<p> Letter of Representation</p><p>Contact Name Ref:Firmcode/Number/LOI/CP#/User Address Direct Line: 020 7864 Extn</p><p>Date</p><p>Dear Contact Name </p><p>Re: Correspondent Broker </p><p>This letter is to introduce us as a clearing and settlement services provider to Corresp ondent Broker and to explain our relationship with Correspondent Broker.</p><p>Pershing Securities Limited (“PSL”) is a member of the London Stock Exchange and is authorised and regulated by the Financial Services Authority. It is a wholly owned subsidiary of Pershing Limited. Pershing Limited is an affiliate of Pershing LLC. Pershing LLC, Pershing Limited and PSL are subsidiaries of The Bank of New York Mellon Corporation.</p><p>Where we act as clearing and settlement provider to Correspondent Broker, the latter will enter into transactions and give up the name of PSL for settlement. Once such transactions are confirmed in accordance with the provisions of our Agreement with Correspondent Broker, including any transaction limits or restrictions on eligible types of securities, PSL will stand as principal in such transactions. These provisions can be confirmed by contacting Correspondent Broker or Credit Risk Management at PSL on 020 7864 8386 / [email protected] </p><p>In respect of any transaction which does not comply with our Agreement, PSL will not stand as principal to any trade. Nothing in this letter should be taken as indicating that PSL will act as principal to or accepts that its name is otherwise validly given up in respect of any transaction which does not comply with the provisions of our Agreement with Correspondent Broker SAVE TO THE EXTENT THAT any such transaction has been expressly approved by Credit Risk Management at Pershing Securities Limited and subject always to such conditions as Credit Risk Management might require. </p><p>If I can be of any more assistance, then please do not hesitate to contact me.</p><p>Yours sincerely</p>