Risk Notice (Standard)

DISCLAIMER NOTICE: THIS DISCLAIMER SHOULD ACT AS GUIDANCE AND CANNOT DOES NOT COVER ALL LEGAL AND COMPLIANCE ASPECTS. COMMUNICATION'S CONDUCTED ELECTRONICALLY ARE FOR INFORMATION PURPOSES ONLY AND ARE NOT INTENDED AS ADVICE, AN OFFER, RECOMMENDATION OR SOLICITATION TO BUY OR SELL, NOR IS IT AN OFFICIAL CONFIRMATION OF TERMS. NO REPRESENTATION OR WARRANTY IS MADE THAT THIS INFORMATION IS COMPLETE OR ACCURATE. ANY VIEWS OR OPINIONS EXPRESSED DO NOT NECESSARILY REPRESENT THOSE OF MARSHALL STERLING. COMMUNICATION PROVIDED BY MEANS OF EMAIL, LETTER OR ANY OTHER MEDIUM MAY BE CONFIDENTIAL, PROPRIETARY OR LEGALLY PRIVILEGED. IF YOU RECEIVE SUCH A MESSAGE IN ERROR, PLEASE NOTIFY THE SENDER AND DELETE IT FROM YOUR SYSTEM. YOU MUST NOT, DIRECTLY OR INDIRECTLY, USE, DISCLOSE, DISTRIBUTE, COPY OR STORE THIS MESSAGE OR ANY PART OF IT OR ANY OTHER COMMUNICATION RECEIVED OR MADE AVAILABLE MY MARSHALL STERLING UNLESS EXPLICITLY SANCTIONED TO DO SO. THIS INFORMATION IS NOT INTENDED, TAX, LEGAL OR FINANCIAL ADVICE. YOU ALSO ACKNOWLEDGE THAT THE INFORMATION SHOULD NOT BE CONSTRUED AS A SOLICITATION OR OFFER TO BUY OR SELL ANY SECURITIES OR ANY OTHER FINANCIAL INSTRUMENTS OR PROVIDE ANY INVESTMENT ADVICE OR SERVICE. UNLESS OTHERWISE STATED, ANY PRICING INFORMATION GIVEN IS INDICATIVE ONLY AND IS SUBJECT TO CHANGES AND DOES NOT CONSTITUTE AN OFFER TO DEAL AT ANY PRICE QUOTED. YOU SHOULD BE AWARE THAT RETURNS CAN BE VOLATILE AND YOU MAY LOSE ALL, A PORTION OF OR MORE THAN YOUR INITIAL INVESTMENT. PAST PERFORMANCE OF ANY INVESTMENT OR TRADING TOOL IS NOT NECESSARILY INDICATIVE OF FUTURE PERFORMANCE OR RESULTS. SOME PRODUCTS AND SERVICES PROVIDED MAY NOT BE SUITABLE FOR CERTAIN INVESTORS AND SUBSEQUENTLY WE SUGGEST INDEPENDENT THIRD PARTY ADVICE IS TAKEN BEFORE PROCEEDING WITH ANY INVESTMENT OR INVESTMENT STRATEGY. NOT ALL PRODUCTS AND SERVICES PROVIDED ARE ELIGIBLE IN CERTAIN COUNTRIES, SUBSEQUENTLY WE RECOMMEND INDEPENDENT THIRD PARTY ADVICE IS TAKEN BEFORE PROCEEDING. SOCIAL MEDIA SITES IN PROVIDING INFORMATION VIA SITES SUCH AS TWITTER, WE (MARSHALL STERLING). OR ANY OF ITS SUBSIDIARIES) MAY PROVIDE LINKS TO, OR EXTRACTS FROM INFORMATION PROVIDED BY THIRD PARTIES. THIS MAY INCLUDE LINKS TO INFORMATION CONTAINING EXPRESSIONS OF OPINION ISSUED BY THOSE THIRD PARTIES. WHERE WE DO PROVIDE SUCH LINKS, THIS IS FOR INFORMATION PURPOSES ONLY, AND WE DO NOT ENDORSE ANY INFORMATION, EXPRESSION OF OPINION OR ANY MATERIAL WHATSOEVER ACCESSED IN THIS WAY. WE ACCEPT NO LIABILITY FOR THE MATERIAL ACCESSED IN THIS WAY, FOR ANY ACTIONS OF ANY NATURE TAKEN BY ANY PERSON AS A RESULT OF ACCESSING IT, OR FOR ANY DIRECT OR CONSEQUENTIAL LOSS ARISING AS A RESULT OF THIS INFORMATION OR ANY MATERIAL ACCESSED AS A RESULT OF ITS USE. INFORMATION SUBMITTED ARE INTENDED FOR INFORMATIONAL/DISCUSSION PURPOSES ONLY, AND DO NOT CONSTITUTE GUIDANCE OR ADVICE OF ANY NATURE TO ANY PERSON. WE ALWAYS RECOMMEND THAT ADVICE IS OBTAINED FROM AN INDEPENDENT SUITABLY QUALIFIED AND EXPERIENCED REGULATED FINANCIAL ADVISER IN OFFICIAL CONTRACTUAL FORM PRIOR TO PARTICIPATING IN FINANCIAL MARKETS. GENERAL RISK WARNING THE MATERIAL PROVIDED HERE IN IS FOR INFORMATIONAL PURPOSES ONLY. IT DOES NOT CONSTITUTE AN OFFER TO SELL OR BUY ANY SECURITIES RELATING TO ANY OF THE PRODUCTS REFERENCED HEREIN THE INFORMATION PROVIDED IS SUBJECT TO CHANGE AND, ALTHOUGH BASED UPON INFORMATION WE CONSIDER RELIABLE, IS NOT GUARANTEED AS TO ACCURATE AND COMPLETENESS. SIMULATED DATA AND BACK TESTING RETURNS ARE ONLY FOR ILLUSTRATIVE PURPOSES ONLY, IT DOES NOT PROVIDE ANY ASSURANCE OR GUARANTEE OF FUTURE RETURNS. THIS MATERIAL DOES NOT CONSTITUTE AN OFFER OR SOLICITATION IN ANY JURISDICTION WHERE OR TO ANY PERSON TO WHOM IT WOULD BE UNAUTHORIZED OR UNLAWFUL TO DO SO. INVESTMENT IN THE PRODUCT IS SUITABLE ONLY FOR SOPHISTICATED INVESTORS FOR WHOM AN INVESTMENT IN SUCH PRODUCT DOES NOT CONSTITUTE A COMPLETE INVESTMENT PROGRAM AND WHO FULLY UNDERSTAND, AND ARE WILLING TO ASSUME AND UNDERSTAND, THE RISKS INVOLVED IN THE PRODUCT. ALTERNATIVE INVESTMENTS, BY THEIR NATURE ARE SPECULATIVE AND INVOLVE A HIGH DEGREE OF RISK, INCLUDING THE RISK OF TOTAL LOSS OF AN INVESTOR’S CAPITAL. THE PRODUCT MAY USE LEVERAGE WHICH COULD MATERIALLY INCREASE OR DECREASE THE INTERNAL RATE OF RETURN ON THE PRODUCT’S INVESTMENTS. THE GIVEN MATERIAL IS SUBJECT TO CHANGE AND, ALTHOUGH BASED UPON INFORMATION WHICH WE CONSIDER RELIABLE, IT IS NOT GUARANTEED AS TO ACCURACY OR COMPLETENESS. MARSHALL STERLING. RISK DISCLOSURE PART I: INTRODUCTION THIS RISK DISCLOSURE CANNOT DISCLOSE ALL THE RISKS AND OTHER SIGNIFICANT ASPECTS OF OUR PRODUCTS, BUT IS INTENDED TO GIVE YOU GENERAL INFORMATION ON AND A WARNING OF THE RISKS ASSOCIATED WITH THEM. YOU SHOULD NOT DEAL IN THESE OR OTHER PRODUCTS UNLESS YOU UNDERSTAND THE EXTENT OF YOUR EXPOSURE TO VARIOUS RISKS. YOU SHOULD ALSO BE SATISFIED THAT THE PRODUCT AND/OR SERVICE IS SUITABLE FOR YOU IN LIGHT OF YOUR CIRCUMSTANCES AND FINANCIAL POSITION AND, WHERE NECESSARY, YOU SHOULD SEEK APPROPRIATE ADVICE IN ADVANCE OF ANY INVESTMENT DECISIONS. PART II: MARGIN TRADING IF YOU TRADE IN FUTURES, CONTRACTS FOR DIFFERENCES, FX OR OPTIONS, OR OTHER DERIVATIVES, YOU MAY SUSTAIN A LOSS GREATER THAN YOUR INITIAL MARGIN DEPOSIT. IF THE MARKET MOVES AGAINST YOU, YOU MAY BE CALLED UPON TO PAY SUBSTANTIAL ADDITIONAL MARGIN AT SHORT NOTICE TO MAINTAIN THE POSITION. IF YOU FAIL TO DO SO WITHIN THE TIME REQUIRED, YOUR POSITION MAY BE LIQUIDATED AT A LOSS AND YOU MUST BE RESPONSIBLE FOR THE RESULTING DEFICIT. EVEN IF A TRANSACTION IS NOT MARGINED, IT MAY STILL CARRY AN OBLIGATION TO MAKE FURTHER PAYMENTS IN CERTAIN CIRCUMSTANCES OVER AND ABOVE ANY AMOUNT PAID WHEN YOU ENTERED THE CONTRACT. PART III GENERIC RISKS GENERAL ALL FINANCIAL PRODUCTS CARRY A CERTAIN DEGREE OF RISK AND EVEN LOW RISK INVESTMENT STRATEGIES CONTAIN AN ELEMENT OF UNCERTAINTY. THE VALUE OF INVESTMENTS MAY RISE AS WELL AS FALL. PAST PERFORMANCE IS NO INDICATOR OF FUTURE PERFORMANCE. LIQUIDITY RISK THE LIQUIDITY OF AN INSTRUMENT IS DIRECTLY AFFECTED BY THE SUPPLY AND DEMAND FOR THAT INSTRUMENT. UNDER CERTAIN TRADING CONDITIONS IT MAY BE DIFFICULT OR IMPOSSIBLE TO LIQUIDATE A POSITION. THIS MAY OCCUR, FOR EXAMPLE, AT TIMES OF RAPID PRICE MOVEMENT. THE PRICE MAY RISE OR FALL TO SUCH AN EXTENT THAT UNDER THE RULES OF THE RELEVANT EXCHANGE TRADING IS SUSPENDED OR RESTRICTED. CREDIT RISK CREDIT RISK IS THE RISK OF LOSS CAUSED BY BORROWERS, BOND OBLIGORS, OR COUNTERPARTIES FAILING TO FULFIL THEIR OBLIGATIONS. CREDIT RISK CAN ALSO BE IN REFERENCE TO THE RISK OF A PARTY’S CREDIT QUALITY DETERIORATING, THUS NEGATIVELY AFFECTING THE PRINCIPAL VALUE OF THE PARTY’S DEBT OBLIGATIONS. MARKET RISK THE VALUE OF A FINANCIAL INSTRUMENT MAY CHANGE ALONG WITH THE GENERAL PRICE LEVELS OF THE MARKET, FOR EXAMPLE THE VALUE OF AN EQUITY MAY RISE SIMPLY BECAUSE THE OVERALL MARKET IS RISING. COUNTER-PARTY RISK THE INSOLVENCY OR DEFAULT OF THE FIRM WITH WHOM YOU ARE DEALING, OR OF ANY BROKERS INVOLVED WITH YOUR TRANSACTION, MAY LEAD TO POSITIONS BEING LIQUIDATED OR CLOSED OUT. CURRENCY RISK A MOVEMENT IN EXCHANGE RATES MAY HAVE A FAVORABLE OR AN UNFAVORABLE EFFECT ON THE GAIN OR LOSS ACHIEVED ON TRANSACTIONS WITH EXPOSURE TO FOREIGN EXCHANGE RATES. INTEREST RATE RISK INTEREST RATES CAN RISE AS WELL AS FALL, WHICH MAY CAUSE THE VALUE OF AN INVESTMENT TO RISE OR FALL. THE INTEREST RATE ENVIRONMENT, AMONG OTHER FACTORS, DETERMINES THE VALUE OF BONDS. OPERATIONAL RISK BREAKDOWNS OR MALFUNCTIONING OF ESSENTIAL SYSTEMS AND CONTROLS, INCLUDING IT SYSTEMS, CAN IMPACT THE VALUE OF FINANCIAL PRODUCTS OR TRADES. PART IV: FINANCIAL INSTRUMENTS SET OUT BELOW IS AN OUTLINE OF SOME OF THE RISKS ASSOCIATED WITH CERTAIN GENERIC TYPES OF FINANCIAL INSTRUMENTS. EQUITIES A RISK WITH EQUITY IS THAT THE COMPANY’S VALUE MAY RISE AS WELL AS FALL, DUE TO GENERAL ECONOMIC, SECTOR, OR COMPANY-SPECIFIC CONDITIONS. DEBT INSTRUMENTS/BONDS/DEBENTURES DEBT INSTRUMENTS ARE ESPECIALLY EXPOSED TO CREDIT RISK AND INTEREST RATE RISK. DEBT SECURITIES ARE SUBJECT TO THE RISK OF THE ISSUER'S INABILITY TO MEET PRINCIPAL AND INTEREST PAYMENTS ON THE OBLIGATION AND MAY ALSO BE SUBJECT TO PRICE VOLATILITY DUE TO SUCH FACTORS AS INTEREST RATE SENSITIVITY, MARKET PERCEPTION OF THE CREDITWORTHINESS OF THE ISSUER AND GENERAL MARKET LIQUIDITY. WHEN INTEREST RATES RISE, THE PRINCIPAL VALUE OF CORPORATE DEBT SECURITIES CAN BE EXPECTED TO DECLINE. FIXED-RATE TRANSFERABLE DEBT SECURITIES WITH LONGER MATURITIES TEND TO BE MORE SENSITIVE TO INTEREST RATE MOVEMENTS THAN THOSE WITH SHORTER MATURITIES. WARRANTS A WARRANT IS A TIME-LIMITED RIGHT TO SUBSCRIBE FOR SHARES, DEBENTURES, LOAN STOCK OR GOVERNMENT SECURITIES AND IS EXERCISABLE AGAINST THE ORIGINAL ISSUER OF THE UNDERLYING SECURITIES. A RELATIVELY SMALL MOVEMENT IN THE PRICE OF THE UNDERLYING SECURITY MAY RESULT IN A PROPORTIONATELY LARGER MOVEMENT, UNFAVORABLE OR FAVORABLE, IN THE PRICE OF THE WARRANT. THE PRICES OF WARRANTS CAN THEREFORE BE VOLATILE. THE RIGHT TO SUBSCRIBE, WHICH A WARRANT CONFERS, IS INVARIABLY LIMITED IN TIME WITH THE CONSEQUENCE THAT IF THE INVESTOR FAILS TO EXERCISE THIS RIGHT WITHIN THE PRE-DETERMINED TIME-SCALE THEN THE INVESTMENT BECOMES WORTHLESS. YOU SHOULD NOT BUY A WARRANT UNLESS YOU ARE PREPARED TO SUSTAIN A TOTAL LOSS OF THE PRINCIPAL YOU HAVE INVESTED PLUS ANY COMMISSION OR OTHER TRANSACTION CHARGES. DERIVATIVES A DERIVATIVE IS A FINANCIAL INSTRUMENT DERIVED FROM AN UNDERLYING ASSET'S VALUE. THERE ARE MANY TYPES OF DERIVATIVE, BUT CFDS, OPTIONS, AND FUTURES ARE AMONG THE MOST COMMON. AN INVESTOR IN DERIVATIVES OFTEN ASSUMES A GREAT DEAL OF RISK, AND THEREFORE INVESTMENTS IN DERIVATIVES MUST BE MADE WITH CAUTION. DERIVATIVES CAN BE USED FOR SPECULATIVE PURPOSES OR AS HEDGES TO MANAGE OTHER INVESTMENT RISKS. IT IS POSSIBLE TO LOSE MORE THAN THE INITIAL DEPOSIT AND DUE TO THE 'GEARING' OR 'LEVERAGE' OFTEN OBTAINABLE A SMALL DEPOSIT OR DOWN PAYMENT CAN LEAD TO LARGE LOSSES AS WELL AS GAINS. PLEASE NOTE THAT IF YOU CHOOSE WITH WITHDRAW FUNDS FROM YOUR ACCOUNT, ANY MARGIN REQUIREMENTS ON OPEN POSITIONS WILL INCREASE AND YOU MAY SUBSEQUENTLY HAVE THE POSITIONS CLOSED WHICH COULD RESULT IN LOCKING IN OR CRYSTALISING ANY RUNNING LOSSES. IT IS THEREFORE PREFERABLE TO PROVIDE A SIGNIFICANT LEVEL OF NOTICE PRIOR TO WITHDRAWING FUNDS AND CHECKING WITH THE ACCOUNT MANAGER THAT ANY OPEN POSITIONS ARE NOT GOING TO SUFFER MARGIN 'PRESSURE' AS A RESULT. FUTURES/FORWARDS TRANSACTIONS IN FUTURES OR FORWARDS INVOLVE THE OBLIGATION TO MAKE, OR TO TAKE, DELIVERY OF THE UNDERLYING ASSET OF THE CONTRACT AT A FUTURE DATE, OR IN SOME CASES TO SETTLE THE POSITION WITH CASH. THEY CARRY A HIGH DEGREE OF RISK. THE 'GEARING' OR 'LEVERAGE' OFTEN OBTAINABLE IN FUTURES AND FORWARDS TRADING MEANS THAT A SMALL DEPOSIT OR DOWN PAYMENT CAN LEAD TO LARGE LOSSES AS WELL AS GAINS. OPTIONS THERE ARE MANY DIFFERENT TYPES OF OPTIONS WITH DIFFERENT CHARACTERISTICS SUBJECT TO THE FOLLOWING CONDITIONS. BUYING OPTIONS: BUYING OPTIONS INVOLVES LESS RISK THAN SELLING OPTIONS BECAUSE, IF THE PRICE OF THE UNDERLYING ASSET MOVES AGAINST YOU, YOU CAN SIMPLY ALLOW THE OPTION TO LAPSE. THE MAXIMUM LOSS IS LIMITED TO THE PREMIUM, PLUS ANY COMMISSION OR OTHER TRANSACTION CHARGES. WRITING OPTIONS: BY WRITING AN OPTION, YOU ACCEPT A LEGAL OBLIGATION TO PURCHASE OR SELL THE UNDERLYING ASSET IF THE OPTION IS EXERCISED AGAINST YOU. IF YOU WRITE AN OPTION, THE RISK INVOLVED IS CONSIDERABLY GREATER THAN BUYING OPTIONS. YOU MAY BE LIABLE FOR MARGIN TO MAINTAIN YOUR POSITION AND A LOSS MAY BE SUSTAINED WELL IN EXCESS OF THE PREMIUM RECEIVED. IF YOU ALREADY OWN THE UNDERLYING ASSET WHICH YOU HAVE CONTRACTED TO SELL (KNOWN AS 'COVERED CALL OPTIONS') THE RISK IS REDUCED. IF YOU DO NOT OWN THE UNDERLYING ASSET (KNOWN AS 'UNCOVERED CALL OPTIONS') THE RISK CAN BE UNLIMITED. ONLY EXPERIENCED PERSONS SHOULD CONTEMPLATE WRITING UNCOVERED OPTIONS, AND THEN ONLY AFTER SECURING FULL DETAILS OF THE APPLICABLE CONDITIONS AND POTENTIAL RISK EXPOSURE. CONTRACTS FOR DIFFERENCES CONTRACTS FOR DIFFERENCE ARE LEVERAGED PRODUCTS WHOSE PRICE BASED ON ANOTHER UNDERLYING ASSET, AS IN THE CASE OF FUTURES AND OPTIONS. THEY CARRY THE SAME RISKS AS THOSE ASSOCIATED WITH THE UNDERLYING SECURITY AS WELL AS THE RISKS ASSOCIATED WITH LEVERAGED TRADING. PART V: FURTHER RISK DISCLOSURES THE RISK OF LOSS IN TRADING IN DERIVATIVES INSTRUMENTS CAN BE SUBSTANTIAL. YOU SHOULD THEREFORE CONSIDER CAREFULLY WHETHER SUCH TRADING IS SUITABLE FOR YOU IN THE LIGHT OF YOUR FINANCIAL CONDITION. IN CONSIDERING WHETHER TO AUTHORISE MARSHALL STERLING INVESTMENT MANAGEMENT TO TRADE FOR YOU USING THE MSIM MANAGED PROGRAMME YOU SHOULD BE AWARE OF THE FOLLOWING IF YOU PURCHASE OR SELL DERIVATIVES INSTRUMENTS OR ENGAGE IN TRADING OF SUCH INSTRUMENTS YOU MAY SUSTAIN TOTAL LOSS OF THE INITIAL FUNDS AND ANY ADDITIONAL FUNDS THAT YOU DEPOSIT WITH YOUR BROKER TO ESTABLISH OR MAINTAIN YOUR POSITION. IF THE MARKET MOVES AGAINST YOUR POSITION YOU MAY BE CALLED UPON BY YOUR BROKER/CUSTODIAN TO DEPOSIT A SUBSTANTIAL AMOUNT OF ADDITIONAL FUNDS ON SHORT NOTICE IN ORDER TO MAINTAIN YOUR POSITION. IF YOU DO NOT PROVIDE THE REQUESTED FUNDS WITHIN THE PRESCRIBED TIME 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. THE PLACEMENT OF CONTINGENT ORDERS BY YOU OR MARSHALL STERLING INVESTMENT MANAGEMENT WILL NOT NECESSARILY LIMIT YOUR LOSSES TO THE INTENDED AMOUNTS SINCE MARKET CONDITIONS MAY MAKE IT IMPOSSIBLE TO EXECUTE SUCH ORDERS. THE HIGH DEGREE OF LEVERAGE THAT IS OFTEN OBTAINABLE IN DERIVATIVES INSTRUMENTS CAN WORK AGAINST YOU AS WELL AS FOR YOU. THE USE OF LEVERAGE CAN LEAD TO LARGE LOSSES AS WELL AS GAINS. MANAGED ACCOUNTS ARE SUBJECT TO FEES AS DETAILED IN THIS DOCUMENT. INVESTING IN DERIVATIVES INSTRUMENTS AND TRADING IN SUCH INVESTMENTS IN ACCORDANCE WITH THE MSIM MANAGED PROGRAMME MAY HAVE TAX CONSEQUENCES. NEITHER MARSHALL STERLING INVESTMENT MANAGEMENT NOR ANY OF ITS AFFILIATES PROVIDE TAX ADVICE. YOU SHOULD CONSULT YOUR OWN TAX ADVISERS IN ORDER TO UNDERSTAND ANY APPLICABLE TAX CONSEQUENCE. PRIOR TO INVESTING YOU SHOULD BE SATISFIED THAT THE NATURE OF THE INVESTMENT IS SUITABLE FOR YOU AND THAT YOU FULLY UNDERSTAND THE RISKS INVOLVED. IF YOU ARE UNSURE OF WHETHER TO INVEST USING THE MSIM MANAGED PROGRAMME YOU SHOULD CONSULT WITH YOUR OWN LEGAL TAX AND FINANCIAL ADVISERS. MARSHALL STERLING INVESTMENT MANAGEMENT IS PROHIBITED BY LAW FROM ACCEPTING FUNDS IN ITS NAME FROM YOU FOR TRADING IN THE MSIM MANAGED PROGRAMME. YOU MUST PLACE ALL FUNDS FOR TRADING IN THIS PROGRAMME DIRECTLY WITH A BROKER/CUSTODIAN GLOSSARY CONTRACT FOR DIFFERENCE (CFD) - A CFD IS A CONTRACT BETWEEN TWO PARTIES TYPICALLY DESCRIBED AS “BUYER” AND “SELLER” STIPULATING THAT THE SELLER WILL PAY TO THE BUYER THE DIFFERENCE BETWEEN THE CURRENT VALUE OF AN ASSET AND ITS VALUE AT CONTRACT TIME. IF THE DIFFERENCE IS NEGATIVE THEN THE BUYER PAYS INSTEAD TO THE SELLER. IN EFFECT CFDS ARE FINANCIAL DERIVATIVES (MAINLY FOREX AND SHARES) THAT ALLOW TRADERS TO TAKE ADVANTAGE OF PRICES MOVING UP (LONG POSITIONS) OR PRICES MOVING DOWN (SHORT POSITIONS) ON UNDERLYING FINANCIAL INSTRUMENTS AND ARE OFTEN USED TO SPECULATE ON THE MARKET TAKING THE EXAMPLE OF A EUROPEAN EQUITY CFD, EACH CFD CORRESPONDS TO AN INDIVIDUAL COMPANY SHARE SUCH AS BMW OR SIEMENS OR ALLIANZ. IT IS QUOTED IN EXACTLY THE SAME WAY AND ITS MOVEMENT MIRRORS THE UPS AND DOWNS OF THE UNDERLYING SHARE. AS WITH SHARES YOU CAN BUY OR SELL A CFD WHENEVER YOU WISH AND THERE IS NO TIME LIMIT. YOU CAN CHOSE TO HOLD A CFD POSITION FOR MONTHS WEEKS OR MERELY A FEW HOURS. UNLIKE SHARES YOU CANNOT TAKE DELIVERY OF A CFD. INSTEAD YOU SETTLE THE DIFFERENCE BETWEEN THE OPENING AND CLOSING PRICES AND THE DIFFERENCE IS YOUR PROFIT OR LOSS. SHARE CFDS ARE NOT TRADED ON A STOCK EXCHANGE BUT ARE TRANSACTED DIRECTLY WITH A LONDON BASED SPECIALIST MARKET MAKER REGULATED BY THE FINANCIAL CONDUCT AUTHORITY WHICH WILL BE PROVIDED BY YOUR BROKER/CUSTODIAN. YOU WILL HAVE NO SHAREHOLDER VOTING RIGHTS UNLESS SPECIFICALLY NEGOTIATED. BY THE SAME TOKEN YOU WILL NOT PAY STAMP DUTY (0.5% UNDER CURRENT UK LEGISLATION) OR ANY SAFEKEEPING OR CUSTODY FEES. DERIVATIVE IS A CONTRACT FOR DIFFERENCE, A FUTURE OR AN OPTION. DRAWDOWN IS WHEN AN ACCOUNT SUFFERS A LOSS IN RESPECT TO THE INITIAL AMOUNT INVESTED. LONG POSITION IS WHEN A CFD IS PURCHASED. MARGIN IS THE CASH OR OTHER SECURITY PAID OR DEPOSITED UNDER THE TERMS OF A DERIVATIVE. MARGIN CALL IS A REQUEST FROM A BROKER/CUSTODIAN TO A CLIENT FOR FURTHER FUNDS TO MEET ANY LOSS ARISING ON THE CLIENT’S ACCOUNT. MARGIN TRADING - TRADING CFDS IS KNOWN AS “MARGIN TRADING” SINCE THEY ARE DEALT WITH ON A MARGIN BASIS. YOU SECURE THE TRANSACTION BY PAYING A DEPOSIT KNOWN AS A “NOTIONAL TRADING REQUIREMENT” (NTR) OF AROUND 10% OF THE CONTRACT VALUE. SO IF YOU WANTED TO UNDERTAKE A CONTRACT WORTH £10,000 YOU WOULD NEED AN NTR OF £1000.ACCORDINGLY YOUR INITIAL DEPOSIT IS GEARED BY 10. THE UNDERSTANDING IS THAT YOU MUST BE ABLE TO COVER THE ENTIRE CONTRACT VALUE AND ANY ASSOCIATED COSTS IF THE PRICE MOVES UNFAVORABLY. YOU MUST BE ABLE TO MAINTAIN THIS REQUIRED MARGIN AS OF CLOSE OF MARKET DAILY. THE BENEFITS OF MARGIN TRADING ARE THAT, IF YOU MAKE A PROFIT, YOU MAY NOT HAVE TO MAKE A FULL OUTLAY FOR ANY POSITIONS THAT YOU TAKE AND THEREFORE YOUR POTENTIAL PROFIT CAN BE MAGNIFIED DEPENDING ON YOUR MARGIN. HOWEVER THIS GEARING MEANS THAT THE POTENTIAL FOR LOSSES IS ALSO INCREASED. MAXIMUM DRAWDOWN LEVEL THIS IS THE PERCENTAGE OF THE NET ASSET VALUE OF YOUR ACCOUNT THAT YOU HAVE INDICATED TO THAT YOU CAN AFFORD TO LOSE. NOTIONAL ACCOUNT SIZE IS THE ACCOUNT SIZE TAKING INTO ACCOUNT LEVERAGE UTILIZED. POSITION IS AN EXPOSURE TO THE MARKET. SHORT POSITION IS WHEN A CFD POSITION IS SOLD. STOP LOSS IS THE MAXIMUM LOSS ON AN OPEN POSITION. PLEASE BECOME FAMILIAR WITH THE RISK DISCLOSURES PROVIDED BY OUR CLEARERS LEGAL AND REGULATORY INFORMATION MARSHALL STERLING INVESTMENT MANAGEMENT FCA FRN: 646917 IS AUTHORISED AND REGULATED BY THE FINANCIAL CONDUCT AUTHORITY (FCA). MARSHALL STERLING INVESTMENT MANAGEMENT IS NOT PERMISSIONED TO HOLD CLIENT MONEY. MARSHALL STERLING INVESTMENT MANAGEMENT RISK WARNING & DISCLAIMER IMPORTANT - PLEASE READ : RISK WARNING AND DISCLAIMER THIS NOTICE CANNOT AND DOES NOT DISCLOSE OR EXPLAIN ALL OF THE RISKS AND OTHER SIGNIFICANT ASPECTS INVOLVED IN DEALING IN FINANCIAL PRODUCT SUCH AS THOSE MADE AVAILABLE THROUGH MARSHALL STERLING INVESTMENT MANAGEMENT . LEVERAGED PRODUCTS SUCH AS SPREAD BETTING, FX, FUTURES, OPTIONS AND CFD TRADING CARRY A HIGH DEGREE OF RISK TO YOUR CAPITAL. AS THESE TRANSACTIONS DIFFER MARKEDLY FROM THE MORE COMMON FORM OF FIXED ODDS TRADING, WHERE YOUR POTENTIAL LOSSES ARE PRE-DETERMINED IN ADVANCE, YOU SHOULD NOT ENGAGE IN THIS FORM OF TRADING UNLESS YOU UNDERSTAND THE NATURE OF THE TRANSACTION YOU ARE ENTERING INTO AND THE TRUE EXTENT OF YOUR EXPOSURE TO THE RISK OF LOSS. THE AMOUNT THAT YOU MAY WIN OR LOSE WILL VARY ACCORDING TO THE EXTENT OF THE FLUCTUATIONS IN THE PRICE OF THE UNDERLYING MARKETS ON WHICH THE TRADE IS BASED. BE AWARE THAT YOU MAY LOSE MORE THAN YOUR INITIAL DEPOSIT. FOR MANY MEMBERS OF THE PUBLIC, THESE TRANSACTIONS ARE NOT SUITABLE; YOU SHOULD, THEREFORE, CONSIDER CAREFULLY WHETHER THEY ARE SUITABLE FOR YOU IN THE LIGHT OF YOUR CIRCUMSTANCES AND FINANCIAL RESOURCES AND INVESTMENT OBJECTIVES. IN CONSIDERING WHETHER TO ENGAGE IN THIS FORM OF TRADING, YOU SHOULD BE AWARE OF THE FOLLOWING: THE HIGH DEGREE OF "GEARING" OR "LEVERAGE" IS A PARTICULAR FEATURE OF MANY OF THE PRODUCTS MADE AVAILABLE TO YOU THROUGH MARSHALL STERLING. THIS STEMS FROM THE INITIAL FINANCIAL REQUIREMENTS APPLICABLE TO SUCH TRADES, WHICH GENERALLY INVOLVES A COMPARATIVELY MODEST DEPOSIT OR MARGIN IN TERMS OF THE OVERALL MARKET VALUE OF THE TRADE INVOLVED, SO THAT A RELATIVELY SMALL MOVEMENT IN THE UNDERLYING MARKET CAN HAVE A DISPROPORTIONATELY DRAMATIC EFFECT ON YOUR TRADE. IF THE UNDERLYING MARKET MOVEMENT IS IN YOUR FAVOUR, YOU MAY ACHIEVE A GOOD PROFIT, BUT AN EQUALLY SMALL ADVERSE MARKET MOVEMENT CAN NOT ONLY QUICKLY RESULT IN THE LOSS OF YOUR ENTIRE DEPOSIT, BUT MAY ALSO EXPOSE YOU TO A LARGE ADDITIONAL LOSS OVER AND ABOVE YOUR INITIAL DEPOSIT. YOU MAY BE CALLED UPON TO DEPOSIT SUBSTANTIAL ADDITIONAL MARGIN, AT SHORT NOTICE TO MAINTAIN YOUR TRADE. IF YOU DO NOT PROVIDE SUCH ADDITIONAL FUNDS WITHIN THE TIME REQUIRED, YOUR TRADE MAY BE CLOSED AT A LOSS AND YOU WILL BE LIABLE FOR ANY RESULTING DEFICIT. MARSHALL STERLING DOES NOT HOLD CLIENT MONEY, HOWEVER CLIENT MONEY IS HELD IN SEGREGATED TRUST ACCOUNTS IN ACCORDANCE WITH THE REGULATIONS OF FCA, BUT THIS MAY NOT AFFORD COMPLETE PROTECTION. RULES AND REGULATIONS MADE UNDER THE FINANCIAL SERVICES AND MARKETS ACT 2000 FOR THE PROTECTION OF INVESTORS DO NOT APPLY TO INVESTMENT BUSINESS OUTSIDE THE UNITED KINGDOM AND COMPENSATION UNDER THE FINANCIAL SERVICES COMPENSATION SCHEME MAY NOT BE AVAILABLE. ALL INFORMATION PROVIDED WITHIN OUR WEBSITE OR WITHIN ANY PRINTED OR ELECTRONIC MATERIAL PROVIDED BY MARSHALL STERLING IS FOR FAIR USE. NORMAL COPYRIGHT PROTECTIONS APPLY TO ALL COMMERCIAL USE OF ANY DOCUMENTS OR INFORMATION PROVIDED. MARSHALL STERLING IS NOT RESPONSIBLE FOR ANY LOSS DUE TO INACCURACIES OF INFORMATION PROVIDED. THIS SITE IS NOT INTENDED FOR DISTRIBUTION TO, OR FOR USE BY, ANY PERSON IN ANY COUNTRY WHERE SUCH DISTRIBUTION OR USE WOULD BE CONTRARY TO LOCAL LAW OR REGULATION. NONE OF THE SERVICES OR INVESTMENTS REFERRED TO IN THIS WEBSITE ARE AVAILABLE TO PERSONS RESIDENT IN ANY COUNTRY WHERE THE PROVISION OF SUCH SERVICES OR INVESTMENTS WOULD BE CONTRARY TO LOCAL LAW OR REGULATION. THE INFORMATION ON THIS WEBSITE IS PROVIDED SOLELY TO ENABLE YOU TO MAKE YOUR OWN INVESTMENT DECISIONS AND SHOULD NOT BE REGARDED AS INVESTMENT ADVICE OR A RECOMMENDATION TO BUY, SELL OR OTHERWISE DEAL WITH ANY PARTICULAR INVESTMENT. THE NEWS, PRICES, OPINIONS, RESEARCH, ANALYSIS AND OTHER INFORMATION ON THIS WEBSITE OR WITHIN ANY MATERIAL PROVIDED BY MARSHALL STERLING IS OBTAINED FROM SOURCES BELIEVED TO BE RELIABLE BUT ARE SUBJECT TO CHANGE WITHOUT NOTICE. NEITHER WE NOR ANY OF OUR ASSOCIATES MAKE ANY REPRESENTATION AS TO THE COMPLETENESS OR ACCURACY OF THE INFORMATION NOR DO WE ACCEPT ANY LIABILITY FOR ANY LOSS OR DAMAGE, INCLUDING WITHOUT LIMITATION ANY LOSS OF PROFIT, WHICH MAY ARISE DIRECTLY OR INDIRECTLY FROM USE OF OR RELIANCE BY YOU ON SUCH INFORMATION. ANY RESEARCH AND/OR ANALYSIS CONTAINED ON THIS WEBSITE OR PROVIDED BY MARSHALL STERLING HAS BEEN PROCURED BY US AND MAY HAVE BEEN ACTED UPON BY US FOR OUR OWN PURPOSES AND HAS NOT BEEN PROCURED FOR THE EXCLUSIVE BENEFIT OF CUSTOMERS. RISK DISCLOSURE GLOSSARY CFD - A CFD IS A CONTRACT BETWEEN TWO PARTIES TYPICALLY DESCRIBED AS “BUYER” AND “SELLER” STIPULATING THAT THE SELLER WILL PAY TO THE BUYER THE DIFFERENCE BETWEEN THE CURRENT VALUE OF AN ASSET AND ITS VALUE AT CONTRACT TIME. IF THE DIFFERENCE IS NEGATIVE THEN THE BUYER PAYS INSTEAD TO THE SELLER. IN EFFECT CFDS ARE FINANCIAL DERIVATIVES (MAINLY FOREX AND SHARES) THAT ALLOW TRADERS TO TAKE ADVANTAGE OF PRICES MOVING UP (LONG POSITIONS) OR PRICES MOVING DOWN (SHORT POSITIONS) ON UNDERLYING FINANCIAL INSTRUMENTS AND ARE OFTEN USED TO SPECULATE ON THE MARKET. TAKING THE EXAMPLE OF A EUROPEAN EQUITY CFD, EACH CFD CORRESPONDS TO AN INDIVIDUAL COMPANY SHARE SUCH AS BMW OR SIEMENS OR ALLIANZ. IT IS QUOTED IN EXACTLY THE SAME WAY AND ITS MOVEMENT MIRRORS THE UPS AND DOWNS OF THE UNDERLYING SHARE. AS WITH SHARES YOU CAN BUY OR SELL A CFD WHENEVER YOU WISH AND THERE IS NO TIME LIMIT [SUBJECT TO THE MARKET BEING OPEN FOR TRADE]. YOU CAN CHOSE TO HOLD A CFD POSITION FOR MONTHS WEEKS OR MERELY A FEW HOURS. UNLIKE SHARES YOU CANNOT TAKE DELIVERY OF A CFD. INSTEAD YOU SETTLE THE DIFFERENCE BETWEEN THE OPENING AND CLOSING PRICES AND THE DIFFERENCE IS YOUR PROFIT OR LOSS. SHARE CFDS ARE NOT TRADED ON A STOCK EXCHANGE BUT ARE TRANSACTED DIRECTLY WITH A SPECIALIST MARKET MAKER REGULATED BY [IN THE UNITED KINGDOM] THE FINANCIAL CONDUCT AUTHORITY. YOU WILL HAVE NO SHAREHOLDER VOTING RIGHTS UNLESS SPECIFICALLY NEGOTIATED. BY THE SAME TOKEN YOU WILL NOT PAY STAMP DUTY (0.5% UNDER CURRENT UK LEGISLATION) OR ANY SAFEKEEPING OR CUSTODY FEES. DERIVATIVE IS A CONTRACT FOR DIFFERENCE, A FUTURE OR AN OPTION. DRAWDOWN IS WHEN AN ACCOUNT SUFFERS A LOSS IN RESPECT TO THE INITIAL AMOUNT INVESTED. LONG POSITION IS WHEN A CFD IS PURCHASED. MARGIN IS THE CASH OR OTHER SECURITY PAID OR DEPOSITED UNDER THE TERMS OF A DERIVATIVE. MARGIN CALL IS A REQUEST FROM A BROKER/CUSTODIAN TO A CLIENT FOR FURTHER FUNDS TO MEET ANY LOSS ARISING ON THE CLIENT’S ACCOUNT. MARGIN TRADING - TRADING CFDS IS KNOWN AS “MARGIN TRADING” SINCE THEY ARE DEALT WITH ON A MARGIN BASIS. YOU SECURE THE TRANSACTION BY PAYING A DEPOSIT KNOWN AS A “NOTIONAL TRADING REQUIREMENT” (NTR) OF AROUND 10% OF THE CONTRACT VALUE [SUBJECT TO THE BROKERS DISCRESSION]. SO IF YOU WANTED TO UNDERTAKE A CONTRACT WORTH £10,000 YOU WOULD NEED AN NTR OF £1000. ACCORDINGLY YOUR INITIAL DEPOSIT IS GEARED BY 10. THE UNDERSTANDING IS THAT YOU MUST BE ABLE TO COVER THE ENTIRE CONTRACT VALUE AND ANY ASSOCIATED COSTS IF THE PRICE MOVES UNFAVOURABLY. YOU MUST BE ABLE TO MAINTAIN THIS REQUIRED MARGIN AS OF CLOSE OF MARKET DAILY. THE BENEFITS OF MARGIN TRADING ARE THAT, IF YOU MAKE A PROFIT, YOU MAY NOT HAVE TO MAKE A FULL OUTLAY FOR ANY POSITIONS THAT YOU TAKE AND THEREFORE YOUR POTENTIAL PROFIT CAN BE MAGNIFIED DEPENDING ON YOUR MARGIN. HOWEVER THIS GEARING MEANS THAT THE POTENTIAL FOR LOSSES IS ALSO INCREASED. MAXIMUM DRAWDOWN LEVEL THIS IS THE PERCENTAGE OF THE NET ASSET VALUE OF YOUR ACCOUNT THAT YOU HAVE INDICATED THAT YOU CAN AFFORD TO LOSE. [THIS LEVEL IS SUBJECT TO OPT IN AND OPT OUT AND SHOULD BE USED AS A GUIDE ONLY] NOTIONAL ACCOUNT SIZE IS THE ACCOUNT SIZE TAKING INTO ACCOUNT LEVERAGE UTILISED. POSITION IS AN EXPOSURE TO THE MARKET. SHORT POSITION IS WHEN A CFD POSITION IS SOLD. STOP LOSS IS THE MAXIMUM LOSS ON AN OPEN POSITION. MARSHALL STERLING PORTFOLIO STRATEGY ACCOUNTS DISCLOSURE DOCUMENT MARSHALL STERLING INVESTMENT MANAGEMENT LIMITED IS REGISTERED IN ENGLAND AND WALES UNDER COMPANY NUMBER 9170695, AND IS AUTHORISED AND REGULATED BY THE FINANCIAL CONDUCT AUTHORITY UNDER FIRM REFERENCE NUMBER 646917. INVESTMENTS THAT UTILISE THE MARSHALL STERLING MANAGED PORTFOLIO STRATEGY/STRATEGIES CAN GO DOWN AS WELL AS UP AND INVOLVE THE RISK OF LOSS. PAST PERFORMANCE MAY NOT NECESSARILY BE REPEATED IN THE FUTURE. THE MARSHALL STERLING PORTFOLIO STRATEGY MAY USE DERIVATIVES INSTRUMENTS WHICH MAY NOT BE SUITABLE FOR EVERYONE, SO PLEASE ENSURE YOU FULLY UNDERSTAND THE RISKS INVOLVED. DO NOT TRADE DERIVATIVES WITH MONEY YOU CANNOT AFFORD TO LOSE. TRADING IN DERIVATIVES CARRIES A HIGH DEGREE OF RISK TO THE INVESTOR AND DUE TO FLUCTUATIONS IN THE VALUE OF THE UNDERLYING ASSET THE INVESTOR MAY NOT GET BACK THEIR INITIAL OUTLAY. WITH CERTAIN TRANSACTIONS CLIENTS MIGHT NOT ONLY LOSE THEIR INITIAL INVESTMENT BUT MAY ALSO INCUR A LIABILITY TO PAY FURTHER UNSPECIFIED AMOUNTS AT A LATER DATE. ACCOUNTS MAY BE SUBJECT TO CHARGES FOR MANAGEMENT AND ADVISORY FEES AND THE ACCOUNT MAY NEED TO MAKE TRADING PROFITS TO AVOID DEPLETING OR EXHAUSTING ITS ASSETS. THIS DISCLOSURE DOCUMENT CONTAINS A DESCRIPTION OF EACH FEE TO BE CHARGED TO YOUR ACCOUNT. THE INVESTMENT SERVICES AND INVESTMENTS REFERRED TO IN THIS DOCUMENT MAY HAVE TAX CONSEQUENCES AND IT IS IMPORTANT TO BEAR IN MIND THAT MARSHALL STERLING INVESTMENT MANAGEMENT LIMITED NOR ANY OF THEIR AFFILIATES PROVIDE TAX ADVICE. THE LEVEL AND BASE OF TAXATION CAN CHANGE. INVESTORS SHOULD CONSULT THEIR OWN TAX ADVISERS IN ORDER TO UNDERSTAND ANY APPLICABLE TAX CONSEQUENCE. PRIOR TO INVESTING, YOU SHOULD BE SATISFIED THAT THE NATURE OF THE INVESTMENT IS SUITABLE FOR YOU AND THAT YOU FULLY UNDERSTAND THE RISKS INVOLVED. THIS BRIEF STATEMENT ALONE CANNOT DISCLOSE ALL THE RISKS AND SIGNIFICANT ASPECTS OF THE DERIVATIVE MARKETS. THEREFORE, YOU SHOULD CAREFULLY REVIEW THIS DISCLOSURE DOCUMENT BEFORE YOU TRADE AND CARRY OUT INDEPENDENT RESEARCH ON YOU OWN BEHALF, INCLUDING THE DESCRIPTION OF THE RISK FACTOR RELATED TO THE MARSHALL STERLING PORTFOLIO STRATEGY. PROSPECTIVE CLIENTS SHOULD CONSULT WITH THEIR LEGAL, TAX AND FINANCIAL ADVISORS BEFORE DETERMINING WHETHER TO INVEST USING THE MARSHALL STERLING PORTFOLIO STRATEGY, SHOULD THEY BE UNSURE AS TO THEIR SUITABILITY FOR THE STRATEGY. THE RISK OF LOSS IN TRADING IN DERIVATIVES INSTRUMENTS CAN BE SUBSTANTIAL. YOU SHOULD THEREFORE CONSIDER CAREFULLY WHETHER SUCH TRADING IS SUITABLE FOR YOU IN THE LIGHT OF YOUR FINANCIAL CONDITION. IN CONSIDERING WHETHER TO AUTHORISE MARSHALL STERLING TO TRADE FOR YOU, YOU SHOULD BE AWARE OF THE FOLLOWING: IF YOU PURCHASE OR SELL DERIVATIVES INSTRUMENTS OR ENGAGE IN TRADING OF SUCH INSTRUMENTS YOU MAY SUSTAIN TOTAL LOSS OF THE INITIAL FUNDS AND ANY ADDITIONAL FUNDS THAT YOU DEPOSIT WITH YOUR BROKER TO ESTABLISH OR MAINTAIN YOUR POSITION. IF THE MARKET MOVES AGAINST YOUR POSITION YOU MAY BE CALLED UPON BY YOUR BROKER/CUSTODIAN TO DEPOSIT A SUBSTANTIAL AMOUNT OF ADDITIONAL FUNDS ON SHORT NOTICE IN ORDER TO MAINTAIN YOUR POSITION. IF YOU DO NOT PROVIDE THE REQUESTED FUNDS WITHIN THE PRESCRIBED TIME 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. THE PLACEMENT OF CONTINGENT ORDERS BY YOU OR MARSHALL STERLING WILL NOT NECESSARILY LIMIT YOUR LOSSES TO THE INTENDED AMOUNTS SINCE MARKET CONDITIONS MAY MAKE IT IMPOSSIBLE TO EXECUTE SUCH ORDERS. THE HIGH DEGREE OF LEVERAGE THAT IS OFTEN OBTAINABLE IN DERIVATIVES INSTRUMENTS CAN WORK AGAINST YOU AS WELL AS FOR YOU. THE USE OF LEVERAGE CAN LEAD TO LARGE LOSSES AS WELL AS GAINS. MANAGED ACCOUNTS ARE SUBJECT TO FEES AS DETAILED IN THIS DOCUMENT. INVESTING IN DERIVATIVES INSTRUMENTS AND TRADING IN SUCH INVESTMENTS IN ACCORDANCE WITH THE MARSHALL STERLING PORTFOLIO STRATEGY MAY HAVE TAX CONSEQUENCES. NEITHER MARSHALL STERLING NOR ANY OF ITS AFFILIATES PROVIDE TAX ADVICE. YOU SHOULD CONSULT YOUR OWN TAX ADVISERS IN ORDER TO UNDERSTAND ANY APPLICABLE TAX CONSEQUENCE. PRIOR TO INVESTING YOU SHOULD BE SATISFIED THAT THE NATURE OF THE INVESTMENT IS SUITABLE FOR YOU AND THAT YOU FULLY UNDERSTAND THE RISKS INVOLVED. IF YOU ARE UNSURE OF WHETHER TO INVEST USING THE MARSHALL STERLING PORTFOLIO STRATEGY YOU SHOULD CONSULT WITH YOUR OWN LEGAL TAX AND FINANCIAL ADVISERS. STATEMENT I HEREBY CONFIRM AS FOLLOWS: I HAVE CAREFULLY CONSIDERED THE INFORMATION PROVIDED TO ME IN THIS DISCLOSURE DOCUMENT AND I AM SATISFIED THAT THE STRATEGY IS SUITABLE FOR MY INVESTMENT OBJECTIVES AND FINANCIAL CIRCUMSTANCES. MY KNOWLEDGE AND INVESTMENT EXPERIENCE IN THE RELEVANT MARKETS RELATING TO THE SPECIFIC INVESTMENT PRODUCT VEHICLE AND MORE GENERAL INVESTMENT PRODUCT GROUP [E.G. OVER-THE-COUNTER DERIVATIVES AS A WHOLE], IS SUFFICIENT TO ENABLE MY UNDERSTANDING OF THE RISKS AND REWARDS OF THE PRODUCT[S] AND WHERE RELEVANT TO MY INVESTMENT SELECTION AND LEVERAGED INVESTMENTS AS A WHOLE. MY INVESTMENT NET-WORTH AS DETAILED ON THE KNOW YOUR CUSTOMER DOCUMENT, IS SUFFICIENT TO ABSORB ANY POTENTIAL LOSSES INCURRED BY WAY OF PARTICIPATION IN MY INVESTMENT SELECTION, AND COMPLIES WITH THE REQUIREMENTS SET OUT IN THE MARKETS IN FINANCIAL INSTRUMENTS DIRECTIVE [MIFID] [2004/39/EC 2006/73/EC] IN ORDER TO BE CLASSIFIED AS AN ELECTIVE PROFESSIONAL CLIENT. I HAVE NOT RELIED ON ANY PAST PERFORMANCE RESULTS IN MAKING THIS DECISION TO PARTICIPATE IN THIS PRODUCTS AND SERVICE OFFERING. MARSHALL STERLING INVESTMENT MANAGEMENT LIMITED HAS NOT IN ANY WAY PROVIDED ME WITH ADVICE IN RELATION TO MY INVESTMENT SELECTION. I AGREE TO THE TERMS AND CONDITIONS ASSOCIATED WITH MY INVESTMENT ACCOUNT WITH MARSHALL STERLING INVESTMENT MANAGEMENT LIMITED [AND ANY RELEVANT COUNTERPARTIES]. I HAVE READ THE FULL DISCLOSURE DOCUMENT AND UNDERSTAND ALL ASPECTS OF THE STRATEGY CONTAINED THEREIN AND RISKS INVOLVED. I ACCEPT THAT AS AN ELECTIVE PROFESSIONAL CLIENT FOR THE PURPOSES OF THE MARKETS IN FINANCIAL INSTRUMENTS DIRECTIVE (2004/39/EC 2006/73/EC) I CAN INCUR LOSSES BY MAKING INVESTMENT DECISIONS BASED ON FINANCIAL PROMOTIONS, AND I AM AWARE THAT IT IS MY RESPONSIBILITY TO SEEK ADVICE FROM AN INDEPENDENT FINANCIAL ADVISER AUTHORISED UNDER THE FINANCIAL SERVICES AND MARKETS ACT 2000. I WISH TO PARTICIPATE IN THE STRATEGY AS OUTLINED HEREIN. GENERAL THE MATERIAL PROVIDED HEREIN MAY NOT BE COPIED/FORWARDED/MADE AVAILABLE TO THIRD PARTIES WITHOUT THE WRITTEN CONSENT OF MARSHALL STERLING. THE INFORMATION DOES NOT CONSTITUTE AN OFFER TO BUY OR SELL ANY SECURITIES RELATING TO ANY OF THE PRODUCTS REFERENCED HEREIN. THE INFORMATION PROVIDED IS SUBJECT TO CHANGE AND, ALTHOUGH BASED UPON INFORMATION WE CONSIDER RELIABLE, IS NOT GUARANTEED AS ACCURATE AND COMPLETE. THIS DISCLOSURE CANNOT DISCLOSE ALL THE RISKS AND OTHER SIGNIFICANT ASPECTS OF OUR PRODUCTS AND SERVICES, BUT IS INTENDED TO PROVIDE GENERAL INFORMATION AND A WARNING OF THE RISKS ASSOCIATED WITH MARSHALL STERLING INVESTMENT MANAGEMENT PRODUCT AND SERVICE OFFERING. YOU SHOULD NOT DEAL IN THESE OR OTHER PRODUCTS UNLESS YOU UNDERSTAND THE EXTENT OF YOUR EXPOSURE TO THE VARIOUS RISKS. YOU SHOULD ALSO BE SATISFIED THAT THE PRODUCT AND/OR SERVICE IS SUITABLE FOR YOU IN LIGHT OF YOUR CIRCUMSTANCES AND FINANCIAL POSITION AND, WHERE NECESSARY, YOU SHOULD SEEK APPROPRIATE INDEPENDENT ADVICE IN ADVANCE OF ANY INVESTMENT DECISIONS. MARGIN TRADING (LEVERAGED TRANSACTIONS) IF YOU TRADE IN PRODUCTS SUCH AS BUT NOT LIMITED TO FUTURES, CONTRACTS FOR DIFFERENCES, FX OR OPTIONS, SPREAD BETS ETC, YOU MAY SUSTAIN A LOSS GREATER THAN YOUR INITIAL MARGIN DEPOSIT. IF THE MARKET MOVES AGAINST YOU, YOU MAY BE CALLED UPON TO PAY SUBSTANTIAL ADDITIONAL MARGIN AT SHORT NOTICE TO MAINTAIN THE POSITION. IF YOU FAIL TO DO SO WITHIN THE TIME REQUIRED, YOUR POSITION MAY BE LIQUIDATED AT A LOSS AND YOU MUST BE RESPONSIBLE FOR THE RESULTING DEFICIT. EVEN IF A TRANSACTION IS NOT MARGINED, IT MAY STILL CARRY AN OBLIGATION TO MAKE FURTHER PAYMENTS IN CERTAIN CIRCUMSTANCES OVER AND ABOVE ANY AMOUNT PAID WHEN YOU ENTERED THE CONTRACT. BACK TESTED DATA AND PAST PERFORMANCE HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION, HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE ABILITY TO WITHSTAND LOSSES OR TO ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING STRATEGY WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. ANNUALISED PERFORMANCE RETURN REFLECTS THE POTENTIAL RETURN (ONLY) FOR THE REMAINDER OF THE YEAR SHOULD THE PAST PERFORMANCES CONTINUE FOR THE REMAINDER OF THE YEAR. PAST PERFORMANCE IS NOT INDICATION OF FUTURE PERFORMANCE; THEREFORE THE ANNUALISED RETURN SHOULD BE VIEWED AS A VARIABLE THAT SHOULD NOT BE RELIED UPON. CREDIT RISK CREDIT RISK IS THE RISK OF LOSS CAUSED BY BORROWERS, BOND OBLIGORS, OR COUNTERPARTIES FAILING TO FULFIL THEIR OBLIGATIONS. CREDIT RISK CAN ALSO BE IN REFERENCE TO THE RISK OF A PARTY’S CREDIT QUALITY DETERIORATING, THUS NEGATIVELY AFFECTING THE PRINCIPAL VALUE OF THE PARTY’S DEBT OBLIGATIONS. MARKET RISK THE VALUE OF A FINANCIAL INSTRUMENT MAY CHANGE ALONG WITH THE GENERAL PRICE LEVELS OF THE MARKET, FOR EXAMPLE THE VALUE OF AN EQUITY MAY RISE SIMPLY BECAUSE THE OVERALL MARKET IS RISING. COUNTER-PARTY RISK THE INSOLVENCY OR DEFAULT OF THE FIRM WITH WHOM YOU ARE DEALING, OR OF ANY BROKERS/EXCHANGES INVOLVED WITH YOUR TRANSACTION, MAY LEAD TO POSITIONS BEING LIQUIDATED OR CLOSED OUT AND MAY IN SOME CASES RESULT IN A COMPLETE LOSS OF INVESTMENT CAPITAL. PLEASE NOTE PRINCIPAL PROTECTION IS SUBJECT TO COUNTERPARTY RISK. BY PARTICIPATING IN SUCH PRODUCTS AND SERVICES, YOU HEREBY AGREE TO THE TERMS AND CONDITIONS AND INDEMNIFY MARSHALL STERLING INVESTMENT MANAGEMENT OF ALL LIABILITY THAT MAY ARISE AS A RESULT OF COUNTERPARTY DEFAULT. CANCELLATION, TERMINATION AND AMENDMENTS YOU HAVE THE RIGHT TO CANCEL YOUR AGREEMENT AT ANY STAGE VIA EMAIL AT CANCELLATIONS@MARSHALLSTERLING.CO.UK OR BY RECORDED DELIVERY TO THE ACCOUNTS DEPARTMENT AT MARSHALL STERLING NEW BOND HOUSE, 124 NEW BOND STREET, MAYFAIR, LONDON, W1S 1DX. ONCE MARSHALL STERLING HAS CONFIRMED RECEIPT OF YOUR CANCELLATION NOTICE THE EXIST PROCESS WILL COMMENCE. PLEASE NOTE THAT SUBJECT TO OPEN POSITIONS, AN ‘ACCOUNT UNWIND’ MAY TAKE A PERIOD OF TIME TO FACILITATE IN AN ORDERLY FASHION AND IS SUBJECT TO LIQUIDITY AND EXIT TRANSACTION FEES AND THE VALUE OF YOUR INVESTMENTS MAY SUFFER LOSS AS A RESULT OF ANY UNWIND. ANY MANAGEMENT FEES, PERFORMANCE FEES, DIVIDENDS OR COUPONS EITHER PAID OR DUE ON ACCOUNT WILL BE ADJUSTED ACCORDINGLY AND ANY PROTECTION LEVIED ON ACCOUNT WILL ONLY APPLY SUBJECT TO MINIMUM TERM INVESTMENTS BEING MET. FIXED TERM INVESTMENT CANCELLATION IF YOU HAVE SUBSCRIBED TO A FIXED TERM INVESTMENT, YOU WILL BE BOUND TO THE SPECIFIC PRODUCT TERMS AND CONDITIONS. WITHOUT PREJUDICE TO ANY OTHER TERM OF THIS AGREEMENT, EITHER YOU OR MARSHALL STERLING INVESTMENT MANAGEMENT MAY TERMINATE THIS AGREEMENT AT ANYTIME WITHOUT PENALTY BY GIVING WRITTEN NOTICE. IF YOUR DISCRETIONARY PORTFOLIO MANAGEMENT SERVICE AGREEMENT IS TERMINATED, YOUR ACCOUNT WITH ANY CLEARING BROKER(S) UTILISED BY MARSHALL STERLING INVESTMENT MANAGEMENT (OR THAT OF OUR PRINCIPAL FIRM WHERE RELEVANT) WILL BY DEFAULT BECOME AN “EXECUTION ONLY ACCOUNT” CONTROLLED SOLELY BY YOU. PLEASE NOTE THAT IN SUCH CIRCUMSTANCES: 1. WE WILL CEASE TO MANAGE YOUR ACCOUNT, 2. YOU WILL HAVE TO PAY THE FEES, COMMISSIONS AND OTHER CHARGES DUE FOR OUR SERVICES, WHICH WE MAY OBTAIN FROM YOUR ACCOUNT IF THEY HAVE NOT ALREADY BEEN PAID; AND 3. YOUR TRADING ACCOUNT WILL REMAIN OPERATIONAL AND YOU WILL BE RESPONSIBLE FOR GIVING INSTRUCTIONS TO YOUR DESIGNATED CLEARING BROKER(S) DIRECTLY FOR MANAGING ANY OUTSTANDING POSITIONS ON THE ACCOUNT. TAXATION MARSHALL STERLING INVESTMENT MANAGEMENT DOES NOT PROVIDE TAX ADVICE OF ANY KIND. IN THE EVENT THAT YOU REQUIRE SUCH ADVICE YOU ARE ADVISED TO CONSULT A PROFESSIONAL TAX ADVISOR OR ACCOUNTANT. MARSHALL STERLING INVESTMENT MANAGEMENT WILL NOT BE LIABLE FOR ANY TAX CHARGES. THE INFORMATION PROVIDED WITHIN THIS DISCLAIMER DOES NOT CONSTITUTE ALL THE TERMS, CONDITIONS OR RISKS ASSOCIATED WITH ANY PRODUCT OR SERVICE PROVIDED BY MARSHALL STERLING INVESTMENT MANAGEMENT OR THAT OF ITS COUNTERPARTIES. YOU IF YOU HAVE ANY DOUBT AS TO THE RISKS, TERMS OR CONDITIONS, YOU SHOULD REFER TO OUR STANDARD DISCLOSURE BY VISITING WWW.MARSHALLSTERLING.CO.UK/DISCLAIMER AND ADDITIONALLY SEEK INDEPENDENT ADVICE. TERMS AND DISCLAIMER THIRD PARTY ADVICE WE WOULD URGE YOU TO SEEK INDEPENDENT THIRD PARTY ADVICE BEFORE TAKING UP OR PARTICIPATING IN AND PRODUCT OR SERVICE AND THUS YOU HEREBY INDEMNIFY MARSHALL STERLING INVESTMENT MANAGEMENT (AND ITS FIRM WHERE RELAVANT) OF ANY AND ALL REDRESS AGAINST ANY CLAIM. FURTHERMORE YOU AGREE THAT NO ADVICE HAS BEEN PROVIDED RELATING TO YOUR SELECTION OF PRODUCT OR SERVICE. MARSHALL STERLING INVESTMENT MANAGEMENT TERMS AND CONDITIONS OF BUSINESS REGULATION AND ACCOUNT OPENING. MARSHALL STERLING INVESTMENT MANAGEMENT LIMITED (“MSIM”) IS AUTHORISED AND REGULATED BY THE FINANCIAL CONDUCT AUTHORITY (“FCA”). MARSHALL STERLING INVESTMENT MANAGEMENT LIMITED IS SUBJECT TO THE FCA RULES WHICH MAY BE AMENDED FROM TIME TO TIME ("FCA RULES") AND THE FINANCIAL SERVICES AND MARKETS ACT 2000 ("FSMA"). THESE TERMS OF BUSINESS SET OUT THE TERMS AND CONDITIONS UNDER WHICH MARSHALL STERLING INVESTMENT MANAGEMENT WILL ACT ON YOUR BEHALF AS YOUR DISCRETIONARY INVESTMENT MANAGER AND/OR DEALER FOR EXECUTION ONLY ACCOUNTS. YOU HAVE, OR WILL, ALSO ENTER INTO AN AGREEMENT WITH A CLEARING BROKER TO OPEN AND OPERATE A TRADING ACCOUNT. (PLEASE CONSULT YOUR BROKER/ACCOUNT REPRESENTATIVE FOR ACCOUNT OPENING DOCUMENTATION IF REQUIRED). DISCRETIONARY MANAGEMENT AGREEMENTS WILL TAKE EFFECT FROM THE DATE THAT THE FOLLOWING STEPS HAVE BEEN COMPLETED: YOU HAVE COMPLETED/SIGNED AND RETURNED THE TERMS OF BUSINESS DOCUMENT. YOU HAVE COMPLETED/SIGNED AND RETURNED THE SUITABILITY DOCUMENT. YOU HAVE COMPLETED/SIGNED AND RETURNED THE CLEARING BROKER DOCUMENTATION. YOU HAVE COMPLETED/SIGNED AND RETURNED THE LIMITED POWER OF ATTORNEY DOCUMENTATION THAT WILL ENABLE YOUR INVESTMENT MANAGER TO TRADE ON YOUR BEHALF AND/OR FACILITATE REPRESENTATION TO BE MADE TO THE CLEARING BROKER WHEN DEALING ON YOUR BEHALF. MARSHALL STERLING INVESTMENT MANAGEMENT HAS CONFIRMED YOUR SUCCESSFUL APPLICATION WRITING. IF ANY OF THESE TERMS OF BUSINESS ARE INCONSISTENT WITH ANY RULE OF THE FCA OR ANY OTHER FINANCIAL REGULATOR POSSESSING JURISDICTION, EXCHANGE OR MARKET, THE RELEVANT RULE WILL TAKE PRECEDENCE OVER THAT OR THESE TERMS. YOU SHOULD READ THIS DOCUMENT CAREFULLY AND RETAIN A COPY FOR YOUR OWN RECORDS. YOU SHOULD ENSURE THAT YOU FULLY UNDERSTAND THE PRODUCTS AND SERVICES TO BE PROVIDED TO YOU. PLEASE NOTE THAT THE DESIGNATED CLEARING BROKER WILL DEAL FOR YOU WITHOUT ADVISING ON THE MERITS OF TRANSACTIONS ON YOUR ACCOUNT. CLASSIFICATION MARSHALL STERLING INVESTMENT MANAGEMENT IS PERMISSIONED BY THE REGULATOR TO SERVICE PROFESSIONAL AND ELECTIVE COUNTERPARTY CLIENTS. YOU WILL THEREFORE BE REQUIRED TO QUALIFY UNDER MIFID RULES OR ASK US TO TREAT YOU OTHERWISE IN WRITING. SERVICES TO BE PROVIDED FOR PARTICIPANTS OF THE DISCRETIONARY PORTFOLIO MANAGEMENT SERVICE, TRANSACTIONS WILL BE MANAGED WITH FULL DISCRETION WITHIN YOUR ACCOUNT AND TRADE DECISIONS WILL BE EXERCISED TO BUY AND SELL INVESTMENT PRODUCTS ON YOUR BEHALF. THOSE INVESTMENTS MAY INCLUDE A RANGE OF PRODUCTS/INVESTMENT VEHICLES IN ACCORDANCE WITH THE FCA PERMISSIONS ASSOCIATED WITH THE FIRM AND THE SUITABILITY AND INVESTMENT CRITERIA SPECIFIC TO YOU IN ACCORDANCE WITH YOUR COMPLETED SUITABILITY DOCUMENTATION. THESE INVESTMENT PRODUCTS/VEHICLES MAY RANGE FROM PHYSICAL EQUITY THROUGH TO MORE COMPLEX LEVERAGED DERIVATIVES. FOR PARTICIPANTS OF THE DISCRETIONARY PORTFOLIO MANAGEMENT SERVICE, YOU AUTHORISE MARSHALL STERLING AND ANCILLARY SERVICE PROVIDERS TO ACT AS YOUR AUTHORISED PERSON TO MANAGE YOUR ACCOUNT FOR YOU. FOR PARTICIPANTS OF THE DISCRETIONARY PORTFOLIO MANAGEMENT SERVICE, YOUR TRADING ACCOUNT WILL BE MANAGED ON THE BASIS OF YOUR INVESTMENT OBJECTIVES SET OUT IN THE SUITABILITY DOCUMENT AND ANY OTHER DOCUMENT SUBMITTED TO MARSHALL STERLING. THIS MEANS YOUR INVESTMENT MANAGER WILL MAKE INVESTMENT DECISIONS ON YOUR BEHALF WITHOUT FIRST NEEDING TO REFER THOSE DECISIONS TO YOU. NON-DISCRETIONARY PORTFOLIO MANAGEMENT PARTICIPANT’S (EXECUTION ONLY CLIENTS) MAY AT ANY TIME GIVE INSTRUCTIONS DIRECTLY TO YOUR CLEARING BROKER, OR YOUR INVESTMENT MANAGER, TO EXECUTE SPECIFIC TRANSACTIONS ON YOUR BEHALF. NON-DISCRETIONARY PORTFOLIO MANAGEMENT PARTICIPANT’S (EXECUTION ONLY CLIENTS) WILL BE SOLELY RESPONSIBLE FOR THE MANAGEMENT OF THEIR TRADING ACCOUNT. THIS MEANS WE WILL NOT ASSESS THE TRADE-SPECIFIC SUITABILITY, NOR MONITOR THE PERFORMANCE, OF THOSE INVESTMENTS, NOR WILL WE TAKE ANY ACTION IN RELATION TO THOSE INVESTMENTS OR MARGIN REQUIREMENTS. NON-DISCRETIONARY INVESTMENTS WILL NOT FORM PART OF THE DISCRETIONARY PORTFOLIO MANAGEMENT SERVICE BUT MAY IMPACT UPON THE EFFECTIVENESS OF THE DISCRETIONARY PORTFOLIO (IF PARTICIPATING) AND THE PERFORMANCE OF YOUR TRADING ACCOUNT AS A WHOLE. WE MAY BE REQUIRED TO ASSESS THE APPROPRIATENESS OF CERTAIN NON-DISCRETIONARY INVESTMENTS UNDER FCA RULES. WHILST REASONABLE SKILL AND CARE AND DILIGENCE WILL BE EXERCISED IN MANAGING YOUR ACCOUNT IN THE LIGHT OF CIRCUMSTANCES WHICH ARE OR (USING PROFESSIONAL SKILL) SHOULD REASONABLY BE KNOWN AT THE TIME, YOU SHOULD UNDERSTAND THAT THE VALUE OF INVESTMENTS, AND THE INCOME ARISING FROM THEM, CAN GO DOWN AS WELL AS UP, AND IT IS IMPOSSIBLE TO PREDICT FUTURE PERFORMANCE WITH ANY CERTAINTY. TRANSACTIONS CARRIED OUT ON YOUR BEHALF WILL BE SUBJECT TO THE ACCURACY OF INFORMATION YOU HAVE PROVIDED IN THE SUITABILITY FORM, WHICH IS INTENDED TO INFORMATION YOUR INVESTMENT MANAGER ABOUT YOUR INVESTMENT OBJECTIVES AND THE DEGREE OF RISK THAT YOU ARE PREPARED TO ACCEPT IN ORDER TO BE ABLE TO MAKE SUITABLE INVESTMENT DECISIONS ON YOUR BEHALF IN COMPLIANCE WITH FCA RULES. SHOULD YOUR INVESTMENT OBJECTIVES OR THE LEVEL OF RISK WHICH IS ACCEPTABLE TO YOU CHANGE, YOU SHOULD IMMEDIATELY NOTIFY US IN WRITING AND CONFIRM RECEIPT IN WRITING. ALL TRADING DECISIONS WILL BE MADE IN GOOD FAITH IN RELIANCE UPON THE INFORMATION SUPPLIED BY YOU. ACCOUNT STATEMENTS WILL BE PROVIDED/MADE AVAILABLE TO YOU ON A DAILY/WEEKLY OR MONTHLY BASIS AND/OR UPON REQUEST BY YOU. FREQUENCY INSTRUCTIONS/REQUEST MAY BE MADE DIRECTLY TO MARSHALL STERLING INVESTMENT MANAGEMENT IN WRITING. FROM TIME TO TIME, INVESTMENT VIEWS/OPINIONS GENERALLY MAY BE MADE TO YOU BY WAY OF LETTER, E-MAIL, NEWSLETTER OR TELEPHONE CALLS. THESE VIEWS SHOULD NOT BE TAKEN AS ADVICE OR SOLICITATION TO BUY/SELL OR ENGAGE IN A TRANSACTION AND SHOULD BE TAKEN AS INFORMATION FOR DISCUSSION PURPOSES ONLY. MONEY HOLDING YOUR MONEY WILL BE HELD WITH A DESIGNATED CLEARING BROKER, OR WITH AN ASSOCIATED INSTITUTIONAL COUNTER-PARTY (WITH THE REQUISITE REGULATORY PERMISSIONS) TOGETHER WITH ANY INVESTMENTS WHICH IT AGREES TO HOLD AS CUSTODIAN. ALL TRADING ACCOUNT PAYMENTS AND/OR SETTLEMENTS WILL BE CARRIED OUT THROUGH YOUR CLEARING BROKER ACCOUNT. MARSHALL STERLING INVESTMENT MANAGEMENT DO NOT HOLD CLIENT MONEY. TRADE INSTRUCTIONS INSTRUCTIONS TO TRADE MAY BE MADE DIRECTLY TO YOUR CLEARING BROKER VIA THE TRADING PLATFORM PROVIDED, OR TELEPHONE. INSTRUCTIONS MAY ALSO BE GIVEN VIA EMAIL ONLY TO MARSHALL STERLING INVESTMENT MANAGEMENT DURING THE HOURS OF (UK) 0730 TO 2130 MONDAY TO FRIDAY EXCLUDING ANY PUBLIC HOLIDAYS. E-MAILS OR ANY OTHER FORM OF WRITTEN COMMUNICATION WILL NOT NECESSARILY CONSTITUTE AN ACCEPTABLE FORM OF PLACING AN ORDER OR TRADE UNLESS CONFIRMATION RESPONSE IS RECEIVED IN WRITING. MARSHALL STERLING INVESTMENT MANAGEMENT MAY RECORD TELEPHONE CONVERSATIONS WITHOUT FURTHER NOTICE FOR LEGAL, COMPLIANCE OR TRAINING PURPOSES AND THIS INFORMATION MAY BE USED AS EVIDENCE. JOINT ACCOUNT HOLDERS IF YOU OPEN AN ACCOUNT AND ENTER INTO THESE TERMS OF BUSINESS WITH ANOTHER PERSON (JOINT ACCOUNT HOLDERS), THEN: MARSHALL STERLING INVESTMENT MANAGEMENT MAY ACT ON INSTRUCTIONS FROM BOTH INDIVIDUALS, WHOSE NAMES ARE ON TILE ACCOUNT OPENING FORMS, AS JOINT ACCOUNT HOLDER, AND THESE INSTRUCTIONS WILL INCLUDE TRADING CAPABILITY MARSHALL STERLING INVESTMENT MANAGEMENT MAY GIVE ANY NOTICE OR COMMUNICATION TO EITHER YOU OR ‘THE OTHER’ JOINT ACCOUNT HOLDER ALL ACCOUNT HOLDERS SHALL BE JOINTLY LIABLE FOR ANY LOSSES, FEES, CHARGES OR ANY OTHER FINANCIAL OBLIGATIONS THAT MAY INCUR FROM PARTAKING IN A JOINT ACCOUNT FACILITY. IF A JOINT ACCOUNT HOLDER DIES, YOU OR ANY OTHER PERSON(S) NAMED ON THE ACCOUNT, THEN WE MAY TAKE INSTRUCTIONS FROM (AND PAY ANY BALANCES DUE) TO THE SURVIVOR(S). RISK PART I: INTRODUCTION THIS RISK DISCLOSURE CANNOT DISCLOSE ALL THE RISKS AND OTHER SIGNIFICANT ASPECTS OF OUR PRODUCTS AND SERVICES, BUT IS INTENDED TO GIVE YOU GENERAL INFORMATION ON AND A WARNING OF THE RISKS ASSOCIATED WITH THEM. YOU SHOULD NOT DEAL IN THESE OR OTHER PRODUCTS UNLESS YOU UNDERSTAND THE EXTENT OF YOUR EXPOSURE TO VARIOUS RISKS. YOU SHOULD ALSO BE SATISFIED THAT THE PRODUCT AND/OR SERVICE IS SUITABLE FOR YOU IN LIGHT OF YOUR CIRCUMSTANCES AND FINANCIAL POSITION AND, WHERE NECESSARY, YOU SHOULD SEEK APPROPRIATE ADVICE IN ADVANCE OF ANY INVESTMENT DECISIONS. PART II: MARGIN TRADING (LEVERAGED TRANSACTIONS) IF YOU TRADE IN PRODUCTS SUCH AS BUT NOT LIMITED TO FUTURES, CONTRACTS FOR DIFFERENCES, FX OR OPTIONS, YOU MAY SUSTAIN A LOSS GREATER THAN YOUR INITIAL MARGIN DEPOSIT. IF THE MARKET MOVES AGAINST YOU, YOU MAY BE CALLED UPON TO PAY SUBSTANTIAL ADDITIONAL MARGIN AT SHORT NOTICE TO MAINTAIN THE POSITION. IF YOU FAIL TO DO SO WITHIN THE TIME REQUIRED, YOUR POSITION MAY BE LIQUIDATED AT A LOSS AND YOU MUST BE RESPONSIBLE FOR THE RESULTING DEFICIT. EVEN IF A TRANSACTION IS NOT MARGINED, IT MAY STILL CARRY AN OBLIGATION TO MAKE FURTHER PAYMENTS IN CERTAIN CIRCUMSTANCES OVER AND ABOVE ANY AMOUNT PAID WHEN YOU ENTERED THE CONTRACT. PART III GENERIC RISKS ALL FINANCIAL PRODUCTS CARRY A CERTAIN DEGREE OF RISK AND EVEN LOW RISK INVESTMENT STRATEGIES CONTAIN AN ELEMENT OF UNCERTAINTY. THE VALUE OF INVESTMENTS MAY RISE AS WELL AS FALL. PAST PERFORMANCE IS NO INDICATOR OF FUTURE PERFORMANCE. LIQUIDITY RISK THE LIQUIDITY OF AN INSTRUMENT IS DIRECTLY AFFECTED BY THE SUPPLY AND DEMAND FOR THAT INSTRUMENT. UNDER CERTAIN TRADING CONDITIONS IT MAY BE DIFFICULT OR IMPOSSIBLE TO LIQUIDATE A POSITION. THIS MAY OCCUR, FOR EXAMPLE, AT TIMES OF RAPID PRICE MOVEMENT. THE PRICE MAY RISE OR FALL TO SUCH AN EXTENT THAT UNDER THE RULES OF THE RELEVANT EXCHANGE TRADING IS SUSPENDED OR RESTRICTED. CREDIT RISK CREDIT RISK IS THE RISK OF LOSS CAUSED BY BORROWERS, BOND OBLIGORS, OR COUNTERPARTIES FAILING TO FULFIL THEIR OBLIGATIONS. CREDIT RISK CAN ALSO BE IN REFERENCE TO THE RISK OF A PARTY’S CREDIT QUALITY DETERIORATING, THUS NEGATIVELY AFFECTING THE PRINCIPAL VALUE OF THE PARTY’S DEBT OBLIGATIONS. MARKET RISK THE VALUE OF A FINANCIAL INSTRUMENT MAY CHANGE ALONG WITH THE GENERAL PRICE LEVELS OF THE MARKET, FOR EXAMPLE THE VALUE OF AN EQUITY MAY RISE SIMPLY BECAUSE THE OVERALL MARKET IS RISING. COUNTER-PARTY RISK THE INSOLVENCY OR DEFAULT OF THE FIRM WITH WHOM YOU ARE DEALING, OR OF ANY BROKERS/EXCHANGES INVOLVED WITH YOUR TRANSACTION, MAY LEAD TO POSITIONS BEING LIQUIDATED OR CLOSED OUT AND MAY IN SOME CASES RESULT IN A COMPLETE LOSS OF INVESTMENT CAPITAL. CURRENCY RISK A MOVEMENT IN EXCHANGE RATES MAY HAVE A FAVOURABLE OR AN UNFAVOURABLE EFFECT ON THE GAIN OR LOSS ACHIEVED ON TRANSACTIONS WITH EXPOSURE TO FOREIGN EXCHANGE RATES. INTEREST RATE RISK INTEREST RATES CAN RISE AS WELL AS FALL, WHICH MAY CAUSE THE VALUE OF AN INVESTMENT TO RISE OR FALL. THE INTEREST RATE ENVIRONMENT, AMONG OTHER FACTORS, DETERMINES THE VALUE OF BONDS. OPERATIONAL RISK BREAKDOWNS OR MALFUNCTIONING OF ESSENTIAL SYSTEMS AND CONTROLS, INCLUDING IT SYSTEMS, CAN IMPACT THE VALUE OF FINANCIAL PRODUCTS OR TRADES. PART IV: FINANCIAL INSTRUMENTS SET OUT BELOW IS AN OUTLINE OF THE RISKS ASSOCIATED WITH CERTAIN GENERIC TYPES OF FINANCIAL INSTRUMENTS. EQUITIES A RISK WITH EQUITY IS THAT THE COMPANY’S VALUE MAY RISE AS WELL AS FALL, DUE TO GENERAL ECONOMIC, SECTOR, OR COMPANY-SPECIFIC CONDITIONS. DEBT INSTRUMENTS/BONDS/DEBENTURES DEBT INSTRUMENTS ARE ESPECIALLY EXPOSED TO CREDIT RISK AND INTEREST RATE RISK. DEBT SECURITIES ARE SUBJECT TO THE RISK OF THE ISSUER'S INABILITY TO MEET PRINCIPAL AND INTEREST PAYMENTS ON THE OBLIGATION AND MAY ALSO BE SUBJECT TO PRICE VOLATILITY DUE TO SUCH FACTORS AS INTEREST RATE SENSITIVITY, MARKET PERCEPTION OF THE CREDITWORTHINESS OF THE ISSUER AND GENERAL MARKET LIQUIDITY. WHEN INTEREST RATES RISE, THE PRINCIPAL VALUE OF CORPORATE DEBT SECURITIES CAN BE EXPECTED TO DECLINE. FIXED-RATE TRANSFERABLE DEBT SECURITIES WITH LONGER MATURITIES TEND TO BE MORE SENSITIVE TO INTEREST RATE MOVEMENTS THAN THOSE WITH SHORTER MATURITIES. WARRANTS A WARRANT IS A TIME-LIMITED RIGHT TO SUBSCRIBE FOR SHARES, DEBENTURES, LOAN STOCK OR GOVERNMENT SECURITIES AND IS EXERCISABLE AGAINST THE ORIGINAL ISSUER OF THE UNDERLYING SECURITIES. A RELATIVELY SMALL MOVEMENT IN THE PRICE OF THE UNDERLYING SECURITY MAY RESULT IN A PROPORTIONATELY LARGER MOVEMENT, UNFAVOURABLE OR FAVOURABLE, IN THE PRICE OF THE WARRANT. THE PRICES OF WARRANTS CAN THEREFORE BE VOLATILE. THE RIGHT TO SUBSCRIBE, WHICH A WARRANT CONFERS, IS INVARIABLY LIMITED IN TIME WITH THE CONSEQUENCE THAT IF THE INVESTOR FAILS TO EXERCISE THIS RIGHT WITHIN THE PRE-DETERMINED TIME-SCALE THEN THE INVESTMENT BECOMES WORTHLESS. YOU SHOULD NOT BUY A WARRANT UNLESS YOU ARE PREPARED TO SUSTAIN A TOTAL LOSS OF THE PRINCIPAL YOU HAVE INVESTED PLUS ANY COMMISSION OR OTHER TRANSACTION CHARGES. DERIVATIVES A DERIVATIVE IS A FINANCIAL INSTRUMENT DERIVED FROM AN UNDERLYING ASSET'S VALUE. THERE ARE MANY TYPES OF DERIVATIVE, BUT CFDS, OPTIONS, AND FUTURES ARE AMONG THE MOST COMMON. AN INVESTOR IN DERIVATIVES OFTEN ASSUMES A GREAT DEAL OF RISK, AND THEREFORE INVESTMENTS IN DERIVATIVES MUST BE MADE WITH CAUTION. DERIVATIVES CAN BE USED FOR SPECULATIVE PURPOSES OR AS HEDGES TO MANAGE OTHER INVESTMENT RISKS. IT IS POSSIBLE TO LOSE MORE THAN THE INITIAL DEPOSIT AND DUE TO THE 'GEARING' OR 'LEVERAGE' OFTEN OBTAINABLE A SMALL DEPOSIT OR DOWN PAYMENT CAN LEAD TO LARGE LOSSES AS WELL AS GAINS. FUTURES/FORWARDS TRANSACTIONS IN FUTURES OR FORWARDS INVOLVE THE OBLIGATION TO MAKE, OR TO TAKE, DELIVERY OF THE UNDERLYING ASSET OF THE CONTRACT AT A FUTURE DATE, OR IN SOME CASES TO SETTLE THE POSITION WITH CASH. THEY CARRY A HIGH DEGREE OF RISK. THE 'GEARING' OR 'LEVERAGE' OFTEN OBTAINABLE IN FUTURES AND FORWARDS TRADING MEANS THAT A SMALL DEPOSIT OR DOWN PAYMENT CAN LEAD TO LARGE LOSSES AS WELL AS GAINS. OPTIONS THERE ARE MANY DIFFERENT TYPES OF OPTIONS WITH DIFFERENT CHARACTERISTICS SUBJECT TO THE FOLLOWING CONDITIONS. BUYING OPTIONS: BUYING OPTIONS INVOLVES LESS RISK THAN SELLING OPTIONS BECAUSE, IF THE PRICE OF THE UNDERLYING ASSET MOVES AGAINST YOU, YOU CAN SIMPLY ALLOW THE OPTION TO LAPSE. THE MAXIMUM LOSS IS LIMITED TO THE PREMIUM, PLUS ANY COMMISSION OR OTHER TRANSACTION CHARGES. WRITING OPTIONS: BY WRITING AN OPTION, YOU ACCEPT A LEGAL OBLIGATION TO PURCHASE OR SELL THE UNDERLYING ASSET IF THE OPTION IS EXERCISED AGAINST YOU. IF YOU WRITE AN OPTION, THE RISK INVOLVED IS CONSIDERABLY GREATER THAN BUYING OPTIONS. YOU MAY BE LIABLE FOR MARGIN TO MAINTAIN YOUR POSITION AND A LOSS MAY BE SUSTAINED WELL IN EXCESS OF THE PREMIUM RECEIVED. IF YOU ALREADY OWN THE UNDERLYING ASSET WHICH YOU HAVE CONTRACTED TO SELL (KNOWN AS 'COVERED CALL OPTIONS') THE RISK IS REDUCED. IF YOU DO NOT OWN THE UNDERLYING ASSET (KNOWN AS 'UNCOVERED CALL OPTIONS') THE RISK CAN BE UNLIMITED. ONLY EXPERIENCED PERSONS SHOULD CONTEMPLATE WRITING UNCOVERED OPTIONS, AND THEN ONLY AFTER SECURING FULL DETAILS OF THE APPLICABLE CONDITIONS AND POTENTIAL RISK EXPOSURE. CONTRACTS FOR DIFFERENCES CONTRACTS FOR DIFFERENCE ARE LEVERAGED PRODUCTS WHOSE PRICE BASED ON ANOTHER UNDERLYING ASSET, AS IN THE CASE OF FUTURES AND OPTIONS. THEY CARRY THE SAME RISKS AS THOSE ASSOCIATED WITH THE UNDERLYING SECURITY AS WELL AS THE RISKS ASSOCIATED WITH LEVERAGED TRADING. PART V: FURTHER RISK DISCLOSURES AVAILABLE UPON REQUEST CONFLICTS OF INTEREST MARSHALL STERLING INVESTMENT MANAGEMENT MAY ENGAGE IN A WIDE RANGE OF INVESTMENT BUSINESS ACTIVITIES. THIS MAY GIVE RISE TO SITUATIONS WHERE MARSHALL STERLING INVESTMENT MANAGEMENT MAY HAVE MATERIAL INTERESTS, RELATIONSHIPS AND/OR ARRANGEMENTS WHICH ARE DEEMED TO BE A CONFLICT OF INTEREST UNDER FCA RULES OR UNDER GENERAL LAW. MARSHALL STERLING INVESTMENT MANAGEMENT HAS PROCEDURES IN PLACE TO MANAGE CONFLICTS OF INTEREST IN ACCORDANCE WITH FCA RULES (FOR EXAMPLE: 'CHINESE WALLS'). SHOULD AN EMPLOYEE, CONTRACTOR, ASSOCIATE OF MARSHALL STERLING INVESTMENT MANAGEMENT BE AWARE OF A MATERIAL INTEREST OR CONFLICT OF INTEREST, THEN THEY ARE REQUIRED TO DISREGARD THE INFORMATION AND REPORT ACCORDINGLY. MARSHALL STERLING INVESTMENT MANAGEMENT WILL DISCLOSE, EITHER ORALLY OR IN WRITING, ANY MATERIAL INTERESTS OR CONFLICTS INTEREST IT HAS OR MAY HAVE, WHETHER GENERALLY, OR IN RELATION TO A SPECIFIC TRANSACTION, BEFORE IT PROVIDES THE SERVICES UNDER THIS AGREEMENT TO ENSURE FAIR TREATMENT. FEES AND CHARGES COMMISSIONS ALL FEES, CHARGES, COMMISSIONS OR EXPENSES THAT YOU WILL BE REQUIRED TO PAY IN RELATION TO YOUR ACCOUNT AND THE CIRCUMSTANCES IN WHICH THESE WILL APPLY HAVE BEEN DETAILED TO YOU IN THE KEY SERVICE FEATURES DOCUMENT AND/OR ANY SPECIFIC PRODUCT DOCUMENTATION AND/OR WHEN MAKING APPLICATION TO A CLEARING BROKER. PLEASE NOTE ALL COMMISSION CHARGES WILL BE TAKEN FROM YOUR ACCOUNT AT THE TIME OF EXECUTING EACH TRADE AND ALL FINANCING FEES WILL BE TAKEN FROM/PAID TO YOUR TRADING ACCOUNT ON A DAILY BASIS, OR THE NEXT BUSINESS DAY ON ALL OPEN POSITIONS. MARSHALL STERLING INVESTMENT MANAGEMENT MAY RECEIVE A COMMISSION FROM THE RESPECTIVE CLEARING BROKERS/COUNTER-PARTY IN RELATION TO TRANSACTIONS ASSOCIATED WITH YOUR ACCOUNT WHICH HAS ALREADY BEEN CALCULATED INTO THE FEES, CHARGES, COMMISSIONS OR EXPENSES. A FULL BREAKDOWN OF EACH CALCULATION CAN BE OBTAINED FROM MARSHALL STERLING INVESTMENT MANAGEMENT UPON REQUEST. MANAGEMENT AND PERFORMANCE STRUCTURES PARTICIPANTS OF PRODUCTS AND SERVICES LEVYING A MANAGEMENT AND PERFORMANCE FEE STRUCTURE MAY BE BILLED/DEBITED DIRECTLY FROM THEIR ACCOUNT OR BY MEANS OF INVOICE. DETAILS OF CHARGES WILL BE SET OUT WITHIN SPECIFIC PRODUCT DOCUMENTATION. COMPLAINTS ALL FORMAL COMPLAINTS RELATING TO YOUR ACCOUNT SHOULD IN THE FIRST INSTANCE BE MADE IN WRITING TO THE COMPLIANCE DEPARTMENT AT MARSHALL STERLING INVESTMENT MANAGEMENT, NEW BOND HOUSE, 124 NEW BOND STREET, MAYFAIR, LONDON, W1S 1DX MARSHALL STERLING INVESTMENT MANAGEMENT HAS SET COMPLAINTS PROCEDURES IN ACCORDANCE WITH THE FCA RULES AND FULL DETAILS OF THESE PROCEDURES CAN BE REQUESTED BY WRITING TO MARSHALL STERLING INVESTMENT MANAGEMENT. IN THE EVENT A COMPLAINT IS NOT RESOLVED IN AN ADEQUATE MANNER OR YOU ARE UNSATISFIED WITH THE WAY YOUR COMPLAINT HAS BEEN HANDLED, YOU MAY HAVE A RIGHT TO COMPLAIN TO THE FINANCIAL OMBUDSMAN SERVICE AT SOUTH QUAY PLAZA, 183 MARSH WALL, LONDON E14 9SR. COMPENSATION MARSHALL STERLING INVESTMENT MANAGEMENT LIMITED IS AUTHORISED AND REGULATED BY THE FINANCIAL CONDUCT AUTHORITY AND AS SUCH YOU MAY BE ABLE TO MAKE A CLAIM FOR COMPENSATION UNDER THE FINANCIAL SERVICES COMPENSATION SCHEME. PLEASE NOTE THAT WITH MOST INVESTMENTS YOU MAY RECEIVE UP TO 100% OF THE FIRST £50,000. ANTI MONEY LAUNDERING YOU WILL HAVE PROVIDED YOUR CLEARING BROKER THE REQUISITE ANTI-MONEY LAUNDERING DOCUMENTATION IN ORDER TO OPEN AN ACCOUNT, HOWEVER MARSHALL STERLING INVESTMENT MANAGEMENT MAY AT THEIR ABSOLUTE DISCRETION REQUIRE ADDITIONAL VERIFICATION OF IDENTITY AND/OR SOURCE OF FUNDS OF ALL CLIENTS WITHOUT LIMITATION FOR THE PURPOSES OF ANTI MONEY LAUNDERING REGULATIONS. UNTIL SUCH VERIFICATION HAS BEEN MADE, NO SERVICES SHALL BE PROVIDED UNDER THIS AGREEMENT. SUCH VERIFICATION WILL BE RECORDED AND MAY BE PASSED TO CERTAIN ORGANISATIONS WITH A VIEW TO PREVENT FRAUD. CANCELLATION, TERMINATION AND AMENDMENTS YOU HAVE THE RIGHT TO CANCEL YOUR AGREEMENT AT ANY STAGE VIA EMAIL AT CANCELLATIONS@MARSHALLSTERLING.CO.UK OR BY POST AT THE CANCELLATIONS DEPARTMENT AT MARSHALL STERLING INVESTMENT MANAGEMENT , NEW BOND HOUSE, 124 NEW BOND STREET, MAYFAIR, LONDON, W1S 1DX. PLEASE NOTE THAT SUBJECT TO OPEN POSITIONS, AN ‘ACCOUNT UNWIND’ MAY TAKE A PERIOD OF TIME TO FACILITATE IN AN ORDERLY FASHION AND IS SUBJECT TO LIQUIDITY AND EXIT TRANSACTION FEES. FIXED TERM INVESTMENT CANCELLATION IF YOU HAVE SUBSCRIBED TO A FIXED TERM INVESTMENT, YOU WILL BE BOUND TO THE SPECIFIC PRODUCT TERMS AND CONDITIONS. WITHOUT PREJUDICE TO ANY OTHER TERM OF THIS AGREEMENT, EITHER YOU OR MARSHALL STERLING INVESTMENT MANAGEMENT MAY TERMINATE THIS AGREEMENT AT ANYTIME WITHOUT PENALTY BY GIVING WRITTEN NOTICE. IF YOUR DISCRETIONARY PORTFOLIO MANAGEMENT SERVICE AGREEMENT IS TERMINATED, YOUR CLEARING BROKERS TRADING ACCOUNT WILL BY DEFAULT BECOME AN “EXECUTION ONLY DEALING ACCOUNT” CONTROLLED SOLELY BY YOU. PLEASE NOTE THAT IN SUCH CIRCUMSTANCES: WE WILL CEASE TO MANAGE YOUR CLEARING BROKERS TRADING ACCOUNT; YOU WILL HAVE TO PAY THE FEES, COMMISSIONS AND OTHER CHARGES DUE FOR OUR SERVICES, WHICH WE MAY OBTAIN FROM YOUR ACCOUNT IF THEY HAVE NOT ALREADY BEEN PAID; AND YOUR TRADING ACCOUNT WILL REMAIN OPERATIONAL AND YOU WILL BE RESPONSIBLE FOR GIVING INSTRUCTIONS TO YOUR DESIGNATED CLEARING BROKERS DIRECTLY FOR MANAGING ANY OUTSTANDING POSITIONS ON THE ACCOUNT. PLEASE NOTE SHOULD YOU ALSO WISH TO TERMINATE YOUR TRADING ACCOUNT, YOU SHOULD DO SO IN ACCORDANCE WITH THE TERMS AS DETAILED WITHIN THIS DOCUMENT AND THE TERMS SET-OUT BY YOUR CLEARING BROKERS TERMS AND POLICIES. THESE TERMS OF BUSINESS AND/OR ‘OTHER AGREEMENTS’ MAY AT ANY TIME BE AMENDED BY SENDING AN ADDENDUM NOTICE TO YOU. WE WILL CONTINUE TO PERFORM SERVICES FOR YOU ON THE EXISTING TERMS UNTIL TEN BUSINESS DAYS AFTER WE HAVE SENT YOU THE AMENDMENT NOTICE, UNLESS IT IS IMPRACTICAL IN THE CIRCUMSTANCES TO DO SO. YOU MAY TERMINATE THE AGREEMENT AT ANY TIME ACCORDING TO TERMS SET OUT WITHIN THIS DOCUMENT IF YOU DO NOT AGREE WITH THE AMENDED TERMS. WE WILL ONLY AMEND THESE TERMS AND CONDITIONS IF WE HAVE A VALID REASON TO DO SO. VALID REASONS MAY INCLUDE CHANGING THE TERMS OF BUSINESS TO: REFLECT CHANGES IN LEGAL AND REGULATORY REQUIREMENTS AFFECTING US; REFLECT INCREASES IN OUR BUSINESS COSTS AND/OR OTHER CHANGES AFFECTING THE COMMERCIAL VIABILITY OF THE SERVICES WE ARE PROVIDING TO YOU; CORRECT ERRORS OR OMISSIONS. TAXATION MARSHALL STERLING INVESTMENT MANAGEMENT DOES NOT CURRENTLY PROVIDE TAX ADVICE OF ANY KIND. IN THE EVENT THAT YOU REQUIRE SUCH ADVICE YOU ARE ADVISED TO CONSULT A PROFESSIONAL TAX ADVISOR OR ACCOUNTANT. MARSHALL STERLING INVESTMENT MANAGEMENT WILL NOT BE LIABLE FOR ANY TAX CHARGES. LIMITATIONS OF LIABILITY MARSHALL STERLING INVESTMENT MANAGEMENT SHALL NOT BE LIABLE FOR: ANY LOSS OF OPPORTUNITY WHEREBY THE VALUE OF ANY SECURITIES OR DERIVATIVES MAY HAVE INCREASED OR DECREASED; OR ANY ERRORS OF FACTS OR JUDGMENT; OR ANY ACTS OR OMISSIONS OF ANY THIRD PARTY OR ANY LOSS INCURRED ON YOUR ACCOUNT NOT DIRECTLY ATTRIBUTABLE TO GROSS NEGLIGENCE. EXCEPT IN SO FAR AS THE SAME ARISES AS A RESULT OF ITS ('MARSHALL STERLING INVESTMENT MANAGEMENT ) WILFUL DEFAULT OR FRAUD, BUT NOTHING IN THIS PARAGRAPH SHALL LIMIT YOUR RIGHTS UNDER THE GENERAL LAW. YOU AGREE TO INDEMNIFY MARSHALL STERLING INVESTMENT MANAGEMENT AGAINST ALL LOSSES, COSTS, LIABILITIES OR EXPENSES (INCLUDING LOSS OF PROFIT) INCURRED BY MARSHALL STERLING INVESTMENT MANAGEMENT IN CONNECTION WITH THE TERMS OF BUSINESS (INCLUDING, WITHOUT LIMITATION, ANY SERVICE PERFORMED UNDER THEM AND THE GIVING OF INSTRUCTIONS TO THIRD PARTIES IN CONNECTION WITH ANY TRANSACTION ENTERED INTO BY YOU OR ON YOUR BEHALF),OR IN CONNECTION WITH ANY AGREEMENT WHICH MARSHALL STERLING INVESTMENT MANAGEMENT ENTERS INTO ON YOUR BEHALF. THIS INDEMNITY DOES NOT APPLY INSOFAR AS SUCH LOSSES, COSTS, LIABILITIES AND EXPENSES RESULT DIRECTLY FROM THE WILFUL DEFAULT OR FRAUD BY MARSHALL STERLING INVESTMENT MANAGEMENT , ITS DIRECTORS, OFFICERS, CONTRACTORS OR EMPLOYEES. PLEASE ALSO NOTE THAT MARSHALL STERLING INVESTMENT MANAGEMENT SHALL NOT BE LIABLE FOR ANY PERSONAL TAXATION CONSEQUENCES EXPERIENCED BY YOU OR AS A RESULT OF ANY TRANSACTION THAT MARSHALL STERLING INVESTMENT MANAGEMENT ARRANGED, ADVISED OR DEALT IN OR ANY OTHER INVESTMENT BUSINESS ON YOUR BEHALF. THE CLIENT SHALL INDEMNIFY MARSHALL STERLING INVESTMENT MANAGEMENT AGAINST ALL ACTIONS, PROCEEDINGS, CLAIMS, DEMANDS, REDRESS AND COMPENSATION WHICH MAY BE BROUGHT OR MADE RESULTING FROM, BY NOT LIMITED TO, ANY REDRESS, LOSSES, COSTS, FEES, EXPENSES, CHARGES, DAMAGES OR EXPENSES IN RESPECT OF ANY ACT, OMISSION, NEGLECT OR DEFAULT. DATA PROTECTION ALL PERSONAL DATA YOU SUPPLY WILL BE TREATED ACCORDING TO THE DATA PROTECTION ACT 1998. YOU ACKNOWLEDGE AND AGREE THAT MARSHALL STERLING INVESTMENT MANAGEMENT MAY PASS YOUR PERSONAL DATA TO ANY REGULATORY AUTHORITY BY WHICH MARSHALL STERLING INVESTMENT MANAGEMENT IS REGULATED (DIRECTLY OR INDIRECTLY) AND IN ACCORDANCE WITH ANY LEGAL REQUIREMENT WHICH APPLIES. YOU AGREE THAT ALL DATA MAY BE PASSED ON TO ANY COUNTER-PARTY, PARTNER, ASSOCIATE, CONTRACTOR OF MARSHALL STERLING INVESTMENT MANAGEMENT FOR THE PURPOSE OF ENSURING YOUR SUITABILITY TO PRODUCT OR SERVICE, OR IN ORDER TO TAKE UP, OPT-IN TO INVESTMENTS GENERALLY. IN ADDITION IN ORDER TO OPERATE AND ENHANCE THE SERVICES PROVIDED TO YOU, YOU ACKNOWLEDGE THAT MARSHALL STERLING INVESTMENT MANAGEMENT MAY PROVIDE PERSONAL DATA TO A CLEARING BROKER(S) AND ANY OTHER RELEVANT THIRD PARTY: IN ORDER TO SEND YOU MARKETING INFORMATION ON THE PRODUCTS OR SERVICES OF MARSHALL STERLING INVESTMENT MANAGEMENT OR ANY ASSOCIATED COMPANY (UNLESS YOU INFORM MARSHALL STERLING INVESTMENT MANAGEMENT IN WRITING THAT YOU WOULD NOT LIKE TO RECEIVE SUCH INFORMATION); AND ANY OTHER PURPOSE OF WHICH MARSHALL STERLING INVESTMENT MANAGEMENT GIVE YOU REASONABLE NOTICE, (FOR WHICH YOUR CONTINUED USE OF MARSHALL STERLING INVESTMENT MANAGEMENT ' SERVICES WILL BE ASSUMED TO BE CONSENTED) OR MARSHALL STERLING INVESTMENT MANAGEMENT MAY FROM TIME TO TIME USE DATA PROCESSORS TO PROCESS/HOLD ITS CLIENTS' DATA. NOTICES AND COMMUNICATIONS ANY NOTICE OR OTHER COMMUNICATION TO BE GIVEN TO YOU BY MARSHALL STERLING INVESTMENT MANAGEMENT UNDER OR IN RELATION TO THIS AGREEMENT ("NOTICE") SHALL BE SENT IN WRITING TO THE PHYSICAL OR EMAIL ADDRESS STATED ON YOUR APPLICATION FORM OR SUCH ADDRESS AS YOU MAY SUBSEQUENTLY SPECIFY BY NOTICE IN WRITING TO US. ANY NOTICE SHALL BE DEEMED TO HAVE BEEN RECEIVED BY YOU TWO DAYS AFTER IT IS POSTED BY US AND IMMEDIATELY UPON SENDING IF IT IS SENT TO YOU BY FAX OR E-MAIL. MARSHALL STERLING INVESTMENT MANAGEMENT SHALL BE ENTITLED TO CONTACT YOU OTHERWISE THAN IN WRITING FOR THE PURPOSES OF OBTAINING INSTRUCTIONS IN RELATION TO YOUR ACCOUNT. ALL NOTICES GIVEN BY YOU TO US UNDER THIS AGREEMENT MUST BE IN WRITING AND DELIVERED OR SENT VIA EMAIL TO ACCOUNTS@MARSHALLSTERLING.CO.UK OR BY POST AT THE ACCOUNTS DEPARTMENT AT MARSHALL STERLING INVESTMENT MANAGEMENT , NEW BOND HOUSE, 124 NEW BOND STREET, MAYFAIR, LONDON, W1S 1DX WE WILL COMMUNICATE WITH YOU, AND GIVE YOU DOCUMENTS AND INFORMATION, IN ENGLISH UNLESS OTHERWISE STATED. CONTRACTS, RIGHTS OF THIRD PARTIES ACTS A PERSON WHO IS NOT A PARTY TO THIS AGREEMENT HAS NO RIGHTS UNDER THE CONTRACTS (RIGHTS OF THIRD PARTIES) ACT 1999 TO ENFORCE ANY OF THESE TERMS OF BUT THIS DOES NOT AFFECT ANY RIGHT OR REMEDY OF SUCH THIRD PARTY WHICH EXISTS OR IS AVAILABLE APART FROM UNDER THAT ACT. ASSIGNMENT OF DELEGATION MARSHALL STERLING INVESTMENT MANAGEMENT MAY AT ITS ABSOLUTE DISCRETION ASSIGN OR DELEGATE ALL OR ANY OF ITS DUTIES OR OTHER INTERESTS IN THIS AGREEMENT OR THE PROCEEDS THEREOF WITHOUT THE OTHER PARTY'S WRITTEN CONSENT. IN SUCH CIRCUMSTANCES 10 DAYS WRITTEN NOTICE WILL BE PROVIDED BEFORE ANY SUCH ASSIGNMENT OR DELEGATION. PRESERVATION OF RIGHTS NOTHING IN THIS AGREEMENT SHALL EXCLUDE OR RESTRICT ANY OBLIGATION WHICH MARSHALL STERLING INVESTMENT MANAGEMENT HAS UNDER THE FCA RULES IN RELATION TO YOU IN YOUR CAPACITY AS CLIENT; OR ANY FEASIBILITY WHICH MARSHALL STERLING INVESTMENT MANAGEMENT OWES TO YOU IN YOUR CAPACITY AS ITS CUSTOMER UNDER THE FSMA OR UNDER THE FCA RULES IN RESPECT OF A BREACH OF ANY OF YOUR RIGHTS. FORCE MAJEURE IN THE EVENT OF ANY FAILURE, INTERRUPTION OR DELAY IN PERFORMANCE OF MARSHALL STERLING’S OBLIGATIONS RESULTING FROM ACTS, EVENTS OR CIRCUMSTANCES NOT REASONABLY WITHIN THEIR CONTROL, INCLUDING BUT NOT LIMITED TO INDUSTRIAL DISPUTES, ACTS OR REGULATIONS OF ANY GOVERNMENTAL OR SUPRANATIONAL BODIES OR AUTHORITIES, BREAKDOWN, FAILURE OR MALFUNCTION OF ANY TELECOMMUNICATIONS, POWER OR COMPUTER SERVICES AND/OR SYSTEMS, MARSHALL STERLING INVESTMENT MANAGEMENT SHALL NOT BE LIABLE NOR HAVE ANY RESPONSIBILITY OF ANY KIND FOR ANY LOSS OR DAMAGE THEREBY INCURRED OR SUFFERED BY YOU. WEBSITE COOKIES BY ENTERING THE MARSHALL STERLING WEB SITE, YOU AGREE TO ALLOW COOKIES TO BE UTILISED IN ORDER TO MONITOR YOUR ACTIVITY. YOUR INFORMATION WILL BE KEPT CONFIDENTIAL AND WILL NOT BE SOLD TO THIRD PARTIES.

 

 

 

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  • Marshall Sterling Investment Management
  • 14 Hanover Street
  • Hanover Square
  • Mayfair, London, W1S 1YH
  • T: +44(0)845 86 23456
  • E: Info@MarshallSterling.co.uk

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