Investment Trust ISA and Terms & Conditions. F&C Private Investor Plan

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1 Key Features of the F&C Private Investor Plan Investment Trust ISA and Terms & Conditions The Financial Conduct Authority is the independent financial services regulator. It requires us, F&C Management Ltd, to give you this important information to help you decide whether our Private Investor Plan or Investment Trust ISA is right for you. ou should read this document carefully so that you understand what you are buying, and then keep it safe for future reference.

2 Introduction The Financial Conduct Authority is the independent financial conduct regulator. It requires us, F&C Management Ltd, to give you this important information to help you decide whether our Private Investor Plan or Investment Trust ISA is right for you. ou should read this document carefully so that you understand what you are buying, and then keep it safe for future reference. This document contains important information about your F&C Private Investor Plan and F&C Investment Trust ISA. There are two sections: Key Features and Terms and Conditions. Along with the our Guide to F&C Investment Trusts document these will help you consider the relevant facts and figures before making your investment decision. Please read these documents and any other additional information that has been provided as it is important that you fully understand the investment that you are about to make. If there is anything that you do not fully understand, or if you would like further information, please call our Investor Services team on Lines are open Monday to Friday from 8.30am to 5.30pm. ou can also us at Alternatively, visit our website Please note, however, that our Investor Services team cannot give you any advice on the suitability of investing in our plans. If you are in any doubt about your investment choices you should contact your financial adviser. Key Features The aims of our plans and the investment options We offer a range of investment trusts, which aim to provide income, capital growth, or a combination of both. These are available for investment through our Private Investor Plan and Investment Trust ISA. The ISA provides the opportunity to invest in the trusts in a tax-efficient manner. our investment Private Investor Plan (PIP): Subject to the investment limits set out below (and the charges on page 4), you can invest in as few or as many trusts as you wish and change or stop your monthly savings or add lump sums at any time. Investment Trust ISA: Subject to the investment limits set out below (and the charges on page 4), you can invest in as few or as many trusts as you wish and change or stop your monthly savings or add lump sums at any time. ou can also invest by transferring an existing ISA(s) from another manager. our investment should be viewed as long-term, but you may close your account and sell your shares at any time. our investment options To view daily updated performance information, please log onto our website: There are also monthly factsheets to download and copies of the latest set of Report and Accounts. Minimum lump sum Minimum lump sum Minimum monthly Maximum Maximum monthly per holding top-up per holding saving per holding lump sum saving Private Investor Plan No maximum None ISA (2013/14) ,000 1,250* *Assumes 12 equal payments in the same tax year. Risk Our range of investment trusts invest in the stock market and some of them also invest in unlisted companies and funds and property. As well as looking at the potential rewards that this can bring, it s important that you are aware of the potential risks involved so that you can make an informed decision. General risks Gearing Investment trusts can borrow money (gearing), which can then be used to make further investments. They can also invest in instruments such as warrants or derivatives, where a small movement in the value or price of the underlying right or asset results in a larger movement in the value or price of the instrument. In a rising market, this gearing can enhance returns to shareholders. Correspondingly, if the market falls, losses may be greater. Insufficient income Where the income earned by an investment trust is insufficient to cover its charges and expenses, the balance may be charged to capital, which will to that extent, constrain capital growth. Liquidity Shares in smaller companies are generally traded less frequently than those in larger companies. This means that there may be difficulty in both buying and selling shares and individual share prices may be subject to short-term price swings. Premiums and discounts As investment trust shares are publicly traded on the London Stock Exchange, their price is determined by market factors, such as demand and supply between buyers and sellers. That price will not necessarily accurately reflect the underlying value of the trust s portfolio of investments (its net asset value or NAV ). The share price may be either higher than the NAV; at a premium, or more commonly, lower than the NAV; at a discount. Discounts and premiums vary constantly. Although buying shares at a discount could be seen as value for money, there is no guarantee that the discount will narrow and there is a risk that it may widen further. Many factors influence the discount or premium and a large discount does not necessarily indicate a bargain. Price volatility The value of shares and the income from them is not guaranteed and can fall as well as rise due to stock market and currency 1

3 movements. Past performance is not a guide to future performance. When you sell your shares, you may get back less than you originally invested. Underlying investment exposures In addition to these general risks, the shares of a particular investment trust will be exposed to the investment risks associated with the assets held in its portfolio. These specific investment risks, together with an indication of the investment trusts to which they may apply particularly, are set out in the our Guide to F&C Investment Trusts document. Investors should also remember the following: Investment needs If you start an investment in order to fund a specific need, for example to pay school fees, if you then do not maintain your contributions or your investment does not grow sufficiently, you may not achieve your target. Changing your mind For new accounts, if you decide to exercise your cancellation rights within the 14-day period, you may not get back the amount you invested. We will deduct a dealing fee and stamp duty and the value of your investment may have fallen before you notify us that you wish to exercise your cancellation rights and we will your shares. our questions answered What is an investment trust? Investment trust is used in this documentation to describe a listed investment company that owns a portfolio of investments managed by professional managers, normally F&C. Investing in such investment companies gives you access to a wider range of stocks than you would normally be able to invest in yourself. They allow you to spread your investment risk across a number of investments and potentially benefit from the expertise of professional fund managers. The investment trusts available in the F&C Investment Trust Savings Plans include UK authorised investment trusts and overseas close-ended investment companies, but all are listed on the London Stock Exchange. What is the Private Investor Plan? The Private Investor Plan is an F&C Investment Trust Savings Plan designed to facilitate saving and investing in investment trusts managed by F&C. What is an Individual Savings Account (ISA)? An ISA is a way of investing money in shares, investment trusts, unit trusts and other savings vehicles in a tax-efficient manner. The F&C Investment Trust ISA is designed to facilitate saving and investing into investment trusts managed by F&C in a tax efficient manner. Under current regulation, no capital gains tax is payable on profits made in an ISA. Although the 10% tax credit on dividends can no longer be reclaimed there is no further income tax to pay. ou are not required to include details of ISA income or capital gains on your annual tax return. What types of ISA are available? There are two types of ISA account, a stocks and shares ISA and a cash ISA. F&C only offers a stocks and shares ISA. ou may open or contribute to both a stocks and shares ISA and a cash ISA in the same tax year. Who can invest in an ISA? Investments into a stocks and shares ISA can only be made by investors who are aged 18 or over and who are resident in the UK for tax purposes. If you move abroad you cannot continue putting money into the ISA, but can keep existing ISAs and will still get tax relief on investments held in them. When you return you can start putting money in again (subject to the normal annual limits). There is one exception: Crown employees serving overseas (typically members of the armed forces and diplomats), or people married to or in a civil partnership with a Crown employee serving overseas, can open and subscribe to an ISA in the usual way. How much can I invest? There is a subscription limit of 15,000 for the 2014/15 tax year. ou may invests the full annual allowance in an F&C stocks and shares ISA if you do not invest in a cash ISA. Alternatively you may invest in both a stocks and shares ISA and a cash ISA provided your total subscriptions do not exceed the annual limit. Please note F&C does not offer a cash ISA. The tax year runs from 6 April in one year until 5 April in the next year and payments count to the annual limit by reference to the date of receipt. If you do not reach the annual limit in one year, it cannot be carried forward to the next tax year. There is no limit to the amount you can invest in a Private Investor Plan. How do I apply? ou should complete the appropriate application form or apply online at Online access is provided subject to the online terms and conditions. Private Investor Plans with more than one registered holder cannot be opened online. Paper applications can be returned in the envelope provided or to F&C Management Limited, PO Box 11114, Chelmsford, CM99 2DG. Lump sum investments can be made by post with a cheque payable to F&C Management Limited or online using a debit card. Monthly savings are made by Direct Debit either by completing and returning the Direct Debit instruction on the application form or online. How do I transfer an ISA into an F&C Investment Trust ISA? ou can transfer ISAs held with other plan managers into the F&C Investment Trust ISA. ou are able to transfer any ISA account (including cash ISAs or ex-pep ISAs) you may have to an F&C stocks and shares ISA. ou can transfer to F&C by completing the transfer application form and sending it to us. If you wish to transfer ISAs from more than one plan manager, you will need to complete separate instructions for each plan manager. Transfers can only be accepted in cash and not as in-specie transfers. Please note that we are unable to accept new contributions into your new F&C ISA until the transfer has been completed by your existing ISA manager Where can cheques be drawn from? Cheques should be drawn on your own, sterling denominated UK bank account. Third party cheques may be acceptable but we need additional information in order to meet our requirements under the Money Laundering Regulations. If cheques have not been drawn from a personal chequebook (i.e. a bank or building society draft) please ensure that your bank/building society have endorsed the reverse. This means that the bank/building society stamp the back of the cheque and confirm the name of the account that the cheque was drawn from. The person adding this endorsement should also sign the reverse of the cheque once they have added this information for reference. A cheque drawn on a solicitor s or accountant s client account must be accompanied by confirmation from the solicitor or accountant that the funds belong to you. In the case of other third party cheques we may require proof of the identity of the payer (for example, a certified copy of their current passport or driving licence for identity and a copy of a bank statement or utility bill as proof of address). For monthly savings, the first month s subscription can be made by cheque. Subsequent monthly savings are made by Direct Debit by completing and returning the Direct Debit instruction on the application form. For a monthly savings ISA, you can top-up your investment to the maximum ISA subscription each tax year by sending us a cheque for the top up amount. 2

4 What confirmation will I receive? We will send you written confirmation that we have set up your account within 5 days of receiving your application. For a new Private Investor Plan or ISA, you also will receive information on your right to change your mind at this point. We will also send you confirmation of the shares that we have bought. We send confirmation of each lump sum purchase and the shares purchased by your first direct debit contribution. Please note that share certificates will not be issued. Shares bought for you also will be held on your behalf by the Nominee. How do I amend details of a Direct Debit? ou can change your bank details online or by completing a new direct debit mandate form and send this to us along with proof of your bank details (a preprinted paying in slip or a cancelled cheque). ou will receive a direct debit mandate form in your welcome pack after you open a new account however if you need a new form you can download this from or contact us and we can post one to you. We need to allow your bank/ building society at least 14 days to set up your new instruction and so will change the details for the next possible contribution after this. ou can change the amount you invest each month, or the funds you invest into, online or by sending us a written instruction. Please ensure this notification reaches us at least 10 working days before the next collection date to ensure this is changed before your next payment. What happens if I did not start my ISA Direct Debit at the beginning of the tax year? ou can save a higher monthly amount, or send a cheque for the missing months, if you choose. Where necessary, at the end of the current tax year, we will proportionately reduce your Direct Debit amount to the maximum allowed for a full tax year (e.g. 1,250 per month for the 2014/15 tax year). Can I access a Private Investor Plan (PIP) or F&C ISA on-line? es, you can access an existing PIP or F&C ISA and open a new PIP or F&C ISA on-line at On-line access is provided subject to the F&C On-Line terms and conditions available at Accounts with more than one registered holder will be provided with view-only access. On-Line Service restrictions may mean that not all account features are available on-line. Any queries about restricted access should be directed to our Investor Services team on Lines are open Monday to Friday from 9.00am to 5.00pm. ou can also us at investor.enquiries@fandc.com. If you choose to manage your account on-line you will be issued with a password. ou will be responsible for all investment instructions and changes to your account given using your password unless you have instructed us to cancel the password. Please ensure you keep your password secure and do not keep it with your account details or identified as belonging to your account. Funds transferred on-line from your bank account will be held as cash until you give an investment instruction. No interest is paid on this cash. How can I follow the progress of my investment? Every February and August you will receive a current value of your holdings and details of any transactions that have taken place in the six months to 31 December and 30 June respectively. Please note that a charge may be made for duplicate or replacement statements, should they be requested. For more regular updates, you can register to view the account online. ou can also refer to the Financial Times which gives the daily mid-market price for each investment trust together with the estimated NAV, dividend yield and discount or premium. Alternatively, you can visit our website www. fandc.co.uk/direct where share prices are listed daily. Can I switch between investment options? es, you can sell your shares and switch between investments within the account at any time (subject to the minimum investment amounts and dealing charges) by instructing us in writing or online (ISAs and PIPs in sole name only). Shares will normally be sold on the next dealing day after receipt of your instruction and we will use the proceeds to purchase the new shares. Will I receive an income from my investment? For trusts that pay a dividend, the our Guide to F&C Investment Trusts gives information on the timing of payments. Dividends may be automatically reinvested into your account to buy further shares (please note that this will incur Government stamp duty where applicable and, for an ISA, the normal dealing fee for purchases of shares) or paid into your bank account. ou will need to choose the appropriate option for you when you complete your application form. How are investment trusts taxed? Authorised investment trusts are exempt from tax on capital gains realised within their investment portfolios but pay corporation tax on the excess of total income received from foreign companies, fixed interest securities and deposit interest over the total of the management expenses and any loan interest that has been paid. Overseas investment companies are subject to local taxes and will be subject to UK tax in respect of trading activities (if any) conducted in the UK. Overseas property companies are subject to the UK Non-Resident Landlord scheme in respect of rental income from UK properties. Investment companies registered in Guernsey are not expected to have a significant exposure in respect of Guernsey tax. European Assets Trust is an investment company incorporated in the Netherlands. Dividends consequently may be liable to Dutch withholding tax. Where it does, we will provide you with full details. Dividends from overseas companies are treated in the UK as overseas income and may give rise to UK tax liability dependent on your individual circumstances. From 6 April 2008, UK resident shareholders who receive in total less than 5,000 of dividends a year from non-uk resident companies will benefit from the extension of the non-payable 10% tax credit that is currently applied to dividends paid by UK resident companies. How are Private Investor Plans taxed? Depending on your personal circumstances, you may be liable to pay UK tax on income or capital gains. Dividends from UK equities are paid net of 10% tax and you will receive an annual consolidated tax certificate, in April of each year, showing details of each payment made. This certificate summarises all the information required for those who need to include the investment on their tax return. It shows the actual dividends received, plus a notional tax credit. Non or basic rate taxpayers cannot reclaim the tax credit, it is shown to help higher rate taxpayers to complete their tax returns. Dividends from overseas companies are treated as overseas income and may give rise to UK tax liability dependent on your individual circumstances. Certain charges that are levied may be subject to VAT and other statutory duties. ou should contact your tax adviser for advice on your individual circumstances. How are F&C Investment Trust ISAs taxed? There is no UK tax to pay on capital gains. The 10% tax credit on dividends cannot be reclaimed; however, there is no additional income tax to pay. ou are not required to declare income or gains from your ISA investments on your annual tax return. The favourable tax treatment given to ISAs may not be maintained, and levels of relief from taxation may change over time. Freedom from tax in an ISA applies directly to you as an investor and the benefit to you depends on your own individual circumstances. Certain charges that are levied may be subject to VAT and other statutory duties. ou should contact your tax adviser for advice on your individual circumstances. Can I change my mind after I have sent in my application? When you apply to open a new Private Investor Plan or new ISA or when you transfer an ISA to us, it is possible to change your mind. F&C provides cancellation rights for all such new investments. After your application is received, we will send you formal notification of your right to cancel. For joint Private Investor Plans, we will send this to the first named applicant. If you decide to exercise your cancellation rights within the 14-day period, you may not get back the amount you invested. We will deduct a dealing fee and stamp duty and the value of your investment may have fallen before you notify us that you wish to exercise your cancellation rights and we sell your shares. 3

5 Cancellation rights are available for ISA transfers. If you cancel your transfer we will offer the following three options: we can transfer the ISA back to the original manager (although there is no guarantee they will accept it back or, if you transferred a cash ISA to us that they are able to accept a stocks and shares ISA); we can transfer the ISA to another manager; or we can close the ISA and return the proceeds to you. Should you choose the last option, you may not then be able to reinvest the proceeds of your ISA into another ISA until the following tax year and will be subject to the annual subscription limit. How do I sell shares from my account? ou can sell shares from your account online (ISAs and Private Investor Plans held in sole names only) or by sending us a written instruction. ou can send a letter to F&C Management Ltd, PO Box 11114, Chelmsford, CM99 2DG. Please provide us with your account number. Where you are selling part of a holding, you must state the value or number of shares you wish to sell. If you are selling all the shares within a particular trust, please provide instructions to that effect. Alternatively, contact our Investor Services team quoting your account number and we will send you a Sale of Shares form, which you should complete and return to us. If you are a monthly saver, are only selling some of your shares, and wish to stop your Direct Debit, you must inform us of this in writing. We will continue collecting your regular payment and buying further shares unless we receive written instructions to stop collecting your Direct Debit. If you hold a plan in joint names, all investors must sign the sale of shares form or letter of instruction. All investors will be required to provide an original signed instruction confirming acceptance of the transaction before the shares will be sold. For valid written instructions received by 5pm and online instructions received by 11.59pm shares will normally be sold on the next dealing day following receipt of that instruction. Once your shares have been sold, we will send you the details of the transactions within 5 working days and the proceeds of the sale will follow separately. Where instructions have been faxed, we will not issue the proceeds until the original signed instruction has been received. The original should be posted to F&C Management Ltd, PO Box 11114, Chelmsford, CM99 2DG. How will I receive the sale proceeds? A cheque for the proceeds less any charges will normally be issued within five working days after settlement of the sale. The proceeds will be sent by first class post to the address we have on our records. If you would prefer the proceeds to be paid directly into your UK bank account, you must provide proof of your bank details at the time you request the sale. We can accept a pre-printed pay-in slip (normally found at the back of your cheque book) or a cancelled cheque. How do I transfer my ISA to another manager? our new ISA manager will advise you of the procedure for transferring and provide you with the necessary transfer form. If you instruct us to transfer your ISA in cash we will sell the shares, collect any charges payable and transfer the proceeds to your new ISA plan manager as instructed. If we receive a request from you to transfer your ISA in specie, F&C will arrange for your new ISA plan manager to accept the transfer of the investments from your account at a cost of 50 plus VAT which should be paid by cheque with the transfer request otherwise it will be deducted from the account along with any other charges payable. Can I transfer my shares out of my Private Investor Plan? ou can instruct us in writing to transfer your shares to another nominee, or to issue a share certificate in your name at a cost of 12+VAT per holding, which should be paid by cheque with your written instruction. If a cheque for the total charge is not received with the written instruction, we will sell sufficient investments to realise the required amount. Can I transfer my shares in my Private Investor Plan to another person? ou can transfer the shares into the name of another person on the main share register (at a charge of 12+VAT per holding), or transfer the plan into the name of another person (at no charge) by instructing us in writing. The new plan will not be available until the new holder has completed the application process. The transfer of shares into another person s name may be a disposal for tax purposes and could give rise to a capital gains tax liability. It may also have inheritance tax implications. ou should contact your tax adviser if you need advice on your particular circumstances. Any outstanding fees will be deducted before the transfer. How will charges and expenses affect my investment? There are various costs and charges associated with dealing in investment trust shares that affect the overall return on your investment. Please note that fixed transaction charges will have a disproportionate effect on low value transactions. Private Investor Plan Government stamp duty (where applicable) Purchases 0.5% Sales nil Dealing charge per holding Postal instructions 12 Online instruction 8 Annual charge 40 + VAT Transfer to main share register 12+VAT per holding* Please note the dealing charge applies to purchases and sales but not in the case of monthly savings or dividend re-investment. Investment Trust ISA Government stamp duty (where applicable) Purchases 0.5% Sales nil Dealing fee Purchases 0.2% Sales 0.2% Annual charge 60+VAT Transfer to another plan manager 50+VAT* Government stamp duty applies to share purchases on all UK registered companies (or companies which maintain a UK register of shareholders). F&C Commercial Property Trust and F&C UK Real Estate Investments Limited are registered overseas and therefore Government stamp duty does not apply. Other expenses Bid/offer spread The difference between the buying price (offer) and the selling price (bid) of investment trust shares. The spread varies according to the number of shares being traded and their availability in the market. Annual expenses The operating costs associated with running an investment trust, for example; the management fee paid to the investment manager or its associates, auditors fees, directors remuneration and promotional expenditure. These expenses are borne by the trusts and are included in the calculation of the illustration of effect of charges and expenses below. Additional performance fees are only included if payable for the base period used to calculate the management fee rate. Details of each trust s expenses are included in the our Guide to F&C Investment Trusts document. * The transfer charge may be paid by cheque provided it is received before the transfer date. If no cheque is received, the charge will be deducted from the Account in accordance with the Terms and Conditions. 4

6 Illustration of the effect of charges and expenses The following tables illustrate the effects of all charges and expenses on an investment in Foreign & Colonial Investment Trust through the Private Investor Plan and ISA. The figures assume a growth rate of 6% a year for the Private Investor Plan and 7% a year for the ISA, with the spread as at and expenses as in the trust s latest published Annual Report at the time of preparation. Please note that the amount you might get back will be reduced by the sales charge if you choose to sell your investment at the end of term. Private Investor Plan The charges which have been included are as follows: 0.66% initial expenses (which includes the bid/offer spread and Government stamp duty), annual expenses of 0.86%, an annual charge of 40 + VAT and dealing charge of 12 for lump sum investment. Lump sum End of year Investment Effect of deduction What you might get to date ( ) to date ( ) back at 6% growth ( ) 1 10, , , , , , ,000 2,220 15,600 The last line in the table shows that over 10 years, the effect of the total charges and expenses could amount to 2,220. Putting it another way, if the growth rate was 6%, this would have the effect of reducing it to 4.6% a year. Regular savings End of year Investment Effect of deduction What you might get to date ( ) to date ( ) back at 6% growth ( ) 1 1, , , , , , ,000 1,470 14,800 The last line in the table shows that over 10 years, the effect of the total charges and expenses could amount to 1,470. Putting it another way, if the growth rate was 6%, this would have the effect of reducing it to 4.2% a year. ISA The following calculations are based on a lump sum investment of 5,000 and regular savings of 100 a month. The charges which have been included are as follows: 0.86% initial expenses (which includes the bid/offer spread, Government stamp duty and a 0.2% dealing fee for buying shares), annual expenses of 0.86% and an annual charge of 60+VAT. Lump sum End of year Investment Effect of deduction What you might get to date ( ) to date ( ) back at 7% growth ( ) 1 5, , , , , , ,000 1,850 7,970 The last line in the table shows that over 10 years, the effect of the total charges and expenses could amount to 1,850. Putting it another way, if the growth rate was 7%, this would have the effect of reducing it to 4.89% a year. Regular savings End of year Investment Effect of deduction What you might get to date ( ) to date ( ) back at 7% growth ( ) 1 1, , , , , , ,000 1,920 15,200 The last line in the table shows that over 10 years, the effect of the total charges and expenses could amount to 1,920. Putting it another way, if the growth rate was 7%, this would have the effect of reducing it to 4.7% a year. For our other trusts, which have different spreads, underlying operating expenses and stamp duty requirements, the equivalent figures are in the table below. Investment Trust Reduction in growth Reduction in growth Management Annual Bid/Offer Growth, from 7% to: from 6% to: fee rate (%) expenses spread* Income or ISA ISA Private Investor Plan Both Lump sums Regular Lump sums Regular (%) savings (%) (%) savings (%) British Assets Trust B F&C Capital and Income Investment Trust B Investors Capital Trust I European Assets Trust G F&C Global Smaller Companies Trust G F&C Managed Portfolio Trust Income I F&C Managed Portfolio Trust Growth G F&C Commercial Property Trust** I F&C Private Equity Trust G Graphite Enterprise Trust / G F&C UK Real Estate Investments Limited** I TR Property Investment Trust *** I Please note these figures are not guaranteed, they are designed purely to show how charges may affect your investment over a 10-year period. *Prices as at **No Stamp Duty payable. *** 3.325m p.a plus 0.20% of net assets p.a. 5

7 How can I pay the annual charges? The annual charge is applied in two equal instalments on 5 April and 5 October each year. The charge will be collected first by any uninvested cash on the account and then by selling shares from the holding with the highest number of shares. Alternatively, we can collect the annual charge by direct debit. Ten days are allowed for BACS rejections at which point any unpaid charge will be taken first from uninvested cash on the account and then by selling shares from the holding with the highest number of shares (which may not be the highest value holding in the account). How much will any advice cost? our financial adviser, if you have one, will give you details about the cost of their advice. F&C does not process payments for advice in connection with its Investment Trust Savings Plans. Are there other costs involved in the provision of the plans and how do we manage conflicts of interest? The current costs and charges are set out in the Terms and Conditions. We may provide marketing support including payment for marketing services for the distribution of these products and receive a contribution towards the costs of operating a savings plan from investment trusts whose shares are available for investment through the plan. We provide a wide range of investment services to a variety of clients. We may have interests which conflict with interests of investors in our savings plans or with duties we owe to other investors, but are obliged to manage any conflicts so as not to conflict with the duties owed to our savings plan investors. We have established procedures designed to identify, mitigate and manage any such conflicts. These include organisational and administrative arrangements and controls designed to safeguard the interest of clients. Further information Confirmation of identity We are obliged to check all applications received for money laundering purposes. This may involve checking your name and address electronically through a reference agency. However, we will use any information we obtain in this way only for verification of your identity and not for any other purpose. In certain circumstances we may need to request additional information to verify your identity. If this is the case we will write to you to request further evidence of identity. This will not delay your investment, however we may need this documentation before we can act on any further instructions from you about your investment or make any payments to you. Please note a recent change of address may mean we cannot verify you successfully electronically. Dealing For lump sums, shares will normally be bought on the next available dealing day after receipt of your instruction and payment. All purchases, including the reinvestment of any dividends, will be made on these days. ou should note that for ISA transfers, the transfer and reinvestment process takes approximately 30 days, as we must inform your current plan manager of your wish to transfer and then await payment from them. ou will be uninvested from the time your current plan manager sells your investments until we are able to invest the proceeds. Switches are treated as two separate instructions, a sale and a purchase. Until the proceeds of the sale are known, it will not be possible to proceed with the purchase instruction, which will be incomplete. Consequently, the purchase instruction might not be included in the aggregated purchase order undertaken on each dealing day until the day following the one on which the sale occurs. For regular savers, the Direct Debit will be collected on or around the 1st of the month. The funds will be made available for investment five business days later and invested on the next available dealing day. The first payment will be taken on the first available collection date following receipt of your instruction. Any money waiting to be invested will be held on your behalf in a client money bank account. No interest will be paid on uninvested cash held in your plan. Shares will be bought at the offer price ruling at the time of purchase. Best Execution The plan arrangements do not include a market dealing facility for individual instructions. Instead, your investment instructions are aggregated and dealt by reference to the next available dealing day for the plan concerned and the type of instruction. Consequently the time and price achieved may be different from that obtainable if the individual instruction had gone direct to market. We will take all reasonable steps to obtain the best possible result ( Best Execution ) when executing client orders or receiving and transmitting customer orders for execution. We will instruct a broker to execute plan orders. We will rely on the broker to take all reasonable steps to obtain the best result, in accordance with the rules of the Financial Conduct Authority. We will check that each broker has in place a policy and procedures document designed to obtain the best possible result, subject to and taking into account the nature of the orders and the market in question. The factors normally used to determine the best possible result will be price and costs related to execution. Publicly available information Listed companies are required to make announcements and publish information direct to the market and to shareholders in accordance with the Listing Regulations. The Plan Manager will endeavour to make information intended for shareholders and received direct from the company available to planholders holding shares in the company on the same basis that it is made available by the company to other registered holders of the shares. Plan Manager and administrator The Plan Manager provides administration services for the Plan. It is F&C Management Limited, Exchange House, Primrose Street, London EC2A 2N, which is authorised and regulated by the Financial Conduct Authority and is entered on the Financial Conduct Authority Register No F&C Management Limited has appointed International Financial Data Services Limited and International Financial Data Services (UK) Limited to provide certain administrative services on its behalf. All correspondence should be addressed to F&C Management Limited, PO Box 11114, Chelmsford, CM99 2DG. Investment manager The F&C Group provides investment management services to the investment trusts. With the exception of the trusts listed below, the investment manager is either F&C Management Limited or F&C Investment Business Limited which are authorised and regulated in the UK by the Financial Conduct Authority. Those trusts managed by other companies are listed below: Trust Investment Manager Graphite Enterprise Trust Graphite Capital Management Ltd Nominee The nominee is State Street Nominees Limited, 525 Ferry Road, Edinburgh, EH5 2AW or any other suitable agent that the Plan Manager may appoint. Alterations to the plan The Plan Manager may alter the plan or cease to act as a Plan Manager at any time. ou will be given written notification in advance of any alteration and advised of your options. Further details can be found in the Terms and Conditions. Queries and complaints If you have any queries or complaints, or would like a leaflet outlining our complaints procedure, please write to the Investor Relations Manager, F&C Management Limited, 80 George Street, Edinburgh EH2 3BU or call 6

8 If we do not investigate the complaint to your satisfaction, you have the right to refer any complaint to the Financial Ombudsman Service, South Quay Plaza, 183 Marsh Wall, London E14 9SR. Making a complaint will not prejudice your right to take legal proceedings. Compensation The Plan Manager is covered by the Financial Services Compensation Scheme. ou may be entitled to compensation from the scheme if the Plan Manager cannot meet its obligations. This depends on the type of business and the circumstances of the claim. Most types of investment business are covered for up to 50,000. Further information about compensation arrangements is available from the Financial Services Compensation Scheme. Please note F&C would not be liable for a default by a custodian or bank holding plan investments or cash. whatever action you decide on. In the absence of a clear instruction from you, the Plan Manager will not act on your behalf unless this is stated in the documents relating to the specific corporate event. ou have the right to attend and vote at any General Meetings of the company in which you are invested and will be provided with a form of direction so shares may be voted on your behalf. The Plan Manager may vote shares for which no instructions have been received in the same proportions as the shares for which instructions are received. Additional information Please also read the Terms and Conditions. Further financial information on the companies in which you may invest may be found in their Report and Accounts, or, where available and unless otherwise requested, summary financial statements, which you will receive automatically or which you can download from our website. Corporate activity Where appropriate, if any of the investment trusts you have chosen to invest in is involved in a rights issue, an issue of new shares, a takeover bid or anything similar, you will be given information to allow you to take Terms and conditions for the F&C Investment Trust Savings Plans These terms and conditions apply to all investment trust savings plans provided by F&C Investments. The general terms and conditions apply to F&C Private Investor Plans and F&C Children s Investment Plans and apply with additional terms and conditions and modifications to F&C Investment Trust ISA Plans, F&C Junior ISA Plans and F&C Child Trust Funds. The general terms and conditions apply with certain restrictions to F&C Legacy Plans. The On-Line Service terms and conditions apply to Accounts using the On-Line Service. Purpose F&C Investment Trust Savings Plans are intended to provide an aggregated investment dealing facility and simple investment administration services to individuals wishing to invest in investment trusts managed by F&C. They are designed for UK investors. Applications may be accepted from non-uk investors but their accounts may be subject to restriction or closure as a result of non-uk regulatory obligations. F&C does not provide investment advice or assistance with individual tax returns. General terms and conditions Definitions Account Holder (also Plan Holder) a person registered by F&C as the owner of the account. The applicants will be the first Account Holders. Business Day any day (excluding Saturdays, Sundays and public holidays) on which banks are open to conduct normal banking business in London. CIP The F&C Children s Investment Plan. CTF Regulations the Child Trust Fund Act 2004 and the Child Trust Fund Regulations as amended or replaced from time to time. Dealing Day any Business Day on which the London Stock Exchange is open for business. F&C the entities in the F&C group of which F&C Asset Management plc is the ultimate parent company. F&C Legacy Plans Savings Plans which are closed to new applicants but where continuing Account Holders can maintain some or all of the holdings in place at closure. Financial Conduct Authority Regulations means the rules of the Financial Conduct Authority (or any successor body) as may be in force from time to time. Investment Trust an investment company (including UK authorised investment trusts, UK investment companies and overseas investment companies), offered as a permitted investment under the Regulations and listed on the London Stock Exchange. F&C CTF The F&C Child Trust Fund. F&C ISA The F&C Investment Trust ISA. F&C JISA The F&C Junior ISA. ISA Regulations means the Individual Savings Account Regulations 1998 as may be amended or updated from time to time. Legacy Investment an Investment Trust previously offered for investment in a Savings Plan but no longer available for new investment within the Savings Plan. Non-UK Investor any investor not resident in the UK or treated as tax resident elsewhere than the UK. Savings Plan a group of accounts with common terms identified by a plan or product title. PIP The F&C Private Investor Plan. Regulations any or all of Financial Conduct Authority Regulations, ISA Regulations and CTF Regulations as the context requires. Terms and Conditions these terms and conditions, and statements and declarations made by the applicant on an application form and other terms referred to in periodic statements or agreed between F&C and an Account Holder. Eligibility Only adults may apply for an account. A maximum of four account holders may be registered. Account Holders must provide satisfactory evidence of identity and provide details of any other beneficial owners of the account. The availability of ISA, JISA and CTF accounts are restricted by regulation as explained in the relevant additional terms and conditions sections. The accounts are intended for UK investors although applications may be accepted from non-uk investors. F&C may close or restrict accounts that in the opinion of F&C could require F&C to comply with non-uk regulatory or tax obligations. US Persons may not open accounts. Where an existing Account Holder becomes a US Person the account may be restricted or closed by F&C. Account applications Applications must be in writing using the application form and are subject to acceptance by F&C. Accepted applications may not be withdrawn unless cancellation rights apply and are exercised in accordance with the Financial Conduct Authority Regulations. F&C may request additional information to establish and/or verify the identity of Account Holders or beneficial owners of the account. Failure to provide such information may result in the closure or restriction of the account. 7

9 Account Holder F&C will register the account in the name of the applicant(s). Each account will have a unique identification number. The Account Holder may use a designation to further identify an account. The registered address for an account will be that of the first named registered holder, initially the first named applicant. Permitted transactions Only permitted investments may be purchased for an account. Subject to the investment minimum and maximum for the account, the Account Holder may: Invest a lump sum. Instruct the sale of a number of shares or shares to a specified value. Set up a regular investment amount using a direct debit mandate. Set up a standing instruction to reinvest dividends received into shares of the same class. A switch instruction (to sell shares and invest the proceeds in another share) will be processed as a buy instruction and a sell instruction except that no part of the instruction will processed if the buy instruction cannot be accepted. Account Holders may, subject to the payment of any applicable administration costs: Request share certificates in the names of the Account Holders. Add or remove registered Account Holders. Instructions Investment instructions must be in writing and signed by all the Account Holders. Standard forms are available for the different types of instruction and Account Holders are asked to use these forms to avoid the need to clarify instructions or request missing information. Investment instructions are subject to acceptance by F&C. Accepted investment instructions may not be withdrawn and will be processed in accordance with these terms and conditions. Buying and selling shares Accepted investment instructions will be processed on the first available dealing day and will be aggregated with other outstanding investment instructions for the same shares. The aggregate of the instructions will be placed with the nominated broker for execution and a pro-rated amount will be charged of the broker s commission payable, if any. F&C may, but is not required to, await receipt of cleared funds before accepting a purchase instruction. In the case of a purchase that is part of a switch F&C will normally accept the purchase instruction when sale proceeds from the sale are confirmed and will not wait for settlement. In the case of cheque payments the Account Holder confirms payment will be received in full on first presentation. In the case of regular direct debit transactions collections will be made on the first of the month or next available Business Day and F&C will process the amount available for investment after five Business Days have elapsed since the collection was made. F&C will allocate executions fairly to the participating accounts, the total of any dividend reinvestment or Direct Debit collection being treated as single instructions for this purpose rather than individual account amounts ranking on an account by account basis. No fractions are allocated in the case of investment trust shares and any uninvestable cash amounts are retained in the account and are available for future investment. Payment of proceeds from the sale of shares will be made by cheque payable to the registered holders, sent by post at the registered holders risk to the address of the first named registered holder unless instructed to pay to a bank account by BACS. Transaction and periodic reporting Transaction confirmations will be issued for purchases and sales of shares other than for direct debit investments, dividend reinvestment and, at the discretion of F&C, low value transactions considered to be part of a single instruction. Periodic statements will be provided (by post to the registered address) every six months detailing all the new transactions on the account. Additional statements are available on request although a charge may be made. Historical transactions are available on-line to users of the On-line Service. Income from investments Where investments held in an account are entitled to receive a distribution the income received may be paid out by cheque, paid direct to a nominated bank or building society account, or reinvested according to the latest instruction given by the Account Holder. Payments by cheque are limited to a minimum payment amount of 10. Payment of charges Transaction charges, including all third party dealing, brokerage and investment and account administration charges including transfer out charges will be deducted from the account when the transaction is processed. Transfer out charges may be paid by cheque provided the cheque is received before the transfer date, otherwise it will be deducted from the account along with any other transaction charges payable. Plan charges (where applicable) will be applied to the account (and at account closure if part way through a period) as follows: Fixed annual charge 5 April and 5 October. Variable annual charge 30 June and 31 December. Variable annual charge (Stakeholder CTF only) 31 December. Plan charges will be collected first from any uninvested cash on the account and then by selling shares from the holding with the highest number of shares. A ten day period will be allowed, for the bank to notify us of any rejection of the BACS transfer. After expiry of this period, if necessary, shares held in the relevant accounts will be sold to pay the outstanding fees after using any uninvested cash. Client assets and client money Uninvested cash will be held in a client money bank account segregated from the monies of F&C. No interest will be paid on uninvested cash balances and any interest earned on the client money bank account will be used to offset the costs of administering the plans. Shares held for F&C investment trust savings scheme accounts will be segregated from the assets of F&C and other F&C clients. The shares held for scheme accounts will be held by an independent custodian and registered in the name of the custodian s nominee. The bank (providing the client money bank account) and the independent custodian will be selected by F&C. F&C may appoint replacements without notice to the Account Holder. The current bank and custodian are named in Schedule III. Individual safekeeping facilities are not available. Responsibilities of the Account Holder Investment decisions The Account Holder is responsible for all investment decisions and acknowledges that all investment instructions are processed by F&C on an execution only basis. The Account Holder is responsible for providing cleared funds to settle all purchase instructions for the account. Only sterling payments drawn on a UK bank account may be received into an Account. The Account Holder shall pay, or reimburse F&C in respect of the fees, commissions and expenses set out in the terms and conditions or otherwise agreed with F&C. Accuracy of account information The Plan Manager will rely on the accuracy of information provided by the Account Holder. If in the opinion of F&C instructions are incomplete or unclear implementation may be delayed while confirmation is sought from the Account Holder. Account Holders are requested to use the standard forms when giving investment instructions or changing standing instructions. US investors The shares in the Investment Trusts have not been, and will not be, registered under the United States Securities Act 1933, as amended (the US Securities Act), or the securities laws of any state or political subdivision of the United States, and may not be offered or sold, directly or indirectly, in the United States (including the States and District of Columbia), its territories 8

10 and possessions and other areas subject to its jurisdiction, or to, or for the account of US Persons except in certain transactions exempt from the registration requirements of the US Securities Act and other such Securities Laws. Due to the extensive restrictions on transactions exempt from the afore mentioned registration requirements, we do not accept application for the purchase or subscription of shares in any Permitted Investment available through the savings schemes from any person that is resident, or any entity that is domiciled in the United States of America. Investors who become resident in the United States of America or are treated as residents for tax purposes or are considered by F&C to possibly be such persons will be required to provide evidence of their residence status and may have their Account restricted and subjected to withholding and reporting requirements of the US Internal Revenue Service. Checking Mistakes can happen. Account Holders should check transaction reports and periodic statements carefully and refer any discrepancies or queries promptly to the Investor Services. Uninstructed changes to account information, or failure to receive expected transaction reports, periodic statements, sale proceeds or dividend payments within the normal deadlines should be reported to F&C Management Limited. Up to date information Account Holders are responsible for ensuring that account information is kept up to date, including contact details and any changes in the eligibility of an Account Holder for the account. Failure to keep the registered address up to date can result in correspondence being intercepted by unauthorised persons and may result in the suspension of correspondence for the account. Account closure and transfer options Account Holders may close an account (other than a JISA or CTF) at any time by instructing the sale and/or transfer of all investments in the account. JISA or CTF accounts have to be held until maturity in accordance with the Regulations but may be transferred to another plan manager. If a payment is made to an account after it has been closed, we will send this payment to the Account Holder by cheque (or to the new plan manager in the case of an ISA, JISA or CTF transfer). These payments are typically quarterly in March, June, September and December. If the amount of the payment is less than 2, we will instead pay the amount to F&C s nominated charity. Responsibilities of F&C F&C will use its best endeavours to ensure investment instructions are executed promptly. Instructions will be aggregated and placed with a broker dealing on the London Stock Exchange at the first available dealing day following acceptance. F&C shall discharge its obligation to obtain best execution by placing the order with the broker on terms that the broker owes F&C best execution or is required to obtain the best price available having regard to the size of the order and the availability of stock in the market. Custody of account assets Account shares will be held by a custodian selected by F&C and separately identifiable from the assets of F&C and its non-investment trust savings plan clients. Beneficial ownership of the shares will be vested in the Account Holder. Shares will not be lent to third parties or used as security for a loan. Shares will be registered collectively together with those of other Account Holders and so may not be separately identifiable and in the event of a default by either F&C, its delegates or its custodian any shortfall may be shared pro rata among all the Account Holders whose shares are so registered. Client money Client money received or held by F&C in respect of accounts will be held in a client money bank account with a bank selected by F&C and may be aggregated with monies held for other Account Holders. No interest will be paid on any cash balances held within accounts. Account Holders should note that where cash is held in a pooled account with a third party that, in the event of the default of the third party the Account Holder will have an equal claim with the other Account Holders entitled to the cash in the account and will share pro rata with these Account Holders in the proceeds from the bank account. Provision of information on permitted investments F&C provides historic information on the results of permitted investments which is updated periodically. Account Holders are reminded that as listed companies, the Boards of Investment Trusts are required to make announcements to the market through the regulated news service and that news items and details of share dealing and prices are readily available from financial newspapers, news services and commercial data providers. Confidentiality and data policy ou authorise us to disclose any information relating to your Account to the Financial Conduct Authority, HMRC or to make such disclosure as otherwise required by law, including anti-money laundering and anti-terrorism laws. We may be obliged to make disclosures regarding such information to comply with the requirements of applicable law or regulation and/or the requirements of UK and other competent authorities. The information collected from you will otherwise only be used for the purposes of processing and managing the Account. We may use other group companies and/or third parties to process information about you including those based outside the European Economic Area. our information will be protected in accordance with data protection legislation. Liability F&C, subject to any liability imposed by the Regulations, shall not be liable to the Account Holder for any losses arising from any depreciation in the value of the investments (including, without limitation, depreciation resulting from capital loss or taxation liability) or for the acts or omissions of any third party, whether or not such third party is acting as F&C s agent except insofar as the same arises as a result of F&C s fraud, wilful default or negligence either in the management of the Savings Plans or in the selection of any third party. F&C shall not be liable for any default by any nominee appointed by it in connection with the Account to be the registered holder or custodian of investments. Death of an Account Holder On the death of an Account Holder, the personal representatives or surviving Account Holders should notify F&C as soon as practicable. In the case of joint holdings, the Account will be re-registered to the surviving holders on receipt of acceptable evidence of death. In other cases, F&C will also require evidence of authority before accepting instructions from the personal representatives to sell or transfer investments in the Account. Exercise of shareholder rights F&C will provide communications from the relevant investment trusts to their shareholders to Account Holders holding shares in the investment trusts on a similar basis to the provision of such information to directly registered investors. Account Holders will be notified of the availability of interim and annual announcements, annual reports and accounts and of notices of the annual general meeting. F&C will endeavour to forward all company circulars and offer documents or otherwise notify Account Holders on a timely basis of proposals concerning investments held in his or her account. F&C will make such arrangements as it considers reasonably practicable to enable investors to vote or take up or decline entitlements or otherwise exercise rights attaching to their shares. F&C will not exercise any rights on behalf of Account Holders without instructions and accepts no responsibility for any failure to act or refraining from acting. F&C has taken powers to vote shares for which no instructions are given and may vote such uninstructed shares in the same proportions as the votes cast in respect of shares for which voting instructions are given to F&C. This scaling up of votes is subject to approval of the relevant investment trust and may be subject to minimum voting requirements and maximum holding limits intended to ensure the voting reflects the wishes of Account Holders. The notification of the resolutions will indicate whether scaling up applies to any resolution and each Account Holder will have the opportunity to exclude their shares from scaling up. 9

11 Conflicts of interest F&C shall be entitled, without prior reference to the Account Holder, to effect transactions in which it has, directly or indirectly, a material interest or a relationship with another party which may involve a conflict with F&C s duty to the Account Holder and shall not be liable to account to the Account Holder for any profit made or received. In particular (but without limitation) F&C shall, subject to the Regulations, be entitled, without prior reference to the Account Holder, to: (a) act in the same transaction as both agent for the Account Holder and also agent for the counterparty; and (b) act in the same transaction or series of transactions as agent for more than one client (including the Account Holder) collectively. In managing the Savings Plans F&C and/or its agents will not have access to information which is privileged or confidential and, in the event that such information comes to the knowledge of any of them, they shall not be under any duty to use or attempt to use such information on the Account Holder s behalf. The Account Holder s attention is drawn to the fact that permitted investments may comprise of investments a) of which the issue or offer for sale was underwritten, managed, or arranged by F&C or any of its associates; or b) of an Investment Trust either managed or advised by F&C and in respect of which F&C may receive payment. Rights of the plan manager Sale of investments F&C shall be entitled to effect the sale of all or part of an Account Holder s investments and to use the proceeds of such sale in set-off (whether in part or in full) against any liability in respect of the fees, commissions and expenses set out in the Terms and Conditions including account administration charges such as transfer out charges or as otherwise agreed with the Account Holder. Transactions in shares Transactions in the shares of Investment Trusts may be effected with or through any person or entity selected by F&C, including its associates, who may be entitled to charge and retain benefits for their services, Shares in the Investment Trusts may also be acquired directly from or sold to the relevant Investment Trust where, in F&C s opinion, it is in the Account Holder s best interest to do so. Delegation F&C may employ agents in connection with the services it is to provide and may delegate all or any of its powers or duties to any delegate(s) of its choice. F&C will satisfy itself that any person to whom it delegates any of its functions under these Terms and Conditions is competent to carry out those functions. F&C will not be liable for the negligence or misconduct of any such agent or delegate provided that this clause shall not exclude or restrict any liability to the Account Holder which may apply to F&C under the Regulations. No exclusivity Nothing in the Terms and Conditions shall restrict F&C s right to provide investment services to others. Force Majeure F&C will not be liable if any transaction cannot be effected or service provided in respect of the Account due to Acts of God, change to laws or regulations, acts of terrorism, market conditions affecting the execution or settlement of transactions in respect of the Account, strikes, industrial action, failure of power supplies or equipment, or any other causes beyond its reasonable control, provided that in such cases F&C has acted in accordance with the rules of the Financial Conduct Authority. Alterations and closures These terms and conditions may be amended without notice to comply with changes to the Regulations or to respond proportionately to changes in general law or decisions of the Financial Ombudsman Service. F&C may change any member of the F&C group responsible for the operation of the accounts, the Administrator, the Custodian and the bank providing the client money bank account without notice. Other than as set out above, F&C may for valid reasons, amend alter or add to the Terms and Conditions and schedules, including the rates and types of charges and other amounts chargeable to any Plan, from time to time and will give 28 calendar days notice of significant changes. For these purposes valid reasons include: changes resulting from or intended to achieve improvements to the efficiency, timeliness, or accuracy of service, security of processing, adoption of new technology, or reliability of communications; or changes resulting from or required in response to changes in the terms, including costs, or service available from third party providers or as a result in changes to such providers; or changes in the costs incurred by F&C in procuring the services. In each case changes for valid reasons will only be made to the extent reasonably considered necessary or desirable by F&C for the modification, continued provision or improvement of the services at a reasonable cost having regard to the nature of the services to be provided and the costs and risks incurred by F&C in the provision of the services. F&C will give notice to affected Planholders of the closure of a Savings Plan or the removal of an Investment Trust from the list of permitted investments. Details of any sale, plan or share transfer or switching arrangements available to affected Account Holders will be provided with the notice of closure or removal. F&C will seek to obtain alternative savings plan arrangements but the availability and terms of such arrangements will depend on the willingness of other providers to offer the services and subject to their then terms and conditions, including charges. Account Holders may be liable for any transfer charges in accordance with the terms and conditions of the Plan. Notices Notices to be given to the Account Holder will be sent by first class post, at the Account Holder s risk, to the registered address for the Account, and will be deemed duly given two Business Days following the date of posting. Terms and conditions The Terms and Conditions are subject to English Law and the exclusive jurisdiction of the English Courts. All documentation will be provided in English. 10

12 Schedule I A: Permitted Investments Investment F&C ISA PIP CIP F&C CTF F&C CTF (Shares) (Stakeholder) F&C JISA British Assets Trust plc (ordinary shares) European Asset Trust NV (ordinary shares) F&C Capital & Income Investment Trust plc (ordinary shares) F&C Commercial Property Trust (ordinary shares) F&C Global Smaller Companies (ordinary shares) F&C Managed Portfolio Trust (growth shares) F&C Managed Portfolio Trust (income shares) F&C Private Equity Trust (ordinary shares) Foreign & Colonial Investment Trust plc (ordinary shares) Graphite Enterprise Trust (ordinary shares) Investors Capital Trust (A shares) Investors Capital Trust (B shares) Investors Capital Trust (units) TR Property Investment Trust (ordinary shares) F&C UK Real Estate Investments Limited (ordinary shares) F&C FTSE All-Share Tracker Fund (SC1 accumulation shares) Utilico Investments (ordinary shares) Existing Existing Existing investors only investors only investors only Utilico Finance Ltd (2018 ZDPs) Existing Existing Existing investors only investors only investors only B: Legacy Investments Investment F&C ISA PIP CIP F&C CTF F&C CTF (Shares) (Stakeholder) F&C JISA Active Capital Trust (ordinary shares) The European Investment Trust (ordinary shares) Blackrock Latin American Inv Trust (ordinary shares) Witan Pacific Investment Trust (ordinary shares) Thames River Hedge+ (ordinary shares class) F&C US Smaller Companies (ordinary shares) 11 11

13 Schedule II Investment Limits and Charges Item F&C ISA PIP CIP F&C CTF (Shares) F&C CTF (Stakeholder) F&C JISA Charges 1 Annual Charge 60+VAT 40+VAT 25+VAT 25+VAT 0.7% 25 +VAT Dealing charge 0.20% 12 postal per holding 2 8 online per holding 2 12 postal per holding 2 8 online per holding 2 Nil Nil 12 postal per holding 2 8 online per holding 2 Switch charge (in addition to dealing charges) Nil 3 Nil 3 Nil 3 then 25 per 2 free per year switch thereafter Nil Nil 3 ISA/CTF/JISA transfer in Nil 3 N/A N/A Nil Nil Nil 3 ISA/CTF/JISA transfer out 50 +VAT 3 N/A N/A Nil Nil 50 +VAT 3 ISA/CTF/JISA Void Fee VAT 3 N/A N/A Nil Nil Nil Stock transfer out to nominee or main register Investment minimums Minimum initial - postal deals Minimum top-up N/A 500 per holding 250 per holding 12+VAT per stock 12+VAT per stock N/A N/A N/A 500 per holding 250 per holding 100 per holding per holding 250 per holding 100 per holding 100 per holding per holding Minimum DD 50 per holding 50 per holding 25 per holding 25 per holding per holding Minimum withdrawal 250 per holding 250 per holding 100 per holding Minimum Balance at trust following withdrawal 500 per holding 100 per holding 100 per holding (after 18th birthday) (after 18th birthday) 500 per holding 250 per holding N/A N/A N/A N/A Item F&C ISA PIP CIP Account administration Contributions by direct debit Periodic Statement dates Cash / Deposit account interest rate Monthly on 1st month or next available Business Day 30 June and 31 December Monthly on 1st month or next available Business Day 30 June and 31 December Monthly on 1st month or next available Business Day 30 June and 31 December Nil Nil Nil F&C CTF (Shares) Monthly on 1st month or next available Business Day F&C CTF (Stakeholder) Monthly on 1st month or next available Business Day 31 December 31 December 1% below Bank of England Base Rate (CTF Deposit account only) 1% below Bank of England Base Rate (Lifestyling only) F&C JISA Monthly on 1st month or next available Business Day 30 June and 31 December Nil Income payment frequency Dividend paid by Cheque 4 Dividend paid direct to bank/building society Monthly on 23rd of month Within 4 days of receipt into account Monthly on 23rd of month Within 4 days of receipt into account Monthly on 23rd of month Within 4 days of receipt into account N/A N/A N/A N/A N/A N/A Note 1: These charges may be altered in accordance with the terms and conditions Note 2: These charges apply for lump sum payments but no dealing charges are applied for payments made by regular, monthly direct debit. Note 3: Dealing charges still apply (at postal rate, where applicable) Note 4: 10 minimum payment applies 12 12

14 Schedule III Directory Plan Manager F&C Management Ltd alsoapproved Approved ISA ISA manager F&C Management Ltd Approved JISA manager F&C Management Ltd Administrator: International Financial Data Services Limited and International Financial Data Services (UK) Limited Custodian: State Street Bank and Trust Company Bank: HSBC Bank plc New money Investment Trust Broker permitted New money Investment Trust Broker /N permitted /N British Assets Trust plc (ordinary shares) British Assets Trust plc (ordinary shares) European Asset Trust NV (ordinary shares) European Asset Trust NV (ordinary shares) F&C Capital & Income Investment Trust plc (ordinary shares) F&C Capital & Income Investment Trust plc (ordinary shares) B4ZPCJ0 F&C Commercial Property Trust (ordinary shares) B4ZPCJ0 F&C Commercial Property Trust (ordinary shares) F&C Global Smaller Companies (ordinary shares) F&C Global Smaller Companies (ordinary shares) Oriel Securities Oriel Securities B2PP252 B2PP252 F&C Managed Portfolio Trust (growth shares) F&C Managed Portfolio Trust (growth shares) B2PP3J3 B2PP3J3 F&C Managed Portfolio Trust (income shares) F&C Managed Portfolio Trust (income shares) F&C Private Equity Trust (ordinary shares) F&C Private Equity Trust (ordinary shares) F&C US Smaller Companies (ordinary shares) Foreign & Colonial Investment Trust plc (ordinary shares) Cazenove Cazenove Foreign & Colonial Investment Trust plc (ordinary shares) Graphite Enterprise Trust (ordinary shares) Cazenove Cazenove B1N4G29 Graphite Enterprise Trust (ordinary shares) Investors Capital Trust (A shares) Cazenove B1N4G29 B1N4H59 Investors Capital Trust (A shares) Investors Capital Trust (B shares) B1N4H59 B1N4H93 Investors Capital Trust (B shares) Investors Capital Trust (units) B1N4H Investors Capital Trust (units) TR Property Investment Trust PLC ordinary 25p B012T52 B012T52 IRP Property Investments Limited (ordinary shares) F&C UK Real Estate Investments Limited (ordinary shares) F&C FTSE All-Share Tracker Fund (SC1 accumulation shares) F&C FTSE All-Share Tracker Fund (SC1 accumulation shares) IFDS IFDS Active Capital Trust Ord GBP0. Active Capital Trust ordinary GBP0. N N The European Investment Trust The European Investment Trust N Witan Pacific Inv Tst Ord 25p Witan Pacific Inv Tst ordinary 25p N Blackrock Latin American Inv Blackrock Latin American Inv T N B1XHSF5 B1XHSF5 Utilico Investments Ord 10p Utilico Investments ordinary 10p (existing investors only) (existing investors only) B6X5T17 B6X5T17 Utilico Investments ZDP 2018 Utilico Investments ZDP 2018 (existing investors only) (existing investors only) British Empire S&G Ord 10p British Empire S&G ordinary 10p N F&C Asset Management Ord GBP0. F&C Asset Management ordinary GBP0. N

15 F&C ISA Terms and conditions These terms and conditions apply in addition to the general terms and conditions. F&C ISAs are Investment Trust Savings Plans entitled to the tax benefits available to Individual Savings Accounts. The F&C ISAs (Individual Savings Account) are subject to the ISA Regulations. The F&C ISAs are stocks and shares ISAs. F&C does not provide a cash ISA option. Eligibility Any individual aged 18 or over who is resident or ordinarily resident in the UK for tax purposes. ISAs may only be taken out in the name of one individual and the subscriptions must belong to that individual. Opening an ISA An F&C ISA application form must be completed to open an F&C ISA other than a converting F&C JISA. F&C use continuous ISA forms so that a new F&C ISA application form is not required to subscribe to a subsequent year s F&C ISA, unless there has been no subscription to the F&C ISA in the two immediately preceding tax years. An investor may only open one stocks and shares ISA in a tax year. If an investor exercises their cancellation rights the cancelled stocks and shares ISA will be ignored and the investor will still be entitled to open a stocks and shares ISA in that tax year. Annual subscription Up to 100% of the annual subscription limit may be invested in a stocks and shares ISA each tax year. The amount available is reduced 1 for 1 by the amount invested in a cash ISA in the same tax year. The Account Holder is responsible for ensuring that they comply with the One ISA a year rule and that their combined cash ISA and stocks and share ISA subscriptions do not exceed the annual subscription limit. ISA transfers ISA holders are entitled to transfer an ISA in whole or in part in the case of previous tax years subscriptions to another ISA plan manager. The application to transfer an F&C ISA must be made to the receiving plan manager who will request the transfer from the current plan manager. F&C will only accept ISA transfers in cash. Cancelling a new ISA application or an ISA transfer request Applicants are entitled to cancel a new ISA application or an ISA transfer. Details of cancellation rights and a cancellation notice will be printed by F&C. Applicants wishing to cancel the application or transfer must return the cancellation notice within 14 days. Following a cancellation F&C will return the original investment amount less any dealings expenses and shortfall (difference between the cost and proceeds of any shares purchased for the account) in accordance with the Financial Conduct Authority Regulations. In the case of an ISA transfer the Applicant will arrange for a replacement ISA Plan Manager to accept the proceeds or the funds will be returned to the Applicant and the tax benefits of an ISA will be lost. Withdrawing funds from an ISA Funds may be withdrawn from the F&C ISA at any time. Unless 100% of the F&C ISA is to be withdrawn the Account Holder must instruct the sale of a number of shares or shares to a specified value within a specified trust to fund the withdrawal. Funds withdrawn from an ISA lose the tax benefits of an ISA and can only be reinvested in another ISA as part of the current year annual subscription and subject to the annual subscription limit. The ISA is automatically closed when 100% of the plan is withdrawn. The tax benefits of the ISA will terminate on death. The ISA will remain invested until instructions are received and accepted by F&C from the Account Holder s personal representative(s). F&C may require evidence of identify and authority to act before accepting instructions from the personal representative(s). Voiding or repairing a ISA for breach of the ISA Regulations ISAs may be closed on direct instructions from HM Revenue & Customs: Due to an invalid application. Due to the Account Holder already having subscribed to another ISA. Where a ISA, or part thereof, is to be treated as void F&C will notify the Account Holder that the ISA or part thereof has not qualified or will no longer qualify for tax relief. F&C will then void the ISA or part thereof, realise the value of the relevant investments, and subject to any deduction necessary to satisfy tax liabilities of the Account Holder for which F&C may be accountable and any sum due to F&C under the terms and conditions, will pay the proceeds to the Account Holder. In circumstances where there is a failure to satisfy the ISA Regulations HM Revenue & Customs may require the ISA or part thereof to be repaired. F&C will then repair the ISA in accordance with the Regulations including making such adjustments to the investments as are necessary. F&C may charge an additional administration fee for repairing a ISA. Payment of charges, expenses and taxes F&C may, without prior notice to the Account Holder, apply any cash or sell or realise any investments in payment of any taxes, or fees or commission and/or expenses payable in respect of the ISA to F&C. In the event such liabilities remain unsatisfied after such action, the Account Holder shall promptly on demand pay to F&C any shortfall. The Account Holder shall indemnify F&C in respect of any loss, damage, or cost which might be incurred or arise in respect of any such liability remaining unsatisfied. F&C may retain sufficient cash to pay charges or taxes on the Account and may apply any cash or sell any investments in the Account to pay any unpaid charges or taxes. 14

16 F&C Management Limited F&C Investments and the F&C Investments logo are trademarks of F&C Management Limited. F&C Management Limited Issued and approved by F&C Management Limited which is authorised and regulated by the Financial Conduct Authority FRN: and is a member of the F&C Group of which the ultimate parent company is the Bank of Montreal. Registered Office: Exchange House, Primrose Street, London EC2A 2N. Registered in England & Wales No F&C /14