The following cases - including but not limited to - shall be construed among conflicts of interest: 1. Making financial gain, or avoid financial loss, at the expense of the client. 2. Carrying on the same business as the Client or receiving from a person other than the client an inducement or amount in relation to a service provided to the Client other than defined fees, commissions and expenses related to that service. 3. The Licensed Person, without reasonable motivation, does not give preferential treatment to Securities issued by it or Securities issued by the Parent Company or Subsidiary Companies over other Securities listed in the Exchange; and in all cases, the Client’s approval must be obtained before being involved in a transaction related to such Securities. 4. The Licensed Person shall not arrange transactions with the knowledge or capability of knowing that it shall be one of the involved parties in such transaction.