Online Share Dealing Terms and Conditions

October 2007

Online Share Dealing allows registered users of AIB Phone & Internet Banking, subject to the Terms and Conditions below, to place orders to buy or sell shares via the Online Share Dealing Website (hereafter called the "Website"). The Stockbroking arm of AIB Group, Goodbody Stockbrokers will execute all orders on behalf of AIB Bank. These Terms and Conditions are supplemental to the Terms and Conditions of AIB Phone & Internet Banking.

The Terms and Conditions below constitute the contract between registered users of AIB Phone & Internet Banking and AIB Bank in respect of the Online Share Dealing Service.

The terms and conditions on which Goodbody Stockbrokers will execute orders for registered users of AIB Phone & Internet Banking on behalf of AIB Bank and are available at the following web site address - www.aib.ie/sharedealing. These will also be available on request from AIB Phone & Internet Banking.

If any inconsistency or conflict arises between the Terms and Conditions of Service of the Online Share Dealing Service as set out below and the Terms and Conditions of Service for Goodbody Stockbrokers, the Terms and Conditions of the Online Share Dealing Service will apply.

Commissions and charges will apply. You should note that these commissions and charges may change from time to time. You should also note that you will have to pay standard additional charges such as value added tax, stamp duty or other similar charges. Other taxes or costs may be payable which are neither payable by nor imposed by AIB Bank or Goodbody Stockbrokers. The Commission Rates are available at www.aib.ie/sharedealing, at your local branch or AIB Phone & Internet Banking

PLEASE READ THESE TERMS AND CONDITIONS CAREFULLY

GENERAL

ELECTRONIC SERVICES

GENERAL

• Regulation
  Allied Irish Banks, p.l.c. is regulated by the Financial Regulator. Allied Irish Banks, p.l.c. (referred to in these terms and conditions as "AIB Bank") of Bankcentre, Ballsbridge, Dublin 4, a company registered in Ireland under Companies Registration Office number 24173.  AIB Group means Allied Irish Banks, p.l.c., its Irish subsidiaries and associated companies from time to time.
  
  Goodbody Stockbrokers is regulated by the Financial Regulator under the Stock Exchange Act 1995. Goodbody Stockbrokers of Ballsbridge Park, Ballsbridge, Dublin 4, a company registered in Ireland under Companies Registration Office number 54223, is the stockbroking arm of the AIB Group, a member firm of the Irish Stock Exchange, a SETS participant of the London Stock Exchange.
  
  
• Legal Issues
  Governing Laws
  Information contained within this Website is provided in accordance with and subject to the laws of the Republic of Ireland. Those laws govern the conduct and operation of this Website. The courts of the Republic of Ireland have exclusive jurisdiction over all claims or disputes arising in relation to, out of, or in connection with this Website, the information contained within and its use.
  
  
• Distribution / Use of this Website
  The Website is not intended for distribution to, or use by, any person in any country where such distribution or use would be contrary to local law or regulation. None of the services or investments referred to in this Website are available to persons resident in any country where the provisions of such services or investments would be contrary to local law or regulation.
  
  
• Intellectual Property
  The intellectual property rights in all information and material developed for the purpose of Online Share Dealing shall remain vested in the owner(s) thereof. You shall use such information and materials only for the purpose of accessing and using Online Share Dealing.
  
  
• About Information contained on this Website
  AIB Bank makes no representation or warranty of any kind with respect to the products described, analysis or information obtained arising from use of the pages on this Website. AIB Bank does not accept any liability for any loss or damage arising out of negligence or otherwise as a result of use or reliance on this information, whether authorised or not. The information contained within this web site does not constitute investment or any other kind of advice.
  
  The use of the Website is at the user's sole risk. Not all investments are necessarily suitable for all investors and investment policy must be tailored to suit the circumstances of the individual. Consequently, AIB Bank recommends you consult your professional adviser before acting on any information in this Website. Investments may fall as well as rise in value and you may not recover the full amount originally invested. Past performance may not be a reliable guide to future performance. Prices displayed are indicative prices and may not be real time prices for the purpose of buying and selling securities. Income may fluctuate in accordance with market conditions and taxation arrangements. Changes in exchange rates may have an adverse effect on value, price or income of the product.
  
  
• Communication
  Communications will be sent to you at the address specified by you in your AIB Phone & Internet Banking account application (or at such other address as you may specify in writing). All communications sent, whether by mail, electronic data communications, fax or otherwise, shall be considered delivered to you, whether actually received or not, if AIB Bank do not receive notice of non-receipt. You must inform AIB Bank within a reasonable time of any change in your name, postal address or email address by contacting AIB Phone & Internet Banking on 0818 724 724 (international +353 1 771 24 24) and thereby following instructions as directed.
  
  
• Information Modification and/or Termination
  AIB Bank reserves the right in its sole discretion to cancel, terminate, or suspend this Website at any time and without prior notice.
  
  
• Trading Account
  Your Trading Account must be a account (in your name) maintained with AIB Bank and accessible via AIB Internet Banking.
  
  You authorise AIB Bank, without requirement for further authentication, to debit your Trading Account amounts due, arising from your use of Online Share Dealing or pursuant to an instruction from Goodbody Stockbrokers.
  
  In the unlikely event that the amount debited from, or credited to, your Trading Account, arising from your use of Online Share Dealing or pursuant to an instruction from Goodbody Stockbrokers, is incorrect, you authorise AIB Bank, without any notice to you, to debit or credit the Trading Account the appropriate amount in order to rectify the error.
  Account restrictions may apply preventing you dealing from certain types of accounts.
  
  
• Daily Trading Limit
  The total value of shares that may be purchased on a daily basis must not exceed maximum of EUR 63,486.90. This may be subject to change. AIB Bank will notify you of any such change.
  
  
• Pledging of Securities
  The securities held in your Goodbody Online account may not be pledged as security to any third party.
  
  
• Links
  This Website has provided hypertext links to sites which are not operated, controlled or maintained by Goodbody Stockbrokers. We do not accept responsibility for the content of any of these Websites and cannot be held responsible for any loss of damage arising either directly or indirectly as a consequence of you accessing them.
  
  
• Positions in shares
  AIB Bank, its associated companies, directors, officers and employees may own or have positions in any securities mentioned within the pages of this Website and may from time to time deal in such securities.
  
  Your attention is drawn to the fact that when you place an order with AIB Bank one of AIB Bank's associated or subsidiary undertakings could be dealing as principal for its own account by selling the investment concerned to you or by buying it from you
  
  AIB Bank will make all reasonable efforts to avoid conflicts of interest and when they cannot be avoided, AIB Bank shall ensure that you are treated fairly;
  

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ELECTRONIC SERVICES

Logon Details

By using Online Share Dealing, you acknowledge and accept that instructions transmitted via the online system will be deemed to have originated from you, if your AIB Phone & Internet Banking registration number and PAC (Personal Access Code) have been used in the logon process. Your PAC (Personal Access Code) should never be disclosed. Instructions may be given to us via online share dealing website or in the event of site unavailability by telephone back up.

Telephone Backup

In the unlikely event of the unavailability of the Online Share Dealing web site you may place orders by contacting AIB Phone & Internet Banking on 0818 724 724 (international +353 1 771 24 24) who will transfer you to Goodbody Stockbrokers between the hours of 8am and 5.30pm Monday to Friday. Trading will only be available between 8am and 5.30pm, and when the Online Share Dealing website is unavailable.

Use of Personal Information

AIB Bank may provide to Goodbody Stockbrokers such personal information about you as may be required by Goodbody Stockbrokers in connection with the Online Share Dealing service.

Liability for Defective Deals

In the unlikely event of unauthorised access to Online Share Dealing and provided the user has not acted fraudulently or in an extremely negligent manner or by disclosing their Personal Access Code to another, AIB Bank shall accept liability for the non-execution or defective execution of a deal through Online Share Dealing limited to the amount of the unexecuted or defectively executed deal.

Service Suspension and/or Termination

AIB Bank reserves the right in its sole discretion without prior notice to you to cancel, terminate or suspend access to Online Share Dealing.

Distribution / Use of this Website

AIB Bank assumes no responsibility for any error, omission, interruption, deletion, defect, delay in operation or transmission, communication line failure, power supply failure, theft, destruction, or alteration of entries posted to this Website.

AIB Bank will not be liable for losses caused directly or indirectly by government restrictions, exchange or market rulings, wars, strikes or other conditions beyond AIB Bank's control.

AIB Bank is not responsible for any problem or technical malfunction of any telephone network or on-line system, server or provider, computer equipment, software, failure of e-mail on account of technical problems or traffic congestion on the Internet, or any combination thereof, including injury or damage to visitors, or any other person's computer related to, or resulting from access to, or downloading material from the Website.

AIB Bank accepts no liability for any infection by computer virus, bug, tampering, unauthorised intervention, fraud, technical failure, or any cause beyond the control of AIB Bank, which corrupts or affects the administration, security, fairness, integrity, or proper conduct of any aspect of the Website.

For the avoidance of doubt, AIB Bank do not accept responsibility for any losses arising from delays or non-receipt of orders by AIB Bank and/or Goodbody Stockbrokers.

Suitability of Investment
You acknowledge and agree that your orders are not reviewed by AIB Bank or Goodbody Stockbrokers prior to their execution and that you are fully responsible for determining the suitability of your orders and your investment decisions.

Discrection of Goodbody Stockbrokers to Execute
Orders to purchase or sell securities over the Website are transmitted by AIB Bank and accepted by Goodbody Stockbrokers for execution at their sole discretion. The Goodbody order execution policy can be viewed here

Timely Execution
Customers are advised that execution may be at a later time than that at which the order is input into the Website. Neither AIB Bank nor Goodbody Stockbrokers will be held liable for any delays.

Large Orders
Certain transactions may be of a size that we may be unable or unwilling to execute the transaction immediately. In these circumstances you should contact AIB Phone & Internet Banking, during market opening hours, who will transfer you to Goodbody Stockbrokers. Goodbody Stockbrokers may process your order but are not obliged to do so. Orders of this nature may incur higher commission than the standard online share dealing charges.

Transaction Postings
AIB Bank does not accept responsibility for any errors arising from delays or erroneous postings of transactions to your Trading Account. Notwithstanding the fact that such delays or errors may occur, it is your responsibility to ensure that:

- when you place an instruction to sell stock you have sufficient stock in hand to enable you to settle the transaction. If you fail to do so AIB Bank may instruct Goodbody Stockbrokers to repurchase the shares on your behalf without being responsible for any losses or diminution in value. The cost of the repurchase together with normal commission charges will be applied to your Trading Account.

- when placing an order to purchase stock you have sufficient funds in your Trading Account to pay for the purchase and to discharge any liabilities already due or which may become due as a result of previous transaction. Furthermore, if the transaction is carried out AIB Bank may instruct Goodbody Stockbrokers to sell the stock and charge your Trading Account with any losses including associated costs.

Third Party Executions
AIB Bank will take all reasonable steps to make sure that your orders are passed completely, accurately and unaltered to Goodbody Stockbrokers as requested. To fulfil your order Goodbody Stockbrokers may pass your order onto third party brokers for execution. AIB Bank accepts no liability for any errors or losses resulting directly or indirectly from omissions by such third party brokers.

Online Valuations
The valuation of your investments may be derived from sources, which are subject to time delay and accordingly AIB Bank do not warrant that such valuations are up to date and accurate at all times. As AIB Bank cannot guarantee the accuracy of such data, AIB Bank will not be held liable for any losses incurred by your use of it.

Stock Exchanges
The Online Share Dealing service will be limited to shares listed on the following Stock Exchanges:

Irish Stock Exchange, FTSE 350, NASDAQ, Dow Jones and selected stocklines at the discretion of Goodbody Stockbrokers.

AIB Bank and Goodbody Stockbrokers reserve the right to change and/or expand the category of Stock Markets where you may purchase shares without further notice to you.
Your attention is drawn to the fact that certain shares may fall off the market where they are listed. If you hold any shares that we no longer make available through this service, you will be able to sell your holding but you will not be able to purchase any further of these shares from the market in question.

Complaints Procedure
Should you have a complaint regarding the service you have received please contact AIB Phone & Internet Banking on 0818 724 724 (international +353 1 771 24 24). If the matter is not resolved to your satisfaction, you may write to: The Manager, Customer Care Unit, AIB Bankcentre, Dublin 4.

If the matter relates specifically to share dealing, it will be referred to the Online Manager, Goodbody Stockbrokers who will ensure that your complaint is dealt with. Goodbody Stockbrokers also offers a Compliance function, which is independent of the Online Manager. You may wish to refer share dealing related complaints to the Head of Compliance for his or her investigation. At all times however you are entitled to refer the matter to the Irish Stock Exchange, 28 Anglesea Street, Dublin 2 (for share dealing related complaints), the Ombudsman for Credit Institutions or the Director of Consumer Affairs, the Financial Services Ombudsman at 3rd Floor, Lincoln House, Lincoln Place, Dublin 2.
Lo Call: 1890 88 20 90.
Tel: 01 6620899 Fax: 01-6620890
Email: enquiries@financialombudsman.ie

Investor Compensation Act, 1998
Under the terms of section 38 (1) of the above Act we hereby notify you:-

(a) that the Investor Compensation Act 1998 provides for the establishment of a compensation scheme and the payment, in certain circumstances, of compensation to certain clients (known as eligible investors) of authorised investment firms, as defined in that Act;

(b) that AIB Bank is a member of that compensation scheme;

(c) that compensation may be payable where money or investment instruments owed or belonging to clients and held, or in the case of investment instruments, administered or managed by the firm, cannot be returned to those clients for the time being and there is no reasonably foreseeable opportunity of the firm being able to do so;

(d) that a right to compensation will arise only:
(i)    if the client is an eligible investor as defined in the Act;  
(ii) if it transpires that the firm is not in a position to return client money or investment instruments owed or belonging to clients of the firm; and   
(iii) to the extent that the client's loss is recognised for the purposes of the Act;

e) that where an entitlement to compensation is established, the compensation payable will be a lesser of:
(i)  90 per cent of the amount of the client's loss which is recognised for the purposes of the Act; or
(ii) compensation of up to €20,000.

Further information on your rights under the Investment Compensation Scheme are available from any of our outlets.

We have included Goodbody Stockbrokers Terms & Conditions for your information. Further information regarding Investment Risk and Goodbody Stockbrokers' Order Execution Policy are available on www.aib.ie/sharedealing under the legal terms & conditions link.

APPENDIX A
TERMS AND CONDITIONS

1. These Terms and Conditions set out the terms on which Goodbody Stockbrokers, Ballsbridge Park, Ballsbridge, Dublin 4 ('we' 'us' 'our') will provide an execution only service for dealing in certain non-complex financial instruments such as:

1. Shares admitted to the Irish Stock Exchange (Official List), the London Stock Exchange (Official List) and other regulated stock exchanges.
   
2. Money market instruments.
   
3. Bonds or other forms of securitized debt (except those with embedded derivatives).
   
4. Undertakings for Collective Investment in Transferable Securities (UCITS).
   
5. Other non-complex financial instruments as may be determined by us from time to time.
   

As an Execution Only Client, you are responsible for ensuring that all investment decisions undertaken are suited to meet your investment objectives, financial position and attitude to risk and we will take no responsibility for making such assessment. You will not, therefore, benefit from the protections provided by our suitability assessment and this may mean that we will execute orders on your behalf that are not suitable for you and which we would not execute on your behalf if you were not an Execution Only Client. Holding unsuitable investment instruments may expose you to greater risk and/or losses than are acceptable to you. In providing this service we are not required to assess whether the investment decisions that you have chosen to undertake are appropriate and/or suitable for you.


2. Most forms of investment involve some risk as to security of capital, certainty of income or marketability. The value of your investment may go down as well as up due to the volatile nature of stock market investment and you may not recover the total amount originally invested.

The value of your investment may be subject to exchange rate fluctuations which may have a positive or adverse effect on the price or income of the financial instruments. Past performance should not be taken as an indication or guarantee of future performance and neither should simulated performance.


3. The service which we offer under this agreement is an Execution Only Securities Dealing service. You are categorized as a Retail Client as defined in the European Communities (Markets in Financial Instruments) Regulations 2007 (as amended from time to time). For this service we are not, in any circumstances in a position to accept requests from clients to be treated under a different client categorisation.


4. Instructions may be given to us by telephone, orally or in writing. Facsimile and email instructions relating to transactions on accounts will not be acted upon unless they are in confirmation of verbal instructions. We may in good faith rely upon and you will be bound by any instructions which purport to be or originate from a person authorised on behalf of you to give such instructions.


5. Our charges will be in accordance with our published rate card in effect at the time the charges are incurred. A copy of our current rate card accompanies this agreement. You will also have to pay any applicable value added tax, stamp duty or similar third party charges. Charges will change from time to time and we will notify you in advance of any such changes. We will send you a list of current charges on request. Details of any commission sharing arrangements which relate to trades conducted on your account will be available on the contract note. We may share management fees with third parties or associated companies. The fee sharing arrangement is normally calculated as a percentage of the fee charged to your account and further details are available on request.

We may receive a trail commission from third parties or associated companies relating to investments transacted with third party providers. The trail commission will be expressed as a percentage of the ongoing value of the investment. Further details relating to these arrangements are available on request.

Foreign Exchange: - If we conduct a transaction for you in a foreign currency it will be necessary either (a) for you to settle with us in that currency or (b) for us to carry out a currency exchange deal. Where we receive funds from you or collect income on your behalf we will lodge them in the currency of receipt unless you do not have an account denominated in that currency and it would be unduly burdensome for us to open such an account. In such instances we may convert the money and hold it in an alternate currency for you. Any currency exchange deals that we conduct on behalf of our clients may include a spread to cover the risk for Goodbody Stockbrokers.

Please note that you are not entitled to refunds for money paid in respect of the purchases of financial instruments and any other costs.


6. Outlined below is a summary of our Conflicts of Interest Policy.

In providing investment services to retail clients, actual or potential conflicts of interest may arise between the interests of the service provider (including its employees and businesses within the same group) and the interests of its clients.

Goodbody Stockbrokers acknowledges the legal and regulatory responsibility to effectively manage actual or potential conflicts of interest which entail a risk of damage to the interests of one or more of its clients. Goodbody Stockbrokers has implemented a Conflicts of Interest Policy to manage such situations. The Policy sets out the legal and regulatory requirements:

-  to identify actual or potential conflicts;
-  to have procedures in place for managing such conflicts and:
-  to keep necessary records.

It is our commitment to disclose to clients the general nature and/or source of conflicts where there is a potential risk of damage to the interests of a client and where our arrangements to manage such conflicts may not be sufficient to ensure, with reasonable confidence, that the client will not be disadvantaged.  The Policy is underpinned by procedures designed to manage conflicts of interest that could arise. This includes procedures:

(i) For internal information barriers to prevent or control exchange of confidential information that may harm the interest of clients;
(ii) For the appropriate level of independence between persons engaged in business activities involving a conflict of interest;
(iii) To ensure that employees adhere to the staff share dealing rules that apply in their business;
(iv) To ensure that staff adhere to rules on company directorships and outside activities which could give rise to a conflict with the interests of a client;
(v) To ensure that staff adhere to the rules governing the giving or receiving of gifts, benefits or inducements;
(vi) For the disclosure of information on soft commission arrangements, where relevant.

We have set out below some examples of the type of interest, relationship or arrangement where a potential conflict may arise when providing services to you. We may:

- be acting as advisor to the company in which you are transacting;
- be advising a company in relation to a new issue in which you wish to participate;
- be dealing as principal or as a registered market-maker in the security;
- be advising a company in relation to a takeover bid as either offeror or offeree;
- be dealing as agent with other clients and matching your transaction against these clients orders;
- have a holding or a dealing position in the financial instrument concerned;
- have other business relationships including the provision of banking and investment banking services to companies in whose securities you are transacting.

7. We are registered with the Irish and London Stock Exchanges as a market maker in equities. If we have dealt as principal in any transaction this will be disclosed on the contract note.


8. We may aggregate your order with the orders of other clients. There is a risk that on some occasions aggregation may work to your disadvantage.


9. Funds and financial instruments held by us on your behalf will be dealt with strictly in accordance with the Financial Regulator's requirements. The banks, including AIB Bank and its subsidiaries, with whom we deposit client funds have given us an acknowledgement that funds in a client account are not that bank's money and that it is held on trust for the client and therefore cannot be subject to a claim in respect of any money owed by Goodbody Stockbrokers to the bank. We do not accept responsibility in the event of a default by an eligible credit institution outside the AIB Group.

Without prejudice and in addition to any other rights we may have at law or otherwise, we shall be entitled without notice to set off any amount from time to time owing by you under or in respect of these Terms and Conditions or any transaction or otherwise howsoever against any amount owing by us to you under or in respect of the same or against all monies at any time held to the credit of any account or accounts of yours with us (whether or not such amounts are denominated in the same currency).

Should you at any stage ask us to remit cash to a third party you will confirm this request to us in writing. We operate an upper limit on such payments, details of which are available on request. Payments of amounts exceeding this limit can only be made payable directly to the client or to the client's own bank account.


10. Interest is not payable on funds held in an earnings, dealing, futures or options account. However we may at our discretion pay interest on certain dealing accounts. We may place on deposit with such bank or other institution and on such terms as we think fit any funds, which we may hold for you from time to time in your dealing account whether in a separate account or in a pooled client account. These deposits may be with deposit takers who are members of the same group as Goodbody Stockbrokers. The terms under which such deposits are managed are as follows:

While the rate of interest credited to your account may be a similar rate, for deposits held on the same terms with other deposit-taking institutions, we will retain for our own use and benefit the difference between the interest actually earned on the client account and the rate paid to you. Funds so deposited are available to Goodbody Stockbrokers for the purpose of settling any balance outstanding on your account/s. Goodbody Stockbrokers is simply acting as agent and is not itself a deposit taking institution. Any transaction carried out by Goodbody Stockbrokers under this authority shall be without liability on our part.


11. We will not borrow funds for you under any circumstances. However, Goodbody Pensioneer Trustees Limited may borrow funds as Pensioneer Trustee with you or on your behalf for investment purposes in an approved Small Self-Administered Scheme. We may hold such funds pursuant to such borrowings.


12. All financial instruments purchased through us can be registered in your name, in the name of a Nominee Company wholly owned by us or in a Nominee Company controlled by an eligible custodian or clearing house. We may hold your financial instruments with an eligible custodian which is an associated company of our firm. Our Nominee Company is operated in accordance with the requirements of the Financial Regulator.

If you are using our Nominee facilities we have the following obligation towards you:

All firms carrying out investment business in the Republic of Ireland need to be authorised or exempt from authorisation by a competent authority. Goodbody Stockbrokers is authorised as a Member of the Irish Stock Exchange and is regulated by the Financial Regulator. It is a requirement of the Financial Regulator that before we provide you with Nominee facilities we notify you of the obligations we have to you in relation to:

a) Registration of your financial instruments and collateral if these will not be registered in your name;

We will ensure that any registerable (including electronic) financial instruments are registered in the name of a Nominee Company wholly owned by us or in a Nominee Company controlled by an eligible custodian or clearing house. Our Nominee Company's sole function is to act as a Nominee Company for Goodbody Stockbrokers clients and in certain instances AIB Group affiliates.

b) Claiming and receiving dividends, interest payments and other rights accruing to you;

We will account to you promptly for all dividends, interest payments and other rights accruing to you and will pay these into your stockbroking account unless instructed otherwise by you. Our policy in relation to any scrip dividend being offered will be to elect for the cash alternative unless you specifically instruct us to take the share alternative.

c) Exercising conversion and subscription rights and

d) Dealing with take-overs, other offers or capital re-organisations;

We will advise you in writing, by telephone or orally of the options available to you in respect of these events and will act on your instructions. In the event of us not being able to contact you to ascertain your instructions we will apply the default option notified by the relevant securities registration agent.

e) Exercising voting rights;

We will not notify you of Annual General Meetings or Extraordinary General Meetings applicable to your investments, nor will we exercise any voting rights attaching to your investments unless you specifically request us to do so.

f) The extent of our liability in the event of a default by an eligible custodian.

We accept responsibility for the safe custody obligations of any custodians or their nominees which are associates or otherwise a member of our group, however we do not accept responsibility for the obligations of any other custodian outside the AIB Group. The eligible custodians used by Goodbody Stockbrokers are members of Regulated Investment Exchanges and are regulated in their home countries.

It is the policy of the firm not to provide Annual Reports relating to investments which you hold through our Nominee arrangement.

13. Financial instruments and funds, which we hold on your behalf in a client account opened with a central bank, a qualifying money market fund, an eligible credit institution, relevant party or eligible custodian may be held in an account with other client assets. In accordance with the Financial Regulator's requirements we will ensure that any such account is:

(a) Designated as a Client Account in the name of Goodbody Stockbrokers or a Nominee Company wholly owned by us or in a Nominee Company controlled by an eligible custodian or clearing house. We will obtain a written acknowledgement from the relevant institution confirming that it is designated as a Client Account and we will be responsible for issuing instructions on the account.

(b) Reconciled to our own records on a regular basis.

(c) Segregated on an accounting basis from other clients funds.

14. Goodbody Stockbrokers may from time to time place your client assets with third party entities that are situated outside Ireland. The legal and regulatory regime applying to any central bank, qualifying money market fund, eligible credit institution, relevant party or eligible custodian, to whom we may pass your client assets, may be different to that of Ireland and in the event of a default of such an institution those assets may be treated differently from the position which would apply if the assets were held in a central bank, qualifying money market fund, eligible credit institution, relevant party or eligible custodian in Ireland. By signing this agreement you hereby consent to Goodbody Stockbrokers passing your client assets to such third parties outside Ireland. By signing this agreement you hereby consent to Goodbody Stockbrokers passing your client assets to such third parties outside Ireland. Should you have concerns about the implications of passing your client assets outside Ireland, we recommend that you take independent legal advice.


15. Your attention is drawn to the fact that we reserve the right at all times and without prior notice to you to sell or realise any investments which we are holding (or entitled to receive) on your behalf in order to meet any liabilities which you may have incurred to us and failed to discharge. You agree that all your investments held at any time by us or any custodian pursuant hereto shall be and remain a continuing security for the payment and satisfaction when due of all monies, securities and other indebtedness and liabilities of whatever nature (including, without limitation, any resulting from any commitment entered into for you and contingent indebtedness, interest and any of our costs and charges, whether paid or incurred in obtaining or attempting to obtain payment or satisfaction from you in perfecting or enforcing this security, or otherwise) which may at any time be or become due or outstanding to us, from you. We may at any time take legal action to recover amounts owing to our firm which you have failed to discharge. Details of any such legal action may be communicated to you in writing, by service of proceedings or otherwise.


16. Telephone calls are recorded to ensure accuracy, to help maintain quality of service and for fraud prevention purposes.


17. Joint Customers. Where this agreement is entered into by us with more than one person:

a) any instruction, notice, demand, acknowledgement or request to be given by or to you under this agreement may be given by or to any one of you. We need not enquire as to the authority of that person to represent the other addressees. That person may be deemed to have given us an effective and final instruction and/or discharge in respect of any of our obligations; and

b) your liabilities under or in connection with this agreement are joint and several; and

c) on the death of any of you, we may treat the survivor(s) as the only person(s) entitled to your investments and to give instructions to us in connection therewith.

18. Where this agreement is entered into by one or more trustees, you:-

a) will notify us of any changes in trustees(s) of the relevant trust; and

b) hereby confirm that, on the basis of competent legal advice, you are all satisfied that each of you have all the necessary powers to enter into this agreement.

19. We reserve the right not to carry out any sale of certificated stock until we receive certificates and properly completed transfer documentation in respect of the sale. If, however we do carry out such transactions (a) we shall not be under any obligation to carry out further such transactions and (b) we reserve the right to repurchase the shares on your behalf without being responsible for any loss or diminution in value. The cost of the repurchase together with normal transaction charges will be applied to your account.


20. We reserve the right not to place instructions for any purchase order until (a) we receive payment in full in respect of that order and (b) we receive full payment for amounts due to us or which may become due as a result of previous transactions. If, however we do carry out such transactions we shall not be under any obligation to carry out further such transactions.


21. We accept at best and limit orders. Any Irish or US limit order which we accept will be valid for seven calendar days, commencing the day the order is placed and expiring at the end of the seventh day, unless previously cancelled on your instruction. Limit orders in other stocks are valid for a period as determined by our counterparty, unless previously cancelled on your instruction, and are subject to change.

Where you place a limit order in financial instruments which are admitted to trading on a regulated market and that order is not immediately executed under prevailing market conditions, you hereby instruct us and any agent acting on our behalf not to make the order public where it is considered appropriate not to do so.

If you wish to receive an update on the status of an order this can be provided to you on request.


22. Where any Irish order is part-filled, the balancing order will be placed as a new order the next day with an expiry date in line with the original order.


23. We reserve the right to seek evidence of identity to comply with applicable money laundering regulations and any other legislation. In the case of delay, or failure to provide satisfactory information, we may take such action as we think fit.


24. Should you have a complaint regarding the service you have received and the matter cannot be resolved by the person with whom you are dealing, you should refer the matter to the Head of Private Clients who will ensure that your complaint is dealt with. The firm also has a Compliance function, which is independent of the Head of Private Clients. You may wish to refer any complaint to the Head of Compliance for investigation. If you are a consumer you are entitled to refer the matter to the Financial Services Ombudsman, 3rd Floor, Lincoln House, Lincoln Place, Dublin 2.


25. Investor Compensation Act, 1998
Under the terms of S. 38 (1) of the Investor Compensation Act 1998 we hereby notify you:-

a) that the Investor Compensation Act, 1998 provides for the establishment of a compensation scheme and the payment, in certain circumstances, of compensation to certain clients (known as eligible investors) of authorised investment firms, as defined in that Act;

b) that we are a member of that compensation scheme;

c) that compensation may be payable where money or investment instruments owed or belonging to clients and held, or in the case of investment instruments, administered or managed by the firm, cannot be returned to those clients for the time being and there is no reasonably foreseeable opportunity of the firm being able to do so;

d) that a right to compensation will arise only:

(a) if the client is an eligible investor as defined in the Act;
(b) if it transpires that the firm is not in a position to return client money or investment instruments owed or belonging to clients of the firm; and
(c) to the extent that the client's loss is recognised for the purposes of the Act;

(e) that where an entitlement to compensation is established, the compensation payable will be a lesser of;

(a) 90 per cent of the amount of the client's loss which is recognised for the purposes of the Investor Compensations Act, 1998; or
(b) compensation of up to Euro20,000.

Further details are available at www.investorcompensation.ie or on request at our offices in a booklet titled "Investor Compensation - How Does It Work"


26. These arrangements may be terminated by either of us at any time by providing written notice to the other. Unless we receive written instructions to the contrary all correspondence, including contract notes, shall be addressed to you at the last address we have on record for you.

These Terms and Conditions and any changes to them will remain in effect from the time you open your account until the account is closed. We may change these Terms and Conditions by sending you a written notice. If you are a Goodbody Online client details of the updated Terms and Conditions of Service will be notified to you via our Website.


27. E & O. E. Errors and Omissions Excepted. We reserve the right at any time to correct errors or omissions on our contract notes, valuations or statements. You will be obliged to settle the trade as dealt by us.


28. We may contact you in writing, by telephone or in person in connection with your account.


29. The regulatory system applicable to Goodbody Stockbrokers is different to that which applies in the United Kingdom.


30. We do not provide taxation advice. It is your responsibility to seek independent professional advice regarding any taxation matter relating to your investments.


31. A contract note will be sent to you by post in respect of every trade on your account. We will assume that you have received the contract note confirming your trade and that the details on it are correct and concur with your instructions unless you contact us within five days of the trade date.


32. On an annual basis we will provide you with a statement detailing the assets held in your account. This statement will be sent to you by post.


33. These Terms and Conditions are governed by and shall be construed in accordance with the laws of the Republic of Ireland and the Courts of Ireland will have exclusive jurisdiction to resolve any disputes.


34. All information and communications provided to you will be in the English language and all information and communications provided by you must also be in the English language.


35. Withdrawals from pension schemes, including retirement annuity contracts, are only permissible subject to Revenue requirements, which vary according to the pension scheme's legal structure. Withdrawals are only permitted based on an instruction signed by the beneficiary and where appropriate the Pensioneer Trustee and one other Trustee PROVIDED THAT no liability shall attach to Goodbody Stockbrokers acting on such instructions which it believes in good faith to have been validly given by persons who are authorised to do so.


36. Goodbody Stockbrokers is regulated by the Financial Regulator, PO Box 9138, College Green, Dublin 2 and is a member firm of the Irish Stock Exchange and the London Stock Exchange.

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