Terms and Conditions for Order Policy

1. Definitions

In the Terms and Conditions:
1.1 “PCNV” means:
Providence Capital N.V.

1.2 “Client” means:
the indivual or legal entity purchasing Providence Capital services under a Client Services Agreement with Providence Capital.

1.3 “Executing Institution” means:
the investment firm selected by Client to whom Providence Capital transfers orders concerning financial instruments for the execution of decisions regarding the management of CLient’s individual assets by Providence Capital, in order to execute them or to have them executed.

1.4 “Conditions” means:
these Terms and Conditions for Order Policy.

1.5 “Fsa” means:
Financial Supervision Act, the Act that allows Providence Capital to, among others, manage Client’s individual assets.

1.6 “Best Execution” means:
measures to be taken by an investment firm in order to obtain the best possible result for its clients when excuting clients’ orders concerning financial instruments.

2. Considerations and objectives

2.1 As an investment firm Providence Capital provides services to Client relating to fiduciary asset management and investment advice. In this context, Providence Capital places orders concerning financial instruments with an Executing Institution. When entering into the Client Services Agreement with Providence Capital, Client selects the specific Executing Institution, based on personal criteria, for custody of his securities and for executing transactions. Thus by signing a client agreement with the Executing Institution Client enters into a direct relationship with the Executing Institution concerned and the selected Executing Institution is obliged to execute according to Best Executin and to provide Client with an order execution policy.

2.2 Without prejudice to the Best execution obligation of the Executing Institution obligation as expressed under article 2.1 of the Conditions, Providence Capital will verify whether the Executing Institution as selected by Client has an order execution regulation enabling the Executing Institution to comly with its Best Execution obligations when Providence Capital places orders for execution or transfers them to the executing Institution concerned.

2.3 These Conditions relate to orders in all financial instruments that are transferred by Providence Capital to the Executing Institution selected by Client.

3. Verification of the Executing Institution

3.1 When verifying as described in paragraph 2.2 of these Conditins, Providence Capital will at least take into account the contractual agreements between the Executing Institution, and Client and the resulting (Best Execution) obligations, the execution policy of the Executing Institution, the exuction costs pf the order in financial instruments and the prive of the orders in financial instruments as executed by the Executing Institution as well as contractual agreements between Providence Capital and Client.

3.2 When determining the relative weight of the factors mentioned in paragraph 3.1 Providence Capital in principal attaches significant weight to the contractual agreements between the Execution Institution and Client and in particular to the resulting Best-Execution obligation for the Executing Institution. This also comprises the specific execution policy of the Executing Institution, the price and the execution costs of the orders in financial instruments applied by this Execution Institution.

3.3 Providence Capital carries out the verification as stated under 3.1 prior to entering into the Client Services Agreement with Client and evaluates at least once a year the execution policy of the Executing Institution along with the quality of the execution of the orders placed by Providence Capital. Client will receive notification of possible shortcomings in that ploicy. Such an evaluation will also be carried out whenever an essential change takes place in the possibilities of the Executing Institution for realizing Best Execution.

4. Taking effect, modification and supplements to the Conditions

4.1 These Conditions are part of the Client Services Agreement between Client and Providence Capital. Providence Capital is aithorized to change or add supplements to the Conditions. These changes or supplements will be binding for Client within 30 days after notification. In case Client does not agree, he must inform Providence Capital in writing within the above-mentioned 30 days.

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