Terms and
Conditions

These Multrees Customer Terms have been prepared by Multrees Investor Services Limited (Multrees) and cover the Terms under which Multrees will provide services to you. 

Multrees Investor Services Limited is a company registered in England, company number 07225386. Its registered office is at One Carter Lane, London EC4V 5AN.  It is authorised and regulated by the Financial Conduct Authority (FCA).

See the Glossary at the end of these Terms for the meaning of words in bold.

Version 1.0 as at 31 July 2023

1. RELATIONSHIP BETWEEN YOU, YOUR INVESTMENT ADVISER AND MULTREES

1.1 Your Investment Adviser has entered into an agreement with Multrees for Multrees to provide you with Custody Services and Settlement Services to safely hold your investments and cash and to record the settlement of investment transactions your Investment Adviser executes or arranges on your behalf. If asked by your Investment Adviser, Multrees may provide other Associated Services which are provided on both these Multrees Customer Terms and the specific Terms of the service as described in the Annex for such Associated Service. Together these Multrees Customer Terms and any Terms for applicable Associated Services are referred to as Terms. The Terms apply in addition to any other Terms and conditions that are implied or included by law, such as your statutory rights as a consumer. You are a customer of both your Investment Adviser and of Multrees.

1.2 By accepting the Terms, you agree that:

1.2.1 there is a contract between you and your Investment Adviser and between you and Multrees and that you will be bound by these Terms which set out your rights and obligations in relation to Multrees;

1.2.2 your Investment Adviser may give Multrees identification and verification information about you so that Multrees can comply with its legal obligations for example concerning anti-money laundering and sanctions;

1.2.3 you have given discretionary authority to your Investment Adviser and as such your Investment Adviser may give instructions to Multrees on your behalf and may provide information about you to Multrees in connection with such instructions. When Multrees receives such instructions or information from your Investment Adviser, Multrees is entitled to rely on them without making any further checks or enquiries; and

1.2.4 Multrees is authorised to hold cash and investments on your behalf and can transfer such cash or investments from your account to meet your settlement or other obligations to Multrees. Your Investment Adviser does not hold your cash and investments.

1.3 Multrees does not have responsibility for the following matters which remain the responsibility of your Investment Adviser:

1.3.1 your Investment Adviser’s ongoing relationship with you;

1.3.2 making all necessary anti-money laundering and other compliance checks;

1.3.3 explaining to you the types of investments covered and any risks relating to investments, investment transactions or any investment strategy to be pursued on your behalf;

1.3.4 opening and operating Multrees accounts for you, accepting and executing orders for investment transactions and giving instructions to Multrees which are proper, accurate and in accordance with any instructions or mandate you give to your Investment Adviser; and

1.3.5 reviewing your accounts for market abuse, insider trading and compliance with FCA Rules and any other applicable legal and regulatory requirements to which your Investment Adviser or you may be subject.

1.4 Multrees will not provide you with investment advice nor will it offer any opinion regarding the suitability or appropriateness of any particular transaction or order. You should direct all enquiries to your Investment Adviser and not to Multrees. Multrees provides its services to you relying on the instructions and information your Investment Adviser provides and is only responsible for following those instructions. If you have any questions about the Terms you should contact your Investment Adviser to discuss this as soon as possible.

Your Investment Adviser has asked Multrees to enter into a legal agreement with you to look after your investments and cash and manage the settlement of transactions your Investment Adviser undertakes on your behalf.

Your Investment Adviser will send Multrees information about you so Multrees can do this in accordance with the law.

If you have any questions about Multrees and the services it provides, you should ask your Investment Adviser.

2. FCA CLIENT CLASSIFICATION AND THE ROLES AND OBLIGATIONS OF PEOPLE ACTING TOGETHER OR FOR ONE ANOTHER

2.1 Multrees operates under the regulations set out by the UK Financial Conduct Authority. The FCA Rules are in place to protect retail investors such as yourself when making investments. Despite these protections, there may be circumstances when you are not be able to recover all of your investments and cash.

2.2 For the purposes of the FCA Rules, you will be classified as a retail client by Multrees. Your Investment Adviser will notify you in writing if there is any change to FCA classifications.

2.3 If you hold an account jointly or hold assets jointly, with any other person, then you and such other person(s) shall have joint and several liability to Multrees. This means that when Multrees makes any payment or accounting to any one or more of joint holders, it will be treated as made to all of them. It also means that Multrees has complete discretion to choose who to pursue for performance of any joint account obligation or payment owed to it under the Terms and is not obliged to seek payment or performance of any obligation from all joint holders.

You are protected as a “retail client” under the FCA Rules.

3. YOUR ACCOUNTS WITH MULTREES

3.1 On your Investment Adviser’s instruction, Multrees will open and maintain accounts on its books in your name in order to provide its services to you. When Multrees receives any cash and investments from you, or on your behalf, then it will record them in your accounts.

3.2 Multrees has the right at its absolute discretion to stop providing services under the Terms and to close any accounts it holds and maintains in your name if, for example (but not limited to):

3.2.1 Multrees is obliged to stop providing services under any applicable law or regulation (such as anti-money laundering provisions);

3.2.2 Multrees is not able to provide the services effectively or providing the services would materially adversely affect Multrees’ operations;

3.2.3 you are in material breach of these Terms including if any information you provide to us is found to be factually incorrect or materially incomplete or your Investment Adviser is in material breach of the Terms of its contract with Multrees;

3.2.4 providing services to you or to your Investment Adviser in relation to your account will have a materially adverse effect on Multrees’ reputation;

3.2.5 your liabilities in relation to your account, and amounts owing by you to Multrees, exceed or are likely to exceed the value of the cash and investments Multrees holds for you;

3.2.6 the agreement you have with your Investment Adviser comes to an end; or

3.2.7 our agreement with your Investment Adviser to provide any or all services to you is terminated.

3.3 Your Investment Adviser will notify you if Multrees chooses to exercise this discretion and the reasons for its decision unless your Investment Adviser or Multrees are prevented from doing so by a legal or regulatory constraint.

Multrees will open accounts in your name to record your investments and cash which it holds.

There may be times when Multrees cannot operate your accounts.

4. COMMUNICATION AND INSTRUCTIONS

4.1 Multrees will only accept instructions for your accounts from your Investment Adviser and not directly from you.

4.2 Multrees may rely on and act on any instructions which Multrees in good faith believes were given by your Investment Adviser. Such instructions can only be cancelled or changed if your Investment Adviser gives written notice to Multrees sufficiently in advance to enable Multrees to prevent the processing of the instructions.

4.3 If Multrees seeks instructions from your Investment Adviser and your Investment Adviser does not respond within a reasonable time, then Multrees may take such action as it considers appropriate on the relevant matter. Multrees is not responsible or liable to you for any delays or inaccuracies in the transmission of instructions or other information (or any resulting action or failure to act) where that delay or inaccuracy is as a result of factors outside the reasonable control of Multrees. This means that if the delay or inaccuracy is not Multrees’ fault, then you cannot obtain redress from Multrees.

4.4 There may be circumstances where Multrees refuses to accept any order or other instruction for your account. For example, Multrees may do so for any of the reasons set out in sections 3.2.1-3.2.7 above or where:

4.4.1 the transaction falls outside Multrees’ dealing criteria, for example, those applying to your having sufficient assets to make the transaction or being only able to hold particular assets in your account; or

4.4.2 Multrees cannot carry out the instruction because it cannot hold or deal in particular investments or it is unable to access a particular market.

4.5 Your Investment Adviser will inform you if Multrees refuses to accept an instruction and the reasons for its decision unless your Investment Adviser or Multrees are prevented from doing so because of any legal or regulatory constraint.

4.6 If you have any questions or concerns relating to your account with Multrees, you should tell your Investment Adviser and your Investment Adviser will deal with Multrees on your behalf.

4.7 If your Investment Adviser and Multrees are unable to contact you or you fail to respond to communications requesting any instructions from you with the result that any of your money or investments held by Multrees are unclaimed, Multrees will deal with such unclaimed money and investments in compliance with FCA Rules.

4.8 All communications whether written, spoken, electronic or in any other form between your Investment Adviser and Multrees must be in English. Telephone calls may be monitored and/or recorded.

Multrees will only accept instructions about your investments and cash from your Investment Adviser.

5. YOUR CASH

5.1 Cash held by Multrees for your account, will be held by Multrees in compliance with FCA Rules. This means, amongst other things, that Multrees will hold your money in a “client bank account” which is an account kept separate from Multrees’ own funds.

5.2 When considering where that client bank account should be, Multrees will exercise due skill, care and diligence and will periodically review the adequacy and appropriateness of any bank or credit institution where your money is deposited and of the arrangements for holding your money. These requirements will not apply where your money is held with a central bank of a country. Multrees is not responsible for any acts, omissions or default of a bank or credit institution chosen by it but only for taking care in its choice and monitoring.

5.3 When Multrees holds your money in a client money account it will be pooled with money belonging to other customers of Multrees. Because money is pooled, you will not have a claim for the specific sum in a specific account. Your claim would be against the client money pool in general and if there is a deficiency in the pool you would share pro rata in that loss. Such a deficiency is likely to arise if a relevant bank or credit institution becomes insolvent or otherwise defaults on its obligations to pay out money when due.

5.4 If Multrees holds money which is not required to settle or secure an investment transaction (and subject to payment of Multrees charges), such money may earn interest at a rate determined by the relevant bank or credit institution. However, the amount of interest (if any) on money that would be credited to your account and made available to you will be determined by your Investment Adviser and will be as notified by your Investment Adviser to you from time to time. Any interest due will be calculated on a daily basis and credited to your account monthly on a gross basis with no deductions made for tax.

5.5 If, on instruction of your Investment Adviser, your money is held by a bank or credit institution outside the UK then the legal and regulatory regime applying to that bank or credit institution will be different from that of the UK. The rights and protections you have under the FCA Rules will not be available. Other rules and regulations may apply to them under local law but your rights and obligations are likely to differ, particularly if such party is in default.

5.6 Your money may be passed by Multrees to a third party (for example a broker, exchange or clearing house in a jurisdiction outside the UK) in connection with a transaction for you. In the event of a default of that third party, your money may be treated differently to the way it would be treated if it were held in the UK and it may be at risk.

5.7 Money held by Multrees in pooled client money accounts, may (in part) be deposited where permitted under FCA Rules into a fixed term deposit. Money held in fixed term deposits cannot be withdrawn by Multrees until the fixed term expires. Placing client money in notice or term deposit accounts does not in itself affect your ability to deal with or withdraw funds from your accounts, however, such amounts may not be immediately available for distribution to you in the event of default by Multrees or by one of the banks or credit institutions with whom your money is held. This may result in a deficiency in the client money pool and a loss as set out in section 5.3 of these Multrees Customer Terms.

5.8 Multrees will provide a client money statement as part of the safe custody statement referred to in section 6.9. You have the right to request a client money statement at any time which Multrees will provide on request. Multrees may apply a reasonable charge for any additional client money statements that you request.

Multrees will place your cash with a carefully selected panel of banks.

If your cash is held outside the UK for any reason, you may not get the same level of protection as provided in the UK.

6. CUSTODY AND ADMINISTRATION OF YOUR INVESTMENTS

6.1 Your investments will be registered in the name of a Nominee Company controlled by Multrees acting as custodian and for which Multrees takes responsibility, or in the name of a third-party Sub-Custodian selected by Multrees in accordance with FCA Rules (Global Sub-Custodian). Where your Investment Adviser instructs us to hold investments in particular jurisdictions or markets in which we or our Global Sub-Custodians do not or cannot hold investments, we or our Global Sub-Custodians will select a Sub-Custodian to hold such investments. Although title to your investments may be registered in the name of someone other than you, you will still own your investments. It will be made clear that the investments belong to you and not to us or other custodians.

6.2 When selecting Global Sub-Custodians, Multrees will exercise due skill, care and diligence in their selection, appointment and supervision. Multrees will periodically review its selection of Global Sub-Custodians in accordance with FCA Rules and the arrangements for the holding and safekeeping of your investments. It is important that you understand Multrees is not responsible for anything done or not done by, or any default of, a Global Sub-Custodian or of a Sub-Custodian unless the Global Sub-Custodian assumes such liability or it is caused by the negligence, fraud or wilful default on the part of Multrees or any of its Nominee Companies. Although Multrees will seek to make sure that adequate arrangements are made to look after your ownership rights in any investments (especially in the event of its own insolvency) you should understand that your investments may be at risk if a Global Sub-Custodian or a Sub-Custodian becomes insolvent.

6.3 Investments belonging to you which are held abroad by Sub-Custodians may be subject to different settlement, legal and regulatory requirements from those applying in the UK. Your rights may therefore differ. In particular, such investments by their nature may require that the investment is held in a country that may not impose specific regulation covering the safekeeping of investments and so your protection may be less.

6.4 When your investments (including any money held for your account) are held by a Global Sub-Custodian or a Sub-Custodian, such Global Sub-Custodian or Sub-Custodian may have rights against your investments arising out of the operation of local law, local regulatory rules, or market practice. Multrees has agreed with Global Sub-Custodians that such rights only arise in respect of Debts arising: (i) out of properly incurred charges and liabilities from the provision of custody and Settlement Services with respect to the investments held by the Global Sub-Custodian; or (ii) under the rules of a settlement system on which the investment is traded or settled. When your investments are held by a Sub-Custodian, they may be subject to local law, rules or market practice which Multrees cannot influence.

6.5 Your investments will be held in a combined account or pooled with investments belonging to other customers of your Investment Adviser, of Multrees or of a Global Sub-Custodian or Sub-Custodian. Multrees shall keep a record of your entitlement to your investments but:

6.5.1 your individual entitlements may not be identifiable by separate certificates, physical documents or equivalent electronic entries on the register;

6.5.2 if there is an irreconcilable shortfall following any loss by or default of Multrees or the Global Sub-Custodian or the Sub-Custodian then you may not receive your full entitlement and may share in any shortfall on a pro-rated basis with any other investors;

6.5.3 sometimes Multrees will receive investments or money on behalf of more than one customer in connection with pooled holdings (for instance in a bonus or rights issue or takeover). In such circumstances Multrees may, in accordance with FCA Rules, allocate such investments between customers on whatever basis it considers fair and reasonable in accordance with its allocation policy in force at the time;

6.5.4 if a share issue or other corporate event favoured the ‘small investor’ (as defined by the issuer making the issue or creating the corporate event) your actual allocation may be less than it would be if your investments were registered in your own name; and

6.5.5 sometimes amounts or investments may arise which would not have arisen if the investments had been registered in your own name. You may not be entitled to any such additional amounts.

6.6 Multrees will inform your Investment Adviser of any rights issues, takeover offers, capital reorganisations, conversion or subscription rights (collectively “corporate actions”) that affect or relate to investments held on your behalf by Multrees, a Global Sub-Custodian or a Sub-Custodian. Multrees will only act on your Investment Adviser’s instructions in relation to corporate actions.

6.7 Multrees will be responsible for claiming and receiving dividends, interest payments and other entitlements automatically arising in respect of the investments held for your account.

6.8 Sometimes Multrees, a Global Sub-Custodian or a Sub-Custodian who is holding your investments may receive dividends, interest and other rights or payments after local withholding or similar taxes or other deductions are made from those sums. You accept that Multrees, a Global Sub-Custodian or a Sub-Custodian or your Investment Adviser may, if it is required to do so to comply with legal or regulatory requirements, withhold or deduct tax or other amounts including any costs incurred by any of them from any such payments. If you are eligible to reclaim any such withholdings or deductions then this will be your responsibility to do so.

6.9 Multrees will arrange for you to receive, via your Investment Adviser, a safe custody statement in the form and frequency required under FCA Rules showing the investments and cash balances it holds for you. Provided your Investment Adviser or Multrees has notified you of the availability of such statements, it shall be your responsibility to access and review such statements.

6.10 Multrees will not loan your investments or use them to raise finance.

Multrees uses its nominee company or a third party sub-custodian (depending on the type of your investments) to hold your investments safely. Multrees carefully selects its custodians.

If your investments are in foreign assets, are held outside of the UK or are in specialised investment products, your protections may be less.

Multrees will provide your Investment Adviser with regular statements detailing the cash and investments it looks after for you.

7. SETTLEMENT OF TRANSACTIONS

7.1 When transactions are undertaken on your behalf, they will be due for settlement in accordance with market requirements and the relevant contract note or advice. These settlement terms will vary dependent upon the market and securities dealt in. The contract note will specify the settlement date.

7.2 Any cash or investments held by or transferred to Multrees by you must be free from any right of a third party to make claims against that money or those investments so that settlement of your transaction can take place.

7.3 In order to settle transactions on your behalf, Multrees will need to deal with the other party to the transaction (the “counterparty”) and sometimes transactions will be settled through a Clearing System. When Multrees deals with these parties, it does so as your agent, in good faith and on the basis that:

7.3.1 Multrees is not responsible for any default or failure of the Clearing System or other counterparty or of any depositary or agent of those entities;

7.3.2 the delivery of any securities or payment to you as a result of the transaction is entirely your risk and not that of Multrees;

7.3.3 Multrees does not owe any duty to verify the appropriateness, adequacy or effectiveness of any counter-party, market or Clearing System, or in relation to any exercise or non- exercise of rights or powers under any market or Clearing System rules, requirements and procedures; and

7.3.4 Multrees shall have no liability for any loss or damage suffered or incurred by you by reason of your money and investments being passed to or handled by a counterparty, market or Clearing System.

7.4 You will not have any rights to cash or investments which are due to be received by you following a transaction until all obligations in relation to that transaction have been performed by your Investment Adviser and Multrees has been able to settle that transaction on your behalf. Until that has happened, Multrees is entitled, without giving your Investment Adviser and/or you any further notice, to sell or otherwise dispose of any such investments and apply the proceeds or any cash it receives in relation to the transaction in order to discharge or reduce any of your obligations in relation to the transaction.

7.5 Multrees is not obliged to credit any cash or investments it receives to your account until it has received them in irrevocable and unconditional settlement of the relevant transaction without the sender being able to reverse the settlement or require redelivery. If for any reason Multrees does credit cash or investments to your account earlier than this and Multrees reasonably considers that irrevocable and unconditional settlement is unlikely to take place, then Multrees will be entitled to reverse the entry and require your Investment Adviser or you to give back or redeliver the cash or investments or their equivalent.

7.6 Transactions may be subject to Netting. In respect of any transaction which is subject to Netting, the settlement obligations will be discharged on a net basis in accordance with the rules of the relevant Clearing System or agreement with the counterparty. If net settlement takes place then Multrees will only be obliged to account to you for any investments or cash received by it from any relevant Clearing System or counterparty in connection with the transaction on a net basis.

7.7 If a transaction is undertaken on your behalf on non-UK markets, it will be subject to the rules of the relevant overseas exchange, Clearing System and/or depositary and to any Terms of any foreign agent or custodian employed by Multrees.

On the instruction of your Investment Adviser, Multrees will settle transactions undertaken on your behalf.

Your investment adviser is responsible for ensuring that you have enough investments and/or cash in your accounts to enable Multrees to complete any settlement instructions.

8. DEALING

8.1 Normally your Investment Adviser will be responsible for executing any order or transaction on your behalf. Unless otherwise specified in the Terms for Associated Services, your Investment Adviser shall be responsible for ensuring best execution and for any decision to aggregate transactions for you with those of other people.

8.2 Where Multrees receives an instruction from your Investment Adviser that requires a conversion of currency in connection with the settlement of a transaction and not for investment or speculative purposes, Multrees will convert the necessary amount of your cash into the required foreign currency on the following basis:

8.2.1 Multrees acting as principal will enter into the foreign exchange transaction directly with you;

8.2.2 Multrees will effect the transaction at an exchange rate determined by Multrees which will be confirmed to your Investment Adviser shortly following the transaction; and

8.2.3 Multrees may reverse any foreign exchange transaction where it has reasonable grounds for believing that you will not be able to honour your obligations in respect of such transaction.

8.3 You acknowledge and agree that:

8.3.1 the buy and sell exchange rates applied by Multrees to a particular currency will include a spread;

8.3.2 provided Multrees complies with its Order Execution Policy, Multrees may net off your requirements with those of other customers; and

8.3.3 Multrees shall be entitled to retain for its own account: (i) any positive difference in the spread between the Multrees buy and sell rate as applied to such foreign exchange transactions (but Multrees shall bear the loss where the spread is negative); and (ii) any difference between the buy and sell rates Multrees can obtain for the currency in the market and the rate Multrees sets in respect of that currency.

8.4 The provision of the foreign exchange dealing service pursuant to sections 8.2 and 8.3 above is not a regulated service and as such Multrees does not owe you a duty of best execution. Foreign exchange transactions that are regulated are covered by Multrees’ separate FFX Dealing Terms.

8.5 Your Investment Adviser may sometimes agree with Multrees that Multrees is to execute transactions for your account. If your Investment Adviser does this, your Investment Adviser has agreed that it, rather than you, will be Multrees’ client for the purposes of the FCA Rules.

8.6 Where Multrees provides dealing or execution services to your Investment Adviser:

8.6.1 Multrees will execute such orders in accordance with Multrees’ Order Execution Policy as amended from time to time; and,

8.6.2 Once Multrees executes any transaction on your behalf, Multrees will either send your Investment Adviser a contract note or provide your Investment Adviser with the information your Investment Adviser requires in order to produce a contract note in accordance with FCA Rules.

Where foreign currency is required to settle your transactions, Multrees will enter into a foreign exchange transaction to provide the required foreign currency.

9. CONSEQUENCES OF DEFAULT

9.1 If your Investment Adviser fails on your behalf to pay cash or deliver investments (as relevant) when due to meet your settlement or transaction obligations, then Multrees has certain rights as set out in the remainder of this section 9.

9.2 In such circumstances, Multrees will be entitled to retain any cash or investments held on your account and will have no obligation to pay such cash or deliver any investments to you or any third party until you have paid any cash owing or delivered any investments due.

9.3 It is not intended that Multrees (or any Global Sub-Custodian or Sub-Custodian) shall provide overdraft or other credit facilities. Notwithstanding, where Multrees, a Global Sub-Custodian or any Sub-Custodian in its absolute discretion allows a Debt to arise, Multrees shall:

9.3.1 promptly notify your Investment Adviser of any such Debt;

9.3.2 at its sole discretion agree to fund the Debt itself until such time as the Debt is cleared by you or by your Investment Adviser on your behalf;

9.3.3 be entitled to charge interest on the amount of the Debt funded by Multrees at the rate agreed with your Investment Adviser. Such interest shall accrue daily from the date the Debt arises until (but excluding) the date on which the Debt is cleared;

9.3.4 not be deemed to have made any accommodation or deferment of payment obligation and you shall be under an immediate obligation to repay a sum equal to the Debt;

9.3.5 and these default provisions apply until such time as the Debt has been repaid.

9.4 In the event of default, Multrees may, and without giving you further notice:

9.4.1 use any cash or sell any investments held on your account and use the proceeds (after deduction of any costs incurred) to eliminate or reduce any Debt or other amount that you owe to Multrees. If the available cash or proceeds of selling investments is insufficient to cover your obligations to Multrees, you will still owe the balance;

9.4.2 close-out or reverse or cancel a transaction previously entered into;

9.4.3 take or refrain from taking action that would, or could, reduce or eliminate any liability under a transaction previously undertaken for you.

9.5 Where Multrees exercises its rights to use your cash or dispose of your investments under these default provisions, it will have no further obligation to you or to anyone else, in respect of that cash or those investments.

9.6 You agree that Multrees may set-off, transfer or apply (without further notice to you) any obligations or monies owed by Multrees to you in order to satisfy in whole or in part any Debt or obligation or sum that is due from you to Multrees. This applies even if the obligations are in different currencies and includes the payment of any fees or charges due to Multrees.

9.7 In exercising its rights under the Terms Multrees may convert currencies and carry out foreign exchange transactions with you or on your behalf at such rates and in a manner that Multrees may in its discretion determine. In such circumstances, Multrees shall be acting on its own behalf and not executing your orders. It shall therefore not be liable to you for the result obtained, nor for its choice of which investments are to be sold.

9.8 These default provisions will apply until you have paid all cash or investments due to Multrees even if your Investment Adviser or Multrees cease to provide services to you.

If your investment adviser fails to ensure you have enough assets available to allow your transactions to be processed, and Multrees is at risk of a loss, Multrees can take certain actions to address this, including retaining cash or investments it holds for your account.

10. LIMITS ON MULTREES’ LIABILITY TO YOU AND INDEMNITIES YOU GIVE TO MULTREES

10.1 In providing its services to you and your Investment Adviser, Multrees does not provide any investment advice and acts on the instructions of your Investment Adviser. Multrees facilitates the holding of your investments and the settlement of your transactions in varied markets and jurisdictions and as such is reliant on third party providers, exchanges, depositories and Clearing Systems to do this. As a consequence of the nature of Multrees’ services to you, its responsibilities are limited as follows:

10.1.1 Multrees is not responsible for and shall have no liability for any market or trading losses you may incur or any depreciation in the value of your investments;

10.1.2 Multrees is not responsible for any delay or inaccuracies in instructions received by it as described in section 4.3 of these Multrees Customer Terms;

10.1.3 Multrees is not responsible for any acts, omissions or default of a bank or credit institution holding your money, but only for taking care in its choice and monitoring in accordance with section 5.2 of these Multrees Customer Terms. Multrees is not responsible where, because of the investments you or your Investment Adviser choose to make, your money is held with a central bank of a country;

10.1.4 Multrees is not responsible for any acts, omissions or default of a Global Sub-Custodian holding your investments, but only for taking care in its choice and monitoring in accordance with section 6.2 of these Multrees Customer Terms;

10.1.5 Multrees is not responsible where, because of the nature of the market or the assets in which you wish to trade, a Sub-Custodian is required to hold your investments in accordance with sections 6.3 and 6.4;

10.1.6 Multrees is not responsible, in accordance with section 7.3, for any losses you incur due to Multrees dealing on your behalf with a counterparty, market or Clearing System; and

10.1.7 Multrees shall not be responsible for and have no liability for any circumstance or failure resulting from any event or state of affairs beyond the reasonable control of Multrees including, without limitation, any failure of third party communication, settlement or computer systems or equipment or the suspension or limitation of trading by an exchange or Clearing System, any change in FCA Rules that prevents Multrees or a counter-party from lawfully performing any obligations in relation to a transaction, any failure or interruption in the supply of data from a data provider, any political crisis or terrorist action, or any fire, pandemics, flood or other natural disaster.

10.2 The liability of Multrees (including its directors, employees or agents) to you for any loss or damage which you suffer shall be limited to circumstances where any such loss or damage has arisen directly as a result of Multrees’ breach of the Terms, its negligence, fraud or wilful default or a breach of the FCA Rules by Multrees (or where relevant, its directors, employees or agents).

10.3 Nothing in the Terms will exclude or limit Multrees responsibility to you for: (i) death or personal injury caused by negligence; (ii) fraud; (iii) misrepresentation as to a fundamental matter; or (iv) any legal responsibility to you which cannot be excluded or limited by law.

10.4 Subject to any other paragraph in this section 10, where Multrees makes an error Multrees will consider appropriate actions to remedy it, including:

10.4.1 putting you in the position you would have been in had the error not occurred, which may include making corrective dealings;

10.4.2 compensating you for any losses which you have suffered as a result of the error;

10.4.3 taking no action, for example, where Multrees reasonably considers that any loss is immaterial. Multrees will consider factors such as materiality, commerciality, fairness to you as well as its legal obligations in assessing what (if any) action to take as a result of any error Multrees makes.

10.5 Neither Multrees nor our Nominee, Global Sub-Custodians or Sub-Custodians will be liable to you for any profit that Multrees or they may make in connection with your investments.

10.6 It is important that you understand that you are responsible for making sure that Multrees does not suffer by reason of accepting instructions from your Investment Adviser and providing its services to you. You agree to make good and reimburse (indemnify) Multrees and each of its directors and employees and agents for and against any losses, reasonable costs and expenses (including legal costs) incurred by Multrees (and each of its directors and employees and agents) which are caused by:

10.6.1 Multrees providing its services to you in accordance with its obligations under the Terms;

10.6.2 a material breach by you or your Investment Adviser of any of the Terms;

10.6.3 default or failure by your Investment Adviser (on your behalf) and/or you to make a delivery of investments or payment when due; or

10.6.4 any challenge to the validity of, or requirement for proof or ownership of, or in respect of any fraud or forgery in relation to, any investments delivered to Multrees by you or your Investment Adviser on your behalf, or in relation to any document of transfer regarding such investments. This will include any electronic instruction or information which appears to transfer such investments.

10.7 The provisions in this section 10 will continue to apply even if your Investment Adviser or Multrees stop providing services to you and they will not be affected by any failure by Multrees to fully enforce its contractual rights, whether as to payment, time, performance or otherwise.

Multrees is only liable to you for losses you suffer if those losses are directly caused by Multrees’ breach of these terms, its negligence, fraud or wilful default or a breach of the FCA Rules.

Where Multrees engages third parties, it only has limited responsibilities for their failures.

If your or the actions of your Investment Adviser cause Multrees any losses, you are responsible for covering those losses.

11. FEES AND CHARGES

11.1 The fees and charges payable by you in relation to the services provided by Multrees are agreed between your Investment Adviser and Multrees and will be notified to you by your Investment Adviser. In accordance with applicable law, Multrees will inform your Investment Adviser of all fees and charges payable in respect of transactions carried out on your behalf. You may also be liable for other taxes or charges which are not payable through Multrees.

11.2 The fees and charges due to Multrees may be paid out of the assets and money Multrees holds for you for your account, or may be paid directly to Multrees through your Investment Adviser. If there is insufficient money in your account, then the provisions of section 9 apply.

11.3 Subject to compliance with the FCA Rules, your fees and charges will not be reduced by, and Multrees may retain, any other remuneration or any profit received by Multrees from any third party in connection with transactions effected by Multrees on your behalf and in which Multrees (or its associates) may or may not have other interests.

Your Investment Adviser has agreed the fees and charges payable for the services provided by Multrees.

Multrees may profit from certain transactions it carries out on your behalf as agreed with your Investment Adviser.

12. MULTREES’ CONFLICTS OF INTEREST

12.1 In providing its services, there may be circumstances where Multrees, its associated group companies or Nominees may provide services or enter into transactions which involve a conflict or potential conflict of interest with your interests. Conflicts may arise between Multrees (and its associates) interests and your interests and between different customers of Multrees. Examples of where actual or potential conflicts may happen include situations where Multrees or any of its associates:

12.1.1 is, or is acting on behalf of, the counterparty to a transaction with you that is executed by Multrees;

12.1.2 places money held for your account with a bank or other financial institution (in accordance with the FCA Rules) and retains some or all of the earned interest from that bank or financial institution.

12.2 In accordance with FCA Rules, Multrees is required to identify, prevent, manage and, where required, disclose conflicts of interest that may arise between Multrees and its customers, or between different customers of Multrees. Multrees manages this in accordance with its Conflict of Interest Policy.

Multrees may be acting for you and for other investors in the same transaction.

13. DATA PROTECTION AND CONFIDENTIALITY OF INFORMATION

13.1 Multrees may store, use or otherwise process personal information about you which is provided by your Investment Adviser on your behalf. The purposes for which it can store, use or process such personal information are providing Custody Services, Settlement Services, Associated Services and any other services under the Terms, administering your account and other purposes closely related to those activities which include using information for the purposes of anti-money laundering enquiries or as required by law and regulators. See Multrees’ Privacy Policy describing its processing of your personal data and your rights in relation to your personal data.

13.2 Any information that Multrees holds about you will be treated as confidential and will only be used in connection with providing services under the Terms. Information of a confidential nature will be treated as such provided that such information is not already in the public domain. Multrees will only disclose your information to third parties in the following circumstances:

13.2.1 if required by law (including to comply with transaction reporting obligations) or if requested by any regulatory authority or exchange having control or jurisdiction over you;

13.2.2 to investigate or to prevent fraud, market abuse or other illegal activity;

13.2.3 as required in connection with the provision of services to you by Multrees or your Investment Adviser, including to our service providers who are subject to obligations of confidentiality;

13.2.4 for purposes closely related to the provision of the services or the administration of your account, including without limitation for the purposes of regulatory checks or assessments; or

13.2.5 at your request or with your consent.

13.3 Your personal data may be held or disclosed in countries outside the UK or European Economic Area which may not have the same standard of data protection laws. Where this occurs, we will take appropriate steps to adequately protect it.

Multrees will only use your information as needed to provide its services to you and protect confidential information unless the services or law require otherwise.

14. COMPLAINTS

14.1 If you have a complaint you should notify your Investment Adviser in the first instance.

14.2 If your complaint concerns an aspect of a service provided to you by Multrees, you can raise it in accordance with Multrees’ Complaints Procedure.

How to raise a complaint.

15. AMENDMENT

15.1 Multrees reserves the right to amend the Terms at any time where such amendment relates to a change in law or regulation. In addition, Multrees may change or add to any of the Terms by providing reasonable notice which will usually be at least one calendar month. Your Investment Adviser will be responsible for informing you about any change or addition and the date from which the change or addition is effective.

Multrees may change these terms.

16. PROVISION OF INFORMATION VIA A WEBSITE

16.1 Multrees may provide the following information to you via its website www.multrees.com. Such information may be amended from time to time by Multrees:

16.1.1 general disclosures of information about Multrees as required by regulatory requirements;

16.1.2 Conflict of Interest Policy;

16.1.3 Order Execution Policy;

16.1.4 Privacy Policy covering the processing of any personal data; and

16.1.5 Complaints Procedures.

Multrees has certain policies relevant to you which are available on its website.

17. GENERAL

17.1 Multrees’ obligations to you are limited to those set out in the Terms. Multrees shall, in particular, not owe any wider duties of a fiduciary nature to you.

17.2 No third party shall be entitled to enforce the Terms in any circumstances.

17.3 Any failure by Multrees (whether on an ongoing basis or not) to insist upon strict compliance with any of the Terms is not deemed to amount to Multrees giving up or waiving any of its rights or remedies under them. The rights and remedies conferred on Multrees will be cumulative and the exercise or waiver of any part of them will not stop or inhibit the exercising by Multrees of any other additional rights and remedies.

17.4 If any provision or part-provision of the Terms is or becomes invalid, illegal or unenforceable, it shall be deemed deleted, but that shall not affect the validity and enforceability of the rest of the Terms.

17.5 Without prejudice to your rights to make a complaint, Multrees may resolve any dispute concerning action or a transaction undertaken on your behalf directly with your Investment Adviser acting on your behalf. If either your Investment Adviser or Multrees identifies a dispute, it shall promptly notify the other in writing. Your Investment Adviser and Multrees shall consult each other acting in good faith and reasonably in order to resolve the dispute. If the dispute is not resolved within a reasonable period, all rights and remedies remain available to you and Multrees.

17.6 The Terms are governed by English law and the courts of England and Wales shall have non-exclusive jurisdiction to settle any disputes which may arise out of or in connection with the Terms or the services provided and the assets managed pursuant to them.

These terms apply between you and Multrees and govern the relationship between you and Multrees.

English law and the English courts apply to these terms and any disputes.

1. DO THESE ISA TERMS APPLY TO YOU?

1.1 These ISA Terms only apply to you if your Investment Adviser has asked Multrees to manage your stocks and shares ISA. If you are not sure if these ISA Terms apply to you, you should ask your Investment Adviser if they do.

1.2 These ISA Terms are supplemental to the Multrees Customer Terms and they contain the specific provisions relevant to the provision of an ISA. All the provisions of the Multrees Customer Terms continue to apply as well as these ISA Terms.

1.3 Multrees will be responsible for managing your ISA and your Investment Adviser will provide Multrees with instructions in connection with the operation of your ISA. Multrees is approved by HMRC to act as a manager of an ISA (reference Z1841).

1.4 The Glossary to the Multrees Customer Terms sets out the meaning of words in bold. There are a number of additional words and phrases which are specific to these ISA Terms which are defined in these ISA Terms.

These ISA Terms apply if Multrees is responsible for managing your ISA.

They apply as well as the Multrees Customer Terms.

2. APPLICATION AND CANCELLATION

2.1 Only individuals who meet certain eligibility criteria are able to open an ISA. To be eligible, you must: (i) be at least 18 years old; (ii) not have subscribed to another stocks and shares ISA in the Tax Year; and (iii) be resident in the UK or meet certain other residency requirements.

2.2 If, during a Tax Year, your Investment Adviser notifies Multrees of a change of your address and does not at the same time provide a declaration of your UK residency for tax purposes, Multrees will: (i) ask your Investment Adviser to confirm your UK residency status; and (ii) may not be able accept further investment into your ISA unless your UK residency status is confirmed.

2.3 If Multrees receives a declaration from your Investment Adviser during a Tax Year that you are not UK resident, Multrees will remove all subscriptions to your ISA made during that Tax Year and (if applicable) other relevant Tax Years. Multrees will not reinstate any subscriptions that Multrees has removed in this way if you later establish that you were a UK resident.

2.4 To apply for your ISA you must complete and sign an application form, which your Investment Adviser will provide to Multrees. Multrees can refuse any application to open an ISA and may choose not to give a reason for refusing an application.

2.5 Multrees will open your ISA as soon as Multrees accepts your application form and receives the first subscription payment from your Investment Adviser. If you are opening your ISA with a transfer please see section 2.7 below. If Multrees doesn’t accept your application form, Multrees will refund your subscription payment to your Investment Adviser.

2.6 You have the right to cancel your ISA during the 14 day period commencing on the opening of your ISA. If you wish to cancel your ISA your Investment Adviser must notify Multrees of this. If you cancel your ISA within the cancellation period Multrees will return to your Investment Adviser all payments made to your ISA, but you will not receive back the full amount paid if the value of your ISA Investments has fallen since Multrees opened your ISA.

2.7 If you are transferring an existing ISA from another ISA manager to Multrees, Multrees will open your ISA as soon as Multrees has accepted your transfer form and has received the net proceeds of your previous ISA or ISA Investments from your previous ISA manager.

You have to meet certain criteria to have an ISA and complete an applications form.

You can cancel within 14 days of opening your ISA.

3. SUBSEQUENT TAX YEARS

3.1 Provided that you continue to satisfy ISA residency rules, Multrees will continue to accept subscriptions into your ISA in subsequent Tax Years without the need to make new applications.

3.2 If in any Tax Year no subscriptions are made to your ISA, you will need to complete a new application form before you will be able to make further subscriptions.

If you keep paying into you ISA, it will continue.

4. PAYING INTO YOUR ISA

4.1 The maximum amount that you are allowed to invest in an ISA in a Tax Year is set and changed by the UK Government (Annual ISA Allowance). Payments into your ISA must not go over the Annual ISA Allowance. When you have used your full Annual ISA Allowance during a Tax Year you cannot pay any more in that Tax Year. This includes replacing any money which you have withdrawn.

4.2 Other than transfers from another ISA into your ISA (see section 9 (Transferring Your ISA)), payments into your ISA may only be made in cash transferred by your Investment Adviser to Multrees.

4.3 Payments into your ISA must be made with your own money. Multrees has the right to satisfy itself that payments have been made using your money.

The government decides how much can be paid into your ISA.

5. ADDITIONAL PERMITTED SUBSCRIPTIONS

5.1 An “Additional Permitted Subscription” or “APS” is an additional subscription which, subject to satisfying eligibility criteria, you can apply to make into your ISA following the death of your spouse or your civil partner. An APS can only be made up to the aggregate value of your deceased spouse’s or civil partner’s ISA(s) on death (including any income accrued, but not paid or credited to the ISA at the date of death). This is your “APS Allowance”.

5.2 An Additional Permitted Subscription must be made within the “Permitted Period” which is a period of time prescribed by law beginning with the date of death of your spouse or your civil partner and ending either (i) three years after the death, or (ii) 180 days after the administration of the estate is complete, whichever is the later. Multrees will only accept APS payments within the Permitted Period. If completion of the estate takes longer your Investment Adviser will need to provide Multrees with such evidence as Multrees reasonably requires to allow further APS payments to your ISA.

5.3 To subscribe for an APS, you will need to complete an application form which your Investment Adviser will provide to Multrees. You may be able to cancel within 14 days of subscribing under your APS Allowance.

5.4 If you are transferring your APS Allowance from another ISA manager to Multrees and your Investment Adviser cancels a transfer of your APS Allowance during the 14 day period commencing on the opening of your ISA, you will not be able to transfer your APS Allowance elsewhere. Any subscriptions made using your APS Allowance can be transferred to another ISA provider under the normal ISA transfer rules.

5.5 A transfer of your APS Allowance cannot be cancelled where the transfer is complete (for example, where you have begun to make payments towards your APS Allowance). Your Investment Adviser may ask to cancel a transfer of your APS Allowance while it is in the process of being transferred (however, this is subject to the agreement and willingness of the respective ISA managers).

5.6 If your Investment Adviser sends Multrees a payment that exceeds your APS Allowance, Multrees will return the whole amount to your Investment Adviser without accepting any payment.

5.7 If you transfer your ISA to another ISA manager in accordance with section 9 (Transferring Your ISA), any unused APS Allowance will not transfer and will remain with Multrees. If you close your ISA before you use your APS Allowance in full, you can still invest the remaining balance of the APS Allowance with Multrees in a new ISA provided you are still within the Permitted Period.

You may be able to make additional subscriptions into your ISA on the death of your spouse or civil partner.

6. DEALING IN ISA INVESTMENTS

6.1 The relationship between you, your Investment Adviser and Multrees and Multrees’ responsibilities for communication and accepting instructions in relation to your ISA are set out in section 1 and section 4 of the Multrees Customer Terms. Multrees will normally only buy, sell or otherwise deal in ISA Investments for your ISA when instructed to do so by your Investment Adviser on your behalf. Multrees will only communicate directly with you in connection with the ISA Investments in your ISA if Multrees is unable to obtain sufficient instructions from your Investment Adviser or your Investment Adviser is no longer authorised to act on your behalf.

6.2 Multrees will buy and sell or otherwise deal in ISA Investments in accordance with your Investment Adviser’s instructions on an execution-only basis (that is without giving you any investment advice). Multrees will carry out instructions in accordance with Multrees’ Order Execution Policy. This policy sets out how Multrees provides certain services to you, including the price Multrees obtains for you when executing an instruction.

6.3 By submitting your application for an ISA, you will be giving your express consent to:

6.3.1 the execution of orders outside a regulated market or multilateral trading facility, as those terms are defined in the FCA Rules, where this is appropriate; and

6.3.2 Multrees’ Order Execution Policy.

6.4 When buying ISA Investments on your behalf Multrees will:

6.4.1 deal in the ISA Investments as agent;

6.4.2 buy ISA Investments after Multrees receives payment in accordance with the timescales set out in instructions; and

6.4.3 arrange for the relevant ISA Investments to be held and settlement effected in accordance with section 6 and Section 7 of the Multrees Customer Terms.

6.5 Multrees will collect dividends, interest on money held within your ISA and other distributions for your ISA. Unless any cash received by Multrees for dividends or interest after your ISA commences is to be paid to you, then it will be reinvested in the same ISA Investments.

Multrees will buy and sell ISA investments for you on the instructions of your Investment Adviser. Multrees will not advise you as to what to buy and sell.

7. TAKING MONEY OUT OF YOUR ISA

7.1 Your Investment Adviser may give instructions at any time to withdraw money from your ISA. Withdrawals can only be made in cash so Multrees will sell some or all of your ISA Investments in accordance with the instructions to cover the amount to be withdrawn.

7.2 If your Investment Adviser instructs us to make a withdrawal from your ISA and you have already invested the whole Annual ISA Allowance you will not be able to repay or make-up any withdrawals by investing more in your ISA.

7.3 Multrees will process any withdrawal instruction within the time period specified in the instruction, but subject to any reasonable business period Multrees requires for the practical implementation of the instructions. In any event, Multrees will transfer the net proceeds to your Investment Adviser within 30 days of receiving instructions. Where you are invested in certain types of ISA Investment fund in which dealing has been suspended, Multrees may take up to 7 additional days after such suspension ends to transfer the net proceeds to your Investment Adviser.

7.4 Multrees will pay the proceeds of any sale of your ISA Investments in cash to your Investment Adviser on your behalf. Your Investment Adviser will receive cleared funds by the settlement date for the market in which your ISA Investment was invested. Typically this is a few days after the instruction was acted upon.

You can only make cash withdrawals from your ISA and you may not be able to repay that money in the tax year.

8. UNALLOCATED OR UNCLAIMED CASH

8.1 Generally, Multrees will not hold cash within your ISA other than cash relating to purchases or sales of ISA Investments.

8.2 Cash which Multrees holds on your behalf and which Multrees is either unable to allocate (for example because instructions are unclear or incomplete) or which Multrees has tried to pay out but remains unclaimed will be held in your ISA as uninvested cash.

8.3 Multrees will hold any cash in accordance with section 5 of the Multrees Customer Terms.

Multrees will not generally hold cash in your ISA.

9. TRANSFERRING YOUR ISA

9.1 You are not allowed to transfer your rights to your ISA Investments to any other person. This means you cannot use any of your ISA Investments as security for any borrowing or other money that you owe.

9.2 You may, at any time, instruct Multrees to transfer your ISA to another person approved by HMRC to act as a manager of an ISA. Current Tax Year subscriptions may only be transferred in whole. Previous Tax Year subscriptions may be transferred in whole or in part.

9.3 To instruct a transfer to another provider, you will need to contact the new ISA manager and complete a transfer authority. Once Multrees has received this authority and instructions from the new ISA manager, Multrees will sell your ISA Investments as soon as reasonably practicable unless the instructions specify that the ISA Investments should be transferred to the new ISA manager (whether in whole or in part). Multrees will then transfer the net proceeds and/or ISA Investments (as the case may be) to your new ISA manager within the time period specified by you, but subject to any reasonable business period Multrees requires for the practical implementation of your instructions. In any event, Multrees will transfer the net proceeds and/or the ISA Investments within 30 days of receiving your instructions. Where you are invested in certain types of ISA Investment fund in which dealing has been suspended, Multrees may take up to 7 additional days after such suspension ends to transfer your ISA.

9.4 Multrees may, in certain circumstances, for example if Multrees decides to stop acting as an ISA manager, arrange a “bulk transfer” of Multrees’ ISA customers, this means that Multrees may transfer the whole or part of your ISA to another ISA manager without your consent. Multrees will only transfer your ISA to another ISA manager if Multrees is satisfied that in doing so Multrees is treating you fairly and in accordance with applicable law. Multrees will always provide notice before Multrees transfers your ISA and you will have the opportunity to object, but please note that the only other options available may be for us to close your ISA (see section 10.2 (Multrees right to close your ISA)) or for you to transfer your ISA to another ISA manager selected by you.

9.5 Where Multrees arranges a “bulk transfer” of its ISA customers to another ISA manager as noted in section 9.4 above, Multrees may also transfer any cash that Multrees holds to that ISA manager without your prior consent. On request, the new ISA manager must return any balance of client money to you as soon as possible.

9.6 You can transfer all or part of an existing cash ISA and/or stocks and shares ISA from another ISA manager to us. Partial transfers during the prevailing Tax Year are not permitted.

9.7 Multrees will accept transfers in the form of cash. Once cash is received, Multrees will purchase ISA Investments in accordance with instructions from your Investment Adviser.

9.8 If your previous ISA manager transfers any refunds of tax or income payments to Multrees after the date of transfer, Multrees will use the amount received to purchase ISA Investments in accordance with the original transfer or where applicable any subsequent or continuing instructions.

You may transfer your ISA to another ISA manager or from another ISA manager to us.

Multrees may transfer your ISA to another manager if it stops providing ISA manager services.

10. CLOSING YOUR ISA

10.1 You can close your ISA at any time.

10.2 Multrees can close your ISA and terminate its obligations to provide ISA management services to you in any of the situations covered in section 3.2 of the Multrees Customer Terms.

10.3 Where Multrees receives instructions to close your ISA or Multrees closes your ISA, Multrees will sell the ISA Investments held within your ISA and pay the net sale proceeds in cash to you. Your ISA will no longer attract tax benefits once it has been closed.

10.4 These ISA Terms will continue, notwithstanding the transfer or closure of your ISA, until all outstanding transactions and liabilities have been settled. Multrees will carry out transactions in progress at the time of transfer or closure of your ISA in the normal manner.

10.5 Once your ISA is closed there may still be small cash amounts representing income payments or tax reclaims which are subsequently credited to your ISA. Where you have closed your ISA because you have transferred your ISA to another ISA manager, Multrees will send that money to your new ISA manager. If you did not close your ISA by transferring it to another ISA manager, or (where you have transferred your ISA) your new ISA manager will not accept the money from us, Multrees will pay that money to your Investment Adviser.

You can close your ISA and Multrees will sell your ISA investments and pay the cash to you.

Multrees can close your ISA in certain circumstances.

11. DEATH

11.1 The tax advantages of your ISA stop on the date of your death. Following your death, Multrees will deal with the ISA Investments as instructed by your personal representatives. Multrees may ask your personal representatives for such information and documentation as Multrees may reasonably require in order to prove to its reasonable satisfaction that your personal representatives have authority to give this instruction. Your personal representatives may request Multrees to sell the ISA Investments and transfer to them the net proceeds of the sales in cash or they can request that Multrees transfers the ISA Investments to them.

11.2 After your death your spouse or civil partner may be able to make an Additional Permitted Subscription. This will not count towards their Annual ISA Allowance for the current Tax Year.

What happens to your ISA on your death.

12. BANKRUPTCY

If Multrees receives notification of your bankruptcy, the tax advantages of your ISA will cease in accordance with the law. Multrees will not accept any further subscriptions. The appointed trustee or official receiver will become the beneficial owner of the ISA Investments in your ISA. Any tax reclaimed on income received after the date on which the trustee or official receiver was appointed will be returned to HMRC.

What happens to your ISA if you become bankrupt.

13. VOID ISAS

13.1 Where Multrees has opened an ISA and discovers that the application form was invalid and Multrees is unable to resolve the reason for the invalidity, Multrees will inform you promptly that this has happened. Multrees will close your ISA, sell the ISA Investments (in accordance with section 6 (Dealing in ISA Investments)) and return the net sale proceeds to your Investment Adviser.

13.2 Multrees will inform your Investment Adviser if Multrees are made aware that, by reason of any failure to satisfy legal requirements, your ISA is (or will be) void or no longer entitled to any tax exemptions. Where possible, Multrees will also tell your Investment Adviser if HMRC will be in touch with you.

13.3 If your ISA is made void, all income in respect of that subscription will be taxable and all the invalid subscription monies and/or ISA Investments and income must be removed from the ISA. Valid ISAs from previous Tax Years will be unaffected.

Your ISA will be void if you don’t meet all the requirements.

14. ISA INVESTMENT RESTRICTIONS AND RISKS

14.1 Your ISA may only invest in ISA Investments as prescribed by applicable law. This means that Multrees may be required to sell your ISA Investments if the law changes.

14.2 ISA Investment markets may be subject to fluctuations, which might cause the value of the ISA Investments to fall as well as rise. Past performance is no guarantee of future performance. Accordingly, the value of the ISA Investments is not guaranteed by Multrees and you may not always receive back from your ISA the amount of the subscriptions you have invested. ISA Investment in specialist markets or sectors will carry a greater risk of volatility. You should discuss any proposed ISA Investment with your Investment Adviser.

14.3 Any ISA Investment in an ISA should be regarded as a medium to long-term ISA Investment.

An ISA can only invest in certain investments. Returns on a stocks and shares ISA are not guaranteed.

You should discuss this with your Investment Adviser.

15. TRANSACTION REPORTING AND ISA INVESTMENT INFORMATION

15.1 Multrees will keep records of transactions in your ISA and provide you with statements provided on a periodic basis as agreed with your Investment Adviser. The statements will include the value of the ISA Investments at close of business on the date of the statement and details of all transactions. The statements will not include any measure of performance. Additional copies of statements are available on request.

15.2 If Multrees are asked to do so, Multrees will provide a copy of the annual reports and accounts of the ISA Investments in which your ISA is invested.

15.3 If Multrees are asked to do so, Multrees will arrange for you to:

15.3.1 be able to attend any meetings of any ISA Investment which you hold in your ISA; and

15.3.2 vote at any such meetings; and

15.3.3 receive any other information issued to investors that hold that ISA Investment.

Multrees will provide you with statements detailing your ISA investments.

16. TAX

16.1 You authorise Multrees to contact HMRC on your behalf to make any appropriate claims relating to tax for your ISA. For these purposes, Multrees may carry out appeals and agree, on your behalf, liabilities for and reliefs from tax. You do not have to pay tax on the income and capital gains of the ISA Investment in your ISA as long as Multrees and you comply with the laws and rules regarding ISAs. This exemption may change in the future.

16.2 You should be aware that any description of tax reliefs in these ISA Terms refers to those that are currently applicable as at the date of issue and may change in the future. The description is only relevant to individuals subject to UK income tax and the value of the relief depends on your individual circumstances.

At present ISAs are not subject to UK tax. This may change in future. You should seek you own tax advice.

1. DO THESE FFX DEALING TERMS APPLY TO YOU?

1.1 These FFX Dealing Terms only apply to you if your Investment Adviser has asked Multrees to carry out forward foreign exchange transactions to hedge currency risk on your behalf. A forward foreign exchange transaction is a legally binding agreement to buy, or sell, an agreed amount of one currency for an agreed price payable in another currency, on a specified future date. If you are not sure if these FFX Dealing Terms apply to you, you should ask your Investment Adviser if they do.

1.2 These FFX Dealing Terms are supplemental to the Multrees Customer Terms and they contain the specific provisions relevant to the carrying out of FFX Transactions. All the provisions of the Multrees Customer Terms continue to apply as well as these FFX Dealing Terms.

1.3 The Glossary to the Multrees Customer Terms sets out the meaning of words in bold. There are a number of additional words and phrases which are specific to these FFX Dealing Terms which are defined in the main body of these FFX Dealing Terms.

These FFX Dealing Terms apply if your Investment Adviser has asked Multrees to carry out forward foreign exchange transactions on your behalf.

They apply as well as the Multrees Customer Terms.

2. RELATIONSHIP BETWEEN YOU, YOUR INVESTMENT ADVISER AND MULTREES

2.1 The relationship between you, your Investment Adviser and Multrees and Multrees’ responsibilities for communication and accepting instructions in relation to FFX Transactions are set out in section 1 and section 4 of the Multrees Customer Terms. Multrees will normally only carry out FFX Transactions when instructed to do so by your Investment Adviser on your behalf. Multrees will only communicate directly with you in connection with an FFX Transaction if Multrees is unable to obtain sufficient instructions from your Investment Adviser or your Investment Adviser is no longer authorised to act on your behalf.

2.2 The FFX Transactions executed through Multrees under these FFX Dealing Terms are for the purpose of hedging currency risk arising in respect of your investments and your cash held by Multrees as custodian. Subject to the terms of these FFX Dealing Terms, Multrees shall settle, safeguard and administer your interests in FFX Transactions in accordance with the Multrees Customer Terms.

2.3 When your Investment Advisor gives Multrees an instruction to carry out an FFX Transaction, your Investment Advisor acts as agent on your behalf and Multrees will treat you as its principal counterparty for the relevant FFX Transaction. Multrees will at all times act as a matched principal. This means that Multrees will, as a result of an instruction from your Investment Advisor, enter into a FFX Transaction with you and enter into a second trade with a bank on a matched basis. The settlement of any FFX Transaction for you is dependent upon the execution and settlement of the matched transaction entered into by Multrees with the bank.

2.4 You acknowledge that, where Multrees provides FFX Transaction services to you on the instruction of your Investment Adviser:

2.4.1 the execution of your FFX Orders will be outside of a regulated market or trading facility; and

2.4.2 Multrees will execute your FFX Orders in accordance with Multrees’ Order Execution Policy as amended from time to time.

2.5 Your FFX Transaction is a commitment to buy or sell one currency at a future date for a pre-agreed price and, save for any obligations under the terms of the FFX Transaction, Multrees will not be liable for any fluctuations or changes in foreign exchange rates between the date of execution of your FFX Transaction and the date of settlement (or Close Out) of your FFX Transaction which will be at your sole risk and expense.

Multrees will only undertake FFX Transactions on the instruction of your Investment Adviser.

FFX Transactions are undertaken outside of a regulated market or trading facility.

3. ACCEPTANCE OF FFX ORDERS AND DEALING

3.1 Upon any FFX Order being placed or instruction given by your Investment Adviser for Multrees to undertake an FFX Transaction, your Investment Adviser confirms, on your behalf, that:

3.1.1 it has discretionary authority to enter into an FFX Transaction on your behalf and that the FFX Order placed is for the purpose of hedging currency risk arising in respect of your investments and cash and is not for speculative purposes;

3.1.2 the FFX Transaction will not contravene the rights of any third parties or any agreement with a third party in relation to your investments or cash; and

3.1.3 Multrees may pass your cash held by it pursuant to the Multrees Customer Terms to a bank for the purposes of a matched trade undertaken in connection with the FFX Transaction including to provide Margin in accordance with sections 5.3 and 5.4 below or to satisfy any financial obligation arising in relation to the FFX Transaction.

3.2 On receipt of an instruction from your Investment Adviser to execute a FFX Transaction under these FFX Dealing Terms on your behalf (an FFX Order), Multrees will only execute such FFX Order on having secured a matched transaction with a bank. Multrees will confirm to your Investment Adviser in writing as and when Multrees has been able to accept an FFX Order. Multrees will always use its reasonable endeavours to carry out an FFX Order, however Multrees makes no representation or guarantee that it will be able to effect a particular FFX Order and Multrees will not be liable where it is unable to do so for whatever reason. Multrees shall execute FFX Orders in accordance with its Order Execution Policy.

3.3 Multrees may, without any liability on its part, decline to accept an FFX Order:

3.3.1 where Multrees is unable to secure a matched transaction with a bank or for reasons of Multrees operational capacity;

3.3.2 where executing the FFX Order would cause your Liquid Assets cover requirement specified in section 5.1 below to be breached; or

3.3.3 where executing the relevant FFX Order would exceed any Position Limit imposed in accordance with section 5.2 below; or

3.3.4 where Multrees is unable to secure sufficient Margin in accordance with sections 5.3 and 5.4 below; provided that in any case where Multrees declines to accept an FFX Order, Multrees will notify your Investment Adviser of such decision and its reasons as soon as reasonably practicable (except where to do so would be contrary to FCA Rules or any other legal requirement).

3.4 The price of any FFX Transaction will be the price Multrees has secured with the bank on the matched transaction plus Multrees’ fees for the transaction as agreed with your Investment Adviser.

3.5 Multrees shall promptly send to your Investment Adviser a confirmation note in respect of each FFX Transaction concluded. In the absence of any manifest error, confirmation notes will be conclusive and binding unless:

3.5.1 Multrees receives an objection from your Investment Adviser in writing within 1 (one) business day from the date Multrees dispatched the confirmation note that Multrees has not acted in accordance with the FFX Order placed by your Investment Adviser in carrying out the FFX Transaction; or

3.5.2 Multrees notifies your Investment Adviser of any error.

3.6 A FFX Transaction is due for settlement on the date and on the terms as specified in the FFX Transaction. Your Investment Adviser on your behalf, must make available to Multrees the required amount in the specified currency to settle the FFX Transaction in accordance with its terms. If your Investment Adviser on your behalf, fails to make any payment or otherwise comply with any obligation when due under a FFX Transaction, without prejudice to any other rights Multrees may have, Multrees may borrow or purchase currency from third parties to enable it to settle the relevant FFX Transaction. You will be liable to Multrees for any costs and liabilities incurred by Multrees in borrowing or purchasing such currencies.

3.7 Multrees may be required under the FCA Rules to reconcile the key terms of FFX Transactions with you on a periodic basis. To fulfil any such obligations, Multrees will send to your Investment Adviser details of the key terms of FFX Transactions (“Reconciliation Data”). Your Investment Adviser must inform Multrees of any discrepancies within 5 (five) business days of its receipt of the Reconciliation Data, otherwise the Reconciliation Data will be deemed to be affirmed.

Multrees will only agree to carry out a FFX Transaction if it can enter into a matched transaction with a bank and provided other conditions are met.

Your investment adviser must ensure that you have enough cash in the right currency to enable Multrees to settle your FFX Transactions when due.

Multrees will provide information about your FFX Transactions to your Investment Adviser.

4. CANCELLATION OF FFX TRANSACTIONS

4.1 Close Out means the termination or cancellation of a contract to carry out a transaction, the liquidation or acceleration of a transaction so that it is completed more quickly than the original contract stated or the carrying out of trades to neutralise the effect of a transaction.

4.2 Upon written notice to your Investment Adviser, Multrees is entitled and authorised by your Investment Adviser (acting on your behalf) to Close Out any FFX Transaction with immediate effect in the event Multrees is unable to establish, maintain, unwind or dispose of any matched transaction it considers necessary for your FFX Transaction.

4.3 Multrees will only act upon your Investment Adviser's instruction to Close Out a FFX Transaction or otherwise take any step to neutralise the economic effect of a FFX Transaction to the extent that Multrees itself is able to take such steps it considers necessary to match or otherwise neutralise its own economic exposure that may result from the instruction to Close Out an FFX Transaction.

4.4 If Multrees is liable to pay an early termination/Close Out fee under a trade entered into by Multrees for you in accordance with these FFX Dealing Terms, Multrees shall be entitled to recover the equivalent amount from you (save where the payment of such fee is solely caused by an act or omission in respect of which Multrees is entirely at fault).

In some circumstances Multrees can cancel your FFX Transaction or make further trades to cancel out its effects.

5. CONTROLS APPLIED BY MULTREES

5.1 It is a condition of any FFX Transaction, and your Investment Adviser must ensure at all times, that Multrees holds in custody on your behalf Liquid Assets whose value exceeds 125% of your net position at any point in time under all FFX Transactions open with Multrees. Multrees reserves the right to amend this threshold by written notice to your Investment Adviser from time to time. A “Liquid Asset” means cash and investments which are easily sold and which in all cases are beneficially owned by you and held under safe custody by Multrees. The requirement to maintain minimum Liquid Assets is without prejudice and in addition to any rights of Multrees to require Margin in accordance with sections 5.3 and 5.4 below.

5.2 Multrees may at its absolute discretion and at any time impose limits regarding the number and/or value of FFX Transactions open with Multrees at any one time (a "Position Limit"). Multrees will notify your Investment Adviser in writing of any such Position Limits. .

5.3 Multrees may require Margin to be provided and maintained in order to meet actual, future and contingent liabilities under FFX Transactions.

5.4 Your Investment Adviser must ensure that Multrees' calls for Margin are satisfied within such time as specified in writing by Multrees, otherwise Multrees may decline an FFX Order or Close Out an FFX Transaction (as applicable). Margin shall be provided in the form of cash in the currency specified by Multrees. Multrees may secure Margin directly from your account, acting at all times in accordance with your Investment Adviser's instructions and the FCA Rules.

5.5 Margin provided by you to Multrees shall be held as cash in accordance with section 5 of the Multrees Customer Terms and the FCA Rules.

5.6 If applicable, Multrees shall return any amount of Margin which has been transferred to Multrees which is more than reasonably necessary to cover your liabilities under FFX Transactions, in line with applicable FCA Rules.

Multrees applies controls to make sure you and it can meet obligations under FFX Transactions.

6. EVENTS OF DEFAULT AND TERMINATION OF FFX TRANSACTIONS

6.1 Multrees may refuse to perform an FFX Order or may cancel or Close Out all or any part of any FFX Transaction, without incurring any liability to you for losses that may be sustained as a result, at any time upon the happening of the following events:

6.1.1 you or your Investment Adviser on your behalf fails to make a payment or delivery when due under the terms of an FFX Transaction;

6.1.2 you or your Investment Adviser on your behalf fail to comply with any other obligation to Multrees under these FFX Dealing Terms or the terms of any FFX Transaction and fails to remedy such breach to the reasonable satisfaction of Multrees within the period of 10 days following notification of the breach by Multrees;

6.1.3 you or your Investment Adviser on your behalf rejects the validity of these FFX Dealing Terms or a FFX Transaction, Multrees is no longer to provide FFX Transaction services to you Investment Adviser or the relationship between Multrees and your Investment Adviser is terminated;

6.1.4 there is insufficient Margin available in breach of sections 5.3 and 5.4 above or, if no Margin is required, there is a breach of your Liquid Assets cover requirement as specified in section 5.1 above;

6.1.5 a representation or promise made or deemed to have been made under these FFX Dealing Terms was incorrect or misleading in any material respect;

6.1.6 you or your Investment Adviser become bankrupt, subject to a winding up order or resolution, the appointment of an administrator or to the occurrence of any similar or analogous insolvency event in any jurisdiction;

6.1.7 it becomes or may become unlawful for Multrees to maintain or give effect to all or any of its obligations under FFX Transactions or these FFX Dealing Terms or otherwise to carry on its business;

6.1.8 Multrees, your Investment Adviser or you are requested not to perform or to Close Out an FFX Transaction (or any part thereof) by any governmental or regulatory authority whether or not that request is legally binding;

6.1.9 an event or circumstance beyond the reasonable control of Multrees which means Multrees is unable or it is economically adverse for Multrees to maintain or give effect to all or any of its obligations under FFX Transactions; or

6.1.10 Multrees considers it necessary to do so for its own protection including (without limitation) in the following circumstances: (i) protection from fraud or money laundering; (ii) protection from your or your Investment Adviser’s default; (iii) protection from market failure; (iv) protection from adverse or volatile market conditions; and (v) protection from loss by Multrees.

6.2 If any event referred to in section 4.2 or section 6.1 above occurs, Multrees shall at its discretion be entitled to cancel or Close Out any FFX Transaction then outstanding and charge you with all of the costs, expenses and losses that Multrees may incur (including any action it may take to cover or reduce its exposure) as a result of Multrees cancelling your FFX Transactions (including the actual or hypothetical costs of unwinding any matching trades made in conjunction with the FFX Transactions). Any excess amount held by Multrees in respect of the FFX Transactions shall be returned to you after deducting all other sums due to Multrees.

6.3 If for any reason an FFX Transaction is Closed Out or does not proceed to completion, Multrees will send to your Investment Adviser a statement setting out any sum due to you or the sum due from you to Multrees (as appropriate). You will be responsible for all losses/expenses of Multrees whatsoever that may arise on account of such Close Out or cancellation, and Multrees shall have the right to use any of your monies held by it to set off such amounts as are owed by you to Multrees. Multrees shall be entitled to convert any currency held by it and such conversion shall be at the rate of exchange available to it. Any fee or charge which Multrees incurs as a result of such conversion shall be for your account.

6.4 Notwithstanding sections 6.2 and 6.3 above, no amount shall be payable to you to the extent:

6.4.1 that Multrees is unable to Close Out the corresponding matched trades (to the extent they have not already been terminated) after taking all commercially reasonable steps to do so; or

6.4.2 that Multrees is otherwise prohibited or restricted from paying such amount by any applicable FCA Rules.

6.5 Multrees shall provide written notice to your Investment Adviser in the event it takes any action to Close Out or terminate an FFX Transaction pursuant to these FFX Dealing Terms provided that Multrees shall not be required to provide notice on the occurrence of an event referred to in section 6.2.6 or in the event notice would breach FCA Rules or the requirements of other applicable law or of a regulator.

If your Investment adviser fails to meet your FFX obligations on your behalf, Multrees can cancel your FFX Transactions.

Multrees may also cancel FFX Transactions in the event of circumstances damaging to it or for which it is not responsible occur.

7. MULTREES LIABILITY AND YOUR RESPONSIBILITIES

7.1 Multrees’ liability to you in carrying out FFX Transactions is limited as set out in section 10 of the Multrees Customer Terms.

7.2 It is important that you understand that you are responsible for making sure that Multrees does not suffer by reason of undertaking FFX Transactions on your behalf. You agree to make good and reimburse (indemnify) Multrees and each of its directors and employees and agents for and against any losses, reasonable costs and expenses (including legal costs) incurred by Multrees (and each of its directors and employees and agents) as a result of:

7.2.1 your, or your Investment Adviser’s, failure to settle or otherwise pay or deliver under a FFX Transaction including the borrowing or purchasing by Multrees of currency to enable Multrees to settle a FFX Transaction as required in accordance with section 3.6 of these FFX Dealing Terms;

7.2.2 any claim or demand (including in respect of any liabilities or amounts owed to a matched trade counterparty) made by a third party against Multrees in connection with any FFX Transaction;

7.2.3 any liability, cost or loss incurred by Multrees as a result of action taken to Close Out or terminate a FFX Transaction in accordance with sections 4 and 6 of these FFX Dealing Terms;

7.2.4 any tax, levy, duty, charge, fee or assessment of any nature (including any withholding tax or stamp duty and any interest or penalties) that is imposed by a government or tax authority on any FFX Transaction or matched trade entered into in connection with the FFX Transaction; and

7.2.5 an event in relation to an FFX Transaction beyond the reasonable control of Multrees.

Multrees is only liable to you for losses you suffer if those losses are directly caused by Multrees’ breach of these terms, its negligence, fraud or wilful default or a breach of the FCA Rules.

You are responsible for any losses that Multrees might incur because it has undertaken FFX Transactions on your behalf.