Triple Share Defensive Autocall - Investec

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Triple Share Defensive Autocall - Investec
Structured Products

Triple Share Defensive Autocall

Potential for semi-annual maturity from the end of year 2, with a fixed payment equal to 9.85% per 6 month
period (equivalent to 19.7% per annum not compounded) if certain specified shares in each of Barclays plc,
GlaxoSmithKline plc and Vodafone plc are above a reducing percentage of their starting prices.
If the Plan runs for the full 6 years and such specified shares of Barclays plc, GlaxoSmithKline plc or Vodafone plc
finish lower than 50% of their respective starting prices, you will lose some or all of your initial investment.

Limited offer ends: 28 July 2017.

This Plan is suitable for investors with a high attitude to risk and a high level of financial sophistication.
Additionally, an investor should invest no more than 10% of their investable assets into the Plan.
Investors and their advisors will have done sufficient due diligence
on all three stocks before investing in the Plan.
Minimum investment: £20,000.
Triple Share Defensive Autocall

    About 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.
    Investec (comprising Investec Limited and Investec plc) is an international specialist bank and asset manager that
    provides a diverse range of financial products and services to a niche client base in three principal markets, the UK
    and Europe, South Africa and Asia/Australia as well as certain other countries. The group was established in 1974
    and currently has approximately 8,500 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.
    Investec sponsors English Test Cricket, the Investec Derby Festival, the England & GB Women’s Hockey teams,
    the Investec Rugby Championship and Investec Super Rugby in New Zealand. We are also proud to support Investec
    Opera Holland Park and the National Gardens Scheme.
    For more information on Investec speak to your financial adviser or visit www.investecstructuredproducts.com

     Important information
     This document is not a prospectus, but an advertisement,
     and investors should not subscribe for any investment in the
     Triple Share Defensive Autocall except on the basis of information
     in the Base Prospectus dated 11 August 2016 and the Base
     Prospectus Supplement dated 9 December 2016 relating to
     the Zebra Capital Plans Retail Structured Products Programme
     of Investec Bank plc and the related Final Terms. Copies of the
     Base Prospectus and Base Prospectus Supplement can be
     obtained upon request from Investec Structured Products,
     2 Gresham Street, London EC2V 7QP or via the website
     www.investecstructuredproducts.com.

2
Triple Share Defensive Autocall

Key events and dates                                          Contents
Offer period                                                  Key events and dates                                        3
Direct investments and ISAs:                                  How can I contact you?                                      3
26 June 2017 to 28 July 2017
                                                              What is the aim of the Plan?                                4
Plan dates
                                                              Your commitment                                             4
Start Date:		        7 August 2017
Final Maturity Date: 7 August 2023                            Plan overview                                               4
Kick-Out Dates:		7 August 2019                               What are the risks of the investment?                       5
                     7 February 2020
                     7 August 2020                            How does the Plan work?                                     6
                     8 February 2021                          Examples of what you might get back at the
                     9 August 2021                            end of the Plan                                             9
                     7 February 2022
                     8 August 2022                            Are there any compensation arrangements
                     7 February 2023                          in place?                                                 10
                     7 August 2023                            Is this investment right for you?                         11
ISIN code                                                     Target Market                                             11
XS1631434377                                                  How to invest                                             12

How can I contact you?                                        Ways to invest                                            12
As you have a financial adviser please continue               Your questions answered                                   13
to use them as your first point of contact.
                                                              Terms and Conditions                                      20
Alternatively, you can write to us at:
Investec Structured Products, PO Box 914,                     Definitions20
Newport NP20 9PE.
You can also contact us by telephone
on 0344 892 0942. Or visit our website:
www.investecstructuredproducts.com

Terms in this brochure beginning with a capital letter, unless otherwise defined, have the meanings given to them in the
Definitions appearing on page 20 of this brochure.

                                                                                                                                3
Triple Share Defensive Autocall

    What is the aim of the Plan?
    The aim is to increase the value of your investment after 6 years, or earlier if the Plan matures early.

    Your commitment
    You must be able to commit a sum of at least £20,000 for the full 6 years.

    Plan overview
    The Plan is designed to repay your initial investment and deliver a return dependent on the performance of the
    Barclays plc Shares, GlaxoSmithKline plc Shares and Vodafone plc Shares.
    If at the end of any half-year from the end of year 2 onwards, the prices of the Barclays plc Shares, GlaxoSmithKline
    plc Shares and Vodafone plc Shares are all higher than a specified percentage of their respective starting prices,
    the Plan will mature returning your initial investment plus a fixed payment equal to:
    ››   9.85% per 6 month period (equivalent to 19.7% per annum not compounded)
    The below table shows the prices that the Barclays plc Shares, GlaxoSmithKline plc Shares and Vodafone plc Shares
    need to exceed for the Plan to Kick-Out or pay a return.
                  % of each share’s
     Year                                  Return
                  starting price
     2            100%                     39.4%
     2.5          97.5%                    49.25%
     3            95%                      59.1%
     3.5          92.5%                    68.95%
     4            90%                      78.8%
     4.5          87.5%                    88.65%
     5            85%                      98.5%
     5.5          82.5%                    108.35%
     6            80%                      118.2%

    For further details on how we calculate your returns, which includes the use of averaging, please see ‘How does the
    Plan work?’ on page 6.
    However, if the Plan runs for the full 6 years and at the end of year 6, any of the Barclays plc Shares,
    GlaxoSmithKline plc Shares and Vodafone plc Shares finish lower than 50% of their respective starting prices,
4   your initial investment will be reduced by 1% for every 1% fall in the worst performing share at the end of the
    Plan Term.
Triple Share Defensive Autocall

What are the risks of the investment?
››    our initial investment is at risk. If the Plan runs for the full 6 years and any of the Barclays plc Shares,
     Y
     GlaxoSmithKline plc Shares and Vodafone plc Shares finish below 50% of their respective starting prices,
     your initial investment will be reduced by 1% for every 1% fall in the worst performing share.
››    he Barclays plc Shares, GlaxoSmithKline plc Shares and Vodafone plc Shares move independently of one another
     T
     and the performance of the Plan is linked to the worst performing of these three shares. Therefore there could be an
     instance where two shares finish higher but one share finishes lower than 50% of its starting price. This will result in a
     reduction of your initial investment.
››   If you redeem your investment before the end of the Plan Term, you may get back less than the amount you
      originally invested.
››   If Investec fails or becomes insolvent (i.e. goes bankrupt or similar), you could lose some or all of your money.
››    rior to the Start Date, your money will be held by Investec as banker and not as trustee under the Client Money
     P
     rules. If Investec goes bankrupt or similar, you could lose some or all of your money. In this event you would need
     to seek compensation from the Financial Services Compensation Scheme (FSCS).
››   Inflation will reduce what you could buy in the future.
››   The tax treatment of the Plan could change at any time.

                                                                                                                                     5
Triple Share Defensive Autocall

    How does the Plan work?
    The Initial Share Prices are recorded at the start of the Plan and these are the closing prices of the Barclays plc Shares,
    GlaxoSmithKline plc Shares and Vodafone plc Shares on 7 August 2017.

                                                         Initial Share Prices

          The closing prices of the Barclays plc Shares, GlaxoSmithKline plc Shares and Vodafone plc Shares on 7 August 2017

    Early Maturity (Kick-Out)
    If on any half-yearly anniversary, from the end of year 2 onwards, the Kick-Out Prices of the Barclays plc Shares,
    GlaxoSmithKline plc Shares and Vodafone plc Shares are all higher than a specified percentage of their Initial Share
    Prices, the Plan will mature early (Kick-Out) and you will receive back your initial investment plus 9.85% per 6 month
    period (equivalent to 19.7% per annum not compounded), otherwise the Plan will continue.
    The Kick-Out Prices are the average of the closing prices of the Barclays plc Shares, GlaxoSmithKline plc Shares and
    Vodafone plc Shares on the relevant Kick-Out Date and the four previous Business Days. The Kick-Out Dates are
    7 August 2019, 7 February 2020, 7 August 2020, 8 February 2021, 9 August 2021, 7 February 2022, 8 August 2022,
    7 February 2023 and 7 August 2023.

6
Triple Share Defensive Autocall

How does the Plan work? continued
The diagram below shows potential returns:
End of Year 2 – Are the Kick-Out Prices of the Barclays plc           Plan matures early (Kick-Out).
Shares, GlaxoSmithKline plc Shares and Vodafone plc Shares      Yes                                                 39.4%
                                                                      Return of your initial investment plus
higher than their Initial Share Prices?

                           No
End of Year 2.5 – Are the Kick-Out Prices of the Barclays plc         Plan matures early (Kick-Out).
Shares, GlaxoSmithKline plc Shares and Vodafone plc Shares      Yes                                                 49.25%
                                                                      Return of your initial investment plus
higher than 97.5% of the Initial Share Prices?

                           No
End of Year 3 – Are the Kick-Out Prices of the Barclays plc           Plan matures early (Kick-Out).
Shares, GlaxoSmithKline plc Shares and Vodafone plc Shares      Yes                                                 59.1%
                                                                      Return of your initial investment plus
higher than 95% of the Initial Share Prices?

                           No
End of Year 3.5 – Are the Kick-Out Prices of the Barclays plc         Plan matures early (Kick-Out).
Shares, GlaxoSmithKline plc Shares and Vodafone plc Shares      Yes                                                 68.95%
                                                                      Return of your initial investment plus
higher than 92.5% of the Initial Share Prices?

                           No
End of Year 4 – Are the Kick-Out Prices of the Barclays plc           Plan matures early (Kick-Out).
Shares, GlaxoSmithKline plc Shares and Vodafone plc Shares      Yes                                                 78.8%
                                                                      Return of your initial investment plus
higher than 90% of the Initial Share Prices?

                           No
End of Year 4.5 – Are the Kick-Out Prices of the Barclays plc         Plan matures early (Kick-Out).
Shares, GlaxoSmithKline plc Shares and Vodafone plc Shares      Yes                                                 88.65%
                                                                      Return of your initial investment plus
higher than 87.5% of the Initial Share Prices?

                           No
End of Year 5 – Are the Kick-Out Prices of the Barclays plc           Plan matures early (Kick-Out).
Shares, GlaxoSmithKline plc Shares and Vodafone plc Shares      Yes                                                 98.5%
                                                                      Return of your initial investment plus
higher than 85% of the Initial Share Prices?

                           No
End of Year 5.5 – Are the Kick-Out Prices of the Barclays plc         Plan matures early (Kick-Out).
Shares, GlaxoSmithKline plc Shares and Vodafone plc Shares      Yes                                                 108.35%
                                                                      Return of your initial investment plus
higher than 82.5% of the Initial Share Prices?

                           No
End of Year 6 – Are the Kick-Out Prices of the Barclays plc           Plan matures.		 118.2%
Shares, GlaxoSmithKline plc Shares and Vodafone plc Shares      Yes
                                                                      Return of your initial investment plus
higher than 80% of the Initial Share Prices?
                                                                No    If any of the 3 shares are equal to or lower than 80% of its Initial Share
                                                                      Price, your initial investment will be returned with no return. However,
                                                                      if any of the 3 shares is lower than 50% of its Initial Share Price, your
                                                                      initial investment will be returned minus 1% for every 1% fall in the
                                                                      worst performing share. Please see the table on page 9 for examples.         7
Triple Share Defensive Autocall

    How does the Plan work? continued
    Maturity after 6 Years
    If the Plan continues to the end of year 6, the closing prices of the Barclays plc Shares, GlaxoSmithKline plc Shares
    and Vodafone plc Shares are used to calculate the Final Share Prices, as explained below:

                                                             Final Share Prices

                                 4 Business Days before
                                                                                       7 August 2023
                                   Final Maturity Date
                                      The average of the closing prices of each share on 7 August 2023
                                                    and the four previous Business Days

    ››   I f all Final Share Prices of the Barclays plc Shares, GlaxoSmithKline plc Shares and Vodafone plc Shares are higher
          than 80% of their respective Initial Share Prices, you will receive back your initial investment plus 118.2%.
    ››   If any Final Share Price is equal to or lower than 80% of its Initial Share Price, you will receive back your initial
          investment with no return.
    However,
    ››   If any Final Share Price is lower than 50% of its Initial Share Price then your initial investment will be reduced by
          1% for every 1% fall (including partial percentages) in the worst performing share. For example if the Final Share
          Price of the Barclays plc Shares has fallen by 65% from its Initial Share Price, and the Final Share Prices of
          GlaxoSmithKline plc Shares and Vodafone plc Shares have fallen by 20% and 30% from their respective Initial
          Share Prices then your initial investment will be reduced by 65%.
    It is important to note that if the Plan reaches the Final Maturity Date, any capital loss is calculated with
    respect to the worst performing share.
    Please note 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.

8
Triple Share Defensive Autocall

Examples of what you might get back at the end of the Plan
The table below shows examples of maturity proceeds based upon an initial investment of £10,000, and assuming
the Plan runs for the full 6 years. The exact return you receive will be dependent on the amount you invest and the
performance of the Barclays plc Shares, GlaxoSmithKline plc Shares and Vodafone plc Shares over the Plan Term.

 Where is the worst performing
 Final Share Price in relation to   Maturity proceeds
 its Initial Share Price?
 75% higher                         £21,820
 45% higher                         £21,820
 15% higher                         £21,820
 No change                          £21,820
 15% lower                          £21,820
 19% lower                          £21,820
 20% lower                          £10,000
 21% lower                          £10,000
 49% lower                          £10,000
 50% lower                          £10,000
 51% lower                          £4,900
 75% lower                          £2,500

Please note that the purpose of the table is to show the impact of certain changes in the price of the Barclays plc
Shares, GlaxoSmithKline plc Shares and Vodafone plc Shares. It does not show the likelihood of these changes
actually happening.
Please remember that you are not investing directly into the Barclays plc Shares, GlaxoSmithKline plc Shares and
Vodafone plc Shares, therefore, regardless of how high the price of the Barclays plc Shares, GlaxoSmithKline plc
Shares and Vodafone plc Shares rise, the maximum return for this Plan will be as shown above.

                                                                                                                              9
Triple Share Defensive Autocall

     Are there any compensation arrangements in place?
     This investment plan is not eligible for Financial Services Compensation Scheme (FSCS) protection. If Investec
     (as issuer of the Securities) is unable to meet its obligations, for example if it fails or becomes insolvent, it is unlikely
     that you would be covered by the Financial Services Compensation Scheme. For more information on Securities
     please see ‘What are you investing in?’ on page 13.
     For further information about the scheme please refer to the FSCS website, www.FSCS.org.uk,
     or call 0800 678 1100.

10
Triple Share Defensive Autocall

Is this investment right for you?
This investment may be right for you if:                         This investment may not be right for you if:
››    ou are prepared to risk losing some or all of your
     Y                                                           ››   You want a regular income and dividends.
     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 a basket of shares.                          ››   You cannot commit to the full 6 year Plan Term.
››    ou do not need access to your money over the
     Y                                                           ››   You want a guaranteed return on your investment.
     next 6 years.                                               ››   You want to add to your investment on a regular basis.
››    ou want a tax-efficient investment using your ISA
     Y                                                           ››    ou do not want to invest in a UK onshore asset that is
                                                                      Y
     allowance or via a SIPP/SSAS.
                                                                      subject to UK tax rules.
››   You have a minimum of £20,000 to invest.

Target Market
This Plan has been designed for investors who are looking to potentially achieve a high level of growth over a 6 year
period, but can accommodate receiving their money back before the end of the term.
Investors will have a medium to high appetite for risk and are prepared to risk their capital in order to potentially achieve
higher returns.
Investors will understand that the potential returns as well as risk to capital are linked to the performance of the Barclays
plc Shares, GlaxoSmithKline plc Shares and Vodafone plc Shares and that both returns and capital loss will be calculated
based on the worst performing share.
Investors will understand that shares are potentially more volatile than indices and this can present a higher risk over the
term of the Plan.

                                                                                                                                    11
Triple Share Defensive Autocall

     How to invest
     Applications for the Plan must be submitted via a financial adviser and received by 5pm on:
     28 July 2017 for all investments including 2017/18 ISA investments.
     Cheques should be made payable to ‘Investec Bank plc’. Bankers drafts or Building Society cheques must be made
     payable to ‘Investec Bank plc reference (your name)’. Please note that we will not accept post dated cheques.
     All investments are subject to our Plan minimum of £20,000 and maximum of £1,000,000.

     Ways to invest
     ››   Direct investment (not via an ISA)
     ››   Stocks and shares ISA for 2017/18
     ››   SIPP/SSAS pension arrangements
     ››   Trustee
     ››   Joint holder

12
Triple Share Defensive Autocall

Your questions answered
Plan information
Q: What are you investing in?                                 Q:	What happens to my money if Investec fails or
A:	You are investing in a 6 year securities-based Plan and       becomes insolvent?
    your money will be used to buy Securities issued by       A:	If Investec fails or becomes insolvent (i.e. goes
    Investec. Securities are a type of debt issued by a           bankrupt or similar), you could lose some or all of your
    bank. In effect you are lending money to the bank             money. There is no Collateral to protect against loss
    (Investec) for the duration of the Plan. The Securities       of your investment. Additionally, Investec is an entity
    are designed to generate the Plan returns linked to the       to which certain UK and European regulatory regimes
    Barclays plc Shares, GlaxoSmithKline plc Shares and           apply. If Investec is subject to the exercise of certain
    Vodafone plc Shares and Investec is legally obliged to        powers under such regimes (for instance, is the
    pay to you the Plan returns.                                  subject of government intervention) you could lose
                                                                  some or all of your money.
   Investec is the Plan Manager.
                                                                 Administrative information
Q: What are the underlying shares?
A:	The Barclays Shares are shares in Barclays plc.           Q:	Where will my money be held before the
    Barclays plc is a global financial services provider         Start Date?
     offering retail banking, credit cards, wholesale         A:	Prior to the Start Date your money will be held by us
     banking, investment banking, wealth management               as banker and not as trustee under the Client Money
     and investment management services. The Company              rules. This means that your money will be held by us,
     is headquartered in London, UK.                              collectively with the funds of other investors. If you
                                                                  have agreed for a fee to be deducted from the
	The GlaxoSmithKline Shares are shares in
                                                                  amount invested and paid to your financial adviser,
  GlaxoSmithKline plc.
                                                                  this will also be held by us as banker until the date it is
  GlaxoSmithKline plc is a research-based
                                                                  paid. If Investec fails to meet its obligations, the Client
  pharmaceutical company. The Company develops,
                                                                  Money distribution rules will not apply and so you will
  manufactures, and markets vaccines, prescription,
                                                                  not be entitled to share in any distribution under the
  and over-the-counter medicines, as well as
                                                                  Client Money distribution rules. You may lose all or
  health-related consumer products.
                                                                  part of your initial investment. This arrangement will not
 The Vodafone Shares are shares in
	                                                                impact on your rights to seek compensation from the
 Vodafone Group plc.                                              FSCS in the event of Investec’s insolvency. Further
 Vodafone Group plc is a mobile telecommunications                details of the FSCS and eligibility criteria are available
 company providing a range of services including                  at www.fscs.org.uk
 voice and data communications. The Company
 operates in Continental Europe, the UK, the US,
 Asia Pacific, Africa and the Middle East through its
 subsidiaries, associates and investments.
                                                                                                                                13
Triple Share Defensive Autocall

     Q: What happens if I change my mind?                             time, less any associated selling costs and transfer
     A:	Shortly after we receive your investment, we will send       taxes, including stamp duty or stamp duty reserve
         you a cancellation notice which provides you with a          tax to the extent applicable. We would need to receive
         14 day period in which you can change your mind.             an instruction from you in writing.
         If you decide to cancel your Plan, provided we receive
                                                                   	Further information on procedures for cashing in
         your cancellation notice within the 14 day cancellation
                                                                     your investment early is provided in the Terms
         period, we will return your initial investment without
                                                                     and Conditions.
         interest less any fee paid to your financial adviser.
         You will need to discuss reclaiming any fee with your     Q: Are partial withdrawals allowed?
         financial adviser. If you wish to terminate your          A:	The Plan is designed to be held until maturity however,
         investment in the Plan after the 14 day cancellation          partial withdrawals or partial ISA transfers are permitted
         period, we will pay you the current market value of the       subject to a minimum of £20,000 remaining invested
         Plan, which may be less than the amount you originally        in the Plan. Any returns at maturity will be based on the
         invested. The redemption value received can vary and          amount remaining in the Plan.
         may be less than the original investment amount
                                                                   Q:	Can I get a copy of the Base Prospectus?
         especially in stressed market conditions. The value
                                                                   A:	Yes, a copy of the approved Base Prospectus
         returned is affected by the prices of the underlying
                                                                       dated 11 August 2016, supplements to the
         shares, market volatility, interest rates and liquidity
                                                                       Base Prospectus and Final Terms in relation
         among other market variables.
                                                                       to the Securities can be obtained from
     	If you wish to exercise your right to cancel simply             www.investecstructuredproducts.com or
       complete and return the cancellation notice or write            upon request from Investec Structured Products,
       to us at the address given under ‘How can I contact             2 Gresham Street, London EC2V 7QP.
       you?’ on page 3.
                                                                   Q: What happens if I die during the Plan Term?
     Q:	What will happen if I invest before the                   A:	Single applicants: In the event of your death,
         closing date?                                                  your estate can choose to cash in the Plan or
     A:	No interest will be paid if we receive your cheque and         transfer ownership to a beneficiary.
         Application Form before the closing date.
                                                                   	If the Plan is cashed in, we will pay the market value
     Q:	What happens if I cash in my investment early?              at date of receipt of all required documentation.
     A:	The Plan is designed to be held for the full term.
                                                                   	If your estate chooses to transfer ownership to a
         If you need to cash in your investment early, you may,
                                                                     beneficiary, the Plan will continue until maturity. As any
         however we cannot guarantee what its value will be
                                                                     ISA tax status will be lost, the tax treatment of returns
         at that point and it may be less than you originally
                                                                     may change.
         invested. We will pay you the value of your investment
         in accordance with the prevailing market rate at that

14
Triple Share Defensive Autocall

	In all cases the Plan will be administered in accordance        status of your investment, you could invest in any
  with the instructions from your personal representatives        other product offered by Investec Bank plc or cash
  and/or as part of probate/administration.                       in your investment.
 Joint applicants: For Plans invested in the name of
	                                                             	In the event that we have not received your written
 husband and wife, the Plan will transfer automatically          instructions 6 months after maturity we will return
 to the name of the surviving partner. For other joint           your money by cheque to the last address provided
 applications, the Plan will be administered in                  to us, at which point the ISA status of your investment
 accordance with the instructions of your personal               will be lost.
 representatives, and/or as part of probate/administration.
                                                               Investec
Plan maturity
                                                               Q:	Who is the Plan Manager?
Q: What happens at maturity?                                   A:	The Plan Manager is Investec Bank plc (Registered
A:	You will have the option to cash in your Plan, or              No. 00489604 England), which is authorised by the
    transfer it to an alternative investment, or to reinvest       Prudential Regulation Authority and regulated by the
    the proceeds into other products which may be                  Financial Conduct Authority and the Prudential
    available at that time from Investec Bank plc. We will         Regulation Authority. Investec Bank plc is registered
    contact you shortly before the Plan matures.                   under Financial Services Register reference 172330.
	Until we receive your instructions we will hold the          Credit ratings
  relevant maturity proceeds on deposit and no interest
  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 trustee. If we have               A:	Investec Bank plc has a credit rating of A2 with a
  received your written instructions you will receive              stable outlook (awarded 2 February 2016) as rated by
  financial settlement within 5 Banking Days of the                Moody’s. This means that Moody’s is of the opinion
  Plan maturing. If we have not received your written              that Investec Bank plc is subject to low credit risk
  instructions at 6 months, we will return your money              and is considered to be upper-medium grade.
  by cheque to the last address provided to us.                    Investec Bank plc has a credit rating of BBB with
                                                                   a stable outlook (awarded 3 October 2016) as
Q:	What happens to the ISA status of my investment                rated by Fitch. This means that Fitch is of the opinion
    in the event of early maturity?                                that Investec Bank plc has a good credit quality
A:	If you wish to maintain the ISA status of your                 and indicates that expectations of default risk are
    investment, you could either transfer it to another            currently low.
    ISA product offered by Investec Bank plc or you
    could transfer your investment to another ISA              	For more information on Investec Bank plc please
    manager. If you do not wish to maintain the ISA              visit: www.investec.com

                                                                                                                               15
Triple Share Defensive Autocall

     Q:	What is the relevance of credit ratings?                    	For clarity no charges are taken away from your initial
     A:	Credit ratings are assigned by companies known as             investment or your potential maturity payment and the
         rating agencies and are reviewed regularly. They can          potential return stated in this brochure will be made
         go up or down at any point in response to changes             on your total initial investment. There are no annual
         in the financial position of the institution in question.     management charges, so any returns are based
         Credit ratings are only one way to assess the                 upon the full amount you invest into the Plan.
         likelihood that an institution will be able to pay
         back any monies owed. Institutions with better              Tax
         credit ratings should go bankrupt less frequently           Q:	How are returns taxed (UK tax resident individuals)?
         than institutions with worse credit ratings, although       A: Maturity returns will be paid gross.
         this has not necessarily been the case over the last
                                                                        Direct investments: Any gain made at maturity is
         few years. Ultimately, however remote the likelihood
                                                                         expected to be liable to Capital Gains Tax (CGT).
         of bankruptcy might be, the risk will always exist.
         To reduce this risk, we suggest that structured             	However, there is an annual CGT exemption
         products are used as part of a broader portfolio              (£11,300 for the current tax year), which can be
         and that investors diversify their structured product         utilised to reduce or eliminate the tax payable,
         investments across a range of issuers.                        depending on your individual circumstances.
     Charges and fees                                                   ISA investments: Maturity returns from ISAs are
                                                                         not subject to tax, and are therefore paid gross.
     Q:	What are the charges?
     A:	Charges for advice: You may incur fees for the              	If at maturity you sustain a capital loss within an
         financial advice you receive.                                 ISA, you cannot offset this for tax purposes against
                                                                       other gains.
     	You can choose to pay these direct to your financial
       adviser, or we can deduct the fee from the amount             Q:	How are returns taxed (non-UK tax resident
       you invest. Any agreed fee will be paid to your                   investors)?
       financial adviser 11 working days after we process            A:	Maturity returns will be paid gross.
       your application. Please discuss with your financial          	The tax treatment thereafter will depend on your
       adviser for more details.                                       personal circumstances and the tax legislation in
      Other costs and charges: As Plan Manager,
     	                                                                your jurisdiction. This investment is a UK onshore
      we incur fixed costs and charges for administering               asset that is subject to UK tax rules. Assets bought
      and marketing the Plan, which total approximately 3%.            onshore will be subject to UK tax legislation.
      In addition, we also factor in our Plan Manager’s fee.         	You should seek specialist tax advice before making
      All of these costs and fees have been taken into                 any investment into this Plan.
      account when setting the return for the Plan.

16
Triple Share Defensive Autocall

Q:	How are returns taxed (SIPP/SSAS)?                       	Only one cash ISA (including Help to Buy ISA),
A:	Maturity returns will be paid gross.                        one stocks and shares ISA, one innovative finance
                                                                ISA and one Lifetime ISA can be subscribed to in
	Please seek your own advice as to how you should              each tax year, as long as the combined amount does
  treat them for tax purposes.                                  not exceed the ISA allowance for that year.
                                                              	To make an ISA investment into one of our Plans,
The above tax information is intended to be general in          you need to be over 18 and a UK resident for tax
nature and your own position may vary based on your             purposes. An ISA investment can only be held in
particular circumstances. Tax rules and your benefit from       your name.
them may change at any time. You should seek advice
from your financial or tax adviser if you are unsure of the   Q: Can I transfer any existing ISAs into this Plan?
tax treatment of the product for your purposes, before        A:	Unfortunately, we are not accepting ISA transfers into
you invest.
                                                                  this Plan.
                                                              Q:	Can I use my Additional Permitted Subscription
ISAs                                                              (APS) with this Plan?
Q:	How much can I invest in an ISA?                          A:	Unfortunately, we cannot accept APS requests
A:	You can invest in this Plan using your ISA allowance          into our Plans. However, we are able to administer
    for 2017/18. The overall ISA limit for 2017/18 is             requests from ISA Managers who offer APS into
    £20,000.                                                      their products. For further details on APS please
                                                                  visit www.hmrc.gov.uk
	As long as you have not already used all or part
  of your cash ISA (this includes Help to Buy ISAs),          Financial advisers
  stocks and shares ISA, innovative finance ISA and
                                                              Q: How much will any advice cost?
  Lifetime ISA allowances for the 2017/18 tax year,
  you can invest up to £20,000.                               A: You may need to pay your financial adviser a fee for
                                                                  advising on and or arranging the sale of this Plan.
	If you have already invested part of your ISA                   Your financial adviser will discuss and agree this fee
  allowance for the 2017/18 tax year, you can top                 with you before you invest.
  up and invest the difference between the amount
  invested already and the £20,000 total ISA allowance
  for the 2017/18 tax year.
	Please note that a Help to Buy ISA is a cash ISA and
  you can only add new money into one cash ISA in a
  tax year.

                                                                                                                               17
Triple Share Defensive Autocall

     Q:	What support do you provide to financial advisers?       Q: What is my customer category?
     A:	We provide financial advisers with additional benefits   A:	We will treat you as a Retail Client for the purposes
         which are designed to enhance the quality of their           of the FCA Rules. This means you will receive the
         service to you. These benefits may include some              highest level of regulatory protection available for
         or all of the following: training, seminars and              complaints and compensation and receive information
         marketing materials.                                         in a straightforward way. You may request to be treated
                                                                      as a Professional Client or Eligible Counterparty,
     	Further details of any benefits received from us are           however, if you do so you will lose the protections
       available on request from your financial adviser.              afforded to Retail Clients under the FCA Rules.
     Investor information                                         Q: How will you keep me informed?
                                                                  A:	We will send you a written acknowledgement by the
     Q: To whom is this investment available?
                                                                      end of the next working day following receipt of your
     A: This investment is available to:
                                                                      completed Application Form. After the start of the
        (a) U
             K tax resident individuals: To invest in the Plan       investment, following the purchase of Securities
            on your behalf or on behalf of another person you         for your investment, we will send you an opening
            must be aged 18 or over. You must be resident             statement showing your holdings in your investment.
            and ordinarily resident in the UK for tax purposes.       Thereafter, we will send you a statement annually.
        (b) N
             on-UK tax resident investors in Jersey,             Q: How can I contact you?
            Guernsey or the Isle of Man and corporates:           A:	As you have a financial adviser please continue to
            To invest in the Plan you must be aged 18 or over         use them as your first point of contact.
            and resident in Jersey, Guernsey or the Isle of
                                                                  	Alternatively, you can write to us at:
            Man. For individual investors in Jersey, Guernsey
                                                                    Investec Structured Products, PO Box 914,
            or the Isle of Man, we will also need your tax
                                                                    Newport NP20 9PE.
            identification number, country or place of birth
            and a copy of your passport or identification         	You can also contact us by telephone on
            issued by the state. A certificate of incorporation     0344 892 0942.
            will be required for corporate investors. Non-UK
            tax resident investors in Jersey, Guernsey or the
            Isle of Man cannot invest in an ISA.
     		This product is not available to persons in the U.S.
        or to a U.S. Person.
        (c) UK trustees.

18
Triple Share Defensive Autocall

Q: How do I complain?                                          Q: What should I do if I have more questions?
A:	Any complaint about the sale of this Plan should           A:	It is essential that you only invest in the Plan if you
    be made to your financial adviser. A complaint                 fully understand the benefits and associated risks.
    about any other aspect of this Plan should be                  Where you have unanswered questions you should
    made to Investec Structured Products,                          seek advice from a financial adviser or tax adviser in
    PO Box 914, Newport NP20 9PE.                                  your jurisdiction.
    (Telephone no. 0344 892 0942).
	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. You should think
T
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 Service website, which
F
was set up by the government, at www.moneyadviceservice.org.uk

                                                                                                                                19
Triple Share Defensive Autocall

     Terms and Conditions
     Definitions                                                                ‘Fitch’ means Fitch Ratings.

     ‘Application Form’ means the Triple Share Defensive Autocall application   ‘FSCS’ means the Financial Services Compensation Scheme.
     for an ISA and/or a Direct investment.                                     ‘GlaxoSmithKline plc Shares’ means shares in GlaxoSmithKline plc
     ‘Banking Day’ means a day on which commercial banks in London are          with ISIN GB0009252882.
     open for general business (including dealings in foreign exchange and      ‘HMRC’ means Her Majesty’s Revenue & Customs.
     foreign currency deposits).
                                                                                ‘Independent Custodian’ means Deutsche Bank AG, London Branch.
     ‘Barclays plc Shares’ means shares in Barclays plc with ISIN
                                                                                ‘Initial Share Price’ means in relation to the Barclays plc Shares,
     GB0031348658.
                                                                                GlaxoSmithKline plc Shares and Vodafone plc Shares the price of the
     ‘Base Prospectus’ means the Zebra Capital Plans Retail Structured          relevant share in GBP quoted on the applicable Exchange at the
     Products Programme dated 11 August 2016 and any supplements                scheduled closing time on the Start Date.
     to it.
                                                                                ‘Investec’ means Investec Bank plc.
     ‘Business Day’ means any day on which each Exchange and each
                                                                                ‘ISA’ is a scheme of investment managed in accordance with the ISA
     Related Exchange is open for trading for its regular trading sessions.
                                                                                Regulations by the ISA Manager under terms agreed between the ISA
     ‘Calculation Agent’ means Investec Bank plc acting as                      Manager and the investor (ISA terms and conditions). An ISA is
     calculation agent.                                                         restricted to UK tax resident individuals only.
     ‘Client Money’ means the provisions of the FCA’s Client Assets             ‘ISA Manager’ means Investec Bank plc.
     Sourcebook relating to client money.
                                                                                ‘ISA Regulations’ means The Individual Savings Account Regulations
     ‘Direct Account’ means any part of the Triple Share Defensive Autocall,    1998, as amended or replaced from time to time.
     which is not an ISA.
                                                                                ‘Issuer’ means any issuer of Securities. The Issuer is Investec Bank plc,
     ‘Exchange’ means in relation to Barclays plc Shares, GlaxoSmithKline plc   a company incorporated and resident in the United Kingdom.
     Shares and Vodafone plc Shares and the London Stock Exchange (LSE).
                                                                                ‘Kick-Out Dates’ means 7 August 2019, 7 February 2020,
     ‘FCA’ means the Financial Conduct Authority. www.fca.org.uk                7 August 2020, 8 February 2021, 9 August 2021, 7 February 2022,
     ‘FCA Handbook’ means the FCA Handbook of Rules and Guidance                8 August 2022, 7 February 2023 and 7 August 2023.
     as amended from time to time.                                              ‘Kick-Out Prices’ for each year means, in relation to the Barclays plc
     ‘FCA Rules’ means the Rules included within the FCA Handbook issued        Shares, GlaxoSmithKline plc Shares and Vodafone plc Shares,
     by the FCA.                                                                the average of the prices of the relevant share in GBP quoted on the
                                                                                applicable Exchange at the scheduled closing time on the relevant
     ‘Final Share Price’ means in relation to the Barclays plc Shares,          Kick-Out Date and the four previous Business Days on which the
     GlaxoSmithKline plc Shares and Vodafone plc Shares, the average            applicable Exchange and each Related Exchange is open for trading
     of the prices of the relevant share in GBP quoted on the applicable        for its regular trading sessions.
     Exchange at the scheduled closing time on 7 August 2023 and the four
     previous Business Days on which the applicable Exchange and each           ‘Moody’s’ means Moody’s Investors Service Limited.
     Related Exchange is open for trading for its regular trading sessions.     ‘Plan’ means the Triple Share Defensive Autocall, comprising the
     ‘Final Maturity Date’ means 7 August 2023.                                 Securities subscribed for through your ISA and/or your Direct Account,
                                                                                as specified in your Application Form(s).

20
Triple Share Defensive Autocall

‘Plan Manager’ means Investec Bank plc which is authorised by the            ‘Valuation Date’ means any day during the Plan Term where the Plan or
PRA and regulated by the FCA and the PRA and bound by its rules.             the securities are valued according to prevailing market conditions on
                                                                             that day.
‘Plan Objective’ means the objective of securing the return described
in the brochure to which these Terms and Conditions are attached.            ‘Vodafone plc Shares’ means shares in Vodafone Group plc with ISIN
                                                                             GB00BH4HKS39.
‘Plan Term’ means the period from 7 August 2017 to 7 August 2023,
both days inclusive.                                                         The Plan Manager provides the Triple Share Defensive Autocall
                                                                             to you on the following Terms and Conditions (of which the
‘PRA’ means the Prudential Regulation Authority.
                                                                             Application Form is a part):
www.bankofengland.co.uk/pra
                                                                             1.    Application
‘PRA Handbook’ means the PRA Handbook of Rules and Guidance as
amended from time to time.                                                   1.1	On the receipt of a duly completed Application Form and cheque
                                                                                  (or banker’s draft, telegraphic transfer or any other means
‘PRA Rules’ means the Rules included within the PRA handbook
                                                                                  acceptable to the Plan Manager) the Plan Manager may accept
issued by the PRA.
                                                                                  your application subject to these Terms and Conditions. The Plan
‘Related Exchange’ means each exchange or quotation system where                  Manager reserves the right to reject an application for any reason.
trading has a material effect (as determined by the Calculation Agent)
                                                                             1.2	For the purposes of investment, investors in Jersey, Guernsey
on the overall market for futures or options contracts relating to
                                                                                  and the Isle of Man can subscribe to this Plan.
Barclays plc Shares, GlaxoSmithKline plc Shares and Vodafone plc
Shares or such other options or futures exchange(s) as the Issuer            2.    Cancellation Rights
(acting on instructions of the Calculation Agent) select, including any
                                                                             2.1	The Plan Manager will give you the right to cancel your Plan
transferee or successor to any such exchange or quotation system
                                                                                  within 14 days of the Plan Manager’s acceptance of your
or any substitute exchange or quotation system to which trading in
                                                                                  Application Form in accordance with the requirements of the
futures or options contracts relating to the Barclays plc Shares,
                                                                                  FCA Handbook. You will be informed of your right to cancel in
GlaxoSmithKline plc Shares and Vodafone plc Shares has temporarily
                                                                                  the information that the Plan Manager sends you on receipt of
relocated (provided that the Calculation Agent has determined that
                                                                                  your application. Alternatively you can write to the Plan Manager at
there is comparable liquidity relative to the futures or options contracts
                                                                                  Investec Structured Products, PO Box 914, Newport NP20 9PE.
relating to the Barclays plc Shares, GlaxoSmithKline plc Shares and
                                                                                  If you do so, please provide your name and address and the
Vodafone plc Shares on such temporary substitute exchange or
                                                                                  Plan number with clear instructions to cancel your investment.
quotation system as on the original Related Exchange).
                                                                                  If the Plan Manager receives your cancellation notice within the
‘Securities’ means the excluded indexed securities issued by                      14 day cancellation period, your initial investment will be returned
Investec Bank plc, which the Plan Manager purchases and holds                     to you without interest and less any fee paid or due to your
on your behalf under the Plan, the redemption amount of which will                financial adviser. If the Plan Manager receives your cancellation
reflect the percentage change (if any) over the Securities redemption             notice after the 14 day cancellation period, it will return to you,
period in the value of chargeable assets of a particular description.             without any interest, cash subscriptions that may be subject to
                                                                                  a market value adjustment. The redemption value received can
‘Start Date’ means 7 August 2017.
                                                                                  vary and may be less than the original investment amount
‘U.S. Person’ means a U.S. Person as defined in regulation S                      especially in stressed market conditions. The value returned is
under the U.S. Securities Act of 1933, as amended, or as defined                  affected by the price of the underlying shares, market volatility,
in the U.S. Internal Revenue Code of 1986, as amended.                            interest rates and liquidity among other market variables.
                                                                                  Where you do not exercise your cancellation rights, the Plan
                                                                                  will continue in line with the Terms and Conditions.

                                                                                                                                                         21
Triple Share Defensive Autocall

     2.2	If you cancel your Plan you will need to discuss reclaiming any            4.3	You will immediately inform the Plan Manager in writing if you
          related fees with your financial adviser. The Plan Manager is not               cease to be a qualifying individual for the purposes of the ISA
          responsible for rebating any such fee.                                          Regulations. The Plan Manager will notify you if, by reason of any
                                                                                          failure to satisfy the provisions of the ISA Regulations, an ISA
     3.    Direct Accounts
                                                                                          has, or will, become void.
     3.1	For Direct Account investments, when Investec Bank plc
                                                                                     4.4	The Plan Manager shall not accept any further amounts into an
          receives your investment, prior to the Start Date we will hold
                                                                                          ISA if the ISA Regulations no longer give you the right to invest in
          such monies as banker and not as trustee under the Client
                                                                                          that ISA.
          Money rules. This means that your money will be held by us,
          collectively with the funds of other investors. If you have agreed         4.5	For ISA investments, when Investec Bank plc receives your
          for a fee to be deducted from the amount invested and paid to                   investment, it will be held by us as banker and not as trustee in
          your financial adviser, this will also be held by us as banker until            an ISA designated account. This means that your money will be
          the date it is paid. If Investec fails to meet its obligations, the             held by us, collectively with the funds of other investors. If you
          Client Money distribution rules will not apply and so you will not              have agreed for a fee to be deducted from the amount invested
          be entitled to share in any distribution under the Client Money                 and paid to your financial adviser, this will also be held by us
          distribution rules. You may lose all or part of your initial investment.        as banker until the date it is paid. If Investec fails to meet its
          In the event of Investec’s insolvency your money will not be                    obligations, the Client Money distribution rules will not apply and
          protected and you must rely on your right of recourse to the                    so you will not be entitled to share in any distribution under the
          FSCS. This arrangement will not impact on your rights to seek                   Client Money distribution rules. You may lose all or part of your
          compensation from the FSCS in the event of Investec’s                           initial investment. In the event of Investec’s insolvency your
          insolvency. Further details of the FSCS and eligibility criteria                money will not be protected and you must rely on your right of
          are available at www.fscs.org.uk                                                recourse to the FSCS. This arrangement will not impact on your
                                                                                          rights to seek compensation from the FSCS in the event of
     3.2	Interest will not be paid on monies held within client accounts.
                                                                                          Investec’s insolvency. Further details of the FSCS and eligibility
          For the avoidance of any doubt no interest is payable on any
                                                                                          criteria are available at www.fscs.org.uk
          money held before the Start Date, after the Final Maturity Date
          or following any early withdrawal from the Plan.                           4.6	Interest will not be paid on monies held within client accounts.
                                                                                          For the avoidance of any doubt no interest is payable on money
     3.3	Where investments are held through the Direct Account you may
                                                                                          held before the Start Date, after the Final Maturity Date or
          be subject, depending on your personal circumstances, to UK
                                                                                          following an early withdrawal from the Plan.
          tax on any capital gain arising on disposal. These statements are
          based on current legislation, regulations and practice, all of which       4.7	The proceeds of an ISA will not be subject to UK Tax. Also Tax
          may change.                                                                     gains or losses on your ISA investment will be disregarded for the
                                                                                          purposes of UK Tax.
     4.    ISA Accounts
                                                                                     4.8	On your death, your ISA will lose its ISA status immediately and
     4.1	You must subscribe to your ISA with your own cash.
                                                                                          your Plan will be dealt with in accordance with the instructions of
     4.2	‘ISAs’ can be either cash (which includes Help to Buy ISAs),                    your personal representatives. Your personal representatives can
          stocks and shares, innovative finance or Lifetime ISAs. If you are              sell your Securities or transfer them to your beneficiaries.
          subscribing for a stocks and shares ISA you must not have
          subscribed and may not subscribe to another stocks and shares
          ISA in the same tax year. Please note that the Plan Manager only
          offers the stocks and shares component in this investment.

22
Triple Share Defensive Autocall

5.    Maturity                                                                   Manager becomes aware that its interests or those of
                                                                                 one of its other clients conflict with your interests, you will
5.1	Under the terms of the Plan, the Plan will mature after either
                                                                                 be informed and asked for your written consent before any
     2, 2.5, 3, 3.5, 4, 4.5, 5, 5.5 or 6 years. The Securities are
                                                                                 transaction is carried out. A copy of Investec Bank plc’s
     structured so that the amount you are due to receive from
                                                                                 conflicts policy can be obtained upon request from
     your Plan is in accordance with the Plan Objective. The Plan
                                                                                 Investec Structured Products, PO Box 914, Newport
     Manager will contact you to inform you of your options at
                                                                                 NP20 9PE (0344 892 0942). A summary can be found at
     maturity and any action required
                                                                                 www.investec.co.uk/legal/uk/conflicts-of-interest.html
     by you. The Plan Manager may, at its discretion, repay maturity
     proceeds to you by transferring the funds into the bank or            8.    Registration and Custody
     building society account from where the initial investment
                                                                           8.1	Your Securities will be held in a custody account with Investec
     originated. Should this occur you will be informed in writing
                                                                                Wealth and Investment Limited, and documents of title, if any,
     by the Plan Manager.
                                                                                will be kept in the custody of Investec Wealth and Investment
	You should note that once the Plan has matured, we will hold                  Limited. In the case of direct investments, you may, however,
  the proceeds on deposit as banker and not as trustee for up                   request that the Plan Manager arrange for your Securities to be
  to 6 months. The proceeds will, therefore not be held in                      held with a custodian other than Investec Wealth and Investment
  accordance with the Client Money rules and interest will not                  Limited and that documents of title, if any, be kept in the custody
  be paid. If we have not received your written instructions at                 of such other custodian expressly nominated by you. The Plan
  6 months, we will return your money by cheque to the last                     Manager may, at its reasonable discretion, agree to such
  address provided to us. If your investment was an ISA                         alternative custodial arrangements as it may determine from time
  investment the ISA status will subsequently be lost.                          to time without notice to you. Such documents of title shall not
                                                                                be lent to any third party and money may not be borrowed on
6.    Purchase of Plan Securities
                                                                                your behalf against the security of those documents.
6.1	On the Start Date, the Plan Manager will purchase Securities for
                                                                           8.2	Unless alternative custodial arrangements are agreed as above,
     your Plan. The Securities will have been specifically structured to
                                                                                your Securities will be held collectively in an account with
     match the Plan Objective. The amount payable on redemption
                                                                                Investec Wealth and Investment Limited and, although the
     will be determined by reference to the percentage change (if any)
                                                                                amount of Securities that you hold will be recorded and
     of chargeable assets over the Securities’ redemption period.
                                                                                separately identified by the Plan Manager, your holding may
     Securities are purchased on your behalf and the Plan Manager
                                                                                not be identifiable by separate documents or certificates of title.
     will not be obliged to account for any interest earned pending
                                                                                Therefore, in the event of default, any shortfall in the Securities
     settlement Investment in the Plan will not commit your funds to
                                                                                may be shared pro rata among all investors in the Triple Share
     any extent beyond the amount invested by you.
                                                                                Defensive Autocall whose Securities are held with Investec
6.2	When the Plan Manager purchases and sells Securities in                    Wealth and Investment Limited.
     accordance with these Terms and Conditions, it will always
                                                                           9.    Insurance Cover
     be acting as your agent, and not as the agent of the Issuer.
                                                                           9.1	The Plan Manager will maintain insurance cover to cover you for,
7.    Conflict of Interest
                                                                                amongst other risks, misappropriation of funds or Securities by
7.1	Occasions can arise where the Plan Manager, or one of its                  any employee of the Plan Manager.
     other clients, will have some form of interest in business which
     is being transacted for the Plan. If this happens, or the Plan

                                                                                                                                                      23
Triple Share Defensive Autocall

     10.   Record Keeping and Statements                                         	The Plan Manager may terminate the Plan at any time for reasons
     10.1	At all times you or your nominated agent may request sight or           including, but not limited to illegality, amendments or disruption
           a copy of entries in the Plan Manager’s records relating to your        to the Barclays plc Shares, GlaxoSmithKline plc Shares and
           Securities in accordance with the rules of the FCA Handbook.            Vodafone plc Shares or other events beyond the control of the
           Such records will be maintained for a minimum of five years after       Plan Manager, provided the Plan Manager gives you a reasonable
           the Final Maturity Date.                                                period of written notice as the situation dictates.

     10.2	The Plan Manager will supply you annually with a report on            11.5	If you wish to terminate your investment in the Plan within
           the value of your Plan held through your ISA and/or your                    14 days of the Plan Manager’s acceptance of your Application
           Direct Account.                                                             Form you will receive an amount as set out in paragraph 2
                                                                                       (Cancellation Rights).
     11.   Termination
                                                                                 	Following this 14 day period, you may terminate your investment
     11.1	The Plan or any investment comprised in it may be terminated            in the Plan at any time by giving notice to that effect to the
           immediately by the Plan Manager on giving written notice to you         Plan Manager. The notice must specify whether you wish the
           if, in its opinion, it is impossible to administer the Plan or that     proceeds from the sale of the related Securities to be paid
           investment in accordance with the ISA Regulations or you are            directly to you or, if applicable, transferred to another ISA manager.
           in breach of the ISA Regulations.                                       You may receive back less than you originally invested, especially
     11.2	The ISA will terminate automatically with immediate effect if it        in stressed market conditions. The actual amount you receive will
           becomes void under the ISA Regulations. The Plan Manager                depend on the price of the Barclays plc Shares, GlaxoSmithKline
           will notify you in writing if the ISA becomes void.                     plc Shares and Vodafone plc Shares (excluding the effects of
                                                                                   dividends), interest rates, market volatility, time left to the Maturity
     11.3	The Plan Manager may terminate your investment in the Plan if:
                                                                                   Date and any costs Investec reasonably incurs for breaking the
           --You are in breach of any material obligation under these Terms       funding arrangements entered into in relation to your investment.
              and Conditions and you have failed to remedy the breach
                                                                                 11.6	Termination of the Plan or any investment in the Plan will not affect
              within a reasonable time of us requesting you to do so; or
                                                                                       the settlement of any outstanding fees and will not affect any legal
           --You have given us inaccurate information and, had we                     rights or obligations which may have already arisen or any provision
              received accurate information, we would not have accepted                of these Terms and Conditions which is expressly or by necessary
              your application.                                                        implication intended to survive termination. On termination, the Plan
                                                                                       Manager will promptly account to you for the proceeds of sale of
     11.4	The terms of the Securities may permit the Issuer of the Securities
                                                                                       the related Securities held through the Plan, save that it will be
           to withhold, defer, reduce or even terminate payments in certain
                                                                                       entitled to retain any funds required to pay any outstanding tax or
           events including, but not limited to, illegality, amendments or
                                                                                       other amounts payable from the Plan. In particular, you will need to
           disruption to the Barclays plc Shares, GlaxoSmithKline plc Shares
                                                                                       discuss reclaiming any fee paid to your financial adviser with your
           and Vodafone plc Shares or other events beyond the control of the
                                                                                       financial adviser. The Plan Manager will not be responsible for the
           Plan Manager and which make it necessary for the Plan Manager
                                                                                       return of any fee paid in relation to your Plan.
           to withhold, defer, reduce or terminate such payments, and as a
           result, you may receive less than you would otherwise have            12.   Charges
           anticipated or may have to wait for the proceeds.                     12.1	You may incur fees for the financial advice you receive. You can
                                                                                       choose whether to pay these directly to your financial adviser,
                                                                                       or we can deduct the fee from the amount you invest.

24
Triple Share Defensive Autocall

      Please discuss this with your financial adviser for more details.     	(a) for any default by Investec Wealth and Investment Limited,
                                                                                    or any securities depository with whom your Securities are
	The returns which you are due to receive, in accordance with the
                                                                                    deposited, or for any fraud, negligence or wilful default on the
  Plan Objective, are net of all anticipated charges and expenses
                                                                                    part of Investec Wealth and Investment Limited or any such
  due to third parties (excluding any tax that you may be liable to
                                                                                    securities depository or other third party;
  pay, or charges we may reasonably require you to pay in respect
  of significant taxation changes and any fees agreed between you            	(b) for any loss, depreciation or fluctuation in the value of the
  and your financial adviser). These charges are estimated to be                    Securities held within your Plan, except as a result of fraud,
  not more than 3%, excluding any such tax or charges and such                      negligence or wilful default by the Plan Manager or its agents;
  fees paid to your financial adviser in addition we also factor in our
                                                                             	(c) if the Plan Manager cannot carry out its responsibilities
  Plan Manager fee. No other charges are anticipated. If you
                                                                                    because of circumstances beyond its reasonable control; or
  terminate your Plan before maturity, no further charges will be
  deducted, however, you may not get back the original amount                	(d) for the acts or omissions of any professional adviser who
  invested. We will also deduct any associated selling costs and                    arranged your Investment in the Plan.
  transfer taxes including stamp duty or stamp duty reserve tax to           	The Plan Manager will exercise its authority under these Terms
  the extent applicable. Please note that it is possible that you will         and Conditions in an appropriate way. However, whilst the
  be liable to pay additional taxes or costs that are not paid, or             Securities will be structured with a view to meeting the Plan
  imposed, by us. You will need to discuss reclaiming any fee paid             Objective, the Plan Manager is unable to (and does not)
  to your financial adviser with your financial adviser. The Plan              guarantee that the Plan Objective will be met. In particular, you
  Manager is not responsible for rebating any such fee.                        acknowledge that your entitlement under the Plan is dependent
13.   Variation of Terms                                                       on the exact terms of issue of the Securities. These may contain
                                                                               provisions allowing for:
13.1	The Plan Manager may vary these Terms and Conditions by
      giving you reasonable written notice:                                        (a) adjustments to the timing of calculation of entitlements and

	(a) to comply with any changes to the ISA Regulations, other                    (b) the termination of the Securities, including (without limitation)
       relevant legislation, HMRC practice and the FCA and PRA                          in circumstances where the Plan Manager is in default.
       Rules (or the way they are applied);                                             No provision in these Terms and Conditions will operate
                                                                                        so as to exclude or limit the liability of the Plan Manager and/or
	(b) to make them fairer to you or to correct a mistake (provided
                                                                                        the Issuer to the extent that this would be prohibited by law or
       this correction would not adversely affect your rights); or
                                                                                        the FCA and PRA Rules.
	(c) in order to manage your Plan more effectively, or to introduce
                                                                             15.   No Security over the Plan
       additional facilities or options within your Plan (provided that we
       can only make such changes if they do not adversely affect            15.1	At all times during the continuance of the Plan, you will remain
       your rights).                                                               the beneficial owner of the Securities held in the Plan and the
                                                                                   Securities must not be used as security for a loan or any other
	The Plan Manager will notify you of any such change as soon as
                                                                                   financial arrangements.
  is reasonably practicable after the change has been made, if you
  have not been given prior notice.                                          16.   Voting Rights

14.   Exclusion of Liability                                                 16.1	Unless alternative custodial arrangements are agreed as above,
                                                                                   Investec Wealth and Investment Limited will hold the voting rights
14.1	The Plan Manager will exercise due care and diligence in managing
                                                                                   (if any) in relation to the Securities in your Plan. Investec Wealth
      your Plan. However, the Plan Manager will not be liable to you:
                                                                                   and Investment Limited will have the right to exercise such voting

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