NBK Capital cannot guarantee any level of performance of the Plan or that the Client will avoid a loss (total or partial) of Account assets. Any investment in securities involves the possibility of financial loss that clients should be prepared to bear. The following risks should be considered carefully by Client before retaining NBK Capital Smart Wealth services:

Market Risk: The price of any security or the value of an entire asset class can decline for reasons beyond the control of NBK Capital including but not limited to changes in the macroeconomic environment, unpredictable market sentiments forecasted or unforeseen economic developments, interest rate fluctuations, regulatory changes, and domestic or foreign political, demographic or social events.

Advisory Risk: There is no guarantee that NBK Capital's judgment or investment decisions about particular securities or asset class will necessarily produce the intended results. NBK Capital's judgment in selection may prove to be incorrect. NBK Capital may also make future changes to the investing algorithms and advisory services that it provides. NBK Capital may rely upon Third Parties / Specialists to advise on the selection of ETFs under each asset class and the asset allocation.

Volatility and Correlation Risk: Clients should be aware that NBK Capital’s asset selection process is based upon recommendations and research provided by third parties. In any event careful evaluation of past price performance and volatility and trading instructions is undertaken to evaluate future probabilities. It is possible that different or unrelated asset classes may exhibit similar price changes in similar directions which may adversely affect a Client and may become acute in times of market upheaval or high volatility. Past performance is no guarantee of future results and do not reflect actual future performance.

Liquidity and Valuation Risk: High volatility and/or lack of adequate active liquid markets for a ETF may prevent a Client from selling his / her ETFs entirely or partially or at a particular time or at a particular price because NBK Capital may have difficulty liquidating the same or may be forced to sell at a significant discount to market value. While NBK Capital shall ensure that the ETFs held in the Client's accounts are based on reasonably available exchange traded security data, NBK Capital may from time to time receive or use inaccurate data which could adversely affect ETFs valuations, liquidity and the resulting fees paid by the Client to NBK Capital.

Credit Risk: Clients should be aware that adverse economic consequences may result in impaired credit rating, default, bankruptcy or insolvency any of which may affect portfolio values or its management and that such risk is beyond the control of NBK Capital. This risk applies to assets held with any broker utilized by NBK Capital notwithstanding segregation of assets and insurance requirements that would in most cases apply to the benefit of the Client. In addition, exchange trading venues or trade settlement and clearing intermediaries could experience adverse events that may temporarily or permanently limit trading or adversely affect the value of Client’s securities. Finally, any issuer of securities may experience a credit event that could impair or erase the value of the issuer’s securities held by a Client.

Legislative and Tax Risk: Changes in government legislation and regulations may have a direct or indirect impact on performance with respect to any securities. NBK Capital does not engage in financial or tax planning and Client may incur taxes on his / her investments and be required to pay the tax due.

Foreign Investing and Emerging Markets Risk: Foreign investing involves risks not typically associated with local investments and such risks may be intensified further in emerging market countries. These risks may include among others, adverse fluctuations in foreign currency values as well as adverse political and social economic development affecting one or more foreign countries. In addition, foreign investing may involve less publically available information and more volatile or less liquid securities markets, particularly markets that trade a small number of securities, have unstable governments or involve limited industry. Investments in foreign countries may be affected by factors such as restrictions on receiving the investment proceeds form a foreign country, foreign tax laws or tax withholding requirements, unique trade clearance or settlement procedures and potential difficulties in enforcing contractual obligations or other legal rules that jeopardize shareholder protection. Foreign accounting may be less transparent than international accounting practices and foreign regulation may be inadequate or irregular.

ETF Risk including net asset valuations and tracking error: ETF performance may not exactly match the performance of the index or market benchmark that the ETF is designed to track because 1) the ETF will incur expenses and transaction costs not incurred by any applicable index or market benchmark; 2) certain securities comprising the index or market benchmark tracked by the ETF may, from time to time, temporarily be unavailable; and 3) supply and demand in the market for either the ETF and/or for the securities held by the ETF may cause the ETF shares to trade at a premium or discount to the actual net asset value of the securities owned by the ETF. Certain ETF strategies may from time to time include the purchase of fixed income, commodities, foreign securities, American Depositary Receipts, or other securities for which expenses and commission rates could be higher than normally charged for exchange traded equity securities, and for which market quotations or valuations may be limited or inaccurate.