Risk Disclosure

RISK DISCLOSURE SCHEDULE 1

TIGER BROKERS (SINGAPORE) PTE LTD (“TBSPL”) – RISK DISCLOSURE STATEMENT

This statement does not disclose all of the risks and other significant aspects of trading in capital market products. In the light of risks, you should undertake such transactions only if you understand the nature of securities, derivatives, and the contracts (and the contractual relationship) which you are entering into and the extent of your exposure to risk. You should carefully consider whether trading in capital market products is appropriate in the light of your experience, objectives, financial resources, and other relevant circumstances. If in any doubt, you should seek professional advice. Different capital market products involve different levels of risk and in considering whether to trade or invest in capital market products, you should be aware of the following points:

i. Terms and Conditions of Trading/ Investing in Capital Market Products

You should read and understand the terms and conditions spelt out in the Customer Agreement, Margin Facility Agreement, Futures Account Agreement, together with all disclosures, terms, conditions, rules, and regulations included on the Website, as the same may be amended, modified, supplemented, or replaced from time to time (collectively the “Terms”), which are referred to and govern the relationship between you and TBSPL.

ii. Joint Account

Each joint account holder is jointly and severally liable for all debts incurred in a joint account. A joint account may be operated by not more than 2 individuals.

iii. Risk associated with Trading/ Investing in Capital Market Products

a. Price Fluctuation

The price and value of any investment in capital market products and the income, if any, from them, can fluctuate and may fall against your interest. An individual security may experience downward price movements and may under some circumstances even become valueless. An inherent risk of trading/ investing in capital market products is that losses may be incurred, rather than profits made, as a result of buying and selling such products.

b. Suspension or Restriction of Trading

Market conditions (e.g. illiquidity) and/or the operation of the rules of certain markets (e.g. the suspension of trading in any security because of price limits or trading halts) may increase the risk of loss by making it difficult or impossible to effect transactions or liquidate/ offset positions. The placing of contingent orders, such as “stop-loss” or “stop-limit” orders, will not necessarily limit losses to intended amounts, as it may be difficult or impossible to execute such orders without incurring substantial losses under certain market conditions.

c. Securities-Based Derivatives (e.g. structured warrants, single stock options)

These instruments may give you a time-limited or absolute right to acquire or sell one or more types of investments which is normally exercisable against someone other than the issuer of that investment. You should be aware of the liquidity and market risks associated with these instruments. These instruments carry a high degree of risk as they often involve gearing or leverage, so that a relatively small movement in the price of the underlying investment may result in a much larger movement, favourable or unfavourable, in the price of the instrument. The price of these instruments can therefore be volatile. These instruments have a limited life and may expire worthless if the underlying instrument does not perform as expected.

iv. Risk of Margin Trading

The risk of loss in financing a transaction by deposit of collateral may be significant. You may sustain losses in excess of your cash and any other assets deposited as collateral with TBSPL. TBSPL generally will not issue margin calls, and may liquidate positions in your account in order to satisfy margin requirements without prior notice to you and without an opportunity for you to choose the positions to be liquidated or the timing or order of liquidation. You should therefore carefully consider whether such a financing arrangement is suitable in the light of your own financial position and investment objectives.

v. Commission, Fees, Interest and Other Charges

You should obtain a clear explanation of all commissions, fees, interest and charges, including charges for the custody of your investments, and understand that these charges may affect your net profit (if any) or increase your loss. You agree that you will be liable for these charges (as may be amended from time to time).

vi. Assets Received or Held Outside Singapore

Client assets received or held by the licensed person or registered outside Singapore are subject to the applicable laws and regulations of the relevant overseas jurisdiction which may be different from Singapore law. Consequently, such client assets may not enjoy the same protection as that conferred on client assets received or held in Singapore.

vii. Transactions in Other Jurisdictions

Transactions on markets in other jurisdictions, including markets formally linked to the Singapore market, may expose you to additional risks. Such markets may be subjected to rules and regulations that may offer different or diminished investor protection. Before entering into such trades, you should be aware of the rules relevant to the particular transactions, Singapore regulatory authority may be unable to compel the enforcement of the rules of regulatory authorities or markets in other jurisdictions where your transactions have been effected.

viii. Currency Risks

The potential for profit or loss from transactions on foreign markets or in foreign currency-denominated securities (traded locally or in other jurisdictions) will be affected by fluctuations in foreign exchange rates.

ix. Electronic Trading and Order Routing Systems

Trading through an electronic trading or order routing system exposes you to risks associated with system or component failure. In the event of system or component failure, it is possible that, for a certain time period, you may not be able to enter new orders, execute existing orders, modify or cancel orders that were previously entered or view the receipt of confirmations. System or component failure may also result in loss of orders or order priority. Electronic trading system may experience outages or delays as the result of, among other events, power failures, programming failures, accessibility, volatile market conditions or heavy volume of trading which may result in delayed or slowed response time. You should be prepared and maintain alternative trading arrangements for order entry in the event that TBSPL system is unavailable for any reason.

x. Risk of Short Selling

When you short sell a stock, TBSPL must borrow such stock on your behalf to effect delivery of such stock to the purchaser, if the lender subsequently issues a re-call notice for such stock, TBSPL will attempt to re-borrow the stock on your behalf. You understand and agree that if TBSPL is unable to re-borrow such stock, TBSPL, without notice to you, is authorised by you to cover your short position by purchasing such stock on the open market at the then-current market price and you shall be liable for any resulting losses and all associated costs incurred.

xi. 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.

xii. Non-Advisory Nature of Relationship

You should note and accept that TBSPL does not provide any investment advisory services on any capital market products. You acknowledge and understand that the dealings between TBSPL and you are not subjected to the Guidelines on Fair Dealing Board and Senior Management Responsibilities for Delivering Fair Dealing Outcomes to Customers issued by MAS. TBSPL will act on an execution-only basis and will not be providing any financial advice to you. While information may be shared with you from representatives and/or agents of TBSPL, it is to be used solely for educational purposes. You agree that you rely on your own judgement in making any investment decision and TBSPL nor its representative is liable for any of such investment decision you made.

xiii. Additional Risk Disclosure Statement for Futures Contracts/ Options Trading

You should undertake transactions in futures/ options 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 may not be suitable for everyone. 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, in addition to the risk factors disclosed above:

a. Effect of ‘Leverage’ or Gearing’

Transactions in futures carry a high degree of risk. 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. 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.

b. 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.

c. 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, the purchaser will have to acquire the futures position with the associated liabilities for margin. 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, the seller will acquire a futures position with the associated liabilities for margin. If the option is ‘covered’ by the seller holding a corresponding position in the underlying futures 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.

d. Terms and Conditions of Contracts

You should understand the terms and conditions of the specific futures contract or options 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 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.

e. Suspension or Restriction of Trading and Pricing Relationship

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.

Note: “Margin” for futures and options 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 options to ensure performance of the terms of the futures contract or options.

xiv. Risk disclaimer

a. All investments are risky. The historical data of any security or financial product cannot guarantee its future performance or return. Although diversified investment can help you spread risks, it does not help you to benefit or prevent you from losing money in a depressed market. There will always be potential losses in investing in securities or financial products. You need to consider your own investment objectives and risk tolerance before investing. When you use this product, it means that you have read, understood and accepted all the contents of this disclaimer, and that you have fully understood the possible risks and agreed to assume all the risks involved in using this product. You shall be clear that the use of this product does not completely avoid investment risks, and TBSPL does not take any responsibility for the losses and risks of your investment option interest.

b. TBSPL and its affiliated companies will make every effort to ensure the authenticity, sufficiency, reliability and accuracy of the information provided, but they cannot guarantee its absolute reliability and accuracy. All the information, data and material provided by TBSPL will only be used as reference. You must carefully judge the accuracy of market prices, charts, comments and purchases or other information displayed in this product. TBPSL will not take any responsibility for any loss caused by inaccuracy, omission of any content or your subjective reasons.

c. To the maximum extent permitted by applicable laws, TBSPL shall not be liable for any loss or risk arising from the use or inability to use this product, including but not limited to direct or indirect personal damage, loss of business profits, interruption of trade, loss of business information or any other economic loss.

d. Trading in markets in other jurisdictions（including those with formal links to the local market）may involve additional risks. According to the regulations of these markets, the degree of protection you may have may vary or even decrease. Before proceeding with the transaction, you should first identify all the rules regarding the transaction you will be conducting. The regulatory authority in your own location may not be able to enforce the relevant rules in the jurisdictions or markets of the jurisdiction in which you have executed the transaction. TBSPL is not responsible for any damage caused by the application of any rules.

xv. Exemption of liability for user negligence or breach of contract

a. TBSPL has the right to modify or change this disclaimer at any time, and the modified or changed terms will take effect immediately upon publication. If you continue to use this product after the disclaimer modification or change, you will be deemed to have read, understood and accepted the modified or changed terms. If you claim damages on the grounds of not reading, understanding, or accepting the modified or changed terms, TBSPL will not bear any responsibility.

b. You must confirm that you know the functions of this product and the necessary operations to realize the functions of this product, and voluntarily choose to use TBSPL’s products and related services according to your own needs. For any loss caused by your personal negligence or operational mistakes during your use of TBSPL’s products and related services, TBSPL will not take any responsibility.

c. If you use this product for any illegal purpose or in any illegal way and use TBSPL’s services to engage in any illegal acts or acts causing infringement of the rights and interests of others, resulting in losses to you or third parties, TBSPL will not bear any liability for compensation.

d. The software or program used in this product and all contents on the product, including but not limited to texts, pictures, files, information, data, product structure and product design, shall be owned by TBSPL or other rights holders who own its intellectual property rights according to laws, including but not limited to trademark rights, patents, copyrights, business secrets and proprietary technologies. If you use, modify, reproduce, publicly broadcast, convert, distribute, release, publicly publish, conduct reverse engineering, decompile or reverse compile of this product without the prior written consent of TBSPL or other rights holders, TBSPL will not bear any liability for compensation and has the right to demand that you bear the liability for infringement of intellectual property rights.

e. If the account password, personal information and transaction data are leaked or your identity is counterfeited in the process of using this product, TBSPL will not bear any liability for compensation.

xvi. Objective disclaimer

a. This product has been tested in detail and closely, but it cannot be guaranteed to be completely compatible with all hardware and software systems, and it cannot be guaranteed to be completely error-free. If there are incompatibilities and software errors, you can call TBSPL's customer service (+65-6950-8274) for technical support, but TBSPL will not be liable for any loss incurred by you in anyway.

b. TBSPL will not be responsible for any loss caused by telecommunication system or Internet network failure, computer failure or virus, information damage or loss, computer system problems or any other force majeure reasons (such as war, communication failure, natural disasters, strikes and government actions).

c. The service provided by this product may be interrupted or malfunctioned due to objective factors such as internet data transmission failure, interruption and delay, which causes a danger that this product function cannot be realized. Under such circumstances, if you suffer from losses due to delayed use or inability to use the services provided by this product, TBSPL will not be liable for compensation. You are recommended to take reasonable and effective protective measures when you are using this product.

d. According to the needs of the company's operation, TBSPL will publish and reprint the news and information provided by the cooperative company in this product and the content provider will be indicated when publishing and reprinting. Based on respect for the intellectual property rights of the content provider, TBSPL will not conduct any substantive review over or make modification of the content provided by the content provider and does not guarantee the authenticity of the content. Please make your own judgment. If you think some content involves infringement or misrepresentation, please report your opinion to the provider of the content.

RISK DISCLOSURE SCHEDULE 2

RISK WARNING STATEMENT FOR OVERSEAS-LISTED INVESTMENT PRODUCTS

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 products that is approved in-principle for listing and quotation on, or listed for quotation or quoted only on, one or more overseas securities exchanges or overseas futures exchanges (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 system

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 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.

RISK DISCLOSURE SCHEDULE 3

SECURITIES AND FUTURES ACT (Cap. 289)

SECURITIES AND FUTURES

(LICENSING AND CONDUCT OF BUSINESS) REGULATIONS (Rg 10)

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 TRADE IN FUTURES CONTRACTS OR LEVERAGED FOREIGN EXCHANGE 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 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:

(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

(b) Options

(i) Variable Degree of Risk

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 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.

(c) Additional Risks Common to Futures, Options and Leveraged Foreign Exchange Trading

(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

(iii) Deposited Cash and Property

(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 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.

(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 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.

(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.

(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.

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.

RISK DISCLOSURE 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

This statement is provided to you in accordance with section 32(1) of the Commodity Trading Act. The intention of this statement is to inform you that the risk of loss in trading commodity futures contracts can be substantial. You should, therefore, carefully consider whether such trading is suitable for you in light of your circumstances and financial resources. You should be aware of the following points:

You may sustain a total loss of the funds that you deposit with your broker to establish or maintain a position in the commodity futures market, and you may incur losses beyond these amounts. If the market moves against your position, you may be called upon by your broker to deposit a substantial amount of additional margin funds, on short notice, in order to maintain your position. If you do not provide the required funds within the time required by your broker, your position may be liquidated at a loss, and you will be liable for any resulting deficit in your account.
Under certain market conditions, you may find it difficult or impossible to liquidate a position. This can occur, for example, when the market reaches a daily price fluctuation limit ("limit move").
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.
All futures positions involve risk, and a "spread" position may not be less risky than an outright "long" or "short" position.
The high degree of leverage (gearing) that is often obtainable in futures trading because of the small margin requirements can work against you as well as for you. Leverage (gearing) can lead to large losses as well as gains.
Funds placed with a commodity futures broker for the purpose of participating in foreign markets may not enjoy the same level of protection as funds placed in Commodity Futures Exchanges located in Singapore. Before you trade, you should familiarise yourself with the foreign rules which will apply to your particular transaction.
You should be aware that the price of any foreign futures or option contract and, therefore, the potential profit and loss resulting therefrom, may be affected by any fluctuation in the foreign exchange rate between the time the order is placed and the foreign futures contract is liquidated or the foreign option contract is liquidated or exercised.

THIS BRIEF STATEMENT CANNOT, OF COURSE, DISCLOSE ALL THE RISKS AND OTHER ASPECTS OF THE COMMODITY MARKETS.

RISK DISCLOSURE SCHEDULE 5

NOTIFICATION ON FUTURES TRADING RULE 1.6

SGX-DT requires that this notification on the following Rule 1.6 to be provided for your acknowledgement that it is acceptable and accepted by you.

Rule 1.6: 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 disclaimers of warranty by the Exchange wither by way of inclusion in the contracts granting access to the Markets or such other manner as approved by the Exchange.

RISK DISCLOSURE SCHEDULE 6

DISCLOSURE STATEMENT - MARGIN TRADING

Tiger Brokers Singapore Pte Ltd (“TBSPL”) and/or clearing and custodial firm (collectively the “Firm”) are furnishing this disclosure to you to provide some basic facts about the purchase and sale of securities on margin, and to alert you to the risks involved with trading securities in a margin account. Prior to trading securities in a margin account, you should carefully review TBSPL Margin Facility Agreement. You may consult with TBSPL Appointed Representative any time regarding any questions or concerns you may have with your margin account.

When you purchase securities, you may pay for the securities in full or borrow part of the purchase price from TBSPL. If you choose to borrow funds from TBSPL, you must have a margin account with TBSPL. The securities purchased are the Firm’s collateral for the loan to you. If the securities in your account decline in value, so does the value of the collateral supporting your loan, and, as a result, the Firm can take action, such as issue a margin call and/or sell securities or other assets in any of your accounts, in order to maintain the required equity in the account.

You should understand that pursuant to TBSPL Margin Facility Agreement, TBSPL generally will not issue margin calls, and may liquidate positions in your account in order to satisfy margin requirements without prior notice to you and without an opportunity for you to choose the positions to be liquidated or the timing or order of liquidation. The liquidation will incur a fee plus the broker commission.

In addition, it is important that you fully understand the risks involved in trading securities on margin. These risks include, but are not limited to, the following:

You can lose more funds than you deposit in the margin account. A decline in the value of the securities that are purchased on margin may require you to provide additional fund to the Firm to avoid the forced sale of those securities or other securities in your account(s).
The Firm can force the sale of the securities in your account(s). If the equity in your account falls below the margin maintenance level requirement, or TBSPL’s higher “house” requirements, TBSPL can sell the securities in any of your accounts held at the Firm to cover the margin deficiency. You will also be responsible for any shortfall in the account after such a sale.
The Firm can sell your securities without contacting you. Some investors mistakenly believe that a firm must contact them for a margin call to be valid, and that the firm cannot liquidate securities in their accounts to meet the call unless the firm has contacted them first. This is not the case. Most firms will attempt to notify their clients of margin calls, but they are not required to do so. However, even if a firm has contacted a client and provided a specific date by which the client can meet a margin call, the firm can still take necessary steps to protect its financial interests, including immediately selling or buying back securities without notice to the client. As mentioned above, TBSPL generally will not issue margin calls and can immediately sell your securities without notice to you in the event that your account has insufficient margin.
You are not entitled to choose which securities in your account(s) are liquidated or sold to meet a margin call. The securities are collateral for the margin loan, the Firm has the right to decide which securities to sell or liquidate to protect its financial interests.
TBSPL can increase its “house” margin requirements at any time and is not required to provide you with advance written notice. These changes in the Firm policy often take effect immediately and may result in the issuance of a maintenance margin call. Your failure to satisfy the call may cause the Firm to liquidate or sell securities in your account(s).
You are not entitled to an extension of time on a margin call. While an extension of time to meet margin requirements may be available to clients under certain conditions such as if TBSPL chooses to issue margin call rather than immediately liquidating under margin positions, you do not have the right to the extension.

RISK DISCLOSURE SCHEDULE 7

Risk Disclosure Statement - Options and Other Derivatives Trading

To allow the Client (“you”) to fully understand the risk associated with stock option and other derivative business such as warrants and callable bull/bear contracts (“CBBC”), Tiger Brokers (Singapore) Pte Ltd (“TBSPL”) has prepared this risk disclosure statement for your information. Please read carefully the following contents. In case of any question, please contact the support staff of TBSPL. This risk disclosure statement does not cover all risks and important matters in the trading of options and other derivatives. You should understand the nature of the subject to be traded and the degree of risk you are responsible for before any trading. Not all clients are suitable for participating in trading options and other derivatives, you should consider cautiously whether to participate in the trades aforesaid according to your own investment experience, financial strength and other relevant conditions.

1. Options trading

i. You should fully be equipped with the financial strength, expertise and investment experience necessary for option trading before your option trading. You should consider cautiously whether to purchase options after fully evaluating your own risk tolerance, investment experience, knowledge of the product, risk control capability etc.

ii. You should understand the basic knowledge of options, relevant laws and regulations, the rules and announcements of the related Exchange(s),as well as the rules of TBSPL before you decide to participate in any options trading.

iii. You should fully understand the characteristics of risk associated with options before you decide to engage in any options trading. Unlike stock trading, option is a financial derivative featuring gearing, time delay, co-movement and high risk. An option trade is a margin trade. An option is an exchange traded SIP with high volatility. It is common to experience significant price increases or decreases in one single trading day. Options therefore expose you to higher risk. You may suffer substantial losses, which may even exceed your account deposits.

iv. You should carefully read the terms and conditions of contract and rules associated with options to be purchased as well as the relevant responsibilities before you decide to engage in any options trading. The relevant Exchange(s) may revise the terms and conditions of contract of the option not executed in some circumstances to reflect the change in relevant rights and interests.

v. You should understand that the risks associated with sell option trading are generally higher than the risks of buy option trading. Although the seller may obtain a premium, the seller may also suffer from loss which exceeds the premium due to the fluctuation in the price of contracted subject as the seller needs to perform the obligation of exercising. The Options market may experience less liquidity than the equity market. In instances of very low market liquidity, it is possible that enforced liquidation or execution at a very low /high price, resulting in a loss that exceeds the initial deposit.

vi. During options trading, you should pay attention to the ex-dividend and ex-right in case of dividend allocation, dividend payout, shares donation, capitalizing of common reserves, shares allocation and shares splitting or combination with respect to the contract subject. The relevant Exchange(s) will adjust the contracting parties and exercise the price of the option contract within the period of validity, and the trading and settlement of the contract will be carried out as the terms and conditions of the contract after the adjustment.

vii. Option trading are complicated. You should fully understand the rules of options trading, the correlation between the option price and the movement of the underlying stock price, to consider whether you can tolerate the risk of options investments before you decide to participate in option trading.

viii. You should check the terms and conditions of the options contract and the related obligations (for example, under what circumstances you may be responsible for the expiration date of the option and the exercise limit of the option). In some cases, the exchange or clearing company may modify the details of the outstanding contracts (including the option exercise price) to reflect the changes in the relevant assets of the contract. TBSPL is not responsible for any loss of trading that may result from your lack of awareness of the related rules.

2. Warrants and CBBC in the Hong Kong Exchange

i. Issuer default risk

In the event that a structured product issuer becomes insolvent and defaults on their listed securities, you will be considered as unsecured creditor and will have no preferential claims to any assets held by the issuer. You should therefore pay close attention to the financial strength and credit worthiness of structured product issuers before you participate in trading this kind of product.

“Issuers Credit Rating” showing the credit ratings of issuers is now available under the Issuer and Liquidity Provider Information sub-section under Derivative Warrants and under CBBCs section on the official website of HKEx

ii. Uncollateralized product risk

There are no assets guarantee for uncollateralized structured products. In the event of issuer bankruptcy, you can lose your entire investments. You should read the listing documents to confirm if a product is uncollateralized.

iii. Gearing risk

Structured products such as derivative warrants and callable bull/bear contracts (CBBCs) are leveraged and can change in value rapidly according to the gearing ratio relative to the underlying assets. You should be aware that the value of a structured product may fall to zero resulting in a total loss of the initial investment.

iv. Expiry considerations

Structured products have an expiry date after which the product may become worthless. You should be aware of the expiry time horizon and choose a product with an appropriate lifespan for their trading strategy.

v. Extraordinary price movement

The price of a structured product may not match its theoretical price due to outside influences such as market supply and demand factors. As a result, actual traded prices can be higher or lower than the theoretical price.

vi. Foreign exchange risk

Your trading structured products with underlying assets not denominated in Hong Kong dollars are also exposed to exchange rate risk. Currency rate fluct

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