RISKS • The Plan provides the po

RISK FACTORS

Is this product right for you?

The Plan may be suitable for you if;

• You do not need access to your money before the end of the investment term

• You want to know your original capital is protected at maturity

• You want the option to potentially use your CGT annual exemption allowance; although you do realise that the rules governing taxation and exemptions may change before the investment matures

• You are look for a tax-free investment available through an ISA

• Your are looking to transfer your existing stocks and shares or cash ISA's

• You have a minimum of £3,000 to invest

The Plan may not be suitable for you if;

• You may need access to some of your money before the end of the fixed term and you cannot risk getting back less than you invested

• You do not have enough cash for unexpected emergencies

• You want a regular income from your money

• You are a regular save and prefer to add to your investment from time to time

• You are looking for a short term investment

• You do not want to risk not earning any return on your investment

• You do not have at least £3,000 to invest

• If you cancel your investment during the cancellation period, you may get back less than you invested. The capital protection offer is valid only at the end of the fixed term so early withdrawals do not benefit.

• Your circumstances could change, forcing you to withdraw your investment before the maturity date. If this happens, you may not be able to sell the investment immediately and you may get back significantly less than the amount you originally invested. See Can I withdraw before the maturity date? on page 25 of the brochure and How are the Investment returns supported? on page 21.

• Your money will be invested in Preference Shares issued by Sienna. In order to generate the scheduled returns Sienna will invest the net proceeds of the Preference Shares, in debt securities and financial contracts. It is possible that these underlying investments will not pay out the expected amount as a result of any of the issuers or institutions concerned not meeting their financial obligations or that there are unexpected liabilities or expenses that such underlying investments are not designed to fund. See How are the Investment returns supported? on page 21 and What are the other obligations of Sienna? on page 25.

• The levels and basis of taxation and reliefs from taxation for companies and individuals can change at any time. The amount of tax paid and the value of any tax reliefs received depend on individual circumstances. The favourable tax treatment of ISAs and PEPs may not be maintained.

• The terms of the Preference Shares which set out the basis under which the return on this Protected Portfolio Investment is calculated provides that, in certain circumstances, one or more of the constituent investment funds may be substituted with a comparable investment fund (or with a cash fund if no comparable fund is available). They also provide that the calculation of the return may be adjusted to take account of market and/or fund disruption. If any of these occur, the return will be affected and may be more or less than would otherwise be the case.

• If a correction is made to the unit prices published by a constituent investment fund, adjustments may be made to the Sienna Preference Shares to reflect the impact of such corrections. However, no such changes will be made in respect of corrections published after the final investment growth of this Protected Portfolio is calculated on 3 March 2014.

• If you have invested via an ISA and subsequently decide to withdraw or the offer of Preference Shares is withdrawn, it may not be possible to invest in another ISA for the relevant tax year in which you invested. In these circumstances, you could lose your ISA entitlement for such tax year.

• The value of investments can fall as well as rise. Although the use of averaging in the calculation of averaged growth (options 1 and 2) and final growth (averaged over the last 12 months) (options 3 and 4) can result in higher returns when compared with investing directly in the funds themselves, it can result in lower returns, for example, in a consistently rising market over the period of averaging.

• For investments by way of transfers, there is the potential for loss of income and growth, if markets should rise, while your transfer remains pending. In addition, if the transfer is not completed by 22 August 2008, as your previous plan would have been closed as a result of the transfer request, it may not be possible to reinstate your plan with the previous Plan Manager.

• The Prospectus sets out in more detail the risks inherent in an investment in the Preference Shares. See Where can I get the Prospectus from? on page 21.

Please refer to the Brochure and the Terms & Conditions for full details.