This plan returned the original capital investment in full, in addition to a gain of 44.4%.

Final Index Level: 4421.6

Product Index Link: FTSE 100

Starting Level Of Index(s): 3979.80

Final Index Level: Average of the closing level over the last five trading days between 18 May - 22 May 2009 

Inferred Investment Period: 6 years

Actual Investment Period: 6 years 2½ weeks

Advertised Growth Rate: 4 times the rise in the FTSE 100 subject to a maximum return of 80%

Investment Structure: ISAble Medium Term Note based investment plan, linked to the FTSE 100

Capital Protection

Capital will be returned in full unless the FTSE 100 Index falls by more than 50% from its starting level during the period AND does not regain to at least its starting level. If this is the case then the capital returned will be reduced by 1% for every 1% the closing level is lower than the starting level.

Market Protection

50% soft protection

If closing level of the index is 5% down capital return would be £10,000 providing the index had never fallen by more than 50% (in which case the payout would be £9,500) If closing level of the index is 30% down, capital return would be £10,000 providing the index had never fallen by more than 50% (in which case the payout would be £7,000) If closing level of the index is 5% up, capital return would be £12,000 even if the index had fallen by more than 50% during the term. Tax free as ISA or PEP. If closing level of the index is 30% up, capital return would be £18,000 even if the index had fallen by more than 50% during the term. Tax free as ISA or PEP.

The Nvesta Quad Tracker Plan has a structure similar to the Nvesta Triple Tracker and the HSBC Accelerated Recovery Plan which we have previously endorsed. The main difference with this new Nvesta plan is the term has been extended to 6 years and the acceleration of growth against the index being measured has increased to 4 times, and is subject to a slightly increased cap of 80%. We continue to believe that the opportunity for a very healthy return based on only a modest rise in the index, accompanied by a degree of protection to the capital will appeal to many investors. It may indeed be sufficient to tempt some back into investments which involve some exposure to equity markets. As with all the other Accelerated Growth contracts we have reviewed recently, one downside is that once a certain level of growth in the index has been achieved, in this case 20%, then due to the cap on the return, there is then no participation in any further rise in the market.