For dealing transactions and operating positions with the Registry/Depositary, the Client owes the intermediary the fees specified in the appendix to the contract; these may be amended only by written agreement of the parties and include commissions, taxes, fees and other costs imposed by the RNSC and/or other public authorities or institutions of the capital or monetary market in connection to the execution, clearing and settlement of transactions on the respective market and are included in the final cost of the transaction. 

In case there is no agreed commission for executing an instruction, the parties will establish the commission for the transaction before its execution or, on Client’s request, the intermediary will execute the transaction and subsequently the Client will be notified on the charged commission. 

If the client authorizes the intermediary to provide individual portfolio management on discretionary basis, the amounts derived from interest rates provided by banking institutions will be determined by an administration contract, which will stipulate how such amounts will be divided. 

Where any part of the total price to be paid in connection with the financial instruments or the investment services or ancillary service is to be paid in or represents an amount of foreign currency, an addendum to the contract, signed by both parties, shall indicate the currency involved, the applicable currency conversion rates and costs and conditions under which the client may refuse this exchange rate. 

Gains tax for individuals: 

According to Emergency Ordinance no. 58 and 117 of 2010 amending and completing Law 571/2003 the Tax Code, calculation, withholding and remittance of tax on income from securities transactions are made as follows: 

a. income determined in the end of each quarter from the transfer of securities requires a 16% share. 

The obligation of calculating and paying the tax quarterly advance payment representing the net gain in income tax the taxpayer is taxable annually, based on quarterly tax declaration submitted to the 25th of the month following each quarter, taking into account the tax at the end of the previous quarter. 

The deadline for declaration and payment term is the budget quarterly advance payment of tax accounting, tax account annual taxable net income. Tax payable / recoverable is calculated as the difference between net income tax determined at the end of each quarter and previous quarter related prepayment; 

b. anual taxable net gain from transfer of securities is required to share 16%, based on tax declaration.

The obligation of calculating and paying the tax on annual taxable net income is due to the taxpayer on tax declaration. 

Annual tax to pay / refund is determined as the difference between the tax on annual taxable net income and net gains related prepayment determined at the end of the fourth quarter.

Starting July 1, 2010 will apply the following provisions: 

a. net income / net loss at the end of each quarter to determine the difference between gains and losses accumulated early due to securities trading. 

Resulted in net income / net loss determined at the end of each quarter is calculated by the taxpayer, based on quarterly tax declaration. 

b. annual net income / loss net annual transfer of securities is determined as the difference between gains and losses during the fiscal year, cumulative from the beginning, and is equal / equal to net earnings determined / net loss determined in end of the fourth quarter of fiscal year. Annual taxable net gain / loss net annual transfer of securities is determined as the difference between annual net income / net annual loss, reduced by losses carried forward from previous fiscal years. 

Annual net loss in trading securities, established by the annual tax statement, annual net earnings recover in the next 7 obtained in consecutive fiscal years. 

The rules for carrying forward losses are: 

a. carry-over is done chronologically according to length loss in the next 7 consecutive years; 

b. the right to repurchase is personal and non-transferable; 

c. loss carried forward, unabated after expiration of the letter. a) represents the final loss of the taxpayer.