PLEASE READ THE FOLLOWING TERMS AND CONDITIONS CAREFULLY BEFORE USING THIS WEB SITE AND/OR ELECTRONIC SERVICES.

A reference to this “Web Site” includes but is not limited to the information, materials, data, reports, text, images, links, sounds, graphics and video sequences displayed herein and a reference to “electronic services” is to the online and/or electronic services and/or products provided at or in connection with this Web Site.

BY ACCESSING THIS WEB SITE AND/ OR USING THE ELECTRONIC SERVICES, YOU AGREE TO BE BOUND BY THE FOLLOWING TERMS AND CONDITIONS. IF YOU DO NOT ACCEPT ANY OF THESE TERMS AND CONDITIONS, YOU MUST IMMEDIATELY DISCONTINUE YOUR ACCESS OF THIS WEB SITE AND/ OR USE OF THE ELECTRONIC SERVICES.

VMS SECURITIES LIMITED AND/ OR THEIR HOLDING COMPANIES AND/ OR THEIR RESPECTIVE SUBSIDIARIES AND RELATED CORPORATIONS (INDIVIDUALLY AND COLLECTIVELY, THE “VMS SECURITIES GROUP”) PROVIDE THE WEB SITE, THE ELECTRONIC SERVICES AND CONTENTS HEREIN ON AN “AS IS” AND “AS AVAILABLE” BASIS WHICH HAVE NOT BEEN VERIFIED, CONSIDERED OR ASSESSED BY ANY MEMBER OF THE VMS SECURITIES GROUP IN RELATION TO THE MAKING OF ANY SPECIFIC INVESTMENT, BUSINESS, FINANCIAL OR COMMERCIAL DECISION OF ANY PARTICULAR PERSON. MEMBERS OF THE VMS SECURITIES GROUP, ITS DIRECTORS, EMPLOYEES, AGENT, ASSOCIATES AND AFFILIATES (INDIVIDUALLY AND COLLECTIVELY THE ” VMS SECURITIES MEMBERS”) MAKE NO REPRESENTATIONS, ENDORSEMENTS OR WARRANTIES OF ANY KIND WHATSOEVER ABOUT THIS WEB SITE, THE ELECTRONIC SERVICES AND/ OR THE INFORMATION, DATA AND CONTENTS ON THIS WEB SITE, INCLUDING ADVERTISEMENTS SUPPLIED BY THE RESPECTIVE ADVERTISERS AND THEIR CREDITWORTHINESS.

These terms and conditions are in addition to the terms and conditions contained in the Client Agreement, which shall, where applicable, apply to your relationship with VMS Securities Limited in your use and access of this Web Site and electronic services.

The information, materials and contents herein are not made with regard to the specific investment objectives, financial situation and the particular needs of any particular person who may receive them. Such information, materials and contents are provided for general information only and you should seek professional advice at all time and obtain independent verification of the information, materials and contents contained herein before making any decision based on any such information, materials or contents.

The material and information contained in this Web Site is directed at and restricted (as applicable and as appropriate) to individuals resident in or entities having a place of business in Hong Kong. The VMS Securities Group makes no representation that the material and information contained herein is appropriate or available for use in other locations/ jurisdictions.

NOTHING ON THIS WEB SITE OR THE WEB SITES OF ANY VMS SECURITIES MEMBER SHOULD BE CONSTRUED AS AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO PURCHASE ANY SECURITIES OR PRODUCTS WHERE IT WOULD BE ILLEGAL TO DO SO. THIS WEB SITE IS NOT INTENDED TO OFFER OR SELL SECURITIES TO U.S. PERSONS.

THE USE AND/OR DISTRIBUTION OF THIS WEB SITE’S MATERIALS OR CONTENTS OR ELECTRONIC SERVICES MAY BE RESTRICTED BY LAW IN CERTAIN JURISDICTIONS. IT IS YOUR RESPONSIBILITY TO FIND OUT WHAT THOSE RESTRICTIONS ARE AND OBSERVE THEM.

The material and information contained in the Web Site or the web sites of any VMS Securities Members is/are directed at, and is generally intended for distribution to and use by, individuals resident in or entities having a place of business in Hong Kong. In all other jurisdictions where the Web Site or the web sites of any VMS Securities Members is/are accessible by its residents or entities, it is intended for use by corporate, institutional, professional, wholesale and other qualified investors in accordance with the laws and regulations of such jurisdictions.

The material and information found in this Web Site is for general circulation only and does not have regard to specific objectives, financial situation and particular needs of any specific investor individual and/or entity (collectively referred to as “investor”), wherever situated. An investment in any securities mentioned in this Web Site is not intended to be a complete investment programme for any investor. Prospective investors should seek advice from a financial advisor regarding the suitability of the securities, taking into account their specific investment objectives, financial situation or particular needs before committing to invest in or purchase in any of the securities mentioned. In the event that the prospective investor chooses not to seek such advice, he/she/they should carefully consider whether an investment in the said securities are suitable for them in light of their own circumstances, financial resources and entire investment programme.

In addition and without prejudice to any right or remedy which VMS Securities Members may have (at law or otherwise in the relevant jurisdiction), VMS Securities Members shall not be liable whatsoever to any individual and/or entity accessing this website(s) in respect of any Loss (defined herein below) suffered by the investor. Without prejudice to the generality of the foregoing, VMS Securities Members shall not, in any event, be liable to any investor whatsoever for any indirect or consequential Loss of any anticipated profits or punitive damages.

“Loss” in the foregoing means any and all losses, claim, liabilities, costs, charges and/or expenses of whosoever nature or howsoever arising, including profits or advantage which may be deprived or lost and/or legal fees on a full indemnity basis.

The investment choices and services in this Web Site are provided as general information only and are not intended to provide investment or other advice. Under no circumstances is such information contained herein to be used or considered as an offer to sell or a solicitation of an offer to buy investments, securities or any other instrument or product.

Not all securities, products or services described in this Web Site are available in all countries, and nothing on this Web Site constitutes an offer or solicitation of these securities products or services in any jurisdiction where their offer or sale or use is not qualified or exempt from registration or permitted by law. Information, materials and contents provided on this Web Site is obtained from sources believed to be reliable, but VMS Securities Members do not guarantee the accuracy, adequacy, truth, reasonableness, completeness or timeliness of the information, materials and contents or make any warranties of any kind in relation to such information, materials and contents and with regard to the results to be obtained from their use and expressly disclaim liability for any errors in, or omissions from, such information, materials and contents, or this Web Site in general.

We endeavour to keep the rates and fees posted in this Web Site current. However, rates, fees and information are subject to change at any time without notice to users and the posted rates and fees herein may not immediately reflect such changes. Please also note that access to any services and your account may be limited or unavailable during periods of peak demand and market volatility or for other reasons.

The investment choices and services in this Web Site are provided as general information only and are not intended to provide investment or other advice. Under no circumstances is such information contained herein to be used or considered as an offer to sell or a solicitation of an offer to buy investments, securities or any other instrument or product.

Not all securities, products or services described in this Web Site are available in all countries, and nothing on this Web Site constitutes an offer or solicitation of these securities products or services in any jurisdiction where their offer or sale or use is not qualified or exempt from registration or permitted by law. Information, materials and contents provided on this Web Site is obtained from sources believed to be reliable, but VMS Securities Members do not guarantee the accuracy, adequacy, truth, reasonableness, completeness or timeliness of the information, materials and contents or make any warranties of any kind in relation to such information, materials and contents and with regard to the results to be obtained from their use and expressly disclaim liability for any errors in, or omissions from, such information, materials and contents, or this Web Site in general.

We endeavour to keep the rates and fees posted in this Web Site current. However, rates, fees and information are subject to change at any time without notice to users and the posted rates and fees herein may not immediately reflect such changes. Please also note that access to any services and your account may be limited or unavailable during periods of peak demand and market volatility or for other reasons.

Names, words, titles, phrases, slogans, marks, logos, icons, graphics, designs and any intellectual property in this Web Site (together the “Trademarks”) are the property of the VMS Securities Group and/or applicable third party proprietors. The display of the Trademarks in this Web Site does not imply that any license has been granted to any third party.

No licence to use or other right in any Trademarks appearing on this Web Site is granted to you and your access to this Web Site and/or use of the electronic services should not be construed as granting, by implication, estoppel or otherwise, any license to use or right in any Trademarks appearing on the Web Site without the prior written consent of the VMS Securities Group or the relevant third party proprietor thereof.

Any or all of the Trademarks shall not be reproduced, issued, transmitted, published, performed, played, showed, broadcast, stored, adapted, distributed, rented out, made available to others, displayed, licensed, altered, hyper linked or otherwise used in whole or in part in any manner without the prior written consent of the VMS Securities Group. Save and except with the VMS Securities Group’s prior written consent, you may not insert a hyperlink to any of the Trademarks or this Web Site or any part thereof on any other website, medium or “mirror” or frame this Web Site, or any part thereof, or any information or materials contained in this Web Site on any other server, website or web page.

All code, materials, content and other information in this Web Site is protected under the intellectual property laws (including but not limited to the law of copyright) of Hong Kong and/or other applicable jurisdictions. Users of this Web Site shall be entitled to copy any information for their own personal use only but may not republish, reproduce or communicate any such information or a part thereof in any manner, including electronic reproduction by “uploading” or “downloading”, without the prior written consent of the VMS Securities Group. Otherwise, no one has permission to copy, redistribute, communicate, reproduce or republish, in any form, in whole or in part, any information, code or content found in the pages of this Web Site. Any unauthorized downloading, re-transmission, or other copying or modification of the Trademarks or other contents of this Web Site may be a violation of statutory or common law rights which could subject the violator to legal action.

It is our policy and priority to safeguard any information provided by our customers, and we respect your right to privacy. We understand the importance you place on the privacy and security of information that personally identifies you or your account information (“personal data”).

It is our pledge not to sell your personal data to anyone. For details of our Data Policy, please refer to the Data Policy (for Hong Kong Clients), which shall, where applicable, apply to your relationship with VMS Securities Limited in your use and access of this Web Site and electronic services.

Cookies are text files containing small amounts of data that many internet sites automatically download to a user’s computer, phone or tablet’s hard disk. We use cookies to:

identify you;

gather statistical information about usage;

research visiting patterns and help target advertisements based on user interests;

assist our partners to track user visits to our site; and

track progress and participation in promotions.

These cookies are persistent after the closing of the browser and will become active again when the website is reopened and until removed. You do not have to accept cookies but without accepting them you may experience reduced site functionality. The cookies can be deleted at any time by you by following the instructions provided with your browser software.

Users are alerted that transactions over the Internet may be subject to interruption, transmission blackout, delayed transmission due to Internet traffic or incorrect data transmission due to the public nature of the Internet.

The electronic services are intended to be offered only in jurisdictions where they may be lawfully offered for sale or otherwise. No endorsement of any third party products, services or information is expressed or implied by any information, material or content referred to or included on, or linked from or to this Web Site. The VMS Securities Group does not guarantee the accuracy or completeness of the content of this Web Site. Links to other web sites from this Web Site are for convenience only. The content is for informational purposes only. Investments should be evaluated relative to each individual’s investment objectives.

Quotes, historical data, charts and statistics provided have been independently obtained from various information providers through sources believed to be reliable. VMS Securities Members and the Information Providers do not guarantee the timeliness, sequence, accuracy or completeness of any market data or other information, material or messages that they disseminate and they do not guarantee the accuracy or reliability of any such information, material or messages and accept no liability (whether in tort or contract or otherwise) for any loss or damage arising from inaccuracies or omissions.

Some of the products or services listed are Registered Trade-marks and are the property of their respective holders. The information contained within this Web Site is proprietary to its providers and is for your use only. Redistribution of the content is expressly forbidden and prohibited.

In no event shall VMS Securities Members be liable to any party for any damages, claims, expenses or losses of any kind (whether direct, indirect, special, incidental, punitive, exemplary or consequential or otherwise) (i) suffered by you or any party; and/or (ii) arising from or in connection with any (a) access, use or inability to access or use this Web Site and/or the electronic services; (b) use of or reliance on the accuracy, availability, currency, title, non-infringement, quality, reliability, merchantability, fitness for a particular purpose, suitability and completeness of the services, information, security, data and contents; or (c) any system, server or connection failure, error, omission, interruption, delay in transmission, computer virus or other malicious, destructive or corrupting code, agent program or macros, even if VMS Securities Members have been advised of the possibility of such damages, claims, expenses or losses.

You hereby agree to indemnify and save VMS Securities Members harmless against all liabilities, claims, demand, damages, losses, expenses and costs (including legal costs on an indemnity basis) suffered or incurred by VMS Securities Members in connection with or arising from (i) any access of this Web Site and/ or use of the electronic services and/ or the information, materials, data and contents made available through the Web Site and/or the electronic services, (ii) any other party’s access of this Web Site and/or use of the electronic services using your user id and/or login password, (iii) your breach of any of the terms and conditions herein, or (iv) any other party’s breach of any of the terms and conditions herein where such party was able to access this Web Site and/or use the electronic services by using your user id and/or login password.

VMS Securities Members shall also not be liable for any loss resulting from a cause over which they do not have control, whether fully or partly, including without limitation, failure of electronic or mechanical equipment or communication lines, telephone or other interconnect problems, unauthorised access, failure of public transportation, common carrier communication or utility systems, data or other theft (including the theft of passwords, codes or log-in sequences) and operator errors.

Certain stock quotes, stock charts, forward-looking statements, opinions, recommendations, analyses and any other form of investor and/or financial information available through this Web Site and/ or the electronic services made available through this Web Site and/ or electronic services are published by the VMS Securities Group (collectively “Financial Information”). The VMS Securities Group accepts no liability for any direct, special, indirect, consequential, incidental damages or any other loss or damages of any kind arising from any use of the Financial Information (including any error, omission or misstatement herein, negligent or otherwise) or further communication thereof, even if the VMS Securities Group has been advised of the possibility thereof. The Financial Information is not intended for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution or use would be contrary to law or regulation and has been made available through this Web Site and/ or electronic services based on information obtained from sources believed to be reliable, but no representation or warranty, express or implied, is made as to its accuracy, completeness, timeliness or correctness for any particular purpose. The Financial Information is published for your general information only and is not to be taken in substitution for the exercise of your judgement, and you should obtain separate legal or financial advice. Opinions expressed by the VMS Securities Group are subject to change without notice. Any recommendation contained within any Financial Information does not have regard to the specific investment objectives, financial situation and the particular needs of any specific addressee. VMS Securities Members may have positions or other interests in, and may effect transactions in securities mentioned in the Financial Information and may also perform or seek to perform broking or financial services for the companies to which such securities relate.

VMS Securities Members may provide you with valuation statements and/or other information from time to time of all outstanding transactions and products entered into by you with VMS Securities Members. By receiving this statement, you acknowledge that in consideration of VMS Securities Members providing this statement to you, you agree to the following terms and conditions:

This statement and any and all of its valuation and content (collectively, the “Statement”) are provided solely for your information and should be treated as proprietary and confidential and you should not rely on it for any other purposes. If the Statement is sent to you via electronic means, VMS Securities Members will not be responsible for any corruption or alteration of the data or any risks related to the electronic communication during its transmission to you.

The Statement is not intended to imply that an actual trading market exists for the transaction or product concerned or that it is appropriate to assume (for accounting or other purposes) that such a trading market exists, and any assumptions used for the valuations are subject to change without notice. Actual trade prices (if any) for entering into new transactions or products or for terminating or assigning existing transactions or products may vary significantly from the valuations provided in the Statement as a result of various factors, which may include (but are not limited to) prevailing credit spreads, market liquidity, position size, transaction and financing costs, hedging costs and risks and use of capital and profit.

The Statement may be based on different dates and times and the valuations (including market data used in deriving such valuations) may be as of an earlier date and/or time than that indicated on the Statement. The prices used for the valuation of your positions may be based on the market closing prices as of the Statement’s date as provided by the relevant exchanges for exchange-traded products, the last available prices obtained from appropriate financial information vendors, market-makers for over-the-counter products or on such other bases as VMS Securities Members deem appropriate. For structured products and mutual funds, the prices used may be based on the latest available prices as provided by the fund managers or product issuers or on such other bases as VMS Securities Members deems appropriate.

You acknowledge that VMS Securities Members have not advised you as to the appropriateness of any particular use of the Statement (in particular the valuations and/or information in the Statement), including in connection with internal financial accounting determinations or in satisfaction of reporting obligations. You should consult your own auditors and such other advisers you deem appropriate as to whether the Statement may be useful to you in connection with the preparation of your financial statements (and, in particular, whether and to what extent the valuations and/or information in the Statement may be treated as being indicative of prices at which trades could be executed) or for any other purpose.

The Statement has been prepared by VMS Securities Members in good faith. VMS Securities Members do not guarantee their completeness or accuracy or timeliness and expressly disclaims any responsibility for (i) estimates or assumptions used in deriving the valuations, (ii) any errors or omissions in computing or disseminating the valuations, and (iii) any uses to which the valuations may be put. VMS Securities Members do not undertake to correct any valuations provided or to notify you of any correction. VMS Securities Members do not accept any liability for any loss or damage (whether direct, indirect, consequential or otherwise) arising from any use of the Statement or otherwise arising in connection herewith or under any legal theory.

You must check the completeness and accuracy of the Statement and inform VMS Securities Members within fourteen (14) calendar days from the date of the Statement of any errors or discrepancies. Otherwise, the Statement shall be deemed complete and accurate and you shall not be entitled to object thereto. However, VMS Securities Members are entitled at any time to rectify any error on the Statement.

VMS Securities Members may, in its sole and absolute discretion, at any time decline to provide statements to you on any product(s), notwithstanding that it may have previously provided such statements to you for the same or similar product(s).

The information, materials, contents and electronic services herein are subject to change and/or suspension and/or termination (including, without limitation, modification, deletion or replacement thereof) without notice. The VMS Securities Group reserves the right to make changes and corrections, at any time and without notice, to the Web Site or any part thereof including changes, variations and corrections to this agreement. Further, the VMS Securities Group may from time to time without giving any reason or prior notice, upgrade, suspend, discontinue the provision of or remove, whether in whole or in part, this Web Site and/or the electronic services and shall not be liable if any such upgrade, modification, suspension or alteration to this Web Site and/ or the electronic services prevents you from accessing this Web Site and/ or the electronic services or any part or feature thereof.

The information, materials, contents and electronic services contained in or accessed through this Web Site shall not be considered or construed as an offer or solicitation to sell, buy, give, take, issue, allot or transfer, or as the giving of any advice in respect of securities, shares, stocks, bonds, notes, interests, unit trusts, mutual funds or other securities, investments, loans, advances, credits or deposits in any jurisdiction.

The VMS Securities Group may terminate your access to this Web Site and/or your use of the electronic services at any time without notice and without assigning any reason therefor.

Nothing herein shall be construed as a representation by the VMS Securities Group that the information, materials, contents and electronic services contained in or accessed through this Web Site is appropriate or available for use in geographic areas or jurisdictions other than Hong Kong. By accessing this Web Site and/or using the electronic services, you agree that such access and/or use, as well as the terms and conditions herein shall be governed by, and construed in accordance with, the laws of Hong Kong and you agree to submit to the non-exclusive jurisdiction of the Hong Kong courts.