CLSA SECURITIES DEALING SERVICES:INDONESIA MARKET ANNEX
1.

Definitions and Interpretation

1.1

In this Securities Dealing Services: Indonesia Market Annex, including theSchedule, capitalised terms have the meaning given to them in the “CLSA
Asia-Pacific Terms of Business” (the “Terms of Business”) and theSecurities Dealing Services Annex. In addition, the following capitalised
terms have the following meaning:“Bapepam-LK” means the Indonesia
Institutions Supervisory Agency.

CapitalMarketandFinancial“Development Board” means the board for trading provided by Indonesia
Exchange which is intended for companies that are unable to meet therequirements of the Main Board.
“Indonesia Capital Market Law” means the Capital Market Law andother prevailing laws and regulations relating to the capital markets inIndonesia, including Bapepam-LK rules.
“Indonesia Exchange” means the Indonesia Stock Exchange.
“KPEI” means the Indonesia Clearing and Guarantee Institution.
“KSEI” means the Indonesia Central Securities Depository.
“Main Board” means the main board for trading provided by Indonesia
Exchange which is provided for Securities with substantial size and trackrecord.
“Securities” means, in respect of all transactions in the Indonesia Marketand to the exclusion of the definition of such term in the Terms ofBusiness, promissory notes, commercial papers, shares, bonds,
debentures, participation units of collective investment agreement, futurescontracts on securities and any derivatives of securities, such as warrants
and options.
1.2

This Securities Dealing Services: Indonesia Market Annex is referred toherein as “this Annex”.

1.3

References in this Annex to “we”, “us” and “our” mean, unless the context
otherwise requires, CLSA and where the context requires will also include
any company in the CLSA Group, or persons connected with the CLSA
Group.

2.

Effect of Terms of Business; Amendment

2.1

This Annex shall apply to you if (a) you requested in your Application Formthat we provide you with Securities Dealing Services and requested thatsuch Securities Dealing Services be provided in respect of the Indonesia
Market; or (b) we currently provide you with Securities Dealing Services inrespect of the Indonesia Market.

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The terms and conditions set out in this Annex shall apply to all Securities
Dealing Services in the Indonesia Market provided by us to you in addition
to, and supplemental to, the terms and conditions set out in the Terms ofBusiness and in the Securities Dealing Services Annex. Accordingly, theterms and conditions in this Annex are legally binding and take effect when
you signify your acceptance by placing an order for Securities in theIndonesia Market with us following your receipt of our Terms of Business,
the Securities Dealing Services Annex and this Annex.

3.

Short Selling

3.1

Without limitation to your obligations under the Terms of Business and theSecurities Dealing Services Annex, for every transaction in Securities in theIndonesia Market, you will inform us if that trade is a short selling orderprior to or at time of the order. You accept responsibility for any obligation
arising out short position and debit balance in your Securities account after
the settlement of your transaction is made.

3.2

You shall settle your obligations to us in respect of a short selling order
within the period and in the manner determined by us. Furthermore, if you
fail to perform your obligations to us within such period or in such manner,
we are entitled to sell any or all Securities owned by you and held in yourSecurities Account(s), to purchase Securities with funds in your Securities
Account(s) and/or to use any sale proceeds of such Securities to purchase
Securities to cover your short position (debit balance).

3.3.

With regard to Clause 3.2 above, if the proceeds of sale of all or any
Securities in your Securities Account(s) together with any funds available
in your Securities account(s) is insufficient to cover any debit balance offunds and/or Securities arising from your short position, you are obliged tomake full payment of any deficiency when we request it.

4.

Securities Positions and Reporting Limits
The Indonesia Capital Market Law has prescribed certain trading limits,
ownership and disclosure requirements on Securities that may be owned,
held or controlled by a person and require such person holding orcontrolling a reportable position to notify the Bapepam-LK and relevant
Exchanges. You may need to take legal advice regarding your obligations
thereunder. You acknowledge that it is your responsibility to observe such
position limits, to monitor your ownership or holdings and to make reports
where applicable.

5.

Securities and Funds in Securities Account

5.1

You acknowledge that Securities and funds in your Securities Account(s)can be used as collateral for settlement of your liabilities to us.

5.2.

You acknowledge that we have rights to purchase Securities for theaccount of your Securities Account(s), in order to cover any short position
you may hold.

5.3.

You acknowledge that we may request funds or Securities from you prior
to executing any Securities transaction.

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5.4.

You acknowledge that any funds and Securities in your Securities
Account(s) may be deposited in a Securities account with a licensed
custodian bank or with KSEI in our name for your interests, provided that
there is a record in such Securities account at the licensed custodian bankor at KSEI that the funds and Securities concerned are owned by you.

5.5.

You acknowledge that when your Securities Account shows a negative(debit) balance, we may use any Securities held in your Securities Accountas collateral for a loan from a bank or other financial institution to clear
such debit balance.

5.6

Upon written receipt from you, we shall provide you with reports showing
your Securities Account(s) balance with us and/or comparison between thebalance recorded in your Securities Account(s) with us and your Securities
Account(s) with KSEI in our name for your interests.

6.

Agent
You acknowledge that in the event you are acting as an agent which
obliges to convey your clients order to us (whereby you are not a memberof an Indonesia Exchange), you must enter into an agency agreement withus as a member of such Indonesia Exchange.

7.

Settlement
You acknowledge that when a transaction occurs, delivery and payment
must be settled through KSEI and KPEI and you fully understand thesettlement requirements including, but not limited to, transaction fees
incurred at an Indonesia Exchange.

8.

Compliance

8.1

Without limiting your obligations to at all times comply with the Market
Requirements, you acknowledge that all Securities activities in theIndonesia Market shall be subject to the laws, rules, regulations, articles ofassociation,customs,usages,rulings,
practices
andrelevantinterpretations thereof, from time to time in force, of Bapepam-LK, any
relevant Exchange, KSEI and/or KPEI. In this regard, you might berequired to deliver other documents or enter into additional agreements
detailing your rights and obligations.

8.2

You represent and warrant that you comply with, and will at all times in thefuture comply with, any Market Requirements of the Indonesia Market,including (without limitation) the Indonesia Anti Money Laundering Law.

9.

Know Your Client Principle

9.1

If you act for and on behalf of another party to open an account, you must
provide us with the supporting documents as required by the Bapepam-LK
rule on Know Your Client Principle as well as details of the legal
relationship, engagement, and authority to act for and on behalf of theother party concerned.

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9.2

If you are a domestic securities company, mutual fund manager orcustodian bank, the provisions of Clause 9.1 may be satisfied by thereceipt by us of a written statement that you have obtained, verified andidentified from your clients the supporting documents required by theBapepam-LK rule on Know Your Client Principle.

9.3

If you are a foreign securities company, mutual fund manager or custodianbank which applies ‘know your client’ principles similar to the Bapepam-LK
rule on Know Your Client Principle, the provisions of Clause 9.1 may besatisfied by the receipt by us of a written statement that you haveobtained, verified and identified from your clients the supporting
documents required by the Bapepam-LK rule on Know Your ClientPrinciple.

10.

Termination
You and we hereby expressly waive Articles 1266 and 1267 of theIndonesia Civil Code to the extent necessary to effect the termination ofour services in accordance with terms thereof.

11.

Power of Attorney
You hereby confirm that you grant us power of attorney to perform anyactivities or actions for your benefits and interests in relation to Security
Dealing Services and Custody Services in accordance with the Indonesia
Capital Market Law.
We will act in accordance with the power of attorney granted by you to us
for the purposes of opening of a Securities Account with KSEI in our namefor your interests.

12.

Risk Disclosure Statement
You have confirmed (whether in the Application Form or otherwise) thatyou acknowledge and confirm that the terms and conditions applicable tothe Services and the risk disclosure statements in the “Risk DisclosureStatement Schedule” to this Annex are and have been fully explained toyou in a language that you understand and that you have read andunderstood them.
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Risk Disclosure Statement ScheduleThis Risk Disclosure Statement Schedule does not disclose all of the risks andother significant aspects of trading in Securities. In light of the risks, you should
be aware and undertake such transactions only if you fully understand the natureand fundamentals of the transactions or contracts (and contractual relationships)
including terms and conditions for such transaction and the market underlying
such transaction into which you are entering and the extent of your exposure torisk. You should carefully consider whether trading is appropriate for you in lightof your specific experience, your financial objectives, resources and otherrelevant circumstances. Please read this Schedule carefully, and ask questions
and take independent advice as you consider appropriate.
Securities Risk Disclosure Statement
You acknowledge that the price of Securities can and does fluctuate,
sometimes dramatically, and that the price of any individual Security may
experience downward movements, and may become valueless.
Youappreciate therefore that it is as likely that losses will be incurred rather thanprofit made as a result of buying and selling securities. This is a risk that you
are prepared to accept.

You acknowledge that there are risks in leaving Securities in our custody or in
authorising us to deposit Securities as collateral for loans or advances madeby us or authorising us to borrow or loan Securities and you confirm that you
are prepared to accept such risk notwithstanding that in these circumstances
you face the risk of loss of such Securities.

You acknowledge and fully understand that the potential risk of loss in trading
futures contracts and options on Securities or Securities indices is substantial.
You should therefore study and understand such futures contracts and options
before you enter into any transactions in relation thereto and you shouldcarefully consider whether such trading is suitable in light of your own
financial position and investment objectives.

Electronic Communication and Trading System Risk Disclosure Statement
You understand that the electronic communication systems (including theinternet) may not be a reliable medium of communication due tounpredictable traffic congestion or other reasons and that such unreliability isbeyond our control. This may give rise to situations, including delays, intransmission and receipt of your instructions or other information, delays in
execution or execution of your instructions at prices different from thoseprevailing at the time your instructions were given, misunderstanding anderrors in any communication between you and us and so on. Whilst we willtake every possible step to safeguard our systems, client information,accounts and assets held for the benefit of our clients, you accept the risk of
conducting transactions via electronic communication systems.

Electronic trading facilities are supported by computer-based component
systems for the order-routing, execution, matching, registration or clearing oftrades. As with all facilities and systems, they are vulnerable to temporary
disruption or failure. You understand that your ability to recover certain

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losses may be subject to limits on liability imposed by the system provider,the market, the clearing house and/or member or participant firms. Suchlimits may vary: you understand that you should ask us for details in thisrespect.
Trading on an electronic trading system may differ from trading on otherelectronic trading systems. If you undertake transactions on an electronic
trading system, you understand that you will be exposed to risks associatedwith the system including the failure of hardware and software.
You
understand that the result of any system failure may be that your order iseither not executed according to your instructions or is not executed at all.

Development Board Risk Disclosure StatementYou understand that there may be risks arising out of the emerging natureand business sectors of companies listed on the Development Board.

You are aware of the potential risks of investing in such companies andunderstand that you should make the decision to invest only after due andcareful consideration. You understand the greater risk profile and othercharacteristics of the Development Board mean that it is a market moresuited to professional and other sophisticated investors.

Given the emerging nature of companies listed on the Development Board,
you understand there is a risk that Securities traded on the Development
Board may be susceptible to higher market volatility compared to Securities
traded on the Main Board and no assurance is given that there will be a liquidmarket in the Securities traded on the Development Board.

You acknowledge that this risk disclosure statement does not purport todisclose all the risks and other significant aspects of the Development Board.
You understand that you should undertake your own research and study on
the trading of Securities on the Development Board before commencing any
trading activities.

You understand that you should seek independent professional advice if you
are uncertain of or have not understood any aspect of this risk disclosurestatement or the nature and risks involved in trading of Securities on theDevelopment Board.

Client Assets Received or Held Outside Indonesia Risk DisclosureStatementClient assets received or held by the licensed person or registered outside
Indonesia are subject to the applicable laws and regulations of the relevant
overseas jurisdiction which may be different from the Indonesia prevailinglaws and regulations made thereunder. Consequently, such client assets may
not enjoy the same protection as that conferred on client assets received orheld in Indonesia.
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