Common use of RISK DISCLOSURE STATEMENTS Clause in Contracts

RISK DISCLOSURE STATEMENTS. 15.1 Risk of margin trading The risk of loss in financing a transaction by deposit of Collateral is significant. The Client may sustain losses in excess of the Collateral. Market conditions may make it impossible to execute contingent orders, such as “stop-loss” or “stop-limit” orders. The Client may be called upon on short notice to make additional margin deposits or interest payments. If the required margin deposits or interest payments are not made within the prescribed time, the Client’s Collateral may be liquidated without the Client’s consent. Moreover, the Client will remain liable for any resulting deficit in the Margin Account and interest charged thereon. The Client should therefore carefully consider whether such a financing arrangement is suitable in light of the Client’s own financial position and investment objectives or to obtain advice from a licensed independent financial advisor. 15.2 Risk of providing an authority to re-pledge Securities Collateral etc. There is risk if Client provides GTJAS with an authority that allows it to apply Client Securities or Securities Collateral pursuant to a securities borrowing and lending agreement, re-pledge his Securities Collateral for financial accommodation or deposit his Securities Collateral as collateral for the discharge and satisfaction of his settlement obligations and liabilities. If Client’s Securities or Securities Collateral are received or held by him in Hong Kong, the above arrangement is allowed only if the Client gives consent in writing. Moreover, unless the Client is a professional investor, his authority must specify the period for which it is current and be limited to not more than twelve (12) months. If the Client is a professional investor, these restrictions do not apply. Additionally, Client’s authority may be deemed to be renewed (i.e. without his written consent) if GTJAS issues the Client a reminder at least fourteen (14) days prior to the expiry of the authority, and the Client does not object to such deemed renewal before the expiry date of the then existing authority. The Client is not required by any law to sign these authorities. But an authority is required by GTJAS, for example, to facilitate margin lending to the Client or to allow Client’s Securities or Securities Collateral to be lent to or deposited as collateral with third parties. GTJAS should explain to the Client the purposes for which one of these authorities is to be used. If the Client signs one of these authorities and his Securities Collateral are lent to or deposited with third parties, those third parties will have a lien or charge on the Client’s Securities Collateral. Although GTJAS is responsible to the Client for Securities or Securities Collateral lent or deposited under the Client’s authority, a default by it could result in the loss of Client’s Securities or Securities Collateral. A cash account not involving securities borrowing and lending is available from GTJAS. If the Client does not require margin facilities or does not wish his Securities or Securities Collateral to be lent or pledged, the Client should not sign the above authorities and should ask to open this type of cash account. 15.3 The Client should refer to Clause 14 Risk Disclosure Statements of the Client Agreement for Securities Trading for other risks.

RISK DISCLOSURE STATEMENTS. 15.1 Risk of margin trading The risk of loss in financing a transaction by deposit of Collateral is significant. The Client may sustain losses in excess of the Collateral. Market conditions may make it impossible to execute contingent orders, such as “stop-loss” or “stop-limit” orders. The Client may be called upon on short notice to make additional margin deposits or interest payments. If the required margin deposits or interest payments are not made within the prescribed time, the Client’s Collateral may be liquidated without the Client’s consent. Moreover, the Client will remain liable for any resulting deficit in the Margin Account and interest charged thereon. The Client should therefore carefully consider whether such a financing arrangement is suitable in light of the Client’s own financial position and investment objectives or to obtain advice from a licensed independent financial advisor. 15.2 Risk of providing an authority to re-pledge Securities Collateral etc. There is risk if Client provides GTJAS USL with an authority that allows it to apply Client Securities or Securities Collateral pursuant to a securities borrowing and lending agreement, re-pledge his Securities Collateral for financial accommodation or deposit his Securities Collateral as collateral for the discharge and satisfaction of his settlement obligations and liabilities. If Client’s Securities or Securities Collateral are received or held by him in Hong Kong, the above arrangement is allowed only if the Client gives consent in writing. Moreover, unless the Client is a professional investor, his authority must specify the period for which it is current and be limited to not more than twelve (12) months. If the Client is a professional investor, these restrictions do not apply. Additionally, Client’s authority may be deemed to be renewed (i.e. without his written consent) if GTJAS USL issues the Client a reminder at least fourteen (14) days prior to the expiry of the authority, and the Client does not object to such deemed renewal before the expiry date of the then existing authority. The Client is not required by any law to sign these authorities. But an authority is required by GTJASUSL, for example, to facilitate margin lending to the Client or to allow Client’s Securities or Securities Collateral to be lent to or deposited as collateral with third parties. GTJAS USL should explain to the Client the purposes for which one of these authorities is to be used. If the Client signs one of these authorities and his Securities Collateral are lent to or deposited with third parties, those third parties will have a lien or charge on the Client’s Securities Collateral. Although GTJAS USL is responsible to the Client for Securities or Securities Collateral lent or deposited under the Client’s authority, a default by it could result in the loss of Client’s Securities or Securities Collateral. A cash account not involving securities borrowing and lending is available from GTJASUSL. If the Client does not require margin facilities or does not wish his Securities or Securities Collateral to be lent or pledged, the Client should not sign the above authorities and should ask to open this type of cash account. 15.3 The Client should refer to Clause 14 15 Risk Disclosure Statements of the Client Agreement for Securities Trading for other risks.

RISK DISCLOSURE STATEMENTS. 15.1 19.1 The following statements are furnished to the Client in accordance with the Code of Conduct for Persons Licensed By or Registered With the Securities and Futures Commission. Risk of margin trading Trading Futures and Options The risk of loss in financing a transaction by deposit of Collateral trading futures contracts or Options is significantsubstantial. The In some circumstances, the Client may sustain losses in excess of the CollateralClient’s initial margin funds. Placing contingent orders, such as "stop-loss" or "stop-limit" orders, will not necessarily avoid loss. Market conditions may make it impossible to execute contingent orders, such as “stop-loss” or “stop-limit” orders. The Client may be called upon on at short notice to make deposit additional margin deposits or interest paymentsfunds. If the required margin deposits or interest payments funds are not made provided within the prescribed time, the Client’s Collateral position may be liquidated without the Client’s consentliquidated. Moreover, the The Client will remain liable for any resulting deficit in the Margin Account and interest charged thereonClient’s account. The Client should therefore study and understand futures contracts and Options before the Client trades and carefully consider whether such a financing arrangement trading is suitable in the light of the Client’s own financial position and investment objectives objectives. If the Client trades Options, GTJAS should inform the Client of exercise and expiration procedures and the Client’s rights and obligations upon exercise or to obtain advice from a licensed independent financial advisor. 15.2 expiry. Risk of providing Providing an authority Authority to re-pledge Repledge Client Securities Collateral etc. There is a risk if the Client provides GTJAS with an authority that allows it to apply Client Securities lend the Client’s securities or Securities Collateral securities collateral pursuant to a securities borrowing and lending agreement, re-pledge his Securities Collateral repledge the Client’s securities collateral for financial accommodation or deposit his Securities Collateral the Client’s securities collateral as collateral for the discharge and satisfaction of his its settlement obligations and liabilities. If the Client’s Securities securities or Securities Collateral securities collateral are received or held by him GTJAS in Hong Kong, the above arrangement is allowed only if the Client gives consent in writing. Moreover, unless the Client is a professional investor, his the Client’s authority must specify the period for which it is current and be limited to not more than twelve (12) 12 months. If the Client is a professional investor, these restrictions do not apply. Additionally, the Client’s authority may be deemed to be renewed (i.e. without his written the Client’s consent) if GTJAS issues the Client a reminder at least fourteen (14) 14 days prior to the expiry of the authority, and the Client does not object to such deemed renewal before the expiry date of the then existing authority. The Client is not required by any law to sign these the authorities. But an authority is may be required by GTJAS, for example, to facilitate margin lending to the Client or to allow the Client’s Securities securities or Securities Collateral securities collateral to be lent loaned to or deposited as collateral with third parties. GTJAS should would explain to the Client the purposes for which one of these authorities is to be used. If the Client signs one of these authorities and his Securities Collateral the Client’s securities or securities collateral are lent to or deposited with third parties, those third parties will have a lien or charge on the Client’s Securities CollateralClient securities or securities collateral. Although GTJAS is responsible to the Client for Securities the Client’s securities or Securities Collateral securities collateral lent or deposited under the Client’s authority, a default by it GTJAS could result in the loss of the Client’s Securities securities or Securities Collateralsecurities collateral. A cash account not involving securities borrowing and lending is available from GTJASmost licensed or registered persons. If the Client does not require margin facilities or does not wish his Securities the Client’s securities or Securities Collateral securities collateral to be lent or pledged, the Client should not sign the above authorities and should ask to open this type of cash account. 15.3 . External position transfer arrangement for the Client Offset Claim Account ("COCA") in DCASS under GTJAS' default situation The Client should refer acknowledges that as offset may be available between the positions pairs belonging to Clause 14 Risk Disclosure Statements different clients maintained in the COCA, any request for external transfer of positions from the COCA under GTJAS' default situation must be for ALL but not part of the Client Agreement positions. As a result, in a default scenario, no position maintained in the COCA could be externally transferred to another company if one or more clients with positions in COCA do not wish to transfer out their positions for Securities Trading for other riskswhatever reasons.

RISK DISCLOSURE STATEMENTS. 15.1 You hereby acknowledge, in addition to the risks set out in the Risk Disclosure Statements in Section C of the Agreement, the following risks for using the Margin Trading Services provided by CSSS: 11.1 Risk of margin trading The risk of loss in financing a transaction by deposit of Collateral is significant. The Client may sustain losses in excess of the Collateral. Market conditions may make it impossible to execute contingent orders, such as “stop-loss” or “stop-limit” orders. The Client may be called upon on short notice to make additional margin deposits or interest payments. If the required margin deposits or interest payments are not made within the prescribed time, the Client’s Collateral may be liquidated without the Client’s consent. Moreover, the Client will remain liable for any resulting deficit in the Margin Account and interest charged thereon. The Client should therefore carefully consider whether such a financing arrangement is suitable in light of the Client’s own financial position and investment objectives or to obtain advice from a licensed independent financial advisor.trading 15.2 11.2 Risk of providing an authority to re-pledge Securities Collateral repledge your securities collateral etc. . (a) There is risk if Client provides GTJAS you provide CSSS with an authority that allows it CSSS to apply Client Securities your securities or Securities Collateral securities collateral pursuant to a securities borrowing and lending agreement, re-pledge his Securities Collateral repledge your securities collateral for financial accommodation or deposit his Securities Collateral your securities collateral as collateral for the discharge and satisfaction of his its settlement obligations and liabilities. . (b) If Client’s Securities your securities or Securities Collateral securities collateral are received or held by him CSSS in Hong Kong, the above arrangement is allowed only if the Client gives you consent in writing. Moreover, unless the Client is you are a professional investor, his your authority must specify the period for which it is current and be limited to not more than twelve (12) 12 months. If the Client is you are a professional investor, these restrictions do not apply. . (c) Additionally, Client’s your authority may be deemed to be renewed (i.e. without his your written consent) if GTJAS CSSS issues the Client you a reminder at least fourteen (14) 14 days prior to the expiry of the authority, and the Client does you do not object to such deemed renewal before the expiry date of the your then existing authority. The Client is . (d) You are not required by any law to sign these authorities. But an authority is may be required by GTJASCSSS, for example, to facilitate margin lending to the Client you or to allow Client’s Securities your securities or Securities Collateral securities collateral to be lent to or deposited as collateral with third parties. GTJAS CSSS should explain to the Client you the purposes for which one of these authorities is to be used. . (e) If the Client signs you sign one of these authorities and his Securities Collateral your securities or securities collateral are lent to or deposited with third parties, those third parties will have a lien or charge on the Client’s Securities Collateralyour securities or securities collateral. Although GTJAS CSSS is responsible to the Client you for Securities securities or Securities Collateral securities collateral lent or deposited under the Client’s your authority, a default by it could result in the loss of Client’s Securities your securities or Securities Collateralsecurities collateral. A cash account not involving securities borrowing and lending is available from GTJASCSSS. If the Client does you do not require margin facilities or does do not wish his Securities your securities or Securities Collateral securities collateral to be lent or pledged, the Client should do not sign the above authorities and should ask to open this type of cash account. 15.3 The Client should refer to Clause 14 Risk Disclosure Statements of the Client Agreement for Securities Trading for other risks.