Common use of Provisions Regarding Custody Accounts Clause in Contracts

Provisions Regarding Custody Accounts. The Bank provides custody services in accordance with the Capital Markets laws and regulations and the provisions of this Agreement with regard to capital market instruments which are delivered or entrusted to it physically or on book-entry basis in connection with its capital market activities and services, either as and in the capacity of a custodian, or for management purposes, or as a security deposit or under any other name whatsoever it is. All records kept by the Bank with regard to the Customer accounts under the scope of custody services are required to be kept in such manner to separate the Customer’s capital market instruments and cash funds from another customer’s account or from its own assets at any time hereunder, and are required to fully and accurately reflect the rights of these persons and the obligations of the Bank towards each customer. Records kept by the Bank in the course of provision of custodian services to customers resident abroad are required to be traced and followed up on the basis of right owners, except for cash funds. For the activities of clearing, settlement and custody of securities abroad, the Bank is cooperating with Euroclear Bank engaged in international activities. Euroclear Bank, founded in Brussels in 1968, is primarily engaged in clearing, settlement and custody of securities (also including security deposit management services and securities lending transactions), asset optimization, asset services and investment fund services, and Euroclear Bank has direct or indirect connections and links with capital markets in more than 40 countries. Euroclear Bank has adopted the Principle of Delivery Against Payment on clearing and settlement of securities, mortgaged bonds, share certificates, investment (mutual) funds and other securities exchanged in international platform, and automatically debits and/or credits our Bank’s Cash and Securities Accounts in order to reflect the movements arising out of clearing transactions. All securities covered by Euroclear System are kept in custody on in kind basis, and accordingly, all securities to which a code number is allocated are considered and treated as identical and interchangeable, and these assets are kept in the system collectively in a single pool account for all our customers, not in separate accounts for each customer. Pursuant to the Belgium Laws applicable on and the Terms and Conditions applied by Euroclear Bank, our Bank has rights on the amounts credited to the securities clearing and settlement accounts and according to the records of Euroclear Bank. Pursuant to the Belgium Laws, our Bank at all times holds its rights of ownership on the securities deposited in Euroclear Bank. These rights are valid also for the deposited securities. Again in this aspect, the securities kept in custody by our Bank are not treated as a property of Euroclear Bank, and in addition, Euroclear Bank’s liability on the rights over these securities remains in force and valid even in the case of bankruptcy or insolvency of a local custodian of Euroclear Bank. The CUSTOMER hereby declares, acknowledges and accepts that if and when the employee / employees of Portfolio Management Company authorized by a power of attorney granted in reliance upon a portfolio management service agreement signed by the CUSTOMER with its Portfolio Management Companies for transactions hereunder and/or their agents again appointed by a power of attorney execute transactions in the name of the CUSTOMER, then and in this case, such transactions will be deemed to have been executed directly in the CUSTOMER’s own discretion and as a result of the CUSTOMER’s own decisions, and will give results in the name and account of the CUSTOMER, and that he was duly informed before the contracting stage that such transactions might lead to risks for and cause damages to the CUSTOMER as detailed and set forth in the Investment Services And Activities General Risk Notification Form, and accordingly that the CUSTOMER will be personally and directly liable to perform all kinds of obligations and covenants that may arise out of the transactions executed by the Portfolio Management Company authorized by the CUSTOMER and/or by its agents under the Agreement and to indemnify and hold the Bank harmless from all kinds of damages and losses that may be suffered by the Bank due to breach of the Agreement by the Portfolio Management Company and/ or its agents as above. Now and therefore, the CUSTOMER hereby declares, acknowledges and accepts that the Bank will not ever be held liable for any resulting damages or losses, even in excess of the amount of money deposited hereunder, due to the all and any reasons whatsoever, including, but not limited to, the transactions effected by the Portfolio Management Company authorized by the CUSTOMER and/or by its agents under the Agreement not being fit to the actual needs and requirements of the CUSTOMER, or their being exposed to special risk elements or factors, or market price movements or similar other conditions developing in disfavor of the positions held by the CUSTOMER, or faulty or negligent acts of the Portfolio Management Company authorized by the CUSTOMER and/or by its agents under the Agreement, and therefore, the CUSTOMER will in no case have a right of recourse to the Bank due to its resulting damages and losses. The CUSTOMER hereby further declares, acknowledges and accepts that the Portfolio Management Company authorized by the CUSTOMER and/or its agents will be entitled to buy and sell all kinds of financial assets and instruments through any accounts, including, but not limited to, its accounts used in performance of Portfolio Management Services and/or the CUSTOMER accounts held with stock exchanges, and to pay the prices thereof, and to collect the moneys paid therein, and to collect the dividends, interest coupons and principal sums pertaining thereto, and to use capital subscription and increase rights, and to take all kinds of actions and give instructions for management of the accounts, and that except for the transactions of the Portfolio Management Company within the frame of its portfolio management activities, the Portfolio Management Company authorized by the CUSTOMER and/or its agents may transfer only cash funds and assets only to the CUSTOMER’s own accounts held with other institutions, in the case of delivery of financial assets and instruments or in the case of exit from custody accounts.

Provisions Regarding Custody Accounts. The Bank provides custody services in accordance with the Capital Markets laws and regulations and the provisions of this Agreement with regard to capital market instruments which are delivered or entrusted to it physically or on book-entry basis in connection with its capital market activities and services, either as and in the capacity of a custodian, or for management purposes, or as a security deposit or under any other name whatsoever it is. All records kept by the Bank with regard to the Customer accounts under the scope of custody services are required to be kept in such manner to separate the Customer’s capital market instruments and cash funds from another customer’s account or from its own assets at any time hereunder, and are required to fully and accurately reflect the rights of these persons and the obligations of the Bank towards each customer. Records kept by the Bank in the course of provision of custodian services to customers resident abroad are required to be traced and followed up on the basis of right owners, except for cash funds. For the activities of clearing, settlement and custody of securities abroad, the Bank is cooperating with Euroclear Bank engaged in international activities. Euroclear Bank, founded in Brussels in 1968, is primarily engaged in clearing, settlement and custody of securities (also including security deposit management services and securities lending transactions), asset optimization, asset services and investment fund services, and Euroclear Bank has direct or indirect connections and links with capital markets in more than 40 countries. Euroclear Bank has adopted the Principle of Delivery Against Payment on clearing and settlement of securities, mortgaged bonds, share certificates, investment (mutual) funds and other securities exchanged in international platform, and automatically debits and/or credits our Bank’s Cash and Securities Accounts in order to reflect the movements arising out of clearing transactions. All securities covered by Euroclear System are kept in custody on in kind basis, and accordingly, all securities to which a code number is allocated are considered and treated as identical and interchangeable, and these assets are kept in the system collectively in a single pool account for all our customers, not in separate accounts for each customer. Pursuant to the Belgium Laws applicable on and the Terms and Conditions applied by Euroclear Bank, our Bank has rights on the amounts credited to the securities clearing and settlement accounts and according to the records of Euroclear Bank. Pursuant to the Belgium Laws, our Bank at all times holds its rights of ownership on the securities deposited in Euroclear Bank. These rights are valid also for the deposited securities. Again in this aspect, the securities kept in custody by our Bank are not treated as a property of Euroclear Bank, and in addition, Euroclear Bank’s liability on the rights over these securities remains in force and valid even in the case of bankruptcy or insolvency of a local custodian of Euroclear Bank. The CUSTOMER hereby declares, acknowledges and accepts that if and when the employee / employees of Portfolio Management Company authorized by a power of attorney granted in reliance upon a portfolio management service agreement signed by the CUSTOMER with its Portfolio Management Companies for transactions hereunder and/or their agents again appointed by a power of attorney execute transactions in the name of the CUSTOMER, then and in this case, such transactions will be deemed to have been executed directly in the CUSTOMER’s own discretion and as a result of the CUSTOMER’s own decisions, and will give results in the name and account of the CUSTOMER, and that he was duly informed before the contracting stage that such transactions might lead to risks for and cause damages to the CUSTOMER as detailed and set forth in the Investment Services And Activities General Risk Notification Form, and accordingly that the CUSTOMER will be personally and directly liable to perform all kinds of obligations and covenants that may arise out of the transactions executed by the Portfolio Management Company authorized by the CUSTOMER and/or by its agents under the Agreement and to indemnify and hold the Bank harmless from all kinds of damages and losses that may be suffered by the Bank due to breach of the Agreement by the Portfolio Management Company and/ or its agents as above. Now and therefore, the CUSTOMER hereby declares, acknowledges and accepts that the Bank will not ever be held liable for any resulting damages or losses, even in excess of the amount of money deposited hereunder, due to the all and any reasons whatsoever, including, but not limited to, the transactions effected by the Portfolio Management Company authorized by the CUSTOMER and/or by its agents under the Agreement not being fit to the actual needs and requirements of the CUSTOMER, or their being exposed to special risk elements or factors, or market price movements or similar other conditions developing in disfavor of the positions held by the CUSTOMER, or faulty or negligent acts of the Portfolio Management Company authorized by the CUSTOMER and/or by its agents under the Agreement, and therefore, the CUSTOMER will in no case have a right of recourse to the Bank due to its resulting damages and losses. The CUSTOMER hereby further declares, acknowledges and accepts that the Portfolio Management Company authorized by the CUSTOMER and/or its agents will be entitled to buy and sell all kinds of financial assets and instruments through any accounts, including, but not limited to, its accounts used in performance of Portfolio Management Services and/or the CUSTOMER accounts held with stock exchanges, and to pay the prices thereof, and to collect the moneys paid therein, and to collect the dividends, interest coupons and principal sums pertaining thereto, and to use capital subscription and increase rights, and to take all kinds of actions and give instructions for management of the accounts, and that except for the transactions of the Portfolio Management Company within the frame of its portfolio management activities, the Portfolio Management Company authorized by the CUSTOMER and/or its agents may transfer only cash funds and assets only to the CUSTOMER’s own accounts held with other institutions, in the case of delivery of financial assets and instruments or in the case of exit from custody accounts.

Provisions Regarding Custody Accounts. The Bank provides custody services in accordance with the Capital Markets laws and regulations and the provisions of this Agreement with regard to capital market instruments which are delivered or entrusted to it physically or on book-book- entry basis in connection with its capital market activities and services, either as and in the capacity of a custodian, or for management purposes, or as a security deposit or under any other name whatsoever it is. All records kept by the Bank with regard to the Customer accounts under the scope of custody services are required to be kept in such manner to separate the Customer’s capital market instruments and cash funds from another customer’s account or from its own assets at any time hereunder, and are required to fully and accurately reflect the rights of these persons and the obligations of the Bank towards each customer. Records kept by the Bank in the course of provision of custodian services to customers resident abroad are required to be traced and followed up on the basis of right owners, except for cash funds. For the activities of clearing, settlement and custody of securities abroad, the Bank is cooperating with Euroclear Bank engaged in international activities. Euroclear Bank, founded in Brussels in 1968, is primarily engaged in clearing, settlement and custody of securities (also including security deposit management services and securities lending transactions), asset optimization, asset services and investment fund services, and Euroclear Bank has direct or indirect connections and links with capital markets in more than 40 countries. Euroclear Bank has adopted the Principle of Delivery Against Payment on clearing and settlement of securities, mortgaged bonds, share certificates, investment (mutual) funds and other securities exchanged in international platform, and automatically debits and/or and/ or credits our Bank’s Cash and Securities Accounts in order to reflect the movements arising out of clearing transactions. All securities covered by Euroclear System are kept in custody on in kind basis, and accordingly, all securities to which a code number is allocated are considered and treated as identical and interchangeable, and these assets are kept in the system collectively in a single pool account for all our customers, not in separate accounts for each customer. Pursuant to the Belgium Laws applicable on and the Terms and Conditions applied by Euroclear Bank, our Bank has rights on the amounts credited to the securities clearing and settlement accounts and according to the records of Euroclear Bank. Pursuant to the Belgium Laws, our Bank at all times holds its rights of ownership on the securities deposited in Euroclear Bank. These rights are valid also for the deposited securities. Again in this aspect, the securities kept in custody by our Bank are not treated as a property of Euroclear Bank, and in addition, Euroclear Bank’s liability on the rights over these securities remains in force and valid even in the case of bankruptcy or insolvency of a local custodian of Euroclear Bank. The CUSTOMER hereby declares, acknowledges and accepts that if and when the employee / employees of Portfolio Management Company authorized by a power of attorney granted in reliance upon a portfolio management service agreement signed by the CUSTOMER with its Portfolio Management Companies for transactions hereunder and/or their agents again appointed by a power of attorney execute transactions in the name of the CUSTOMER, then and in this case, such transactions will be deemed to have been executed directly in the CUSTOMER’s own discretion and as a result of the CUSTOMER’s own decisions, and will give results in the name and account of the CUSTOMER, and that he was duly informed before the contracting stage that such transactions might lead to risks for and cause damages to the CUSTOMER as detailed and set forth in the Investment Services And Activities General Risk Notification Form, and accordingly that the CUSTOMER will be personally and directly liable to perform all kinds of obligations and covenants that may arise out of the transactions executed by the Portfolio Management Company authorized by the CUSTOMER and/or by its agents under the Agreement and to indemnify and hold the Bank harmless from all kinds of damages and losses that may be suffered by the Bank due to breach of the Agreement by the Portfolio Management Company and/ or its agents as above. Now and therefore, the CUSTOMER hereby declares, acknowledges and accepts that the Bank will not ever be held liable for any resulting damages or losses, even in excess of the amount of money deposited hereunder, due to the all and any reasons whatsoever, including, but not limited to, the transactions effected by the Portfolio Management Company authorized by the CUSTOMER and/or by its agents under the Agreement not being fit to the actual needs and requirements of the CUSTOMER, or their being exposed to special risk elements or factors, or market price movements or similar other conditions developing in disfavor of the positions held by the CUSTOMER, or faulty or negligent acts of the Portfolio Management Company authorized by the CUSTOMER and/or by its agents under the Agreement, and therefore, the CUSTOMER will in no case have a right of recourse to the Bank due to its resulting damages and losses. The CUSTOMER hereby further declares, acknowledges and accepts that the Portfolio Management Company authorized by the CUSTOMER and/or its agents will be entitled to buy and sell all kinds of financial assets and instruments through any accounts, including, but not limited to, its accounts used in performance of Portfolio Management Services and/or the CUSTOMER accounts held with stock exchanges, and to pay the prices thereof, and to collect the moneys paid therein, and to collect the dividends, interest coupons and principal sums pertaining thereto, and to use capital subscription and increase rights, and to take all kinds of actions and give instructions for management of the accounts, and that except for the transactions of the Portfolio Management Company within the frame of its portfolio management activities, the Portfolio Management Company authorized by the CUSTOMER and/or its agents may transfer only cash funds and assets only to the CUSTOMER’s own accounts held with other institutions, in the case of delivery of financial assets and instruments or in the case of exit from custody accounts.