RISKS • The Plan provides the po

RISK FACTORS

Is this product right for you?
To help you decide if the Plan is right for you, here is a summary of key points you should think about. Before investing, please consider not only the benefits but also all of the risks associated with buying such a product and the commitment you are making.

This Investment may be suitable for you if:

• You have at least £10,00 to invest

• You want to make money from some stockmarket ups and have some protection against the downs

• You can leave your money untouched for the full term

• You would like a fixed guaranteed minimum return and the potential to earn more at maturity

• You do not need an income from your investment

This Investment may not be suitable for you if:

• You want to add to your Plan on a regular basis

• You need instant access to your money

• You do not want any risk to your capital

• You want to know exactly what your return will be

Risk Factors

• Your money will be used to buy shares in a protected cell of the Investment Company. The value of these shares can go up and down during the term of the Plan.

• Your original capital and the minimum return are guaranteed only at maturity. Any return above this is not guaranteed. If you close your Plan early you may get back less than you paid in.

• The guarantee that you will receive the money you invested and the minimum return at maturity is provided by Santander Guarantee Company, a wholly owned direct subsidiary of Santander UK plc. Investors in the plan are exposed to Santander Guarantee Company’s ability to pay which is dependent on Santander UK plc and its subsidiaries continuing to be able to meet their financial obligations.

• The Investment Company will enter into financial transactions with Abbey National Treasury Services plc which are designed to generate the returns under the Plan. These financial transactions will not be secured.

• In relation to the two risk factors listed immediately above in the unlikely event that Santander UK plc were to collapse you may lose some or all of your money.

• Any tax benefits associated with your investment may change in the future, which could affect how much you get back. The value of any tax relief depends on your personal circumstances. The guarantee will not cover any shortfall in the event that the returns are reduced because of tax changes.

• Santander Guarantee Company will not make a payment under the guarantee to the extent that it would be in breach of any law by making that payment.

• Although your capital and minimum return are guaranteed at maturity, this does not protect you from inflation. Therefore the real value of your money could reduce during the term of your investment. tax changes.

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