CFD Account Application and / or CFD (DMA) Opt In Form. Trading A/C No. NRIC TR Code. Client Name (H) (O) (HP)

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1 CFD Account Application Form and / or CFD (DMA) Opt In Form Updated version Mar 2009 Application for Contracts For Difference (CFD) Trading Facility [This form is applicable for existing Phillip Securities Pte Ltd (PSPL) account holder] CFD Account Application and / or CFD (DMA) Opt In Form CLIENT S PARTICULARS Trading A/C No. NRIC TR Code Client Name Telephone No. (H) (O) (HP) 1 Contracts For Difference (CFD) Trading Facility application For existing PSPL clients: a. Please tick (1) to apply for a CFD Trading account. b. Please tick (2) if you would like to opt-in to CFD (DMA) trading at the same time. 2 Opt-In to CFD (DMA) Trading (Optional Facility) For existing CFD clients: a. Please tick (2) to opt-in to CFD (DMA) trading. IMPORTANT NOTE CFDs may not be suitable for clients whose investment objective is preservation of capital and/or whose risk tolerance is low. Clients are advised to understand the nature and risks involved in margin trading. Trading in CFDs will and do involve risks. At the very least you must be and are prepared to risk the possibility of losing the entirety of the margin that you deposit with PSPL to establish or maintain a CFD position. Commission and Other Charges Before you sign up for this product, you should be clear about all commissions, fees and other charges for which you will be liable. These charges will affect the performance/returns of your investment. CLIENT S ACKNOWLEDGEMENT & AGREEMENT I confirm that I have received, read and understood the terms and conditions spelt out (which may be amended from time to time) in the TERMS AND CONDITIONS OF CFD TRADING, the CFD INFORMATION SHEET and PSPL's standard CONDITIONS GOVERNING PHILLIP SECURITIES TRADING ACCOUNTS, all of which are referred to and construed as part of the agreement between PSPL and myself in respect of CFD trading (the "Agreement"). In consideration of PSPL accepting my application for and providing me a CFD account, I hereby agree to be bound by the terms of the Agreement currently in effect and as amended from time to time. I have also read the RISK DISCLOSURE STATEMENT and confirm that I am acquainted with the risks associated with trading in CFDs. Client s Signature / Date For Official Use Only Processed By : Deposit Amt : Nets / Cheque No : Receipt No : Remarks : TR s Signature / Date Despatch Checklist: Receipt Cheque Quick Cheque Deposit Slip Nets Slip Others (pls specify) : CFD AF03 Checked, Signature Verified & Update of Acc By / Date (CFD Ops) Date Received (CFD Ops)

2 The following terms of trading, read together with the terms and conditions set out in the CONDITIONS GOVERNING PHILLIP SECURITIES TRADING ACCOUNTS, shall apply to customers trading in CFDs. LEVERAGED INSTRUMENTS 1. Trading Facility The Customer agrees that for the purposes of trading Leveraged Instruments, such as Contracts for Differences ( CFDs ) and Extended Settlement Contracts, a separate account will be established by PSPL for the Customer for each Leveraged Instrument type to be transacted in (each hereafter, an "Account" as referred to in this Section). For avoidance of doubt, Contracts for Differences with financial instruments as underlying (e.g. securities or indices) shall constitute one Leveraged Instrument type and Extended Settlement Contracts shall constitute another Leveraged Instrument type. An account limit will be set by PSPL and varied from time to time according to the Customer s credit status and the amount of margin(s) specifically deposited with PSPL and earmarked for the Account. The Customer agrees that PSPL may, in its absolute discretion, apply a limit to: (a) the size of any order or trade or series of orders or trades which the Customer may enter into; and (b) the amount of any loss or liability to which the Customer may be exposed with respect to its trading (including unrealised loss determined on a marked to market basis by PSPL in good faith). The Account for transacting in each Leveraged Instrument type is distinct from any other Account for the purposes of this Document and thus distinct from the Account for securities trading generally as well as the Margin Account. One consequence is that margins/collateral required for the Customer's trading in each Leveraged Instrument type contract needs to be separately provided. For avoidance of doubt, any interim excess in margin or collateral the Customer may have with PSPL for his securities trading generally or in his Margin Account will be disregarded in calculating available margin/collateral for the Customer's trading in each Leveraged Instrument type contract. Where Transactions are intended to be effected on and subject to the rules of any exchange, market or trading platform (in each case "Relevant Rules") then it is a condition to the Customer being permitted to effect any such Transaction that the Customer agrees and is deemed by giving any order for such Transaction to have agreed to ensure that he has read and understood the relevant rules of the exchange, market or trading platform for effecting such Transactions and ensured that he shall at all times take no action or fail to take any action referable to any trading or transaction he effects or intend to effect with respect to such Transactions that would cause PSPL to be deemed in breach of the Relevant Rules. The Customer in particular is assumed to and should in particular ensure that he is familiar with the requirements of the Relevant Rules as to the provision of margins and settlement terms for the Transactions. 2. Information Sheet In addition to these terms and conditions, the Customer agrees to be bound by the terms in each relevant Leveraged Instrument type's Information Sheet which sets out matters and terms relating to its trading, including the initial and maintenance margin requirements, margin calls, trading hours and list of available underlying financial instruments, markets, and exchanges. Should any terms in the relevant Information Sheet conflict with these terms and conditions, the former are intended to and shall prevail. 3. Margin Without prejudice to the terms in each relevant Leveraged Instrument type's Information Sheet for transacting in that Leveraged Instrument type of contracts, the Customer shall deposit, maintain in each relevant Account and/or, as otherwise required by PSPL, provide PSPL with Margin in such form and amounts at such times and in respect of such Account as PSPL may from time to time in its sole and absolute discretion require, whether or not such requirement of PSPL is identical to or reflects or is greater than any applicable PSPL requirements of any governmental or selfregulatory organisation in any jurisdiction (including any exchange or market or operator of a relevant trading platform) which is required to be maintained by PSPL and/or the Customer for transactions for the Account. The Customer hereby acknowledges and agrees that separate Margin shall be provided by the Customer in respect of each Account as PSPL may require, and that the Margin in respect of each Account shall be treated as separate for the purposes of this agreement. Upon specific instructions provided by the Customer, PSPL may (but is not obliged to) transfer all or part of the Margin held by PSPL for the Customer in respect of any Account to any other Account or to utilise such Margin for any purposes as required by the Customer. The Customer hereby also acknowledges and agrees PSPL may, in its sole and absolute discretion, with or without notice to the Customer, vary the Margin requirements for any Account at any time and by any level and may also stipulate that such Margin requirements shall apply to existing positions as well as new positions in the Transactions affected by such change. The Customer hereby also acknowledges and agrees that PSPL may, in certain market conditions, effect an immediate change in Margin limits or levels and/or require additional Margin to be deposited immediately or within a specified period of time which may be less than 24 hours, and waives any right to object on the grounds that such requirement is unreasonable. No previous Margin requirements shall set a precedent or bind PSPL. The Customer hereby also acknowledges and agrees to provide such additional Margin immediately upon demand, provided that, notwithstanding any such demand for additional Margin, PSPL may at any time exercise its rights set out in Clause 4 below. In making such determination in respect of the Margin provided for any Account, PSPL shall not be required to take into consideration Margin held by PSPL for the Customer in respect of any other Account. The Customer acknowledges 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. All Margin shall be held by PSPL, 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 PSPL for any and all of the Customer's liabilities to PSPL (whether contingent or actual) under this agreement or otherwise, and PSPL may realise any of the Margin of the Customer as provided for in this agreement. PSPL shall be entitled to deposit, pledge, repledge or loan any Margin in whatever form provided to PSPL or otherwise, 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 Customer with PSPL and the Customer acknowledges and consents that interest earned on the Margin deposited under this agreement may be retained by PSPL for its own account and benefit. PSPL shall at no time be required to deliver to the Customer the identical property delivered to or purchased by PSPL 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. The Customer shall at its own cost and at PSPL's request, execute and do all such deeds, acts and things (including without limitation, the performance of such further

3 acts or the execution and delivery of any additional instruments or documents) as PSPL may require for the purposes of this agreement, including but not limited to perfecting PSPL's rights to the Margin provided by the Customer. For so long as the Customer owes moneys or obligations (of whatsoever nature and howsoever arising) to PSPL, the Customer shall only withdraw margin from PSPL with PSPL s consent. PSPL may at any time withhold any margin of the Customer pending full settlement of all such moneys or obligations of the Customer. Margin excess arising from pledged share collateral shall not be available for withdrawal. 4. Default and Extraordinary Event/Closure of Accounts A "Default" shall be deemed to occur if: (a) the Customer has failed to comply with any of its obligations hereunder or under any Account or Transaction; (b) (in the event the Customer is an individual) the Customer shall die, become bankrupt or insane, commit an act of bankruptcy, or have action to place the Customer in bankruptcy commenced against it; (c) (in the event the Customer is a partnership) any of the partners thereof shall die, become bankrupt or insane, commit an act of bankruptcy, or have action to place him/her in bankruptcy commenced, or if action is commenced to dissolve and/or alter the partners or the constitution of the Customer; (d) (in the event the Customer is a corporation) the Customer shall be unable to pay its debts as and when they are due, or action is commenced to place the Customer in insolvency, judicial management, receivership, administrative management, or any similar or analogous proceedings; (e) 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; (f) the Customer makes any compromise or arrangement with its creditors; or (g) PSPL forms the view, in good faith, that it should take action in order to preserve its rights or interests under any Account or under its relationship with the Customer, PROVIDED in the case of Transactions effected otherwise than on an exchange, in the event of a Default under sub-clauses (b), (c) or (d) above, all outstanding Transactions (including any Transaction which has not been performed and in respect of which the value date as determined by PSPL is on or precedes the date on which PSPL terminates such Transaction) entered between the Customer and PSPL shall be deemed immediately liquidated at prevailing prices (or, if not available, at such prices PSPL deems fit) and the amounts resulting converted into Singapore dollars or such other currency as PSPL may from time to time use as the principal currency of its business (together with all Margin duly converted into Singapore dollars or such other currency as PSPL may from time to time use as the principal currency of its business) at PSPL's prevailing rates and set-off against each other and the Margin prior to PSPL resorting to its rights below and/or payment or repayment to the Customer (if applicable). Without prejudice to any other right of PSPL hereunder or otherwise at law, in the event of Default, PSPL may (but is not obliged to) immediately or at any time thereafter, do any one or more of the following: (i) suspend (indefinitely or otherwise) or terminate any Account, or PSPL's relationship with the Customer and accelerate any and all liabilities of the Customer to PSPL so that they shall become immediately due and payable; (ii) hedge and/or close out any outstanding Transaction (including any Transaction which has yet to be settled on the date on which PSPL terminates such Transaction) by determining its value in good faith as of the date of the close-out as soon as practicable after the close-out; (iii) liquidate the Margin or part thereof at a price which PSPL deems appropriate in the circumstances; (iv) 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 PSPL as security for the Account(s); (v) apply any amounts of whatsoever nature standing to the credit of the Customer against any amounts which the Customer owes to PSPL (of whatsoever nature and howsoever arising, including any contingent amounts), or generally to exercise PSPL's right of set-off against the Customer; (vi) demand any shortfall after (v) 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 (vii) exercise such other authority and powers that may have been conferred upon PSPL by this Document. If there occurs in relation to any Transaction (otherwise than on an exchange) or otherwise in relation to an Account or Accounts an Extraordinary Event (as defined below), PSPL shall have the sole 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 PSPL undertakes such 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 PSPL 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 PSPL in good faith believes to have a material adverse effect on any Transaction and shall include without limitation 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 PSPL's good faith opinion adversely alters or changes the rights or obligations which PSPL in good faith undertook upon the establishment of such Transaction. The Account or the Primary Service provided in relation to such Account provided by PSPL may also be terminated as of right without the need for any reason whatsoever by PSPL or the Customer giving the other party not less than five (5) days notice in writing. Without prejudice to the foregoing, PSPL in any event reserves the right not to

4 disclose the reason for terminating the account. Such notice to terminate the Account or Primary Service shall not be a waiver of all accrued obligations of each party in respect of the Account and these accrued obligations shall continue to be governed by these terms until such obligations are performed. The Customer accepts that during the notice period, the Customer can only liquidate outstanding positions and is not allowed to put on new positions in the account. Prior to the date of the termination of any Account or Primary Service, the Customer shall instruct PSPL as to the proper disposal or transfer of money and other properties of the Customer in relation to such Account or Service. If the Customer fails to do so, PSPL may exercise any of its rights as if Default had occurred. Nothing in this clause prejudices any of PSPL s other rights under this Document. To the fullest extent permitted by the law, the Customer acknowledges and agrees that PSPL is not intended to have any liability and shall not be liable to the Customer for any claims, costs, damages or losses whatsoever that may arise or that may be suffered or incurred by the Customer as a result of a termination of the Account or a relevant Primary Service or part thereof by PSPL. Any fees, expenses, costs and other charges of PSPL accrued or incurred up to the effective date of termination shall be paid by the Customer. After the termination of the Account or the relevant Primary Service, PSPL shall close the Account at such time that it deems appropriate. TERMS AND CONDITIONS OF CFD TRADING 1. CFD The Product The Customer acknowledges that: (a) trading in CFDs involves trading on the outcome of the price of a financial instrument (eg. equity) or of an index and the Customer will not be entitled to delivery of, or be required to deliver, the underlying financial instrument nor ownership thereof or any other interest therein. A CFD has a fixed tenure and needs to be specifically closed out at or before its expiry date by the Customer or pursuant to the Customer's express instructions, failing which an automatic rollover will be effected by PSPL; (b) PSPL conducts CFD trading with customers (including the Customer) in relation to individual equities and equity indices and all CFD trades conducted are openended margined products in that they are automatically subject to being rolled over unless specifically closed out by the Customer or otherwise pursuant to these terms. The Customer acknowledges that PSPL is entitled to but not obliged to hedge its own exposure ( Hedge Position ) under a CFD transaction with the Customer by entering into with, or acquiring from, a third party any CFD or other instrument or financial product. The Customer thus acknowledges that PSPL will charge and the Customer will pay a charge (for convenience referred hereafter as "interest") with respect each of its CFD open positions of such amount and/or at such rate as PSPL may from time to time notify the Customer and which rate may incorporate any market charges incurred by PSPL in relation to a Hedge Position; (c) all CFD transactions are effected as between the Customer and PSPL on a principal to principal basis and as such the Customer further acknowledges and accepts the following: (i) The Customer is transacting in CFDs fully aware and accepting that PSPL owes it no fiduciary duties or any duty of good faith or reasonable care except as specifically and expressly provided for in these terms; (ii) That PSPL is not acting as fiduciary or adviser to the Customer; and (iii) The Customer will effect its own due diligence and will ensure that in each case a CFD transaction is suitable for the Customer before the Customer enters into or offers to enter into the same, the Customer being fully aware that it is entering into the transaction on a strictly buyer beware basis; (d) notwithstanding that trading in CFDs does not give rise to the Customer having any proprietary rights to the underlying financial instrument, the Customer acknowledges that the Customer may, in certain circumstances (for example but not limited to under the provisions of the Code of Takeovers and Mergers), have disclosure or other obligations as if the Customer had effected a transaction to buy or sell the underlying financial instrument; (e) that the Customer is acting for its own account and will make its own independent decisions about whether (a) to enter into any proposed CFD transaction; and (b) whether the CFD transactions and/or any proposed CFD transaction is appropriate or proper for the Customer based on its own judgment and upon advice from such legal, tax, regulatory, accounting and/or other advisers as the Customer deems necessary and appropriate; (f) that although PSPL will, in its absolute discretion in good faith, provide the Customer with information on actual and potential CFD transactions, it is the Customer's responsibility to ask PSPL for any explanations that the Customer may require in order for it and/or its advisers to assess the risks attached to any such transaction and its suitability for the Customer; (g) that information and explanations related to the terms and conditions of any CFD transaction shall not be considered investment advice or a recommendation to enter into any CFD transaction; (h) that the Customer has not and shall not rely on any communication (written or oral) from PSPL as legal, tax, regulatory or accounting advice, nor (except as provided for under the next sub-section below) as investment or financial or other advice; (i) that PSPL is not giving the Customer advice on the merits of any CFD transaction or any particular aspect of it unless, in relation to a particular potential or actual CFD transaction, PSPL has expressly acknowledged in writing that PSPL is doing so; and that where such advice is given, it is subject to any agreed terms between the parties for the giving of such advice; and (j) that no communication (written or oral) received from PSPL, whether before a CFD transaction is entered into or before it is terminated or expires, shall be deemed to be an assurance, guarantee or opinion as to the anticipated results of any CFD transaction. 2. Procedures Regarding Acceptance of Customer s Orders Nothing in this agreement obliges PSPL to enter into any CFD transaction with or to act on any order of the Customer, and PSPL may refuse to enter into any contract or otherwise act on any order without giving any reason. The Customer further acknowledges that PSPL may elect not to enter into any CFD transaction with the Customer until PSPL has satisfied itself that it can hedge its exposure. In the event that PSPL decides to act on any order or is otherwise under an obligation to act on any order, PSPL shall be allowed such amount of time to review the order as may be reasonable before acting on it, having regard to the systems and operations of PSPL and the other circumstances then prevailing. This review may cause delays in the processing of the order and the Customer may receive an order execution based on the price of the underlying financial instrument existing in the marketplace at the time of execution (being such time as PSPL agrees to accept and actually accepts the Customer's order). The price may be different from the price at which the underlying financial instrument was trading when the Customer s order was received. PSPL shall

5 not be liable for any loss arising from any delay on the part of PSPL in accepting the Customer s order. Unless otherwise stipulated, all orders are day orders only. Good Till Cancelled ( GTC ) orders are valid until they are cancelled by the Customer or by the Customer s trading representative. Should the price of a GTC order be too far away from the then prevailing market price of the underlying financial instrument, PSPL reserves the right not to accept the order. It is the Customer s responsibility to keep track of GTC orders. Without prejudice to PSPL's general discretion to decline a Customer's order, PSPL further reserves the right at its sole discretion, in periods of extreme market volatility and heavy trading volume, to limit and restrict the types of orders it will consider accepting from the Customer. Under certain circumstances, PSPL may also decline to consider or accept GTC orders and stop orders. Furthermore, PSPL retains the right at its sole discretion and without prior notice, to prioritise the consideration of customer orders (including the Customer's orders) such that orders based on the market price of the underlying financial instrument may have higher priority for PSPL's consideration over those based on limit prices. PSPL shall bear no liability whatsoever for failing to consider or accept any order of the Customer or for exercising or failing to exercise any discretion, power or authority conferred upon PSPL by this agreement. 3. Pricing PSPL will quote prices at which it may be prepared to deal in CFDs with the Customer and may, in its absolute discretion, quote different prices and charge commission and other charges at different rates to different customers. Upon the Customer s request, PSPL may quote a higher or lower figure for each transaction as compared to then prevailing market prices for the underlying financial instruments. PSPL may, at its discretion, also notify the Customer of certain instruments in respect of which PSPL will not quote, restrictions on the amount for which PSPL will quote, or other conditions that may apply to PSPL s quote, but any such notification will not be binding on PSPL. For avoidance of doubt, it is acknowledged that PSPL's quotes are all in the nature of "invitations to treat" and not offers. As such, the Customer further acknowledges that none of such quotes may be accepted by the Customer and thereby conclude a CFD transaction between the Customer and PSPL. The Customer's giving of orders based on such quotes shall be the relevant offers open for acceptance by PSPL and thereby concluding a CFD transaction. Despite the preceding, the Customer acknowledges that it is possible that errors may occur in the prices of contracts quoted by PSPL which may be due to errors in the prices of the underlying financial instruments and which errors are carried over into the orders given by the Customer. In such circumstances, without prejudice to any rights it may have under statute or common law, neither party will be bound by any contract which purports to have been made (whether or not confirmed by PSPL) at a price which was, or ought reasonably to have been known to either party to be materially incorrect at the time of the contract. The party asserting that the contract is avoided under this clause shall give notice to the other within seven (7) calendar days of the contract. If the Customer gives notice to PSPL under this clause, PSPL shall determine, acting reasonably, whether the price quoted was materially incorrect. Except in the case of fraud, PSPL 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. Opposite Positions Prohibited The Customer acknowledges that he is not entitled to and shall not hold simultaneous opposing CFD positions on the same underlying financial instrument. For example, if the Customer originally placed a sell order and subsequently placed a buy order for a CFD on the same underlying financial instrument, this will close all or part of the Customer's original sell trade and may create a new open position. If the Customer has more than one open CFD position on the same underlying financial instrument, such trades (or part thereof) will be closed in the order "First In, First Out" (commonly known as "FIFO"). 5. Adjustments and Corporate Actions Without prejudice to any other right of PSPL hereunder or otherwise at law, if the underlying financial instrument of the CFD transaction effected by the Customer or its traded price becomes subject to possible adjustments as a result of: (a) a subdivision, consolidation or reclassification of shares, or a free distribution of shares to existing holders by way of bonus, capitalisation or similar issue; (b) a distribution to existing holders of the underlying security of additional shares, other share capital or securities granting the right to payment of dividends and/or proceeds of liquidation of the issuer (c) a distribution to existing holders of the underlying shares, or securities, rights or warrants granting the right to a distribution of shares or to purchase, subscribe, or receive shares; or (d) any event in respect of the shares analogous to any of the foregoing events or otherwise having a dilutive or concentrative effect on the market value of the shares, PSPL may determine the appropriate consequential adjustment, if any, to be made to the contract value of that CFD and/or the related contract quantity to account for the dilutive or concentrative effect necessary to preserve the economic equivalent prior to that event, to be effective as of the date determined by PSPL and such determination shall be conclusive and binding on the Customer. Notwithstanding the foregoing, PSPL reserves the right to close all open positions relating to the underlying security before the occurrence of the abovementioned adjustments. 6. Account Adjustment for Dividends Without prejudice to the provisions of section 5 of these terms, an adjustment to the Customer's Account shall be made by PSPL with reference to any dividend attributable to the underlying security of any CFD, or in the case of an applicable index CFD (i.e. an index CFD specifically notified to be subject to such dividend adjustment in a relevant CFD Information Sheet) the dividend attributable to the component security of the index, and shall be made as follows: (a) where the Customer holds a long position, PSPL shall adjust the account in favour of the Customer by the dividend (net of relevant taxes) per share, or pro-rated in the case of an index CFD, multiplied by the contract quantity; and (b) where the Customer holds a short position, PSPL shall adjust the account in favour of PSPL by the gross dividend per share, or pro-rated in the case of an index CFD, multiplied by the contract quantity. 7. Market Disruption, Suspension of Trading, Delisting of Underlying Financial Instrument or Closure of Hedge Position On the occurrence of any one, some or all of the foilowing circumstances or events: (a) if the underlying security on which the Customer is trading is the subject of a takeover offer or merger offer or the issuer of such equity has entered into or is the subject of insolvency or liquidation proceedings; or (b) if the underlying financial instrument on which the Customer is trading is suspended or delisted from trading; or (c) any event which disrupts the market, including the suspension of or limitation of trading by reason of movements in price exceeding limits permitted by the relevant exchange or otherwise howsoever and which is, in the sole determination of PSPL, material; or (d) any breakdown or failure of transmission, communication or computer facilities, interruption of power supply or electronic or communications equipment failure; or

6 (e) PSPL s counterparty in a Hedge Position unwinds or closes out the Hedge Position or for any other reason PSPL is no longer able to maintain the Hedge Position. PSPL may in its absolute discretion with or without notice to the Customer (and without prejudice to any other rights or remedies it may otherwise have under the terms of this agreement or at law) take any or all of the following actions: (i) close any or all open positions, refuse any trades, cancel any orders and fill any orders in each case at such level as PSPL may consider in good faith to be appropriate in all the circumstances; (ii) require open long positions to be settled in full from the date of suspension or such date(s) which PSPL shall determine; (iii) impose mandatory maintenance margin requirements on open short positions based on the last done market price of the underlying financial instrument prior to suspension (or on such date(s) which PSPL shall determine); (iv) close or terminate the CFD position if the underlying security is delisted or suspended for an unduly long period of time and cash-settle the contract at such price(s) which PSPL shall determine; (v) suspend or modify the application of any of the terms of this agreement to the extent that it is impossible or not reasonably practicable to comply with them; or (vi) take all such other actions as PSPL deems appropriate in the circumstances. In the absence of fraud or bad faith, PSPL shall not be liable to the Customer for any loss, cost, claim, damage, demand or expense of whatever nature the Customer may suffer or incur in connection with and howsoever arising from the actions taken by PSPL. March 2009

7 OTC / EXCHANGE TRADED LEVERAGED INSTRUMENTS** RISK DISCLOSURE STATEMENT - GENERAL **Leveraged Instruments: Include Contracts for Differences (CFDs) and Extended Settlement Contracts (ESC) 1. We are required by our Regulator to provide you with this risk disclosure statement for with respect to trading in Leveraged Instruments which are not covered by the requirements under section 128(1) of the Securities and Futures Act (Cap. 289). Extended Settlement Contracts and leveraged foreign exchange contracts are covered by the requirements under section 128(1) of the Securities and Futures Act (Cap. 289) but not Contracts for Differences transactions. 2. This statement does not however disclose all the risks and other significant aspects of trading in Leveraged Instruments. 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 Leveraged Instruments 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) LEVERAGED INSTRUMENTS TRADING (i) Effect of Leverage or Gearing Transactions in Leveraged Instruments carry a high degree of risk. The amount of initial margin is small relative to the value of the futures contract or leveraged foreign exchange 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. (ii) 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) LIQUIDITY OTC Leveraged Instruments may be very illiquid and may not have any secondary market, meaning that such instruments may be difficult to be sold within a reasonable time (if at all) or an a price which reflects its objectively perceived "fair" value. For some of such instruments it may even be difficult to get any reliable independent instruments information about the value and risks associated with such (c) ADDITIONAL RISKS COMMON TO OTC LEVERAGED INSTRUMENTS TRADING (i) Form 13 Risk Disclosure The risks notified in the Risk Disclosure Statement required to be and which is being separately provided to you pursuant to section 128(1) of the Securities and Futures Act (Cap. 289) as common to Futures, Options and Leveraged Foreign Exchange are also risks common to OTC Leveraged Instruments. (ii) Off-Exchange Transactions Without detracting from the generally of (i) above, you should particularly note that OTC Leveraged Instruments are traded on an off-exchange basis and the firm with which you conduct your transactions (which may be ourselves or another firm if we act as your broker to effect a transaction with such firm) 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 a separate regulatory regime. You should also note that where we act as your counter-party that this prima facie means that your loss is our gain and as such we will not in such transactions be acting ass your fiduciary but in our own interests. Before you undertake such transactions, you should familiarise therefore yourself with the applicable terms and attendant risks.

8 FORM 13 ( 13) SECURITIES AND FUTURES ACT (Cap. 289) Î «(Cap. 289) SECURITIES AND FUTURES (LICENSING AND CONDUCT OF BUSINESS) REGULATIONS (Rg 10) Î «dø ùö²ÿ dø ùö²ÿ (Rg 10) RISK DISCLOSURE STATEMENT REQUIRED TO BE FURNISHED UNDER SECTION 128(1) AND TO BE KEPT UNDER REG. 39(2)(c) BY THE HOLDER OF A CAPITAL MARKETS SERVICES LICENCE TO TRADE IN FUTURES CONTRACTS OR LEVERAGED FOREIGN EXCHANGE CONTRACTS } 128 (1) È ÉÃ Å È Éà Š}(39)(2)(c) Ê «Ø dxr «üü º nq üüqt È néã Å 1. This statement is provided to you in accordance with section 128(1) of the Securities and Futures Act (Cap. 289) (the Act). 1. Î «(Cap.289)}128 (1) q ý 2. This statement does not disclose all the risks and other significant aspects of trading in futures, options and leveraged foreign exchange. 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 and leveraged foreign exchange 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: 2. År «öº nq i ÉÉÃöºw Åq Á È ¹p Éà u q ~ˆq zö qüüº i «ö qéãz q À ²Ÿ ²r r «öº nq ùœ ²ü q¹}t q Í rq «öºw º w ²r ÿ²ü ÿ r u x o (a) FUTURES AND LEVERAGED FOREIGN EXCHANGE TRADING (i) Effect of Leverage or Gearing Transactions in futures and leveraged foreign exchange carry a high degree of risk. The amount of initial margin is small relative to the value of the futures contract or leveraged foreign exchange 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. (ii) 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. (a (a) «öº nq r (i) z zq n r «öº nq  Îz Éà «üü º nq r qz r ñ q ȱƒq r ºÎz q z n fr q Ù q«º ± q ² ùœ º Åq rùœº«åq ùœ go q p¹úq ñ «ö{ È «Ç q röq ٠Ÿ Îo ùœÿ u ¼ wîèqè «x q q ¼³v È «q q ùœ q À Ÿ j È ø ömq{ È (ii) ÃÉÃq x }n q ÂÍp Èq x x µ Âz x g ÀùŒ Ž Ÿ ² x rùœ Ä ÎÈ q À w ˆn üq}n mêö z mê ùœü ~êq { º r}qéã (b(b) OPTIONS (i) (i) 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 or leveraged foreign exchange transaction, the purchaser will have to acquire a futures or leveraged foreign exchange position, as the case may be, with associated liabilities for margin (see the section on Futures and Leveraged Foreign Exchange Trading 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

9 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 or a leveraged foreign exchange transaction, the seller will acquire a futures or leveraged foreign exchange position, as the case may be, with associated liabilities for margin (see the section on Futures and Leveraged Foreign Exchange Trading above). If the option is covered by the seller holding a corresponding position in the underlying futures contract, leveraged foreign exchange transaction 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. (b) (i) ù qéãz r  Îz qéã m ê Ž d º r q y {w m örºéã wq zö r «n ~Žˆ rì Äq z q Øz m ù³² r Ÿˆ µ Í x º Ÿˆ q gj ~ m ²rr qìr üü º n q r º m Ȳü qrº«{õâx «öº nq r µé «º nq q À «mq Í z ¹µ «²â wq zùør «n «m u ³ ² gùrìq ~ ü«m r Ç o o ³ Ä ± qéã š ê q z ê ùœ z Ç q Ì Ù ê È wè x ê r m Ÿˆ qéã d ê iøxj ~ ²rr qìr «üü º nq r º ê ²ü qrº«{õâx «öº n q r µé «º nq À npê pr q «üü º nq r ù È r À Éà ùœãƒ À Ê qéã ÂÍq q~±çq qr µ w z v ÂÍm q«{p ³ z Èq w m vè zör «nqéã ŸŸˆ Í m È wq{ z (c) ADDITIONAL RISKS COMMON TO FUTURES, OPTIONS AND LEVERAGE FOREIGN EXCHANGE TRADING (i) (i) 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 or leveraged foreign exchange transaction 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 or a leveraged foreign exchange 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. (ii) Suspension or Restriction of Trading and Pricing Relationships Market conditions (e.g. illiquidity) 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, e.g., 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. (iii) 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. (c) ³p «öº nq r qè Éà öº nq r qè Éà (i) üü z ý ²Ÿr q r qüì «üü º nq r i zörºiø ùœ iø²r «üü º n q ir Ìrq À d ŸˆqÍ ö ÂÂÍ q À Ÿqüüi v â Ÿˆz ùnr x r x xr Ìrq (ii) f ÂÍr ö zº À Å Ù ö q Êq² gz ÂÍ ž f { üüqr { üü ¼qr ùœ Ž Ä ²Ÿr j v Î ÉÃ Ç ²ù Î ÉÃ

10 r Ìr «üüiâ r Ìr iâ q zº qr «üü z ÂÍ Ê ² ²Ž ùœöm r õ z q iùœ Ž Ä ¹ z ÇÌ (iii) j örd j örd Ž d o ¼ r q{ È ºwrdq º ¹ú ²Œ ur q ù q È rdqz ùn vq Ê~± q~±ç¼ öm«v gn qr d xüj r}q É (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. (d) öºw «r ið { º È wq «nöºw «q v «ÂrÌ Ø q (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 a rule 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 the 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 types of redress available in both your home jurisdiction and other relevant jurisdictions before you start to trade. (e) ºw~±ç¼qr ºw~±çq â ¼ ¾q ²Ÿqr ùœˆ È Éà ² q ùœ o «üm Ãq r ið üìr ºq{ Ç Á q ~k º Œ ² ² Ÿr qºw~±çq~k º i Í Ÿ r i𠲟r q¹ú º ~±çöºw º~±çù qÿ i (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. (f) «ÉÃ Ä üüq«ù y«êr ««ö üü ºg ºw~±çr qrì iq Ù (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 one or more parties, namely the system provider, the market, the clearing house or member firms. Such limits may vary. You should ask the firm with which you conduct your transactions for details in this respect. (g) r ¹ ùzön r g nnœ q r i x ² Ÿ ² q x r q ö ºº f Ãq q qœ ùœ x r ö q«{âí ²ÂÍù g ²Ÿr q¹ú º Åq (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 not executed at all. (h) n r ³²n r ²Ÿqr Ìp³²¹ ùz ²Ÿqr r Ìp ³²ºwn ²Ÿqr ³²n ²Ÿr ºqÉà ⠱ vz à { ÃùŒ Ž q x q x Ÿ Ÿ Ÿ (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 a separate regulatory regime. Before you undertake such transactions, you should familiarise yourself with the applicable rules and attendant risks.

11 (i) r qr q~±çµ ¹ú²Ÿr qr g ²Ÿr q¹úù g qr q Ÿo w z À ¹ z Ä qéãùœ Ä ùœq ¹px ñ r ö±îéã r qr ùœ ±ƒ z q~k ü~kí q~± ²Ÿ ²r ið Ž d ² nq öâ qéã Note: 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 futures contract or in a leveraged foreign exchange transaction to ensure performance of the terms of the futures contract or leveraged foreign exchange transaction. g ~ˆqüü é iµéz q È, Î rd º i È d ² «n «üü º nq r im ê xv «üü º nq r i q Ÿ March 2009