deliver on the settlement date and you have to purchase securities to settle the transaction， i ／we shall not be responsible to you for the costs of such purchase.

4. safekeeping of securities

any securities which are held by you for safekeeping may， at your discretion:（in the case of registrable securities） be registered in my ／our name or in the name of your nominee; or be deposited in safe custody in a designated account with your bankers or with any other institution which provides facilities for the safe custody of documents. in the case of securities in hong kong， such institution shall be acceptable to the sfc as a provider of safe custody services.

where securities are not registered in my ／our name， any dividends or other benefits arising in respect of such securities shall， when received by you， be credited to my ／our account or paid or transferred to me ／us， as agreed with you. where the securities form part of a larger holding of identical securities held for your clients， i ／we shall be entitled to the same share of the benefits arising on the holding as my ／our share of the total holding.

you do not have my／our written authority under section 81 of the securities ordinance to :depo

sit any of my／our securities with a banking institution as collateral for an advance or loan made to you， or with the clearing house as collateral for the discharge of your obligations under the clearing system borrow or lend any of my／our securities otherwise part with possession （except to me ／us or on my／our instructions） of any of my／our securities for any purpose.

5. cash held for me ／us

any cash held for me ／us， other than cash received by you in respect of transactions and which is on-paid for settlement purposes or to me ／us， shall be credited to a client trust account maintained with a licensed bank as required by applicable laws from time to time.

6. risk disclosure statement

i ／we acknowledge that the price of securities can and does fluctuate， and any individual security may experience upwards or downwards movements， and may even become valueless. there is an inherent risk that losses may be incurred rather than profit made as a result of buying and selling securities. i ／we also acknowledge that there may be risks in leaving securities in your safekeeping. for example， if you are holding my ／our securities and you become insolvent， i ／we may experience significant delay in recovering

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