downloading and saving of information and reports submitted by the Broker through this system. Furthermore, the Client declares that it accepts that the information and reports mentioned in this Contract and in the applicable regulations to be made available exclusively in electronic format through the BT TRADE system.

The Client certifies and assumes the whole responsibility for the truth, completeness and up-to-dateness of the data included in the Contract and in the Application for opening an account. The Client binds itself to notify in writing the Broker any changes of its legal status, of the data included in the Contract and in the Application for opening an account, concerning the designation of a new legal representative and the limitations of this representation, as well as of the changes ruled on its previous representatives and/or on the operations they are authorised to perform, within 48 hours from the date of the change. Until the reception of the notification, the Broker is entitled to use the data included in the Contract and in the Application for opening an account or in the last validly notified change. The Client binds itself to notify in writing Broker upon any change in its financial situation or its investment objectives, if this situation may affect the settlement of the transactions performed on the Client’s account, within 48 hours from the date the change occurred.

The Client guarantees for the Broker and for any other person/entity that it is the owner of the securities transferred to its account opened with the Broker, and there is no cause to prevent or affect the transfer of ownership of the securities or any of the attributes of this right. The Client is solely responsible for the initiation of certain sale orders concerning securities not owned by the Client or which the Client cannot dispose of, fully or partially. The Client shall be held liable by the Broker and/or purchasing third parties for any eviction enforced on the securities sold by the Broker on the Client's account.

The Client declares that it acknowledges that the data, information, analyses and other materials presented via the BT TRADE system are protected by copyright, brand rights and other intellectual property rights. The Client binds itself not to use these materials or their content for other purposes than those stipulated by this contract, without the prior written consent of the Broker and/or the holder of the right.

The Client declares that it acknowledged that the data and information concerning the money instrument available to the Client through the BT TRADE system are not investment recommendations, indicators or guarantees for future performances of these money instruments. The Client declares that it understands the term and assumes the specific risks related to financial investments, the evolution of the price of money instruments or volume of transactions, of the excessive volatility of the market or of other reasons which exclude the liability of the Broker.

The Client, a legal entity, declares that it operates legally, holds all the authorisations required by the Romanian legislation and carries out the activities specified in the articles of association, in accordance with the legal provisions in force. In addition, the Client declares that the decision of the statutory body concerning the conclusion of this Contract was legally adopted and is effective until the notification regarding its termination sent by the Broker.

On the date this Contract was signed, the Client declares that it received and acknowledged the information included in Art. 172 par. (1) of the CNVM Regulation No. 32/2006 on the presentation of the Broker, as well as the terms and conditions of this Contract.

In case of securities sale, the payment shall be made by the deduction of the related fees from the total value of the transaction by the Broker, as well as of the profit tax, as the case may be, in accordance with the provisions of law in force.

When buying securities, the Broker shall retain the fee from the Client’s cash account.

Apart from the fees and taxes payable to the Broker for the services provided, the Client shall bear all the costs related to the performance of this Contract, corresponding to the operations carried out by the Broker on the client's account (the share transfer fee etc.) or which are not payable through the Broker (bank fees etc.).

The Broker hereby notifies the client that the dispositions applicable to the tax on the revenues obtained from the transfer of securities are those stipulated in the Fiscal Code (Law No. 571/2003), with the subsequent additions and amendments.

The Broker shall not be entitled to change the structure and rate of the fees and taxes requested without the prior notification of the Client. The new fees and taxes will be applicable from the date the Client is notified or from any other date specified by the Broker.

The Client binds itself to notify in writing the Broker concerning any error ascertained in the content of the information and reports received, within 5 business days from the date these became available through the BT TRADE system.

After this period is passed, the information shall deemed to be accepted by the Client and no subsequent correction is admitted.

The written notifications/communications between the parties shall be considered validly performed:
- when receiving the signed acknowledgement for the documents sent by post;
- when receiving the fax confirmation.

For the communication performed through the BT TRADE system, these shall be considered validly performed when the information become available on the site.

In case of a disturbance in the order receiving system, the Broker shall spare no effort to inform the users about the type of the disturbances and their estimated duration. If the services are interrupted for a longer time, the Broker shall provide the Clients alternative equipment for submitting the orders, instructions and acknowledgements.

If due to technical reasons the BT TRADE system becomes temporarily unavailable, the Client hereby expressly agrees the use of fax communication at the number 0264 43.17.18 and/or of the telephone communication at the numbers 0264 43.05.64, 0264 43.17.47, 0264 59.79.80 for the submission of orders and instructions to the Broker and for other communication purposes; the Broker is authorised by this Contract to take over and perform the orders and instructions received from the Client via the abovementioned remote communication means.

The submission by phone of the Client's orders and instructions shall be made exclusively at the phone number specially assigned by the Broker for their submission. The Client hereby expressly accepts that the orders, instructions and/or acknowledgements submitted by phone to be recorded and store by the Broker.

This Contract enters into force on the date the Broker receives the Application for opening an account and this Contract, both signed by the Client or by its authorised representative, together with all the afferent statements and documents.

This contract is concluded for an period of 1 year. The Contract will automatically be extended at the end of this period with similar periods of time if none of the parties expresses its intention to unilaterally terminate the contract.

The Client may unilaterally terminate this Contract within a period 14 days from its conclusion without the obligation to pay penalty fees and to justify its decision. If the Client unilaterally terminates this Contract, it shall pay the Broker the fees and taxes corresponding to the services provided, in accordance with the clauses of this Contract, until the date the written termination notification is received by the Broker. The amount payable by the Client: a) shall not exceed an amount proportionally calculated for the period the financial investment services have been provided, on basis of the total duration of the Contract; b) may not be included as payment for penalties. If the Client exercises its right for the unilateral termination of the Contract remotely, the client shall notify the Broker prior to the expiration of the 14-day period by any verifiable means. The term shall be considered as complied with if the notification made on paper or any other durable media, available to and accessible by the Broker, is sent before the expiration of the term for this right to be exercised.

by the unilateral termination by any of the parties, with a 30 day notice granted to the other party, by written notification sent via registered letter with return receipt or handed over personally at the address specified at Art. 7, clause 7.1, (the party invoking the termination of the Contract shall notify the other party about the reasons of termination with 30 days before the date the termination enters into force); the Client is bound to return the Broker within 30 days from the date the notification concerning the remote unilateral termination of this Contract is sent/received, and any amounts owed for the services provided; the Broker is bound to return the Client within 30 days from the date the notification concerning the remote unilateral termination of this Contract is sent/received, any amounts received under this Contract, except the amounts owed for the services provided on basis of the provisions of this Contract until the date the written termination notification is received;

The operations stipulated in this Contract shall be carried out in accordance with the legal provisions on the capital market, with the regulations and instructions adopted by the National Securities Commission, as well as with the specific regulations and procedures of the markets on which the securities under this Contract are traded.

The damages are interest bearers, and the reference interest rate established by the National Bank of Romania on the date the amounts owed are paid shall be applied.

The parties to this Contract shall not be held liable for failing to fulfil or for the inadequate fulfilment, fully or partially, of any of their obligations under this Contract, if the fulfilment of the obligation is hindered by an unpredictable and unavoidable event beyond the control of the party invoking the force majeure.

In order to be exonerated from liability, the party invoking the force majeure is bound to notify in writing the other party regarding the occurrence of the event, within 3 business days from the date they occur, if possible, or from the date they cease, if they inhibit the notification, and to use any means available to limit their effects.

Any disputes between the parties related to the performance and interpretation of this Contract shall be solved amicably, and the parties shall draw up a protocol to prove it.

If the dispute cannot be solved amicably, it will be submitted for resolution, as the case may be, to the National Securities Commission, the Arbitral Chamber of the Stock Exchange or to the competent courts of law.

The dispute shall be solved in accordance with the civil legislation and with other relevant regulations issued by competent institutions.

If any of the provisions of this Contract is declared void, it will be removed without affecting the validity of the other provisions of the Contract. The Parties agree that after the removal of the void provision this will be replaced by the parties with another one, in accordance with the spirit of this Contract, if it concerns an essential element of the Contract.