This Order Execution Policy is provided to you as a Retail client of Northern Bank Limited Wealth Management and is applicable to all investment business provided to you through Northern Bank Stocks and Shares ISA, Northern Bank Managed Portfolio Stocks and Shares ISA, Investments in the CF Danske Fund, Discretionary Management Services and execution-only trading via our Securities Trading (“ Sharedeal”) service.

We are required by the Financial Services Authority (“FSA”) to act in accordance with your best interests when we place an order with or transmit an order to another entity to buy or sell securities on your behalf. We have therefore put in place arrangements which will enable Northern Bank (the “Bank”, “us”, “we”) to ensure that we take all reasonable steps to obtain the best possible result for you, taking into account a number of factors.

These factors will include price, costs, speed, likelihood of execution or settlement, size and nature of the order and any other relevant considerations. The importance attached to each of these factors is determined by reference to the characteristics of the client, the client order, the particular financial instrument that is the subject of the order and the execution venue to which the order can be directed.

Normally, we deem total consideration (price and costs) to be the most important factor for you.

Please note that we will have satisfied our obligation to act in accordance with your best interests and will not be required to take the above factors into account, if you give us specific instructions on how you would like your order to be dealt with.

With the exception of the Northern Bank Managed Portfolio Stocks and Shares ISA, we transmit all orders for all classes of instrument to Danske Bank A/S for execution.

We have reviewed and assessed the Danske Bank Order Execution Policy and are satisfied that Danske Bank has the necessary arrangements in place which enable it to deliver the best possible result for you upon execution.

Orders in the various classes of instrument transmitted to Danske Bank for execution are dealt with as follows;

1. Equity-orders are transmitted for execution into the following markets where Danske Bank is a trading member of the securities exchange – Denmark, Sweden, Norway, Finland (Nordic Markets), Republic of Ireland, Estonia, Latvia and Lithuania (Baltic Markets). Equity-orders in a wide range of countries, including United Kingdom, USA, Canada, France, Germany, Netherlands, Portugal, Spain and Switzerland (where Danske Bank is not a trading member of the securities exchange) are primarily executed via 3rd party arrangements with Goldman Sachs International.

2. Orders in other securities, for example, government securities, corporate bonds, fixed income are transmitted to Danske Bank Wealth Management (a Division of Danske Bank A/s) for execution. Danske Bank will execute orders on the basis of prices obtained from business partners quoting prices for the relevant securities. When trading as buyer or seller Danske Bank undertake to obtain the best possible market price for the specific security.

3. Orders in shares or units of collective investment schemes are transmitted to Danske Markets (a Division of Danske Bank A/S) for execution. Orders are collated within Danske Markets and placed directly with the fund operator of the respective fund. In practice as fund operators provide the sole execution venue available for this type of security, we will not be able to take into account all the execution factors detailed above. However we do not consider that the availability of only one execution venue in these circumstances will prevent the best possible result being obtained for you.

For the Northern Bank Managed Portfolio Stocks and Shares ISA, we transmit all orders for all classes of instrument to BNP Paribas Fund Services UK Limited for execution.

We have reviewed and assessed the BNP Paribas Fund Services UK Limited Order Execution Policy and are satisfied that BNP Paribas Fund Services UK Limited has the necessary arrangements in place which enable it to deliver the best possible result for you upon execution.

We are required by the FSA to obtain your prior consent to our Order Execution Policy. Such consent will be deemed to have been received when you first place an order with us after receipt of this policy.

We will monitor and review the effectiveness of this Order Execution Policy and related arrangements. We will notify you of any required changes either personally or by posting updates on www.northernbank.co.uk. In addition, we will review the Danske Bank Order Execution Policy and the BNP Paribas Fund Services UK Limited Order Execution Policy at least annually to ensure that we continue to obtain the best possible result for our retail clients.