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*此中文译本乃英文原本之翻译，任何不符合之处，请以原本为准。

客户交易协议

请仔细阅读本协议，如您对本协议的条款有任何疑问或不满意，请另行咨询专业人士的建议。根据本协议的条款，您与辉立期货或通过辉立期货进行的所有交易都具有法律约束力并可被强制执行。签署申请表格或在辉立期货网站上或者通过移动应用程序（如果适用）提交电子申请表格，即表示您确认接受本协议中适用于所有此类交易的条款。当辉立期货接受您的申请并为您开立账户时，就您与辉立期货或通过辉立期货进行的交易而言，您将受到本协议中相关条款的约束。

1 定义

1.1 在本协议中，除非上下文另有所指：

“本协议”系指本协议（可根据其条款随时变更或修改），包括其附录、附表和所有其他补充文件或文书，包括但不限于申请表格； “账户”系指根据客户申请和/或请求且由辉立期货接受开立和/或维持的账户；

“申请表格”系指辉立期货规定的纸质或电子形式的申请表格，客户通过该申请表格向辉立期货申请开立和维持账户；

“适用法律” 系指辉立期货和/或客户通过发出交易指令依法有义务（直接或间接）遵守和/或确保遵守或以其他方式承认对交易（包括使用 DMA 服务进行的交易）具有适用性的政府机构或部门或自律组织的所有相关或适用的法规、法律、规则、条例、指令和通知，包括但不限于：辉立期货（无论是作为会员通过直接的方式还是根据合约或强制性适用的法律法规通过间接的方式）有义务遵守的与客户交易相关交易规则，如 SGX-DT 期货交易规则 (“FTR”) 第 2、3和 8 章中的相关期货交易规则，实施细则第 2.6.3(1)(c)、2.6.3(1)(d)、2.6.3(1)(g)、2.8.1、3.4.3A、3.3.5，以及可不时修订或补充的《证券及期货条例》(SFA)第四、五、六、七和十二部分的相关章节；

“关联公司”系指辉立期货的最终控股/多数股东直接或间接以及单独或共同控制该企业或公司不少于百分之二十 (20%) 表决权的任何企业或公司，包括辉立证券私人有限公司、辉立金融私人有限公司、辉立证券研究私人有限公司、辉立证券代理私人有限公司、辉立资本管理有限公司和辉立企业发展投资私人有限公司；

“营业日” 系指交易生效或清算的相关市场开放交易的任何一天；

“清算所”（就市场而言）系指进行清算、结算，及/或为合约及/或期权提供保证（无论以净值或总值为基础），及/或对上述有关合约和期权的合约义务作出调整的法人团体、关联公司或组织，无论其是否属于市场的组成部分；

“公司法”系指《公司法》（第 50 章）；

“确认书”系指包含交易具体条款的书面通知（包括电传、传真或任何其他可能提供硬拷贝的电子方式）； “合约”系指与“交易”相关具有“交易”定义中表述的含义；

“货币” 系指以任何司法管辖区的合法货币计价的货币；

“客户” 系指（在不限制第 10 条之规定的情况下）本协议所提及的一个或数个申请人(若上下文允许，亦包括数个申请人中的任何个人)，包括客户之所有权继承人以及法定代表、代理人、经提出申请之客户授权以客户名义(包括代表客户)行事的任何和所有人士(视情况而定)；

“客户个人数据” 系指客户向辉立期货披露的或辉立期货代表客户处理的个人数据； “客户交易协议” 应具有附录 1A 第 1.1 条赋予之含义；

“违约” 应具有第 11.1 条赋予之含义；

“DMA”或“直接市场接入”系指将买卖期货合约的指令(包括对其的任何修改和取消)提交到直接市场接入基础设施(包括通过使用指定的技术系统或辉立期货和客户之间的技术连接)，以便在市场的自动交易系统(每个系统都称为“自动交易系统”)中执行的过程，包括客户在辉立期货没有任何干预的情况下通过其交易代表或其他方式(包括由任何此类交易代表进入或重新进入)建立的交易系统。“DMA 基础设施”系指技术基础设施和/或电子交易系统，无论该等技术基础设施和/或电子交易系统是由或为辉立期货建立和/或维护，为直接市场接入提供便利，还是由客户以其他方式用于实现直接市场接入(包括在担保接入协议下)以便在直接市场接入基础上实现交易；

“DMA 程序”系指 (i) 辉立期货可能会不时指定和要求的程序以及通知客户，并要求访问和/或使用 DMA 服务时必须遵守这些程序，包括但不限于以下任何或所有程序： (a) 防止客户操纵交易的程序；(b) 声明和通知；(c) 代表辉立期货收集和保留信息；(d) 对客户的授权人员和代理人进行培训，以确保正确访问及使用 DMA 服务；或者 (e) 辉立期货不时全权酌情决定的其他程序、限制和约束；以及 (ii) 适用法律规定的要求，以及(如果相关)通过 DMA 服务执行和/或清算客户指令的市场所规定的要求；

“DMA 服务”系指辉立期货向客户提供的服务，该等服务以客户继续遵守 DMA 程序以便允许直接接入或担保接入交易系统为前提；

“电子网络、经纪及资讯设施及软件配套”系指辉立期货的自动指令输入系统，包括辉立期货向客户提供的任何软件、硬件或电信设备，还包括辉立期货向客户提供的由辉立期货的一个或多个关联公司拥有的在线电子市场系统 (“POEMS”)，在遵守该等系统访问和使用之条款的前提下，客户可使用该系统：

(a) 通过电子方式将指令传送给辉立期货、第三方网络，和/或根据向客户提供的 DMA 服务直接传送给交易所交易引擎；

(b) 获取市场信息、指标和实时价格，以及客户账户中所载的信息和客户可获取的其他服务；和

“期货合约” 应符合 SFA 和（视相关情况而定）交易执行所在的司法管辖区的定义；

“信息”系指辉立期货提供的或可从辉立期货获取的实物或电子形式的任何文本、图像、链接、声音、图形、视频和其他材料，包括但不限于与期货、市场

、公司、行业、新闻相关的信息以及与前述各项相关的任何信息、数据、分析或研究，如果有相关说明或明确声明，则上述各类信息应遵守此类警告、注意事项、限制、资格和/或免责声明；

“知识产权”包括所有发明、专利、专有技术、商业秘密和其他机密信息、版权（包括但不限于计算机软件和任何数据库中的所有此类权利）、注册和未注册商标（包括但不限于任何商品、品牌或商业名称以及用于区分商品和服务的任何独特气味或声音）、域名、技术、专有技术、商誉、注册和未注册的设计

、集成电路布图设计、地理标志和植物品种（在每种情况下，在其整个期限内及其所有延期和更新）、上述各项内容的注册申请（包括申请的权利）、与上述各项内容相关的许可证、任何国家的具有上述各项内容性质的权利、起诉假冒的权利或其他类似的工业或商业权利；

“损失” 系指任何和所有已实现或未实现的损失、损害、成本、收费和/或费用，无论其性质如何，且无论其成因为何，包括予以全额赔偿的法律费用、融资成本和因终止、清算或重建任何对冲或相关交易头寸而产生的损失或成本；

“保证金”系指存放xx立期货(或其代理人)或由辉立期货(或其代理人)所持的作为本协议项下任何交易之未平仓头寸或本协议项下之客户义务的担保或信用担保的任何货币、现金及辉立期货可全权决定的证券或其他财产；

“市场”系指在新加坡或其他地区境内定期签订商品合约或与商品有关的合约的市场、交易所或任何其他地点(无论是有形的还是虚拟的)； “代理人” 包括在新加坡或其他地区境内的代理人、代表、受托人或代理行；

“场外交易之安排”系指辉立期货可能向客户提供，能够使客户进行场外 (“OTC”) 交易；

“场外交易” 系指客户和辉立期货在任何未受到监管的交易所或市场的场外交易中以双边本金对本金的方式达成的交易，包括客户在 DMA 下交易的价差合约，而不是辉立期货作为做市商交易的价差合约；

“职员”系指辉立期货的任何高级职员及雇员；

“指令”系指客户给予或发送给辉立期货的任何授权、请求、指示或指令(无论采用何种形式和发送方式)，或者辉立期货或职员合理认为来自客户或客户授权代理人的任何授权、请求、指示或指令，包括撤销、忽略或更改任何先前的授权、请求、指示或指令的任何授权、请求、指令或指令；

“PDPA” 系指新加坡 2012 年《个人数据保护法》；

“个人数据”系指有关可识别的个人相关数据，且无论该数据是否属实，均可以 (a)根据该数据或 (b) 根据该数据及个人已经或可能会获取的其他信息而确认其身份；

“辉立资本集团”系指由辉立期货及其关联公司组成的公司集团；

“辉立期货”或 “PFPL” 系指辉立期货私人有限公司，包括其继承人或受让人；

“个人密码”系指由辉立期货发予客户的客户个人密码，以便客户使用电子网络、经纪及资讯设施及软件配套； “人士”包括任何政府、法定机构、企业、商行、合伙企业、公司或非法人团体；

“监管机构”系指对辉立期货或其任何此类受监管活动具有相关监督和/或监管管辖权的监管机构，在适用的情况下，包括监管机构作为签署方的《国际证券委员会组织关于磋商、合作及信息交换的多边谅解备忘录》的其他共同签署方；

“受监管活动”定义见《证券及期货条例》附表 2；

“相关机构”系指对辉立期货或其任何受此类监管活动具有相关监督和/或监管管辖权的任何市场、清算所和/或政府机构或部门或自律组织； “相关货币”系与第 7.1 条同义；

“SFA”系指《证券及期货条例》（新加坡法例第 289 章）； “SGX-DT”系指新加坡衍生商品交易所私人有限公司； “证券”应符合《证券及期货条例》的定义；

“担保接入”是一种间接方式，通过此种方式，非交易所会员可以通过辉立期货申请相关市场的 DMA 服务进行交易。为避免疑义，客户和辉立期货之间基于 DMA 的价差交易合约指通过担保接入协议进行的价差交易合约，但受客户基于 DMA 而非以辉立期货作为客户的双边主要交易对手的做市商为基础的价差交易合约条款和条件的约束；

“交易系统”系指任何电子网络、经纪及资讯设施及软件配套，包括可将 SGX-DT 为其交易指定和批准的指令进行自动匹配的电子网络、经纪及资讯设施及软件配套；

“交易” 系指:

（i）根据交易所或根据交易所规则订立的合约；

(ii) 将在交易所订立的或受交易所规则约束的合约(但仅适用于其有效期内)，并在适当时候作为该合约提交结算的合约； (iii) 辉立期货和客户约定作为受本协议管辖 “交易”的任何其它交易，

包括任何期货合约或场外交易。就前述目的而言，除非上下文另有要求，“合约”系指期货合约、期权、价差合约、与任何商品、金属、金融工具(包括任何证券)、货币、利率、指数或其任何组合相关的任何种类的即期或远期合约。

1.2 插入标题只是为了方便阅读使用，不影响本协议的解释。

1.3 以单数形式出现的文字亦包括复数，反之亦然。一切表示男性的词汇亦包括女性及中性，反之亦然。

1.4 除非本协议另有规定，本协议中提及的“条款”、“附录”和“附表”分别指本协议中的条款、附录和附表。

1.5 任何所指之法定规定均包括其不时更动、修改或再次制定的规定，只要上述更动、修改和再次制定适用或可以适用于任何在此签订的交易。

2 范围及适用

2.1 本协议的条款和条件应适用于（视相关情况而定）辉立期货向客户提供的账户相关服务，前提是本协议每个附录中包含的具体条款和条件仅在辉立期货批准客户申请特定服务时予以适用。（该附录所载条款在适用该等服务时，应作为本协议所载普遍适用条款的补充，但二者条款应作为一个整体加以阅读）。出于上述目的，辉立期货可以向客户提供的服务可能包括以下任何、部分或全部服务：

(a) 交易的执行，包括安排由中间经纪人执行交易；

(b) 交易结算，包括安排由中间经纪人进行交易结算；和

就上述约定以及交易而言，“中间经纪人”一词系指任何以中间人或代理人的身份行事的人，辉立期货通过该中间人或代理人执行和/或清算交易。“代理经纪人”一词应具有实质上相同的含义。

2.2 如果任何附录所涉及的任何设施明确受除本协议所载条款和条件之外的条款和条件的约束，则在前者和后者相抵触时，应以此类其他条款和条件为准。

2.3 本协议和受本协议管辖的所有未决和/或待执行交易构成双方之间的单一协议。就上述约定而言，完全由双方执行的交易不得视为待执行交易。

3 一般条款

3.1 客户接受本协议的条款（经不时更新），包括接受所有随附附录和/或附件的条款（因为此类条款与客户发出的指令及其相应的已执行交易相关），此外，客户接受载于附表 1 和附表 5 中的SGX 期货交易规则 1.6 风险披露声明及通知，应成为辉立期货履行其在本协议项下与指令和相应交易相关的任何义务的先决条件。客户明确同意接收通过电子邮件发送的、发布xx立期货网站并可在账户详情页面上查看的或以其他电子方式发送的电子版文件。

客户亦了解，客户可以定期访问互联网，并同意辉立期货通过电子邮件向客户提供有关其自身及其服务（包括市场信息）、成本和费用的信息或在其网站或 POEMS 上发布此类信息。客户相应地同意，客户将定期访问辉立期货的网站，以随时了解本协议的条款和与本协议相关的任何文件以及对这些条款的任何后续修订。

客户进一步明确同意、认同并确认辉立期货不得就任何交易的价值向客户提供建议或推荐，在任何时候不得被视为向客户提供或已经提供建议或推荐，同意且应始终被视为在仅作执行的基础上与客户进行交易。

客户还向辉立期货xx并承诺，客户将诚实、公平和真诚地获取和使用根据本协议提供或可用的设施和服务。因此，客户还声明并承诺，客户没有亦不会将任何恶意代码或软件上传或传输到辉立期货或其任何关联公司或通过本协议项下向客户提供的设施访问的任何第三方的任何电子网络、经纪及资讯设施及软件配套或网站（每个 “网站”），或使用任何电子设备、软件、算法和/或旨在操纵任何电子网络、经纪及资讯设施及软件配套或网站的任何方面的任何交易方法或策略，该等交易方法或策略包括但不限于辉立期货构建、提供或传达交易定价的方式。

辉立期货或与其签订服务提供或访问合同的其他第三方服务提供商或许可方（每个“服务提供商”）可根据本协议向客户提供与辉立期货提供的服务相关的信息。客户同意：

(a) 如果任何此类信息在任何方面不准确或不完整，或者客户根据或因信赖此类信息采取或不采取任何行动，辉立期货或任何其他服务提供商均不承担责任或义务；

(b) 客户将仅出于本协议约定的目的或辉立期货明确同意的目的使用此类信息；

(d) 该信息属于辉立期货或提供商所有，客户不得将该数据或信息的全部或部分向第三方进行转发、重新分发、发布、披露、更改、修改、租赁、借出、许可或展示；以及

(e) 客户将支付与获取和使用任何信息相关的任何费用和其他成本，对此，辉立期货可能会不时向客户发出通知，客户还应负责支付任何外国或国内的国家、州、省或地方政府机构或其分支机构就其获取和使用任何信息而征收的任何和所有税收、费用或评估，以及与此相关的任何罚款或利息。

3.2 辉立期货可自行和绝对酌情允许客户使用电子签名，以示客户接受本协议、随附附录、附件和/或客户与辉立期货账户关系附带的适用表格中所载的所有条款和条件，前提是辉立期货合理认为以下所有条件均获满足：

(a) 该签名表明客户身份；以及

(b) 使用签名以示客户接受相关条款系经过客户授意和/或授权。

3.3 客户授权、同意并赞成辉立期货和/或辉立期货的任何职员或代理人随时向辉立资本集团内的任何人士、任何相关机构或辉立期货或任何职员认为适合xx立期货的目的或符合辉立期货利益的任何人士披露与客户的任何详情或交易或任何账户相关的任何或所有信息。本条款授予的同意和权限应构成任何适用法律

、规则和条例规定的同意和权限。

3.4 辉立期货可以雇佣或任命任何人（并非辉立期货的职员或相关人员），包括场内经纪人和清算经纪人，以执行客户的任何指令或行使客户授予辉立期货的任何权力（无论是根据本协议还是其他协议授予此等权力）。在做出此类雇佣或任命时，辉立期货对客户因该个人或实体的任何作为或不作为而遭受或招致的任何和所有损失概不负责。

3.5 未经辉立期货事先书面同意，客户不得以信托或其他方式为任何人（辉立期货除外）转让、押记或抵押任何账户或其中的客户权利，或创建或允许创建任何账户中的任何权益。辉立期货无需认可客户以外的任何人在任何账户中拥有任何利益。

3.6 辉立期货有权（但无义务）使用任何记录设备（通过任何方式）记录辉立期货与客户或客户的任何雇员或代理人之间的任何通信（通过任何媒介），对此辉立期货无须事先通知客户。任何此类记录应是辉立期货的唯一财产，并可用作对客户不利的证据。辉立期货可以随时销毁此类记录，而无需给出任何理由。

3.7 客户与辉立期货的关系、所有账户的运营和所有指令的执行应始终遵守适用法律。辉立期货可以采取或不采取任何行动，并且客户应采取辉立期货要求的一切行动，以确保遵守适用法律。

3.8 如果客户经第三方介绍和/或推荐给辉立期货开立和/或维持账户，客户同意并认可辉立期货对该第三方的任何行为、行动、xx或声明不承担任何责任。客户进一步同意，辉立期货可以在适用法律允许的最大范围内，与该等第三方或辉立期货认为合适或适当的任何其他第三方分享其费用、佣金和/或其他收费。

3.9 客户兹认可辉立期货在本协议日期之前代表其完成但尚未平仓的所有交易，并同意此类交易亦应受本协议条款的管辖。

3.10 客户同意并认可，辉立期货可通过向客户发出通知或通过辉立期货认为合适的任何方式（客户同意此种方式构成向其有效传达的通知）随时自行决定修改、变更或补充本协议中的任何条款或条件或涉及账户或交易的任何额外或具体条款或条件，包括通过电子网络、经纪及资讯设施及软件配套发出通知，前提是客户表示希望收到此类修改、变更或补充通知。任何此类修订、变更或补充应自通知之日或通知中规定的日期（视情况而定）起生效。如果客户在收到此类通知后继续就账户发出指示或操作账户或办理或维持任何交易，则客户应被视为无保留地同意任何此类修改、变更或补充。

3.11 客户对本协议的任何修改、变更或补充均属无效，除非该修改、变更或补充得到辉立期货授权高级职员的正式书面同意。

3.12 如果客户申请升级至特定的客户类别（例如《证券及期货条例》中定义的合格投资者、专家投资者或机构投资者），以有权获得该等客户类别所能获得的更大范围的产品和/或服务，或者如果客户未选择退出级别较高、能力更强且风险承受能力更高的客户类别（例如《证券及期货条例》中定义的合格投资者、专家投资者或机构投资者），辉立期货可在法律允许的范围内酌情决定同意接受客户申请，或将客户视为级别较低、能力较弱、风险承受能力较低的客户类别（视相关情况而定）。否则，客户将因符合相关法律法规针对某种客户类别的资格标准，而被默认为属于此类别客户。客户同意，如果辉立期货行使上述酌情权，将客户视为某种客户类别，而非法律法规默认的客户类别，则在前一种情况下，客户可能无权获得向该类别客户提供的同等级别的保护，在后一种情况下，客户可能无权获得针对该类别客户提供的更大范围的产品和/或服务。

4 指令

4.1 客户可以指示辉立期货执行任何账户相关的交易，方法是以辉立期货可接受的形式及辉立期货不时规定的媒介并遵照指令传输/下达相关的条款（包括 DMA程序）向辉立期货下达指令或以辉立期货名义或在辉立期货承担责任前提下下达指令（在客户通过 DMA 下达指令的情况下，包括担保接入服务）。根据本协议的规定，所有指令应按照辉立期货不时规定的方式直接发送予辉立期货（无论是口头（亲自或通过电话）、通过互联网或任何电子方式、通过使用电子经纪服务或辉立期货不时接受的其他通信方式）。如果指令是通过电话、互联网、电子方式或电子经纪服务发出的，辉立期货有权依赖此类指令并按照此类指令行事，而无需询问或核实发出或提供或声称发出或提供此类指令的人的权限或身份，且无需考虑发出此类指令时的普遍情况或指令中涉及的金额或头寸规模，对此，是否存在任何错误、误解、不清楚、欺诈、伪造或缺乏相关授权在所不问，但前提是辉立期货或其相关雇员、职员、代理人或代表真诚地认为该指令在发出时是真实的。在发送或发出此类指令时，客户兹明确同意并认可辉立期货可全权及绝对酌情决定权以客户自身名义或以与辉立期货相关或关联的人士之名义或以辉立期货或其任何代表在其中拥有直接或间接利益的实体之名义担任客户的代理人或委托人。如果辉立期货承担其被指示执行的任何交易的交易对手的角色，辉立期货绝对有权从客户与辉立期货的任何此类交易中获得所有收益、利润和利益。辉立期货可采取其认为必要或适当的任何措施，以确保辉立期货自身和客户遵守适用法律，就 DMA 服务而言，DMA 程序规定，除非辉立期货在遵守指令执行相关的适用法律方面存在欺诈、重大过失或故意违约行为

，否则客户不得选择撤销按上述方式执行的交易，因此辉立期货在执行指令方面存在任何其他失职行为，客户仅可提起损害赔偿金额由适用法律予以确定的诉讼。

4.2 如果辉立期货向客户提供电子经纪服务，客户可以根据电子经纪服务的传输/下达条款，通过使用此类服务下达指令。对电子网络、经纪及资讯设施及软件配套进行管辖的条款载于附录 1，就 DMA 服务而言，该条款为 DMA 程序的补充要求。

4.3 辉立期货有权将任何和所有指令视为完全由客户授权并对客户具有约束力的指令，前提是根据第 4.5 条之规定，客户可以发出指令以撤销、取消、撤回或变更先前指令。发出指令时，客户全权负责确保所有指令的准确性和完整性，客户应确保不会向辉立期货发出相抵触、不一致或矛盾的指令。辉立期货有权（但不限于）在不对客户承担任何责任的情况下，根据辉立期货审视认为合适的任何指令采取行动或步骤。如果客户向辉立期货发出撤销、取消、撤回或变更先前指令的指令，辉立期货没有义务执行该指令，客户亦无权假设该指令将被执行，直到客户向辉立期货确认先前指令尚未执行，且撤销、取消、撤回或变更（视情况而定）指令就执行而言是切实可行的并且不会损害辉立期货与交易对手或代理经纪人或（就基于 DMA 传输的任何指令）市场（或相关清算所）的头寸（如果相关）。

4.4 客户亦同意，如果客户因任何原因无法向辉立期货传达任何指令或承担其责任，辉立期货对客户概不负责。

4.5 只要辉立期货秉持诚信原则，辉立期货对因行使或未行使本协议项下授予辉立期货的任何自由裁量权、权力或权限所产生的任何责任概不负责。

4.6 辉立期货有权（但无义务）核实和确认声称发布指令之人士的身份和/或权限，或该指令的来源和初衷的合法性，作为接受执行指令的先决条件。

4.7 如果辉立期货决定执行任何指令，或者有义务根据任何指令行事，考虑到辉立期货的系统和运营以及当时的其他情况，辉立期货应被给予合理的时间根据指令行事和执行指令，并且辉立期货对其根据指令行事时的任何延迟造成的任何损失概不负责。

4.8 如果任何指令含糊不清或与任何其他指令不一致，辉立期货有权根据任何指令行事，前提是任何职员或辉立期货根据第 3.3 条聘用或任命的任何人员审视地认为该指令的解释属于正确的解释。

4.9 辉立期货应在收到指令后的 14 个工作日内或适用法律规定的较短期限内向客户发送确认书。客户应全权负责确保指令已被发送、接收、处理和妥善执行，并且在不影响前述一般性的情况下，如果未能收到指令已被接收和执行的合适确认书，应立即通知辉立期货。

4.10 在不损害辉立期货在本协议项下的任何其他权利的情况下，如果客户和辉立期货之间就任何交易发生争议，辉立期货有权自行决定并在不发出通知的情况下关闭与交易相关的头寸，前提是辉立期货审视地认为此类行为有利于减轻或限制争议中任何一方的潜在损失或损害。在这种情况下，辉立期货不对客户因上述客户头寸关闭和/或先前头寸价格水平随后波动而产生的任何损失负责或承担义务。如果辉立期货关闭客户的头寸，该关闭不应影响客户根据本协议条款开设新头寸的权利，包括对关闭头寸引起的损失（如有）进行结算后的保证金相关的权利。

4.11 客户同意并认可，尽管指令是其达成交易的有约束力的要约，辉立期货（无论是在任何电子经纪平台上/通过任何电子经纪平台、通过电话、“实时聊天”或其他方式）报出或给出的价格并不构成以该报出/给出的价格达成交易的合同要约。

4.12 如果指令通过多项不同价格的交易执行，客户将为每项交易分别缴纳费用和佣金。

4.13 如果下达或触发了多个指令，这些指令总计超过了辉立期货在相关市场的头寸限额，则辉立期货可自行决定采取以下任何行动：(a) 拒绝执行所有、部分或任何指令；和/或 (b) 部分完成指令。

4.14 如果客户已被接受并执行的指令违反本协议，或者违反下文第 15 条条款中所描述，或者属于辉立期货知悉上述事件发生就不会接受的指令，则辉立期货可以在获悉违约或相关事件后，将已执行的指令视为无效，或者按照其平仓时的价格平仓。在任何情况下，客户应对上述平仓造成的所有损失负责。

5 交易顶(底)限与限制

5.1 辉立期货可在任何时候以其唯一及绝对酌情权向客户加诸任何头寸或持仓权限，或任何买卖或交易限制。此类限额可能包括交易的最小规模、或向辉立期货传达指令的规定时间及程序或其他方面。

5.2 辉立期货可在任何时候以其唯一及绝对酌情权改变头寸或持仓权限，或任何买卖或交易限制。之前的任何限额或限制都不应成为先例或对辉立期货造成约束

。

5.3 客户同意，第 5.1 条中提到的限额也可以由相关机构设定，且辉立期货设定的限额可以超过相关机构设定的限额。在向辉立期货下达指令时，客户不得超过任何头寸或持仓权限，或违反辉立期货或任何相关机构施加的任何买卖或交易限制。

6 保证金要求

6.1 客户应按照辉立期货可在任何时候以其唯一及绝对酌情权规定的金额及时间将原始保证金存入并存放在账户中和/或以其他方式提供给辉立期货，并且在任何情况下都不得影响客户单独和主动的义务，即（在更新的基础上）针对客户的交易获得通知并提供和/或维持与客户交易相关的最低保证金的义务，该最低保证金可能是适用法律和相关市场（在该市场内执行和/或清算引起交易的指令）所规定的。

客户同意 (a) 辉立期货没有亦不会就客户账户的交易或投资向客户提供任何咨询服务；(b) 根据客户的财务资源、目标和其他相关情况，客户全权负责确定任何和所有客户交易的适宜性，并因此确保基于所提供保证金的交易或投资（以及由于该保证金所提供的杠杆作用而导致的敞口及责任放大的风险）是否适合客户。

根据适用的监管要求（无论是根据适用的法律和/或相关市场的要求），客户可建立和/或维持的任何特定敞口或未平仓头寸的最小和最大金额可由辉立期货自行确定，对此，无须考虑向辉立期货缴纳的保证金金额，并且辉立期货可更改该最小和最大金额。

6.2 客户理解并同意，交易始终受辉立期货制定的原始保证金和维持保证金要求（“保证金要求”）的约束，该要求可能（很有可能将会）高于适用法律或适用规则

/命令/条例/相关代理经纪人或适用市场的相应最低要求。客户应监控其账户，以确保账户中包含足够的权益或抵押品，且该等权益或抵押品的类型和质量在任何时候都满足计入保证金的条件，以满足相关的保证金要求。因此，客户亦同意并认可辉立期货没有义务：(i) 在账户金额低于最低保证金要求的情况下，出于保证金目的而要求额外的担保品/抵押品/保证金或其他财产；(ii) 将任何此类缺额通知客户；或者 (iii) 允许客户有时间存入额外的担保品或其他财产。客户理解并接受，辉立期货是出于善意而不时提出此类请求或通知，因此，不构成任何导致辉立期货违背客户根据第 6.2 条确认的谅解及约定的先例。

客户亦同意并认可，辉立期货有权自行决定贴现、拒绝和/或接受（全部或以辉立期货适当的程度）客户为满足保证金要求而提供和/或给予的担保品/抵押品/保证金或其他财产，即使这些担保品/抵押品/保证金或其他财产符合适用法律或相关市场确立的保证金要求。辉立期货可自行决定随时修改未平仓和新头寸的保证金要求。如果客户账户余额不足以满足保证金要求，辉立期货可拒绝任何指令，并延迟处理任何指令，同时确定客户账户的保证金状态是否正常。客户应始终保持足够的账户余额，以持续满足保证金要求，对此，辉立期货无须发出通知或提出要求。

为计算保证金要求而提供的通用公式或示例仅是说明性质，可能无法准确反映在特定时间对客户账户有效的实际要求，但客户可以且愿意将其理解和接受为是对适用于客户和客户账户的保证金的提供和维持相关的通用原则的阐释。

如果客户在任何时候未能提供所需的保证金，辉立期货可以（在不损害本协议下的任何其他权利或权力的情况下）并且在不产生采取下述行动的义务的情况下，在未经通知的情况下结清或清算客户与已执行交易相关的任何或所有未平仓头寸。

客户同意并认可，支付/提供所需最低保证金的时间（无论是原始保证金还是维护保证金，或者是辉立期货通知客户提供的额外保证金）至关重要，如果辉立期货未规定支付/提供该保证金的其他时间，则客户必须在该保证金到期后的二十四 (24) 小时内支付/提供该保证金，或者在价格极端波动时，应立即支付/提供该保证金。

为免生疑问，客户 (i) 为任何相关指令支付/提供原始保证金的责任应在发出指令时产生，是否或何时发出保证金通知或执行指令在所不问；(ii) 支付/提供任何其它保证金的责任应在该等保证金的相关最低要求出现时或（由于价格波动或执行的指令或其他原因）因实际情况不时触发时产生，是否或何时发出该等保证金通知在所不问。

6.3 在不损害或减损上述第 6.2 条的情况下，就保证金维持要求而言，如果客户相关账户中的权益低xx立期货慎重确定的客户未平仓头寸的市值阈值（“阈值权益水平”），辉立期货虽然没有义务采取下述行动，但通常会发出“保证金追加通知”（要求立即存入额外抵押品）。在某些情况下，例如（但不限于）头寸集中

、股票定价偏低或合约波动情况下，辉立期货可能需要远高于正常初始或维持要求的抵押品。辉立期货保留在日内计算上述金额的权利。

可以书面、电话、电子或其他通讯方式发出保证金追加通知，客户同意立即缴付催缴的所有保证金。在某些情况下，例如在市场波动的条件下，当客户的相关账户权益低于阈值权益水平时，辉立期货可能不会立即发出保证金通知。

辉立期货保留在不通知客户的情况下修改阈值权益水平的权利。保证金追加通知不能免除客户主动提供追加保证金的义务，也不意味着辉立期货针对客户提供任何豁免或有约束力的法定宽限。

在不影响客户主动提供或确保持续提供所需保证金的唯一责任的情况下，客户有责任在任何情况下立即对口头或书面发出的任何保证金追加通知、清算、买入或卖出通知采取行动。若客户在收到保证金追加通知后，未能及时存入额外的资金或抵押品，那么即使客户保证金账户中的权益水平符合以前的保证金要求，也可能导致该账户中的部分或全部抵押品被清算，这将作为不再由所需保证金金额担保的未结头寸被清算或平仓的一部分或后果。

尽管辉立期货通常会尝试通知客户追加保证金，并向客户提供机会存入额外权益以维持受影响的未平仓头寸，但辉立期货没有采取上述行动的义务，客户也不应期望辉立期货采取上述行为是以客户有义务支付/提供额外保证金为先决条件，辉立期货保留不经提前通知且不给客户存入额外权益的机会立即对客户的任何和所有未平仓头寸和所提供的保证金/抵押品进行自行清算和/或变现的权利。无论之前采用何种方式发送口头/书面通知，也无论辉立期货当前的口头/书面xx如何（该xx表明不同的美元金额/清算时间或根据提供额外保证金的到期日或所需的合理性建议额外时间），该唯一及绝对酌情权均适用。无论时区差异、语言解释或电汇资金的延迟如何，与立即清算相关的该唯一及绝对的酌处权（包括与选择清算何种头寸以及以何种顺序清算相关的唯一及绝对酌情权）均予适用。在辉立期货出于谨慎和审视的判断被迫清算客户的未平仓头寸，以保护辉立期货和/或其他客户和/或持有客户未平仓头寸的交易所的利益之前，客户始终有责任监控和清算头寸，以尽量减少客户的损失。

辉立期货在任何情况下都保留唯一及绝对酌情权决定平仓任何显示出负清算价值的账户的权利，只要其真诚地相信此行为对于保护其利益是合适的。

6.4 客户也理解并同意，即便辉立期货发出追加保证金通知，在客户做出任何相关违约事件（包括客户未能主动提供或确保持续提供/维持最低保证金要求）后，辉立期货仍可随时行使第 6.3 条和/或第 11 条规定的结算/清算权利。

6.5 客户亦同意并确认，保证金可被持有并用于确保客户履行义务，以及用于适用法律可能允许或规定的交易相关的其他用途。

6.6 尽管有任何相反的规定或指示，在任何情况下，所有保证金应由辉立期货作为持续担保持有，并应受辉立期货根据本协议或其他文件对客户向辉立期货承担的任何和所有有负债或实际负债责任而享有的一般留置权和抵销权的约束，并且辉立期货可按照本协议的规定变现客户的任何保证金。

6.7 所有保证金应采用辉立期货规定的形式，任何此类保证金的价值应由辉立期货全权决定。在适用法律允许的最大范围内，对于以任何形式向辉立期货或任何相关机构提供的任何保证金，辉立期货有权以适用法律允许的方式将其用于存储、投资、借出、抵押、押记、质押、再抵押、担保或以其他方式处理，并且没有义务向客户解释由此产生的任何利息、收入或利益。客户向辉立期货存入的任何类型的保证金都无需支付利息，且客户同意并认可，根据本协议所存入的保证金所产生的利息可由辉立期货保留，存入其账户或为其所用。辉立期货在任何时候都无须向客户交付辉立期货收到或购买的作为账户保证金的同等财产

，而仅需交付实质上同类、同值的财产，但须根据交付时的通行市场价格对数量和质量变动进行调整。

6.8 在不影响第 6.7 条的一般性或《证券及期货（许可和业务行为）条例》披露通知所载辉立期货条例 27A 的内容的前提下（但须始终遵守后者），客户兹明确同意辉立期货可以通过以下任何方式存储客户任何未转让给辉立期货的保证金:

(a) 辉立期货可全权指定的托管人，包括新加坡境外的托管人（如果保证金以外币计价），托管条款应通知客户。如果保证金按上述方式存入，辉立期货应单独书面同意《证券及期货（许可和业务行为）条例》（如适用）第 32 条所载的要求，但客户同意并接受与保证金分离相关的不同结算、法律和监管要求以及不同的惯例可予以适用。客户进一步同意，辉立期货可以将该保证金与其他客户的现金和财产混合使用；和/或

(b) 出于适用法律，或清算所或期货交易所（视属何情况而定）的业务规则及惯例所准许的目的向清算所、期货交易所（不论是海外或其他地方）的成员存入上述保证金。

如果适用法律允许客户的保证金以所有权转让抵押品或保证金的形式提供给辉立期货，客户将被明确告知并确认其理解和接受以下事实，即就该保证金而言

，客户对该保证金的所有权利、所有权和权益将通过直接所有权转让的方式从客户转移给辉立期货，且不存在客户或任何其他方的任何留置权、索赔、收费或产权负担或任何其他权益。因此，辉立期货有权处理、出借、处置、质押、押记或以其认为合适的其他方式使用保证金。为免生疑问，任何此类现金或资产不受用于客户现金或资产的隔离或信托规则的约束，并且任何此类现金或资产在转让给辉立期货时旨在作为客户的现金和/或资产保留，但仅受辉立期货享有

的留置权或其他担保权益的约束，包括但不限于，为了方便起见，上述规则可粗略地分别称为“客户资金规则”和“客户资产规则”（分别载于《证券及期货（许

可和业务行为）条例》第三部分第 2 和第 3 章）—“业务 SFR”，同时可参见《证券及期货条例》第四部分第 2 章，更具体而言，《证券及期货条例》第 104

节。

如果保证金是在所有权转让的基础上提供的，辉立期货有义务在客户满足其对辉立期货的所有义务的情况下，将同等抵押品退还给客户账户。客户亦同意并认可，尽管双方有任何相反的约定，但在客户破产的情况下，辉立期货有权选择将客户作为保证金提供的非现金资产返还给客户的义务转换为支付该等非现金资产总市值的义务，并将转换后的支付义务置xx立期货的一般抵销权约束之下（除了法律或合同中规定的任何其他抵销权和/或账户合并或债务之外）。

6.9 客户应自费并应辉立期货的要求，执行和完成辉立期货为本协议目的可能要求的所有此类契约、行为和事项(包括但不限于执行此类进一步的行为或执行和交付任何额外的文书或文件)，包括但不限于完善辉立期货对客户提供的保证金所享有的权利。

6.10 只要客户拖欠辉立期货款项或债务（无论其性质及缘由），客户只能在辉立期货同意的情况下从辉立期货撤回保证金。辉立期货可随时扣留客户的任何保证金

，直至客户的所有此类款项或债务全部清偿。

6.11 此外，在不损害辉立期货根据法律或其他规定可能拥有的任何权利的情况下，辉立期货可在不通知客户的情况下，随时根据其唯一及绝对酌情权使用和/或抵消贷记客户的保证金（无论该等保证金是在辉立期货或其关联公司开设的任何账户上，还是在其他账户上），以抵消客户在任何账户上到期、拖欠或产生的所有款项和/或其他负债，该等款项和/或其它负债系在辉立期货或关联公司或其它机构处持有、以何种方式持有、属于实际或或有性质、共同或单独性质均在所不问。

6.12 客户兹授权各关联公司根据辉立期货随时及不时发布的任何指示行事，该等指示涉及扣留付款，或交付、转移、提取或以其他方式处置该等关联公司为客户持有的任何保证金。各关联公司无义务询问辉立期货根据本条款发出的指示的目的或适当性。客户还同意对辉立期货根据本条款发出的所有指示予以追认，并放弃因该等关联人遵守本条款而对其中任何关联公司提出任何索赔。客户亦同意，为便于辉立期货行使其在本条款下的权利，客户可向任何关联公司提出保证金要求，关联公司应被允许遵守该要求，如同客户已指示关联公司并同意关联公司遵守该要求。

7 外币交易

7.1 如果客户指示辉立期货进行交易，且该交易以外币进行:

(a) 该货币汇率波动造成的任何利润或损失将由客户自行承担风险；以及

(b) 除非辉立期货另有规定，否则用于保证金目的的所有初始存款和后续存款应以辉立期货以其唯一及绝对酌情权决定要求的外币或以默认以该外币（以下简称“相关货币”）计价并可变现的合格保证金工具进行，并且存入金额由辉立期货以其唯一及绝对酌情权决定。

7.2 辉立期货可以（因此无义务）在任何时候根据其唯一及绝对酌情权，将客户任何账户中以相关货币以外的货币计价的或以其他方式记入客户贷方的任何金额折算为任何相关货币，以执行客户以相关货币进行交易的指令，或行使辉立期货在此等条款和条件或任何账户项下的权利。汇率损失和兑换成本由客户承担

。为避免疑问和保持良好秩序，客户同意并认可，客户账户中以相关货币以外的货币计价或以其他方式记入客户贷方的任何金额，在辉立期货对客户就任何相关货币为单位的客户指令和交易提供或将要提供的保证金进行计算时，无须考虑上述金额，除非辉立期货实际上行使其对于货币兑换和作为以任何相关货币计价的保证金使用的酌情权。

7.3 辉立期货保留权利，但无义务，在未事先通知客户的情况下，以客户为受益人将客户存入的以相关货币以外的任何货币为单位的客户现金或信用余额进行折算

，以避免因客户以相关货币为单位的付款金额不足而产生进一步的利息费用。客户亦同意，如果辉立期货行使其不予进行上述货币折算的唯一及绝对酌情权，辉立期货对此不承担任何责任。

8 清算指示

8.1 对于涉及实际结算的任何交易的任何未平仓头寸，客户应:

(a) 指示辉立期货清算此类未平仓头寸；或者

(b) 为辉立期货提供与该未平仓头寸相关的账户的充足资金，并提供必要的交割文件以交割期货合同的标的对于多头头寸，不晚于第一个通知日之前 5 个工作日，对于空头头寸，不晚于最后一个交易日之前 5 个工作日。

8.2 如果客户未能遵守第 8.1 条，辉立期货可以:

(a) 清算此类未平仓头寸；

(b) 按照辉立期货认为合适的条款和方法，代表客户交付或接收期货合同的标的；和/或

8.3 如果客户未能在规定的交付日期前向辉立期货交付客户指示辉立期货出售的任何商品，辉立期货应全权决定，在不通知客户的情况下，代表客户借入进行此类交付所需的任何商品，客户应赔偿辉立期货在交付过程中可能遭受的任何损失，并根据辉立期货的要求赔偿辉立期货遭受的此类损失。

9 费用及支付

9.1 客户应立即按照辉立期货随时针对任何交易的执行、履行和/或结算或任何账户的维护或针对向客户提供与的任何账户相关的任何服务或便利，以其唯一及绝对酌情施行及决定的利率和方式向辉立期货支付所有相关费用和/或其他费用。

9.2 客户应在相关交易到期日，或根据辉立期货依据本协议规定提出的要求，立即向辉立期货支付任何未付金额。

9.3 辉立期货有权向客户收取应向辉立期货支付的任何金额或款项的利息（利息的计算和/或累加方式由辉立期货随时自行确定及决定），并将应付利息记入任何账户的借方。当客户以外币进行交易时，应提醒客户上文第 7 条中的规定，特别是客户以相关货币存款作为保证金的资金不会自动满足外币头寸的保证金要求

，除非明确和具体要求以上述货币存款作为保证金，因此，尽管客户在账户中的净权益可能总体为正，但仍可能因外币未结头寸的任何亏空而被收取利息。

9.4 所有支付给辉立期货的款项应以到期款项计价的货币支付（除非辉立期货另有通知），以自由和明确的资金支付，且不得进行扣除或预扣。如果法律要求客户进行此类扣除，客户应向辉立期货支付更高的金额，以确保做出此类扣除后辉立期货实际收到的净额等于在无此类扣除要求的情况下辉立期货本应收到的金额。

9.5 辉立期货因账户原因或其他与客户相关的原因而支付的任何税收、关税、支出、成本和/或其他费用应由客户偿还。

9.6 辉立期货收取的所有利息、费用、佣金和其他费用不包括应由客户承担并单独向客户收取的任何商品和服务税或任何其他适用的销售税。

9.7 除非辉立期货与客户另有约定，否则辉立期货在本协议项下向客户支付任何款项的每项义务均以不存在违约为前提。

9.8 如果由于任何原因，辉立期货无法以付款或还款金额的特定计价货币向客户付款或还款，辉立期货可以根据辉立期货就付款或还款金额到期时报出的相关货币的汇率，以辉立期货选择的任何其他货币的等值货币进行付款或还款。

10 联名账户

10.1 如果账户以一个以上的人或合伙的名义开立或维持:

(a) 术语“客户”系指共同及个别的人士或合伙人，各人士或合伙人对辉立期货承担的责任应为连带责任；和

(b) 辉立期货有权在任何时候就以其名义开立、维护账户或构成客户的任何人以任何方式拖欠或积欠辉立期货的任何款项借记该账户。

构成客户的任何人不得因任何时候对构成客户的任何一个或多个其他此类人员给予的任何解除、免除、时间、宽限、让步、弃权或同意而被解除责任

，并且其责任不受此影响。

10.2 除非辉立期货另有约定，构成客户的任何一个人的指令应被视为构成客户的所有人的指令，且辉立期货发送给构成客户的任何一个人的任何通知或通讯应被视为已经发送给构成客户的所有人，如果任何此类人已经收到或被视为已经收到任何此类通知或通讯，则构成客户的所有人应被视为已经收到相同的通知或通讯。

10.3 生存者取得权适用于以多人联名或合伙企业名义开立的任何账户。因此，如果此人或构成客户的任何合伙人死亡，账户应立即归属幸存的人或合伙人（视情况而定）。

11 违约

11.1 如果出现以下情况，应被视为发生 “违约”:

(a) 客户未能完全履行其对辉立期货的付款义务；

(b) 客户未能遵守其在本协议项下或任何账户或交易项下的任何义务；

(d) 客户自愿与债权人达成协议，或者受遗产管理命令约束;

(e) 客户是提交的申请、发出的命令或通过的决议的主体，上述申请、命令或决议旨在对客户进行清算、将客户置于破产或司法管理中，或对客户采取任何相似或类似的行动；

(f) 辉立期货认为，自本协议签订之日或账户开立之日起（以较早者为准），客户或任何客户账户担保人的财务状况发生了重大或不利的变化；

(g) 针对客户提起任何性质的索赔、诉讼或程序，或任何人采取任何措施以强制执行针对客户设定的任何担保；

(h) 客户做出的任何xx、保证和/或承诺在任何重要方面都是不正确的、虚假的或具有误导性，或随后变得不正确、虚假或具有误导性；

(i) 辉立期货已连续两个以上工作日无法与客户或其任何指定代表建立直接联系；或者

(j) 辉立期货真诚地认为，它应该采取行动，以维护其在任何账户、指令、交易或与客户的合同关系方面的权利或利益。

11.2 在不损害辉立期货在本协议项下或法律规定的任何其他权利的情况下，如果发生违约，辉立期货可以（但无义务）立即或在此后的任何时间采取以下一项或多项措施:

(a) 暂停（无限期或以其他方式）或终止属于客户的任何账户，或辉立期货与客户的关系，并加速客户对辉立期货的任何和所有负债，使其立即到期应付

；

(b) 对冲和/或平仓所有或任何未完成的交易（包括辉立期货终止该交易之日尚未结算的任何交易）或头寸，在平仓后尽快确定其在平仓之日的价值；

(d) 以辉立期货认为在当时情况下合适的价格对保证金或部分保证金进行清算；

(e) 从任何保证金中（直接或通过担保或保证）清偿客户承担的任何债务；

(f) 以任何方式和在任何时间在账户中多头出售任何或所有证券、期货合同和/或期货合同的标的，和/或在市场上以任何方式和任何时间在账户中空头购买任何或所有证券、期货合同和/或期货合同的标的；

(g) 针对客户拖欠辉立期货的任何款项（无论性质如何，无论如何产生，包括任何或有金额），动用贷记客户账户中的任何性质的款项，或通常行使辉立期货针对客户所享有的抵销权；

(h) 要求提供任何抵押，包括（但并不限于）作为账户抵押的任何担保及向辉立期货或以辉立期货为受益人签发的信用证；

(i) 向客户要求上述 (e)、(g)和/或(h) 项后的任何差额，在客户的任何其他债务完全清偿之前保留任何盈余，或通过支票向客户的最后已知地址支付任何盈余；和/或

(j) 行使本协议授予辉立期货的其他权力，包括认购、出售、处置或实现任何抵押的权利。

11.3 在不影响前述规定的情况下，辉立期货或客户可以提前 5 个工作日以书面形式通知另一方，终止属于客户的任何账户、辉立期货在任何账户下向客户提供的任何服务或便利，或终止本协议。在任何账户终止日期之前，客户应指示辉立期货正确处置或转移客户的资金和其他财产。如果客户未按上述指示行事，辉立期货可以行使其在上述第 11.2 条下的任何权利，视同已经发生违约。

12 授权书

12.1 就本协议而言，客户通过辉立期货之任何董事或职员不可撤销地就本协议授权辉立期货作为客户代理，并有权以客户的名义并代表客户签署与本协议或任何账户相关的所有文件及实施与本协议或任何账户相关的所有行动。

13 一般赔偿

13.1 除此之外，在不损害辉立期货的任何其他权利或补救措施的情况下（在法律或其他方面），客户应对辉立期货因以下原因而遭受的或与之相关的任何和所有损失、损害、成本和/或费用进行赔偿并使其免受相关损害：

(a) 客户未能遵守本协议的条款（包括与 DMA 服务相关的任何相关 DMA 程序）或申请表格，或未能完全和按时履行其在本协议项下或与任何指令和/或交易相关的任何义务；

(b) 辉立期货按照或不按照客户的指令（或任何被授权按此行事的人发出或声称发出的任何通讯）行事，或采取任何行动，行使任何权利、权力和酌处权

，履行其任何职责和义务，或以本协议或申请表格允许的任何方式行事，包括按照或不按照上述指令行事导致任何第三方提出任何索赔或对任何第三方承担责任；

(d) 第三方（包括相关机构）进一步针对辉立期货根据客户的指令行事或以其他方式行使其在本协议或申请表格下的权力提起任何诉讼、索赔、或要求；

(e) 客户的作为和/或不作为导致辉立期货对任何第三方权利承担责任，包括因侵犯任何所有权或知识产权，或强制执行本协议或申请表格的任何条款和条件所承担的责任；

(f) 任何适用法律、规则和/或法规出现任何变动；

(g) 客户因本协议实施或敦促他人实施的或可归因于本协议的任何行为或事项；和/或

(h) 辉立期货因本协议或任何账户实施或敦促他人实施的或可归因于本协议或任何账户的任何行为或事项。

13.2 客户根据本条款对辉立期货进行赔偿的义务在本协议终止、任何账户关闭或任何服务终止或停止后仍然有效。

14 一般排除

14.1 此外，在不损害辉立期货（根据本协议、法律或其他规定）可能拥有的任何其他权利或补救措施的情况下，如果辉立期货不存在欺诈或故意违约，则辉立期货对客户遭受的任何损失概不承担任何责任。

14.2 对于客户因交易暂停和/或影响市场的交易条件发生变化而遭受的任何和所有损失，辉立期货对客户概不负责。

14.3 辉立期货对客户通过任何设备或系统（包括辉立期货或代表辉立期货拥有和/或运营的任何设备或系统）传输指令过程中的丢失或延误或错误拦截任何指令所招致的任何和所有损失概不负责。

14.4 为避免疑问，在不影响前述一般性的情况下，辉立期货在任何情况下对客户的任何间接或随之而来的损失或惩罚性赔偿概不负责。

15 超出辉立期货控制范围的不可抗力事件

15.1 辉立期货对其无法控制的事件造成的任何损失、成本或延迟概不对客户承担任何责任，此类事件包括但不限于火灾、地震、洪水、闪电、骚乱、罢工、停工、政府行动、战争、劳工行动、恐怖主义行为、电信中断、计算机故障（无论是否由于无法处理或使用 2000 年 1 月 1 日或之后的日期或其他原因造成的故障

）或类似或其他通常称为 “不可抗力”的一项或多项事件。

15.2 辉立期货可确定构成其控制范围以外的事件和/或市场中断事件的某种情况或异常市场条件的存在性。

如果辉立期货确定发生了超出其控制范围的事件或市场中断事件，它可以立即采取第 15.3 条中提到的任何措施。在合理可行的范围内，辉立期货应采取合理措施在采取任何行动之前将其建议采取的任何行动通知客户。如果事先通知客户不可行，辉立期货将在采取任何此类行动当时或之后立即通知客户。

15.3 如果辉立期货确定发生了超出其控制范围的事件和/或市场中断事件，辉立期货可以采取以下一个或多个步骤:

(a) 停止或暂停交易，和/或拒绝进行任何交易或接受任何指令；

(b) 更改我方在所有或任何市场的正常交易时间；

(c)更改指令和交易的价格和/或最小或最大数量；

(d) 关闭任何未结头寸，取消和/或填写任何指令，和/或调整任何未结头寸和指令的价格和/或数量；

(e) 更改未结头寸和新交易相关的保证金要求；

(f) 改变适用于任何账户的保证金结清/清算水平；

(g) 立即要求支付拖欠辉立期货的任何款项，包括保证金要求；

(h) 清空或结转任何未结头寸；和/或

(i) 采取或不采取辉立期货在当时情况下认为合理的所有其他行动，以保护其自身及整体客户。

15.4 在某些情况下，辉立期货在做出合理努力后，可能无法收购、建立、重新建立、替代、维持、解除或处置任何对冲，或保护自身免遭市场敞口和未平仓头寸产生的其他风险。出现这种情况时，辉立期货可以其确定的现行价格平仓。

15.5 辉立期货对起因于或可归因于任何超出其控制范围的事件或任何不可抗力事件的任何损失或损害概不对客户承担任何责任，也不对其根据第 15 条采取的任何行动或决定负责，前提是辉立期货按诚信原则行事。

16 通讯

16.1 辉立期货可以通过电话、电子邮件、电子信息（包括但不限于短信、Whatsapp 和/或其他此类电子通讯方式）、传真、电传或辉立期货最后知悉的客户的任何邮寄地址向客户传输或发送通讯。任何此类通讯应被视为在辉立期货发送后立即被客户接收（在使用电子邮件、电子消息、传真或电传通讯的情况下），或（在邮寄通讯的情况下）在辉立期货发送通讯后一个工作日（对于拥有新加坡居民地址的客户）或辉立期货发送通讯后七个工作日（对于拥有非新加坡居民地址的客户）被客户接收。

16.2 发送给客户的任何物品或物件的丢失或损坏风险以及交付成本应由客户承担。

16.3 客户与辉立期货的任何通讯，无论是与任何账户相关的指示还是其他指示，都应按照辉立期货的一般操作程序进行。当客户使用电子网络、经纪及资讯设施及软件配套时，客户应被视为已收到辉立期货不时发出的所有通知和通讯，并受其约束，并且从客户可以访问电子网络、经纪及资讯设施及软件配套之时起

，视为客户可以通过电子网络、经纪及资讯设施及软件配套有效地访问这些通知和通讯。

16.4 客户应赔偿辉立期货因客户通过上述通讯方式发出的指示和/或指令而产生的任何损失和/或责任，并使其免受损害。

16.5 客户理解并接受与通过电子媒介发送通讯相关的所有风险，包括但不限于客户因机械、软件、计算机、电信和/或任何其他电子系统故障而无法和/或延迟接收辉立期货的任何通讯，反之亦然。客户同意，上述通讯传输的失败和/或延迟不得以任何方式使其相关的通讯内容失效或受损。辉立期货对客户因上述通讯传输的失败和/或延迟而造成的任何损失或损害概不负责。客户亦接受辉立期货发送给客户的任何电子通讯可能未加密和/或不安全的风险。

17 结单、确认函和通知

17.1 客户应核实辉立期货向客户发送/视为发送和接收的所有结单、确认函和通知。如果在客户收到或被视为收到此类结单、确认函和/或通知后的 5 个工作日内没有提出书面异议，则此类结单、确认函或通知应被视为对客户具有决定性和约束力，但存在明显或书写错误的除外。客户提出的任何异议应附有充足的证据来支持所声称的不准确性，并应根据第 16.3 条的规定提交给辉立期货。然而，辉立期货可以在任何时候对任何已被证明令其充足的结单、确认函或通知中的任何错误予以纠正。

17.2 如果客户在正常业务过程中并未在预期的时间内收到或可获得同意以电子方式发送的相关结单、确认函或通知，客户应立即通知辉立期货。

18 客户的xx、保证和承诺

18.1 客户兹向辉立期货保证并声明如下:

(a) 如果客户是自然人:

(i) 其具有完全的能力和授权接受和同意本协议、随时开立和维护辉立期货的所有账户并向辉立期货发出指令；和

(ii) 除非在此日期之前或当日以书面形式向辉立期货做出披露，否则客户不属于:

(aa) 期货经纪人的合伙人、高级职员、董事、超过 10% 的股权所有者、代表、代理人或上述人士的关联人员、期货经纪人的关联人员或雇员

，或与上述任何人共享同一住所的上述任何人的配偶的亲属；或者

(bb) 任何市场的雇员、在任何市场注册的任何成员或公司、任何银行、任何信托公司、任何保险公司、或从事证券、汇票、承兑或其他形式商业票据或任何期货合约标的业务的任何公司、企业或个人，或其大部分股本由某一市场拥有的任何公司的雇员；

(b) 如果客户是联名账户持有人或合伙企业:

(i) 每个合伙人或该账户的联名账户持有人概无丧失任何法律行为能力，并且本协议的条款可根据其条款对所有合伙人或联名账户持有人强制执行

；

(ii) 其拥有接受和同意本协议、随时在辉立期货开立和维护所有账户以及向辉立期货发出指令所需的所有授权、同意、许可或批准（无论是根据适用法律还是其他法律）；和

(iii) 在任何适用法律未禁止的情况下，应以辉立期货为受益人将每个联名账户持有人的财产(无论是联名持有还是以该联名账户持有人的个人名义和/或控制持有)用作担保，用以担保客户在本协议项下的责任；

(i) 其系根据其成立地所在国的法律正式组建和有效存续的公司，是能够起诉或被起诉的法律实体，并且本协议的条款可根据其条款对客户强制执行

；

(ii) 其拥有接受和同意本协议、随时在辉立期货开立和维护所有账户以及向辉立期货发出指令所需的所有授权、同意、许可或批准（无论是根据适用法律还是其他法律）；

(iii) 客户向辉立期货提交的客户的公司注册证书或登记证书、章程、规章或公司组织章程大纲及细则或其它构成或阐明客户组织架构的文件、及董事局决议的核证副本均属真实、准确及有效；以及

(iv) 据客户所知，尚未采取或正在采取任何措施以任命破产接管人和/或管理人或清算人，或尚未采取或正在采取任何措施清算客户，且客户和/或其任何债权人有意清算客户的，其将立即通知辉立期货。

18.2 在不影响第 18.1 条的情况下，客户进一步xx、保证、承诺和/或同意：

(a) 截至本协议签署之日，本协议中由客户提供的所有信息均属真实、准确及完整，客户信息、详情、情况或身份发生任何变化的（包括公民身份、居住地、纳税居住地、身份（包括但不限于非政治公众人物身份）、记录地址、电话和传真号码、电子邮件地址，以及在适用情况下，客户、其股东、合作伙伴、董事、公司秘书或业务性质的任何变化），客户将立即通知辉立期货。辉立期货因客户不作为/未能及时将上述变更通知辉立期货而产生任何责任、成本和/或损失的，客户应对辉立期货进行赔偿并使其免受损害。客户同意提供辉立期货可能要求核实的任何相关证明文件，如果客户未能遵守该要求，辉立期货有权采取辉立期货认为合适的行动或拒绝采取辉立期货认为合适的任何行动（包括暂停或关闭账户），辉立期货对由此给客户造成的任何损失概不负责；

(b) 其将始终保持对账户的完全和排他性控制，包括对账户上的任何交易发送完整的指示，并且它将随时全面了解账户中的所有交易和其他活动；

(d) 账户中的任何指令或任何其他交易完全基于其自身判断，并且其在对与此类指令或交易相关的风险进行独立评估和调查之后做出上述指令或交易；

(e) 根据本协议提供给辉立期货的财产，无论采用保证金还是其他形式，现在和将来均无任何产权负担或留置权；

(f) 辉立期货无责任或义务对任何指令的目的或适当性开展调查，并且无义务就客户交付的任何账户资金的使用情况进行检查；

(g) 任何被授权代表客户行事的人均已获得正式授权；

(h) 客户未破产或在财务上资不抵债，也未采取或已经采取任何命令、声明或措施针对客户或客户的财产或资产任命破产受托人、破产财产接管人、破产财产管理人、破产程序管理人、清算人、管理人或其他类似人员；

(i) 客户系账户的委托人，除非以书面形式通知辉立期货，否则客户不得作为任何其他个人或实体的代理、受托人或代理人，并且是账户中或与账户相关的所有资金和财产的完全合法和实益所有人。在上述通知中，辉立期货将要求对委托人的身份、关于客户被授权作为委托人的代理人的确认函以及辉立期货可能要求的其它信息进行合理验证；

(j) 客户应确保其在任何时候均能够履行与任何交易相关的承诺和义务；

(k) 根据《腐败、贩毒和其他严重犯罪（没收权益）法》（新加坡法例第 65A 章），并未发出或待发出任何不利于客户的没收令、押记令、禁止令、证据出示令或搜查令。如果任何此类命令或搜查令已发出或待发出，客户应立即通知辉立期货；

(l) 客户的姓名过去及现在均未出现在美国外国资产管制办公室保存的特别指定国民和被制裁人员名单上，也未出现在联合国（无论是通过安全理事会还是其他途径）发布的禁止、限制或劝阻与名单或决议上所列人员进行交易的任何名单或决议上；

(m) 除非得到辉立期货的明确书面同意，并且除了根据本协议或其它以辉立期货为受益人设定的任何担保或权利负担外，客户不得针对任何账户和/或任何账户中的任何现金或财产授予任何权利、所有权或权益或担保或其他权利负担，并且概无任何人士对任何账户和/或任何账户中的任何现金或财产享有任何权利、所有权或权益或担保或其他权利负担；

(n) 客户现在或随后不时向辉立期货提供的任何资金和/或资产应始终遵守所有适用法律，包括所有的税收法律和法规；

(o) 客户使用本协议项下的任何交易、账户或服务不会违反任何适用法律；

(p) 客户所做的声明和提供的信息以及不时向辉立期货提供的任何信息均属真实、准确、完整，在任何方面都不会产生误导，并且客户没有隐瞒任何会导致辉立期货拒绝开立或维持任何账户、进行任何交易或向客户提供任何服务的信息。辉立期货有权完全依赖此类信息和xx，除非辉立期货收到客户的关于变更上述信息和xx的通知。如果客户知悉客户提供的与本协议和/或账户相关的任何信息、xx、保证和/或声明随后成为虚假或产生误导，客户应立即将此类变更通知辉立期货；

(q) 客户已收到、阅读、理解、认可并接受相关风险披露声明的条款，风险披露声明不能替代独立的建议，且任何交易都不得依赖辉立期货的任何声明、建议或信息进行；和

(r) 客户应按诚信原则使用辉立期货提供的与账户相关的任何服务或设施。客户不得出于操纵此类服务或设施和/或不正当地利用辉立期货之目的而使用任何设备、软件、算法、交易策略和/或从事任何套利行为（包括但不限于价格或时间操纵）。

18.3 客户向辉立期货发出指令，或客户在辉立期货开立新账户时，上述xx和承诺应被视为重复做出。

18.4 客户兹理解，明确同意并认可，作为资本市场服务许可证持有人，辉立期货需要采取反洗钱和打击资助恐怖主义以及相关适用法律指定属于犯罪的任何和所有罪行的措施，包括打击被指定为上游犯罪的税务犯罪（需要针对此类犯罪采取相关措施）的措施。客户亦同意并确认，根据任何税法（包括新加坡法律不予承认的域外适用）、法规、命令或政府之间关于税收的协议，辉立期货可能被要求（依据法律或作为依法保护己方商业利益的审慎措施）遵守国内和国际税务

主管部门的要求，且客户同意并认同辉立期货根据上述涉及客户（包括客户的个人数据）的相关要求行事。客户进一步同意并确认，其（而不是辉立期货）是唯一完全掌握所有相关事实（该等事实用于确定客户纳税居住地和/或纳税义务的一方），因此，为使辉立期货遵守上文概述的各类要求，客户代表辉立期货做出xx、担保及承诺的方式明确声明如下：

(a) 其属于税务居民，和/或如果其属于一家公司，则就纳税而言，其仅在提交的申请表格上注明的一个或多个国家境内拥有常设机构；

(b) 其全权负责其自身的税务事务，并确保其在辉立期货的账户在每种情况下均符合对其常设机构（如适用）拥有管辖权或者其为境内税务居民的相关司法管辖区的税法；

(d) 根据辉立期货的要求，其将立即向辉立期货提供所有必要的文件或信息，包括但不限于（如适用）注册日期、注册国家、纳税居住地所在国和相关纳税人识别号，上述文件或信息可能是辉立期货为查询其税务状况所必需的；

(e) 其同意并认同辉立期货根据本协议的条款收集、存储、使用和披露任何和所有此类信息；

(f) 其同意辉立期货可采取辉立期货认为适当的任何行动，以履行新加坡或世界其他地方与防止逃税有关的任何义务。这可能包括但不限于对客户在辉立期货开设的账户以及与辉立期货、客户的账户相关的资金的任何来源或预期接收人开展调查，与国内和国际税务机关共享信息和文件，并根据国内和国际税务机关的任何要求进行报告，以及预扣任何资金并将其转交给税务机关；

(g) 如果上述情况有任何变化，其将立即通知辉立期货；和

(h) 其同意并认可辉立期货在考虑是否接受其账户申请或继续向其提供服务时，在很大程度上依赖其做出的上述声明。

19 辉立期货就其出具的意见、报告、摘要、分析和资料所做的免责声明

19.1 除报告或事实xx之外，辉立期货或代表辉立期货以任何形式向客户提供的任何性质的任何意见、报告、摘要、分析或其他资料，仅仅是辉立期货的一般观点或意见的表达，仅作一般流通和信息参考之用。尽管辉立期货将采取合理的谨慎措施，以确保在出具意见、报告、摘要、分析或其他资料时，这些意见、报告

、摘要、分析或其他资料均无虚假或误导性:

(a) 辉立期货不保证其准确性或完整性；

(b) 由于此类意见、报告、摘要、分析或其他资料可能并非针对单个客户或客户类别所准备，因此它们仅被视为一般观点和意见，未经独立验证不适合单个客户或客户类别使用；和

19.2 客户同意，尽管此类意见、报告、摘要、分析或其他资料可能由辉立期货或他人代表辉立期货向其提供，但辉立期货向客户提供仅作执行服务，并且该等提供是基于客户接受对其在相关问题上的决定保持全权负责及承担全部责任的基础上。客户进一步同意，辉立期货或其代表不应对客户因依赖辉立期货或其代表提供的任何此类意见、报告、摘要、分析或其他资料而可能遭受的任何损失负责。

19.3 为避免疑问，除非辉立期货另有书面同意，否则辉立期货不承担也不愿意承担对客户的任何咨询、信托或类似职责。辉立期货假设并信赖客户已经就辉立期货和客户之间的任何账户或交易征询了独立的法律、税务、财务和其他建议。

20 个人数据保护

20.1. 辉立期货须遵守新加坡的 PDPA。因此，辉立期货致力于始终按照本文第 20 条中规定的隐私政策（“隐私政策”）保护和维护任何客户个人数据的安全。如果隐私政策发生变化，将通过相关更新的方式进行更新，并在辉立期货网站上发布更新内容。

辉立期货/可出于以下一个或多个目的收集、使用、披露、转移和/或处理客户的个人数据：

(a) 考虑和/或处理客户的辉立期货账户申请；

(b) 开立、协助、处理、办理、掌管、管理和/或维护客户在辉立期货开设的账户，包括但不限于更新客户的个人数据（如果客户是公司，包括经客户授权的任何人士的个人数据）、执行客户关于任何交易的指示、处理客户指令、处理客户账户的往来付款；

(d) 通过电话/语音呼叫、文本消息和/或传真消息、电子邮件和/或邮政邮件联系客户或与客户沟通，以协助、处理、办理、掌握和/或管理辉立期货的客户账户，例如但不限于发送客户每日交易报表、每月交易报表和/或交易确认书/摘要文件，以及关于更新客户个人数据的确认通知（如果客户是公司，包括经客户授权的任何人士的个人数据）。客户同意并认可，辉立期货发送的通讯可采取向客户邮寄信件、文件或通知等方式，这可能涉及披露与客户有关的某些个人数据以便交付上述信件、文件或通知，并且会涉及披露信封/邮包外表所载的客户个人数据；

(e) 处理客户在其在辉立期货开设的账户下有权享有的服务和/或设施相关的任何事宜；

(f) 根据法定或监管义务或辉立期货依法建立或其自身所实施的风险管理程序开展尽职调查或其他检查活动（包括反洗钱、“了解客户”、信用和背景调查）；

(g) 防止或调查任何欺诈、非法活动或不作为或不当行为，无论上述欺诈、非法活动或不作为或不当行为是与辉立期货的客户账户有关或是与辉立期货的客户账户产生的任何其他事项有关，以及无论是否怀疑存在上述欺诈、非法活动或不作为或不当行为；

(h) 在新加坡或者其他地方遵守辉立期货应当遵守的任何适用法律、任何相关司法管辖区的政府或监管要求以及任何相关市场的要求，包括遵守任何对辉立期货有约束力的法律规定和/或监管机构或其他当局发布的任何指导方针要求做出披露的相关要求。在不损害前述一般性的前提下，向任何交易所、市场、清算所、存管机构或任何其他相关人员披露有关客户及其账户和交易的任何和所有信息，包括 (i) 对任何外国所有权及资本市场产品发行人就任何资本市场产品的持有情况施加的其它限制或针对资本市场产品发行人施加的上述限制进行监控所需的信息，以及 (ii) 履行交易所、市场或清算所或任何适用法律规定的任何法定义务所需的信息；

(i) 遵从或按照任何政府机构的任何要求或指示；或回应公共机构、部委、法定委员会或其他类似机构（包括但不限于新加坡金融管理局）的信息公开请求。为避免疑问，这意味着辉立期货可以/将会根据前述各方的要求或指示向其披露客户的个人数据；

(j) 开展研究、分析和开发活动（包括但不限于数据分析、调查和/或分析），以改进辉立期货的服务和设施，从而增强辉立期货的客户账户或符合客户利益，或为客户利益改进辉立期货的任何服务；

(k) 在新加坡境内外存储、托管、备份客户的个人数据（无论是否用于灾难恢复）；

(l) 如果客户同意，辉立期货可向客户提供与辉立期货所提供产品和/或服务（辉立期货可能正在销售、营销、提供或推广该等产品和/或服务，包括辉立期货可能与之合作或联手的第三方商家的产品和/或服务）有关的营销、广告和促销信息、材料和/或文件(无论这些产品或服务现在存在还是将来产生)，辉立期货认为在符合 PDPA 规定的前提下，通过电话/语音呼叫、文本消息和/或传真消息、电子邮件和/或邮政邮件和/或通过不属于任何前述模式的其他通讯方式营销这些产品或服务可能使客户产生兴趣或从中受益（“营销目的”）。您可以随时通过向我们的数据保护员发送电子邮件选择退出或撤出。为免生疑问，本隐私政策的应用、您对于本隐私政策的接受或同意构成您对本项 (l) 的同意；

(m) 尽管有上述第 (l) 项的规定，即使客户没有按照上述第 (l) 项的规定单独提供明确的同意，辉立期货保留向您的新加坡电话号码发送指定传真消息

（见新加坡《2013 年个人数据保护(第 43 节豁免)令》（“豁免令”）的定义）和/或指定文本消息（见豁免令中的定义）（即营销传真消息或营销文本消息）的权利，前提是：

(1) 根据豁免令的要求和条件，我们和您之间存在持续的关系，并且消息的用途与现有关系的主题相关；或者

(2) 法律允许；以及

(n) 辉立期货特别获得客户同意的任何其他目的（统称为“目的”）。

20.2 由于辉立期货可能/将要收集、使用、披露、转移或处理客户个人数据的目的取决于实际情况，上述目的可能不会出现。但是，辉立期货将在获得客户同意时将此类其他目的通知客户，除非 PDPA 或法律允许在未经客户同意的情况下处理客户的个人数据。

20.3 辉立期货可能/也将出于一个或多个上述目的从客户以外的来源收集客户的个人数据，并在此后出于一个或多个上述目的使用、披露和/或处理此类个人数据。

20.4 辉立期货可能/将需要为上述一个或多个目的向位于新加坡境内或境外的第三方披露和/或转移客户的个人数据，因为第三方将为上述一个或多个目的处理客户的个人数据。在此方面，客户兹同意、确认并认可辉立期货可以/被允许为一个或多个上述目的向该第三方（无论位于新加坡境内还是境外）披露客户的个人数据，并允许该第三方随后为一个或多个上述目的收集、使用、披露和/或处理客户的个人数据。在不限制前述或本条款的一般性的情况下，此类第三方包括：

(a) 与辉立期货相关的任何实体或关联公司；

(b) 代表辉立期货处理或将处理客户个人数据的任何中介、代理、承包商或第三方服务提供商，包括但不限于向辉立期货提供管理或其他服务的中介、代理

、承包商或第三方服务提供商，如邮寄公司、电信公司、信息技术公司和数据中心；

(d) 辉立期货的审计师和法律顾问；和/或

(e) 就上述营销目的而言，可能位于新加坡境内或境外的第三方服务提供商或代理；客户亦同意辉立期货的此类第三方服务提供商或代理人可出xx立期货的上述营销目的处理客户的个人数据（包括通过邮政邮件、电子传输至客户的电子邮件地址、语音呼叫/电话呼叫、短信/彩信和/或传真、基于 VOIP 的智能电话应用程序，如 Whatsapp、Viber 等向客户发送此类营销、广告和促销信息、材料和/或文件）（统称为“许可方”）。

20.5 客户可以通过向辉立期货提交书面请求，请求访问和/或更正辉立期货目前拥有或控制的客户个人数据。请向辉立期货的数据保护员提交书面请求。

20.6 客户可向辉立期货的数据保护员提交客户请求，以撤回客户对于收集、使用和/或披露辉立期货拥有或控制的客户个人数据的同意。

20.7 如果客户的个人数据可能被辉立期货用于做出影响客户的决定，或向其他组织披露，辉立期货将采取合理措施确保客户个人数据的准确和完整。但是，这意味着客户必须告知辉立期货其最初向辉立期货提供的客户个人数据所发生的任何变更，并且客户同意其将按上述约定行事。客户最初向辉立期货提供的客户个人数据发生任何变更但未告知辉立期货导致个人数据不准确或不完整的，辉立期货对信赖此等数据不承担任何责任。

20.8 辉立期货还将落实合理的安全措施，以确保客户的个人数据得到充分的保护及保障。辉立期货亦将采取适当的安全措施，以防客户个人数据遭到任何未经授权的访问、收集、使用、披露、复制、修改、泄露、丢失、损坏和/或更改。

20.9 辉立期货还将采取以下措施，即辉立期货一旦合理假设 (i) 个人数据的保留不再用于收集个人数据的目的，以及 (ii) 对于任何其他法律或商业目的而言，不再需要保留个人数据，则辉立期货拥有或控制的客户个人数据将被销毁和/或匿名化。

20.10 如果客户的个人数据将被转移至新加坡境外，辉立期货将遵守 PDPA 的规定，包括但不限于与数据接收组织签订有约束力的合同协议，要求接收组织为转移的个人数据提供至少与 PDPA 的保护标准相当的保护标准。

20.11 如果客户对辉立期货如何处理客户的个人数据或辉立期货如何遵守 PDPA 提出任何投诉或申诉，客户可就该等投诉或申诉联系辉立期货。

20.12 客户可以就客户的投诉或申诉联系辉立期货。

21 《外国帐户税收遵从法案》(FATCA) 和其他法律

21.1 客户授权辉立期货根据适用法律（包括对辉立期货施加任何报告和/或预扣义务的适用法律，如美国《外国帐户税收遵从法案》和《所得税法案》（新加坡法例第 134 章）及其各自的修订、取代或替换版本）及税务机关和/或政府之间制定的法规、命令、协议或条约的要求向下述各方披露任何个人和账户信息：

(a) 辉立资本集团内的任何实体，或辉立期货的任何关联公司或子公司，上述实体或公司位于何处在所不问；

(b) 新加坡或其他地方的任何政府、准政府、监管、货币或其他机构，包括美国国家税务局、美国财政部、新加坡国内税务局和金融管理局；

(d) 任何一方，前提是辉立期货真诚地认为向该方进行此类披露符合辉立期货的利益。

21.2 客户同意根据辉立期货的要求及时：

(a) 以辉立期货可接受的形式提供辉立期货要求的任何表格、证明或其他信息，该等表格、证明或信息有助xx立期货：

(i) 在辉立期货从该管辖区或通过该管辖区接收付款的任何司法管辖区内，防止预扣税或有资格享受降低税率的预扣税或备用预扣税；或者

(ii) 履行《美国税收法典》和根据该法典颁布的美国财政部条例、或《所得税法案》（新加坡法例第 134 章）规定的报告或其他义务；

(b) 根据随后修订的条款更新或替换此类表格、证明或其他信息；和

21.3 客户同意并认可，辉立期货应向客户支付的任何款项应遵守所有适用法律，包括任何预扣税要求、外汇限制或管制。客户亦同意并认可，根据前述规定，辉立期货可对应付给客户的任何款项进行预扣，或将任何此类款项存入杂项或其他账户，和/或保留此类款项，以待确定此类预扣税要求、外汇限制或管制的适用性。辉立期货对因预扣、保留或存款而可能发生的任何损失概不负责。此外，客户同意就本条款中提及的超过客户账户贷方金额的任何付款、预扣或扣除金额对辉立期货做出完全赔偿并使其免受损害。

21.4 客户将立即以书面形式将以下方面的任何变更通知辉立期货：(a) 客户详情、状况、身份，包括但不限于公民身份、居住地、纳税居住地、非 PEP 身份、记录地址、电话和传真号码以及电子邮件地址；(b)（如适用）客户、股东、合伙人、董事或公司秘书的构成，或客户业务的性质。此外，客户应根据辉立期货的要求，以辉立期货可接受的形式及时提供辉立期货可能要求的任何表格、证明、xx、确认书或其他信息。

21.5 客户同意并认可，如果客户未能及时遵守本条款中的要求，辉立期货可自行决定立即或随后通过书面通知终止账户，届时辉立期货有权收取截至终止日期累积的所有费用和其他款项。

21.6 在不影响上文第 21.3 条的具体规定的情况下，客户同意并认可，辉立期货对因任何行为或疏忽或任何判断错误而给客户造成的任何损失概不负责或承担责任，这些行为或疏忽或错误不构成遵守适用法律（包括《美国税收法典》和根据该法典颁布的美国财政部条例或根据《所得税法案》（新加坡法例第 134 章））规定的辉立期货的报告义务或其他义务方面的实际欺诈。

21.7 客户将充分配合辉立期货为遵守任何适用法律（包括美国《外国帐户税收遵从法案》或《所得税法案》（新加坡法例第 134 章）及其各自的修订、取代或替换版本）和/或任何政府的任何其他报告和/或扣缴规定而进行的任何调查，包括及时提供辉立期货审视确定的所有相关信息、详细资料和/或文件，这些信息、资料和/或文件对于辉立期货遵守上述法律和/或规定是必要及稳妥的。

21.8 根据美国《外国帐户税收遵从法案》(“FATCA”)，如果客户是或被辉立期货合理确定为具有美国特征的客户，除了上述第 21.2 至 21.7 条规定的客户义务以及辉立期货的上述权利和授权外，客户同意并认可以下内容：

(a) 在客户账户开立后 90 天或客户拥有美国特征起计满 90 天（二者日期较晚者）之前，提供与客户的默认 FATCA 状况（因客户拥有美国特征）相关的所有信息或文件，否则客户可能被视为拒不合作，辉立期货可能需要向美国国家税务局报告客户的个人和账户信息；和

(b) 客户理解并应遵守所有涉及 FATCA 的适用法律和/或监管规定。

就本条款而言，“美国特征”系指以下任何一种或任何组合：美国公民身份或永久居留权；美国出生地；当前美国居住地址或美国邮寄地址（包括美国邮政信箱）；当前的美国电话号码；将资金转入美国账户的长期指令；目前向具有美国地址的人授予的全权委托书。

22 外国信托账户的维护

22.1 在适用法律允许的最大范围内，客户授权并同意辉立期货将将客户账户上以外币计价的款项和/或任何其他财产存入新加坡境外托管人的信托账户或托管账户，前提是该托管人在该管辖区内获得经营银行业务或担任托管人（视情况而定）的许可、注册或授权。

23 无人认领的款项和资产

23.1 如果贷记任何账户（包括信托账户）或辉立期货代表客户持有的任何款项或其他财产在客户与辉立期货或通过辉立期货进行最后一次交易六 (6) 年后未由客户加以认领，并且辉立期货真诚地认为客户无法追踪，客户在此不可撤销地同意所有此类款项和其他财产，包括任何和所有的增值和累积部分（款项应包括从中获得的所有利息）应视为客户以辉立期货为受益人加以放弃，辉立期货可将上述款项和财产挪为己用以便以己方期望的任何方式实现自身利益。此后，客户无权主张该等款项或财产或其增值和累积部分，这视作客户已经放弃对该等款项或财产（及其可能累积的任何其他财产）的所有权利。在这种情况下，客户各自的账户信用将被相应注销，同时客户与辉立期货的账户关系也将终止。

24 市场数据

24.1 客户同意并认可，就辉立期货或任何第三方服务提供商向客户提供的与使用电子网络、经纪及资讯设施及软件配套相关的任何市场数据或其他信息而言：

(a) 如果任何此类数据或信息在任何方面不准确或不完整，辉立期货和任何此类提供商概不负责或承担责任；

(b) 辉立期货和任何此类提供商对客户根据此类数据或信息采取或不采取任何行动概不负责；

(d) 客户将仅根据适用的法律、法规和规章和/或辉立期货设定的条件使用此类数据或信息；

(e) 客户将按照辉立期货的条款和条件接收和/或使用此类市场数据或信息；

(f) 客户将支付辉立期货不时通知的此类市场数据成本（如果适用）以及与客户使用电子网络、经纪及资讯设施及软件配套相关的任何适用税费；

(g) 辉立期货可不时监控客户对此类市场数据或信息的使用情况；和

(h) 客户应就辉立期货向客户提供此类市场数据或信息而产生的任何责任向辉立期货进行赔偿。

25 管辖法律和管辖权

25.1 本协议、任何账户以及客户和辉立期货之间的关系应受新加坡共和国法律的管辖并依据新加坡共和国法律解释。客户和辉立期货服从新加坡共和国法院的非排他性管辖权。

25.2 司法文书的送达可以本协议项下针对通讯往来所准许的任何方式进行。

26 其它条款

26.1 双方在本协议项下的权利和补救措施是累积的，不影响和附加于双方在法律或衡平法上可能拥有的任何权利或补救措施，任何一方根据本协议、法律或衡平法行使任何一项权利或补救措施都不得（除非本协议、法律或衡平法另有明确规定）妨碍或阻止该方行使任何其他权利或补救措施。

26.2 在本协议中，时间对于客户在本协议项下的任何义务属于关键因素。

26.3 本协议以英文拟就；我们之间所有正式函件的语言应为英语，客户将从辉立期货处接收的文件和其他信息均为英文版。辉立期货可自行决定提供其他语言支持，但前提是客户明确理解并同意客户有责任确保客户完全理解本协议的条款以及辉立期货以英语发送的所有正式函件。因此，一份文件或函件被翻译成另一种语言的，将仅供参考，同时应以英文版本为准。

26.4 若辉立期货延迟或未行使其在法律或本协议和/或随附附录规定的任何权利、权力或补救措施，或仅是部分行使这些权利、权力或补救措施，或未能顺利行使这些权利、权力或补救措施，不得：

(a) 损害或妨碍该权利、权力或救济的进一步行使或其他方式的行使；

(b) 作为对这些权利、权力或补救措施的放弃。

26.5 辉立期货对客户违反本协议项下客户义务的任何弃权，（除非辉立期货以书面形式明确同意）不得解释为对未来违反此类类似义务的弃权或授权客户继续此类特定违约行为。

附录 1

电子网络、经纪及资讯设施及软件配套

1 授权使用

1.1 客户全权负责辉立期货向客户发布的客户用户标识、密码和/或个人密码 (PIN) 的安全和保管。因此，客户应对通过使用电子网络、经纪及资讯设施及软件配套向辉立期货下达的任何指令承担全部责任。

1.2 客户同意辉立期货有权依赖 PIN 的正确输入，以确定向辉立期货下达的任何指令是否属于客户的指令并根据该假设行事。客户应对向辉立期货下达的所有此类指令负责。

1.3 在使用电子网络、经纪及资讯设施及软件配套下达指令时，客户兹同意，只有辉立期货通过电子网络、经纪及资讯设施及软件配套向客户发送收到指令的通知

，并通知客户指令已被接受或拒绝执行，此类指令才被视为由辉立期货收到。当辉立期货发出通知时，任何此类通知应被视为已由客户收到，并且客户应受此通知的约束，尽管客户可能因任何原因实际上未收到此类通知。客户应独自负责对该类通知予以记录。

2 分发及知识产权

2.1 客户无权且不得复制、传输、传播、销售、分发、出版、广播、流通和/或利用（无论是出于商业利益还是其他目的）从电子网络、经纪及资讯设施及软件配套或通过使用电子网络、经纪及资讯设施及软件配套获得的信息和/或报告，除非得到辉立期货的明确书面同意。客户也不得将此类信息和/或记录用于任何违法或非法目的。

2.2 在请求辉立期货提供电子经纪服务时，客户接受并认可以下事实：电子经纪服务以及电子经纪服务本身提供和生成的信息和报告中的所有知识产权（无论是通过版权还是其他方式）仅属于辉立期货，并应始终是辉立期货的专有财产。因此，客户同意不做任何违反或侵犯辉立期货知识产权的事情，并应采取一切必要措施维护和保护这些权利。

3 电子数据的传输

3.1 对于客户因任何原因无法访问电子网络、经纪及资讯设施及软件配套，或电子网络、经纪及资讯设施及软件配套（或其任何部分）的任何错误、缺陷、失效或故障（无论全部或部分），或电子网络、经纪及资讯设施及软件配套响应时间的中断或延迟（无论是否由电子网络、经纪及资讯设施及软件配套的任何维修或服务造成）；电子网络、经纪及资讯设施及软件配套（或其任何部分）遭受的任何损坏、破坏、故障、机械缺陷或其他缺陷（无论如何引起）；电子网络、经纪及资讯设施及软件配套（或其任何部分）遭受的任何破坏或损坏；辉立期货、其职员、雇员、代理人或职员未能收到客户的指示或指令（尽管电子经纪公司已收到该指示或指令）；或者任何其他原因而招致或引起的任何损失，辉立期货概不负责。

4 免责声明

4.1 对于在任何电子网络、经纪及资讯设施及软件配套下提供的或可通过任何电子网络、经纪及资讯设施及软件配套或其任何其他功能或方面获取的信息，包括但不限于任何投资建议和/或信息访问（在任何情况下均可在遵守相关的附带限制和/或免责声明前提下获得）和/或任何买入或卖出建议的执行和/或此类建议的取消或修改，辉立期货公司不对上述信息的质量、适销性或对任何特定用途或目的的适用性做过任何明示或暗示的担保、保证或xx。

4.2 辉立期货可以通过电子经纪服务提供辉立期货准备与客户交易的报价。客户承认辉立期货所报的任何此类价格都有可能出错。在这种情况下，在不损害其在法规或普通法下可能拥有的任何权利的情况下，任何一方都不受声称以交易时任何一方已经知道或理应知道实质上不正确的价格进行的任何交易（无论是否得到辉立期货的确认）的约束。主张该交易根据本条款被撤销的一方应在交易后 7 个工作日内通知另一方。如果客户根据本条款通知辉立期货，辉立期货应采取合理行动，确定报价是否实质上不正确。除欺诈外，因客户使用其明知或理应知道实质上不正确的价格而给客户造成的任何损失或损害，辉立期货概不负责。

4.3 辉立期货公司对通过电子网络、经纪及资讯设施及软件配套提供的任何信息、数据或其他服务的内容、准确性、及时性或完整性不承担任何责任。因此，在客户做出的任何投资决策、交易活动或下达的指令中，不应依赖通过电子经纪服务提供的任何信息、数据或服务，客户应始终依赖自己对任何投资决策或拟议交易的评估和判断。

4.4 辉立期货没有义务对客户账户的状态是否符合任何适用的保证金要求进行审查。尽管如此，辉立期货仍可全权审查客户账户的状况，以确保符合任何适用的保证金要求，前提是辉立期货对此类审查不承担任何责任。

5 使用权

5.1 客户因任何监管机构在对辉立期货行使监管或监督职能时采取的任何行动而遭受任何损失或不便的，辉立期货对此概不负责。客户应允许辉立期货和/或任何监管机构使用辉立期货和/或监管机构可能要求使用的终端设备，客户应协助答复辉立期货和/或监管机构关于电子网络、经纪及资讯设施及软件配套任何方面的任何疑问。

6 安全措施

6.1 客户应始终确保电子网络、经纪及资讯设施及软件配套的完整性和安全性得到保护和维护。因此，除其他外，客户应确保不存在任何未经授权使用客户用户标识、密码和/或个人密码的情况。客户知悉任何未经授权访问或盗窃个人密码或验证码的行为后，应立即通知辉立期货，并提供辉立期货可能要求提供的详情。

6.2 客户应独自负责遵守本条款项下的义务。如果客户违反本条款规定的义务，客户应赔偿辉立期货因未经授权的访问和使用而遭受的任何损失。

7 风险警告

7.1 客户兹xx并声明，其理解并接受以下与使用电子经纪服务进行交易相关的规定：

(a) 电子交易和指令传送系统不同于传统的公开叫价交易，使用电子系统进行的交易受提供系统和/或登记合约的交易所的规则和规章的约束。就此而言

，客户兹承诺，在进行此类交易之前，熟悉并随时跟进提供系统和/或登记相关期货合约的相关交易所的规则和规章，并了解系统的指令匹配程序、开盘价和收盘价、错误交易政策和交易限制或要求等；和

(b) 通过电子交易或者指令传送系统交易将使客户面临系统或组件故障而导致的风险。此类系统或组件故障可能导致无法输入新的指令、无法执行现有指令

、无法修改或取消先前输入的指令，以及导致指令或指令优先级的丢失。

附录 1A

直接市场准入服务

（ “DMA 服务”）

如果客户在申请表格中或通过向辉立期货致函请求辉立期货向客户提供客户和辉立期货可能不时约定的 DMA 服务，则应适用本 DMA 服务附录 1A。考虑到辉立期货向客户提供 DMA 服务，客户理解并同意遵守并受本附录 1A 中规定的条款和条件（这些条款和条件可能会不时修订、修改或补充）的约束。

1. 适用性和修订

1.1 客户同意，对于任何交易，辉立期货和客户之间生效的所有相关适用条款和条件，包括对辉立期货交易账户进行管辖的条件（“客户交易协议”）应继续适用，并应与本附录 1A 的条款和条件相互补充及一并阅读。尽管客户交易附录中有任何相反的规定，客户和辉立期货同意，如果本附录 1A 和客户交易协议的条款和条件之间有任何冲突或不一致，应以本附录 1A 的条款和条件为准，但是客户交易协议在所有其他方面应继续完全有效。

1.2 本附录 1A 的条款和条件应与所有适用的法律、规则和条例相互补充及一并阅读。如果本附录 1A 的条款和条件与适用法规之间有任何冲突或不一致，应以适用法规为准，但是本附录 1A 的条款和条件在所有其他方面应继续完全有效。

1.3 客户理解并应始终完全遵守所有适用的与 DMA 服务相关的法律、规则和法规。

1.4 客户同意辉立期货可随时以书面形式通知客户，包括通过 DMA 服务发出的通知，在不事先通知客户或与客户协商的情况下更改本附录 1A 或在其中增加内容

。

1.5 辉立期货保存和/或维护的与本协议项下提供的 DMA 服务的条款和条件相关的任何电子记录应为其内容的确凿证据。客户同意在新加坡的任何法院将辉立期货维护或保存的此类电子记录及作为原始文件的该等电子记录的任何部分、副本或计算机输出采纳为证据，客户亦同意其不会对此类电子记录或其计算机输出的可采性、真实性或准确性提出质疑或异议。

2. 使用条件

2.1 客户兹承诺严格按照本附录 1A 的条款和条件、《客户交易协议》以及辉立期货可能通过 DMA 服务或其随时自行指定的任何其他媒介发布或提供的任何其他规则和政策使用 DMA 服务。

2.2 客户兹理解并认可，DMA 服务及信息是在 “按原样” 和 “可用” 的基础上提供的。客户同意，辉立期货或辉立资本集团的任何成员均未做出任何明示或暗示的担保、xx或保证，包括但不限于涉及以下内容的任何性质的担保、xx或保证：DMA 服务的质量、适用性、适销性、适合某一特定用途，或（无论交易过程、交易习惯或行业惯例如何）DMA 服务适合或将适合客户的商业、业务或金融目的，或 DMA 服务的可靠性，并且与上述担保、xx或保证相关的所有责任谨此予以放弃。客户亦同意并承认，辉立期货或辉立资本集团概无做出以下保证，即 DMA 服务是可访问的、及时的、安全的、完整的、可靠的、不间断的

、无错误的并且未侵犯任何第三方的所有权，或不含病毒或任何其他有害组件，或技术或 DMA 服务中的任何错误将被检测和/或纠正。

2.3 具体而言，辉立期货或辉立资本集团的任何成员对 DMA 服务提供、根据 DMA 服务公司或依照 DMA 服务公司提供的任何信息不承担任何原因的责任，并且对该信息及其（或其持续的）准确性、可靠性、相关性、有用性、质量或适合任何用途或其他方面（无论交易过程、交易习惯或行业惯例如何）概无做出任何性质的明示或暗示担保、xx或保证，也概无就该信息将被检测和/或纠正做出任何性质的明示或暗示担保、xx或保证。

2.4 客户xx、保证并承诺（在持续的基础上，且每次客户向辉立期货发出指示时和/或在每次交易之日，这些xx、保证和承诺将被视为重复，目的是这些xx、保证和承诺在本文拟议的任何交易完成后仍然有效）：

(i) 其具有使用 DMA 服务进行交易的必要经验、知识和财务资源；

(ii) 其已落实所有必要的安全措施，以确保未经授权的人员无法使用直接市场准入服务；

(iii) 其已阅读辉立期货提供的与其进入交易系统和适用法律有关的信息，并理解使用 DMA 服务进行的交易的性质、风险程度和风险敞口，并已根据其经验、目标、财务资源和其他相关情况对此类交易是否适合本公司予以考虑；

(iv) 客户因使用 DMA 服务导致任何直接、间接、特殊、附带、后果性、惩罚性或其他形式的损失、投资机会的损失或未能盈利的，辉立期货对此不承担任何责任或义务；

(v) 其已阅读并熟悉辉立期货提供的与辉立期货直接市场准入系统相关的说明，并知悉和熟练使用辉立期货直接市场准入系统、担保系统和电子交易系统

，以便自动匹配相关证券交易所就该证券交易所中进行的交易所指定和批准的指令；

(vi) 其熟悉并将遵守适用法规；

(vii) 它将与任何相关机构、辉立期货和/或其供应商合作，并为其提供及时协助，以便进行任何审计、问询、调查和/或合规性审查（无论是否与任何适用法规的潜在违规行为相关），此类协助应包括但不限于提供与负责使用 DMA 服务进行交易的人员的身份和地址相关的所有信息；

(viii) 其将采取措施满足最低标准，包括财务状况、信用历史和犯罪记录标准（以及辉立期货自行决定的其他标准）；

(ix) 本附录的条款和条件是合法、有效及有约束力的，并可针对该等条款和条件强制执行；

(x) 已采取所有必要的公司行动，并已获得接受和同意本附录 1A 的条款和条件以及访问和使直 DMA 服务所需的所有授权、同意、许可或批准（无论是根据适用法规还是其他法规），且其使用 DMA 服务进行的所有交易应符合所有适用法规；

(xi) 客户使用 DMA 服务进行的任何交易都是经过正式授权的，并且客户同意辉立期货无义务或责任询问使用 DMA 服务进行的任何交易是否经过正式授权，并且辉立期货有权在任何时候做出以下假设，即使用 DMA 服务进行的任何交易经过了正式授权；

(xii) 其已阅读并熟悉适用法规和所有与 DMA 相关的信息，并且不会实施或将避免实施任何会导致辉立期货直接或间接违反任何适用法规的行为；

(xiii) 其不会将 DMA 服务用于任何非法或不合法的行为，也不会实施或将避免实施任何违反任何适用法规的行为；

(xiv) 根据任何适用法规，其未被禁止使用 DMA 服务；

(xv) 其已经审查了本附录 1A，决定签署本附录，并根据自己的独立判断使用 DMA 服务，在签署本附录和使用 DMA 服务时，不以任何方式依赖辉立期货的任何xx、保证或承诺；和

(xvi) 其应确保使用 DMA 服务进行的所有交易在任何时候均不超过辉立期货就其账户规定的限额。

3. 委托

3.1 辉立期货：(a) 可委托他人履行与 DMA 服务相关的任何职能；(b) 保留以其认为适当的条款使用任何代理或服务提供商的权利。

3.2 客户xx、保证并承诺：

(i) 除非事先获得辉立期货的书面同意，否则不得将 DMA 服务的使用权授权给任何其他人或允许任何人将 DMA 的使用权授权给其他人；

(ii) 被委授使用权的所有此类人员应遵守本附录 1A 的条款和条件，如同该等人员是本附录 1A 的原当事人，如果辉立期货提出要求，此类人员应与辉立期货就此签订单独的协议；和

(iii) 客户和/或其代表应向辉立期货提供此类已被委授使用权的人员的个人详细信息、身份和地址，并应根据辉立期货的请求提供与此类人员及其交易相关的任何其他信息。

3.3 就作为 DMA 服务的一部分而授予客户的保荐准入方面，客户xx、保证并承诺（在持续的基础上，并且在每次客户向辉立期货发出指令时和/或在每次交易之日，这些xx、保证和承诺被视为重复，目的是这些xx、保证和承诺在本文拟议的任何交易完成后仍然有效）：

(i) 客户和保荐准入代表属于：

(a) 就受监管活动而言，受到公认监管机构监管的人员；或者

(b) SGX-DT 的贸易成员，并且仅允许将保荐准入委托给客户各自的关联公司；

(ii) 客户和所有被授予委托保荐准入的人员理解并应始终遵守本附录的条款和条件以及所有适用的保荐准入法律、规则和条例，包括但不限于 SGX-DT 规则；

(iii) 客户和所有被授予委托保荐准入的人员都拥有保荐系统所需的操作和技术系统及程序；

(iv) 客户和所有被授予委托保荐准入的此类人员应允许辉立期货随时访问保荐系统，以便辉立期货可以在此类系统中设置和控制预先确定的自动限额（由辉立期货自行规定），在限额发生变化时发出警报，建立交易执行后续定期审查系统，并建立适用法规要求的或辉立期货自行决定认为合适的所有其他操作和技术要求；和

(v) 保荐系统应符合并满足适用法规规定的要求，包括但不限于满足 SGX-DT 规则 FTR 2.6、FTR 2.6.4 和监管通知 2.6.4 中规定的要求，以及 SGX-DT

规定的与指令管理系统相关的任何其他要求。

3.4 客户同意辉立期货可能需要就其在辉立期货开立和运营的账户向相关机构进行报告或提供一份由独立审查人就 SGX-DT 规则的遵守情况所出具的报告，并且客户不可撤销且无条件地授权辉立期货披露：

(i) 关于客户和此类账户的所有必要信息，包括但不限于客户的个人详细信息、身份、地址、使用 DMA 服务进行的交易以及与使用 DMA 服务相关的信息；和

(ii) 与被委托访问向客户提供的 DMA 服务的人员相关的所有信息，包括但不限于该等人员的个人详细信息、身份、地址、使用 DMA 服务进行的交易，以及与该等人员使用 DMA 服务相关的信息。

4. 技术及安全义务

4.1 设置和使用所有软件和硬件，以使客户能够对 DMA 服务的访问全权负责，辉立期货对因设置和使用此类软件和硬件引起、与之相关的任何故障或损失概不负责。

4.2 客户xx、保证并承诺对向其发布的与访问和使用 DMA 服务相关的所有信息、账号、代码、用户名和密码负责，并且其应当落实安全措施以防未经授权访问与 SGX-DT 建立或运营的市场或 SGX-DT 指定的市场相关的任何 DMA 服务。

4.3 客户xx、保证并承诺，在其知悉他人以本附录授权者以外的任何方式非法使用 DMA 服务的任何情况后将及时书面通知辉立期货。

5. 义务、责任及赔偿的限制

5.1 辉立期货否认曾向客户或任何其他人作出任何其他明示或暗示的xx或保证，包括但不限于与 DMA 服务相关的质量、适用性、适销性、适合某一特定用途或其他方面相关的任何xx或保证（无论交易过程、交易习惯或行业惯例如何）。

5.2 尽管本附录 1A 中有任何规定，辉立期货或其任何代表在任何情况下均不对利润损失、收入损失、商业机会损失、惩戒性、惩罚性、特殊性、附带性、间接性或后果性损害承担侵权、合同、严格责任或其他法律理论方面的责任，根据本附录 1A 各方的约定，这些损害均被排除在外，此类损害是否可预见，或者辉立期货或其代表是否已被告知出现此类损害的可能性在所不问。

5.3 客户同意，辉立期货及其任何高级职员、代理人或雇员对客户因任何账户或任何 DMA 服务的运营、提供或终止相关的任何作为或不作为而遭受的任何损失、损害、成本、收费或费用概不负责，除非该损失、损害、成本、费用或费用是由辉立期货或授权代理人或高级职员的欺诈、重大过失或故意违约所引起，或除非该损失、损害、成本、费用或费用可归因xx立期货或授权代理人或高级职员。如果xxx期货使用第三方或代名人（包括一名代名人）实施任何与账户或任何 DMA 服务相关的行为，辉立期货在使用该第三方方面对客户承担的唯一责任是在选择该第三方时采取合理的谨慎措施。除非辉立期货在选择和/或继续使用第三方时存在疏忽或欺诈行为，否则客户不会追究辉立期货对第三方或代名人的任何故意作为或不作为、违约、欺诈或疏忽所承担的责任。

5.4 本附录 1A 的任何内容均不得用于限制或排除任何欺诈责任。

5.5 尽管本附录 1A 有任何其它规定，辉立期货因系统故障导致无法或延迟提供 DMA 服务，客户将免除辉立期货就此承担的责任。

5.6 因客户指示或使用 DMA 服务、客户违背或违反该等条款或因客户指示或使用 DMA 服务而对辉立期货提出的任何第三方索赔（包括但不限于涉及侵犯任何专有或知识产权或强制执行本附录任何条款的索赔）导致辉立期货遭受任何损失、损害、成本、收费或费用的，客户兹同意对辉立期货进行赔偿并使其免受损害。此项涉及对辉立期货进行赔偿的义务在本附录和/或任何 DMA 服务终止后仍然有效。

6. 保密

6.1 双方应对与本协议相关的所有信息保密，除非这些信息已成为公共知识或法律或一方监管机构要求做出披露。

7. 暂停接入和与使用 DMA 服务相关的其他条件

7.1 尽管本协议中有任何相反的规定，辉立期货仍可随时根据其绝对酌情权，立即终止客户访问和/或使用任何 DMA 服务的权利，对此，辉立期货无需发出通知，也无需给出任何理由。在终止的情况下，辉立期货对客户因终止而可能遭受的任何索赔、责任或损失（包括但不限于预期利润的损失）概不负责。

7.2 在不限制上述第 7.1 条一般性的情况下，客户同意辉立期货可在以下任何情况下，自行决定暂停、限制、撤销和/或终止客户对所有或部分 DMA 服务的访问

，对此，辉立期货无需通知及承担责任：

(i) 如果客户违反辉立期货在任何时候及不时确定或实施的任何交易限制和/或信用限额；

(ii) 如果客户未能协助辉立期货和/或任何相关机构开展任何调查；

(iii) 如果辉立期货收到任何相关机构的命令或指令，要求暂停、限制、撤销和/或终止客户对所有或部分 DMA 服务的访问；

(iv) 如果任何相关机构发布命令或指令，暂停、限制、撤销和/或终止客户对所有或部分 DMA 服务的访问；

(v) 如果辉立期货自行决定为了维护公平、有序和透明的市场而暂停、限制、撤销和/或终止客户对全部或部分 DMA 服务的访问；

(vi) 如果客户导致辉立期货违反其法定要求或任何相关机构对辉立期货的任何要求，包括但不限于违反适用法规；

(vii) 如果辉立期货自行决定有必要暂停、限制、撤销和/或终止其对所有或部分 DMA 服务的访问，以便辉立期货可以履行其在适用法规下的职责和义务；和/或

(viii) 如果辉立期货自行决定出于任何原因有必要暂停、限制、撤销和/或终止客户对全部或部分 DMA 服务的访问。

7.3 客户同意辉立期货有权并授权辉立期货不时进行检查，以确定客户的财务状况、信用历史，客户是否有任何犯罪记录、是否有任何与被禁止的市场行为和/或任何不利记录有关的未决法律诉讼（以及辉立期货自行决定的其他最低标准检查）。客户同意，如果辉立期货自行决定对任何此类检查的结果表示不满，辉立期货可以（无需通知客户或对辉立期货承担责任）拒绝客户的 DMA 服务申请，或在任何时候暂停、限制、撤销和/或终止客户对全部或部分 DMA 服务的访问。

7.4 客户同意，如果辉立期货根据第 7 条暂停、限制、撤销和/或终止客户对所有或部分 DMA 服务的访问，客户不得就此向辉立期货提出索赔。

7.5 客户同意，辉立期货提供的所有 DMA 服务受相关机构的监管，相关机构可自行决定直接暂停、限制、撤销和/或终止向客户提供的 DMA 服务，在这种情况下，辉立期货对客户不承担责任，并且客户不得就此向辉立期货提出索赔。

8. 终止

该客户同意辉立期货有权通过提前五 (5) 天发出书面通知终止本附录 1A。辉立期货无义务将终止原因告知客户。客户对其拖欠辉立期货的任何款项继续承担责任。

9. 其它条款

9.1 通知

所有书面通讯将在：(a) 邮寄至辉立期货已知的最后一个邮寄地址（如果该地址在新加坡境内）后满两 (2) 天，或邮寄至辉立期货已知的最后一个邮寄地址（如果该地址不在新加坡境内）后满五 (5) 天视为由客户收到；(b) 立即视为由客户收到（如果亲自交付）和 (c) 在发送或传输之日（如果通过电传、传真或电子邮件发送到辉立期货最后知悉的客户的任何相关电传、传真或电子邮件地址）视为由客户收到。当客户使用 DMA 服务时，客户应在其可通过 DMA 服务有效访问由辉立期货不时发出的及客户可通过 DMA 服务进行有效访问的所有通知和通讯当日视为已收到上述通知及通讯并受其约束。

9.2 弃权

辉立期货未行使或延迟行使本附录及相关协议、附件、表格或其他文件项下的权利的，并不意味着其已经放弃该权利，也不意味着其后续无法行使该权利。辉立期货放弃其任何权利的唯一方式是向客户发送一封由辉立期货的经理或其上级签署的信函。

9.3 转让

未经所有各方事先书面同意，不得转让、托管或以其他方式转让本附录下的任何权利或义务，除非辉立期货可在未通知客户或未经客户同意的情况下，将辉立期货在本附录下的权利或义务转让或以其他方式让与任何第三方，并指定第三方代理人或分包商提供全部或部分 DMA 服务。

9.4 第三方的权利

(a) 客户同意并认可，本附录及相关协议、附件或表格的条款和条件应符合辉立期货和辉立资本集团各位成员的利益。辉立资本集团的各位成员均有权根据《合约（第三方权利）法》强制执行本附录的任何条款。

(b) 除上述第 9.4 (a) 条中的规定外，与辉立期货订立的任何协议（对“辉立期货交易账户管辖条款”适用于该等协议）的当事人以外的人士无权根据《合约（第三方权利）法》强制执行本协议中的任何条款。为避免疑义，该条款不得影响本附录任何经获准受让人或承让人的权利。

9.5 可分割性

x附录的任何规定或本附录的任何部分在任何司法管辖区的法律下属于不合法、无效或者不可执行的，不得影响本附录在任何其它司法管辖区法律下的合法性、有效性或者可执行性，也不得影响本附录任何其它规定的合法性、有效性或者可执行性。

9.6 管辖法律

x附录受新加坡法律管辖并从其解释。对于由任何账户（包括为该账户进行的交易）引起或与之相关的任何法律诉讼或程序，或与任何 DMA 服务相关的任何法律诉讼或程序，客户特此服从新加坡共和国法院的非排他性管辖权，客户以诉讼系在不便法庭提起为由放弃对诉讼提出任何异议。客户兹提名并任命其交易代表为其代理人，负责与辉立期货提起的任何此类法律诉讼或程序相关的任何文书及用于提起上述诉讼或程序的任何文书的送达。

客户还应参考《SGX-DT 期货交易规则》，以了解更多与其使用辉立期货提供的 DMA 服务相关义务方面的信息。《SGX-DT 期货交易规则》的副本可从

xxxx://xxxxxxxx.xxx.xxx 网站上摘录。

附录 2

场外交易 (OTC) 设施

1 通知

1.1 在提供场外交易市场和价格时，辉立期货谨此就以下情况告知，且客户同意辉立期货的此类事先告知，即辉立期货授权接受指令的交易人员可以参考其他受监管金融机构的价格向客户交易对手报价（但该价格可能不同xx立期货在与这些交易对手的合约中能够从这些交易对手处获得的价格），或者在客户就其与辉立期货开展的交易提供场外交易报价及要约时以做市商身份行事。

1.2 除非另有规定，否则 (i) 辉立期货应在场外交易中担任客户的委托人；以及 (ii) 所有场外交易（无论基础标的物是否在交易所交易，或者其规格是否反映在交易所交易的参考商品）均以现金结算而非实物结算为基础进行。

场外交易可以进行实物结算的，还应适用“适用于交易所相关场外交易的条款和条件”标题下的下列规定。

2 违约

2.1 如果发生本协议第 11.1 (c) 条项下的违约，客户和辉立期货之间达成的所有未完成交易（包括任何尚未结算的交易，且辉立期货就该等交易确定的估值日期等于或早xx立期货终止此类交易的日期）应被视为立即按现行价格清算（或者，如果不可用，辉立期货按诚信原则认为合适的价格），并且由此产生的金额应按照辉立期货的现行汇率折算为新加坡元或辉立期货可能不时用作其主要业务货币的其它相关货币（连同所有保证金和/或合理折算为新加坡元或辉立期货可能不时用作其主要业务货币的其它相关货币的抵押品），同时上述金额应在辉立期货根据本协议第 11.2 条行使其权利和/或向客户付款或还款（如果适用）之前在相互之间及与保证金抵消。

2.2 如果发生与任何交易相关或与一个或多个账户相关的异常事件（定义如下），辉立期货应具有唯一和绝对的酌处权，根据异常事件决定采取与该交易或任何或所有交易相关或与一个或多个账户相关的任何必要调整或行动。此类调整或行动可包括改变或更改货币或金融工具的数量或就此类交易或部分或全部交易买入或卖出的的货币或工具的汇率或规格，或终止相关交易或部分或全部交易，或终止一个或多个账户或其他账户。如果辉立期货按照诚信原则进行此类调整和/或行动，任何此类调整或行动对客户均具有约束力，客户对辉立期货因客户原因造成的任何额外损失承担责任，或者客户因此对调整或行动承担责任。

“非常事件”系指辉立期货善意地认为对任何交易具有重大不利影响的任何事件，包括但不限于：任何市场中断事件（定义如下），影响货币、金融工具或资金的可用性、可兑换性、信用或转移的任何形式的外汇管制限制或要求，针对司法管辖区、个人或实体的任何形式的债务或延期偿付，与任何交易相关的基础货币或金融工具的任何贬值、重新计价或去货币化，和/或任何形式的限制或要求（根据辉立期货的审视意见，这些限制或要求对辉立期货在建立该交易时审视承担的权利或义务造成不利的变动或更改）。

因此，在不影响上述内容的情况下，就任何和所有场外交易而言，辉立期货应成为与某项交易相关的所有基础参考价格和所有相关结算及其他定价的计算代理人（“计算代理人”），以便通过参考该定价确定各方的权利和义务。辉立期货对此类交易不承担任何义务或责任，也未就此类交易与客户建立任何代理或信托关系（客户同意此类义务与双方之间的直接交易关系不一致）。辉立期货的任何决定和计算（在没有明显错误的情况下）应为最终决定，并对客户具有约束力，前提是辉立期货按照诚信原则行事；

在不影响前述规定的情况下，如果辉立期货审视地确定任何交易条款或相关参考市场中规定的价格来源发生了任何实质性的中断（每一项此类事件均称为“市场中断事件”），辉立期货应有权出于双方在此类交易下各自的权利和义务之目的，审视地确定基础参考工具的市场定价，其决定应为最终决定并对双方具有约束力。此外，辉立期货拥有唯一和绝对的酌处权来决定：

(a) 市场中断事件是否在投资期限内或投资结算日期发生，以及 (b) 如果该市场中断事件在结算日期发生，就相关交易的结算而言，基础参考工具的相关结算水平应该是何种价格或水平；或者

(b) 是否应基于对基础参考工具或（如果基础参考工具为指数）其任何组成部分或其组合造成影响的任何事件（包括但不限于指数调整事件，如指数计算公式或方法的重大变化，或未能计算及发布指数）对交易条款做出任何调整；

辉立期货行使的任何此类自由裁量权或进行的任何计算（在无明显错误的情况下）对客户具有约束力，客户应注意，辉立期货在进行任何此类调整或计算时不会考虑客户的个人情况和/或此类调整或计算的税务或其他后果。

3. 适用于交易所相关场外交易合约的条款和条件

3.1 范围

3.1.1 适用：本附录中的条款适用xx立期货和客户之间按下述场外直接交易方式不时签订的交易所相关合约（“ER 合约”），根据此类合约条款，可在遵守下述条款前提下选择以实物方式对合约进行结算。

3.2. ER 合约的具体条款:

辉立期货将仅根据以下条款不时与客户签订 ER 合约:

3.2.1 额外风险披露：

(i) 双方之间的关系

客户和辉立期货之间的关系在这些条款中有所描述。

无论是这种关系，还是辉立期货可能为客户或客户的任何其他交易提供的服务，还是任何其他事项，都不会导致辉立期货承担任何受托人或衡平法义务，或顾问义务。

客户和辉立期货之间针对已签订的 ER 合约（“交易”）所建立的关系，在所有情况下，均属于双方直接交易关系，并严格遵守“买方注意”的原则，但在与客户的交易中，我方明确属于无风险的委托人，即 (i) 辉立期货就任何已签订的 ER 合约对客户承担的义务仅限于将辉立期货在相应 ER 市场合约项下可能必须实际执行的权利中的利益转移给客户；以及 (ii) 辉立期货履行任何 ER 市场合约的义务取决于客户对其在相应 ER 合约项下的义务的履行情况，因此取决于客户的以下义务，即针对客户的违约（该违约导致辉立期货的违约）对辉立期货进行赔偿并使其免受损害的义务。

尽管存在前一句第 (ii) 项规定，若辉立期货审视认为符合其自身利益，则其有权在无损于其从客户获得赔偿的权利前提下继续履行相应的 ER 市场合约，对此，客户在相关的 ER 合约下是否违约在所不问。

(ii) 利益和义务冲突

辉立期货对任何交易的唯一义务是作为客户的无风险委托人，因此辉立期货也将真诚地签订相应的 ER 市场合约（如下文所定义）。作为无风险委托人，辉立期货无意因签订了相应的 ER 市场合约而遭受任何损失或损害，因此，除其他事项外：

(a) 如果严重的市场中断和/或价格波动可能导致或已经导致作为相应 ER 市场合约标的的商品的当前市场价值下降到辉立期货的交易对手可能认为不可接受的水平，从而导致他们有权就相应的 ER 市场合约采取以下任何措施：

(1) 对相应的 ER 市场合约进行平仓；

(2) 要求立即交付额外保证金；

在这种情况下，辉立期货将享有与客户签订的 ER 合约项下规定的权利；

(b) 客户亦同意，为了维护公平有序的市场，签订 ER 市场合约的相关交易所的业务可能会不时暂停或受到限制。在这种情况下，辉立期货可能无法完成相应的 ER 市场合约进行平仓，且客户同意，在这种情况下，客户相应地无权对与辉立期货签订的对 ER 市场合约进行平仓；

(c) 如果辉立期货被要求根据相应的 ER 合约支付或交付任何相关权证，辉立期货应有权根据相应的交易从客户处获得支付/权证的交付，以便及时在相应的 ER 合约下向我方存入资金/权证，进而完成支付/交付。因此，客户就其向我方做出的任何付款/权证交付所享有的返还权利取决xx立期货根据相应的 ER 市场合约从辉立期货的对手方实际收到任何相应付款/权证返还的情况。

辉立期货签订的 ER 合约的价格可能与相应的交易所登记/执行合约（该等相应的交易所登记/执行合约以下简称“ER 市场合约”）的价格不同。辉立期货无须就任何此类差额对客户进行任何说明。

(iii) 非交易所成员

客户同意，辉立期货并非任何交易所的成员，辉立期货在该交易所按照双方直接场外交易的方式与客户签订 ER 合约（该合约属于辉立期货与相关交易所的相关成员签订的一项交易所交易合约的关联合约），因此，我方之间签订的 ER 合约虽然与辉立期货以自己名义签订的背靠背 ER 市场合约存在关联及对应关系，但该合约并非一项在相关交易所或相关交易所经纪人/会员处登记或签订的合约或一项由相关交易所或相关交易所经纪人/会员处登记或签订的合约。

客户亦同意，作为非交易所成员，我方有责任与相关交易所成员签订相应的 ER 市场合约，因此，必须通过该交易所成员或其托管人持有任何相关基础商品或权证。

客户进一步同意并认可，任何商品或客户根据与我方签订的 ER 合约从我方购买的或与客户有意完成交付相关的商品的所有权文件将由我方按照与上述持有相关的条款交由该交易所成员或其托管人持有。上述规定同样适用xx立期货在其签订的并持有至交割/结算日的相关 LME 市场合约项下必须履行的任何和所有商品交割义务。

因此，客户同意，只要辉立期货按照诚信原则：-

(a) 选择该交易所成员或其托管人持有任何商品或客户根据与我方签订的 ER 合约从我方购买的或与客户有意完成交付相关的商品的所有权文件；以及

(b) 分别同意该交易所成员和/或其次保管机构针对商品交割和/或持有任何商品或客户根据与我方签订的 ER 合约从我方购买的或与客户有意完成交付相关的商品的所有权文件所确定的条款

正如客户和辉立期货之间所约定，辉立期货无意或不应对任何相应的 ER 合约下的交割义务或相关交易所成员或其次保管机构的任何违约承担任何责任，并且客户应确保，客户将采取所有必要的行动并给予辉立期货可能必要的权力，并且在每种情况下，均应及时采取行动及给予权力以确保辉立期货可以遵守及不违反商品交割条款或其各自的子托管条款。

(iv) 结算指示

在不损害前述规定的情况下，客户应针对任何涉及实际结算的 ER 合约的任何未平仓头寸：

(a) 向辉立期货发出清算该等未平仓头寸的指示；或者

(b) 应在不迟于该 ER 合约结算日期前 [5] 个工作日，向辉立期货提供与该等未平仓头寸相关的充足资金，并（如相关）提供必要的交割文件，以接收或交割 ER 合约的基础标的。

附录 2A

交割/保管—EROTC 合约附录

注：以下未另行定义的表述应具有附录 2 中就该相关表述界定之含义。

“贵方” 一词应指 “客户” ，而 “贵方的” 一词应作相应解释。插入客户交易协议附录 2 场外交易之安排条款 3.2.1(iii)：

在不影响前述规定的情况下，所附文件“交割/保管-场外交易合约”中规定的条款应适用于任何我们保管或安排保管您依据与我们订立的 ER 合同已向我们购买或有意履行交割的有关商品或商品所有权证书。

第一部分 – 实物交割

1. 范围

1.1 交易：除与本文件之外的我方协议条款不一致的情况，本附件中的条款适用于与本公司签订的任何和所有 ER 合约（在该等合约项下，贵方有意或要求以实物交割）（每份合约称为一项 “交易” ）。

2. 所有权及质量

2.1 所有权担保：贵方保证将在所有相关交易下适时交割或敦促交割所有商品，并提供完整的所有权担保，以使我方能够在相应的 ER 市场合约下交割所有商品

。不限于，根据交易作出的任何商品转让概不存在任何保留权、抵押权、留置权、其它产权负担或任何其它第三方权利（包括管仓人留置权）。

2.2 xx：贵方xx并保证，我方拥有或控制的、或由贵方根据任何交易或出于任何交易的目的交割给我方或根据我方指示交割的、旨在让我方继续履行相应的 ER 市场合约项下的义务的任何商品不存在任何产权负担，并且不会就上述商品设定或允许存在任何产权负担。在订立与任何商品有关的任何交易时，贵方重复此项xx。

2.3 转移所有权：任何权证类商品所包含的财产应在权证交割时予以转移。在任何其他情况下，除非另有书面约定，财产应在商品交割时转移。尽管有前述规定，在贵方购买某项商品的任何交易中，在我方收到全额付款之前，该商品包含的财产始终归我方所有。

2.4 质量：除非另有约定，交易项下拟交割的任何商品应予交割，以便我方有权并能够按照适用交易所规则或条例（商品参照该规则或条例加以说明）的要求完成商品的交割。

2.5 法定条件：当我方将商品转让或敦促将商品转让予贵方或根据贵方指示转让商品时，所有关于所有权、相关描述、质量和用途适用性的法定和默示条件和保证均予以排除。

3. 交割

3.1 交割：任何权证类商品的交割应通过权证的转让来实现。如果我方为贵方实际持有或控制权证，我方应授权相关交易所成员（为避免疑问，在本附件中提及交易所成员，除非上下文另有要求，应指通过其或与其签订了相关 ER 市场合约的交易所成员，该成员也可以互称为 “ER 成员” ）以划拨必要数量和金额的权证方式完成贵方向我方的交割。我方交易所成员实际持有权证的，应由我方指示交易成员立即分离 ER 成员持有的必要数量和金额的权证以便我方完成向贵方交割任何权证类商品，之后，我方将根据以下保管条款持有此类权证及其相关的商品。

3.2 SWORD 交割：如果权证能够在 SWORD 中持有，应通过向或从相关 ER 成员的 SWORD 账户的进行转让，以便完成上述权证的转让。如果贵方没有 SWORD 帐户，并且我方敦促贵方的权证在 SWORD 中的 ER 成员客户帐户中持有，同时我方指示 ER 成员将贵方的权利与我方在 ER 成员开设的专有帐户分开，则我方指示从 ER 成员的此类帐户转移适当的权证并且未被 ER 成员拒绝的，将构成交割。在任何其他情况下，如果贵方的权证在 SWORD 中持有，并且根据贵方和我方之间相反的书面协议，向贵方做出的转让应视为在适用于交易的交割日期的伦敦时间上午 10 点发生。

3.3 风险：贵方买入的任何商品所含的风险于交割时转移予贵方。如贵方在商品所有权转移至贵方以前已拥有该商品，贵方同意完全保持，或敦促他人完全保持该商品的状况并对可能产生的任何损害或毁坏作出修复，或就上述损害或毁坏对我方进行充分赔偿。

3.4 交割成本：除非我方与贵方另有书面约定，否则与我方根据或依照相关 ER 市场合约或交易实际交割任何商品所产生的任何成本（包括但不限于与收集、包装、装运、储存、仓储或保险相关的成本）应由贵方承担。

3.5 交割地点：任何需要贵方亲自交割给我方的商品将由贵方自费交割到我方可能指定的地点。

3.6 如果贵方有意根据我方尚未持有的相关权证的 ER 市场合约或根据我方在 SWORD 的指示向我方交割，则我方将要求及时交割，以便我方遵守相应的 ER 市场合约规定的交割义务，通常的交割时间是前一个工作日下午 5 点。

第二部分 – 保管

4.1 贵方购买的商品：我方可以随时根据贵方的要求，但由我方自行决定，同意亲自或通过我方选择的子保管人代表贵方持有贵方根据与我方签订的 ER 合约（各自称为一项 “交易” ）从我方购买的任何商品或商品所有权文件。

我方亲自完成持有的，此类商品或文件将与我方拥有的任何类似商品或文件分开，但在其他方面将与我方自有财产受到相同的保管和保险安排。

当我方通过我方选择的次保管机构完成持有，我方的职责仅限于确保次保管机构确认将此类商品或文件与为我方专有账户持有的任何类似商品或文件分开，但在其他方面将与我方自有财产受到相同的保管和保险安排。

在任何情况下，我方概无就任何此类商品或文件向贵方承担任何信托责任，我方的责任 (i) 在我方亲自完成持有时，应仅限于在贵方给予我方合理的通知并向我方支付与在我方或通过我方持有此类商品或所有权文件相关的费用后，采取合理的措施将此类商品或文件归还给贵方；以及 (ii) 在我方通过我方选择的次保管机构完成持有时，则我方的责任仅限于将我方就持有的财产向次保管机构提起诉讼的权利之相关利益转让予贵方（或者如果该权利不可转让，则行使和执行此类权利的成果应符合以下前提条件，即贵方赔偿我方行使和执行此类权利的成本），并且在贵方给予我方合理的通知并向我方支付与在我方或通过我方持有此类商品或所有权文件相关的费用后要求次保管机构将此类商品或文件归还给贵方。

我方保留就此项服务收取费用的权利（该费用至少相当于我方就该等持有向次保管机构支付的费用）。我方对此类持有所承担的责任应严格限于本文件中明确规定的责任。

4.2 SWORD 权证：如果权证能够在 SWORD 中持有，我方将亲自或安排我方选择的次保管机构临时代贵方（或者在后一种情况下，为了在次保管机构处开设

的独立客户账户（该账户不同于我方在次保管机构处开设的专有账户）之利益）实物持有该权证。我方可能会向贵方发出合理的通知（或在后一种情况下，我方将自次保管机构处收到的通知予以继续转发），以便贵方托收任何此类权证或敦促他人根据 SWORD 条例将其存放在 SWORD 中。

4.3 权证的托收：如果贵方拥有我方实际拥有或控制的权证，并且授权某人从我方托收权证，我方将不会对任何声称获得授权的人士的身份进行验证，并且除非贵方和我方另行书面同意，否则我方无义务执行任何特定的安全程序。

4.4 租金：贵方将按时支付我xxx方持有的任何权证所代表的任何商品所适用的租金和其他费用。

4.5 责任：

只要我方对任何次保管机构的任命符合诚信原则，我方将不对任何次保管机构的疏忽或违约或我方通过任何次保管机构为贵方持有的任何权证承担任何责任

。

我方针对代贵方直接持有的任何权证承担的责任受到以下限制：我方对贵方因我方的任何作为或不作为而遭受的任何损害、损失、费用或任何性质的责任概不负责，但由于我方的欺诈或故意违约或疏忽而导致的直接损失或费用除外。如果发生此类直接损失或费用，我方的责任仅限于就发现损失时权证的市场价值做出赔偿。

4.6 储存和保险：如果贵方将商品、商品所有权凭证或其他有形资产作为保证金或其他形式存放在我方或由我方控制，我方有权（但无义务）对其进行投保，定期或在我方将资产返还给贵方时向贵方收取并在贵方的账户借记储存和保险费用，并且在此类费用支付之前拒绝提取。若本公司代表贵方收取、交付或持有商品或其它有形资产，所涉风险由贵方承担。

在不影响前述规定的情况下，贵方应全权负责根据本协议下的持有条款为商品和所有权凭证投保。

5. 在 SWORD 中保管贵方的权证

5.1 寄存：如果贵方没有 SWORD 账户，我方可以直接或通过次保管机构代表贵方在 SWORD 中持有权证。我方如此行事的，我方作为受托人，不向贵方承担任何信托责任，并且我方不承担受托人的责任或与此类权证相关的但寄存法律并无就该等权证的简易保管所暗示的任何其他责任。

5.2 权证的提交：贵方同意我方向存管机构提交或敦促次保管机构向存管机构提交权证，并同意我方和/或我方的次保管机构根据 SWORD 条例处理权证。如果我方已代表贵方提交或敦促次保管机构代表贵方提交权证，贵方向我方xx并保证权证及其相关的商品由贵方实益拥有并且无产权负担，同时 SWORD 条例中关于提交的所有要求均获满足，并授权我方做出与我方及我方次保管机构之间所做者相同的xx和保证。因此，贵方应赔偿我方因贵方的xx和保证遭到违反或我方相应违反xx和保证而遭受的任何和所有损失、索赔和损害，并使我方免受损害。

5.3 权证的提取：如果贵方希望提取我方在 SWORD 中为贵方持有的权证，贵方应给予我方合理的通知，以使我方和我方的次保管机构（如适用）能够遵守 SWORD

的操作程序，并且除了为遵守贵方的要求而在可行的范围内采取合理的步骤外，我方概不承担任何其它责任。第三部分 – 义务的限制

6. 无风险委托人/代理人

6.1 贵方同意我们双方之间的关系如下，即我方在任何时候都只作为无风险委托人行事，我方不得在任何与 ER 相关的商品交易中担任贵方的代理人。因此，在无损xxx与我方签订的协议附录 “场外交易 (OTC) 设施” 中总体约定的我方职责和义务范围受到的已确认限制的前提下，贵方亦同意并认可：

(i) 只要贵方没有违反贵方的义务，我方仅须继续传达贵方关于交割或保管的指示，或者向相关的 ER 成员和/或其保管人传达实质上相同的指示，但我方无任何责任确保或保证上述指示各自得到执行；和

(ii) 在任何情况下，我方对任何义务履行过程中的任何缺陷或违约概不负责，也不对该 ER 成员或其保管机构的疏忽或欺诈负责。

在不影响前述规定的情况下，在我方指示他们中的一方或双方向贵方完成交割或完成交割其并未拒绝的贵方指令后，我方与 ER 成员和/或其保管机构进行任何进一步沟通或交易的义务将停止。此后，贵方同意与任何交割或保管的商品相关的所有进一步沟通和交易应完全由贵方负责与 ER 成员和/或其保管机构跟进。

7. 释义

在本附录中：

“SWORD” 系指签订 ER 市场合约所在的相关交易所（尤其包括伦敦金属交易所）监管的特定种类的权证权益电子转让系统；

“SWORD 条例” 系指签订 ER 市场合约所在的相关交易所的条例，该条例对 SWORD 的运营进行管辖，且除非另有明确定义，否则 SWORD 条例中定义的任何术语具有相同的含义；

“权证” 系指在签订 ER 市场合约所在的相关交易所实施监管的情况下签发的仓单，该仓单证明了对某一商品享有的权益；

“权证类商品” 系指根据签订 ER 市场合约所在的相关交易所的规则，能够以转让权证方式交割的商品。

附录 3

电子通讯风险披露声明

除非另有说明，本文件中所有大写术语应具有辉立期货“客户交易协议”（以下简称“协议”）中给出的含义。

1. 在不损害或减损本协议第 4.1 条和第 4.3 条的一般性的情况下，客户特此不可撤销地授权辉立期货及其管理人员、雇员、代理人和代表根据客户通过电话、传真、电传或任何其他形式的电子通讯发出的指令行事，包括客户和/或客户不时书面授权的人员的互联网消息或电子邮件服务，包括将资金从辉立期货处持有的账户转移/汇至客户可能并非受益人或唯一受益人的其他账户或当事方。辉立期货有权要求提供其认执行该等指令而言属于必要或可取的任何和所有信息。

2. 客户同意，上述指令传送方法仅根据客户的要求提供，并由客户自行承担风险，辉立期货公司从未以任何方式推荐该方法。

3. 客户同意并确认，客户知悉通过电话、传真、电传或任何其他形式的电子通讯（包括互联网消息或电子邮件服务）传送的指令的性质，这些指令可能会以客户的名义虚假发送，可能无法正确接收，也可能不会被预定接收人阅读，并且可能会被未经授权的人阅读或知晓。

4. 客户同意承担和承受与上述错误和误解相关的所有风险，辉立期货公司对此或相关的保密条款的违约不承担任何责任，也不对由此产生的任何损失承担任何责任。

5. 客户同意，客户完全了解并理解与通过电话、传真、电传或任何其他形式的电子通讯（包括互联网消息或电子邮件服务）传送客户指令相关的风险，包括第三方误用和未经授权使用用户名和/或密码的风险，以及与个人侵入任何形式的电子通讯（包括但不限于可能使用的互联网消息或电子邮件服务）相关的风险。

6. 客户同意对客户指令的监控、客户个人密码（包括用户名和密码）的保密及其与互联网的安全连接的保护以及将客户个人密码仅限授权人员使用方面承担唯一及全部责任，并且客户同意客户应对客户个人密码的任何和所有未经授权的使用和滥用以及任何人通过以任何方式使用客户个人密码所实施的任何和所有行为承担全部责任。

7. 客户同意辉立期货公司及其管理人员、雇员、代理人和代表可按上述规定行事，对此无需调查发出或声称发出任何指令的人的身份或权限，也无需调查任何电话、传真、电传或任何其他形式的电子通讯（包括互联网消息或电子邮件服务）的真实性，并可将其视为由客户完全授权并对客户具有约束力。对此，指令或传送当时的情况或包括交易金额在内的指令或传送的内容，以及是否存在与指令或传送相关的任何错误、误解、模糊、欺诈、伪造或缺乏相关授权均在所不问，并且不需要任何形式的进一步确认，前提是辉立期货公司或相关员工、管理人员、代理人或相关代表真诚地认为该指示在发出时是真实的。

8. 作为提醒，如本协议第 4.2 条所述，当辉立期货公司向客户提供电子网络、经纪及资讯设施及软件配套时，客户可以根据该等指令传送/下达的条款规定，利用该等设施下达指令。对电子网络、经纪及资讯设施及软件配套进行管辖的条款载于本协议附录 1，并且就 DMA 服务而言，上述条款也载于 DMA 程序的规定。

9. 客户亦相应地明确确认，通过授权辉立期货及其任何管理人员按照以上述电子形式传送的指令行事，及表示客户同意以下内容：

(a) 客户完全了解、理解并同意承担与指令电子传送相关的所有风险，包括（但不限于）由于硬件、软件、连接故障、错误、失灵、遗漏、中断、传输延迟或计算机病毒、信息丢失、第三方误用和未授权使用而导致的延迟或无法访问或使用这些设施传送指令的风险，以及个人侵入电子服务的风险。客户亦理解，以电子方式传送的此类指令可能仍然会出错，并且可能不会被预定接收人或授权人正确接收和/或阅读；

(b) 在不影响前述规定的情况下，辉立期货有权在不征求客户同意的情况下，从一开始就取消或修改包含或基于异常或明显错误（“明显错误”）的任何指令和/或交易的任何条款。辉立期货对其采取的与此类明显错误相关的任何作为或不作为不向客户承担任何形式的责任。如果客户收到辉立期货的与该明显错误相关的款项，客户同意上述款项应到期支付给辉立期货，并且客户应立即将该款项全部返还给辉立期货；

(d) 辉立期货或其任何管理人员可按上述规定行事，而无需调查发出或声称发出任何指令的人的身份或权限，或以电子方式传送的任何指令的真实性，并可将其视为由客户完全授权并对客户具有约束力，对此，发出指令时所处的环境以及是否存在任何错误、误解、欺诈、伪造或缺乏权限在所不问，并且不需要任何形式的进一步确认，只要辉立期货的相关管理人员认为该指示在发出时是真实的；

(e) 如果辉立期货合理地怀疑任何指令不是真实的或出于任何其他原因，辉立期货保留不对任何电子传输的指令采取行动的权利；

(f) 对于辉立期货公司以电子方式发送的指令，客户承诺赔偿辉立期货公司可能遭受的所有负债、索赔、要求、诉讼、法律程序、损失、费用和其他任何性质或类别的债务。客户亦同意放弃其针对对辉立期货公司拥有的就辉立期货依此类指令行事致使客户遭受的任何损失或责任的任何权利、索赔、诉讼或程序要求；和

(g) 客户同意并认可，辉立期货对客户因辉立期货或其管理人员在执行任何此类电子传输指令方面的任何作为或不作为而遭受或招致的任何损失或损害（包括但不限于任何间接、经济或后果性损失）概不负责。

附录 4

第 18A 条相关的披露声明

x文件载明了我方为遵守证券与期货(业务许可及进行)法规（以下简称“《条例》”）第 18A 条之规定而有义务向贵方披露的内容，并涉及我方根据《条例》第 17 条维持一个信托账户（以下简称“信托账户”）的义务，我方将我方从贵方或代贵方（贵方作为客户）收取的与我方作为资本市场执照持有人所提供的服务（以下简称 “服务”）有关的款项存入该等账户。为避免疑问，此类款项不包括贵方通过所有权转让直接或间接向我方转账的款项；但如果贵方属于零售客户，则在任何情况下，贵方均无义务通过向我方转让所有权的方式向我方提供任何资金作为贵方的债务保证金，除非此类资金与贵方出借贵方的证券以便我们遵守《条例》第 45(1) (3) 和

(4) 条之规定有关。本文件不涵盖与此类服务相关的所有风险，您应考虑我们之间的所有协议（尤其包括本协议）以及我方向贵方提供的任何其他披露材料。

1. 我方如何持有贵方资金

根据《条例》第 17 条，贵方的资金将由我方在信托账户中代表贵方持有。除非我方另行通知贵方，否则信托账户的托管人将是根据第 17 条之规定有资格成为托管人的第三方。

2. 我方何时可提取贵方资金

我方提供任何服务的，我方可以根据下述权利：

(a) 《条例》第 30 条享有但受其约束的权利；或

(b) 根据《条例》第 35 条享有的权利

出于《条例》第 19 和/或 21 条项下（如适用）允许的任何目的提取贵方的资金。

3. 从信托账户提款并存入第三方

根据《条例》第 19 条和第 21 条的规定，我方可从信托账户中提取贵方的资金，并按照《条例》中的上述条款允许或未加禁止的方式使用该等资金，包括将该

等资金存入代表我方的第三方（即第三方，该表述还应包括信托账户的保管人），该第三方即任何根据《条例》第 19 条规定的目的批准的清算所、经认可的清算所、清算成员或有组织市场的成员。但是，如果贵方属于零售客户，上述任何内容概无允许我方提取贵方的资金，并将这些资金用于满足我方自身的债务或负债。除非我们双方另有约定，否则我方对第三方的任何作为或不作为概不负责。

4. 总体上以归集方式持有的资金及重大结果

除非根据《条例》之规定，我方有义务与贵方另行指定或约定，否则贵方的资金将由我方或经批准的第三方以综合或归集账户的形式持有。为免生疑问，如果贵方属于零售客户，就贵方与我方签订的场外衍生品合约向我方提供的相关资金只能与我方其他零售客户就各自的场外衍生品合约向我方提供的资金进行归集。如果贵方的资金存于此类综合账户中，它们可能与属于我方其他客户或第三方客户的资金进行归集。因此，存在以下风险：

(a) 可以提取贵方的资金以清偿其他客户的债务；和/或

(b) 贵方可以分摊任何缺额，因此可能无法获得资金中的完整权益。

在某些司法管辖区，国家法律可能不承认或执行我方将贵方的资金与我方自己或属于第三方的资金相互分离的计划。在这种情况下：

(i) 贵方的资金可能被用于清偿第三方在破产时的一般性债务；

(ii) 贵方的资金可能被用于清偿我方在破产时的一般性债务；

(iii) 第三方可能会质疑贵方对任何资金享有的权利；和/或

(iv) 贵方可以分摊任何缺额，因此可能无法获得资金中的完整权益。

5. 在新加坡境外持有的资金

我方在新加坡境外持有贵方资金的：

(a) 所适用的法律和法规要求可能与新加坡境内适用的法律和法规要求不同；和

(b) 贵方对该等资金享有的权利可能不同xxx在新加坡境内对该等资金享有的权利。

6. 保护贵方的资金

在可能的情况下，我方将指示持有贵方资金的此类经批准的第三方将该等资金与其自有资金及属于我方的资金分开确认（通过不同名称的账户或实现相同保护级别的其他措施）。如果资金存放于一个司法管辖区内，并且在该司法管辖区内，我方无法以代理人的名义或以贵方的名义登记资金，则我方可以我方自己的名义登记或记录或敦促任何相关第三方登记或记录贵方的资金，或者在我方无法以我方的名义登记或记录贵方资金的情况下，则以第三方的名义登记或记录贵方资金，前提是在上述任何一种情况下，我方都获许按照与《证券及期货条例》相关规定一并阅读的条例之规定登记或记录贵方的资金。

7. 担保权益、留置权及抵销权

在我方持有贵方资金的情况下，我方通常对该等资金拥有抵销权、一般留置权和其他担保权益，我方拥有的上述权利在我们之间的相关协议和普通法中均有相关规定。我方的留置权和其他普通担保权益也在该等《条例》中得到明确承认。持有贵方资金的第三方，包括存托机构或该等资金的任何外国保管人，也可能对该等资金拥有担保权益或留置权或抵销权。如未在上文披露，我方将向贵方告知贵方资金在某一司法辖区内的持有地点，在该司法辖区内，该等资金依法须受到担保权益或抵消权的约束，从而使第三方能够处置该等资金或追偿与贵方无关的债务。

附录 5

第 27A 条相关的披露声明

x文件载明了我方为遵守证券与期货(业务许可及进行)法规（以下简称“条例”）第 27A 条之规定而有义务向贵方披露的内容，并涉及我方根据《条例》第 27 条维持一个托管账户（以下简称“托管账户”）的义务，我方将我方从贵方或代贵方（贵方作为客户）收取的与我方作为资本市场执照持有人所提供的服务（以下简称“服务”）有关的款项存入该等账户。本文件不涵盖与此类服务相关的所有风险，您应考虑我们之间的所有协议（尤其包括本协议）以及我方向贵方提供的任何其他披露材料。

1. 我方如何持有贵方资产

根据《条例》第 27 条，贵方的资产将由我方在托管账户中代表贵方持有。除非我方另行通知贵方，否则托管账户的托管人将是根据第 27 条之规定有资格成为托管人的第三方。

2. 我方何时可以提取贵方资产

我方提供任何服务的，我方可以根据下述权利：

(a) 《条例》第 30 条享有但受其约束的权利；或

(b) 根据《条例》第 35 条享有的权利

出于《条例》第 30 和/或 35 条项下（如适用）允许的任何目的提取贵方的资产。

3. 从托管账户提款并将资产存入第三方

根据《条例》第 27 条和第 30 条的规定，我方可从托管账户中提取、持有贵方的资产，并将该等资产存入代表我方的第三方（即第三方，该表述还应包括信托

账户的保管人），该第三方即任何根据《条例》第 30 条规定的目的批准的清算所、经认可的清算所、清算所成员或有组织市场的成员。但是，除非我们双方另有约定，否则我方对第三方的任何作为或不作为概不负责。

4. 总体上以归集方式持有的资产及重大结果

除非我方与贵方另行指定或约定，否则贵方的资产将由第三方以综合或归集账户的形式持有。如果贵方的资产存于此类综合账户中，它们可能与属于我方其他客户或第三方客户的资产进行归集。因此，存在以下风险：

(a) 可以提取贵方的资产以清偿其他客户的债务；和/或

(b) 贵方可以分摊任何缺额，因此可能无法获得资产中的完整权益。

在某些司法管辖区，国家法律可能不承认或执行我方将贵方的资产与我方资产或属于第三方的资产相互分离的计划。在这种情况下：

(i) 贵方的资产可能被用于清偿第三方在破产时的一般性债务；

(ii) 贵方的资产可能被用于清偿我方在破产时的一般性债务；

(iii) 第三方可能会质疑贵方对任何资产享有的权利；和/或

(iv) 贵方可以分摊任何缺额，因此可能无法获得资产中的完整权益。

5. 在新加坡境外持有的资产

我方在新加坡境外持有贵方资产的：

(a) 所适用的法律和法规要求可能与新加坡境内适用的法律和法规要求不同；和

(b) 贵方对该等资产享有的权利可能不同xxx在新加坡境内对该等资产享有的权利。

6. 保护贵方的资产

如果可能，我方将指示持有贵方资产的该等第三方将该等资产与其自有资产及属于我方的资产分开确认（通过不同名称的账户或实现相同保护级别的其他措施）

。如果资产存放于一个司法管辖区内，并且在该司法管辖区内，我方无法以代理人的名义或以贵方的名义登记资产，则我方可以第三方的名义登记或记录贵方的资产，或者在我方无法以第三方的名义登记或记录贵方资产的情况下，则以我方的名义登记或记录贵方资产，前提是在上述任何一种情况下，我方都获许按照与

《证券及期货条例》相关规定一并阅读的条例之规定登记或记录贵方的资产。

7. 担保权益、留置权和抵销权

在我方持有贵方资产的情况下，我方通常对该等资产拥有抵销权、一般留置权和其他担保权益，我方拥有的上述权利在我们之间的相关协议和普通法中均有相关规定。我方的留置权和其他普通担保权益也在该等《条例》中得到明确承认。第三方，包括持有贵方资产的存托机构也可能对该等资产拥有担保权益或留置权或抵销权。如未在上文披露，我方将向贵方告知贵方资产在某一司法辖区内的持有地点，在该司法辖区境内，该等资产依法须受到担保权益或抵消权的约束，从而使第三方能够处置该等资产或追偿与贵方无关的债务。

附录 6

个人独立账户披露声明

我方通常会将贵方的资金和资产与我方的资金和资产分开持有，但贵方的资金和资产会与我方其他客户的资金和资产相互归集，因此贵方的资金和/或资产有可能被用于履行我方其他零售客户与我方进行的场外衍生品交易相关的义务，或者在归集的资金和/或资产总体不足的情况下，我方的所有此类客户将被限制在归集资金和/或资产的按比例分摊部分（“同类客户风险”）。关于贵方的资金和/或资产以客户归集方式持有的主要后果和风险，请参考我方根据第 18A 及 27A 条向贵方特别披露的内容，以获得更多具体信息。但是，贵方与我们之间达成的场外衍生品交易/合约相关的资金/资产将在新加坡境内持有，新加坡法律法规将确保在我方破产的情况下，该等资金/资产不会用于清偿我方自身的任何债务。

1. 根据证券与期货(业务许可及进行)法规第 16(5) 及 26(5) 条规定，我方必须分别为贵方的资金及资产提供额外保障的选择，以抵御同类客户的风险。上述选择允许贵方向我方提供的与贵方与我方开展的场外衍生品交易相关的资金和/或资产与属于我方其他客户的资金和/或资产相互 “绝缘防范”。

2. 通过在我方的账户申请表格上签名，贵方将被视为向我方表明贵方选择不拥有此类个人独立账户，除非贵方向我方另行明确告知。

3. 个人独立账户的后果及费用

如果贵方明确要求选择上述个人独立账户，那么对于所选择的资金和/或资产，贵方在我方开设的场外衍生品账户将被指定为相关的客户个人独立账户。以下内容适用于此类账户：

(a) 贵方在此类账户中持有的资金和资产不会与我方其他零售客户的头寸归集或混合；

(b) 我方会将贵方的资金和/或资产与其他客户分开记录。此类资金和/或资产在贵方以外的任何人士出现违约时不可用；

(i) 选择个人独立账户也意味着贵方将支付额外的管理费用；和

(ii) 如果贵方决定选择个人独立账户或有任何相关疑问，可以联系辉立期货的代表。

附表 1

由客户保留之副本

辉立期货私人有限公司——风险披露声明

客户应阅读、确认接收并保留一份以下风险披露声明副本。

证券与期货法 2001(2001 之 42 法令) 证券与期货(业务许可及进行)法规 2002

根据第 47E(1) 条以及第 39(2)(c) 条须由持有资本市场服务执照以从事期货及特定场外衍生品合约相关资本市场产品交易的人士提供并保留风险披露声明

1. 本声明是根据证券与期货(业务许可及进行)法规（法规 10）第 47E (1) 条的规定提供给贵方。

2. 本声明并无披露期货、期权、以货币或货币指数为标的的场外衍生品合约（简称“OTCD 货币合约”）及用于具杠杆作用的外汇交易的即期外汇合约（简称“即期 LFX 交易合约”）中的所有风险和其他重要方面。鉴于这些风险，贵方应当在了解贵方所订立的合约（及合约关系）的性质以及贵方面临的风险敞口范围后方能进行此等交易。期货、期权、OTCD 货币合约和即期 LFX 交易合约可能不适合许多公众。客户应根据自身经验、目标、资金来源和其他相关情况审慎考虑，以判定是否适合进行该种交易。在考虑是否交易时，贵方应该注意以下几点：

(a) 期货、OTCD 货币合约和即期 LFX 交易合约

 ‘杠杆’或'杠杆作用’的影响

期货、OTCD 货币合约和即期 LFX 交易合约风险很高。相对于期货合约、OTCD 货币合约和即期 LFX 交易合约的价值而言，原始保证金数额较小，因此交易具有高度的‘杠杆化’或‘杠杆率’作用。一个相对较小的市场动向将按一定比例对贵方存入或即将存入的资金产生较大的影响。这种效应可能对贵方有利，也可能相反。贵方有可能会完全损失所投资的原始保证金以及为维持贵方头寸而存入的所有额外资金。如果市场朝着客户头寸相反的方向移动或保证金金额提高，贵方将被要求临时追加高额的额外保证金以维持贵方的头寸。如果贵方未能在规定的时间内遵守追加资金的要求，贵方的头寸就可能在亏损的情况下被清算，贵方需对就由此导致的贵方账户的赤字承担责任。

 降低风险的指令或策略

某些旨在将亏损限制在一定金额内的指令（比如‘止损’指令，在本地法律允许的地方，或‘止损限价’指令）的下达可能是无效的，因为市场状况可能会使这些指令无法执行。在不造成重大损失的情况下，清算头寸是困难或不可能的。使用头寸组合的策略，比如‘价差’和‘跨式’头寸可能和采取简单的‘多头’或‘空头’具有同样的风险。

(b) 期权

 不同程度的风险

期权交易具有很高的风险。期权的买家和卖家应熟悉其计划交易的期权的类型（比如看跌期权和看涨期权）及相关风险。贵方应对贵方头寸在考虑权利金和所有交易成本后如欲实现盈利所需的期权升值水平进行计算。

期权买方可以通过在市场上交易或行使期权或允许期权到期来抵消其头寸。行使期权会导致现金结算或买方获得或交付标的权益。如果期权涉及期货合约、OTCD 货币合约或即期 LFX 交易合约，买方将获得相应的期货合约、OTCD 货币合约或即期 LFX 交易合约中的头寸（视具体情况而定）以及承担保证金相关的责任（见上文关于期货、OTCD 货币合约和即期 LFX 交易合约的部分）。如果所购买的期权在到期时无价值，贵方将要承担投资的所有损失，包括已支付的权利金和交易成本。如果贵方在考虑购买深度虚值期权，则贵方应该注意此类期权盈利的机会通常很遥远

。

卖出（‘沽出’或‘授予’）一项期权通常需承担比买入期权更大的风险。尽管卖家收到的权利金是固定的，但卖家承受的损失可能远高于权利金的金额。如果市场向不利方向移动，卖家有责任提供更多的保证金以维持头寸。卖家还要面临买家执行期权的风险，而且卖家将有义务将期权现金结算或者购买或者交付标的权益。如果期权涉及期货合约、OTCD 货币合约或即期 LFX 交易合约，卖方将获得相应的期货合约、OTCD 货币合约或即期 LFX 交易合约中的头寸（视情况而定）以及承担保证金相关的责任（见上文期货、OTCD 货币合约或即期 LFX 交易合约部分）。如果卖家持有除卖出期权外的相关期货合约、OTCD 货币合约、即期 LFX 交易合约或其它期权权益 ‘抵补’，风险可能会降低。如果该期权没有被抵补，遭受损失的风险将是无限的。

某些司法管辖区境内的某些交易所允许延期支付权利金，从而将买方支付保证金的责任限制在保证金的金额以内。买方仍然可能要承担额外费用和交易成本损失的风险。当期权执行或终止时，买方有责任支付当时尚未支付的权利金。

 合约条款与条件

贵方应该向与贵方进行交易的公司询问贵方正在交易的特定期货合约、期权、OTCD 货币合约和即期 LFX 交易合约的条款和条件以及相关义务（例如，在何种情况下贵方可能有义务交付或收取期货合约、OTCD 货币合约和即期 LFX 交易合约交易的标的权益，以及期权、到期日和行使时间的限制）。在某些情况下，未履行合约的规格（包括某一期权的执行价格）可能会被交易所或者清算所修改，以反映标的权益的变化。

 暂停或限制交易及定价关系

市场状况（比如非流动性）和/或某些市场规则的施行（比如因为涨跌幅限制、熔断机制，某些合约或者合约月的交易暂停）可能会因为难以或者无法实现交易或清算/冲销头寸而增加亏损的风险。如果贵方已经卖出期权，这可能会增加亏损的风险。

另外，标的权益和期货、标的权益和期权之间的正常定价关系可能不存在。例如，期权相关的期货合约受到涨跌幅限制而期权不受涨跌幅限制时

，就会出现这种情况。没有基础参考价格可能会导致难以进行‘公平’价值的判断。

 已存入的现金和财产

贵方必须熟悉针对贵方就国内及国外交易所存入的任何资金或其它财产所提供的保护措施，特别是在公司资不抵债或破产时的保护措施。贵方在多大程度上能够收回贵方的资金和财产可能取决于具体的法律和当地法规。在某些司法辖区，款项不足时，已明确认定属于贵方所有的财产将如现金般按比例分配。

(d) 佣金和其它费用

贵方应在交易前就其将承担的全部佣金、费用及其它收费获取明确的解释。这些佣金、费用及其它收费将会影响到贵方的净利润（如有）或增加的损失。

(e) 其它司法管辖区境内的交易

在其他司法管辖区内市场（包括与国内市场正式挂钩的市场）开展的交易，可能会让贵方面临额外的风险。此类市场受相关规章的约束，该规章可能会提供不同的或弱化的投资保障。在交易之前，贵方应了解与贵方的特定交易相关的规章。贵方所在地的监管机构将无法强制执行贵方开展交易所在地的其他司法管辖区的监管机构或市场的规则。在开始交易之前，贵方应该询问与贵方进行交易的公司，了解贵方所在司法管辖区和其他相关司法管辖区可用的补救方式的详细信息。

(f) 货币风险

合约的货币单位需要转换成其他货币的情况下，外币计价的期货及期权合约交易所产生的损益（不论该等交易是否在贵方或其它司法辖区进行）将会受到汇率波动的影响。

(g) 交易设施

多数公开喊价和电子交易设施是由涉及买卖盘传递、执行、对冲、登记或清算交易的电脑组件系统所支持。与所有的设施和系统一样，他们易受到临时中断或故障的影响。贵方弥补亏损的能力可能须服从系统提供者、市场、清算所和/或成员公司所施加的责任限制。此类限制各不相同，更多细节，贵方应该询问贵方与之开展交易的公司。

(h) 电子交易

在电子交易系统进行交易不但有别于公开喊价市场交易，也有别于在另一个电子交易系统进行交易。如果贵方通过电子交易系统交易，将面临与系统软硬件故障等有关的风险。任何系统故障的后果，可能是系统没有依照客户的指示执行交易，或是根本没有执行指示。

(i) 场外交易

一些司法管辖区允许公司进行场外交易。贵方与之开展交易的公司可能是贵方交易中的对手。将可能难以或根本不可能清算现有头寸、评估价值、确定公平价格或者进行风险评估。由于这些原因，交易的风险可能会进一步增加。场外交易受到的监管可能较少，或者可能受独立监管制度的约束

。在进行此交易之前，投资者应当熟悉适用的规则及其伴随的风险。

附表 2

价差合约风险说明

x风险说明根据 SFA N04-N[15] 号通知向您提供。旨在说明价差合约交易中的常见风险，并提供由辉立期货补充的交易协议与相关风险披露。本风险说明并未完全披露价差合约中的所有风险。在决定是否进行价差合约交易前，请务必仔细阅读交易协议与相关风险披露。您还应该根据您的经验、目标、金融资源及其他相关情况，考虑您是否适合价差合约交易。如果您没有交易协议和相关风险披露文件，请联系辉立期货索取。如果您不了解价差合约产品或对所伴随的风险感到不适，您则不应进行价差合约交易。

问题 1. 基于保证金1进行价差合约交易时，我的潜在损失是什么？

达成价差合约交易时，您需按照交易价值的一定比例提交原始保证金。

当基于保证金进行交易时，损失有可能超过或相当于您付给公司作为保证金的初始投资金额。

说明 1

a) 公司将每笔xx特原油（即“UKOIL”）的价差合约交易保证金设定为 20%。您以 70 美元/桶的当前市场价买入一份合约（数量为 1,000 桶），则您须缴纳的原始保证金为 14,000 美元，具体根据 70 美元 x 1,000 桶 x 20% 计算得出。

b) 次日，UKOIL 涨至 73 美元，您将获得 3,000 美元的利润，具体根据（73 美元 – 70 美元）x 1,000 桶计算得出。这 3,000 美元的利润将作为未变现利润计入您的账户。

c) 如果 UKOIL 跌至 65 美元，您将亏损 5,000 美元，具体根据（65 美元 – 70 美元）x 1,000 桶计算得出。这 5,000 美元的亏损将作为未变现亏损从您的账户里扣除。

说明 2

a) 公司将每笔道琼斯工业平均指数（即 US30）的价差合约交易保证金设定为 5%。您以 25,000 美元每份价差合约的当前市场价卖出 5 份合约（即 5 份价差合约），则您须缴纳的原始保证金为 6,250 美元，具体根据 25,000 美元 x 5 份价差合约 x 5% 计算得出。

b) 次日，US30 价格涨至 25,100 美元。您将亏损 500 美元，具体根据（25,100 美元 – 25,000 美元）x 5 份价差合约计算得出。这 500 美元的亏损将从您

6,250 美元的原始保证金中扣除。

c) 最差的情况即 US30 价格跌至 0。您将损失 6,250 美元的合约全额，具体根据（0 美元 – 25,000 美元）x 5 份价差合约计算得出。您可能还需额外承担由此产生的附加费用与成本。

问题 2. 保证金不足以偿付亏损怎么办？

如果您账户中的现金余额低于维持头寸所要求的原始保证金金额，公司将在下一个工作日向您发送保证金追加通知。在保证金追加通知发出之日后的第 2 个工作日内，您必须进行平仓或补齐保证金差额。如果您未能满足保证金追加要求，公司有权在不通知您的情况下结清您的价差合约头寸，以确保您的账户余额大于原始保证金。因此，您需密切关注您的账户状态，确保及时处理保证金缴纳事宜。根据与我司签订的《客户交易协议》第 6.2 条，如果您的总损失超过保证金要求，我司将可能结清您的头寸。

说明 3

1) 参考说明 1 中的案例，如果 UKOIL 的价格从 70 美元降至 69 美元，合约当前的名义价值为 69,000 美元，则维持合约的保证金要求为 13,800 美元，具体根据 69 美元 x 1,000 桶 x 20% 计算得出。

2) 由于未变现亏损为 1,000 美元，保证金为 14,000 美元，因此，您的当前账户余额为 13,000 美元（即 14,000 美元 – 1,000 美元）。

3) 公司将向您发出 800 美元的保证金追加通知，以确保您的保证金达到 13,800 美元（假设保证金要求为 13,800 美元）。

4) 如果您未能在保证金催追加通知后的第二个工作日内支付保证金，则辉立期货可自行决定在不通知您的情况下结清您的头寸。

5) 不论任何情况，如果 UKOIL 价格继续下跌，您的账户余额达到或低于结清水平，公司将可能会结清您的头寸（参考低权益金政策）。

6) 此外，您可能需承担额外的费用与成本。

问题 3. 价差合约是如何报价的？

我司价差合约买卖价格是根据基础交易所、市场或流动性供应商使用参考工具的报价计算而得。因此，价差合约价格仅在基础交易所、市场营业期间或流动性充足时方可提供。

问题 4. 我的指令能否按照低于交易系统报价或我提交的价格执行？

根据《客户交易协议》第 4.11 条、MetaTrader 5 平台《条款与条件》第 4.11 条，您可按照低于交易系统报价的价格执行交易指令。公司产品交易报价仅为指示性报价，不作保证。在您下达指令至您的指令传达到系统或执行前这期间，我们的报价会发生变化（例如，指令的网络传输延迟，或者在此期间金融市场价格快速波动）。尤其是根据您设置的止损价格标准触发止损交易指令执行的情况，由于价格快速波动或市场缺乏流动性，我们将可能难以或不可能在您的止损价格标准上清算您的头寸。如果发生上述任一情况，您将可能承担意外的损失。

但是，您的指令执行价格将不会低于您所提交的价格（如限价订单）。

1 “保证金”指期货合约、价差合约或即期 LFX 交易合约的买方或卖方提交的资金、证券、财产或其他抵押品的金额，作为待签订合约或协议的价值的一部分，以确保期货合约、价差合约或即期 LFX 交易合约条款的履行。

问题 5. 我的指令是人工执行的吗？如果是，公司在什么情况下使用人工执行？

您的指令由辉立期货的系统自动执行，不使用任何人工干预或处理，除非您的指令未通过公司交易系统的交易预审。当基础市场流动性不足或流动性无法让公司对冲自身风险敞口时，将可能使用人工执行。在此情况下，公司有权根据《客户交易协议》第 15 条自行确定价差合约的价格。

问题 6. 我的保证金在哪里管存？公司是否可将我的保证金用于其自身目的？

根据制度规定，您存放在我司的资金或其他资产必须在特定实体的独立账户中进行管存。您的资金或其他资产与公司的资金或资产是分离的，但可能会与公司其他客户共用同一综合账户。公司禁止将您存放于独立账户中的资金或其他资产用于公司自身目的，包括用于结算其自身与对冲交易方的交易。

问题 7. 如果辉立期货破产，我的保证金如何处理？我能否收回我的资金或其他资产？

公司是您的合约交易方，有义务根据交易协议的条款和条件兑现您的价差合约交易和赚取的所有利润。因此，如果公司破产，您可以收回您的权益余额（分类账余额

+-未实现损益+-未实现财务费用）。您在独立账户中持有的资金或其他资产将受到保护，不受公司债权人的索赔的影响。但是，由于公司执行清算合法程序之需，包括核对所有客户的头寸和资金等，交回和返还您的资金或其他资产需要时间。

问题 8. 在什么情况下辉立期货可以结清我的头寸或使我的交易指令失效？

根据交易协议的条款规定，在下列情况下，公司可以结清您的头寸或使您的交易失效：

(i)未在要求时间内处理保证金追加通知（参考《客户交易协议》第 6.2 条）；

(ii)由于交易系统故障，导致您的交易以错误的价格执行（参考《客户交易协议》第 15 条）；

(iii)任何时候您的账户余额已达或低于结清水平（参考《客户交易协议》第 6.2 条）等。您的价差合约将根据基础市场当时可用的价格进行结算，这将可能对您造成亏损。

问题 9. 我需要或者可能需要支付哪些佣金或费用？

佣金：按照价差合约交易价值的一定比例收取。所有佣金均需缴纳商品和服务税 (GST)。

金融费用：根据持有的价差合约隔夜头寸按日收取金融费用。金融费用根据价差合约市场价值的一定比例计算。

说明 4

如果您买入 1 份 UKOIL 合约（数量为 1,000 桶）并隔夜持有，您将需要支付日融资利息。如果当日结算价为 73 美元，则日利息为 [(73 美元 x 1,000 桶 x 0.5%)/365 天] = 1.00 美元。

说明 5

如果您卖出 5 份 US30 合约（即 5 份价差合约）并隔夜持有，您将需要支付日融资利息。如果当日结算价为 25,250 美元，则日利息为 [(25,250 美元 x 5 份价差合同 x 0.5%)/365 天] = 1.73 美元。

问题 10. 合约份额或资产交易被暂停或停止的后果是什么？应如何平掉头寸以及我是否会因此亏损？

在交易因基础市场价格无法获取而被暂停的情况下，公司可能会允许您按照公司确定的价格平掉价差合约头寸（参考《客户交易协议》第 15 条）。在交易暂停期间，我司将继续对价差合约头寸的隔夜持有者收取利息。

在交易长期停止的情况下，公司可能要求您补交保证金、全额支付合约价值、或按公司确定的适当价格平仓。在最坏的情况下，您将可能损失 100% 的合约价值，还可能需要支付由此产生的额外费用与成本。

问题 11. 加密货币差价合约 (CFD) 交易是否存在其他风险？

加密货币非法定货币，并非由政府发行且无任何资产或发行人背书。目前，加密货币不受新加坡金融管理局 (MAS) 任何监管要求或管理监督的约束。因此，新加坡金融管理局监管框架下所提供之保障不适用于进行不受管制产品交易（如加密货币 CFD）的消费者。

加密货币的内在价值微乎其微，这使得它们很难得以估价且很不稳定。因其具有高投机性，投资加密货币承担着高风险。由于缺乏价格透明度，使价格容易因未预料到的事件或市场情绪的变化而出现急剧、突发的波动。在此情况下，流动性将受限，且出现价差。可进行买卖加密货币的交易所容易出现网络安全疏漏的风险。如果遭受网络攻击或加密货币被窃，可能会导致急剧且不利之价格波动。

加密货币 CFD 交易具有高风险。投资加密货币时，您可能会面临亏空本金或被追加资金的风险。因此，您必须深刻了解 CFD 及加密货币相关的交易风险，并谨慎评估进行加密货币投资是否符合您的投资目标及风险偏好。

附表 3

境外上市投资产品风险警告声明

风险警告

境外上市投资产品*受其上市地司法管辖区法律法规的约束。在贵方交易境外上市投资产品或授权他人为贵方交易之前，贵方应该了解：



贵方在相关外国司法管辖区获得的投资者保护和保障水平，因为境外上市投资产品将在不同的监管制度下运作。

外国司法管辖区和新加坡法律制度之间的差异，该等差异可能会影响贵方收回资金的能力。税收影响、货币风险及贵方可能引起的额外交易成本。

贵方面临的交易对手和代理经纪人风险。

影响贵方投资的海外市场的政治、经济和社会动态。

此类风险和其他风险可能会影响贵方的投资价值。如果贵方不理解或不习惯此类风险，贵方则不应该投资相关产品。

*本声明中的 “境外上市投资产品” 系指在境外证券交易所或境外期货交易所（统称为 “境外交易所” ）上市报价或仅在境外证券交易所或境外期货交易所报价的资本市场产品。

1. 本声明是根据第 [SFA04-N12] 号《出售投资产品通知》第 29D 段之规定提供给贵方的。

2. 本声明并未披露境外上市投资产品的所有交易风险以及其它重要方面。只有当贵方理解并习惯所面临的风险敞口时，贵方才应该进行此类交易。

3. 贵方应该根据自己的经验、目标、风险承受能力、财务能力以及其它有关因素，仔细考虑此类交易是否适合贵方。在考虑是亲自交易还是授权他人为贵方交易时，贵方应该注意以下几点：

监管制度的差异

(a) 海外市场的监管制度可能不同，并且在运营方面可能与新加坡认可的交易所有所不同。例如，针对托管银行或存管机构持有的证券和资金可能会制定不同的保管规则。这可能会影响到为确保适当隔离和保管贵方在海外持有的投资产品或资金而采取的保障措施的水平。如果托管人存在信用问题或违约，贵方的投资产品或资金也可能不受保护。海外市场也可能有不同的清算和结算期。这些可能会对贵方可以获得的关于交易价格的信息以及贵方在该等海外市场结算交易的时间造成影响。

(b) 海外市场的投资者保护规则可能与新加坡的投资者保护规则不同。在贵方开始交易之前，应该充分了解在新加坡和其他相关司法管辖区可以获得的补偿（如有）的类型。

(c) 在境外上市的投资产品可能不受在新加坡认可的交易所上市或报价的投资产品所适用的相同披露标准的约束。在进行披露的情况下，会计、审计和财务报告标准的差异也可能影响所提供信息的质量和可比性。查找最新信息也可能更加困难，并且发布的信息可能只有外语版本。

法律体系的不同

(d) 在一些国家，成熟法律制度中实践的法律概念可能未加施行，或者可能尚未在法院得到检验。这将使人们更难有把握地预测司法程序的结果，甚至是胜诉后可能裁定的损害赔偿金额。

(e) 新加坡金融管理局无法强制执行贵方交易地所在其他司法管辖区的监管机构或市场的规则。

(f) 某些司法管辖区的法律可能禁止或限制资金从这些司法管辖区汇回，包括资本、撤资收益、利润、股息和在这些国家投资产生的利息。因此，不能保证贵方投资的资金和贵方投资产生的资金能够汇出。

(g) 某些司法管辖区还可能对外国投资者可以交易的投资产品的数量或类型做出限制。这可能会影响贵方投资的境外上市投资产品的流动性和价格。涉及的费用不同

(h) 投资境外上市投资产品可能会涉及税收问题。例如，在境外国家、新加坡或两地，销售收入或收取任何股息和其他收入的可能都要缴纳税款、关税或费用。

(i) 若需要将投资产品的计价货币折算为另一种货币，贵方对外币计价投资产品的投资回报将受到汇率波动的影响，或者可能受到外汇管制的影响。

(j) 贵方可能需要支付额外的费用，如海外交易的费用和经纪人佣金。在某些司法管辖区，贵方可能还需要支付额外费用来交易某些上市投资产品。贵方在交易前应充分了解由贵方承担责任的全部佣金、费用和其他费用。这些收费将会影响到您的净利润（如有）或增加您的损失。

交易对手和代理经纪人风险

(k) 海外交易所或海外市场的交易通常由您的新加坡经纪人通过在这些交易所拥有交易和/或清算权利的外国经纪人来完成。根据贵方指示与此类交易对手和代理经纪人进行的所有交易都取决于他们各自适当履行义务的情况。此类交易对手和代理经纪人的破产或违约可能导致在未经您同意的情况下对头寸进行清算或平仓，和/或可能导致难以收回贵方在海外持有的资金和资产。

政治、经济和社会发展

(l) 海外市场受到外国管辖区政治、经济和社会发展的影响，此种影响可能是不确定的，并可能增加投资海外上市投资产品的风险。

附表 4

《商品交易法》（新加坡法例第 48A 章）

要求商品经纪人、商品期货经纪人或现货商品经纪人提供的商品交易规则风险披露声明

1. 本声明是根据《商品交易法》第 32 (1) 节之规定提供给贵方的。

2. 本声明旨在告知贵方，商品合约、商品期货合约和现货商品合约的交易损失风险可能很大。因此应根据贵方的财务状况认真考虑是否适合进行此种交易。

3. 在考虑是否交易时，贵方应该注意以下几点：

(a) 保证金：贵方可能会承受原始保证金和贵方为在商品市场、商品期货市场或现货商品市场建立头寸或维持头寸而存入的任何额外保证金的全部损失。如果市场走向不利于贵方的仓位，贵方可能须在短时间内追加数额较大的额外保证金，以保持贵方的仓位。如果贵方未在规定的时间范围内追加保证金，贵方的仓位就只能以亏损的状态被清算处理，并且，贵方将对此造成贵方账户的赤字承担完全责任。

(b) 清算头寸：在某些市场状况下，你可能会发现很难或不可能清算头寸。

(d) “价差” 头寸： “价差” 头寸的风险可能不会低于简单的 “多头” 或 “空头” 头寸。

(e) 杠杆：在商品期货交易、商品合约交易和现货商品交易中，由于保证金要求很低，通常可以获得的高杠杆水平对贵方可能有利，也可能不利。杠杆的使用可能导致巨大损失，同时也可能带来巨大收益。

(f) 外国市场和场外期货交易：为参与外国市场或场外期货交易（如现货或其他场外交易）而存放在商品经纪人、商品期货经纪人或现货商品经纪人处的资金，可能不享有与存放在新加坡商品市场或商品期货交易所的资金相同的保护水平。

4. 本简短声明不能披露商品市场或商品期货市场的所有风险和其他重要方面。因此，您应该在交易前仔细研究商品期货交易、商品合约交易和现货商品交易。

附表 5

期货交易规则 1.6 之公告

根据其他已建立的期货交易所的惯例，SGX-DT 要求提供以下有关期货交易规则 1.6 的公告，以便贵方确认该规则可被贵方接受及已由贵方接受: 责任排除、免责声明和法定豁免

1.6.1 对损失概不负责

除非本规则或交易所属于其中一方的任何其他协议中另有明确规定，否则交易所对任何人因以下原因造成的任何直接或间接损失（后果性或其他，包括但不限于利润损失）、损害、伤害或延迟概不负责：

(a) 交易所为履行监管职责而采取的任何行动，包括暂停、中断或关闭市场；或者

(b) 交易所系统的任何故障或失灵。

“交易所系统” 系指交易所运营的与市场相关的任何交易前、交易中或交易后系统，包括 QUEST。

1.6.2 法定豁免

根据该法案的规定，交易所或代表交易所行事的任何人，包括任何董事或任何委员会成员，在履行或声称履行其在该法案或本规则下义务的过程中，出于合理的谨慎和善意，对任何已实施或未实施的行为（包括已做的任何声明）应免除任何刑事或民事责任。

1.6.3 免责声明

除法律要求外，就任何交易所系统或其任何组成部分的状况、描述、质量、性能、耐用性或适用性或其它方面做出的所有明示和暗示的保证和条件均予以排除。交易所概无做出以下保证或预测，即交易所系统、其任何组成部分或就其执行的任何服务将满足任何用户的要求

，或交易所系统的运行将不间断或无错误，或执行的与交易所系统相关的任何服务将不间断或无错误。

1.6.4 与指数相关的免责声明

交易所、指数提供商和参与或涉及编制或编辑任何指数的任何其他方不保证这些指数或其中包含的任何数据的原创性、准确性或完整性。任何指数相关的合约（“指数合约”）并无由指数提供商或参与或涉及编制或编辑此类指数或与之相关的任何其他方提供保证、担保或背书。指数提供商或参与或涉及编制或编辑任何指数的任何其他方概无对投资此类指数合约的可取性做出任何xx。对于任何个人或任何实体通过使用该指数或其中包含的任何数据而获得的结果，指数提供者或参与或涉及编制或编辑任何指数的任何其他方均不作任何明示或暗示的保证。指数提供商或参与或涉及编制或编辑任何xx士丹利资本国际指数的任何其他方均不作任何明示或暗示的保证，并明确否认对该指数或其中包含的任何数据的适销性和适合某一特定目的或用途做过任何保证。在不限制上述任何内容的情况下，在任何情况下，指数提供商或参与或涉及编制或编辑任何指数的任何其他方均不对任何直接、特殊、惩罚、间接或后果性质的损害（包括利润损失）承担任何责任，即使已被告知发生此类损害的可能性。此外，交易所、指数提供商或参与或涉及编制或编辑任何指数的任何其他方，均不对因计算或分发该指数的任何错误或延误而导致的与任何期货或期权合约相关的损害、索赔、损失或费用承担任何责任。本文中所用的 “指数提供商” 是指交易所已经或将要就创建和利用指数和指数挂钩产品与其签订协议的xx士丹利资本国际、富时、IISL、日本经济新闻或此类其他指数提供商及其各自的附属公司。

1.6.5 通知客户

会员应通过在授予市场准入的合约中加入或通过交易所批准的其他方式，将交易所做出的责任排除和免责声明通知客。

*The mandarin version provided herein is a translated derivation of this original English version. In the event of any inconsistencies between the two versions, the English version shall prevail.

CUSTOMER TRADING AGREEMENT

Please read this Agreement carefully and seek independent professional advice where you are uncertain of or uncomfortable with any of its provisions. All transactions you enter into with or through Phillip Futures are legally binding and enforceable in accordance with the terms of this Agreement. By signing the Application Form or by electronically submitting your application on Phillip Futures’ Website or, if applicable, via a mobile application you confirm that you will accept the terms of the Agreement as applying to all such transactions as a condition of your application. When Phillip Futures accepts your application and opens an Account for you, you will therefore be bound by the terms of this Agreement where relevant to the transactions you do with or through Phillip Futures.

1 DEFINITIONS

1.1 In this Agreement, unless the context otherwise requires:

"this Agreement" means this agreement (as may from time to time be varied or modified in accordance with its provisions) and includes its appendices, schedules and all other documents or instruments made supplemental to it including but not limited to your Application Form(s);

"Account" means the account opened and/or maintained with Phillip Futures pursuant to the Customer’s application and/or request for such account as accepted by Phillip Futures; "Application Form" means the application form whether in paper or electronic form as prescribed by Phillip Futures by which the Customer applies to Phillip Futures to open and maintain the Account;

"Applicable Laws" with respect to the Customer’s Transaction(s) and/or Account means all relevant or applicable statutes, laws, rules, regulations, directives and circulars whether of governmental bodies or authorities or self-regulatory organisations which Phillip Futures and/or the Customer by giving Orders for Transactions is legally obliged (whether directly or indirectly ) to comply and/or ensure compliance with or otherwise recognize the applicability of with respect to Transactions (including Transactions made using the DMA services, including, without limitation, relevant rules of exchanges Phillip Futures) is obliged (whether directly as a member or indirectly by contract or mandatorily applicable laws and regulations) to comply with with respect to the Customer’s Transaction(s), such as the relevant SGX-DT Futures Trading Rules (“FTR”) in Chapters 2, 3, and 8 of the FTR, Practice Notes 2.6.3(1)(c), 2.6.3(1)(d), 2.6.3(1)(g), 2.8.1, 3.4.3A, 3.3.5, relevant sections to Part IV, V, VI ,VII and XII of the SFA as may be amended or supplemented from time to time;

"Associates" means any firm or corporation in which Phillip Futures’ ultimate controlling/majority shareholder(s) has, whether directly or indirectly and either individually or collectively, control of not less than twenty percent (20%) of the voting power in the firm or corporation, including Phillip Securities Pte. Ltd., Phillip Financial Pte. Ltd., Phillip Securities Research Pte. Ltd., Phillip Securities Nominees Pte. Ltd., Phillip Capital Management (S) Ltd. and Phillip Private Equity Pte. Ltd.;

"Business Day" in relation to a Transaction means any day on which the relevant Market on which the Transaction is effected or liquidated is open for trading;

"Clearing House" (in relation to a Market) includes a body corporate, an association or organisation, whether distinct from or forming part of a Market, that clears, settles and/or guarantees contracts and/or options whether on a net or gross basis and/or makes adjustments to the contractual obligations arising out of such contracts and/or options;

"Companies Act" means the Companies Act (Cap. 50);

"Confirmation" means the written notice (including telex, facsimile or any other electronic means from which it is possible to produce a hard copy), which contains the specific terms of a Transaction;

“Contract” with respect to a “Transaction” shall have the meaning ascribed to the expression in the definition of “Transaction”; "Currency" means money denominated in the lawful currency of any jurisdiction;

"Customer" means, without limitation to Clause 10, the person or persons named herein as the applicant(s) (and where the context so admits, includes any one of those persons), and includes the successors in title as well as legal representatives, agents, any and all persons authorized by the applicant Customer(s) to act/in the name of the Customer(s) (including delegates) whichever is applicable, of the Customer;

“Customer Personal Data” means Personal Data which the Customer discloses to Phillip Futures, or which Phillip Futures processes on behalf of the Customer;

“Customer Trading Agreement” shall have the meaning ascribed to in Clause 1.1 of Appendix 1A; "Default" shall have the meaning ascribed to it under Clause 11.1;

“DMA” or “Direct Market Access” means the process by which orders to buy or sell futures contracts including any modifications and cancellations thereof are submitted into a DMA Infrastructure (including through the use of a nominated technical system or technical connection between Phillip Futures and the Customer) for execution in the automated trading system of a Market (each an “ATS”), including the Trading System by the Customer without any intervention by Phillip Futures whether through its trading representatives or otherwise (including being entered or re-entered by any such trading representative). “DMA Infrastructure” means the technology infrastructure and/or electronic trading system whether established and/or maintained by or for Phillip Futures which facilitates DMA or otherwise used by the Customer for the purposes of effecting DMA (including under a Sponsored Access arrangement) to effect Transactions on a DMA basis;

“DMA Procedures” means (i) such procedures as specified and required by Phillip Futures from time to time, which Phillip Futures may from time to time notify to the Customer and require to be complied with by the Customer accessing and/or using the DMA Services, including without limitation any or all of the following: (a) processes for the prevention of manipulative trading by the Customer; (b) declarations and notifications; (c) collection and retention of information on behalf of Phillip Futures; (d) training of authorized persons and agents of the Customer to ensure proper access and use of DMA Services; or (e) other procedures, restrictions and limitations as otherwise determined by Phillip Futures in its sole and absolute discretion from time to time; and (ii) prescribed requirements under Applicable Laws as well (where relevant) of the Market at which the Customer’s Orders are to be executed and/or cleared via DMA Services;

“DMA Services” means services provided to the Customer by Phillip Futures subject to and conditional on the Customer’s continuing compliance with DMA Procedures to permit direct access or Sponsored Access to the Trading System;

"Electronic Broking Facilities" means Phillip Futures’ automated order entry system, including any software, hardware or telecommunications equipment made available by Phillip Futures to the Customer and includes the On-Line Electronic Mart System (“POEMS”) owned by one or more Associates of Phillip Futures as may be offered by Phillip Futures to the Customer subject to the terms for the access and use of such system(s) for the Customer to:

(a) electronically transmit Orders to Phillip Futures, a third party network, and/or straight through to an exchange trading engine pursuant to DMA services provided to the Customer;

(b) access market information, indicators and real time prices as well as information on the Customer's Account(s) and other services available to the Customer; and

(c) engage in any other activities and services as Phillip Futures may include and permit access and/or use by the Customer as part of the Electronic Broking Facilities;

"Extraordinary Event" shall have the meaning ascribed to it in Appendix 2;

"Futures Contract" with respect to a Transaction shall be as defined in the SFA and (where relevant) the jurisdiction in which the Transaction is executed; “Information” means any text, images, links, sounds, graphics, video and other materials provided by Phillip Futures or accessible from Phillip Futures whether in physical or electronic form and includes, without limitation, information relating to futures, markets, companies, industries, news and any information, data, analysis or research thereon subject, where so indicated or expressly stated, to such caveats, cautionary notices, restrictions, qualifications and/or disclaimers;

“Intellectual Property Rights” includes all inventions, patents, know-how, trade secrets and other confidential information, copyright (including without limitations all such rights in computer software and any databases), registered and unregistered trademarks (including without limitation any trade, brand or business names and any distinctive smells or sounds used to differentiate goods and services), domain names, technology, know-how, goodwill, registered and unregistered designs, layout-designs of integrated circuits, geographical indications and plant varieties (in each case for the full period thereof and all extensions and renewals thereof), applications to register any of the aforesaid items (including the right to so apply), licences relating to any of the aforesaid items, rights in the nature of any of the aforesaid items in any country, and rights to sue for passing off, or other similar industrial or commercial right;

"Loss" means any and all realized or unrealized loss, damage, costs, charges, and/or expenses of whatsoever nature and howsoever arising including legal fees on a full indemnity basis, cost of funding and loss or cost incurred as a result of the terminating, liquidating or re-establishing of any hedge or related trading position;

"Margin" means any currencies, cash, and at Phillip Futures' sole discretion, securities or other properties which Phillip Futures will accept to be deposited with or held by Phillip Futures or its nominees as margin for the purposes of security or credit support for the effecting or maintenance of the same as an open position of any Transaction and/or the Customer's obligations under this Agreement;

"Market" means a market, an exchange or any other place (whether physical or virtual) at which Contracts for or in relation to commodities are regularly made, whether within Singapore or otherwise;

"Nominee” includes an agent, representative, delegate or correspondent whether in Singapore or elsewhere;

"OTC Facilities" means such facilities as may be offered by Phillip Futures to the Customer and which may enable the Customer to effect or give orders for effecting Transactions on an OTC or “over-the-counter” basis – each an “OTC Transaction”;

"OTC Transaction" means a Transaction concluded between the Customer and Phillip Futures on a bi-lateral principal to principal basis over-the-counter, not on any regulated exchange or market and includes contracts for differences transacted by the Customer on a DMA as opposed Phillip Futures as Market Maker basis;

"Officer" means any officer or employee of Phillip Futures;

"Order" means any authorisation, request, instruction or order (in whatever form and howsoever sent) given or transmitted to Phillip Futures by the Customer or which Phillip Futures or an Officer reasonably believes to be from the Customer or an authorized agent of the Customer and includes any authorisation, request, instruction or order to revoke, ignore or vary any previous authorisation, request, instruction or order;

"PDPA" means the Personal Data Protection Act 2012 of Singapore;

"Personal Data" means data, whether true or not, about an individual who can be identified (a) from that data; or (b) from that data and other information to which a person has or is likely to have access;

"Phillip Capital Group" means the group of corporations comprising Phillip Futures and its Associates;

"Phillip Futures" or the acronym “PFPL” means Phillip Futures Pte. Ltd. and includes its successor or transferee;

"PIN" means the Customer's personal identification number issued by Phillip Futures to the Customer for the purposes of utilisation by the Customer of the Electronic Broking Facilities;

"Person" includes any government, statutory body, business, firm, partnership, corporation or unincorporated body;

"Recognised Regulatory Authority" means any regulatory authority having relevant oversight and/or regulatory jurisdiction with respect to Phillip Futures or any such of its regulated activities including, to the extent applicable such other co-signatories of the International Organisation of Securities Commissions Multilateral Memorandum of Understanding Concerning Consultation and Cooperation and the Exchange of Information to which a Recognised Regulatory Authority is a signatory;

"Regulated Activity" has the definition as in Schedule 2 of the SFA;

"Relevant Body" with respect to the regulated activities of Phillip Futures means any Market, Clearing House and/or governmental body or authority or self-regulatory organisation having relevant oversight and/or regulatory jurisdiction with respect to Phillip Futures or any such of its regulated activities;

"Relevant Currency" shall have the meaning ascribed to in Clause 7.1 herein;

"SFA" means the Securities and Futures Act (Cap. 289);

"SGX-DT" means the Singapore Exchange Derivatives Trading Pte. Ltd.; "Securities" shall be as defined in the SFA;

"Sponsored Access" is an indirect means by which the Customer is provided DMA services with respect to the Customer’s Orders and with respect to Markets that Phillip Futures is not a member having the right to trade directly on such Markets, through which the Customer is being allowed to do so in the name of Phillip Futures. For the avoidance of doubt, references to contracts for differences transacted between the Customer and Phillip Futures on a DMA basis refers to contracts for differences transacted via a Sponsored Access arrangement but subject to the terms and conditions for the transacting of contract for differences by the Customer on a DMA rather than Market Maker basis with Phillip Futures as the Customer’s bi-lateral principal counter-party;

“Trading System” means any Electronic Broking Facilities including for the automatic matching of orders designated and approved by SGX-DT for transactions on SGX-DT;

"Transaction" means:

(i) a contract made on an Exchange or pursuant to its Rules;

(ii) a contract which would (but for its term to maturity only) be a contract made on, or subject to the Rules of, an Exchange and which, at the appropriate time, is to be submitted for clearing as such a contract;

(iii) any other transaction which Phillip Futures and the Customer agree shall be a “Transaction” governed by this Agreement,

and includes any Futures Contract or OTC Transaction. For the purposes of the foregoing, the expression “Contract” or “contract”, unless the context otherwise requires, means a futures contract, option, contract for differences, spot or forward contract of any kind in relation to any commodity, metal, financial instrument (including any security), currency, interest rate, index or any combination of them.

1.2 The headings are inserted for convenience only and shall not affect the construction of this Agreement.

1.3 Expressions in the singular form shall include the plural and vice versa, and all references to the masculine gender shall include the female and neuter genders and vice versa.

1.4 Except as otherwise provided in this Agreement, any reference in this Agreement to "Clauses", "Appendices", and "Schedules" in this Agreement are to clauses, appendices and schedules respectively in this Agreement.

1.5 Any reference to a statutory provision shall include such provision as may from time to time be modified, amended or re-enacted so far as such modification, amendment or re-enactment applies or is capable of applying to any Transaction entered into hereunder.

2 S COPE AND APPLICATION

2.1 The terms and conditions of this Agreement shall apply, as relevant, to the provision by Phillip Futures of its services to the Customer in respect of the Account(s) provided that the specific terms and conditions contained in each Appendix of this Agreement shall apply only upon Phillip Futures' approval of the Customer's application for the particular services for which the terms of such Appendix are intended to apply in addition to but read together as one with the generally applicable terms in this Agreement. For the purposes of the foregoing, the services which Phillip Futures may provide the Customer may comprise any, some or all of the following services:

(a) the execution of Transactions including arranging for the execution of Transactions by an Intermediate Broker;

(b) the clearing of Transactions including arranging for the clearing of Transactions by an Intermediate Broker; and

(c) such other services as may be specifically applied for by the Customer and agreed to be provided by Phillip Futures by actually providing same and/or in writing.

For the purposes of the preceding, the expression "Intermediate Broker" means, in relation to a Transaction, any person acting in the capacity of an intermediary or agent with or through whom Phillip Futures undertakes the execution and/or clearing of that Transaction. The expression “correspondent broker” shall carry a materially identical meaning.

2.2 In the event that any facility to which any Appendix relates is provided expressly subject to terms and conditions other than the terms and conditions contained in this Agreement, such other terms and conditions shall prevail in the event of conflict between the former and the latter.

2.3 This Agreement and all pending and/or executory Transactions governed by this Agreement constitute a single agreement between the parties. For the purposes of the foregoing, a Transaction that is wholly performed by both parties is not considered to be executory.

3 G ENERAL CONDITIONS

3.1 The acceptance by the Customer of the terms (as updated from time to time) of this Agreement, including the terms of all accompanying appendices and/or annexes (as they are relevant for Orders to be given by Customers and their corresponding executed Transactions) and therefore, amongst others, of the Risk Disclosure Statement and the Notification on SGX Futures Trading Rule 1.6 provided in Schedules 1 and 5 respectively shall be conditions precedent to Phillip Futures' obligation to perform any of its obligations under this Agreement with respect to Orders and corresponding Transactions. Phillip Futures’ execution only services and facilities available to Customers are fundamentally electronic services; and the Customer specifically consents to the receipt of documents in electronic form via e-mail, posting on and accessible through the Account particulars section(s) of Phillip Futures’ website or other electronic means.

The Customer also specifically confirms that the Customer has regular access to the Internet and consents to Phillip Futures providing the Customer with information about itself and its services (including market information), its costs and charges by e-mail or by posting such information on its website or POEMS. The Customer correspondingly agrees that the Customer will regularly access Phillip Futures’ website to keep himself/herself updated on the terms of this Agreement and any documents relating to such Agreement and any subsequent revision to such terms.

The Customer further and specifically acknowledges, confirms and agrees that Phillip Futures shall not give, and shall not at any time be regarded as giving or having given, advice or recommendation to the Customer on the merits of any Transaction and is agreeable and shall be regarded at all times as dealing with the Customer on an execution-only basis.

The Customer also specifically represents to and undertakes in favour of Phillip Futures that the Customer will access and use the facilities and services offered or available pursuant to this Agreement honestly, fairly and in good faith. The Customer therefore also represents and undertakes that the Customer has not and will not upload or transmit any malicious code or software to any of the Electronic Broking Facilities or the website (each a “Website”) of Phillip Futures or any of its Associates or of any third party accessible via facilities provided to the Customer pursuant to this Agreement or otherwise use any electronic device, software, algorithm, and/or any dealing method or strategy that aims to manipulate any aspect of any of the Electronic Broking Facilities or Website, including, but not limited to, the way in which Phillip Futures construct, provide or convey pricing for Transactions.

Phillip Futures or other third party service providers or licensors with whom it contracts for provision of or access to the same (each a “Service Provider”) may provide the Customer with Information in connection with the provision of the services of Phillip Futures pursuant to this Agreement. The Customer agrees that:

(a) neither Phillip Futures nor any other Service Provider shall be responsible or liable if any such Information is inaccurate or incomplete in any respect or for any actions the Customer takes or do not take based on, or the Customer’s reliance upon, such Information;

(b) the Customer will use such Information solely for the purposes set out in this Agreement or otherwise expressly agreed to by Phillip Futures;

(c) the Customer will truthfully complete and submit to Phillip Futures in a timely fashion: (i) any declaration as Phillip Futures may require at any time in respect of its status as a user of Information; and (ii) any additional agreements with Phillip Futures or Service Providers or licensors relating to Phillip Futures’ provision to the Customer of or access to any Information;

(d) the Information is proprietary to Phillip Futures or the provider and the Customer will not retransmit, redistribute, publish, disclose, alter, amend, rent, loan, license or display in whole or in part such data or information to third parties; and

(e) the Customer will pay any fees and other costs associated with its access to and use of any Information, of which Phillip Futures may notify it from time to time, and shall be responsible for payment of any and all taxes, charges or assessments imposed by any foreign or domestic national, state, provincial or local governmental bodies, or subdivisions thereof, and any penalties or interest relating thereto, in respect of its access to and use of any Information.

3.2 Phillip Futures may, in its sole and absolute discretion, permit the Customer’s use of electronic signature as an indication of such Customer’s acceptance of all terms and conditions within this Agreement, accompanying appendices, annexes and/or applicable form(s) incidental to Customer’s Account relationship with Phillip Futures, provided all the following conditions have, in the reasonable opinion of Phillip Futures been fulfilled:

(a) such signature identifies the Customer; and

(b) the use of the signature as indicating the Customer’s acceptance is intended and/or authorized by the Customer.

3.3 The Customer authorises, consents and agrees to the disclosure by Phxxxxx Xutures, and/or any Officer or agent of Phillip Futures at any time and from time to time of any or all information in respect of any particulars or Transaction of the Customer or in respect of any Account to any person in the Phillip Capital Group, any Relevant Body, or any other person which Phillip Futures or any Officer considers to be appropriate for the purpose or to be in the interest of Phxxxxx Xutures. The consent and authority granted by this Clause shall constitute consent and authority for the purposes of the provisions of any Applicable Laws, Rules and Regulations.

3.4 Phillip Futures may engage or appoint any Person (who is not an Officer or related to Phillip Futures) including floor brokers and clearing brokers to carry out any Order or to exercise any authority granted to Phillip Futures by the Customer (whether under this Agreement or otherwise). In making such engagement or appointment, Phxxxxx Xutures shall not be liable to the Customer for any and all Loss suffered or incurred by the Customer as a result of any act or omission of such Person or entity.

3.5 The Customer shall not, without the prior written consent of Phillip Futures, assign, charge or encumber any Account or the Customer's rights therein, or create or permit to create, in favour of any Person (other than Phillip Futures) any interest by way of trust or otherwise in any Account. Phillip Futures shall not be required to recognise any Person other than the Customer as having any interest in any Account.

3.6 Phillip Futures shall be entitled (but not obliged) to record (by any means) any communications (through any medium) between Phillip Futures and the Customer or any servant or agent of the Customer using any recording apparatus, without prior warning to the Customer. Any such recording shall be the sole property of Phillip Futures and may be used as evidence against the Customer. Phillip Futures may destroy such recordings at any time without giving any reason.

3.7 The Customer’s relationship with Phillip Futures, the operation of all Accounts and the implementation of all Orders shall be subject at all times to the Applicable Laws. Phillip Futures may take or refrain from taking any action whatsoever, and the Customer shall do all things required by Phillip Futures, in order to procure or ensure compliance with Applicable Laws.

3.8 Where the Customer has been introduced and/or referred to Phillip Futures by a third party to open and/or maintain an Account, the Customer agrees and acknowledges that Phillip Futures has and will accept no responsibility for any conduct, action, representation or statement of such third party. The Customer further agrees that Phillip Futures may, to the widest extent permitted by Applicable Laws, share its fees, commissions and/or other charges with such third party or any other third party as Phillip Futures at its discretion deems fit or appropriate.

3.9 The Customer hereby ratifies all Transactions effected by Phxxxxx Xutures on its behalf prior to but remaining as open position(s) as at the date of this Agreement and agrees that such Transactions shall also be governed by the terms of this Agreement.

3.10 The Customer acknowledges and agrees that Phillip Futures may at any time in its discretion amend, vary or supplement any terms or conditions in this Agreement or any additional or specific terms or conditions relating to the Account or Transaction by notice to the Customer or by any means which the Customer has agreed to be effective communication of notice to the Customer as Phillip Futures deems fit, including notification via the Electronic Broking Facilities, provided the Customer has indicated that he/it wishes to be provided notice of such amendment, variation or supplementation. Any such amendment, variation or supplement shall take effect as from the date of such notice or the date specified in such notice (as the case may be). If the Customer continues to give instructions in respect of or operates the Account or effects or keeps open any Transaction after receiving such notice, the Customer shall be deemed to have agreed to any such amendments, variations or supplements without reservation.

3.11 No amendment, variation or supplementation made to this Agreement by the Customer shall be effective, unless such amendment, variation or supplementation is formally agreed to in writing by an authorized executive officer of Phillip Futures.

3.12 In the event that the Customer requests for opting up to certain categories of client (such as an Accredited Investor, Expert Investor or Institutional Investor as defined in the SFA) to be allowed an expanded range of products and/or services to be accessed by the client or fails to opt out of the qualitatively higher and deemed more competent and able to take more risk category of client (such as an Accredited Investor, Expert Investor or Institutional Investor as defined in the SFA), Phillip Futures may, in its sole discretion and to the extent permitted by law, agree to either accepting the Customer’s request or treat the Customer as a qualitatively lower and less competent and less risk tolerant category of client (as relevant). Otherwise, the Customer may be regarded as falling by default within a category of clients prescribed by applicable laws and regulations for having satisfied the prescribed criteria for such clients. The Customer agrees that if Phillip Futures exercises its aforementioned discretion to regard the Customer as a category of clients other than the category prescribed by law or regulations for which the Customer satisfies the qualifying criteria for, the Customer may not be entitled to the same level of protection afforded to such category of clients in the former case and may not be entitled to access the expanded range of products and/or services for the prescribed category of clients in the latter case.

4 ORDERS

4.1 The Customer may instruct Phillip Futures to execute any Transaction for an Account by placing an Order with or (in the case of an Order placed by the Customer via DMA, including Sponsored Access services) for the account or responsibility of Phillip Futures in the form and using the media prescribed as acceptable to Phillip Futures from time to time and subject to the terms for such transmission/placement of the Order (including the DMA Procedures). Subject as provided herein, all Orders shall be given direct to Phillip Futures (whether oral (in person or by telephone), via internet or any electronic means, by use of Electronic Broking Services, or other means of communication accepted by Phillip Futures from time to time) in such manner as may be prescribed by Xxxxxxx Futures from time to time. If Orders are given by telephone, internet, electronic means or by Electronic Broking Services, Phillip Futures is entitled to rely upon and act in accordance with such Orders without inquiry or verification by Phillip Futures of the authority or identity of the Person making or giving or purporting to make or give such Instructions and regardless of the circumstances prevailing at the time of the giving of such Orders or amount of money or size of positions involved in the Orders, and notwithstanding any error, misunderstanding, lack of clarity, fraud, forgery or lack of authority in relation thereto, provided that Phillip Futures or its employee, officer, agent or representative concerned believed, in good faith, the Orders to be genuine at the time it was given. In transmitting or placing such Order, the Customer hereby acknowledges and expressly agrees that Phillip Futures may in its sole and absolute discretion act either as agent of or principal to the Customer for its own accounts or for the accounts of Persons associated with or connected to Phillip Futures or an entity in which Phillip Futures or any of its representatives has a direct or indirect interest. In the event that Xxxxxxx Futures assumes the role of the counterparty to any Transaction which Phillip Futures has been instructed to execute, Xxxxxxx Futures shall be absolutely entitled to all gains, profits and benefits derived from any such Transaction of the Customer with Phillip Futures. Phillip Futures may do whatever Phillip Futures consider necessary or appropriate to ensure Phillip Futures' own and the Customer’s compliance with Applicable Laws and, with respect to DMA Services, the DMA Procedures provided that except in the case of fraud, gross negligence or willful default on the part of Phillip Futures in effecting compliance with Applicable Laws in the execution of an Order, the Transaction so executed shall not be voidable at the option of the Customer and any other breach of duty on the part of Phillip Futures with respect to the execution of an Order therefore restricts the Customer only to an action for damages as determined by Applicable Laws.

4.2 Where the Electronic Broking Facilities are made available to the Customer by Phillip Futures, the Customer may, subject to the terms for the transmission/placement of the same, place Orders through the use of such facilities. The terms governing Electronic Broking Facilities are set out in Appendix 1 and, with respect to DMA Services, in addition to requirements of the DMA Procedures.

4.3 Phillip Futures shall be entitled to treat any and all Orders as fully authorized by and binding on the Customer provided that, subject to Clause 4.5, the Customer may give an Order to withdraw, cancel, revoke or vary a previous Order. When giving Orders, the Customer is solely responsible for ensuring the accuracy and completeness of all Orders and the Customer shall ensure that it does not give conflicting, inconsistent or contradictory instructions to Phillip Futures. Phillip Futures shall be entitled (but not bound) to act on or take such steps in connection with or in reliance upon any Order as Phillip Futures may in good faith consider appropriate without any liability to the Customer. Where a Customer gives Phillip Futures an Order to withdraw, cancel, revoke or vary a previous Order, Phillip Futures shall not be obliged to execute such Order nor shall the Customer be entitled to assume that such Order will be executed until after the Customer confirms with Phillip Futures both that the previous Order has not been executed, and that the withdrawal, cancellation, revocation or variation as the case may be, is both practicable for execution and will not prejudice Phillip Futures' position (where relevant) with a counterparty or correspondent broker or (with respect any Order transmitted on a DMA basis) Market (or related clearing house).

4.4 The Customer also acknowledges that in the event that the Customer is, for any reason, unable to communicate any Order to or for the account and responsibility of Phillip Futures, Phillip Futures shall not be liable to the Customer.

4.5 Phillip Futures shall bear no liability whatsoever for exercising or failing to exercise any discretion, power or authority conferred upon Phillip Futures by this Agreement so long as Phillip Futures acted in good faith.

4.6 Phillip Futures shall be entitled (but not obliged) to verify and be satisfied with respect to the identity and/or authority of the Person purporting to give an Order or the legitimacy of the source and origin of such Order as a precondition to accepting an Order for execution.

4.7 If Phillip Futures decides to act on any Order or is otherwise under an obligation to act on any Order, Phillip Futures shall be allowed such amount of time to act upon and execute the Order as may be reasonable, having regard to the systems and operations of Phillip Futures and the other circumstances then prevailing, and shall not be liable for any Loss arising from any delay on the part of Phillip Futures in acting on the Order.

4.8 Where any Order is ambiguous or inconsistent with any other Order, Phillip Futures shall be entitled to rely and act upon any Order in accordance with any interpretation thereof which any Officer, or any Person who has been engaged or appointed by Xxxxxxx Futures pursuant to Clause 3.3, believes in good faith to be the correct interpretation.

4.9 Phillip Futures shall send to the Customer a Confirmation within 14 Business Days or such shorter period as may be prescribed under Applicable Laws after its receipt of an Order. The Customer shall bear the sole responsibility of ensuring that an Order has been transmitted, received, processed and duly executed, and shall, without prejudice to the generality of the preceding, immediately notify Phillip Futures of any failure to receive an appropriate Confirmation that the Order has been received and executed.

4.10 Without prejudice to any of Phillip Futures’ other rights under this Agreement, and in case of a dispute between the Customer and Phillip Futures over any Transaction, Phillip Futures is entitled, at its sole discretion and without notice, to close the position(s) relating

to the Transaction if Phillip Futures believes in good faith such action to be desirable for the purpose of mitigating or limiting the potential loss or damages to either party involved in the dispute. Phillip Futures shall not, in such event, be responsible or obligated to the Customer for any losses arising from such aforementioned closure of Customer’s position(s) and/or subsequent fluctuations in the price level of the erstwhile position(s). Where Phillip Futures closes the Customer’s position(s), the closing shall be without prejudice to the Customer’s rights to open new positions provided that such new positions are opened in accordance with the terms of this Agreement, including for Margins after accounting for Loss, if any, from such closing out.

4.11 The Customer acknowledges and agrees that while an Order is a binding offer from it to enter into a Transaction, prices quoted or given by Phillip Futures (whether on/via any Electronic Broking Facility, by telephone, ‘live chat’ or otherwise) do not constitute a contractual offer to enter into a Transaction at the prices quoted/given or at all.

4.12 Where an Order is executed through several Transactions at varying prices the Customer will be charged separate fees and commission for each individual Transaction.

4.13 If multiple Orders are placed or triggered, which in aggregate exceed Xxxxxxx Futures own position limits for the relevant Market, Phillip Futures may in its sole discretion take any of the following action: (a) refuse to execute all, some or any of the Orders; and/or (b) partially fill the Orders.

4.14 If any Order is accepted and executed in circumstances where under this Agreement the Customer would be in breach of this Agreement or by reference to any event described in Clause 15 below is an Order that Phillip Futures believes in good faith to be voidable or an Order that it would not have accepted if it had knowledge of the said event occurring, Phillip Futures may following its knowledge of the breach or relevant event treat the executed Order as void or close the open position at the price prevailing at the time it closes such open position. The Customer shall in any event be liable for all Losses from such closing out.

5 TRANSACTION LIMITS AND RESTRICTIONS

5.1 Phillip Futures may, at any time in its sole and absolute discretion, impose upon the Customer any position or Transaction limits, or any trading or Transaction restrictions. Such limits may include minimum sizes for Transactions, specified times or procedures for communicating Orders to Phillip Futures or otherwise.

5.2 Phillip Futures may, at any time in its sole and absolute discretion, vary the position or Transaction limits, or any trading or Transaction restrictions. No previous limit or restriction shall set a precedent or bind Phillip Futures.

5.3 The Customer acknowledges that the limits referred to in Clause 5.1 may also be set by a Relevant Body and that the limits set by Phillip Futures may exceed those set by the Relevant Body. In placing Orders with Phillip Futures, the Customer shall not exceed any position or Transaction limits, or breach any trading or Transaction restrictions whether imposed by Phillip Futures or any Relevant Body.

6 MARGIN REQUIREMENTS

6.1 The Customer shall deposit, maintain in the Account and/or otherwise provide Phillip Futures with initial Margin in such amounts and at such times as Phillip Futures may in its sole and absolute discretion stipulate and without prejudice to the Customer’s sole and proactive obligation in any event to be informed (on an updated basis) and to provide and/or maintain minimum margins with respect to the Customer’s Transactions as may be prescribed under Applicable Laws and relevant Markets at which the Orders giving rise to the Transactions are executed and/or cleared.

The Customer acknowledges (a) that Phillip Futures does not and will not provide any advisory service to the Customer with respect to the Customer’s trading or investing with respect to the Customer’s Account(s); (b) the Customer is solely responsible for suitability determination with respect to any and all of the Customer’s Transactions and therefore of ensuring whether trading or investment based on Margin provided (and therefore the risk of magnified exposure and liability as a result of the leverage provided by such margin) is appropriate and suitable for the Customer in light of the Customer’s financial resources, objectives and other relevant circumstances.

Subject to applicable regulatory requirements (whether under Applicable Laws and/or the requirements of relevant Markets), the minimum and maximum amounts of any particular exposure or open position(s) available for the Customer to establish and/or maintain may be established by Phillip Futures at its discretion regardless of the amount of Margin delivered to Phillip Futures, and Phillip Futures may change such minimum and maximum amounts.

6.2 The Customer understands and agrees that Transactions are subject at all times to initial margin and maintenance margin requirements ("Margin Requirements") established by Phillip Futures may be (and likely will be) higher than the corresponding minimum requirements under Applicable Laws or applicable rules/directives/regulations/requirements of relevant correspondent brokers or applicable Market(s). The Customer shall monitor the Customer’s Account(s) to ensure that it contains sufficient equity or collateral of the type(s) and quality eligible to be counted towards satisfaction of Margin Requirements at all times to meet the applicable Margin Requirements. The Customer therefore also acknowledges and agrees that Phillip Futures is not obligated to: (i) request additional securities/collateral/margin or other property for margin purposes in the event the Account(s) falls below minimum margin requirements; (ii) notify the Customer of any such deficiency; or (iii) allow the Customer time to deposit additional securities or other property. Any such request or notification made by Phillip Futures from time to time is understood and accepted by the Customer as an act on each occasion that is done out of goodwill on the part of Phillip Futures and does not constitute any precedent obliging Xxxxxxx Futures contrary to the Customers’ acknowledged understanding and agreement pursuant to this Clause 6.2.

The Customer also acknowledges and agrees that Phillip Futures is entitled at its discretion to discount the market value of, reject and/or accept in whole or to any degree as it may determine to be appropriate securities/collateral/margin or other property offered and/or provided by the Customer towards satisfaction of Margin Requirements even where such securities/collateral/margin or other property qualify to be provided as margins for the purposes of Applicable Laws or the requirements of relevant Markets. Phillip Futures may modify such Margin Requirements for open and new positions at any time, in its sole and absolute discretion. Phillip Futures may reject any Order if the Customer does not have a sufficient account balance to meet Xxxxxx Requirements and may delay the processing of any Order while determining the correct margin status of the Customer’s Account(s). The Customer shall maintain, without notice or demand from Phillip Futures, a sufficient account balance at all times in order to continuously meet the Margin Requirements.

The general formulas or examples provided for calculating Margin Requirements are only illustrative and may not accurately reflect the actual Requirements in effect at a particular time for the Customer’s Account(s) but do and are intended to be understood and accepted by the Customer as articulating general principles of margin provision and maintenance that do apply to the Customer and the Customer’s Account(s).

Should the Customer at any time fail to provide required Xxxxxx then Phillip Futures may (without prejudice to any other rights or powers under this Agreement) and without creating an obligation to do so, close out or liquidate without notice, any or all of the Customer’s open positions with respect to Transactions executed.

The Customer acknowledges and agrees that the time for payment/provision of required minimum Margin (whether initial or maintenance Margin or by way of additional Margin notified by Phillip Futures as required of the Customer to be provided) is of the essence and if no other time is stipulated by Phillip Futures for the payment/provision of such Margin then the Customer is required to pay/provide such Margin within twenty-four (24) hours of the requirement for such Margin becoming due or, in times of extreme price volatility, immediately as it becomes due.

For the avoidance of doubt, the Customer’s liability to (i) pay/provide initial Margin for any relevant Order accrues at the time the Order is given regardless of whether or when a Margin call is made or the Order executed; (ii) to pay/provide any other Margin accrues at the time the relevant minimum requirement for such Margin comes into existence or is (by reason of price fluctuations or Orders executed or otherwise) triggered by the factual circumstances from time to time regardless of whether or when a Margin call for such Margin is made.

6.3 Without prejudice or detracting from Clause 6.2 above and with regard to margin maintenance requirements, Phillip Futures, while not obliged to do so, typically issues a "Margin Call" (a request for the immediate deposit of additional collateral) if the equity in a Customer’s relevant Account drops below the threshold mark to market value of the Customer’s open positions as determined in good faith by Phillip Futures (“Threshold Equity Level”). In some situations such as (but not limited to) concentrated positions, low-priced stocks or volatile contracts, Phillip Futures may require substantially greater collateral than normal initial or maintenance requirements. Phillip Futures reserves the right to calculate the foregoing on an intra-day basis.

Xxxxxx calls, if made, may be issued in writing, via telephone, electronically, or by other means of communication and the Customer agrees to promptly satisfy all margin calls. In some situations, such as during volatile market conditions, Phillip Futures may not in any event immediately issue a margin call when a Customer’s relevant Account equity falls below the threshold equity level.

Phillip Futures reserves the right to amend the threshold equity level without notice to the Customer. No Margin call relieves the Customer from the Customer’s obligation to have proactively provided such Margin or is to imply any waiver or binding legal indulgence on the part of Phillip Futures in favour of the Customer.

Without prejudice to the Customer’s sole responsibility to proactively provide or ensure the continuing provision of required Margin(s), the Customer is responsible in any event for acting immediately on any Margin calls, liquidation, buy-in or sell-out notices given orally or in writing. The Customer’s failure to promptly deposit additional money or securities in response to a margin call, even if the equity level in the Customer’s Margin Account may be in compliance with erstwhile Margin requirement(s), may result in the liquidation of part or all of the collateral in such Account as part of or as a consequence of the liquidation or close-out of open positions no longer supported by required margin amounts.

Although Phillip Futures will generally attempt to notify the Customer of a margin call and give the Customer an opportunity to deposit additional equity to maintain an affected open position(s), it is not obliged to do so and the Customer should not expect that Phillip Futures will do so as a precondition to the Customer being obliged to pay/provide additional Margin, Phillip Futures reserves the right to institute immediate discretionary liquidation and/or realization of any and all open positions of the Customer and margins/collateral provided without prior notice and without giving the Customer the opportunity to deposit additional equity. This sole and absolute discretion applies regardless of any historical pattern of delivering verbal/written notices, or of any current verbal/written representations by Phillip Futures that indicate a different dollar amount/liquidation time or suggest additional time based on due date or reasonableness required to furnish additional margins. This sole and absolute discretion to liquidate immediately applies regardless of time zone differentials, language interpretations or delays in wiring funds, and includes the sole and absolute discretion to choose which position to liquidate and in what order. It is and remains at all times the Customer’s responsibility to monitor and liquidate positions to minimize the Customer’s losses before Phillip Futures is forced in its discretion and good faith judgment to liquidate the Customer’s open positions to protect the interests of Phillip Futures and/or its other Customers and/or the exchange on which the Customer’s open positions is/are held.

Phillip Futures in any event reserves the right in its sole and absolute discretion to close out any positions for any Account that represents a negative liquidation value where it believes in good faith that this is appropriate for the protection of its interests.

6.4 The Customer also understands and agrees notwithstanding any margin call made by Phillip Futures, Phillip Futures may at any time exercise its rights to close out/liquidate as set out in Clause 6.3 and/or Clause 11 on and following the occurrence of any relevant event of Default (including the Customer’s failure to proactively provide or ensure the continued provision/maintenance of minimum Margin requirement(s).

6.5 The Customer also acknowledges and agrees that the Margin may be held and used to secure the performance of the Customer's obligations as well as for such other purposes as the Applicable Laws may permit or stipulate for the Transactions traded.

6.6 All Margin shall, in any event, be held by Phillip Futures, notwithstanding any provision or instructions to the contrary, as continuing security and shall be subject to a general lien and right of set off in favour of Phillip Futures for any and all of the Customer's liabilities to Phillip Futures, whether contingent or actual, under this Agreement or otherwise, and Phillip Futures may realise any of the Margin of the Customer as provided for in this Agreement.

6.7 All Margin shall be in such form as Phillip Futures may stipulate and the value of any such Margin shall be determined by Phillip Futures in its sole and absolute discretion. To the maximum extent permitted by Applicable Laws, Phillip Futures shall be entitled to deposit, invest, loan, mortgage, charge, pledge, repledge, hypothecate or otherwise deal with any Margin in whatever form provided to Phillip Futures or any Relevant Body in such manner as may be permitted under the Applicable Laws, and shall not be under any obligation to account to the Customer for any interest, income or benefit that may be derived therefrom. No interest shall be paid on any type of Margin deposited by the Customer with Phillip Futures and the Customer acknowledges and consents that interest earned on the Margin deposited under this Agreement may be retained by Phillip Futures for its own account and benefit. Phillip Futures shall at no time be required to deliver to the Customer the identical property delivered to or purchased by Phillip Futures as Margin for the Account(s) but only property of substantially the same kind and amount, subject to adjustments for quantity and quality variations at the market price prevailing at the time of such delivery.

6.8 Without prejudice to the generality of Clause 6.7 or the contents of Phillip Futures’ Regulation 27A of the Securities and Futures (Licensing and Conduct of Business) Regulations Disclosure notice to the Customer but subject always to compliance with the latter, the Customer hereby expressly agrees that Phillip Futures may deposit any Margin of the Customer which has not been title transferred to Phillip Futures in any of the following ways:

(a) with such custodian as Phillip Futures may, in its sole and absolute discretion, appoint including, where such Margin is

denominated in a foreign currency, a custodian outside Singapore, and on such terms as shall be notified to the Customer. Where such Margin is so deposited, Phillip Futures shall separately agree in writing the requirements specified in Regulation 32 of the Securities and Futures (Licensing and Conduct of Business) Regulations (if applicable) but otherwise the Customer acknowledges and accepts that different settlement, legal and regulatory requirements and different practices relating to the segregation of the Margin may apply. The Customer further agrees that Phillip Futures may co-mingle such Margin with the cash and properties of its other customers; and/or

(b) with a Clearing House, a member of a futures exchange (whether overseas or otherwise) for such purposes as may be permitted under the Applicable Laws or the business rules and practices of the Clearing House or futures exchange (as the case may be).

Where Margin of the Customer is permitted by Applicable Laws to be and is provided to Phillip Futures by way of title transfer collateral or margin, the Customer is expressly notified and confirms understanding and accepting that in respect of such Margin, all rights, title and interest in and to it shall pass from the Customer to Phillip Futures by way of outright title transfer, free and clear of any liens, claims, charges or encumbrances or any other interest of the Customer or any other party. As such Phillip Futures shall have the right to deal with, lend, dispose of, pledge, charge or otherwise use the Margin as it deems fit. For the avoidance of doubt, any such cash or assets are not subject to the segregation or trust rules which apply to cash or assets of the Customer which was intended when passed to Phillip Futures to remain as cash and/or assets of the Customer but subject to a lien or other security interest only in favour of Phillip Futures, including but not limited to what, for convenience, may crudely be referred to respectively as the "Client Money Rules" and the "Client Asset Rules" (respectively Divisions 2 and 3 of Part III of the Securities and Futures (Licensing and Conduct of Business Regulations) – the “Business SFR” read with Part IV Division 2 of the SFA, and more specifically section 104 of the SFA).

Where Xxxxxx is provided on a title transfer basis, Phillip Futures shall be obliged to redeliver equivalent collateral to the Customer’s account on satisfaction by the Customer of all his/her obligations to Phillip Futures. The Customer also acknowledge and agree that notwithstanding any contrary provision agreed between the parties that in the event of the Customer’s insolvency, Phillip Futures have the right at its option to convert any obligation it may otherwise have to return the Customer’s non-cash assets provided as Margin into an obligation instead to pay the aggregate market value for the same, and to subject such converted payment obligation to Phillip Futures’ general right of set-off (in addition to any other rights of set-off and/or consolidation of accounts or obligations it may have at law or in contract).

6.9 The Customer shall at its own cost and at Phillip Futures' request, execute and do all such deeds, acts and things (including without limitation, the performance of such further acts or the execution and delivery of any additional instruments or documents) as Phillip Futures may require for the purposes of this Agreement, including but not limited to perfecting Phillip Futures' rights to the Margin provided by the Customer.

6.10 For so long as the Customer owes moneys or obligations (of whatsoever nature and howsoever arising) to Phillip Futures, the Customer shall only withdraw Margin from Phillip Futures with Phillip Futures’ consent. Phillip Futures may at any time withhold any Margin of the Customer pending full settlement of all such moneys or obligations of the Customer.

6.11 In addition and without prejudice to any right which Phillip Futures may have under law or otherwise, Phillip Futures may in its sole and absolute discretion at any time and from time to time without notice to the Customer apply and/or set-off any Margin standing to the credit of the Customer (whether on any Account held with Phillip Futures or the Associates, or otherwise) against all moneys and/or other liabilities of the Customer due, owing or incurred on any Account, whether held with Phillip Futures or the Associates, or otherwise, in any manner and whether actual or contingent, joint or several.

6.12 The Customer hereby authorizes each of the Associates to act on any instructions as may be issued by Phillip Futures at any time and from time to time to withhold payment, or to deliver, transfer, withdraw or otherwise dispose of any Margin held by them for the Customer. Each Associate is under no duty to enquire about the purpose or propriety of Phillip Futures' instructions given pursuant to this Clause. The Customer also agrees to ratify all instructions given by Xxxxxxx Futures under this Clause, and to waive any claims it may have against any of the Associates resulting from their compliance with this Clause. The Customer also agrees that for the purposes of Phillip Futures exercising its rights under this Clause that it may request on the Margin posed by a Customer with any Associate and the Associate shall be allowed to comply with such request as if the Customer had directed the Associate and consented to the Associate’s compliance with such request.

7 FOREIGN CURRENCY TRANSACTIONS

7.1 If the Customer directs Phillip Futures to enter into a Transaction and such Transaction is effected in a foreign Currency:

(a) any profit or Loss resulting from exchange rate fluctuations of such Currency will be at the Customer's sole risk; and

(b) all initial and subsequent deposits for Margin purposes shall, unless Phillip Futures otherwise stipulates, be made in such foreign Currency or in eligible margin instruments denominated and realizable by default in such foreign Currency (the "Relevant Currency") and in such amounts as Phillip Futures may, in its sole and absolute discretion require.

7.2 Phillip Futures may (and therefore is not obliged to), at any time in its sole and absolute discretion, convert any amounts in any Account(s) of the Customer’s denominated in a Currency other than a Relevant Currency or otherwise standing to the credit of the Customer to any Relevant Currency for the purposes of carrying out Orders of the Customer for Transactions in the Relevant Currency/Currencies or exercising Phillip Futures' rights under these terms and conditions or under any Account. Exchange rate losses and the costs of conversion shall be borne by the Customer. For avoidance of doubt and good order, the Customer also therefore acknowledges and agrees that any amounts in any Account(s) of the Customer’s denominated in a Currency other than a Relevant Currency or otherwise standing to the credit of the Customer are not, unless Phillip Futures actually exercises its discretion of currency conversion and application as margin in any Relevant Currency, taken into account in calculation of the margin provided or to be provided by the Customer for the Customer’s Orders and Transactions in any Relevant Currency.

7.3 Phillip Futures reserves the right, but is not obliged, to convert without prior notice to the Customer cash or credit balance in favour of the Customer denominated in any currency other than a Relevant Currency deposited by the Customer, in order to avoid the incurrence of further interest charges arising from a deficit of the Customer’s payment obligation in such Relevant Currency. The Customer also agrees Phillip Futures shall have no liability whatsoever in the event that Phillip Futures exercises its sole and absolute discretion not to perform such aforementioned currency conversion.

8 LIQUIDATION INSTRUCTIONS

8.1 The Customer shall for any open position of any Transaction which involves physical settlement:

(a) give Phillip Futures instructions to liquidate such open position; or

(b) provide Phillip Futures with sufficient funds in respect of the Account to which such open position relates, and with the necessary delivery documents to take delivery of the underlying subject matter of the Futures Contract, not later than 5 Business Days prior to the first notice day for long positions, and not later than 5 Business Days prior to the last trading day for short positions.

8.2 If the Customer fails to comply with Clause 8.1, Phillip Futures may:

(a) liquidate such open position;

(b) make or receive delivery of the underlying subject matter of the Futures Contract on the Customer's behalf upon such terms and by such methods which Phillip Futures deems fit; and/or

8.3 If the Customer fails to deliver to Phillip Futures by the stipulated delivery date any commodity which the Customer has instructed Phillip Futures to sell, Phillip Futures shall, in its sole and absolute discretion, without giving notice to the Customer, borrow any commodity necessary to make such delivery on the Customer's behalf, and the Customer shall indemnify Phillip Futures against any Loss which Phillip Futures may sustain in effecting the delivery and shall indemnify Phillip Futures for such Loss upon Phillip Futures' demand.

9 FEES AND PAYMENTS

9.1 The Customer shall promptly pay all of Phillip Futures' fees and/or other charges at such rates and in such manner as Phillip Futures may in its sole and absolute discretion impose and stipulate from time to time with respect to the execution, performance and/or settlement of any Transaction or otherwise for the maintenance of any Account(s) or the provision of any service or facility to the Customer in connection with any Account(s).

9.2 The Customer shall make payment to Phillip Futures' order promptly of any outstanding sum on the due date of the relevant Transaction, or upon demand by Phillip Futures as provided for in this Agreement.

9.3 Phillip Futures shall be entitled to charge interest on any sum or payment due to Phillip Futures from the Customer at such rate and calculated and/or compounded in such manner as Phillip Futures may, in its sole and absolute discretion, impose and determine from time to time and to debit any Account(s) in respect of the interest due. Where the Customer enters into Transactions in a foreign Currency, the Customer is reminded of the provisions in Clause 7 above and specifically that funds the Customer deposits as margin in the Relevant Currency do not automatically go towards meeting the Margin Requirements of the foreign Currency positions unless expressly and specifically so deposited and hence the Customer may therefore be charged interest on any deficit in the foreign currency open position(s) notwithstanding that the Customer may have an overall positive net equity in the Account.

9.4 All payments to Phillip Futures shall be in the Currency in which they are due (unless otherwise notified by Phillip Futures), in free and clear funds and free of deductions or withholdings. If the Customer is obliged by law to make such deduction, the Customer shall pay to Phillip Futures such greater amount which after deduction shall ensure that the net amount actually received by Phillip Futures will equal the amount which would have been received by Phillip Futures had no such deduction been required.

9.5 Any taxes, duties, disbursements, costs and/or other expenses incurred by Phillip Futures in connection with the Account(s) or otherwise in connection with the Customer shall be reimbursed by the Customer.

9.6 All interest, fees, commissions and other charges of Phillip Futures are exclusive of any goods and services tax or any other applicable sales tax which shall be borne by and separately charged to the Customer.

9.7 Unless Phillip Futures otherwise agrees with the Customer, each obligation of Phillip Futures to make any payment to the Customer under this Agreement is subject to the condition precedent that there is no Default subsisting.

9.8 If for any reason Phillip Futures cannot effect payment or repayment to the Customer in a particular Currency in which payment or repayment is due, Phillip Futures may effect payment or repayment in the equivalent of any other Currency selected by Xxxxxxx Futures based on the rate of exchange quoted by Xxxxxxx Futures in respect of the relevant Currencies at the time the payment or repayment is due.

10 JOINT ACCOUNTS

10.1 If an Account is opened or maintained in the name of more than one Person or a partnership:

(a) the term "Customer" shall refer to each Person or partner jointly and severally, and the liability of each such Person or partner to Phillip Futures shall be joint and several; and

(b) Phillip Futures shall be entitled to debit that Account at any time in respect of any sum howsoever due or owed to Phillip Futures by any of the Persons in whose name the Account is opened or maintained or constituting the Customer. No Person constituting the Customer shall be discharged, nor shall his liability be affected by, any discharge, release, time, indulgence, concession, waiver or consent given at any time in relation to any one or more of the other such Persons constituting the Customer.

10.2 Unless otherwise agreed by Phillip Futures, the Orders of any one Person constituting the Customer shall be deemed to be the Orders of all the Persons constituting the Customer and any notice or communication addressed and sent by Xxxxxxx Futures to any one Person constituting the Customer shall be deemed to have been addressed and sent to all the Persons constituting the Customer and where any such Person shall have received or is deemed to have received any such notice or communication, all the Persons constituting the Customer shall be deemed to have received the same.

10.3 The doctrine of survivorship shall apply to any Account opened in the joint names of more than one Person or in the name of a partnership. Accordingly, in the event of the death of such Person or any partner constituting the Customer, the Account shall immediately vest in the surviving Person(s) or partner(s) (as the case may be).

11 DEFAULT

11.1 A "Default" shall be deemed to occur if:

(a) the Customer fails to fulfill in full his/its payment obligations due to Phillip Futures;

(b) the Customer fails to comply with any of his/its obligations hereunder or under any Account or Transaction;

(d) the Customer makes any voluntary arrangement with its creditors or becomes subject to an administration order;

(e) the Customer is the subject of a petition presented, an order made, or a resolution passed, to wind up the Customer, to place the Customer in bankruptcy or in judicial management, or to take any similar or analogous action in respect of the Customer;

(f) Phillip Futures is of the opinion that the financial condition of the Customer or of any Person guaranteeing the Account(s) of the Customer has materially or adversely changed since the date of this Agreement or the date on which the Account(s) was opened, whichever is earlier;

(g) any claim, action or proceeding of any nature is commenced against the Customer, or steps are taken by any Person to enforce any security against the Customer;

(h) any representation, warranty and/or undertaking made by the Customer, is or subsequently becomes incorrect, false or misleading in any material aspect;

(i) Phillip Futures has, for more than 2 consecutive Business Days, been unable to establish direct contact with the Customer or any of its designated representatives; or

(j) Phillip Futures forms the view, in good faith, that it should take action in order to preserve its rights or interests with respect to any Account, Order, Transaction or its contractual relationship with the Customer.

11.2 Without prejudice to any other right of Phillip Futures hereunder or otherwise at law, in the event of Default, Phillip Futures may (but is not obliged to) immediately or at any time thereafter, do any one or more of the following:

(a) suspend (indefinitely or otherwise) or terminate any Account belonging to the Customer, or Phillip Futures' relationship with the Customer and accelerate any and all liabilities of the Customer to Phillip Futures so that they shall become immediately due and payable;

(b) hedge and/or close-out all or any outstanding Transaction (including any Transaction which has yet to be settled on the date on which Phillip Futures terminates such Transaction) or position by determining its value as of the date of the close-out as soon as practicable after the close-out;

(d) liquidate the Margin or part thereof at a price which Xxxxxxx Futures deems appropriate in the circumstances;

(e) satisfy any of the Customer's obligations due to it (either directly or by way of guarantee or suretyship) from any Margin;

(f) sell any or all of the Securities, Futures Contracts and/or the underlying subject matter of the Futures Contracts long in the Account(s) and/or buy any or all Securities, Futures Contracts and/or the underlying subject matter of the Futures Contracts which may be short in the Account(s) on the Market in any manner and at any time;

(g) apply any amounts of whatsoever nature standing to the credit of the Customer against any amounts which the Customer owes to Phillip Futures (of whatsoever nature and howsoever arising, including any contingent amounts), or generally to exercise Phillip Futures' right of set-off against the Customer;

(h) call upon any security including but not limited to any guarantees and letters of credit which may have been issued to or in favour of Phillip Futures as security for the Accounts;

(i) demand any shortfall after (e), (g) and/or (h) above from the Customer, hold any excess pending full settlement of any other obligations of the Customer, or pay any excess to the Customer by way of cheque to the last known address of the Customer; and/or

(j) exercise such other authority and powers that may have been conferred upon Phillip Futures by this Agreement, including the right to call upon, sell, dispose or realize any of the security.

11.3 Without prejudice to the foregoing, Phillip Futures or the Customer may terminate any Account belonging to the Customer, the provision of any service or facility under any Account by Phillip Futures to the Customer, or this Agreement by giving 5 Business Days’ prior notice in writing to the other party. Prior to the date of the termination of any Account, the Customer shall instruct Phillip Futures as to the proper disposal or transfer of money and other properties of the Customer. If the Customer fails to do so, Phillip Futures may exercise any of its rights under Clause 11.2 above as if Default had occurred.

12 POWER OF ATTORNEY

12.1 The Customer hereby irrevocably appoints Phillip Futures through any of Phillip Futures' directors or Officers as the attorney of the Customer for the purposes of this Agreement and with the power to sign and execute all documents and perform all acts in the name and on behalf of the Customer in connection with this Agreement or any Account.

13 GENERAL INDEMNITY

13.1 In addition and without prejudice to any other right or remedy of Phillip Futures (at law or otherwise) the Customer shall indemnify and hold Phillip Futures harmless from and against any and all Loss, damages, costs and/or expenses suffered or incurred, or which may be suffered or incurred by Phillip Futures as a result of or in connection with:

(a) any failure by the Customer to comply with the terms of this Agreement (including with respect to DMA Services any relevant DMA Procedures) or the Application Form, or to fully and punctually perform any of its obligations hereunder or in respect of any Order and/or Transaction;

(b) Phillip Futures acting or omitting to act in accordance with the Customer’s Orders (or any communication given or purportedly given by any person authorised to act in relation thereto), or taking any action, exercising any right, power and discretion, performing any of its duties and obligation or otherwise acting in any manner permitted under this Agreement or the Application Form including where so acting or omitting to act results in any claim by or liablity to any third party;

(c) any of the Customer’s representations, warranties, agreements and undertaking in this Agreement or the Application Form being untrue, incorrect, incomplete or misleading in any material respect;

(d) any actions, claims, demands or proceedings brought by third parties (including Relevant Bodies) against Phillip Futures further to Phillip Futures acting in accordance with the Customer’s Orders or otherwise in the exercise of its powers under this Agreement or the Application Form;

(e) the Customer’s act and/or omission resulting in Phillip Futures being subject to any claim of liability to any third party rights including for violation of any proprietary or intellectual property rights, or the enforcement of any of the terms and conditions of this Agreement or the Application Form;

(f) any change in any Applicable Laws, Rules and/or Regulations;

(g) any act or thing done or caused to be done by the Customer in connection with or referable to this Agreement; and/or

(h) any act or thing done or caused to be done by Phillip Futures in connection with or referable to this Agreement or any Account.

13.2 The Customer’s obligation to indemnify Phillip Futures under this Clause shall survive the termination of this Agreement, closure of any Account or termination or cessation of any service.

14 GENERAL EXCLUSION

14.1 In addition and without prejudice to any other right or remedy which Phillip Futures may have (under this Agreement, at law or otherwise), in the absence of fraud or wilful default on the part of Phillip Futures, it shall not be liable to the Customer in any respect of any Loss suffered by the Customer.

14.2 Phillip Futures shall not be liable to the Customer for any and all Loss incurred by the Customer as a result of the suspension of trading and/or change in trading conditions affecting the Market.

14.3 Phillip Futures shall not be liable to the Customer for any and all Loss incurred by the Customer arising from any Loss or delay in the transmission or wrongful interception of any Order through any equipment or system, including any equipment or system owned and/or operated by or on behalf of Phillip Futures.

14.4 For the avoidance of doubt and without prejudice to the generality of the foregoing, Phillip Futures shall not in any event be liable to the Customer for any indirect or consequential loss, or for punitive damages.

15 FORCE MAJEURE AND EVENTS OUTSIDE PHILLIP FUTURES’ CONTROL

15.1 Phillip Futures shall not be liable to the Customer for any loss, costs or delay caused by events beyond Phillip Futures' control, including without limitation, fire, earthquake, flood, lightning, riots, strikes, lockouts, government action, war, industrial action, act of terrorism, telecommunications disruption, computer failure (whether or not as a result of any failure arising from inability to process or use dates falling on or after 1 January 2000 or otherwise) or failure or similar or other events or events commonly known as "force majeure".

15.2 Phillip Futures may determine that a situation or an exceptional market condition exists which constitutes an Event Outside Its Control and/or a Market Disruption Event.

If Phillip Futures determines that an Event Outside Its Control or Market Disruption Event has occurred, it may take any of the steps referred to in Clause 15.3 with immediate effect. Phillip Futures will take reasonable steps to notify the Customer of any action it proposes to take before it takes any action to the extent practicable. If it is not practicable to give the Customer prior notice, Phillip Futures will notify the Customer at the time or promptly after taking any such action.

15.3 If Phillip Futures determines that an Event outside Its Control and/or a Market Disruption Event has occurred, Phillip Futures may take one or more of the following steps:

(a) cease or suspend trading, and/or refuse to enter into any Transaction or accept any Orders;

(b) alter our normal trading times for all or any Markets;

(d) close any open positions, cancel and/or fill any Orders, and/or make adjustments to the price and/ or quantity of any open positions and Orders;

(e) change the margin requirements in relation to both open positions and new Transactions;

(f) change the margin close out/liquidation level applicable to any Account;

(g) immediately require payments of any amounts owed to Phillip Futures, including margin requirements;

(h) void or roll over any open positions; and/or

(i) take or omit to take all such other actions as Phillip Futures considers to be reasonable in the circumstances to protect itself and its customers as a whole.

15.4 In some cases Phillip Futures may be unable, after using reasonable efforts, to acquire, establish, re-establish, substitute, maintain, unwind or dispose of any hedge or protect its exposure to market and other risks arising from an open position. When this occurs, Phillip Futures may close that open position at the prevailing price as determined by Phillip Futures.

15.5 Phillip Futures will not be liable to the Customer for any loss or damage arising or referable to any of the Events Beyond Its Control or any event Force Majeure nor for any action or decision it takes under this Clause 15, provided Xxxxxxx Futures acted in good faith.

16 COMMUNICATIONS

16.1 Communications may be transmitted or sent by Phillip Futures to the Customer by telephone, electronic mail, electronic messaging (including but not limited to SMS, Whatsapp and/or such other modes of electronic communication), facsimile, telex, or to any mailing address of the Customer at such number(s) or address(es) last known to Phillip Futures. Any such communications shall be deemed

received by the Customer (in the case of electronic mail, electronic messaging, facsimile or telex communications) immediately upon transmission by Phillip Futures, or (in the case of posted communications) one Business Day after the communication was dispatched by Xxxxxxx Xxxxxxx (in the case of a Customer who has a Singapore residential address) or 7 Business Days after the communication was dispatched by Xxxxxxx Futures (in the case of a Customer who has a non-Singapore residential address).

16.2 The risk of loss of or damage to, and the costs of delivery of, any articles or items sent to the Customer shall be borne by the Customer.

16.3 Any communications from the Customer to Phillip Futures, whether they be instructions relating to any of the Accounts or otherwise, shall be given in accordance with Phillip Futures' general operating procedures. Where the Customer makes use of the Electronic Broking Facilities, the Customer shall be deemed to have notice of and be bound by all notices and communications as may be given by Phillip Futures from time to time and accessible by the Customer via the Electronic Broking Facilities effectively as from the time when the same may be so accessed by the Customer.

16.4 The Customer shall indemnify and hold harmless Phillip Futures from any losses and/or liabilities arising from Customer’s instruction(s) and/or order(s) made through such aforementioned modes of Communications.

16.5 The Customer understands and accepts all risks associated with communications via electronic mediums, which includes without limitation any failure and/or delay by the Customer to receive any communication from Phillip Futures, and/or vice versa, due to mechanical, software, computer, telecommunications and/or any other electronic systems failure. The Customer agrees that such aforementioned failure and/or delay of transmission of communication shall not in any manner invalidate or prejudice such communication it relates to. Phillip Futures shall not be liable to the Customer for any loss or damage arising from such aforementioned failure and/or delay of transmission of communication. The Customer further accepts the risk that any electronic communications sent by Phillip Futures to the Customer may not be encrypted and/or secure.

17 STATEMENTS, CONFIRMATIONS AND ADVICE

17.1 The Customer shall verify all statements, Confirmations and advice sent/deemed sent and received by Phillip Futures to the Customer. If no objection is raised in writing within 5 Business Days of the Customer's receipt or deemed receipt of such statement, Confirmation and/or advice, such statement, Confirmation or advice shall, except for manifest or clerical errors, be deemed conclusive and binding against the Customer. Any objection raised by the Customer shall be accompanied by satisfactory evidence supporting the alleged inaccuracy and shall be directed to Phillip Futures in accordance with Clause 16.3. However, Phillip Futures may at any time rectify any error on any statement, Confirmation or advice which has been proved to its satisfaction.

17.2 The Customer shall immediately notify Phillip Futures if a statement, Confirmation or advice is not actually received or accessible by the Customer if sent electronically as consented to by the Customer within the time ordinarily expected to be so received or accessible in the ordinary course of business.

18 CUSTOMER’S REPRESENTATIONS, WARRANTIES AND UNDERTAKINGS

18.1 The Customer hereby warrants and represents to Phillip Futures as follows:

(a) in the case of the Customer being a natural person:

(i) that he has full capacity and authority to accept and agree to this Agreement, to open and maintain all Account(s) from time to time established with Phillip Futures, and to give Phillip Futures Orders; and

(ii) that except as disclosed to Phillip Futures in writing prior to or on the date hereof, the Customer is not:

(aa) a partner, officer, director, owner of more than 10 percent of the equity interest, correspondent, agent or Person associated therewith, associated person or employee of a futures broker, nor a relative of a spouse of any of the foregoing persons who shares the same home as any of the foregoing persons; or

(bb) an employee of any Market, any member or firm registered on any Market, any bank, any trust company, any insurance company, or any corporation, firm or individual engaged in the business of dealing in securities, bills of exchange, acceptances or other forms of commercial paper or the underlying subject matter of any Futures Contract, or of any corporation a majority of its share capital of which is owned by a Market;

(b) in the case of the Customer being joint account holders or a partnership:

(i) that each of the partners or the joint account holders of the Account is not under any legal disability and the provisions of this Agreement are enforceable against all of them in accordance with its terms;

(ii) that it has all authorisations, consents, licences or approvals (whether under Applicable Laws or otherwise) required to accept and agree to this Agreement, to open and maintain all Account(s) from time to time established with Phillip Futures, and to give Phillip Futures Orders; and

(iii) that where not prohibited by any Applicable Law, each joint account holder's properties (whether held jointly or in such joint account holder's sole name and/or control) shall be available as security in favour of Phillip Futures for the Customer's liability hereunder;

(i) that it is a corporation duly organised and validly existing under the laws of the country of its incorporation and is a legal entity capable of suing or being sued and that the provisions of this Agreement are enforceable against the Customer in accordance with its terms;

(ii) that it has all authorisations, consents, licences or approvals (whether under the Applicable Laws or otherwise) required to accept and agree this Agreement, to open and maintain all Account(s) from time to time established with Phillip Futures, and to give Phillip Futures Orders;

(iii) that the certified true copies of the Customer's certificate of incorporation or registration, charter, statute, memorandum and articles or other instrument constituting or defining its constitution, and the board resolutions of the Customer delivered to Phillip Futures are true and accurate and still in force; and

(iv) that to the best of the knowledge of the Customer, no steps have been taken or are being taken to appoint a receiver and/or manager or liquidator over, or to wind up the Customer, and that it will immediately notify Phillip Futures of any possible intent on the part of the Customer and/or any of its creditors to wind-up the Customer.

18.2 Without prejudice to Clause 18.1, the Customer further represents, warrants, undertakes and/or agrees that:

(a) all the information in this Agreement provided by it is true, correct and complete as of the date of this Agreement and the Customer will notify Phillip Futures immediately of any changes in such information, particulars, circumstances or status of the Customer including any change in citizenship, residence, tax residency, status (including without limitation status as Non Politically Exposed Person (“Non PEP”)), address(es) on record, telephone and facsimile numbers and email addresses and where applicable, constitution of the Customer, its shareholders, partners, directors, company secretary or nature of business. The Customer shall indemnify and hold harmless Phillip Futures for any liabilities, costs and/or losses arising from such Customer’s inaction/failure to promptly notify Phillip Futures of the immediately foregoing changes. The Customer agrees to provide any relevant supporting documents as Phillip Futures may request for verification and if the Customer fails to comply with this request, Phillip Futures shall be entitled to take such action or refuse to take any action as Phillip Futures may see fit (including suspending or closing the Account) and Phillip Futures shall not be responsible for any resulting Loss to the Customer;

(b) it will at all times maintain complete and exclusive control of the Account, including giving complete instructions with respect to any Transaction on the Account(s), and that it will keep itself fully informed of all Transactions and other activities in the Account(s);

(c) it is familiar with, understands, will keep itself updated on and comply with all Applicable Laws, Rules and Regulations, and that in any event it is separately advised on such matters and does not and will not rely on Phillip Futures in relation to these matters;

(d) any Orders placed or any other dealings in the Account is solely and exclusively based on its own judgment, and after its own independent appraisal of and investigation into the risks associated with such Orders or dealings;

(e) the properties provided to Xxxxxxx Xxxxxxx xxxxxxxxx, whether as Xxxxxx or otherwise, is and will be free of any encumbrance or lien;

(f) Phillip Futures has no duty or obligation to inquire into the purpose or propriety of any Order and shall be under no obligation to see to the application of any funds delivered by the Customer in respect of any Account;

(g) any person(s) empowered to act on the Customer's behalf has been duly authorized;

(h) the Customer is not bankrupt or financially insolvent and no order, declaration or steps are being or have been taken to appoint a trustee in bankruptcy, receiver, receiver and manager, judicial manager, liquidator, administrator or other similar person over the Customer or the Customer's property or assets;

(i) the Customer is acting as the principal of the Account and, unless notified to Phillip Futures in writing, the Customer will not be acting as agent, trustee or nominee for any other person or entity and shall be the full legal and beneficial owner of all funds and property in or in respect of the Account. On such notification, Phillip Futures shall require reasonable verification of the identity of the principal, confirmation that the Customer is authorized to act as agent for the principal and such other information that Phillip Futures may require;

(j) the Customer shall ensure that it shall at all times be in a position to meet its commitments and obligations in respect of any Transaction;

(k) no confiscation order, charging order, restraint order, production order or search warrant under the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act (Chapter 65A of Singapore) has been issued or is pending against the Customer. The Customer shall notify Phillip Futures promptly if any such order or search warrant is issued or pending;

(l) the Customer’s name does not and has not at any time appeared on the list of Specially Designated Nationals and Blocked Persons maintained by the United States Office of Foreign Assets Control or on any lists or resolutions issued by the United Nations (whether through the Security Council or otherwise) pursuant to which dealings with persons specified therein are prohibited, restricted or discouraged;

(m) except with the express written consent of Phillip Futures, and except for any security or encumbrance created hereunder or otherwise in favour of Phillip Futures, the Customer shall not grant and no person has or shall have any right, title or interest in or security or other encumbrance over any Account and/or over any cash or property in any Account;

(n) any funds and/or assets placed now or subsequently provided by the Customer from time to time with Phillip Futures will at all times comply with all Applicable Laws, including all tax laws and regulations;

(o) its usage of any Transaction, Account or service under this Agreement will not breach any Applicable Laws;

(p) the declarations made and information provided by the Customer and any information provided from time to time to Phillip Futures are true, accurate, complete and not misleading in any respect and the Customer has not withheld any information that would cause Phillip Futures to refuse to open or maintain any Account, to effect any Transaction or to provide any service to the Customer. Phillip Futures is entitled to rely fully on such information and representations unless and until Phillip Futures receives notice of any such change from the Customer. If the Customer becomes aware that any information provided, representation, warranty and/or declaration made by the Customer in connection with this Agreement and/or Account subsequently becomes false or misleading, the Customer shall immediately notify Phillip Futures of such change;

(q) the Customer has received, read, understood, acknowledged and accepted the terms of the relevant risk disclosure statements, that the risk disclosure statements are not substitutes for taking independent advice, and that no transaction will be entered into in reliance on any statement, advice or information by Xxxxxxx Futures; and

(r) the Customer shall use any services or facilities provided by Phillip Futures in connection with the Account in good faith. The Customer shall not use any device, software, algorithm, trading strategy and/or engage in any arbitrage practices (including without limitation price or time manipulation) that manipulates such services or facilities and/or takes an unfair advantage over Phillip Futures.

18.3 The above representations and undertakings shall be deemed repeated whenever the Customer gives Orders to Phillip Futures, or whenever the Customer establishes a new Account with Phillip Futures.

18.4 The Customer hereby understands, and specifically acknowledges and agrees as a capital markets services licence holder, Phillip

Futures is required to apply anti-money laundering and countering the financing of terrorism measures as well as any and all offences designated as designated offences under corresponding Applicable laws including tax offences designated as predicate offences for which such measures need to be implemented. The Customer also acknowledges and agrees that Phillip Futures may be required (either legally or as a prudential measure for the legitimate protection of its commercial interests) to comply with requests from domestic and international tax authorities pursuant to any tax laws (including with extra-territorial application that may not be recognized under Singapore laws), regulations, orders or agreement by or between governments relating to tax and agrees and consents to Phillip Futures acting as so required with respect to the Customer (including with respect to the Customer’s Personal Data). The Customer further acknowledges and agrees that it (and not Phillip Futures) is the only party fully in possession of all relevant facts to determine its tax residency and/or tax liabilities and as such and to enable Phillip Futures to comply with the requirements summarized earlier, the Customer specifically declares by way of representing, warranting and undertaking in favour of Phillip Futures:

(a) it is tax resident and/or if it is a corporation it has a permanent establishment for tax purposes, only in the country or countries indicated in its submitted Application Form;

(b) it is solely responsible for its own tax affairs and ensure that its Account(s) maintained with Phillip Futures is in each case in compliance with the tax laws of the relevant jurisdiction(s) which its permanent establishment (if applicable) is subject to, or it is tax resident of;

(c) it has not wilfully committed nor has it been convicted of any serious tax crimes and when it is necessary it has taken, or will take tax and/or legal advice in relation to the matters referred in this declaration. It further acknowledges that Phillip Futures does not provide any tax advice to it;

(d) forthwith upon Phillip Futures’ request, it will provide Phillip Futures with all required documentation or information, including but not limited to (as applicable) the date of incorporation, countries of incorporation, countries of tax residency and associated taxpayer identification numbers, that may be required to enable Phillip Futures for purposes of making inquiries on its tax status;

(e) it agrees and consents to Phillip Futures collecting, storing, using and disclosing any and all such information in accordance to the terms of this Agreement;

(f) it acknowledges that Phillip Futures may take whatever action Phillip Futures considers appropriate to meet any obligations, either in Singapore or elsewhere in the world, relating to the prevention of tax evasion. This may include, but is not limited to, investigating the Customer’s account(s) maintained with Phillip Futures and any source of or intended recipient of funds relating to its, the Customer’s account(s), sharing information and documents with, and making any reports to comply with any requests of, domestic and international tax authorities, and withholding any funds and transferring it to such tax authorities;

(g) it will notify Phillip Futures immediately if there is any change to the circumstances declared above; and

(h) it acknowledges and agrees that Phillip Futures materially relies on its declarations above when considering whether to accept its Account application or to continue to provide services to it.

19 OPINIONS, REPORTS, SUMMARIES, ANALYSES AND INFORMATION BY XXXXXXX FUTURES DISCLAIMER

19.1 Other than reports or statements of fact, any opinions, reports, summaries, analyses or other information, of whatsoever nature and howsoever supplied to the Customer by or on behalf of Phillip Futures, are merely expressions of Phillip Futures' general views or opinions intended for no more than general circulation and information. Although Phillip Futures will take reasonable care to ensure that no such opinion, report, summary, analysis or other information is untrue or misleading at the time of production thereof:

(a) no guarantee is given by Phillip Futures as to its accuracy or completeness;

(b) as such opinions, reports, summaries, analyses or other information may not be prepared with individual Customers or classes of Customers in mind, they are to be treated as general views and opinions only and are not suitable for use by individual Customers or classes of Customers without independent verification; and

19.2 The Customer acknowledges that while such opinions, reports, summaries, analyses or other information may be supplied to it by or on behalf of Phillip Futures, Phillip Futures provides to the Customer execution only services and on the basis that the Customer remains and the Customer accepts remaining solely responsible and liable for its own decision on the relevant matter. The Customer further agrees that Phillip Futures or its representatives shall not be responsible for any Loss that may be incurred by the Customer in reliance of any such opinion, report, summary, analysis or other information so provided by Phillip Futures or its representatives.

19.3 For the avoidance of doubt, unless otherwise agreed by Xxxxxxx Futures in writing, Phillip Futures does not and is not willing to assume any advisory, fiduciary or similar duties to the Customer. Phillip Futures assumes, and relies on the assumption that the Customer has taken independent legal, tax, financial and other advice in relation to any Account or Transaction between Phillip Futures and the Customer.

20 PERSONAL DATA PROTECTION

20.1 Phillip Futures is subject to the PDPA in Singapore. Phillip Futures is therefore committed to protecting and maintaining the security of any Customer Personal Data consistently with its privacy policy as set out in this Clause 20 (“Privacy Policy”). If the Privacy Policy changes, this will be updated by way of relevant update(s) and posted on-line on Phillip Futures website.

Phillip Futures may collect, use, disclose, transfer and/or process the Customer’s Personal Data for one or more of the following purposes:

(a) considering and/or processing the Customer’s application for an Account with Phillip Futures;

(b) opening, facilitating, processing, dealing with, administering, managing and/or maintaining the Customer’s Account with Phillip Futures, including but not limited to updating the Customer’s Personal Data (and where the Customer is a corporation, including the Personal Data of any authorised persons of the Customer) executing the Customer’s instructions with respect to any Transactions, processing the Customer’s Orders, processing payments made to and from the Customer’s Account;

(c) carrying out the Customer’s Orders or responding to any enquiry given by (or purported to be given by) the Customer or on the Customer’s behalf;

(d) contacting the Customer or communicating with the Customer via phone/voice call, text message and/or fax message, email and/or postal mail for the purposes of facilitating, processing, dealing with, administering and/or managing the Customer’s Account with Phillip Futures such as but not limited to sending the Customer Daily Trading Statement(s), Monthly Trading Statement(s) and/or Trade Confirmations/Summary Files and confirmation notices with respect to updating the Customer’s Personal Data (and where the Customer is a corporation, including the Personal Data of any authorised persons of the Customer). The Customer acknowledges and agrees that such communication by Xxxxxxx Futures could be by way of the mailing of correspondence, documents or notices to the Customer, which could involve disclosure of certain Personal Data about the Customer to bring about delivery of the same as well as on the external cover of envelopes/mail packages;

(e) dealing in any matters relating to the services and/or facilities which the Customer is entitled to under the Customer’s Account with Phillip Futures;

(f) carrying out due diligence or other screening activities (including anti-money laundering, “know-your-Customer”, credit and background checks) in accordance with legal or regulatory obligations or Phillip Futures’ risk management procedures that may be required by law or that may have been put in place by Xxxxxxx Futures;

(g) to prevent or investigate any fraud, unlawful activity or omission or misconduct, whether relating to the Customer’s Account with Phillip Futures or any other matter arising from the Customer’s Account with Xxxxxxx Futures, and whether or not there is any suspicion of the aforementioned;

(h) complying with or as required by any Applicable Laws, governmental or regulatory requirements of any relevant jurisdiction and the requirements of any relevant Market, including meeting the requirements to make disclosure under the requirements of any law binding on Phillip Futures and/or for the purposes of any guidelines issued by regulatory or other authorities, whether in Singapore or elsewhere, with which Phillip Futures is expected to comply. Without prejudice to the generality of the foregoing, to disclose to any exchange, market, clearing house, depository or depository agent or any other relevant person any and all information on the Customer and its Account(s) and Transactions including (i) such information as may be necessary to monitor any foreign ownership or other limits imposed by or on an issuer of Capital Markets Products on the holding of any Capital Markets Products and (ii) such information as may be required to fulfil any statutory obligation imposed on the exchange, market or clearing house or under any Applicable Laws;

(i) complying with or as required by any request or direction of any governmental authority; or responding to requests for information from public agencies, ministries, statutory boards or other similar authorities (including but not limited to the Monetary Authority of Singapore). For the avoidance of doubt, this means that Phillip Futures may/will disclose the Customer’s Personal Data to the aforementioned parties upon their request or direction;

(j) conducting research, analysis and development activities (including but not limited to data analytics, surveys and/or profiling) to improve Phillip Futures’ services and facilities in order to enhance the Customer’s Account with Phillip Futures or for the Customer’s benefit, or to improve any of Phillip Futures’ services for the Customer’s benefit;

(k) storing, hosting, backing up (whether for disaster recovery or otherwise) of the Customer’s Personal Data, whether within or outside Singapore;

(l) if so consented by the Customer, providing the Customer with marketing, advertising and promotional information, materials and/or documents relating to the products and/or services provided by Phillip Futures (including the products and/or services of third party merchants whom Xxxxxxx Futures may collaborate or tie up with) that Phillip Futures may be selling, marketing, offering or promoting, (whether such products or services exist now or are created in the future) which in the opinion of Phillip Futures may be of interest or benefit to the Customer (the “Marketing Purpose”) by way of phone/voice call, text message and/or fax message, email and/or postal mail and/or through other modes of communication that is not any of the foregoing modes, in compliance with the PDPA. You may opt out of this or withdraw from this at any time by sending an email to our Data Protection Officer. For the avoidance of doubt, the application of or your acceptance of or your consent to, this Privacy Policy, constitutes your consent to this subparagraph (l);

(m) Notwithstanding (l) above, even if the Customer has not separately provided express consent as aforementioned in (l) above, Phillip Futures reserve our right to send a specified fax message (as defined in Singapore’s Personal Data Protection (Exemption from Section 43) Order 2013) (the “Exemption Order”) and/or a specified text message (as defined in the Exemption Order) (i.e. a marketing fax message or marketing text message) to your Singapore telephone number, if:

(1) there is an ongoing relationship between us and you and the purpose of the message is related to the subject of the ongoing relationship, pursuant to the requirements and conditions of the Exemption Order; or

(2) the law permits; and

(n) any other purpose for which Phillip Futures has specifically obtained the Customer’s consent (collectively, the “Purposes”).

20.2 As the purposes for which Phillip Futures may/will collect, use, disclose, transfer or process the Customer’s Personal Data depend on the circumstances at hand, such purpose may not appear above. However, Phillip Futures will notify the Customer of such other purpose at the time of obtaining the Customer’s consent, unless processing of the Customer’s Personal Data without the Customer’s consent is permitted by the PDPA or by law.

20.3 Phillip Futures may/will also be collecting from sources other than the Customer, Personal Data about the Customer, for one or more of the above Purposes, and thereafter using, disclosing and/or processing such Personal Data for one or more of the above Purposes.

20.4 Phillip Futures may/will need to disclose and/or transfer the Customer’s Personal Data to third parties, whether located within or outside Singapore, for one or more of the above Purposes, as such third parties, would be processing the Customer’s Personal Data for one or more of the above Purposes. In this regard, the Customer hereby acknowledges, agrees and consents that Phillip Futures may/is permitted to disclose the Customer’s Personal Data to such third parties (whether located within or outside Singapore) for one or more of the above Purposes and for the said third parties to subsequently collect, use, disclose and/or process the Customer’s Personal Data for one or more of the above Purposes. Without limiting the generality of the foregoing or of this Clause, such third parties include:

(a) any entity related to Phillip Futures or an Associate;

(b) any intermediary, agents, contractors or third party service providers that process or will be processing the Customer’s Personal Data on Phillip Futures’ behalf including but not limited to those which provide administrative or other services to Phillip Futures such as mailing houses, telecommunication companies, information technology companies and data centres;

(c) any government or regulatory authorities in Singapore and elsewhere where disclosure is required by the applicable laws;

(d) Phillip Futures’ auditors and legal advisors; and/or

(e) third party service providers or agents, which may be sited in or outside of Singapore, for the above Marketing Purpose; and the Customer also consent to such third party service providers or agents of Phillip Futures processing the Customer’s Personal Data (including sending the Customer such marketing, advertising and promotional information, materials and/or documents by way of postal mail, electronic transmission to the Customer’s email address(es), voice call / phone call, SMS/MMS and/or fax), VOIP based smart phone application such as Whatsapp, Viber, etc for the above Marketing Purpose for Phillip Futures (collectively, the “Permitted Parties”).

20.5 The Customer may request to access and/or correct the Customer’s Personal Data currently in Phillip Futures’ possession or control by submitting a written request to Phillip Futures. Please submit the written request to Xxxxxxx Futures’ Data Protection Officer.

20.6 The Customer may withdraw the Customer’s consent for the collection, use and/or disclosure of the Customer’s Personal Data in Phillip Futures’ possession or under Phillip Futures’ control by submitting the Customer’s request to Phillip Futures’ Data Protection Officer.

20.7 Phillip Futures will take reasonable efforts to ensure that the Customer’s Personal Data is accurate and complete, if the Customer’s Personal Data is likely to be used by Phillip Futures to make a decision that affects the Customer, or disclosed to another organisation. However, this means that the Customer must also update Phillip Futures of any changes in the Customer’s Personal Data that the Customer had initially provided Phillip Futures with and the Customer agrees that the Customer will do so. Phillip Futures will not be responsible for relying on inaccurate or incomplete Personal Data arising from the Customer not updating Phillip Futures of any changes in the Customer’s Personal Data that the Customer had initially provided Phillip Futures with.

20.8 Phillip Futures will also put in place reasonable security arrangements to ensure that the Customer’s Personal Data is adequately protected and secured. Appropriate security arrangements will be taken to prevent any unauthorised access, collection, use, disclosure, copying, modification, leakage, loss, damage and/or alteration of the Customer’s Personal Data.

20.9 Phillip Futures will also put in place measures such that the Customer’s Personal Data in Phillip Futures’ possession or under Phillip Futures’ control is destroyed and/or anonymised as soon as it is reasonable to assume that (i) the purpose for which that Personal Data was collected is no longer being served by the retention of such Personal Data; and (ii) retention is no longer necessary for any other legal or business purposes.

20.10 Where the Customer’s Personal Data is to be transferred out of Singapore, Phillip Futures will comply with the PDPA in doing so, including without limitation entering into binding contractual agreements with a recipient organisation that requires the recipient organisation to provide the transferred personal data with a standard of protection that is at least comparable to that under the PDPA.

20.11 If the Customer has any complaint or grievance regarding about how Phillip Futures is handling the Customer’s Personal Data or about how Phillip Futures is complying with the PDPA, the Customer may contact Phillip Futures with the Customer’s complaint or grievance.

20.12 The Customer may contact Phillip Futures with the Customer’s complaint or grievance.

21 FOREIGN ACCOUNT TAX COMPLIANCE ACT (FATCA) AND OTHER LAWS

21.1 The Customer authorises Phillip Futures to disclose any personal and account information where such disclosure is required by Applicable Laws (including applicable laws imposing any reporting and/or withholding obligations on Phillip Futures such as the United States Foreign Account Tax Compliance Act and Income Tax Act (Chapter 134 of Singapore) each as may be amended, superceded or replaced), regulations, orders, agreements, or treaties made by or between tax authorities and/or governments to:

(a) any entity in the Phillip Capital Group, or any of Phillip Futures’ related companies or subsidiaries, wherever situated;

(b) any government, quasi-government, regulatory, monetary or other authority whether in Singapore or elsewhere, including the United States Internal Revenue Service, the United States Treasury Department, the Inland Revenue Authority of Singapore and MAS;

(d) any party where Phillip Futures in good faith deems it in Phillip Futures’ interest to make such disclosure.

21.2 The Customer agrees that the Customer shall be required to, upon demand by Phillip Futures and in a timely manner:

(a) provide any form, certification or other information, as may be requested by and in a form acceptable to Phillip Futures, that is necessary for Phillip Futures:

(i) to prevent withholding tax or qualify for a reduced rate of withholding tax or backup withholding tax in any jurisdiction from or through which Phillip Futures receives payments; or

(ii) to satisfy reporting or other obligations under the United States Tax Code and the United States Treasury regulations promulgated thereunder or the Income Tax Act (Chapter 134 of Singapore);

(b) update or replace such form, certification, or other information in accordance with its terms of subsequent amendments; and

(c) otherwise comply with any reporting obligations imposed by the United States or any other jurisdiction, including reporting obligations that may be imposed by future legislation.

21.3 The Customer acknowledges and agrees that any sum that may be payable by Phillip Futures to the Customer shall be subject to all Applicable Laws, including any withholding tax requirement, foreign exchange restriction or control. The Customer agrees and acknowledges that pursuant to the foregoing Phillip Futures may perform, or cause to be performed withholding of any monies payable to the Customer, deposit any such monies into a sundry or other account and/or retain such monies pending determination of the applicability of such withholding tax requirement, foreign exchange restriction or control. Phillip Futures shall not be liable for any losses that may be incurred by reason of such withholding, retention or deposit. In addition, the Customer agrees to hold harmless, indemnify and to keep Xxxxxxx Futures fully indemnified from and against any amount of payment, withholding or deduction referred to in this Clause that is in excess of such amount as may be standing to credit of the Customer’s Account.

21.4 The Customer will promptly notify Phillip Futures in writing of any change(s) in: (a) particulars of the Customer, circumstances, status, including without limitation to any change in citizenship, residence, tax residency, status as Non PEP”, address(es) on record, telephone and facsimile numbers and email address(es); and (b) (where applicable) constitution of the Customer, shareholders, partners, directors or company secretary, or the nature of the Customer’s business. In addition, the Customer shall be required to, upon demand by Xxxxxxx

Futures and in a timely manner, provide any form, certification, representation, confirmation or other information, as may be requested by and in a form acceptable to Phillip Futures.

21.5 The Customer acknowledges and agrees that Phillip Futures may in its sole and absolute discretion terminate the Account with immediate or subsequent effect by written notice if the Customer fails to comply in a timely manner with the requirements in this Clause, whereupon Phillip Futures shall be entitled to receive all fees and other monies accrued up to the date of such termination.

21.6 Without prejudice to the specificity of Clause 21.3 above, the Customer acknowledges and agrees that Phillip Futures shall not be responsible for or liable to the Customer for any Loss to the Customer arising as a result of any act or omission or any error of judgment not amounting to actual fraud in complying with Phillip Futures’ reporting or other obligations under Applicable Laws (including the US Tax Code and the United States Treasury regulations promulgated thereunder or under the Income Tax Act (Chapter 134 of Singapore)).

21.7 The Customer will cooperate fully in respect of any enquiry that Phillip Futures may make for the purposes of compliance with any applicable law (including the United States Foreign Account Tax Compliance Act or the Income Tax Act (Chapter 134 of Singapore) as each may be amended, superceded or replaced) and/or any other reporting and/or withholding requirements of any government, including promptly providing all relevant information, details and/or documents as Phillip Futures may in good faith determine may be necessary or prudent to enable Phillip Futures to comply with the same.

21.8 Where, with respect to the United States Foreign Account Tax Compliance Act (“FATCA”) the Customer is or is reasonably determined by Phillip Futures to be a Customer with US Indicia, the Customer in addition to the Customer’s obligations under the aforementioned Clauses 21.2 to 21.7 inclusive and Phillip Futures’ rights and authorization above acknowledges and agrees to the following:

(a) to provide all information or documentation with respect to the Customer’s default deemed FATCA status by virtue of the Customer having US Indicia no later than 90 days from the later of the opening of the Customer’s Account or the Customer having US Indicia, failing which the Customer may be regarded as recalcitrant and non-cooperative and Phillip Futures may need to report the Customer’s personal and Account information to the United States Internal Revenue Service; and

(b) the Customer understands and shall comply with all applicable laws and/or regulatory requirements in relation to FATCA.

For the purpose of this Clause, “US Indicia” means any or any combination of the following: US citizenship or permanent residency; US birthplace; a current US residence address or US mailing address (including a US post office box); a current US telephone number; standing instructions to transfer funds to an account maintained in the US; and a current general power of attorney granted to a person with a US address.

22 M AINTENANCE OF FOREIGN TRUST ACCOUNT

22.1 To the fullest extent permitted by Applicable Laws, the Customer authorises and consents to Phillip Futures depositing or maintaining moneys and/or any other property received on account of the Customer which are denominated in a foreign currency in a trust or custody account with a custodian outside Singapore which is licensed, registered or authorised to conduct banking business or to act as a custodian, as the case may be, in that jurisdiction.

23 U NCLAIMED MONEYS AND ASSETS

23.1 If there are any monies or other property standing to the credit of any Account (including a trust account) or otherwise held by Phillip Futures for and on behalf of the Customer which are unclaimed by the Customer six (6) years after the Customer’s last transaction with or through Phillip Futures and Phillip Futures determines in good faith that it is not able to trace the Customer, the Customer hereby irrevocably agrees that all such moneys, and other property, including any and all accretions and accruals thereon (which in the case of monies shall include all interests earned thereon) shall be deemed to have been abandoned by the Customer in favour of Phillip Futures and may be appropriated by Xxxxxxx Futures to and for itself to utilise in any manner Phillip Futures so wishes for its own benefit. The Customer thereafter shall have no right to claim such moneys, or property, or their accretions and accruals with the Customer being deemed to have waived and abandoned all its rights to such moneys, or property (and any other property as may have accrued to it) in favour of Phillip Futures. The Customer’s respective Account credit(s) will, in such event, be correspondingly written off and the Customer’s Account relationship with Phillip Futures terminated.

24 M ARKET DATA

24.1 The Customer acknowledges and agrees that with respect to any market data or other information that Phillip Futures or any third party service provider provides to the Customer in connection with the use of the Electronic Broking Facilities:

(a) Phillip Futures and any such provider are not responsible or liable if any such data or information is inaccurate or incomplete in any respect;

(b) Phillip Futures and any such provider are not responsible or liable for any actions that the Customer takes or does not take based on such data or information;

(c) such data or information is proprietary to Phillip Futures and any such provider and the Customer will not retransmit, redistribute, publish, disclose or display in whole or in part such data or information to third parties except as required by Applicable Regulations;

(d) the Customer will use such data or information solely in compliance with the Applicable Laws, Rules and Regulations and/or conditions imposed by Phillip Futures;

(e) the Customer will receive and/or use such market data or information in compliance with Phillip Futures’ terms and conditions;

(f) the Customer will pay such Market Data costs (if applicable) and any applicable taxes associated with the Customer’s use of the Electronic Broking Facilities as notified by Phillip Futures from time to time;

(g) Phillip Futures may monitor the Customer's use of such market data or information from time to time; and

(h) the Customer shall indemnify Phillip Futures in respect of any liabilities arising from Phillip Futures’ supply of such market data or information to the Customer.

25 G OVERNING LAW AND JURISDICTION

25.1 This Agreement, any Account, and the relationship between the Customer and Phillip Futures, shall be governed by and construed in accordance with the laws of the Republic of Singapore. The Customer and Phillip Futures submit to the non-exclusive jurisdiction of the courts of the Republic of Singapore.

25.2 Service of process may be effected in any manner permitted for communications hereunder.

26 M ISCELLANEOUS

26.1 The rights and remedies of the parties under this Agreement are cumulative and are without prejudice and in addition to any rights or remedies which the parties may have at law or in equity, and no exercise by a party of any one right or remedy under this Agreement, at law or in equity, shall (save to the extent, if any, provided expressly in this Agreement, or at law or in equity) operate to hinder or prevent the exercise of any other right or remedy by that party.

26.2 Time shall be of essence in this Agreement in relation to any of the Customer's obligations hereunder.

26.3 This Agreement is in English; and the language of all formal communication between us shall be English, and the Customer will receive documents and other information from Phillip Futures in English. Phillip Futures may in its sole discretion provide other language support but on the express understanding and agreement of the Customer that it is the Customer’s responsibility to ensure the Customer fully understands the terms of this Agreement and all formal communications from Phillip Futures that is in English. Therefore, if a document or communication is translated into another language this will be for information purposes only and the English version will prevail.

26.4 No delay or omission on the part of Phillip Futures in exercising any of Phillip Futures’ right, power or remedy provided by law or under this Agreement and/or accompanying appendices, or partial or defective exercise thereof, shall:

(a) impair or prevent further or other exercise of such right, power or remedy;

(b) operate as a waiver of such right, power or remedy.

26.5 No waiver by Xxxxxxx Futures of any breach by the Customer of such Customer’s obligations hereunder, shall (unless expressly agreed in writing by Phillip Futures) be construed as a waiver of a future breach of such similar obligation or as authorizing a continuation of such particular breach by the Customer.

Appendix 1

E LECTRONIC BROKING FACILITIES

1 AUTHORISED USE

1.1 The Customer has the sole responsibility and shall be liable for the security and safekeeping of the Customer's user ID, password and/or PIN issued by Phillip Futures to the Customer. Accordingly, the Customer shall be fully responsible and liable for any Orders placed with Phillip Futures through the use of the Electronic Broking Facilities.

1.2 The Customer agrees that Phillip Futures shall be entitled to rely on the correct entry of a PIN in Order to ascertain whether any Order given to Phillip Futures is that of the Customer's and to act on that assumption. The Customer shall be liable for all such Orders placed with Phillip Futures.

1.3 In placing Orders using the Electronic Broking Facilities, the Customer hereby agrees that any such Orders are only considered as having been received by Phillip Futures upon Phillip Futures sending a notification to the Customer through the Electronic Broking Facilities of its receipt and informing the Customer that the Order has been either accepted or rejected for execution. Any such notification shall be deemed to have been received by the Customer when the same is issued by Phillip Futures and the Customer shall be bound thereby notwithstanding that such notification may not have actually been received by the Customer for any reason whatsoever. The Customer shall bear the sole responsibility of keeping records of the same.

2 DISTRIBUTION AND INTELLECTUAL PROPERTY

2.1 The Customer is not entitled to and shall not reproduce, transmit, disseminate, sell, distribute, publish, broadcast, circulate and/or exploit (whether for commercial benefit or otherwise) the information and/or reports obtained from or through the use of the Electronic Broking Facilities, except with the express written consent of Phillip Futures. The Customer shall also not use such information and/or records for any wrongful or illegal purpose.

2.2 In requesting Phillip Futures to provide the Electronic Broking Facilities, the Customer accepts and acknowledges the fact that all intellectual property rights (whether by way of copyright or otherwise) in the information and reports available from and generated on the Electronic Broking Facilities as well as the Electronic Broking Facilities itself vest solely in and shall remain the exclusive property of Phillip Futures. The Customer therefore agrees not to do anything that will violate or infringe Xxxxxxx Futures’ intellectual property rights and shall take all necessary measures to preserve and protect these rights.

3 TRANSMISSION OF ELECTRONIC DATA

3.1 Phillip Futures shall not be liable to the Customer for any Loss suffered or incurred by the Customer due to any inability of the Customer to access the Electronic Broking Facilities for any reason whatsoever, or for any errors, defect, malfunction or failure (whether total or partial) of the Electronic Broking Facilities (or any part thereof) or interruption or delay in response time of the Electronic Broking Facilities whether resulting or arising from any repair or servicing of the Electronic Broking Facilities, any damage, destruction, breakdown, mechanical or other defect, howsoever caused, to the Electronic Broking Facilities (or any part thereof), any corruption or damage to the Electronic Broking Facilities (or any part thereof), any failure by Phillip Futures, its officers, employee, agents or servants to receive the Customer’s instructions or Orders notwithstanding that the instruction or Order has been received by the Electronic Broking Facilities, or any other cause whatsoever.

4 DISCLAIMER

4.1 Phillip Futures makes no warranty, guarantee or representation of any kind, express or implied, as to the quality or the merchantability or fitness for any particular use or purpose in relation to the information furnished under or accessible via any of the Electronic Broking Facilities or any other features or aspect of the Electronic Broking Facilities, including but not limited to any investment advice and/or access to information (which in any event are available subject to relevant accompanying restrictions and/or disclaimers) and/or the execution of any buy or sell recommendations and/or the cancellation or amendment of the same.

4.2 Phillip Futures may, through the Electronic Broking Facilities, provide quotes on prices at which Phillip Futures may be prepared to transact with the Customer. The Customer acknowledges that it is possible that errors may occur in any such prices so quoted by Phillip Futures. In such circumstances, without prejudice to any rights it may have under statute or common law, neither party will be bound by any Transaction purported to have been entered into (whether or not confirmed by Phillip Futures) at a price which was, or ought reasonably to have been known to either party to be materially incorrect at the time of the Transaction. The party asserting that such Transaction is avoided under this Clause shall give notice to the other within 7 Business Days of the Transaction. If the Customer gives notice to Phillip Futures under this Clause, Phillip Futures shall determine, acting reasonably, whether the price quoted was materially incorrect. Except in the case of fraud, Phillip Futures does not accept any liability for any loss or damage suffered by the Customer as a result of the Customer’s reliance on a price which the Customer knew, or ought reasonably to have known, to be materially incorrect.

4.3 Phillip Futures shall not be responsible in any way whatsoever for the content, accuracy, timeliness or completeness of any information, data or other services provided through the Electronic Broking Facilities. As such, any information, data or services provided through the Electronic Broking Facilities should not be relied upon in relation to any investment decision, trading activities or Orders placed by the Customer who shall, at all times, rely on its own assessment and judgement in respect of any investment decision or proposed Transaction.

4.4 Phillip Futures shall not be under any obligation to review the status of the Customer's Account for compliance with any applicable margin requirements. Notwithstanding this, Phillip Futures may, in its sole and absolute discretion, review the status of a Customer's Account for the purposes of ensuring compliance with any applicable margin requirements provided that Phillip Futures shall bear no liability whatsoever for any such review.

5 RIGHTS OF ACCESS

5.1 Phillip Futures shall bear no liability and shall not be responsible for any Loss or inconvenience that may be suffered by the Customer as a result of any action by any regulatory body in the exercise of its regulatory or supervisory functions over Phillip Futures. The Customer shall permit Phillip Futures and/or any regulatory body to have access to such terminals as Phillip Futures and/or the

regulatory body may request, and the Customer shall cooperate in answering any of their queries in relation to any aspect of the Electronic Broking Facilities.

6 SECURITY

6.1 The Customer shall at all times ensure that the integrity and the security of the Electronic Broking Facilities are preserved and maintained. Accordingly, the Customer shall ensure, inter alia, that there is no unauthorised use of Customer's user ID, password and/or PIN. The Customer shall forthwith on being aware of any unauthorised access or theft of the PIN(s) or security code(s) notify Phillip Futures and provide such particulars as Phillip Futures may require.

6.2 The Customer shall bear the sole responsibility of complying with the obligations under this Clause. In the event that the Customer breaches its obligations under this Clause, the Customer shall indemnify Phillip Futures for any Loss that Phillip Futures may suffer as a consequence of such unauthorised access and use.

7 RISK WARNING

7.1 The Customer hereby represents and declares that it understands and accepts the following associated with trading using the Electronic Broking Facilities:

(a) that electronic trading and order routing systems differ from traditional open outcry pit trading, and that Transactions undertaken using an electronic system are subject to the rules and regulations of the exchange(s) offering the system and/or listing the contract. In this connection, the Customer hereby undertakes, prior to engaging in such Transactions to familiarise itself with, and from time to time to keep itself updated on, the rules and regulations of the relevant exchange(s) offering the system and/or listing the relevant futures contracts, and to understand, among other things, the system’s order matching procedure, opening and closing procedures and prices, error trade policies and trading limitations or requirements; and

(b) trading through an electronic trading or order routing system exposes the Customer to risks associated with system or component failure. Such system or component failure may result in the inability to enter new Orders, execute existing Orders, or modify or cancel Orders previously entered, as well as a loss of Orders or order priority.

Appendix 1A

DIRECT MARKET ACCESS SERVICES

(“DMA SERVICES”)

This DMA Services Appendix 1A shall apply where the Customer requests Phillip Futures, either in the Application Form or by any Communications to Phillip Futures, to provide the Customer with DMA Services as the Customer and Phillip Futures may agree from time to time. In consideration of Xxxxxxx Futures providing the Customer with the DMA Services, the Customer understands and hereby agrees to abide by and to be bound by the terms and conditions set out in this Appendix 1A, as may be amended, modified or supplemented from time to time.

1. APPLICABILITY & AMENDMENTS

1.1 The Customer agrees that in respect of any Transaction, all the applicable terms and conditions in relation thereto in force as between Phillip Futures and the Customer, including the Conditions Governing the Phillip Futures Trading Accounts (the “Customer Trading Agreement”) shall continue to apply, and are to be supplemented and read together with the terms and conditions of this Appendix 1A. Notwithstanding anything to the contrary contained in the Customer Trading Appendix, the Customer and Phillip Futures agree that in the event of any conflict or inconsistency between the terms and conditions of this Appendix 1A and the Customer Trading Agreement, the terms and conditions of this Appendix 1A shall prevail in respect of such conflict or inconsistency, however the Customer Trading Agreement shall in all other respects continue in full force and effect.

1.2 The terms and conditions of this Appendix 1A are to be supplemented and read together with all Applicable Laws, Rules and Regulations. In the event of any conflict or inconsistency between the terms and conditions of this Appendix 1A and the Applicable Regulations, the Applicable Regulations shall prevail in respect of such conflict or inconsistency, however the terms and conditions of this Appendix 1A shall in all other respects continue in full force and effect.

1.3 The Customer understands and shall fully comply with all Applicable Laws, Rules and Regulations in relation to DMA Services at all times.

1.4 The Customer agrees that Phillip Futures may at any time by notice in writing to the Customer, including notification via the DMA Services, vary or add to this Appendix 1A without prior notice or consultation with the Customer.

1.5 Any electronic record relating to the terms and conditions of the DMA Services provided hereunder kept and/or maintained by Phillip Futures shall be conclusive evidence of the contents thereof. The Customer agrees to the admission as evidence in any court in Singapore of such electronic records maintained or kept by Phillip Futures and any part, copy or computer output thereof, as an original document, and the Customer further agrees not to challenge or dispute the admissibility, authenticity or accuracy of such electronic records or computer output thereof.

2. CONDITIONS OF USE

2.1 The Customer hereby undertakes to utilise the DMA Services strictly in accordance with the terms and conditions of this Appendix 1A, the Customer Trading Agreement, and any and all other rules and policies that Phillip Futures may publish or make available through the DMA Services or any other medium it may designate at its sole discretion, from time to time.

2.2 The Customer hereby understands and acknowledges that the DMA Services and the Information are provided on an “as is” as well as an “as available” basis. The Customer acknowledges that no member of Phillip Futures or the Phillip Capital Group makes any express or implied warranty, representation or assurance, including, without limitation, any warranty, representation or assurance of any nature regarding the quality, suitability, merchantability, fitness for a particular purpose or otherwise (regardless of any course of dealing, custom or usage of trade) that the DMA Services are or will be suitable for the Customer’s commercial, business or financial purposes, or as to its reliability, and that all liability in respect thereof is disclaimed. The Customer also agrees and acknowledges that no warranty is made by Phillip Futures or the Phillip Capital Group that the DMA Services will be accessible, timely, secure, complete, reliable, uninterrupted, error-free, does not infringe any third party proprietary rights, or that it will be free of viruses or any other harmful components, or that any errors in the technology or the DMA Services will be detected and/or corrected.

2.3 In particular, Phillip Futures or any member of the Phillip Capital Group shall not be liable for any reason whatsoever for any information provided by, under or pursuant to the DMA Services and no express or implied warranty, representation or assurance of any nature whatsoever is made as to such information, and as to its (or its continued) accuracy, reliability, relevance, usefulness, quality or suitability for any purpose or otherwise (regardless of any course of dealing, custom or usage of trade), nor that such information will be detected and/or corrected.

2.4 The Customer represents, warrants and undertakes (on a continuing basis and which representations, warranties and undertakings are deemed to be repeated each time an instruction is issued by the Customer to Phillip Futures and/or at the date of each Transaction, with the intent that such representations, warranties and undertakings shall survive the completion of any transaction contemplated herein) that:

(i) it has the necessary experience, knowledge and financial resources to undertake the transactions using the DMA Services;

(ii) it has put all necessary security arrangements in place to ensure that unauthorised persons are denied from using Direct Market Access;

(iii) it has read the information concerning its access to the Trading System and applicable laws provided by Phillip Futures and that it understands that the nature of the transactions conducted using the DMA Services and the extent of and its exposure of risks and that it has considered whether undertaking such Transactions is appropriate for it in the light of its experience, objectives, financial resources and other relevant circumstances;

(iv) that Phillip Futures shall have no liability or responsibility whatsoever to the Customer for any Losses whatsoever (direct, indirect, special, incidental, consequential, punitive or otherwise), loss of investment opportunity or failure to make a profit suffered or incurred by the Customer as a result of or in connection with the use of the DMA Services;

(v) that it has read and familiarised itself, as appropriate, with the instructions provided by Phillip Futures in relation to the Xxxxxxx

Futures Direct Market Access System, and that it has knowledge and proficiency in the use of the Phillip Futures Direct Market Access System, Sponsored Systems and the electronic trading systems for automatic matching of orders designated and approved by the relevant stock exchanges for transactions on such stock exchanges;

(vi) it is familiar with and will comply with the Applicable Regulations;

(vii) it will cooperate with and provide timely assistance to any Relevant Bodies, Phillip Futures and/or its suppliers for the purpose of conducting any audit, enquiry, investigation and/or compliance review (whether or not related to potential violations of any Applicable Regulations) and such assistance shall include but is not limited to the provision of all information on the identities and addresses of persons responsible for transactions made using the DMA Services;

(viii) it will have measures in place to meet minimum standards including standards on financial standing, credit history and criminal records (and such other standards as may be determined by Phillip Futures at its sole discretion);

(ix) that the terms and conditions of this Appendix are legal, valid, binding and enforceable against it;

(x) that it has taken all necessary corporate action, and has obtained all authorisations, consents, licences or approvals (whether under the Applicable Regulations or otherwise) required to accept and agree to the terms and conditions of this Appendix 1A and to access and use the DMA Services, and all Transactions made using the DMA Services by it shall be in compliance with all Applicable Regulations;

(xi) any Transaction entered into by the Customer using the DMA Services is duly authorised and it agrees that Phillip Futures shall have no obligation or duty to enquire if any transaction entered into using the DMA Services has been so authorised and shall be entitled at all times to assume so;

(xii) that it has read and familiarised itself, as appropriate, with the Applicable Regulations and all relevant information regarding DMA access and that it will not do or omit to do anything that would cause Phillip Futures to be in breach of any Applicable Regulations whether directly or indirectly;

(xiii) it will not use the DMA Services for any unlawful or illegal act or do or omit to do anything that would be in breach of any Applicable Regulations;

(xiv) it is not prohibited under any Applicable Regulations from using the DMA Services;

(xv) that it has reviewed this Appendix 1A, has decided to enter into this Appendix and utilise the DMA Services based on its own independent judgement and has not in any way whatsoever relied on any representation, warranty or undertaking from Phillip Futures in entering into this Appendix and utilising the DMA Services; and

(xvi) it shall ensure that all Transactions entered into using the DMA Services do not exceed the limits prescribed by Phillip Futures in relation to its account(s) at any one time and from time to time.

3. DELEGATION

3.1 Phillip Futures: (a) may delegate the performance of any function in connection with the DMA Services and (b) reserves the right to use any agents or service providers on such terms as it thinks appropriate.

3.2 The Customer represents, warrants and undertakes that:

(i) it shall not delegate access to the DMA Services to any other persons or allow any person to delegate access to the DMA Services to other persons, unless Phillip Futures' prior written consent has first been obtained;

(ii) all such persons who have been delegated access shall comply with the terms and conditions of this Appendix 1A as if they are the original parties to this Appendix 1A and if requested by Phillip Futures, such persons shall enter into separate agreements with Phillip Futures to that effect; and

(iii) the Customer and/or its delegates shall provide Phillip Futures with the personal details, identities and addresses of such persons who have been delegated access and at the request of Phillip Futures, provide any other information relating to such persons and Transactions made by them.

3.3 In relation to the Sponsored Access granted to the Customer as part of the DMA Services, the Customer represents, warrants and undertakes that (on a continuing basis and which representations, warranties and undertakings are deemed to be repeated each time an instruction is issued by the Customer to Phillip Futures and/or at the date of each Transaction, with the intent that such representations, warranties and undertakings shall survive the completion of any Transaction contemplated herein):

(i) the Customer and the Sponsored Access Delegates:

(a) are persons regulated by a Recognised Regulatory Authority in respect of the Regulated Activities; or

(b) are trading members of SGX-DT and are permitted to delegate Sponsored Access to the Customer’s respective related corporations only;

(ii) the Customer, and all persons granted delegated Sponsored Access understands and shall comply with the terms and conditions of this Appendix and all Applicable Laws, Rules and Regulations on Sponsored Access at all times, including, without limitation, the SGX-DT Rules;

(iii) the Customer and all such persons granted delegated Sponsored Access have the necessary operational and technical systems and procedures in place for the Sponsored Systems;

(iv) the Customer and all such persons granted delegated Sponsored Access shall allow access to Phillip Futures, at all times, to the Sponsored Systems such that Phillip Futures may set and control pre-determined automated limits (which are to be prescribed by Xxxxxxx Futures at its sole discretion) in such systems, put in place alerts if limits are altered, put in place a system for the conducting of regular post-execution reviews of Transactions and put in place all such other operational and technical requirements which are required under the Applicable Regulations or which Phillip Futures, at its sole discretion, deems fit; and

(v) the Sponsored Systems shall comply with and meet the requirements stipulated under the Applicable Regulations, including, without limitation, meeting the requirements set out in FTR 2.6, FTR 2.6.4 and Regulatory Notice 2.6.4, of the SGX-DT Rules and any other requirements set out by the SGX-DT relating to order management systems.

3.4 The Customer accepts that Phillip Futures may be required to report, or to provide a report by an independent reviewer on compliance with the SGX-DT Rules, to the Relevant Bodies about the Account(s) opened and operated by it with Phillip Futures and the Customer irrevocably and unconditionally authorises Xxxxxxx Futures to disclose:

(i) all information that may be necessary regarding it and such accounts, including, without limitation, its personal details, identity, address, Transactions entered into using the DMA Services, and information on its use of the DMA Services; and

(ii) all information relating to persons who have been delegated with access to the DMA Services offered to the Customer, including, without limitation, their personal details, identities, addresses, Transactions entered into using the DMA Services, and information on their use of the DMA Services.

4. TECHNICAL AND SECURITY OBLIGATIONS

4.1 The setting up of and the utilisation of all software and hardware to enable the Customer’s access to the DMA Services shall be the Customer’s sole responsibility and Phillip Futures shall not be responsible or liable for any fault or Losses arising from, pursuant to or in connection with the setting up of and the utilisation of such software and hardware.

4.2 The Customer represents, warrants and undertakes that it shall be responsible for all the information, account numbers, codes, usernames and passwords issued to it to access and use the DMA Services and that it shall have in place security arrangements to prevent unauthorised access to any of the DMA Services in relation to markets established by or operated by SGX-DT or such markets as SGX-DT specifies.

4.3 The Customer represents, warrants and undertakes to promptly notify Phillip Futures in writing of any circumstances of which it becomes aware where there has been unauthorised use of the DMA Services in any manner other than as authorised by this Appendix.

5. LIMITS OF RESPONSIBILITY, LIABILITY AND INDEMNIFICATION

5.1 Phillip Futures disclaims all other representations or warranties, express or implied, made to the Customer, or any other person, including, without limitation, any warranties regarding quality, suitability, merchantability, fitness for a particular purpose or otherwise (regardless of any course of dealing, custom or usage of trade) in relation to the DMA Services.

5.2 Notwithstanding anything in this Appendix 1A, in no event shall Phillip Futures or any of its representatives be liable in tort, contract, strict liability or other legal theory for lost profits, lost revenues, lost business opportunities, exemplary, punitive, special, incidental, indirect or consequential damages, each of which is hereby excluded by agreement of all the parties to this Appendix 1A, regardless of whether such damages were foreseeable or whether Phillip Futures or its representatives have been advised of the possibility of such damages.

5.3 The Customer agrees that neither Phillip Futures nor any of its officers, agents or employees shall be liable to the Customer for any loss, damage, cost, charge or expense suffered by the Customer for any act or omission in relation to any Account or the operation, provision or termination of any of the DMA Services unless it was caused by fraud, gross negligence or wilful default of Phillip Futures or attributable to Phillip Futures or an authorised agent or officer. Where Phillip Futures utilises a third party or nominee (including a Nominee) to do any act in relation to an Account or any of the DMA Services, Xxxxxxx Futures’s sole responsibility to the Customer as regards the utilisation of such third party shall be to exercise reasonable care in the selection of such third party. The Customer will not hold Phillip Futures liable for any wilful action or omission, default, fraud or negligence of the third party or nominee unless Phillip Futures was negligent or fraudulent in selecting and/or continuing to use the third party.

5.4 Nothing in this Appendix 1A shall operate to limit or exclude any liability for fraud.

5.5 Notwithstanding any other provision of this Appendix 1A, the Customer releases Phillip Futures from any liability in respect of systems failures causing an inability of or delay in the ability of Phillip Futures to provide the DMA Services.

5.6 The Customer hereby agrees to indemnify Phillip Futures, and to keep Xxxxxxx Futures harmless from any loss, damage, cost, charge or expense which Phillip Futures may suffer as a result of the Customer’s instructions or use of the DMA Services, the Customer’s breach or violation of these terms or any third party claim against Phillip Futures attributable to the Customer’s instructions or use of the DMA Services including but not limited to a claim for violation of any proprietary or intellectual property rights, or the enforcement of any of the terms of this Appendix. This obligation to indemnify Phillip Futures shall survive the termination of this Appendix and/or any of the DMA Services.

6. CONFIDENTIALITY

6.1 The Parties shall keep confidential all information relating to this Agreement unless such information has become public knowledge or disclosure is required by law or a Party's regulatory body.

7. DISCONTINUATION OF ACCESS AND OTHER CONDITIONS FOR USE OF THE DMA SERVICES

7.1 Notwithstanding anything herein to the contrary, Phillip Futures may at any time, in its absolute discretion terminate forthwith, without notice and for any reason whatsoever, the Customer’s right of access to and/or use of any of the DMA Services. In the event of such termination, Phillip Futures shall not be liable to the Customer for any claim, liability or loss (including without limitation anticipated profit) which may be suffered by the Customer referable to such termination.

7.2 Without limiting the generality of Clause 7.1 above, the Customer agrees that Phillip Futures may, at its sole discretion and without notice and liability, suspend, limit, revoke and/or terminate its access to all or part of the DMA Services under any of the following circumstances:

(i) if the Customer breaches any trading restriction and/or credit limit established or imposed by Phillip Futures at any time and from time to time;

(ii) if the Customer fails to assist Phillip Futures and/or any of the Relevant Bodies in any investigation;

(iii) if Phillip Futures receives an order or directive from any of the Relevant Bodies to suspend, limit, revoke and/or terminate the Customer’s access to all or part of the DMA Services;

(iv) if any of the Relevant Bodies issue an order or directive to suspend, limit, revoke and/or terminate the Customer’s access to

all or part of the DMA Services;

(v) if Phillip Futures, at its sole discretion, determines that it is in the interests of maintaining a fair, orderly and transparent market, to suspend, limit, revoke and/or terminate the Customer’s access to all or part of the DMA Services;

(vi) if the Customer has caused Phillip Futures to breach its statutory requirements or any requirements placed upon Phillip Futures by any of the Relevant Bodies, including, without limitation, the Applicable Regulations;

(vii) if Phillip Futures, at its sole discretion, determines that it is necessary to suspend, limit, revoke and/or terminate its access to all or part of the DMA Services so that Phillip Futures may fulfil its duties and obligations under the Applicable Regulations; and / or

(viii) if Phillip Futures, at its sole discretion, determines for whatever reason that it is necessary to suspend, limit, revoke and/or terminate the Customer’s access to all or part of the DMA Services.

7.3 The Customer agrees that Phillip Futures is entitled to, and authorises Phillip Futures to conduct checks, from time to time, to determine its financial standing, its credit history, if it has any criminal records, any pending legal court proceedings relating to prohibited market conduct and/or any adverse record (and such other checks on minimum standards as may be determined by Phillip Futures at its sole discretion). The Customer agrees that, in the event that Phillip Futures, at its sole discretion, is not satisfied with the results of any of such checks, Phillip Futures may (without notice to the Customer, or liability to Phillip Futures), reject the Customer’s application for the DMA Services or at any time, suspend, limit, revoke and/or terminate its access to all or part of the DMA Services.

7.4 The Customer agrees that in the event that Xxxxxxx Futures suspends, limits, revokes and/or terminates its access to all or part of the DMA Services under this Clause 7, it shall have no claim against Phillip Futures in respect thereof.

7.5 The Customer agrees that all DMA Services offered by Xxxxxxx Futures are subject to the regulations of the Relevant Bodies and the Relevant Bodies may, at its/their sole discretion, directly suspend, limit, revoke and/or terminate the DMA Services offered to the Customer and in such an event, Phillip Futures shall not be liable to the Customer and the Customer shall have no claim against Phillip Futures in respect thereof.

8. T ERMINATION

8.1 This Customer agrees that Phillip Futures has the right to terminate this Appendix 1A by giving five (5) days’ notice in writing. Phillip Futures is under no obligation to inform the Customer of its reasons. The Customer shall remain liable for any amounts owed to Phillip Futures.

9. M ISCELLANEOUS

9.1 NOTICES

All written communication will be deemed received by the Customer: (a) two (2) days after despatch by post to the last mailing address known to Phillip Futures if the same is in Singapore or five (5) days after despatch by post to the last mailing address known to Phillip Futures if the same is not a Singapore address; (b) immediately, if delivered personally; and (c) on the day of despatch or transmission if sent by telex, facsimile or electronic mail to any of the relevant telex, facsimile or electronic mail addresses of the Customer last known to Phillip Futures. Where the Customer makes use of the DMA Services, the Customer shall be deemed to have notice of and be bound by all notices and communications as may be given by Phillip Futures from time to time and accessible by the Customer via the DMA Services effectively as from the day when the same may be so accessed by the Customer.

9.2 WAIVER

If Phillip Futures does not exercise or delays exercising a right whether under this Appendix and related agreements, annexes, forms or otherwise, this does not mean that it has given up or waived the right or that it cannot exercise the right later. The only way Phillip Futures can waive any of its rights is by giving the Customer a letter signed by the manager of Phillip Futures or his superiors.

9.3 ASSIGNMENT

None of the rights or obligations under this Appendix may be assigned, held on trust, or otherwise transferred without the prior written consent of all the Parties, save that Phillip Futures may, without notice to the Customer or without its consent, assign or otherwise transfer Phillip Futures’ rights or obligations under this Appendix to any third party, and appoint third party agents or sub- contractors to provide the whole or part of the DMA Services.

9.4 RIGHTS OF THIRD PARTIES

(a) The Customer agrees and acknowledges that the terms and conditions of this Appendix and related agreements, annexes or forms shall be for the benefit of Phillip Futures and each and every Phillip Capital Group member. Each Phillip Capital Group member shall have the right under the Contracts (Rights of Third Parties) Act to enforce any term of this Appendix.

(b) Other than as provided in Clause 9.4 (a) above, a person who is not a party to any agreement with Phillip Futures to which the terms of the Conditions Governing Phillip Futures Trading Accounts applies has no rights under the Contracts (Rights of Third Parties) Act to enforce any of the clauses hereunder. For the avoidance of doubt, this shall not affect the rights of any permitted assignee or transferee of this Appendix.

9.5 SEVERABILITY

The illegality, invalidity or unenforceability of any provision of this Appendix or any part thereof under the law of any jurisdiction shall not affect its legality, validity or enforceability under the law of any other jurisdiction nor the legality, validity or enforceability of any other provision.

9.6 GOVERNING LAW

This Appendix shall be governed by and construed in accordance with Singapore law. In relation to any legal action or proceedings arising out of or in connection with any Account (including transactions effected for the Account) or referable to any DMA Service, the Customer hereby submits to the nonexclusive jurisdiction of the courts of the Republic of Singapore and the Customer waives any objection to the proceedings on the ground that the proceedings have been brought in an inconvenient forum. The Customer hereby nominates and appoints its trading representative to be its agent for service of process of any documents commencing and otherwise relating to any such legal action or proceedings brought by Phillip Futures.

The Customer is directed to also refer to the SGX-DT Futures Trading Rules for more information on its obligations in relation to the use of the DMA Services offered by Phillip Futures. A copy of the SGX-DT Futures Trading Rules may be extracted from the website xxxx://xxxxxxxx.xxx.xxx.

Appendix 2

OTC FACILITIES

1 N OTIFICATION

1.1 In providing a market and prices for OTC Transactions, Phillip Futures hereby notifies and the Customer hereby consents to Phillip Futures' prior notification that its dealing staff authorized by Phillip Futures to accept Orders may quote OTC prices by reference to prices from other regulated financial institutions to customers counter-parties but such prices may not be the same as the prices that Phillip Futures may be able to secure from such parties for its own contracts with such parties or otherwise act as market- makers to customers in providing its own bids and offers for trades with Phillip Futures on an OTC basis.

1.2 Unless otherwise specified, (i) Phillip Futures shall act as principal to the Customer in respect of OTC Transactions; and (ii) all OTC Transactions (regardless of whether the underlying subject matter is traded on an exchange or whose specifications mirror the referenced commodity traded on an exchange) are entered into on the basis that they shall be cash settled and not physically settled.

Where an OTC Transaction may be physically settled, the provisions below under the heading - "Terms and Conditions Applicable to Exchange Related OTC Transactions" shall also apply.

2 DEFAULT

2.1 In the event of a Default under Clause 11.1 (c) of this Agreement, all outstanding Transactions (including any Transaction which has not been settled and in respect of which the value date as determined by Phillip Futures is on or precedes the date on which Phillip Futures terminates such Transaction) entered between the Customer and Phillip Futures shall be deemed immediately liquidated at prevailing prices (or, if not available, at such prices Phillip Futures in good faith deems fit) and the amounts resulting converted into Singapore dollars or such other Currency as Phillip Futures may from time to time use as the principal Currency of its business (together with all Margin and/or security duly converted into Singapore dollars or such other Currency as Phillip Futures may from time to time use as the principal Currency of its business) at Phillip Futures' prevailing rates and set-off against each other and the Margin prior to Phillip Futures resorting to its rights under Clause 11.2 of this Agreement and/or payment or repayment to the Customer (if applicable).

2.2 If there occurs in relation to any Transaction or otherwise in relation to an Account or Accounts an Extraordinary Event (as defined below), Phillip Futures shall have the sole and absolute discretion to determine any adjustments or action necessary in relation to such Transaction or any or all Transactions or otherwise to an Account or Accounts in view of the Extraordinary Event. Such adjustments or actions may include altering or varying the quantities of Currencies or financial instruments or the exchange rates or specifications of Currencies or instruments bought or sold in respect of such Transaction or some or all Transactions, or terminating the Transaction in question or some or all Transactions, or an Account or Accounts or otherwise. Provided Phillip Futures undertakes such adjustment and/or action in good faith, any such adjustment or action shall be binding on the Customer who shall be liable for any additional Loss incurred by Phillip Futures on the account of the Customer or which the Customer is consequently liable for as a result of such adjustment or action.

An "Extraordinary Event" shall mean any event which Phillip Futures in good faith believes to have a material adverse effect on any Transaction and shall include without limitation, any Market Disruption Event (as defined below), any form of exchange control restriction or requirement of whatsoever nature affecting availability, convertibility, credit or transfers of Currencies, financial instruments or funds, any form of debt or other moratorium on jurisdictions, individuals or entities, any devaluation, redenomination or demonetisation of the underlying Currencies or financial instruments of any Transaction and/or any form of restriction or requirement which in Phillip Futures' good faith opinion adversely alters or changes the rights or obligations which Phillip Futures in good faith undertook upon the establishment of such Transaction.

Without prejudice to the fore-going therefore, Phillip Futures shall with respect to any and all OTC Transactions be the calculation agent (the "Calculation Agent") for all underlying reference pricings of a Transaction and all relevant settlement and other pricing for the purposes of determining the respective rights and obligations of the parties by reference to such pricing. Phillip Futures does not assume any obligation or duty to, or any relationship of agency or trust for or with the Customer for such Transactions (the Customer acknowledging that such obligations are inconsistent with a principal to principal relationship between the parties). Any determinations and calculations by Xxxxxxx Futures shall (in the absence of manifest error) be final and binding on the Customer, provided that Phillip Futures has acted in good faith.

Without prejudice to the foregoing, in the event of a determination by Phillip Futures in good faith that any material disruption to the price source set out in the terms for any Transaction or in a relevant reference market has occurred (each such event a "Market Disruption Event"), Phillip Futures shall be entitled to determine in good faith the market pricing of the underlying reference instrument for the purposes of the parties' respective rights and obligations under such transaction and its determination shall be final and binding on the parties. In addition, Phillip Futures has the sole and absolute discretion to determine:

(a) whether a Market Disruption Event has occurred during the life of an investment or on its settlement date and if such Market Disruption Event occurs on the settlement date what price or level should the relevant closing level of the underlying reference instrument be for the purposes of settlement of a relevant Transaction; or

(b) whether any adjustments to the terms of the Transaction should be made as a result of any event(s) affecting the underlying reference instrument or (if the same is an index) any of its constituent components or combination thereof to which the relevant reference instrument and Transaction relate (including but not limited to an index adjustment event such as a material change in the formula for or the method of calculating the Index or failure to calculate and publish the index);

Any such discretion exercised by, or any calculation made by Phillip Futures (in the absence of manifest error) shall be binding on the Customer who should note that Phillip Futures when making any such adjustments or calculations, will not take into account the Customer's individual circumstances and/or tax or other consequences of such adjustments or calculations.

3. T ERMS AND CONDITIONS APPLICABLE TO EXCHANGE RELATED OTC CONTRACTS

3.1 SCOPE

3.1.1 Application: The clauses in this Appendix apply to Exchange related contracts ("ER Contracts") to be entered into from time to

time between Phillip Futures and the Customer on an OTC principal to principal basis as set out below and under which physical settlement of such contracts is an option subject to the terms below.

3.2. Specific Terms for ER Contracts:

Phillip Futures will only enter into ER Contracts with the Customer, from time to time on the following terms:

3.2.1 ADDITIONAL RISK DISCLOSURE:

(i) Relationship Between Parties

The relationship between the Customer and Phillip Futures for ER Contracts is as described in these Terms.

Neither that relationship, nor the services Phillip Futures may provide for any other transaction with or for the Customer nor any other matter, will give rise to any fiduciary or equitable duties or duties as an adviser on the part of Phillip Futures.

The relationship between the Customer and Phillip Futures with respect to a concluded ER Contract (the "Transaction") is intended to be, in all cases a bi-lateral principal to principal transaction and strictly on a "buyer beware" basis but with us expressly intended to be riskless principal in the transaction to the Customer in the sense that (i) Phillip Futures' obligation to the Customer with respect to any concluded ER Contract is limited only to passing on to the Customer the benefit of such rights as Phillip Futures may actually have to enforce under a corresponding ER Market Contract (as the expression is defined below); and (ii) Phillip Futures' obligation to perform on any ER Market Contract is dependent upon the Customer's performance of the Customer's obligations under the corresponding ER Contract and hence the Customer's liability to indemnify and keep Phillip Futures harmless against any default in the Customer's performance leading to a default of Phillip Futures' performance.

Notwithstanding (ii) in the preceding sentence, Phillip Futures is entitled where Xxxxxxx Futures determines in good faith the same to be in Phillip Futures' interest to proceed with performing under a corresponding ER Market Contract notwithstanding the Customer's default under the relevant ER Contract without prejudice to Phillip Futures' right to damages and indemnity from the Customer.

(ii) CONFLICTS OF INTEREST AND DUTY

Phillip Futures' only obligation with respect to any Transaction is as riskless principal to the Customer and therefore that Phillip Futures will also conclude in good faith a corresponding ER Market Contract (as the expression is defined below).

As a riskless principal, Phillip Futures is not intended to incur any loss or damage for having effected a corresponding ER Market Contract and as such and amongst other things:

(a) In the event of severe market disruption and/or price volatilities which may result or may have resulted in the current market value of a commodity which is the subject matter of a corresponding ER Market Contract falling to what Phillip Futures' counter- party may regard as an unacceptable level giving rise to their right to do any of the following with respect to the corresponding ER Market Contract:

(1) to close out the corresponding ER Market Contract;

(2) to require an immediate delivery of additional margin;

then in such event Phillip Futures shall have corresponding rights under the ER Contract with the Customer.

(b) The Customer also acknowledge that business on the relevant exchange on which the ER Market Contract is concluded may from time to time be suspended or restricted in the interests of, inter alia, maintaining a fair and orderly market. In such circumstances Phillip Futures may be unable to close out the corresponding ER Market Contract and the Customer acknowledge that in such event the Customer shall correspondingly have no right to close out the ER Contract with Phillip Futures.

(c) In the event that Phillip Futures is required to effect payment or delivery of any relevant warrant(s) under the corresponding ER Contract Phillip Futures shall correspondingly be entitled to payment/warrant(s) delivery from the Customer under the corresponding Transaction to put in funds/warrant(s) in due time to onward effect payment/delivery under the corresponding ER Contract. As such the Customer's right to the return of any payment/warrant(s) delivery made to Phillip Futures is dependent on Phillip Futures' actual receipt of any corresponding return of payment/warrant(s) from Phillip Futures' counter-party under the corresponding ER Market Contract.

The price that Phillip Futures conclude the ER Contract may not be the same as the price of the corresponding exchange registered/executed Contract (such corresponding exchange registered/executed contract to be hereafter referred to as the "ER Market Contract"). Phillip Futures shall not be liable to account to the Customer for any such differential.

(iii) NON-Exchange MEMBER

The Customer acknowledge that Phillip Futures is not a member of any of the exchanges for which Phillip Futures is prepared on a bi-lateral principal to principal OTC basis to conclude with the Customer an ER Contract which is a look-a-like contract of the exchange traded contract that Phillip Futures will conclude with a relevant member of the relevant exchange and therefore that the ER Contract concluded while related and corresponding to an ER Market Contract which Phillip Futures conclude on a back to back basis for Xxxxxxx Futures' own account is not a contract which is registered with or concluded on the relevant or by a relevant exchange broker/member.

The Customer also acknowledge that as a non-exchange member it is incumbent on Phillip Futures to conclude corresponding ER Market Contracts with a relevant exchange member and as such the holding of any underlying commodity or warrant in respect thereof will necessarily be effected through such exchange member or its custodian.

The Customer further acknowledge and agree that holding of any commodity or documents of title to commodities which the Customer has acquired from Phillip Futures pursuant to an ER Contract concluded with Phillip Futures or intend to effect delivery with respect to will be procured by Phillip Futures to be held by such exchange member or its custodian and in accordance with their terms for such holding. The same will apply with respect to any and all commodity delivery obligation which Phillip Futures is obliged to discharge under a relevant corresponding LME Market Contract which Phillip Futures conclude held to delivery/settlement date.

Accordingly, the Customer agree that so long as Phillip Futures exercise good faith:

(a) in the selection of such exchange member or its custodian for holding of any commodity or documents of title to commodities

which the Customer has acquired from Phillip Futures pursuant to an ER Contract concluded with Phillip Futures or intend to effect delivery with respect to; and

(b) in agreeing respectively to such exchange member and/or its sub-custodian's terms respectively for the delivery of commodities and/or for the holding of any commodity or documents of title to commodities which the Customer has acquired from Phillip Futures pursuant to an ER Contract concluded with Xxxxxxx Futures or intend to effect delivery with respect to

as between the Customer and Phillip Futures, Phillip Futures is intended to have and shall have no liability whatsoever with respect to the delivery obligations under any corresponding ER Contract or for any default on the part of the relevant exchange member or its sub-custodian and the Customer shall ensure that the Customer will take all actions as may be required and give Phillip Futures such authority as may be required and in each case in due time to ensure that Phillip Futures may comply with and not be default of the terms for the delivery of commodities or their respective sub-custody.

(iv) LIQUIDATION INSTRUCTIONS

Without prejudice to the foregoing, the Customer shall for any open position of any ER Contract which involves physical settlement:

(a) give Phillip Futures instruction to liquidate such open position; or

(b) provide Phillip Futures with sufficient funds in relation to such open position, and (where relevant) with the necessary delivery documents to take or make delivery of the underlying subject matter of the ER Contract, not later than 5 Business Days prior to the settlement date of such ER Contract.

Appendix 2A

DELIVERY/CUSTODIANSHIP – EROTC CONTRACTS ANNEXURE

Note: Expressions not otherwise defined below shall bear the meaning for the relevant expression as defined in Appendix 2. References to "You" shall refer to the "Customer" and the expression "your" correspondingly construed.

Insertion to Customer Trading Agreement Appendix 2 OTC Facilities Clause 3.2.1(iii):

Without prejudice to the fore-going, the terms as set out in the attached document entitled "Delivery/ Custodianship – OTC Contracts" shall apply to our holding or procuring the holding of any commodity or documents of title to commodities which you have acquired from us pursuant to an ER Contract concluded with us or intend to effect delivery with respect to.

Part A – Physical Delivery

1. S COPE

1.1 Transactions: The clauses in this Annexure apply, except to the extent inconsistent with the terms of our Agreement apart from this document to any and all ER Contracts concluded with us under which physical delivery is intended by or required of you (each a "Transaction").

2. T ITLE AND QUALITY

2.1 Title Guarantee: You covenant that you will deliver or procure delivery of all commodities under all relevant Transactions with full title guarantee and in due time and so as to enable us to effect delivery of all commodities under the respective corresponding ER Market Contracts. Without limitation any transfer of a commodity pursuant to a Transaction shall be free of any right of retention, pledge, lien, other encumbrance or any other third party right including a warehouse's lien.

2.2 Representation: You represent and covenant that there is no encumbrance, nor will you create or permit to exist any encumbrance in respect of any commodity which is in our possession or control or delivered to us or our order by you under and for the purposes of any Transaction and intended for us to onward discharge our obligation under a corresponding ER Market Contract. You repeat this representation as of the time of entry into any Transaction relating to any commodity.

2.3 Passing of title: Property in any Warrant-based Commodity shall pass at the time the Warrant is delivered. In any other case, unless otherwise agreed in writing, property shall pass upon delivery of the commodity. Notwithstanding the foregoing, in any Transaction under which you purchase a commodity, property in the commodity shall remain with us until we have received full payment for it.

2.4 Quality: Unless otherwise agreed, any commodity to be delivered under a Transaction shall be delivered such that there we are entitled to and will be able to onward effect delivery in accordance with the requirements of applicable Exchange rules or regulations by reference to which such commodity is described.

2.5 Statutory conditions: When we transfer or procure a transfer of a commodity to you or to your order all statutory and implied conditions and warranties as to title, correspondence to description, quality and fitness for purpose are excluded.

3. D ELIVERY

3.1 Delivery: Delivery of any Warrant-based Commodity shall be effected by transfer of Warrants. Where we hold Warrants in our physical possession or control for you, delivery by you to us shall be effected by our authorising the relevant Exchange member (for avoidance of doubt reference to an Exchange member in this Annexure, unless the context otherwise requires, shall refer to the relevant Exchange member through or with whom a relevant ER Market Contract was concluded. Such member may also be referred interchangeably as the "ER member") to appropriate the requisite number and amount of Warrants. Delivery by us to you of any Warrant-based Commodity where our Exchange member hold Warrants in their physical possession shall be effected by us instructing the ER member to immediately segregate the requisite number and amount of Warrants held by the ER member, after which we shall hold them and the commodity to which they relate as per the Custody terms below.

3.2 SWORD deliveries: Where Warrants are capable of being held in SWORD, transfer of Warrants shall be effected by transfer to or from the sword account of the relevant ER member's SWORD Account. If you do not have a SWORD Account, and we cause the holding of your Warrants in the ER member's Customer Account in SWORD accompanied by our instructions to the ER member to segregate your entitlements from our proprietary account with the ER member, our instructing the transfer of appropriate Warrants from such account of the ER member not rejected by the ER member shall constitute delivery. In any other case where your Warrants are held in SWORD, and subject to contrary written agreement between you and us, transfer to you shall be deemed to occur at 10am London time on the prompt date applicable to the Transaction.

3.3 Risk: The risk in any commodity bought by you will pass to you on delivery. Where a commodity is in your possession before the property in it has passed to you, you agree fully to preserve, or procure the full preservation of, its condition and make good any damage or deterioration that may occur, or fully compensate us for any such damage or deterioration.

3.4 Delivery Costs: Unless otherwise agreed in writing between us, any costs incurred by us in effecting physical delivery of any commodity (including, without limitation, costs in respect of collection, packaging, shipment, storage, warehousing or insurance) whether under or pursuant to the corresponding ER Market Contract or the Transaction shall be borne by you.

3.5 Place of Delivery: Any commodity which is required to be delivered physically by you to us will be delivered by you at your expense to such location as we may specify.

3.6 Where you intend to make delivery to us for onward delivery under the corresponding ER Market Contract of Warrants not already held by us or to our order in SWORD then we will require delivery in due time for us to comply with our delivery obligation under the corresponding ER Market Contract, being generally 5pm on the previous business day.

Part B – Custody

4.1 Commodities purchased by you: We may, from time to time, at your request but in our discretion, agree to hold on your behalf either ourselves or through a sub-custodian of our choice any commodity or documents of title to commodities which you have acquired from us pursuant to an ER Contract concluded with us (each a "Transaction"). Where we effect the holding ourselves, such commodity or documents will be segregated from any like commodity or documents in our ownership but otherwise will be subject to the same custody and insurance arrangements as our own property. Where we effect the holding through a sub-custodian of our choice, our duty is only to secure from our sub-custodian an acknowledgement that such commodity or documents will be segregated from any like commodity or documents held for our proprietary account but otherwise will be subject to the same custody and insurance arrangements as our own property. We shall in any event owe you no fiduciary duty in respect of any such commodity or documents and our responsibility (i) Where we effect the holding ourselves shall be limited to taking reasonable care to restore such commodity or documents to you upon your giving us reasonable notice and the payment to us of fees and charges for such holding of such commodity or documents of title with or through us; and (ii) Where we effect the holding through a sub-custodian of our choice shall be limited to assigning you the benefit of our rights of action (or where the same is not assignable, the fruits of the exercise and enforcement of such rights subject to you indemnifying us for the costs of such exercise and enforcement of rights) against the sub-custodian with respect the property held and otherwise to onward request the sub-custodian to restore such commodity or documents to you upon your giving us reasonable notice and the payment to us of fees and charges for such holding of such commodity or documents of title with or through us. We reserve the right to levy charges for this service (which shall at the minimum be equal to the charges payable by ourselves to a sub-custodian for such holding). Our duties with respect to such holding shall be strictly limited to the duties expressly set out in this document.

4.2 SWORD Warrants: Where a Warrant is capable of being held in SWORD we shall hold or arrange with a sub-custodian of our choice to hold, such a Warrant physically for you (or in the latter case for the benefit of a segregated customer account maintained with the sub-custodian distinctly from our own proprietary account with them) only for temporary periods. We may give you reasonable notice (or in the latter case onward notification of the notice received by us from our sub-custodian) to collect any such Warrants or to cause them to be lodged in SWORD in accordance with the SWORD Regulations.

4.3 Collection of Warrants: Where you have Warrants which are in our physical possession or control and have authorised a person to collect Warrants from us, we shall not verify the identity of any person claiming to be so authorised, and we owe you no duties to operate any specific security procedures unless separately agreed in writing between you and us.

4.4 Rent: You will in due time pay rent and other charges applicable to any commodity represented by any Warrant held by us for you.

4.5 Liability: We shall have no liability for the neglect or default of any sub-custodian or with respect to any Warrant held by us for you through any sub-custodian so long as we had exercised good faith in the appointment of such sub-custodian. Our liability to you in respect of any Warrant held directly by us for you is limited as follows: we shall have no liability for any damage, loss, expenses or liability of any nature which you may suffer as a result of any act or omission by us except to the extent of direct losses or expenses attributable to our fraud or wilful default or negligence. In the event of such direct losses or expenses our liability is limited to issuing an indemnity in respect of the market value of the Warrant at the time of discovery of the loss.

4.6 Storage and Insurance: If you deposit commodities, documents of title to commodities, or other tangible assets with us or to our control as margin or otherwise, we reserve the right (but have no obligation) to insure them, to charge you and debit your account with the costs of storage and insurance either periodically or when we return the assets to you, and to refuse withdrawal until such costs have been paid. If we collect, deliver or hold commodities or other tangible assets on your behalf, we do so at your risk. Without prejudice to the foregoing, you shall be solely responsible for the taking out of any insurance for the commodities and documents of title subject to the pursuant to the terms for holding hereunder.

5. HOLDING YOUR WARRANTS IN SWORD

5.1 Bailment: Where you do not have a SWORD Account we may hold Warrants on your behalf in SWORD either directly or through a sub-custodian. If we do so we act as bailee and owe you no fiduciary duty, and we do not undertake the responsibilities of a trustee or any other duties in relation to such Warrants not implied by the law of bailment for bare custody of such warrants.

5.2 Warrant lodgement: You consent for the purposes of the SWORD Regulations to us lodging or causing the lodgement of Warrants through a sub-custodian with the Depository and to our and/or our sub-custodian dealing with the Warrants on the terms of the SWORD Regulations. Where we have lodged or caused to be lodged through a sub-custodian a Warrant on your behalf, you represent and warrant to us that the Warrant and the commodity to which it relates are beneficially owned by you and free of encumbrances and that all requirements of the SWORD Regulations for lodgement are satisfied and authorise us in turn to make, as between ourselves and our sub-custodian, identical representation and warranty. You shall accordingly indemnify and keep us harmless against any and all loss, claims and damage we may sustain referable to any breach of your representation and warranty or our corresponding breach of representation and warranty.

5.3 Warrant withdrawal: If you wish to withdraw Warrants which we are holding for you in SWORD, you will give us reasonable notice to enable us and our sub-custodian (where applicable) to comply with the SWORD Operating Procedures, and we shall not be responsible other than to take reasonable steps to comply with your request insofar as it is practicable.

Part C – Limitation of Obligation

6. R iskless Principal/Agent

6.1 You agree that our relationship is such that we act at all times only as a riskless principal where we are not permitted to act as your agent with respect to any ER related commodity transaction. As such and without prejudice to the acknowledged limitation of the scope of our duties and obligations as generally stated in the Appendix to your agreement with us and entitled " OTC FACILITIES" you also acknowledge and agree that:

(i) so long as you are not in breach of your obligations, we are obliged only to either onward communicate your instructions with respect to delivery or custody or to communicate materially identical instructions to the relevant ER member and/or its custodian but without any responsibility to assure or guarantee performance on their respective parts; and

(ii) we are not in any event to be liable for any deficiency or breach in the performance of any obligation nor for the negligence or fraud of such ER member or its custodian.

Without prejudice to the foregoing, our obligation to effect any further communication or dealings with the ER member and/or its custodian shall cease following our communication of any instruction to either or both of them to effect delivery to you or your order which is not rejected by them. Thereafter you agree that all further communications and dealings with respect to the commodity

which is the subject of any delivery or custody shall be wholly your responsibility to follow up with the ER member and/or its custodian.

7. I nterpretation

In this Appendix:

"SWORD" means the system for electronic transfer of entitlement to Warrants of certain descriptions regulated by relevant Exchanges on which the ER Market Contract is concluded, including in particular the London Metal Exchange;

"SWORD Regulations" means the relevant Exchange on which the ER Market Contract is concluded regulations governing the operation of SWORD, and unless otherwise expressly defined, any term defined in the SWORD Regulations has the same meaning;

"Warrant" means a warehouse warrant issued in circumstances regulated by the relevant Exchange on which the ER Market Contract is concluded which evidences entitlement to a commodity;

"Warrant-based Commodity" means a commodity which, under the rules of the relevant Exchange on which the ER Market Contract is concluded, is capable of being delivered by transfer of a Warrant.

Appendix 3

RISK DISCLOSURE STATEMENT FOR ELECTRONIC COMMUNICATIONS

All capitalised terms in this document shall have the meanings given in our “CUSTOMER TRADING AGREEMENT” - the “Agreement” - unless otherwise specified.

1. Without prejudice or detracting from the generality of Clauses 4.1 and 4.3 of the Agreement, the Customer hereby irrevocably authorises Phillip Futures and its officers, employees, agents and representatives to act in accordance with the Customer’s Orders given by telephone, facsimile, telexes or any other form of electronic communication including internet messaging or electronic mail services from the Customer and/or persons authorised in writing by the Customer from time to time, including instructions to transfer/remit funds from the Account(s) held with Phillip Futures to other account(s) or party(ies) where the Customer may not be the beneficiary or sole beneficiary. Phillip Futures shall have the right to request for any and all information that it deems necessary or expedient to give effect to such Orders.

2. The Customer acknowledges that the aforesaid method(s) of communication of Orders is provided solely on the basis of the Customer’s request and at the sole risk of the Customer and is not recommended in any way by Phillip Futures.

3. The Customer acknowledges and confirms that the Customer is aware of the nature of Orders communicated by telephone, facsimile, telexes or any other form of electronic communication including internet messaging or electronic mail services whereby such Orders may be fraudulently sent in the name of the Customer, may not be received properly or may not be read by the intended recipient and may be read by or be known to unauthorised persons.

4. The Customer agrees to assume and bear all the risks involved in respect of the above-mentioned errors and misunderstanding and Phillip Futures shall not be responsible in any way for the same or breach of confidentiality thereto and shall also not be liable for any Loss arising therefrom.

5. The Customer acknowledges that the Customer is fully aware of and understands the risks associated with communicating the Customer’s Orders by telephone, facsimile, telexes or any other form of electronic communication including internet messaging or electronic mail services including the risk of misuse and unauthorised use of Username and/ or Password by a third party and the risk of a person hacking into any form of electronic communication, including without limitation the internet messaging or electronic mail service as may be used.

6. The Customer accepts sole and full responsibility for the monitoring of the Customer’s Orders and safeguarding the secrecy of the Customer’s PIN (including both Username and Password), the safety and security of its connection to the internet, restricting the use of the Customer’s PIN to authorised persons only and agrees that the Customer shall be fully liable and responsible for any and all unauthorised use and misuse of the Customer’s PIN, and also for any and all acts done by any person through using the Customer’s PIN in any manner whatsoever.

7. The Customer agrees that Phillip Futures and its officers, employees, agents and representatives may act as aforesaid without inquiry as to the identity or authority of the person giving or purporting to give any Order or the authenticity of any telephone, facsimile, telexes or any other form of electronic communication including internet messaging or electronic mail services and may treat the same as fully authorised by and binding on the Customer, regardless of the circumstances prevailing at the time of the Order or communication or its content including the amount of the transaction and notwithstanding any error, misunderstanding, lack of clarity, fraud, forgery or lack of authority in relation thereto, and without requiring further confirmation in any form, provided that Phillip Futures or the employee, officer, agent or representative concerned believed, in good faith, the instruction to be genuine at the time it was given.

8. By way of reminder and as noted in Clause 4.2 of the Agreement, where the Electronic Broking Facilities are made available to the Customer by Phillip Futures, the Customer may, subject to the terms for the transmission/placement of the same place Orders through the use of such facilities. The terms governing Electronic Broking Facilities are set out in Appendix 1 of the Agreement and, with respect to DMA Services, in addition to requirements of the DMA Procedures.

9. The Customer also correspondingly and specifically confirms that by authorizing Phillip Futures and any of its officers to act in accordance with Orders communicated electronically as above, the Customer agrees:

(a) the Customer is fully aware of, understand and agree to assume and bear all the risks associated with communication of Orders electronically including (but not limited to) the risk of delay in or inability to access or use the facilities to so communicate Orders due to hardware, software, connection failure, error, malfunction, omission, interruption, delay in transmission or computer virus, information loss, misuse and unauthorised use by a third party and the risk of a person hacking into the Electronic Services. The Customer also understands that such instructions communicated electronically may still go astray and may not be received properly and/or read by the intended recipient or authorised persons;

(b) Without prejudice to the foregoing, Phillip Futures is entitled to void from the outset or amend any terms of any Orders and/or Transaction containing or based on an egregious or palpable error (‘Manifest Error’), without seeking the Customer’s consent. Phillip Futures shall not be liable to the Customer in any manner whatsoever for any actions or inactions Phillip Futures adopt in relation to such manifest error. In the event that the Customer has received monies from Phillip Futures in connection with such manifest error, the Customer agrees that such aforementioned monies are due and payable to Phillip Futures and the Customer shall immediately return such monies in full to Phillip Futures;

(c) Phillip Futures shall not be liable for any actions or inactions it adopts based on the Customer’s transmission of orders which are inaccurate or not received by Phillip Futures. Notwithstanding the foregoing, Xxxxxxx Futures may execute any orders of the Customer’s based on terms or instructions actually received by Xxxxxxx Futures;

(d) Phillip Futures or any of its officers may act as aforesaid without inquiry as to the identity or authority of the person giving or purporting to give any Order or the authenticity of any Orders transmitted electronically and may treat the same as fully authorised by and binding on the Customer, regardless of the circumstances prevailing at the time of the instruction and notwithstanding any error, misunderstanding, fraud, forgery or lack of authority in relation thereto, and without requiring further confirmation in any form, provided that the Phillip Futures officer concerned believed the instruction to be genuine at the time it was given;

(e) Phillip Futures reserves the right not to act on any instruction transmitted electronically if Xxxxxxx Futures reasonably suspects that it is not genuine or for any other reason;

(f) In relation to Phillip Futures acting on Orders transmitted electronically, the Customer undertakes to indemnify Phillip Futures from and against all liabilities, claims, demands, actions, proceedings, losses, expenses and all other liabilities of whatsoever nature or description which may be suffered by Xxxxxxx Xxxxxxx. The Customer further agrees to waive any rights, claims, actions or proceeding the Customer may have against Phillip Futures for any losses or liabilities the Customer may suffer as a consequence of Phillip Futures acting on such Orders; and

(g) The Customer acknowledge and agree that Phillip Futures shall not be liable for any loss or damage whatsoever (including without limitation any indirect, economic or consequential loss) that the Customer may suffer or incur due to any act or omission of Phillip Futures or its officers in connection to the performance of any such electronically transmitted Orders.

Appendix 4

DISCLOSURE STATEMENT FOR REGULATION 18A

This document sets out disclosures we are obliged to give you to comply with Regulation 18A of the Securities and Futures (Licensing and Conduct of Business) Regulations – the “Regulations” and relates to our obligation under Regulation 17 of the Regulations to maintain a trust account – the “Trust Account” – in which we deposit your money received by us from or for you as a Customer for our services as the holder of a capital markets license – the “Services”. For avoidance of doubt, such money will not include money you directly or indirectly transfer to us by way of title transfer; provided that in no case where you are a retail customer will you be obliged to provide any money to us as margin for your obligations by way of title transfer to us except where such money relates to lending of your securities in compliance by us with Regulations 45(1) (3) and (4) of the Regulations. This document does not cover all risks relating to these Services and you should consider all agreements between us and any other disclosure material that we have provided to you.

1. How we hold your money

Your money will be held on your behalf in accordance with Regulation 17 of the Regulations in the Trust Account. Unless we otherwise notify you, the custodian of the Trust Account will be a third party eligible to be the custodian pursuant to Regulation 17.

2. When we may withdraw your money

Where we provide any Services, we may pursuant either to our entitlement:

(a) under but subject to Regulation 30 of the Regulations or

(b) pursuant to the provisions of Regulation 35 of the Regulations

withdraw your money for any purpose permitted under Regulation 19 and/or 21 (as applicable) of the Regulations.

3. W ithdrawals from Trust Account and onward depositing money with third parties

As provided in Regulations 19 and 21 of the Regulations we may withdraw your money from the Trust Account and apply such money as permitted or not prohibited by the said provisions of the Regulations including onward deposit the money with third parties acting on our behalf (Third Parties, which expression shall also include the custodian of the Trust Account), being any of an approved clearing house, a recognized clearing house, a member of a clearing facility or a member of an recognized market for any of the purposes specified in Regulation 19 of the Regulations. Nothing in the preceding however permits our withdrawing of your money where you are a retail customer and apply the money towards satisfaction of our own obligations or liabilities. Unless we agree otherwise, we are not liable for any acts or omissions of Third Parties.

4. M oney generally held on pooled basis and key consequences

Your money will, unless we are obliged pursuant to the Regulations to specify or agree with you otherwise, be held in an omnibus or pooled account basis by us or an approved Third Party. For avoidance of doubt, if you are a retail customer, money provided to us in relation to your OTC derivatives contracts with us may only be pooled with the money of other retail customers of ours provided to us for their respective OTC derivatives contracts. Where your money is held in such omnibus accounts, they may be pooled with money belonging to our other customers or customers/clients of the Third Party. Therefore there is a risk that:

(a)Your money could be withdrawn to meet other clients’ obligations; and/or

(b)You may share in any shortfall and may not therefore receive your full entitlement of money.

In some jurisdictions national law may not recognize or give effect to our attempts to separately identify your money from our money or those belonging to the Third Party. In such a case:

(i) Your money could be used to meet the Third Party’s general obligations on its insolvency;

(ii) Your money could be used to meet our general obligations on our insolvency;

(iii) The Third Party could challenge your rights to any money; and/or

(iv) You may share in any shortfall and may not therefore receive your full entitlement of money.

5. Money held outside Singapore

Where we hold your money outside Singapore:

(a) Different legal and regulatory requirements may apply from those applying in Singapore; and

(b) Your rights to the money may differ from those you would have in Singapore.

6. Protecting your money

We will, if possible, direct such approved Third Parties who hold your money to identify them separately from their own money and those belonging to us (by differently titled accounts or other measures that achieve the same level of protection). If the money is held in a jurisdiction where we are prevented from registering money in the name of a nominee or in your name, we may register or record or cause any relevant Third Party to register or record your money in our own name or if we are prevented from doing so, in the name of a Third Party, provided in either case that we are permitted to do so under the Regulations read with relevant provisions of the SFA.

7. S ecurity interests, liens and right of set-off

Where we hold your money we will generally have rights of set-off, a general lien and other security interests over them, both as set out in the relevant agreement between us and under general law. Our rights of lien and other general security interests are also specifically recognized under the Regulations. A Third Party, including a depository or any foreign custodian of such money, who holds your money may also have a security interest or lien over, or right of set-off in relation to such money. Where not already disclosed above, we will tell you where your money is held in a jurisdiction where by law they are subject to security interests or rights of set off enabling a third party to dispose of them or recover debts that are not related to you.

Appendix 5

DISCLOSURE STATEMENT FOR REGULATION 27A

This document sets out disclosures we are obliged to give you to comply with Regulation 27A of the Securities and Futures (Licensing and Conduct of Business) Regulations - the “Regulations” and relates to our obligation under Regulation 27 of the Regulations to maintain a custody account - the “Custody Account” - in which we deposit your assets received by us from or for you as a Customer for our services as the holder of a capital markets license - the “Services”. This document does not cover all risks relating to these Services and you should consider all agreements (including in particular the Agreement) between us and any other disclosure material that we have provided to you.

1. How we hold your assets

Your assets will be held on your behalf in accordance with Regulation 27 of the Regulations in the Custody Account. Unless we otherwise notify you, the custodian of the Custody Account will be a third party eligible to be the custodian pursuant to Regulation 27.

2. When we may withdraw your assets

Where we provide any Services, we may pursuant either to our entitlement:

(a) under but subject to Regulation 30 of the Regulations or

(b) pursuant to the provisions of Regulation 35 of the Regulations

withdraw your assets for any purpose permitted under Regulation 30 and/or 35 (as applicable) of the Regulations.

3. W ithdrawals from Custody Account and onward depositing assets with third parties

As provided in Regulations 27 and 30 of the Regulations we may withdraw your assets from, hold your assets from the Custody Account and deposit the assets with third parties acting on our behalf (Third Parties, which expression shall also include the custodian of the Custodian Account), being any of an approved clearing house, a recognised clearing house, a member of a clearing facility or a member of an organised market for any of the purposes specified in Regulation 30 of the Regulations. Unless we agree otherwise, we are not liable for any acts or omissions of Third Parties.

4. A ssets generally held on pooled basis and key consequences

Your assets will, unless we specify or agree with you otherwise, be held in an omnibus or pooled account basis by a Third Party. Where your assets are held in such omnibus accounts, they may be pooled with assets belonging to our other customers or customers/clients of the Third Party. Therefore there is a risk that:

(a)Your assets could be withdrawn to meet other clients’ obligations; and/or

(b)You may share in any shortfall and may not therefore receive your full entitlement of assets.

In some jurisdictions national law may not recognise or give effect to our attempts to separately identify your assets from our assets or those belonging to the Third Party. In such a case:

(i) Your assets could be used to meet the Third Party’s general obligations on its insolvency;

(ii) Your assets could be used to meet our general obligations on our insolvency;

(iii) The Third Party could challenge your rights to any assets; and/or

(iv) You may share in any shortfall and may not therefore receive your full entitlement of assets.

5. Assets held outside Singapore

Where we hold your assets outside Singapore:

(a) Different legal and regulatory requirements may apply from those applying in Singapore; and

(b) Your rights to the assets may differ from those you would have in Singapore.

6. Protecting your assets

We will, where possible, direct such Third Parties who hold your assets to identify them separately from their own assets and those belonging to us (by differently titled accounts or other measures that achieve the same level of protection). If the assets are held in a jurisdiction where we are prevented from registering assets in the name of a nominee or in your name, we may register or record your assets in the name of a Third Party or where we are prevented from doing so, in our own name, provided in either case that we are permitted to do so under the Regulations read with relevant provisions of the SFA.

7. S ecurity interests, liens and right of set-off

Where we hold your assets we will generally have rights of set-off, a general lien and other security interests over them, both as set out in the relevant agreement between us and under general law. Our rights of lien and other general security interests are also specifically recognised under the Regulations. A Third Party, including a depository who holds your assets may also have a security interest or lien over, or right of set-off in relation to such assets. Where not already disclosed above, we will tell you where your assets are held in a jurisdiction where by law they are subject to security interests or rights of set off enabling a third party to dispose of them or recover debts that are not related to you.

Appendix 6

DISCLOSURE STATEMENT FOR INDIVIDUAL SEGREGATED ACCOUNT

We will generally hold your money and assets separately from our own, but on a pooled basis with respect to money and assets of other of our customers and therefore there is a risk that your money and/or assets may be used to satisfy the obligations of other retail customers of ours referable to their respective OTC derivatives transactions with us or in the event of a total shortfall in money and/or assets collectively in the pool, all such of our customers will be limited to a pro-rated share of the actual money and/or assets in the pool – generally “fellow-customer risk”. You should read our specific disclosures to you pursuant to Regulations 18A and 27A respectively on the key consequences and risks of your money and/or assets being held on a customer pooled basis for more and specific information. However, your money/assets for your OTC derivatives transactions/contracts with us will be held within Singapore, Singapore laws and regulations operate to ensure that they will not be available to be used to satisfy any of our own obligations in the event of our insolvency.

1. Regulations 16(5) And 26(5) of the Securities and Futures (Licensing and Conduct of Business) Regulations oblige us to provide you with the option of having added protection against fellow-customer risk for your money and assets respectively. The aforementioned option allows for your money and/or assets provided to us in relation to your OTC derivatives transactions with us to be “ring-fenced” from the money and/or assets belonging to our other customers.

2. By signing on our Account Application Form, you will be deemed to have indicated to us your choice of not having such Individual Segregated Account unless you have expressly informed us otherwise.

3. C onsequences And Costs For Individual Segregated Account

Where you have expressly requested to have the aforementioned option of an Individual Segregated Account, then for the money and/or asset chosen, your OTC derivatives account with us will be designated as a relevant Customer Individual Segregated Account(s). The following applies to such account(s):

(a) your money and assets held in such account(s) will not be pooled or commingled with our other retail customer’s positions;

(b) your money and/or assets will be recorded by us separately from our other customers. Such money and/or assets will not be available for the default of any person other than yourself;

(i) opting for an Individual Segregated Account will also mean additional administrative costs will be payable by you; and

(ii) you may contact a representative from Phillip Futures, should you decide to opt for the Individual Segregated Account or have any related queries.

Schedule 1

PHILLIP FUTURES PTE LTD – RISK DISCLOSURE STATEMENT

Customer is requested to read, acknowledge receipt of and retain one copy of the following Risk Disclosure Statement.

SECURITIES AND FUTURES ACT 2001 (ACT 42 OF 2001)

SECURITIES AND FUTURES (LICENSING AND CONDUCT OF BUSINESS) REGULATIONS 2002

RISK DISCLOSURE STATEMENT REQUIRED TO BE FURNISHED UNDER REGULATION 47E(1) AND TO BE KEPT UNDER

REGULATION 39(2)(c) BY

THE HOLDER OF A CAPITAL MARKETS SERVICES LICENCE TO DEAL IN CAPITAL MARKETS PRODUCTS IN RESPECT OF FUTURES AND CERTAIN OVER-THE-COUNTER DERIVATIVES CONTRACTS

1. This statement is provided to you in accordance with regulation 47E (1) of the Securities and Futures (Licensing and Conduct of Business) Regulations (Rg 10).

2. This statement does not disclose all the risks and other significant aspects of trading in futures, options, over-the-counter derivatives contracts where the underlying is a currency or currency index (“OTCD currency contracts”) and spot foreign exchange contracts for the purposes of leveraged foreign exchange trading (“Spot LFX trading contracts”). In light of the risks, you should undertake such transactions only if you understand the nature of the contracts (and contractual relationships) into which you are entering and the extent of your exposure to the risks. Trading in futures, options, OTCD currency contracts and Spot LFX trading contracts may not be suitable for many members of the public. You should carefully consider whether such trading is appropriate for you in the light of your experience, objectives, financial resources and other relevant circumstances. In considering whether to trade, you should be aware of the following:

(a) Futures, OTCD currency contracts and Spot LFX trading contracts

 Effect of ‘Leverage’ or ‘Gearing’

Transactions in futures, OTCD currency contracts and Spot LFX trading contracts carry a high degree of risk. The amount of initial margin is small relative to the value of the futures contract, OTCD currency contract or Spot LFX trading contract transaction so that the transaction is highly ‘leveraged’ or ‘geared’. A relatively small market movement will have a proportionately larger impact on the funds you have deposited or will have to deposit; this may work against you as well as for you. You may sustain a total loss of the initial margin funds and any additional funds deposited with the firm to maintain your position. If the market moves against your position or margin levels are increased, you may be called upon to pay substantial additional funds on short notice in order to maintain your position. If you fail to comply with a request for additional funds within the specified time, your position may be liquidated at a loss and you will be liable for any resulting deficit in your account.

 Risk-Reducing Orders or Strategies

The placing of certain orders (e.g. ‘stop-loss’ orders, where permitted under local law, or ‘stop-limit’ orders) which are intended to limit losses to certain amounts may not be effective because market conditions may make it impossible to execute such orders. At times, it is also difficult or impossible to liquidate a position without incurring substantial losses. Strategies using combinations of positions, such as ‘spread’ and ‘straddle’ positions may be as risky as taking simple ‘long’ or ‘short’ positions.

(b) Options

 Variable Degree of Risk

Transactions in options carry a high degree of risk. Purchasers and sellers of options should familiarise themselves with the type of options (i.e. put or call) which they contemplate trading and the associated risks. You should calculate the extent to which the value of the options would have to increase for your position to become profitable, taking into account the premium paid and all transaction costs.

The purchaser of options may offset its position by trading in the market or exercise the options or allow the options to expire. The exercise of an option results either in a cash settlement or in the purchaser acquiring or delivering the underlying interest. If the option is on a futures contract, OTCD currency contract or Spot LFX trading contract, the purchaser will have to acquire a position in the futures contract, OTCD currency contract or Spot LFX trading contract, as the case may be, with associated liabilities for margin (see the section on Futures, OTCD currency contracts and Spot LFX trading contracts above). If the purchased options expire worthless, you will suffer a total loss of your investment which will consist of the option premium paid plus transaction costs. If you are contemplating purchasing deep-out-of-the-money options, you should be aware that, ordinarily, the chance of such options becoming profitable is remote.

Selling (‘writing’ or ‘granting’) an option generally entails considerably greater risk than purchasing options. Although the premium received by the seller is fixed, the seller may sustain a loss well in excess of the amount of premium received. The seller will be liable to deposit additional margin to maintain the position if the market moves unfavourably. The seller will also be exposed to the risk of the purchaser exercising the option and the seller will be obligated to either settle the option in cash or to acquire or deliver the underlying interest. If the option is on a futures contract, OTCD currency contract or spot LFX trading contract, the seller will acquire a position in the futures contract, OTCD currency contract or spot LFX trading contract, as the case may be, with associated liabilities for margin (see the section on Futures, OTCD currency contracts and Spot LFX trading contracts above). If the option is ‘covered’ by the seller holding a corresponding position in the underlying futures contract, OTCD currency contract, spot LFX trading contract or another option, the risk may be reduced. If the option is not covered, the risk of loss can be unlimited.

Certain exchanges in some jurisdictions permit deferred payment of the option premium, limiting the liability of the purchaser to margin payments not exceeding the amount of the premium. The purchaser is still subject to the risk of losing

the premium and transaction costs. When the option is exercised or expires, the purchaser is responsible for any unpaid premium outstanding at that time.

 Terms and Conditions of Contracts

You should ask the corporation with which you conduct your transactions for the terms and conditions of the specific futures contract, option, OTCD currency contract or spot LFX trading contract which you are trading and the associated obligations (e.g. the circumstances under which you may become obligated to make or take delivery of the underlying interest of a futures contract, OTCD currency contract or spot LFX trading contract transaction and, in respect of options, expiration dates and restrictions on the time for exercise). Under certain circumstances, the specifications of outstanding contracts (including the exercise price of an option) may be modified by the exchange or clearing house to reflect changes in the underlying interest.

 Suspension or Restriction of Trading and Pricing Relationships

Market conditions (e.g. illiquidity) and/or the operation of the rules of certain markets (e.g. the suspension of trading in any contract or contract month because of price limits or ‘circuit breakers’) may increase the risk of loss by making it difficult or impossible to effect transactions or liquidate/offset positions. If you have sold options, this may increase the risk of loss.

Further, normal pricing relationships between the underlying interest and the futures contract, and the underlying interest and the option may not exist. This can occur when, for example, the futures contract underlying the option is subject to price limits while the option is not. The absence of an underlying reference price may make it difficult to judge ‘fair’ value.

 Deposited Cash and Property

You should familiarise yourself with the protection accorded to any money or other property which you deposit for domestic and foreign transactions, particularly in a firm’s insolvency or bankruptcy. The extent to which you may recover your money or property may be governed by specific legislation or local rules. In some jurisdictions, property which had been specifically identifiable as your own will be pro-rated in the same manner as cash for purposes of distribution in the event of a shortfall.

(d) Commission and Other Charges

Before you begin to trade, you should obtain a clear explanation of all commissions, fees and other charges for which you will be liable. These charges will affect your net profit (if any) or increase your loss.

(e) Transactions in Other Jurisdictions

Transactions on markets in other jurisdictions, including markets formally linked to a domestic market, may expose you to additional risk. Such markets may be subject to regulation which may offer different or diminished investor protection.

Before you trade, you should enquire about any rules relevant to your particular transactions. Your local regulatory authority will be unable to compel the enforcement of the rules of regulatory authorities or markets in other jurisdictions where your transactions have been effected. You should ask the firm with which you conduct your transactions for details about the type of redress available in both your home jurisdiction and other relevant jurisdictions before you start to trade.

(f) Currency Risks

The profit or loss in transactions in foreign currency-denominated futures and options contracts (whether they are traded in your own or another jurisdiction) will be affected by fluctuations in currency rates where there is a need to convert from the currency denomination of the contract to another currency.

(g) Trading Facilities

Most open-outcry and electronic trading facilities are supported by computer-based component systems for the order- routing, execution, matching, registration or clearing of trades. As with all facilities and systems, they are vulnerable to temporary disruption or failure. Your ability to recover certain losses may be subject to limits on liability imposed by the system provider, the market, the clearing house and/or member firms. Such limits may vary. You should ask the firm with which you conduct your transactions for details in this respect.

(h) Electronic Trading

Trading on an electronic trading system may differ not only from trading in an open-outcry market but also from trading on other electronic trading systems. If you undertake transactions on an electronic trading system, you will be exposed to risks associated with the system including the failure of hardware and software. The result of any system failure may be that your order is either not executed according to your instructions or is not executed at all.

(i) Off-Exchange Transactions

In some jurisdictions, firms are permitted to effect off-exchange transactions. The firm with which you conduct your transactions may be acting as your counterparty to the transaction. It may be difficult or impossible to liquidate an existing position, to assess the value, to determine a fair price or to assess the exposure to risk. For these reasons, these transactions may involve increased risks. Off-exchange transactions may be less regulated or subject to separate regulatory regime. Before you undertake such transactions, you should familiarise yourself with applicable rules and attendant risks.

Schedule 2

RISK FACT SHEET FOR CONTRACTS FOR DIFFERENCES (CFDs)

This Risk Fact Sheet is provided to you in accordance with Notice SFA N04-N[15]. It highlights the common risks of trading in CFDs and complements the trading agreement and associated risk disclosures furnished by PFPL. This Risk Fact Sheet does not disclose all the risks of trading in CFDs. It is important to read the trading agreement and associated risk disclosures before deciding whether to trade in CFDs. You should also carefully consider whether trading in CFDs is appropriate for you in the light of your experience, objectives, financial resources and other relevant circumstances. If you do not have a copy of the trading agreement and associated risk disclosures, please contact PFPL to request for a copy. You should not trade in CFDs if you do not understand the product or are not comfortable with the accompanying risks.

Q1. What is my potential loss when I trade on margin2 in CFDs?

When you enter into a CFD transaction, you need to pay an initial margin, which is based on a percentage of the value of the trade.

When you trade on margin, you should be prepared to lose more than or your entire initial investment amount that you have paid as margin to the firm.

Illustration 1

a) The firm sets the margin for 1 CFD on Xxxxx Xxxxx Oil (UKOIL) at 20%. You bought 1 contract (equivalent of 1,000 barrels) at the prevailing market price of USD 70 per barrel. The initial margin you will have to put up is USD 14,000. This calculated as USD 70 x 1,000 barrels x 20%.

b) The next day, UKOIL rises to USD 73. You will gain a profit of USD 3,000. This is calculated as (USD 73 – USD 70) x 1,000 barrels. The USD 3,000 profit will be added to your account as unrealised profit.

c) If UKOIL drops to USD 65. You will incur a loss of USD 5,000. This is calculated as (USD 65 – USD 70) x 1,000 barrels. The USD 5,000 loss will be deducted from your account as unrealised loss.

Illustration 2

a) The firm sets the margin for 1 CFD on Dow Xxxxx Industrial Average Index (US30) at 5%. You sold 5 contracts (equivalent of 5 CFDs) at the prevailing market price of USD 25,000 per CFD. The initial margin you will have to put up is USD 6,250. This calculated as USD 25,000 x 5 CFDs x 5%.

b) The next day, US30 rallies to USD 25,100. You will incur a loss of USD 500. This is calculated as (USD 25,100 – USD 25,000) x 5 CFDs. The USD 500 loss will be deducted from your initial margin of USD 6,250.

c) In the worst case scenario, the price of US30 falls to zero. You lose the full contract value of USD 6,250. This is calculated as, (USD 0 – USD 25,000) x 5 CFDs. You may also be liable for additional charges, costs and fees incurred.

Q2. What will happen if I do not have enough margin to cover my losses?

If the cash balance in your account is less than the initial margin required to maintain your positions, the firm will issue you a margin call on the next business day. You will have to close your positions or pay the margin shortfall by the 2nd business day after the issue of the margin call. If you fail to meet the margin call, the firm has the right to close out your CFD positions without notifying you to bring your account balance above initial margin level. Therefore, you will need to monitor your account closely to ensure that you deal with any margin calls promptly. Pursuant to Section 6.2 of the Customer Trading Agreement with us, we may liquidate your positions if your total losses exceed more than the margin requirement.

Illustration 3

1) Referring to Illustration 1, the price of UKOIL falls to USD 69 from USD 70, and the notional value of the contract is now USD 69,000. The margin requirement to maintain the contract is now USD 13,800. This is calculated as USD 69 x 1,000 barrels x 20%.

2) With an unrealized loss of USD 1,000 and margin of USD 14,000, your account balance is now USD 13,000 (USD 14,000 – USD 1,000).

3) The firm issues you a margin call of USD 800 to top up your margin to USD 13,800 (assuming the margin requirement is USD 13,800).

4) If you fail to pay the margin call by the 2nd business day after the margin call, the firm can close out your positions at PFPL’s discretion and without notice.

5) At any time, should UKOIL continues to fall and your account balance reaches or breaches the close-out level, the firm may close out your positions (refer to low equity policy).

6) In addition, you may be liable for additional charges, costs and fees incurred.

1 “Margin” means an amount of money, securities, property or other collateral, representing a part of the value of the contract or agreement to be entered into, which is deposited by the buyer or the seller of a transaction in a futures contract, OTCD currency contract, CFDs or spot LFX trading contract to ensure performance of the terms of the transaction in the futures contract, OTCD currency contract, CFDs or spot LFX trading contract.

Q3. How is the CFD quoted?

Our CFD bid-ask prices are derived from prices of the reference instrument quoted in the underlying exchange, market or liquidity provider. Therefore, the CFD prices will only be available if the underlying exchange or market is open or if there is sufficient liquidity.

Q4. Can my order be executed at a price that is less favourable than the price quoted on the trading system, or the price that I have submitted?

Your order can be executed at a price that is less favourable than the price quoted on the trading system as stipulated in Section 4.11 of the Customer Trading Agreement and Section 4.11 of the MetaTrader 5 Terms and Conditions. Quotes for prices for dealing in the firm’s products are indicative only and not guaranteed. This can happen when there is a change in our quoted price between the time your order is placed and the time your order is received or executed by our system (e.g., delay in the internet transmission of your order, or rapid price fluctuations in the financial markets during that period). In particular, for stop-loss orders that are triggered for execution at the stop price level that you have indicated, it may be difficult or not possible to liquidate your position at your stop price level, due to rapid price fluctuations or lack of liquidity in the markets. If any of the foregoing events happens, you may incur unexpected losses.

However, your order will not be executed at a price that is less favourable than your submitted price (e.g. limit orders).

Q5. Will my order be manually executed? If so, under what circumstances does the firm rely on manual execution?

PFPL’s system executes your orders on an automated basis and does not rely on any manual intervention or dealing, unless your orders do not pass the pre-execution checks carried out by the firm’s trading system. This can happen if there is insufficient or unavailable liquidity in the underlying market for the firm to hedge its own risk exposure. In this regard, the firm has the discretion to determine the price of the CFD pursuant to Section 15 of the Customer Trading Agreement with us.

Q6. Where are my margins kept and maintained? Can the firm use my margins for its own purposes?

Your moneys or other assets that you placed with the firm are required by regulations to be maintained in segregated accounts with certain specific entities. Your moneys or other assets are segregated from the firm’s own moneys or assets, but may be kept in the same omnibus account with other customers of the firm. The firm is not permitted to use your money or other assets in the segregated account for its own purposes, including for settling its own dealings with its hedge counterparty.

Q7. What will happen to my margins if PFPL becomes insolvent? Will I be able to get back my moneys or other assets?

The firm is your contractual counterparty and is obliged according to the terms and conditions of the trading agreement to honour your CFD trades and any profits made. Therefore, if the firm becomes insolvent, you are able to recover your equity balance (Ledger Balance+- Unrealized Profit/Loss +- Unrealized Finance Charge). As for your moneys or other assets that are held in the segregated account, these should be protected from the claims of the firm’s creditors. Nonetheless, the recovery and return of your moneys or other assets will take time, as this is subject to due process of the firm’s liquidation, including the reconciliation of all its customers’ positions and moneys.

Q8. Under what circumstances can PFPL close my position or void my order?

Under the terms of the trading agreement, the firm can close out your position or void your trade when:

(i) you are unable to meet the margin calls within the required timeframe (Section 6.2 of the Customer Trading Agreement);

(ii) there is a trading system failure that result in erroneous prices at which your trades are executed (Section 15 of the Customer Trading Agreement);

(iii) your account balance reaches or breaches the close-out level at any time (Section 6.2 of the Customer Trading Agreement), etc.

The price at which your CFD is closed out will depend on the available price of the underlying market at that point in time, which may result in a loss to you.

Q9. What are the commissions, fees and other charges that I have or may have to pay?

Commission: Imposed at a percentage of the traded value of the CFD. All commission charges are subjected to the Goods and Services Tax (GST).

Finance Charge: A financing fee is charged on any CFD positions that are held overnight on a daily basis. Finance charge is set at a percentage of the marked to market value of the CFD.

Illustration 4

If you bought 1 contract of UKOIL (equivalent of 1,000 barrels) and held it overnight, you will incur a daily financing interest. The end of day settlement price is USD 73. Hence, the daily interest charge is calculated as [(USD 73 x 1,000 barrels x 0.5%)/365 days] = USD 1.00.

Illustration 5

If you sold 5 contracts of US30 (equivalent of 5 CFDs) and held them overnight, you will incur a daily financing interest. The end of day settlement price is USD 25,250. Hence, the daily interest charge is calculated as [(USD 25,250 x 5 CFDs x 0.5%)/365 days] = USD 1.73.

Q10. What happens when trading in the underlying share or asset is suspended or halted? How can I exit my position and will I suffer losses?

In event of a suspension where the price of the underlying market is unavailable, the firm may allow you to exit your CFD positions at a price determined by the firm (Section 15 of the Customer Trading Agreement). During the period of suspension, holders of CFD positions will continue to be charged interest if the positions are held overnight.

In the event of a prolonged period of suspension, the firm may require you to increase the margins, pay up the contract value in full, or close off your positions at an appropriate price determined by the firm. In the worst case, you could lose 100% of the contract value. You may also be liable to pay additional charges, costs and fees incurred.

Q11. Are there additional risks trading in CFDs on Cryptocurrencies?

Cryptocurrencies are not legal tender and are not issued by any government nor backed by any asset or issuer. Cryptocurrencies are currently not subjected to any regulatory requirements or supervisory oversight by the Monetary Authority of Singapore (MAS). Hence, the safeguards afforded under MAS’ regulatory framework will not apply to consumers dealing with unregulated products, such as CFDs on Cryptocurrencies.

Cryptocurrencies have little or no intrinsic value, making them hard to value and extremely volatile. Being highly speculative, investing in cryptocurrencies entails high risks as prices are prone to sharp, sudden swings as a result of unanticipated events or changes in market sentiments primarily due to the lack of price transparency. Liquidity may also become limited and price gaps may occur in such circumstances. Cryptocurrency exchanges, where cryptocurrencies are bought and traded, are susceptible to cyber security breaches. In the event of a cyberattack and theft of cryptocurrencies, it may result in drastic, adverse price movements.

Trading into CFDs on cryptocurrencies carry a high level of risk. You may risk losing all your capital or more when investing into cryptocurrencies. You must therefore be fully aware of the risks associated with both CFDs and cryptocurrencies and carefully assess whether an investment in cryptocurrencies is suitable for your investment objectives and risk appetite.

Schedule 3

RISK WARNING STATEMENT FOR OVERSEAS-LISTED INVESTMENT PRODUCTS

RISK WARNING

An overseas-listed investment product is subject to the laws and regulations of the jurisdiction it is listed in. Before you trade in an overseas- listed investment product or authorise someone else to trade for you, you should be aware of:

 The level of investor protection and safeguards that you are afforded in the relevant foreign jurisdiction as the overseas-listed investment product would operate under a different regulatory regime.

 The differences between the legal systems in the foreign jurisdiction and Singapore that may affect your ability to recover your funds.

 The tax implications, currency risks, and additional transaction costs that you may have to incur.

 The counterparty and correspondent broker risks that you are exposed to.

 The political, economic and social developments that influence the overseas markets you are investing in.

These and other risks may affect the value of your investment. You should not invest in the product if you do not understand or are not comfortable with such risks.

*An “overseas-listed investment product” in this statement refers to a capital markets product that is listed for quotation or quoted only on overseas securities exchange(s) or overseas futures exchange(s) (collectively referred to as “overseas exchanges”).

1. This statement is provided to you in accordance with paragraph 29D of the Notice on the Sale of Investment Products [SFA04-N12].

2. This statement does not disclose all the risks and other significant aspects of trading in an overseas-listed investment product. You should undertake such transactions only if you understand and are comfortable with the extent of your exposure to the risks.

3. You should carefully consider whether such trading is suitable for you in light of your experience, objectives, risk appetite, financial resources and other relevant circumstances. In considering whether to trade or to authorise someone else to trade for you, you should be aware of the following:

Differences in Regulatory Regimes

(a) Overseas markets may be subject to different regulations, and may operate differently from approved exchanges in Singapore. For example, there may be different rules providing for the safekeeping of securities and monies held by custodian banks or depositories. This may affect the level of safeguards in place to ensure proper segregation and safekeeping of your investment products or monies held overseas. There is also the risk of your investment products or monies not being protected if the custodian has credit problems or fails. Overseas markets may also have different periods for clearing and settling transactions. These may affect the information available to you regarding transaction prices and the time you have to settle your trade on such overseas markets.

(b) Overseas markets may be subject to rules which may offer different investor protection as compared to Singapore. Before you start to trade, you should be fully aware of the types of redress available to you in Singapore and other relevant jurisdictions, if any.

(c) Overseas-listed investment products may not be subject to the same disclosure standards that apply to investment products listed for quotation or quoted on an approved exchange in Singapore. Where disclosure is made, differences in accounting, auditing and financial reporting standards may also affect the quality and comparability of information provided. It may also be more difficult to locate up-to- date information, and the information published may only be available in a foreign language.

Differences in legal systems

(d) In some countries, legal concepts which are practiced in mature legal systems may not be in place or may have yet to be tested in courts. This would make it more difficult to predict with a degree of certainty the outcome of judicial proceedings or even the quantum of damages which may be awarded following a successful claim.

(e) The Monetary Authority of Singapore will be unable to compel the enforcement of the rules of the regulatory authorities or markets in other jurisdictions where your transactions will be effected.

(f) The laws of some jurisdictions may prohibit or restrict the repatriation of funds from such jurisdictions including capital, divestment proceeds, profits, dividends and interest arising from investment in such countries. Therefore, there is no guarantee that the funds you have invested and the funds arising from your investment will be capable of being remitted.

(g) Some jurisdictions may also restrict the amount or type of investment products that foreign investors may trade. This can affect the liquidity and prices of the overseas-listed investment products that you invest in.

Different costs involved

(h) There may be tax implications of investing in an overseas-listed investment product. For example, sale proceeds or the receipt of any dividends and other income may be subject to tax levies, duties or charges in the foreign country, in Singapore, or in both countries.

(i) Your investment return on foreign currency-denominated investment products will be affected by exchange rate fluctuations where there is a need to convert from the currency of denomination of the investment products to another currency, or may be affected by exchange controls.

(j) You may have to pay additional costs such as fees and broker’s commissions for transactions in overseas exchanges. In some jurisdictions, you may also have to pay a premium to trade in certain listed investment products. Therefore, before you begin to trade, you should obtain a clear explanation of all commissions, fees and other charges for which you will be liable. These charges will affect your net profit (if any) or increase your loss.

Counterparty and correspondent broker risks

(k) Transactions on overseas exchanges or overseas markets are generally effected by your Singapore broker through the use of foreign brokers who have trading and/or clearing rights on those exchanges. All transactions that are executed upon your instructions with such counterparties and correspondent brokers are dependent on their respective due performance of their obligations. The insolvency or default of such counterparties and correspondent brokers may lead to positions being liquidated or closed out without your consent and/or may result in difficulties in recovering your monies and assets held overseas.

Political, Economic and Social Developments

(l) Overseas markets are influenced by the political, economic and social developments in the foreign jurisdiction, which may be uncertain and may increase the risk of investing in overseas-listed investment products.

Schedule 4

COMMODITY TRADING ACT (CHAPTER 48A)

COMMODITY TRADING REGULATIONS RISK DISCLOSURE STATEMENT REQUIRED TO BE FURNISHED BY A COMMODITY BROKER, COMMODITY FUTURES BROKER OR SPOT COMMODITY BROKER

1. This statement is provided to you in accordance with section 32 (1) of the Commodity Trading Act.

2. The intention of this statement is to inform you that the risk of loss in trading in commodity contracts, commodity futures contracts and in spot commodity contracts can be substantial. You should therefore carefully consider whether such trading is suitable for you in light of your financial condition.

3. In considering whether to trade, you should be aware of the following:

(a) Margin: You may sustain a total loss of the initial margin and any additional margins that you deposit to establish a position or maintain positions in the commodity market, commodity futures market or spot commodity market. If the market moves against your positions, you may be called upon to deposit a substantial amount of additional margins, on short notice, in order to maintain your positions. If you do not provide the required margins within the prescribed time, your positions may be liquidated at a loss, and you will be liable for any resulting deficit in your account.

(b) Liquidation of position: Under certain market conditions, you may find it difficult or impossible to liquidate a position.

(c) Contingent orders: Placing contingent orders, such as “stop-loss” or “stop-limit” order, will not necessarily limit your losses to the intended amounts, since market conditions may make it impossible to execute such orders.

(d) “Spread” position: A “spread” position may not be less risky than a simple “long” or “short” position.

(e) Leverage: The high degree of leverage that is often obtainable in commodity futures trading, trading in commodity contracts and spot commodity trading because of the small margin requirements can work against you as well as for you. The use of leverage can lead to large losses as well as gains.

(f) Foreign markets and off-futures exchange transactions: Funds placed with a commodity broker, commodity futures broker or spot commodity broker for the purpose of participating in foreign markets or off-futures exchange transactions, such as spot or other over- the-counter transactions, may not enjoy the same level of protection as funds placed in commodity markets or Commodity Futures Exchanges located in Singapore.

4. This brief statement cannot disclose all the risks and other significant aspects of the commodity market or of the commodity futures market. You should therefore carefully study commodity futures trading, trading in commodity contracts and spot commodity trading before you trade.

Schedule 5

NOTIFICATION ON FUTURES TRADING RULE 1.6

In line with practices in other established futures exchanges, the SGX-DT requires that this notification on the following Futures Trading Rule 1.6 be provided for your acknowledgement that it is acceptable and accepted by you:

Exclusion of Liability, Disclaimer of Warranties & Statutory Immunity

1.6.1 No Liability for Loss.

Unless otherwise expressly provided in this Rules or in any other agreements to which the Exchange is a party, the Exchange shall not be liable to any Person for any loss (consequential or otherwise, including, without limitation, loss of profit), damage, injury, or delay, whether direct or indirect, arising from:

(a) any action taken by the Exchange in connection with the discharge of its regulatory responsibilities including the suspension, interruption or closure of the Markets; or

(b) any failure or malfunction of Exchange Systems. “Exchange Systems” refers to any pre-trade, trade or post-trade systems, including QUEST, operated by the Exchange in connection with the Markets.

1.6.2 Statutory Immunity.

As provided under the Act, the Exchange or any Person acting on its behalf including any director or any Committee Member shall be immune from any criminal or civil liability for anything done (including any statement made) or omitted to be done with reasonable care and in good faith in the course of, or in connection with, the discharge or purported discharge of its obligations under the Act or this Rules.

1.6.3 Disclaimer of Warranties.

All warranties and conditions, both express and implied as to condition, description, quality, performance, durability, or fitness for the purpose or otherwise of any of the Exchange Systems or any component thereof are excluded except as required by law. The Exchange does not warrant or forecast that the Exchange Systems, any component thereof or any services performed in respect thereof will meet the requirements of any user, or that operation of the Exchange Systems will be uninterrupted or error-free, or that any services performed in respect of the Exchange Systems will be uninterrupted or error-free.

1.6.4 Index Related Disclaimers.

The Exchange, Index Provider and any other party involved in, or related to, making or compiling any index do not guarantee the originality, accuracy or completeness of such indices or any data included therein. Contracts on any index (“Index Contracts”) are not sponsored, guaranteed or endorsed by the Index Provider or any other party involved in, or related to, making or compiling such indices. Neither the Index Provider nor any other party involved in, or related to, making or compiling any index makes any representations regarding the advisability of investing in such Index Contracts. Neither the Index Provider nor any other party involved in, or related to, making or compiling any index makes any warranty, express or implied, as to the results to be obtained by any person or any entity from the use of such index or any data included therein. Neither the Index Provider nor any other party involved in, or related to, making or compiling any MSCI Index makes any express or implied warranty, and expressly disclaims all warranties of merchantability and fitness for a particular purpose or use with respect to such index or any data included therein. Without limiting any of the foregoing, in no event shall an Index Provider or any other party involved in, or related to, making or compiling any index have any liability for any direct, special punitive, indirect, or consequential damages (including lost profits), even if notified of the possibility of such damages. In addition, neither the Exchange, an Index Provider nor any other party involved in, or related to, making or compiling any index shall have any liability for damages, claims, losses or expenses relating to any futures or options contracts that may be caused by any errors or delays in calculating or disseminating such index. “Index Provider” as used herein refers to MSCI, FTSE, IISL, NKS or such other index provider and their respective affiliates with whom the Exchange has or shall enter into agreements with for the creation and exploitation of indices and index- linked products.

1.6.5 Notification to Customers.

Members shall notify Customers of the above exclusion of liability and disclaimer of warranty by the Exchange either by way of inclusion in the contracts granting access to the Markets or such other manner as approved by the Exchange.

Document Metadata

Table of Contents

Contract

Document Metadata

Contract

6 保 证 金 要 求

7 外 币 交 易

8 清 算 指 示

9 费 用 及 支 付

10 联 名 账 户

12 授 权 书

13 一 般 赔 偿

16 通 讯

17 结单、确认函和通知

18 客户的xx、保证和承诺

19 辉立期货就其出具的意见、报告、摘要、分析和资料所做的免责声明

20 个人数据保护

25 管辖法律和管辖权

1. 适用性和修订

2. 使 用 条 件

5. 义务、责任及赔偿的限制

6. 保 密

2 违 约

CUSTOMER TRADING AGREEMENT

E LECTRONIC BROKING FACILITIES

Document Metadata

6 保证金要求

7 外币交易

8 清算指示

9 费用及支付

10 联名账户

12 授权书

13 一般赔偿

16 通讯

2. 使用条件

6. 保密

2 违约