Key Features and Terms & Conditions of the Stocks & Shares Junior ISA

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1 June 2013 Key Features and Terms & Conditions of the This document shoud be read in conjunction with an up-to-date Key Investor Information Document (KIID) for the fund in which you want to invest. You shoud read both documents carefuy so that you understand and are comfortabe with what you are buying, and then keep them safe for future reference. You shoud aways ensure that you have up-to-date copies of both documents before you invest. No advice has been given by Scottish Friendy in respect of this pan. We have not assessed whether this Junior ISA is suitabe for your financia needs and therefore you wi not benefit from the protection of the FCA rues on assessing suitabiity. If you are in any doubt about the suitabiity of this product for yoursef, you shoud contact your financia adviser.

2 Heping you decide What is the purpose of this document? The Financia Conduct Authority is the independent financia services reguator. It requires us, Scottish Friendy, to give you this important information to hep you to decide whether our Stocks and Shares Junior ISA is right for you. You shoud read this document carefuy so that you understand what you are buying and then keep it safe for future reference. What questions shoud I ask before I open a Junior ISA? In this document we have given you the answers to some important questions. What shoud I do now? Pease read: The Key Features of the Stocks and Shares Junior ISA The Terms and Conditions which is incuded in this eafet The Scottish Friendy UK Growth Fund and Managed Growth Key Investor Information Document Pease keep this with your investment documentation which we wi send you. The Terms & Conditions in this document, together with the appication form, form our standard cient agreement upon which we intend to rey. For your own benefit and protection you shoud read these terms carefuy before competing the appication form. If you do not understand any point, pease ask for further information. No advice has been given by Scottish Friendy in respect of this pan. We have not assessed whether this Junior ISA is suitabe for your financia needs and therefore you wi not benefit from the protection of the FCA rues on assessing suitabiity. If you are in any doubt about the suitabiity of this product for yoursef, you shoud contact your financia adviser. Page 1

3 Key Features of the Its aims To provide a chid with a tax-free ump sum at the start of their adut ife. To achieve growth by investing in stocks and shares through a choice of two investment funds. Your investment If you take out a, you can invest up to 3,720 in the current tax year, ess any amounts subscribed to a Cash junior ISA with another Junior ISA Manager. Scottish Friendy ony offers investment into a Stocks & Shares Junior ISA. June 2013 You can invest monthy by Direct Debit or you can make a ump sum payment by cheque or both. The minimum monthy payment is 10 and the minimum ump sum cheque is 50. Anyone, such as parents, grandparents, unces, aunts or famiy friends may aso contribute to the chid's Junior ISA provided the maximum that is invested does not exceed 3,720 in the current tax year. Your money buys shares in the Scottish Friendy UK Growth Fund or the Scottish Friendy Managed Growth Fund, both sub-funds of an Open-Ended Investment Company (OIEC) caed Scottish Friendy Investment Funds. The UK Growth Fund invests in a wide range of UK shares. A proportion may aso be hed in cash. The Managed Growth Fund invests in equities and fixed interest securities both in the UK and other internationa stock markets. Fixed interest securities may comprise government securities such as gits or corporate bonds and these may be denominated in stering and other foreign currencies. The use of derivatives, stock ending or borrowing may aso take pace when deemed appropriate to achieve the objectives of the fund. Your money is pooed together with other OEIC investors giving a combined purchasing power that means your risk is spread across a wide portfoio of investments. The fund accumuates any income from the investment and this is refected in the daiy share price. Page 2

4 Risks Once money has been paid into the Junior ISA, it is ocked in. It can ony be taken out by the chid when he or she reaches the age of 18. Any payment made to the Junior ISA cannot be returned to the donor. The vaue of the chid s investment, and the income it earns, can go down as we as up and the chid coud get back ess than you put in. The vaue of the chid s investment is not guaranteed. If you're investing reguary for a particuar purpose, you may not achieve your target if you do not keep up your payments. The tax treatment of Junior ISAs depends on individua circumstances and tax aw may change in future. As the two funds avaiabe are activey managed, these funds contain a greater degree of risk than a fund that simpy tracks the stock market and wi depend on the manager s abiity to seect stocks and shares that can grow. The Managed Growth Fund is exposed to and can hod currencies other than stering. As a resut, exchange rate movements may affect your investment as we as price movements. There are no canceation rights for this investment. In some circumstances, for exampe if the fund is experiencing significant buying or seing, the financia interests of existing investors may be protected by the charging of a diution evy when shares are bought or sod. See page 8 for more detais. Detais of a the risks are avaiabe within the fu prospectus which is avaiabe on request. Questions & answers What is an ISA? The Junior ISA is an Individua Savings Account for chidren and aows any investments to grow free of tax. It can be taken out by anyone with parenta responsibiity for a chid and which aows any investments to grow free of tax. When the chid turns 18, the pan vaue can be accessed and becomes the ega property of the chid. Is this investment right for my chid? You shoud consider this investment if you (or anyone ese) wants to make reguar payments or a ump sum payment into an investment for a chid, for whom you have responsibiity, and where the investment's performance is inked to UK and internationa stocks and shares. The funds are not suitabe if you do not wish to take any risk with your money. Whist your investment may be ocked away on your chid's behaf for up to 18 years (depending on the age of your chid when you set up your Junior ISA) you shoud be thinking of investing over at east five years. Page 3

5 If you are in any doubt about the suitabiity of this investment for your chid, you may wish to contact an independent financia adviser. Within the tax-free Junior ISA umbrea you can invest in one or more of the foowing two forms of savings or investment: Stocks and Shares (either directy or via a coective investment scheme such as an OIEC, a unit trust, an investment trust or via a ife insurance poicy). A Cash Deposit Account (not offered by Scottish Friendy). What are the tax advantages? A Junior ISA is a savings or investment pan where your Junior ISA proceeds are free from UK income tax and capita gains tax. However, as with any tax-free investment such as a pension or ISA, any UK dividend income is received after the deduction of corporation tax. When the Junior ISA pan vaue is paid out to the chid at the age of 18, the ump sum is free of any tax charge. How much can anyone invest in a Junior ISA? Junior ISA accounts are cassified as either Stocks and Shares or Cash Accounts. You can invest a tota of up to 3,720 in tax year 2013/2014 in either of, or a combination of both, accounts. Anyone can invest in a Junior ISA but it can ony be set up (opened) by someone with parenta responsibiity for the chid. What types of Junior ISA does Scottish Friendy offer? Scottish Friendy offers a Stocks and Shares Junior ISA with a choice of investment into our OIEC funds. These Key Features reate specificay to investment into the UK Growth Fund and Managed Growth Fund which are two of our OIEC Funds. Who can open a Junior ISA? A can be set up by anyone with parenta responsibiity for a chid who is a UK resident. Aternativey, a chid over the age of 16 may open a Junior ISA on their own behaf. The person opening the account wi be the Account's registered contact unti the chid turns 16 or the registered contact signs over responsibiity to another adut with parenta responsibiity. A Scottish Friendy Junior ISA may not be opened in the name of a chid who aready has a Stocks & Shares Junior ISA or a Chid Trust Fund. Who can invest in a Junior ISA? Once setup anyone can invest in a chid's : parents, guardians, grandparents, aunts, unces, famiy friends. Page 4

6 How can I pay into the Junior ISA? You or anyone ese can make singe payments by cheque or monthy payments by Direct Debit. If investing with a singe payment, your appication shoud be returned directy with your cheque. If you wish to invest monthy, compete and return the Direct Debit on the appication form. Top-up contributions during the tax year shoud be made in writing accompanied with a cheque. Can reguar payments be changed? Yes. You can increase, decrease or stop your payments at any time without penaty. Just et us know in writing if you wish to ater your monthy payment and we wi do the rest. Who has contro over the? The person that set up the Junior ISA who has parenta contro over the chid can contro the Junior ISA. This person wi be known as the registered contact. Ony one person can be the registered contact however this can be transferred to another person with parenta responsibiity when requested in writing. When the chid turns 16 the chid may become the registered contact and take contro over the Junior ISA - athough they cannot make withdrawas unti they are 18. Shoud the chid wish to take contro of their Junior ISA they can simpy write to Scottish Friendy at the address on page 11 and we wi transfer the registered contact to the chid's name (having verified their identity). The current registered contact cannot egay object to the chid becoming the new registered contact. Where wi you invest the pan money? Your money buys shares in the Scottish Friendy UK Growth Fund or the Scottish Friendy Managed Growth Fund where it is pooed with other investors to buy shares in carefuy seected companies as we as some Government-backed fixed interest securities. Because your money is spread over so many companies, the risk of it being affected by a singe underperforming share is reduced. Investment in fixed interest securities aso provides additiona security for your investment in times of stock market voatiity. Your shares are hed in the name of Scottish Friendy as nominee. The Managed Growth Fund aunched 31 May The UK Growth Fund was aunched on 21 May The base currency of these funds is Stering. These funds are sub-funds of Scottish Friendy Investment Funds (the 'Company'). The Company is an investment company with variabe capita incorporated under the OEIC reguations. This company is incorporated in Scotand. Both funds are managed by SVM Asset Managers based in Edinburgh and founded in Page 5

7 Can anyone make withdrawas the? Before the chid turns 18 there is no ega right of access to the assets within the Junior ISA. Therefore any vaue within the pan is ocked in unti the chid turns 18. Can I transfer to another Junior ISA? Yes. As the chid can ony ever have one, you may want to transfer the proceeds of his or her existing Junior ISA to another provider. A transfers wi be made in cash after seing the proceeds of your existing investment. Can the chid have more than one Junior ISA over different tax years? No, unike an (adut) ISA the chid can ony have one Cash Junior ISA and one over their ifetime as a chid, that is up to age 18. This means that shoud you wish to pay contributions to another provider you wi first have to transfer the chid's existing Junior ISA to the new provider. What happens when the chid turns 18? When the chid turns 18 the Junior ISA wi become an (adut) ISA meaning that the assets wi become their ega property and the chid (now 18) wi have fu contro over the assets within the ISA and can make partia or fu withdrawas. You shoud note that before we can aow withdrawas or any other activity under the ISA the chid wi be required to sign our ISA terms and conditions and their identity wi be verified in accordance with the money aundering reguations that appy at that time. You shoud note that any reguar payments into the Junior ISA by Direct Debit or Standing Order wi automaticay cease when the chid turns 18. What happens to the if the chid dies? The fu vaue of the shares in the Scottish Friendy UK Growth Fund and/or Managed Growth Fund wi be paid to the chid's estate and the tax advantages wi end. How can I find out how much the Junior ISA is worth? We wi send the chid a vauation statement of his/her Junior ISA once a year. This statement wi show the activity that has taken pace since any previous statement and incude the number of shares the chid owns and the vaue of the investments. The vaue of the investment, and the income it earns, can go down as we as up and the chid coud get back ess than you put in. The vaue of the investment is not guaranteed. The price of shares is cacuated every working day and quoted daiy in the Financia Times and The Herad and on our website Page 6

8 What coud the savings be worth in the future? The iustrations beow give you an idea of how much your investments coud be worth in the years ahead. They assume an investment in the Managed Growth Fund or the UK Growth Fund. The fina amount wi depend on how much you invest, the actua charges over the fu term of your investment and the actua rate at which your investment grows. A. Reguar monthy payments If you invest a monthy payment of 25 for 18 years, the tabe beow shows how much your investment woud be worth, after charges, if it performs each year by: 4% 7% 9% 7,410 8,980 10,900 B. Lump sum investment If you invest a singe payment of 3,000 for 18 years, the tabe beow shows how much your investment woud be worth, after charges, if it grows each year by: 4% 7% 9% 5,470 7,680 10,700 For both the reguar monthy payments and ump sum investment exampes shown above, pease note: These figures are ony exampes and are not guaranteed - they are not minimum or maximum amounts. What the chid wi get back depends on how your investment grows and the tax treatment of your investment. They coud get back more or ess than this. These yeary growth rates are our reasonabe estimate of what our investments might achieve and are the maximum permitted by the Financia Conduct Authority. Scottish Friendy's actua charges have been deducted in cacuating the figures shown. Do not forget that infation wi reduce what you can buy with the vaue of your Junior ISA in the future. What are the charges? A management charge of 1% a year of the fund vaue is taken into account in the daiy cacuation of the Fund share price. In addition, a number of other fees are payabe out of the fund. These incude audit, custody, reguator's and depository fees. The estimated effect of these fees as at 31 December 2012 is 0.54% per annum, aowing for tax reief, which is aso taken into account in the daiy cacuation of the share price of the fund. Stamp Duty Reserve Tax is aso charged to the fund. The fund is vaued daiy and the amount of the charge is deducted on a daiy basis from the vaue of the fund. We have taken account of a these charges in the figures shown in these exampes. They coud increase in the future if our costs increase more than expected. Page 7

9 In addition, there are transaction expenses incurred by the Fund when the fund manager buys and ses the Fund's investments and these are paid out of the capita of the Fund. These expenses incude the commission the fund manager pays its stockbroker. The net asset vaue of a fund is determined from the vaue midway between the buying and seing prices of the fund's underying assets. This mid-price does not fuy refect the actua prices the fund must pay or receive to buy or se assets, and so purchases or saes of assets cause the vaue to be reduced for continuing investors. In the unikey event you are making an especiay arge purchase or sae, or if the fund is experiencing significant buying or seing, the effect is caed 'diution'. In such circumstances, the financia interests of existing and continuing sharehoders may be protected by the charging of a 'diution evy' when shares are bought or sod. The diution evy wi be paid into the fund for the benefit of investors. The diution evy for the fund wi be cacuated by reference to the costs of deaing in the underying investments of that fund, incuding any deaing spreads, commissions and transfer taxes. Payment of commission Scottish Friendy Asset Managers Limited wi pay Lifestye Marketing (Mother & Baby) Limited a commission for introducing Junior ISA. The amount of commission wi be 35% of the first year s premiums. For exampe, on a 25 per month investment, the tota commission payabe wi be 105. This is subject to tota commission of 30,000 per month. Commission is paid out of poicy charges. The payments do not affect the money paid into a given Junior ISA. How wi charges and expenses affect my investment? A. Reguar Monthy Payments The effect of these charges on your monthy payment of 25, assuming an average rate of growth of 7% a year, is set out beow: At the end of year Investment to date Effect of deductions to date What you might get back , , , , , , ,400 1,590 8,980 Page 8

10 The ast ine in the tabe shows that if you withdraw your investments after 18 years, the effect of the tota charges and expenses coud amount to 1,590. Putting it another way, this woud have the same effect as bringing the investment growth from 7% a year down to 5.3% a year. B. Lump Sum Investment The effect of these charges on your singe payment of 3,000, assuming an average rate of growth of 7% a year, is set out beow: At the end of year Investment to date Effect of deductions to date What you might get back 1 3, , , , , , , , ,000 1,700 6, ,000 2,450 7,680 The ast ine in the tabe shows that if you withdraw your investment after 18 years, the effect of the tota charges and expenses coud amount to 2,450. Putting it another way, this woud have the same effect as bringing the investment growth from 7% a year down to 5.3% a year. Further information Share Prices The price of shares is cacuated every business day by dividing the tota vaue of the assets of the reevant fund by the number of shares in existence. Share prices are quoted daiy in the Financia Times and The Herad and on our website: We wi buy or se shares for you at the next 12 noon vauation foowing receipt of your instructions. This is known as forward pricing. Documentation We wi send the chid a statement confirming their investment. We wi aso send them a vauation of the investment twice a year. The Report wi show the activity that has taken pace since their previous statement and incude the number of shares the chid owns. A copy of the funds' prospectus is avaiabe on request. Page 9

11 Canceation rights There are no canceation rights avaiabe under this pan. Investment income Any investment income earned is automaticay reinvested. Tax recaimed on this income is aso reinvested on the chid s behaf. Withdrawas You cannot make withdrawas from this investment within the Junior ISA athough you may transfer to another provider. Switching If you wish to switch your investment to a different Scottish Friendy OEIC fund (contact us or visit our website for detais of these), simpy et us know in writing. We normay switch shares between funds on the first 12 noon vauation after we receive your instructions. The first switch in anyone caendar year is free, thereafter subsequent switches wi attract a evy of up to 3% of the shares being exchanged. Transfer out At your written request, we wi transfer your Junior ISA investment to another Junior ISA Manager without the oss of tax reief in ine with current Junior ISA rues. Transfer payments wi be met by seing shares in the fund, at the next vauation point foowing receipt of competed written instructions from your new Junior ISA Manager. We wi then pay the proceeds to the new manager within 4 working days. Taxation Any income and capita gains generated from investments in a Junior ISA are free of UK income tax and capita gains tax. Income aocations wi be in the form of interest or dividend distributions. Interest distributions are received net of a 10% Income Tax credit. The above is based on Scottish Friendy's understanding of current tax aw and practice. Tax aw may change in the future and may reduce the amount the chid gets back or increase the amount of tax they pay. The regime of taxation of any gains received by an investor depends on tax aw appicabe to their individua circumstances. If an investor is uncear about his/her position, he/she shoud seek professiona advice. Money Laundering Reguations 2007 Under these reguations, there is a requirement to prove the identity of peope who wish to take out a ife, pension or investment contract. You may therefore be asked to suppy documents as evidence of your identity and/or your address. Page 10

12 Stamp Duty Reserve Tax The Finance Act 1999 introduced, from 6 February 2000, a system of Stamp Duty Reserve Tax (SORT) for certain deas in the shares of OEICs. The iabiity for payment of this duty ies with the OEIC, and the reguations permit that payments of SORT may either be paid from the property of the fund, or for the company to evy an SORT provision against the individua purchase and sae of shares. This woud, if imposed, increase the cost of buying shares and essen the proceeds of saes by the investor. It is not Scottish Friendy's intention to appy the SORT charge against deas; our poicy is that SORT wi be charged as an expense to the property of the fund. What happens if Scottish Friendy becomes insovent? If you buy a Scottish Friendy Junior ISA and we cannot pay the fu amount due, you may be entited to compensation under the Financia Services Compensation Scheme. The first 50,000 of a caim in reation to the pan vaue is protected in fu. You can get further information from the Financia Services Compensation Scheme at: Financia Services Compensation Scheme, 10th Foor, Beaufort House, 15 St Botoph Street, Londond EC3A 7QU. Te How to contact us Here are our contact detais if you have any queries or require any further information, incuding the fu Prospectus and Accounts: Scottish Friendy Asset Managers Limited, Scottish Friendy House, 16 Bythswood Square, Gasgow G2 4HJ. Te: S4 33. Your cient category We are required to categorise our cients and this determines the eve of detai and information that you wi receive. We wi treat you as a 'Retai Cient' in respect of the services we wi provide you, which means that you wi benefit from the highest eve of consumer protection. How to compain If you wish to compain about any aspect of the service you have received, pease contact us. Detais can be found in the 'How to contact us' section. If you are not satisfied with our response to your compaint, you can contact the Financia Ombudsman Service, South Quay Paza, 183 Marsh Wa, London E14 9SR. Te: (free from a UK and ine) or (free for mobie users who pay a monthy charge for cas to numbers starting 01 or 02). Making a compaint won't affect your ega rights. Page 11

13 Authorised Corporate Director The Authorised Corporate Director of the Scottish Friendy Investment Funds OEIC is Scottish Friendy Asset Managers Limited, Scottish Friendy House, 16 Bythswood Square, Gasgow G2 4HJ.The Scottish Friendy OEIC is incorporated in the United Kingdom. Depository The Depository of the Scottish Friendy Investment Funds OEIC is HSBC Bank pc., 8 Canada Square, London E14 5HQ. Language and aw The contractua terms and conditions and a communications in reation to this pan wi be suppied in Engish. In ega disputes, the aw of Scotand wi appy. Auditors KPMG Audit Pc., 191 West George Street, Gasgow G2 2U. Supervisory Authority The Financia Conduct Authority, 25 The North Coonnade, Canary Wharf, London E14 5HS. The Terms and Conditions These Terms, together with the Appication Form, form a ega agreement between you and Scottish Friendy Asset Managers Limited (the Account Manager) which sets out how your Junior Individua Savings Account wi be operated. 1. Definitions The foowing words and expressions, when used in these Terms, have the meanings set out opposite them: Accounts or Junior ISA a Scottish Friendy Individua Savings Account governed by these Terms and which is a Stocks and Shares Junior ISA or a Cash Junior ISA, or a UK Growth Fund or Managed Growth Fund OEIC Investment outside a Junior ISA; Account investments Shares, Units and any other investments hed in an Account; Account Manager or Scottish Friendy Scottish Friendy Asset Managers Limited; Appication Form a Scottish Friendy Junior ISA or UK Growth Fund or Managed Growth Fund OEIC Investment appication form or transfer appication form; Assets investments, income, interest, cash deposits and any other rights and entitement from time to time hed within the Account; Page 12

14 Associate any hoding company of the Account Manager or a subsidiary of any such hoding company (as defined in the Companies Act 1985); Bank Loyds Banking Group pc, having it s Head Office at The Mound, Edniburgh, EH1 1YZ, incorporated in Scotand with registered number 95000; Business day Any day except a Saturday, Sunday, a Bank Hoiday in Engand and other days at the ACD s discretion; Cient Account A bank account hed by us with the Bank under the Cient Money Reguations; Chid the chid under who s name the Junior ISA wi be set up and who does not have a Chid Trust Fund opened in their name. Scottish Friendy OEIC an Open-Ended Investment Company operated by the Account Manager (and, in the case of an umbrea company, a sub-fund of such company); FCA the Financia Conduct Authority; Junior ISA A Junior Individua Savings Account managed under the Reguations; OEIC Shares shares in a Scottish Friendy OEIC which may be hed in an Account; Reguations the Individua Savings Account Reguations 1998, as from time to time amended and in force; Registered Contact the person taking out the Junior ISA for the chid, normay the person with parenta responsibiity; Society Scottish Friendy Assurance Society Limited, the parent company of the Account Manager; Subscription A payment, in stering, to be appied to the Account; Terms these Terms (as amended from time to time), together with the Appication Form; We, us and our the Account Manager, Scottish Friendy Asset Managers Limited; Year a tax year beginning on 6 Apri in any caendar year and ending on 5 Apri in the foowing year; You and your a registered contact who has opened an Account on behaf of a chid under these Terms. These Terms wi be governed by and construed in accordance with Scottish aw. Reference to any statutory provision or reguation incudes any modification or reenactment. Any headings and subheadings are not a egay binding part of these Terms. Where appropriate, the words in the singuar wi incude the pura, and the mascuine wi incude the feminine. 2. Account Manager Page 13

15 A. Scottish Friendy Asset Managers Limited agrees to act as Account Manager for your Account. We do not review the Account portfoio and we do not give advice about your Account. We are reguated by FCA in the conduct of our investment business. B. Our address is Scottish Friendy Asset Managers Limited, Scottish Friendy House, 16 Bythswood Square, Gasgow G2 4HJ. C. We may assign to any appropriate Associate a of its benefits and obigations under these Terms. You wi be notified of any such assignment. D. We may appoint any person (whether or not an Associate) to advise on or perform any of its functions or responsibiities under these Terms and may provide information about you and the Account to any such person. We wi satisfy ourseves that any person to whom we deegate any of our functions or responsibiities under these Terms is competent to carry out those functions or responsibiities. E. We may amend these Terms by writing to you. Any amendments wi compy with the Reguations and the rues of FCA. 3. Appication to Open an Account A. An appication to open an Account must be made in writing on an Appication Form. Subject to the Reguations, the Account wi be managed in accordance with your directions set out in your Appication Form. B. These Terms wi come into force when your Appication Form is accepted by us, and your first investment is made. On acceptance, each new Account wi be designated by us as either a Stocks and Shares Junior ISA or a UK Growth Fund or Managed Growth Fund OEIC Investment outside an Junior ISA. You can ony subscribe to one Stocks and Shares Junior ISA for each chid for which you are the registered contact. We reserve the right to reject any appication. C. Payments into the Account can be from any source of funds. D. You (or anyone ese) may invest one or more ump sums in the Account during the Year. In addition, or aternativey, when provided in the Appication Form you (or anyone ese) may make reguar contributions by Direct Debit under a monthy investment pan. You must submit with your Appication Form a cheque for the fu amount of the initia subscription (in the case of a ump sum investment) and/or a Direct Debit Instruction to a Bank or Buiding society (in the case of reguar contributions). E. You wi be sent an acknowedgement when you make a ump sum contribution or set up a monthy investment pan. This wi be sent to you on the day foowing your appication being received by us. Page 14

16 4. Minimum Subscription A. Lump Sums The minimum initia investment is as specified in the Appication Form. Additiona ump sum contributions are subject to the minimum specified in the Appication Form. B. Monthy Investment Pans The minimum monthy contribution is as specified in the Appication Form. Monthy Direct Debits wi normay be coected on the date specified on the Appication form of each month and invested by us on the next deaing day for contributions under investment pans. Direct Debit Guarantee This Guarantee is offered by a banks and buiding societies that accept instructions to pay Direct Debits. If there are any changes to the amount, date or frequency of your Direct Debit Scottish Friendy wi notify you 5 working days in advance of your account being debited or as otherwise agreed. If you request Scottish Friendy to coect a payment, confirmation of the amount and date wi be given to you at the time of the request. If an error is made in the payment of your Direct Debit, by Scottish Friendy or your bank or buiding society, you are entited to a fu and immediate refund of the amount paid from your bank or buiding society. If you receive a refund you are not entited to, you must pay it back when Scottish Friendy asks you to. You can cance a Direct Debit at any time by simpy contacting your bank or buiding society. Written confirmation may be required. Pease aso notify us. C. We reserve the right to reduce or waive the minimum subscription. 5. Maximum Subscription The maximum you can subscribe in either a Cash or Stocks and Shares Junior ISA for the tax year 2013/2014 is 3, Canceation There are no canceation rights avaiabe under this pan. 7. Investment Objective The investment objective of the Account wi correspond to the quaifying investments specified in your Appication Form. 8. Account Investments A. The Account incudes Investments and any cash baances, a income and other rights, and the benefit of any tax reief in respect of such investments. B. Cash contributions and any other cash hed under the Account wi be deposited, pending investment. We segregate a Cient Account money from our funds and hod it with the Bank. No interest wi be paid on cash hed pending investment. We do not accept iabiity for defaut by any bank which hods cash for your Account. Page 15

17 C. We wi automaticay reinvest a income in respect of Account investments net of any tax iabiity. 9. Tite A. The Account Investments wi be beneficiay owned by the chid at a times. B. OEIC Shares in the Junior ISA wi be registered either in the name of a nominee of the Account Manager (which may be an Associate) or jointy in the name of such a nominee and in the name of the chid. C. No OEIC share certificates wi be issued. We (or a nominee, which may be an Associate) wi hod any tite documents or documents evidencing tite to the Account Investments. D. We wi not end Account Investments or the tite documents to a third party and wi not borrow against the security of Account Investments or such documents. 10. Taxation We wi make a necessary caims for tax reief reating to the Account. However, the fund in which you invest in receives UK dividend income net of Corporation Tax. 11. Statements We wi send the chid a statement every 6 months, showing the vaue of the Account and detais of a transactions in the Account since the previous statement. The statements wi not incude a measure of performance. We may produce a consoidated statement if you have more than one Account. 12. Reports and Voting A. If you so request, we wi arrange for you to receive copies of the annua reports and accounts avaiabe to investors in any Scottish Friendy OEIC in which your Account is invested. We reserve the right to debit the Account with our standard charge for making such arrangements (currenty 20 per communication with you). B. Subject to any appicabe aw or reguation and if you so request, we wi arrange for you to be abe to attend any meetings of direct investors in any Scottish Friendy OEIC in which your Account is invested, to exercise voting rights, and to receive, in addition to the documents referred to in paragraph A above, any other information issued to investors. We reserve the right to debit your Account with our standard charge for making such arrangements (see paragraph A above). C. Subject to any appicabe aw or reguation, we may exercise any voting rights attaching to Account Investments uness you have eected to exercise such rights yoursef. 13. Withdrawas A. You cannot make any withdrawas from a Junior ISA. When the chid turns 18 and the Junior ISA becomes an ISA then withdrawas can be made. Before making any payments to the chid, they have to compete and adut ISA appication and we wi need to verify their identity. Page 16

18 B. You can however transfer your Junior ISA to another Junior ISA provider (see beow). 14. Charges A. There are no initia charges. B. Management Fees: Hodings of OEIC Shares are aso subject to management fees, charges and expenses. These are deducted from the property of the Scottish Friendy OEICs and not from your Account. The Annua Management Charge is 1/365% deducted daiy from the unit price. C. We reserve the right to discount or waive any charges. D. We may increase charges but ony after giving you three months written notice. E. We sha be entited to deduct and retain a charges payabe under these Terms, and may appy any cash or se any Account Investments to pay such charges or to pay any tax iabiities under the Account. 15. Transfer to New Junior ISA Account Manager A. You may instruct us to transfer the whoe of your Account to another approved account manager, within such time as sha be agreed, subject to and in accordance with the Reguations. B. Ony cash may be transferred, and we wi convert Account Investments into cash after receiving your instructions. We may deduct from the transfer any sums due to it. 16. Death A. The Account ceases to be exempt from tax on the death of the chid and wi terminate. When written notification of the death is received, we wi se the Account Investments and hod the proceeds on deposit in Stering (earning interest). B. Upon receipt of the death certificate, the grant of probate or appropriate ega confirmation, we wi transfer the cash baance of the Account to the chid s persona representatives. These Terms are binding on the chid s persona representatives. We may at our discretion accept or reject instructions received from the chid s persona representatives. 17. Void Junior ISA Accounts The Account wi be managed in accordance with the Reguations, which take precedence over these Terms. We wi notify you if, as a resut of any faiure to compy with the Reguations, the Account is or becomes void. When an Account is voided, we wi se the Account Investments and pay you the proceeds together with any cash baance hed in the Account. We may deduct any charges or other amounts due to us, any tax iabiities under the Account, and any additiona expenses incurred in terminating the Account. Page 17

19 18. Information for the Account Manager You must provide us with a information which we reasonaby request for the purposes of the Account and, in particuar, you must immediatey inform us in writing of any change of tax status or other materia change in circumstance. 19. Notices and Instructions A. Notices and instructions to us shoud be in writing and signed by the registered contact. Notices and instructions sent by facsimie wi be accepted. B. Notices and other documents to be given to the registered contact wi be posted to their ast registered address for and wi be considered received two days after posting. C. We are entited to treat as vaid instructions given by the registered contact, or on their behaf, even if that is not the case because of the wrong doing of another person, uness that other person is an empoyee or agent of the Account Manager. 20. Liabiity A. You indemnify us against a iabiities incurred by us in connection with the Account, other than iabiities caused as a direct resut of our negigence, knowing defaut, or breach of the rues of FCA or of these Terms. B. We are iabe for our negigence, knowing defaut, and for any breach of the rues of FCA or of these Terms. We are not iabe for any oss caused through a fa in vaue of Account Investments. C. We accept no responsibiity for the Account unti ceared funds are received, nor for any oss or deay caused in the payment of funds to us. D. For the purposes of this paragraph 20, references to you incude your (or the chid s) persona representatives and references to the Account Manager incudes its nominees. 21. Compaints For further information, or if you wish to compain about any aspect of the service you have received, pease contact Scottish Friendy Asset Managers Limited, Scottish Friendy House, 16 Bythswood Square, Gasgow G2 4HJ. If your compaint is not deat with to your satisfaction, you can write to the Financia Ombudsman Scheme. This wi not affect your right to take ega action. 22. Compensation If Scottish Friendy is unabe to meet its iabiities, compensation may be payabe by the Financia Services Compensation Scheme. The first 50,000 of a caim in reation to the vaue of the pan is protected in fu. Further information on the Scheme can be obtained from the Financia Services Compensation Scheme.Te: Page 18

20 Scottish Friendy Asset Managers Limited, Scottish Friendy House, 16 Bythswood Square, Gasgow G2 4HJ. Authorised and reguated by the Financia Conduct Authority. Detais can be found on the FCA register Registration No Member of ABI and AFM. EDSSJISAWKF0613

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