a.

Risk warning: trading digital assets carries a high level of risk, and is not suitable for everyone. Before deciding to buy or sell digital assets you should carefully consider your investment 7 objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with digital assets, and seek advice from an independent financial adviser should you have any doubts. Furthermore, there may be risks that are not disclosed in this disclaimer, any client agreement that you enter into with us, and any other terms or conditions that apply to our Website or our services. You must carefully consider your financial situation and tolerance for risk before engaging in any activity involving digital asset trading. Independent, professional financial and legal advice must be sought where necessary.

b.

Tax: it is your responsibility to determine what, if any, taxes apply to the payments you make or receive, and it is your responsibility to collect, report and remit the correct tax to the appropriate tax authority, regardless of jurisdiction. We are not responsible for determining whether taxes apply to your transaction, or for collecting, reporting or remitting any taxes arising from any transaction, to you or any taxation, governmental or third authority. Tax advice must be sought where necessary.

c.

Our commitment to regulatory compliance: we intend to operate in full compliance with applicable laws and regulations and obtain any necessary licences and approvals in key markets, as and when needed. Regulatory licences and/or approvals may be required in certain jurisdictions in which relevant activities may take place. It is not possible to guarantee, and we make no assurances, that any such licences or approvals will be obtained within a particular timeframe or at all. This means that trading in certain digital assets may not be available in certain markets, or at all. This could require restructuring of our services and/or the unavailability of our service in whole or in part.

d.

No advice: any opinions, news, research, analyses, prices or other information contained on or through this Website is provided as general market commentary, and does not constitute investment, legal or financial advice, nor should it be relied on for any investment decision. We will not accept liability for any loss or damage, including but without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information. The contents of any communications from us may have been prepared by personnel in the sales or trading divisions of Mansa and/or by other divisions or entities. The material does not purport to be, and is not intended to be a “research report”, “investment research” or “independent research” as may be defined in applicable laws or regulations worldwide. It is intended for your general information about market conditions and recent events only, and neither we nor any individual sender is soliciting any particular action or transaction based upon it. Such communications do not represent investment advice, and does not take into account any specific circumstances of any recipient. Any information provided by us or the individual sender should not form the primary basis for any decision that you may take in relation to the matters referred to therein. We have not taken any steps to verify the adequacy, accuracy, completeness or suitability of any information or written material provided to you. You are solely responsible for any investment or purchasing decisions, and should carefully review any information or written material that you receive. You should perform any due diligence that is necessary and appropriate in your own personal circumstances, including consultation with independent legal, tax, accountancy and other professional advisors.

e.

Commercial arrangements: we may have relationships with other entities described on the Website and in other communications. We may act as a principal in relation to any digital assets, and we may act as an advisor to (or seek to advise) and/or provide other services to issuers of digital assets. Our personnel who prepare such material may be compensated in part based on those activities. Additionally, our personnel may have acted on the basis of this material either on behalf of Mansa’s proprietary interests or, where permitted, in their personal accounts. As such, unless an email or written communication from us is stated to be independent, you should not rely on that email or written communication as being either objective or independent from the interests of Mansa and/or its officers, employees or agents, which interests may conflict with your own. Officers, representatives and agents of Mansa may provide written or oral communications, 8 including trading strategies, to our clients and business units that may be contrary to the opinions conveyed to you.

f.

No representations: no representation or warranty is given as to the achievement or reasonableness of any plans, future projections or prospects and nothing on this Website should be relied upon as a promise or representation as to the future.

g.

Risks associated with internet-trading and distributed ledger networks: there are risks associated with utilising an internet-based trading system, such as the Credit Services, including, but not limited to, the failure of hardware, software, internet connections and distributed ledger networks. As we do not control the reliability or availability of the internet or of any distributed ledger network, we cannot be responsible for communication failures, distortions or delays when trading digital assets via the Internet.

h.

No third party affiliation or endorsements: References in the Website or through the Digital Asset Services to specific companies and platforms are for illustrative purposes only. Except as expressly described on the Website or otherwise notified in writing, the use of any company and/or platform names and trademarks does not imply an affiliation with, or endorsement by, any of those parties.

i.

Indicative terms, pricing levels and returns: Any reference to value(s), price(s), return(s) or other terms on the Website or through the Credit Services is intended to be indicative of market conditions only, and is not a representation that any transaction can or could have been effected at those value(s) or price(s), or on those terms, or have achieved the return(s) stated. Proposed terms and conditions are for discussion purposes only, and do not represent any offer, solicitation, invitation to treat or final agreement. Past performance is not indicative of future results. Any forward-looking statements may be based on various assumptions which are not stated within a communication and which may ultimately differ substantially from actual market conditions or external events.

j.

Internet communications: Communications over the Internet may be subject to interruption, transmission gold.300out, delayed transmission due to Internet traffic, or incorrect data transmission due to the public nature of the Internet. Please exercise caution, and confirm any relevant details/communications by other means if you have any doubt about the accuracy of this communication.

k.

Records of communications: Any communications with us or our officers, representatives or agents may be recorded and retained, subject to applicable law, our record retention policies and the terms of any applicable written agreement.

a.

Suitability: You should make the decision in relation to the Agreement and any Transactions with Mansa only after due and careful consideration. You should determine whether a Transaction is appropriate in light of your experience in similar transactions, your objectives in engaging in the Transaction, financial resources and other relevant circumstances. If you are not sure that the Transaction is suitable for you, you should obtain independent legal, tax or financial advice. The greater risk profile and other characteristics of Digital Assets mean that they are markets more suited to professional and other sophisticated investors, and investors who have experience in, and knowledge of, Digital Asset markets.

b.

Money not held on deposit: Any assets transferred to Mansa are not held as ‘deposits’. Any assets transferred to Mansa in respect of the Account are transferred to Mansa on a title transfer and proprietary basis, free from any encumbrance for the sole purpose of entering into Transactions and related activities in respect of the Services (including the satisfaction of certain fees, costs and charges). Neither Mansa’s activities, nor Digital Assets are subject to specific regulation or supervision of a regulatory authority.

c.

Money not held in segregated accounts: Unless otherwise agreed with you in writing, Mansa does not hold Participant’s assets in segregated accounts. Participants are an unsecured creditor of Mansa, with no specific security or charge over particular assets.

d.

Off-exchange transactions: Unless otherwise agreed in writing by the Parties in respect of a specific Transaction, all transactions conducted between Participants and Mansa are not carried out on exchanges, whether regulated or unregulated. Off-exchange transactions may involve increased risks since it may be difficult to liquidate existing positions, determine a fair price or assess exposure to risk. They are not as transparent as transactions conducted on any recognised exchange.

e.

Commissions: Before conducting any Transaction, Participants should obtain details of all commissions, fees and other charges for which the Participant will be liable. If any charges are not expressed in monetary terms (e.g. as a percentage of transaction value), the Participant should request the fees that will be applicable in specific monetary terms prior to entering into a Transaction.

f.

Suspensions of Trading / Network Events: Under certain conditions it may be difficult or impossible to liquidate a position in Digital Assets. Certain Network Events (including total failure of a network) may occur rapidly and affect the ability of holders of Digital Assets from conducting transactions. Information relating to these Network Events may be difficult to ascertain ahead of time and may be subject to limited oversight by any third-party who is capable of intervening to stabilise the network.

g.

Potential for extreme volatility: Digital Assets routinely have periods of high volatility, and occasionally have periods of extreme daily or even hourly volatility. Any Digital Asset may decrease in value or lose all of its value due to various factors including discovery of wrongful conduct, market manipulation, change to the nature or properties of a Digital Asset, or governmental or regulatory activity. Demand for Digital Assets may be partially or wholly driven by speculation and/or market sentiment.

h.

Market Making: Mansa, including other market participants, may separately be involved in market-making activities which may have the effect of influencing the price of Digital Assets. Information regarding Mansa’s market-making will not be available or disclosed to you at any time. Mansa’s market making activities are separate from the Digital Asset Services offered by it.

i.

Network Events / Forks / Airdrops etc: As set out in the Agreement, Digital Assets may be subject to various Network Events, including Forks, Airdrops, attacks on the security, integrity or operation of the networks, or Network Participants making a binding decision in relation to the network underlying a Digital Asset. Such events may affect the features, functions, operation, use or other properties of any Digital Asset, network or platform. The events may also severely impact the price or value of any Digital Assets, or even result in the shutdown of the network or platform associated with the Digital Asset. Such Network Events may be beyond the control of you or Mansa, or to the extent Mansa has any ability to impact the Network Event, Mansa’s decision or actions may not be in your interests. Where you transfer Digital Assets to Mansa which are the subject of a Network Event, you may not be entitled to the proceeds arising from any Network Event, and Mansa is generally entitled to keep any Digital Assets created as a result of Network Events (for example, in circumstances where there is a fork in the network). You should not transfer assets to Mansa where you wish to receive the benefits of those Network Events.

j.

Not a research report: The contents of any communication from Mansa to you have been prepared by personnel in the sales and trading division of Mansa. This material does not purport to be, and is not intended to be, a “research report”, “investment research” or “independent research” as may be defined in applicable laws and regulations worldwide. It is intended for your general information about market conditions and recent events only. It is not intended to be provided with your particular objectives, circumstances and interests in mind. Neither Mansa nor the individual sender is soliciting any particular action or transaction based upon it by providing information to you.

k.

Commercial arrangements: Mansa may have a relationship with other entities which may not be disclosed to you. Mansa may act as a principal or market maker (as described above) in Digital Assets, and Mansa may act as an advisor to (or seek to advise) issuers of Digital Assets, which may compete with or impact other existing Digital Assets. Mansa sales and trading personnel may be compensated in part based on trading activity and volume. Mansa and its personnel may have act or take a trade position either on behalf of Mansa’s proprietary interests or, where permitted, in their personal accounts that is contrary to your proposed or current position. As such, you should be aware that Mansa and its personnel may be subject to an actual or potential conflict of interest. You should not rely on email or written communications as being either independent from the interests of Mansa and its associated personnel, since Mansa and its personnel’s position may conflict with your own.

a.

Loss of private key(s) is permanent and irreversible: Losing control of your private key(s) may permanently and irreversibly deny you access to Digital Assets. Neither Mansa nor any other person will be able to retrieve or protect Digital Assets to which you hold the private key(s) for. If private key(s) are lost, it may become impossible to transfer Digital Assets to any other address or wallet, and you are solely responsible for securing your private key(s) in a manner that meets your individual security circumstances.

b.

Source code changes and flaws: The various source codes underlying Digital Assets and smart contracts are subject to change and may at any time contain one or more defects, weaknesses, inconsistencies, errors or bugs. Unless otherwise represented in writing by Mansa, no audit or investigation has been conducted on any source code produced by parties other than Mansa.

c.

Cryptographic advancements: Developments in cryptographic technologies and techniques, including the advancement of artificial intelligence and/or quantum computing, pose security risks to all cryptography-based systems including Digital Assets. Applying these technologies and techniques to Digital Assets and/or the Mansa Platform may result in theft, loss, disappearance, destruction, devaluation or other compromises of Digital Assets, the Mansa Platform or your data.

d.

Reliance on the internet: Digital Assets and the Mansa Platform rely heavily on the internet. However, the public nature of the internet means that either parts of the internet or the entire internet may be unreliable or unavailable at any given time. Further, interruption, delay, corruption or loss of data, the loss of confidentiality in the transmission of data, or the transmission of malware may occur when transmitting data via the internet. The result of the above may be that your order is not executed according to your instructions or not at all at the desired time.

e.

Unauthorised access: Unauthorised third parties may access of use your Account and effect transactions without your knowledge or authorisation, whether by obtaining control over another device or account used by you, or by other methods.

a.

Market Risk: This is the possibility for an investor to experience losses due to changes in market prices of Digital Assets. It is the exposure to the uncertain market value of a portfolio due to price fluctuations in the Digital Assets themselves (either by reference to Fiat Currency, or other Digital Assets as the case may be).

b.

Liquidity Risk: There is the possibility for you to experience losses due to the inability to sell or convert assets into a preferred alternative immediately or in instances where 17 conversion is possible but at a loss. Such liquidity risk in any particular Digital Asset may be caused by an absence of buyers, limited buy/sell activity or underdeveloped secondary markets in the Digital Assets. Where significant liquidity risk occurs, Mansa reserves the right to suspend its own trading in such Digital Assets, which may mean Mansa is unable to provide any particular service in respect of Digital Assets on the Mansa Platform.

c.

Participant Hedging Credit Risk: This is the possibility for you to experience losses due to Mansa’s failure to settle Digital Assets or Fiat Currency or make any outstanding payment of obligations. In addition, where Mansa hedges its exposure or obligations under any transaction between you and Mansa with any third party and such third party does not make, when due, any payment or delivery under such hedge (or an event of default, termination event or equivalent otherwise occurs in respect of such hedge), Mansa may incur losses and costs as a result thereof. In such circumstances, Mansa is entitled to take such losses and costs into account in respect of any amounts (including, without limitation, any termination amount or settlement amount) payable in respect of such transaction between Mansa and you. Accordingly, the occurrence of any such event, and the determination by Mansa of any such resulting losses and/or costs, may significantly reduce (including to zero) any amount otherwise payable by Mansa to you or increase any amount payable by you to Mansa in respect of one or more transactions. As such, you are exposed to the credit risk of parties with whom Mansa may hedge its exposures and/or obligations in respect of any transactions with you. Unless otherwise agreed with you in writing, Mansa does not hold Participant’s assets in segregated accounts. Participants are an unsecured creditor of Mansa, with no specific security or charge over particular assets.

d.

Inflation Risk: Digital Assets may, either because of the inherent design of the Digital Asset or through Network Events, not be a fixed supply of assets. Where additional Digital Assets are created, the asset’s price may decline due to inflationary effects of adding additional Digital Assets to the total assets available.

e.

Concentration Risk: At any point in time, one or more persons may directly or indirectly control significant portions of the total supply of any particular Digital Asset. Acting individually or in concert, these holders may have significant influence over the Mansa Platform, and may be able to influence or cause Network Events which may have a detrimental effect on price, value or functionality of the Digital Assets. Network Participants may make decisions that are not in your best interest as a holder of Digital Assets.

f.

Country Risks: If an investment is made in any Digital Asset issued by a party subject to foreign laws or transactions made on markets in other jurisdictions, including markets formally linked to a domestic market, recovery of the sums invested and any profits or gains may be reduced, delayed or prevented by exchange controls, debt moratorium or other actions imposed by the government or other official bodies. Before you conduct any Transactions you should satisfy yourself about any rules or laws relevant to those particular Transactions. Your local regulatory authority will be unable to compel the enforcement of the rules of regulatory authorities or markets in other jurisdictions where your transactions have been effected. You should obtain independent advice about the different types of redress available in both your home jurisdiction and other relevant jurisdictions before you start to trade. If your country of residence imposes restrictions on Transactions of Digital Assets, we may be required to discontinue your access to the Mansa Platform and may not be permitted to transfer Digital Assets held in the Account back to you or permit you to transfer Digital Assets out of the Mansa Platform to yourself or others, until such time as the regulatory environment permits us to do so.

g.

Taxation and Required Reporting to Taxation Authorities: Unless otherwise specified, you are responsible for all taxes in respect of a Transaction, including past or retrospective taxes which are imposed on Transactions. Before entering into any Transaction, you should understand the tax implications of acquiring, entering into, holding and disposing the Digital Asset the subject of the Transaction. Tax implications of any Transaction are dependent on the nature of your business activities and the Transaction in question. You should therefore consult your independent tax advisor to understand the relevant tax considerations. Mansa does not offer tax advice of any nature. Mansa will comply with all of its obligations in terms of reporting to relevant taxation authorities any applicable Transaction which it is required to disclose, including any details you have provided us about tax residency from time to time. You should seek independent tax and financial advice on what this may mean based on your individual circumstances.

h.

Regulatory Uncertainty: All investments and Transactions are potentially exposed to regulatory/legal risk. The legal and regulatory treatment of Digital Assets may change. Regulation of Digital Assets is unsettled and rapidly changing. Legal and regulatory treatment varies according to the jurisdiction. The effect of regulatory legal risk is that any Digital Asset may decrease in value or lose all of its value due to legal or regulatory change. This may affect the value or potential profit of an investment or Transaction. Legal changes may have the effect of making a previously acceptable investment illegal or subject to substantial restrictions which may affect the ability to liquidate a position. Changes to related issues such as taxation may occur and radically affect the value or profitability of a Digital Asset. Such risk is unpredictable and depends on various geopolitical, economic, sovereign and other factors. Risks may be asymmetrical between established and emerging markets, and may affect some Digital Assets significantly more than others. Mansa recommends you obtain independent legal, tax and financial advice and that you continue to monitor the legal and regulatory position in respect of your investments and Transactions.

i.

Emerging Markets: Price volatility in emerging markets and asset classes can be extreme (where Digital Assets are an emerging market and asset class). Price discrepancies and market dislocation is not uncommon. As news about Digital Assets is made available to the public (which may not be before insiders have traded), markets may react with extreme volatility over a short period of time. Markets in Digital Assets may not have the same level of regulation or rules governing transparency, anti-manipulation measures, “circuit breakers” or other mechanisms found in more developed markets.

j.

No assets or property underlying Digital Assets: Digital Assets may confer no ownership interest in any assets or property. Where Digital Assets are payment or utility tokens, there is no underlying property to those Digital Assets. Digital Assets generally have no liquidation rights should the issuing foundation or company undergo an insolvency event.

k.

No governance rights attaching to Digital Assets: Unless specified, Digital Assets are unlikely to carry governance rights in the same way that traditional securities may. Network Participants may be capable of influencing or carrying out Network Events in respect of Digital Assets, which could negatively affect the utility, value or price of the Digital Asset. It is your responsibility to understand what governance and voting rights apply to particular Digital Assets.

l.

Lack of Information Available: You may not have full access to all the information relevant to the particular Digital Asset, or its underlying platform or network. It may not be possible to obtain updated information regarding the progress or any changes to particular Digital Assets, or their underlying platforms or network. Many Digital Asset issuers or operates may also have no operating history or track record that any be used to evaluate the ability to achieve their stated project goals.

m.

Currency or exchange rate risks: Where Transactions are denominated in currencies or particular Digital Asset rates other than your primary reference currency or Digital Asset (including in the case of Digital Asset/Transactions or denominated in stable/payment tokens), or where you convert funds or Digital Assets upon making an investment, there is the risk that if the exchange markets move against you, then upon maturity or any earlier dealing the net proceeds converted into your primary reference currency or Digital Asset, or the currency or Digital Asset from which the initial funds or Digital Asset were converted (as the case may be), may be significantly less than the initial investment amount in your primary reference currency or Digital Asset on the date of the initial Transaction, and that any income or gains made may be entirely negated. You may also suffer loss as a result of depreciation of the value of the currency paid as a result of foreign exchange controls imposed by the country issuing the foreign currency. Repayment or payment of amounts due to you may be delayed or prevented by exchange controls or other actions imposed by governmental or regulatory bodies over currencies which they control or regulate.

n.

Interest Rate Risk: Digital Assets may confer no ownership interest in any assets or property. Where Digital Assets are payment or utility tokens, there is no underlying property to those Digital Assets. Digital Assets generally have no liquidation rights should the issuing foundation or company undergo an insolvency event.

o.

Operational risk: Operational risk, such as breakdowns or malfunctioning of essential systems and controls, including IT systems or Digital Asset networks themselves, may affect the value of Digital Assets generally. In particular, Digital Assets may suffer from a concentration of operational risk during development, including key personnel, governance and financial control risk.

p.

Legal status of Digital Assets, Transactions and the Mansa Platform: The laws of various jurisdictions may apply to Digital Assets, and Transactions or Services offered through the Mansa Platform. The application of these laws and regulations to Digital Assets is largely untested, and laws and regulations are subject to change without prior notice to either Mansa or you. In particular, any current governmental or regulatory tolerance of Digital Assets may change rapidly, and Digital Assets may at any time be deemed to be a security, investment, asset or money by governmental authorities or regulators, which will affect Mansa’s ability to conduct Transactions or hold Digital Assets generally. As a result of regulation and legislation around Digital Assets, this means that the Mansa Platform may not be available in certain jurisdictions, or at all. Changes to access to the Mansa Platform may be made unilaterally on short or no notice to you.