This agreement sets out the terms under which we'll provide our services to you, so it's important that you read it fully and in conjunction with our 'Client Proposition' document. If there's something you don't understand please ask us to explain it.

In certain circumstances, we will recommend a Managed Portfolio Service (MPS) provided by a Discretionary Fund Manager (DFM). Where we do this we will be acting on an Agent as Client basis — where the third-party investment manager will treat the adviser (us) as a professional-client of theirs.

If we consider that a DFM service is appropriate for you we will:

• Carry out due diligence and recommend a DFM that we believe meets your needs and objectives best.
• Ensure that the relationship created with the DFM is established correctly.
• Review the DFM's performance at least annually.

There are however certain risks that you need to be aware of which we will discuss with you further in depth if we recommend this.

Annetts & Orchard Ltd is authorised and regulated by the Financial Conduct Authority (FCA), the independent watchdog that regulates financial services in the United Kingdom. Our Financial Services Register number is 820272.

You can check this on the Financial Services Register by visiting www.fca.org.uk/register or by contacting the FCA on 0800 111 6768.

We offer financial planning and advice based on the information you have provided us with. Therefore, it is your responsibility to ensure that the information you provide is accurate. Any failure to do so or any failure to inform us of any subsequent changes may impact the quality of advice you receive.

You should also be aware that incorrect information or any changes that you fail to inform the product provider of may invalidate your policy. We do not accept any responsibility for verifying any information that you provide to us.

We only accept instructions in writing (paper or electronic means) to aid clarification and avoid future misunderstandings. We will not act on verbal instructions.

Our normal ways of communicating with you are by telephone, post, e-mail, online meeting or in person. Our communications will be in English.

We may ask you to confirm your instructions to us in writing as this helps to avoid any future misunderstandings.

Investments will be registered in your own name unless you instruct us otherwise in writing. We will forward all documents showing ownership of your investments or policies to you as soon as practicable after we receive them. Where a number of documents relating to a series of transactions are involved, we will normally hold each document until the series is complete and then forward them to you.

Unless we notify you in writing to the contrary, we will be treating you as a "retail client" for investment business. This means that you are afforded the highest level of protection under the regulatory system and should have the right to take any complaint to the Financial Ombudsman Service.

To ensure we carry out your instructions accurately, to help us to continually improve our service and in the interests of security, we will record and may monitor your telephone communications or conversations with us.

Copies of our recordings will be available on request, for a period of 5 years after the recording was made.

Normally all our services are, unless otherwise stated, undertaken with the intention of arranging and administrating regulated investments and as such it is exempt from VAT. We will inform you if you have to pay VAT.

Full details of any financial products we recommend to you will be provided in the relevant product information you will receive. This will include information about any product cancellation rights along with any other early termination rights and penalties.

We must draw to your attention that in certain circumstances paying fees in this way could be prejudicial in terms of tax liabilities. We will draw this to your attention if we believe this to be the case, but accept no liability for any tax incurred as a result of your choice of method of remuneration.

Please be aware that investments can fall, as well as rise, and that you may not get back the full amount invested. The price of investments we may recommend may depend on fluctuations in the financial markets, or other economic factors, which are outside our control. Past performance is not necessarily a guide to future performance.

Specific warnings relevant to the investments, investment strategies or other products we arrange are provided in the relevant product literature.

We do not handle clients' money. We never accept a cheque made out to us (unless it is a cheque in settlement of fees or disbursements for which we have sent you an invoice) or handle cash. All cheques for investment purposes should therefore be made payable to the product provider with which you have decided to invest your money.

This Terms of Business agreement takes effect from the date it is given to you and will apply until terminated. You or we may terminate this agreement at any time, without penalty.

Notice of termination must be given in writing and will take effect from the date of receipt.

Any transactions already initiated will be completed according to this agreement unless otherwise agreed in writing. You will be liable to pay for any services we have provided before cancellation and any outstanding fees, if applicable.

From time to time it may be necessary to amend the terms set out in this agreement where it's not necessary to issue a new agreement. If this is the case we'll write to you with details of the changes at least 28 business days in advance.

Where we send investment applications on your behalf to third parties (e.g. to put an investment into force), we'll take all sufficient steps to ensure that we obtain the best possible result for you. This is referred to as 'best execution'.

We have a best execution policy. If you want to see a copy of it please ask us.

We are covered by the Financial Services Compensation Scheme for the regulated advising and arranging services we provide so that if we are unable to meet our liabilities, you may be protected by the scheme. For further information please go to www.fscs.org.uk.

If you wish to register a complaint, please contact us in writing or telephone us:

• Paul Orchard, Annetts & Orchard Ltd
• 31 Castle Street, Salisbury, SP1 1TT

If we cannot resolve your complaint to meet your expectations, you may contact:

• The Financial Ombudsman Service (FOS)
• Exchange Tower, London, E14 9SR
• Tel: 0800 023 4567
• complaint.info@financial-ombudsman.org.uk

A summary of our procedure for the reasonable and prompt handling of complaints is available upon request.

We are required by the anti-money laundering regulations to verify the identity of our clients, to obtain information as to the purpose and nature of the business which we conduct on their behalf, and to ensure that the information we hold is up-to-date.

For this purpose, we may use electronic identity verification systems and may also check your details against the HMT Sanctions list as part of our obligation to prevent financial crime. We may conduct these checks from time to time throughout our relationship, not just at the beginning.

We will act honestly, fairly and professionally known as 'conducting business in the client's best interest' regulations. Occasionally situations may arise where we or one of our other clients have some form of interest in business transacted for you.

If this happens or we become aware that our interests or those of one of our other client's conflict with your interest, we will write to you and obtain your consent before we carry out your instructions, and detail the steps we will take to ensure fair treatment.

Annetts & Orchard Ltd will not be liable for any failure of or delay in the performance of this agreement for the period of such failure or delay which is:

• Beyond the reasonable control of the firm
• Materially affects the performance of any of its obligations under this agreement, and
• Could not reasonably have been foreseen or provided against.