Common use of Dealing Clause in Contracts

Dealing. 5.1 Puma Investments has agreed with the Custodian that the Custodian is to execute transactions for the Investor’s account when Puma Investments transmits orders to it. Consequently, Puma Investments have agreed that, rather than the Investor, Puma Investments will be the Custodian’s client for the purposes of the FCA Rules. In order for the Custodian to provide dealing services for the Investor’s account, the Investor needs to ensure that: (a) where the Investor is buying investments, there is sufficient cash in the Investor’s account; and (b) where the Investor is selling investments, documents of title or transfer forms that are required are delivered to the Custodian, in either case, prior to the execution of the transaction by the Custodian. 5.2 Pe Custodian will provide dealing or execution services on the following basis: (a) execution by the Custodian will be subject to the FCA Rules and the rules of any investment exchange or other trading facility on which the transaction is executed; (b) the Custodian will treat the instructions Puma Investments give them as binding on the Investor. Any express instruction from Puma Investments to the Custodian on the Investor’s behalf concerning order execution will override the Custodian’s order execution policy and will remain binding on the Investor; (c) the Custodian will execute such orders in accordance with the Custodian’s order execution policy as amended from time to time and provided to Puma Investments; (d) the Custodian may combine the Investor’s orders with orders for its other clients or the Custodian’s own orders. The Custodian will only do this if it considers that it is unlikely to work to the overall disadvantage of the Investor or any of its clients involved however it is possible that aggregating orders in this way may sometimes operate to the Investor’s advantage and sometimes to the Investor’s disadvantage by giving the Investor a higher or lower price than might have been the case if the Investor’s order had been placed individually; and (e) once the Custodian executes any transaction on the Investor’s behalf, the Custodian will, unless the Investor previously instructed Puma Investments otherwise, send a contract note to the Investor. It is very important that the Investor checks the detail of all contract notes received, and notify Puma Investments (and not the Custodian directly) immediately if there is any error or if the Investor has any questions about them, because the contract note will be considered a conclusive and final record of any detail contained in it, unless Puma Investments notify the Custodian of an error within 1 working day after receipt by the Investor and in any event no later than the settlement date for the transaction concerned. 5.3 In circumstances where Puma Investments executes any order or transaction on the Investor’s behalf, the Custodian will not owe the Investor a duty of best execution under the FCA Rules or otherwise when it carries out transactions executed by Puma Investments on the Investor’s behalf. Puma Investments shall be responsible for ensuring best execution and for any decision to aggregate transactions for the Investor with those of other people.

Dealing. 5.1 12.1 In the course of providing the Service Puma Investments has agreed with the Custodian that the Custodian is will transmit orders in relation to execute transactions shares and/or other financial instruments to other entities for the Investor’s account when Puma Investments transmits orders execution. When selecting entities to it. Consequently, Puma Investments have agreed that, rather than the Investorprovide execution services and transmitting orders, Puma Investments will be comply with the Custodian’s client applicable FCA rules and, in that respect, will take all reasonable steps to ensure the best result is achieved taking into account various criteria and factors. 12.2 Puma Investments may transmit orders for the purposes execution of transactions with or through the FCA Rules. In order agency of another person with whom it has an arrangement under which that person will from time to time provide it to, procure for it or bear the Custodian to provide dealing services for the Investor’s accountcost of, the Investor needs to ensure that: (a) where the Investor is buying investments, there is sufficient cash in the Investor’s account; and (b) where the Investor is selling investments, documents provision of title or transfer forms that are required are delivered to the Custodian, in either case, prior services which directly relate to the execution of the transaction by the Custodian.transactions on behalf of investors of Puma Investments; or 5.2 Pe Custodian will provide dealing or execution services on the following basis: (a) execution by the Custodian will be subject to the FCA Rules and the rules of any investment exchange or other trading facility on which the transaction is executed; (b) the Custodian will treat the instructions 12.3 Puma Investments give them as binding shall provide the Investor on the Investor. Any express instruction from Puma Investments to the Custodian on the Investor’s behalf concerning order execution will override the Custodian’s order execution policy and will remain binding on the Investor; (c) the Custodian will execute such orders request with information regarding its Dealing Arrangements, including any Commission Sharing Arrangement, in accordance with the Custodian’s order FCA Rules, including its policy statement relating to such arrangements, the details of the goods and services that relate to the execution policy as amended of trades and those which relate to the provision of research. 12.4 Details of Puma Investments’ Execution Policy are available at xxx.xxxxxxxxxxxxxxx.xx.xx. Pe Investor confirms that he/she has read the Execution Policy and agrees to it. In particular the Investor agrees that Puma Investments may transmit orders that involve trading outside a regulated market or Multilateral Trading Facility. 12.5 Pe Investor may from time to time and provided to request that Puma Investments; (d) the Custodian may combine Investments places an order as specified by the Investor’s orders with orders for its other clients or the Custodian’s own orders. The Custodian will only do this if it considers that it is unlikely to work to the overall disadvantage of the Investor or any of its clients involved however it is possible that aggregating orders in this way may sometimes operate to the Investor’s advantage and sometimes to the Investor’s disadvantage by giving the Investor a higher or lower price than might have been the case if the Investor’s order had been placed individually; and (e) once the Custodian executes any transaction on the Investor’s behalf, the Custodian will, unless the Investor previously instructed Puma Investments otherwise, send a contract note to the Investor. It is very important that the Investor checks the detail of all contract notes received, and notify Puma Investments (and not the Custodian directly) immediately if there is any error or if the Investor has any questions about them, because the contract note will be considered a conclusive and final record of any detail contained in it, unless Puma Investments notify the Custodian of an error within 1 working day after receipt by the Investor and in any event no later than the settlement date for the transaction concerned. 5.3 In circumstances where Puma Investments executes any order or transaction on the Investor’s behalf, the Custodian will not owe the Investor a duty of best execution under the FCA Rules or otherwise when it carries out transactions executed by Puma Investments on the Investor’s behalf. Puma Investments shall not be responsible obliged to accept such request and/or to follow such instruction but may decide to do so at its absolute discretion. In the event that Puma Investments agrees to place an order as requested by the Investor, the Investor agrees that Puma Investments may not be able to follow its Execution Policy and may not be able to achieve the best result for ensuring best execution and for any decision to the Investor. 12.6 Puma Investments may aggregate transactions for the Investor Portfolio and the Service with those of its other peopleinvestors (including investors who are not Investors through the Service) and of its employees and of Associates and their investors and employees and will allocate such transactions on a fair and reasonable basis in accordance with the requirements of FCA Rules. Pe Investor acknowledges and agrees that each individual aggregated transaction may operate to the advantage or disadvantage of the Investor. 12.7 Pe Investor hereby agrees that Puma Investments shall not be required to send contract notes in respect of transactions to the Investor.

Dealing. 5.1 Puma Investments has agreed with 12.1 In the Custodian that course of providing the Custodian is to execute transactions for the Investor’s account when Puma Investments transmits orders to it. Consequently, Puma Investments have agreed that, rather than the InvestorService, Puma Investments will transmit orders in relation to shares and/or other financial instruments to other entities for execution. Puma Investments will not be executing orders itself. When selecting entities to provide execution services and transmitting orders, Puma Investments will comply with the Custodian’s client applicable FCA rules and, in that respect, will take all reasonable steps to ensure the best result is achieved taking into account various criteria and factors. 12.2 Puma Investments may transmit orders for the purposes execution of transactions with or through the FCA Rules. In order agency of another person with whom it has an arrangement under which that person will from time to time provide to, procure for it or bear the Custodian to provide dealing services for the Investor’s accountcost of, the Investor needs to ensure thatprovision of services which: (a) where the Investor is buying investments, there is sufficient cash in the Investor’s account; and (b) where the Investor is selling investments, documents of title or transfer forms that are required are delivered to the Custodian, in either case, prior 12.2.1 directly relate to the execution of transactions on behalf of investors of Puma Investments, or 12.2.2 amount to the transaction by provision of substantive research services, and for which Puma Investments makes no direct payment but instead is provided with such services in consideration of executing such transactions with or through the Custodianagency of that person. 5.2 Pe Custodian will provide dealing or execution services on the following basis: (a) execution by the Custodian will be subject to the FCA Rules and the rules of any investment exchange or other trading facility on which the transaction is executed; (b) the Custodian will treat the instructions 12.3 Puma Investments give them as binding shall provide the Investor on the Investor. Any express instruction from Puma Investments to the Custodian on the Investor’s behalf concerning order execution will override the Custodian’s order execution policy and will remain binding on the Investor; (c) the Custodian will execute such orders request with information regarding its Dealing Arrangements, including any Commission Sharing Arrangement, in accordance with the Custodian’s order FCA Rules, including its policy statement relating to such arrangements, the details of the goods and services that relate to the execution policy as amended of trades and those which relate to the provision of research. 12.4 Details of Puma Investments’ Execution Policy are available at xxx.xxxxxxxxxxxxxxx.xx.xx. The Investor confirms that he/she has read the Execution Policy and agrees to it. In particular the Investor agrees that Puma Investments may transmit orders that involve trading outside of a regulated market or Multi-Lateral Trading Facility. 12.5 The Investor may from time to time and provided to request that Puma Investments; (d) the Custodian may combine Investments places an order as specified by the Investor’s orders with orders for its other clients or the Custodian’s own orders. The Custodian will only do this if it considers that it is unlikely to work to the overall disadvantage of the Investor or any of its clients involved however it is possible that aggregating orders in this way may sometimes operate to the Investor’s advantage and sometimes to the Investor’s disadvantage by giving the Investor a higher or lower price than might have been the case if the Investor’s order had been placed individually; and (e) once the Custodian executes any transaction on the Investor’s behalf, the Custodian will, unless the Investor previously instructed Puma Investments otherwise, send a contract note to the Investor. It is very important that the Investor checks the detail of all contract notes received, and notify Puma Investments (and not the Custodian directly) immediately if there is any error or if the Investor has any questions about them, because the contract note will be considered a conclusive and final record of any detail contained in it, unless Puma Investments notify the Custodian of an error within 1 working day after receipt by the Investor and in any event no later than the settlement date for the transaction concerned. 5.3 In circumstances where Puma Investments executes any order or transaction on the Investor’s behalf, the Custodian will not owe the Investor a duty of best execution under the FCA Rules or otherwise when it carries out transactions executed by Puma Investments on the Investor’s behalf. Puma Investments shall not be responsible obliged to accept such request and/or to follow such instruction but may decide to do so in its absolute discretion. In the event that Puma Investments agrees to place an order as requested by the Investor, the Investor agrees that Puma Investments may not be able to follow its Execution Policy and may not be able to achieve the best result for ensuring best execution and for any decision to the Investor. 12.6 Puma Investments may aggregate transactions for the Investor Portfolio and the Service with those of its other peopleinvestors (including investors who are not Investors through the Service) and of its employees and of Associates and their investors and employees and will allocate such transactions on a fair and reasonable basis in accordance with requirements of FCA Rules. The Investor acknowledges and agrees that each individual aggregated transaction may operate to the advantage or disadvantage of the Investor.