Disclosure

We, BLACKWAVE CAPITAL (the “Company”), do not provide advice relating to investments or possible transactions in investments or investment recommendations of any kind. We provide factual market information or information, in relation to a transaction about which you have enquired, as to transaction procedures, potential risks involved and how those risks may be minimised. Engaging in CFDs or Spot FX (in this notice referred to as a ‘Transaction’) carries a high degree of risk to your capital. You should not engage in this form of investing unless you fully understand the nature of the Transaction you are entering into and the true extent of your exposure to the risk of loss. Your profit and loss will vary according to the extent of the fluctuations in the price of the underlying markets on which your Transaction is based. 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 investing, you should be aware of the following:

Leverage

The high degree of "leverage" or "gearing" (i.e., the funds required at the outset, compared with the size of the trade you can place) is a particular feature of this type of Transaction. Therefore, a relatively small movement in the underlying market can have a disproportionate effect on your Transaction.Iftheunderlyingmarketmovementisin yourfavour, you may achieve agood 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. In particular, your losses may be unlimited, and no deposit or other amount you have paid will limit your losses. If you decide to engage in Margined FX or CFD trading, you must acceptthis degreeofrisk. You may be called upon to deposit substantial additional margin, at short notice, to maintain your position(s). If you do not provide such additional funds within the time required, your position (s) may be closed at a loss and you will be liable for any resulting deficit. If you are in any doubt regarding our products, you should seek independent professional advice.

Margined FX and CFDs

The purpose of a Margined FX or CFD Transaction is to secure a profit or avoid a loss by reference to fluctuations in the price of the underlying asset or an index (the "Underlying Market"). In the context of our activities, the Underlying Market may be a securities Index, exchange rate between two currencies, CFDs on gold, silver, oil or such other investment as we may from time to time agree in writing. It is an express term of each CFD or Spot FX Transaction that neither you nor us:

• • acquire any interest in or right to acquire or is obliged to sell, purchase, hold, deliver or receive the Underlying Market; and
• • that the rights and obligations of each party under the CFD or Spot FX Transaction are principally to make and receive such related payments.

Trading Off Exchange

Transactions with the Company

Trading is not transacted on a recognised or designated investment exchange and, accordingly, it may expose you to greater risks than exchange transactions. For example, if you wish to close the position, you will have to close it at the Company's quotation which may reflect a premium or discount to the Underlying Market. When the Underlying Market is closed, the Company's quotation can be influenced by the weight of other clients’ buying or selling with the Company. As an example, the spread can widen substantially. You will only be able to close any position with the same provider with whom it was originally entered into. When entering into such Transactions, the Company shall do so under the Company’s Terms of Business and documents incorporated by reference therein. You should satisfy yourself that dealing is conducted throughout in strict conformity with the Client Agreement.

Margin Requirement

We reserve the right to adjust margin requirements for any product that we may offer. This may result in your margin requirement increasing and you may therefore be required to deposit additional funds to maintain existing positions.

Position Monitoring

It is your responsibility to monitor your account. Should the net value of the account (cash plus running profits minus running losses) fall below the margin required, we may close some or all of your trades at the current market price. This should not however be taken as a guarantee, and it is your responsibility to ensure that sufficient funds are on your account at all times. 6. Market Risk Margined FX and CFD trading relies on the price movement of underlying financial products. You are therefore exposed to similar, but magnified, risks to holding the underlying assets. In some cases risks will be greater. Creating a stop loss order may limit your loss but this is not guaranteed as your losses may be greater in some circumstances. Slippage occurs when a stop loss does not get filled at the exact order price, but slips to a higher or lower price. This may be because the particular Underlying Market has become unusually volatile for a period of time. Where this happens a stop loss may not be effective and your position will be closed at the current Company price. Gapping is when a particularmarket jumpssignificantly,resulting in yourstop loss being missed and your trade closed at a much higher or lower price than intended. Accordingly, where you have an open position in a volatile market environment you must understand the potential impact ofthese events, as you could be filled at the next availableCompany price. 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 if the price rises or falls in one trading session to such an extent that trading is restricted or suspended. At market opening and closing times and prior to announcements, the market spread may widen substantially. Consequently, you must ensure that you have sufficient funds on your account to cover this eventuality. Where you are trading a product denominated in a currency different to that in which you hold your account, fluctuations in the exchange rate will affect your profit and loss potential.

Credit

No credit shall be extended to you. Neither a Variation Margin, credit allocation i.e. the unrealised profit (or loss) on open positions or transactions , nor an Initial Margin credit allocation i.e., the minimum balance you need to have in your account to open a position) constitute a credit facility.

Counterparty Risk

We shall act asthe counterparty to all yourtrades.Noneof our products are listed on an exchange, nor can any rights, benefits or obligations be transferred to anyone else. While we undertake our obligation to provide you with best execution and to act reasonably and in accordance with our published Terms of Business, Margined FX and CFDs opened on your account with us must be closed with us, based on our prices and on the terms and conditions that you have contracted with us.

Segregated Accounts

The Company is required to hold client funds in segregated trust accounts in accordance with the regulations of Financial Services Act, 2007, but this may not afford complete protection. While we monitor the creditworthiness of our banks closely and select them on the basis of robustness and solidity, this does not mean that they are risk-free. If you deposit collateral as security with the Company, you should ascertain from us how your collateral will be dealt with.

Financial Services Compensation Scheme

As an FSC regulated firm, your trading with the Company is not covered under any client compensation scheme under the laws of Mauritius.

Tax

You understand the risk of your trades and any related profits becoming subject to tax. You are responsible for all taxes and stamp duty in respect of your trades. We do not provide any tax advice to clients, and you are responsible for your own tax affairs.

Commission, Spreads and other costs

You should obtain details of all commissions and other charges for which you will be liable, prior to trading with the Company. Where charges are not expressed in money terms (such as a bid offer spread), you should obtain a clear explanation of what such charges are likely to mean in specific money terms. When commission is charged as a percentage (such as futures), it will normally be as a percentage of the total contract value, and not simply as a percentage of your initial payment. Some type of trades you make may require you to pay financing costs. Trades in currencies different than your base currency may require you to convert those foreign currencies to your base currency. The combination of overnight financing and foreign exchange costs may exceed any profits on your trades or increase the losses that you may incur on your trade.