Except as otherwise expressly provided in these DVP Rules, in the absence of negligence, wilful misconduct or fraud on its part, CDP shall not be liable to any Participant with respect to any action or omission by it or its employees, representatives or agents in connection with provision of the services and facilities in the DVP Settlement, and all other matters as contemplated in these DVP Rules.

CDP shall not be liable for any action taken or for any failure, hindrance or delay in the provision of services and facilities in DVP Settlement or the performance in whole or in part of its obligations under these DVP Rules if such action, failure, hindrance or delay arises out of causes beyond its reasonable control.

Such causes may include, but shall not be limited to, natural disasters, acts of God, industrial action, war, civil disturbances, riots, acts of a civil or military authority, embargoes, fires, floods, explosions, accidents, labour disputes, mechanical breakdowns, computer or system failures or other equipment, software failures, breakdown or sabotage, unavailability of or restrictions on any on-line communications system, communication media for whatever reason, interruptions (whether in whole or in part) of power supplies or other utility or service, any law, decree, regulation or order or directive of any government, competent authority or any court or tribunal, currency restrictions, war or terrorism, or the failure suspensions or disruption of any relevant stock exchange, clearance system or market and any other causes beyond CDP's reasonable control.

Amended on 3 October 20093 October 2009.

CDP shall have no liability for:

Under no circumstances shall CDP be liable to the clients of the Principal or other third parties.

The Principal shall indemnify CDP from and against all losses, damages, claims, costs, demands, expenses and liabilities of whatsoever nature arising out of or in connection with any claim made against it by any of the clients of the Principal.

CDP shall not be liable for any special, indirect or consequential losses or damages or for the loss of business, revenue, goodwill, bargain or loss of profit suffered by any Participant, even if CDP had been notified of the possibility of these damages being incurred.

Under no circumstances shall CDP's liability and the amount of damages recoverable from CDP for any consequential losses referred to under Rule 19.5 exceed 100% of the aggregate amount of the fees, charges, fines or default interest paid by the Participant in the calendar year the incident giving rise to the claim(s) in question occurs.