Terms and Conditions

Glossary

1. General Terms of Use for Jesmond Mizzi Financial Advisors Limited Website
2. Jesmond Mizzi Financial Advisors Limited Online Portfolio System Terms and Conditions
3. Services which may be provided by Jesmond Mizzi Financial Advisors Limited
4. Information about Jesmond Mizzi Financial Advisors Limited Conflict of Interest Policy
5. Information about Jesmond Mizzi Financial Advisors Limited Best Execution Policy
6. Information about Jesmond Mizzi Financial Advisors Limited Fees
7. Guide to Investment Risks

1. General Terms of Use for Jesmond Mizzi Financial Advisors Limited (JMFA) Website

By using this Website, you signify your assent to these terms of use. If you do not agree to these terms of use, please do not use the Website. We reserve the right, at our discretion, to change, modify, add or remove portions of these terms at any time. Clients are advised to check these terms periodically for changes.

License - Jesmond Mizzi Financial Advisors Limited is licensed to conduct investment services business by the Malta Financial Services Authority (MFSA).

Property - This Website, and the information contained therein, unless otherwise declared, is the property of Jesmond Mizzi Financial Advisors Limited and the user shall be prohibited from reproducing, representing, or distributing the contents of the Website by any means whatsoever, whether in whole or in part, without the prior written authorisation of Jesmond Mizzi Financial Advisors Limited.

Information and Content - Users understand and acknowledge that Jesmond Mizzi Financial Advisors Limited shall have and expressly reserve the right to change at its own discretion the content of the Website at any time and without notice. Jesmond Mizzi Financial Advisors Limited shall not be liable for the accuracy or completeness of the information in the Website, or for any delay in updating the information and content of the Website, or for any error or omission regarding information and content of the Website, or for any interruption, whether temporary or otherwise of the Website. Any person who wishes to benefit from the services and/or the products presented on this Website should consult the contractual terms and conditions applicable to said products and/or services.

Access to the products and services presented on this Website may be regulated in certain countries and subject to restrictions in respect of certain persons. No product and/or service shall be provided, or shall be deemed to have been provided by Jesmond Mizzi Financial Advisors Limited to any person if such product and/or service is in contravention of the law of his native country, or of any other country by which he is concerned.

No Offer - The information and content in the Website does not constitute an offer to buy any securities in any jurisdiction, and does not constitute an offer to sell or the solicitation of any offer to buy or sell any securities or other financial instruments. Access to this Website and its content is for informational purposes only. Jesmond Mizzi Financial Advisors Limited shall not be held liable for any decision taken by the user upon reliance on information in the Website.

Tampering of Information - Users of this Website understand and acknowledge that they make use of it at their own risk and initiative. Users acknowledge that they have the skills and equipment necessary to safely access and make use the Website and its contents. Jesmond Mizzi Financial Advisors Limited shall not be liable for any event beyond its control, for any hacking or intrusion by a third party into the Website or into the user’s equipment, or in between the Website and the user’s equipment, for any tampering of information or content of the Website or stored on the user’s equipment by a third party, nor for any damage that may ensue to the user's equipment.

Disclaimer of Warranties - Please remember that the value of investments may fluctuate and you may not get back the full amount invested. The price of shares and income from them may go down as well as up. The value of shares may rise or fall due to changes in the rate of exchange in the currency in which the funds are denominated if different from the investor's own currency. Past performance does not necessarily guarantee future performance and no representation or warranty, express or implied, is made regarding future performance. The value of investments and the currency in which they are denominated can go up as well as down.

Some investments that are mentioned on this Website, equities in particular may have a high level of volatility. Such high volatility may cause investments to fluctuate in such a manner that these may experience sudden and large falls or gains in their value causing losses or profits when that investment is realised. The losses that an investor may incur may equal his/her original investment.

All local Investors should make sure that they are complying and abiding to the External Transactions Act, Chapter 233 of the Laws of Malta and all applicable subsidiary legislation, which will apply to their investment

Links/hyperlinks to other Sites - This Website provide users with links to other sites, which have been placed on this Website for the convenience of the viewer. Please note that the addresses of such sites may change very frequently and even though Jesmond Mizzi Financial Advisors Limited effects regular updates to its links, such links may change and may direct users to sites other than that which was intended by Jesmond Mizzi Financial Advisors Limited or the user. Users understand and acknowledge that Jesmond Mizzi Financial Advisors Limited shall not be held liable and does not take any responsibility either for the correct redirection of the user to the intended Website, nor for the content that users may find on such sites.

Limitation of Liability - Under no circumstances including, but not limited to, negligence, shall Jesmond Mizzi Financial Advisors Limited be liable for any direct or indirect, incidental, special or consequential damages that result from the use of, or the inability to use, the materials in this Website, even if we or our authorized representatives have been advised of the possibility of such damages. In no event shall our total liability to you for all damages, losses, and causes of action (whether in contract, tort or otherwise) exceed the amount paid by you, if any, for accessing this Website. You are solely responsible for your decision to use this Website. You shall indemnify and hold Jesmond Mizzi Financial Advisors Limited and any of its Officers and employees harmless from and against any and all claims, damages, liability and/or costs relating to your, or your agents use of this Website.

Privacy - Jesmond Mizzi Financial Advisors Limited would like to assure all its visitors and users that it respects their privacy, and any information submitted will be considered strictly confidential. Jesmond Mizzi Financial Advisors Limited will use personal information only for the purposes for which it is provided. Jesmond Mizzi Financial Advisors Limited does not sell or otherwise disclose to any outside parties any personal information that is provided by visitors and users.

Users however understand, acknowledge and consent to the installation by Jesmond Mizzi Financial Advisors Limited of ‘cookies’ and to the storage of such cookies on the users equipment. Such cookies serve the purpose of recording information about the user's use of the Website. Users are informed that they may control the installation and storage of cookies on their equipment through the security settings within their browser software.

We at Jesmond Mizzi Financial Advisors Limited consider your privacy as an essential part in our business, which is why we do our utmost to protect the privacy rights of our clients. If you have any questions or problems concerning the terms and provisions outlined in this notice, please contact us via email at: info@jesmondmizzi.com

2. Jesmond Mizzi Financial Advisors Limited Online Portfolio System Terms and Conditions

Definitions

“JMFA” refers to Jesmond Mizzi Financial Advisors Limited.

“Authorized Representative” refers to a person who has been authorized to act on behalf and in representation of a Corporate Client in terms of the Terms and Conditions specified herein.

“Business Day” refers to any day when Jesmond Mizzi Financial Advisors Limited is open for business, and excludes Saturdays, Sundays, Public Holidays and Bank Holidays.

“Client” refers to you as a person enjoying natural personality. However references to Client may also include reference to a Corporate Client;

“Company” refers to Jesmond Mizzi Financial Advisors Limited.

“Corporate Client” refers to a Client with legal personality as opposed to natural personality.

“Joint Account Holder” refers to a Client who holds a Trading Account with Jesmond Mizzi Financial Advisors Limited.

“Office Hours” refers to any time from 09.00hrs to 16.00hrs on any Business Day.

“Order” refers to instructions given by the User to sell or buy securities.

“Recognised Investment Exchange” shall have the same meaning as defined in the Financial Markets Act, (Chapter 345 of the Laws of Malta).

“Service” refers to Jesmond Mizzi Financial Advisors Limited Online Portfolio System available at the Website.

“Website” refers to the World Wide Web address http://www.jesmondmizzi.com.

“Trading Account” refers to a nominee account held by the Company in the name of the Client for the record-keeping of transactions to purchase and sell securities on any local Recognised Investment Exchange or Foreign Stock Exchange.

"Trading Hours" refers to the hours in a Business Day during which any trading floor of a local Recognised Investment Exchange or foreign stock exchange is open for trading in securities and which Trading Hours may be different from JMFA’s Office Hours.

“User” refers to a Client or Corporate Client who accesses the Website and registers for use of the Service whether or not such Client or Corporate Client has been verified or whose registration is still pending verification by Jesmond Mizzi Financial Advisors Limited, as well as any other person who makes use of the System.

General Terms

These Online Portfolio Terms and Conditions are in addition to the Online General Terms of Use reproduced above, and to the Terms of Business handed over to you at your meeting with Jesmond Mizzi Financial Advisors Limited;

You acknowledge and confirm that you have been given and have read and understood the Guide to Investment Risk and a copy of Jesmond Mizzi Financial Advisors Limited Terms of Business, and that although the Fees charged by Jesmond Mizzi Financial Advisors Limited, the Services which may be provided by Jesmond Mizzi Financial Advisors Limited, and information about Jesmond Mizzi Financial Advisors Limited’s Conflict of Interest Policy and Jesmond Mizzi Financial Advisors Limited’s Best Execution Policy have been attached hereunder, these may be subject to changes and an updated version which shall supersede the below documents, is available on the world wide web at the address http://www.atlasjmfs.com/mifid/

You understand and acknowledge that the use of the Service is limited to persons who already hold a Trading Account with Jesmond Mizzi Financial Advisors Limited and who have been given a Client Code by Jesmond Mizzi Financial Advisors Limited.

Corporate Clients understand and acknowledge that the use of the Service is subject to the submission of the necessary documents authorizing the legal person’s representative, or representatives as the case may be for this purpose, and to Jesmond Mizzi Financial Advisors Limited’s approval of the use of the Online Portfolio System.

The Client understands and acknowledges that the Service shall only be used by the Client himself/herself, or in the case of a Corporate Client by the Authorized Representative, and shall not be used by any representative or any other person acting in the name and on behalf of the Client, whether by means of a power of attorney, mandate or otherwise, and that the Client is acting in his own name and not on account of any other person, to the exception of any User acting on behalf and in representation of a Corporate Client, as duly authorised, and approved by Jesmond Mizzi Financial Advisors Limited. In this regard the User shall hold Jesmond Mizzi Financial Advisors Limited harmless for any use, whether with the Client’s consent or otherwise, by any third party and for any damages arising therefrom.

Joint Trading Account Holders understand and acknowledge that by making use of the System they confirm that in respect of the Joint Trading Account they hold, all Joint Trading Account holders have already given their written consent, which supersede any previous instructions for any joint account holder, or the User as the case may be, to act on behalf of any and all of the joint holders in respect of their Trading Account in using and in performing any action or transaction on System. In this respect the User agrees to indemnify and hold Jesmond Mizzi Financial Advisors Limited harmless from all liabilities (whether actual, contingent or prospective and whether liquidated or otherwise), losses, damages, costs and expenses (including legal expenses on a full indemnity basis) of whatever description which Jesmond Mizzi Financial Advisors Limited suffers or incurs by reason of any use which is not authorized by any or all of the other Joint Trading Account holders.

Buy or Sell Instructions

In the ‘Online Trading’ tab within the System you have the option to buy or sell securities (Order), as well as the option to modify or cancel your Order. Whenever you use the System to buy or sell or cancel or modify an Order, that is to give instructions to Jesmond Mizzi Financial Advisors Limited through the System, you acknowledge and confirm that such instructions have been given through your own initiative and not as a result of solicitation by Jesmond Mizzi Financial Advisors Limited.

You acknowledge and confirm that any buy or sell instructions effected through the System to Jesmond Mizzi Financial Advisors Limited are ‘execution only’ instructions, and that you understand that Jesmond Mizzi Financial Advisors Limited is not obliged and shall not assess the suitability or appropriateness of the transaction, and that as a result you do not benefit from the protection of the relevant conduct of business rules.

You acknowledge and confirm that prior to any buy or sell instructions to Jesmond Mizzi Financial Advisors Limited effected through the System you have read and understood Jesmond Mizzi Financial Advisors Limited’s Conflict of Interest Policy, and that although Jesmond Mizzi Financial Advisors Limited has adequate systems and procedures in place for preventing the Client’s interests from being adversely affected, a conflict of interest may occur in view of the existence of conflict of interests with respect to certain investment products traded by Jesmond Mizzi Financial Advisors Limited, as declared in the Jesmond Mizzi Financial Advisors Limited’s Conflict of Interest Policy. You further acknowledge that you are aware of your right to ask for further information about Jesmond Mizzi Financial Advisors Limited’s Conflict of Interest Policy and procedures.

In accepting these terms and conditions you herby authorise Jesmond Mizzi Financial Advisors Limited to purchase and hold the securities ordered through the System under nominee on your behalf and in your name.

You understand and acknowledge that Jesmond Mizzi Financial Advisors Limited shall not be held liable in any way whatsoever for any consequences as a result of any change in market conditions between the date and time of your instructions to purchase or sell securities and the execution thereof by Jesmond Mizzi Financial Advisors Limited or any of its Intermediaries.

You understand and acknowledge that certain countries have local securities laws that may prohibit you from using the Service. You understand that we are unable to offer the Service in these countries. You further understand and acknowledge that it is your responsibility to inform yourself about and observe any applicable laws relating to the purchase or sale of securities that are listed on any investment or stock exchange.

In executing your instructions, Jesmond Mizzi Financial Advisors Limited will take all reasonable steps in order to obtain the best possible result for your buy or sell instructions. Jesmond Mizzi Financial Advisors Limited may either execute orders directly or use the services of another entity for the execution of your buy or sell instructions. If Jesmond Mizzi Financial Advisors Limited executes the order directly it shall ensure that all considerations for best execution are taken into account. When Jesmond Mizzi Financial Advisors Limited uses the services of another entity for the execution of your buy or sell instructions, and merely conducts business relating to reception and transmission of your order, Jesmond Mizzi Financial Advisors Limited shall be considered to have acted in compliance with best execution requirements by identifying the entity which is in a position to ensure on a consistent basis the best possible result for you in relation to the investment being traded.

You understand and acknowledge that Jesmond Mizzi Financial Advisors Limited may aggregate your buy or sell instructions in securities with those of other customers, which may sometimes result in a slightly higher or lower prices than a sale or purchase of your securities alone. Furthermore your instructions in relation to a sale or purchase of securities may be put into effect by a combination of trades and not one individual trade.

You understand and acknowledge that unless otherwise agreed in writing, Jesmond Mizzi Financial Advisors Limited shall process and execute any pending instructions in the case of termination of access to or use of the Service.

You understand and acknowledge that unless otherwise agreed, the process of executing instructions to buy or sell received through the System during Office Hours on a Business Day and during the Trading Hours will be processed and may be fully executed by us on the same Business Day, and this according to the market. Instructions to buy or sell received through the System which are received outside Trading Hours will be processed on the next Business Day.

You understand and acknowledge that instructions to buy made through the System will be subject to availability of cleared and unblocked funds in your Trading Account, and if the corresponding amount of funds is not available the instructions shall be considered not to have been accepted by Jesmond Mizzi Financial Advisors Limited until the relevant cleared funds become available in the Client’s Trading Account. Jesmond Mizzi Financial Advisors Limited shall not be expected to execute the order in part. Whenever instructions to buy are made through the System the corresponding amount of funds if available will be blocked in your Trading Account until the order is executed or cancelled, and will not be available for use by you.

In the ‘Online Trading’ under the option to buy or sell securities, when selecting the ‘Trading Type’ you may either buy or sell securities (i) at ‘market price’, or (ii) by specifying your ‘price range’ that is a minimum and a maximum price, or (iii) at a ‘fixed price’. Whenever you select to buy or sell:

(i) at ‘market price’, Jesmond Mizzi Financial Advisors Limited shall execute your instructions at the best price available to us on the market at the time of execution;
(ii) by specifying your ‘price range’ Jesmond Mizzi Financial Advisors Limited shall only execute your instructions if and when the price for the purchase or sale of the securities is within the range you selected;
(iii) at a ‘fixed price’ Jesmond Mizzi Financial Advisors Limited shall only execute your instructions if and when the price for the purchase or sale of the securities matches the price you selected;

Furthermore you will need to specify the amount of funds you intend to invest or dispose of with regards to the selected security. Jesmond Mizzi Financial Advisors Limited will buy the specified security according to availability or sell according to demand as the case may be. You agree and acknowledge that Jesmond Mizzi Financial Advisors Limited shall be authorised to execute your order partially if the specified amount is not available in the case of buy instructions or if there is a demand for a smaller amount then that which you specified in the case of sell instructions. Furthermore you understand and acknowledge that Jesmond Mizzi Financial Advisors Limited shall be authorised to execute your order to the nearest possible amount of your instructions in terms of quantity, and that you shall be bound even if the quantity is not exactly matched.

You will also need to specify whether you intend to reinvest the return from the security or whether you will have the relevant amount credited to your Trading Account or paid out to you. You understand and acknowledge that anyhow you shall be liable to pay final withholding tax on the return from your securities and capital gains tax on the sale of securities. In this regard you may indicate on the System whether Jesmond Mizzi Financial Advisors Limited is to deduct Final Withholding Tax from your return or not. Whichever option you may choose you understand and acknowledge that Jesmond Mizzi Financial Advisors Limited shall not be liable for paying any tax in respect or as a consequence of your using the System, and that such liability shall at all times rest upon you. Clients should consider that in relation to securities traded on a local investment exchange, if final withholding tax is not deducted by Jesmond Mizzi Financial Advisors Limited in terms of your instructions, you will have to inform the relative local investment exchange accordingly.

In the case of buy or sell instructions relating to Funds, you acknowledge and accept to buy or sell such number of shares equivalent in the currency amount specified in your instructions at the issue price or the selling price as the case may be on the dealing date on which your instructions have been accepted as subject to the relative Fund Prospectus, and the relative Company's Memorandum and Articles of Association in addition to these Terms and Conditions.

Clients are advised that in case of certain Funds, a minimum amount of shares or a minimum amount investment may be specified.

Any person residing outside Malta understand and acknowledge that access to the Prospectus through the Website or having the opportunity to invest in Funds through the System from any jurisdiction other than Malta shall in no way be interpreted as constituting an invitation or offer to invest in such Funds. Any such person shall refrain from using the System unless, in the relevant jurisdiction, such an invitation or offer or use of the System to invest in Funds is lawfully. Any such person understands and acknowledges that Jesmond Mizzi Financial Advisors Limited shall in no way he held responsible for compliance with the laws and requiWebsite formalities of any relevant jurisdiction, or for obtaining any regulatory authority’s authorisation within the relevant jurisdiction.

Clients who are not Maltese residents for the purpose of the Income Tax Act, Chapter 123 of the Laws of Malta, declare that they are exempt from payment of Tax on any income distribution. Likewise clients who are not Maltese residents for the purpose of the Income Tax Act, Chapter 123 of the Laws of Malta, declare that as regards the sale of securities Capital gains realized by investors who are non‐residents of Malta are not subject to tax in Malta. They may however be subject to tax in their country of incorporation, residence, nationality or domicile.

Clients who for the purposes of the Income Tax Act are considered to be Maltese residents shall be subject to capital gains tax on gains made in selling their securities, or redeeming or transferring their shares or upon a distribution of capital on the winding down of the Fund. Such investors may either opt to have final withholding tax withheld at source from capital gains realized by them or opt to declare the gain in the income tax return and be thus subjected to rates or tax normally applicable to them on their income.

The Client understands and acknowledges that the above clauses on tax do not constitute any tax advice. Notwithstanding the above clauses on tax liability, the Client understands and acknowledges that it shall be incumbent on him/her to check in advance his legal and tax implications by consulting his tax advisers.

Jesmond Mizzi Financial Advisors Limited shall send a contract note which shall include all the relevant details of execution by mail by not later than one working date following the execution of the Order. Clients should kindly allow an adequate period for the delivery by post of such contract note. Statements shall be sent bi-annually. If a statement is required at more frequent intervals, these shall be provided by Jesmond Mizzi Financial Advisors Limited at request, however charges may apply.

View/Modify (Cancel) Transaction

The System allows you to view and modify or cancel pending instructions which on the System appear as pending or processed and appear not to have been executed. Likewise the System also allows you to give specific instructions in regard to any buy or sell instructions. Any modifications or cancellation may only be made provided Jesmond Mizzi Financial Advisors Limited would have not yet executed your original Order.

In using the view modify or cancel section within the System you understand and acknowledge that although the System may at any point in time indicate that a buy or sell instruction is still pending or processed but not executed, it is possible that Jesmond Mizzi Financial Advisors Limited would have already started the process of buying or selling, and if specific instructions were given by you these would have been noted, and modification or cancellation of buy or sell instructions with or without specific instructions at that point in time would not be possible.

Modification or cancellation of instructions to buy or sell including specific instructions given to Jesmond Mizzi Financial Advisors Limited through the System shall not be considered and the original instructions would be binding upon you, if and whenever Jesmond Mizzi Financial Advisors Limited at its own absolute discretion informs you that the process of buying or selling has been started irrespective of the status indicated in the System, that is pending, processed or executed.

You understand and acknowledge that Jesmond Mizzi Financial Advisors Limited shall not be held liable if the Order made through the System would have already been processed or executed prior to instructions to modify or cancel your Order.

You understand and acknowledge that it shall be your absolute responsibility when modifying or canceling Orders or specific instructions to be clear, and if as a result of modifying buy or sell Orders with or without specific instructions, Jesmond Mizzi Financial Advisors Limited executes both the original buy or sell Order with or without specific instructions, and what was intended by you as modifying instructions, then you shall be responsible and bound by both sets of transactions if both are executed. Jesmond Mizzi Financial Advisors Limited suggests that you should always cancel previous instructions and after confirmation by Jesmond Mizzi Financial Advisors Limited that your instructions have been cancelled, a new set of instructions are given through the system.

Settlement of Returns or Sale of Securities

Whenever you indicate in the relevant part within the System that the return from your securities should be paid out to you this shall be made by cheque and mailed out to you or transferred directly to your bank account, at your last notified address or bank account details. On the other hand whenever you choose to have the return credited to your Trading Account or reinvested, this shall be done at the earliest reasonable opportunity.

Likewise Jesmond Mizzi Financial Advisors Limited shall pay out proceeds from the sale of securities in terms of your Order and instruction through the System either by cheque and mailed out to you or transferred directly to your bank account, at your last notified address or bank account details, or credited to your Trading Account at the earliest reasonable opportunity.

In any case unless otherwise agreed, the return from securities and the proceeds from the sale of your securities shall be made in the same currency as the currency of the securities held or sold.

Data Protection

You understand and acknowledge that Jesmond Mizzi Financial Advisors Limited shall be authorised to process your personal data. Jesmond Mizzi Financial Advisors Limited will not divulge your personal data to third parties other then as is strictly necessary in order to execute your Orders. However Jesmond Mizzi Financial Advisors Limited may be required to disclose your personal data to Governmental Authorities, and you understand and acknowledge that Jesmond Mizzi Financial Advisors Limited shall not be required to obtain any further consent from you.

Jesmond Mizzi Financial Advisors Limited may process your personal data for research and statistical analysis in order to improve its products and services and may contact you in order to offer new products and services. You are being advised to contact Jesmond Mizzi Financial Advisors Limited if you elect not to receive any marketing information, or if you would like to receive information on which personal data Jesmond Mizzi Financial Advisors Limited holds in your respect.

Governing Law and Jurisdiction

The Agreement shall be governed by and construed in accordance with the laws of Malta, and the Maltese Courts shall have exclusive jurisdiction over all matters concerning these Terms and Conditions.

3. Services which may be provided by Jesmond Mizzi Financial Advisors Limited

Jesmond Mizzi Financial Advisors Limited is authorised to provide the following investment services to retail clients, professional clients, and eligible counterparties:
• Investment advice;
• Management;
• Reception and transmission of orders;
• Placing of instruments without a firm commitment basis;
• Nominee;
• Executions of orders;
In relation to the following instruments:
• Transferable Securities:
o Shares in companies and other securities equivalent to shares in companies, partnerships or other entities, and depositary receipts in respect of shares;
o Bonds or other forms of securitised debt, including depositary receipts in respect of such securities;
• Money market instruments;
• Units in collective investment schemes.

Jesmond Mizzi Financial Advisors Limited is authorised to provide the following services to professional clients and eligible counterparties:
• Reception and transmission of orders;
in relation to the following instruments:
• Options:
o Relating to climatic variables, freight rates, emission allowances or inflation rates or other official economic statistics that must be settled in cash or may be settled in cash at the option of one of the parties (otherwise than by reason of a default or other termination event);
o Relating to commodities that must be settled in cash, or may be settled in cash at the option of one of the parties (otherwise than be reason of a default or other termination event);
o Relating to commodities, that can be physically settled provided that they are traded on regulated market, within the meaning of the Financial Markets Act, 1990 and, or a Multilateral Trading Facility within the meaning of Schedule 1 to the Investment Services Act, 1994;
o Relating to commodities, that can be physically settled, are not for commercial purposes, are not included in Article 6 of Schedule 2 to the Investment Services Act, 1994, and, which have the characteristics of other derivative instruments, having regard to whether, inter alia, they are cleared and settled throughout recognised clearing houses or are subject to regular margin calls;
o Relating to securities, currencies, interest rates or yields, or other derivative instruments, financial indices or financial measures which may be settled physically or in cash.
• Derivative contracts other than options, futures, swaps and forward rate agreements, relating to securities, currencies, interest rates or yields, or other derivative instruments, financial indices or financial measures which may be settled physically or in cash;
• Forward rate agreements:
o Relating to securities, currencies, interest rates or yields, or other derivative instruments, financial indices or financial measures which may be settled physically or in cash;
• Futures:
o Relating to climatic variables, freight rates, emission allowances or inflation rates or other official economic statistics that must be settled in cash or may be settled in cash at the option of one of the parties (otherwise than by reason of a default or other termination event);
o Relating to commodities that must be settled in cash or may be settled in cash at the option of one of the parties (otherwise than by reason of a default or other termination event);
o Relating to commodities, that can be physically settled provided that they are traded on a regulated market, within the meaning of the Financial Markets Act, 1990 and, or a Multilateral Trading Facility within the meaning of Schedule 1 to the Investment Services Act, 1994;
o Relating to commodities, that can be physically settled, are not for commercial purposes are not included in Article 6 of Schedule 2 to the Investment Services Act, 1994 and, which have the characteristics of other derivative instruments, having regard to whether, inter alia they are cleared and settled throughout recognised clearing houses or are subject to regular margin calls;
o Relating to securities, currencies, interest rates or yields, or other derivative instruments, financial indices, or financial measures which may be settled physically or in cash;
• Rights under a contract for differences or under any other contract the purpose or intended purpose of which is to secure a profit or avoid a loss by reference to fluctuations in the value or price of property of any description or in an index or other factor designated for that purpose in the contract.

4. Information about Jesmond Mizzi Financial Advisors Limited Conflict of Interest Policy
Preamble: This document is prepared and published in order to comply with the Investment Services Act (the Act) and any subsidiary legislation or regulations enacted under the Act, and rules and regulations implemented by the Malta Financial Services Authority in implementing the Markets in Financial Instruments Directive and implementing Directives, and is not intended to create third party rights or duties or form part of any contractual agreement between the firm and any client or potential client. This policy may be reviewed and amended at any time.

Purpose: The purpose of the conflict of interest policy and procedure is to aid in identifying apparent, actual, and potential conflicts of interest, and to manage such conflicts in order to assure that these do not improperly affect the activities or professional conduct of the Company or its staff, and most importantly to ensure that the interests of the clients are not adversely effected.

Policy: The Company acknowledges that its clients’ interests will always take priority at any and every stage of the provision of services to such clients. The directors are therefore committed to ensure that the Company adopts an effective conflict of interest policy and procedure designed to prevent, detect, and control conflict of interests from adversely affecting client’s interest. Where the human resources manager is of the opinion that a conflict of interest cannot be controlled adequately by the Company, a discloser shall be made to any clients concerned.

Procedure:

Identification of a Conflict of Interest Affecting Clients

The existence of any of the following conditions shall be treated as a conflict of interest:
• a conflict between the interests of the Company, or any of its staff members, or any person directly or indirectly linked by control to the Company, and the interests of the client in relation to which the Company owes an obligation to such client; or
• a conflict between the interests of two or more clients, in the course of providing separate investment services or ancillary services to each of them.

It is not possible to provide a comprehensive definition of circumstances which necessarily give rise to a conflict of interests. Thus the following is to be considered as a list of non-exhaustive examples of potential situations giving rise to a conflict of interest:
• A conflict of interest is likely to arise if the Company, or any of its staff members, or a person directly or indirectly linked by control to the Company is likely to make a financial gain, or avoid a financial loss, at the expense of the client.
• A conflict of interest is likely to arise if the Company, or any of its staff members, or a person directly or indirectly linked by control to the Company has an interest in the outcome of a service provided to the client, or a transaction carried out on behalf of the client, which is distinct from the client’s interests in that outcome.
• A conflict of interest is likely to arise if the Company, or any of its staff members, or a person directly or indirectly linked by control to the Company has a financial or other incentive to favour the interest of another client or group of clients over the interests of the client.
• A conflict of interest is likely to arise if the Company, or any of its staff members, or a person directly or indirectly linked by control to the Company carries on the same business as the client.
• A conflict of interest is likely to arise if the Company, or a relevant person, or a person directly or indirectly linked by control to the Company receives or will receive from a person other than the client an inducement in relation to a service provided to the client, in the form of monies, goods or services, other than the standard commission or fee for that service.

Disclosure by Staff Members

It is the duty of all members of the staff to disclose any actual or potential conflict of interest. A disclosure should be made either verbally or in writing to the human resources manager. Failure to disclose an actual conflict of interest may result in disciplinary action.

In any situation where a member of the staff is uncertain as to whether a particular situation may give rise to a conflict of interest, advice shall be sought from the human resources manager.

A confidential record of all disclosures made shall be maintained by the human resources manager. Members of staff shall be required to provide updated information on request.

In the event that a conflict of interest or a potential conflict of interest has been disclosed, the individual concerned shall discuss a possible resolution with the human resources manager. Any unresolved matter shall be referred to the managing director and a disclosure of the Conflict of Interest to the client or clients concerned shall be considered.

Managing Potential or Actual Conflict of Interests

Whenever a conflict of interest or possible conflict of interest is identified the human resources manager may take any of the following measures, additional or alternative measures in order to ensure an acceptable degree of independence:
• prevent or control the exchange of information between relevant persons engaged in activities involving likelihood of a conflict of interest.
• supervise any relevant person whose principal functions involve carrying out activities on behalf of, or providing services to, clients whose interests may conflict, or who otherwise represent different interests that may conflict, including those of the Company.
• remove any direct link between the remuneration of relevant persons principally engaged in one activity and the remuneration of, or the revenue generated by , different relevant persons principally engaged in another activity, where a conflict of interest may arise in relation to those activities.

Personal Transactions

The human resources manager shall ensure that no member of the staff, or service provider, who is involved in any activity that may give rise to a conflict of interest, or who has access to inside information or confidential information, undertakes any of the following activities:
• enters into a transaction which is prohibited in terms of the Prevention of Financial Markets Abuse Act, 2005;
• enters into a transaction which involves misuse of improper disclosure of confidential information;
• enters into a transaction which conflicts or is likely to conflict with an obligation under the prevalent rules and regulations applicable to the financial investment sector in Malta, or with an obligation under this policy and procedures manual;
• advising or procuring, other than in the proper course of his established duties, any other person to enter into a transaction in financial instruments which, if a personal transaction entered into by such person would be covered, either by the abovementioned points, or by the rules relating to Investment Research as specified in SLC 2.112 (a) or (b) of the Investment Services Rules, or if such person misuses information relating to pending clients orders.
• disclosing any information, other than in the proper course of his established duties, to a third party if the said person knows, or reasonably ought to know, that as a result of that disclosure, that third party will or would be likely either to enter into a transaction in financial instruments which, if a personal transaction of the relevant person, would be covered by point the first three points above or by the rules relating to Investment Research as specified in SLC 2.112 (a) or (b) of the Investment Services Rules, or if such person misuses information relating to clients orders, or to advise or procure another person to enter into such a transaction.

In order to implement the above the human resources manager shall on an ongoing basis monitor regularly members of the staff for any of the prohibited activities mentioned above.

The human resources manager shall also circulate an internal memo with reference to the above list to all members of the staff informing them that such activities are prohibited, and that if they are aware of any activity which may fall within such list, they shall inform the human resources manager promptly of the circumstances of such an activity.

Members may be required to countersign the internal memo thereby acknowledging that they are not involved or are not aware of the involvement of any member of the staff in any of the listed activities. Such acknowledgement shall be taken at least upon commencement of employment with the Company and subsequently towards the end of each year during the staff performance review.

The human resource manager shall keep a record in the conflict of interest register of any identified personal transaction.

Exemptions

The above provisions dealing with personal transactions shall not apply to the following kinds of personal transactions:
• personal transactions effected under a discretionary portfolio management service where there is no prior communication in connection with the transaction between the portfolio manager and the relevant person or other person for whose account the transaction is executed;
• personal transactions in units in collective undertakings that comply with the conditions necessary to enjoy the rights conferred by the UCITS Directive or are subject to supervision under the law of a Member State which requires an equivalent level of risk spreading in their assets, where the relevant person and any other person for whose account the transactions are effected, are not involved in the management of that undertaking.

Gifts Policy and Procedure

As a general standard a gift should not be accepted where it could be seen by others as an open inducement or a reward that might place the Company under any obligation.

Without prejudice to the above members of the staff are prohibited from accepting gifts from current or prospective clients the value of which exceeds the threshold of 100 Euros. For clarity’s sake, food items or similar items, such as Christmas gift baskets, should in general be accepted. Likewise an invitation to dinner, sports/cultural event or other similar local function will be deemed to be under this policy’s gift threshold.

Members of the staff shall report the fact that they have received a gift from a client to the human resource manager, and whether such gift was accepted or otherwise.

The human resource manager may ask a member of the staff who has received a gift to give an approximate estimation of the value of the gift. He shall keep a record of substantial gifts received.

Small items, including trade show giveaways such as key chains, notepads, diaries etc., shall not be considered as gifs contemplated in this policy and procedure, and may be retained by the member of the staff without any obligation to report to the human resources manager.

5. Information about Jesmond Mizzi Financial Advisors Limited Best Execution Policy

Preamble: This document is prepared and published in order to comply with the Investment Services Act (the Act) and any subsidiary legislation or regulations enacted under the Act, and rules and regulations implemented by the Malta Financial Services Authority in implementing the Markets in Financial Instruments Directive and implementing Directives, and is not intended to create third party rights or duties or form part of any contractual agreement between the firm and any client or potential client. This policy may be reviewed and amended at any time Purpose: The best execution policy and procedures form an integral part of out commitment to provide a high standard service to our clients on a long term basis. This best execution policy and procedures explains the methods adopted by the Company in to achieve the objectives of the Company and to comply with the current rules and regulations applicable to the financial services regime, in particular the MiFID and Investment Services Rules.

Policy: The Company shall adopt a best execution policy and procedures designed to obtain the best possible results for the client in the execution or reception and transmission of a client’s order.

Scope:

Best execution requirements generally apply when contractual obligations between the client and the Company exist.

When the Company executes orders directly, compliance with best execution shall be ensured by the Company itself. When the Company uses the services of another entity for the execution of orders, and merely conducts business relating to reception and transmission of orders, the Company shall ensure best execution by identifying the entity which is in a position to ensure on a consistent basis the best possible result for the client in relation to the investment being traded.

When the Company receives specific instructions, either relating to an order or a particular aspect of an order, the Company will transmit the order for execution in accordance with those instructions and the best execution policy will not apply for the aspect affected by the instructions received.

Best execution requirements apply to retail clients as well as professional clients. The Company may, upon being so requested by an eligible counterparty, agree to afford a degree of protection to such eligible counterparty either generally or in respect of one or more particular transaction. The agreement between the Company and an eligible counterparty to provide best execution does not arise out of any regulatory obligation in that regard, nor does it amount to an agreement to treat such clients as professional or retail clients.

Procedure:
5.1 The Company shall take all reasonable steps to obtain, when executing client orders, the best possible result for clients taking into account the following factors:
• Price;
• Costs;
• Speed;
• Likelihood of Execution and Settlement;
• Size;
• Nature;
• Other Relevant Considerations.
The relative importance of these factors shall be determined according to the following criteria:
• client’s characteristics, in particular classification as a retail or professional client (in regard to a retail clients the best possible result shall be determined in terms of the total consideration)
• characteristics of the client’s order;
• characteristics of the financial instruments forming the order; and
• characteristics of the execution venues to which the order may be directed.

Notwithstanding the provisions of Section 5.1., whenever a client gives specific instructions, the Company shall follow such instructions. However clients shall be warned that specific instructions may prevent the Company from applying its execution policy and arrangements designed to obtain the best possible result for the client in respect of the areas covered by the specific instructions.

In taking all reasonable steps, the Company shall strive to achieve the best balance across a range of sometimes conflicting factors. This does not mean achieving the best price for every client’s order, but rather the best possible result that the Company can reasonably be expected to achieve considering the resources available to it. The Company’s commitment to provide clients with best execution does not mean that the Company owes clients any fiduciary or other duties in addition to the specific regulatory obligations placed upon the Company or as may be otherwise contracted between the Company and the client.

When the Company is merely conducting business relating to the transmission and reception of orders, it is not bound to obtain the client’s consent to the best execution policy. Without prejudice to the above the Company shall furnish the client with information about its best execution policy, and may obtain clients’ consent to the best execution policy through endorsement in writing, electronic signature, by a click on a web page, verbally by a recorded telephone confirmation, or tacitly inferred from the fact that the client does not object to the Company’s best execution policy information furnished to such client. The Company shall inform clients of any material changes in its execution policy and arrangements policy.

The Company or any of its Principals and Intermediaries may execute orders on behalf of clients outside a regulated market or a multilateral trading facility, in which case express clients’ consent shall be obtained prior to execution of orders outside such regulated market or a multilateral trading facility. Such consent may be obtained either generally or in respect of a particular transaction or group of transactions.

The Company shall monitor its best execution policy and in particular the ranking of factors on an ongoing basis, and review such policy whenever a material change occurs. The internal audit officer shall review best execution policy and procedure, and order execution arrangements at least annually.

The Company shall be able to demonstrate, upon client’s request, that any orders made were executed in conformity with the Company’s best execution policy and procedure.

Transmission of Orders to Other Entities (Intermediaries and Principals)

The Company’s best execution policy and procedures includes, for each financial instrument in which it receives and transmits orders for execution on your behalf, those Principals and Intermediaries which enable the Company to obtain on a consistent basis best execution for client’s orders.

The Company may also consider appropriate and in satisfaction of best execution requirements to direct orders through one intermediary. Notwithstanding the Company shall monitor and be in a position to compare the quality of the services being provided, in particular as regards the efficiency of order execution in terms of obtaining on a consistent basis the best possible result for the client, and where necessary address any deficiency.
In relation to certain financial instruments, there may be only one possible execution venue available to the Company, in which case in executing an order on your behalf in such circumstances it will be assumed that the Company has achieved best execution. The Principals and Intermediaries with whom the Company deals are themselves bound by best execution requirements for obtaining the best possible result for their clients.

6. Information about Jesmond Mizzi Financial Advisors Limited Fees

1. Transactions in Shares and Exchange Traded Funds listed on Foreign Stock Exchanges

Buying & Selling 1.5%

The above does not include stamps duty or similar charges that may apply to certain Stock Exchanges. Where applicable, these charges are over and above commissions and are incurred by clients.

2. Transactions in Shares listed on the Malta Stock Exchange

I Euro Denominated Transactions

Buying & Selling
Contract value
On the first €10,000 1.25% (Min €10)
On the next €10,000 1.00%
On the next €20,000 0.75%
On the next €160,000 0.50%
On the excess of €200,000 0.35%

II Non-Euro Denominated Transactions

Buying & Selling 1.5% (Min €25)

The above does not include transaction fees charged by the Malta Stock Exchange. Where applicable, these charges and any directly related bank charges are over and above commissions and are incurred by clients.

3. Transactions in International Bonds

Buying and Selling* 1.25%
No commission is applicable if bonds are held to maturity

4. Transactions in Bonds listed on the Malta Stock Exchange

I Euro Denominated Transactions

Buying & Selling
Contract value
On the first €50,000 0.40% (Min €10)
On the next €50,000 0.30%
On the excess of €100,000 0.20%

II Non-Euro Denominated Transactions

Buying & Selling 1.00% (Min €25)

The above does not include transaction fees charged by the Malta Stock Exchange. Where applicable, these charges and any directly related bank charges are over and above commissions and are incurred by clients.

5. Treasury Bills Issued by the Government of Malta

A commission of 0.1% of the contract consideration is applicable on purchase and/or sale.

6. Collective Investment Schemes

Since these vary between one Fund and another we kindly refer you to the prospectus and the application form for confirmation of the following fees that may apply;

Initial Fee
Management Fee
Redemption/Exit Fee

7. Miscellaneous charges

Administration charge €5 per coupon
Bank charge Nil
Custody/Annual charge €10 annually
Lost cheque re-issue €20
Shareholder transfers €55

Valuation Statements
Valuations are sent free of any charge twice yearly. Further valuations are available on request at a charge of €10.

8. Portfolio Fees

Fees in respect of portfolio monitoring and advice on portfolios:
1% on the value of assets calculated on a quarterly basis.

Fees quoted above are exclusive of VAT where applicable. Other charges may apply such as processing fees in the case of death of a shareholder. Fees are subject to change.

Guide to Investment Risks This guide has been produced by Jesmond Mizzi Financial Advisors Limited Investment Services Ltd ("Jesmond Mizzi Financial Advisors Limited") to provide both knowledgeable and less experienced investors with additional information to help them decide on their investment strategy. Its purpose is to help you to understand the risks and potential returns associated with stock market investment. It is not intended to be a comprehensive guide to risk and if you are in any doubt as to the suitability of any strategy or transaction, you should consult your investment advisor. This guide should be read in conjunction with the agreements governing our relationship, our terms of business and our overview of services leaflet. The information contained in this guide is correct at the time of going to print and is included for illustrative purposes only and does not form the' basis of an investment recommendation.

You must be aware that any investment involves a degree of risk and that some investments are more risky than others. Prices can fall as well as rise and there is a risk that you may lose some or all the money that you have invested. Past performance is no guarantee of future performance. The income which you receive from your investments can fluctuate and is not guaranteed. However, risk can be managed by creating a well diversified portfolio. There are many different financial products available, each carrying their own level of risk. Some of the most common instruments and the risks attached to them are outlined below.

Guaranteed Products

There are various insurance-backed and institutionally-backed products on the market which offer "guaranteed" returns of capital or part-capital or capital and growth. These are only as safe as the company that has guaranteed them.

Gilts

British Government Securities, commonly known as Gilts, are issued by the UK Government when it borrows money. There is little chance of default. With Fixed Interest Gilts, supply and demand for the stock, current and likely interest and inflation rates cause the price of the stock to move during its lifetime. This can produce periods of volatility and loss of capital which is not normally associated with Gilts. However, the government promises to repurchase or redeem the stock at a guaranteed price on a set date (or between set dates) which means that the final redemption value of your investment is pre-determined. The exception to this rule is undated Gilts. With Index linked Gilts, the value at which the stock is redeemed is linked to the movement in the retail prices index. The Gilt market is a multibillion £ market and thus liquidity - the ability to buy and sell easily - is not an issue.

Eurobonds and fixed interest securities (excluding Gilts) ("bonds")

Other fixed interest securities, including Eurobonds, are widely available. The characteristics of price movement, predetermined redemption and liquidity can be similar to Gilts but also depend on the credit worthiness of the borrower. Borrowers vary widely from governments to relatively small companies and thus, depending on which you select, the risk can also vary widely. There is a greater risk that the issuer will not repay in full when investing in corporate bonds, although it should not be forgotten that a surprising number of governments have, in the past, also defaulted. Thus certain bonds are likely to be far more volatile and less liquid than Gilts. Some bonds are credit rated by renowned agencies; where available, this is a useful guide to assessing the risk associated with individual bonds. Bonds rated BBB or better by Standard and Poor's are considered to be of investment grade, whilst bonds falling below this standard are not. Inexperienced or lower risk investors should only consider bonds with an A rating or better.

Collective Investments ("funds")

Collective investments, such as open ended collective investment companies (OEICs), unit trusts (open ended) and investment trusts (closed ended) (collectively known as "funds"), pool your investment with that of other investors. This is then managed by a fund manager in a portfolio which may include, amongst other asset classes, cash, stocks, shares (both domestic and overseas), property, precious metals and/or derivatives in order to achieve the fund's objectives. The number of asset classes and investments within an asset class held by the fund helps to spread risk. The investor also benefits from having the fund's investments constantly monitored by the fund manager and economies of scale mean that a collective investment can be a cost efficient way to buy and sell shares or other asset classes.

The liquidity of closed ended funds is generally driven by the fund's size and underlying asset class. The same considerations as outlined below (Shares) apply. Open ended funds should not suffer from liquidity problems unless the underlying assets held become illiquid and a large number of holders wish to sell their holdings. In addition, you should also be aware that open ended funds have fixed dealing days, which can be daily, weekly, monthly or longer if it is a specialist fund. Depending on frequency of dealing, both buying and selling may be delayed accordingly.

Some funds employ gearing. This means that they borrow a sum of money against the collateral of the shareholders' equity and invest that sum alongside shareholders' equity. The risk profile of funds employing gearing is higher than those which do not employ gearing and will increase according to the level of gearing employed. You should be aware that where an investment employs gearing, it may be subject to sudden and large falls in value. In addition, movements in the price of the fund are more volatile than the movement in the price of the underlying investments and there is a risk that you may lose all the money you have invested.

Shares

Holders of ordinary shares are the last to be paid in the event of a company becoming insolvent. However, ordinary shareholders also have the potential for good returns provided the company does well and is perceived to be continuing to do well. Please note that the value of shares and the income from them can go down as well as up. This means that it is advisable to hold shares in a number of diverse companies, rather than be too dependent on one particular company or industry sector. A spread across different economies is also advisable. Over¬dependence on one company's shares is unwise. Trying to predict the future performance of the stock market and individual shares is very difficult and nothing is guaranteed. Liquidity is an important risk factor when investing in individual equities. Liquidity is generally driven by the capitalisation of the company and current market conditions and can change on a day to day basis; this can often restrict the trading in particularly illiquid mid and small market capitalisation equities. Shares can go from being very liquid to illiquid in a very short period of time.

Overseas investments

For most private investors, it is not feasible to have a diversified portfolio invested in different countries. Information on overseas investments is not as readily available to the public as for UK companies and the financial pages of the national press give little coverage of the subject. Different time zones also mean that you will not always be able to get a real time price for overseas stocks. Whether investing directly in overseas markets or through collective investment schemes, currency fluctuations need to be taken into account. A gain or loss made on the performance of a stock can easily be offset by a movement in the currency exchange rate. Alternatively a gain or loss on a stock could be compounded to make an even larger one. You should also note that overseas shares generally produce lower income than their UK counterparts, primarily because many overseas companies distribute less of their profits to shareholders than in the UK. Liquidity considerations are similar to UK shares. Dealing/administrative costs are higher than UK shares.

Please note:

Investment on the stock market typically produces greater returns over the longer term than keeping money in a bank or building society account. We normally recommend stock market investment on a medium to long term basis with a minimum investment period of at least 5 years. In the short term, investors should be aware that markets, bonds, funds, shares and securities generally can be subject to major movements and volatility due to a variety of economic, political, fiscal and other (often emotional) factors.

Deciding on your investment aims/objectives

Having decided that you are prepared to expose some of your money to the risks involved in stock market investment, you need to consider the level of risk that you are prepared to take. This will largely be based on the type and level of return you want from your portfolio. Please note that the return may take the form of an increase or a decrease in the capital value of your portfolio and/or the income received from it, over a period. As a first stage, you must decide:

. What level of income do you require (both now and in the longer term)?
. What level of capital growth are you expecting?
. What level of risk are you prepared to take to achieve the returns you want?
. How would you feel if the value of your portfolio fell by, say 10%, 20% or more?

Deciding on the level of risk you are prepared to take

Typically, the higher your expectations are for the returns from your portfolio, the higher the degree of risk to achieve those objectives. Risk can mean different things to different people and can take different forms.

Stock market risk

Investing in types of securities traded on stock markets will mean that the value of the securities and/or the income received from them may go down as well as up and you may not get back all the money you have invested. There are five main reasons why this might happen:

• The actual and perceived financial standing and trading of the company concerned may change.
• All securities are subject to the laws of supply and demand and are capable of significant price movement. Such movements could be a reflection of e.g. company size, economic or political news, company or sector specific news, and quantity and frequency of shares being traded (liquidity);
• The stock market itself is capable of large movements due to economic, political, fiscal and other (often emotional) factors;
• Fixed interest securities (including Gilts) are subject to the same factors mentioned above (although typically on a lesser scale) and their values are mostly affected by actual or expected changes in levels of interest and inflation rates. If they are purchased above their redemption price, a capital loss will be incurred if they are held until redemption;
• The shares of one company may be acquired by another company, or the company in which you have invested may make a bid for another company. This could have a dramatic effect on share prices.

Assessing the relative risk of any of these factors is highly subjective and in the same way as market conditions, can change over time in response to specific events or revised economic forecasts. It is impossible to lay down precise guidelines for the measurement or potential impact of risk on your investments.

Risk can be managed by creating a well diversified portfolio and by the use of collective investment schemes. Diversification within a market and/or across a number of geographical areas also helps lower exposure to specific economic, political and fiscal factors.

Categorising risk for your own portfolio

To enable there to be a clear mutual understanding of the level of risk you are willing to accept for your portfolio as a whole, we recommend that you consider the three definitions shown below as a broad guide. They are commonly used risk levels amongst our client base. The definitions include the types of investment instruments that might be held in the portfolio.

Lower risk portfolio:

The spread and types of investment will result in lower overall volatility and therefore lower risk. The portfolio should include a proportion of Gilts or highly rated bonds, since these securities are not particularly volatile. Generally, at least 50% would be invested in securities of this type. The portfolio may also contain mainstream funds. Any UK shares bought for the portfolio would normally be shares of the leading 100 UK companies.

Medium risk portfolio:

The portfolio will contain some exposure to Gilts or bonds with a higher than normal weighting if there is an income requirement. Shares in the portfolio will generally be large and mid-cap companies (from the FTSE 350 index in the UK). The portfolio may also contain similarly sized overseas stocks and/or funds. A modest percentage of the portfolio might also be invested in the shares of smaller UK companies from outside the FTSE 350. Funds may also be used to give a limited exposure to precious metals, property or emerging markets or other "fringe" asset classes. Some of the funds may employ gearing.

Higher risk portfolio:

The portfolio could include any securities, in any proportion, from UK or worldwide stock markets (but not options or other derivative products, unless specifically agreed). It could also include aggressively geared products. Generally you will be willing to accept higher risk in anticipation of higher returns.

A note on tax

The tax treatment of income and/or capital gains from your investments and the availability and value of tax reliefs will depend on the nature of the investments, the tax laws in your country of residence and your individual circumstances. Jesmond Mizzi Financial Advisors Limited are not tax advisors or tax experts and we therefore have not endeavoured to cover the subject of taxation in this guide. If you have any questions or doubts about your tax position, you should seek professional advice. It is your responsibility to obtain independent advice where appropriate and to correctly discharge your tax liabilities wherever they fall due.

NOTE FOR ADVISORY NON-MANAGED CLIENTS:

AS JESMOND MIZZI FINANCIAL ADVISORS LIMITED WILL NOT BE RESPONSIBLE FOR MANAGING YOUR PORTFOLIO, THE STRATEGY AND MIX OF YOUR PORTFOLIO AND THE PROPORTION INVESTED IN ANY INVESTMENT OR TYPE OF INVESTMENT WILL BE YOUR RESPONSIBILITY.

NOTE FOR MANAGED ADVISORY AND MANAGED DISCRETIONARY CLIENTS:

RISK AND PERFORMANCE WILL BE CONSIDERED ON THE BASIS OF THE PORTFOLIO AS A WHOLE AND NOT AT AN INDIVIDUAL STOCK LEVEL.