Article 1: Definitions

General terms and conditions

These present general terms and conditions as they read from time to time;

Confirmation

Written notification from SWI to Buyer or Seller confirming the conclusion of the Agreement, thereby establishing the Agreement between SWI and Buyer or Seller;

Purchase Agreement

The binding agreements between Buyer and SWI regarding the purchase and sale of Product(s);

Buyer

Any natural person and/or legal entity that enters into an Agreement with SWI, whether or not through/via/on The SWEX; and/or enters into a purchase agreement with Seller through/via/on The SWEX. In these General Terms and Conditions, the term "Buyer" may also mean the party acting as principal under an Assignment Agreement;

Agreement

1) a Purchase Agreement between SWI and Buyer regarding the purchase/sale of Product(s); and/or

2) a Custody Agreement between SWI and Buyer or Seller; and/or

3) Assignment Agreement between SWI and Buyer or Seller pursuant to which SWI undertakes to perform certain services for a fee on behalf of Buyer or Seller;

Engagement Agreement

A custodial and/or other assignment agreement between SWI and the Buyer or Seller pursuant to which SWI undertakes to perform certain services for a fee on behalf of the Buyer or Seller;

Product(s).

Whisky, packaged/embellished/stored, or measured in casks, bottles or otherwise;

SWI

The private company with limited liability Scotch Whisky International B.V. - as well as its affiliated companies - established in Sassenheim, registered with the Chamber of Commerce under number 51096072, user of these General Terms and Conditions, acting as Seller also as Contractor, as well as all persons working for it and engaged by it, for the benefit of execution of an Agreement, and holder of an AFM licence with registration number 12042065;

Access data

The user name, password and/or registration number with which the Buyer or Seller obtains access to the secure part of the Websites;

Seller

Any natural person and/or legal entity offering and/or selling (a) Product(s) for sale on The SWEX. In these General Terms and Conditions, the term "Seller" may also mean the party acting as principal under an Assignment Agreement;

Website(s)

All websites maintained by SWI (or at least on SWI's behalf), including (but not limited to): www.scotchwhiskyinvestments.com and www.theswex.com.

The SWEX

The SWEX, an online investment platform provided by SWI, available at: www.theswex.com

Article 2: Applicability

2.1 Unless expressly agreed otherwise in writing, these General Terms and Conditions apply to:

(i) any Agreement and its conclusion;

(ii) all offers, quotations and price quotations, Confirmations, Products and services performed and/or to be performed by SWI;

(iii) all visits to and all use made of the Websites by Buyer and Seller and/or other visitors/users of the Websites; and

(iv) any purchase agreement between Buyer and Seller and the conclusion thereof.

2.2 Applicability of any general terms and conditions applied by Buyer or Seller is expressly rejected and Buyer's or Seller's general terms and conditions expressly do not form part of the Agreement.

2.3 Any deviations from these General Conditions must be expressly agreed in writing and are valid only insofar as they have been accepted and confirmed in writing by SWI.

Any natural person and/or legal entity entering into an Agreement with SWI, whether or not through/means/on The SWEX; and/or enters into a purchase agreement with Seller through/means/on The SWEX. In these General Terms and Conditions, the term "Buyer" may also mean the party acting as principal under an Assignment Agreement;