EXL Trading League (ETL) Rules

Version 2026-10-09, revision 4. These rules apply to EXL Trade's paid tournaments (ETL Daily (daily), ETL Series (3-session) and ETL Weekly (weekly) formats) and to the EXL Ranking. Tournaments run as continuous editions, one after another; the details of each edition (sessions, times, entry fee, spots and prize accounts) are on the edition page and in Annex I. If they differ, the edition page at the time of your registration prevails.

> Important for participants outside Brazil: a valid Brazilian CPF (taxpayer number) is required only to pay the entry fee of paid tournaments. Prizes are trading-desk accounts delivered to the winner's EXL account; no CPF is required to receive a prize (section 3.4).

1. Organizer

1.1. EXL Trading League (ETL) tournaments are organized by EXL Trade (legal name and CNPJ as stated in the Terms of Use), referred to here as "EXL".

1.2. Contact: EXL support through the channels listed on exltrade.com.

2. What the tournament is

2.1. The tournament is a trading skill competition run on a simulated account (a demo account with a fictitious balance) on the BlackArrow platform by Nelogica.

2.2. No participant money is placed in the market. The account balance is fictitious and cannot be withdrawn. The account result is neither an investment nor a return.

2.3. There is no draw, no prediction and no betting. Placement depends only on the result of each participant's own trades, under these rules.

2.4. There are two kinds of competition:

• paid tournaments, open to anyone who meets section 3, in three formats (section 4);
• the EXL Ranking, free of charge, only for EXL clients with an active trading-desk account (section 13).

3. Who can take part

3.1. Individuals aged 18 or over, registered with EXL. For paid tournaments, a valid CPF is required to pay the entry fee.

3.2. Each person takes part once per edition. A second registration in the same edition with the same CPF, even under another account, is refused or disqualified. The same person may take part in different editions, including at the same time (each edition has its own account).

3.3. EXL employees and service providers involved in organizing the tournaments, and their spouses and relatives up to the second degree, are not eligible for prizes.

3.4. No CPF is required to receive a prize. The prize is a trading-desk account delivered to the winner's EXL account (section 12). Clients without a CPF (for example, residents outside Brazil) compete normally in the EXL Ranking.

4. Formats and editions

4.1. Formats. Paid tournaments come in three formats, all with a US$ 150,000 simulated account:

4.2. Continuous editions. Editions are created automatically from the CME trading calendar:

• ETL Daily: one edition per trading session.
• ETL Series: a new edition starts every trading session. Editions overlap; each has its own participants, account and result.
• ETL Weekly: one edition per week, sold during the previous week.

4.3. Advance sales. As a rule, editions for the next 7 trading sessions (ETL Daily and ETL Series) and the next 2 weeks (ETL Weekly) are on sale. EXL may pause sales of future editions; anyone who has already paid continues in the edition as normal.

4.4. Times. The CME trading session opens at 5:00 p.m. Chicago time on the previous day (the Monday edition opens on Sunday at 5:00 p.m. Chicago time). The edition ends at 3:30 p.m. Chicago time on its last session. In Brasília time, the open is at 7:00 or 8:00 p.m. and the end at 5:30 or 6:30 p.m., depending on US daylight saving time. Each edition page shows the exact times.

4.5. Holidays. A CME holiday is not a trading session. Editions only use valid sessions in the CME calendar.

5. Registration and entry fee

5.1. Registration is done in the logged-in EXL area, on the edition page.

5.2. Acceptance. Before paying, the participant accepts these rules. EXL records the date, time and version accepted.

5.3. Fee in US dollars, charged in Brazilian reais. The price is set in US dollars and charged in reais at the PTAX selling rate of the day published by the Central Bank of Brazil (or the latest available). The amount in reais is shown before payment.

5.4. Payment methods: Pix and credit card, in a single payment. Card installments are only offered when the fee exceeds the minimum amount shown on the page.

5.5. Pix: the code is valid for 60 minutes. If it is not paid in time, the reserved spot becomes available again, and the participant may generate a new Pix while spots remain.

5.6. A spot is only confirmed once payment is approved. Spots are filled in order of payment confirmation.

5.7. Registration closes 30 minutes before the open of the edition's first session, unless another time is shown on the page.

5.8. The entry fee includes: the edition's simulated account, access to the BlackArrow platform during the edition, market data, the live ranking and the final results.

5.9. The entry fee is non-refundable once paid, unless the service is not delivered as promised (section 7). Accepting these Rules before payment includes this rule.

6. Minimum participants and cancellation

6.1. Each format has a minimum number of confirmed participants (Annex I).

6.2. If the minimum is not reached when registration closes, the edition is canceled automatically and 100% of the amount paid is refunded to each participant by the same payment method, with no request needed.

6.3. EXL may also cancel an edition before the open for technical reasons or force majeure, with a full refund.

7. Non-refundable entry fee

7.1. The entry fee is non-refundable once paid: the service has costs (account, market data, license).

7.2. A refund is only made if the service is not delivered as promised — for example, if the edition is canceled for not reaching the minimum number of participants (section 6) or because of a failure on EXL's side (section 16). In these cases the refund is automatic, with no request needed.

7.3. Withdrawing, not showing up, being disqualified or not trading the edition account do not entitle the participant to a refund.

7.4. The refund returns the amount paid in reais. With Pix, the amount returns to the source account. With a card, the reversal appears on the statement according to the issuing bank's timeline.

8. The edition account

8.1. The edition account is prepared when registration closes and stays locked until the open of the first session. At the open, all participants' accounts are unlocked at the same time. Buying earlier does not mean trading earlier.

8.2. The participant receives an e-mail with the access details when the account is prepared.

8.3. If the participant already has an active BlackArrow license with EXL, the edition account is opened on that license at no extra cost. Otherwise, EXL creates a temporary license, closed after the edition.

8.4. The account is valid for the edition only. It is locked at the end and closed afterwards.

8.5. The participant is responsible for installing the platform, testing access before the open and keeping the password confidential.

9. Trading rules

9.1. The rules on the edition page apply: allowed instrument, maximum number of contracts, starting balance and the sessions and times. There is no daily loss limit.

9.1.1. Instruments allowed in the ETL: only the CME mini futures ES (E-mini S&P 500), YM (E-mini Dow), RTY (E-mini Russell 2000), QO (E-mini Gold) and MQ — mini Nasdaq (NQ on the platform), up to 10 contracts in total (Annex I). Micros are not allowed. Any other instrument is prohibited.

9.2. Orders in instruments that are not allowed or above the contract limit are rejected by the platform where possible. If they are executed, those trades do not count, and the case may lead to disqualification (section 11).

9.3. Positions and overnight. ETL Daily does not allow overnight positions and ends 30 minutes before the session closes. ETL Series and ETL Weekly allow positions to carry between sessions within the competition window. Overnight permission does not extend the edition’s final closing time.

9.4. End of the edition. At the end time, the account is locked automatically: pending orders are canceled and the position is flattened.

9.5. An open position at the end does not count. Only trades opened and closed within the edition's hours count. A position still open at the end time, or flattened after it, is not included in the result.

9.6. Automated strategies are allowed, provided they follow these rules, including section 11.

10. Ranking and final results

10.1. Criterion: percentage return on the account's starting balance: the net result (profit or loss, after the platform's simulated trading costs) of trades opened and closed within the edition's hours, divided by the account's starting balance. It is the same criterion as the EXL Ranking (section 13.3). The result in US dollars (US$) is shown alongside, for information.

10.2. To win a prize, the participant must:

• have made the minimum number of closed trades shown in Annex I; and
• finish with a positive result.

10.3. Tie-break: the participant with the smallest maximum drawdown (the largest drop in balance during the competition); if it still persists, whoever got there first (by the time of the last closed trade that formed the final result). The prize account is not split: each place receives a whole account.

10.4. The live ranking is a preview. The official result is the final results, published automatically on the edition page once the trading data is complete. While data is missing, the edition stays "under review" and no partial result is published as official.

10.5. The public ranking shows only the abbreviated name (first name and initial of the last name), the place and the result. Account, e-mail and CPF are never published.

11. Conduct, anti-abuse and disqualification

11.1. The following are prohibited and lead to disqualification:

• more than one registration by the same person in the same edition (same CPF, different accounts, or third parties in their name);
• trading someone else's account or letting someone else trade yours;
• mirrored or coordinated orders between participants (for example, opposite buys and sells in the same instrument at the same moment in different accounts);
• exploiting any failure, data delay, price error or defect of the platform or system;
• any form of fraud, manipulation or use of third-party data.

11.2. EXL monitors, among other signals, registrations with the same CPF, from the same IP address and similarity between orders in different accounts. These signals trigger a review; disqualification depends on objective findings.

11.3. EXL may limit the number of registrations from the same IP address in each edition.

11.4. A disqualified participant receives an e-mail stating the rule breached and may contest it through support within 5 days. Disqualification for fraud does not entitle the participant to a refund.

12. Prizes

12.1. The prize is an EXL trading-desk account (for example, "EXL Pro 100K"), set by place, from 1st to 3rd (up to 3 prize-winning places), and announced on the edition page before sales open (Annex I). The prize does not depend on the number of participants. There is no cash prize.

12.2. The prize account is the same as a purchased account of the same product: the same plan rules, targets, limits and conditions in force for that product apply. The list price shown on the page is only a reference for the product.

12.3. Delivery to the EXL account. The prize account is delivered to the winner's EXL account after the final results are published, and the winner receives an e-mail with the next steps. The winner has 7 days from delivery to accept the prize account in their EXL account; after that, the prize expires.

12.4. Account limit per CPF. The prize account counts toward the trading desk's account limit per CPF. If the winner is at the limit, the prize is kept in their EXL account during the 7-day period of section 12.3, so the winner can free up room and accept the account.

12.5. Prizes are personal and non-transferable, cannot be converted into cash and cannot be exchanged for another product, goods or services.

12.6. Each prize-winning place receives one whole account. In case of a tie, the tie-break in section 10.3 applies; the account is not split between participants.

13. EXL Ranking

13.1. The EXL Ranking is a free competition, with no registration and no entry fee. Every EXL client with an active trading-desk account (evaluation or funded account, with an active license) takes part automatically.

13.2. There are two cycles: weekly (the week's trading sessions) and monthly (the month's trading sessions). Each cycle closes automatically after its last session, and the winners are set by the final results.

13.3. The ranking is ordered by percentage return on account size (net result of closed trades in the cycle's sessions divided by the account's starting balance), with the same minimum number of trades and positive result requirements as section 10.

13.4. Each trader appears once, through their best account in the cycle (the highest percentage return). Paid tournament accounts are not included in the EXL Ranking.

13.5. Prizes (Annex I): in each cycle, 1st, 2nd and 3rd place receive a trading-desk account set by place and announced on the cycle page. There is no cash prize. To receive it, the winner accepts these rules. Sections 3, 10.3, 11 and 12 apply.

13.6. The EXL Ranking does not affect the trading-desk account: it does not lock or close it, and it does not change targets, limits or payouts. Each account's plan rules continue to apply as normal.

14. Personal data

14.1. EXL processes participants' data under Brazil's General Data Protection Law (Law 13,709/2018, LGPD) and the EXL Privacy Policy:

• name, e-mail and phone, for registration and edition notices;
• CPF, for paying the entry fee, fraud prevention and the account limit per CPF;
• IP address and browser data at registration, for security and anti-fraud;
• trades in the edition account (and, for the EXL Ranking, in the trading-desk account), for the ranking and final results.

14.2. The public ranking shows only the abbreviated name and the result (section 10.5).

14.3. Participants may request access, correction, deletion and other measures provided by law through the privacy channel shown in the Privacy Policy. Data required by law (for example, tax data) is kept for the legal period.

15. Communications

15.1. Edition notices (confirmation, account prepared, reminders, results, prize, cancellation and refund) are sent to the registered e-mail.

15.2. Participants may receive EXL offers after the edition and may unsubscribe at any time through the link in the e-mail.

16. Technical failures, changes and cancellation

16.1. If a failure of the platform, data provider or exchange prevents an edition from taking place, EXL may:

• calculate the result up to the moment of the failure, if this can be done fairly; or
• cancel the edition, with a full refund of the entry fee.

16.2. After registration, EXL does not change an edition's prizes or rules to the participant's detriment. Corrections of clerical errors are communicated by e-mail; anyone who disagrees receives a full refund.

16.3. These rules may be updated for future editions. Each registration follows the version accepted at that time.

17. Risk notice

Skill competition on a simulated account. Past results, including in tournaments, do not guarantee future results. Trading in the real market involves risk of loss.

18. Governing law and jurisdiction

18.1. Brazilian law applies, including the Consumer Protection Code.

18.2. The courts of the participant's place of residence have jurisdiction.

---

Annex I · Formats, prizes and EXL Ranking

Paid tournaments (all editions)

Rules common to the three formats:

EXL Ranking (free, clients)