(A) The Company or any of its directors, officers or agents (including the Company's connected persons) shall not be liable for any omissions or judgments or any acts or omissions, unless such acts or omissions are caused by the intentional or obvious negligence of the Company or its directors, officers or agents.

(B) Without prejudice to sub-clause (A) of this clause, the Company will not provide any representations or warranties regarding the performance or profitability of investments made for clients, nor shall the Company or any of its directors, officers or agents be liable under any circumstances for the rise or fall in value of the investment portfolio or loss of opportunities. The Company does not guarantee that the investment portfolio or any part thereof will not be adversely affected by taxation, and clients must consult their tax advisors on their tax matters.

(C) The Company shall not be responsible for the defaults of the following persons: brokers (excluding the Company), counterparties, banks, custodians or other persons who hold investments or ownership documents on behalf of clients or persons who conduct transactions related to the investment portfolio through such persons.

(D) Clients shall indemnify the Company and its executives, employees and agents against all liabilities, losses, charges, claims, proceedings, costs and expenses suffered, paid or incurred by them in the good faith performance of their duties or management of the investment portfolio, unless such losses are caused by the intentional default or gross negligence of the above persons. The Company should not be compelled to take any action for clients unless the Company is satisfied that clients will fully indemnify or protect the Company against all costs and liabilities incurred or suffered by the Company as a result of any action taken by the Company.

(E) The Company shall not be responsible or legally liable for any losses or expenses suffered or incurred by clients due to any reasons/circumstances beyond the Company's reasonable control that cause the Company to delay, make mistakes or fail to fulfill its responsibilities under this agreement, including but not limited to orders, laws, controls, rules, directives, levies, taxes, embargoes, prohibitions, foreign exchange controls, restrictions or other actions of governments (including de facto or legal government agencies or other competent authorities), transmission of instructions or computer system failures or malfunctions, postal systems or other strikes, suspension or termination of activities of exchanges, trading boards, markets or clearing houses, other natural disasters, fires, floods, severe weather, outbreaks of serious infectious diseases or explosions.

(F) The Company may, at its sole discretion, delegate all or any of the powers, authorities and discretions exercisable by the Company under this Agreement to any person. Without affecting the general principles set out above in any way, the Company may appoint any person as the Company's authorized person, agent, sub-delegate or sub-agent for such purposes and terms as it deems appropriate, and the appointee shall have such powers, authorities or discretions as the Company deems appropriate (not exceeding those vested in the Company), including (but not limited to) the power for the authorized person or agent to further delegate any powers, authorities and discretions; provided that, without prejudice to this Agreement, the Company shall remain liable for the costs, acts and omissions of any authorized person, agent, sub-delegate, sub-agent or other person (hereinafter referred to as "appointee") appointed by it in accordance with the provisions of this clause. Appointees may include persons who are connected persons or employees of relevant persons, but any fees payable to relevant persons or employees shall not exceed the normal commercial charges for performing the relevant services.