In this Master Agreement, except where the context otherwise requires:

"Access Codes" means the Login ID, the Login Password and/ or the PIN, or where the context requires, a combination of any of them.

"Authorized Person or Authorized Representative" means the person or persons from time to time authorized to give instructions in relation to and otherwise operate the Designated Account(s).

"Agreed Signing Arrangement" means the signing arrangement of Authorized Person(s)/Representative(s) (together with his/her/their specimen signature(s)) stipulated by you and accepted by the Bank for or in connection with the operation of your account(s) maintained with the Bank whether it be the Master Account or the Designated Account(s) or (as the case may be) the provision of any Service by the Bank, subject to such changes as may be agreed by the Bank from time to time

"Bank" means Shanghai Commercial Bank Limited, its successors and assigns.

"Business Day" means a day other than Sundays, Saturdays or public holidays on which the Bank is open for business in Hong Kong.

"CCASS" means the Central Clearing and Settlement System established and operated by HKSCC.

"CCASS Depository" means such person appointed by HKSCC to perform the depository and custodian services in CCASS.

"CCASS Nominee" means the nominee company of HKSCC or such other person appointed by HKSCC to perform the nominee service in CCASS.

"Clearing Houses" means HKSCC or any other clearing houses in or outside of Hong Kong.

"Counter Trading Service" means any facility provided by the Bank from time to time under this Master Agreement which enables you to give instructions relating to any Transaction over the counter at any branch of the Bank.

"Derivative Product" means an over-the-counter financial contract whose value is designed to track the return on or is derived from currencies, interest rates, securities, bonds, money market instruments, metals and other commodities, financial instruments, reference indices or any other benchmark and includes, without limitation, warrants, options, equity-linked notes or other convertible securities.

"Derivative Transaction" means any transaction in Derivative Products entered into by you through the Bank as agent pursuant to this Master Agreement.

"Designated Account(s)" means your account(s) maintained with the Bank whether in the nature of savings or checking account(s) as (i) specified in the Account Mandate signed by you, or (ii) any other account(s) from time to time specified by you and accepted by the Bank, and "Hong Kong Dollar Designated Account" shall mean the Designated Account in Hong Kong dollars and "Foreign Currency Designated Account" shall mean the Designated Account in foreign currency.

"Electronic Trading Service" means any facility provided or to be provided by the Bank from time to time under this Master Agreement which enables you to give instructions relating to any Transaction via electronic or telecommunications media (including through the use of interactive television, systems, computers, machines, terminals or any other electronic or telecommunications devices as the Bank may from time to time determine and prescribe for the giving of instructions), and including the Internet Stock Trading Service and the Mobile Phone Trading Service.

"Eligible Securities" means such securities which is from time to time designated and accepted by HKSCC for deposit, clearance and settlement in CCASS.

"Exchange" means the HKSE or any other stock exchanges or markets or over-the-counter markets.

"Facilities" means the Counter Trading Service, the Electronic Trading Service, the Phone-in Trading Service or any other means or facilities as may be provided by the Bank from time to time which enables you to give instructions relating to Transactions to the Bank.

"Fund" means any unit trust, investment fund or mutual fund or other collective investment scheme in respect of which the Bank may from time to time agree to provide services to you as your agent in accordance with the provisions of Part 5.

"Fund Representative", in respect of any Fund, means any manager, trustee, distributor, agent or representative of that Fund.

"HKMA" means the Hong Kong Monetary Authority.

"HKSCC" means the Hong Kong Securities Clearing Co. Ltd.

"HKSE" means The Stock Exchange of Hong Kong Limited.

"Hong Kong" means the Hong Kong Special Administrative Region of The People's Republic of China.

"Internet Stock Trading Service" means a service provided by the Bank which enables you to give instructions relating to any Transaction via the Internet.

"Login ID" means your personal identification used, in certain circumstances in conjunction with the Login Password, to gain access to the Electronic Trading Service.

"Login Password" means your personal password used, in certain circumstances in conjunction with the Login ID, to gain access to the Electronic Trading Service.

"Master Account" means your account maintained with the Bank and to be designated as such by you from time to time and accepted by the Bank

"Master Agreement" means the Securities Account Mandate, the Additional Mandate for Opening Securities Account (if applicable), the Terms and Conditions and the Circular to Customers relating to the Personal Data (Privacy) Ordinance, each as varied, amended or supplemented from time to time.

"Mobile Phone Trading Service" means a service provided or to be provided by the Bank in conjunction with mobile phone operators from time to time which enables you to give instructions relating to any Transaction via mobile phone.

"Parts" means the different parts into which the Terms and Conditions of the Master Agreement has been divided, including any additional parts that may from time to time be incorporated as part of the Terms and Conditions of the Master Agreement, in each case as varied, amended or supplemented from time to time.

"Person" includes any individual, company, firm, partnership, joint venture, association, organization or trust (in each case whether or not having a separate legal entity).

"Personal Identification Numbers" or "PIN" means your personal password(s), used to gain access to the Phone-in Trading Service.

"Phone-in Trading Service" means a service provided by the Bank which enables you to give instructions relating to any Transaction via telephone.

"Registered Securities" means Securities deposited by you with the Bank for safe custody and registered in the name of Shanghai Commercial Bank (Nominees) Ltd. or any other firm(s), company(ies) or institution(s) nominated by the Bank as the Bank's nominee.

"Risk Disclosure Statements" means the risk disclosure statements contained in Part 7.

"Securities" means any share, stocks, debentures, warrants, options, loan stocks, funds, unit trusts, bonds, notes, equity-linked notes or derivative instruments or products (whether the underlying asset is securities, indices or other property) of or issued by any body, whether incorporated or unincorporated, or any government authority, whether or not traded on the HKSE or any other Exchanges, and acceptable to the Bank, and shall include, where the context permits, the Derivative Products and any other products acceptable to the Bank.

"Securities Account" means the account or accounts maintained with the Bank for the Transactions in accordance with this Master Agreement.

"Services" means any or all of the services provided by the Bank pursuant to this Master Agreement and any other services agreed from time to time between you and the Bank.

"SFC" means the Hong Kong Securities and Futures Commission.

"Stock Broker" means any stock broker, underwriter, dealer or agent selected by the Bank for effecting or implementing any orders or instructions relating to the Transactions for you.

"Transactions" means any agreement to purchase, invest in, subscribe, sell, exchange or otherwise dispose of any kind of Securities and generally dealing in any and all kinds of Securities including but not limited to holding Securities in the name of the Bank's nominee and any Derivative Transactions.

"Units" means shares or units of any class in a Fund.

"UTMF Code" means the SFC's Code on Unit Trusts and Mutual Funds, as amended from time to time.

"Website" means the website operated by the Bank for provision of the Electronic Trading Service.

(a)	the Bank does not act as an investment adviser or as any other adviser to you in relation to any Transaction that may be entered into pursuant to this Master Agreement;
(b)	the Bank has not made, and will not be deemed to have made, any representations or recommendations whatsoever and howsoever to you in respect of any Securities or any Transaction entered into by you through the Bank as agent.

(a)	you are not relying on any communication (whether written or oral) of the Bank as investment advice or as a recommendation to enter into the transactions contemplated therein, it being understood that any information and explanations relating to any Securities shall not be considered investment advice or a recommendation to enter into the relevant Transaction;
(b)	you are capable, on your own behalf or through independent professional advice, of assessing the merits of and understanding, and understand and accept, the provisions of this Master Agreement and that you are also capable of assuming, and are prepared to assume, the risks of the relevant Transactions contemplated herein;
(c)	you are acting on your own account and have reviewed and will review carefully your specific financial needs and investment objectives before entering into any Transaction through the Bank and that you have made your own independent decision to enter into the relevant transaction and as to the legality, suitability and appropriateness of the transaction based upon your own judgment and upon advice from such independent professional advisers as you have deemed necessary; and
(d)	you have evaluated for yourself and/or relied on the advice of such advisers as you have deemed necessary regarding the financial and market risks in, and the consequences of, entering into any Transaction through the Bank and any legal, regulatory, tax, accounting and credit issues in connection with that Securities and any relevant legal, tax and exchange control regulations in force in the countries of your citizenship, residence and/or domicile.
(e)	Unless you give the Bank notice as hereinafter specified, the Bank may from time to time at its initiative provide you with market views, research products, investment ideas and/or advice with regard to specific investment through mailing, phone calling or whatever means as the Bank may consider appropriate. You are fully aware that you have the right to stop such services by giving the Bank not less than 10 days prior written notice.

(a)	You have unencumbered and absolute beneficial title to all Securities deposited with the Bank whether for safe custody, selling or otherwise, which are free and clear of and not subject to any charge, lien, trust, negative pledge or other adverse interest and claim and all such Securities are regular, valid and acceptable in accordance with the prevailing market practice and you shall indemnify the Bank against all claims and liabilities, losses or damages which the Bank may suffer or sustain in handling such Securities.
(b)	All such Securities are fully paid and that there are no moneys or liabilities outstanding or payable in respect of such Securities.
(c)	The representations and warranties set out in this Clause 4.5 shall be deemed to have been repeated and given by you in respect of such further Securities deposited with the Bank on each and every subsequent occasion.

(a)	not to disclose the Access Codes to any third party; and
(b)	not to write down or record the Access Codes in a way that could facilitate misuse or fraud.

You understand that you shall be solely responsible for all instructions entered through the Facilities using the Access Codes (whether authorized by you or not and regardless of any other mandate instructions you may provide the Bank). Instructions provided by you electronically or telephonically shall be treated as if they have been made in writing and signed by you. All holders of a joint account are jointly and severally responsible to the Bank for any instructions given via the Electronic Trading Service or the Phone-in Trading Service, provided that the correct Access Codes are used. You shall be liable to the Bank for all losses and damages which the Bank may incur, suffer or sustain and all costs and expenses reasonably incurred or suffered by the Bank in connection with or resulting from any breach of the provisions in this Clause 5.4 as a direct or indirect consequence or any act or omission (whether intentional or otherwise) of you and/or your agents unless due to the negligence or wilful default of the Bank, the Bank's authorized officers, employees or agents.

(a)	an instruction has been placed through the Facilities and you have not received an order number;
(b)	an instruction has been placed through the Facilities and you have not received an acknowledgement or an accurate acknowledgment (whether through hard copy, electronic, or verbal means) of the instruction or of the execution; or
(c)	you have received acknowledgment (whether through hard copy, electronic, or verbal means) of an execution for an instruction which you did not place.

If you notify the Bank verbally, such verbal instruction(s) has/have to be followed by written confirmation forthwith failing which , neither the Bank nor any of its authorized officers, employees, agents can or will have any responsibility or liability to you or to any other person whose claim may arise through you for any claims with respect to the handling, mishandling or loss of any instruction when any of the above events occur.

(a)

any consequential, incidental, special, or indirect damage (including lost profits, trading losses and damages) that result from inconvenience, delay or loss through the use of the Facilities even if the Bank has been advised of the possibility of such damages; and

(b)

any losses resulting from a cause over which the Bank does not have direct control, including but not limited to the failure of electronic or mechanical equipment or communication lines, telephone or other interconnection problems (e.g. if you are unable to access your online service provider), unauthorized access, theft, operator errors, severe weather, earthquakes, floods and strikes or other labour problems.

(a)	the Bank acting upon or failing to act upon instructions through the Facilities whether or not these instructions shall have been made with the proper authority of you, save in the case of negligence, wilful default or fraud on the part of the Bank, the Bank's authorized officers, employees or agents;
(b)	the incorrectness of any information supplied by the Bank to you via telephone or other electronic means caused by the malfunction of any of the Bank's equipment save in the case of negligence, wilful default or fraud on the part of the Bank, the Bank's authorized officers, employees or agents;
(c)	the obtaining of access to information relating to you or other person if such access was gained by the use of your Access Codes;
(d)	your inability to give instruction through the Facilities caused by the delay or failure of communication network or any party providing such access.

(a)	any inaccuracy, error, or delay in, or distortion or omission of (i) any such data, information, or message or (ii) the transmission or delivery of any such data, information, or message; or
(b)	any loss or damage and any reasonable costs and expenses arising from or occasioned by (i) any such inaccuracy, error, delay, distortion or omission, (ii) non-performance, or (iii) interruption of any such data, information, or message, due either to any negligent act or omission by you or any third parties or to any force majeure (as described in Clause 13.12).

(a)	you have arrangements in place with your client which entitle you to obtain such information from your client immediately upon request; and
(b)	it will, on request from the Bank, promptly request such information from the client on whose instructions the Transaction was effected, and provide the information to the Hong Kong Regulators immediately upon receipt.

(a)	any failure of systems or equipment (whether or not provided by the Bank) including telecommunications services and facilities save in the case of negligence, wilful default or fraud on the part of the Bank;
(b)	the Bank's acceptance of any unauthorized instructions which appear (or which the Bank believes) to be from you, however, the Bank will verify the validity of your Access Codes;
(c)	delays in the implementation of instructions from you to the extent that such was outside the Bank's reasonable control;
(d)	delays in delivery or availability of, or failure to deliver or make available, any part of the Electronic Trading Service to the extent that such was outside the Bank's reasonable control;
(e)	delays in despatch or delivery of, or failure to despatch or deliver, any notice or information provided or requested via the Electronic Trading Service or any inaccuracy, error or omission in or from any such notice or in or from any information contained in any such notice to the extent that such was outside the Bank's reasonable control;
(f)	your failure to use the Electronic Trading Service in accordance with this Master Agreement or any relevant agreement between yourself and the Bank; or
(g)	your reliance, use or otherwise acting upon any information or materials provided via the Electronic Trading Service.

(a)	your failure to pay any deposits or any other sums payable to the Bank or submit to the Bank any documents or deliver any Securities to the Bank hereunder, when called upon to do so or on due date;
(b)	default by you in the due performance of any of the terms of this Master Agreement;
(c)	the filing of a petition in bankruptcy, winding up or the commencement of other analogous proceedings against you, or the levy or enforcement of any attachment, execution or other process against you;
(d)	any representation or warranty made by you to the Bank in this Master Agreement or in any document being or becoming incorrect or misleading;
(e)	any consent, authorization or board resolution required by you (being a corporation or a partnership) to enter into this Master Agreement being wholly or partly revoked, suspended, terminated or ceasing to remain in full force and effect; and
(f)	the occurrence of any event which, in the sole opinion of the Bank, might jeopardize any of its rights under this Master Agreement.

(a)	immediately close the Securities Account;
(b)	terminate all or any part of this Master Agreement;
(c)	cancel any or all outstanding orders or any other commitments made on your behalf;
(d)	close out any or all contracts for Transactions effected by the Bank on your behalf, cover any short position of you through the purchase of Securities on the HKSE or other Exchanges or liquidate any of your long position through the sale of Securities on the HKSE or other Exchanges;
(e)	dispose of any or all Securities held for and on your behalf and to apply the proceeds thereof and any cash deposit(s) to settle all outstanding balances owing to the Bank; and
(f)	combine, consolidate and set-off any or all your accounts in accordance with Clause 10.

(a)	the Bank shall not be responsible for any loss occasioned thereby howsoever arising if the Bank has already used reasonable endeavors to sell or dispose of the Securities or any part thereof at the then available market price;
(b)	you undertake to pay to the Bank any deficiency if the net proceeds of sale shall be insufficient to cover all the outstanding balances owing by you to the Bank.

(a)	payment of all costs, charges, legal fees and expenses including stamp duty, commission and brokerage properly and reasonably incurred by the Bank in transferring and selling all or any of the Securities or properties in the Securities Account or in perfecting title thereto;
(b)	payment of all interest due; and
(c)	payment of all monies and liabilities due, owing or incurred by you, to the Bank.

(a)

Account statements will normally be sent to you monthly. No statement, however, will be sent for a Securities Account where no entries have been made for, and there is no account balance in the Securities Account at the end of, the relevant month. If you have conducted Transactions in any particular month or has an account balance at the end of any particular month but fail to receive the statement relating to that month within ten (10) Business Days after the end of that month, you shall be under a duty to immediately notify the Bank and request a copy thereof.

(b)

If you do not notify the Bank in writing of any unauthorized transaction reflected in any account statement within ninety (90) days from the date of the relevant account statement, you shall be deemed to have waived any right to raise objections or pursue any remedies against the Bank in respect of such unauthorized transaction.

(a)	The obligations and liabilities where more than one has signed this Master Agreement shall be joint and several and any demand for payment made by the Bank to any one or more of you so jointly and severally liable hereunder shall be deemed to be demand made to all of you. The Bank is at liberty to release or discharge any one or more of you from liability under this Master Agreement or to compound with, accept compositions from or make any other arrangements with any such persons without in consequence releasing or discharging any other party to this Master Agreement or otherwise prejudicing or affecting your rights and remedies against any such other party.
(b)	The Bank shall be entitled to, but shall not be obliged to, act on instructions or requests from any of you.
(c)	Any notice hereunder to any one of you shall be deemed to be effective notice to all of you and references to you shall be construed, as the context requires, to any or all of you.
(d)	On the death of any of you (being survived by any other), this Master Agreement shall not be terminated and the interest in the Securities Account(s) of the deceased will thereupon vest in and ensure for the benefit of the survivor(s) provided that any liabilities incurred by the deceased shall be enforceable by the Bank against the deceased's estate. The survivor(s) shall give the Bank written notice immediately upon any of you becoming aware of any such death.
(e)	In case of a partnership, if any one or more of the partners ceasing to be a partner thereof by death, retirement, bankruptcy or otherwise, the Bank shall be entitled and is authorized to treat the surviving or continuing partners or partner for the time being as having full power to carry on the business of the partnership and to deal with any matter whatsoever concerning or arising from the Securities Account or (as the case may be) the Service and any transactions relating thereto as if there had been no change in the partnership and all transactions effected pursuant to the request or instruction of such surviving or continuing partners or partner shall be conclusively binding on all the partners and their respective estates and personal representatives, including any person who shall have ceased to be a partner.

(a)	Any notice, request, certificate, demand or other communication to you in connection herewith is to be sent to any one of you (shall be deemed effectively sent to all of you if more than one) at your last known address or e-mail address according to the record of the Securities Account maintained with the Bank or such other address from time to time notified by you to the Bank or through other electronic means prescribed by the Bank (including, without limitation, posting on a section or sections of the Website specifically designated for access by you) in accordance with this Clause.
(b)	All notices, requests, certificates, demands or other communication shall if delivered personally, be deemed to have been given at the time of such delivery dispatched by letter postage prepaid, be deemed to have been given forty-eight (48) hours after posting; if sent by telex, swift or facsimile, be deemed to have been given at the time of despatch; if sent by cable, be deemed to have been given twenty-four (24) hours after despatch and if sent by e-mail or other electronic means prescribed by the Bank, be deemed to have been given two (2) hours after being sent, provided no notification that the e-mail or electronic message has not reached its intended recipient has been received by the sender. If the notice, request, certificate, demand or other communication sent to you by the Bank via any of the above means was also posted on a section or sections of the Website specifically designated for access by you, it shall notwithstanding the aforesaid be deemed to have been given upon it being posted on the Website.
(c)	Notwithstanding the foregoing sub-clauses but subject to Clause 6.7, all communications in connection herewith shall be deemed duly received by you if the Bank shall have put or displayed notice thereof at the banking halls of the Bank's head office or such of the Bank's branches as the Bank may determine at its absolute discretion for three consecutive Business Days and the Bank may, in its discretion, send a copy of such notice to you in accordance with the provisions of Clause 13.13(a) for reference.

(a)	With the prior written consent of the Bank, you may be entitled to assign, transfer or otherwise dispose of any of your rights or obligations under this Master Agreement The Bank shall have the right to assign, transfer or otherwise dispose of all or any of its rights or obligations to any other person as it thinks fit in its absolute discretion.
(b)	All the provisions of this Master Agreement and all instructions given to the Bank under this Master Agreement shall survive any changes or successions in the Bank's business and shall be binding upon your successors and permitted assigns.

(a)

for Securities other than Eligible Securities, the Bank is authorized to transfer such Securities upon receipt of the same into the name of the Bank's nominee or other institution(s) or agent(s) nominated by the Bank at its sole discretion for your account without prior notice to you and all costs and expenses reasonably incurred relating to such transfer and safe custody shall be borne and paid by you in full to the Bank; and

(b)

for Eligible Securities, in the absence of your instruction to the contrary, the Bank is authorized to deposit all Eligible Securities (that remain in script form) acquired and to be acquired from time to time by the Bank for your account with the CCASS Depository.

(a)	you or your Authorized Person(s)/Representative(s) have deposited or arranged for the relevant Securities to be deposited with or transferred to the Bank, and such instructions for Securities to be deposited or transferred have been executed; and/or
(b)	you or your Authorized Person(s)/Representative(s) have duly signed or caused to be signed the instrument of transfer and sold notes or duly endorsed such other documents or evidence of title relating to such Securities as will enable the same to be freely transferred.

You further agree to ensure that, at the time you give your instructions for selling Securities, there shall be sufficient Securities in the Securities Account for settlement of the transaction. Short-selling is not allowed unless documents for securities borrowing or lending are presented by you for the Bank's examination and are satisfactory to the Bank.

(a)	to register the Securities in your name or in the name of the Bank or its nominee or a nominee designated by any Clearing Houses;
(b)	to deposit the Securities for safe custody in a designated account with such bank, custodian or other institution as the Bank may in its absolute discretion decide; and/or
(c)	with respect to Eligible Securities, to deposit such amount of Eligible Securities as the Bank in its absolute discretion determine in the CCASS Depository either in the form deposited or registered or re-issued in the name of HKSCC or in the name of the CCASS Nominee.

(a)	to surrender any of the Securities against receipt of the monies payable at maturity or on redemption if called prior to maturity, provided that where the Securities are called for redemption prior to maturity the Bank or its nominee shall have no duty or responsibility to present the Securities for redemption, unless, after the call is made, requests in writing is given to the Bank by you so to do;
(b)	where monies are payable in respect of any of the Securities in more than one currency, to collect them in the currency of the Designated Account(s) or such currency as the Bank may in its absolute discretion determine;
(c)	if required by the laws governing the Securities or the laws governing the operation of the Bank or its nominee, to complete and deliver on your behalf as owner thereof any ownership certificates, declaration or information in connection with the Securities;
(d)	to comply with the provisions of any law, regulation or order now or hereafter in force which purport to impose on a holder of any of the Securities a duty to take or refrain from taking any action in connection with any of the Securities payments or distributions or monies payable in respect of any of such Securities;
(e)	to exchange any of the Securities in interim or temporary form for Securities in definitive form;
(f)	to sell or dispose of fractional share to which you may be entitled for the Bank's own account and benefit absolutely;
(g)	to take any action, exercise any rights or satisfy any liabilities arising in respect of the Securities as the Bank or its nominee considers advisable or expedient or if the Bank or its nominee considers that it should not be possible to obtain your instructions or if you have not responded to the Bank's request or that of its nominee for instructions within a reasonable period of time or if, in the opinion of the Bank or its nominee, it would involve undue delay or expense to obtain such instructions.

(a)	where any Securities are in the course of being processed for transfer to and registration in the name of the Bank's nominee or has been submitted for registration or reissue in the name of HKSCC or in the name of the CCASS Nominee or in the name of any other Clearing Houses or their nominees, you shall have no right to withdraw such Securities until the same have been received by the Bank's nominee after due registration or the same have become available for withdrawal from the CCASS Depository or the relevant Clearing Houses or their nominees; and
(b)	where you are indebted to the Bank, you may not be permitted to effect any such withdrawal if the Bank determines in its discretion that any such withdrawal may affect or prejudice its rights against you in respect of such indebtedness; and
(c)	the Bank shall have no duty or responsibility to return to you Securities bearing serial numbers identical with those delivered to the Bank so long as the Securities returned are of the same class, denomination and nominal amount and rank pari passu with those originally accepted by the Bank, subject always to any capital reorganization which may have occurred in the meantime; and
(d)	in respect of withdrawal of Registered Securities of any class, the Registered Securities shall be in multiples of the lowest denomination (whether in board lots or otherwise) of Securities of that class and shall be effected at the place chosen by you and agreed by the Bank; and
(e)	in respect of withdrawal of Eligible Securities, upon your request: (i) the Eligible Securities may be withdrawn in registered form and, subject to availability of the type and quantity of certificates requested, you may elect to withdraw either new certificates or old certificates and the withdrawal of such certificates shall be in board lots or such other denominations as may be specified by HKSCC; or (ii) the Eligible Securities may be withdrawn by transferring the Eligible Securities to an account of another CCASS participant, in which case you are deemed to have withdrawn the Eligible Securities upon execution by the Bank of such instructions for the Eligible Securities to be transferred and the Bank shall not be under any duty to ensure that such Eligible Securities have been received by the CCASS participant named by you or to confirm with such participant that the same is to hold the Eligible Securities to your order.

The delivery by the Bank of the Securities concerned to such person holding such delivery instructions shall absolutely discharge the Bank from all liabilities therefor Provided Always That notwithstanding the above, (a) you may instruct the Bank to sell the Securities concerned subject to the terms of this Master Agreement without producing any delivery instructions; and (b) the Bank reserves the right to request you to be personally present for withdrawal.

(a)	The Bank or its nominee will within a reasonable time after receipt of the relevant rights issue documents notify you of the same.
(b)	If you shall fail to instruct the Bank within the time prescribed by the Bank to reply: (i) where the rights, warrants, options issue is not obligatory, it shall be conclusively deemed that you have irrevocably renounced all your rights and entitlements regarding such rights, warrants, options issue and the Bank is entitled to deal with such rights, warrants, options issue in the Bank's own right; (ii) where the rights, warrants, options issue is obligatory, the Bank is entitled at its absolute discretion either to realize part of the Registered Securities to raise sufficient moneys to pay for the subscription of such obligatory rights issue or to pay on your behalf for such subscription, the payment of which shall be an advance of money to you and secured by the Registered Securities and shall be repayable by you on demand, together with interest thereon at the rate and calculated in the manner as reasonably determined by the Bank and the Registered Securities shall stand charged to such payments as well.
(c)	If you shall instruct the Bank to take up the rights, warrants, options issue by subscribing the requisite shares or other securities, the Bank is not obliged to do so unless and until sufficient immediately available funds have been received by the Bank within the time limit as set out in Clause 2.3(b) above and in default thereof, the provisions of Clause 2.3(b) shall apply as if you have failed to instruct the Bank in time.
(d)	All shares allotted pursuant to the rights, warrants, options issue taken up by or on your behalf (but excluding those which you have renounced in the Bank's favour) shall form part of the Registered Securities or Eligible Securities.

(a)	with respect to the provision of hold mail service, the Correspondence is collected by you or otherwise dealt with in accordance with Clause 3.5; or
(b)	with respect to the provision of direct mail service, the Correspondence is sent to you in the manner set out in Clause 3.6.

The Bank shall not be obliged to inform you at any time of the receipt of any Correspondence nor to examine, verify, act or comment on or inform you of the contents thereof.

(a)	the person(s) collecting the Correspondence on your behalf;
(b)	the method of verifying the identity of such person(s) (which must be a method of verification acceptable to the Bank); and
(c)	any other matters which the Bank may require in any specific case or generally.

Other than as may be specified in such written instructions, the Bank shall not be obliged to inquire into the authority or identity of any person collecting the Correspondence on your behalf. You shall be deemed to have collected the Correspondence at the same time when your authorized person(s) collects the same from the Bank on your behalf.

(a)	send the Correspondence to you at the address last notified in writing by you to the Bank at your risk and expense. All Correspondence sent to you shall be considered to have been delivered upon posting if it is properly addressed, stamped and posted; or
(b)	destroy the Correspondence in such manner as the Bank sees fit without further notice to you.

(a)	to act as your agent and on your behalf and in your name, to invest the monies comprised in the Portfolio, to buy and subscribe for Securities, and to exchange, sell and dispose of Securities comprised in the Portfolio, on a non-discretionary basis and, in each case, in accordance with your instructions;
(b)	to select such Stock Brokers as the Bank shall from time to time thinks fit to execute your instructions and to deal with such Stock Brokers for your account; and
(c)	to provide such other services as the Bank and you may agree from time to time.

(a)	sufficient knowledge, experience and understanding of financial and tax matters to render yourself capable of evaluating the Investment Information, the regulatory treatment of Transactions which you instruct the Bank to enter into, and such legal terms and conditions as the Bank might provide;
(b)	the capability to make investment decisions about the material terms, conditions and risks of such Transactions as you may instruct the Bank to enter into, and about the suitability of such Transactions in light of your investment objectives; and
(c)	the financial resources to absorb the risk of any loss that may be associated with the entry into of the Transaction or the purchase or sale of the Securities.

(a)	the Portfolio is not managed, monitored or supervised by the Bank, and that it is your sole and exclusive responsibility to manage, supervise and monitor the Portfolio;
(b)	you have independently made a decision, for your sole account and risk, to acquire or sell the Securities or engage in the Transaction subject to such instruction or to take action on the basis of Investment Information, after having examined such information relating to the Securities and the Transaction as you deem relevant and taking into account the suitability of the Securities and the Transaction for you;
(c)	the Bank is under no obligation to update any Investment Information that may have been furnished to you. Events occurring after the Investment Information is given may render such Investment Information no longer current, and that there can be no assurance that the Securities will perform in accordance with such Investment Information; and
(d)	Transactions that you instruct the Bank to enter into may be subject to any or all of the risks described in the risk disclosure statements as set out in Part 7.