OVERSEAS INVESTORS

Avalon Partners, Inc (Avalon) conducts its foreign business with both companies and individuals as permitted by overseas laws and regulations. We are delighted that you have expressed a desire to open an account with us, and ask that you take the time to understand the terms and conditions listed below:

Avalon initially contacted you as a person who serves as a director, officer or managing director of a company, organization or other professional business entity of a type we are permitted by applicable international laws to approach, and one whose responsibilities within that entity allow us to approach you. While we are in contact, in the event you express an interest in investment opportunities for yourself as an individual party, we will establish an account and working relationship with you separate from your business and/or organization, but only upon you request.

Following the initial contact with Avalon, you were sent information about our company. Your decision to do business with Avalon represents a request to our company to present investment opportunities to you on an ongoing basis. We have related to you, and you are fully aware, that this relationship can be ended at any time, as long as no money is due to our company at the time you terminate our relationship.

When we began our relationship, Avalon queried you on your financial standing, investment experience, risk tolerance and overall investment objectives. You are now fully aware of the risks associated with investing in the U.S. markets. You are also aware that disputes or claims that may arise during the course of the relationship you have with Avalon can not be handled by your local regulators but must be administered under the oversight faculties of the Financial Industry Regulatory Authority (FINRA).