Close European Accelerated Fund

Fund Objective

The objective of the Close European Accelerated Fund ("the Fund") is to provide investors with a geared exposure to rises in the Dow Jones EuroStoxx 50 Index ("the Index"), coupled with a high degree of capital protection.

The Fund has a 6 year life and provides 5 times the capital return of the Index up to a maximum growth of 67.5% over its duration. The starting level of this Index when the fund was launched was 3302.98. If the Index rises to 3748.89, a rise of 13.5%, by July 2011, the shares will return growth of 67.5%.

The Fund provides investors with full capital protection providing the Index has not closed during the period down more than 50%, (a level of 1651.49).

If the Index does fall by more than 50% and finishes at the end of the Fund's life below the start level (3302.98) the value of the Fund will also fall by an equivalent percentage amount. If the Index recovers to above its start level investors will still receive 5 times the growth in the Index to a maximum of 67.5%.