Caxton Asset Management is referred to as 'the company':

It is essential that you read and understand these Terms & Conditions prior to applying for our services. Your use of our services will confirm your acceptance of these Terms & Conditions. The Terms & Conditions for the share dealing account are set out further on. These Terms & Conditions will be governed by and construed in accordance with European law.

DOCUMENTATION. All investments will be registered in the client's name, unless otherwise agreed in writing. Contract notes in respect of investments will be forwarded to the client within three business days of the transaction. The company will hold title documents at all times.

The company will hold title documents at all times in our safe facilities. Appropriate entries will be made in the register maintained in accordance with EU rules.

The company will not accept liability for default by a third party who is the nominal holder of clients registered investments, or has in their possession client cash, title documents, or certificates evidencing title to any investment.

Services will be provided on an execution only basis, unless the company has personally advised a client to deal as a result of an assessment of their personal circumstances. Once investments or arrangements are in place, the company shall not provide further advice unless requested to do so.

The company or its client may terminate authority to act for a client by providing notice of termination in writing. This shall be without prejudice to any transaction already in progress.

DUE CARE AND DILIGENCE. The company will exercise due care and diligence in conducting their business but will not be liable for any depreciation of investments arranged by them.

RIGHT TO AMEND. We reserve the right to amend these terms and will give you 30 days’ notice in advance before making material changes.

DATA PROTECTION. The company ensures that all data will be held in compliance with current and future legislation. You consent to us releasing information about you to regulated entities in order to obtain any quotations/arrange investments or insurance at your request.

The company will maintain records of data held on clients for a period of 6 years from the date of their last transaction.

For your security, and training purposes, telephone calls may be recorded. They may be used as evidence in the event of any dispute with the company.

DELAY IN PROCESSING. The company will not be held responsible for any delay beyond its control, or as a result of a failure by any party (including the client) to complete all the necessary steps to process a transaction.

ANTI-MONEY LAUNDERING. The company reserves the right to approach a third party in order to verify the identity of a client, or any other person providing funds on behalf of an investment made in the client's name.

Where further information is required, to verify identity, the company reserves the right to delay applications or withhold settlement until sufficient identification has been provided.

OUR ORDER HANDLING POLICY. When you ask us to buy or sell investments, we will abide by our strict handling policy. This sets out our approach to obtaining the best results for our clients. When we deal for you, we consider a range of factors including price, costs, the speed at which we will be able to complete your deal, the likelihood of being able to place the deal and settle it, the size of your deal, the nature of your order and other relevant considerations.

The most important factor is the price because we believe this is our clients' key consideration. Please bear in mind that if you give us specific instructions regarding the way in which you would like us to place your deal, we may not be able to obtain the best results for you.

We deal through the London Stock Exchange, PLUS Markets and several Retail Service Providers and Market Makers. We may occasionally need to place your deal outside a regulated market, for example if you wish to buy or sell overseas shares and by agreeing to these terms you give your consent and agreement to this.

GENERAL SETTLEMENT. The settlement date for all transactions is shown clearly on the contract note and cannot be changed once the deal has been completed. Standard settlement on the London Stock Exchange/Plus is 'T+1' (i.e. settlement is due 1 business day after the trade date) but we are able to extend the settlement period to a maximum 'T+5' (i.e. settlement is due 5 business days after the trade date).

We will not be held responsible for any delay in the settlement of a transaction resulting from circumstances beyond our control, or the failure of any party (including you) other than ourselves, to complete all necessary steps to enable settlement to take place on the settlement date.

When dealing on any settlement date greater than 'T+1', the price obtained for shares traded is likely to be worse than the price for 'T+1' settlement. Deals for extended settlement beyond a 'T+5' basis cannot generally be accommodated.

COMMISSION. The Company shall be entitled to deduct a commission of 3 per cent of the profit made on the trade once your position has been liquidated and your funds have been returned to you as shown in this agreement (If applicable).

PAYMENTS. All payments are sent directly to the clearing agent. Clearing agents may differ for each investment.

AMOUNT AND PAYMENT OF PURCHASE PRICE. The total consideration and method of payment thereof are fully set out in the Purchase Agreement attached hereto and made a part hereof.