Introduction

1. The Peel Hunt Portal is an electronic trading service allowing you to transmit quote requests and orders electronically (the "Service").

2. Use of the Service will be governed by:

2.1 these Terms of Use;

2.2 the Professional Client Terms of Business and/or the Eligible Counter Party Terms of Business (as applicable) (the "Terms of Business") which have already been supplied to and approved by you; and

2.3 the rules, guidance, practices and customs of each Execution Venue which may be accessed through the Service and the rules and guidance of any relevant regulatory authority (the "Exchange Terms and Conditions"). In the event of any conflict between (i) these Terms of Use and/or (ii) the Exchange Terms and Conditions, the Exchange Terms and Conditions will prevail.

3. These Terms of Use are additional to the Terms of Business (which govern the orders and trades you make through the Service) and describe your access to and the availability of the Service, together with password and security obligations.

4. Following your firm's request to use the Service, Peel Hunt advised your firm during the set-phase that first use of the Service will constitute acceptance of these Terms of Use (as amended from time to time) on behalf of your firm. For the avoidance of doubt, use of the Service will not expose the individual first accepting the Terms of Use to any personal liability.

Definitions and Interpretations

5. In these Terms of Use references to "you" or "your" shall (unless the context otherwise requires) be deemed to mean your firm and the following words and expressions shall (unless the context otherwise requires) have the following meanings:

"Execution Venue"means any exchange, market, multilateral trading facility or other facility on or through whose facilities relevant instruments are bought and sold and their clearing house or settlement system (as applicable);

"Peel Hunt Affiliates"means Peel Hunt's affiliates from time to time, including, without limitation, Peel Hunt Holdings Limited and Peel Hunt Inc.; and

"Transaction"means the execution of an order through the Service by Peel Hunt on your behalf.

The Service

6. All orders through the Service will be executed by or with Peel Hunt in accordance with Peel Hunt's Order Execution Policy.

7. Peel Hunt will provide you with a confirmation, contract note or other confirmation of execution when an order has been executed in accordance with the FCA rules.

Scope of the Service

8. Peel Hunt will make the Service available for such Execution Venues and relevant instruments as it, in its absolute discretion determines from time to time.

9. Peel Hunt will be under no obligation to make the Service available outside of such normal trading hours or where trading on the primary Execution Venue for the relevant instrument is suspended, halted, interrupted or for whatever reason Peel Hunt (in its absolute discretion) believes that the execution of the order would expose Peel Hunt or your firm to unacceptable risk or would otherwise not be in the interests of either Peel Hunt or your firm.

Availability of the Service

10. Access to the Service will be at Peel Hunt's absolute discretion and while Peel Hunt will use reasonable endeavours to make the Service available to you during normal trading hours on any business day in London insofar as the same is within its reasonable control, Peel Hunt gives no assurance that the Service or any part thereof will be available to you at any time or times or that your access to and use of the Service will be uninterrupted or error free.

11. The Service is not intended for and should not be used by you for the purposes of high frequency trading or used by any trading algorithms or automated systems generating quote requests for the purposes of high frequency or any other automated trading strategies unless this has been approved by Peel Hunt in advance.

Rights in and to the Service

12. All title, ownership rights and intellectual property rights and any information transmitted in connection with or through the Service shall remain the exclusive property of Peel Hunt save and except for any information which is proprietary to a third party in which case such rights shall be expressly agreed with or reserved by such third party.

Access to the Service

13.By using the Service you confirm that:

13.1 you are responsible for, will supply and maintain the security of such services and equipment as is necessary to connect to the Service and you will comply with any technical specifications and instructions for accessing the Service issued or prescribed by Peel Hunt; and

13.2 you will not, without the prior written consent of Peel Hunt, permit any other person (other than your firm's properly authorised officers and employees) to view or use the Service.

14.You will follow all guidelines for use of and access to the Service as may be notified to you by Peel Hunt or the Peel Hunt Affiliates either orally or in writing from time to time.

15.You have been given requisite training in the use of the Service. In the event that Peel Hunt decides, in its discretion, to provide any training or assistance such training or assistance will be provided at your sole risk.

Obligations

16. All information provided to Peel Hunt shall be deemed full, complete and accurate and Peel Hunt shall be entitled to rely on the accuracy of all and any orders, instructions or information provided to it and is not under any duty to verify any information which is transmitted by means of the Service.

17. Peel Hunt is entitled to assume that any order, instruction or information given or provided by means of the Service is duly authorised by your firm and that Peel Hunt is under no duty of inquiry regarding your capacity for submitting orders, instructions or information and you will be viewed as having the authority to bind your firm.

18. You may, in exceptional circumstances, request to cancel an order prior to its execution by entering an order cancel request into the Service. Peel Hunt will use its reasonable endeavours to cancel any order once an order cancel request has been accepted but you acknowledge and agree that Peel Hunt shall have no liability to you or your firm if the order is not cancelled notwithstanding Peel Hunt's acceptance of an order cancel request.

19. It will be your responsibility to ensure that any order placed through the Service complies with the Financial Services and Markets Act 2000 and the rules and guidance of the FCA, including, without limitation, the Code of Market Conduct and all other applicable legislation, rules and practices in relation to the placing and execution of any order.

Services provided as is
20. Your use of the Service is at your sole risk. Neither Peel Hunt nor any Peel Hunt Affiliate nor any of its or their directors, members, officers, employees, agents, contractors, and their affiliates make any warranty as to the results that may be obtained from the use of the Service or as to the timeliness, sequence, accuracy, completeness, reliability or content of any information or Transaction provided through the Service. The Service is provided on an "as is" and an "as available" basis without warranties of any kind, either express or implied, including, without limitation, those of information access, order execution, merchantability and fitness for a particular purpose.

Investment Advisor

21. If you are using the Service to allow your firm to act as agent (for example, acting as an investment advisor or investment manager), you represent and warrant, as of the date hereof and as of each time you place an order with Peel Hunt:

21.1 you are authorised by your customers to effect Transactions with Peel Hunt;

21.2 you are complying with all applicable laws, rules, regulations and investment guidelines;

21.3 your customers will be bound by these Terms of Use;

21.4 when you place an order with Peel Hunt, there are, to the best of your knowledge and belief, adequate assets under management to meet the obligation to be created by such an order; and your firm shall indemnify Peel Hunt from any and all liabilities, costs, losses, claims, expenses and damageswhich may arise from actual or alleged breach of any of the foregoing representations and warranties.

Force Majeure

22. Access to the Service may from time to time be unavailable, delayed, limited or slowed due to circumstances beyond Peel Hunt's reasonable control ("Force Majeure Event").

23. If any Force Majeure Event happens, Peel Hunt will notify your firm of such Force Majeure Event as soon as reasonably possible and attempt to restore access to the Service.

Termination and Amendment

24. Either Peel Hunt or your firm may at any time without liability terminate in writing these Terms of Use or any use of the Service. Where possible the terminating party must make reasonable efforts to advise the other party of the reason for such termination and will, where possible, give the other party 30 days' written notice of such termination. Termination of these Terms of Use will not affect any Transactions executed prior to termination.

25. These Terms of Use may be amended by Peel Hunt from time to time by giving you reasonable notice of the modified Terms of Use. First use of the Service by you or any person in your firm following any amendment will constitute acceptance of such amended Terms of Use on behalf of your firm.

General

26. You agree that the Peel Hunt Affiliates shall be entitled to the benefit of the provisions of these Terms of Use and to enforce such provisions in their own right. Peel Hunt may vary these Terms of Use without the consent of the Peel Hunt Affiliates. Otherwise, you and Peel Hunt do not intend any term of these Terms of Use to be enforceable by any third party in accordance with the Contracts (Rights of Third Parties) Act 1999.

27. These Terms of Use shall be governed by and construed in accordance with English law and the parties hereby submit to the exclusive jurisdiction of the English courts in relation to any dispute arising out of these Terms of Use.