Common use of Risks of Transactions Clause in Contracts

Risks of Transactions. 13.1 The Client acknowledges and understands that there are risks involved in Transactions, including: the “gearing” or “leverage” involved in investing in Admiral Products means that a small Initial Margin payment can potentially lead to large losses for the Client, including more than all of the Margin ever paid to Admiral; the geared nature of some Transactions also means that acquiring and holding them can carry greater risks than directly investing in the Underlying Reference Instrument which generally are not geared; a relatively small market movement can lead to a proportionately much larger movement in the value of your investment, and this can work against you as well as for you; over-the-counter Transactions are derivatives not made on any exchange so might be considered to involve a greater risk than an exchange-traded derivative since there is no exchange market on which to Close Out an open position – you are only able to open and close your positions with us; markets outside of Australia might involve different risks to Australian markets, so the potential for profit or loss from Transactions relating to a non-Australian market or denominated in non- Australian currency will be affected by fluctuations in foreign exchange rates; it is possible to incur a loss if, after your acquisition of an investment, exchange rates change to your detriment, even if the price of the Underlying Reference Instrument to which the Transaction relates remains unchanged; you may sustain a total loss of the Margin that you deposit with or pay to us to establish or maintain a position and if the market moves against you, you may be called upon to pay substantial additional Margin at short notice but if you fail to do so within the required time, your investment position may be liquidated at a loss to you and you will be liable for any remaining deficit in your Account; you will be deemed to have received a notice requiring the payment of more margin, even if you are not contactable, or actually contacted, at the telephone, mail or email address you gave us or do not receive the messages we leave for you, if the notices are delivered to your nominated contact addresses; under some trading conditions it may be difficult or impossible to liquidate a position, such as (but not limited to) at times of rapid price movement if the price rises or falls in one trading session to such an extent that trading in the underlying market is suspended or restricted; if the Client trades in denominated currencies other than Account Currency the Client may lose money or value of the investment due to exchange rate fluctuations and that these losses may be in addition to any losses on the value of the Underlying Reference Instrument relevant to the Transactions; gapping, whereby a market price falls or rises without the opportunity to trade, can result in significant losses even when a stop loss has been put on because it may not be possible to transact at the nominated price if the market has gapped; in some circumstances Underlying Reference Instruments may be halted, suspended from trading or have their quotation for trading withdrawn from an exchange and these factors might affect the value of your Transaction relating to those Underlying Reference Instruments due to Admiral exercising its discretion to determine the fair value of them; a market disruption may mean the Client is unable to trade when desired, and the Client may suffer a loss as a result, including examples of disruption include the “crash” of a computer based trading system, fire or other exchange emergency or a regulatory body could declare an undesirable situation has developed in a particular contract and suspend trading; and you may incur losses that are caused by matters outside our control for example, a regulatory authority exercising its powers during a market emergency may result in losses for the client or a regulatory authority can suspend trading (for example in an Underlying Reference Instrument) or alter the price at which a position is settled, which could also result in a loss to the client. 13.2 No advice or recommendation is provided by Admiral in relation to your Transactions unless expressly stated otherwise.

Risks of Transactions. 13.1 10.1. The Client acknowledges and understands that there are risks involved in Transactions, including: : (a) the “gearing” or “leverage” involved in investing in Admiral Financial Products (especially CFDs) means that a small Initial Margin payment can potentially lead to large losses for the Client, including more than all of the Margin ever paid to Admiral; ZERO Securities Pty Ltd. However, under the terms of the PIO, ZERO Securities Pty Ltd ’ recourse against you for any shortfall is limited to money ZERO Securities Pty Ltd holds both in a client money account on your behalf, or otherwise holds in relation to your CFD trading account; (b) the geared nature of some Transactions also means that acquiring and holding them can carry greater risks than directly investing in the Underlying Reference Instrument Financial Products which generally are not geared; ; (c) a relatively small market movement can lead to a proportionately much larger movement in the value of your investment, and this can work against you as well as for you; over-the-; (d) over – the - counter Transactions such as CFDs are derivatives not made on any exchange Exchange so might be considered to involve a greater risk than an exchange-traded on- exchange derivative since there is no exchange market on which to Close Out an open position Open Transaction – you are only able to open and close your positions with us; ; (e) markets outside of Australia might involve different risks to Australian markets, so the potential for profit or loss from Transactions relating to a non-non- Australian market or denominated in non- non-Australian currency will be affected by fluctuations in foreign exchange rates; ; (f) it is possible to incur a loss if, after your acquisition of an investment, exchange rates change to your detriment, even if the price of the Underlying Reference Instrument Financial Product to which the Transaction relates remains unchanged; ; (g) you may sustain a total loss of the Margin that you deposit with or pay to us to establish or maintain a position and if the market moves against you, you may be called upon to pay substantial additional Margin at short notice but if you fail to do so within the required time, your investment position may be liquidated at a loss to you and you will you, for which we are not liable. The call for additional Margin may be liable for any remaining deficit required as a result of obligations under the PIO, or otherwise in your Account; ZERO Securities Pty Ltd’ discretion, in order to avoid a Closing Out (h) you will be deemed to have received a notice requiring the payment of more margin, even if you are not contactable, or actually contacted, at the telephone, mail or email address you gave us or do not receive the messages we leave for you, if the notices are delivered to your nominated contact addresses; . (i) under some trading conditions it may be difficult or impossible to liquidate a position, such as (but not limited to) at times of rapid price movement if the price rises or falls in one trading session to such an extent that trading in the underlying market is suspended or restricted; ; (j) if the Client trades in denominated currencies other than Account Currency Australian dollars the Client may lose money or value of the investment due to exchange rate fluctuations and that these losses may be in addition to any losses on the value of the Underlying Reference Instrument Financial Product relevant to the Transactions; ; (k) gapping, whereby a market price falls or rises without the opportunity to trade, can result in significant losses even when a stop loss has been put on because it may not be possible to transact at the nominated price if the market has gapped; ; (l) under the operating rules of an Exchange, some trading disputes between Market Participants (for example errors involving traded prices that do not bear a relationship to fair market or intrinsic value) may lead to the Exchange cancelling or amending a trade and in these situations your consent is not required for the cancellation of a Transaction which relates to that Exchange action; (m) in some circumstances Underlying Reference Instruments Financial Products may be halted, suspended from trading or have their quotation for trading withdrawn from an exchange the Exchange and these factors might will affect the value of your Transaction relating to those Underlying Reference Instruments due to Admiral exercising its discretion to determine the fair value of them; Financial Products; (n) a market disruption may mean the Client is unable to trade when desired, and the Client may suffer a loss as a result, including examples of disruption include the “crash” of a computer based trading system, fire or other exchange emergency or a regulatory body could declare an undesirable situation has developed in a particular contract and suspend trading; and and (o) you may incur losses that are caused by matters outside our control for example, a regulatory authority exercising its powers during a market emergency may result in losses for the client or a regulatory authority can suspend trading (for example in an Underlying Reference InstrumentFinancial Product) or alter the price at which a position is settled, which could also result in a loss to the client. 13.2 10.2. No advice or recommendation is provided by Admiral ZERO Securities Pty Ltd in relation to your Transactions unless expressly stated otherwise.

Risks of Transactions. 13.1 10.1 The Client acknowledges and understands that there are risks involved in Transactions, including: : (a) the “gearing” or “leverage” involved in investing in Admiral Financial Products (especially CFDs) means that a small Initial Margin payment can potentially lead to large losses for the Client, including more than all of the Margin ever paid to Admiral; FP Markets; (b) the geared nature of some Transactions also means that acquiring and holding them can carry greater risks than directly investing in the Underlying Reference Instrument Financial Products which generally are not geared; ; (c) a relatively small market movement can lead to a proportionately much larger movement in the value of your investment, and this can work against you as well as for you; ; (d) over-the-counter Transactions such as CFDs are derivatives not made on any exchange Exchange so might be considered to involve a greater risk than an exchange-traded on- exchange derivative since there is no exchange market on which onwhich to Close Out an open position – you are only able to open and close your positions with us; ; (e) markets outside of Australia might involve different risks to Australian markets, so the potential for profit or loss from Transactions relating to a non-non- Australian market or denominated in non- non-Australian currency will be affected by fluctuations in foreign exchange rates; ; (f) it is possible to incur a loss if, after your acquisition of an investment, exchange rates change to your detriment, even if the price of the Underlying Reference Instrument Financial Product to which the Transaction relates remains unchanged; you may sustain a total loss of the Margin ; (g) youmaysustainatotallossoftheMargin that you deposit with or pay to us to establish or maintain a position and if the market moves against youestablishormaintainapositionandifthe marketmovesagainstyou, you may be called upon to pay substantial additional youmaybe calledupontopaysubstantialadditional Margin at short notice but if you fail to do so within the required time, your investment position may be liquidated at a loss to you and you will be liable for any remaining deficit in your Account; ; (h) you will be deemed to have received a notice requiring the payment of more margin, even if you are not contactable, or actually contacted, at the telephone, mail or email address you gave us or do not receive the messages we leave for you, if the notices are delivered to your nominated contact addresses; contactaddresses; (i) under some trading conditions it may be difficult or impossible to liquidate a position, such as (but not limited tobedifficult orimpossibletoliquidate aposition,suchas(butnotlimitedto) at times of rapid price movement if the price rises or falls in one trading thepricerisesorfalls inonetrading session to such an extent that trading in the underlying market is suspended or restricted; ; (j) if the Client trades in denominated currencies other than Account Currency Australian dollars the Client may lose money or value of the investment due to exchange rate fluctuations and that these losses may be in addition to any losses on the value of the Underlying Reference Instrument Financial Product relevant to the Transactions; ; (k) gapping, whereby a market price falls or rises without the opportunity to trade, can result in significant losses even when a stop loss has been put on because it may not be possible to transact at the nominated price if the market has gapped; ; (l) under theoperating rulesofan Exchange, some trading disputes between Market Participants (for example errors involvingtradedpricesthatdonot beararelationshiptofairmarketor intrinsic value) maylead tothe Exchange cancelling or amending a trade and in these situations your consent is not required for the cancellation of a Transaction which relates to that Exchange action; (m) in some circumstances Underlying Reference Instruments Financial Products may be halted, suspended from trading or have their quotation for trading withdrawn from an exchange the Exchange and these factors might will affect the value of your Transaction relating to those Underlying Reference Instruments due to Admiral exercising its discretion to determine the fair value of them; Financial Products; (n) a market disruption may mean the Client is unable to trade when desired, and the Client may suffer a loss as a result, including examples of disruption include the “crash” of a computer based trading system, fire or other exchange emergency ,fireorotherexchangeemergency or a regulatory body could declare an undesirable situation has developed in a particular contract and suspend trading; and and (o) you may incur losses that are caused by matters outside our control for example, a regulatory authority exercising its powers during a market emergency may result in losses for the client or a regulatory authority can suspend trading (for example in an Underlying Reference InstrumentFinancial Product) or alter the price at which a position is settled, which could also result in a loss to the client. 13.2 10.2 No advice or recommendation orrecommendation is provided by Admiral FP Markets in relation to your Transactions unless expressly stated otherwise.

Risks of Transactions. 13.1 9.1. The Client acknowledges and understands that there are risks involved in Transactions, including: : (a) the “gearing” or “leverage” involved in investing in Admiral Products trading (especially CFDs) means that a small Initial Margin payment can potentially lead to large losses for the Client, including more than all of the Margin ever paid to Admiral; PENTAGON CAPITAL MARKETS LTD; (b) the geared nature of some Transactions also means that acquiring and holding them trading can carry greater risks than directly investing in the Underlying Reference Instrument Securities which is generally are not geared; ; (c) a relatively small market movement can lead to a proportionately much larger movement in the value of your investment, and this can work against you as well as for you; ; (d) over-the-counter Transactions such as CFDs are derivatives not made on any exchange Exchange so might be considered to involve a greater risk than an exchangeon-traded exchange derivative since there is no exchange market on which to Close Out an open position – you are only able to open and close your positions with us; ; (e) foreign markets outside of Australia might will involve different risks to Australian markets, so the potential for profit or loss from Transactions relating to a non-Australian foreign market or denominated in non- Australian a foreign currency will be affected by fluctuations in foreign exchange rates; ; (f) it is possible to incur a loss if, after your acquisition of an investment, if exchange rates change to your detriment, even if the price of the Underlying Reference Instrument Security to which the Transaction relates remains unchanged; ; (g) CFDs are contingent liability transactions (meaning you are contingently liable to pay more) which are margined (which means you initially pay part, not all of the purchase price) and require you to make a series of payments against the purchase price, instead of paying the whole purchase price immediately, and they may only be settled in cash; (h) you may sustain a total loss of the Margin that you deposit with or pay to us to establish or maintain a position and if the market moves against you, you may be called upon to pay substantial additional Margin at short notice but if you fail to do so within the required time, your investment position may be liquidated at a loss to you and you will be liable for any remaining deficit in your Account; position; (i) you will be deemed to have received a notice requiring the payment of more marginsuch funds, even if you are not contactable, or actually contacted, at the telephone, mail or email address you gave us or do not receive the messages we leave for you, if the notices are delivered to your nominated contact addresses; ; (j) even if a Transaction is not margined, it may still carry an obligation to make further payments in certain circumstances over and above any amount paid when you entered into the contract; (k) under some trading conditions it may be difficult or impossible to liquidate a position, such as (but not limited to) at times of rapid price movement if the price rises or falls in one trading session to such an extent that trading in the underlying market is suspended or restricted; ; (l) if the Client trades in denominated currencies other than Account Currency Australian dollars the Client may lose money or value of the investment due to exchange rate fluctuations and that these losses may be in addition to any losses on the value of the Underlying Reference Instrument Security relevant to the Transactions; ; (m) gapping, whereby a market price falls or rises without the opportunity to trade, can result in significant losses even when a stop loss has been put on because it may not be possible to transact at the nominated price if the market has gapped; ; (n) under the Rules of an Exchange certain trading disputes between market participants (for example errors involving traded prices that do not bear a relationship to fair market or intrinsic value) may lead to the exchange cancelling or amending a trade and in these situations your consent is not required for the cancellation of a Transaction which relates to that Exchange action; (o) in some circumstances Underlying Reference Instruments Securities may be halted, suspended from trading or have their quotation for trading quotations withdrawn from an the exchange and these factors might will affect the value of your Transaction relating to those Underlying Reference Instruments due to Admiral exercising its discretion to determine the fair value of them; Securities; (p) a market disruption may mean the Client is unable to trade when desired, and the Client may suffer a loss as a result, including examples of disruption include the “crash” of a computer based trading system, fire or other exchange emergency or a regulatory body could declare an undesirable situation has developed in a particular contract and suspend trading; and and (q) you may incur losses that are caused by matters outside our control for example, a regulatory authority exercising its powers during a market emergency may result in losses for the client or a regulatory authority can suspend trading (for example in an Underlying a Reference InstrumentSecurity) or alter the price at which a position is settled, which could also result in a loss to the client. 13.2 9.2. No advice or recommendation unless stated otherwise is provided by Admiral PENTAGON CAPITAL MARKETS LTD in relation to your Transactions unless expressly stated otherwiseTransactions. The Client must give consideration to their objectives, financial situation and needs and have formed the opinion that dealing in Transactions, including to the extent related to any Reference Securities is suitable for their purposes.

Risks of Transactions. 13.1 14.1 The Client acknowledges and understands that there are risks involved in Transactions, including: the “gearing” or “leverage” involved in investing in Admiral Products means that a small Initial Margin payment can potentially lead to large losses for the Client, including more than all of the Margin ever paid to Admiral; the geared nature of some Transactions also means that acquiring and holding them can carry greater risks than directly investing in the Underlying Reference Instrument which generally are not geared; a relatively small market movement can lead to a proportionately much larger movement in the value of your investment, and this can work against you as well as for you; over-the-counter Transactions are derivatives not made on any exchange so might be considered to involve a greater risk than an exchange-traded derivative since there is no exchange market on which to Close Out an open position – you are only able to open and close your positions with us; markets outside of Australia might involve different risks to Australian markets, so the potential for profit or loss from Transactions relating to a non-Australian market or denominated in non- Australian currency will be affected by fluctuations in foreign exchange rates; it is possible to incur a loss if, after your acquisition of an investment, exchange rates change to your detriment, even if the price of the Underlying Reference Instrument to which the Transaction relates remains unchanged; you may sustain a total loss of the Margin that you deposit with or pay to us to establish or maintain a position and if the market moves against you, you may be called upon to pay substantial additional Margin at short notice but if you fail to do so within the required time, your investment position may be liquidated at a loss to you and you will be liable for any remaining deficit in your Account; you will be deemed to have received a notice requiring the payment of more margin, even if you are not contactable, or actually contacted, at the telephone, mail or email address you gave us or do not receive the messages we leave for you, if the notices are delivered to your nominated contact addresses; under some trading conditions it may be difficult or impossible to liquidate a position, such as (but not limited to) at times of rapid price movement if the price rises or falls in one trading session to such an extent that trading in the underlying market is suspended or restricted; if the Client trades in denominated currencies other than Account Currency the Client may lose money or value of the investment due to exchange rate fluctuations and that these losses may be in addition to any losses on the value of the Underlying Reference Instrument relevant to the Transactions; gapping, whereby a market price falls or rises without the opportunity to trade, can result in significant losses even when a stop loss has been put on because it may not be possible to transact at the nominated price if the market has gapped; in some circumstances Underlying Reference Instruments may be halted, suspended from trading or have their quotation for trading withdrawn from an exchange and these factors might affect the value of your Transaction relating to those Underlying Reference Instruments due to Admiral exercising its discretion to determine the fair value of them; a market disruption may mean the Client is unable to trade when desired, and the Client may suffer a loss as a result, including examples of disruption include the “crash” of a computer based trading system, fire or other exchange emergency or a regulatory body could declare an undesirable situation has developed in a particular contract and suspend trading; and you may incur losses that are caused by matters outside our control for example, a regulatory authority exercising its powers during a market emergency may result in losses for the client or a regulatory authority can suspend trading (for example in an Underlying Reference Instrument) or alter the price at which a position is settled, which could also result in a loss to the client. 13.2 14.2 No advice or recommendation is provided by Admiral in relation to your Transactions unless expressly stated otherwise.

Risks of Transactions. 13.1 10.1. The Client acknowledges and understands that there are risks involved in Transactions, including: : (a) the “gearing” or “leverage” involved in investing in Admiral Financial Products (especially CFDs) means that a small Initial Margin payment can potentially lead to large losses for the Client, including more than all of the Margin ever paid to Admiral; FP Markets. However, under the terms of the PIO, FP Markets’ recourse against you for any shortfall is limited to money FP Markets holds both in a client money account on your behalf, or otherwise holds in relation to your CFD trading account; (b) the geared nature of some Transactions also means that acquiring and holding them can carry greater risks than directly investing in the Underlying Reference Instrument Financial Products which generally are not geared; ; (c) a relatively small market movement can lead to a proportionately much larger movement in the value of your investment, and this can work against you as well as for you; over-the-; (d) over – the - counter Transactions such as CFDs are derivatives not made on any exchange Exchange so might be considered to involve a greater risk than an exchange-traded on- exchange derivative since there is no exchange market on which to Close Out an open position Open Transaction – you are only able to open and close your positions with us; ; (e) markets outside of Australia might involve different risks to Australian markets, so the potential for profit or loss from Transactions relating to a non-non- Australian market or denominated in non- non-Australian currency will be affected by fluctuations in foreign exchange rates; ; (f) it is possible to incur a loss if, after your acquisition of an investment, exchange rates change to your detriment, even if the price of the Underlying Reference Instrument Financial Product to which the Transaction relates remains unchanged; ; (g) you may sustain a total loss of the Margin that you deposit with or pay to us to establish or maintain a position and if the market moves against you, you may be called upon to pay substantial additional Margin at short notice but if you fail to do so within the required time, your investment position may be liquidated at a loss to you and you will you, for which we are not liable. The call for additional Margin may be liable for any remaining deficit required as a result of obligations under the PIO, or otherwise in your Account; FP Markets’ discretion, in order to avoid a Closing Out (h) you will be deemed to have received a notice requiring the payment of more margin, even if you are not contactable, or actually contacted, at the telephone, mail or email address you gave us or do not receive the messages we leave for you, if the notices are delivered to your nominated contact addresses; ; (i) under some trading conditions it may be difficult or impossible to liquidate a position, such as (but not limited to) at times of rapid price movement if the price rises or falls in one trading session to such an extent that trading in the underlying market is suspended or restricted; ; (j) if the Client trades in denominated currencies other than Account Currency Australian dollars the Client may lose money or value of the investment due to exchange rate fluctuations and that these losses may be in addition to any losses on the value of the Underlying Reference Instrument Financial Product relevant to the Transactions; ; (k) gapping, whereby a market price falls or rises without the opportunity to trade, can result in significant losses even when a stop loss has been put on because it may not be possible to transact at the nominated price if the market has gapped; ; (l) under the operating rules of an Exchange, some trading disputes between Market Participants (for example errors involving traded prices that do not bear a relationship to fair market or intrinsic value) may lead to the Exchange cancelling or amending a trade and in these situations your consent is not required for the cancellation of a Transaction which relates to that Exchange action; (m) in some circumstances Underlying Reference Instruments Financial Products may be halted, suspended from trading or have their quotation for trading withdrawn from an exchange the Exchange and these factors might will affect the value of your Transaction relating to those Underlying Reference Instruments due to Admiral exercising its discretion to determine the fair value of them; Financial Products; (n) a market disruption may mean the Client is unable to trade when desired, and the Client may suffer a loss as a result, including examples of disruption include the “crash” of a computer based trading system, fire or other exchange emergency or a regulatory body could declare an undesirable situation has developed in a particular contract and suspend trading; and and (o) you may incur losses that are caused by matters outside our control for example, a regulatory authority exercising its powers during a market emergency may result in losses for the client or a regulatory authority can suspend trading (for example in an Underlying Reference InstrumentFinancial Product) or alter the price at which a position is settled, which could also result in a loss to the client. 13.2 10.2. No advice or recommendation is provided by Admiral FP Markets in relation to your Transactions unless expressly stated otherwise.

Risks of Transactions. 13.1 The Client acknowledges and understands that there are risks involved in Transactions, including: : (a) the “gearing” or “leverage” involved in investing in Admiral Products means that a small Initial Margin payment can potentially lead to large losses for the Client, including more than all of the Margin ever paid to Admiral; ; (b) the geared nature of some Transactions also means that acquiring and holding them can carry greater risks than directly investing in the Underlying Reference Instrument which generally are not geared; ; (c) a relatively small market movement can lead to a proportionately much larger movement in the value of your investment, and this can work against you as well as for you; ; (d) over-the-counter Transactions are derivatives not made on any exchange so might be considered to involve a greater risk than an exchange-traded derivative since there is no exchange market on which to Close Out an open position – you are only able to open and close your positions with us; ; (e) markets outside of Australia might involve different risks to Australian markets, so the potential for profit or loss from Transactions relating to a non-Australian market or denominated in non- non-Australian currency will be affected by fluctuations in foreign exchange rates; ; (f) it is possible to incur a loss if, after your acquisition of an investment, exchange rates change to your detriment, even if the price of the Underlying Reference Instrument to which the Transaction relates remains unchanged; ; (g) you may sustain a total loss of the Margin that you deposit with or pay to us to establish or maintain a position and if the market moves against you, you may be called upon to pay substantial additional Margin at short notice but if you fail to do so within the required time, your investment position may be liquidated at a loss to you and you will be liable for any remaining deficit in your Account; ; (h) you will be deemed to have received a notice requiring the payment of more margin, even if you are not contactable, or actually contacted, at the telephone, mail or email address you gave us or do not receive the messages we leave for you, if the notices are delivered to your nominated contact addresses; ; (i) under some trading conditions it may be difficult or impossible to liquidate a position, such as (but not limited to) at times of rapid price movement if the price rises or falls in one trading session to such an extent that trading in the underlying market is suspended or restricted; ; (j) if the Client trades in denominated currencies other than Account Currency the Client may lose money or value of the investment due to exchange rate fluctuations and that these losses may be in addition to any losses on the value of the Underlying Reference Instrument relevant to the Transactions; ; (k) gapping, whereby a market price falls or rises without the opportunity to trade, can result in significant losses even when a stop loss has been put on because it may not be possible to transact at the nominated price if the market has gapped; ; (l) in some circumstances Underlying Reference Instruments may be halted, suspended from trading or have their quotation for trading withdrawn from an exchange and these factors might affect the value of your Transaction relating to those Underlying Reference Instruments due to Admiral exercising its discretion to determine the fair value of them; ; (m) a market disruption may mean the Client is unable to trade when desired, and the Client may suffer a loss as a result, including examples of disruption include the “crash” of a computer based trading system, fire or other exchange emergency or a regulatory body could declare an undesirable situation has developed in a particular contract and suspend trading; and and (n) you may incur losses that are caused by matters outside our control for example, a regulatory authority exercising its powers during a market emergency may result in losses for the client or a regulatory authority can suspend trading (for example in an Underlying Reference Instrument) or alter the price at which a position is settled, which could also result in a loss to the client. 13.2 No advice or recommendation is provided by Admiral in relation to your Transactions unless expressly stated otherwise.

Risks of Transactions. 13.1 10.1 The Client acknowledges and understands that there are risks involved in Transactions, including: : (a) the “gearing” or “leverage” involved in investing in Admiral Financial Products (especially CFDs) means that a small asmall Initial Margin payment can potentially lead to large losses for the Client, including more than all of the Margin ever paid to Admiral; FP Markets; (b) the geared nature of some Transactions also means that acquiring and holding them can carry greater risks than directly investing in the Underlying Reference Instrument Financial Products which generally are not geared; notgeared; (c) a relatively small market movement can lead to a proportionately much larger movement in the value of your investment, and this can work against you as well as for you; ; (d) over-the-counter Transactions such as CFDs are derivatives not made on any exchange Exchange so might be considered to involve a greater risk than an exchange-traded on- exchange derivative since there is no exchange market on which to Close Out an open position – you are only able to open and close your positions with us; ; (e) markets outside of Australia might involve different risks to Australian markets, so the potential for profit or loss from Transactions relating to a non-non- Australian market or denominated in non- non-Australian currency will be affected by fluctuations in foreign exchange rates; ; (f) it is possible to incur a loss if, after your acquisition of an investment, exchange rates change to your detriment, even if the price of the Underlying Reference Instrument Financial Product to which the Transaction relates remains unchanged; ; (g) you may sustain a total loss of the Margin that you deposit with or pay to us to establish or maintain a position and if the market moves against you, you may be called upon to pay substantial additional Margin at short notice but if you fail to do so within the required time, your investment position may be liquidated at a loss to you and you will be liable for any remaining deficit in your Account; ; (h) you will be deemed to have received a notice requiring the payment of more margin, even if you are not contactable, or actually contacted, at the telephone, mail or email address you gave us or do not receive the messages we leave for you, if the notices are delivered to your nominated contact addresses; ; (i) under some trading conditions it may be difficult or impossible to liquidate a position, such as (but as(but not limited to) at times of rapid price movement if the price rises or falls in one trading session to such an extent that trading in the underlying market is suspended or restricted; ; (j) if the Client trades in denominated currencies other than Account Currency Australian dollars the Client may lose money or value of the investment due to exchange rate fluctuations and that these losses may be in addition to any losses on the value of the Underlying Reference Instrument Financial Product relevant to the Transactions; ; (k) gapping, whereby a market price falls or rises without the opportunity to trade, can result in significant losses even when a stop loss has been put on because it may not be possible to transact at the nominated price if the market has gapped; ; (l) under theoperating rules ofan Exchange, some trading disputes between Market Participants (for example errors involving traded prices that do not bear a relationship to fair market or intrinsic value) mayleadto the Exchange cancelling or amending a trade and in these situations your consent is not required for the cancellation of a Transaction which relates to that Exchange action; (m) in some circumstances Underlying Reference Instruments Financial Products may be halted, suspended from trading or have their quotation for trading withdrawn from an exchange the Exchange and these factors might will affect the value of your Transaction relating to those Underlying Reference Instruments due to Admiral exercising its discretion to determine the fair value of them; Financial Products; (n) a market disruption may mean the Client is unable to trade when desired, and the Client may suffer a loss as a result, including examples of disruption include the “crash” of a computer based trading system, fire or other exchange emergency or a regulatory body could declare an undesirable situation has developed in a particular contract and suspend trading; and and (o) you may incur losses that are caused by matters outside our control for example, a regulatory authority exercising its powers during a market emergency may result in losses for the client or a regulatory authority can suspend trading (for example in an Underlying Reference InstrumentFinancial Product) or alter the price at which a position is settled, which could also result in a loss to the client. 13.2 10.2 No advice or recommendation orrecommendation is provided by Admiral FP Markets in relation to your Transactions unless expressly stated otherwise.

Risks of Transactions. 13.1 9.1. The Client acknowledges and understands that there are risks involved in Transactions, including: : (a) the “gearing” or “leverage” involved in investing in Admiral Products trading (especially CFDs) means that a small Initial Margin payment can potentially lead to large losses for the Client, including more than all of the Margin ever paid to Admiral; KITCO MARKETS LLC; (b) the geared nature of some Transactions also means that acquiring and holding them trading can carry greater risks than directly investing in the Underlying Reference Instrument Securities which is generally are not geared; ; (c) a relatively small market movement can lead to a proportionately much larger movement in the value of your investment, and this can work against you as well as for you; ; (d) over-the-counter Transactions such as CFDs are derivatives not made on any exchange Exchange so might be considered to involve a greater risk than an exchangeon-traded exchange derivative since there is no exchange market on which to Close Out an open position – you are only able to open and close your positions with us; ; (e) foreign markets outside of Australia might will involve different risks to Australian markets, so the potential for profit or loss from Transactions relating to a non-Australian foreign market or denominated in non- Australian a foreign currency will be affected by fluctuations in foreign exchange rates; ; (f) it is possible to incur a loss if, after your acquisition of an investment, if exchange rates change to your detriment, even if the price of the Underlying Reference Instrument Security to which the Transaction relates remains unchanged; ; (g) CFDs are contingent liability transactions (meaning you are contingently liable to pay more) which are margined (which means you initially pay part, not all of the purchase price) and require you to make a series of payments against the purchase price, instead of paying the whole purchase price immediately, and they may only be settled in cash; (h) you may sustain a total loss of the Margin that you deposit with or pay to us to establish or maintain a position and if the market moves against you, you may be called upon to pay substantial additional Margin at short notice but if you fail to do so within the required time, your investment position may be liquidated at a loss to you and you will be liable for any remaining deficit in your Account; position; (i) you will be deemed to have received a notice requiring the payment of more marginsuch funds, even if you are not contactable, or actually contacted, at the telephone, mail or email address you gave us or do not receive the messages we leave for you, if the notices are delivered to your nominated contact addresses; ; (j) even if a Transaction is not margined, it may still carry an obligation to make further payments in certain circumstances over and above any amount paid when you entered into the contract; (k) under some trading conditions it may be difficult or impossible to liquidate a position, such as (but not limited to) at times of rapid price movement if the price rises or falls in one trading session to such an extent that trading in the underlying market is suspended or restricted; ; (l) if the Client trades in denominated currencies other than Account Currency Australian dollars the Client may lose money or value of the investment due to exchange rate fluctuations and that these losses may be in addition to any losses on the value of the Underlying Reference Instrument Security relevant to the Transactions; ; (m) gapping, whereby a market price falls or rises without the opportunity to trade, can result in significant losses even when a stop loss has been put on because it may not be possible to transact at the nominated price if the market has gapped; ; (n) under the Rules of an Exchange certain trading disputes between market participants (for example errors involving traded prices that do not bear a relationship to fair market or intrinsic value) may lead to the exchange cancelling or amending a trade and in these situations your consent is not required for the cancellation of a Transaction which relates to that Exchange action; (o) in some circumstances Underlying Reference Instruments Securities may be halted, suspended from trading or have their quotation for trading quotations withdrawn from an the exchange and these factors might will affect the value of your Transaction relating to those Underlying Reference Instruments due to Admiral exercising its discretion to determine the fair value of them; Securities; (p) a market disruption may mean the Client is unable to trade when desired, and the Client may suffer a loss as a result, including examples of disruption include the “crash” of a computer based trading system, fire or other exchange emergency or a regulatory body could declare an undesirable situation has developed in a particular contract and suspend trading; and and (q) you may incur losses that are caused by matters outside our control for example, a regulatory authority exercising its powers during a market emergency may result in losses for the client or a regulatory authority can suspend trading (for example in an Underlying a Reference InstrumentSecurity) or alter the price at which a position is settled, which could also result in a loss to the client. 13.2 9.2. No advice or recommendation unless stated otherwise is provided by Admiral KITCO MARKETS LLC in relation to your Transactions unless expressly stated otherwiseTransactions. The Client must give consideration to their objectives, financial situation and needs and have formed the opinion that dealing in Transactions, including to the extent related to any Reference Securities is suitable for their purposes.

Risks of Transactions. 13.1 The Client acknowledges 12.1 You acknowledge and understands understand that there are risks involved in Transactions, including: : (a) the “gearing” gearing or “leverage” leverage involved in investing in Admiral Financial Products means that a small Initial Margin payment can potentially lead to large losses for the Clientyou, including more than all of the Margin ever paid to Admiral; Royal; (b) the geared nature of some Transactions also means that acquiring and holding them can carry greater risks than directly investing in the Underlying Reference Instrument Security which generally are not geared; ; (c) a relatively small market movement can lead to a proportionately much larger movement in the value of your investment, and this can work against you as well as for you; ; (d) over-the-counter Transactions are derivatives not made on any exchange Exchange so might be considered to involve a greater risk than an exchange-traded derivative since there is no exchange market on which to Close Out an open position – Open Position - you are only able to open and close your positions with us; markets outside of Australia might involve different risks to Australian markets, so the potential for profit or loss from Transactions relating to a non-Australian market or denominated in non- Australian currency will be affected by fluctuations in foreign exchange rates; ; (e) it is possible to incur a loss if, after your acquisition of an investment, exchange rates change to your detriment, even if the price of the Underlying Reference Instrument Security to which the Transaction relates remains unchanged; ; (f) you may sustain a total loss of the Margin that you deposit with or pay to us to establish or maintain a position and if the market moves against you, you may be called upon to pay substantial additional Margin at short notice but if you fail to do so within the required time, your investment position may be liquidated at a loss to you and you will be liable for any remaining deficit deficits in your Account; ; (g) you will be deemed to have received a notice requiring the payment of more marginMargin, even if you are not contactable, or actually contacted, at the telephone, mail or email address you gave us or do not receive the messages we leave for you, if the notices are delivered to your nominated contact addresses; ; (h) under some trading conditions it may be difficult or impossible to liquidate a position, such as (but not limited to) at times of rapid price movement if the price rises or falls in one trading session to such an extent that trading in the underlying market is suspended or restricted; ; (i) if the Client trades you trade in denominated currencies other than the Account Currency the Client currency you may lose money or value of the investment due to exchange rate fluctuations and that these losses may be in addition to any losses on the value of the Underlying Reference Instrument Security relevant to the Transactions; ; (j) gapping, whereby a market price falls or rises without the opportunity to trade, can result in significant losses even when a stop loss has been put on because it may not be possible to transact at the nominated price if the market has gapped; ; (k) in some circumstances the Underlying Reference Instruments Security may be halted, suspended from trading or have their quotation for trading withdrawn from an exchange and these factors might affect the value of your Transaction relating to those Underlying Reference Instruments Securities due to Admiral Royal exercising its discretion to determine the fair value of them; ; (l) a market disruption may mean the Client is that you are unable to trade when desired, and the Client you may suffer a loss as a result, including examples of disruption include the “crash” of a computer based trading system, fire free or other exchange emergency or a regulatory body could declare an undesirable situation has developed in a particular contract and suspend trading; and and (m) you may incur losses that are caused by matters outside our control for example, a regulatory authority exercising its powers during a market emergency may result in losses for the client Client or a regulatory authority can suspend trading (for example in an Underlying Reference InstrumentSecurity) or alter the price at which a position is settled, which could also result in a loss to the clientClient. 13.2 12.2 No advice or recommendation is provided by Admiral Xxxxx in relation to your Transactions unless expressly stated otherwise.

Risks of Transactions. 13.1 10.1. The Client acknowledges and understands that there are risks involved in Transactions, including: : (a) the “gearing” or “leverage” involved in investing in Admiral Financial Products (especially CFDs) means that a small Initial Margin payment can potentially lead to large losses for the Client, including more than all of the Margin ever paid to Admiral; FP Markets; (b) the geared nature of some Transactions also means that acquiring and holding them can carry greater risks than directly investing in the Underlying Reference Instrument Financial Products which generally are not geared; ; (c) a relatively small market movement can lead to a proportionately much larger movement in the value of your investment, and this can work against you as well as for you; over-the-; (d) over – the - counter Transactions such as CFDs are derivatives not made on any exchange Exchange so might be considered to involve a greater risk than an exchange-traded on- exchange derivative since there is no exchange market on which to Close Out an open position – you are only able to open and close your positions with us; ; (e) markets outside of Australia might involve different risks to Australian markets, so the potential for profit or loss from Transactions relating to a non-non- Australian market or denominated in non- non-Australian currency will be affected by fluctuations in foreign exchange rates; ; (f) it is possible to incur a loss if, after your acquisition of an investment, exchange rates change to your detriment, even if the price of the Underlying Reference Instrument Financial Product to which the Transaction relates remains unchanged; ; (g) you may sustain a total loss of the Margin that you deposit with or pay to us to establish or maintain a position and if the market moves against you, you may be called upon to pay substantial additional Margin at short notice but if you fail to do so within the required time, your investment position may be liquidated at a loss to you and you will be liable for any remaining deficit in your Account; ; (h) you will be deemed to have received a notice requiring the payment of more margin, even if you are not contactable, or actually contacted, at the telephone, mail or email address you gave us or do not receive the messages we leave for you, if the notices are delivered to your nominated contact addresses; ; (i) under some trading conditions it may be difficult or impossible to liquidate a position, such as (but not limited to) at times of rapid price movement if the price rises or falls in one trading session to such an extent that trading in the underlying market is suspended or restricted; ; (j) if the Client trades in denominated currencies other than Account Currency Australian dollars the Client may lose money or value of the investment due to exchange rate fluctuations and that these losses may be in addition to any losses on the value of the Underlying Reference Instrument Financial Product relevant to the Transactions; ; (k) gapping, whereby a market price falls or rises without the opportunity to trade, can result in significant losses even when a stop loss has been put on because it may not be possible to transact at the nominated price if the market has gapped; ; (l) under the operating rules of an Exchange, some trading disputes between Market Participants (for example errors involving traded prices that do not bear a relationship to fair market or intrinsic value) may lead to the Exchange cancelling or amending a trade and in these situations your consent is not required for the cancellation of a Transaction which relates to that Exchange action; (m) in some circumstances Underlying Reference Instruments Financial Products may be halted, suspended from trading or have their quotation for trading withdrawn from an exchange the Exchange and these factors might will affect the value of your Transaction relating to those Underlying Reference Instruments due to Admiral exercising its discretion to determine the fair value of them; Financial Products; (n) a market disruption may mean the Client is unable to trade when desired, and the Client may suffer a loss as a result, including examples of disruption include the “crash” of a computer based trading system, fire or other exchange emergency or a regulatory body could declare an undesirable situation has developed in a particular contract and suspend trading; and and (o) you may incur losses that are caused by matters outside our control for example, a regulatory authority exercising its powers during a market emergency may result in losses for the client or a regulatory authority can suspend trading (for example in an Underlying Reference InstrumentFinancial Product) or alter the price at which a position is settled, which could also result in a loss to the client. 13.2 10.2. No advice or recommendation is provided by Admiral FP Markets in relation to your Transactions unless expressly stated otherwise.