Risk Disclosure

I/We hereby acknowledge that you have explained the following Risk Disclosure Statement to me/us and I/we have read and fully understand the same:-

Risk of Margin Trading

The risk of loss in financing a transaction by deposit of collateral is significant. I/We may sustain losses in excess of my/our cash and any other assets deposited as collateral with you. Market conditions may make it impossible to execute contingent orders, such as "stop-loss" or "stop limit" orders. I/We may be called upon at short notice to make additional margin deposits or interest payments. If the required margin deposits or interest payments are not made within the prescribed time, my/our collateral may be liquidated without my/our consent. Moreover, I/we will remain liable for any resulting deficit in my/our account and interest charged on my/our account. I/We should therefore carefully consider whether such a financing arrangement is suitable in light of my/our own financial position and investment objectives.

Risk of Providing an Authority to Lend or Deposit Securities with Third Parties

There is risk if I/we provide you with an authority that allows you to apply my/our securities or securities collateral pursuant to a securities borrowing and lending agreement, repledge my/our securities collateral for financial accommodation or deposit my/our securities collateral as collateral for the discharge and satisfaction of your settlement obligations and liabilities. If my/our securities or securities collateral are received or held by you in Saint Vincent And Grenadines, the above arrangement is allowed only if I/we consent in writing. Moreover, unless I am/we are a professional investor, my/our authority must specify the period for which it is current and be limited to not more than 12 months. If I am/we are a professional investor, these restrictions do not apply.

Additionally, my/our authority may be deemed to be renewed (i.e. without my/our written consent) if you issue me/us a reminder at least 14 days prior to the expiry of the authority, and I/we do not object to such deemed renewal before the expiry date of my/our then existing authority. I am/We are not required by any law to sign these authorities. But an authority may be required by you, for example, to facilitate margin lending to me/us or to allow my/our securities or securities collateral to be lent to or deposited as collateral with third parties. You should explain to me/us the purposes for which one of these authorities is to be used. If I/we sign one of these authorities and my/our securities or securities collateral are lent to or deposited with third parties, those third parties will have a lien or charge on my/our securities or securities collateral. Although you are responsible to me/us for my/our securities or securities collateral lent or deposited under my/our authority, a default by you could result in the loss of my/our securities or securities collateral.

A cash account not involving securities borrowing and lending is available from you. If I/we do not require margin facilities or do not wish my/our securities or securities collateral to be lent or pledged, do not give the above authorities and ask to open this type of cash account.