Regulator's Statement: SL Investment Management Ltd is independent of any life assurance company and is authorised to deal as agents in the sale or purchase of suitable endowment policies after initial issue. Our service is strictly limited on an Execution Only basis, which means we do not offer advice in respect of such traded policies and we act on instructions given to us by our principals.

SL Investment Management Ltd is Authorised and regulated by the Financial Services Authority and our register number is 192998. You can check this by calling the FSA on 0845 606 1234 or by visiting their website, www.fsa.gov.uk/register/

1. Parties

"FreeTrawl" means SL Investment Management Ltd. "You" means the person specified as the Intermediary in the registration form. Certain other words used in these terms of business have defined meanings as described in section 15.

2. Purpose

These terms of business set out the terms on which you will be provided with access to the Website and other services provided by FreeTrawl.

3.Commencement

These terms of business will take effect upon successful creation of your Broker Profile on www.freetrawl.com.

4.The sales process

You may send information relating to Policies to the Website in the manner prescribed from time to time by FreeTrawl. Upon receipt of any such information, FreeTrawl will provide details of the relevant Policy to the selected Market Makers and notify the Market Makers of the time period within which any Offer must be received by FreeTrawl.

After the end of the specified time period, FreeTrawl will promptly provide you with details of all Offers received by it. If you wish to accept any Offer you will indicate this at the Website, identifying the Offer which you accept within the valid period for the Offer. An acceptance can not be made subject to any condition or qualification and you may not withdraw any acceptance notified to FreeTrawl.

FreeTrawl will promptly inform the relevant Market Maker of your acceptance and provide your name, address and telephone number together with the Policyholder's name to the relevant Market Maker. FreeTrawl will also provide the relevant Market Maker's name, address and telephone number to you. You agree not to contact any Market Maker in connection with any Offer prior to notifying FreeTrawl of your acceptance of that Offer.

FreeTrawl will play no further part in the sale of the Policy. In particular, but without limitation, FreeTrawl will not be a party to any contract under which a Policy is transferred, either as principal or agent.

5. Commission

Until further notice, FreeTrawl will provide the services described in these terms of business free of charge to you. When you indicate that you wish to accept an Offer, a commission will be payable to FreeTrawl by the relevant Market Maker. This is currently 1.25% for policies over £10,000 and 0% for policies under £10,000 and is subject to review from time to time.

6. Confidentiality

You will keep the Password confidential and will not disclose it to any person other than those who need to know it for the purposes of these terms of business. You will request the Password to be changed as soon you become aware of any unauthorised disclosure of the Password and inform FreeTrawl by telephone (with confirmation in writing) as soon as you become aware of any unauthorised access to the Website.

Each party will keep confidential all information relating to the business, investments, finances or other matters of a confidential nature of the other party and will not, without the prior written consent of the other party, use such information or disclose any such information to any third party other than to the extent necessary for the purposes of these terms of business.

These confidentiality provisions will survive termination of these terms of business.

7. Warranties

Each party warrants to the other that it has and will continue to possess all authorisations from the Financial Services Authority or any other regulatory body that are necessary to enable it properly to perform the services and enter into the contracts envisaged by these terms of business. In addition, you warrant that:

i. you are subject to the Money Laundering Regulations 1993 and, in respect of each Policyholder, you have carried out verification of identity procedures in accordance with the requirements of those Regulations and if required, will supply FreeTrawl with evidence of such verification on request, or the Policyholder was an existing client of yours as at 1st April 1994;

ii. all information supplied by you in relation to Policies shall be complete and accurate and you will have the Policyholder's authority to provide to FreeTrawl (for onward transmission to Market Makers as envisaged in these terms) all information relating to the Policyholder or the Policy which you do, in fact, provide; and

iii. you will, at all times, act within the scope of the authority from time to time granted to you by the Policyholder. These warranties shall be deemed to be repeated by you each time you provide details of a Policy to FreeTrawl.

8. Liability and Indemnity

FreeTrawl shall not be liable for any losses, claims, costs, damages or other expenses whatsoever ("Loss") suffered or incurred by you except to the extent that such Loss arises directly as a result of the fraud, negligence or wilful default of FreeTrawl. Notwithstanding this:

i. FreeTrawl shall not be liable for any indirect, special or consequential loss suffered or incurred by you, whether arising as a result of FreeTrawl's negligence or otherwise;

ii. FreeTrawl shall not be liable for any Loss suffered or incurred by any Policyholder, whether arising as a result of FreeTrawl's negligence or otherwise; and

iii. FreeTrawl shall not be responsible if, for any reason (including as a result of FreeTrawl's negligence), you are unable to gain access to the Website.

You shall, upon demand, indemnify FreeTrawl and keep FreeTrawl indemnified against all Loss (including reasonable legal fees and other professional costs) suffered or incurred by FreeTrawl as a result of or in connection with your fraud, negligence or breach of these terms of business or any claims against FreeTrawl by any third party (including any Market Maker or Policyholder) which arise as a result of, or in connection with, your failure to satisfy any obligations owed by you (as principal or agent) to that third party.

The information on an Offer supplied to you is based on the information provided to FreeTrawl by the relevant Market Maker. FreeTrawl will not be responsible for the completeness or accuracy of any information provided to you or for ensuring that any documents provided to you comply with the requirements of your regulator. In providing the services envisaged by these terms of business FreeTrawl will treat you and not the Policyholder as its client. FreeTrawl does not act as your agent or the agent of any Policyholder or Market Maker and it will not be responsible for the acts or omissions of any of them.

FreeTrawl will not be responsible for any failure or delay in performing its duties under these terms of business if such failure or delay results directly or indirectly from any cause beyond FreeTrawl's reasonable control (including any failure of any computer systems or communication links). If FreeTrawl knows that it is unable to send any information by electronic mail it will endeavour to send such information to you by other means.

9. Non-exclusivity and conflicts of interest

The services to be provided by FreeTrawl under these terms of business will not be exclusive to you and similar or identical services may be provided to other persons.

10. Website access

You will be solely responsible for the installation and maintenance of all computer hardware, software and other equipment necessary to access the Website as well as maintaining proper back-up copies of all data or information transmitted to, or received from, the Website. You will not attempt to obtain access to any part of the Website other than:

those parts which are generally accessible to the public; and

those parts to which in the ordinary course access may be obtained by using the Password.

11. Termination

Either party may terminate these terms of business immediately by giving notice in writing to the other. For these purposes "writing" will not include electronic mail. Termination of these terms of business will not affect the accrued rights of either party.

FreeTrawl may, without notice, prevent you from gaining access to the Website if, in FreeTrawl's reasonable opinion, you are in breach of, or are likely to breach or are threatening to breach, the terms of this agreement.

12. General

Nothing in these terms of business and no action taken by the parties pursuant to these terms of business will constitute, or be deemed to constitute, a partnership between the parties. These terms of business form the entire agreement between the parties relating to their subject matter and supersede all earlier meetings, discussions, correspondence, agreements, facsimile transmissions, telexes, letters and communications, understandings and arrangements of any kind so relating and there are no other collateral or supplemental agreements.

No forbearance or failure by any party to exercise or assert or claim any right or entitlement under these terms of business shall be construed (in the absence of a written agreement to waive or a written confirmation of a past waiver) as a waiver of that right or entitlement. No waiver of any breach of any of these terms of business shall (unless expressly agreed in writing by the waiving party) be construed as a waiver of a future breach of the same term or as authorising a continuation of the particular breach.

Amendments to these terms of business will come into effect and be binding only once you are informed of the changes.

Should any provision of these terms of business become illegal or void for any reason, the validity of the remaining provisions will not be affected and the parties will enter into negotiations in good faith to find a replacement for the provision which is of similar economic effect to both parties.

These terms of business are governed by, and will be construed in accordance with, English Law and the parties irrevocably submit to the exclusive jurisdiction of the English courts.

13. Notices

Any communication made in connection with the matters contemplated by these terms of business shall be in writing. Any such communication shall be sent to the address from time to time provided for this purpose by each party and, if so addressed, shall be deemed to have been duly given or made as follows:

1. if sent by personal delivery, upon delivery at the address of the relevant party;

2. if sent by first class post, two clear Business Days after the date of posting;

3. if sent by facsimile, when despatched; and

4. if sent by electronic mail, upon actual receipt;

If, in accordance with the above provisions, any communication would be deemed to be given or made after 4.00 pm, such communication shall be deemed to be given or made at 9.00 am on the next Business Day.

14. Defined Terms

In these terms of business the following words have the following meanings:

"Business Day" a day (other than a Saturday or Sunday) when banks are open for business in England

"Market Maker" a market maker which is registered with FreeTrawl and to which information relating to Policies may be sent

"Offer" an Offer made by a Market Maker to purchase a Policy

"Password" the password or similar access code from time to time used by you to gain access to the Website

"Policy" a contract of long term insurance, as defined in Schedule 1 to the Insurance Companies Act 1982, which a Policyholder wishes to sell

"Policyholder" the holder of a Policy details of which you provide to FreeTrawl

"Website" the internet website whose address is www.freetrawl.com or such other address as FreeTrawl may from time to time notify in writing to you Correspondence Address: 8-11 Grosvenor Court, Foregate Street, Chester, CH1 1HG.

Email: endowments@freetrawl.com

Telephone Number: 01244 355 992