Baillie Asset Management Limited

This licence authorises the licensee to carry on a financial services business to:

provide general financial product advice to both retail and wholesale clients for the following classes of financial products:

interests in managed investment schemes excluding investor directed portfolio services; and

securities;

deal in a financial product by:

issuing, applying for, acquiring, varying or disposing of a financial product to wholesale clients only in respect of the following classes of financial products:

derivatives restricted to derivatives utilised for the management of financial risk (hedging) which only have the purposes of:

management or mitigation of the financial consequences of particular circumstances happening; or

avoiding or limiting the financial consequences of fluctuations, in or in the value of, receipts or costs (including prices and interest rates);

foreign exchange contracts restricted to foreign exchange contracts utilised for the management of financial risk (hedging) which only have the purposes of:

management or mitigation of the financial consequences of particular circumstances happening; or

avoiding or limiting the financial consequences of fluctuations in the rate of exchange of foreign currency;

interests in managed investment schemes limited to:

own managed investment scheme only; and

securities;

applying for, acquiring, varying or disposing of a financial product on behalf of another person to both retail and wholesale clients in respect of the following classes of products:

deposit and payment products limited to:

basic deposit products;

deposit products other than basic deposit products;

general insurance products;

interests in managed investment schemes excluding investor directed portfolio services; and

securities;

applying for, acquiring, varying or disposing of a financial product on behalf of another person to wholesale clients only in respect of the following classes of products:

derivatives restricted to derivatives utilised for the management of financial risk (hedging) which only have the purposes of:

management or mitigation of the financial consequences of particular circumstances happening; or

avoiding or limiting the financial consequences of fluctuations, in or in the value of, receipts or costs (including prices and interest rates);

foreign exchange contracts restricted to foreign exchange contracts utilised for the management of financial risk (hedging) which only have the purposes of:

management or mitigation of the financial consequences of particular circumstances happening; or

avoiding or limiting the financial consequences of fluctuations in the rate of exchange of foreign currency; and

underwriting:

interests in managed investment schemes; and

an issue of securities;

provide the following custodial or depository services to wholesale clients only:

operate custodial or depository services other than investor directed portfolio services;