2 Place Farm, Wheathampstead, Herts, AL4 8SB. 01582 839280 PIFA Ltd t/a Bluebond Investments is authorised and regulated by the Financial

Services Authority. FSA Register number 230704. PIFA Ltd is registered in England and Wales No

4810989. Registered office as above.

Terms of Business Letter

1. This document sets out the basis on which we will conduct business with you and on

your behalf. It is an important document and we would ask you to read it

carefully and if you are unsure of any of its terms please ask.

2. These Terms come into force immediately on issue and remain in force until further

notice.

3. PIFA Ltd is authorised & regulated by the Financial Services Authority (FSA).

The FSA can be contacted at 25 the North Colonnade, Canary Wharf,

London, E14 5HS.

FINANCIAL PLANNING OBJECTIVES

4. In order to provide you with personal advice and recommendations suitable for your

particular circumstances we will undertake a fact find to gather the appropriate

information. We will then be able to set out clearly your financial planning objectives

based on your stated investment objectives, acceptable level of risk and any

restrictions you wish to place on the type of investments or policies you are willing to

consider. Details of your stated investment objectives will be set out in a Suitability

Report which we will issue to you to confirm our recommendation. Unless confirmed in

writing, to the contrary, we will assume that you do not wish to place any restrictions

on the advice we give you.

5. You hereby acknowledge that in the event of PIFA Ltd assisting you in the completion

of any investment application or policy proposal forms that you will in any event

continue to bear full responsibility for the accuracy and completeness of the

information entered on such forms. Therefore you understand that inclusion of

incorrect information or omission of any material facts may result in the investment or

policy to which the application or proposal relates to being adversely adjusted, made

void and/or any claim’s made against it being refused.

6. We will forward to you all documents showing ownership of your investments/

contracts as soon as practicable after we receive them. All such documents may be

sent by post and is done so at the clients risk.

7. Unless you inform us whether there are any restrictions as to the type of investment,

general insurance or mortgage or their markets on which you want advice, we will only

provide that advice on investments, general insurance or mortgages within our

authorisation and that we believe are suitable for you. We will not provide any service

relating to futures, options or contracts for difference.

8. We are permitted to advise on investments, general insurance and mortgages and

arrange transactions in these products. We may also include unregulated

collective investment schemes where these are suitable for you.

9. With the exception of funds held in our AAA Investment management system, when

we have arranged any Investments, general insurance or mortgage contracts for you,

we will not review or give you further advice unless you request it or an agreed

retainer is being paid by you explicitly for this purpose. However, we will

be glad to advise you at any time you ask us to do so. A formal review service is

available by separate agreement of which we shall be pleased to advise you. Any

received renewal or fund based commission will not qualify as a retainer fee for this

purpose. In conducting insurance mediation activity the firm does not act

contractually on behalf of, or for, its customers & consequently the rules for distance

non Investment mediation contracts do not apply.

10. The advice we provide to you on all contracts is INDEPENDENT on products from the

whole market.

CUSTOMER CLASSIFICATION

11. The firm proposes to classify you in accordance with FSA rules, as a Retail Client.

PAYMENT FOR SERVICES

12. Before providing advice for mortgages you will receive from us an Initial Disclosure

Document , detailing a Fees & Commission Menu , in accordance with FSA rules.

This document sets out how we will be remunerated, This will be by means of a fee

which will be declared to you in writing before any work is carried out on your behalf.

13. You will receive from the life office or operation in question information about any

commission we receive. We will also tell you the amount of commission payable to us

on all contracts. All trail or renewal commission payable by providers belongs to the

Company. We may share commissions with third parties who introduce business to

us.

14. In respect of any plan or policy which we may recommend, should you subsequently

cease to pay premiums on the policy and in consequence we are obliged to refund the

commission that has been paid to us we reserve the right to charge you a fee

representing the amount we have to repay, for a period of up to four years after

commencement of the policy. We will not charge the fee if you exercise your right to

cancel in accordance with the cancellation notice sent to you by the life company.

Details of the commission payable will be notified to you in a specific key features

illustration prior to any transaction proceeding.

15. We require our clients to give us instructions in writing, to avoid possible disputes.

This will usually be in the form of a proposal or application form. We will, however,

accept oral or email instructions in certain instances provided they are subsequently

confirmed in writing.

16. If we receive a commission or other form of benefit from the issuer of a security or

from another intermediary, we will inform you, but we will not tell you its amount

unless you ask us to do so.

17. If you wish to pay for our services by way of a fee, we will provide you with a fee

agreement in relation to any work we undertake in accordance with our Treating

Customers Fairly culture. This agreement will be provided and signed by you in

advance of carrying out any work for you.

CLIENT MONEY

18. For your additional security we do not handle clients money. In respect of

premiums, we never accept a cheque made out to us or handle cash. We never

accept a cheque made out to us (unless it is a cheque in settlement of charges or

disbursements for which we have sent you an invoice) or handle cash.

ACCOUNTING TO YOU

19. Unless in exceptional circumstances, we will confirm to you in writing the basis of

our reason for recommending the transaction executed on your behalf. We will

make arrangements for all your investments/contracts to be registered in your

name unless you first instruct us otherwise in writing. We will forward to you all

documents showing ownership of your investments as soon as practicable after

we receive them; where a number of documents relating to a series of

transactions is involved, we will normally hold each document until the series is

complete and then forward them to you.

20. Unless you specifically request otherwise we may telephone or visit you during

normal social hours to offer you further advice or inform you of products and

services in which you may be interested. We may also contact you by mail or

e-mail. If you do not want to receive such information, please let us know.

FINANCIAL SERVICES COMPENSATION SCHEME

21. We are covered by the Financial Services Compensation Scheme. You may be

entitled to compensation from the scheme if we cannot meet our obligations. This

depends on the type of business and the circumstances of the claim. Most types

of investment business are covered for 100% of the first £50,000 per claimant to a

maximum of £50,000 per claimant. Further information about compensation

arrangements is available from the Financial Services Compensation Scheme.

COMPLAINTS

22. If you should have any complaint about the advice you receive or a product you

have bought please write to the Complaints Officer at 2 Place Farm,

Wheathampstead, Herts, AL4 8SB. If following our subsequent

investigation and response you are still not satisfied you may contact the Financial

Ombudsman Service. Full details are contained within our internal complaints

procedure, which is available to you on request at any time.

CANCELLATION RIGHTS

23. You will not have any cancellation rights for ISAs which are not invested in

packaged products. Nor will you have cancellation rights for execution only

transactions authorised unit trusts & OEIC s whether or not in an ISA. The effect

of cancelling the last component of an ISA has the effect of cancelling the entire

ISA agreement & may also delay you from entering into another ISA agreement

until the next tax year. Where the ISA results from a transfer you may also lose

that ISA allowance.

MATERIAL INTERESTS

24. We offer independent financial advice, but occasions can arise where we, or one

of our other customers, will have some form of interest in business, which we are

transacting for you. If this happens, or we become aware that our interests or

those of one of our other customers conflict with your interests, we will inform you

in writing and obtain your consent before we carry out your instructions. There

may be occasions when we will be unable to act for one of the parties.

25. As a consequence of such potential conflicts arising, we have put arrangements in

place to ensure our clients are treated fairly. We have also implemented a

conflicts of interest policy to help us manage such risks, which you may access on

request.

RISK WARNINGS

26. The value of investments may go down as well as up, and you may not get back

the amount invested. Levels of income from investments may fluctuate. We

cannot be held liable for any depreciation in the value of investments arranged

for you. Non-readily realisable investments will generally have a restricted

market, and therefore it may be difficult to deal in that investment or to obtain

reliable information about its value.

TERMINATION OF AUTHORITY

27. You or we may terminate our authority to act on your behalf at any time, without

penalty. Notice of this termination must be given in writing and will take effect from

the date of receipt. Termination is without prejudice to any transactions already

initiated which will be completed according to these terms of business unless

otherwise agreed in writing. You will be liable to pay for any transactions made

prior to termination and any fees which may be outstanding.

DATA PROTECTION

28. We are registered under the Data Protection Act 1998. It is understood that we

keep personal and financial information with regard to your circumstances on file

(electronic and/or paper based) as required to be able to advise you as to your

financial planning needs. We confirm that this information will not be used, or

transferred by us to any other firm or company with the exception of CATS Ltd,

who carry out compliance related file checks for us.

29. We confirm that we cannot be held responsible for the information held on your file

becoming inaccurate due to your change of circumstances if you fail to inform us

of those changes.

30. Where investment business services are provided to PIFA Ltd by third parties then

circumstances may arise which warrant the disclosure of more than just your basic

contact details. On these occasions such as processing business, and obtaining

compliance and regulatory advice you agree that personal information held by

PIFA Ltd may be disclosed on a confidential basis, and in accordance with the

Data Protection Act 1998, to such third parties. You agree that this information

may be transferred electronically, e.g. email. You also agree that we, or any such

company, may contact you in future by any means of communication which we

consider appropriate at the time.

31. We keep records of our business transactions for at least five years. We are

required to verify your identity in accordance with the Proceeds of Crime Act 2002

and the Money Laundering Regulations 2003. We reserve the right to approach

third parties and to delay any applications until adequate verification of identity

has been obtained.

32. We reserve the right to amend these Terms at our discretion where changes in

regulation, law etc necessitate by giving you notice in writing. These terms of

business shall be governed by and construed according to English Law. Any

disputes shall be determined in the English Courts.

CLIENTS CONSENT

33. I/We understand and consent to the above terms and I hereby authorise the transfer

of information, as described above, on a confidential basis when warranted between

such third parties.

I/We authorise you to liaise with my other professional advisers in exchanging

relevant personal information pertinent to my/our financial planning requirements and

to rely on any such information provided.

I/We agree that these Terms of Business will come into effect from the date of issue.

Client Name(s) ..

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Client signature(s) Date

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