MERCHANT SECURITIES LIMITED ISA SUPPLEMENTARY TERMS & CONDITIONS

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1 MERCHANT SECURITIES LIMITED ISA SUPPLEMENTARY TERMS & CONDITIONS INTRODUCTION 1. These Individual Savings Account Services Supplementary Terms (referred to hereafter as the Supplementary Terms ) apply to the provision of our Individual Savings Account ( ISA ) services to Retail Clients. Our legal relationship with you is governed by these Supplementary Terms, together with the following documents (collectively referred to as the Agreement ) which together set out the basis on which we provide our ISA services to you: (a) Terms of Business for Retail Clients and Conditions (the Retail Terms ). These are available from our website at or on request; (b) The ISA Application Form or Transfer Form; (c) Our Charges, as set out in the Retail Terms, or notified to you separately. (d) Information on our Conflicts of Interest Policy can also be found on our website at the address above OUR SERVICE GENERAL 2. Merchant Securities Limited ( MSL ), ( we, us or our ) is incorporated in England and Wales with number and our head office is at Gresham Street, London, EC2V 7EL. MSL is a member of the London Stock Exchange and is part of the Sanlam Group, one of the largest financial services groups in South Africa. More information about Sanlam is available at 3. We are authorised and regulated by the Financial Services Authority ( FSA ) which is at 25, The North Colonnade, Canary Wharf, London, E14 5HS and are bound by FSA Rules. Our FSA registration number is The FSA register is accessible at 4. By signing and returning the Application Form or Transfer Form, you confirm that you agree to the terms of this Agreement. Should there be any inconsistency or conflict between the Retail Terms and the Supplementary Terms, the Supplementary Terms shall take precedence. This Agreement is subject at all times to the ISA Regulations. 5. Unless you otherwise request, we may communicate with you by letter, telephone, fax or . All communications with you will be in English. 6. We offer the Stocks and Shares ISA only in accordance with this Agreement and the ISA Regulations. SERVICE CATEGORY 7. We provide the following types of ISA service categories, unless otherwise specifically agreed between us: (a) Discretionary managed; (b) Advisory Managed; (c) Advisory Dealing; or (d) Execution only. 8. You must select from the above a service category that you require for the investments held within the Account. You should ensure that you have read and understood terms relating to these service categories under the heading Our Services in the Retail Terms before selecting the service category you require. SUBSCRIPTIONS 9. Your initial subscription to your ISA must be made by completion of the Application Form, which can act as either: (i) a continuous ISA application for the Tax Year of application and for subsequent Tax Years; or (ii) a single year ISA application for the Tax Year of application only. If you select the continuous ISA application option, there will be no need for you to complete a new Application Form in subsequent Tax Years, provided that we receive a subscription from you in each subsequent Tax Year. Should we not receive a subscription from you in a subsequent Tax Year, you will be required to complete a new Application Form for the next Tax Year in which you do choose to subscribe to your ISA. Where your ISA is discretionary managed and you also hold a non-isa discretionary managed portfolio with us, MSL will determine the timing of subscription to your ISA. If you select the single year ISA application option, you will always be required to complete a new Application Form for each subsequent Tax Year in which you subscribe to your ISA. Should there be any ambiguity in your selection of a continuous or single year ISA application, we are entitled to assume that a continuous ISA application has been selected. 10. Subscriptions to your ISA may be made by: (a) Cheque (in respect of cash held by your personally); and/or (b) Electronic transfer of money to your Pershing Securities account, and/or The sale of investments from your non- ISA account and the repurchase of those investments using funds held within your ISA; and/or (c) The direct transfer of investments acquired by you through a savings-related share option scheme, a profit sharing scheme, or share incentive plan approved by Her Majesty s Revenue and Customs ( HMRC ) 11. Total subscriptions into the ISA on each Tax Year must not exceed the Overall Subscription Limit set out in the ISA

2 Regulations. You are not permitted to carry forward any unused subscription allowance or part thereof from a previous Tax Year and add it to the subscription limit of another Tax Year. We reserve the right to reject any application, transfer or subscription. For details of the amounts you may invest at any time, please obtain professional advice from an independent third party, or contact your Financial Planner at Merchant Securities Wealth Management, Merchant Cavendish Young, or your MSL Account Executive, as appropriate. 12. We shall take reasonable steps to ensure the prompt processing of all fully and correctly completed applications for, and subscriptions to, ISAs. However, there may be occasions when the volume of applications or subscriptions is so great as to render impractical their orderly processing. In those circumstances, any such applications or subscriptions will be processed at the earliest possible date. 13. Only Qualifying Individuals are permitted to subscribe to an ISA. You warrant that you are a Qualifying Individual at the time of your initial ISA application and at any time you make subscriptions to your Account thereafter. If at any time thereafter you cease to be a Qualifying Individual, your Account as it exists at that time will retain the benefits conferred by the ISA Regulations, but you will not be permitted to make any further subscriptions to your Account until such time as you fulfill the conditions of a Qualifying Individual. You agree to notify us if you cease to be a Qualifying Individual or, having ceased to be so, subsequently satisfy the conditions of a Qualifying Individual again. 14. TRANSFERRING FROM AN HMRC APPROVED SAVINGS SCHEME You may subscribe to your ISA, subject to the Overall Subscription Limit, by the direct transfer to your Account of shares acquired by you from the following HMRC approved schemes: (a) Savings-related share option scheme; (b) Approved profit-sharing scheme; (c) Share incentive plan. Shares must be transferred to us before the expiry of 90 days from: (i) In the case of a savings-related share option scheme, the date on which you exercised your option; or (ii) In the case of an approved profit-sharing scheme, the date on which you directed the trustees to transfer ownership of the shares to you or, if earlier, the release date in relation to those shares; or (iii) In the case of a share incentive scheme, the date on which those shares ceased to be subject to the plan. For listed shares, the Market Value of the shares at the date of transfer will be used to calculate the amount of your subscription. 15. TRANSFERS FROM ANOTHER ACCOUNT MANAGER Existing ISAs held with other account managers may be transferred to our management, subject to our agreement, satisfactory Anti-Money Laundering verification and the ISA Regulations. You may apply to transfer your ISA(s) by completing the Transfer Form. We will act as the Account Manager in respect of any transferred ISA in accordance with the ISA Regulations. 16. Transfers into your Account may be in the stocks and shares held solely within a Stocks and Shares ISA. Until stocks and shares transferred have been registered with our Nominee Company, you will not be able to give an instruction to sell them. There is no maximum sum which may be transferred provided that any such transfers are within the Overall Subscription Limit and in accordance with the ISA Regulations. However, we may restrict any such sum at our discretion. 17. PURCHASE OF QUALIFYING INVESTMENTS 18. CASH Your cash held in the Account will be invested in accordance with your instructions as agreed in the service category specified by you, in Qualifying Investments purchased on the open market. If instructions are passed to us and which we execute in good faith, to purchase any non-qualifying Investment on an execution only basis, then these must be sold or transferred out of your Account immediately. Any cash held within your Stocks and Shares ISA must be held only for the purposes of investing in Qualifying Investments. Interest, if any, will be paid on any cash held on deposit in accordance with the ISA Regulations and UK tax legislation, including the Income and Corporation Taxes Act 1988 (as amended). HMRC requires that we apply and pay to them a flat rate charge of 20% on interest arising from cash held on deposit within your ISA We do not hold client money. We have appointed Pershing Securities Limited as custodian and their terms & conditions are included in the Retail Terms. 19. REPORTING We will send to you a statement twice yearly. You may elect to receive a statement more frequently and we may charge you extra for this service see Our Charges. This statement will show the capital value, the amount of interest and dividends that have been paid into the Account, together with the sales and purchases over the preceding six month period. Tax on the income of qualifying bonds and fixed interest stocks, if deducted at source, is reclaimed on your behalf. The statement will also show how much cash is being held on deposit within the Account and our charges. 20. OWNERSHIP OF SHARES Investments will be held by us in one of our nominee companies and will be, and must remain in your beneficial ownership. Your investments must not be used as security for any loan. Shares in, or share certificates held pending subscription to, the ISA may not be lent to third parties. 21. SHAREHOLDER RIGHTS ISSUES Where there is insufficient money in your Account to meet your take-up or acceptance of shareholder rights or offers, the rights may be taken up outside your Account for which an administrative charge might be payable as notified in Our Charges.

3 WITHDRAWAL AND TERMINATION 22. WITHDRAWAL OF ACCOUNT INVESTMENTS You may withdraw all or part of your investments held within the Account by giving written notice to your Financial Planner at Merchant Securities Wealth Management, Merchant Cavendish Young, or your MSL Account Executive, as appropriate. Except where we reasonably believe that compliance with your instruction may be impracticable or may cause a contravention of the ISA Regulations or any other law, rule or regulation, we will comply with your written instruction within a reasonable time or within any practicable time stipulated by you in your written instructions. 23. Please note that it is against the ISA Regulations to allow an Account to become overdrawn under any circumstances. You cannot replace any amount transferred out of your Account unless you have not yet reached your Overall Subscription Limit and it is otherwise in accordance with ISA Regulations. 24. VOIDING OF THE ACCOUNT If you breach any of the ISA Regulations you may lose the ISA tax benefits and the Account may be voided. Where you cause a breach of the ISA Regulations resulting in the Account being voided, fees may be charged as stated in Our Charges. In addition we may, without your prior authorisation, dispose of any investments held within the Account on instruction from HMRC. 23. If, by any reason of any failure to satisfy the provisions of the ISA Regulations, any of your Account has or will become void for tax purposes, HMRC will notify you. If you become aware that the Account is in breach of the ISA Regulations for any reason, you must notify HMRC immediately. 24. If, by any reason of any failure to satisfy the provisions of the ISA Regulations you will be responsible for paying to us the full amount of any claims, liabilities, losses, expenses or costs of any kind whatsoever which we may bear, incur or have made against us as a result of or in connection with: (a) (b) The Account being voided under the relevant ISA Regulations; Any payment arising as a result of or in connection with the closure or transfer or any part of your Account where such voiding or irregularity arises as a result, directly or indirectly, of any act or omission on your part (this is known is indemnifying us. 25. TERMINATION OR TRANSFER TO ANOTHER ACCOUNT MANAGER You may, by giving notice to us in writing, elect to terminate the Account or transfer to another account manager. Except where we reasonably believe that compliance with your instruction may be impracticable or may cause a contravention of the ISA Regulations or any other law, rule or regulation, we will comply with your written instructions within a reasonable time or within any practical time stipulated by you in your written instructions. 26. On a transfer, investments can either be re-registered into any new account manager s name (or their nominee) and/or the investments can be liquidated and the cash transferred. On a termination, investments can either be re-registered in the name of the beneficial owner (or their nominee) and/or the investments can be liquidated and the cash transferred. Such transfer or termination will be subject to the payment of all charges due and payable together with the clearing and settlement of any outstanding transactions and payments of any commissions or any other charge whatsoever or howsoever incurred. In the event that all such charges are not settled prior to the agreed transfer date of the Account, we may, prior to such transfer, sell sufficient shares or other securities from the Account to pay the said charges. The transfer of stock out of our nominee company will be subject to a charge as notified in Our Charges. 27. CHARGES FOR TERMINATION OR TRANSFER OF AN ACCOUNT A termination/transfer charge will be levied if you decide to terminate the Account or transfer in part or in whole to another account manager. Transfer of stock to another account manager or out of the Account will incur a charge per holding as notified in Our Charges. This charge will not be incurred in respect of transfers of cash only or where the transfer is made internally to another account held with us. In the event of a partial transfer to another account manager, you must specify whether it is current year s ISA subscription or previous years ISA subscriptions that are to be transferred. If no instruction is given, we will automatically transfer the amount instructed from previous years first. 28. DEATH OF CLIENT The Account will terminate upon death of the holder of the Account and their investments will no longer be eligible for ISA tax benefits. The Personal Representative(s) of the estate will be required to supply a certified copy of the grant of probate, grant or certificate of confirmation (in Scotland), letters of administration or equivalent before we will accept any instructions in relation to the Account or release any funds or otherwise deal with the investments. Transfer of stock out of the Account will incur a charge per holding as notified in Our Charges, except where the transfer is made internally to another account held with us. Dividends or interest paid after the date of death will be subject to a full, applicable tax charge. For capital gains tax purposes shares or other assets will be treated as acquired by the estate at the market value as at the date of death.

4 GLOSSARY Account Application Form Cash ISA ISA ISA Regulations Market Value Our Charges Overall Subscription Limit Personal Representative Qualifying Individual Qualifying Investments Stocks and Shares ISA Tax Year Transfer Form Term used to describe your ISA Account with Merchant Securities Limited. The form and declaration for completion by an individual who wishes to open and subscribe to a new ISA with us. Cash only Account held in accordance with the ISA Regulations. An Individual Savings Account that is, unless otherwise specified, a Merchant Securities ISA consisting of stocks and shares only, established pursuant to the ISA Regulations and includes any Personal Equity Plan (PEP) held prior to 6 April Individual Savings Account Regulations 1998 as amended from time to time including any replacement regulations. A term used to describe the price that a particular investment might reasonably be expected to fetch in a sale on the open market. The transaction charges, our fees and other charges for our services that have been notified to you in our Terms of Business for Retail Clients, in the ISA Supplementary Terms, or any other such charges notified to you at any future date, including any appendices. The maximum amount permitted to be subscribed to the ISAs within any given Tax Year under the ISA Regulations, which is subject to change. A person appointed under the law of the relevant jurisdiction to administer the estate of a deceased person. An individual who is 18 years of age or over who has not (as permitted by the ISA Regulations) subscribed to any other Stocks and Shares ISA during the tax year in which their application to open an ISA during the tax year is made. The individual is resident and ordinarily resident in the UK or although non-resident performs duties by virtue of Section 28 of the Income Tax (Earnings & Pensions) Act 2003 are treated as being performed in the UK (Crown employee serving overseas) or is married to or in a civil partnership with a person who performs such duties. Investments that may be held in Stocks and Shares ISA in accordance with the ISA Regulations. A Stocks and Shares only Account held in accordance with the ISA Regulations. The year of assessment commencing on 6 April in any year and ending on 5 April the following year. The form and declaration for completion by an individual who wishes to transfer to us an existing ISA held with another provider.

5 Merchant Securities Limited Gresham Street, London, EC2V 7EL T +44 (0) F +44 (0) E Authorised and regulated by the Financial Services Authority. Member of the London Stock Exchange. Registered in England at the above address. Registered No

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