PRINCIPAL PROTECTED
CURRENCY DEPOSITS
High interest potential, with no risk to your capital

• The opportunity to benefit from enhanced interest whilst your capital is protected
• Available in sterling, US dollars, euro, Canadian dollars and Australian dollars (other options also considered)
• Minimum deposit of US$500,000 (or equivalent) for one month to a year

A Principal Protected Currency Deposit (PPCD) can be a very rewarding currency-related investment, in which the interest return is linked to the movement of a currency exchange rate. There are single or multiple tier options and the investment can be tailored to reflect your personal view on the movement of exchange rates.

There are five steps from deposit to maturity

1. Deposit - You choose how much you want to deposit.
   e.g. - GBP350,000
2. Term - You place your deposit for an agreed fixed period.
   e.g. - 3 months
3. Minimum Interest Rate - You decide on the minimum interest rate (if any). The lower you make this minimum interest rate, the higher your potential return. e.g. 2.0% pa.
4. Choosing a strategy - Directional or Range Bound. You choose a strategy based on your view of the likely movements of a foreign currency pair. For Example:
   

   Directional	Range Bound
   You believe that sterling will strengthen to over 1.80 by the end of a three month period. (Prevailing £/US$ spot exchange rate 1.7600.)	You believe that sterling will stay within a range of 1.7100 - 1.8100 over a three month period. (Prevailing £/US$ spot exchange rate 1.7600.)

5. Maturity:
   

   Pay out schedule
   * Directional			* Range Bound
   Spot trading range over 3 months	PPCD yield % per annum	Fixed deposit % per annum	Spot trading range over 3 months	PPCD yield % per annum	Fixed deposit % per annum
   < 1.80	2%	4.25%	> =1.71	2%	4.25%
   >=1.80	7.5%	4.25%	> 1.71 - < 1.81	8.5%	4.25%
   			>=1.81	2%	4.25%
   If sterling ends at 1.80 or above at expiry of the deposit, you will receive 7.5% per annum. If it does not strengthen to 1.80 you will receive 2% per annum.			If sterling remains in the range > 1.710 - 1.810 for the entire three month period, you will receive 8.5% per annum. If it trades outside that range you will receive 2% per annum
   * All rates and figures are for illustrative purposes only   as at December 2005

Further details
For more information, you can phone us using the following contact information. Alternatively please e-mail your enquiry using our secure e-mail form.