...Terms and Conditions...

Newsletter Subscriptions and Recommendations

1. These are the Terms and Conditions which will apply if you request a subscription to our Newsletter or a set of Recommendations.   Please read them and ensure that you understand them, as they affect your legal rights.

2. The Newsletter subscription and Recommendations are offered for sale by Kauders Portfolio Management ("the Firm"), whose address and other details are set out above.   The main business of the Firm is investment management.

3. If you are unhappy with any aspect of our service, you may complain to the Firm in writing, stating the facts and enclosing a copy of any supporting documentation.   The matter will then be referred to a Partner for consideration and response as soon as reasonably practical.   A copy of the Firm's complaints procedure is available on request.

4. After making a complaint to the Firm, you also have the right to complain to the Financial Services Ombudsman, whose contact details are available from the Firm.

5. This service is not covered by any compensation scheme.

6. These Terms and Conditions are written in the English Language and the publications referred to will be in English.   These Terms and Conditions are made under English Law and, in the event of any dispute, the English Courts shall have exclusive jurisdiction.

Terms and Conditions applicable to Newsletter Subscriptions only:

(See below for Terms and Conditions applicable to Recommendations only.)

7. Past copies of the Newsletter may be viewed on the Firm's website at www.gilt.co.uk  If you have not already done so, please take this opportunity to view these back issues to ensure that the Newsletter is appropriate for your requirements.

8. The Newsletter contains opinion, comment and information which may be of interest to investors and potential investors.   It does not contain investment tips or advice.   Your subscription entitles you to receive the next four editions of the Newsletter to be published following receipt of your subscription.

9. The price of the Newsletter subscription is £40.00 for four issues.   There are no additional charges.

10. To apply for a Newsletter subscription, you should write to Kauders Portfolio Management at the above address stating that you wish to subscribe for the Newsletter, and giving your name and UK address.   You should enclose a cheque for £40.00 made payable to Kauders Portfolio Management.

11. A contract between us will come into force on receipt of your order.   Your subscription will be acknowledged and the next four issues will be sent to you by post, as and when published.

12. You may terminate your subscription at any time by writing to the Firm at the above address, or by fax or e-mail.   If you do so, we will refund to you, within thirty days, a proportion of your subscription based on the number of copies yet to be sent to you.

Terms and Conditions applicable to Recommendations only:

(See above for Terms and Conditions applicable to Newsletter Subscriptions only.)

13. Recommendations are suitable only for those thinking of investing up to £25,000, who are UK Residents for tax purposes and who are intending to make a purchase in the immediate future.   The information provided is sensitive to changes in the stock price and is valid only at time of publication.

14. Recommendations comprises a set of details of individual UK Government stocks which you may wish to consider in deciding on an investment.   Details provided include the name and SEDOL number of the stock, latest closing price, yield, income payable and payment dates, maturity date for the repayment of capital, an outline of the circumstances for which the stock may be useful with an information sheet detailing how to buy, sell and hold Gilts, including how income is paid.

15. If you decide to invest in any of the stocks detailed in Recommendations, you do so entirely at your own risk.   The Firm has no knowledge of your personal or financial circumstances and cannot advise you on the suitability or otherwise of any of the stocks detailed.   It is solely your responsibility to assess your investment needs and to decide if any of the stocks detailed are appropriate for you.   The Firm will not be liable in any way for any losses which you may incur or suffer as a result of buying, holding, selling or abstaining from buying, holding or selling any of the stocks detailed.

16. Prices of stocks fluctuate.   Should you decide to invest in any of the stocks detailed, you may find that the price is higher or lower than that used in Recommendations.   Price changes will affect the calculation of yield and the potential for a gain or loss on the repayment of capital when the stock matures.   You should therefore check the price level before committing yourself to any course of action.

17. The Firm is unable to offer any advice or information other than that contained in the standard Recommendations.

18. The price of Recommendations is £75.00.   There are no additional charges.

19. To apply for Recommendations, you should write to Kauders Portfolio Management at the above address stating that you wish to apply for Recommendations, the amount that you are considering investing and your name and UK address.   You should enclose a cheque for £75.00 made payable to Kauders Portfolio Management.

20. A contract between us will come into force on receipt of your order.   Recommendations will then be produced and sent to you by post.

21. You may cancel your application at any time prior to our posting Recommendations to you, by writing to the Firm at the above address, or by fax or e-mail, and your money will be refunded in full within thirty days.   As this is an agreement for a single transaction, no cancellation rights will apply once Recommendations have been posted to you.

FSA Registration No. 116180