TERMS OF USE / USER AGREEMENT

THE SIGMA CAPITAL WEB SITE IS OPERATED BY THE SIGMA - CAPITAL GROUP AND ITS AFFILIATES, HEREAFTER REFERRED TO AS "SIGMA"
PLEASE READ THESE TERMS OF SERVICE AND CONDITIONS OF USE CAREFULLY BEFORE USING THIS SITE
These Terms of Service and Conditions of Use constitute the entire agreement between you and Sigma-Capital and govern your use of the Services provided, superceding any prior agreements between you and Sigma-Capital.
By using this site, you signify your assent to these terms of use. Information on the site is offered to the user conditioned on the user's acceptance without modification of the terms, conditions, and notices contained herein. The use of the site constitutes the user's agreement to all such terms, conditions, and notices
Sigma-Capital reserves the right, at its discretion, to change, modify, add, or remove, conditions and notices, or any portions of these terms at any time. Please check these terms periodically for changes. The user is responsible for regularly reviewing these terms and conditions, and therefore continued use of the Sigma-Capital Web-site following the posting of changes to these terms will signify the user's acceptance of those changes where applicable.

DISCLAIMER OF LIABILITY

Information on the site is provided from sources believed to be reliable and in good faith, but no representation or warranty or guarantee can be given as to the accuracy or completeness of the information it contains. Information contained in this site is provided on an "AS IS" and "AS AVAILABLE" basis, and should not be construed as a solicitation to sell, buy or subscribe to any securities and neither Sigma-Capital nor any of its affiliates accept any liability for any loss whatsoever arising from the use of such information or otherwise arising in connection therewith.

Information obtained from Egyptian Stock Exchange regarding quotes execution, is believed to be reliable. However, SIGMA does not guarantee the timeliness, sequence, accuracy, adequacy, or completeness of such Information. NEITHER THE EXCHANGE NOR SIGMA GIVE ANY EXPRESS OR IMPLIED WARRANTIES WITH RESPECT TO SAID INFORMATION. The official executions will be applicable after posting to the account, with data provided by the Egyptian Stock Exchange after the end of the trading session. Executions appearing on the site during the session are indications and neither SIGMA nor the EXCHANGE are liable for such information.

Users of this site should seek professional advice with regard to investment strategies and decisions, bearing in mind that expectations of future performance based on historical data may not be realized, and that the price of mentioned securities or the income derived from investments thereof may fluctuate, causing the value of their investments to drop below the amount originally invested.

Members of the Sigma-Capital group of companies or persons affiliated with it may have working relationships with or long positions in some or all of the entities mentioned in this site and may have acted on information contained herein prior to or immediately after the issuance of such information. In view of investment decisions, users of this site should complement information it contains with proprietary analysis and due diligence. Users may not have received updated information at the same time.

LINKS TO THIRD PARTY SITES

The Sigma-Capital site contains links to other Web Sites ("Linked Sites"). The Linked Sites are not under the control of Sigma-Capital and Sigma-Capital is not responsible for the contents of any Linked Site, including and without limitation any link contained in a Linked Site, or any changes or updates to a Linked Site. Sigma-Capital is not responsible for web casting or any other form of transmission received from any Linked Site. Sigma-Capital is providing these links to the user only as a convenience, and the inclusion of any link does not imply endorsement by Sigma-Capital of the site or any association with its operators.

By accessing other Web sites through links provided by SIGMA, you signify your agreement that the material available on these sites has been produced by independent providers that are not affiliated with SIGMA. Any opinions or recommendations expressed are solely those of the independent providers and are not the opinions or recommendations of SIGMA. SIGMA does not provide any legal, tax, or accounting advice or advice regarding the suitability or profitability of a security or investment.


Neither SIGMA nor any independent provider/transmitter of Information shall be liable in any way, and you agree to indemnify and hold harmless SIGMA and the independent providers/transmitters for (1) any inaccuracy, error, or delay in, or omission of (a) any Information, or (b) the transmission or delivery of Information; (2) any loss or damage arising from or occasioned by (a) any such inaccuracy, error, delay, or omission, (b) non-performance, (c) interruption of Information due either to any negligent act or omission by SIGMA or providers/transmitters of Information or to any "force majeure" (i.e. flood, extraordinary weather conditions, earthquake, or other act of God, fire, war, insurrection, riot, labor dispute, accident, action of government, communications, power failure, or equipment or software malfunction) or any other cause beyond the reasonable control of SIGMA or the Information providers/transmitters.


TERMS AND CONDITIONS OF OPERATING AN ACCOUNT

USERS WILL NOTE THAT:
i) Order placements and transfer requests of any funds or securities are legally binding contracts.
ii) Passwords and account opening devices are confidential and encrypted by advanced systems that allow only the respective users to view the information contained therein.
iii) Transfers of any monies or securities can only be made to accounts held in user's name in banks.
iv) Any envoy deployed by any user to carry out instructions at the brokerage must have written and verifiable authorization from the respective user to do so.


1. EXCHANGE OR MARKET
a) Sigma Securities Brokerage (herein referred to as SIGMA), is a member of the Egyptian Stock Exchange (ESE) and is regulated by the Egyptian Capital Markets Authority (CMA).
b) All local trades will be conducted in accordance with rules and regulations of the Egyptian Stock Exchange.
c) All trades conducted on other stock exchanges are conducted through regulated financial intermediaries and are subject to the rules and regulations specific to that exchange as well as those of the Egyptian Stock Exchange.
d) SIGMA is entitled, without seeking the clients pre-approval, to take corrective measures to fix any errors which could happen by mistake on the clients account. Such measures may be done via a contra entry or any other recognized accounting method.
e) The client attests to full knowledge of articles 8, and 59-62* of Law 95 and its executive regulations, which governs the Egyptian capital market. These articles set forth the terms governing minority interests and rights The client undertakes to abide by those articles as well advising SIGMA in writing, prior to the trade, if any of the clauses in the afore mentioned articles apply. The client is fully responsible for violation of such articles.
f) The client hereby certifies that any shares bought or sold in the name of his/her children under the age of 21 are fully paid for by the client and that those shares are not transferred to such children through any other method.
g) SIGMA executes and settles all transactions as per the rules and regulations set forth by the Capital Market Authority, the Egyptian Stock Exchange and Misr Clearing Settlement and Depository with the timeframe set forth by such institutions. The client forgoes any claims on SIGMA for delays caused by any third party.
h) SIGMA executes transactions as agent for the client in the clients' name. SIGMA strives to provide the highest quality of service possible in terms of price and timeliness. However, SIGMA is not responsible for any loss or damages that may arise from price changes. SIGMA is not responsible for any trades that may be cancelled by the Capital Market Authority or Egyptian Stock Exchange due to reasons outside SIGMA's control.
i) The client forgoes the right to decline any partially executed orders, unless it is specified that the order must be fully fulfilled or requires a minimum execution. All cancellations are subject to prior execution.
j) The client acknowledges SIGMA's right to sell any shares to meet margin requirements and/or to cover overdrafts owed by the client. The client will bear any expenses that borne by SIGMA to meet regulations in such an event.
k) The client will be fully responsible and liable for any fees and expenses resulting from failed trades due to the client or any representative thereof, not meeting the obligation to deliver funds or shares within the times specified by the regulatory bodies and SIGMA.

2. COMMISSION CHARGES AND FEES
a) SIGMA retains the right to change fees and commission at any time, but must notify the client prior to the institution of such changes.
b) SIGMA shall deduct all charges directly from the client's account. The client shall pay on demand any debit balance owing with respect to the client's account.
c) The client shall bear any expenses and penalties, which may be charged by SIGMA, with respect to the client's failure to meet payments on settlement date.
d) Credit balances shall not earn interest in accordance with prevailing rules and regulations. Any amendment thereto is subject to authorization by the CMA.
e) In the case the client maintains numerous accounts in different currencies and one of the accounts is in debit position, SIGMA has the right to cover this debit account through any of the other accounts at the exchange rates announced by the Central Bank of Egypt.

3. VESTED INTERESTS
a) SIGMA and persons affiliated with SIGMA and/or any other company affiliated with SIGMA provide numerous financial services to a broad range of clients. Circumstances may arise in which SIGMA or a person or company affiliated to SIGMA may be deemed to have a material interest in a transaction. In light of the above it is imperative that the client is made aware of this and signature on this application is regarded as certification of prior knowledge of the afore mentioned vesting and consent to trade with SIGMA.

4. REPORTS AND STATEMENTS
a) Statements will be sent as per the clients' requests as outlined earlier in this form.

5. COLLECTION AND DISTRIBUTION OF CHEQUES
a) All deposits in the client's account are made against a certified receipt.
b) Only the client or persons authorized by the client has the right to withdraw monies from the client's account. The client may deposit monies into a SIGMA bank account, in which case the client must present SIGMA with a deposit slip (a list of the banks will be presented upon request).
c) All checks, issued from the client's account, will be nominal checks unless otherwise notified by the client on a case by case basis, or clearly set forth in the compliance section of this application.
d) If the client wishes to transfer funds from one account to another, an original letter of transfer, duly authorized by the client or persons having power of attorney will be accepted - a copy will be furnished upon request.
e) No checks drawn on a third party will be accepted by SIGMA.


6. CUSTODY
a) If requested by the client, SIGMA shall act as custodian, in which case, subject to the terms and conditions of this agreement. SIGMA shall comply with any instructions issued by the client or any person authorized by the client, to deliver the client's holdings to the client or to a third party. SIGMA shall hold and keep records of all of the client's investments separately, in such a manner that they can be identified and located at any time.

a) The client duly authorizes SIGMA to open an account with the SIGMA Book Keeping and signature on this form is regarded as approval of the terms and conditions and fees of SIGMA Book Keeping. A copy of the contract with SIGMA Book Keeping is attached, as are the necessary authorization to effect the account in the even that the client wishes to sign it separately.

b) In the event that an alternate Custodian/Book Keeper is chosen, kindly supply a list of such custodian/s and signature on this form is authorization for SIGMA to execute trades as agents for the client with such custodian/s. The client must sign the attached separate authorization letter.

7. CONFIDENTIALITY
a) SIGMA shall maintain all information concerning the client's account(s) in a confidential manner. SIGMA may be required by applicable laws or regulations to (and shall if required) disclose information to relevant regulatory bodies.

8. COMMUNICATION AND CORRESPONDENCE
a) Except where otherwise provided therein, each instruction, notice or other communication under this agreement may be made orally, by facsimile, electronically, or otherwise in writing. All instructions are irrevocable after they have been executed. Confirmations shall be sent via the means and to the party specified earlier in this form. The client agrees that in order to make sure that the verbal instructions are dully executed, telephone calls may be recorded.


9. CLOSING OF ACCOUNT
a) Either party may terminate this agreement at any time, but with a notice of at least ten working days prior to termination. And in which case, SIGMA shall be authorized to arrange for the settlement of all outstanding transactions and the client shall insure that sufficient funds are available for such purpose.

10. RISK ACKNOWLEDGEMENT
a) The client acknowledges herewith that the nature of buying and selling of securities is risky and that the asset invested in the stock exchange may from time to time, decrease in value. The client will assume the risk in full, and shall not hold SIGMA liable for any losses incurred in this respect.

11. CUSTOMER SERVICE AND COMPLAINTS
a) In the case of a complaint, the client is kindly requested to send it via mail, fax, e-mail or delivery by hand. Such complaint must clearly show the full details of the transaction. The complaint should be addressed to the head of compliance who will ensure that it is solved within 1 week of receipt of the complaint.

12. GOVERNING LAWS
a) This agreement shall be governed by the laws of the Arab Republic of Egypt and any conflicts shall be resolved via arbitration, as per the articles and terms of the Egyptian Capital Markets Law.