Key Features of the MetLife Bond Range. Income for Life Bond Guaranteed Investment Bond Protected Growth Bond Investment Bond

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1 Key Features of the MetLife Bond Range Income for Life Bond Guaranteed Investment Bond Protected Growth Bond Investment Bond

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3 Key Features of the MetLife Bond Range 1 Key Features of the MetLife Bond Range Unless otherwise stated, everything within this document relates to the UK and the International versions of the Income for Life Bond, Guaranteed Investment Bond, Protected Growth Bond and MetLife Investment Bond. The Financial Conduct Authority is the independent financial services regulator. It requires us, MetLife, to give you this important information to help you to decide whether any of the products in the MetLife Bond Range are right for you. You should read this document and your personalised illustration carefully so that you understand what you are buying, how it works and what the risks are. We recommend you keep both documents safe for future reference. What is the MetLife Bond Range? The MetLife Bond Range is made up of the MetLife Investment Bond, Income for Life Bond, Guaranteed Investment Bond and Protected Growth Bond. If you allocate 100% of your investment to the Secure Income Option, Secure Capital Option or Protected Growth Funds your bond will either be an Income for Life Bond, a Guaranteed Investment Bond or a Protected Growth Bond. If you allocate less than 100% of your investment to these guarantee options or funds then your bond will be a MetLife Investment Bond. Income for Life Bond The Income for Life Bond is a single premium, unit-linked whole of life investment bond which provides you with a guaranteed income for life from age 55, by investing in a range of MetLife portfolios. Guaranteed Investment Bond The Guaranteed Investment Bond is a single premium, unitlinked whole of life investment bond, which provides you with a guaranteed capital amount at the end of a fixed term, investing in a range of MetLife portfolios. Protected Growth Bond The Protected Growth Bond is a single premium, unit-linked whole of life investment bond that allows you to invest in a range of Protected Growth Funds. It allows you to benefit from investing in equities whilst also providing you with a level of protection against market falls. MetLife Investment Bond The MetLife Investment Bond is a single premium, unit-linked whole of life investment bond, that enables you to tailor your bond to your personal circumstances and investment needs. It allows you to combine investments within a single bond in the Secure Income Option, Secure Capital Option, Protected Growth Funds or non-guaranteed funds. Aims All of the MetLife bonds aim to: Increase the value of your investment over the medium to long-term. Allow you to choose, with the help of your Financial Adviser, a portfolio to match your investment objectives and risk appetite. Assist you with your estate planning through a trust arrangement, if required. Provide you with an investment that is flexible enough to meet your needs. The Income for Life Bond and Secure Income Option (if selected with the MetLife Investment Bond) aim to: Provide you with a guaranteed income for life, from age 55 or later. Provide you with the ability to increase your income by locking-in investment gains and applying income deferral step-ups. The Guaranteed Investment Bond and Secure Capital Option (if selected with the MetLife Investment Bond) aim to: Provide you with a guaranteed amount at the end of your term of no less than your Secure Capital Value; Provide you with the ability to lock-in investment gains on an annual basis; and Provide you with secure withdrawals of 5% p.a. of your initial investment (less Adviser Charges) for a specified term regardless of investment performance. The Protected Growth Bond and Protected Growth Funds (if selected with the MetLife Investment Bond) aim to: Provide you with the option of protecting 70%, 80% or 90% of your fund s highest ever unit price.

4 2 Key Features of the MetLife Bond Range Your commitment To invest at least 10,000. To review your investment regularly with your Financial Adviser to ensure it continues to meet your needs. To view your bond as a medium to long-term investment. To let us know if you become resident outside the UK for tax purposes. To ensure that you understand the risks and charges associated with your chosen bond. Please note the term income throughout this Key Features Document refers to withdrawals of capital. Risk factors The risk associated with your investment will be dependent on the portfolio you choose. You may receive less than the amount shown in your illustration or less than you paid in, because: - Investment performance may be lower than shown in your illustration. - You may have withdrawn more than the amount shown in your illustration. - The tax rules that apply to your investment may change. You may choose to exercise your right to cancel your bond within 30 days of receiving your cancellation notice. If you do so, you may get back less than you paid in. If you ask us to pay Adviser Charges your investments will grow at a slower rate than if you had not. Where you have requested these to be paid from your Guaranteed Investments, the likelihood that your guaranteed benefits will increase through the lock-in of fund performance will reduce. The higher the level of adviser charges paid, the greater their impact. If you ask us to pay Ongoing Adviser Charges just from Protected Growth Funds or Non-Guaranteed Investments, you must maintain sufficient funds in these investments to allow us to make payments in this way. If you do not do so, and in the absence of any other instructions, we will start making these payments from any Guaranteed Investments. This will mean any guaranteed benefits will be proportionately reduced. If you become a resident or citizen of another country, you may be required to pay more or less tax on this investment. If you surrender some or all of your plan early, you may get back less than you invested. In exceptional circumstances we may have to delay making a payment to you or carrying out an instruction to switch your money between funds. This could be due to adverse market conditions or where it would lead to the unfair treatment of you or other policyholders. Normally, we would not expect the delay to be for longer than one month, or up to six months if you have invested in any fund that holds property. Following any delay, transactions will be carried out at the price applicable immediately after the deferred period which will mean that the price will be different from the price when you first instructed us. Should there be any delay we will write and tell you as soon as we can. Risks specific to withdrawing income If you take an income from your bond, this will reduce your fund value. If you take income withdrawals, the level of income, may not be sustainable. There is no guarantee that your income payments will keep pace with inflation. If you are receiving a guaranteed income from your Income for Life Bond or Secure Income Option with the MetLife Investment Bond, but are not the Secure Income life assured, your guaranteed income would cease if the Secure Income life assured were to die before you. Please speak to your Financial Adviser for further clarification and explanation. Important information on the Income for Life Bond and Secure Income Option with the MetLife Investment Bond These investments provide a guaranteed income for life, which we calculate using your Secure Income Base and your age when you start to draw an income. Your fund value is not guaranteed. Your Initial Secure Income Base is equal to your investment less any Initial Adviser Charges you have asked us to pay your Financial Adviser. If you choose to make certain payments out from your Secure Income Investments, this will proportionately reduce your guaranteed benefits. We refer to these in this document as Payments Out. Payments Out are any of the following: - income withdrawals that exceed your annual Guaranteed Income; - switches out; - surrenders; - Ad-Hoc Adviser Charges; and / or - Ongoing Adviser Charges. Depending on the performance of your fund, your income may increase in the future. However, once you start taking your guaranteed income it can only increase once the growth in the fund exceeds the charges, the guaranteed income and any Payments Out you have asked us to make.

5 Key Features of the MetLife Bond Range 3 The Secure Income Life must be aged 45 or over to select this option, though you will not be able to take guaranteed income until the Secure Income Life reaches age 55. The latest age at which you can select this option is 75. If the Secure Income Option is selected on a joint life basis, then the younger of the two lives must meet the age restrictions. You will only be able to switch out of the Secure Income Option on a Secure Income Review date and up to 30 days following the review date. As you will be paying an additional charge for the Secure Income Option, your investment will grow at a slower rate than if you had invested in the same fund without the guarantee. If you take income withdrawals that exceed your guaranteed income the level of income may not be sustainable. For more information, please see the section Questions and Answers on the Income for Life Bond and Secure Income Option with the MetLife Investment Bond later in this document. Important information on the Guaranteed Investment Bond and Secure Capital Option with the MetLife Investment Bond These investments give you a guaranteed amount at the end of the selected term. If you switch out of the option or surrender some or all of your plan before the end of the term you will receive your fund value, which may be higher or lower than your investment or guaranteed amount. You will only be able to switch out of the Secure Capital Option on a Secure Capital Review date and up to 30 days following the review date. If you choose to make certain payments out from your Secure Capital Investments, this will proportionately reduce your guaranteed benefits. We refer to these in this document as Payments Out. Payments Out are any of the following: - withdrawals that exceed your annual Secure Withdrawals; - switches out; - surrenders; - Ad-Hoc Adviser Charges; and / or - Ongoing Adviser Charges. As you will be paying an additional charge for the Secure Capital Option, your investments will grow at a slower rate than if you had invested in the same fund without the guarantee. There are a range of terms available for the Secure Capital Option and the maximum age for selecting this option is 75 years. For more information, please see the section Questions and Answers on the Guaranteed Investment Bond and Secure Capital Option with the MetLife Investment Bond, later in this document. Important information on the Protected Growth Bond and Protected Growth Funds with the MetLife Investment Bond These investments guarantee that your protected unit price will never fall below a selected percentage of the highest ever unit price since launch of the fund. The protection offered is less than 100%, so if the market falls and does not recover you may get back less than you paid in. Although the unit price is protected, you should remember that some of the charges that apply to the product will be paid by reducing the number of units held. See the sections Questions and answers on product charges and Questions and answers on adviser charges later in this document for more information. Each Protected Growth Fund has a maximum investment in equities which is less than 100%. As such, the returns from the funds in a rising market will usually be lower than a fund invested entirely in equities. For more information, please see the section Questions and answers on the Protected Growth Bond and Protected Growth Funds with the MetLife Investment Bond, later in this document.

6 4 Key Features of the MetLife Bond Range General questions and answers These are general questions and answers on the MetLife range of bonds which you should read and ensure you understand. What are the MetLife bonds? They are single premium, unit-linked, whole of life insurance bonds which provide you with considerable flexibility and choice over your investments and benefits, and in addition can provide you with a guaranteed capital amount, a guaranteed income, or a level of investment protection. Who can buy a bond? You can invest in a bond if you are a UK resident and aged over 18. Maximum age restrictions apply for lives assured under the bonds. UK resident private limited companies can also apply to invest in a bond. US residents and US citizens are not eligible to apply. Where is my money invested? Payments into a bond are used to purchase units of one or more available funds. Each of our funds comes with a different risk profile, so you can match your choice to the amount of risk you feel comfortable taking. What investment options are available? The options available to you are set out below. You can switch between these options at any time however certain restrictions will apply to the guaranteed options. These restrictions are set out later in this document. MetLife Managed Wealth Portfolios If you choose to invest into the MetLife Managed Wealth Portfolios, you can select the Secure Capital Option or the Secure Income Option, which provide either a guaranteed maturity amount at a specified date or a guaranteed income for life - these options provide you with security whilst still offering you the potential to benefit from investment performance. Investments with either of the guaranteed options are referred to as Guaranteed Investments. Protected Growth Funds You can also choose to invest into the Protected Growth Funds, which give you a choice of protecting 70%, 80% or 90% of your fund s highest ever unit price. Non-guaranteed investments We also offer you the choice of investing in a range of funds on a non-guaranteed basis. Investments in these funds are referred to as Non-Guaranteed Investments. Can I invest in a mixture of Guaranteed, Protected Growth Funds and Non-Guaranteed Investments? Yes you can. You have the option of investing in a range of portfolios so you can build a bond to suit your investment needs. Terms, charges and investment options may vary over time. If you make a new investment choice in the future this investment will be subject to the terms and conditions available at that time. How much can I pay in? The minimum amount required to establish a bond is 10,000. The minimum additional payment to an existing plan is 1,500 ( 5,000 if invested in guaranteed portfolios). Additional payments (top-ups) can be made at any time but will be subject to the charges or investment choices applicable at the time. You can invest up to 1.5 million into MetLife s guaranteed investments (across all your investments with us). This 1.5 million limit also includes any guaranteed investments where you are a secure life assured, or there is a common life assured, such as a secure income life or life assured where the Secure Capital Option applies. Investments can be accepted in Sterling only. We reserve the right to not accept top-ups in the future. How do I take money out of my bond? Regular withdrawals can be made monthly, quarterly, termly (every four months) half-yearly or annually. Any withdrawals will reduce your fund value by the amount withdrawn. If you surrender your plan or cash in some, or all, of your plan before the end of your guarantee term, you may get back less than you invested. Regular withdrawals are permitted subject to a minimum of 100. There may be a tax implication if you make a withdrawal. Unless you are making guaranteed withdrawals, you must leave at least 5,000 in the plan or 1,000 in each fund. What might I get back from my bond? Please see your illustration to get an indication of what you might receive. The actual amount you receive may be higher or lower than this and will be determined by a number of factors, including: The amount you have invested. How long it has been invested for. The investment performance of your selected funds. Whether you have selected the Secure Income Option, Secure Capital Option or the Protected Growth Funds. The product charges. Any payments you ask us to make to your Financial Adviser.

7 Key Features of the MetLife Bond Range 5 Any withdrawals you have taken. Whether you make any fund switches. Depending upon your personal circumstances, any tax you may need to pay. How flexible are the bonds? Each bond is divided into 1,000 identical policies. This can help you manage your investment more tax-efficiently. You can make top-ups into your bond, subject to a minimum payment of 5,000 for guaranteed portfolios and 1,500 for all other portfolios. Top-ups can be made at any time but are subject to the charges, investment choices and conditions applicable at that time. We reserve the right to not accept topups in the future. You may switch between different portfolios and the cash fund at any time. We normally do not charge for switches but reserve the right to make a charge if more than 12 are made during a calendar year. There are restrictions on switching between the guarantee options, these are set out in the Secure Income Option and Secure Capital Option sections later in this document. What benefits are paid when the life assured dies? A benefit is payable in the event of the death of a life assured. Where there are two lives assured the benefit may be payable on the first death or the second death depending on what option was selected at outset. Where there are more than two lives assured the benefit will be payable on the last of the lives assured to die. Unless the death benefit is enhanced by the Secure Capital or Secure Income Option, it will be 100.1% of the fund value. Further details on the death benefit can be found in the MetLife Bond Terms and Conditions document. How will I know how my bond is doing? We will send you a statement each year showing you how your bond is performing. Alternatively, you can request a statement at any time by contacting us. Can I pay my Financial Adviser from my bond? Yes you can. For the options available please refer to the Adviser Charging section later in this document. What is the tax maximiser option? The MetLife Secure Capital and Secure Income Options incorporate the Tax Maximiser Option. If your investment has increased in value, the Tax Maximiser Option allows you to surrender, or rebase your bond and re-invest within the same guarantee. By doing this you can take tax-deferred withdrawals from a potentially larger investment. The Tax Maximiser Option may be exercised only once in the lifetime of a bond and not within the first five years. It can only be exercised on a policy anniversary, providing you give at least 30 days notice. Your secure withdrawals can increase when exercising this option. You should seek tax advice before exercising this option as it will lead to a chargeable event which could mean you have to pay tax as a result. The potential tax benefits of this option do not apply where the policyholder is a company.

8 6 Key Features of the MetLife Bond Range Can I change my mind? You can change your mind within 30 days of receiving the cancellation notice that will be issued to you when your application for your bond is accepted. If your premium has been invested and the fund value has fallen, the amount refunded to you will be less than your original investment. If you have asked us to make payments to your Financial Adviser, any amounts paid prior to cancellation will not be returned to you by us. You may, however, be able to recover some or all of these amounts directly from your Financial Adviser. Income tax for individuals and trustees: If a death claim occurs, or one or more of the policies are fully surrendered a tax liability may arise if an investment gain has been made. You may take tax deferred withdrawals of up to 5% p.a (for up to 20 years) of the premium by surrendering a part of individual policies. Amounts withdrawn in this way (including Adviser Charges) which are greater than 5% of the premium may be taxable. Where the bond is owned by trustees, a number of factors will determine who is liable for any income tax charge. What about tax? It is your responsibility to obtain advice from your Financial Adviser or applicable Tax Authority on the taxation implications of owning the bond, including how you may be taxed should you move overseas. When choosing the International version, a tax liability may arise if you change your country of residence. We may make a deduction from your bond in order to pay this tax where we are legally obliged to do so. Please remember that the tax rules relating to your bond may change in the future which could affect the returns you receive from your investment or the charges MetLife makes on your investment. Corporation tax for limited companies: The taxation of company owned investment bonds is different to that of individuals and trustees. The 5% tax deferred withdrawal facility does not apply where a company owns the bond. Companies may be subject to corporation tax on the policy in accordance with the loan relationship rules. For any questions regarding taxation and the impact of this investment on your personal circumstances, you should consult your Financial Adviser.

9 Key Features of the MetLife Bond Range 7 Questions and answers on the Income for Life Bond and Secure Income Option with the MetLife Investment Bond You should read this section if you are planning to invest in the Income for Life Bond or Secure Income Option with the MetLife Investment Bond. What is the Secure Income Option? The Secure Income Option guarantees you an income for the rest of your life. In addition, the guaranteed amount can increase through: lock-ins of positive investment performance (whether you defer your income or take it immediately); and guaranteed step-ups where you choose to defer taking an income, (known as Income Deferral Increases). Can I choose the Secure Income Option? The Secure Income Option is available on selected MetLife Managed Wealth Portfolios. You have to invest at least 5,000 (per guaranteed fund) when you select the Secure Income Option initially. After that you can invest additional amounts of at least 5,000 per guaranteed fund. How does the Secure Income Option work? Your investment, less any Initial Adviser Charges you ask us to pay to your Financial Adviser, is called your initial Secure Income Base. We calculate your guaranteed income using a percentage of your Secure Income Base, which depends on: The age of the Secure Income Life (or age of the younger person if selecting joint Secure Income Lives) at the point income starts to be taken; and Whether the income is based on a single life or joint lives. We call this percentage your Guaranteed Income Percentage. Your personalised illustration contains further details. The Secure Income Option can be taken on a single or joint life basis. The current Guaranteed Income Percentages for single life are shown in the following table. For joint life, the percentage is based on the younger of the two lives and then reduced by 0.25%. Age % Age % Age % How flexible is the Secure Income Option? You can take up to the guaranteed income without affecting your Secure Income Base. However if you choose to take income which exceeds your annual guaranteed income, this will be treated as a Payment Out and will immediately reduce your guaranteed income. You should speak to your Financial Adviser for more information. You can switch out of a portfolio with the Secure Income Option at any Secure Income Review of your investment and up to 30 days following the review date. Your fund value at that point can be paid into another fund but you will not be able to select the Secure Income Option or change from one MetLife Managed Wealth Portfolio to another within the Secure Income Option for six months. Can I defer taking my income? Yes, you can. If you defer taking an income, MetLife guarantees to increase your Secure Income Base by 3.50% of your Income Deferral Base for each full year you defer taking income. These increases are called Income Deferral Increases. For every Income Deferral Increase, we will calculate the increase using the value of your Income Deferral Base reduced at that time. Your Income Deferral Base is your Initial Secure Income Base reduced proportionately by any Payments Out made since the start of your policy. When you come to take an income the Guaranteed Income Percentage has the potential to be higher, as this is based on your age when you start taking income. Once you start taking an income, the Income Deferral Increases will cease. Is there a limit to how long I can defer taking my income? There is no maximum deferral period. The Income Deferral Increase will only cease once you start taking an income. What is a Secure Income Review? Secure Income Reviews take place on the anniversary of your investment. At this time we will review the performance of your fund. Where your fund value is higher than your Secure Income Base, we will increase your Secure Income Base to this amount. There is no limit to the gains that can be locked-in. Where the fund value is lower than your Secure Income Base, the Secure Income Base will remain the same. Secure Income Reviews occur annually, even when income is deferred

10 8 Key Features of the MetLife Bond Range What happens upon death of a Secure Income Life? In the event of the death of the last surviving Secure Income Life, a guaranteed death benefit will apply in respect of the investment in the Secure Income Option. The total amount of the death benefit will be: Where the deceased Secure Income Life is the same as the Life Assured whose death gives rise to a benefit under the policy the total death benefits payable under the policy will be the greater of: 100.1% of the fund value; and The initial Secure Income Base as reduced, for example, by Guaranteed Income taken from the Secure Income Option and any Payments Out. Where the last Secure Income Life dies before the Life Assured whose death gives rise to a benefit under the policy, no death benefits will be payable under the policy at that time. Instead, the greater of the following will be payable into a cash fund: 100.1% of the fund value, and The initial Secure Income Base as reduced, for example, by Guaranteed Income from the Secure Income Option and any Payments Out. What do I get back if I surrender my Secure Income Investments? If you decide to surrender your Secure Income Investment you will receive your fund value. How will Payments Out affect my Secure Income Base? If you choose to make any Payments Out from investments with the Secure Income Option, these payments will proportionately reduce your fund value and your guaranteed benefits will be recalculated to reflect the amount of the payments.

11 Key Features of the MetLife Bond Range 9 Questions and answers on the Guaranteed Investment Bond and Secure Capital Option with the MetLife Investment Bond You should read this section if you are planning to invest in the Guaranteed Investment Bond or Secure Capital Option with the MetLife Investment Bond. What is the Secure Capital Option? The Secure Capital Option is an option under the Guaranteed Investment Bond and MetLife Investment Bond which guarantees the capital value of your investment. In addition, the guaranteed amount can increase through annual lock-ins of positive investment performance. The Secure Capital Option also gives you the option to make tax-deferred secure withdrawals of 5% p.a. of your initial investment (less Adviser Charges) for a specified term regardless of investment performance. Can I choose the Secure Capital Option? The Secure Capital Option can be selected on our MetLife Managed Wealth Portfolios. You have to invest at least 5,000 (per portfolio) when you select the Secure Capital Option for the first or subsequent time. How does the Secure Capital Option work? Your investment into the Secure Capital Option, less any Initial Adviser Charges you have asked us to pay to your Financial Adviser, forms your guaranteed amount - we call this your Secure Capital Value. This is the minimum that you will get at the end of the term. The Secure Capital Value can increase through lock-ins at Secure Capital Reviews. Secure Capital Reviews occur annually, where we review the performance of your fund on each anniversary of your investment. If you haven t made any secure withdrawals and your fund value is higher than your Secure Capital Value, we will increase your Secure Capital Value to this amount. Where the fund value is lower than your Secure Capital Value, then your Secure Capital Value remains the same. The gains that can be locked-in through Secure Capital Reviews are unlimited. At the end of the term, the greater of the fund value in your Secure Capital Option or the Secure Capital Value is placed in a cash fund. You can then discuss what to do next with your Financial Adviser. How do Secure Capital Reviews work if I make a secure withdrawal? If you make a withdrawal from your bond, it will impact your Secure Capital Value. For example, if your Secure Capital Value is 100,000 and 5,000 is taken as a secure withdrawal, your Secure Capital Value will immediately reduce to 95,000 ( 100,000-5,000 = 95,000). At your Secure Capital Review, your Secure Capital Value will be compared with your fund value at that time less the secure withdrawals taken. If your fund value less secure withdrawals is greater than your Secure Capital Value, we will increase the Secure Capital Value to this higher level. So if your fund value at the time of the review has increased, for example, to 102,000, your Secure Capital Value will now be 97,000 ( 102,000-5,000). Can I take any money out of the Secure Capital Option? You can make regular withdrawals, subject to a minimum of 100 per payment. These can be made monthly, quarterly, termly (every four months), half yearly or annually. Unless you are making secure capital withdrawals, you must leave at least 5,000 in the plan and 1,000 per portfolio. Any secure capital withdrawals will reduce the value of your guarantee by the amount withdrawn. Any Payments Out from your guaranteed portfolio will reduce your Secure Capital Value proportionately. If you cash in some, or all, of your plan before the end of the guarantee term, you may get back less than you invested. How flexible is the Secure Capital Option? You can switch out of a portfolio with the Secure Capital Option at any Secure Capital Review of your investment and up to 30 days following the review date. Your fund value at that point can be paid into another fund but you will not be able to select the Secure Capital Option or change from one MetLife Managed Wealth Portfolio to another within the Secure Capital Option for six months. What happens if the life assured dies? A benefit is payable in the event of the death of the life assured. Where there are more than two lives assured a death benefit will be payable on the last of the lives assured to die. Where there are two lives assured a death benefit will be payable on either the death of the first of the lives to die or the second of the lives to die, depending on which option was chosen at outset. The standard death benefit under the Secure Capital Option is 100.1% of the fund value. An additional death benefit may apply in respect of each investment in the Secure Capital Option. The total amount payable is the greater of the standard death benefit and the Secure Capital Value. How will Payments Out affect my Secure Capital Value? If you choose to make any Payments Out from investments with the Secure Capital Option, these payments will proportionately reduce your fund value and your guaranteed benefits will be recalculated to reflect the amount of the payments.

12 10 Key Features of the MetLife Bond Range Questions and answers on the Protected Growth Bond and Protected Growth Funds with the MetLife Investment Bond You should read this section if you are planning to invest in the Protected Growth Bond or Protected Growth Funds with the MetLife Investment Bond. What are the Protected Growth Funds? The Protected Growth Funds are a range of portfolios that allow you to benefit from investing in equities whilst also providing you with a level of protection against market falls. Depending upon the level of protection selected, the Protected Growth Funds guarantee that your unit price will not fall below 70%, 80% or 90% of the fund s highest ever unit price. Can I choose the Protected Growth Funds? The Protected Growth Funds are an investment option available through the MetLife Investment Bond or Protected Growth Bond. You have to invest at least 1,500 when you select the Protected Growth Funds initially. After that you can invest additional amounts of at least 1,500 per Protected Growth Fund. How do the Protected Growth Funds work? An advantage of the Protected Growth Funds is that they allow you to invest in equities and benefit from rises in the market whilst at the same time offering your investment a degree of protection from market downturns. The protection provided will depend upon the protection level selected at outset. MetLife currently offers three levels of protection - 70%, 80% or 90%. The protection applies to the unit price within the fund. We guarantee that your protected unit price will never fall below 70%, 80% or 90% of the highest ever unit price of that fund. For example, if you invest your full fund with 80% protection you are guaranteed that your protected unit price will never fall below 80% of the fund s highest ever unit price. You can benefit from this protection daily. Each time the fund price increases to a new high, your protected unit price also increases. If the fund price falls, your protected unit price remains unchanged. If the fund falls below a certain level, the fund may become entirely invested in cash. This would protect it from further market falls, but would also make it unable to benefit from market recovery. We call this cash protection. Cash protection can occur in extreme stock market conditions, or where markets continue to fall progressively over time. If it should occur, we will notify you in writing with details of alternative investment options available to you. If we don t hear from you within a set period of time, we will switch your investment into an alternative cash fund where it will remain until we receive further instructions from you. We reserve the right to declare cash protection in other exceptional circumstances. The graph below provides an illustrative example of the 80% Protected Growth Fund, the unit prices and protected unit prices a customer would receive based on three different investment periods. Customer A B C Time of investment (year) Launch 2 5 Initial unit price Initial protected unit price Protected unit price at cash protection For example, Customer B purchases units in Year 2 at a cost of 85p per unit. MetLife will protect 80% of the highest ever unit price for that fund since launch. Therefore the initial protected unit price of Customer B will be 80% of 1 rather than 80% of the unit purchase price of 85p. If cash protection occurred at Year 10, as Customer B has a protected unit price of 1.10 (80% of the highest ever unit price, in this case 1.38), their unit price will never fall below Customer C Customer A Unit Price Customer B 0 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Unit Price Protected Unit Price

13 Key Features of the MetLife Bond Range 11 How is the protection provided? The MetLife Protected Growth Funds offer three layers of protection giving you a greater level of security. The first layer of protection is the daily management of the Protected Growth Funds. MetLife uses a dynamic daily asset allocation approach, closely monitoring stock market conditions - including volatility - on a daily basis to determine how much of your money should be in equities and how much should be in the cash fund. When markets are rising, we allocate more of your money to the underlying stock market fund so it has the potential to benefit from future rises. When markets are falling or are volatile, we place more of your money in the underlying cash fund to protect it from potential future falls. To calculate when to move funds and how much to move between these two funds we work closely with Barclays*. The second level of protection is provided by Barclays, whereby they will make up any shortfall, or gap should your fund fall below the protected level. The third level of protection is offered by MetLife. If the value of the fund should fall below the level of protection you have selected, and Barclays was unable to meet its obligations, MetLife will ensure there are always sufficient funds available to meet the protection level you have selected. We reserve the right to declare cash protection in other exceptional circumstances. We reserve the right to use an alternative source of protection or to provide this protection using alternative means. If we do make any changes to how we provide protection, you will still have the MetLife guarantee that your unit price won t fall below the protected level. How flexible is my investment in the Protected Growth Funds? You can make withdrawals from your investment at any time. You can make additional payments into your investment, subject to a minimum payment of 1,500. Additional payments can be made at any time but are subject to the charges, investment choices and conditions applicable at that time. We reserve the right to not accept top-ups in the future. You can invest up to 1.5 million into Protected Growth Funds. You may switch between different Protected Growth Funds and the cash fund and you may also be able to switch into other MetLife funds at any time. We normally do not charge for switches, but reserve the right to make a charge if more than 12 are made during a calendar year. What happens if the life assured dies when invested in the Protected Growth Funds? A benefit is payable in the event of the death of the life assured. Where there are more than two lives assured a death benefit will be payable on the last of the lives assured to die. Where there are two lives assured a death benefit will be payable on either the death of the first of the lives to die or the second of the lives to die, depending on which option was chosen at outset. The death benefit payable is 100.1% of the fund value. * Barclays Bank PLC. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority (Financial Services number: ). Barclays Bank PLC. Registered in England No

14 12 Key Features of the MetLife Bond Range Questions and answers on product charges What are the product charges? These are charges for the administration and management of your investment, as well as specific charges if you choose to invest in the Secure Capital Option, Secure Income Option or Protected Growth Funds. Where can I find details of my product charges? Your illustration will provide you with details of the product charges that apply to your policy, as well as an indication of the impact that these charges may have on the benefits your product provides. Product charges Annual management charge - This is applied by us for managing your plan and is deducted monthly by cancelling units in your policy. The level of charge will depend upon the value of your investment at the time the charge is taken. Fund charges - Each portfolio in which you invest carries a fund manager s charge. This charge is in respect of buying, selling, owning and ongoing maintenance of the investment assets and will be applied by reducing the price of each unit in the investment fund. Guarantee charge - This is similar to an insurance premium and covers the cost of MetLife providing your guaranteed capital or income. This charge is taken monthly by cancelling units in your policy. If selecting the Secure Capital Option, the guarantee charge is based on the Secure Capital Value. If selecting the Secure Income Option the guarantee charge is based on the Secure Income Base. Protection charge - This is similar to an insurance premium and covers the cost of MetLife providing your chosen level of investment protection. This charge is included in the unit price and only applies to the Protected Growth Funds. Product charges on your investment may change over time, if they do we will inform you in advance of any increase. Our reasons for increasing charges could include changes in the law, taxation, regulation, charges of underlying third party funds or solvency considerations.

15 Key Features of the MetLife Bond Range 13 Questions and answers on Adviser Charges What are Adviser Charges? These are payments that are made by you to your Financial Adviser for advice or services provided to you by your Financial Adviser in respect of your bond. How can I pay Adviser Charges? You can choose to pay your Financial Adviser directly or you can ask MetLife to make these payments on your behalf. If you ask MetLife to make these payments, we will do so by cancelling units from your bond. How will the payment of Adviser Charges affect my bond? As payments to your Financial Adviser are funded through the cancelling of units from your bond, this will reduce the value of your investment. Where these payments are taken from Guaranteed Investments they will reduce your guaranteed benefits in proportion to each amount paid. MetLife reserves the right not to pay an Adviser Charge if it considers that the payment requested would cause the MetLife product that you are invested in to no longer perform in accordance with its design. What Adviser Charges can be paid from my bond? Initial Adviser Charge - This is a one-off payment made to your Financial Adviser at the start of your investment and will be deducted proportionately from all your funds. Ad-hoc Adviser Charge - This is a one-off payment that can be made to your Financial Adviser during the lifetime of your bond and will be deducted proportionately from all your funds. Ongoing Adviser Charge - These are regular payments made to your Financial Adviser on a monthly, quarterly, termly (every four months) half yearly or yearly basis. You can choose how you want us to pay Ongoing Adviser Charges, as shown below. You may cancel or vary the level of these payments at any time, but the payments may not exceed the level you request at outset. Where can I find details of my Adviser Charges? Please see your illustration and the examples on the following page for more details on Adviser Charges and an indication of the possible impact these payments could have on your investment return, guarantee and / or level of investment protection. What payment options are available if I choose to pay Ongoing Adviser Charges from my bond? At the start of your bond you have two payment options to select from. This selection will apply for the duration of your investment. The options are: a. across all your investments (including Guaranteed Investments); or b. across all your investments (excluding Guaranteed Investments). If you select option (b) payments to your Financial Adviser will not reduce your guaranteed benefits, provided you maintain enough units in your Protected Growth Funds and Non- Guaranteed Investments. Where there are insufficient units we will make up any shortfall from your Guaranteed Investments. If you would like us to continue paying Ongoing Adviser Charges from your Protected Growth Funds and Non-Guaranteed Investments, you can make top-ups or switch funds from your Guaranteed Investments. Please note you will only be able to switch funds in this way within the 30-day period following the anniversary of your policy review date.

16 14 Key Features of the MetLife Bond Range Examples of Adviser Charges Paying adviser charges across all your investments, including Guaranteed Investments. If you instruct MetLife to make payments to your Financial Adviser on your behalf from your investments, MetLife will make any such payments by cancelling units proportionately across your investments to the value of the payment you have asked us to make. Following each payment made, your fund value and guarantee base* will be recalculated to reflect the amount we have paid to your Financial Adviser. Here is an example based on a fund value of 120,000 and guarantee base of 117,000: You agreed to pay your Financial Adviser an Ongoing Adviser Charge of 0.50% of your fund value each year and you instruct MetLife to make this payment monthly. On the date the Ongoing Adviser Charge is due, MetLife would cancel units across your investments and make a payment to your adviser, in this example, of 50 (this being a twelfth of 0.5% per annum applied to your fund value). Following the payment of 50, your new fund value would be 119,950. Your guarantee base would reduce in proportion to the amount of the payment. Following the payment of 50, your guarantee base would be 116,951 (a twelfth of the 0.50% reduction). Any future guaranteed benefits you receive would be based on this new guarantee base. The frequency with which you request MetLife make these payments will dictate how often during a year your relevant guarantee base and benefits are recalculated. Paying adviser charges across all your investments, excluding Guaranteed Investments. Example of how paying adviser charges only from Protected Growth Funds and Non-Guaranteed Investments would work: You agree to pay your Financial Adviser an Ongoing Adviser Charge of 0.50% of your fund value each year and you instruct MetLife to make this payment monthly. You hold a mixture of investments and you have asked us to pay your Financial Adviser only from your Protected Growth Funds and Non-Guaranteed Investments. On the date the Ongoing Adviser Charge is due, your fund value is 120,000; 100,000 in guaranteed investments and 20,000 in Protected Growth Funds and Non-Guaranteed Investments. MetLife would cancel units across your investments in the Protected Growth Funds and Non-Guaranteed Investments and make a payment to your adviser, in this example, of 50 (this being a twelfth of 0.5% of your fund value). Following the payment of 50 from these investments, your new fund value for your Protected Growth Funds and Non-Guaranteed Investments would be 19,950. Since you have instructed us to pay your adviser only from your Protected Growth Funds and Non- Guaranteed Investments, the fund value of your guaranteed investments and your guarantee base would remain unchanged. To ensure this continues to be the case, you must always maintain sufficient funds in your Protected Growth Funds and Non- Guaranteed Investments to cover future payments. * For the purpose of the examples above guarantee base means your Secure Income Base and Income Deferral Base if you have the Secure Income Option; it means the Secure Capital Value if you have the Secure Capital Option.

17 Key Features of the MetLife Bond Range 15 Further information Terms and Conditions This Key Features Document aims to give you a summary of important information you should know in regards to each of the bonds in the MetLife Bond Range. For further information you should also read the MetLife Bond General Terms and Conditions (UK and International versions). If you do not have a copy, you can obtain one from your Financial Adviser or by contacting us directly. Complaints If you have a complaint about your bond or wish to receive a copy of our complaints procedure, please contact: MetLife Europe Limited Beacon House, 27 Clarendon Road, Belfast BT1 3BG Tel: If you are not satisfied with the response to your complaint in respect of your UK bond, you can contact the: Financial Ombudsman Service (FOS) Exchange Tower, London E14 9SR Freephone numbers are if calling from a fixed line, or from a mobile phone if you pay a monthly charge for calls to numbers starting with 01 or 02. The switchboard number is If you are not satisfied with the response to your complaint in respect of your International bond you can contact the: Irish Financial Services Ombudsman Bureau 3rd Floor, Lincoln House, Lincoln Place, Dublin 2, Ireland Tel: , Fax: Taxation Information contained in this document is based on MetLife s understanding of taxation, legislation and HM Revenue & Customs practice, as at April 2015, all of which may change in the future with or without notice. Governing Law The MetLife Bond General Terms and Conditions (UK and International versions) are governed by the Law of England & Wales. We will communicate in English throughout the course of this contract. Compensation Your bond is covered by the Financial Services Compensation Scheme (FSCS). As such, if we cannot meet our obligations, you may be entitled to compensation from the Scheme. This will depend upon your eligibility, the type of business and the circumstances of the claim. The maximum level of compensation for claims against firms declared in default is 90% of the claim with no upper limit. You can obtain further information on this matter from the FSCS. Financial Services Compensation Scheme 7th Floor, Lloyds Chambers 1 Portsoken Street London E1 8BN Tel: +44 (0) Making a complaint will not affect your legal rights.

18 16 Key Features of the MetLife Bond Range About MetLife Europe Limited The MetLife Bond Range (UK versions) are provided by the UK branch of MetLife Europe Limited, an Irish Company authorised by the Central Bank of Ireland. The MetLife Bond Range (International versions) are provided by MetLife Europe Limited, an Irish Company authorised by the Central Bank of Ireland. The guarantees referred to in the document are provided by MetLife Europe Limited. MetLife Europe Limited provides a range of long-term savings and retirement products to help investors build financial freedom for their future. The products combine optional guarantee features with a range of investment options drawn from leading investment managers and advisers. MetLife Europe Limited, trading as MetLife, is an affiliate of MetLife, Inc. and has been operating under the MetLife brand in the UK since To view our latest financial strength ratings, please visit the `About MetLife section at Services are delivered from MetLife Europe Limited s head office in Ireland, and from offices in the UK. For more information about MetLife Europe Limited, please visit our website at: How to contact us Your Financial Adviser will normally be your first point of contact for any questions you have. If you would like to make any changes to your MetLife Investment Bond, you can: Call us on between the hours of 9am and 5pm Monday to Friday. Please note that calls may be recorded or monitored for training and security purposes. us at Write to us at: MetLife Customer Service Centre Beacon House, 27 Clarendon Road, Belfast BT1 3BG Whenever you contact us, you will need to quote your policy details.

19

20 Want to find out more? Speak to your Financial Adviser to learn more about how this product could work for you, or call us on If you are looking for a Financial Adviser, you can find one close to you at You can also visit us at for more information Products and services are offered by MetLife Europe Limited which is an affiliate of MetLife, Inc. and operates under the MetLife brand. MetLife Europe Limited is authorised by the Central Bank of Ireland and subject to limited regulation by the Financial Conduct Authority. Details about the extent of our regulation by the Financial Conduct Authority are available from us on request. Registered address: 20 on Hatch, Lower Hatch Street, Dublin 2, Ireland. Registration number UK branch address: One Canada Square, Canary Wharf, London E14 5AA. Branch registration number BR WM l MAR 2015

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