Top Ten Kick-Out Plan

Features
Target Market
Key Facts
Key Dates
Literature

17.5% per annum with 5 early maturity opportunities

This plan is closed to new applications.

Investment returns linked to the performance of the top ten companies of the FTSE 100™ (by Index weighting) as at 31st March 2010 ('the Shares')
The top ten companies in the FTSE 100 as at 31st March 2010 were Astrazeneca, Barclays, BP, BHP Billiton, British American Tobacco, GlaxoSmithKline, HSBC Holdings, Rio Tinto, Royal Dutch Shell (Class A shares) and Vodafone
Early maturity will be triggered on any anniversary date providing at least eight of the Shares are at or above their respective Opening Levels. In this case capital will be returned in full plus a growth payment of 17.5% (not compounded) for each year the Plan has been in force
Capital is at risk if three or more of the Shares close more than 50% below their respective Opening Levels at maturity; if this is the case capital will be reduced 1% for each 1% the third worst performing Share is below its Opening Level; if not, 100% of the capital will be returned at maturity
The capital and investment returns of the Plan are dependent on the counterparty being able to make the payments due from the Plan
The counterparty is BNP Paribas, which has a Standard & Poor's long term credit rating of 'AA' as at 9th April 2010
Available until 25th May 2010

Target Market

This investment could be suitable as part of an investment portfolio for investors who

understand and are used to equity based investments, and
are able to invest for a period of up to 6 years, and
are prepared to accept a degree of risk to their capital in return for a higher potential growth than would be available via a deposit based investment

Key Facts

Investment Term

6 years and 14 days, with the potential for early maturity on any anniversary date if at least eight of the Shares are at or above their respective Opening Levels.

Availability

As direct investments and for pension funds, trustees and companies.

Astrazeneca, Barclays, BP, BHP Billiton, British American Tobacco, GlaxoSmithKline, HSBC Holdings, Rio Tinto, Royal Dutch Shell (Class A Shares) and Vodafone.

Investment Return

If, on any anniversary date, eight or more of the Shares are at or above their respective Opening Levels, the Plan will mature and pay 17.5% (not compounded) for each year the Plan has been in force. If the Closing Level of three or more of the Shares are below their respective Opening Levels on the anniversary date, the Plan will continue for another year.

If the Plan runs for its full six-years, the investment return will be 105% as long as eight or more of the Shares are at least equal to their respective Opening Levels at close of business on 31st May 2016. If the Final Level of three or more shares are lower than their respective Opening Levels there will be no investment return payable.

Capital Return

Your capital will be returned in full at maturity, provided eight or more of the Shares have not fallen by more than 50% below their respective Opening Levels at maturity. If three or more of the Shares have fallen by more than 50%, capital will be reduced 1% for each 1% the third worst performing Share is below its Opening Level.

Counterparty Risk

The securities will be issued by BNP Paribas, a major financial institution with a long term credit rating of 'AA' by Standard and Poor’s as at 9th April 2010. The credit rating is subject to change during the offer period and the term of the investment.

If the financial institution were to fail to meet the repayments due to you, you could lose some or all of your investment. Counterparty risk is common to all similar investments.

Tax

Under current tax legislation gains on direct investments will be subject to Capital Gains Tax.

Interest

Interest will be credited on subscriptions received and held in our client account up to the investment date, subject to a de minimis limit of £10.

Charges

There are no initial or ongoing charges. Charges are included in the pricing of the investment.

Early encashments and transfers during the investment term will be subject to an administration charge.

Commission

Securities

Securities will be structured to provide the returns shown in the plan brochure, and purchased for each investor. These may be notes, warrants, shares or deposits depending on the nature of the investment.

For this product the Securities will be Preference Shares.

Key Dates

Offer period

Closed

Start date

28/05/2010

Opening level