Client Categorisation Policy.

1. Purpose

This Client Categorisation Policy explains how Makeba Markets (Pty) Ltd (FSP 53160) classifies Clients, and the significance of that classification for the level of regulatory protection, disclosure, and risk warnings applied.

2. Categories of Client

2.1 Retail Client

A Client who does not meet the criteria for classification as an elective professional client, and who is afforded the highest level of protection under the Company's policies, including full risk disclosures and standard leverage limits.

2.2 Elective Professional Client

A Client who, upon request and subject to satisfying the Company's qualifying criteria, may be categorised as an elective professional client. This category is offered only where the Client demonstrates sufficient experience, knowledge, and financial standing to understand and bear the risks involved, and expressly requests the change in writing.

3. Qualifying Criteria for Elective Professional Status

The Company will generally require a Client requesting elective professional status to meet at least two of the following criteria, together with a documented assessment of the Client's understanding of the risks involved:

• The Client has carried out transactions of significant size in the relevant market at an average frequency of at least 10 per quarter over the previous four quarters;
• The value of the Client's financial instrument portfolio, including cash deposits, exceeds a threshold determined by the Company from time to time;
• The Client works, or has worked, in the financial sector for at least one year in a professional position requiring knowledge of the transactions or services envisaged.

4. Consequences of Categorisation

Professional and elective professional Clients may be offered different trading conditions, including different leverage limits, and receive a reduced level of standardised risk warnings on the basis that they are assumed to have the requisite experience and understanding. Certain protections applicable to retail Clients, including specific negative balance protection arrangements where offered, may not automatically extend to professional Clients.

5. Right to Request Recategorisation

A Client may request, in writing, to be recategorised at any time. The Company will assess such requests against its qualifying criteria and will confirm the outcome, together with an explanation of the consequences, before any change takes effect. A professional Client may also request to be treated as a retail Client to obtain a higher level of protection.

6. Review

The Company reviews each Client's categorisation periodically and upon becoming aware of a material change in the Client's circumstances that may affect their qualifying status.