Common use of Preliminary and General Matters Clause in Contracts

Preliminary and General Matters. 2.1 Before entering into any FX Contract, the Customer shall satisfy itself that such FX Contract is suitable for the Customer’s purposes. Notwithstanding that the Company may express views on the subject matter of any FX Contract or on any matter connected with FX Transaction generally, each FX Contract shall be deemed to have been entered into by the Customer in reliance only upon its own judgement and the Company shall have no responsibility or liability whatsoever in respect of any advice given, or views expressed by it or any of its directors, officers, employees or agents to the Customer, whether or not such advice is given or such views are expressed at the request of the Customer. 2.2 It is expressly understood that unless otherwise disclosed herein or to the Customer in writing in the usual manner of the Company, the Company is acting as principal in any FX Transactions made by the Customer with the Company and the Company shall have no obligation to provide the Customer with financial or other advice with respect to any position of the Customer and (except as directed by the Customer and except as provided under the Rules) the Company shall have no obligation to but shall have the right to close out any position in the Account which the Customer may open with any of the Company. 2.3 The Customer hereby expressly acknowledges that rates for foreign exchange may fluctuate in a very short period of time and agrees that any rate quoted by the Company whether verbally, by telephone or otherwise shall not be binding on the Company. 2.4 The Customer acknowledges that there may, on occasions, be a delay in making prices or in dealing by the Company due to the physical restraints or the rapid changes in the prices of FX Transactions and the Company may not, after using reasonable endeavours, be able to trade at the prices quoted at any specific time. The Customer agrees that the Company shall not be liable for any loss arising by reasons of its failing, or being unable, to comply with any terms of the Customer's Instruction. 2.5 The Customer shall ensure that all necessary authorisations, approvals and consents of any governmental or other regulatory body or authority applicable to any FX Transactions are obtained and that the terms thereof and all the applicable regulations of such bodies and authorities are complied with. 2.6 Every FX Contract is made on the clear understanding that both the Company and the Customer contemplate actual performance thereof. 2.7 THE CUSTOMER ACKNOWLEDGES THAT THE COMPANY MAY, TAKE THE OPPOSITE POSITION TO THE CUSTOMER’S ORDER IN RELATION TO ANY FX CONTRACTS, WHETHER ON THE COMPANY’S OWN ACCOUNT OR FOR THE ACCOUNT OF ITS ASSOCIATES OR OTHER CUSTOMERS OF THE COMPANY. 2.8 The Company discloses to the Customer that it trades on its own account or on the account of any Associate and any of its directors or employees may trade on its own account. The Customer is trading on his own account or for the account of the ultimate beneficial owner of the Account as set out in the Account Opening Form. 2.9 The Company agrees on request from the Customer to provide to the Customer: (a) a product specification or other offering document relating to the FX Transactions and FX Contracts entered into pursuant to this Agreement; and (b) a full explanation of margin procedures and the circumstances under which the Customer’s positions may be closed without his consent. 2.10 Nothing in this Agreement operates to remove, exclude or restrict any rights of the Customer or obligations of the Company under the law. 2.11 None of the employees or representatives of the Company shall accept appointment by the Customer as agent to operate the Account(s) unless a separate agreement is entered into in accordance with the Code of Conduct. 2.12 Subject to 2.11, the Customer hereby irrevocably and by way of security for its obligations under this agreement appoints the Company and its officers as the agent and the attorney of the Customer and in its name and on its behalf and as its act and deed to do or execute all such deeds, assurances, agreements, instruments notices, acts and things which may be lawfully required to give full effect to this agreement. The Customer hereby ratifies and confirms and agrees to ratify and confirm any Instrument, act or thing which such attorney may execute or do. 2.13 The Customer acknowledges that he may be affected by any curtailment of, or restriction on, the capacity of the Company to deal in respect of open positions as a result of action taken by the Securities and Futures Commission under the Rules or for any other reason, and in such circumstances, the Customer may be required to reduce or close out his positions with the Company. 2.14 All monies, securities and other property received by the Company from the Customer or from any other person for the account of the Customer shall be held by the Company as trustee, segregated from the Company’s own assets; 2.15 The Customer shall not be entitled to any interest as may be received by the Company attributable to any credit balance of the Customer in the Account. The Customer shall pay interest on all debit balances on the Account (including any amount otherwise owing to the Company at any time) at such rates and on such other terms as the Company notifies the Customer from time to time. Such interest shall accrue on a day-to-day basis and shall be payable on the last day of each calendar month or upon any demand being made by the Company. Overdue interest shall be compounded monthly and shall itself bear interest. 2.16 The Customer confirms that the information supplied in the Account Opening Form is true and complete and agrees to notify the Company forthwith of any material changes in such information supplied. The Company will notify the Customer forthwith of any material changes in: (a) its description set out above; (b) the nature of the services provided to or available to the Customer; (c) he description of any remuneration to be paid to the Company; (d) details of margin requirements, interest charges, margin calls and circumstances when the Customer’s position may be closed without its consent. 2.17 The Customer hereby authorizes the Company to conduct C credit enquiry (or personal credit enquiry in case of individual Customer) or check on the Customer for the purpose of ascertaining the financial situation and investment objectives of the Customer and Customer shall keep the Company informed regarding its financial standing and shall immediately report to the Company.

Preliminary and General Matters. 2.1 3.1 Before entering into any FX Contract, the Customer shall satisfy itself that such FX Contract is suitable for the Customer’s purposes. Notwithstanding that the Company may express views on the subject matter of any FX Contract or on any matter connected with FX Transaction Financial Futures transactions generally, each FX Contract shall be deemed to have been entered into by the Customer in reliance only upon its own judgement judgement, and the Company shall and its other Indemnified Persons shall, subject to Clause 7.1, have no responsibility or liability whatsoever in respect of any advice information given, or views expressed by it or any of its directors, officers, employees or agents to the Customerthem, whether or not such advice information is given or such views are expressed at the request of the Customer. 2.2 It is expressly understood that unless otherwise disclosed herein or 3.2 The Company shall provide to the Customer in writing in the usual manner of the CompanyCustomer, the Company is acting as principal in upon request, product specifications and any FX Transactions made by the Customer with the Company and the Company shall have no obligation to provide the Customer with financial prospectus or other advice with respect to any position of the Customer and (except as directed by the Customer and except as provided under the Rules) the Company shall have no obligation to but shall have the right to close out any position in the Account which the Customer may open with any of the Companyoffering document covering such derivative products including, without limitation, futures contracts or options. 2.3 3.3 The Customer hereby expressly acknowledges that rates for foreign exchange may fluctuate in a very short period of time and agrees that any rate quoted by the Company whether verbally, by telephone or otherwise shall not be binding on the Company. 2.4 The Customer acknowledges that there may, on occasions, be a delay in making prices or in dealing by the Company due to the physical restraints or the rapid changes in the prices of FX Transactions and the Company may not, after using reasonable endeavours, be able to trade at the prices quoted at any specific time. The Customer agrees that the Company shall not be liable for any loss arising by reasons has given a full explanation of its failing, or being unable, to comply with any terms of margin procedures and the circumstances under which the Customer's Instruction’s positions may be closed without the Customer’s consent. 2.5 3.4 The Customer shall ensure that all necessary authorisations, approvals and consents of any governmental or other regulatory body or authority applicable to any FX Transactions Financial Futures transactions are obtained and that the terms thereof and all the applicable regulations of such bodies and authorities Market Requirements are complied with. 2.6 3.5 Every FX Contract is made on the clear understanding that both the Company and the Customer contemplate actual performance thereof. 2.7 THE CUSTOMER ACKNOWLEDGES THAT THE COMPANY MAY3.6 The Company may at its absolute discretion and without assigning any reason, TAKE THE OPPOSITE POSITION TO THE CUSTOMER’S ORDER IN RELATION TO ANY FX CONTRACTSrefuse to carry out any Financial Futures transaction on behalf of, WHETHER ON THE COMPANY’S OWN ACCOUNT OR FOR THE ACCOUNT OF ITS ASSOCIATES OR OTHER CUSTOMERS OF THE COMPANYor enter into any Contract with, the Customer. 2.8 3.7 In relation to Contracts of the HKFE, the Customer acknowledges that in the case of a default committed by the Company and the Customer having suffered pecuniary loss thereby in relation to transactions on the HKFE, the liability of the Compensation Fund will be restricted to valid claims as provided for in the applicable laws, rules and regulations relating to the Compensation Fund (including, without limitation, the SFO, the Securities and Futures (Investor Compensation – Claims) Rules (Cap. 571T), the Securities and Futures (Investor Compensation – Compensation Limits) Rules (Cap. 571AC) and any other relevant subsidiary legislation)) and will be subject to the monetary limits specified in such laws, rules and regulations and accordingly there can be no assurance that any pecuniary loss sustained by reason of such a default will necessarily be recouped from the Compensation Fund in full, in part or at all. 3.8 The Company discloses to the Customer that it trades on its own account or on the account of any Associate and any of its directors or employees may trade on its own account. The Customer is trading on his own account further acknowledges and accepts that the Company and any Associate may have interests, or for may owe duties to other customers who have interests, which may conflict with the account interests of the ultimate beneficial owner of Customer. The Company shall take all reasonable steps to ensure that the Account as set out Customer receives fair treatment in the Account Opening Formevent of any actual or potential conflict arising. 2.9 The Company agrees 3.9 In relation to transactions on request from the Customer to provide to the Customer: (a) a product specification or other offering document relating to the FX Transactions and FX Contracts entered into pursuant to this Agreement; and (b) a full explanation of margin procedures and the circumstances under which the Customer’s positions may be closed without his consent. 2.10 Nothing in this Agreement operates to remove, exclude or restrict any rights of the Customer or obligations of the Company under the law. 2.11 None of the employees or representatives of the Company shall accept appointment by the Customer as agent to operate the Account(s) unless a separate agreement is entered into in accordance with the Code of Conduct. 2.12 Subject to 2.11HKFE, the Customer hereby irrevocably and by way of security for its obligations under this agreement appoints the Company and its officers as the agent and the attorney of the Customer and in its name and on its behalf and as its act and deed to do or execute all such deeds, assurances, agreements, instruments notices, acts and things which may be lawfully required to give full effect to this agreement. The Customer hereby ratifies and confirms and agrees to ratify and confirm any Instrument, act or thing which such attorney may execute or do. 2.13 The Customer acknowledges that he may be affected by any curtailment of, or restriction on, the capacity of the Company to deal in respect of open positions as a result of action taken by position limits and reporting obligations shall apply under the Securities and Futures Commission under (Contracts Limits and Reportable Positions) Rules (Cap. 571Y) with which the Customer shall comply, and that the Company is bound by the Rules which permit the HKFE to take steps to limit the positions or for require the closing out of relevant Contracts on behalf of such customers who in the opinion of the HKFE are accumulating positions which are or may be detrimental to any other reason, particular market or markets or which may be capable of adversely affecting the fair and in such circumstancesorderly operation of any market or markets as the case may be. In relation to transactions on any Foreign Futures Exchange, the Customer acknowledges that such Foreign Futures Exchange may be in certain circumstances take steps to limit the positions or require the closing out of relevant Contracts to the extent required to reduce or close out his positions with the Companypermitted by applicable laws, rules and regulations. 2.14 All 3.10 In relation to transactions on the HKFE, all monies, securities and other property received by the Company from the Customer or from any other person (including a Clearing House) for the account of the Customer shall shall: i. be held by the Company as trustee, segregated from the Company’s own assets; 2.15 The Customer shall not be entitled to any interest as may be received by the Company attributable to any credit balance of the Customer in the Account. The Customer shall pay interest on all debit balances on the Account (including any amount otherwise owing to the Company at any time) at such rates and on such other terms as the Company notifies the Customer from time to time. Such interest shall accrue on a day-to-day basis and shall be payable on the last day of each calendar month or upon any demand being made by the Company. Overdue interest shall be compounded monthly and shall itself bear interest. 2.16 The Customer confirms that the information supplied in the Account Opening Form is true and complete and agrees to notify the Company forthwith of any material changes in such information supplied. The Company will notify the Customer forthwith of any material changes in: (a) its description set out above; (b) the nature of the services provided to or available to the Customer; (c) he description of any remuneration to be paid to the Company; (d) details of margin requirements, interest charges, margin calls and circumstances when the Customer’s position may be closed without its consent. 2.17 The Customer hereby authorizes the Company to conduct C credit enquiry (or personal credit enquiry in case of individual Customer) or check on the Customer for the purpose of ascertaining the financial situation and investment objectives of the Customer and Customer shall keep the Company informed regarding its financial standing and shall immediately report to the Company.; and

Preliminary and General Matters. 2.1 Before entering into any FX Contract, the Customer shall satisfy itself that such FX Contract is suitable for the Customer’s purposes. Notwithstanding that 3.1 If the Company may express views on solicits the subject matter sale of or recommend any FX Contract or on any matter connected with FX Transaction generally, each FX Contract shall be deemed to have been entered into by the Customer in reliance only upon its own judgement and the Company shall have no responsibility or liability whatsoever in respect of any advice given, or views expressed by it or any of its directors, officers, employees or agents financial product to the Customer, whether or not such advice is given or such views are expressed at the request of financial product must be reasonably suitable for the Customer having regard to the Customer’s financial situation, investment experience and investment objectives. No other provision of this agreement or any other document the Company may ask the Customer to sign and no statement the Company may ask the Customer to make derogates from this clause. 2.2 It is expressly understood that unless otherwise disclosed herein or 3.2 In relation to the Customer in writing in the usual manner of the Company, the Company is acting as principal in any FX Transactions made entered by the Customer with the Company and the Company shall have no obligation to provide the Customer with financial without or other advice with respect to any position of the Customer and (except as directed by the Customer and except as provided under the Rules) the Company shall have no obligation to but shall have the right to close out any position in the Account which the Customer may open inconsistent with any of the Company’s solicitations or recommendations, the Company is not responsible to the Customer with respect to the suitability of the Transaction. Nor is the Company responsible for the profitability, tax, legal or accounting consequences of any such Transactions. 2.3 The 3.3 Before the Customer hereby expressly acknowledges that rates for foreign exchange may fluctuate in a very short period of time and agrees that enters any rate quoted by transactions, the Company whether verbally, by telephone or otherwise shall not be binding on the Company. 2.4 The Customer acknowledges that there may, on occasions, be a delay in making prices or in dealing by the Company due to the physical restraints or the rapid changes in the prices of FX Transactions and the Company may not, after using reasonable endeavours, be able to trade at the prices quoted at any specific time. The Customer agrees should note that the Company shall not has no ongoing responsibility to ensure that a product the Company has solicited the sale of or recommended to the Customer remains suitable for the customer and that if circumstances relating to the Customer, such product, such product’s issuer or general market conditions change, such product may no longer be liable suitable for any loss arising by reasons of its failing, or being unable, the Customer. 3.4 In relation to comply with any terms Contracts of the HKFE, the Company shall provide to the Customer's Instruction, upon request, Contract specifications and any prospectus or other offering document covering such products. 2.5 3.5 The Customer shall ensure that all necessary authorisations, approvals and consents of any governmental or other regulatory body or authority applicable to any FX Transactions Commodity Futures transactions are obtained and that the terms thereof and all the applicable regulations of such bodies and authorities are complied with. 2.6 3.6 Every FX Contract is made on the clear understanding that both the Company and the Customer contemplate actual performance thereof. 2.7 THE CUSTOMER ACKNOWLEDGES THAT THE COMPANY MAY3.7 The Company may at its absolute discretion and without assigning any reason, TAKE THE OPPOSITE POSITION TO THE CUSTOMER’S ORDER IN RELATION TO ANY FX CONTRACTSrefuse to carry out any Commodity Futures transaction on behalf of, WHETHER ON THE COMPANY’S OWN ACCOUNT OR FOR THE ACCOUNT OF ITS ASSOCIATES OR OTHER CUSTOMERS OF THE COMPANYor enter into any Contract with, the Customer. 2.8 3.8 In relation to Contracts of the HKFE, the Customer acknowledges that in the case of a. default committed by the Company and the Customer having suffered pecuniary loss thereby In relation to transactions on the HKFE, the liability of the Investor Compensation Fund will be restricted to valid claims as provided for in the SFO and the relevant subsidiary legislation and will be subject to the monetary limits specified in the Securities and Futures (investor Compensation – Compensation Limits) Rules and accordingly there can be no assurance that any pecuniary loss sustained by reason of such a default will necessarily be recouped from the Investor Compensation Fund in full. In part or at all. 3.9 The Company discloses to the Customer that it trades on its own account or on the account of any Associate and any of its directors or employees may trade on its own account. The Customer is trading on his own account or for the account of the ultimate beneficial owner of the Account as set out in the Account Opening Form. 2.9 The Company agrees 3.10 In relation to transactions on request from the Customer to provide to the Customer: (a) a product specification or other offering document relating to the FX Transactions and FX Contracts entered into pursuant to this Agreement; and (b) a full explanation of margin procedures and the circumstances under which the Customer’s positions may be closed without his consent. 2.10 Nothing in this Agreement operates to remove, exclude or restrict any rights of the Customer or obligations of the Company under the law. 2.11 None of the employees or representatives of the Company shall accept appointment by the Customer as agent to operate the Account(s) unless a separate agreement is entered into in accordance with the Code of Conduct. 2.12 Subject to 2.11HKFE, the Customer hereby irrevocably and by way of security for its obligations under this agreement appoints acknowledges that the Company and its officers as is bound by the agent and Rules which permit the attorney HKFE to take steps to limit the positions or require the closing out of relevant Contracts on behalf of such customers who in the opinion of the Customer and in its name and on its behalf and as its act and deed HKFE are accumulating positions which are or may be detrimental to do any particular Market or execute all such deeds, assurances, agreements, instruments notices, acts and things Markets or which may be lawfully required to give full effect to this agreement. The Customer hereby ratifies capable of adversely affecting the fair and confirms and agrees to ratify and confirm orderly operation of any Instrument, act Market or thing which such attorney Markets as the case may execute or dobe. 2.13 The Customer acknowledges that he may be affected by any curtailment of, or restriction on, the capacity of the Company to deal in respect of open positions as a result of action taken by the Securities and Futures Commission under the Rules or for any other reason, and in such circumstances, the Customer may be required to reduce or close out his positions with the Company. 2.14 3.11 All monies, securities and other property received by the Company from the Customer or from any other person (including a clearing house) for the account of the Customer shall shall: (i) be held by the Company as trustee, segregated from the Company’s own assets;; and 2.15 (ii) not form part of the assets of the Company for insolvency or winding-up purposes but shall be returned to the Customer promptly upon the appointment of a provisional liquidator, liquidator or similar officer over all or any part of the business or assets of the Company. 3.12 The Customer shall not be entitled to any interest as may be received by the Company attributable to any credit balance of the Customer in the Account. The Customer shall pay interest on all debit balances on the Account (including any amount otherwise owing to the Company at any time) at such rates and on such other terms as the Company notifies the Customer from time to time. Such interest shall accrue on a day-to-day basis and shall be payable on the last day of each calendar month or upon any demand being made by the Company. Overdue interest shall be compounded monthly and shall itself bear interest. 2.16 3.13 In relation to transactions on the HKFE, the Customer acknowledges that in respect of any account of the Company maintained with the Clearing House, whether or not such account is maintained wholly or partly in respect of Commodity Futures transacted on behalf of the Customer and whether or not monies or Approved Debt Securities or Approved Securities paid or deposited by the Customer have been paid to or deposited with the Clearing House, as between the Company and the Clearing House, the Company deals as principal and accordingly no such account is impressed with any trust or other equitable interest in favour of the Customer and monies, Approved Debt Securities and Approved Securities paid to or deposited with the Clearing House are thereby freed from the trust referred to in Clause 3.9 herein. 3.14 In relation to transactions on the HKFE, any monies, Approved Debt Securities or Approved Securities received by the Company from the Customer or from any other person (including the Clearing House) are held in the manner specified under paragraphs 7 to 12 of Schedule 4 to the Code of Conduct. The Customer authorises the Company to apply any monies or Approved Debt Securities or Approved Securities in the manner specified under paragraphs 14 to 15 of Schedule 4 to the Code of Conduct. In particular the Company may apply such monies, Approved Debt Securities or Approved Securities in or towards meeting the obligations of the Company to any party insofar as such obligations arise in connection with or incidental to Commodity Futures transacted on the Customer’s behalf. 3.15 The Customer confirms that the information supplied in the Account Opening Form is true and complete and agrees to notify the Company forthwith of any material changes in such information supplied. The Company will notify the Customer forthwith of any material changes in:in the information supplied in this Agreement. (a) its description set out above; (b) 3.16 The Customer will advise the nature of the services provided to Company promptly whether they are a U.S. person or available to the Customer; (c) he description acquire or hold Commodity Futures beneficially owned by or for a U.S. person or in violation of any remuneration to be paid to the Company; (d) details of margin requirements, interest charges, margin calls and circumstances when the Customer’s position may be closed without its consentapplicable law. 2.17 The Customer hereby authorizes the Company to conduct C credit enquiry (or personal credit enquiry in case of individual Customer) or check on the Customer for the purpose of ascertaining the financial situation and investment objectives of the Customer and Customer shall keep the Company informed regarding its financial standing and shall immediately report to the Company.

Preliminary and General Matters. 2.1 3.1 Before entering into any FX Contract, the Customer Client shall satisfy itself that such FX Contract is suitable for the CustomerClient’s purposes. Notwithstanding that the Company PRU may express views on the subject matter of any FX Contract or on any matter connected with FX Transaction Financial Futures transactions generally, each FX Contract shall be deemed to have been entered into by the Customer Client in reliance only upon its own judgement judgment and the Company PRU shall have no responsibility or liability whatsoever in respect of any advice given, or views expressed by it or any of its directors, officers, employees or agents to the CustomerClient, whether or not such advice is given or such views are expressed at the request of the CustomerClient. 2.2 It is expressly understood that unless otherwise disclosed herein or 3.2 In relation to Contracts of the HKFE, PRU shall provide to the Customer in writing in the usual manner of the CompanyClient, the Company is acting as principal in upon request, contract specifications and any FX Transactions made by the Customer with the Company and the Company shall have no obligation to provide the Customer with financial prospectus or other advice with respect to any position of the Customer and (except as directed by the Customer and except as provided under the Rules) the Company shall have no obligation to but shall have the right to close out any position in the Account which the Customer may open with any of the Companyoffering document covering such products. 2.3 3.3 The Customer hereby expressly acknowledges that rates for foreign exchange may fluctuate in a very short period of time and agrees that any rate quoted by the Company whether verbally, by telephone or otherwise shall not be binding on the Company. 2.4 The Customer acknowledges that there may, on occasions, be a delay in making prices or in dealing by the Company due to the physical restraints or the rapid changes in the prices of FX Transactions and the Company may not, after using reasonable endeavours, be able to trade at the prices quoted at any specific time. The Customer agrees that the Company shall not be liable for any loss arising by reasons of its failing, or being unable, to comply with any terms of the Customer's Instruction. 2.5 The Customer Client shall ensure that all necessary authorisationsauthorizations, approvals and consents of any governmental government or other regulatory body or authority applicable to any FX Transactions Financial Futures transactions are obtained and that the terms thereof and all the applicable regulations of such bodies and authorities are complied with. 2.6 3.4 Every FX Contract is made on the clear understanding that both the Company PRU and the Customer Client contemplate actual performance thereof. 2.7 THE CUSTOMER ACKNOWLEDGES THAT THE COMPANY MAY3.5 PRU may at its absolute discretion and without assigning any reason, TAKE THE OPPOSITE POSITION TO THE CUSTOMER’S ORDER IN RELATION TO ANY FX CONTRACTSrefuse to carry out any Financial Futures transaction on be half of, WHETHER ON THE COMPANY’S OWN ACCOUNT OR FOR THE ACCOUNT OF ITS ASSOCIATES OR OTHER CUSTOMERS OF THE COMPANYor enter into any Contract with, the Client. 2.8 The Company 3.6 In relation to Contracts of the HKFE, the Client acknowledges that in the case of a default committed by PRU and the Client having suffered pecuniary loss thereby in relation to transactions on the HKFE, the liability of the Compensation Fund will be restricted to valid claims as provided for in the relevant Ordinances and accordingly there can be no assurance that any pecuniary loss sustained by reason of such a default will necessarily be recouped from the Compensation Fund in full, in part or at all. 3.7 PRU discloses to the Customer Client that it trades on its own account or on the account of any Associate and any of its directors or employees may trade on its own account. The Customer . 3.8 In relation to transactions on the HKFE, the Client acknowledges that PRU is trading bound by the Rules which permit the HKFE to take steps to limit the positions or require the closing out of relevant Contracts on his own account or for behalf of such Client who in the account opinion of the ultimate beneficial owner of the Account as set out in the Account Opening Form. 2.9 The Company agrees on request from the Customer to provide to the Customer: (a) a product specification HKFE are accumulating positions which are or other offering document relating to the FX Transactions and FX Contracts entered into pursuant to this Agreement; and (b) a full explanation of margin procedures and the circumstances under which the Customer’s positions may be closed without his consent. 2.10 Nothing in this Agreement operates detrimental to remove, exclude any particular market or restrict any rights of the Customer markets or obligations of the Company under the law. 2.11 None of the employees or representatives of the Company shall accept appointment by the Customer as agent to operate the Account(s) unless a separate agreement is entered into in accordance with the Code of Conduct. 2.12 Subject to 2.11, the Customer hereby irrevocably and by way of security for its obligations under this agreement appoints the Company and its officers as the agent and the attorney of the Customer and in its name and on its behalf and as its act and deed to do or execute all such deeds, assurances, agreements, instruments notices, acts and things which may be lawfully required to give full effect to this agreement. The Customer hereby ratifies capable of adversely affecting the fair and confirms and agrees to ratify and confirm orderly operation of any Instrument, act market or thing which such attorney markets as the case may execute or dobe. 2.13 The Customer acknowledges that he may be affected by any curtailment of, or restriction on, the capacity of the Company to deal in respect of open positions as a result of action taken by the Securities and Futures Commission under the Rules or for any other reason, and in such circumstances, the Customer may be required to reduce or close out his positions with the Company. 2.14 3.9 All monies, securities and other property received by the Company PRU from the Customer Client or from any other person (including a clearing house) for the account of the Customer shall Client shall: (a) be held by the Company PRU as trustee, segregated from the CompanyPRU’s own assets;; and 2.15 (b) not form part of the assets of PRU for insolvency or winding-up purposes but shall be returned to the Client promptly upon the appointment of a provisional liquidator, liquidator or similar officer over all or any part of the business or assets of PRU. 其地址是＿＿＿＿＿＿＿＿＿＿＿＿ ＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿； 與 (2) 信誠期貨有限公司，一間在香港註冊成立公司，主要業務地點位於香港中環德輔道中 19 號環球大廈 9 樓。亦是按《證券及期貨條例》註冊之持牌法團，中央編號為 AAE773 (下稱「信誠期貨」)。 鑑於： 1. 定 義 於 本 協 議 內 ： 「戶口」指與本協議有關，目前或以後以客戶名義在信誠期貨開立之任何一個或多個期貨交易戶口。 「開戶資料表格」指隨附之附表 4 之表格。 「協議」指原簽立之本協議或其後不時作出之修訂或補充，包括開戶資料表格及隨附之各份附表。 「核准債務證券」指由香港特別行政區政府為外匯基金而發行之外匯基金票據；以及由香港期交所不時批准作為保證金之其他債務證券或票據。 「核准證券」指盈富基金單位及由香港期交所不時批准作為保證金之該等其他證券。 「聯繫人士」指設於香港或其他地方，與信誠期貨有關連之信誠期貨附屬公司或聯屬公司之法人團體。 「獲授權人士」指如屬公司客戶，乃最初在開戶資料表格具名之人士；如屬個人客戶，乃持有客戶之有效授權書、最初在開戶資料表格具名之人士。 「營業日」指香港期交所公開進行交易之任何日子，惟星期六、星期日、公眾假期及香港期交所宣佈並非為營業日之任何其他日子除外。 「操守準則」指為於證監會註冊之人士而訂立之操守準則。 「結算所」指香港期貨交易所結算有限公司。 「賠償基金」就本基金的運作而言，將按照《證券及期貨條例》設立之投資者賠償基金。 「合約」指與金融期貨交易有關之任何合約。 「香港期交所」指香港期貨交易所有限公司，包括其繼承人、受讓人以及由其重組、合併、併入而產生或保存的實體。 「金融期貨」包括指數期貨、港元利率期貨及任何交易所買賣的其他指數期貨、利率期貨或外匯期貨，以及此等期貨合約之期權或任何於香港期交所買賣之該等期貨合約或期權合約標的項目，或由雙方協議之任何其他金融工具之合約。 「香港」指中華人民共和國香港特別行政區。 「港元利率期貨」指不時在香港期交所買賣之任何香港銀行同業拆息港元利率期貨。 「指數期貨」指不時在香港期交所買賣之任何證券交易所指數期貨及/或期權。 「指示」指由客戶或其獲授權人士根據第 4.1 項條文向信誠期貨發出有關金融期貨交易之任何指示或買賣盤。 「利率現金調整」指規則所界定之任何貨幣合約中，根據結算所規則而釐定之現金調整，並代表兩種與合約有關貨幣之間之利率差距。 「規則」指不時修訂之香港期交所規則及規例以及結算所一般規例及程序手冊。 「證監會」指香港證券及期貨事務監察委員會。 「證監會條例」指《證券及期貨條例》（第 571 章）。 「盈富基金單位」指根據(1)美國道富環球金融資產(香港)有限公司作為經理人、(2)美國道富銀行及信託公司作為信託人及(3)外匯基金投資有限公司作為發起人於一九九九年十月二十三日訂立之信託契據(可不時予以修改或補充)所設立名為「香港盈富基金」之單位信託計劃而發行之單位。 「變價調整」指就香港期交所之交易而言，按結算所規則每日計算，結算所代客戶應付予信誠期貨或信誠期貨代客戶應付予結算所之金額。 2. 條款及條件之適用範圍 2.1 本協議適用於信誠期貨代客戶於香港期交所簽立或將簽立之一切合約，並視為收納於(不論是口頭或書面)信誠期貨與客戶之間所訂立之每份合約內。客戶以書面或其他方式(不論是明示、暗示或按慣例或於交易過程表明)建議或提述之任何其他條款及條件，或信誠期貨與客戶先前已據此訂立合約，均不包括於適用範圍內。 2.2 於香港期交所訂立之所有合約及信誠期貨與客戶之間之所有交易，均對雙方具約束力，並須依據香港期交所之程序、香港期交所之組織章程大綱及細則之條文以及規則履行並受其規限。 3. 先 決 及 一 般 事 項 3.1 於訂立任何合約之前，客戶須信納該合約乃適合其本身目標。儘管信誠期貨可就任何合約之標的事項或一般與金融期貨交易有關之任何事項提出看法，但每份合約均須視作客戶依賴本身判斷而訂立，信誠期貨無須就其本身、其董事、高級職員、僱員或代理人向客戶所提供之意見或所發表之看法承擔責任，不論該等意見或看法是否應客戶之要求而提供或發表。 3.2 就香港期交所之合約而言，信誠期貨將在客戶要求下向客戶提供合約說明書及關於該等產品之任何章程或其他要約文件。 3.3 客戶須確保其取得適用於任何金融期貨交易之任何政府或其他監管機構或當局之一切所需授權、批准及同意，並且遵從有關條款及該等機構及當局之一切適用規例。 3.4 每份合約乃在信誠期貨及客戶清楚理解雙方將實際履行該合約下始訂立。 3.5 信誠期貨可全權決定拒絕代客戶達成任何金融期貨交易或訂立任何合約，而無須給予任何理由。 3.6 就香港期交所之合約而言，客戶承認，如信誠期貨作出失責行為，令客戶於香港期交所之交易中蒙受金錢損失，賠償基金之責任僅限於有關條例(定義見證監會條例)所規定之有效索償，並受有關條例所訂明之金額上限所規限，故此不能保證因該等失責行為而招致之任何金錢損失可悉數或部分從賠償基金中獲得補償，或必定獲任何補償。 3.7 信誠期貨向客戶披露，信誠期貨本身或其任何聯繫人士亦有進行交易，而其任何董事或僱員本身亦可進行交易。 3.8 就香港期交所之交易而言，客戶承認，信誠期貨須受規則之約束，該等規則容許香港期交所採取措施，在香港期交所認為客戶正累積對某一個或多個特定市場會或可能造成損害或對某個或多個市場之公平及有秩序運作造成不利影響(視情況而定)之持倉時，限制或要求信誠期貨結清其代該等客戶訂立之有關合約平倉。 3.9 信誠期貨為客戶的戶口而從客戶或任何其他人士(包括結算所)收取之所有款項、證券及其他財物，將： (a) 由信誠期貨以信託人身份持有，與信誠期貨本身資產分開存放；及 (b) 不得在信誠期貨無力償債或清盤時，構成信誠期貨的資產部分，而在信誠期貨全部或任何部分業務或資產須予委任臨時清盤人、清盤人或類似人員時立即歸還予客戶。 3.10 The Customer Client shall not be entitled to any interest as may be received by the Company PRU attributable to any credit balance of the Customer Client in the Account. The Customer Client shall pay interest on all debit balances on the Account (including any amount otherwise owing to the Company PRU at any time) at such rates and on such other terms as the Company PRU notifies the Customer Client from time to time. Such interest shall accrue on a day-to-day basis and shall be payable on the last day of each calendar month or upon any demand being made by the CompanyPRU. Overdue interest shall be compounded monthly and shall itself bear interest. 2.16 3.11 In relation to transactions on the HKFE, the Client acknowledges that in respect of any account of PRU maintained with Clearing House, whether or not such account is maintained wholly or partly in respect of Financial Futures transacted on behalf of the Client and whether or not monies or Approved Debt Securities or Approved Securities paid or deposited by the Client have been paid to or deposited with the Clearing House, as between PRU and the Clearing House, PRU deals as principal and accordingly no such account is impressed with any trust or other equitable interest in favor of the Client and monies, Approved Debt Securities paid to or deposited with the Clearing House are thereby freed from the trust referred to in Clause 3.9 herein. 3.12 In relation to transactions on the HKFE, any monies, Approved Debt Securities or Approved Securities received by PRU from the Client or from any other person (including the Clearing House) are held in the manner under Paragraphs 7 to 12 of Schedule 4 to the Code of Conduct. The Customer Client authorizes PRU to apply any monies or Approved Debt Securities or Approved Securities in the manner specified under Paragraphs 13 to 15 of Schedule 4 to the Code of Conduct. In particular PRU may apply such monies, Approved Debt Securities or Approved Securities in or towards meeting the obligations of PRU to any party insofar as such obligations arise in connection with or incidental to Financial Futures transacted on the Client’s behalf. 3.13 The Client confirms that the information supplied in the Account Opening Infromation Form is true and complete and agrees to notify the Company PRU forthwith of any material changes in the information supplied in this Agreement. 3.14 PRU may, subject to the provisions of the relevant ordinances (as defined in the SFC Ordinance) and any applicable law, take the opposite Position to the Client’s order in relation to any exchange traded futures and options, whether on PRU’s own account or for the account of its associates or other Clients of PRU, provided that such information suppliedtrade is executed competitively on or through the facilities of the HKFE in accordance with the rules or the facilities of any other commodity, futures or options exchange in accordance with the rules and regulations of such other exchange. 3.15 The Client acknowledges that there may, on occasions, be a delay in making prices or in dealing by PRU due to the physical restraints on the HKFE or other Foreign Futures Exchange and the rapid changes in the prices of commodities and PRU may not, after using reasonable endeavors, be able to trade at the prices quoted at any specific time. The Company will notify Client agrees that PRU shall not be liable for any loss arising by reasons of its falling, or being unable, to comply with any terms of the Customer forthwith Client’s instruction. 3.16 The Client acknowledges that where PRU is unable after using reasonable endeavors to execute any instruction in full, it is entitled to effect partial performance only without prior reference to the Client for confirmation. The Client shall accept and be bound by the outcome of any material changes in:performance, partial performance or non-performance when the Client’s request to an order is made. (a) its description set out above; (b) 3.17 Any Client’s instruction that has not been executed before the nature close of business of the services provided relevant exchange or such other expiration date required by the relevant exchange or such other later time as the Client and PRU may agree shall be deemed to or available have been cancelled automatically. 3.18 The Client acknowledges that due to the Customer; (c) he description trading practices of the HKFE or other Foreign Futures Exchange in which transactions are executed, it may not always be able to executed orders at the prices quoted “at best” or “at market” and the Client agrees in any remuneration event to be paid to bound by transactions executed by PRU following Instructions given by the Company; (d) details of margin requirements, interest charges, margin calls and circumstances when the Customer’s position may be closed without its consentClient. 2.17 3.19 The Customer Client hereby authorizes the Company PRU to conduct C a credit enquiry (or personal credit enquiry in case of individual CustomerClient) or check on the Customer Client for the purpose of ascertaining the financial situation and investment objectives of the Customer Client and Customer Client shall keep the Company PRU informed regarding its financial standing and shall immediately report to PRU any information that it is insolvent, or threatened with insolvency or quilt of any irregularities or practices affecting the good name of HKFE. 3.20 The Client authorizes PRU, at any time and at Company’s absolute discretion, for the purpose of obtaining a better execution price and/or reducing the volume of instructions, to consolidate and/or disaggregate the Client’s Instructions to purchase and/or sell Contracts on the Client’s behalf with similar instructions received from PRU’s other Client. The Client agrees that in the event of there being insufficient Contracts available to satisfy the purchase/sell orders so consolidated, the number of Contracts actually purchased/sold shall be attributed to the relevant Clients in the order in which those orders were received by PRU. 3.21 Subject to applicable laws and regulations and market requirements, PRU may in its discretion determine the priority in the execution of its Clients’ orders, having due regard to the sequence in which such orders were received and the Client shall not have any claim of priority to another Client in relation to the execution of any order received by PRU.

Preliminary and General Matters. 2.1 3.1 Before entering into any FX Contract, the Customer Client shall satisfy itself that such FX Contract is suitable for the CustomerClient’s purposes. Notwithstanding that the Company PRU may express views on the subject matter of any FX Contract or on any matter connected with FX Transaction Financial Futures transactions generally, each FX Contract shall be deemed to have been entered into by the Customer Client in reliance only upon its own judgement judgment and the Company PRU shall have no responsibility or liability whatsoever in respect of any advice given, or views expressed by it or any of its directors, officers, employees or agents to the CustomerClient, whether or not such advice is given or such views are expressed at the request of the CustomerClient. 2.2 It is expressly understood that unless otherwise disclosed herein or 3.2 In relation to Contracts of the HKFE, PRU shall provide to the Customer in writing in the usual manner of the CompanyClient, the Company is acting as principal in upon request, contract specifications and any FX Transactions made by the Customer with the Company and the Company shall have no obligation to provide the Customer with financial prospectus or other advice with respect to any position of the Customer and (except as directed by the Customer and except as provided under the Rules) the Company shall have no obligation to but shall have the right to close out any position in the Account which the Customer may open with any of the Companyoffering document covering such products. 2.3 3.3 The Customer hereby expressly acknowledges that rates for foreign exchange may fluctuate in a very short period of time and agrees that any rate quoted by the Company whether verbally, by telephone or otherwise shall not be binding on the Company. 2.4 The Customer acknowledges that there may, on occasions, be a delay in making prices or in dealing by the Company due to the physical restraints or the rapid changes in the prices of FX Transactions and the Company may not, after using reasonable endeavours, be able to trade at the prices quoted at any specific time. The Customer agrees that the Company shall not be liable for any loss arising by reasons of its failing, or being unable, to comply with any terms of the Customer's Instruction. 2.5 The Customer Client shall ensure that all necessary authorisationsauthorizations, approvals and consents of any governmental government or other regulatory body or authority applicable to any FX Transactions Financial Futures transactions are obtained and that the terms thereof and all the applicable regulations of such bodies and authorities are complied with. 2.6 3.4 Every FX Contract is made on the clear understanding that both the Company PRU and the Customer Client contemplate actual performance thereof. 2.7 THE CUSTOMER ACKNOWLEDGES THAT THE COMPANY MAY3.5 PRU may at its absolute discretion and without assigning any reason, TAKE THE OPPOSITE POSITION TO THE CUSTOMER’S ORDER IN RELATION TO ANY FX CONTRACTSrefuse to carry out any Financial Futures transaction on be half of, WHETHER ON THE COMPANY’S OWN ACCOUNT OR FOR THE ACCOUNT OF ITS ASSOCIATES OR OTHER CUSTOMERS OF THE COMPANYor enter into any Contract with, the Client. 2.8 The Company 3.6 In relation to Contracts of the HKFE, the Client acknowledges that in the case of a default committed by PRU and the Client having suffered pecuniary loss thereby in relation to transactions on the HKFE, the liability of the Compensation Fund will be restricted to valid claims as provided for in the relevant Ordinances and accordingly there can be no assurance that any pecuniary loss sustained by reason of such a default will necessarily be recouped from the Compensation Fund in full, in part or at all. 3.7 PRU discloses to the Customer Client that it trades on its own account or on the account of any Associate and any of its directors or employees may trade on its own account. The Customer . 3.8 In relation to transactions on the HKFE, the Client acknowledges that PRU is trading bound by the Rules which permit the HKFE to take steps to limit the positions or require the closing out of relevant Contracts on his own account or for behalf of such Client who in the account opinion of the ultimate beneficial owner of the Account as set out in the Account Opening Form. 2.9 The Company agrees on request from the Customer to provide to the Customer: (a) a product specification HKFE are accumulating positions which are or other offering document relating to the FX Transactions and FX Contracts entered into pursuant to this Agreement; and (b) a full explanation of margin procedures and the circumstances under which the Customer’s positions may be closed without his consent. 2.10 Nothing in this Agreement operates detrimental to remove, exclude any particular market or restrict any rights of the Customer markets or obligations of the Company under the law. 2.11 None of the employees or representatives of the Company shall accept appointment by the Customer as agent to operate the Account(s) unless a separate agreement is entered into in accordance with the Code of Conduct. 2.12 Subject to 2.11, the Customer hereby irrevocably and by way of security for its obligations under this agreement appoints the Company and its officers as the agent and the attorney of the Customer and in its name and on its behalf and as its act and deed to do or execute all such deeds, assurances, agreements, instruments notices, acts and things which may be lawfully required to give full effect to this agreement. The Customer hereby ratifies capable of adversely affecting the fair and confirms and agrees to ratify and confirm orderly operation of any Instrument, act market or thing which such attorney markets as the case may execute or dobe. 2.13 The Customer acknowledges that he may be affected by any curtailment of, or restriction on, the capacity of the Company to deal in respect of open positions as a result of action taken by the Securities and Futures Commission under the Rules or for any other reason, and in such circumstances, the Customer may be required to reduce or close out his positions with the Company. 2.14 3.9 All monies, securities and other property received by the Company PRU from the Customer Client or from any other person (including a clearing house) for the account of the Customer shall Client shall: (a) be held by the Company PRU as trustee, segregated from the CompanyPRU’s own assets;; and 2.15 (b) not form part of the assets of PRU for insolvency or winding-up purposes but shall be returned to the Client promptly upon the appointment of a provisional liquidator, liquidator or similar officer over all or any part of the business or assets of PRU. 3.10 The Customer Client shall not be entitled to any interest as may be received by the Company PRU attributable to any credit balance of the Customer Client in the Account. The Customer Client shall pay interest on all debit balances on the Account (including any amount otherwise owing to the Company PRU at any time) at such rates and on such other terms as the Company PRU notifies the Customer Client from time to time. Such interest shall accrue on a day-to-day basis and shall be payable on the last day of each calendar month or upon any demand being made by the CompanyPRU. Overdue interest shall be compounded monthly and shall itself bear interest. 2.16 3.11 In relation to transactions on the HKFE, the Client acknowledges that in respect of any account of PRU maintained with Clearing House, whether or not such account is maintained wholly or partly in respect of Financial Futures transacted on behalf of the Client and whether or not monies or Approved Debt Securities or Approved Securities paid or deposited by the Client have been paid to or deposited with the Clearing House, as between PRU and the Clearing House, PRU deals as principal and accordingly no such account is impressed with any trust or other equitable interest in favor of the Client and monies, Approved Debt Securities paid to or deposited with the Clearing House are thereby freed from the trust referred to in Clause 3.9 herein. 3.12 In relation to transactions on the HKFE, any monies, Approved Debt Securities or Approved Securities received by PRU from the Client or from any other person (including the Clearing House) are held in the manner under Paragraphs 7 to 12 of Schedule 4 to the Code of Conduct. The Customer Client authorizes PRU to apply any monies or Approved Debt Securities or Approved Securities in the manner specified under Paragraphs 13 to 15 of Schedule 4 to the Code of Conduct. In particular PRU may apply such monies, Approved Debt Securities or Approved Securities in or towards meeting the obligations of PRU to any party insofar as such obligations arise in connection with or incidental to Financial Futures transacted on the Client’s behalf. 3.13 The Client confirms that the information supplied in the Account Opening Infromation Form is true and complete and agrees to notify the Company PRU forthwith of any material changes in the information supplied in this Agreement. 3.14 PRU may, subject to the provisions of the relevant ordinances (as defined in the SFC Ordinance) and any applicable law, take the opposite Position to the Client’s order in relation to any exchange traded futures and options, whether on PRU’s own account or for the account of its associates or other Clients of PRU, provided that such information suppliedtrade is executed competitively on or through the facilities of the HKFE in accordance with the rules or the facilities of any other commodity, futures or options exchange in accordance with the rules and regulations of such other exchange. 3.15 The Client acknowledges that there may, on occasions, be a delay in making prices or in dealing by PRU due to the physical restraints on the HKFE or other Foreign Futures Exchange and the rapid changes in the prices of commodities and PRU may not, after using reasonable endeavors, be able to trade at the prices quoted at any specific time. The Company will notify Client agrees that PRU shall not be liable for any loss arising by reasons of its falling, or being unable, to comply with any terms of the Customer forthwith Client’s instruction. 3.16 The Client acknowledges that where PRU is unable after using reasonable endeavors to execute any instruction in full, it is entitled to effect partial performance only without prior reference to the Client for confirmation. The Client shall accept and be bound by the outcome of any material changes in:performance, partial performance or non-performance when the Client’s request to an order is made. (a) its description set out above; (b) 3.17 Any Client’s instruction that has not been executed before the nature close of business of the services provided relevant exchange or such other expiration date required by the relevant exchange or such other later time as the Client and PRU may agree shall be deemed to or available have been cancelled automatically. 3.18 The Client acknowledges that due to the Customer; (c) he description trading practices of the HKFE or other Foreign Futures Exchange in which transactions are executed, it may not always be able to executed orders at the prices quoted “at best” or “at market” and the Client agrees in any remuneration event to be paid to bound by transactions executed by PRU following Instructions given by the Company; (d) details of margin requirements, interest charges, margin calls and circumstances when the Customer’s position may be closed without its consentClient. 2.17 3.19 The Customer Client hereby authorizes the Company PRU to conduct C a credit enquiry (or personal credit enquiry in case of individual CustomerClient) or check on the Customer Client for the purpose of ascertaining the financial situation and investment objectives of the Customer Client and Customer Client shall keep the Company PRU informed regarding its financial standing and shall immediately report to PRU any information that it is insolvent, or threatened with insolvency or quilt of any irregularities or practices affecting the good name of HKFE. 3.20 The Client authorizes PRU, at any time and at Company’s absolute discretion, for the purpose of obtaining a better execution price and/or reducing the volume of instructions, to consolidate and/or disaggregate the Client’s Instructions to purchase and/or sell Contracts on the Client’s behalf with similar instructions received from PRU’s other Client. The Client agrees that in the event of there being insufficient Contracts available to satisfy the purchase/sell orders so consolidated, the number of Contracts actually purchased/sold shall be attributed to the relevant Clients in the order in which those orders were received by PRU. 3.21 Subject to applicable laws and regulations and market requirements, PRU may in its discretion determine the priority in the execution of its Clients’ orders, having due regard to the sequence in which such orders were received and the Client shall not have any claim of priority to another Client in relation to the execution of any order received by PRU.

Preliminary and General Matters. 2.1 3.1 Before entering into any FX Contract, the Customer shall satisfy itself that such FX Contract is suitable for the Customer’s purposes. Notwithstanding that the Company may express views on the subject matter of any FX Contract or on any matter connected with FX Transaction Financial Futures transactions generally, each FX Contract shall be deemed to have been entered into by the Customer in reliance only upon its own judgement judgement, and the Company shall and its other Indemnified Persons shall, subject to Clause 7.1, have no responsibility or liability whatsoever in respect of any advice information given, or views expressed by it or any of its directors, officers, employees or agents to the Customerthem, whether or not such advice information is given or such views are expressed at the request of the Customer. 2.2 It is expressly understood that unless otherwise disclosed herein or 3.2 The Company shall provide to the Customer, upon request, product specifications and any prospectus or other offering document covering such derivative products including, without limitation, futures contracts or options. 3.3 The Customer in writing in the usual manner of the Company, hereby acknowledges that the Company has given a full explanation of margin procedures and the circumstances under which the Customer’s positions may be closed without the Customer’s consent. 3.4 The Customer shall ensure that all necessary authorisations, approvals and consents of any governmental or other regulatory body or authority applicable to any Financial Futures transactions are obtained and that the terms thereof and all the Market Requirements are complied with. 3.5 Every Contract is acting as principal in any FX Transactions made by on the Customer with clear understanding that both the Company and the Customer contemplate actual performance thereof. 3.6 The Company may at its absolute discretion and without assigning any reason, refuse to carry out any Financial Futures transaction on behalf of, or enter into any Contract with, the Customer. 3.7 In relation to Contracts of the HKFE, the Customer acknowledges that in the case of a default committed by the Company and the Customer having suffered pecuniary loss thereby in relation to transactions on the HKFE, the liability of the Compensation Fund will be restricted to valid claims as provided for in the applicable laws, rules and regulations relating to the Compensation Fund (including, without limitation, the SFO, the Securities and Futures (Investor Compensation – Claims) Rules (Cap. 571T), the Securities and Futures (Investor Compensation – Compensation Limits) Rules (Cap. 571AC) and any other relevant subsidiary legislation)) and will be subject to the monetary limits specified in such laws, rules and regulations and accordingly there can be no assurance that any pecuniary loss sustained by reason of such a default will necessarily be recouped from the Compensation Fund in full, in part or at all. 3.8 The Company discloses to the Customer that it trades on its own account or on the account of any Associate and any of its directors or employees may trade on its own account. The Customer further acknowledges and accepts that the Company and any Associate may have interests, or may owe duties to other customers who have interests, which may conflict with the interests of the Customer. The Company shall have no obligation take all reasonable steps to provide ensure that the Customer receives fair treatment in the event of any actual or potential conflict arising. 3.9 In relation to transactions on the HKFE, the Customer acknowledges that position limits and reporting obligations shall apply under the Securities and Futures (Contracts Limits and Reportable Positions) Rules (Cap. 571Y) with financial which the Customer shall comply, and that the Company is bound by the Rules which permit the HKFE to take steps to limit the positions or other advice with respect require the closing out of relevant Contracts on behalf of such customers who in the opinion of the HKFE are accumulating positions which are or may be detrimental to any position particular market or markets or which may be capable of adversely affecting the fair and orderly operation of any market or markets as the case may be. In relation to transactions on any Foreign Futures Exchange, the Customer acknowledges that such Foreign Futures Exchange may in certain circumstances take steps to limit the positions or require the closing out of relevant Contracts to the extent required or permitted by applicable laws, rules and regulations. 3.10 In relation to transactions on the HKFE, all monies, securities and other property received by the Company from the Customer or from any other person (including a Clearing House) for the account of the Customer and (except as directed shall: i. be held by the Customer and except Company as provided under trustee, segregated from the Rules) Company’s own assets; and ii. not form part of the assets of the Company shall have no obligation to for insolvency or winding-up purposes but shall have the right be returned to close out any position in the Account which the Customer may open with promptly upon the appointment of a provisional liquidator, liquidator or similar officer over all or any part of the business or assets of the Company. 2.3 The 3.11 In relation to transactions on the HKFE, the Customer hereby expressly acknowledges that rates for foreign exchange may fluctuate in a very short period respect of time any account of the Company maintained with the Clearing House, whether or not such account is maintained wholly or partly in respect of Financial Futures transacted on behalf of the Customer and agrees that whether or not monies, Approved Debt Securities or Approved Securities paid or deposited by the Customer have been paid to or deposited with the Clearing House, as between the Company and the Clearing House, the Company deals as principal and accordingly no such account is impressed with any rate quoted trust or other equitable interest in favor of the Customer and monies, Approved Debt Securities and Approved Securities paid to or deposited with the Clearing House are thereby freed from the trust referred to in Clause 3.10 herein. 3.12 In relation to transactions on the HKFE, any monies, Approved Debt Securities or Approved Securities received by the Company from the Customer or from any other person (including the Clearing House) are held in the manner in accordance with applicable laws, rules and regulations (including, without limitation, the Code of Conduct). The Customer authorises the Company to apply any monies or Approved Debt Securities or Approved Securities in the manner in accordance with such laws, rules and regulations. In particular, the Company may apply such monies, Approved Debt Securities or Approved Securities in or towards meeting the obligations of the Company to any party insofar as such obligations arise in connection with or incidental to Financial Futures transacted on the Customer’s behalf. 3.13 The Customer declares, warrants and represents that the information supplied in the Account Opening Forms is true and complete and agrees and undertakes to notify the Company forthwith of any material changes in such information supplied. The Company will notify the Customer forthwith of any material change in the information supplied in this Agreement. 3.14 The Company may, subject to the provisions of the SFO and any applicable laws, rules and regulations, take the opposite position to the Customer’s order in relation to any Exchange traded futures and options contracts, whether verbally, by telephone or otherwise shall not be binding on the Company’s own account or for the account of its Associates or other customers of the Company, provided that such trade is executed competitively on or through the facilities of the HKFE in accordance with the Rules or the facilities of any other commodity, futures or options exchange in accordance with the rules and regulations of such other exchange. 2.4 3.15 The Customer acknowledges that there may, on occasions, be a delay in making prices or in dealing by the Company due to the physical restraints on the HKFE or other Foreign Futures Exchanges and the rapid changes in the prices of FX Transactions commodities and the Company may not, after using reasonable endeavoursendeavors, be able to trade at the prices quoted at any specific time. The Customer agrees that the Company shall not be liable for any loss arising by reasons of its failing, or being unable, to comply with any terms of the Customer's Instruction’s instruction. 2.5 The Customer shall ensure that all necessary authorisations, approvals and consents of any governmental or other regulatory body or authority applicable to any FX Transactions are obtained and that the terms thereof and all the applicable regulations of such bodies and authorities are complied with. 2.6 Every FX Contract is made on the clear understanding that both the Company and the Customer contemplate actual performance thereof. 2.7 THE CUSTOMER ACKNOWLEDGES THAT THE COMPANY MAY, TAKE THE OPPOSITE POSITION TO THE CUSTOMER’S ORDER IN RELATION TO ANY FX CONTRACTS, WHETHER ON THE COMPANY’S OWN ACCOUNT OR FOR THE ACCOUNT OF ITS ASSOCIATES OR OTHER CUSTOMERS OF THE COMPANY. 2.8 The Company discloses to the Customer that it trades on its own account or on the account of any Associate and any of its directors or employees may trade on its own account. The Customer is trading on his own account or for the account of the ultimate beneficial owner of the Account as set out in the Account Opening Form. 2.9 The Company agrees on request from the Customer to provide to the Customer: (a) a product specification or other offering document relating to the FX Transactions and FX Contracts entered into pursuant to this Agreement; and (b) a full explanation of margin procedures and the circumstances under which the Customer’s positions may be closed without his consent. 2.10 Nothing in this Agreement operates to remove, exclude or restrict any rights of the Customer or obligations of the Company under the law. 2.11 None of the employees or representatives of the Company shall accept appointment by the Customer as agent to operate the Account(s) unless a separate agreement is entered into in accordance with the Code of Conduct. 2.12 Subject to 2.11, the Customer hereby irrevocably and by way of security for its obligations under this agreement appoints the Company and its officers as the agent and the attorney of the Customer and in its name and on its behalf and as its act and deed to do or execute all such deeds, assurances, agreements, instruments notices, acts and things which may be lawfully required to give full effect to this agreement. The Customer hereby ratifies and confirms and agrees to ratify and confirm any Instrument, act or thing which such attorney may execute or do. 2.13 3.16 The Customer acknowledges that he may be affected by any curtailment of, or restriction on, the capacity of where the Company is unable after using reasonable endeavors to deal execute any instruction in respect of open positions as a result of action taken by the Securities and Futures Commission under the Rules or for any other reasonfull, and in such circumstances, it is entitled to effect partial performance only without prior reference to the Customer may be required to reduce or close out his positions with the Company. 2.14 All monies, securities and other property received by the Company from the Customer or from any other person for the account of the Customer shall be held by the Company as trustee, segregated from the Company’s own assets; 2.15 The Customer shall not be entitled to any interest as may be received by the Company attributable to any credit balance of the Customer in the Accountconfirmation. The Customer shall pay interest on all debit balances on the Account (including any amount otherwise owing to the Company at any time) at such rates accept and on such other terms as the Company notifies the Customer from time to time. Such interest shall accrue on a day-to-day basis and shall be payable on the last day of each calendar month or upon any demand being made bound by the Company. Overdue interest shall be compounded monthly and shall itself bear interest. 2.16 The Customer confirms that the information supplied in the Account Opening Form is true and complete and agrees to notify the Company forthwith outcome of any material changes in such information supplied. The Company will notify the Customer forthwith of any material changes in: (a) its description set out above; (b) the nature of the services provided to performances, partial performance or available to the Customer; (c) he description of any remuneration to be paid to the Company; (d) details of margin requirements, interest charges, margin calls and circumstances non-performance when the Customer’s position may be closed without its consentrequest to execute and order is made. 2.17 3.17 Any Customer’s instruction that has not been executed before the close of business of the relevant exchange or such other expiration date required by the relevant exchange or such other later time as the Customer and the Company may agree shall be deemed to have been cancelled automatically. 3.18 The Customer acknowledges that due to the trading practices and market requirements of the HKFE or other Foreign Futures Exchange in which transactions are executed, it may not always be able to execute orders at the prices quoted “at best” or “at market” and the Customer agrees in any event to be bound by transactions executed by the Company following Instructions given by the Customer. 3.19 The Customer hereby authorizes authorises the Company to conduct C a credit enquiry (or personal credit enquiry in case of individual Customer) or check on the Customer for the purpose of ascertaining the financial situation and investment objectives of the Customer and the Customer shall keep the Company informed regarding its financial standing and shall immediately report to the Company any information that indicates that it is insolvent, or threatened with insolvency or guilty of any irregularities or practices affecting the good name of HKFE. 3.20 The Customer authorises the Company, at any time and at Company’s absolute discretion, for the purpose of obtaining a better execution price and/or reducing the volume of instructions, to consolidate and/or disaggregate the Customer’s instructions to purchase and/or sell Contracts on the Customer’s behalf with similar instructions received from the Company’s other customers. The Customer agrees that in the event of there being insufficient Contracts available to satisfy the purchase/sell orders so consolidated, the number of Contracts actually purchased/sold shall be attributed to the relevant customers in the order in which those orders were received by the Company. 3.21 Subject to Market Requirements, the Company may in its discretion determine the priority in the execution of its customers’ orders, having due regard to the sequence in which such orders were received, and the Customer shall not have any claim of priority over another customer in relation to the execution of any order received by the Company. 3.22 If any relevant Exchange, Clearing House, broker and/or Correspondent Broker on which or through whom any Contract has been entered into by the Company on behalf of the Customer requires any alteration in any terms and conditions of any such Contract, the Company may take all such actions on behalf of the Customer as the Company may in its absolute discretion consider necessary or desirable to comply therewith or as a result thereof, or to avoid or mitigate loss thereunder, and all such actions shall be binding upon the Customer.

Preliminary and General Matters. 2.1 3.1 Before entering into any FX Contract, the Customer shall satisfy itself that such FX Contract is suitable for the Customer’s purposes. Notwithstanding that the Company may express views on the subject matter of any FX Contract or on any matter connected with FX Transaction Financial Futures transactions generally, each FX Contract shall be deemed to have been entered into by the Customer in reliance only upon its own judgement and the Company shall have no responsibility or liability whatsoever in respect of any advice information given, or views expressed by it or any of its directors, officers, employees or agents to the Customer, whether or not such advice information is given or such views are expressed at the request of the Customer. 2.2 It is expressly understood that unless otherwise disclosed herein or 3.2 The Company shall provide to the Customer in writing in the usual manner of the CompanyCustomer, the Company is acting as principal in upon request, Contract specifications and any FX Transactions made by the Customer with the Company and the Company shall have no obligation to provide the Customer with financial prospectus or other advice with respect to any position of the Customer and (except as directed by the Customer and except as provided under the Rules) the Company shall have no obligation to but shall have the right to close out any position in the Account which the Customer may open with any of the Companyoffering document covering such products. 2.3 The Customer hereby expressly acknowledges that rates for foreign exchange may fluctuate in a very short period of time and agrees that any rate quoted by the Company whether verbally, by telephone or otherwise shall not be binding on the Company. 2.4 The Customer acknowledges that there may, on occasions, be a delay in making prices or in dealing by the Company due to the physical restraints or the rapid changes in the prices of FX Transactions and the Company may not, after using reasonable endeavours, be able to trade at the prices quoted at any specific time. The Customer agrees that the Company shall not be liable for any loss arising by reasons of its failing, or being unable, to comply with any terms of the Customer's Instruction. 2.5 3.3 The Customer shall ensure that all necessary authorisations, approvals and consents of any governmental or other regulatory body or authority applicable to any FX Transactions Financial Futures transactions are obtained and that the terms thereof and all the applicable regulations of such bodies and authorities Market Requirements are complied with. 2.6 3.4 Every FX Contract is made on the clear understanding that both the Company and the Customer contemplate actual performance thereof. 2.7 THE CUSTOMER ACKNOWLEDGES THAT THE COMPANY MAY3.5 The Company may at its absolute discretion and without assigning any reason, TAKE THE OPPOSITE POSITION TO THE CUSTOMER’S ORDER IN RELATION TO ANY FX CONTRACTSrefuse to carry out any Financial Futures transaction on behalf of, WHETHER ON THE COMPANY’S OWN ACCOUNT OR FOR THE ACCOUNT OF ITS ASSOCIATES OR OTHER CUSTOMERS OF THE COMPANYor enter into any Contract with, the Customer. 2.8 3.6 In relation to Contracts of the HKFE, the Customer acknowledges that in the case of a default committed by the Company and the Customer having suffered pecuniary loss thereby in relation to transactions on the HKFE, the liability of the Compensation Fund will be restricted to valid claims as provided for in the applicable laws, rules and regulations relating to the Compensation Fund (including, without limitation, the SFO, the Securities and Futures (Investor Compensation –Claims) Rules, the Securities and Futures (Investor Compensation – Compensation Limits) Rules and any other relevant subsidiary legislation)) and will be subject to the monetary limits specified in such laws, rules and regulations and accordingly there can be no assurance that any pecuniary loss sustained by reason of such a default will necessarily be recouped from the Compensation Fund in full, in part or at all. 3.7 The Company discloses to the Customer that it trades on its own account or on the account of any Associate and any of its directors or employees may trade on its own account. The Customer is trading on his own account further acknowledges and accepts that the Company and any Associate may have interests, or for may owe duties to other customers who have interests, which may conflict with the account interests of the ultimate beneficial owner of Customer. The Company shall take all reasonable steps to ensure that the Account as set out Customer receives fair treatment in the Account Opening Formevent of any actual or potential conflict arising. 2.9 The Company agrees 3.8 In relation to transactions on request from the Customer to provide to the Customer: (a) a product specification or other offering document relating to the FX Transactions and FX Contracts entered into pursuant to this Agreement; and (b) a full explanation of margin procedures and the circumstances under which the Customer’s positions may be closed without his consent. 2.10 Nothing in this Agreement operates to remove, exclude or restrict any rights of the Customer or obligations of the Company under the law. 2.11 None of the employees or representatives of the Company shall accept appointment by the Customer as agent to operate the Account(s) unless a separate agreement is entered into in accordance with the Code of Conduct. 2.12 Subject to 2.11HKFE, the Customer hereby irrevocably and by way of security for its obligations under this agreement appoints the Company and its officers as the agent and the attorney of the Customer and in its name and on its behalf and as its act and deed to do or execute all such deeds, assurances, agreements, instruments notices, acts and things which may be lawfully required to give full effect to this agreement. The Customer hereby ratifies and confirms and agrees to ratify and confirm any Instrument, act or thing which such attorney may execute or do. 2.13 The Customer acknowledges that he may be affected by any curtailment of, or restriction on, the capacity of the Company to deal in respect of open positions as a result of action taken by position limits and reporting obligations shall apply under the Securities and Futures Commission under (Contracts Limits and Reportable Positions) Rules with which the Customer shall comply, and that the Company is bound by the Rules which permit the HKFE to take steps to limit the positions or for require the closing out of relevant Contracts on behalf of such customers who in the opinion of the HKFE are accumulating positions which are or may be detrimental to any other reason, particular market or markets or which may be capable of adversely affecting the fair and in such circumstancesorderly operation of any market or markets as the case may be. In relation to transactions on any Foreign Futures Exchange, the Customer acknowledges that such Foreign Futures Exchange may be in certain circumstances take steps to limit the positions or require the closing out of relevant Contracts to the extent required to reduce or close out his positions with the Companypermitted by applicable laws, rules and regulations. 2.14 All 3.9 In relation to transactions on the HKFE, all monies, securities and other property received by the Company from the Customer or from any other person (including a Clearing House) for the account of the Customer shall shall: i. be held by the Company as trustee, segregated from the Company’s own assets;; and 2.15 ii. not form part of the assets of the Company for insolvency or winding-up purposes but shall be returned to the Customer promptly upon the appointment of a provisional liquidator, liquidator or similar officer over all or any part of the business or assets of the Company. 3.10 The Customer shall not be entitled to any interest as may be received by the Company attributable to any credit balance of the Customer in the Account. The Customer shall pay interest on all debit balances on the Account (including any amount otherwise owing to the Company at any time) at such rates and on such other terms as the Company notifies the Customer from time to time. Such interest shall accrue on a day-to-day basis and shall be payable on the last day of each calendar month or upon any demand being made by the Company. Overdue interest shall be compounded monthly and shall itself bear interest. 2.16 3.11 In relation to transactions on the HKFE, the Customer acknowledges that in respect of any account of the Company maintained with the Clearing House, whether or not such account is maintained wholly or partly in respect of Financial Futures transacted on behalf of the Customer and whether or not monies, Approved Debt Securities or Approved Securities paid or deposited by the Customer have been paid to or deposited with the Clearing House, as between the Company and the Clearing House, the Company deals as principal and accordingly no such account is impressed with any trust or other equitable interest in favour of the Customer and monies, Approved Debt Securities and Approved Securities paid to or deposited with the Clearing House are thereby freed from the trust referred to in Clause 3.9 herein. 3.12 In relation to transactions on the HKFE, any monies, Approved Debt Securities or Approved Securities received by the Company from the Customer or from any other person (including the Clearing House) are held in the manner in accordance with applicable laws, rules and regulations (including, without limitation, the Code of Conduct). The Customer confirms authorises the Company to apply any monies or Approved Debt Securities or Approved Securities in the manner in accordance with such laws, rules and regulations. In particular the Company may apply such monies, Approved Debt Securities or Approved Securities in or towards meeting the obligations of the Company to any party insofar as such obligations arise in connection with or incidental to Financial Futures transacted on the Customer’s behalf. 3.13 The Customer declares, warrants and represents that the information supplied in the Account Opening Customer Information Form is true and complete and agrees and undertakes to notify the Company forthwith of any material changes in such information Information supplied. The Company will notify the Customer forthwith of any material changes in: (a) its description set out above; (b) change in the nature of the services provided to or available to the Customer; (c) he description of any remuneration to be paid to the Company; (d) details of margin requirements, interest charges, margin calls and circumstances when the Customer’s position may be closed without its consentinformation supplied in this Agreement. 2.17 The Customer hereby authorizes the Company to conduct C credit enquiry (or personal credit enquiry in case of individual Customer) or check on the Customer for the purpose of ascertaining the financial situation and investment objectives of the Customer and Customer shall keep the Company informed regarding its financial standing and shall immediately report to the Company.

Preliminary and General Matters. 2.1 Before entering into any FX Contract, the Customer shall satisfy itself that such FX Contract is suitable for the Customer’s purposes. Notwithstanding that 3.1 If the Company may express views on solicits the subject matter sale of or recommend any FX Contract or on any matter connected with FX Transaction generally, each FX Contract shall be deemed to have been entered into by the Customer in reliance only upon its own judgement and the Company shall have no responsibility or liability whatsoever in respect of any advice given, or views expressed by it or any of its directors, officers, employees or agents financial product to the Customer, whether or not such advice is given or such views are expressed at the request of financial product must be reasonably suitable for the Customer having regard to the Customer’s financial situation, investment experience and investment objectives. No other provision of this agreement or any other document the Company may ask the Customer to sign and no statement the Company may ask the Customer to make derogates from this clause. 2.2 It is expressly understood that unless otherwise disclosed herein or 3.2 In relation to the Customer in writing in the usual manner of the Company, the Company is acting as principal in any FX Transactions made entered by the Customer with the Company and the Company shall have no obligation to provide the Customer with financial without or other advice with respect to any position of the Customer and (except as directed by the Customer and except as provided under the Rules) the Company shall have no obligation to but shall have the right to close out any position in the Account which the Customer may open inconsistent with any of the Company’s solicitations or recommendations, the Company is not responsible to the Customer with respect to the suitability of the Transaction. Nor is the Company responsible for the profitability, tax, legal or accounting consequences of any such Transactions. 2.3 The 3.3 Before the Customer hereby expressly acknowledges that rates for foreign exchange may fluctuate in a very short period of time and agrees that enters any rate quoted by transactions, the Company whether verbally, by telephone or otherwise shall not be binding on the Company. 2.4 The Customer acknowledges that there may, on occasions, be a delay in making prices or in dealing by the Company due to the physical restraints or the rapid changes in the prices of FX Transactions and the Company may not, after using reasonable endeavours, be able to trade at the prices quoted at any specific time. The Customer agrees should note that the Company shall not has no ongoing responsibility to ensure that a product the Company has solicited the sale of or recommended to the Customer remains suitable for the customer and that if circumstances relating to the Customer, such product, such product’s issuer or general market conditions change, such product may no longer be liable suitable for any loss arising by reasons of its failing, or being unable, the Customer. 3.4 In relation to comply with any terms Contracts of the HKFE, the Company shall provide to the Customer's Instruction, upon request, Contract specifications and any prospectus or other offering document covering such products. 2.5 3.5 The Customer shall ensure that all necessary authorisations, approvals and consents of any governmental or other regulatory body or authority applicable to any FX Transactions Commodity Futures transactions are obtained and that the terms thereof and all the applicable regulations of such bodies and authorities are complied with. 2.6 3.6 Every FX Contract is made on the clear understanding that both the Company and the Customer contemplate actual performance thereof. 2.7 THE CUSTOMER ACKNOWLEDGES THAT THE COMPANY MAY3.7 The Company may at its absolute discretion and without assigning any reason, TAKE THE OPPOSITE POSITION TO THE CUSTOMER’S ORDER IN RELATION TO ANY FX CONTRACTSrefuse to carry out any Commodity Futures transaction on behalf of, WHETHER ON THE COMPANY’S OWN ACCOUNT OR FOR THE ACCOUNT OF ITS ASSOCIATES OR OTHER CUSTOMERS OF THE COMPANYor enter into any Contract with, the Customer. 2.8 3.8 In relation to Contracts of the HKFE, the Customer acknowledges that in the case of a. default committed by the Company and the Customer having suffered pecuniary loss thereby In relation to transactions on the HKFE, the liability of the Investor Compensation Fund will be restricted to valid claims as provided for in the SFO and the relevant subsidiary legislation and will be subject to the monetary limits specified in the Securities and Futures (investor Compensation – Compensation Limits) Rules and accordingly there can be no assurance that any pecuniary loss sustained by reason of such a default will necessarily be recouped from the Investor Compensation Fund in full. In part or at all. 3.9 The Customer acknowledges that Customer’s assets received or held by the Company outside Hong Kong, including but not limited to received or held through its overseas counterparties are subject to the applicable laws and regulations of the relevant overseas jurisdiction which may be different from the standard of the Securities and Futures Ordinance of Hong Kong and the rules made thereunder. Consequently, such client assets may not enjoy the same protection as that conferred on client assets received or held in Hong Kong. 3.10 The Company has to fulfil the Customer’s and its clients’ obligations with its Correspondent Agent, however, Customer’s asset held by the Company in Correspondent Agents would not be affected by any default of other client of the Company. 3.11 The Company discloses to the Customer that it trades on its own account or on the account of any Associate and any of its directors or employees may trade on its own account. The Customer is trading on his own account or for the account of the ultimate beneficial owner of the Account as set out in the Account Opening Form. 2.9 The Company agrees 3.12 In relation to transactions on request from the Customer to provide to the Customer: (a) a product specification or other offering document relating to the FX Transactions and FX Contracts entered into pursuant to this Agreement; and (b) a full explanation of margin procedures and the circumstances under which the Customer’s positions may be closed without his consent. 2.10 Nothing in this Agreement operates to remove, exclude or restrict any rights of the Customer or obligations of the Company under the law. 2.11 None of the employees or representatives of the Company shall accept appointment by the Customer as agent to operate the Account(s) unless a separate agreement is entered into in accordance with the Code of Conduct. 2.12 Subject to 2.11HKFE, the Customer hereby irrevocably and by way of security for its obligations under this agreement appoints acknowledges that the Company and its officers as is bound by the agent and Rules which permit the attorney HKFE to take steps to limit the positions or require the closing out of relevant Contracts on behalf of such customers who in the opinion of the Customer and in its name and on its behalf and as its act and deed HKFE are accumulating positions which are or may be detrimental to do any particular Market or execute all such deeds, assurances, agreements, instruments notices, acts and things Markets or which may be lawfully required to give full effect to this agreement. The Customer hereby ratifies capable of adversely affecting the fair and confirms and agrees to ratify and confirm orderly operation of any Instrument, act Market or thing which such attorney Markets as the case may execute or dobe. 2.13 The Customer acknowledges that he may be affected by any curtailment of, or restriction on, the capacity of the Company to deal in respect of open positions as a result of action taken by the Securities and Futures Commission under the Rules or for any other reason, and in such circumstances, the Customer may be required to reduce or close out his positions with the Company. 2.14 3.13 All monies, securities and other property received by the Company from the Customer or from any other person (including a clearing house) for the account of the Customer shall shall: (i) be held by the Company as trustee, segregated from the Company’s own assets;; and 2.15 (ii) not form part of the assets of the Company for insolvency or winding-up purposes but shall be returned to the Customer promptly upon the appointment of a provisional liquidator, liquidator or similar officer over all or any part of the business or assets of the Company. 3.14 The Customer shall not be entitled to any interest as may be received by the Company attributable to any credit balance of the Customer in the Account. The Customer shall pay interest on all debit balances on the Account (including any amount otherwise owing to the Company at any time) at such rates and on such other terms as the Company notifies the Customer from time to time. Such interest shall accrue on a day-to-day basis and shall be payable on the last day of each calendar month or upon any demand being made by the Company. Overdue interest shall be compounded monthly and shall itself bear interest. 2.16 3.15 In relation to transactions on the HKFE, the Customer acknowledges that in respect of any account of the Company maintained with the Clearing House, whether or not such account is maintained wholly or partly in respect of Commodity Futures transacted on behalf of the Customer and whether or not monies or Approved Debt Securities or Approved Securities paid or deposited by the Customer have been paid to or deposited with the Clearing House, as between the Company and the Clearing House, the Company deals as principal and accordingly no such account is impressed with any trust or other equitable interest in favour of the Customer and monies, Approved Debt Securities and Approved Securities paid to or deposited with the Clearing House are thereby freed from the trust referred to in Clause 3.9 herein. 3.16 In relation to transactions on the HKFE, any monies, Approved Debt Securities or Approved Securities received by the Company from the Customer or from any other person (including the Clearing House) are held in the manner specified under paragraphs 7 to 12 of Schedule 4 to the Code of Conduct. The Customer authorises the Company to apply any monies or Approved Debt Securities or Approved Securities in the manner specified under paragraphs 14 to 15 of Schedule 4 to the Code of Conduct. In particular the Company may apply such monies, Approved Debt Securities or Approved Securities in or towards meeting the obligations of the Company to any party insofar as such obligations arise in connection with or incidental to Commodity Futures transacted on the Customer’s behalf. 3.17 The Customer confirms that the information supplied in the Account Opening Form is true and complete and agrees to notify the Company forthwith of any material changes in such information supplied. The Company will notify the Customer forthwith of any material changes in:in the information supplied in this Agreement. (a) its description set out above; (b) 3.18 The Customer will advise the nature of the services provided to Company promptly whether they are a U.S. person or available to the Customer; (c) he description acquire or hold Commodity Futures beneficially owned by or for a U.S. person or in violation of any remuneration to be paid to the Company; (d) details of margin requirements, interest charges, margin calls and circumstances when the Customer’s position may be closed without its consentapplicable law. 2.17 The Customer hereby authorizes the Company to conduct C credit enquiry (or personal credit enquiry in case of individual Customer) or check on the Customer for the purpose of ascertaining the financial situation and investment objectives of the Customer and Customer shall keep the Company informed regarding its financial standing and shall immediately report to the Company.