Kepler Capital Markets, Inc.

Tower 49 at 12 East 49th Street, Suite 3605

New York, NY 10017

Main telephone: 212 710-7600

Trading: 212 710-7606 OR 7602

Fax: 212 710-7665

Below are important trade confirmation and compliance disclosures concerning your activity with Kepler Capital Markets, Inc.  It is agreed between you and Kepler Capital Markets, Inc. and the broker-dealer(s) listed on the front (the “Broker(s)” or “us”, “we”, “our”):

1.  Kepler Capital Markets, Inc.  (“KCM” or the “Company”) is  a securities  broker-dealer  registered  with  the Securities  and Exchange Commission  (the “SEC”),  a member of the Financial  Industry  Regulatory  Authority  (“FINRA”) and the Securities  Investor  Protection  Corporation  (“SIPC”).   KCM’s  OSJ North  American  headquarters is located  at Tower 49  12  E49th  Street, Floor  36,  New York,  NY 10017.  The Company also  conducts business  with  the trade name “Kepler  Cheuvreux North America”.   The Company is a wholly-owned subsidiary of Kepler Cheuvreux (“Parent”), a French “Enterprise d’Investissement” (Investment Company) registered with the Autorité de Contrôle Prudentiel et de Résolution. The Company maintains a fully disclosed clearing agreement with Pershing LLC (“Pershing”) for the clearing and settlement of securities on North American Exchanges and certain Latin American markets, such as Mexico. 

2. Pursuant to NTM 98-3, you agree to receiving financial  information  electronically.   Unless you instruct otherwise  in  writing,  you  agree that electronic  delivery may be provided via email, Bloomberg, DTC, Omgeo Central Trade Manager (CTM), Omgeo OASYS  and/or ACT.  You understand and acknowledge that, at all times and without limitation, we have at our sole discretion the right to: (a) change and/or reduce credit limits in whole or in part any time; (b) refuse orders; and (c) close  your  account and/or revoke trading  approval  (“Account  Agreement”).     This  Account  Agreement supersedes and renders null  and void  any and all  prior written or oral undertakings or agreements between you and KCM, including KCM’s affiliates and related parties, regarding the subject matter hereof.

3. Unless you instruct otherwise in writing, you also agree that you have access to the Internet and expressly consent that KCM and Parent will provide you with important regulatory  information,  when appropriate,  online  at www.keplercheuvreux.com.   Information  online  will include  applicable  regulatory  jurisdictions,  SEC Rule 15a-6 disclosures, research and legal disclosures, Rule 606  reporting links, settlement instructions and trade confirmation disclosures.  You understand and acknowledge that this information will be updated from time to time with or without notice.

4.  KCM and Parent rely  on  SEC  Rule  15a-6 in  connection  with  foreign  securities  transactions  and certain  ADR  conversions  (i.e.,  ADR creation/cancellation transactions).   The Parent should  only  accept orders involving  foreign  securities when dealing  directly  with major U.S.  institutional investors, as defined by SEC Rule  15a-6, which  are customers of KCM.  Regarding  ADR conversions,  the term “converted”  is  used to describe,  collectively,  when KCM and Parent convert foreign  securities,  or ordinary  shares (“ORDs”)  to ADRs (or ADRs to ORDs) through conversions  with  ADR depositaries,  or cross/swap book  transactions  with other broker-dealers,  by  netting  down,  or  any combination  thereof  (“Conversion”).   KCM charges a fee  for these services  (“Conversion  Fees”).    KCM rounds certain prices, rates and calculated values (e.g., average prices) to predetermined decimal places using standard arithmetic rounding. This results in prices, rates and/or values that are more or less than those without rounding applied. This includes, for example, the difference in the Net ADR (or ORD) Settlement Money that results from rounding the Net ADR (or ORD) Settlement Price.  The term “Commission” or “Commission Equivalent” represents the commission charged by KCM for Conversions.  With respect to orders for Conversions, when there is a predetermined difference in settlement cycles between the local ORD markets and ADR markets, KCM may need to borrow/pre-release  to ensure timely  settlement.   Because the date and time  (i.e.,  trade date) when transactions  are priced may be different  than the actual  time  (i.e.,  on,  or  prior  to,  settlement  date) KCM effects  the borrow/pre-release  in  the market, we may need  to  make certain  pricing assumptions.   As a result,  the financing  rate charged to  you  by  KCM may be different  than the actual  rate KCM receives  in  the market.   In addition,  for all corporate actions, it is your sole responsibility to determine if a Conversion, if conducted during a corporate action, could result in an ADR bank, cross/swap book, or us opening or closing its books to Conversions or otherwise resulting in a claimable event.  Payments to and charges by us are not contingent upon,  and must be paid under all circumstances, including, but  not limited to: whether or not the order and/or Conversion settles or fails; whether or not  you receive the cash or non-cash payment(s) you  anticipated  from  a corporate action;  and whether or  not  the order and Conversion  is  profitable  for  you.   Conversions  may include practices with respect to handling of block transactions in order to facilitate Conversions for your account.

5.  As a general  matter, Rule  5270  prohibits  a broker-dealer  from  trading  for its  own  account while  taking  advantage of knowledge  of an imminent  client  block transaction.   Employees of KCM and related entities are strictly prohibited from engaging in such activity. Rule 5270  recognizes certain exceptions to this general prohibition.   Among  the exceptions,  Rule  5270  does not  preclude  a broker-dealer  from  trading  for  its  own  account for  purpose of fulfilling  or  facilitating  the execution  of a client’s  block  transaction.   Consistent  with  this  exception,  you  should  be aware that we may engage  in  trading  to hedge the risk  of your  block transaction using market data and other forms of permissible information that are available to us. This hedging activity may coincidentally impact the market prices of the securities or financial instruments you are buying or selling.

6. You agree to read the entire confirmation carefully, as it contains important information and disclosures.   Failure to advise us of any errors or inaccuracies on this confirmation within  24  hours of receipt  shall  operate as acceptance of the trade and its  terms.  All oral communications advising  us of any such errors or inaccuracies  must be re-confirmed, by you,  in writing to both  the introducing  firm  and the clearing firm.   All transactions are subject  to the constitution,  by-laws, rules,  customs, practices  and interpretations  of  the exchange or  market where executed  and of  the clearing  agency  through which  delivery  or  payment or comparison  of data respecting  the terms of settlement  is  effected;  of the Securities  and Exchange Commission  (“SEC”);  of the Federal  Reserve Board, where applicable;  of any agreement between you  and one or more of the Broker(s), and of all  other applicable  US  federal  and state or non-US laws  and regulations, including customer rights  under the Securities  Investor  Protection Act (SIPA).  All transactions  will be settled  on a DVP/RVP  basis, unless  otherwise specifically agreed.  These terms shall be governed by the laws of the State of New York without giving effect to the principles of conflict of laws.  Retain this confirmation for tax and VAT purposes.

7.  Upon  written  request we will furnish  the time  when this  transaction  took  place,  the name of the person with  whom  the transaction  was executed, and such further information as may be required by the rules and regulations of the SEC  and any other body having jurisdiction over the transaction.

8. The securities described on the face hereof are or may be hypothecated under circumstances that will permit commingling thereof with securities carried for the account of other customers.  We shall be entitled to treat all certificates representing securities of the same class as fungible and shall not be required to deliver to you  any special  certificates.   Our  liability  to you  for securities  held  by us for your  account is  limited to using the same diligence in physically  safeguarding such securities as we use in safeguarding our own securities.

9. It is agreed that a security interest in our favor for this and all other obligations to us shall attach to all securities and funds and their proceeds.

10.  Commission rates are subject to negotiation and any commission charged to you in this transaction may be more or less than the commission charged to, or by,  others in  similar  transactions.   We receive  remuneration  (including  payment for order flow)  for directing certain  orders to particular  broker-dealers  or market centers for  execution,  including  affiliates.   When such  remuneration  is  received,  it  is  considered  compensation  to  us,  and  the source and  nature of  any compensation received by us in connection with your transaction will be disclosed upon  written request.

11. If this is a transaction in when-issued or when-distributed securities, including those involving accrual of interest, the final figures will be forwarded to you when obtainable  upon  issue  or delivery.   Such transaction  shall  be settled  at such time  and place,  in  such manner and by delivery  of such securities  and/ or other property as the exchange or association to whose requirements the transaction is subject may determine, or shall be cancelled as such exchange or association shall so determine.   We may demand deposits to secure this transaction in accordance with the rules and requirements of such exchange or association, and on failure of the customer to comply; we may close this transaction in accordance with the requirements of such exchange or association.

12. If the phrase “prospectus enclosed” appears on the face hereof, this sale is subject to the conditions contained in the prospectus, a copy  of which has been or is herewith transmitted to you.   Unless you advise us promptly, we shall assume that you have received such copy.

13.  You  understand and agree that we may execute certain  transactions,  including  foreign  exchange, on  a net basis,  or by routing  orders for handling  and/or execution  by  one or  more third  parties,  including  our  affiliates,  and that such third  parties may  effect  such transactions  as agent or  on  a principal  or riskless principal basis  and may do so on a “net” basis at a price inclusive  of their  mark-up/down, commission  equivalent  or spread.  In connection with any transaction executed by us on  a net basis,  you  understand and agree that the net price  to you  will be the transaction  price  reported on your  trade confirmation,  which  will include such mark-up/down, commission equivalent or spread, in lieu of such amount being separately disclosed.   In connection with any transaction effected by us through a third-party, including our affiliates, where such third party effected the transaction on a net basis, you understand and agree that the net price will be the transaction  price  reported on  your  trade confirmation  and that the commission  or commission  equivalent  charged by us and reported on  your  official  trade confirmation shall be in addition to any such third-party markup/down, commission equivalent or spread included in the transaction price. You acknowledge that neither we nor our affiliates engage in market-making, investment banking or ‘at risk’ proprietary trading.  You agree that we and our affiliates may, in the ordinary course of our businesses and in connection with a transaction, receive remuneration from each other and third parties in connection with such transactions, such as payment for order flow.   We agree to provide  to you  upon  request information  regarding  any commission  or other form of remuneration  we or our  affiliates received in connection with your transaction(s).

14.  If this transaction involves an asset-backed security, including a municipal collateralized mortgage obligation, that represents an interest in or is secured by a pool of receivables or other financial assets that are subject continuously to prepayment, then the actual yield of such security may vary according to the rate at which the underlying receivables or other financial assets are prepaid.  Information concerning the factors that affect yield (including at a minimum estimated yield, weighted average life, and the prepayment assumptions of underlying yield) will be furnished upon  written request.

15. The ratings that appear in the description of some fixed income securities have been obtained from ratings services believed to be reliable; however, we do not guarantee their accuracy.  Securities for which a rating is not available are marked “UNRATED”.

16.  Investments in  securities, including  mutual  funds, are: (1) not  FDIC insured, (2) not  a bank deposit or other obligation of, or guaranteed by our  affiliate, The

Bank of New York Mellon Corporation, or any of its subsidiaries or affiliates, (3) subject to investment risk, including possible loss of the principal amount invested.

17.  SEC  Rule 606  requires broker-dealers that route customer orders in equity and option securities to make publicly available quarterly reports that identify the venues to which customer orders are routed for execution.  You may locate our report at http://vrs.vista-one-solutions.com/.  Additionally, the venues to which your individual orders were routed are available upon  written request.

18. pursuant to the international dealer exemption afforded by Part 8 of Canadian National Instrument 31-103 Registration Requirements and Exemptions (NI 31-103).   In connection  with the requirements  of this exemption,  we must notify  a Canadian permitted client of all of the following: Kepler Capital  Markets, Inc. can conduct solicitation  in  these provinces  and act in  furtherance  of trading  in  these provinces,  provided  activity  does not  involve  Canadian  securities.   Institutional Investors in Canada must meet the definition of a “Permitted Client; “Accredited Investors” are not eligible under the international dealer exemption.

Market on which the trade was executed – Available upon request