The [PIMS] website (referred to from now on as the "PIMS Website".) Please read the following terms and conditions ("Terms") carefully. The Terms form the basis on which you are entitled to use the PIMS Website; once you have accepted them by clicking the 'I accept' box below, you will be legally bound by them.

1. Use of the PIMS Website. The PIMS Website makes available to you on-line your portfolio information. We endeavour to ensure that the information is updated prior to the commencement of each working day, giving you immediate access to your portfolio. However, for your protection, a number of rules and restrictions apply to your access of the PIMS Website and these are as follows:-

1.1 The information on the PIMS Website is direct from our service provider, currently Sungard Investment Systems UK Limited ("SISUK") and will not yet have been checked and reconciled by us. Accordingly, you SHOULD NOT rely upon the information or take any action in relation to your portfolio without first confirming with your fund manager that the relevant information is correct.

1.2 We regard the confidentiality of the information accessed by our customers with the utmost importance. For this reason you may only use this PIMS Website for lawful purposes and for your own personal use and strictly in accordance with these Terms. In particular:
• you must not attempt to access the portfolio information of another customer;
• you must not post any material onto the PIMS Website nor otherwise tamper with or attempt to alter the PIMS Website in any way;
• you must not use the PIMS service and/or PIMS Website to provide any services to third parties, including provision of facilities, bureau or ASP services; and
• you may not reproduce, store and/or modify any portion of the PIMS Service and/or the PIMS Website except as necessary to receive the PIMS Services and access the PIMS Website in accordance with these Terms.

1.3. You must keep your allocated account number and password ("Identity") confidential at all times. You may not allow any other person to access the PIMS Website using your Identity nor may you access the PIMS Website using another person's identity. You must not attempt to circumvent any security procedures protecting the PIMS Website. If you become aware of any access that is in breach of these Terms please inform us immediately.

1.4 We reserve the right to discontinue your ability to access the PIMS Website at any time without notice if we believe you are using the PIMS Website in breach of the Terms or if suspension is otherwise desirable for security reasons.

1.5 The PIMS Service is currently accessible by using (i) an IBM compatible PC with a suitable internet connection and adequate telecommunications network and infrastructure (ii) either Windows® 2000, XP or Vista operating systems and (iii) either Microsoft® Internet Explorer 7, Mozilla Firefox 3, or Opera Software ASA's Opera 9.51 web browser ("Facilities"). Other versions of these browsers should work but may not necessarily be supported. Browser software that conforms to the latest World Wide Web Consortium ("W3C") defined web standards should also work but also may not necessarily be supported. You are responsible for maintaining these Facilities and for ensuring that your web browsers and internet connections are configured correctly to access the PIMS Website. As technology evolves you may be required to upgrade these Facilities at your own cost to receive the PIMS Service. If this is necessary, we will give you at least 7 days advance notice. We reserve the right to discontinue providing the PIMS Service to you if you do not maintain the required Facilities or implement any upgrades which are notified to you.

2. Intellectual Property. All intellectual property rights arising in respect of the PIMS Website's design, text, graphics, its selection and arrangement including the look and feel, software and all other materials (the "Content") belong to us or to SISUK (or its licensors). All rights are reserved. You may not use the Content except as expressly allowed under these Terms.

3. Your data. We process the information you supply to us ("your Data") for the purpose of providing you with the PIMS service. Your Data will also be processed for fraud prevention purposes, and for research and analysis of the PIMS service and the PIMS Website. To use your Data for these purposes, we need to pass your Data to our service provider (currently SISUK) which may need to transfer it to Switzerland for processing. You hereby consent to such use of your Data by ourselves and SISUK. If at any time you wish us or SISUK to cease using your Data or you would like to know what information we hold about you, or to notify us of errors in or changes to your Data, please send an email to marketing@Waverton.co.uk.

4. Cookies. The PIMS website uses a session cookie to enable the secure identification of users accessing its services. Without this use it will not be possible to provide this service to you. A session cookie is a small file of numbers and letters downloaded to your computer which allows a website to uniquely identify one browser from another. This small file is removed when you close down your browser. It is not used to remember you outside of a single session or for any other purpose.

5. Changes. We reserve the right to change the PIMS Website and/or these Terms at any time and any such changes will be effective immediately on being posted to the PIMS Website.

6. Disclaimer. The information provided on the PIMS Website has been provided to us by SISUK and (unlike the reports you receive) we have not checked the information for accuracy before it is posted onto the PIMS Website. Therefore we can make no express or implied warranty as to the information being accurate, complete or fit for any particular purpose, and all such warranties are excluded to the fullest extent permitted by law. Any use you make of the PIMS Website and the information contained in it is at your own risk. While we will be happy to notify SISUK of any defects in the information that you may bring to our attention neither we nor SISUK will be liable for any such defects. You acknowledge and accept that messages sent over the Internet cannot be guaranteed to be secure and that they may be subject to interception, misdirection, loss or alteration. Neither we nor SISUK will have any responsibility for any communications sent over the Internet.

We will use all reasonable endeavours to ensure the PIMS Website is fully functional and operational for your use and free from infection or destructive materials but we make no representation or warranty in this regard and all such warranties are excluded to the fullest extent permitted by law. Please note that your connection to the internet and the performance of your PC is your responsibility.

You can be assured that we will use all reasonable efforts to keep the PIMS Website secure. However, it is possible that third parties such as "hackers" may access the PIMS Website and view, extract or alter its contents. This is outside our reasonable control and neither we nor SISUK can be liable for any damages or loss arising out of or in connection with such access.

Neither we nor SISUK will have any liability to you in relation to your use of or inability to use the PIMS Website to the extent that any claim damage or loss claimed by you arises from or is contributed to by your negligence or breach of the Terms.

It is not the intention to limit our or SISUK's liability for death or personal injury resulting from negligence, nor to limit liability for fraudulent misrepresentation. Apart from such liability however neither we nor SISUK will be liable to you for any direct or indirect losses of any nature, however caused. The maximum liability for which we and/or SISUK will be liable to you, howsoever arising, is limited to an amount equal to the price you have paid for the use of the PIMS service.

7. General. Your use of the PIMS Website, and these Terms, shall be governed by English law and the English courts shall have exclusive jurisdiction over any dispute arising out of your use of the PIMS Website.

If you have any queries please contact marketing@Waverton.co.uk.