ORDER EXECUTION

This service has as its object the transmission by Phosphor of orders on financial instruments, received from the Client to the Custodian Bank for their execution. To this end, the Client grants Phosphor an administrative power of attorney to be valid on his portfolio at his Bank.

The Client confirms and agrees to have the Depositary Bank execute the purchase and sale orders for financial instruments sent by Phosphor without any obligation on the part of the latter for advice, administration, warning, or information. The Client assumes full responsibility for his investment decisions and the resulting risks. This service is resolved in a mere forwarding and control of the order and the costs applied by the custodian since Phosphor has not signed up to any trading authority with any of its counterparties at the moment.

This type of service is currently an ancillary activity of Phosphor and is offered exclusively to professional and institutional clients.