INTERVEST.CO.ZA

STANDARD TERMS AND CONDITIONS

July 2010

The standard terms and conditions contained herein shall regulate the relationship between the linked investment service provider (LISP) EFS Investment Solutions (Pty) Ltd (trading as "Equinox" and "Intervest") and any person who opens or holds an account with it.

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1. INTERPRETATION
2. INTRODUCTION
3. REGISTRATION
4. INSTRUCTIONS AND PAYMENT PROVISIONS
5. PROCESSING OF INSTRUCTIONS
6. REGISTRATION OF UNITS AND FEES
7. ELECTRONIC COMMUNICATION
8. PASSWORD AND SECURITY
9. SERVICE AVAILABILITY
10. RISK DISCLOSURE
11. INFORMATION
12. FORCE MAJEURE
13. NOTICES AND DOMICILIUM
14. AMENDMENTS
15. TERMINATION
16. COMPLAINTS RESOLUTION PROCESS
17. DETAILS OF COMPLIANCE OFFICER FOR EFS
18. RISK INSURER
19. LEGISLATION
20. TERMS AND CONDITIONS FOR INTERMEDIARIES

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1 INTERPRETATION

1.1 In this agreement unless clearly inconsistent with or otherwise indicated by the context~

1.1.1 "the/this agreement" means the agreement between the client and EFS;

1.1.2 "application requirements" means the EFS online application forms or any application forms in any other format to be completed by the client, and the receipt by EFS of any further documentation it may deem necessary to establish the true identity and authority of the client or to complete the processing of the application;

1.1.3 "the client" means any person whether a natural person or a legal person who completes the application requirements, and who enters a contract;

1.1.4 "user name" and "password" mean the user name and the password allocated to the client in terms of 3.3, respectively;

1.1.5 "email" means electronic mail, as defined by the Internet SMTP or a similar standard;

1.1.6 "fund" means a portfolio as defined in the Collective Investment Schemes Control Act (CISCA)

1.1.7 "Collective Investment Scheme" means a scheme, in whatever form, including an open-ended investment company, in pursuance of which members of the public are invited or permitted to invest money or other assets in a portfolio, and in terms of which;
1. two or more investors contribute money or other assets to and hold a participatory interest in a portfolio of the scheme through shares, units or any other form of the participatory interest and;
2. the investors share the risk and the benefit of investment in proportion to their participatory interest in a portfolio of a scheme or in any other basis determined in the deed.

1.1.8 "units" mean participatory interests as defined in the Collective Investment Schemes Control Act, i.e. participatory interests in a Collective Investment Scheme portfolio;

1.1.9 "retirement funds" means the Equinox retirement annuity, Equinox preservation pension and Equinox preservation provident funds as registered with the Financial Services Board in terms of the Pension Funds Act, No 24 of 1956

1.1.10 "EFS" means EFS Investment Solutions (Pty) Ltd, a private company incorporated in the Republic of South Africa with registration number 1999/014522/07 trading as "Equinox" and "Intervest" ;

1.1.11 "investment provider" means a product supplier as defined in the Financial Advisory and Intermediary Services Act, who issues or supplies the underlying investments held in an EFS account;

1.1.12 "investment manager" means a person approved by the Financial Services Board of South Africa, who is duly appointed by a client to manage investments in a discretionary capacity on behalf of that client;

1.1.13 "managed portfolio" refers to a portfolio of Collective Investment Schemes managed by an investment manager;

1.1.14 "trustees" means a board of trustees to direct, control and oversee the operations of a retirement fund in accordance with the applicable laws and the provisions of its Rules.

1.1.15 "intermediary" means a person who is authorised or appointed by a client to act on that client's behalf in any matter relating to any agreement concluded between EFS and the client;

1.1.16 "instruction" means an instruction from or on behalf of the client transmitted online to EFS via the EFS website;

1.1.17 "ringfencing" means the suspension of repurchases of participatory interests in a Collective Investment Scheme by the manager of the scheme under defined circumstances on any business day;

1.1.18 "signature" includes an electronic method of indicating assent, as contemplated in 7.4

1.1.19 "retirement funds" means the Equinox Preservation Provident, Equinox Preservation Pension and Retirement Annuity Funds.

1.1.20 "terms and conditions" means the terms and conditions as contained herein and as updated and modified from time to time as well as the terms and conditions particular to and agreed upon by the Trustees of the Equinox Preservation Pension, Equinox Preservation Provident and Equinox Retirement Annuity Funds.

1.1.21 any reference to the singular includes the plural and vice versa and any reference to a gender includes the other genders.

2 INTRODUCTION

2.1 EFS is licensed as an administrative financial service provider by the Registrar of Financial Service Providers.

2.2 The Equinox retirement annuity fund, Equinox preservation pension fund and Equinox preservation provident funds are registered pension funds in terms of the Pension Fund Act, No 24 of 1956, and approved by the South African Revenue Service.

2.3 EFS is approved as a retirement fund administrator by the Registrar of Pension Funds as contemplated in section 13B of the Pension Funds Act. The Trustees the respective retirement funds appointed EFS to administer the Equinox Preservation Provident, Equinox Preservation Pension and Equinox Retirement Annuity funds.

2.4 As an administrative FSP EFS invests on behalf of clients in units in collective investment schemes on the basis that such units are bought and sold in bulk.

2.5 The terms and conditions set out in this document reflect the basis on which EFS will purchase, hold, sell and switch units on behalf of clients.

2.6 Any intermediary or other financial adviser used by the client is not an agent or employee of EFS, and the client agrees not to hold EFS liable for any act or omission by such intermediary.

2.7 By its/his signature hereto the client warrants that he/it has legal capacity to enter into this agreement. In this regard the client, if he is a natural person, must furnish EFS with a copy of his identification document or passport or, if the client is a legal person other than a natural person, with a copy of a resolution confirming that the person signing this agreement on behalf of the client is duly authorised to do so.

3 REGISTRATION

3.1 The client contracts with EFS by completing the application requirements.

3.2 EFS shall only be bound, once EFS emails the client to confirm acceptance of the completed application requirements, and accepts an instruction to buy, sell, switch or transfer units, from or on behalf of the client, and acts upon that instruction.

3.3 On completion of the initial application form, EFS shall through the Internet allocate to the client a user name and password, which the client will use to access the secure EFS website and place instructions, subject to 3.1 and 3.2 above.

4 INSTRUCTIONS AND PAYMENT PROVISIONS

4.1 The client may instruct EFS from time to time to buy, sell or switch units, subject to these terms and conditions, legislation, retirement fund rules and trustee decisions where applicable.

4.2 All instructions shall be transmitted to EFS via the EFS website by the client completing secure electronic instruction forms. The client shall use his user name and password to access the secure electronic instruction forms.

4.3 If any instruction is received using the user name and password allocated to the client, EFS shall be entitled to assume that the instruction is duly authorised by the client and shall be entitled and authorised to act in accordance with such instruction.

4.4 All amounts to be invested (other than in respect of retirement funds) shall be paid by the client into the bank account of Equinox Nominees. All amounts to be invested in respect of a retirement fund will be paid into the retirement fund's individual bank account, as set out in the Particulars Schedule of these Terms and Conditions and the EFS website.

4.5 If payment of the amount to be invested into the account set out in 4.4 is made by way of ~

4.5.1 direct deposit, the client shall specify his EFS user name on the deposit slip. For investments in the Equinox Retirement Funds, the client shall specify in addition to his user name the retirement fund portfolio number or the retirement fund name;

4.5.2 electronic transfer of funds, the client shall specify as reference his EFS user name. For investments in the Equinox Retirement Funds, the client shall specify in addition to his user name the retirement fund portfolio number or the retirement fund name;

4.6 EFS does not accept any liability for delays, loss or damage or investment into an incorrect retirement fund or collective investments as a result of the client's failure to specify his EFS user name and applicable investment option as set out in 4.5 above, or if the client specified an incorrect account for collection by debit order.

4.7 The proceeds of the sale of any units shall only be paid by EFS into the bank account specified by the client in the application and verified by EFS to be in the name of the client. EFS shall under no circumstances be obliged to deposit funds into any third party bank account.

4.8 If any amounts to be invested are made payable by cheque and posted to EFS, or if any communication or instruction is sent by the client by post, the client shall be deemed to have appointed the post office as his agent and EFS shall not be liable for any damage or loss sustained by the client as a result of the fact that such cheque, instruction or communication was delayed, lost or stolen in the post.

4.9 Any amount paid into any bank account will not be invested in a fund until all the application requirements are met and the client has duly instructed EFS how the amount is to be applied. However, if EFS does not receive a duly completed investment instruction within three (3) business days after the date of deposit, EFS shall have the right (but not the duty) to invest the amount into a money market fund of its choice on behalf of the client.

5 PROCESSING OF INSTRUCTIONS

5.1 All units are purchased, sold, switched and held subject to the provisions of this agreement, applicable legislation, industry agreements, the terms of the Deed of a relevant Collective Investment Scheme, and any retirement fund rules and trustee requirements enacted at any time.

5.2 Units shall only be purchased in accordance with the client's instruction once the full amount to pay the purchase price has been received and is reflected in the account envisaged in 4.4.

5.3 Notwithstanding anything to the contrary contained in this agreement, if:

5.3.1 the client disputes any instruction to purchase units; or

5.3.2 any amount paid into the account envisaged in 4.4 is reclaimed by the client after the units have been bought; or

5.3.3 any transaction in terms of 4.5 or any debit order is reversed or fails, EFS shall immediately be entitled to claim ownership of the units that were purchased on behalf of the client and, in addition, recover all costs, charges and administration expenses incurred as a result thereof from the client as well as any costs incurred in recovering the aforesaid costs from the client. If EFS is unable to sell the units at the same price at which they were bought, EFS shall be entitled to recover any shortfall from the client.

5.4 EFS shall advise the client via the Internet or by way of electronic mail within 7(seven) days of the instruction having been executed.

5.5 The client shall not be entitled to instruct EFS to sell any investments purchased, within -

5.5.1 one month after the initial instruction to buy the aforesaid units, if payment in respect of that instruction had been made by way of a lump sum payment; or

5.5.2 one month after a debit or collection order authorised by the client to buy the aforesaid units, has become due.

5.6 The following time periods will apply to the following administrative processes:

5.6.1 The cut-off time within which an instruction must be received by EFS for processing on that particular day, shall be 10.00am on any business day;

5.6.2 If an instruction has been received within the cut-off time, EFS will generally forward the instruction to the investment provider or collective investment scheme, on the same day. The maximum number of working days it will take to forward a purchase or repurchase instruction to a collective investment scheme, shall be 4 (four) working days. The day on which the price that the client will receive will be determined, will depend on the rules and practices of the investment provider;

5.6.3 In the case of Switch transactions (repurchasing of units in order to purchase other units) the repurchase leg of the transaction will generally be processed within 4 (four) working days. The purchase leg of the transaction will only commence once the proceeds of the repurchase is available. As the processing of switch transactions is dependent on the reaction time of investment providers, EFS does not accept any liability to the client if the number of days specified herein, is exceeded. The price that the client will eventually receive will be determined by the rules and practices of the relevant investment provider.

5.6.4 If a personal share portfolio (PSP) forms part of an instruction, it will generally take an additional 3 working days for the proceeds of withdrawals to be paid out, and it will generally take an additional 3 working days before the purchase leg of a switch will commence, due to the rules and practices of the share portfolio investment provider.

5.7 If the client instructs EFS to sell units equal to a specified monetary value and that monetary value is more than 90% of the market value of the units held on behalf of the client at the time of the instruction, the client will be required to either reduce the amount of the instruction or specify a percentage to be sold instead.

5.8 Collective Investment Scheme managers reserve the right to invoke suspension of repurchase (sell) instructions in terms of Government Notice 573 of 2003. Please click here to read more.

5.9 The client acknowledges that if he uses the services of an intermediary who is not an investment manager, EFS shall only act on an investment instruction from the intermediary once the client specifically authorises the instruction via the EFS website, which shall be done separately for every instruction.

5.10 The client acknowledges that EFS and investment providers shall be entitled to close a fund or other investment option to new investments at any time. If any investment option closes by instruction from the trustees, investment company or directly by EFS or for whatever other reason, clients will be afforded an opportunity to select an alternative investment option within a period of time and informed of this via the latest email contact details available to EFS. If a client does not react within the specified time period, the client investment may be switched by EFS to the default investment option at the time or an option specified by the investment company.

5.11 EFS shall not be liable for any loss or damage resulting from an instruction, for any reason whatsoever, not reaching EFS, or reaching EFS at a different time than the client expected.

6 REGISTRATION OF UNITS AND FEES

6.1 It is recorded that EFS Nominees has been appointed as the nominee of EFS as provided for in the Code of Conduct for Administrative FSPs published in terms of the Financial Advisory and Intermediary Services Act and the parties agree that all units purchased on behalf of the client shall be registered in the name of EFS Nominees as nominee for and on behalf of the client.

6.2 The client shall pay EFS fees, as set out in the Fees Schedule contained on the EFS website, in return for the services rendered in terms of this agreement. The fees set out in the Fees Schedule may be subject to amendment on three months written notice to the client.

6.3 The client is aware that all funds incur underlying fees charged by the investment provider. These fees differ from fund to fund and can include initial charges, certain costs, annual fees and performance fees. The actual fees and charges in respect of a specific fund can be obtained from EFS.

6.4 EFS shall endeavour to publish the underlying fees for each fund available to the client on the EFS website, subject to the disclaimer contained in 11.

6.5 EFS shall notify the clients of any increase in fees charged by any investment provider for any fund in which they hold units, within 7(seven) days after notification by the investment provider is received by EFS.

6.6 Interest earned on the first day of deposit will be used to pay for expenses. Subsequent interest shall accrue for the benefit of the client, but adjusted for the payment of any applicable tax that may be imposed by the tax authorities.

6.7 Income distributions are made at regular intervals, depending on the FSB registered mandate of the collective investment scheme or any other financial product offering concerned. Reinvestments in the form of income distributions take place monthly, quarterly, bi-annually or annually. Any income distribution by a collective investment scheme or any other financial product offering concerned will be reinvested in the form of the same units of the collective investment scheme or any other financial product offering concerned, directly to the client's account with EFS at the time that the distribution takes place. All and any accruals are reinvested in the form of units to the beneficial owner and not paid in cash to any party.

7 ELECTRONIC COMMUNICATION

7.1 The client shall provide EFS with an email address where he will accept electronic communications and shall promptly notify EFS via the EFS website or via email of any changes to such email address. No liability whatsoever is accepted by EFS if the client provides an incorrect email address, or fails to provide EFS with changes to his email address.

7.2 EFS shall be entitled to send all notices (including notices that are required to be in writing) and information relating to the client's account (including information that EFS must disclose in terms of any law), to the client via email at the email address specified by the client. The information that may be sent via email shall include amongst others, reports, statements, regulatory documents and tax certificates.

7.3 Statements will be emailed to the investment owner and his/her intermediary via the addresses that EFS has on record at regular intervals, not exceeding 3 months or at the client's request. Copies of the statements are available via the investment owner's secure online account at any time.

7.4 EFS does not accept any liability and the client agrees not to hold EFS liable for any damages or loss of any kind resulting from the delay, loss or interception of any email communication between EFS and the client.

7.5 The parties agree that when the client clicks on "I accept" or any other similarly worded button or entry field on the EFS website with a computer mouse, keystroke or other computer device, it shall be legally binding and enforceable and will be the legal equivalent of a handwritten signature, but EFS shall only be bound if the acceptance or instruction actually reaches EFS.

8 PASSWORD AND SECURITY

8.1 EFS has endeavoured to ensure that the framework and principal elements of access security, network privacy and authentication are in place.

8.2 The responsibility for the confidentiality and use of the client user name and password rests with the client.

8.3 The client agrees to notify EFS immediately if he becomes aware of ~

8.3.1 any loss, theft or unauthorised use of his user name or password; or

8.3.2 any failure by the client to receive accurate confirmation via email of an instruction or its execution within 1 (one) business day after entering the instruction through the EFS website; or

8.3.3 any receipt of confirmation of an order that was not placed by the client or any other similarly inaccurate or conflicting report or information.

8.4 EFS does not accept any liability and the client agrees not to hold EFS liable for any damages or loss of any kind resulting from the client's disclosure of his user name or password to any third party, or from the client failing to notify EFS as envisaged in 8.3, or from an unauthorised person gaining access to the EFS system in any manner whatsoever.

8.5 The client undertakes that the client shall not disclose his or her user name or password to any third party (including the client's advisors). EFS shall be entitled to cancel this agreement with immediate effect if the client discloses his or her user name or password to any third party.

9 SERVICE AVAILABILITY

9.1 Access to the electronic services offered through the EFS website may be limited or unavailable during periods of peak demand, system upgrades, and maintenance or for other reasons.

9.2 The client agrees to wait until the electronic services offered through the EFS website are available again in the event of unavailability envisaged in 9.1 and the client agrees that EFS shall not be liable if the client is unable to access his account information or to request a transaction service offered via the EFS website.

9.3 EFS may in order to render administrative or intermediary services to any client utilise the services of its own staff only, however, where outsourcing of a certain component of EFS's service is required, a service level agreement will be in place.

10 RISK DISCLOSURE

10.1 The capital value and income of funds may fluctuate and past performance is no guarantee of future returns. Risks that investments are exposed to include volatility risk, capital risk, liquidity risk, management style risk, inflation risk and many others.

10.2 The client acknowledges that he understands the risk of market fluctuations and other risks associated with investments and acknowledges that he bears those risks. The client acknowledges and agrees that EFS has not provided him with any financial advice in respect of any investment decision. EFS will not be liable for any losses, direct or indirect, incurred by the client as a result of investment decisions made by the client, or by the client's appointed investment manager, or as a result of the client acting on the advice of his intermediary or financial adviser.

10.3 If the client invests in a managed portfolio, the client acknowledges that:

10.3.1 He has appointed the relevant investment manager in a discretionary capacity to manage his investments, and therefore the investment manager may take investment decisions in its sole and full discretion, without obtaining any further authority or consent from the client, until the client informs EFS of the termination of the investment manager's appointment in writing;

10.3.2 EFS is not the investment manager of these managed portfolios;

10.3.3 He selects the managed portfolio (either himself or on the advice of his financial adviser) and that there is no duty on EFS to ensure that the selected managed portfolio is appropriate to the client's investment goals, circumstances or risk profile; and

10.3.4 EFS' sole duty is to administer the investments in accordance with the instructions of the investment manager, but subject to these terms and conditions.

10.3.5 EFS administration fees may differ between respective managed portfolios made available via any EFS platforms, please consult the EFS Fees Schedule accordingly.

11 INFORMATION

11.1 EFS may make certain collective investment scheme information, financial market data, news, research and opinions or other financial information that has been obtained from certain investment providers, financial market information services, financial publishers, various securities markets including stock exchanges and their affiliates, investment managers, or that has been obtained otherwise by EFS , available to the client.

11.2 The client agrees that neither EFS, nor the information providers nor the information transmitters will be liable in any way for the accuracy, completeness, timeliness or correct sequencing of the information or for any decision made or action taken by the client relying upon the information.

11.3 The client agrees that EFS shall not be liable for any information, advice, opinion or recommendation which it gives, or which is contained on the EFS website, and that all instructions from, or on behalf of, the client will be in reliance upon the client's own judgement, or the judgement of the client's appointed investment manager or financial adviser.

11.4 EFS receives rebates from Collective Investment Schemes based on trading volumes that vary from month to month and is not being distributed to individual investors. The actual current rebate in respect of a specific fund can be obtained from EFS.

12 FORCE MAJEURE

12.1 No party shall be liable to the other in respect of the non-performance of any of the provisions of this agreement in the event and to the extent that such non-performance is the direct result of or has been directly caused by force majeure, which shall mean any event beyond the reasonable control of a party or which could not reasonably have been guarded against by it at the date of conclusion of this agreement.

12.2 Without limiting the generality of the foregoing, events of force majeure shall include the failure of electronic or mechanical equipment or communication lines, telephone or other interconnection problems; bugs, errors, configuration problems or the incompatibility of computer hardware or software; the failure or unavailability of Internet access; problems with Internet service providers or other equipment or services relating to the client's computer or network; problems with intermediate computer or communications networks or facilities, problems with data transmission facilities or telephone, cable or wireless service, or unauthorised access, theft, operation errors, severe weather, earthquakes, other natural disasters or labour disputes.

13 NOTICES AND DOMICILIUM

13.1 For all purposes arising out of or in connection with this agreement, the client shall be deemed to have chosen the addresses furnished by him in the application requirements, and EFS chooses the addresses as set out in the Particulars Schedule on the EFS website, or such other addresses as may be stipulated by notice in writing.

13.2 Any notice given in terms of this agreement shall, if it is sent by electronic mail or facsimile, be deemed to have been duly received by the client on the first business day following the date of such transmission, and if sent by prepaid registered post shall be deemed to have been received by the client 8 days after the posting thereof.

14 AMENDMENTS

14.1 EFS shall be entitled to amend this agreement by written notice sent to the client by email or to the address and in the manner set out in 13 above. EFS shall not be entitled to effect any amendments in terms of this clause with retrospective effect unless such an amendment can be considered to be of an administrative nature.

15 TERMINATION

15.1 A 30 days waiting period applies to new investments. The client may withdraw all monies invested in collective investment schemes at the then ruling prices after this period and no longer incur any fees, thus terminating the agreement after 30 days from the date of purchasing the investment. EFS may cancel this agreement with 30 days written notice.

15.2 Benefits from the Equinox retirement funds will only become available and may only be withdrawn subject to applicable legislation and the rules of the retirement fund. .

16 COMPLAINTS RESOLUTION PROCESS

Complaints can be directed to the EFS Professional Service Centre available on 0860 378 466 (Equinox) or 0860 22 33 33 (Intervest) or sent to EFS via email to direct@equinox.co.za or direct@intervest.co.za. EFS will endeavour to resolve any complaints received within 24hours or if the complaint requires further investigation/management involvement, the complaint will be resolved as soon as possible after it is received, not exceeding 20 working days.

Administrator Contact details:
Physical Address:	249 Basden Ave, Block A, Crystal Park, Lyttelton, Centurion 0157.
Postal Address:	PO Box 7520, Centurion 0046.

If you are not satisfied with the response from the Administrator, you can write to:

The Ombud for Financial Service Providers
Postal Address:	PO Box 74571, Lynnwood Ridge 0040.

17 DETAILS OF COMPLIANCE OFFICER FOR EFS

Moonstone Compliance represented by Christelle Ahlers

Physical Address:	25 Silver Village, Silver Lakes, Pretoria.
Postal Address:	PO Box 11875, Pretoria 0054.
Telephone number:	083 452 4407
Email Address:	cahlers@moonstonecompliance.co.za

18 RISK INSURER

Alexander Forbes Risk Services

Physical Address:	Alexander Forbes Place, 90 Rivonia Road, Sandton 2196.
Postal Address:	PO Box 781692, Sandton 2146.
FSB Approval number:	164230

19 LEGISLATION

The following are some of the main acts and regulations that govern this contract. Amendments to or replacements of the legislation and directives issues by the regulatory authorities may change these terms and conditions.

• The Collective Investment Schemes Act
• Income Tax Act
• Financial Intelligence Centre Act
• Financial Advisory and Intermediary Services Act

20 TERMS AND CONDITIONS FOR INTERMEDIARIES

20.1 In this agreement unless clearly inconsistent with or otherwise indicated by the context, all interpretations and meanings shall be consistent with the Standard Terms and Conditions as contained on the INTERVEST website at www.intervest.co.za

20.2 By acceptance of these Terms and Conditions for Intermediaries, the Intermediary also acknowledges that the Intermediary has read, understood and accept the Standard Terms and Conditions as contained on the Intervest.co.za website, which may be amended from time to time. A copy of these Standard Terms and Conditions may be requested via email from direct@intervest.co.za.

20.3 The Intermediary acknowledges that this agreement is subject to legislation, industry agreements, codes of conduct to which INTERVEST may be a party, retirement fund rules and retirement fund trustee decisions.

20.4 Once the Intermediary's recognition and licensing as an Independent Intermediary ('IFA'), under the Financial Advisory and Intermediary Services Act no 37 of 2002, has been confirmed by INTERVEST, the Intermediary will be able to submit the Intermediary's clients' applications and orders for collective investment schemes and retirement products available on the INTERVEST investment platform.

20.5 The Intermediary acknowledges that it is not being appointed and may not in any way whatsoever hold itself out as an agent, representative or employee of INTERVEST. The Intermediary further acknowledges that no relationship of agency has or will come about through the Intermediary's recognition and accreditation as IFA by INTERVEST or on account of the payment of fees to the Intermediary on behalf of the Intermediary's client as agreed between the Intermediary and its client.

20.6 The Intermediary and its firm hereby indemnify INTERVEST against any claim or loss suffered on account of the Intermediary misrepresenting its status to any investor. The indemnity includes but is not restricted to any act of negligence or fraudulent activity by the Intermediary or its firm. If INTERVEST reasonably expects that it may have a claim against the Intermediary and its firm under this indemnity, it may, in its sole discretion, withhold any fees due to the Intermediary until the dispute has been determined whereafter set off may occur.

20.7 The Intermediary may not publish or circulate any printed or written matter concerning INTERVEST without the prior written approval of INTERVEST unless such material was compiled by INTERVEST for purposes of publication and circulation. The Intermediary shall not assume, without first confirming with INTERVEST, that any promotional material older than 60 days is still current and relevant. Further up to date information about INTERVEST may be obtained from www.intervest.co.za or by contacting INTERVEST. INTERVEST will not be responsible for any information about INTERVEST that has not been obtained directly from INTERVEST or on its website.

20.8 The Intermediary chooses as its domicilium citandi et executandi for all purposes in terms hereof the address provided by the Intermediary in the application form.

20.9 Investors will be required to approve any investment or repurchase requests made on their behalf unless separate documentary proof of the Intermediary's mandate to sign any form on behalf of an investor or transact on behalf of the investor at the Intermediary's discretion is submitted. The Intermediary may not permit an investor or prospective investor to sign incomplete or blank forms, which require the completion of details at a later stage. The Intermediary may not require of or advise an investor to waive any of his rights in terms any legislation.

20.10 The Intermediary undertakes to keep their clients on the INTERVEST platform informed in respect of investment and transaction analysis and any changes to the INTERVEST terms and conditions.

20.11 INTERVEST may, at its sole discretion, request any additional documentation or evidence it believes necessary to verify the credentials or authority of any party to an instruction.

20.12 INTERVEST may, at its sole discretion not act upon any instruction until all INTERVEST application forms and regulatory requirements have been satisfied. INTERVEST reserves the right to report to and liaise with any investor in accordance with the contact information submitted on any application form or other instruction form submitted in written and electronic format.

20.13 All monies for investment in collective investment schemes will be paid into the trust bank account of the Nominee appointed by INTERVEST. All monies for investment in retirement funds will be paid into the bank account in the name of the retirement fund as specified on the Intervest.co.za website. Payment may be made via a direct deposit, inter-bank transfer or debit order. INTERVEST will only accept responsibility for payments, howsoever made, once received in its bank account.

20.14 INTERVEST shall pay fees to the Intermediary, on behalf of its client, on the basis agreed between the Intermediary and its client as evidenced through completion of the relevant section of the investor application form, as signed by the client once the investments have been accepted and payment therefore has been received.

20.15 Initial fees will be paid upon completion of each client transaction, by means of transfer of money market unit trust into a portfolio owned by the registered legal entity or natural person.

20.16 INTERVEST shall not be responsible or liable for any delay in the payment of fees if the Intermediary's details are entered incorrectly above or on any written or online application form.

20.17 No fees will be earned on the redemption or switching of units between collective investment schemes offered by INTERVEST or on any transaction by an investor previously introduced by the Intermediary and who later acts on his/her own behalf in dealing directly with INTERVEST.

20.18 In the event of a dispute as to who is entitled to or whether fees is due in respect of any investment, INTERVEST may, in its sole discretion, withhold payment until the dispute has been resolved.

20.19 No fees will be paid in advance of receipt of any investment. INTERVEST may reverse any fees paid should an investment contract be cancelled after the date of investment and / or INTERVEST for any reason whatsoever be placed under an obligation to refund the fees paid by the investor.

20.20 INTERVEST will provide the Intermediary with consolidated online statements per individual client represented on the INTERVEST platform consisting of any transactions, administrative fees and any fees earned.

20.21 INTERVEST may, in its sole discretion, alter the bases for fees as applicable to INTERVEST investment products from time to time.

20.22 The Intermediary agrees not to pay, offer to pay or cause to be paid any monetary amount or consideration directly or indirectly, to any employee of INTERVEST in respect of any investment made or to be made in any collective investment scheme offered by INTERVEST in particular, in respect of any fees paid or to be paid to the Intermediary for any investment, and irrespective of who completed the application for such investment.

20.23 No intermediary registered with INTERVEST will receive any fees, incentives, fee reductions or rebates from the administrator for placing clients' funds with the administrator or into a specific fund or product offered by INTERVEST other than fees negotiated with the client in terms of 14 above. The Intermediary warrants that it will not receive any such fees, incentives, fee reductions, or rebates from any provider of underlying investments, unless this has been and will be fully disclosed to the client (in monetary terms) and to INTERVEST and the relevant retirement fund trustees.

20.24 The agreement will terminate automatically:

• On death of the Intermediary (where the Intermediary is a natural person).
• On the date on which a partnership is terminated (where the Intermediary was a partnership).
• When the Intermediary is de-registered (where the Intermediary was a juristic person or trust).
• On the liquidation or sequestration of the Intermediary.
• Upon either party furnishing the other with 2 weeks written notice to that effect.

Written notice includes electronic written communication to the e-mail address indicated on a written application form or the most recent e-mail address stated via on-line accounts.

20.25 Should the Intermediary be convicted of any crime involving dishonesty such as, but not limited to fraud, theft or perjury, or be found guilty in any enquiry or proceedings, including any disciplinary hearing of unprofessional conduct, the Intermediary's accreditation will immediately and automatically lapse and the Intermediary undertake to immediately inform INTERVEST of this fact.

20.26 The Intermediary acknowledges that it is aware of and understands its duties and obligations as a financial Intermediary in terms of applicable legislation, including, and in particular, the Financial Advisory and Intermediaries Act, the Financial Intelligence Centre Act, and the Collective Investment Schemes Control Act.

20.27 The Intermediary undertakes to register where and when necessary in terms of any current and future legislation and ensure that it complies with all statutory duties including but not limited to, those promulgated under the Collective Investment Schemes Control Act, the Income Tax Act, the Value Added Tax Act, the Stock Exchanges Control Act, the Financial Markets Control Act, the Long-term Insurance Act, the Financial Intelligence Centre Act and the Financial Advisory and Intermediary Services Act. It is recorded and agreed that it is the Intermediary's responsibility to evaluate and ensure that all representatives and employees involved in the marketing of INTERVEST products act in accordance with all applicable legislative provisions as well as with the terms and conditions set out in the agreement. It is also agreed that the Intermediary will take full responsibility for advice given to potential or actual investors by the Intermediary's employees or representatives and will maintain records thereof.

20.28 To the extent that any provisions of this Agreement is or may become unenforceable for any reason, such provision shall be severed from the remainder of the agreement, which shall remain in force.

20.29 In this Agreement reference to any gender includes the other genders.

20.30 The responsibility for the confidentiality and use of the client user name and password rests with the client. The Intermediary shall make this clear to its client and shall under no circumstances induce any of its clients to disclose its password to the Intermediary. The Intermediary shall immediately notify INTERVEST if any client makes its password known to the Intermediary so that INTERVEST can furnish the relevant client with a new password. INTERVEST does not accept any liability and the Intermediary agrees not to hold INTERVEST liable for any damages or loss of any kind resulting from the client's disclosure of his user name or password to any third party (including the Intermediary), and the Intermediary indemnifies INTERVEST and holds INTERVEST harmless in respect of any loss which INTERVEST may suffer as a result of any client disclosing its password to the Intermediary. If the Intermediary induces any of its clients to provide the Intermediary with its password and/or approve orders on behalf of any of its clients without the relevant client's knowledge, INTERVEST shall have the right to cancel this agreement forthwith, without prejudicing other rights it may have.

20.31 If this agreement is terminated, or if the Intermediary's accreditation lapses, the Intermediary's appointment in respect of all their clients on the INTERVEST platform will be cancelled automatically.

20.32 The Intermediary undertakes to keep his password secure, not to disclose it to any other person and to notify INTERVEST immediately if he has reason to believe that his password security may have been breached.

20.33 The Intermediary indemnifies INTERVEST and holds INTERVEST harmless in respect of any loss or damage suffered by INTERVEST or a client as a consequence of the Intermediary failing to act in accordance with any of these terms and conditions, or as a consequence of providing incorrect information on this or any other application or instruction form.

20.34 By their signature hereto any signatory on behalf of the Intermediary warrants that he has legal capacity to enter into this agreement. In this regard the intermediary, if he is a natural person, must furnish EFS Investment Solutions (Pty) Ltd trading as INTERVEST with a copy of their identification document or passport or, if the Intermediary is a legal person other than a natural person, with a copy of a resolution confirming that the person signing this agreement on behalf of the Intermediary is duly authorised to do so.

20.35 The Intermediary acknowledges and accepts that it is the Intermediary's responsibility to ensure that this form has been completed correctly and fully and confirm that the Intermediary is not signing it with any section left blank, including to be struck through if not applicable. INTERVEST shall not be liable for any loss or damage that the Intermediary may suffer on account of incorrect or fraudulent information later inserted or of any unauthorised amendments to this form.

20.36 The Intermediary acknowledges that the Intermediary has read and understood the information provided by INTERVEST in respect of the products (Collective Investment Schemes and Retirement Products).

20.37 The Intermediary accepts that INTERVEST reserves the right to verify the Intermediary's identity via a credit bureau and to do a check on the Intermediary's creditworthiness.

20.38 The Intermediary hereby authorises investigation of the intermediary's identity, and agree to an enhanced ongoing monitoring should the intermediary be deemed to be politically exposed. Politically exposed persons are identified as "natural persons who are or have been entrusted with prominent public functions within the past year, as well as immediate family members or persons known to be close associates, of such persons".

20.39 The Intermediary warrants that the information provided above is correct and that the Intermediary will advise INTERVEST in writing should any of the details completed herein change subsequent to signature hereof by the Intermediary.