It is agreed and understood by the Client that this is a discretionary portfolio, unless otherwise specified, and that the Manager therefore has the right to take investment decisions on the Clients behalf without seeking the Clients prior approval or consent provided the Manager adheres to the Investment Guidelines/Investment Objectives. Where the Client(s) wish to restrict or retain the Portfolio Management Services purely as advisory or non-discretionary, Appendices B & C will reflect the investment objectives and guidelines accordingly.