1. Registration and Eligibility

Registration is free. Users must be at least 18 years of age. A cellular phone that can receive an SMS message is required to set up an account. Users may not open more than one account. Doing so may be grounds for removal and/or disqualification. See our User Agreement for more information. Per our User Agreement, exchangeP reserves the right to terminate your user account with the Service immediately, without prior notice or liability, for any reason. If exchangeP terminates your account, your right to use the Service will immediately and permanently cease.

2. Buying and Selling Shares

Every share of every company represents a one-millionth virtual ownership stake in that company. For example, if a share is bought for $5, it implies that users believe the company is worth $5 million. In order to buy a share, there must be a matching offer to sell a share. When you sell a company short, a stop loss order is automatically set up for you at a price 100% above your short price, i.e. double your short price.

3. Liquidity Events

At any time, exchangeP may announce a Liquidity Event (IPO Registration, Acquisition, Doors Closing, etc) for a particular company. 30 days after the closing of the Liquidity Event, a Final Valuation will be announced for the company. Any owners of long or short positions in the company will have their positions converted to cash. Final valuations will be set at a price equal to the volume-weighted average of all exchangeP transaction prices over the last 30 days.. ExchangeP may amend this policy at any time without prior notice.

4. Disputes

ExchangeP shall be the sole arbiter of any disputes that may arise.

5. Conduct

ExchangeP members are expected to conduct themselves gracefully. Accounts may be disabled or deleted at any time, for any reason, by ExchangeP (see User Agreement).

6. Contests

From time to time, exchangeP may hold contests with a cash prize. It is free to enter these contests. Everyone who is registered and eligible is automatically entered in all contests. Contests details will be described on links from the homepage (www.exchangep.com).

7. Legal

ExchangeP accounts have no cash value. ExchangeP shares have no cash value and do not represent actual ownership of company shares. Information on ExchangeP is for entertainment purposes only and does not represent factual information about companies.