EMERGING MARKETS GROWTH PLAN 2 INVESTOR PACK

Transcription

1 EMERGING MARKETS GROWTH PLAN 2 INVESTOR PACK

2 The Morgn Stnley Emerging Mrkets Growth Pln 2 The Morgn Stnley Emerging Mrkets Growth Pln 2 (the Pln ) my ppel to the investor who does not wnt to expose their cpitl to the risks of the stocks contined within the S&P BRIC 40 TM Index, whilst still retining strong potentil for performnce linked to the S&P BRIC 40 TM Index. Morgn Stnley is leder in the structured products mrket, providing innovtive solutions nd sophisticted products to meet brod rnge of clients investment needs. Wht does BRIC stnd for nd how did it originte? BRIC hs become the well-known cronym for Brzil, Russi, Indi nd Chin. Economists hve determined tht these countries could rnk mong the world s dominnt economies by mid century bsed on gross domestic product. Some importnt growth fctors in these countries re the huge reserves of nturl resources nd lrge nd well-qulifi ed work force with reltively low wge levels. A growing consumer demnd stimulted by increses in income cross brod ctegories of the lrge BRIC popultion is lso n importnt fctor. Wht is the Index? The Stndrd & Poor s ( S&P ) BRIC 40 TM Index is bsket of 40 leding securities, representing the lrgest nd most liquid compnies in Brzil, Russi, Indi nd Chin (BRIC). All constituent compnies re members of the S&P/IFC Investble index series tht meet minimum mrket cpitlistion nd liquidity requirements. The index uses modifi ed mrket cpitlistion weighting scheme, with modifi ctions being mde to mrket cp weights, if required, to refl ect vilble fl ot, reduce single stock concentrtion nd enhnce index bsket liquidity. All stocks in the S&P BRIC 40 TM index must trde in developed mrket exchnges (Hong Kong Stock Exchnge, London Stock Exchnge, NASDAQ nd NYSE). Country Coverge As t 31st Mrch 2007 the country weightings in the Index were s follows: Brzil 24.4%, Chin 36.8%, Indi 7.1%, Russi 31.7%. 1 1 Source: S&P 1

3 PLAN SUMMARY At the end of the fi ve yer investment term, the Pln is designed to provide investors with the full return of their cpitl plus n mount equl to 0.75 (75%) the growth of the S&P BRIC 40 TM Index over the fi ve yer term of the product subject to the risks stted in this document. Pln mnged by Morgn Stnley & Co. Interntionl plc ( MSI plc or the Pln Mnger ), uthorised nd regulted by the Finncil Services Authority. Five yer investment term. Growth will equl zero point seven- fi ve (75%) times the growth of the S&P BRIC 40 TM Index. High degree of cpitl protection provided by securities issued by fi nncil institutions with credit rting of A+ or better by S&P t the time of purchse. In the event of these fi nncil institutions going into liquidtion or filing to comply with the terms of the securities, you my not receive the nticipted returns on your investment nd you my lose ll or prt of the money you originlly invested. This is not gurnteed investment. Pre-investment interest rte of 4.50% per nnum. Open for ISA/PEP nd Direct Investment including vi SIPPs nd SSASs. Open for ISA investments for 2007/ where you hve not lredy fulfi lled your nnul entitlements. 2

4 PLAN INVESTMENT Your money will be used by the Pln Mnger to buy securities which it is envisged will be medium term notes, which re debt instruments or bonds, issued by fi nncil institution with credit rting of A+ or better by S&P, or the equivlent rting by Moody s Investor Services Limited t the time of purchse. The Pln Mnger will select securities tht re designed to hve the chrcteristics required to meet the investment objectives set out in this Pln brochure. Securities will be purchsed by the Pln Mnger on or bout the 30th August 2007, which is the Pln Strt Dte. Any subscription money invested by you in the Pln before this dte will ccrue preinvestment interest in designted client bnk ccount t rte of 4.50% p.. This pre-investment interest will ccrue net of 20% deduction to be pid to the Inlnd Revenue s tx on interest on csh held pending ISA investments if you invest vi n ISA (including the trnsfer of n existing ISA) or ccrue gross if you invest vi Direct Investment. If you invest vi PEP trnsfer, lthough the position under pplicble legisltion is uncler, HM Revenue nd Customs currently llows this pre-investment interest to be invested without deduction of tx. Your Initil Investment for the purposes of the Pln will equl the sum of your subscription money plus ny ccrued pre-investment interest. Your Initil Investment will be rounded down to the nerest PLAN RETURNS Cpitl Return The Pln is designed to provide minimum of full repyment of your Initil Investment if held to mturity. If you sell your investment before the Mturity Pyment Dte (scheduled to be 14th September 2012) you my get bck less thn your initil investment. GROWTH RETURN Returns t Mturity In ddition to the return of your Initil Investment, you will lso receive, t mturity, the growth in your investment. At mturity, this investment growth will equl your Initil Investment multiplied by 0.75 (75%) times the percentge growth of the S&P BRIC 40 TM Index. The percentge growth of the S&P BRIC 40 TM Index is mesured s the percentge by which the Finl Index Level is higher thn the Initil Index Level. So, if the Finl Index Level is equl to or below the Initil Index Level, your investment growth will be zero. 3

5 The Initil Index Level is scheduled to be the offi cil closing level of the S&P BRIC 40 TM Index on the 30th August The Finl Index Level is the verge of the monthly offi cil closing levels of the S&P BRIC 40 TM Index on the 30th of ech month from nd including August 2011 to nd including August 2012 (13 observtions in totl). Plese see the Risk Fctors on pge 5 for more detiled description of how Pln returns re provided. Before you invest in the Pln you should ensure tht you fully understnd the nture of your investment, the risks involved nd your personl circumstnces. If you re in ny doubt bout mking n investment in the Pln you should tke dvice from n ppropritely qulifi ed fi nncil dviser. POTENTIAL RETURNS Bsed on n Initil Investment of 10,000, the following tble illustrtes the proposed return obtined under the Pln t mturity given certin performnce levels of the S&P BRIC 40 TM Index. This is not gurnteed product nd there is no gurntee s to the performnce of the S&P BRIC 40 TM Index (plese see Risk Fctors on pge 5). FINAL INDEX LEVEL COMPARED TO INITIAL INDEX LEVEL (% CHANGE) PLAN RETURN -60.0% 10, % 10, % 10, % 10, % 11, % 13, % 14,500 RISK FACTORS The Pln hs mturity of fi ve yers nd is intended s medium term investment. If you sell your investment before its mturity dte you my get bck less thn your Initil Investment. Prior to mturity, there is expected to be limited liquidity for the securities in the secondry mrket in which your money will be invested. This mens tht it my not lwys be possible to sell the securities t certin times nd tht the price chieved my be less thn the originl investment. It is nticipted tht MSI plc will be the only deler in the securities. We my lso hve been or my be n ssocite of n issuer (or ny of its ffi lited compnies) of Notes 4

6 in which the Pln invests nd s such my hve conflict with the holders of those notes. In cting s deler in ny notes, the economic interests of MSI plc my be different from those of the holders or the relevnt issuer. Your money will be invested in securities issued by fi nncil institution with credit rting of A+ or better by Stndrd & Poor s or the equivlent rting by Moody s Investor Services Limited t the time of purchse. These securities will be designed to hve the chrcteristics required to provide the return for your investment. In the event of the pplicble fi nncil institution going into liquidtion or filing to comply with the terms of the securities, you my not receive the nticipted returns on your investment nd you my lose ll or prt of the money you originlly invested. The Pln is not gurnteed investment. The growth returns of the Pln re bsed on the price performnce of the S&P BRIC 40 TM Index nd do not include ny return from dividend income or prticiption in corporte ctions, s would be the cse if you invested directly in the shres comprised in the S&P BRIC 40 TM Index. Accordingly, the return on the Pln my be less thn the return from direct investment in such shres. On mturity, the Pln is designed to provide investors with the full return of their cpitl plus 75% of the growth of the S&P BRIC 40 TM Index. However, you will only prticipte in 75% of ny growth of the S&P BRIC 40 TM Index. Pst performnce is not necessrily guide to future performnce nd should not be used to ssess the risks ssocited with this investment. The mrkets on which the S&P BRIC 40 TM Index rely cn be voltile nd cyclicl, with periods of strong performnce often followed by periods of low or negtive performnce. There cn be no ssurnce s to the future performnce of the S&P BRIC 40 TM Index nd in ny fi ve yer period the performnce my differ from pst performnce nd my generte higher or lower returns, including zero or negtive returns. Before mking n investment in the Pln you should consider whether n investment linked to the S&P BRIC 40 TM Index is suitble for you. The Finl Index Level will not be bsed on single reding of the S&P BRIC 40 TM Index, but on the verge level of the Index on given set of dtes over the fi nl twelve months (13 observtions), s described in the Returns At Mturity section on pge 4. Any increse or fll in the level of the S&P BRIC 40 TM Index t ny time or on ny dte other thn its closing level on ny of such given dtes will not be reflected in the determintion of the return on the Pln. There cn be no ssurnce tht the verge S&P BRIC 40 TM Index level or tht the Initil Index level will reflect the then previling trend (if ny) for the level of the S&P BRIC 40 TM Index or the mrket price of the shres comprised in it. While the use of verging my protect ginst flls in the S&P BRIC 40 TM Index on specifi c dte, it my lso signifi cntly constrin the performnce of the S&P BRIC 40 TM Index, s used to clculte the return on the Pln. 5

7 Accordingly, the clcultion of the verge S&P BRIC 40 TM Index level my result in lower return thn if single reding of the S&P BRIC 40 TM Index ws tken t the Pln mturity. If you hve invested vi n ISA nd subsequently decide to withdrw, it my not be possible to invest in nother ISA of the sme type for the sme tx yer in which you hve invested if your cncelltion period hs expired. If you hve invested vi n ISA or PEP trnsfer, unless you re ble to fi nd nother pln mnger to trnsfer your investment to, ny fvourble tx tretment ssocited with tht ISA or PEP holding will be irrevocbly lost. Your circumstnces could chnge, forcing you to withdrw nd relise your investment erly. If this hppens, you my get bck less thn the mount you originlly invested. The formul under which the return on the securities nd therefore the Pln is expected to be clculted is likely to provide tht in certin circumstnces clcultion of the return my be djusted to tke ccount of mrket disruption events interfering with determintion of the level of the S&P BRIC 40 TM Index. A relevnt mrket disruption would be suspension or limittion of trding on the underlying Index s exchnges (Hong Kong Stock Exchnge, London Stock Exchnge, Nsdq nd New York Stock Exchnge) of mteril proportion of the shres included in the S&P BRIC 40 TM Index, which would dely or prevent clcultion of the offi cil S&P BRIC 40 TM Index level. Should this occur, the return on the Pln my be ffected nd my be less thn would otherwise hve been the cse. Similr provisions re lso likely to be included to ddress ny chrge, modifi ction or filure in respect of the clcultion nd nnouncement of the S&P BRIC 40 TM Index with similr consequences. Pyments scheduled to be mde in respect of the securities in which the Pln will invest your money my be delyed where mrket disruption events occur (s described bove), cusing dely to the vilbility of published index levels for the S&P BRIC 40 TM Index, nd potentilly therefore delys in the Pln Mnger mking pyments to you. Where necessry in the event tht ny such pyments re delyed, corresponding djustments will be mde to the scheduled dtes for pyment under the Pln. MSI plc does not give investment dvice. If you re in ny doubt bout the suitbility of this investment, you should contct your independent fi nncil dviser. The levels nd bsis of txtion nd reliefs from txtion cn chnge t ny time. The vlue nd vilbility of ny tx relief depends on individul circumstnces. The fvourble tx tretment of ISAs nd PEPs my not be mintined throughout the term of the Pln, nd is subject to chnges in legisltion. Tx ssumptions re bsed on our understnding of current legisltion nd prctice t the time of print nd my be subject to future chnge. 6

8 THE MORGAN STANLEY EMERGING MARKETS GROWTH PLAN 2 - THREE WAYS TO INVEST 1. ISAs for 2007/08 You cn invest 4,000 per person into Mini Stocks nd Shres ISA, or invest between 5,000 nd 7,000 per person into Mxi ISA, for 2007/08. Income or growth pyouts mde within n ISA re completely free of ny tx under current legisltion. However, the tx free sttus of ISAs is lwys subject to chnges in legisltion. 2. ISA nd PEP trnsfers The Pln ccepts trnsfers of existing Mini Stocks nd Shres ISAs, Mxi ISAs nd PEPs. Prior to mking ny such trnsfers you should consider the signifi cnce of exit nd ssocited chrges of encshing your existing investments nd the potentil for loss of income or growth while trnsfer is pending. 3. Direct Investments You cn invest directly in the Pln. The Pln is lso open for SIPP nd SSAS investors. HOW TO INVEST This brochure includes sections covering Risk Fctors, Key Fetures nd Terms & Conditions, ll of which should be crefully red nd understood before investing. Appliction Form ISA nd/or Direct Investment if you re pplying for n ISA in 2007/08 or Direct Investment, you should complete sections 1-3 on the front of the form nd section 4 on the bck. Appliction Form ISA or PEP Trnsfer if you re pplying for n ISA or PEP trnsfer, you should complete sections 1-2 on the front of the form nd section 3 on the bck. For dditionl pplictions simply photocopy the ppliction forms. Your cheque it is only necessry to send one cheque for the totl mount tht ech individul wishes to invest (e.g. one cheque for 15,000 cn cover n ISA investment of 7,000 nd Direct Investment of 8,000). Seprte pplictions (e.g. from husbnd nd wife) require two cheques. Cheques should be mde pyble to Morgn Stnley Emerging Mrkets Growth Pln 2 Client A/C. If your cheque is from building society, it should reference your nme. For exmple Morgn Stnley Emerging Mrkets Growth Pln 2 Client A/C Reference A Johnson ). WHAT TO DO WITH YOUR COMPLETED APPLICATION Check tht ll sections hve been completed s necessry nd tht the ppliction hs been signed Return the completed ppliction nd your cheque to your fi nncil dviser, who will be required to complete the pproprite verifi ction of identity checks nd sign the ppliction Your fi nncil dviser should then send the completed ppliction pckge to Morgn Stnley & Co. Interntionl plc, Administrtion Offi ce, Emerging Mrkets Growth Pln 2, Floor 8, Fountin House, 2 Queen s Wlk, Reding, RG1 7QF For ny queries on your ppliction plese cll our dministrtor on

9 The Morgn Stnley Emerging Mrkets Growth Pln 2 APPLICATION FORM ISA OR PEP TRANSFER CLOSING DATE 3 RD AUGUST 2007 OFFICE USE ONLY Client ref: Del ref: Checked by This form llows you to mke up to two trnsfers. Should you require further copies of the mndtes below to fcilitte dditionl trnsfers you my photocopy this form. I confirm tht I wish to trnsfer PEP Single Compny PEP Mxi ISA Mini ISA (Plese tick one only) Plese complete in block cpitls 1 Personl Detils Surnme First nme(s) in full Title : (Mr/Mrs/Miss/Ms/Other) Dte of Birth - - Permnent Residentil Address Postcode Telephone E-mil Address Do you hve Ntionl Insurnce (NI) Number? If Yes you must enter it here: (You should be ble to find your NI Number on pyslip, form P45 or P60, letter from the DSS, or pension order book) If you hve never been issued with Ntionl Insurnce Number, plese tick here Plese ensure tht you sign the legl declrtion in Section 3. 2 Existing ISA/PEP trnsfer request mndtes First Mndte Instruction to the pln mnger from whom you re trnsferring your ISA/PEP (delete s pproprite) I hereby instruct you to sell investments within my pln immeditely nd trnsfer the csh proceeds, together with ny interest, dividends, rights nd ny other csh within my pln (less ny mount you re entitled to keep under the terms of the pln), to Morgn Stnley & Co. Interntionl Plc, Administrtion Office, Floor 8, Fountin House, 2 Queens Wlk, Reding RG1 7QF. Plese trnsfer my pln once instructions hve been received from Morgn Stnley & Co. Interntionl Plc to do so. After trnsfer, ll dividends nd tx credits due should be mde pyble directly to me. If you re not in position to trnsfer my csh proceeds by 23rd August 2007, plese cncel my request to trnsfer nd reinstte my ISA/PEP. Second Mndte Instruction to the pln mnger from whom you re trnsferring your ISA/PEP (delete s pproprite) I hereby instruct you to sell investments within my pln immeditely nd trnsfer the csh proceeds, together with ny interest, dividends, rights nd ny other csh within my pln (less ny mount you re entitled to keep under the terms of the pln), to Morgn Stnley & Co. Interntionl Plc, Administrtion Office, Floor 8, Fountin House, 2 Queens Wlk, Reding RG1 7QF. Plese trnsfer my pln once instructions hve been received from Morgn Stnley & Co. Interntionl Plc to do so. After trnsfer, ll dividends nd tx credits due should be mde pyble directly to me. If you re not in position to trnsfer my csh proceeds by 23rd August 2007, plese cncel my request to trnsfer nd reinstte my ISA/PEP. Title (Mr/Mrs/Miss/Ms/Other) First nme(s) in full Surnme Address Title (Mr/Mrs/Miss/Ms/Other) First nme(s) in full Surnme Address Telephone Signture Postcode Dte Telephone Signture Postcode Dte This completed ppliction, cheque nd the Verifiction of Identity Certificte should be returned to Morgn Stnley & Co. Interntionl Plc, Administrtion Office, Emerging Mrkets Growth Pln 2, Floor 8, Fountin House, 2 Queen's Wlk, Reding, RG1 7QF

10 APPLICATION FORM ISA OR PEP TRANSFER CLOSING DATE 3 RD AUGUST Declrtion & Authority I declre tht: 1. All subscriptions mde, nd to be mde, belong to me; 2. I m 18 yers of ge or over; 3. I m resident nd ordinrily resident in the UK for tx purposes, or non-resident but performing duties which by virtue of section 28 of the Income Tx (Ernings & Pensions) Act 2003 (Crown employees serving overses) re treted s being performed in the UK, or I m mrried to or in civil prtnership with person who performs such duties nd tht I will immeditely inform Morgn Stnley & Co. Interntionl Plc if I cese to be so resident nd ordinrily resident or to perform such duties, or be mrried to or in civil prtnership with person who performs such duties. I uthorise Morgn Stnley & Co. Interntionl Plc: 1. To hold my ISA investments, PEP investments (s pplicble), interest, dividends nd other rights or proceeds in respect of those investments nd ny csh or other proceeds; 2. To mke on my behlf ny clims to relief from tx in respect of ISA investments nd PEP investments; 3. On my request to trnsfer or py to me, s the cse my be, ISA investments, PEP investments, interest, dividends, rights or other proceeds in respect of such investments, ny csh or other proceeds; 4. To supply n nnul sttement. 5. To process my personl dt s set out in Cluse 21 of the Terms nd Conditions. Morgn Stnley & Co Interntionl Plc my, from time to time, send you informtion (by post, e-mil or phone) bout similr products nd services nd/or similr products nd services of their ssocited compnies. By signing this greement, you consent to us processing your informtion including your nme, contct detils nd preference informtion. Your personl informtion will be used by us nd/or our gents to support your interction with us, to deliver our services nd to contct you gin bout other similr services nd products we offer. If you do not wish to receive unsolicited commercil communiction from us in the future, plese mrk the box.. I hve red nd understood the Morgn Stnley Emerging Mrkets Growth Pln 2 brochure including the sections covering Risk Fctors, Key Fetures nd Terms & Conditions. I cknowledge nd gree to the terms under which my subscription will be mde nd my investments will be mnged. I understnd tht Morgn Stnley & Co Interntionl Plc does not provide investment dvice in reltion to the Pln nd confirm tht I either do not require such dvice or hve received dvice on the Pln from n Independent Finncil Adviser. I declre tht this ppliction form hs been completed to the best of my knowledge nd belief nd is correct. Signture X Dte X Existing ISA/PEP trnsfer request mndtes (continued) Nme of Pln Mnger Investors should be wre tht the vlue of investments nd the income from them cn fll s well s rise, nd tht pst performnce is not necessrily guide to future performnce. The interim vlue of the underlying ssets of the Pln do not directly impct the benefits generted (if ny) t the mturity of the Pln. Hence, the periodic sttement shll be issued on n nnul bsis nd not more frequently. Notes: When completed this ppliction form should be returned to your finncil dviser. MONEY LAUNDERING REGULATIONS: Under the regultions, there is legl requirement to prove the identity of people who wish to mke n investment. You my therefore be sked for some evidence of your identity. This will normlly be pssport or similr form of identity check. Finncil Adviser Detils Finncil Adviser: FSA Number: Money Lundering I confirm tht I hve completed the pproprite verifiction of identity checks nd ttch the Verifiction of Identity Certificte. Either certified copies of the underlying documentry evidence received or certified note of the reference numbers nd other detils of the evidence obtined re enclosed with this certificte. I hve sighted the originl documents nd tht ny requiring signture were pre-signed. Finncil Adviser Signture: Nme of Pln Mnger Address of Pln Mnger Address of Pln Mnger Postcode Account Number Type of Account* Approx.Vlue Account Number Type of Account* Approx.Vlue Account Number Type of Account* Approx.Vlue *Type of ccount e.g. Mxi ISA/Generl PEP/Single Compny PEP Minimum ggregte trnsfer vlue 5,000 Postcode Account Number Type of Account* Approx.Vlue Account Number Type of Account* Approx.Vlue Account Number Type of Account* Approx.Vlue *Type of ccount e.g. Mxi ISA/Generl PEP/Single Compny PEP Minimum ggregte trnsfer vlue 5,000

11 The Morgn Stnley Emerging Mrkets Growth Pln 2 APPLICATION FORM ISA AND/OR DIRECT INVESTMENT CLOSING DATE 17 TH AUGUST 2007 OFFICE USE ONLY Client ref Del ref Checked by Plese complete in block cpitls 1 Personl Detils Title (Mr/Mrs/Miss/Ms/Other) Surnme First nme(s) in full Dte of Birth - - Permnent Residentil Address E-mil Address It is possible to hve joint holder for Direct Investments. If you wish to use this fcility, plese complete the detils of the joint holder here: Title (Mr/Mrs/Miss/Ms/Other) Surnme First nme(s) in full For Direct Investments only, should you wish to invest on behlf of child, plese complete the child s nme here: Telephone Postcode Reltionship to child: 2 Plese insert your Ntionl Insurnce Number (You should be ble to find your NI Number on pyslip, form Plese enter it here P45 or P60, letter from the DSS, or pension order book) If you hve never been issued with Ntionl Insurnce Number, plese tick here Plese ensure tht you sign the legl declrtion in Section 4 3 (v) Subscriptions (iii) Mini Stocks & Shres ISA for 2007/2008: I pply to subscribe the following mount to Mini Stocks & Shres ISA for the tx yer ending 5/4/2008 only (minimum nd mximum 4,000) (iv) Mxi ISA for 2007/2008: I pply to subscribe the following mount to Mxi ISA for the tx yer ending 5/4/2008 only (minimum 5,000 nd mximum 7,000) Direct Investment I pply to subscribe the following mount (minimum 5,000) Plese mke your cheque pyble to Morgn Stnley Emerging Mrkets Pln 2 Client A/c reference (your nme) Totl Subscriptions Amount Amount Amount This completed ppliction, cheque nd the Verifiction of Identity Certificte should be returned to Morgn Stnley & Co. Interntionl Plc, Administrtion Office, Emerging Mrkets Growth Pln 2, Floor 8, Fountin House, 2 Queen's Wlk, Reding, RG1 7QF

12 The Morgn Stnley Emerging Mrkets Growth Pln 2 APPLICATION FORM ISA AND/OR DIRECT INVESTMENT (CONT D) CLOSING DATE 17 TH AUGUST Declrtion & Authority Applicble to Direct Investment Applicnts only I declre I m 18 yers of ge or over nd tht I m not resident, nor m I cting on behlf of, resident of the United Sttes; nd tht I will not ssist ny person who is so resident to invest in this Pln. Further I gree to inform you immeditely should I become resident of the United Sttes. Applicble to ll ISA Applicnts I declre tht: 1. All subscriptions mde, nd to be mde, belong to me; 2. I m 18 yers of ge or over; 3. If I m pplying for 2007/08 Mini Stocks nd Shres ISA, I hve not subscribed nd will not subscribe to Mxi ISA or nother Mini Stocks nd Shres ISA in the sme yer tht I subscribe to this Mini Stocks nd Shres ISA. If I m pplying for 2007/08 Mxi ISA, I hve not subscribed nd will not subscribe to nother ISA, other thn TESSA-only ISA, in the sme yer tht I subscribe to this Mxi ISA; 4. I m resident nd ordinrily resident in the UK for tx purposes, or non-resident but performing duties which by virtue of section 28 of the Income Tx (Ernings & Pensions) Act 2003 (Crown employees serving overses) re treted s being performed in the UK, or I m mrried to or in civil prtnership with person who performs such duties nd tht I will immeditely inform Morgn Stnley & Co. Interntionl Plc if I cese to be so resident nd ordinrily resident or to perform such duties, or be mrried to or in civil prtnership with person who performs such duties. For ll Applicnts I uthorise Morgn Stnley & Co. Interntionl Plc: 1. To hold my csh subscription, Direct investments, ISA investments, (s pplicble), interest, dividends nd other rights or proceeds in respect of those investments nd ny csh or other proceeds; 2. To mke on my behlf ny clims to relief from tx in respect of ISA investments; 3. On my request to trnsfer or py to me, s the cse my be, Direct investments, ISA investments, interest, dividends, rights or other proceeds in respect of such investments, ny csh or other proceeds; 4. To supply n nnul sttement; 5. To process my personl dt s set out in Cluse 21 of the Terms nd Conditions. Signture Dte X X Joint holder if pplicble (Direct Investment only): Signture Dte X X Investors should be wre tht the vlue of investments nd the income from them cn fll s well s rise, nd tht pst performnce is not necessrily guide to the future performnce. Notes: When completed this ppliction form should be returned to your finncil dviser. The interim vlue of the underlying ssets of the Pln do not directly impct the benefits generted (if ny) t the mturity of the Pln. Hence, the periodic sttement shll be issued on n nnul bsis nd not more frequently. MONEY LAUNDERING REGULATIONS: Under the regultions, there is legl requirement to prove the identity of people who wish to mke n investment. You my therefore be sked for some evidence of your identity. This will normlly be pssport or similr form of identity check. Finncil Adviser Detils Finncil Adviser: Morgn Stnley & Co Interntionl plc my, from time to time, send you informtion (by post, e-mil or phone) bout similr products nd services nd/or similr products nd services of their ssocited compnies. By signing this greement, you consent to us processing your informtion including your nme, contct detils nd preference informtion. Your personl informtion will be used by us nd/or our gents to support your interction with us, to deliver our services nd to contct you gin bout other similr services nd products we offer. If you do not wish to receive unsolicited commercil communiction from us in the future, plese mrk the box. I hve red nd understood the Morgn Stnley Emerging Mrkets Growth Pln 2 brochure including the sections covering Risk Fctors, Key Fetures nd Terms & Conditions. I cknowledge nd gree to the terms under which my subscription will be mde nd my investments will be mnged. I understnd tht Morgn Stnley & Co Interntionl plc does not provide investment dvice in reltion to the Pln nd confirm tht I either do not require such dvice or hve received dvice on the Pln from n Independent Finncil Adviser. I declre tht this ppliction form hs been completed to the best of my knowledge nd belief nd is correct. FSA Number: Money Lundering I confirm tht I hve completed the pproprite verifiction of identity checks nd ttch the Verifiction of Identity Certificte. Either certified copies of the underlying documentry evidence received or certified note of the reference numbers nd other detils of the evidence obtined re enclosed with this certificte. I hve sighted the originl documents nd tht ny requiring signture were pre-signed. Finncil Adviser Signture:

13 KEY EVENTS AND DATES* OFFER PERIODS ISA nd PEP Trnsfers 6th July 2007 to 3rd August 2007 ISAs, Direct Investments 6th July 2007 to 17th August 2007 S&P BRIC 40 TM INDEX OBSERVATION DATES Initil Index Level Finl Index Level Offi cil closing level on 30th August 2007 Monthly offi cil closing levels on the 30th of ech month from August 2011 to August 2012 (13 observtions in totl) PLAN DATES Pln Strt Dte 30th August 2007 Mturity Pyment Dte 14th September 2012 *In the event tht ny of the bove dtes is not London business dy on which the London Stock Exchnge is functioning normlly, the relevnt dte will be moved to the fi rst such dy immeditely following the dte in question. 8

14 KEY FEATURES OF THE MORGAN STANLEY EMERGING MARKETS GROWTH PLAN 2 Investment Options Investment cn be mde in the following wys: Vi Mxi ISA Vi Mini Stocks nd Shres ISA By trnsferring n existing PEP (Generl nd/or Single Compny) or ISA By mking Direct Investment For PEP nd ISA trnsfer, the current issue of this Pln will close to investments on 3rd August Objectives The objectives of the Morgn Stnley Emerging Mrkets Growth Pln 2 ( the Pln ) re s follows: To provide n opportunity to prticipte in returns linked to the S&P BRIC 40 TM Index over fi ve yer period To provide full repyment of investors initil investment t mturity of the Pln The Pln will invest in securities envisged to be medium term notes ( Notes ), which re debt instruments or bonds issued by fi nncil institutions. The Pln Mnger, who is uthorised nd regulted by the FSA, will rrnge for the purchse of the Notes. These Notes will be designed to hve the chrcteristics required to chieve the investment objectives of the Pln. MSI plc nd/or its ffi lites or employees my mrket-mke, hve or my hold positions, in or otherwise tke interests in reltion to, the investments, options or other derivtive instruments on such investments, or other relted investments in which the pln my invest nd my be providing, or my hve provided within the pst twelve months, signifi cnt dvice or investment services in reltion to the investments concerned or relted investments. Mking n Investment Subscription is only vilble by wy of lump sum investment. The minimum is 4,000 for Mini Stocks & Shres ISA for 2007/08 nd 5,000 for Mxi ISA for 2007/08 or Direct Investment. If investing vi Mini Stocks & Shres ISA you must not subscribe to Mxi ISA or nother Mini Stocks & Shres ISA in the sme yer tht you subscribe to this ISA. If investing vi Mxi ISA, you must not subscribe to nother ISA (other thn Tess only ISA) in the sme tx yer tht you subscribe to this ISA. PEP or ISA trnsfers re subject to minimum investment mount of 5,000. 9

15 FREQUENTLY ASKED QUESTIONS Wht is the Morgn Stnley Emerging Mrkets Growth Pln 2? It is n investment pln, which cn be ccessed in one or more wys: by using your nnul Mini Stocks nd Shres ISA llownce of 4,000 for 2007/08, your Mxi ISA subscription llownce of up to 7,000 for 2007/08, by ISA or PEP trnsfer or s Direct Investment. The Pln follows n investment strtegy designed to ensure tht scheduled pyments re met nd tht the risks of the investment correspond to the risks described bove. The Pln is fi ve yer investment in qulifying securities, denominted in sterling nd listed on n pproved stock exchnge. Who is eligible to invest? UK investors ged 18 nd over re eligible to invest in the Pln vi n ISA provided tht they hve not invested in Mini Stocks nd Shres ISA or Mxi ISA for the sme tx yer or by using the Direct Investment option. Investments cn lso be mde through the Direct Investment option on behlf of person under the ge of 18. Wht hppens to my subscription money? Prior to the Pln Strt Dte your subscription money will be pid into designted client bnk ccount nd your money will be mnged in ccordnce with the Finncil Services Authority s client money rules. Interest will ccrue on money in the client bnk ccount t rte equl to 4.50% per nnum. Interest will ccrue from the dte the cheque is clered until the Pln Strt Dte. If you invest vi n ISA (including the trnsfer of n existing ISA), ll such interest with respect to this money will be invested into your ISA net of 20% deduction tht is required to be pid to HM Revenue nd Customs. If you invest vi Direct Investment, this interest will be received gross. If you invest vi PEP trnsfer, lthough the position under pplicble legisltion is uncler HM Revenue nd Customs currently llows this pre-investment interest to be invested without deduction of tx. Wht is my Initil Investment? For the purposes of the Pln, your Initil Investment is equl to ny subscription money you py into the Pln s client bnk ccount plus ny interest ccrued on your subscription money, less ny pplicble deductions (see bove). Your Initil Investment will be rounded down to the nerest Wht hppens on the Pln Strt Dte? At the Pln Strt Dte, the Pln Mnger will use the ggregte Initil Investment mount to purchse securities with fetures tht mtch the pyment objectives of the Pln. The Pln Strt Dte is 30th August

16 Wht repyment cn I expect? Your fi nl repyment, on 14th September 2012, will be s described in this brochure on pge 4, subject to the Risk Fctors on pge 5. Your fi nl repyment is expected to be t lest equl to your Initil Investment provided tht you hold your investment until the Mturity Pyment Dte which is expected to be 14th September Wht is verging? Your fi nl growth, if ny, will not be clculted bsed on single reding of the S&P BRIC 40 TM Index, but on the verge level of the Index on given set of dtes over the fi nl yer of the Pln, s described in the Returns At Mturity section on pge 4. If the closing level of the S&P BRIC 40 TM Index on the Pln Mturity Dte were to be higher thn the verge level over the fi nl yer of the Pln, this would result in lower return thn if the closing level hd been used. Wht cpitl repyment do I receive on the mturity of the Pln? Your mturity proceeds on 14th September 2012 re expected to be t lest equl to your Initil Investment. Plese see the Risk Fctors on pge 5 for importnt informtion on the nture of the ssets tht provide your cpitl protection for the Pln. Wht is the S&P BRIC 40 TM Index? The S&P BRIC 40 TM Index is Euro denominted index bsed on bsket of 40 leding securities, representing the lrgest nd most liquid compnies in Brzil, Russi, Indi nd Chin (BRIC). All constituent compnies re members of the S&P/IFC Investble index series tht meet minimum mrket cpitlistion nd liquidity requirements. The index uses modifi ed mrket cpitliztion weighting scheme, with modifi ctions being to mrket cp weights, if required, to refl ect vilble fl ot, reduce single stock concentrtion nd enhnce index bsket liquidity. All stocks in the S&P BRIC 40 TM Index must trde on developed mrket exchnges (Hong Kong Stock Exchnge, London Stock Exchnge, NASDAQ nd NYSE). There is no minimum number of stocks from the respective four countries tht hve to be included in the index. Wht is the S&P/IFC Investble Index? The S&P/IFC Investble (S&P/IFCI) indices represent the investble subset of the S&P/IFC Globl (S&P/IFCG) indices, mesuring the returns of emerging mrket stocks tht re leglly nd prcticlly vilble to foreign investors. As member of the S&P Emerging Mrket Indicies, it is constructed from equities included in the Emerging Mrkets Dtbse (EMDB). [For more informtion on the S&P/IFCI index nd other emerging mrket indices, plese visit the website: Wht does BRIC stnd for nd how did it originte? BRIC hs become the well-known cronym for Brzil, Russi, Indi nd Chin. Economists 11

17 hve determined tht these countries could rnk mong the world s dominnt economies by mid century bsed on gross domestic product. Some importnt growth fctors in these countries re the huge reserves of nturl resources nd lrge nd well-qulifi ed work force with reltively low wge levels. A growing consumer demnd stimulted by increses in income cross brod ctegories of the lrge BRIC popultion is lso n importnt fctor. Wht hppens when the Pln mtures? We will contct you round six weeks before the Pln Mturity Dte outlining the options vilble to you. Plese ensure you write to us if your ddress nd bnk detils chnge. Cn I withdrw before the end of the five yer term? Yes. However, should you withdrw t ny time during the fi ve yer investment period, the return will depend on previling mrket conditions including, but not limited to, interest rtes, demnd for securities in the secondry mrket nd the levels of the S&P BRIC 40 TM Index to which your investment is linked. For those resons the vlue of your investment in Pln is likely to be less thn the mount originlly invested in it for substntil prt of the investment period. Repyment of your Initil Investment is only vlid if you remin invested for the full fi ve yer investment period, subject to the Risk Fctors on pge 5. Will my repyment be txed? For n investor who is UK resident individul, ll returns from ISA nd PEP investments re currently free of income tx nd cpitl gins tx except for pre-investment interest in respect of which 20% deduction is required to be pid to the Inlnd Revenue. If the investments re held within Direct Investment, ll returns in excess of the initil investment either on sle of the pln or on mturity will be subject to income tx t your highest mrginl rte of tx without the benefi t of ny tper relief. No relief from income tx is vilble in respect of ny loss sustined from the discount on relevnt discounted security. Pyments from the Pln will be mde gross of tx nd it is your responsibility to declre this income on your tx return. Pre-investment interest will be txble income nd income tx will be pyble t your mrginl rte, with credit from the Inlnd Revenue for ny tx deducted t source. You should seek dvice from your own tx dviser if you hve ny doubts s to your tx sttus. If I m considering PEP or ISA trnsfer, is there nything else I should know? Your existing PEP or ISA must be trnsferred in csh, which mens tht your existing Pln Mnger will sell your investment holdings. Your existing Pln Mnger my chrge you n exit or trnsfer fee. There is the potentil for loss of income or growth if mrkets should rise while your trnsfer remins pending. Plese note tht to ensure the funds re received from your existing Pln Mnger in timely mnner, we hve n erly cut-off dte for PEP nd ISA trnsfers of 3rd August

18 Wht if I wnt to close or trnsfer my Pln? You my only terminte or trnsfer the Pln in whole by wy of written notifi ction. Deling normlly tkes plce t the end of ech month; your investment(s) will be sold t the next prcticble deling dy following the request. We nticipte tht MSI plc will be the only deler in the securities to be cquired under the Pln. Pyment will then be mde within seven working dys. Prtil withdrwls will not be permitted. How will chrges nd expenses ffect my investment? With the exception of 100 plus VAT chrge in the event tht you subsequently wish to trnsfer your Pln to nother Pln Mnger, there re no explicit initil or ongoing chrges. All other chrges re tken into ccount in setting the terms offered over the investment period nd the returns shown re net of ll chrges nd expenses. The terms offered lso tke into ccount ll the costs of setting up the Pln, dministering it nd conducting the investment mngement of your Pln. How much will the dvice cost? MSI plc does not provide dvice. If you hve ny doubts s to the suitbility of this pln, plese consult your fi nncil dviser. If you require personl fi nncil dvice you should consult n independent dviser. If you receive dvice from n independent dviser he will give you detils bout the cost. If you re not receiving ny dvice, commission my still be pyble to n independent dviser. Commission is expected to be pid by the Pln Mnger to independent fi nncil dvisers through whom pplictions for the Pln re received. The mount of commission will depend on the mount you invest. The mount will lso be included in your welcome letter. Commission is lredy ccounted for in the terms offered nd does not ffect the return shown. Will you keep me updted? Within 5 dys of receipt of your ppliction by us, we will send you forml cknowledgement s well s informtion on your right to cncel, grnted under the terms of the Pln. If you cncel within the pplicble 14 dy cncelltion period you will be entitled to the repyment of the mount you hve invested plus ny ccrued interest, less ny necessry dministrtion or other costs. After the Pln Strt Dte on 30th August 2007, we will send you n opening sttement detiling your holdings within your Pln. At the end of every yer, we will send you n nnul sttement nd vlution. Wht hppens to my investment if I die? Upon deth, ssets will then be trnsferred to Direct Investment, which forms prt of your estte for Inheritnce Tx purposes. If relevnt, the PEP or ISA sttus of the investment will then be lost. Once suitble documenttion is received, the investments will be trnsferred to your personl representtives within seven working dys. Your ccount cn then be terminted erly in ccordnce with its terms or held to mturity, t the discretion of your personl representtive. 13

19 The Pln is not sponsored, endorsed, sold or promoted by Stndrd & Poor s, division of McGrw-Hill, Inc. ( S&P ). S&P mkes no representtion or wrrnty, express or implied, to the owners of the Product(s) or ny member of the public regrding the dvisbility of investing in securities generlly or in the Product(s) prticulrly or the bility of the S&P BRIC 40 TM Index to trck generl stock mrket performnce. S&P s only reltionship to the Licensee is the licensing of certin trdemrks nd trde nmes of S&P nd of the S&P BRIC 40 TM Index which is determined, composed nd clculted by S&P without regrd to the Licensee or the Product(s). S&P hs no obligtion to tke the needs of the Licensee or the owners of the Product(s) into considertion in determining, composing or clculting the S&P BRIC 40 TM Index. S&P is not responsible for nd hs not prticipted in the determintion of the timing of, prices t, or quntities of the Product(s) to be issued or in the determintion or clcultion of the eqution by which the Product(s) is to be converted into csh. S&P hs no obligtion or libility in connection with the dministrtion, mrketing or trding of the Product(s). 14

20 TERMS AND CONDITIONS 1. Definitions: In these terms the following words hve the following menings: Pln Mnger Morgn Stnley & Co. Interntionl plc, 25 Cbot Squre, London E14 4QA. Authorised nd regulted by the Finncil Services Authority ( FSA ) nd entered on the FSA register with registrtion number or such other entity s MSIP my ppoint to mnge the pln. Appliction Form The form tht must be completed to enble your Pln to be opened, in the form shown t the end of these Terms & Conditions. Initil Investment Mens ny subscription money invested by you in the Pln plus ny ccrued interest (less ny pplicble tx). Direct Investment Mens n investment in the Pln which is not n ISA or PEP. Pln Strt Dte 30th August ISA Mini Stocks nd Shres nd/or Mxi Individul Svings Account. MSIP Morgn Stnley & Co. Interntionl plc. PEP Personl Equity Pln. Pln ISA, PEP or Direct Investment s held under these Terms & Conditions. Securities The medium term notes or other securities to be cquired by the Pln Mnger which re expected to hve the chrcteristics required to meet the investment objectives of the Pln. Regultions Personl Equity Pln Regultions 1989 nd Individul Svings Account Regultions 1998 s mended from time to time. We, us & our Pln Mnger. You nd your An investor who pplies to open n ISA or Direct Investment or in the cse of PEP or ISA Trnsfer, n investor who pplies to trnsfer their PEP or ISA on these Terms & Conditions. Keydt Keydt Investment Product Nominees Limited of Fountin House, 2 Queens Wlk, Reding, Berkshire RG1 7QF which is uthorised nd regulted by the Finncil Services Authority Registered number Your pln: () To open Pln, you must submit to the Pln Mnger fully completed Appliction Form. In the cse of n ISA investment for 2007/08 or Direct Investment, you must lso provide the initil subscription mount. In the cse of n ISA or PEP trnsfer, we will mnge your Pln upon receipt of the proceeds of your previous Pln from your previous pln mnger. The Appliction Form is prt of these terms nd conditions nd if the terms differ, those contined in the Appliction Form will previl. The min chrcteristics of the Pln (including pricing nd ll relted fees nd chrges) re set out in these Terms nd Conditions nd re lso contined in the ttched Brochure nd Key Fetures document which re incorported herein by reference. 15 (b) Subject to the Regultions we my open n ISA Pln provisionlly where the informtion which you hve supplied is insuffi cient. In respect of n ISA, where we open Pln on provisionl bsis you must supply the missing informtion within 30 dys of the ppliction, otherwise the Pln must be voided in ccordnce with HM Revenue nd Customs requirements. (c) If pplicble you my open more thn one Pln, subject to completion of n Appliction Form for ech Pln. (d) The Pln Mnger reserves the right to reject n ppliction for ny reson. 3. Cncelltion: () You will hve the right to cncel your Pln within 14 dys of receiving from us notice of your right to cncel. You cn exercise this right to cncel by writing to Keydt Investment Product Nominees Limited (Fountin House, 2 Queens Wlk, Reding, Berkshire RG1 7QF). If you fil to exercise your right to cncel within the sid 14 dys, you will be bound by these Terms nd Conditions. (b) If you exercise your right to cncel, but we do not receive your notice to cncel until on or fter the Pln Strt Dte when the investment in the Securities hs been mde, nd the vlue of the Securities hs fllen in tht time, n mount equivlent to the fll in vlue of the Securities will be deducted from the mount of your subscription repid to you. (c) If you exercise your right to cncel the purchse of the Pln following PEP or ISA trnsfer, unless you re ble to fi nd nother pln mnger to trnsfer your investment to the proceeds will be pid direct to you nd you will irrevocbly lose ny fvourble tx tretment ssocited with PEP or ISA holding. 4. Subscriptions: () Subscriptions to the Pln my only be mde with your own csh or by trnsfer of csh from n existing ISA. The informtion provided in these Terms nd Conditions nd ttched documenttion is only vlid for the subscription period, which ends on the Pln Strt Dte. (b) If you re investing into PEP Pln, investment my only be mde by trnsfer of csh from n existing PEP. (c) Trnsfers of existing PEPs nd ISAs will normlly be rrnged with the existing PEP or ISA mnger. Once the PEP or ISA hs been trnsferred, your PEP or ISA Pln will be subject to the Terms & Conditions set out here. 5. Tretment of csh held within your pln: () Csh will be held by us in ccordnce with the Client Money Rules of the FSA in pooled designted Client Account with bnk (which is not n ssocite of the Pln Mnger). Interest will ccrue on money deposited in the Client Account t rte equl to 4.50% per nnum. (b) Interest ccrued on csh deposits will be credited to your Pln (less ny pplicble tx) immeditely prior to investment in the Securities, nd will be rounded down to the nerest whole pound. (c) Within n ISA or PEP, csh cn only be held pending n investment nd if held in csh over prolonged period there

21 is risk tht HM Revenue nd Customs my void your ISA or PEP. 6. Permitted investments: () The Pln Mnger will rrnge to buy Securities issued by one or more fi nncil institutions with credit rting of A+ or better t time of purchse (s mesured by Stndrd & Poor s or the equivlent rting by Moody s Investor Services Limited). (b) In the event of ny issuing institution being unble to meet their fi nncil obligtions, you my not receive the full scheduled return nd you could lose ll, or prt, of your originl investment. (c) The Pln Mnger my ggregte ny trnsction for n investor with one or more trnsctions for other investors, even though this my result in less fvourble price thn if it hd been crried out seprtely. The Pln Mnger will tke ll resonble steps to ensure tht ny ggregted trnsction is crried out on the best terms generlly vilble in the mrket t tht time for trnsctions of similr type nd size. (d) You hve right to inspect copies of contrct notes, vouchers nd entries in the Pln Mnger s book, or computerised records relting to trnsctions crried out for your ccount. These records will be kept for t lest six yers. 7. Pln Returns: () You will receive pyment on the Mturity Pyment Dte (scheduled to be 14th September 2012) of n mount equl to your Initil Investment plus 0.75 (75%) times the growth in the S&P BRIC 40 TM Index clculted under the methodology set out on pge 4 of this brochure under Returns At Mturity, subject to stted risks. For Investors who re resident in the UK for tx purposes, the bove pyments mde in respect of Pln which is held s n ISA or PEP will not be subject to either UK income tx or UK cpitl gins tx. Any gins or losses on your investment will lso be disregrded for the purposes of income tx or cpitl gins tx. For Investors who re resident in the UK for tx purposes, in respect of Pln which is held s Direct Investment, ll returns in excess of the Initil Investment t mturity will be subject to income tx t your highest rte of tx. These sttements re bsed on current legisltion, regultions nd prctice, ll of which my chnge. If you hve ny doubts concerning your tx sttus, you should consult your own tx dviser. (b) We will contct you round six weeks before the Pln Mturity Dte outlining the options vilble to you in order to confi rm wht you wnt us to do with the csh proceeds of Your Pln. If we do not receive instructions from you nd your Pln is n ISA or PEP, we will hold your csh proceeds in n ccount selected by us until we receive your instructions, however t ny time we my t our discretion ttempt to remit the proceeds to you; If Your Pln is not n ISA or PEP, we will ttempt to remit proceeds to you within seven dys of the Mturity Dte. It is therefore importnt tht you notify us if your ddress or bnk ccount detils chnge. The csh proceeds of your Pln will not ern interest or generte ny growth fter the Mturity Dte. 8. How Investments re held: Securities will be held in the nme of Keydt Investment Product Nominees Limited, or such other nominee pproved by us, nd will be benefi cilly owned by you. No evidence of ownership will be issued to you lthough you will receive documenttion mentioned below. We ccept full responsibility for ny loss tht might rise directly s result of ny defult by ny nominee compny in whose nme the Securities re held. Securities cnnot be held by you outside of the Pln. All interests in your Pln will be, nd must t ll times remin, in your benefi cil ownership, nd must not be used s security for lon. None of the interests my be lent to or deposited by wy of collterl with ny third prty, nor my you crete ny chrge or security over ny interests. We my not lend ny of your interests to third prty, nor my we borrow ginst them s security. 9. Documenttion: () We will cknowledge in writing, where pplicble: (i) your ppliction to open n ISA; (ii) your request to trnsfer PEP or ISA to us; or (iii) your ppliction to open Direct Investment Pln. (b) You will receive n nnul sttement prepred on the bsis of vlutions tken on 30th August ech yer. This will show detils of ll trnsctions effected during the previous twelve months nd includes vlution of your Pln. The sttement will be prepred in ccordnce with the rules of the FSA nd will be issued within 25 business dys of the vlution dte nd will not include ny mesure of comprtive performnce. (c) We my produce consolidted sttement covering where pplicble: (i) ll ISAs tht re held with us; (ii) n investment sttement covering ll PEPs held with us; (iii) n investment sttement covering ll Direct Investments held with us. (d) On request, you re entitled to receive copies of ny informtion issued to holders of Securities in which you invest. We reserve the right to mke resonble chrge for providing these dditionl services. (e) Where certifi cte or other document evidencing title to permitted investment is issued, it will be held by us or s we my direct. 10. Prtil Withdrwls: No prtil withdrwls re permitted from your Pln. 11. Trnsfers to nother Mnger: () Subject to the Regultions, you hve the right t ny time to trnsfer your ISA to nother ISA Mnger, or s the cse my be, your PEP to nother PEP Mnger. Cpitl protection in respect of the vlue of your investment is only vlid if you remin invested for the full six yer investment period. As such, if you trnsfer your ISA or PEP prior to the mturity dte, the trnsfer vlue my be less thn your originl investment. 16