Risk Disclosure Statement

In consideration of ICC Intercertus Capital (Cayman) Ltd (hereafter the “Company") agreeing

to enter into over—the—counter (“OTC”) contracts for differences (”CFDS") and foreign

exchange contracts (“FX Contracts”) with the undersigned (hereinafter referred to as the “customer” “you” “your"), Customer acknowledges, understands and agrees that:

1. Trading is very speculative and risky

Trading CFDs and FX Contracts is highly speculative, involves a significant risk of loss and

is not suitable for all investors but only for those customers who:

a. understand and are willing to assume the economic, legal and other risks involved;

b. are experienced and knowledgeable about trading in derivatives and in

underlying asset types; and

c. are financially able to assume losses significantly in excess of margin or deposits

because investors may lose the total value of the contract notjust the margin or

the deposit.

Neither CFDS nor FX Contracts are appropriate investments for retirement funds. CFD

and FX transactions are among the riskiest types of investments and can result in large

losses. Customer represents, warrants and agrees that Customer understands these risks,

is willing and able, financially and otherwise, to assume the risks oftrading CFDs and FX

Contracts and that the loss ofCustomer’s entire account balance will not Change

Customer’s lifestyle.

2. Risks related to long CFD positions, i.e. for purchasers of CFDs

Being long in CFD mea ns you are buying the CFDs on the market by speculating that the

market price ofthe underlying will rise between the time ofthe purchase and sale. As

owner of a long position, you will generally make a profit if the market price of the

underlying rises whilst your CFD long position is open, On the contrary, you will generally

suffer a loss, ifthe market price ofthe underlying falls whilst your CFD long position is

open. Your potential loss may therefore be bigger than the initial margin deposited. In

addition, you might suffer a loss due to the Closure ofyour position, in case you do not

have enough liquidity for the margin on your account in order to maintain your position


3. Risks related to short CFD positions, i.e. for sellers of CFDs

Being short in CFD means you are selling the CFDs on the market by speculating that the

market price of the underlying will fall between the time of the purchase and sale. As

owner of a short position, you will generally make a profit ifthe market price of the

underlying falls whilst your CFD short position is open. On the contrary, you will generally

suffer a loss, ifthe market price ofthe underlying rises whilst your CFD short position is

open. Your potential loss may therefore be bigger than the initial margin deposited. In

addition, you might suffer a loss due to the closure ofyour position, in case you do not

have enough liquidity for the margin on your account in order to maintain your position


4. High leverage and low margin can lead to quick losses

The high degree of“gearing" or “leverage" is a particular feature of both CFDs and FX

Contracts. The effect of leverage makes investing in CFDs riskier than investing directly

in the underlying asset. This stems from the margining system applicable to CFDs

which generally involves a small deposit relative to the size ofthe transaction, so that a

relatively small price movement in the underlying asset can have a disproportionately

dramatic effect on your trade. This can be both advantageous and disadvantageous. A

small price movement in your favour can provide a high return on the deposit,

however, a small price movement against you may result in significant losses. Your

losses will never exceed the balance ofyour account, which is balanced to zero, ifthe

losses are higher than the amount deposited. Such losses can occur quickly. The

greater the leverage, the greater the risk. The size of leverage therefore partly

determines the result of your investment.

5. Margin Requirements

Customer must maintain the minimum margin requirement on their open positions at all

times It is Customer's responsibility to monitor his/her account balance, Customer may

receive a margin call to deposit additional cash ifthe margin in the account concerned is

too low. The Company has the right to liquidate any or all open positions whenever the

minimum margin requirement is not maintained and this may result in Customer’s CFDs

or FX Contracts being closed at a loss for which you will be liable.

6. Cash Settlement

Customer understands that CFD and FX Contracts can only be settled in cash and the

difference between the buying and selling price partly determines the result ofthe


7. Prices, Margin and Valuations are set by the Company and may be different from prices reported elsewhere

The Company will provide prices to be used in trading, valuation of Customer positions and determination of Margin requirements The performance of your CFD or FX Contract will depend on the prices set by the Company and market fluctuations in the underlying asset to which your contract relates. Each underlying asset therefore carries specific risks that affect the result of the CFD concerned.

8. Rights to Underlying Assets

You have no rights or obligations in respect of the underlying instruments or assets

relating to your CFDs or FX Contracts. The Customer understands that CFDs can have

different underlying assets, such as stocks, indices, currencies and commodities.

9. Currency Risk

Investing in FX Contracts and CFDs with an underlying asset listed in a currency other

than your base currency entails a currency risk, due to the fact that when the CFD or FX

Contract is settled in a currency other than your base currency, the value of your return

may be affected by its conversion into the base currency.

10. One click trading and immediate execution

The Company's online trading system provides immediate transmission of Customer’s

order once Customer enters the notional amount and Clicks “Buy/Sell." This means that

there is no opportunity to review the order after Clicking “Buy/Sell" and Market Orders

cannot be cancelled or modified. This feature may be different from other trading

systems you have used. Customer should utilize the Demo Trading System to become

familiar with the Online Trading System before actually trading online with the Company.

Customer acknowledges and agrees that by using the Company's online trading system,

Customer agrees to the one—click system and accepts the risk of this immediate transmission/execution feature.

11. The Company is not an adviser or a fiduciary to customer

Where the Company provides generic market recommendations, such generic

recommendations do not constitute a personal recommendation or investment advice

and have not considered any of your personal circumstances or your investment

objectives, nor is it an offer to buy or sell, or the solicitation of an offer to buy or sell, any

Foreign Exchange Contracts or Cross Currency Contracts. Each decision by Customer to

enter into a CFD or FX Contract with the Company and each decision as to Whether a

transaction is appropriate or proper for Customer, is an independent decision made by

the Customer. The Company is not acting as an advisor or serving as a fiduciary to

Customer. Customer agrees that the Company has no fiduciary duty to Customer and no

liability in connection with and is not responsible for any liabilities, claims, damages, costs

and expenses, including attorneys’ fees, incurred in connection with Customer following

the Company’s generic trading recommendations or taking or not taking any action

based upon any generic recommendation or information provided by the Company.

12. Recommendations are not guaranteed

The generic market recommendations provided by the Company are based solely on the

judgment of the Company’s personnel and should be considered as such. Customer

acknowledges that Customer enters into any Tra nsactions relying on Customer’s own

judgment. Any market recommendations provided are generic only and may or may not

be consistent with the market positions or intentions of the Company and/or its affiliates.

The generic market recommendations of the Company are based upon information

believed to be reliable, but the Company cannot and does not guarantee the accuracy or

completeness thereof or represent that following such generic recommendations will

reduce or eliminate the risk inherent in trading CFDs and/or FX Contracts.

13. No guarantees of profit

There are no guarantees of profit nor of avoiding losses when trading CFDs and FX

Contracts. Customer has received no such guarantees from the Company or from any of

its representatives. Customer is aware of the risks inherent in trading CFDs and FX

Contracts and is financially able to bear such risks and withstand any losses incurred.

14. Internet Trading

When Customer trades online (via the internet), the Company shall not be liable for any

claims, losses, damages, costs or expenses, caused, directly or indirectly, by any

malfunction, disruption or failure ofanytransmission, communication system, computer

facility or trading software, whether belonging to the Company, Customer, any exchange

or any settlement or clearing system.

15. Quoting Errors

Should a quoting error occur (including responses to Customer requests), the Company is

not liable for any resulting errors in account balances and reserves the right to make

necessary corrections or adjustments to the relevant Account. Any dispute arising from

such quoting errors will be resolved on the basis ofthe fair market value, as determined

by the Company in its sole discretion and acting in good faith, of the relevant market at

the time such an error occurred. In cases where the prevailing market represents prices

different from the prices the Company has posted on our screen, the Company will

attempt, on a best efforts basis, to execute Transactions on or close to the prevailing

market prices. These prevailing market prices will be the prices, which are ultimately

reflected on the Customer statements. This may or may not adversely affect the

Customer’s realized and unrealized gains and losses.