CFD Stock Indices (Cash)

Index

IBY Spread (out of) market hours

IM Factor (Margin Req)

IBY Trading Hours

Basis of Price Used for Finance Adjustments

Min / Max Size (max out of hours)

1 Point

Example Price

Guaran-
teed Stops (charge / minimum distance)

Underlying Index

Last Update

Australia 200 Index

Day session 2
Night session 4 (underlying futures spread may be added)

0.5%

09:50 - 16:30 and 17:10 - 07:00 Sydney time during US daylight savings time;
09:50 - 16:30 and 17:10 - 08:00 Sydney time during non-US daylight savings time

BBA AUD LIBOR Spot Next rate at 17:00 New York time

1 / 250 (100)

1 index point

5502.5

2 / 50

S&P/ASX200™

12/5/2008 3:33:28 AM

EU Stocks 50 Index

2

1%

8:00 - 22:00 CET

BBA EUR LIBOR Overnight rate at 17:00 New York time

1 / 500

1 index point

3804

3 / 100

Dow Jones EURO STOXX50 Index™

12/5/2008 3:34:46 AM

Euro Sector Futures

1 / 500

0.01

0

Not offered

EUREX

1/30/2009 11:28:35 AM

Euro Sector Indicies

1 / 500

1 Index point

0

n/a

1/30/2009 11:23:55 AM

France 40 Index

1 from 09:05 - 17:30 CET
2 from 17:35 - 22:00 CET
6 from 22:00 to 08:00 CET
2 from 08:00 to 09:05 CET

0.50%

17:30 - 17:35 CET (ie 24 hours with a 5 min break); (Friday close 22:15 CET, Monday open 00:00 CET)

BBA EUR LIBOR Overnight rate at 17:00 New York time

1 / 1000 (100)

1 index point

5601.3

2 / 50

CAC40 Index™

12/5/2008 3:36:20 AM

Germany 30 Index

1 from 09:05 - 17:30 CET
2 from 17:35 - 22:00 CET
10 from 22:00 to 08:00 CET
2 from 08:00 to 09:05 CET

0.5%

17:30 - 17:35 CET (Friday close 22:15 CET, Monday open 00:00 CET)

BBA EUR LIBOR Overnight rate at 17:00 New York time

1 / 500 (100)

1 index point

6053

2 / 50

Xetra DAX Index™

12/5/2008 3:36:38 AM

Hong Kong 40 Index

15

1%

Hong Kong 09:45 - 12:30;
14:30 - 16:30

HIBOR Overnight rate at 17:00 New York time

1 / 2500

1 index point

16830

10 / 750

Hang Seng Index™

1/19/2009 8:50:45 AM

Italy 40 Index

15

1%

09:00 - 17:40 CET

BBA EUR LIBOR Overnight rate at 17:00 New York time

1 / 250

1 index point

37557

10 / 1000

S&P/MIB Index™

10/14/2008 10:46:28 AM

Japan 225 Index

5 in hours (09:05-15:00 Tokyo Time) 10 at all other times.

1%

24 hours, but we do not quote the break in CME hours from 15:15 to 15:30 Chicago time. Sundays open 23:00 London time, Fridays close 21:15 London time

BBA JPY LIBOR Overnight rate at 17:00 New York time

100 / 20000

1 index point

8240

10 / 400

SGX Nikkei 225 Futures Index™

12/19/2008 10:17:25 AM

Netherlands 25 Index

0.2 (08:00 - 18:15 CET); 0.6 (18:15 - 08:00 CET)

1%

24 hours with a 5 minute break from 17:30 to 17:35 CET (Friday close 22:15 CET, Sunday open 23:00 CET)

BBA EUR LIBOR Overnight rate at 17:00 New York time

1 / 2000

1 index point

260.1

0.3 / 10

12/5/2008 3:38:44 AM

Spain 35 Index

5

1%

UK 8:00 - 16:30
Local 9:00 - 17:30

BBA EUR LIBOR Overnight rate at 17:00 New York time

1 / 250

1 index point

11885

5 / 400

IBEX-35 Index™

12/5/2008 3:39:58 AM

Switzerland 20 Index

3

1%

09:00 - 17:27 Switzerland time

BBA CHF LIBOR Spot Next rate at 17:00 New York time

1/500

1 index point

5555.1

5 / 275

SWX SMI Index™

2/12/2009 4:58:44 AM

UK 100 Index

1 from 08:05 - 16:30 London time
2 from 16:35 to 21:00 London time
6 from 21:00 to 08:05 London time

0.75%

16:35 - 16:30 London time (i.e. 24 hours with a 5 minute gap) (Friday close 21:15, Sunday open 23:00 London time)

BBA GBP LIBOR Overnight rate at 17:00 New York time

1 / 1000 (100)

1 index point

6100

2 / 50

FTSE 100™

2/12/2009 4:50:55 AM

UK CPI Futures

1 / 25 (max account position £25 per account)

0.01

4.55

n/a

Consumer Price Index

10/14/2008 3:20:26 PM

US Dollar Index

1 / 250

0.01

79.52

N/A

ICE Dollar Index

10/14/2008 3:20:37 PM

US Small Cap 2000 Index

0.4

1%

20:00 - 18:00 (Friday closes 17:00) ET; Sunday opens 18:00 ET

BBA USD LIBOR Overnight rate at 17:00 ET

1/ 500 (100)

1 index point

722

0.5 / 10

Russell 2000 Index Mini™

1/20/2009 3:49:14 AM

US SPX 500 Index

0.5

1%

24 hours, with a break from 15:15 to 15:30 Chicago time and 16:30 to 17:00 Chicago time. Sundays open 17:00 and Fridays close 15:15 Chicago time.

BBA USD LIBOR Overnight rate at 17:00 New York time

1 / 5,000 (1,000)

1 index point

1313.2

.4 / 10

12/5/2008 3:41:38 AM

US Wall Street 30 Index

2 from 08:35 to 15:00 Chicago time;
4 outside of these times

0.75%

24 hours, with a break from 15:15 to 15:30 Chicago time and 16:30 to 17:00 Chicago time. Sundays open 17:00 and Fridays close 15:15 Chicago time.

BBA USD LIBOR Overnight rate at 17:00 New York time

1 / 1000 (100)

1 index point

11440

4 / 100

Dow Jones Industrial Average Index™

12/5/2008 3:42:08 AM

CFD Stock Indices (Futures)

Index

IBY Spread in (out of) market hours

IM Factor (Margin Req)

IBY Trading Hours

Contract Months

Last Dealing Day

Basis of Settlement

Minimum / Maximum Size (maximum out of hours)

1 Point

Example Price

Guaranteed Stops (charge / minimum distance)

Underlying Index

Last Update

Australia 200 Index

Day session 4
Night session 4 (underlying futures spread may be added)

0.5%

09:50 - 16:30 and 17:10 - 07:00 Sydney time during US daylight savings time;
09:50 - 16:30 and 17:10 - 08:00 Sydney time during non-US daylight savings time

Mar, Jun, Sep, Dec

3rd Thursday of contract month until 12:00 Sydney time

S&P / ASX final settlement price for SPI 200™ on IBYs last dealing day, basis a Special Opening Quotation of the underlying S&P/ASX 200 index.

1 / 250 (100)

1 index point

5502.5

2 / 50

S&P/ASX200™

12/5/2008 3:33:28 AM

Austria 20 Index

Underlying market spread + 3

1%

09:00 - 17:30 CET

Mar, Jun, Sep, Dec

3rd Friday of contract month at 17:30 CET

Settlement price of the ATX index reported by the Wiener Borse on the first banking day following IBYs last dealing day, basis an intraday auction of the component stocks of the cash index.

1 / 1500

1 index point

4588.6

3 / 100

ATX Index™

12/5/2008 3:33:48 AM

Canada 60 Index

1.0

1%

09:30 - 16:15 Montreal time

Mar, Jun, Sep, Dec

Business day prior to 3rd Friday of contract month at 16:15

Official Settlement Price of S&P/TSE 60 index on the 3rd Friday of the contract month

1 / 1500

1 index point

750.8

1 / 20

S&P/TSX 60 Index™

10/14/2008 3:14:57 PM

China H-Shares Index

12

1%

09:45 - 12:30; 14:30 - 16:15 Hong Kong time

Monthly

Business day immeditaely preceeding last business day of contract month at 16:00

Official Settlement Price of HKFE MSCI China Enterprise futures contract

1 / 7500

1 index point

17199

12 / 400

Hang Seng China Enterprises Index™

10/20/2008 4:28:30 AM

Denmark 20 Index

1 + underlying market spread

1%

09:00 - 16:50 Copenhagen time

Monthly

3rd Friday or previous business day of contract month

Official Copenhagen Exchange™ settlement price on IBYs last dealing day.

1 / 500

1 index point

414.85

1 / 15

OMX C20 index™

12/5/2008 3:34:31 AM

EU Stocks 50 Index

3

1%

8:00 - 22:00 CET

Mar, Jun, Sep, Dec

3rd Friday of contract month until 12:00 CET

EUREX official settlement price on IBYs last dealing day

1 / 500

1 index point

3804

3 / 100

Dow Jones EURO STOXX50 Index™

12/5/2008 3:34:46 AM

Euro Sector Futures

Underlying market spread + 0.4

5%

09:00 - 17:00 CET

Mar, Jun. Sep, Dec

3rd Friday of contract month until 13:00 CET

EUREX official settlement price on IBYs last dealing day

1 / 500

0.01

0

Not offered

EUREX

1/30/2009 11:28:35 AM

Euro Sector Indicies

3-5

Open 09:00 - Close 17:30 CET

Monthly

3rd Friday of Contract month

Basis official Eurex Settlement

1 / 500

1 Index point

0

n/a

1/30/2009 11:23:55 AM

Finland 25 Index

4 + underlying market spread

1%

07:50 - 22:00 Helsinki time

Quarterly

3rd Friday or previous business day of contract month

Official EUREX™ settlement price on IBYs last day of dealing.

1 / 100

1 index point

2563.9

2 / 80

OMX H25 index™

12/5/2008 3:36:03 AM

France 40 Index

4 (10 from 22:00 to 08:00 CET)

0.50%

24 hours (Friday close at 22:15 CET, Monday open at 00:00 CET)

Monthly

3rd Friday of contract month until 16:00 CET

Euronext.LIFFE official settlement price on IBYs last dealing day

1 / 1000 (100)

1 index point

5601.3

2 / 50

CAC40 Index™

12/5/2008 3:36:20 AM

Germany 30 Index

4 (10)

0.5%

24 hours (Friday close 22:15 CET, Monday open 00:00 CET)

Mar, Jun, Sep, Dec

3rd Friday of contract month until 13:00 CET

EUREX official settlement price on IBYs last dealing day

1 / 500 (100)

1 index point

6053

2 / 50

Xetra DAX Index™

12/5/2008 3:36:38 AM

Hong Kong 40 Index

25

1%

Hong Kong 09:45 - 12:30;
14:30 - 16:30

Monthly

Business day preceding last HK business day of contract month until 16:00 HK time

HKFE official settlement price on IBYs last dealing day

1 / 2500

1 index point

16830

10 / 750

Hang Seng Index™

1/19/2009 8:50:45 AM

Hungary 14 Index

140 + underlying market spread

1%

UK 08:05 - 15:30
Budapest 09:05 - 16:30

Dec

Thursday before 3rd Friday of contract month.

Official Budapest Stock Exchange settlement price on IBYs last day of dealing.

1/10000

1 index point

25960

20/750

BUX Index™

12/5/2008 3:37:13 AM

India 50 Index

2

1%

09:55 - 15:30 Calcutta time (may vary due to sun outage)

Monthly

Last Thursday of the contract month at 15:30

Official Settlement Price of the S&P/CNX Nifty Index relevant futures contract

1 / 500

1 index point

2918.6

3 / 150

S&P/CNX Nifty 50 Index™

2/10/2009 11:23:49 AM

Italy 40 Index

20

1%

09:00 - 17:40 CET

Mar, Jun, Sep, Dec

Business day preceding 3rd Friday of contract month until 17:30 CET

MSE official settlement price on 3rd Friday of contract month

1 / 250

1 index point

37557

10 / 1000

S&P/MIB Index™

10/14/2008 10:46:28 AM

Japan 225 Index

10 in hours (09:05-15:00 Tokyo Time) 15 at all other times.

1%

24 hours, but we do not quote the break in CME hours from 15:15 to 15:30 Chicago time. Sundays open 23:00 London time, Fridays close 21:15 London time

Mar, Jun, Sep, Dec

Day before 2nd Friday of contract month until 14:30 Singapore time

Nikkei 225™ special opening quotation (from SGX) based on the opening prices of each component in the Nikkei 225 ™ index on the business day following IBYs last trading day

100 / 20000

1 index point

8240

10 / 400

SGX Nikkei 225 Futures Index™

12/19/2008 10:17:25 AM

Korea 200 index

20

1%

09:00 - 15:15 Seoul time

Mar, Jun, Sep, Dec

2nd Thursday of contract month at 14:50 Seoul time.

Official Settlement Price of KOSPI 200™ Index on IBYs last trading day.

1 / 100000

0.01 of an index point (IBY multiplies the underlying index by 100)

20750

20 / 600

KOSPI 200 Index™

2/17/2009 8:29:28 AM

Netherlands 25 Index

0.4 (08:00 - 18:15 CET); 1.0 (18:15 - 08:00 CET)

24 hours (Friday close 22:15 CET, Sunday open 23:00 CET)

Monthly

3rd Friday of contract month until 16:00 CET

Official Euronext.LIFFE settlement price of AEX-index on IBYs last day of dealing

1 / 2000

1 index point

260.1

0.3 / 10

12/5/2008 3:38:44 AM

Norway 25 index

0.6 + underlying market spread

1%

09:00 - 16:20 Oslo time

Monthly

3rd Thursday or previous business day of contract month

Official Oslo Stock Exchange™ on IBYs last dealing day

1 / 100

1 index point

346.25

1 / 10

OBX index™

1/29/2009 10:27:46 AM

Poland 20 Index

4.0

1%

08:30 - 16:10 CET

Mar, Jun, Sep, Dec

3rd Friday of contract month until 15:00 Warsaw time

3rd Friday of contract month until 16:30 Warsaw time

1 / 500

1 index point

3669.3

3 / 85

WIG20 Index ™

10/14/2008 3:17:21 PM

Spain 35 Index

8

1%

UK 8:00 - 16:35
Local 9:00 - 17:35

Monthly

3rd Friday of contract month until 16:15 CET

MEFF official settlement price on IBYs last dealing day

1 / 250

1 index point

11885

5 / 400

IBEX-35 Index™

12/5/2008 3:39:58 AM

Sweden 30 index

1.5

1%

09:00 - 17:20 Stockholm time

Monthly

3rd Friday of contract month at 17:20

Difference between the previous days future closing price and a volume weighted average price of the OMXS30™ index on IBYs last dealing day

1 / 15000

1 index point

1220.75

1 / 35

OMX Stockholm 30 Index™

12/5/2008 3:40:15 AM

Switzerland 20 Index

5

1%

09:00 - 17:27 Switzerland time

Mar, Jun, Sep, Dec

Business day preceding 3rd Friday of contract month until 17:27 CET

Eurex official settlement price on day following IBYs last dealing day

1/500

1 index point

5555.1

5 / 275

SWX SMI Index™

2/12/2009 4:58:44 AM

UK 100 Index

3 (6 from 21:00 to 08:00 London time)

0.75%

24 hours (Friday close 21:15, Sunday open 23:00 London time)

Mar, Jun, Sep, Dec

3rd Friday of contract month until 10:00 London time

Euronext.LIFFE official settlement price on IBYs last dealing day

1 / 1000 (100)

1 index point

6100

2 / 50

FTSE 100™

2/12/2009 4:50:55 AM

UK CPI Futures

5 near month; 10 other months

5%

08:00 - 16:30 London time

Near month plus month ending next 2 quarters

Variable. Data is released one month retrospectively, e.g. September year-on-year data is released in October.

Office of National Statistics official release for UK CPI (EU-harmonised, year-on-year non-seasonally adjusted percentage change in the index). Data revisions are disregarded. See www.statistics.gov.uk

1 / 25 (max account position £25 per account)

0.01

4.55

n/a

Consumer Price Index

10/14/2008 3:20:26 PM

US Dollar Index

3
(14:00 to 21:00 London time) *market spread will be added outside these times

1%

20:00 - 18:00 New York time.

Mar, Jun, Sep, Dec

10:16 EST two days prior to the third last Wednesday of the expiration month.

Basis ICE settlement on the third last Wednesday of the expiration month.

1 / 250

0.01

79.52

N/A

ICE Dollar Index

10/14/2008 3:20:37 PM

US Small Cap 2000 Index

0.8

1%

20:00 - 18:00 (Friday closes 17:00) ET; Sunday opens 18:00 ET

Mar, Jun, Sep, Dec

3rd Friday of contract month until 09:30 ET

ICE Cash settlement to a special calculation of the Russell 2000 Index based on the opening prices of the component stocks on the third Friday of the contract month.

1/ 500 (100)

1 index point

722

0.5 / 10

Russell 2000 Index Mini™

1/20/2009 3:49:14 AM

US SPX 500 Index

0.7

24 hours, with a break from 15:15 to 15:30 Chicago time and 16:30 to 17:00 Chicago time. Sundays open 17:00 and Fridays close 15:15 Chicago time.

Mar, Jun, Sep, Dec

Business day preceding 3rd Friday of contract month until 15:00 Chicago time

CME official settlement price on day following IBYs last dealing day

1 / 5,000 (1,000)

1 index point

1313.2

.4 / 10

12/5/2008 3:41:38 AM

US Wall Street 30 Index

8 (far month = 10)

0.75%

24 hours, with a break from 15:15 to 15:30 Chicago time and 16:30 to 17:00 Chicago time. Sundays open 17:00 and Fridays close 15:15 Chicago time.

Mar, Jun, Sep, Dec

Business day preceding 3rd Friday of contract month until 15:00 Chicago time

CBOT official settlement price on day following IBYs last dealing day

1 / 1000 (100)

1 index point

11440

4 / 100

Dow Jones Industrial Average Index™

12/5/2008 3:42:08 AM

Out of Hours Markets

International Bank of Yemen will quote some markets outside of their respective regular trading hours ("out of hours"). When out of hours, spreads may widen and maximum trade sizes may decrease as indicated. If an order is triggered out of hours in size greater than our maximum out of hours trading size, the fill price may be adjusted accordingly in order to accommodate the entire order - unless the order in question is a guaranteed stop loss order. Out of hours spreads are indicated in brackets on the Product Info sheets. Our "Out of Hours" quotes are based on but not restricted to movements in other indices when available; movements in other financial markets such as the spot forex markets; news flow; and customer order flows.

Market Out of Hours Times

UK 100
Germany 30
France 40
US Wall Street 30
US SPX 500
US Tech 100
Australia 200
Japan 225
21:00 - 08:00 London time
22:00 - 08:00 CET
22:00 - 08:00 CET
16:00 - 18:15 Chicago time
16:30 - 17:00 Chicago time
16:30 - 17:00 Chicago time
16:30 - 09:50 Sydney time
04:30 - 07:45 Singapore time

Finance Adjustments

All finance adjustments are carried out at on open positions on cash indices at or after 22.00 London time. For examples on how the rollover process is applied, please see Examples. Finance adjustments are not made on open positions on CFD futures markets.

As you hold a position overnight, (i.e. after 22.00 UK time) a finance adjustment is made to your account. This is calculated as follows:
f = (s x p x r) / d

where

f = daily financing charge

s = your stake

p = closing price as determined by IBY

r = relevant LIBOR rate, PLUS 300 basis points for long positions, or MINUS 300 basis points for short positions

d = number of days, i.e. 365 for UK and Australian indices and 360 for all others

Long (buy) trade positions are debited the daily financing charge

Short (sell) positions are credited the daily financing charge

Dividends

Dividend adjustments to cash index CFD trades apply as follows:

Buy trades are credited with (number of points by which the index concerned has been adjusted x trade size).

Sell trades are debited with (number of points by which the index concerned has been adjusted x trade size).

Minimum / Maximum Trade Sizes

Maximum trading sizes vary according to underlying liquidity, market conditions and whether the underlying market is classed as being quoted by IBY as "out of hours", i.e. outside of regular trading hours.

The market information sheets indicate the usual minimum and maximum trading sizes in GBP; currency equivalents apply for non-GBP accounts, or when trading on markets denominated in a currency other than GBP.

Restrictions may be applied to maximum trade sizes whether opening or closing.

The minimum number of CFDs (or "trade size") for markets with IBY is 100 for individual equities, and 1 CFD for all other markets. The lot size of the corresponding underlying market is provided for your information, as a guide to minimum market trading size.

When you trade CFDs you are always trading the in "base" currency of the underlying market. E.g. if you trade a US share, you are trading in US dollars per one cent movement.

Trading Hours

Times shown are IBY's usual times for trading a market; these may vary e.g. on market holidays and where daylight saving applies.

Unless indicated otherwise, times shown are London time.

Our normal dealing hours are from 22:00 Sunday to 22:00 on Friday.

Spreads

The spreads shown may vary according to underlying market liquidity, or in "fast markets".

Index Dividends

When an individual stock which is a constituent of a cash stock index goes ex-dividend, this will have a weighted effect on that cash index, known as the "index dividend" or "index impact". IBY will make adjustments to those accounts with a position in an affected index, if that position is open at the close of the underlying cash market on the day prior to the ex-dividend date of the constituent shares.

IBY will credit long positions and debit short positions (by means of a cash adjustment) as follows:

Index dividend x position size

The weighted effect of an individual stock's dividend is calculated as follows:

Index Dividend = Share Dividend x (Shares in index / Index Divisor)

The "Index Divisor" varies from index to index, It is a value which is adjusted by the underlying exchange to offset the effect of changes resulting from, but not limited to, stock splits, bonus issues and constituent substitutions. This allows the index value to remain comparable over time. IBY uses various data providers in determining its calculation of the index dividend.

The DAX 40 index is not subject to adjustments; it is a total returns index and as such all ex-dividends are automatically reflected in the price.

Futures indices are not affected as anticipated future dividends are already priced in to the market.

Fair Value: IBY bases the quote of its cash indices on a corresponding futures market. As a result we include a "fair value" adjustment in the quote to reflect a derived cash price of the index as opposed to the futures price. Fair value is a constantly changing variable and will vary during trading hours according to IBY's estimate of current fair value. IBY will adjust its internal fair value calculations at the close of the cash market on the day prior to constituent shares going ex-dividend, to reflect an index dividend.