Valuation of Clients Assets

The value of client assets is established using determinative values which, as of the date on which client assets became unavailable pursuant to Section 82(1) of the Securities Act, are applicable under contract with the person participating in client protection or under separate legal regulations pertaining to valuation of assets. The valuation of securities admitted to trading on the stock exchange market for quoted securities is based on the latest price quotations for these securities published by the stock exchange on the date when the client assets became unavailable under Section 82(1).

Unless a different value of client assets or liabilities of the client to the person participating in client protection is credibly demonstrated, the value of client assets, or rather the liability recorded in the books of the person participating in client protection is decisive, except where a separate law provides otherwise.