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Home Legal Terms and Conditions


SASFIN TERMS AND CONDITIONS

 * General
 * SWIP
 * Sasfin Securities

General SWIP Sasfin Securities

1. DEFINITIONS

 1. 1. “Platform” means the electronic interface between you and Sasfin that
       enables the execution of transactions;
    2. “Specific T&Cs” means the terms applicable to a specific subsidiary, or
       in relation to a specific product;
    3. “Sasfin”/“we”/“us” means the Sasfin Group, being Sasfin Holdings Limited
       and all of its subsidiaries and any subsidiary of such subsidiaries;
    4. “T&Cs” means the terms and conditions set out in this document that are
       of general application to Sasfin; and
    5. “you”/“your” means the user of the Platform.

2. APPLICATION

 1. 1. These T&Cs and where applicable any Specific T&Cs, supplement the terms
       of any agreement entered into with you. Where there is a conflict between
       these T&Cs and/or any Specific T&Cs and any term of an existing
       agreement, preference will be given to the term which, in the sole
       discretion of Sasfin, provides Sasfin with better relief or a stronger
       contractual position.
    2. These T&Cs and any applicable Specific T&Cs set out the agreement between
       you and Sasfin regarding your use of the Platform and any ancillary
       matter thereto.
    3. By logging in you have accepted these T&Cs and any applicable Specific
       T&Cs.

3. ACCESS

 1. 1.  You will be responsible for sourcing and maintaining, at your expense,
        any hardware, software, mobile, network (such as internet access),
        wireless and/or data services and any upgrades required for you to
        access the Platform.
    2.  Failure to use the recommended hardware and software may result in the
        Platform not being available or not operating properly and may also
        expose you to the risk of fraud. Sasfin shall not be liable for any
        error or delay that may arise due to faulty equipment or software or the
        fault or negligence of your service providers and/or if you are unable
        to access the Platform because of your equipment, software and/or
        service providers.
    3.  If you have any problems with connection or hardware or software, you
        must resolve the problem with your service provider.
    4.  We shall not be liable for any loss or damage incurred by you or any
        third party as a result of any of the following events:
        1. malfunction or defect of the hardware and/or software, which may
           include the internet used by you to access the Platform; or
        2. any act or failure to act by a service provider, which may include a
           mobile provider, network provider or host provider.
    5.  For your security, when you register on the Platform you will be asked
        to create a username and password. The username and password will be
        your access information whenever you want to login to the Platform,
        which may include a personal identification number (PIN).
    6.  Once you are registered, you will need the correct access information
        for us to verify your identity or take such steps acceptable to us to
        verify your identity in order to login to the Platform. We may amend our
        registration and logon processes if we deem it necessary in our sole
        discretion.
    7.  Once you have successfully logged into the Platform, all electronic
        communications sent to us or created by you will be treated as valid,
        authentic and legally binding on you as if you have signed a written
        communication. We reserve the right not to act on any instruction
        received from you or to cancel your access (temporarily or permanently)
        if we are unable to verify your identity or if you enter the wrong
        access information.
    8.  We will act on and accept all instructions and/or transactions done
        after you successfully log in to the Platform as if done by you even if
        the instruction and/or transaction occurred without your knowledge,
        consent or authority.
    9.  You are not permitted to access the Platform using someone else’s access
        information or personal information.
    10. If you use any of our mobile APPs you agree that we may obtain your
        mobile number from your network provider. We may, but are not obliged
        to, use your mobile number to identify you.

4. PROTECTING YOUR ACCESS INFORMATION

 1. 1. You must keep your access information secret and may not allow anybody to
       use your access information.
    2. You must take all reasonable precautions to prevent unauthorised access
       to the Platform using your access information.
    3. We reserve our rights to block your access to the Platform at any time to
       maintain or restore security if we reasonably believe that your access
       information has been or may be obtained or used by an unauthorised
       person.

5. SASFIN’S OBLIGATIONS

 1. 1. Sasfin undertakes to ensure as far as reasonably possible that the
       Platform is available to you in a secure and reliable manner. We shall
       take all reasonable steps to try to prevent harm and loss to you. Except
       to the extent that we acted fraudulently or with gross negligence, we
       accept no responsibility for any loss or damage suffered by you, whether
       it is direct or indirect, due to your use of, or inability to use, any of
       the services we offer you and/or the Platform.
    2. The purpose of the Platform is to provide you with self-service
       capabilities. Should the Platform be down or unavailable, you may contact
       us via phone or email or visit our offices.
    3. Notwithstanding anything to the contrary herein, Sasfin shall not be
       liable for consequential damages, including without limitation, loss of
       time, loss of production, loss of materials, loss of labour fees, loss of
       earnings or loss of profits arising, directly or indirectly, due to your
       use or inability to use the Platform.
    4. Sasfin shall not be liable for any loss or damage, unless caused by
       Sasfin’s gross negligence or wilful misconduct, for any of the following:
       1. any loss or damage which you or any other person may suffer due to
          unauthorised access, distortion, interception and/or monitoring by any
          person;
       2. any loss or damage which you may suffer if you did not take reasonable
          steps to safeguard your account, access information and/or follow the
          steps recommended by us;
       3. late or delayed transactions;
       4. loss or damage due to unauthorised use of the Platform, including
          where you exceed your authority;
       5. the Platform not being available;
       6. any errors or delays in communication systems or any other
          circumstances beyond our control.

6. INTELLECTUAL PROPERTY

Subject to any agreement you may have with Sasfin, the contents of the Platform,
including trademarks, copyright and patents are owned by Sasfin.

7. CANCELLATION

 1. 1. You may cancel these T&Cs and where applicable the Specific T&Cs at any
       time by notifying us in writing that you would like to cancel them.
    2. We may cancel these T&Cs and where applicable the Specific T&Cs at any
       time after giving you reasonable notice.
    3. We may cancel these T&Cs and where applicable the Specific T&Cs without
       notice if any of the following happens:
       1. any underlying related agreement with Sasfin is terminated;
       2. you commit fraud or we suspect you to have done so;
       3. we believe that your behaviour was inappropriate or is or suggests
          misconduct;
       4. you are in breach these T&Cs, or the Specific T&Cs; or
       5. we are required by law to cancel.

8. CHANGES

 1. 1. We reserve the right to amend, update or replace these T&Cs and any
       applicable Specific T&Cs at any time, without notice to you. You should
       regularly check these T&Cs and any applicable Specific T&Cs before using
       the Platform to keep informed of any changes to the T&Cs and any
       applicable Specific T&Cs.
    2. Your continued use of the Platform will be taken to be your acceptance of
       any changes. If you do not agree to the changes, you may choose not to
       use the Platform.

9. GENERAL DISCLAIMER

 1. 1.  Sasfin accepts no responsibility for any loss or damage of whatsoever
        nature that may be caused or brought about, directly or indirectly, by
        the use of the Platform or reliance on any information contained on the
        Platform. While every reasonable effort is made to keep information up
        to date and correct, any information quoted on this site must be
        confirmed by Sasfin. Sasfin does not accept any liability for reliance
        placed on quoted rates in the absence of confirmation.
    2.  Calculators available on the site are intended only to provide an
        indication of amounts calculated. Since Sasfin has no control over the
        information and variables entered by the user, figures generated by the
        calculators shall not be binding on Sasfin.
    3.  For your convenience and from time to time, certain links to third party
        websites may be available to you on the Platform. Such third party
        websites and links are not under the control of Sasfin. Accordingly,
        Sasfin is not responsible for or liable to you for the content of the
        third party websites nor for your use of the third party website and/or
        link. Sasfin does not endorse any third party website or link. Your use
        of the link and the third party website is at your own risk.
    4.  You may not:
        1. use the Platform for any unlawful or prohibited purpose;
        2. use the Platform in any manner that could damage, disable,
           overburden, impair or otherwise interfere with the Platform or any
           other person’s use of the Platform;
        3. obtain or attempt to obtain any materials or information not
           intentionally made available to you by Sasfin;
        4. circumvent, disable or otherwise interfere with security-related
           features of the Platform, including features that prevent or restrict
           the use or copying of any content or enforce limitations on the use
           of the Platform and/or the content contained therein.
    5.  Use of the Platform is at your own risk and Sasfin bears no
        responsibility or liability with regard to your use of the Platform.
    6.  Except to the extent that Sasfin acted fraudulently or with gross
        negligence, Sasfin shall not be responsible and disclaims all liability
        for any loss, liability, damage (whether direct or consequential) or
        expense of any nature whatsoever which may be suffered as a result of,
        or which may be attributable to, directly or indirectly, the use of or
        reliance upon any information, links or service provided through the
        Platform or other electronic medium.
    7.  While every effort is made to ensure the security of information entered
        into the Platform, information may be intercepted, corrupted, lost
        and/or subject to interference. Sasfin does not accept liability for any
        errors or omissions in the contents of messages or damages resulting
        from opening a message, should it contain a virus.
    8.  Sasfin makes no representations about the suitability, reliability,
        availability and accuracy of the information, documents, software,
        products and/or services provided by it.
    9.  In terms of certain hyperlinks made available to you, you may be given
        access to and may be able to view certain information and view, change,
        alter or print certain documents. You acknowledge and agree by your use
        of the hyperlink and the Platform:
        1. that all information and documents received, displayed, viewed and/or
           accessed by you shall at all times remain the property of Sasfin
           exclusively;
        2. access or viewing privileges to such information and documents
           granted to you by Sasfin does not confer any rights of any nature
           whatsoever in such information or documents to you;
        3. you are not permitted to disclose any information or document without
           the prior written consent of Sasfin;
        4. you will maintain the confidentiality of information and documents
           received, sent or accessed through the Platform or any hyperlink sent
           to you; and
        5. you will not use the information and documents received, sent or
           accessed through the Platform or any hyperlink sent to you for any
           unlawful purpose or any purpose other than the purpose, and within
           the parameters, set out by Sasfin.
    10. You hereby indemnify Sasfin against any loss, liability, damage (whether
        direct or consequential) or expense of any nature whatsoever which may
        be suffered by you or any third party as a result of or which may be
        attributable directly or indirectly to your use of or reliance of any
        information offered on or via the Platform or as contemplated in this
        clause.

10. GENERAL

 1. 1. You warrant that you have the necessary legal capacity and authority to
       enter into and be bound by these T&Cs and any applicable Specific T&Cs.
    2. By accepting these T&Cs and any applicable Specific T&Cs, you are
       considered to have read and understood them. You warrant that you have
       accepted such terms and conditions and that you will abide by them.

11. PERSONAL INFORMATION

Our Privacy and Cookie Notice explains what personal information we collect
about you when you use the Platform, and you can view our Privacy and Cookie
Notice online by clicking here. Please note that when you agree to these T&Cs
and any applicable Specific T&Cs you shall be deemed also to have read,
understood and agreed to our Privacy and Cookie Notice in its entirety.

12. LEGAL NOTICES

 1. 1. Sasfin shall be entitled to cede, assign and delegate all or any of its
       rights and obligations in terms of these T&Cs and any applicable Specific
       T&Cs.
    2. All provisions of these T&Cs and any applicable Specific T&Cs are,
       notwithstanding the manner in which they have been grouped together or
       linked grammatically, severable from each other. Any provision of these
       T&Cs and any applicable Specific T&Cs which is or becomes unenforceable
       in any jurisdiction, whether due to voidness, invalidity, illegality,
       unlawfulness or for any reason whatever, shall, in such jurisdiction only
       and only to the extent that it is so unenforceable, be excluded from the
       agreement between us and the remaining provisions of these T&Cs and any
       applicable Specific T&Cs (as the case may be) shall remain in full force
       and effect.
    3. Should Sasfin be prevented from fulfilling any of its obligations to you
       as a result of any event of force majeure, then those obligations shall
       be deemed to have been suspended to the extent that and for as long as
       Safin is so prevented from fulfilling them. In the event that such event
       continues for more than 14 days after it has first occurred then Sasfin
       shall be entitled (but not obliged) to terminate all of its rights and
       obligations in terms of or arising out of these T&Cs and any applicable
       Specific T&Cs by giving notice to you.
    4. An event outside of our control shall mean any event or circumstance
       whatsoever which is not within our reasonable control including, but not
       limited to, vis major, casus fortuitus, any act of God, strike, theft,
       riots, explosion, insurrection or other similar disorder, war (whether
       declared or not) or military operations, the downtime of any external
       telecommunications line, power failure, international restrictions, any
       requirement of any international authority, any requirement of any
       government or other competent local authority, any court order, export
       control or shortage of transport facilities.
    5. These T&Cs and any applicable Specific T&Cs shall be governed by and
       construed in accordance with the laws of the Republic of South Africa.
    6. You hereby consent to the exclusive jurisdiction of the High Court of
       South Africa in respect of any disputes arising in connection with the
       services referred to herein, these T&Cs and any applicable Specific T&Cs
       or any matter related to or in connection therewith.

These Specific T&Cs for SWIP Managed Accounts (“Specific T&Cs) for Sasfin Wealth
Investment Platform Proprietary Limited (“SWIP”) must be read together with
Sasfin’s T&Cs and shall supplement the terms of any agreement entered into with
you.



1. PERFORMANCE CALCULATIONS AND CHARTS

 1. 1. Performance calculations and charts are formulated for portfolios
       constructed using exchange traded funds (‘ETFs’).
    2. Calculations and performance charts have been prepared as follows –
       1.  It is assumed that contributions and withdrawals are increased
           annually by inflation.
       2.  All income from investments and lump sum withdrawals at retirement
           are assumed to be re-invested in the portfolio.
       3.  Capital gains, dividends and interest income are not taxed within a
           retirement annuity fund or a living annuity portfolio.
       4.  Where applicable, tax on capital gains, dividends and interest income
           within an ETF portfolio (non-retirement taxable portfolio) are
           assumed to be deducted from the portfolios using a marginal tax rate
           of 30% and a dividend tax rate of 20%.
       5.  Actual tax paid by an investor will depend on their individual
           circumstances and will be different from what is assumed in the
           projections.
       6.  It is assumed that at retirement, all investments not already in a
           retirement annuity fund will be transferred to a retirement annuity
           fund shortly before retirement and be used to purchase a living
           annuity.
       7.  For projection purposes, withdrawals from a living annuity are not
           limited to the regulatory maximum of 17.5% of the portfolio value,
           instead withdrawals are assumed to continue at the selected level
           until the portfolio value reaches zero. This is done in order to give
           a clear visual representation of when available income from the
           living annuity is no longer expected to meet the income requirements
           of the investor. In reality the withdrawals will be limited to the
           statutory maximum percentage of the portfolio value.
       8.  Withdrawals from a living annuity may be taxable in the hands of the
           investor. No allowance is made for this in the projections.
       9.  All SWIP fees have been allowed for.
       10. The actual average Total Expense Ratio (TER) of the ETF’s used to
           construct the portfolios has been used in our calculations. These are
           subject to change over time and are dependent on the ETF’s being
           used.
    3. Further disclosures –
       1. The actual proportions of asset classes and individual funds within
          the portfolios will change over time as individual funds perform
          differently. The portfolios will be rebalanced periodically but the
          actual allocations will never be precisely the same as the targeted
          allocations.
       2. Past returns are no guarantee of future returns. All projected values
          are based on a number of assumptions about the future. Actual
          experience will depend on market conditions.
       3. The projections are based on the given investment amounts. If actual
          investment amounts are different, the projections will be different.
       4. Our risk chart and estimates of potential return range, are based on
          historic data and use confidence intervals. Actual volatility or range
          of returns will depend on market conditions.
       5. SWIP does not guarantee performance.
       6. Life expectancy is set to the 75th percentile of standard annuitant
          mortality tables. This translates into a one in four chance that the
          investor will live longer than the stated estimate.
       7. The South African Annuitant Standard Mortality Tables 1996–2000
          (SAIML98 and SAIFL98), produced by the Continuous Statistical
          Investigations Committee of the Actuarial Society of South Africa are
          used.

2. RETIREMENT POLICIES, RETIREMENT ANNUITIES & RETIREMENT FUNDS

 1. 1. Policies are issued and underwritten by various life companies.
    2. Assets supporting liabilities under annuities are owned by various
       retirement funds and held in the name of the relevant retirement funds or
       its appointed nominee.
    3. Retirement fund assets must comply with the requirements of regulation 28
       of the Pension Funds Act 24 of 1956.
    4. Investments become active once assets have been received from the
       investor and proof of deposit of such assets have been supplied.
    5. The rules of the retirement funds are available to the investor on
       request.
    6. Retirement annuity disclosures –
       1. The benefits after retirement will be taxable.
       2. A maximum of one-third of a retirement annuity can be taken in cash at
          retirement and the balance needs to be used to purchase an annuity.
       3. The cash lump sum is tax free within certain limits and the amounts in
          excess of these limits are taxable.
       4. The annuity is fully taxable as income.
    7. Pension fund disclosures –
       1. The benefits after retirement will be taxable.
       2. A single cash withdrawal of the full value of the investment can be
          made over the lifetime of the investment before retirement.
       3. A maximum of one-third of a pension fund can be taken in cash at
          retirement and the balance needs to be used to purchase an annuity.
       4. Any cash withdrawal is tax free within certain limits and the amounts
          in excess of these limits, on a cumulative basis, are taxable.
       5. Any value remaining after a single lifetime withdrawal and/or a
          one-third withdrawal at retirement must be used to purchase an
          annuity.
       6. The annuity is fully taxable as income.
    8. Provident fund disclosures –
       1. The benefits after retirement will be taxable.
       2. A single cash withdrawal of the full value of the investment can be
          made over the lifetime of the investment before retirement.
       3. A withdrawal of the full value of a provident fund can be taken in
          cash at retirement and the balance needs to be used to purchase an
          annuity.
       4. Any cash withdrawal is tax free within certain limits and the amounts
          in excess of these limits, on a cumulative basis, are taxable.
       5. Any value remaining after a single lifetime withdrawal and / or a
          one-third withdrawal at retirement must be used to purchase an
          annuity.
       6. The annuity is fully taxable as income.
    9. Living annuity disclosures –
       1. A living annuity can be purchased with the proceeds of a retirement
          fund.
       2. An amount between 2.5% and 17.5% of the value of the investment must
          be drawn as income annually, subject to any regulatory or legislative
          changes.
       3. Income for the annuity is taxable in the investor’s hands.
       4. SWIP or the investment managers appointed by the retirement funds
          and/or SWIP may vote on behalf of the retirement funds in respect of a
          ballot conducted by collective investment schemes, companies and any
          other investment vehicles in so far as the ballot relates to the
          investments managed by SWIP or the appointed investment manager, on
          behalf of the investor.

3. RISK DISCLOSURES

 1. 1. SWIP or appointed investment managers use their discretion to invest on
       the investor’s behalf with great care and diligence. However, the
       investor acknowledges that there is a risk associated with investing in
       the financial products involved. The value of the investments and income
       may rise, as well as fall, and there is a risk that you may suffer
       financial losses.
    2. Refer to the provided SWIP online tools or the fact sheets, the
       instrument product provider or the appointed investment manager to make
       an informed decision.
    3. Consider getting financial advice from an independent financial advisor
       when making any investment decisions.
    4. Investment returns or policy benefits should be measured against the
       purchasing power of money when benefits are paid, and the real return is
       the rate of return in excess of inflation.
    5. When investing in foreign investment products it is important to be aware
       of the following risks –
       1. Obtaining access to investment performance information may be more
          difficult than for South African based investments.
       2. Investments are exposed to different tax regimes that may change
          without warning which may influence investment returns.
       3. Exchange control measures may change in the country of investment
          which may affect accessibility to the invested capital.
       4. The rand exchange rate can strengthen or weaken against the exchange
          rate of the foreign currency(ies) in which your money is invested.
          This may result in changes in the value of offshore investments and
          may create a loss of capital or reduced returns when the money is
          returned to South Africa in Rands.

4. RECEIVING AND INVESTMENT OF FUNDS

 1. 1. Funds will be transferred to the relevant investment platform or
       investment manager once it reflects in the correct institution’s bank
       account and proof of deposit from the investor’s bank has been received.
    2. SWIP will not be legally responsible for any damages suffered due to
       payments made to an incorrect bank account or proof of payment not sent
       or delayed.
    3. No cash payments will be accepted.
    4. SWIP products can invest directly in instruments listed on various local
       and global exchanges. Prices of listed instruments trade in a live
       environment and day to day as well as intraday prices can vary
       materially. While every effort is made not to delay the investment of
       funds in financial markets, the timing decision of investing funds, is at
       the sole discretion of the appointed investment manager.
    5. Offshore exposure can be achieved via locally listed instruments
       providing exposure to offshore markets or via transferring funds
       physically offshore and investing in offshore instruments directly. While
       every effort is made not to delay the investment of funds in financial
       markets, the decision of how to gain this offshore exposure, the timing
       of transferring funds and/ or investing funds, is at the sole discretion
       of the appointed investment manager.
    6. The investor indemnifies and holds SWIP harmless against any loss or
       damage which it may suffer as a result of any market movement from the
       time that funds are received until such time as the funds are fully
       invested, including any delays related to the process of moving funds
       physically offshore.

5. WITHDRAWAL OF FUNDS

 1. 1. While effort is made not to delay the liquidation of an investment and to
       pay out the proceeds, market liquidity and other market forces can delay
       the process.
    2. The time taken to settle the sale of a listed instrument varies depending
       on the exchange. Any financial instruments sold must first settle before
       the proceeds can be paid out to the investor.
    3. Withdrawals from retirement funds or living annuities are governed by
       various laws and regulations that must be complied with.
    4. Withdrawals made from retirement funds require tax directive applications
       to be approved by SARS before any funds may be paid out.
    5. The investor indemnifies and holds SWIP harmless against any loss or
       damage which it may suffer as a result of any timing issues in the
       liquidation of investments or pay-out of funds.

6. APPLICATION FORMS & INSTRUCTIONS

 1. 1. If an application form or any other instruction is sent to SWIP, the
       responsibility of ensuring that it has been received and actioned by SWIP
       will lie with the investor or its financial advisor. A confirmation in
       the hands of the sender will not be regarded as proof that SWIP received
       a specific document. SWIP does not accept any liability and
       responsibility for having acted on a document that on the face of it
       appears valid and you consequently bear the risk of fraud and/or forgery.
    2. SWIP will only process instructions that are submitted on SWIP standard
       instruction forms.
    3. SWIP reserves the right to withhold processing of any unclear, incomplete
       or unambiguous requests forwarded by the investor.
    4. SWIP will not be held liable for any damages or losses of whatever nature
       arising out of SWIP’s failure to action an instruction due to occurrences
       beyond the control of SWIP, nor will SWIP be liable for any loss incurred
       due to incorrect information being supplied for the investor.

7. FEES, CHARGES & COMMISSIONS

 1. 1. SWIP does not charge any upfront fees or early redemption penalties.
    2. SWIP will fully disclose any soft commissions, participation in spreads,
       rebates, fee reductions, or any discounts from entities for placing funds
       with them, in cases where such benefit is not reverted back to the
       investor.
    3. If any change in law or regulation causes an increase in costs, resulting
       in increased fees or requires additional fees, such increase in fees will
       be disclosed to the investor.
    4. Certain platform, underwriting, administrative, custody, brokerage or
       other fees charged for separately by third parties used by SWIP in the
       provision of its products and services, may be subject to change from
       time to time. Any material changes will be communicated to the investor.
    5. Any external costs, including but not limited to, bank charges and tax
       directive costs, incurred in the processing of any instructions will be
       passed on to the investor.
    6. SWIP earns a variety of revenue streams for facilitating and/or making
       its products and services available on the Platform. These include but
       may not be limited to brokerage on trades executed and commission on
       facilitating forex transactions.

1. INTERPRETATION OF AND BACKGROUND INFORMATION ON THE MANDATE

 1. 1. Interpretation
       1. In this Mandate, unless the context requires otherwise:
          1. Words importing any one gender shall include the other two genders;
          2. The singular shall include the plural and vice versa; and
          3. A reference to natural persons shall include created entities
             (incorporated or unincorporated) and vice
       2. In this Mandate:
          1.  “Bank” has the meaning ascribed thereto under the Banks Act and
              includes a mutual bank as defined in section 1 of the Mutual Banks
              Act 124 of 1993;
          2.  “Banks Act” means the Banks Act 94 of 1990;
          3.  “BEE compliant person” shall have the meaning ascribed thereto in
              the JSE Equities Rules;
          4.  “BEE Contract” shall have the meaning ascribed thereto in the JSE
              Equities Rules;
          5.  “BEE Securities” means the securities in respect of which the
              issuer requires that the registered owners or, if the Registered
              owners are nominees for beneficial owners, the beneficial owners,
              are BEE compliant persons for a period of time as prescribed by
              the issuer;
          6.  “Client” or “you/your” means the Client referred to on the cover
              page hereof and whose details are set out in the Client Details
              Schedule;
          7.  “Controlling Body” means the controlling body of the board of
              directors of the JSE which is the governing body managing the
              affairs of the JSE;
          8.  “Confidential Information” means any information, not in the
              public domain, regarding the affairs of the Client, which comes to
              the attention of Sasfin pursuant to its exercise of this Mandate,
              irrespective of the format thereof;
          9.  “Corporate Action” means an action taken by an issuer or any
              entity or third party, which affects the registered owner and the
              beneficial owner of the equity securities in terms of an
              entitlement;
          10. “Data Message” means data generated, sent, received or stored by
              electronic means and includes a stored record;
          11. “Election” means the exercise of any or all of the elective,
              voting, conversion, redemption or other rights attached to
              securities;
          12. “FICA” means the Financial Intelligence Centre Act 38 of 2001;
          13. “Financial Markets Act” means the Financial Markets Act, 19 of
              2012;
          14. “Investments” means:
              1. Equity securities;
              2. JSE listed securities traded on the JSE derivatives trading
                 system or the Yield-X trading system;
              3. Securities listed on an exchange in the Republic of South
                 Africa other than the JSE;
              4. Participatory interests in a collective investment scheme as
                 defined in the Collective Investment Schemes Control Act, No.
                 45 of 2002, and units or any other form of participation in a
                 foreign collective investment scheme approved by the Registrar
                 of Collective Investment Schemes in terms of section 65 of that
                 Act;
              5. Units or any other form of participation in a collective
                 investment scheme licensed or registered in a foreign country;
              6. Funds intended for the purchase of such securities, units or
                 participation;
              7. Money Broking Transactions; and
              8. Investments similar to or related to any of the foregoing or
                 any financial product contemplated in the Relevant Law, or any
                 other securities or financial instruments, whether in the
                 Republic of South Africa or otherwise, specified by you to us
                 in Writing;
          15. “JSE” means the JSE Limited, a listed company that carries on the
              business of a stock exchange under that name under a stock
              exchange licence granted in terms of the Financial Markets Act;
          16. “JSE Equities Rules” means the rules of the JSE and the directives
              published from time to time by the Controlling Body;
          17. “Mandate” means the Sasfin Mandate and all of the annexures and
              schedules thereto and includes these Standard Terms and
              Conditions;
          18. “Member” means this mandate inclusive of all Parts;
          19. “Money Broking Transaction” means funds accepted by a Member from
              a Client and invested by the Member in the money market with one
              or more Banks, including without limitation Sasfin Bank Limited,
              in terms of the JSE Equities Rules, or any other Relevant Law and
              subject to any conditions published by the Registrar of Banks;
          20. “Parts” means Part One, Part Two, Part Three, Part Four and Part
              Five;
          21. “Prime rate” means the prime rate of interest as charged by
              Nedbank Limited from time to time to its best customers on
              overdraft;
          22. ‘‘Personal Information’’ means information relating to an
              identifiable, living, natural person, and where it is applicable,
              an identifiable, existing juristic person, including, but not
              limited to:
              1. information relating to the race, gender, sex, pregnancy,
                 marital status, national, ethnic or social origin, colour,
                 sexual orientation,age, physical or mental health, well-being,
                 disability, religion, conscience, belief, culture, language and
                 birth of the person;
              2. information relating to the education or the medical,
                 financial, criminal or employment history of the person;
              3. any identifying number, symbol, e-mail address, physical
                 address, telephone number, location information, online
                 identifier or other particular assignment to the person;
              4. the biometric information of the person;
              5. the personal opinions, views or preferences of the person;
              6. correspondence sent by the person that is implicitly or
                 explicitly of a private or confidential nature or further
                 correspondence that would reveal the contents of the original
                 correspondence;
              7. the views or opinions of another individual about the person;
              8. the name of the person if it appears with other personal
                 information relating to the person or if the disclosure of the
                 name itself would reveal information about the person; and
              9. includes the personal information of children under the age of
                 18;
          23. “POPIA” means the Protection of Personal Information Act 4 of
              2013;
          24. ‘‘Processing’’ or “Process” means any operation or activity or any
              set of operations, whether or not by automatic means, concerning
              personal information, including:
              1. the collection, receipt, recording, organisation, collation,
                 storage, updating or modification, retrieval, alteration,
                 consultation or use;
              2. dissemination by means of transmission, distribution or making
                 available in any other form; or
              3. merging, linking, as well as restriction, degradation, erasure
                 or destruction of information;
          25. “Relevant Law” means, as at the Date of Signature Hereof, any one
              or more of the JSE Equity Rules, FICA, the Banks Act and the
              Financial Markets Act and such other legislation as may become
              applicable to Sasfin, the Investments and/or the transactions
              contemplated under this Mandate, from time to time, and a
              reference to “Relevant Law” shall embrace a reference to each of
              them individually as may be appropriate from the context;
          26. “Sasfin” or “us/we” means Sasfin Securities Proprietary Limited
              and where appropriate its wholly- owned subsidiaries or affiliates
              from time to time and a reference to “Sasfin” or “us/we” shall
              embrace reference to each of them individually as the context may
              require;
          27. “Sasfin Group” means Sasfin Holdings Limited including all of its
              subsidiary companies and any subsidiaries of any such subsidiary
              from time to time;
          28. “Sasfin Holdings Limited” means a public company duly incorporated
              and registered in accordance with the laws of the RSA;
          29. “Special PI” means, in relation to a natural or juristic person –
              1. the religious or philosophical beliefs, race or ethnic origin,
                 trade union membership, political persuasion, health or sex
                 life or biometric information;
              2. the criminal behaviour, to the extent that such information
                 relates to – 1.2.29.2.1. the alleged commission of any offence;
                 or
                 1. any proceedings in respect of any offence allegedly
                    committed including the disposal of such proceedings;
          30. “Standard Terms and Conditions” means these standard terms and
              conditions applicable to Mandates entered into between Sasfin and
              its Clients contained in this document;
          31. “VAT” means value added taxation; and
          32. “Writing” or “in Writing” means a written copy of an instruction
              signed by the relevant party, or an e-mail instruction from the
              relevant party, from the e-mail address chosen in terms of clause
              12 hereof and “Written” shall have the corresponding meaning;
       3. Any reference in this Mandate to “Date of Signature Hereof” shall be
          read as meaning a reference to the date of signature of this Mandate
          by the Client;
       4. Any reference to an enactment is to that enactment as at the Date of
          Signature Hereof and as amended or re-enacted from time to time;
       5. Where figures are referred to in numerals and in words, if there is
          any conflict between the two, the words shall prevail;
       6. Expressions defined in this Part Four shall bear the same meanings in
          the other Parts or annexures to this Mandate which do not themselves
          contain their own conflicting definitions;
       7. Where any term is defined within the context of any particular clause
          in this Mandate, the term so defined, unless it is clear from the
          clause in question that the term so defined has limited application to
          the relevant clause, shall bear the meaning ascribed to it for all
          purposes in terms of this Mandate, notwithstanding that that term has
          not been defined in this interpretation clause; and
       8. The words and phrases used in this Mandate shall, unless the contrary
          appears have the meaning ascribed to them in the Relevant
    2. Background Information
       1. This is a Mandate as contemplated in the Relevant Law and authorises
          Sasfin to make investments and administrative decisions on the basis
          set out in Part One of the
       2. Unless stipulated to the contrary, all transactions and processes
          referred to in this Mandate are regulated by the JSE, and/or the
          applicable Relevant

2. AUTHORISATION AND MANDATE

By your signature hereto, you authorise us to manage your Investments, subject
to the terms and conditions contained in this Mandate and subject to the
Relevant Law. Sasfin accepts this Mandate and authority subject to the terms and
conditions contained herein and subject to the Relevant Law.

3. INVESTMENTS

 1. 1. Sasfin shall manage your Investments on the basis chosen by you in Part
       One hereto. To this end, you hereby appoint us as your duly authorised
       agent on your behalf to purchase and sell and to enter into any
       transaction, both in the Republic of South Africa and, if and when
       permitted by law and if provided for by the Foreign Investment Schedule
       referred to in Part One, in foreign countries in respect of the
       Investments. By your signature hereof you authorise us to sell or
       alienate any listed securities you deposited with us as contemplated in
       s20 of the Financial Markets
    2. Sasfin may, in our capacity as manager of your Investments in terms of
       this Mandate and subject to the Relevant Law, sell to you, or buy from
       you, any Investment for our own
    3. Corporate Actions
       
       Unless otherwise specified by you in Writing or through a Data Message
       stored on a platform used by Sasfin for the purpose of processing
       Corporate Actions, Sasfin is entitled to make an Election on securities
       forming.
    
    4. Physical Scrip Unless otherwise advised by you to us in Writing:
       1. You warrant that all such Investments as you may deliver or cause to
          be delivered to us in terms of this Mandate are not subject to any
          lien or charge and that they shall remain free of any such lien or
          charge while they are held by us in safe custody;
       2. All Investments other than funds in the form of cash and bearer
          instruments managed by us in terms of this Mandate shall be registered
          in your name or the name of Stockshare Nominees Proprietary Limited as
          nominee on your behalf and for your benefit, unless they are bearer
          instruments and are thus not capable of being so registered; and
       3. All such Investments shall be held by us in safe custody (in fungible
          consolidated share certificate form if appropriate) on your behalf
          subject to the applicable legislation and, in particular, the JSE
          Equities
    5. Strate Approved Securities
       1. Your Investments will be registered in the name of Stockshare Nominees
          Proprietary Limited, reflected as an electronic entry in a central
          securities depository participant subject to the Relevant Law
          (particularly s22(1) of the Financial Markets Act) and any other
          relevant legislation and the JSE Equities
       2. If you are not an account holder in such depository or registry, we
          shall be entitled to create an electronic entry in respect of the
          Investments in the depository or registry through a participant of our
       3. Notwithstanding anything contained in 3.5.2, unless you notify us to
          the contrary, any such Investments shall be held to your order via the
          participant’s nominee or our
       4. You authorise us to hold any such Investments and to move such
          Investments from one electronic entry to another or withdraw any such
          Investment from safe custody for the purposes only of:
          1. Transferring the Investments to you at any time or upon termination
             of this In such event, the Investments will be transferred to the
             central securities depository participant or custody services
             provider as per your Written notification;
          2. Dealing with the Investments as may actually be required in
             fulfilling this Mandate;
          3. Lodging the Investments on your behalf with any person or entity in
             terms of an order of court or a special resolution of the issuer of
             the Investments; and
          4. Any other lawful purpose in terms of this Mandate. It is
             specifically recorded that unless specifically authorised by you in
             this Mandate, we may not exercise the rights attaching to any
             Investments for our own purpose or interest but may only act in
             accordance with your
       5. You acknowledge that you:
          1. Have received all the relevant risk disclosure statements (where
             applicable) and have read and understood their contents; and
          2. Are aware of your settlement obligations which are available on the
             JSE website (www.jse.co.za) or on request from Sasfin.
    6. Funds and outstanding amounts owing to Sasfin
       1. You direct us to pay all funds including interest, dividends, proceeds
          of disposal and funds, received by us for your account arising from
          the management of your Investments in terms of this
       2. Where this Mandate is terminated, or where you have instructed us by
          notice in Writing to realise and repay to you any portion of the
          Investments under our management, we shall pay any funds only into
          your Bank account as stipulated in the Client Details Schedule
          contained in Part
       3. You authorise us to retain or to withdraw from any funds deposited by
          us on your behalf in accordance with the Funds Deposits Schedule or
          from any other inflows into your account, or from any credit balance
          standing, in such account, such amounts as are actually required to:
          1. Pay for Investments purchased on your behalf;
          2. Effect such other payments as are strictly necessary in the
             operation of this Mandate;
          3. Discharge a debt due to us from you whether in respect of the
             management fees due or otherwise under this Mandate; and
          4. Settle any interest which may become due on any unpaid amounts in
             terms of this Mandate, the amounts referred to in 3.6.3.1 to
             3.6.3.4 above are collectively referred to as the “Outstanding
             Amounts”.
       4. In addition to, and without affecting the rights of Sasfin in terms of
          3.6.3 above, you authorise us to sell and dispose of any or all of
          your Investments held by us on your behalf in order to settle any
          Outstanding Amounts owing by you to us from time to time. In
          particular, and without limiting the aforegoing, insofar as Sasfin may
          acquire an Investment on your behalf and if for any reason you have
          failed to place Sasfin in sufficient funds by the requisite time to
          pay for such Investments on your behalf, Sasfin shall be entitled to
          dispose of such Investments, if acquired by Sasfin, or any of your
          other Investments as aforesaid, in order to realise the funds
          necessary to fulfil the original instruction. Sasfin may also, at its
          election, in its sole and absolute discretion, elect to reverse the
          relevant trading instructions and/or retain ownership of the relevant
          Investments acquired, pending payment in full by the Client of such
          outstanding
       5. Nothing in this Mandate affects your right to require us to pay to
          you, on Written request from you, any funds deposited by us on your
          behalf in accordance with the Funds Deposits Schedule or to deliver to
          you, or, in respect of uncertificated securities, transfer to your
          order, on request, any Investments held by us on your
    7. Transactions in BEE Securities
       
       You acknowledge that you shall not be entitled to deal in BEE Securities
       unless a valid BEE Contract has been signed by you or the proposed
       beneficial owner of the BEE Securities as the case may be and the other
       requirements contained in the JSE Rules have been complied with. The JSE
       Rules are designed to ensure and record that a proposed registered owner
       or proposed beneficial owner of BEE Securities qualifies as a BEE
       compliant person. Please advise Sasfin well in advance if you intend to
       deal in BEE Securities so that the necessary compliance arrangements can
       be achieved.

4. FEES AND COMMISSIONS

 1. 1. In consideration for the services to be provided by us in terms of this
       Mandate, we shall be entitled to the fees as set out in Part Two, as is
       applicable (as amended from time to time). We are specifically authorised
       to realise any Investment held by us in terms of this Mandate should
       there be insufficient funds available to settle our fees. Should our
       Mandate be terminated during any calendar month, our pro-rated fees shall
       be payable up to and including the date of termination
    2. All fees charged in terms of this Mandate are exclusive of VAT unless
       otherwise
    3. Sasfin will from time to time act as an agent on behalf of the Client or
       as principal on behalf of the Client. In certain of these transactions it
       may be usual for commissions or other charges to be paid by Sasfin and/or
       to accrue to Sasfin as the agent or principal as contemplated above. The
       charges paid by us on your behalf and the amounts that accrue to us are
       more fully set out in Part Two hereto. You specifically authorise Sasfin
       to pay such amounts on your behalf and/ or for Sasfin to retain such
       amounts as may accrue to it from such commissions or charges in
       accordance with trade

5. REPORTING AND PRODUCT INFORMATION

Sasfin shall provide you with a monthly statement of account. Such statements
will show full details of:

 1. 1. The name of the person or entity in which the Investments are held;
    2. Any change in the Investments held on behalf of the Client including
       particulars of Investments executed for the Client since the date of the
       previous statement;
    3. Any funds balances held on behalf of the Client as at the date of the
       statement, including details of funds received and payments made by
       Sasfin since the date of the previous statement;
    4. Where applicable, the cost and market value of all Investments of the
       Client managed by Sasfin in terms of this Mandate in respect of every
       Investment held on the date of the statement; and
    5. Any other information which might be required by the Relevant Law from
       time to time.

6. RISK

 1. 1. The value of the Investments and any income derived therefrom may fall as
       well as rise and the Client may not get back the full, or any part of,
       the amount invested. Furthermore, the performance and risk arising from
       investing in a Foreign Investment depends not only on the performance of
       the underlying investment itself but also on any fluctuations between the
       South African Rand and the selected currency of the foreign investment.
    2. A Foreign Investment may differ administratively from its South African
       equivalent; for example, the timeframe required to liquidate a foreign
       portfolio may be longer due to different structures and banking
       requirements for foreign These Investments may take place through a
       foreign bank or a foreign investment manager.
    3. By your signature hereto, you acknowledge that you have been informed of
       the risks inherent in the Investments and, where appropriate, have been
       handed copies of any specific risk disclosure documents published from
       time to time by specific financial In addition, you accept that such risk
       may result in financial loss to you.

7. INDEMNITY

 1. 1. You hereby indemnify us (including without limitation, our directors,
       officers and employees) and any third party with whom we contract on your
       behalf whether as principal or agent and hold us and any such third party
       harmless from –
       1. Any fees charged by such third party in relation to an Investment made
          or realised for your account as contemplated in clause 3 above;
       2. Any loss incurred by you or on your behalf pursuant to any bona fide
          Investment or Investment decision made by us, or the execution by us
          of an instruction from you, in terms of this Mandate; and
       3. Any and all claims, damages, liabilities, costs and expenses,
          including reasonable attorneys’ fees, which may be brought against us
          by reason of the operation of this
          
          Nothing herein contained shall, however, absolve us from liability for
          loss suffered by you or any authorised person where you can prove that
          such liability or loss was through any act of fraud, theft, bad faith,
          dishonesty or gross negligence on our part or on the part of our
          employees, provided that any such liability or loss shall be limited
          to the amount of fees and commissions charged to your account over the
          preceding twenty-four month period. Notwithstanding the aforegoing, we
          assume no liability whatsoever for any act of fraud, theft, bad faith,
          dishonesty or gross negligence on the part of any third party as
          mentioned above, or on the part of any such third party’s employees.
          Nor do we assume any liability in the event of the insolvency or
          subsequent sequestration or liquidation of such third party.
    2. You hereby indemnify and hold us harmless in respect of any income tax or
       other tax or levy of whatsoever nature in respect of which you may become
       liable or which may become payable pursuant to anything done by us on
       your behalf in terms of this Mandate, and in particular:
       1. Tax on interest accruing for your benefit on any Funds deposited by us
          in terms of this Mandate; and
       2. Tax on the increase in value of any Investments administered or
          managed by us on your behalf and for your Furthermore, you undertake
          to refund to us on demand any amount which we may be lawfully called
          upon to pay by any revenue authority in respect of any such interest
          or gain accruing for your benefit, and further authorise us to pay any
          such amount out of the Investments or realised proceeds of the
          Investments managed by us on your behalf or under our control. If you
          are uncertain about your tax position, you should consult your
          professional tax adviser.

8. TERM AND TERMINATION

 1. 1. This Mandate shall commence upon signature of it by Sasfin once the
       Client has accepted same by electronic means or by physical
    2. Either party may terminate this Mandate on 30 (thirty) days’ Written
       notice to the other
    3. The Client acknowledges that there may be contractual investment terms
       applicable to certain products that form part of the Investments, which
       endure despite the termination of this Mandate, such as, but not limited
       to, participation in bespoke Sasfin portfolios and foreign investment
       allowance capacity. In this event, Sasfin may continue to earn any
       relevant fees for the duration of such investment
    4. It is recorded that certain Investments, and particularly Foreign
       Investments, may require more than 30 (thirty) days to be realised and/or
       be repatriated. Whilst Sasfin will endeavour to meet the specified time
       constraints, the Client acknowledges that this may not necessarily be
       possible and holds Sasfin harmless against this
    5. Upon termination of this Mandate, and at the request of the Client in
       Writing, Sasfin shall at the cost of the Client return to the Client any
       certificates, receipts, circulars and notices and/or any other
       contractually binding documentation relating to the Investments, which
       are in Sasfin’s possession and which are necessary for the reallocation
       of the
    6. This Mandate may be amended by Sasfin on the provision of 30 (thirty)
       days’ prior Written notice to the Client. Notwithstanding the foregoing,
       Sasfin reserves the right to unilaterally amend this Mandate with
       immediate effect if and only to the extent that it no longer complies
       with the Relevant Law from time to
    7. Subject to that set out above, if Sasfin or the relevant member of the
       Sasfin Group for any reason cease to be a member of the JSE, this Mandate
       shall automatically terminate with immediate
    8. Should this Mandate be terminated for any reason, no penalty shall become
       due to either party in respect of such Such termination shall not,
       however, affect any outstanding order or transaction placed on your
       behalf prior to the termination of the Mandate or any legal rights or
       obligations, which may then already have arisen.

9. MISCELLANEOUS

 1. 1. The Client consents to Sasfin in its sole discretion recording any
       telephone conversations between the Client and any authorised employee of
       Sasfin and acknowledges that this is an international practice and is
       used for the purpose of resolving any disputes which may arise concerning
       telephonic advice or instruction or for any litigious matters.
    2. The Client acknowledges that Sasfin shall not pay any third party, save
       with the prior Written consent of an executive director of Sasfin, which
       consent shall be granted or withheld in Sasfin’s sole and absolute
       discretion.
    3. Sasfin is specifically authorised at any time upon not less than 20
       (twenty) days’ notice in Writing to the Client to cede and assign all
       Sasfin’s rights and obligations in and under this Mandate to any third
       party who is authorised to manage Investments in terms of the applicable
       legislation and who is a member of the JSE. Such cessionary and assignee
       shall, unless this Mandate is thereupon terminated by the Client, assume
       all such rights and obligations with effect from the first day following
       such notice period. Failing such termination, the Client shall be deemed
       to have consented to such cession and Notwithstanding the aforegoing,
       Sasfin shall be entitled to cede and assign its rights and obligations
       hereunder to any other member of the Sasfin Group from time to time
       without prior notice, subject to the Relevant Law
    4. Where confirmation of a transaction is transmitted to the Client through
       an electronic medium, Sasfin will not be liable to you or any other
       person receiving the confirmation for or in respect of any direct,
       indirect or consequential liability, loss, damage or cost of any kind of
       nature arising by virtue of the fact that the confirmation is sent
       through an electronic medium, whether or not as a result of the
       destruction of data, system malfunction, interruption of communication
       links, interruption of electricity supply, or any other problem over
       which we have no reasonable control.
    5. The Client acknowledges and agrees that where any amount is due and
       payable to Sasfin in accordance with this Mandate and remains unpaid
       after it has become due and payable, Sasfin shall, at its election, be
       entitled (but not obliged) to charge interest on such overdue amounts at
       the Prime Rate plus 2% (two per cent) per annum, calculated daily and
       compounded monthly in arrears, from the date that such amount became
       payable until the day prior to the date of payment (both dates
       inclusive). Unless the contrary appears from the context of this Mandate,
       save where the contrary is specifically agreed between the Client and an
       authorised representative of Sasfin, all amounts due to Sasfin in terms
       of this Mandate shall be payable on the date on which they fall due.
    6. In the event of a dispute, a certificate signed by a manager of Sasfin
       shall constitute prima facie proof of any amount due to Sasfin by the
       Client at any time.
    7. This Mandate may be executed in counterparts by each party. Each
       counterpart, including a signed copy thereof, shall together constitute
       evidence of this Mandate having been duly accepted by the parties. The
       Client undertakes upon acceptance of this Mandate to send a copy of its
       counterpart to Sasfin and thereafter, where applicable, to deliver the
       original counterpart to Sasfin.

10. CONFIDENTIALITY

 1. 1. Sasfin undertakes not to disclose or make available any Confidential
       Information to any third party whatsoever, other than a regulator or
       government body, or unless compelled to do so by law, including but not
       limited to a court order from a court of competent jurisdiction, without
       the prior Written consent of the Client.
    2. Sasfin undertakes that, before Confidential Information is disclosed to
       any of its employees, consultants or professional advisers, such person’s
       employees, consultants or professional advisers shall be advised of
       Sasfin’s confidentiality obligations.
    3. Sasfin undertakes not to sell to or allow to be used in anyway by a third
       party any details of the Client contained on any of its databases,
       without the prior Written consent of the Client.

11. JOINT CLIENTS AND TRUSTEES

 1. 1. Where the Client is more than one person –
       1. Any instruction, notice, demand, acknowledgment or request to be given
          by or to the Client under this Mandate may be given by or to any one
          of the joint Clients. Sasfin need not enquire as to authority of that
          person to represent the other joint Clients. That person may give
          Sasfin an effective and final discharge in respect of any of Sasfin’s
          obligations;
       2. The Client’s liabilities under or in connection with this Mandate are
          joint and several; and
       3. On the death of any one of the joint Clients, Sasfin may at its
          discretion treat the survivor(s) as the only person(s) entitled to the
          Client’s investment, until otherwise instructed by the Executor of the
          deceased Client.
    2. Where the Client is one or more trustees, the Client:
       1. Shall notify Sasfin in Writing of any changes in the trustee(s) of the
          relevant trust; and
       2. Shall confirm in Writing that, on the basis of competent legal advice,
          the Client is satisfied that each trustee has all the necessary powers
          to enter into this Mandate.

12. TRADING INSTRUCTIONS AND DOMICILIUM CITANDI ET EXECUTANDI

 1. 1. It is recorded and agreed that the preferred method of receiving trading
       instructions from the Client is a verbal communication via telephone,
       which telephone conversations may be recorded in terms of clause 9.1. The
       parties agree that Sasfin’s records in this regard shall be final and
       binding on the parties. In the event that Sasfin at its election chooses
       to execute orders issued by e-mail and/or any means other than verbal
       communication via telephone, same shall be executed at the Client’s risk
       in particular without limitation as to the timing of the execution
       thereof and the Client shall relieve Sasfin of any liability in respect
       thereof.
    2. The Client chooses as its domicilia citandi et executandi for all
       purposes under this Mandate, whether in respect of court process, notices
       or other documents or communications of whatsoever nature (including the
       exercise of any option), the residential address specified in the Client
       Details Schedule.
       1. Any notice or communication required or permitted to be given in terms
          of this Mandate (other than those pertaining to Investment
          instructions in the normal course referred to in clause 12.1, which
          may be conducted telephonically and which, for clarity, do not include
          third party payments), shall be valid and effective only if in
          Writing, provided that it shall be competent to give notice by e-mail.
       2. In respect of instructions to pay third parties and any Investment
          instruction which we may deem to be outside of the normal course,
          Sasfin reserves the right to require that those instructions be given
          in Writing and provided further that payments to third party will be
          made, notwithstanding Written instructions, subject to our discretion
          as set out in clause 9.2.
    3. The Client may by Written notice change the physical address chosen as
       its domicilium citandi et executandi to another physical address where
       postal delivery occurs in the Republic of South Africa, or its postal
       address or e-mail address, provided that the change shall become
       effective vis-à-vis that addressee on the 5th business day from the
       receipt of the notice by the addressee.
    4. Any notice to the Client –
       1. Sent by prepaid registered post (by airmail if appropriate) in a
          correctly addressed envelope to it at an address chosen as its
          domicilium citandi et executandi to which post is delivered shall be
          deemed to have been received on the 10th business day after posting
          (unless the contrary is proved); or
       2. Delivered by hand to a responsible person during ordinary business
          hours at the physical address chosen as its domicilium citandi et
          executandi shall be deemed to have been received on the day of
          delivery; or
       3. Sent by e-mail to its chosen e-mail address stipulated in the Client
          Detail Schedule to this Mandate, shall be deemed to have been received
          on the 2nd business day after the date of despatch (unless the
          contrary is proved).
    5. Notwithstanding anything to the contrary herein contained a Written
       notice or communication actually received by a party shall be an adequate
       Written notice or communication to it notwithstanding that it was not
       sent to or delivered at its chosen domicilium citandi et executandi.
    6. You acknowledge that there are certain risks associated with conveying
       instructions by post and/or e-mail and hereby indemnify Sasfin in respect
       of any loss or damage resulting from the use of postal or e-mail
       instructions.
    7. Notwithstanding the provisions of any Relevant Law, in the event of a
       dispute between you and Sasfin, a certificate signed by any of Sasfin’s
       directors or managers (whose appointment, authority or qualification need
       not be proved), to the effect that a transaction was executed on the JSE
       trading system shall be prima facie proof that the said transaction was
       validly executed.

13. SEVERABILITY

Any provision in this Mandate which is or may become illegal, invalid or
unenforceable in any jurisdiction affected by this Mandate shall, as to such
jurisdiction, be ineffective to the extent of such prohibition or
unenforceability and shall be treated pro non scripto and severed from the
balance of this Mandate, without invalidating the remaining provisions of this
Mandate or affecting the validity or enforceability of such provision in any
other jurisdiction.

14. FORCE MAJEURE

In the event of any failure, interruption or delay in the performance of
Sasfin’s obligations hereunder resulting from acts, events or circumstances not
within our control (including but not limited to acts of God, industrial
disputes, acts or regulations of government bodies and authorities or of any
Investment exchange or clearing house or the breakdown, failure or malfunction
of telecommunication, postal or computer services, including electrical power or
electronic failures or interruptions), Sasfin shall not be liable to you or any
other person for in respect of any direct, indirect or consequential liability,
loss, damage or cost of any kind or nature.

15. FICA REQUIREMENTS

It is recorded that you will have been separately obliged to deliver to us
certain information required under FICA, including information pertaining to
your source of funds and income. You are reminded that it is your responsibility
to notify us in Writing should there be any change to that information and you
are aware that we may not transact on or give effect to any instruction on your
behalf until such time as the relevant FICA documentation is in order. In
addition, we reserve the right to call for such additional documentation as we
may require and in particular for any FICA documentation to be updated
periodically at our discretion. Should you fail, in good time, to provide Sasfin
with such information and/or documentation as may be required in terms of FICA,
Sasfin may in its sole discretion and subject to the Relevant Law, take steps to
block your account until all outstanding information and/or documentation has
been provided to our satisfaction.

16. DATA PROTECTION

 1. 1. You acknowledge that Sasfin and/or the Sasfin Group will be required to
       Process certain Personal Information on your behalf for the purpose of
       fulfilling this Mandate, and by accepting these Standard Terms and
       Conditions you hereby provide your voluntary and informed consent to
       Sasfin and the Sasfin Group for all Processing of your Personal
       Information for this Sasfin undertakes that in Processing your Personal
       Information we shall comply with the provisions and obligations imposed
       on us by applicable legislation relating to data protection in South
       Africa, including POPIA and any regulations implementing or made under or
       pursuant to it. You further acknowledge that Sasfin may share your
       Personal Information across the Sasfin Group from time to time, and agree
       that your voluntary and informed consent extends to include such sharing
       of your Personal Information. We will delete or de-identify the Personal
       Information that we have collected from you pursuant to fulfilling this
       Mandate if it is no longer needed for any purpose related to fulfilling
       this Mandate. You have the right to request access to and correction of
       the Personal Information that we have collected from you pursuant to
       fulfilling this Mandate.
    2. Sasfin may be required to transfer your Personal Information to locations
       outside of South Africa. Such transfers will occur in compliance with
       applicable local law relevant to the source of the information, but may
       result in a transfer of your Personal Information to a jurisdiction that
       does not have the same or a better level of data protection compared to
       South Africa. To the extent that such transfer is required or is
       necessary to fulfil this Mandate, you hereby provide your voluntary and
       informed consent to the transfer of your Personal Information by Sasfin
       outside of South Africa.
    3. Sasfin may from time to time source certain of your Personal Information
       from third parties in order to discharge its obligations in terms of this
       Mandate and you hereby agree that your voluntary and informed consent
       extends to the sourcing of such Personal To the extent that such Personal
       Information is sourced from third parties, Sasfin will only Process such
       Personal Information in terms of this Mandate.
    4. Sasfin may be required to process Special PI or that of a minor child in
       order to fulfil its obligations in terms of this Mandate, and you hereby
       agree that your voluntary and informed consent extends to the Processing
       of such information and that you are competent to provide such consent.
    5. Failure to provide Sasfin with your Personal Information may result in
       Sasfin being unable to discharge its obligations in terms of this Mandate
       and may further preclude Sasfin from complying with various legislative
       requirements.
    6. You are hereby notified of your right to lodge a complaint to the
       Information Regulator via e-mail at IR@justice.gov.zaand Sasfin
       undertakes to provide you with the contact details of the Information
       Regulator, which may change from time to time, upon request.

17. WHOLE AGREEMENT, NO AMENDMENT

 1. 1. This Mandate constitutes the whole agreement between the parties relating
       to the subject matter hereof and supersedes any other discussions,
       agreements and/or understandings regarding the subject matter hereof.
    2. Subject to 8.6, no amendment or consensual cancellation of this Mandate
       or any provision or term hereof or of any agreement, bill of exchange or
       other document issued or executed pursuant to or in terms of this Mandate
       and no settlement of any disputes arising under this Mandate and no
       extension of time, waiver or relaxation or suspension of or agreement not
       to enforce or to suspend or postpone the enforcement of any of the
       provisions or terms of this Mandate or of any agreement, bill of exchange
       or other document issued pursuant to or in terms of this Mandate shall be
       binding unless recorded in a Written document signed by the parties (or
       in the case of an extension of time, waiver or relaxation or suspension,
       signed by the party granting such extension, waiver or relaxation). Any
       such extension, waiver or relaxation or suspension which is so given or
       made shall be strictly construed as relating strictly to the matter in
       respect whereof it was made or given.
    3. No oral agreement not to sue or enforce rights against the other party
       shall be of any force or effect.
    4. No extension of time or waiver or relaxation of any of the provisions or
       terms of this Mandate or any bill of exchange or other document issued or
       executed pursuant to or in terms of this Mandate, shall operate as an
       estoppel against any party in respect of its rights under this Mandate,
       nor shall it operate so as to preclude such party thereafter from
       exercising its rights strictly in accordance with this Mandate.
    5. To the extent permissible by law no party shall be bound by any express
       or implied term, representation, warranty, promise or the like not
       recorded herein, whether it induced the contract and/or whether it was
       negligent or not.

18. GOVERNING LAW AND JURISDICTION

This Mandate, and any dispute arising from or connected to it, is governed by
the laws of the Republic of South Africa. The parties hereby consent to the
jurisdiction of the Magistrate’s Court for the determination of any legal action
instituted under this Mandate. Notwithstanding this, the parties shall not be
prohibited from litigating in the High Court having jurisdiction should either
party so elect.

19. SCHEDULE OF CHARGES

Click here to view our schedule of charges.

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