Please read our Order Execution Policy and Conflict of Interest Policy which form part of these terms and conditions.

In these terms and conditions "we" includes Havelock Hunter Stockbrokers Ltd or Havelock Hunter Nominees Ltd or both of them as the context requires. In these terms "HHSL" means Havelock Hunter Stockbrokers Ltd and "HHN" means Havelock Hunter Nominees.

Havelock Hunter Stockbrokers Ltd is Authorised and Regulated by The Financial Services Authority (FSA) and is a Member Firm of The London Stock Exchange. Havelock Hunter may at its discretion, choose to delegate or outsource certain functions or responsibilities to suitably skilled and appropriately qualified persons or institutions in accordance with the appropriate legislation and regulation that exists at the time. Client's rights will not be affected by such decisions. Havelock Hunter reserves the right to alter these terms and conditions from time to time. General alterations will be published on our website but we will notify you specifically of any alterations that have a material impact upon our service to you.

All communications to us should be made in English to:

Havelock Hunter Stockbrokers Ltd
1 Mount Ephraim Road
Tunbridge Wells
Kent
TN1 1ET

Tel. 01892 522311
Fax. 01892 533995
e-mail enquiries@havelockhunter.com

Havelock Hunter Stockbrokers Ltd will hold all client money and UK registrable investments will be in the name of Havelock Hunter Nominees Ltd.

Havelock Hunter will provide all execution, clearing, settlement and safe custody services in accordance with the rules of the FSA. To arrange transactions in the following forms of investment we must be in receipt of further signed documentation, which will extend and supplement this agreement:

a. Derivative instruments
b. Purchase of warrants

Such documentation may be obtained from us on request.

1. SERVICES

On your instruction we will arrange transactions on your behalf and, if requested, advise form time to time or manage on the following investments:

a. Shares in British or certain foreign companies;
b. Debenture stock, loan stocks, bonds, notes, certificates of deposit, commercial paper or other debt instruments including government, public agency, municipal and corporate issues;
c. Warrants to subscribe for investments falling within a. or b.
d. Depository receipts or other types of investments falling within a, b, or c above;
e. Unit trusts, mutual funds and similar schemes in the United Kingdom or elsewhere.

2. ADVICE & DISCRETION

a. We may provide you with investment advice upon your request. Advice from us will be based on the information supplied by you, which should be updated as necessary before we give you advice on a particular transaction.
b. If you do not inform us of any investment or types of investments which you do not wish us to recommend or purchase for you, we may recommend to you any investment which falls within any of the categories set out in (1) above. (Under the rules of the FSA, however, we may recommend to you any investments which we have reasonable grounds for believing are suitable for you).
c. We may, upon your request and the completion of the relevant discretionary documentation, undertake discretionary management of your investments. The decisions we make on your behalf will be based upon the information and objectives you provide to us. You are advised to inform us as to any alterations in your circumstances which may affect the decisions we make on your behalf immediately.
d. We may offer you advice on the investment types described in (1) above (as well as others which we reasonably believe may be suitable for you) upon your request. Any investment advice we give to you is provided on the understanding that we do not accept responsibility on a continuing basis for advising on the composition of the account or portfolio.
e. While we take reasonable care in giving you advice, we can give no guarantee on the performance or profitability of your portfolio.
f. No advice is given on the taxation or legal implications for the customer in entering into this agreement or in receiving our services.
g. We will send you printed reports providing a valuation of your investments and statements detailing stock and cash movements biannually. Discretionary clients may elect to receive these reports on a quarterly basis.
h. Reports for discretionary clients will include a measure of performance over the relevant period and specification of a suitable benchmark for comparison.

3. EXECUTION ONLY

a. If you have not supplied us with sufficient information (either orally or in writing) about your investment objectives, financial circumstances and the degree of risk you are prepared to accept, we cannot give you advice or offer a discretionary service on any investments. b. There may be occasions when, even though you have previously supplied us with information, we may reasonably believe that you are not expecting us to advise you about the merits of a particular transaction. In such circumstances, we shall buy and sell on your instructions only.

4. EXECUTION OF CLIENT ORDERS

a. An order may be given over the telephone or in writing. Telephone conversations may be recorded to ensure that your order is accurately carried out. At our discretion we reserve the right to refuse an order given by you. You may also pass orders via electronic communication such as email. In the event of a delay in processing an email order we advise you to contact us by telephone to ensure that the order has been received. We reserve the right to refuse any order.
b. We reserve the right to seek credit references on any client before dealing, this may sometimes mean that you cannot deal immediately.
c. All orders will be executed in accordance with our Order Execution Policy and with regard to our Conflict of Interest Policy which form part of these terms and conditions.
d. Any order given by you or your authorised representatives will be legally binding.

5. MONEY HELD ON YOUR BEHALF (CLIENT MONEY)

a. We are obliged to treat money held by us on your behalf in accordance with the FSA's Client Money Rules. Among other things this requires us to hold your money segregated from our money at a bank approved by us for this purpose. The bank at which your money is held is the Bank of Scotland.
b. Havelock Hunter may debit or credit the Customer's account with all sums payable by or to the customer (including dividends receivable in cash and fees payable by the customer).
c. Share dividends shall not be receivable under this Agreement otherwise than in cash. Interest will be payable on credit balances in the Customer's account at rates and in accordance with the terms published by us from time to time. Where the customer forwards a cheque to Havelock Hunter for credit to their account no interest will be credited to the customer until the cheque is cleared.
d. A statement detailing the balance and transactions performed on your account will be sent to you at least once a year.
e. Dividends paid in other currencies will be converted into sterling at a rate determined by us at the time. This additional process may cause a delay in crediting your account with the sterling proceeds.
f. Havelock Hunter reserve the right to apply charges to your account for unauthorised debit positions. Charges and Interest applied will be in accordance with our published rate card at the time. This right does not affect any other right or remedy available to us.
g. Havelock Hunter reserves the right to donate inactive cash balances of less than 1GBP to our adopted charities.

6. SAFE CUSTODY/NOMINEE ARRANGEMENTS

UK registrable investments, which are purchased through us, will be registered in the name of Havelock Hunter's nominee in accordance with the rules of the FSA. We are responsible for the acts of our nominee. At our discretion, we may elect to use custody services provided by other organisations for the purpose of administering and safeguarding client assets in accordance with the rules of the FSA. A statement confirming the designated investments that you hold will be sent to you at least once a year.

Where it is not possible to register the investment in dematerialised form we shall hold the certificates in physical form registered in the name of Havelock Hunter Nominees.

Havelock Hunter do not offer a Safe Custody service for client designated physical certificates but may hold such documents in Safe Custody for limited periods of time whilst performing verification, registration, alteration or onward delivery tasks. In these instances Havelock Hunter will keep these investments segregated and in accordance with rules and guidelines issued by the Financial Services Authority.

7. TRANSFERS

This agreement provides authority for us to transfer securities from your account to meet sales effected from your account, acceptance of offers or other matters covered by this agreement. We will normally accept telephonic or facsimile instructions to transfer securities held by us into your own name, but require written instructions for any other arrangements.

8. CORPORATE EVENTS

Where customers are using the pooled registration services of Havelock Hunter Nominees for their investments, Havelock Hunter may inform the customer of events and communications affecting those investments and seek instructions from the customer. The events, actions and instructions that may be communicated include:

i. Company Meetings.
- The customer may apply for a Havelock Hunter proxy directing how voting rights are to be exercised by the nominee in respect of his/her shareholding.

ii. Corporate Actions.
- Mandatory bonus or capitalisation issues will be automatically credited to the Customer's holding.
- Customers will be provided with summary details of elective proposals and the required action to be taken (if any) for each alternative. If no instructions are received the market default alternative will be taken. Where instructions are sought from the customer, the nominee will only act if instructions are received and in accordance with them.

Havelock Hunter shall also be responsible for claiming and receiving dividends, interest payments and other rights accruing to you for investments registered in the pooled name of Havelock Hunter Nominees. Any benefit you receive as a result of a take-over, conversion or other offer will be allocated, proportionately, from the pooled holding. Following an allocation or share issue that favours the small investor, an effect of pooling may be that your allocation is less than it otherwise would have been. Additional benefits may arise as a result of pooling that would not otherwise have occurred had your investments been registered in your own name. In such circumstances the value of these additional benefits will be used to reduce the administration costs of the custody service.

9. LIEN

All securities held in safe custody will remain free of any lien, claim, right of retention, any right of sale, against any liability on our account. We shall however, have the right to withhold delivery from this service or realise any security in the event that you fail to pay any amount due to us.

10. CHARGES

Our charges will be in accordance with our published rate card in effect at the time that the charges are incurred. Details of any commission shared with or received from third parties can be made available to you on request.

11. DEFAULT REMEDIES

Cleared funds should be available on the due date shown on the contract note, statement or other notification. In the event of your failure to make any payments or to deliver any securities due to us or agents used by us, any funds, securities or other assets due to you may be used to offset your liability. We may take such action in our absolute discretion (including the sale of securities our nominee may hold on your behalf) as we see fit to protect our position. We also reserve the right to charge you interest on overdue amounts at the prevailing rate, which will be notified to you by us on request.

12. TERMINATION

This Agreement may be terminated immediately on notice being given by the Customer or by Havelock Hunter to the other by recorded delivery. Termination is without prejudice to obligations under transactions already initiated, and to payment by the Customer of any outstanding charges or other amounts due to Havelock Hunter.

13. DELEGATION

Havelock Hunter and its nominee may employ agents on such terms as it sees fit.

14. INDEMNITY

The Customer will indemnify Havelock Hunter (and its nominee) against any expense or liability incurred by them pursuant to this Agreement unless due to their negligence, to the extent permitted by the rules of the FSA. This indemnity will not exclude any duty or liability owed to the Customer under the rules of the FSA or the Financial Services and Markets Act 2000.

15. CLIENT OBLIGATIONS

Your obligations and liabilities set out in this agreement shall, in the case of two or more persons as client, be joint and several obligations of each person.

16. INSURANCE

We are covered against fraud and negligence by a professional indemnity insurance policy.

17. COMPENSATION

We are Authorised and Regulated by the Financial Services Authority (FSA). Through our membership of the FSA your investments are covered by the Financial Services Compensation Scheme. Full details of the scheme are available to you upon request to us.

18. COMPLAINTS

Havelock Hunter Stockbrokers Limited has established a procedure to handle complaints under the rules of the Financial Services Authority (FSA), which is available to you upon request. We are a member of the Financial Ombudsman Service (FOS) and you have a right to refer any complaint to the FSA if you are unsatisfied with the response you receive from us. Full details explaining your rights under this scheme and the complaints procedure are available to you upon request.

19. LONDON STOCK EXCHANGE

Havelock Hunter Stockbrokers Limited is a member of the London Stock Exchange and agrees to be bound by the rules set by the Exchange.

20. GENERAL

a. We may disclose any information held by us about you to any relevant authority as required by law or regulation including in particular to the Take-over Panel and to the London Stock Exchange.
b. All transactions are subject to the rules of the London Stock Exchange or the terms, customs and usage's of the exchange or market on which the transaction is effected.
c. Where there are joint holders shown on the Registration Form, the obligations of all such persons shall be joint and several.

21. DATA PROTECTION ACT

All personal information provided by you and any other information relating to your accounts will be treated in confidence and will not be disclosed to any third parties, except where permitted or required by law or where your consent has been received. Information may be held in our computer systems and in other formats and may be used in the following ways:-

a. The information will assist us in providing the service for which you have applied for.
b. We may from time to time forward information which may be of interest to you. If you would prefer not to receive marketing information, please advise us in writing.
c. Enquiries may also be made with credit reference agencies and in such case the agencies will keep a record of our enquiry. However we will only disclose to the agencies information about you in the event of your defaulting on a debit.

These uses of your personal information are covered by the registration of Havelock Hunter Stockbrokers Limited, under the Data Protection Act. Under the terms of the Act you have the right to obtain a copy of the information we hold about you, upon payment of the appropriate fee. Historic data records will be kept in accordance with the rules and regulations of the FSA. Inactive records which have been kept for the stipulated time periods will be destroyed in accordance with the Data Protection Act.

22. DEPOLARISATION

Any investments in Packaged Products will be undertaken in accordance with your investment objectives. Investment in such products will be taken from a position of independence.

23. GOVERNING LAW

This Agreement shall be governed by and construed in accordance with English Law and be subject to the exclusive jurisdiction of the English courts.

24 SECURE WEB ACCESS

a. We will use all reasonable endeavours to provide you with continuous access to your account(s) on our Website should you request access
b. We will provide you with a personal identification code and password allowing you to access our Website. You must not disclose these details to any other person nor permit any other person to place transactions on your account(s) without your express permission
c. You must notify us immediately that you become aware that another person has knowledge of your personal codes or has otherwise accessed your account(s)
d. You will be liable for any transactions or losses incurred on your account(s) due to unauthorised access until you notify us in writing or by email that your security has been compromised. If you suspect a breach has occurred you should telephone us at once with a written follow-up
e. We reserve the right to refuse or remove access rights from clients

25. FORCE MAJEURE

We shall not be in breach of this agreement and shall not incur any liability to you if there is any failure to perform our duties due to any circumstances reasonably beyond our control.