Terms and Conditions of Sale and Cask Management

Version: January 2026

These Terms and Conditions (the “Terms”) govern the purchase of Casks and the provision of cask management services by Whisky Cask Club Pte. Ltd. (the “Company”, “we”, “us” or “our”) to the purchaser identified in the applicable invoice (the “Customer”, “you” or “your”). The Company and the Customer are each a “Party” and together the “Parties”. By placing an order, making payment, or otherwise engaging the Company, the Customer accepts these Terms in full and without modification.

1.  Definitions and Interpretation

1.1  Definitions

In these Terms, capitalised expressions have the meanings set out below:

“Agreement” the contract formed between the Company and the Customer, comprising these Terms, the invoice, the Certificate of Ownership, any compliance forms or declarations completed by the Customer, and any addendum or schedule expressly incorporated by reference. These documents together constitute the entire agreement between the Parties.

“AML/KYC Laws” all applicable anti-money laundering, counter-terrorism financing, sanctions, know-your-customer, and source-of-funds legislation, regulations and guidance in force in Singapore, the United Kingdom and any other jurisdiction relevant to the Agreement.

“Approved Warehouse” a bonded warehouse operated by His Majesty’s Revenue & Customs (HMRC)-approved operator (or, for tequila, a Mexican or other regulator-approved bonded facility) with which the Company or its affiliates has a subsisting storage arrangement.

“Business Day” any day other than a Saturday, Sunday or public holiday on which commercial banks are open for ordinary business in Singapore and in the jurisdiction of the relevant Approved Warehouse.

“Cask” the wooden cask or barrel identified in the invoice, together with the maturing spirit contained therein, whether a Scotch whisky cask, a tequila barrel or any other category of spirit cask expressly included in the invoice.

“Cask Management” the storage, insurance, administration, record-keeping and ancillary services provided by the Company in respect of the Customer’s Cask(s), as described in clauses 6 and 7.

“Certificate of Ownership” the electronic certificate issued by the Company evidencing the Customer’s beneficial ownership of the relevant Cask, including its warehouse identification reference.

“Dealing” any transaction involving the purchase, sale, transfer, bottling, sampling, regauging or movement of a Cask.

“Default Rate” the Bank of England Base Rate from time to time plus four per cent (4%) per annum, accruing daily and compounded monthly.

“Delivery Order (DO)” the instrument issued by the Approved Warehouse authorising release or transfer of title in the Cask.

“Dispute” any dispute, controversy, claim or difference arising out of or in connection with the Agreement, including any question regarding its existence, validity, interpretation, performance, breach or termination, and including any non-contractual dispute.

“Force Majeure Event” any event beyond the reasonable control of a Party, including acts of God, war, terrorism, civil unrest, government action, sanctions, embargo, epidemic or pandemic, strike or labour dispute, failure of utilities or transport, cyber-attack, warehouse fire, flood or closure, or disruption of the spirits supply chain.

“Holding Period” the minimum recommended maturation period for the relevant Cask set out in clause 8.

“Invoice” the tax invoice issued by the Company setting out the Cask specification, purchase price, fees, and payment instructions.

“Purchase Price” the total consideration payable by the Customer for the Cask and the included Cask Management services, as set out in the Invoice, exclusive of VAT, duty, excise and any third-party charges unless expressly stated otherwise.

“Recommended Holding Period” the period set out in clause 8 during which the Company recommends the Customer retains the Cask prior to sale or bottling.

“VAT” United Kingdom value added tax and any equivalent sales, consumption or goods-and-services tax imposed in any relevant jurisdiction.

1.2  Interpretation

1. (i)     Headings are for convenience only and do not affect interpretation.
2. (ii)    References to statutes include subordinate legislation and amendments from time to time.
3. (iii)   The singular includes the plural and vice versa, and references to a gender include every gender.
4. (iv)   “Including”, “in particular” and similar expressions are illustrative and not limiting.
5. (v)    Any reference to “writing” includes email and other durable electronic form.

2.  Formation of the Contract

2.1  Offer and Acceptance

Each order submitted by the Customer constitutes an offer to purchase a Cask and to engage Cask Management services on these Terms. No order is binding on the Company until (a) the Company issues a written acceptance or the Invoice, (b) the Company receives cleared funds for the full Purchase Price, and (c) the Customer has satisfactorily completed all AML/KYC and compliance procedures required by the Company. The Customer is responsible for verifying the accuracy and completeness of the Invoice and order details before making payment.

2.2  Entire Agreement

The Agreement constitutes the entire agreement between the Parties and supersedes all prior negotiations, representations, understandings, proposals, correspondence, marketing materials and communications, whether oral or written. The Customer acknowledges that it has not relied on any statement, representation, assurance or warranty (whether made negligently or innocently) that is not expressly set out in the Agreement, and waives any claim for innocent or negligent misrepresentation, except in respect of fraudulent misrepresentation for which liability is not excluded.

2.3  Marketing and Promotional Materials

Any brochures, websites, presentations, yield projections, indicative pricing, historical performance data or other marketing materials produced by the Company are provided for illustrative purposes only, do not form part of the Agreement, and are not intended to induce reliance. Photographs and descriptions of the Cask are approximations and do not constitute any representation as to appearance, yield, strength, age profile or resale value.

2.4  Conflict

In the event of any conflict or inconsistency between the constituent documents of the Agreement, the following order of precedence shall apply: (i) these Terms; (ii) the Invoice; (iii) the Certificate of Ownership; and (iv) any other document expressly incorporated by reference, save that any variation expressly stated in the Invoice to prevail shall do so only to the extent of the inconsistency.

3.  Purchase Price and Payment

The Purchase Price is payable in cleared funds to the bank account nominated by the Company on the Invoice. Time for payment is of the essence. No order is binding and no Cask is allocated to the Customer until the Purchase Price and all applicable taxes and fees have been received in full.

All amounts are stated exclusive of VAT, excise duty, customs duty, withholding tax or any other taxes, which shall be payable by the Customer in addition. All payments shall be made in full and free of deduction, set-off, counterclaim or withholding. If the Customer is required by law to make any deduction, it shall pay such additional amount as is necessary to ensure the Company receives the net sum it would have received absent the deduction.

Any sum not paid on the due date shall bear interest at the Default Rate from the due date until payment in full, whether before or after judgment. Interest shall accrue daily and compound monthly. The Company reserves the right to recover all costs (including legal costs on a full indemnity basis) of pursuing overdue sums.

The Company may apply any payment received from the Customer against any outstanding sum owed by the Customer under the Agreement or any other agreement between the Parties, in such order as the Company may determine in its absolute discretion.

4.  AML, KYC and Sanctions

The Customer represents, warrants and undertakes on a continuing basis that: (a) all funds used to pay the Purchase Price are derived from legitimate sources and are not the proceeds of crime; (b) the Customer is not, and is not acting on behalf of any person that is, subject to sanctions administered or enforced by the United Nations, European Union, United Kingdom, United States or Monetary Authority of Singapore; (c) the Customer has provided complete and accurate identification, beneficial ownership and source-of-funds documentation; and (d) the Customer will promptly notify the Company of any change in these matters.

The Company may, at its sole discretion and without liability, delay, suspend, refuse or unwind any Dealing, return funds net of costs, or terminate the Agreement, where it has reasonable grounds to suspect a breach of AML/KYC Laws or sanctions, or where it is required to do so by any regulator, law enforcement agency or banking partner.

5.  Title and Ownership

Title to the Cask shall pass to the Customer only upon (a) receipt by the Company of the full Purchase Price in cleared funds; (b) satisfactory completion by the Customer of all AML/KYC requirements; and (c) issuance by the Company of the Certificate of Ownership. Until all three conditions are satisfied, the Cask remains the property of the Company.

The Customer shall be recorded as the beneficial owner of the Cask in the Company’s records and in the records of the Approved Warehouse (held either directly or via a bailment arrangement on the Customer’s behalf, as is customary in the industry). Notwithstanding such registration, until a Delivery Order is executed in favour of the Customer or a third party nominated by the Customer, the physical Cask shall remain under the custody and supervision of the Company or its appointed Approved Warehouse.

Risk in the Cask, to the extent not covered by the insurance arranged by the Company under clause 6, shall pass to the Customer upon the earlier of (i) issuance of the Certificate of Ownership or (ii) the Customer taking physical possession of the Cask.

6.  Storage, Insurance and Bonding

Each Cask shall be stored under bond at an Approved Warehouse selected by the Company. The Company reserves the right, acting reasonably, to change the Approved Warehouse, move a Cask between Approved Warehouses, or change insurers, without the prior consent of the Customer, provided that the Company shall use reasonable endeavours to notify the Customer of any material change.

The Company shall arrange insurance cover for each Cask on an industry-standard basis, which as at the date of the Agreement covers loss or damage arising from fire, leakage (beyond ordinary maturation loss) and theft. Insurance is arranged at the replacement-cost valuation determined by the insurer and does not guarantee recovery of any appreciation in market value. The Customer shall have no direct right against the Company’s insurers and claims shall be channelled through the Company.

Initial included period. The Purchase Price includes initial storage and insurance for (i) Scotch whisky Casks: five (5) years from the date of the Invoice; and (ii) tequila barrels: three (3) years from the date of the Invoice. Thereafter, the Customer shall pay the Company’s then-current storage and insurance fees, invoiced annually in advance.

All costs associated with opening, maintaining or closing a bonded warehouse account in the Customer’s name, and any costs of moving a Cask at the Customer’s request (including transport, removal, intake, regauge, administrative and warehouse fees), shall be borne by the Customer and invoiced by the Company in addition to the Purchase Price.

7.  Cask Management

The Company shall provide Cask Management services on a best-endeavours basis, acting with the care and skill reasonably expected of a professional cask broker. Cask Management includes administration, record-keeping, liaison with the Approved Warehouse, periodic condition reporting (where reasonably available) and facilitation of Dealings. Cask Management does not include: investment advice, regulated financial services, tax advice, legal advice, or any guarantee of yield, quality, maturation outcome or market price.

The Company may appoint sub-contractors, agents and affiliates (including Approved Warehouse operators, insurers, transport companies and independent bottlers) to perform any part of the Cask Management services. The Company remains responsible for the performance of its direct obligations under the Agreement but shall not be liable for the acts or omissions of third parties acting outside the scope of its reasonable control.

8.  Ageing, Holding Period and Sale

8.1  Scotch Whisky Casks

Under United Kingdom law (principally the Scotch Whisky Regulations 2009), spirit must mature in an Approved Warehouse in Scotland for a minimum of three (3) years before it may be designated as “Scotch Whisky”. The Company recommends a Holding Period of three (3) to five (5) years from the date of the Invoice to allow for meaningful maturation and to mitigate early-exit costs.

If the Customer elects to sell a Scotch whisky Cask through the Company before the expiry of the Recommended Holding Period, an early-exit administration fee equal to fifteen per cent (15%) of the gross sale proceeds shall apply to cover brokerage, administrative, regauging, repositioning and opportunity costs. The Company may deduct this fee from sale proceeds before remittance to the Customer.

8.2  Tequila Barrels

Tequila is regulated under Mexican law, principally the Official Mexican Standard for the Denomination of Origin Tequila (NOM-006-SCFI-2012). Minimum ageing classifications are: Reposado — at least two (2) months; Añejo — at least one (1) year; Extra Añejo — at least three (3) years. The Company recommends a Holding Period of not less than three (3) years from the date of the Invoice.

The same fifteen per cent (15%) early-exit administration fee described in clause 8.1 shall apply to any sale of a tequila barrel through the Company prior to expiry of its Recommended Holding Period.

8.3  Customer’s Independent Understanding

The Customer acknowledges that regulatory ageing classifications, labelling requirements and export restrictions are complex and jurisdiction-specific. The Customer is solely responsible for obtaining its own independent legal, tax and regulatory advice on the consequences of holding, bottling, selling or exporting a Cask. The Company’s recommendations are general in nature and do not constitute such advice.

9.  Leakage, Evaporation and Yield

The Customer acknowledges that maturing spirit is subject to natural evaporation and absorption commonly known as the “angels’ share”, which typically reduces volume and alcoholic strength over time. The Company does not warrant, represent or guarantee any specific yield, volume, alcoholic strength, colour, flavour profile or bottled output from any Cask, and is not liable for any loss arising from such natural processes or from minor leakage consistent with industry norms.

10.  Cask Identification Variance

The Customer acknowledges that Cask identification numbers allocated at the point of sale are provisional and are subject to reassignment by the distillery, Approved Warehouse or any third-party bonding operator for administrative reasons. Where such reassignment occurs, the Company shall reissue or annotate the Certificate of Ownership to reflect the final warehouse-assigned reference. Such variance shall not constitute a breach of the Agreement or entitle the Customer to any remedy, provided the core physical specifications of the Cask (distillery or producer, stated age at time of purchase, cask or wood type and original fill spirit category) remain materially consistent with those set out in the Invoice.

11.  Samples, Regauging and Ancillary Services

The following ancillary service fees are indicative as at the date of these Terms and are subject to change; the Company will confirm the applicable fee at the time of instruction:

• •       Sample drawn from Cask: £125.00, plus excise duty, taxes and shipping.
• •       Regauge of a Cask in storage: £180.00.
• •       Regauge of a Cask on arrival (instructed before intake): £120.00.
• •       Delivery Order issuance: £60.00 per transaction.
• •       Indicative example charges for moving a Cask between warehouses (actual costs to be confirmed per instruction): cask rent recharge £65; removal fee £40; transport recharge £396; intake delivery order recharge £25; administrative fee £50.

All ancillary fees are exclusive of VAT, duty and third-party pass-through charges.

12.  Delivery Orders and Cask Movement

A Delivery Order shall be executed only after (a) the Customer has provided full identification of the receiving account, including the receiving Approved Warehouse and HMRC Warehouse Keeper/Owner of Goods in Warehouse (WOWGR) or equivalent authorisation where applicable; (b) the physical Cask has arrived and been verified at the receiving Approved Warehouse; and (c) all sums owed to the Company (including storage, insurance, movement and ancillary fees) have been paid in full.

The Company shall use commercially reasonable efforts to process Delivery Orders and movement requests promptly, but does not guarantee any specific timeframe. Time shall not be of the essence in respect of Delivery Order issuance or Cask movement. The Company shall not be liable for any delay, loss, cost or damage caused by acts or omissions of Approved Warehouses, distilleries, customs authorities, transport providers or other third parties, except to the extent such delay results from the Company’s own gross negligence or wilful misconduct.

Upon physical removal of the Cask from a bonded facility at the Customer’s direction, or upon transfer of the Cask to a warehouse account not associated with the Company, all duty, excise, tax, regulatory, storage, insurance and legal responsibilities pass immediately and exclusively to the Customer.

13.  VAT, Duty and Taxes

Unless stated otherwise in the Invoice, all prices are exclusive of VAT, excise duty, customs duty, import tax, stamp duty, goods-and-services tax and any other tax or levy of any jurisdiction, all of which shall be payable by the Customer in addition. The Customer is solely responsible for determining, reporting and paying any tax (including capital gains tax or income tax) arising from its ownership, sale, bottling, consumption or disposal of the Cask, and shall indemnify the Company against any tax liability incorrectly assessed against the Company by reason of the Customer’s actions or status.

14.  Intellectual Property and Distillery References

Ownership of a Cask does not confer any right, licence or interest in any trade mark, trade name, logo, get-up, design, goodwill or other intellectual property right of any distillery, producer, bottler, warehouse or of the Company. The Customer shall not, without the prior written consent of the Company and (where required) the relevant rights holder, use any distillery name, brand, image or trade mark in any advertising, promotional, marketing, resale or bottling context. The Customer shall indemnify the Company against any claim arising from unauthorised use of such intellectual property by the Customer.

15.  Risk Disclosure and No Financial Advice

The Customer acknowledges and agrees that:

1. (vi)   the purchase of a Cask is the purchase of a physical asset, not a regulated financial product, and does not constitute a collective investment scheme, security, derivative, fund interest or other regulated instrument;
2. (vii)  no part of the services provided by the Company constitutes investment, financial, tax, legal or regulatory advice, and the Company is not acting as an adviser, fiduciary or agent in relation to the Customer’s investment decisions;
3. (viii)past performance of cask markets is not indicative of future results, and the value of a Cask may fall as well as rise; the Customer may fail to realise its Purchase Price or any profit on exit;
4. (ix)   market liquidity for maturing spirit casks is limited, sale prices are negotiated and not quoted, and time-to-exit may be extended;
5. (x)    the Customer has, prior to entering into the Agreement, made its own assessment of the commercial, tax and regulatory merits of the transaction and (where appropriate) taken independent professional advice;
6. (xi)   any yield, maturation, resale or projection figures provided by the Company are illustrative, based on publicly available information and the Company’s market experience, and are not promises, warranties or guarantees.

16.  Limitation of Liability

Nothing in the Agreement excludes or limits the liability of either Party for (a) fraud or fraudulent misrepresentation, (b) death or personal injury caused by that Party’s negligence, or (c) any other liability which cannot be excluded or limited as a matter of applicable law.

Subject to the preceding paragraph, the Company shall have no liability to the Customer, whether in contract, tort (including negligence), breach of statutory duty, misrepresentation, restitution or otherwise, for any of the following, howsoever arising and even if foreseeable: (i) loss of profits, revenue, anticipated savings, goodwill, business opportunity or reputation; (ii) loss or corruption of data; (iii) any fall in the market value of the Cask; (iv) any delay or failure to perform caused by a Force Majeure Event, a third party, the Customer, or any event outside the Company’s reasonable control; or (v) any indirect, special, punitive, exemplary or consequential loss.

Subject to the foregoing, the Company’s aggregate liability to the Customer arising out of or in connection with the Agreement, whether in contract, tort, under statute or otherwise, shall not exceed an amount equal to the Purchase Price actually received by the Company in respect of the Cask giving rise to the claim. Multiple claims arising from a single event or series of related events shall be treated as a single claim for the purpose of this cap.

Any claim by the Customer must be notified to the Company in writing, with reasonable detail of the facts and quantum, within twelve (12) months of the Customer becoming aware (or being reasonably able to become aware) of the circumstances giving rise to the claim, failing which the claim shall be irrevocably barred.

17.  Indemnity

The Customer shall indemnify, defend and hold harmless the Company, its affiliates, directors, officers, employees, agents and sub-contractors from and against all losses, liabilities, damages, penalties, fines, costs and expenses (including legal costs on a full indemnity basis) arising out of or in connection with: (a) any breach by the Customer of the Agreement or of AML/KYC Laws or sanctions; (b) any inaccurate or misleading information provided by the Customer; (c) any unauthorised use of distillery or third-party intellectual property by the Customer; (d) any tax or regulatory claim made against the Company by reason of the Customer’s acts or omissions; and (e) any third-party claim arising from the Customer’s ownership, handling, bottling, sale, export or consumption of a Cask or its contents.

18.  Force Majeure

Neither Party shall be in breach of the Agreement, or otherwise liable for any failure or delay in performance (other than the Customer’s obligation to pay the Purchase Price and any other sums due), to the extent that such failure or delay is caused by a Force Majeure Event. The affected Party shall notify the other Party as soon as reasonably practicable and shall use reasonable endeavours to mitigate the effects. If a Force Majeure Event continues for more than six (6) months, either Party may terminate the Agreement on thirty (30) days’ written notice without liability (save for sums already accrued).

19.  Confidentiality and Data Protection

Each Party shall keep confidential all non-public information of the other Party disclosed in connection with the Agreement and shall use such information only for the purposes of performing the Agreement. This obligation does not apply to information that is in the public domain other than by breach, is independently developed, is lawfully received from a third party without restriction, or is required to be disclosed by law or regulator.

The Company shall process personal data of the Customer and its connected persons in accordance with the Singapore Personal Data Protection Act 2012, the UK/EU General Data Protection Regulation (where applicable) and the Company’s Privacy Notice, as updated from time to time. The Customer consents to such processing, including cross-border transfers to affiliates, Approved Warehouses, insurers, banks, regulators and professional advisers, for the purposes of performing the Agreement and complying with legal obligations.

20.  Assignment and Novation

The Customer may not assign, transfer, charge, sub-contract, declare a trust over, or otherwise deal with any of its rights or obligations under the Agreement without the prior written consent of the Company, such consent not to be unreasonably withheld in the case of a sale of the Cask through the Company. The Company may assign, transfer, novate, charge or sub-contract any of its rights or obligations under the Agreement to any affiliate or to any third party acquiring all or substantially all of the Company’s business, without the consent of the Customer.

21.  Suspension and Termination

The Company may, by written notice and without prejudice to any other right or remedy, suspend performance, withhold delivery of the Cask or terminate the Agreement with immediate effect if: (a) the Customer fails to pay any sum when due and the failure continues for ten (10) Business Days after notice; (b) the Customer commits a material breach of the Agreement and (if remediable) fails to remedy it within twenty (20) Business Days after notice; (c) the Customer is or becomes subject to AML, sanctions or reputational concerns which in the Company’s reasonable opinion make continued performance inappropriate; (d) the Customer becomes insolvent, enters any bankruptcy, moratorium or composition arrangement, or suffers analogous events in any jurisdiction; or (e) continued performance would expose the Company to breach of law, regulation or banking requirements.

Termination shall not affect accrued rights, liabilities or remedies, and clauses intended to survive termination (including clauses 3, 4, 9, 13, 14, 15, 16, 17, 19,

22 and 23) shall continue in full force.

22.  Lien and Set-Off

The Company shall have a general and continuing lien over each Cask, all documents of title and all proceeds of sale for any sum owed by the Customer to the Company under the Agreement or any other agreement between the Parties. Without prejudice to any other remedy, if any such sum remains unpaid for sixty (60) days after written demand, the Company may (after giving the Customer not less than fourteen (14) days’ further notice) sell the Cask by private treaty or auction on commercially reasonable terms, apply the net proceeds against the outstanding sums, and remit any surplus to the Customer.

The Company may set off any sum owing to it by the Customer (whether actual or contingent, present or future) against any sum owed by the Company to the Customer. The Customer shall have no right of set-off, counterclaim or withholding.

23.  Governing Law and Dispute Resolution

The Agreement, and any Dispute arising out of or in connection with it (including non-contractual Disputes), shall be governed by and construed in accordance with the laws of the Republic of Singapore.

The Parties shall first attempt in good faith to resolve any Dispute by senior-management negotiation within thirty (30) days of written notice of the Dispute. Any Dispute not so resolved shall be referred to and finally resolved by arbitration administered by the Singapore International Arbitration Centre (SIAC) in accordance with the SIAC Rules in force at the time. The seat of arbitration shall be Singapore; the tribunal shall consist of one arbitrator; the language shall be English; and the award shall be final and binding on the Parties.

Notwithstanding the foregoing, either Party may seek urgent injunctive, protective or interim relief from any court of competent jurisdiction, and the Customer irrevocably submits to the non-exclusive jurisdiction of the Singapore courts for the purpose of enforcing any arbitral award or obtaining such relief.

24.  Notices

All notices under the Agreement shall be in writing and in English, and shall be sent to the address or email set out in the Invoice (or such other address notified in writing from time to time). Notices shall be deemed received: (a) if delivered by hand, on delivery; (b) if sent by prepaid internationally recognised courier, on signature of the delivery receipt; or (c) if sent by email, upon transmission provided no non-delivery or bounce-back message is received within twenty-four (24) hours.

25.  General Provisions

25.1  Severability

If any provision of the Agreement is held invalid, illegal or unenforceable, it shall be severed or modified to the minimum extent necessary, and the remaining provisions shall continue in full force.

25.2  Waiver

No failure or delay by the Company in exercising any right or remedy shall operate as a waiver. A single or partial exercise of any right or remedy shall not preclude further exercise.

25.3  No Third-Party Rights

A person who is not a Party to the Agreement has no rights under the Contracts (Rights of Third Parties) Act 2001 of Singapore, or any equivalent legislation in any other jurisdiction, to enforce any term of the Agreement.

25.4  Variation

The Company may amend these Terms from time to time and shall publish the updated version on its website. For existing Customers, amendments shall take effect thirty (30) days after notice is given in writing, save that amendments required by law or regulation shall take effect immediately. No other variation shall be binding unless agreed in writing signed by a duly authorised representative of the Company.

25.5  Counterparts and Electronic Signature

The Agreement may be executed in counterparts, each of which is an original. An electronic signature or click-through acceptance shall be deemed as valid as a wet-ink signature for all purposes.

25.6  Relationship of the Parties

The Agreement does not create any partnership, joint venture, agency, fiduciary or employment relationship between the Parties. Neither Party has authority to bind the other.

26.  Risk Warning and Disclaimer

IMPORTANT: The purchase of a Cask is a long-term commitment in a specialist, illiquid physical asset. Past performance is not a reliable indicator of future results. The value of Casks can go down as well as up, and the Customer may not recover the amount originally paid. Any projections, yield estimates or historical data provided by the Company are illustrative only and do not constitute a promise, guarantee or forecast of future returns. The Customer should seek independent financial, tax, legal and regulatory advice before entering into the Agreement.

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