FTSE 100 Enhanced Kick-Out Plan 34

FTSE 100 Enhanced Kick-Out Plan 34
Investment Plans




FTSE 100 Enhanced Kick-Out Plan 34
(Adviser Fee Option)
Potential for early maturity at the end of years 1, 2, 3 or 4 with a fixed payment
equal to 14% (Option 1) or 10% (Option 2) per annum (not compounded).
If the Plan runs for the full 5 years 120% of any FTSE 100 growth with no upper limit.

If the FTSE 100 falls by more than 50% at any point during the Plan, and finishes
lower than the starting level, you will lose some or all of your initial investment.

            Option 1: Investec
            Option 2: UK 5 (HSBC Bank plc, Nationwide Building Society,
            Santander UK plc, The Royal Bank of Scotland plc and
            Lloyds TSB Bank plc)


Limited offer ends: 15 February 2013
FTSE 100 Enhanced Kick-Out Plan 34 (Adviser Fee Option)


Key events and dates                                       Contents
    Offer periods                                          Key events and dates                                 2
    Direct investments and ISAs:
                                                           Who is Investec?                                     3
    2 January 2013 to 15 February 2013
                                                           What is the aim of the Plan?                         4
    ISA transfers:
                                                           Your commitment                                      4
    2 January 2013 to 1 February 2013
                                                           Plan overview                                        4
    Plan dates
                                                           What are you investing in?                           6
    Start Date:              4 March 2013
    Final Maturity Date:     12 March 2018                 What are the risks of the investment?                7
    Kick-Out Dates:          4 March 2014                  What is the FTSE 100 Index?                          8
                             4 March 2015
                                                           How does the Plan work?                              9
                             4 March 2016
                             6 March 2017                  Examples of what you might get back at the
                                                           end of the Plan – Investec option                   11
                                                           How does the UK 5 option differ?                    12
Ways to invest                                             Are there any compensation arrangements
     •    Direct investment (not via an ISA)               in place?                                           14

     •    Stocks and shares ISA                            Is this investment right for you?                   14

     •    ISA transfer                                     How to invest                                       15

     •    SIPP/SSAS pension arrangements                   Your questions answered                             16
                                                           Terms and Conditions                                23
     •     rustee, corporate, charity and nominee
          T
          investments                                      Definitions                                         23



    Terms in this brochure beginning with a capital letter, unless otherwise defined, have the meanings given
    to them in the Definitions appearing on page 23 of this brochure.



2
Who is Investec?
This brochure has been prepared by Investec Structured Products which is a trading name of Investec Bank plc,
which is part of the Investec group of companies.

The Investec group is an international specialist bank and asset manager that provides a diverse range
of financial products and services to a select client base in three principal markets, the United Kingdom,
South Africa and Australia. The group was established in 1974 and currently has approximately
7,300 employees.

Investec focuses on delivering distinctive profitable solutions for its clients in three core areas of activity,
namely Asset Management, Wealth & Investment and Specialist Banking (comprising Property Activities,
Private Banking, Investment Banking and Capital Markets).




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FTSE 100 Enhanced Kick-Out Plan 34 (Adviser Fee Option)


What is the aim of the Plan?
The aim is to increase the value of your investment after 5 years, or earlier if the Plan kicks-out.


Your commitment
You must be able to commit a sum of at least £3,000 for the full 5 years.


Plan overview
The Plan is designed to repay your initial investment and deliver a return if the FTSE 100 increases over
the Plan Term.

There is also potential for the Plan to ‘Kick-Out’ depending on the performance of the FTSE 100.
This means the Plan matures early, returning your initial investment plus a specified return.

There are two Plan options available: the Investec option and the UK 5 option. The UK 5 option is designed
to reduce the risk of potential loss to your investment in the event that Investec fails or becomes insolvent.
The risk to your investment will instead be dependent on the solvency of the named UK 5 (HSBC Bank plc,
Nationwide Building Society, Santander UK plc, The Royal Bank of Scotland plc and Lloyds TSB Bank plc).

For both options:

    •   If at the end of years 1, 2, 3 or 4 the FTSE 100 is higher than its starting level
         the Plan will mature early (Kick-Out) with a fixed payment of 14% per annum
         (Investec option) or 10% per annum (UK 5 option), not compounded.

    •   If the Plan does not mature early (Kick-Out) and runs for the full 5 years,
         the return is 120% of any FTSE 100 growth.

Both options also aim to return your initial investment at maturity.

However, if the FTSE 100 falls by more than 50% from the starting level at any point during the
Plan and finishes lower than the starting level, your initial investment will be reduced by 1% for
every 1% fall in the FTSE 100 at the end of the Plan.




4
UK 5 option

Protection of your investment against the insolvency of Investec

In the event that Investec fails or becomes insolvent, the UK 5 option is designed to protect against
the loss of your investment. This is achieved by the existence of a portfolio of securities issued by
each of the UK 5 and/or cash and/or UK government debt. We refer to this portfolio as the ‘Collateral’.
The Collateral is held by an independent custodian, Deutsche Bank AG, London Branch. To ensure that
the Collateral is of an equivalent value to your investment, the Collateral will be maintained daily. If Investec
were to fail or become insolvent, the Collateral will be used to protect your investment value at that time.

Insolvency risk of the UK 5 (HSBC Bank plc, Nationwide Building Society, Santander UK plc,
The Royal Bank of Scotland plc and Lloyds TSB Bank plc)

Your investment is linked to the solvency of each of the UK 5. If any of the UK 5 fails or becomes insolvent,
a 20% proportion of your initial investment will be at risk for each insolvency.

The below table shows the credit ratings of the UK 5.

                                                           Moody’s Investor
 Financial Institution              Fitch Ratings                               Standard & Poors
                                                           Services Limited

 HSBC Bank plc                      AA-                    Aa3                  AA-
 Nationwide Building Society        A+                     A2                   A+
 Santander UK plc                   A                      A2                   A
 The Royal Bank of Scotland plc     A                      A3                   A
 Lloyds TSB Bank plc                A                      A2                   A

All of the above long term credit ratings are as at 12 December 2012.
Source: Bloomberg. Please be aware that these credit ratings can change at any time. For future updates on credit
rating activity, please refer to our website at www.investecstructuredproducts.com/individual_investor/credit-rating.html.

For more information, please see ‘What are the credit ratings of the UK 5’ on page 18.

For further details in relation to each of the options and on how we calculate returns, please see
‘How does the Plan work?’ and ‘How does the UK 5 option differ?’ on pages 9 and 12.




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FTSE 100 Enhanced Kick-Out Plan 34 (Adviser Fee Option)


What are you investing in?
You are investing in a 5 year securities-based Plan and your money will be used to buy Securities issued
by Investec for both options. Securities are a type of debt issued by a bank. In effect you are lending money
to the bank (Investec) for the duration of the Plan. The Securities are designed to generate the Plan returns
and Investec is legally obliged to pay to you the Plan returns.

Investec is the Plan Manager for both options.

None of HSBC Bank plc, Nationwide Building Society, Santander UK plc, The Royal Bank of
Scotland plc or Lloyds TSB Bank plc has sponsored or endorsed the Plan or the Securities in any
way, nor have any of them undertaken any obligation to perform any regulated activity in relation
to the Plan or the Securities.




6
What are the risks of the investment?
 •    our initial investment is at risk. If the FTSE 100 falls by more than 50% during the Plan and
     Y
     finishes lower than the starting level, you will lose some or all of your money.

 •   If you redeem your investment before the end of the term, you may get back less than the amount
      you originally invested.

 •   Investec option: If Investec fails or becomes insolvent (i.e. goes bankrupt or similar), you could lose
      some or all of your money.

 •   UK 5 option: If any, or all, of the UK 5 fails or becomes insolvent (i.e. goes bankrupt or similar):
      a) your investment will be at risk (20% proportion for each of the UK 5); and b) any payment you
      receive in relation to the proportion of your investment linked to any insolvency of a UK 5 institution,
      may be paid at a time which is different to the Final Maturity Date and may be paid at a time which
      is significantly later.

 •   UK 5 option: If Investec fails or becomes insolvent (i.e. goes bankrupt or similar) you must rely on
      the Collateral for the return of your investment. If the Collateral falls in value after we fail or become
      insolvent, it may be insufficient to cover your investment. In this circumstance you could lose some
      or all of your money.

 •    rior to the Start Date, your money will be held by Investec as banker. If Investec goes bankrupt or
     P
     similar, you could lose some or all of your money. You will need to seek compensation from the
     Financial Services Compensation Scheme (FSCS).

 •   Inflation will reduce what you could buy in the future.

 •   The past performance of the FTSE 100 is not necessarily an indication of its future performance.

 •   The tax treatment of the Plan could change at any time.




                                                                                                                   7
FTSE 100 Enhanced Kick-Out Plan 34 (Adviser Fee Option)


What is the FTSE 100 Index?
The FTSE 100 Index is a widely used benchmark for the UK stock market. The Index measures the
performance of the shares of the 100 largest companies traded on the London Stock Exchange.

The FTSE 100 is a highly international index which includes global leaders such as HSBC, Vodafone,
Royal Dutch Shell and GlaxoSmithKline. As a whole, the companies that comprise the FTSE 100 derive
more than two thirds of their revenues from outside the UK and therefore provide exposure to the world
economy as well as the UK.




8
How does the Plan work?
The diagram below shows potential returns:
                                                                                  Investec option:              UK 5 option:

 End of Year 1 – Is the FTSE 100           Plan matures early (Kick-Out).
                                   YES
 higher than the starting level?           Return of initial investment plus           14%                          10%

                NO


 End of Year 2 – Is the FTSE 100           Plan matures early (Kick-Out).
                                   YES
 higher than the starting level?           Return of initial investment plus           28%                          20%

                NO


 End of Year 3 – Is the FTSE 100           Plan matures early (Kick-Out).
                                   YES
 higher than the starting level?           Return of initial investment plus           42%                          30%

                NO


 End of Year 4 – Is the FTSE 100           Plan matures early (Kick-Out).
                                   YES
 higher than the starting level?           Return of initial investment plus           56%                          40%

                NO
                                                Plan matures. Return of initial investment plus 120% of FTSE 100 growth
                                   YES
 End of Year 5 – Is the FTSE 100
 higher than the starting level?
                                   NO
                                         FTSE 100 DOES NOT fall by more than 50% during the Plan, return of initial investment
                                                                         with no growth.
                                         FTSE 100 DOES fall by more than 50% during the Plan, return of initial investment minus
                                                                1% for every 1% fall in the FTSE 100




                                                                                                                               9
FTSE 100 Enhanced Kick-Out Plan 34 (Adviser Fee Option)


How does the Plan work? continued
For both options: The Initial Index Level is recorded at the start of the Plan and is the closing level of the
FTSE 100 on 4 March 2013.

Early Maturity (Kick-Out)

If at the end of years 1, 2, 3 or 4 the Kick-Out Level is above the Initial Index Level the Plan will mature early
and you will receive back your initial investment plus 14% (Investec option) or 10% (UK 5 option) per annum.

At the end of years 1, 2, 3, and 4 we will use the level of the FTSE 100 to calculate the Kick-Out Levels.

The Kick-Out Levels are the average of the closing levels of the FTSE 100 on the relevant Kick-Out Date
and the four previous Business Days. The Kick-Out Dates are 4 March 2014, 4 March 2015.
4 March 2016 and 6 March 2017.

For both options, if the Kick-Out Level is equal to or below the Initial Index Level, the Plan will continue.

Maturity after 5 Years

If the Plan continues to the end of year 5, the level of the FTSE 100 is used to calculate the Final Index Level.

The Final Index Level is the average of the closing levels of the FTSE 100 on each Business Day between
11 September 2017 and 9 March 2018, both days inclusive.

For both options:

     •   If the Final Index Level is higher than the Initial Index Level, you will receive back your initial
          investment plus 120% of any FTSE 100 growth.

     •   If the Final Index Level is equal to or lower than the Initial Index Level, you will receive back
          your initial investment with no additional return, as long as the closing level of the FTSE 100 has not
          fallen by more than 50% from the Initial Index Level during the Observation Period.

     •   If the Final Index Level is lower than the Initial Index Level and the FTSE 100 has fallen by
          more than 50% from the Initial Index Level during the Observation Period, then your initial
          investment will be reduced by 1% for every 1% fall (including partial percentages).



10
The Observation Period is the closing level of the FTSE 100 on each business day between
5 March 2013 and 9 March 2018, inclusive.

The use of averaging can reduce adverse effects of a falling market or sudden market falls shortly before maturity.
Equally, it can reduce the benefits of an increasing market or sudden market rises shortly before maturity.



Examples of what you might get back at the end of the Plan –
Investec option
The table below shows examples of maturity proceeds based upon an initial investment of £10,000, if the
Plan runs the full 5 years. The exact return you receive will be dependent on the amount you invest and
FTSE 100 performance.

 FTSE 100 performance at        FTSE 100 DOES NOT fall
                                                                FTSE 100 falls by more than
 maturity (compared to the      by more than 50% during
                                                                50% during the Plan
 starting level)                the Plan

 100% higher                    £22,000                         £22,000
 45% higher                     £15,400                         £15,400
 1% higher                      £10,120                         £10,120
 No change                      £10,000                         £10,000
 1% lower                       £10,000                         £9,900
 45% lower                      £10,000                         £5,500
 100% lower                     Not possible*                   £0

* The FTSE 100 being 100% lower at maturity means that it would have fallen by more than 50% during the Plan,
therefore this scenario is not possible.

Please remember that you are not investing directly in the FTSE 100 therefore, regardless of how high the
FTSE 100 rises, the maximum return for this Plan will be as shown above.




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FTSE 100 Enhanced Kick-Out Plan 34 (Adviser Fee Option)


How does the UK 5 option differ?
The UK 5 option works in the same way as the Investec option but is designed to reduce the risk
of potential loss to your investment in the event that Investec fails or becomes insolvent. The risk to
your investment will instead be dependent on the solvency of the named UK 5.

Protection of your investment against the insolvency of Investec
In the event that Investec fails or becomes insolvent the Collateral will reduce the risk of potential loss to
your investment. The Collateral will be valued daily by Investec to ensure it is of an equivalent value to your
investment and will be held by Deutsche Bank AG, London Branch as independent custodian.

Investec will be required to post additional Collateral if there is a shortfall in the value of the Collateral
compared to the fair market value of the Plan. Any withdrawals or substitutions in relation to the Collateral
will be verified by an independent verification agent, Deutsche Bank AG, London Branch. If Investec were
to fail or become insolvent, then the Collateral could be accessed and used to protect your investment
value at that time.

Insolvency risk of the UK 5
The return of your investment will depend on the solvency of each of the UK 5, with a 20% proportion of your
investment being linked to each. If one of the UK 5 fails or becomes insolvent during the Plan Term 20% of
your investment will be at risk.




12
If any of the UK 5 fail or become insolvent, what might I get back?
20% of your investment will be at risk for each UK 5 institution insolvency. You are likely to get back less
than the full 20% and the amount that you receive could be close to zero. In determining the amount you
will receive and the date on which you will receive such amount Investec will endeavour to treat you as if you
had held a similar retail structured product with the insolvent UK 5 institution. The amount you will receive in
relation to that 20% portion of your investment will be determined as per the below:

   •     pon a UK 5 institution failing or becoming insolvent, Investec will determine the fair and reasonable
        U
        Value of the 20% portion of the Securities related to the affected UK 5 institution. This determination
        will include factors such as the performance of the FTSE 100 up to the date on which the affected
        UK 5 institution failed or became insolvent.

   •    Investec will then determine the Recovery Rate for the affected UK 5 institution. The calculation of
         the Recovery Rate may be made at any point prior to or beyond the Final Maturity Date of the Plan.

   •     he amount you will receive in respect of the affected 20% portion of your investment will be
        T
        calculated by Investec multiplying the Value by the Recovery Rate.

Below is an example of how the process could work if one of the UK 5 fails or becomes insolvent,
based on an investment of £10,000 where £2,000 of your investment is linked to each of the UK 5.

   •     he Value of the Securities is determined to be 80%, reflecting a deterioration in market conditions
        T
        at the time.

   •    The Recovery Rate of the affected UK 5 institution is determined to be 50%.

   •    Investec will then multiply the Value by the Recovery Rate, therefore in this example you would
         receive back 80% x 50% = 40% of the £2,000 linked to the affected UK 5 institution. This would
         be £800 (£2,000 x 40%).




                                                                                                                13
FTSE 100 Enhanced Kick-Out Plan 34 (Adviser Fee Option)


Are there any compensation arrangements in place?
If Investec (as issuer of the Securities) fails or becomes insolvent, it is highly unlikely that you would
be covered by the Financial Services Compensation Scheme (FSCS) because you are investing in
a security-based Plan rather than a deposit-based Plan.

There are exceptional circumstances under which you could be covered (subject to eligibility), for example
if Investec Bank plc acting as the Issuer of the Securities or as Plan Manager were also found to have been
in breach of FSA rules.

Further details of the FSCS and eligibility criteria are available at www.fscs.org.uk/consumer.


Is this investment right for you?
This investment may be right for you if:                This investment may not be right for you if:
• You are prepared to risk losing some or all of       •   You want a regular income and dividends
     your initial investment                            •    ou may need immediate access to your money
                                                            Y
•     ou are looking for an investment linked to the
     Y                                                      before maturity
     performance of stock markets                       •   You cannot commit to the full 5 year Plan Term
•     ou do not need access to your money over
     Y                                                  •   You want a guaranteed return on your investment
     the next 5 years                                   •   You want to add to your investment on a regular basis
•     ou want a tax-efficient investment using your
     Y                                                  •    ou do not want to invest in a UK onshore asset
                                                            Y
     ISA allowance or via a SIPP/SSAS                       that is subject to UK tax rules
•    You have a minimum of £3,000 to invest




14
How to invest
Applications for the Plan must be submitted via a financial adviser and received by 5pm on
15 February 2013 (1 February 2013 for ISA transfers). Funds transferred from another ISA provider
must be received by 22 February 2013.

Cheques should be made payable to ‘Investec Bank plc’. Please note that we will not accept post
dated cheques.

All investments are subject to our Plan minimum of £3,000 and maximum of £1,000,000.




                                                                                                    15
FTSE 100 Enhanced Kick-Out Plan 34 (Adviser Fee Option)


Your questions answered                                         Q: 	UK 5 option – If one of the UK 5 fails or becomes
                                                                    insolvent when will I receive my money back for
                                                                    the 20% portion of my investment?
Plan information
                                                                A:	Investec will establish the date that holders of retail
Q:	Investec option – What happens to my money                      structured products issued by the affected UK 5
    if Investec fails or becomes insolvent?                         institution are to be paid. You will receive your money
A:	If Investec fails or becomes insolvent (i.e. goes               back within 30 days of this date, which may be at a
    bankrupt or similar), you could lose some or all of             time which is different to the Final Maturity Date and
    your money. There is no Collateral to protect against           may be significantly later. No interest will be paid on
    loss of your investment.                                        any amounts during any such period of delay.
Q:	UK 5 option – What happens to my money if                   Q:	Where will my money be held before the
    Investec fails or becomes insolvent?                            Start Date?
A:	The Collateral is designed to protect against loss          A:	Prior to the Start Date your money will be held by us
    of your investment. If Investec fails or becomes                as banker and not as client money. This means that
    insolvent, the Collateral could be accessed and used            your money will be held by us, collectively with the
    to protect the investment value at that time, however           funds of other investors. If you have agreed for a fee
    the amount available will depend on the value of the            to be deducted from the amount invested and paid
    Collateral at the time. Please refer to ‘How does the           to your financial adviser, this will also be held by us
    UK 5 option differ?’ on page 12.                                as banker until the date it is paid. This arrangement
                                                                    will not impact on your rights to seek compensation
Q:	UK 5 option – What happens to my money                          from the FSCS in the event of Investec’s insolvency.
    if one of the UK 5 fails or becomes insolvent?                  Further details of the FSCS and eligibility criteria are
A:	If any of the UK 5 fails or becomes insolvent, a 20%            available at www.fscs.org.uk/consumer.
    proportion of your initial investment will be at risk for
    each insolvency. In determining the amount you will         Q: What happens if I change my mind?
    receive in relation to the affected 20% proportion and      A:	Shortly after we receive your investment, we will
    the date on which you will receive such amount,                 send you a cancellation notice which provides you
    Investec will endeavour to treat you as if you had held         with a 14 day period in which to change your mind.
    a similar retail structured product with the insolvent          If you decide to cancel, provided we receive your
    UK 5 institution. Please refer to ‘How does the UK 5            cancellation notice prior to the Start Date, we will
    option differ?’ on page 12.                                     return your initial investment without interest and any
                                                                    fee yet to be paid to your financial adviser. If the fee
                                                                    has already been paid by us, you will need to discuss
                                                                    reclaiming the fee with your financial adviser.




16
If we receive your cancellation notice after the            Q: Are partial withdrawals allowed?
  Start Date we will pay you the current market value         A:	The Plan is designed to be held until maturity however,
  of the Plan which may be less than the amount you               partial withdrawals or partial ISA transfers are
  originally invested. The redemption value received              permitted subject to a minimum of £3,000 remaining
  can vary and may be less than the original investment           invested in the Plan. Any returns at maturity will be
  amount especially in stressed market conditions.                based on the amount remaining in the Plan.
  The value returned is affected by the level of the
  underlying index, market volatility, interest rates and     Q: Can I get a copy of the Base Prospectus?
  liquidity among other market variables.                     A:	Yes, a copy of the approved Base Prospectus dated
	If you are transferring an existing ISA to us, the              13 June 2012, supplements to the Base Prospectus
  cancellation notice will be sent to you shortly after we        and Final Terms in relation to the Securities can be
  receive the proceeds from your previous ISA manager.            obtained upon request from Investec Structured
                                                                  Products, 2 Gresham Street, London EC2V 7QP.
	If you decide to cancel then you can choose to
  transfer your ISA back to the original manager, a new       Q: What happens if I die during the Plan Term?
  manager, or have the proceeds returned to you as               Single applicants: In the event of your death, your
                                                              A:	
  a cheque. In the latter event, you will lose any               estate can choose to cash in the Plan or transfer
  favourable tax treatment associated with the ISA.              ownership to a beneficiary.
	If you wish to exercise your right to cancel simply         	If the Plan is cashed in, we will pay the greater of
  complete and return the cancellation notice or write          (a) the market value of your Plan at the time of your
  to us at the address given under ‘How can I contact           death or (b) the market value at date of receipt of all
  you?’ on page 22.                                             required documentation.
Q:	What will happen if I invest before the closing           	If your estate chooses to transfer ownership to
    date of 15 February 2013?                                   a beneficiary, the Plan will continue until maturity.
A:	No interest will be paid if we receive your cheque          As any ISA tax status will be lost, the tax treatment
    and Application Form before the closing date of             of returns may change.
    15 February 2013.                                         	In all cases the Plan will be administered in
                                                                accordance with the instructions from your
Q: What happens if I cash in my investment early?
                                                                personal representatives and/or as part of
A:	The Plan is designed to be held for the full term.          probate/administration.
    If you need to cash in your investment early, you may,
                                                                 Joint applicants: For Plans invested in the name
    however we cannot guarantee what its value will be
                                                                  of husband and wife, the Plan will transfer
    at that point and it may be less than you originally
                                                                  automatically to the name of the surviving partner.
    invested. We will pay you the value of your investment
                                                                  For other joint applications, the Plan will be
    in accordance with the prevailing market rate at that
                                                                  administered in accordance with the instructions
    time, less any associated selling costs and transfer
                                                                  of your personal representatives, and/or as part of
    taxes, including stamp duty or stamp duty reserve tax
                                                                  probate/administration.
    to the extent applicable. We would need to receive an
    instruction from you in writing.
	Further information on procedures for cashing in your
  investment early is provided in the Terms and Conditions.

                                                                                                                        17
FTSE 100 Enhanced Kick-Out Plan 34 (Adviser Fee Option)


Plan maturity                                                    Investec
Q: What happens at maturity?                                     Q: Who is the Plan Manager?
A:	You will have the option to cash in your Plan, or            A:	The Plan Manager is Investec Bank plc (Registered
    transfer it to a plan offered by another plan manager,           No. 00489604 England), which is authorised and
    or to reinvest the proceeds into other products which            regulated by the Financial Services Authority.
    may be available at that time from Investec Bank plc.            Investec is on the Financial Services Authority’s
    We will contact you shortly before the Plan matures.             register, under number 172330.
	Until we receive your instructions we will hold the
  relevant maturity proceeds on deposit and no interest          Credit ratings
  will be paid. Please note that such monies will be held        Q: What is Investec Bank plc’s credit rating?
  by us as banker and not as client money. If we have
                                                                 A:	Investec Bank plc has a credit rating of BBB- with a
  received your written instructions you will receive
                                                                     negative outlook (28 November 2012) as rated by
  financial settlement within 5 Banking Days of the
                                                                     Fitch. This means that Fitch is of the opinion that
  Plan maturing. If we have not received your written
                                                                     Investec Bank plc has a good credit quality and
  instructions at 6 months, we will return your money
                                                                     indicates that expectations of default risk are currently
  by cheque to the last address provided to us.
                                                                     low. Investec Bank plc has a credit rating of Baa3
Q:	What happens to the ISA status of my                             with a negative outlook (23 August 2011) as rated by
    investment in the event of early maturity                        Moody’s. This means that Moody’s is of the opinion
    at the end of years 1, 2, 3 or 4?                                that Investec Bank plc is subject to moderate credit
A:	If you wish to maintain the ISA status of your investment,       risk, is considered medium-grade, and as such may
    you could either transfer it to another stocks and shares        possess certain speculative characteristics.
    ISA product offered by Investec Bank plc or you could        	For more information on Investec Bank plc please
    transfer your investment to another ISA manager. If you        visit: www.investec.com.
    do not wish to maintain the ISA status of your
                                                                 Q: What are the credit ratings of the UK 5?
    investment, you could invest in any other product
    offered by Investec Bank plc or cash in your investment.     A:	HSBC Bank plc has a credit rating of Aa3 (negative
                                                                     outlook) from Moody’s Investor Services Limited,
	In the event that we have not received your written
                                                                     AA- from Fitch Ratings (stable outlook) and AA-
  instructions 6 months after maturity we will return
                                                                     by S&P (negative outlook).
  your money by cheque to the last address provided
  to us, at which point the ISA status of your investment        	Nationwide Building Society has a credit rating of
  will be lost.                                                    A2 (stable outlook) from Moody’s Investor Services
                                                                   Limited, A+ from Fitch Ratings (negative outlook)
                                                                   and A+ by S&P (stable outlook).
                                                                 	Santander UK plc has a credit rating of A2 (negative
                                                                   outlook) from Moody’s Investor Services Limited,
                                                                   A from Fitch Ratings (stable outlook) and A by
                                                                   S&P (negative outlook).




18
The Royal Bank of Scotland plc has a credit rating of         	No charges are taken away from your initial investment
  A3 (negative outlook) from Moody’s Investor Services            or your potential maturity payment. There are no
  Limited, A from Fitch Ratings (stable outlook) and A            annual management charges, so any returns are
  by S&P (stable outlook).                                        based upon the full amount you invest into the Plan.
	Lloyds TSB Bank plc has a credit rating of A2                 	As Plan Manager, we incur fixed costs and charges
  (negative outlook) from Moody’s Investor Services               for administering and marketing the Plan, which total
  Limited, A from Fitch Ratings (stable outlook) and A            approximately 3%. In addition, we also factor in our
  by S&P (negative outlook).                                      Plan Manager’s fee. All of these costs and fees have
	All of the above credit ratings are as at                       been taken into account when setting the return for
  12 December 2012 and are all long term.                         the Plan.

Q: What is the relevance of credit ratings?                     Tax
A:	Credit ratings are assigned by companies known as           Q:	How are returns taxed (UK tax resident
    rating agencies and are reviewed regularly. They can            individuals)?
    go up or down at any point in response to changes
    in the financial position of the institution in question.   A: Maturity returns will be paid gross.
    Credit ratings are only one way to assess the               	Direct investments: Any gain made at maturity
    likelihood that an institution will be able to pay back       is expected to be liable to Capital Gains Tax (CGT).
    any monies owed. Institutions with better credit            	However, there is an annual CGT exemption (£10,600
    ratings should go bankrupt less frequently than               for the current tax year), which can be utilised to
    institutions with worse credit ratings, although this         reduce or eliminate the tax payable, depending on
    has not necessarily been the case over the last               your individual circumstances.
    few years. Ultimately, however remote the likelihood
                                                                   ISA investments: Maturity returns from stocks and
    of bankruptcy might be, the risk will always exist.
                                                                    shares ISAs are not subject to tax, and are therefore
    To reduce this risk, we suggest that structured
                                                                    paid gross.
    products are used as part of a broader portfolio
    and that investors diversify their structured product       	If at maturity you sustain a capital loss within an
    investments across a range of issuers.                        ISA, you cannot offset this for tax purposes against
                                                                  other gains.
Charges and fees                                                Q:	How are returns taxed (non-UK tax resident
Q: What are the charges?                                            investors)?
A:	You may incur fees for the financial advice you receive.    A:	Maturity returns will be paid gross.
    You can choose to pay these direct to your financial        	The tax treatment thereafter will depend on your
    adviser, or we can deduct the fee from the amount you         personal circumstances and the tax legislation in your
    invest. Please discuss with your financial adviser for        jurisdiction. This investment is a UK onshore asset
    more details.                                                 that is subject to UK tax rules. Assets bought onshore
                                                                  will be subject to UK tax legislation.
                                                                	You should seek specialist tax advice before making
                                                                  any investment into this Plan.



                                                                                                                         19
FTSE 100 Enhanced Kick-Out Plan 34 (Adviser Fee Option)

Q:	How are returns taxed (SIPP/SSAS, corporates             	You can transfer as many existing ISAs as you like,
    and registered charities)?                                 without affecting your annual ISA allowance. You can
A:	Maturity returns will be paid gross. Please seek           also transfer current year subscriptions. This must be
    your own advice as to how you should treat them            for the whole current year subscription in that ISA, up to
    for tax purposes.                                          the day of transfer. Once the subscription is transferred
                                                               it is treated as if it had been invested directly into our
                                                               ISA. If you transfer your current year cash ISA
 Tax rules and your benefit from them may change at
                                                               subscription, it will be treated as though it has been
 any time.
                                                               made to a stocks and shares ISA. Therefore, you may
 You should seek advice from your financial or tax adviser     still be able to subscribe to a cash ISA in the current
 if you are unsure of the tax treatment of the product for     year, should you wish.
 your purposes, before you invest.
                                                             	If you wish to transfer, you should check with your
                                                               existing ISA manager that this is permitted. They may
ISAs                                                           impose a charge for transferring. You should also be
Q:	How much can I invest in a stocks and                      aware of the potential for the loss of income or growth
    shares ISA?                                                whilst the transfer is pending.
A:	You can invest up to £11,280, as long as you have        	When we receive the transfer funds, we will set up an
    not already used all or part of your stocks and shares     individual Plan for each existing ISA that you transfer to us.
    or cash ISA allowances for the tax year. If you have,    Q:	What happens if my ISA transfer funds are
    you can invest the difference between the amount             received after the transfer funds deadline of
    already used and the £11,280 total ISA allowance.            22 February 2013?
    You can only subscribe to one stocks and shares ISA
                                                             A:	Regrettably, we are unable to accept transfer funds
    in each tax year.
                                                                 received after the deadline, therefore they will be
	To make an investment into a stocks and shares                 returned to your original ISA Manager for re-investment.
  ISA, you need to be over 18 and a UK resident for
  tax purposes. An ISA investment can only be held in        Compensation
  your name.
                                                             Q:	Who is not eligible to receive compensation from
Q: Can I transfer any existing ISAs into this Plan?              the FSCS?
A:	If you have other ISA investments (either cash ISA or    A: (a)	All companies, or collective investment schemes,
    stocks and shares ISA) you can transfer them into this           or overseas financial institutions or trustees of
    Plan (subject to our Plan minimum of £3,000), and this           occupational pension schemes of an employer
    will ensure that the ISA tax status of your investment           which is a company, which do not meet at least
    will continue.                                                   two of the following three criteria:
                                                             		      (1) Turnover of not more than £6.5 million;
                                                             		      (2) Balance sheet total no greater than £3.26 million;
                                                             		      (3) No more than 50 employees.




20
(b)	Trustee of a Small Self-Administered Scheme           Investor information
        (SSAS) or an occupational pension scheme of an
        employer which is a partnership with net assets of    Q: To whom is this investment available?
        more than £1.4 million;                               A: This investment is available to:
   (c)	Trustee of a SSAS or an occupational pension            (a) U
                                                                      K tax resident individuals: To invest in the
         scheme of an employer which is a mutual                     Plan you must be aged 18 or over. You must
         association with net assets of more than                    be resident and ordinarily resident in the UK for
         £1.4 million;                                               tax purposes.
   (d)	Mutual associations with net assets of more than         (b) N
                                                                      on-UK tax resident investors and corporates:
        £1.4 million; or                                             To invest in the Plan you must be aged 18 or over
   (e) Credit institutions.                                          and resident in Jersey, Guernsey or the Isle of
                                                                     Man. For individual investors, we will need your
   Please note these criteria may change in the future.              tax identification number, country or place of birth
	For further information, please refer to the                       and a copy of your passport or identification
  Financial Services Compensation Scheme website:                    issued by the state. A certificate of incorporation
  www.fscs.org.uk.                                                   will be required for corporate investors. Non-UK
                                                                     tax resident investors cannot invest in an ISA.
Financial advisers                                            		This product is not available to persons in the
Q: How much will any advice cost?                                U.S. or to a U.S. Person.
A:	You may need to pay your financial adviser a fee             (c) UK corporates, charities and trustees.
    for advising on and or arranging the sale of this Plan.
                                                              Q: What is my customer category?
    Your financial adviser will discuss and agree this fee
    with you before you invest.                               A:	We will treat you as a Retail Client for the purposes of
                                                                  the FSA Rules. This means you will receive the highest
Q:	What support do you provide to financial                      level of regulatory protection available for complaints
    advisers?                                                     and compensation and receive information in a
A:	We provide financial advisers with additional                 straightforward way. You may request to be treated as
    benefits which are designed to enhance the quality            a Professional Client or Eligible Counterparty, however,
    of their service to you. These benefits may include           if you do so you will lose the protections afforded to
    some or all of the following: training, seminars and          Retail Clients under the FSA Rules.
    marketing materials.
                                                              Q: How will you keep me informed?
	Further details of any benefits received from us are
                                                              A:	We will send you a written acknowledgement by the
  available on request from your financial adviser.
                                                                  end of the next working day following receipt of your
                                                                  completed Application Form. After the start of the
                                                                  investment, following the purchase of Securities for
                                                                  your investment, we will send you an opening
                                                                  statement showing your holdings in your investment.
                                                                  Thereafter, we will send you a statement annually.




                                                                                                                         21
FTSE 100 Enhanced Kick-Out Plan 34 (Adviser Fee Option)

Q: How can I contact you?                                    Q: What should I do if I have more questions?
A:	As you have a financial adviser please continue          A:	It is essential that you only invest in the Plan if you
    to use them as your first point of contact.                  fully understand the benefits and associated risks.
	Alternatively, you can write to us at:                         Where you have unanswered questions you should
  Investec Administration, PO Box 1008,                          seek advice from a financial adviser or tax adviser in
  St Albans, Hertfordshire AL1 9LZ.                              your jurisdiction.
	You can also contact us by telephone on
  0845 603 9176.
Q: How do I complain?
A:	Any complaint about the sale of this Plan should
    be made to your financial adviser. A complaint
    about any other aspect of this Plan should be
    made to Investec Administration, PO Box 1008,
    St Albans, Hertfordshire AL1 9LZ. (Telephone no.
    0845 603 9176).
	If your complaint is not dealt with to your satisfaction
  you can complain to the Investment Division,
  Financial Ombudsman Service, South Quay Plaza,
  183 Marsh Wall, London E14 9SR. Making a
  complaint will not prejudice your right to take
  legal proceedings.




  •    he information in this brochure does not constitute tax, legal or investment advice from Investec.
      T
      You should think carefully about the features and risks of this Plan and whether it suits your personal
      circumstances and attitude to risk before deciding whether to invest. You should seek advice from a
      financial adviser in your jurisdiction before deciding to invest. Investec does not offer advice or make
      any investment recommendations regarding this Plan.

  •    or unbiased general information about this type of product, please refer to the Money Advice
      F
      Service website, which was set up by the government, at www.moneyadviceservice.org.uk.



22
Terms and Conditions                                                 ‘FSA’ means the Financial Services Authority. www.fsa.gov.uk.
                                                                     ‘FSA Handbook’ means the FSA Handbook of Rules and
Definitions                                                          Guidance as amended from time to time.

‘Application Form’ means the FTSE 100 Enhanced Kick-Out              ‘FSA Rules’ means the Rules included within the FSA Handbook
Plan 34 (Adviser Fee Option) application for an ISA and/or a         issued by the FSA.
Direct investment.                                                   ‘FSCS’ means the Financial Services Compensation Scheme.
‘Banking Day’ means a day on which commercial banks in               ‘FTSE 100’ means the FTSE 100 Index. This product is not in
London are open for general business (including dealings in          any way sponsored, endorsed, sold or promoted by FTSE
foreign exchange and foreign currency deposits).                     International Limited.
‘Business Day’ means any day on which the Exchange and each          ‘HMRC’ means Her Majesty’s Revenue & Customs.
Related Exchange is scheduled to be open for trading for its
regular trading sessions, subject to such Business Day not being     ‘Index Sponsor’ means FTSE International Limited, a UK
a Disrupted Day.                                                     incorporated company which calculates the FTSE 100 and
                                                                     which is jointly owned by the London Stock Exchange and the
‘Calculation Agent’ means Investec Bank plc acting as                Financial Times.
calculation agent.
                                                                     ‘Initial Index Level’ means the closing level of the FTSE 100 on
‘Client Money’ means the provisions of the FSA’s Client Assets       the Start Date.
Sourcebook relating to client money.
                                                                     ‘Investec’ means Investec Bank plc.
‘Collateral’ means a portfolio of securities issued by each of the
UK 5 and/or cash and/or UK government debt.                          ‘ISA’ is a scheme of investment managed in accordance with
                                                                     the ISA Regulations by the ISA Manager under terms agreed
‘Direct Account’ means any part of the FTSE 100 Enhanced             between the ISA Manager and the investor (ISA terms and
Kick-Out Plan 34 (Adviser Fee Option), which is not an ISA.          conditions). An ISA is restricted to UK tax resident individuals only.
‘Disrupted Day’ means any Business Day on which a relevant           ‘ISA Manager’ means Investec Bank plc.
Exchange or any Related Exchange fails to open for trading
during its regular trading session or on which a Market Disruption   ‘ISA Regulations’ means The Individual Savings Account
Event has occurred on any day that, but for the occurrence of a      Regulations 1998, as amended or replaced from time to time.
Disrupted Day, would have been the Start Date, an averaging          ‘Issuer’ means any issuer of Securities. For each of the Investec
date, a Valuation Date, a potential exercise date, a knock-in        option and the UK 5 option the Issuer is Investec Bank plc,
determination day, a knock-out determination day or an               a company incorporated and resident in the United Kingdom.
expiration or termination date.
                                                                     ‘Kick-Out Dates’ means 4 March 2014, 4 March 2015,
‘Exchange’ means The London Stock Exchange (LSE).                    4 March 2016 and 6 March 2017.
‘Final Index Level’ means the average of the closing levels          ‘Kick-Out Levels’ for each year means the average of the closing
of the FTSE 100 on each Business Day from, and including,            levels of the FTSE 100 for the 5 Business Days up to and
11 September 2017 to, and including, 9 March 2018.                   including the relevant Kick-Out Date.
‘Final Maturity Date’ means 12 March 2018.                           ‘Knock-in’/‘Knock-out’ event means an event or occurrence on a
‘Fitch’ means Fitch Rating.                                          relevant valuation day which causes a breach of a relevant barrier
                                                                     as defined in the terms of the product.




                                                                                                                                        23
FTSE 100 Enhanced Kick-Out Plan 34 (Adviser Fee Option)

‘Market Disruption Event’ means in respect of a share or an             substitute exchange or quotation system to which trading in
Index, the occurrence or existence on a Business Day of (i) a           futures or options contracts relating to the FTSE 100 has
trading disruption at any time, or (ii) an exchange disruption, at      temporarily relocated (provided that the Calculation Agent has
any time during the one hour period that ends at the relevant           determined that there is comparable liquidity relative to the futures
valuation time, or (iii) an early closure of the Exchange or Relevant   or options contracts relating to the FTSE 100 on such temporary
Exchange(s), which the Calculation Agent acting in good faith           substitute exchange or quotation system as on the original
and in a commercially reasonable manner determines is material.         Related Exchange).
If any Valuation Date is a Disrupted Day, the Valuation Date shall
                                                                        ‘Securities’ means the excluded indexed securities issued
be the first succeeding Business Day that is not a Disrupted Day,
                                                                        by Investec Bank plc, which the Plan Manager purchases and
unless each of the eight scheduled Business Days immediately
                                                                        holds on your behalf under the Plan, the redemption amount of
following the original Valuation Date is a Disrupted Day, in which
                                                                        which will reflect the percentage change (if any) over the
case, the Calculation Agent acting in good faith and in a
                                                                        Securities redemption period in the value of chargeable assets
commercially reasonable manner and in accordance with
                                                                        of a particular description.
prevailing market practices shall determine the level of the
relevant Index or indexes, or value of the relevant shares.             ‘Start Date’ means 4 March 2013.
‘Moody’s’ means Moody’s Investor Services Limited.                      ‘UK 5’ means each of HSBC Bank plc, Nationwide Building
                                                                        Society, Santander UK plc, The Royal Bank of Scotland plc
‘Nominee’ means Ferlim Nominees Limited.
                                                                        and Lloyds TSB Bank plc.
‘Observation Period’ means 5 March 2013 to
                                                                        ‘U.S. Person’ means a U.S. Person as defined in regulation S
9 March 2018, both days inclusive.
                                                                        under the U.S. Securities Act of 1933, as amended, or as
‘Plan’ means the FTSE 100 Enhanced Kick-Out Plan 34                     defined in the U.S. Internal Revenue Code of 1986, as amended.
(Adviser Fee Option), comprising the Securities subscribed for
                                                                        ‘Valuation Date’ means any day during the Plan Term where the
through your ISA and/or your Direct Account, as specified in
                                                                        Plan or the securities are valued according to prevailing market
your Application Form(s).
                                                                        conditions on that day.
‘Plan Manager’ means Investec Bank plc which is authorised and
                                                                        ‘Value’ means the fair market value of the Securities (expressed
regulated by the FSA and bound by its rules.
                                                                        as a percentage of the par value) including, but not limited to
‘Plan Objective’ means the objective of securing the return             FTSE 100 movements, volatility, interest rates and time to maturity
described in the brochure to which these Terms and Conditions           but disregarding the effect of any insolvent UK 5 institution.
are attached.
                                                                        The Plan Manager provides the FTSE 100 Enhanced
‘Plan Term’ means the period from 4 March 2013 to                       Kick-Out Plan 34 (Adviser Fee Option) to you on the
12 March 2018, both days inclusive.                                     following Terms and Conditions (of which the Application
‘Recovery Rate’ means, in relation to any UK 5 institution,             Form is a part):
the percentage representing the Calculation Agent’s estimate,           1. Application
in its absolute discretion, of the amount that investors of
                                                                        1.1	On the receipt of a duly completed Application Form and
unsecured, unsubordinated debt obligations issued or
                                                                             cheque (or banker’s draft, telegraphic transfer or any other
guaranteed by such UK 5 institution are likely to receive as a
proportion of the amount they would have received if such                    means acceptable to the Plan Manager) the Plan Manager
UK 5 institution had not become insolvent.                                   may accept your application subject to these Terms and
                                                                             Conditions. The Plan Manager reserves the right to reject
‘Related Exchange’ means each exchange or quotation system                   an application for any reason.
where trading has a material effect (as determined by the
Calculation Agent) on the overall market for futures or options         1.2	For the purposes of investment, investors in Jersey,
contracts relating to the FTSE 100, including any transferee or              Guernsey and the Isle of Man can subscribe to this Plan.
successor to any such exchange or quotation system or any




24
2. Cancellation Rights                                                  3.2	Interest will not be paid on monies held within client
2.1	The Plan Manager will give you the right to cancel your Plan            accounts. For the avoidance of any doubt no interest is
     within 14 days of the Plan Manager’s acceptance of your                 payable on any money held before the Start Date, after
     Application Form in accordance with the requirements of                 the Final Maturity Date or following an early withdrawal from
     the FSA Handbook. You will be informed of your right to                 the Plan.
     cancel in the information that the Plan Manager sends you          3.3	Where investments are held through the Direct Account
     on receipt of your application. Alternatively you can write to          you may be subject, depending on your personal
     the Plan Manager at Investec Administration, PO Box 1008,               circumstances, to UK tax on any capital gain arising
     St Albans, Hertfordshire AL1 9LZ. If you do so, please                  on disposal. These statements are based on current
     provide your name and address and the Plan number                       legislation, regulations and practice, all of which
     with clear instructions to cancel your investment. If the               may change.
     Plan Manager receives your cancellation notice before
     the Start Date, it will return to you without interest any cash    4. ISA Accounts
     subscriptions in the Plan along with any fee yet to be paid        4.1	You must subscribe to your ISA with your own cash or
     to your financial adviser. In the event that the fee has                by transfer of cash from an existing ISA. Transfers of
     already been paid by the Plan Manager to your financial                 cash from existing ISAs will normally be arranged with the
     adviser you will need to discuss reclaiming any fee paid to             existing ISA managers. Once the cash from the existing
     your financial adviser with your financial adviser. The Plan            ISA has been transferred, your ISA will be subject to these
     Manager is not responsible for rebating any such fee. If the            Terms and Conditions. In respect of an ISA transfer, a
     Plan Manager receives your cancellation notice after the                cancellation notice will be sent to you after the funds are
     Start Date, it will return to you without any interest cash             received from your previous ISA manager. If, following an
     subscriptions that may be subject to a market value                     ISA transfer you cancel your ISA, you may lose the
     adjustment. The redemption value received can vary                      favourable tax treatment applicable. The Plan Manager
     and may be less than the original investment amount                     reserves the right to withhold any amounts under £1
     especially in stressed market conditions. The value                     which cannot be applied to the Plan. The remaining
     returned is affected by the level of the underlying index,              pence will not be returned to you.
     market volatility, interest rates and liquidity among other        4.2	‘ISAs’ can be either cash or stocks and shares. If you are
     market variables. Where you do not exercise your                        subscribing for a stocks and shares ISA you must not have
     cancellation rights, the Plan will continue in line with                subscribed and may not subscribe to another stocks and
     the Terms and Conditions.                                               shares ISA in the same tax year. Please note that the Plan
3. Direct Accounts                                                           Manager only offers the stocks and shares component in
3.1	For Direct Account investments, when Investec Bank plc                  this investment.
     receives your investment, we will hold such monies as              4.3	You will immediately inform the Plan Manager in writing if
     banker and not as client money. If you have agreed for a                you cease to be a qualifying individual for the purposes
     fee to be deducted from the amount invested and paid to                 of the ISA Regulations. The Plan Manager will notify you if,
     your financial adviser, this will also be held by us as banker          by reason of any failure to satisfy the provisions of the ISA
     until the date it is paid. In the event of Investec’s insolvency        Regulations, an ISA has, or will, become void.
     your money will not be protected and you must rely on your
                                                                        4.4	The Plan Manager shall not accept any further amounts
     right of recourse to the FSCS.
                                                                             into an ISA if the ISA Regulations no longer give you the
                                                                             right to invest in that ISA.




                                                                                                                                         25
FTSE 100 Enhanced Kick-Out Plan 34 (Adviser Fee Option)

4.5	For ISA investments, when Investec Bank plc receives              6. Purchase of Plan Securities
     your investment, it will be deposited into an ISA designated      6.1	On the Start Date, the Plan Manager will purchase
     account with us as banker. If you have agreed for a fee to             Securities for your Plan. The Securities will have been
     be deducted from the amount invested and paid to your                  specifically structured to match the Plan Objective.
     financial adviser, this will also be held by us as banker until        The amount payable on redemption will be determined
     the date it is paid. In the event of Investec’s insolvency your        by reference to the percentage change (if any) of
     money will not be protected and you must rely on your right            chargeable assets over the Securities’ redemption period.
     of recourse to the FSCS. You could lose some or all of                 Securities are purchased on your behalf and the Plan
     your investment.                                                       Manager will not be obliged to account for any interest
4.6	Interest will not be paid on monies held within client                 earned pending settlement Investment in the Plan will
     accounts. For the avoidance of any doubt no interest                   not commit your funds to any extent beyond the amount
     is payable on money held before the Start Date, after the              invested by you.
     Final Maturity Date or following an early withdrawal from         6.2	When the Plan Manager purchases and sells Securities in
     the Plan.                                                              accordance with these Terms and Conditions, it will always
4.7	The proceeds of an ISA will not be subject to UK Tax.                  be acting as your agent, and not as the agent of the Issuer.
     Also Tax gains or losses on your ISA investment will be           7. Conflict of Interest
     disregarded for the purposes of UK Tax.                           7.1	Occasions can arise where the Plan Manager, or one
4.8	On your death, your ISA will lose its ISA status immediately           of its other clients, will have some form of interest in
     and your Plan will be dealt with in accordance with the                business which is being transacted for the Plan. If this
     instructions of your personal representatives. Your personal           happens, or the Plan Manager becomes aware that its
     representatives can sell your Securities or transfer them to           interests or those of one of its other clients conflict with
     your beneficiaries.                                                    your interests, you will be informed and asked for your
                                                                            written consent before any transaction is carried out.
5. Maturity
                                                                            A copy of Investec Bank plc’s conflicts policy can be
5.1	Under the terms of the Plan, the Plan will mature after either         obtained upon request from Investec Administration,
     1, 2, 3, 4 or 5 years. The Securities are structured so                PO Box 1008, St Albans, Hertfordshire AL1 9LZ
     that the amount you are due to receive from your Plan is in            (0845 603 9176). A summary can be found at
     accordance with the Plan Objective. The Plan Manager will              www.investec.co.uk/legal/uk/conflicts-of-interest.html.
     contact you to inform you of your options at maturity and
     any action required by you. You should note that once the         8. Registration and Custody
     Plan has matured, we will hold the proceeds on deposit            8.1	For each of the Investec option and the UK 5 option, your
     as banker for up to 6 months. The proceeds will, therefore             Securities will be registered in the name of Ferlim Nominees
     not be held in accordance with the Client Money rules and              Limited, and documents of title, if any, will be kept in the
     interest will not be paid.                                             custody of the Nominee, who is not authorised under the
                                                                            Financial Services and Markets Act 2000. In the case of
	If we have not received your written instructions at
                                                                            direct investments, you may, however, request that the Plan
  6 months, we will return your money by cheque to the
                                                                            Manager register your Securities with a custodian other
  last address provided to us. If your investment was an
                                                                            than Ferlim Nominees Limited and that documents of title,
  ISA investment the ISA status will subsequently be lost.
                                                                            if any, be kept in the custody of such other custodian




26
expressly nominated by you. The Plan Manager may, at its              Conditions is competent to carry out those functions and
     discretion, agree to such alternative custodial arrangements          responsibilities. The Plan Manager shall not be liable for
     as it may determine from time to time without notice to you.          the fraud, negligence or wilful default of any such agent
     Such documents of title shall not be lent to any third party          or delegate. This shall not exclude or restrict any liability
     and money may not be borrowed on your behalf against                  towards you to which, by virtue of the ISA Regulations,
     the security of those documents.                                      the Financial Services and Markets Act 2000, or the
                                                                           FSA Handbook, the Plan Manager may be subject.
8.2	Unless alternative custodial arrangements are agreed
     as above, your Securities will be registered collectively       11. Termination
     in the name of the Nominee and, although the amount             11.1	The Plan or any investment comprised in it may be
     of Securities that you hold will be recorded and separately           terminated immediately by the Plan Manager on giving
     identified by the Plan Manager, your holding may not be               written notice to you if, in its opinion, it is impossible to
     identifiable by separate documents or certificates of title.          administer the Plan or that investment in accordance
     Therefore, in the event of default, any shortfall in the              with the ISA Regulations or you are in breach of the
     Securities may be shared pro rata among all investors                 ISA Regulations.
     in the FTSE 100 Enhanced Kick-Out Plan 34
                                                                     11.2	The ISA will terminate automatically with immediate effect
     (Adviser Fee Option) whose Securities are registered
                                                                           if it becomes void under the ISA Regulations. The Plan
     in the name of the Nominee.
                                                                           Manager will notify you in writing if the ISA becomes void.
9. Insurance Cover
                                                                     11.3	The Plan Manager may terminate your investment in the
9.1	The Plan Manager will maintain insurance cover
                                                                           Plan on one month’s notice if you are in material breach
     to indemnify you against, amongst other risks,
                                                                           of any of these Terms and Conditions, such as:
     misappropriation of funds or Securities by any
     employee of the Plan Manager.                                         • If you fail to pay any money due; or
10. Record Keeping and Statements                                          • If you have given us inaccurate information and,
10.1	At all times you or your nominated agent may request                    had we received accurate information, we would not
      sight or a copy of entries in the Plan Manager’s records                have entered into the Plan with you.
      relating to your Securities in accordance with the rules       11.4	The terms of the Securities may permit the Issuer of the
      of the FSA Handbook. Such records will be maintained                 Securities to withhold, defer, reduce or even terminate
      for a minimum of seven years after the Start Date.                   payments in certain events including, but not limited to,
10.2	The Plan Manager will supply you annually with a report on           illegality, force majeure or other events beyond the control
      the value of your Plan held through your ISA and/or your             of the Plan Manager, and as a result, you may receive less
      Direct Account.                                                      than you would otherwise have anticipated or may have to
                                                                           wait for the proceeds.
10.3	The Plan Manager may employ agents in connection with
      the services it is to provide and may delegate any or all of   11.5	The Plan Manager may terminate the Plan at any time for
      its powers or duties to any delegate(s) of its choice in             reasons including, but not limited to illegality, force majeure
      accordance with the ISA Regulations. The Plan Manager                or other events beyond the control of the Plan Manager,
      will satisfy itself that any person to whom it delegates any         provided the Plan Manager gives you a reasonable period
      of its functions or responsibilities under these Terms and           of written notice as the situation dictates.




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