1. Grant of Limited Authority
1.1 The Principal appoints the Agent as the Principal's true and lawful attorney-in-fact, authorised solely to: (a) place, modify, and cancel buy and sell orders (including short sales) in the Account, at prices the Agent reasonably deems fair, in instruments permitted under the Broker's investor agreement; (b) view the Account's balances, positions, statements, confirmations, and trading history, which the Broker is directed to make available to the Agent; and (c) implement in the Account the algorithmic trading strategies selected by the Principal under the Trading Services Agreement between the Principal and the Agent (the "Services Agreement").
2. Express Exclusions
2.1 The Agent is NOT authorised to: (a) withdraw, transfer, assign, or move any funds, securities, or property out of the Account to any account or person whatsoever, unless such withdrawal or payment is specifically authorised in writing by the Principal; (b) change the Account's registered owner, beneficiary, or registered contact or banking details; (c) close the Account, save on the Principal's separate written instruction; (d) borrow funds, pledge assets, or incur margin or leverage obligations beyond any limit separately agreed in writing; or (e) take any action not expressly listed in Clause 1.1.
3. No Custody
3.1 The Agent shall at no time take custody, possession, or control of the Principal's funds or assets. The Account remains solely and exclusively in the name and beneficial ownership of the Principal at all times.
4. Ratification and Statements
4.1 The Principal ratifies and confirms all transactions properly effected by the Agent within the authority granted by Clause 1.1. The Broker shall provide the Principal directly with all periodic statements and confirmations relating to the Account.
5. Fees
5.1 The Principal authorises the Broker to pay to the Agent, from the Account, the management and/or performance fees calculated in accordance with the Services Agreement. Fee instructions are provided to the Broker for information only; the Broker acts on them without responsibility as calculation agent.
6. Risk Acknowledgment; No Guarantee
6.1 Trading in equities, foreign exchange, and derivatives involves significant risk, including the risk of total loss of the Account's value. No minimum, target, or guaranteed return of any kind is promised or implied. Apart from the invested amount stated above, the Principal shall not be liable for any amount beyond the invested capital in respect of losses in derivatives trading, subject to the Broker's terms.
7. Broker Acknowledgment; Broker Liability
7.1 This Power of Attorney is subject to the Broker's acceptance and any additional requirements, including the Broker's own limited-trading-authorisation forms, which the Principal agrees to execute. The Principal acknowledges that the Broker is not responsible for losses occasioned by the Agent's actions and does not endorse the Agent's operations or methods.
8. Duration and Revocation
8.1 This Power of Attorney takes effect on the Effective Date and continues until revoked under this Clause, or until twelve (12) months from the Effective Date if not earlier renewed in writing, whichever occurs first. The Principal may revoke it at any time, without cause and with immediate effect, by written notice to the Agent and the Broker.
9. Relationship to Services Agreement
9.1 This Power of Attorney is granted in connection with, and subject to, the Services Agreement. Termination of either instrument terminates the other.
10. Governing Law
10.1 This Power of Attorney is governed by the laws of the United Arab Emirates.
