MIDCLEAR tariffs consist of the following:

• Registration fee : An entry fee paid by the Member.
• Membership fee: Annual fee paid in advance.
• Safekeeping fees: Calculated on the average monthly account value and charged monthly, applicable to all securities except Mutual Funds.
• Registrar fees : Fees for the handling of the shareholders registry, applicable to all securities except Mutual Funds.
• Mutual Funds fees includes: Administration, Custody, and Register fees.
• Corporate Action fees includes: Distribution of Dividends and Interest Payments
• Services transaction fees: For the use of the Deposit ,Withdrawal and Transfer advice.
• Reporting and inquiry fees: For the preparation of reports, statements and inquiry requests by Members.
• Communication charges.

Registration fee:

Membership fee:

Safekeeping fees:

Excluding Mutual Funds fees, financial instruments are valued daily in the quotation currency at the official closing prices of the relevant exchanges for listed securities and then converted into US Dollarsat the end of day exchange rates of the relevant markets .The daily market values are then used to calculate an average value for the month which will be charged according to the following table on a monthly basis.

Average Portfolio value (US Dollars)				Rate per mill per annum
Amount From USD	Zero	to	USD 10.000.000	0.180
Amounts From USD	10.000.001	to	USD 100.000.000	0.130
Amounts From USD	100.000.001	to	USD 1.500.000.000	0.125
Amounts From USD	1.500.000.001	to	USD 3.000.000.000	0.122
Amounts From USD	3.000.000.001	to	USD 5.000.000.000	0.121
Amounts From USD	5.000.000.001	and	over	0.117

A monthly minimum securities custody fee of US Dollars 10,- is charged to all accounts where less than US Dollars 10,- in custody fees is payable for the month.

For LBP CD’s, rate per mill per annum: 0.0675 calculated on the average portfolio value of the month.

Foreign equities custody fees will be based on the Euroclear and Clearstream tariff charges.

Registrar fees for Lebanese Banks:

A monthly flat fee of USD 100,- is charged to all new Lebanese Banks’ registrars whose shares are not listed on the Beirut Stock Exchange.

If part of the Lebanese Banks’ shares is listed on the exchange, fees are calculated as follows:

• 0.4 per mil on the average market value of the listed portion
• 0.1 per mil on the nominal value of the not listed portion

Statment of Ownership USD 5

* Starting January 1st, 2011: Midclear automatically charges a penalty fee amounting to USD 100.- for every 15 day delay for failing to report the resolutions taken at the General Assembly Shareholders’ Meetings, unless such delay is justified by an email to: Registrardept@midclear.com.lb

Mutual Funds Fees:

• Administration of Mutual Funds fees:

  1 per mill per annum calculated on the Average Market Value of the Fund payable on a quarterly basis.

• Safekeeping fees:

  0.125 per mill per annum calculated on the Average Market Value of the assets under custody payable on a monthly basis

• Registrar fees:

  0.4 per mill per annum calculated on the Average Market Value of the Fund payable on a monthly basis, if the Fund is listed, and 0.1 per mill , if the Fund is not listed.

Local Corporate Actions Fees

• For the issuer:

  1. Dividend distribution: 1 per mill calculated on the total amount distributed.
  2. Interest distribution: 1 per mill calculated on the total amount distributed.
  3. Redemption payment: 0.25 per mill calculated on the total redemption amount.

• For the member:

  As for the members, the corporate action fee varies depending on the type of the corporate action, the amount distributed, the position held and the cost incurred by Midclear. Based on the preceded information, Midclear will charge the member the cost for processing the corporate action event on a pro-rata basis (minimum fee:USD 10,- / maximum fee: USD 300,- if any).

  N.B: Note below the Lebanese tax rate for:
  1. Interest payment: 7%
  2. Dividend payment for listed shares: 10%
  3. Dividend payment for not listed shares: 10%

Foreign Corporate Actions Fees

• Fees for corporate action notification (MT568): USD 10,-
• Fees for instruction processing are charged per instruction for which the instructing client has been provided in accordance with the below corporate event type:
  1. For AGM / EGM - voting on shareholders meetings; fee: USD 170 / instruction.
  2. For cancellation of GDR; fee: USD 112.50.
  3. For Mandatory events (cash dividend, coupon payment, bonus issue, stock split etc...), no instruction is required; fee: USD 0,-.
  4. For any Other Corporate Action Event (Mandatory Events with Options or Voluntary Events); fee: USD 100,- /instruction.

Service transaction fees:

Deposit advice	US Dollars 3
Withdrawal advice	US Dollars 3
Transfer advice (paid by the receiving Member)	US Dollars 3
Change of ownership (paid by the receiving Member)	US Dollars 3
Rematerialisation of securities	US Dollars 25 / transaction / member
Unification Request	US Dollars 3
Delivery and Receipt Instructions	US Dollars 5

Reporting fees :

Statement of transactions	US Dollars 10/day
Monthly, and upon request statement of accounts	US Dollars 10
Each Delivery against Payment, Receipt against Payment or Corporate Actions Confirmation	US Dollars 5
Audit Confirmation	US Dollars 30
Special Requests	US Dollars 10
Midclear Online Reporting Fee	US Dollars 125.00

Communication charges:

Special Requests: Reports, Messages and Statements provided by S.W.I.F.T. and / or Fax will be charged at a flat rate of US Dollars 10,- per request.