Order Execution Policy

Scope and Applicability

Global Capital is bound to achieve the best possible result for all client orders concerning all Financial Instruments as defined below.

In this respect, Best Execution is owed when:

• Executing Client's orders;

• Receiving and transmitting Client's orders for execution to third parties; and

• Providing the service of portfolio management and either executing or placing orders in financial instruments, on behalf of the client, with third parties for execution.

Best Execution Obligation

Where a duty of best execution is owed, Global Capital will take "all sufficient steps" to obtain the best result for its clients on a consistent basis when executing/ transmitting/ placing orders by taking into consideration the execution factors set out below. In this respect Global Capital ensures to execute/ transmit/ place client's orders on terms that are most favorable to them.

The policy applies to all retail and professional clients when they are provided with any of the abovementioned services. This policy is not directed at eligible counterparties, however, in its relationship with eligible counterparties, Global Capital will act honestly, fairly and professionally and communicative in a way which is fair, clear and not misleading, taking into account the nature of the eligible counterparty and of its business.

Elements of execution  

Global Capital seeks the best possible results for its clients in relation to every trade. The best possible results depend on the type of the transaction and the relevant asset class. Global Capital considers and assesses the relative importance of the relevant "execution factors" in respect of each category of financial instrument in which it trades. The execution factors taken into consideration are as follows:

• Price

• Costs

• Speed

• Likelihood of execution and settlement

• Size

• Nature of the transaction or any other consideration relevant to the execution of the transaction

Point of reception of the order

As the point of reception of the order from a client, is considered the time that Global Capital receives the client's email, defining the details of the orders. Clients should send their emails to the following address: invest@globalcapital.com.cy . It is noted that relevant emails received outside the normal working hours, the point of reception will be considered the time when the Firm re-opens. Global Capital's normal working hours are as follows: 09:30-1730. Orders send outside of the working hours will be executed the next working day when the office is open, upon confirmation with the client.

Financial Instruments in Scope of this Policy:

1. Transferable securities;

2. Money-market instruments;

3. Units in collective investment undertakings;

4. Options, futures, swaps, forward rate agreements and any other derivative contracts relating to securities, currencies, interest rates or yields, or other derivatives instruments, financial indices or financial measures which may be settled physically or in cash;

5. Options, futures, swaps, forward rate agreements and any other derivative contracts relating to commodities that must be settled in cash or may be settled in cash at the option of one of the parties (otherwise than by reason of a default or other termination event);