The Plan has a maturity of 5.4 years and is intended as a medium term investment. If you sell your investment before its maturity date you may get back less than your Initial Investment. Prior to maturity, limited liquidity for the securities will be provided in the secondary market. This means that it may not always be possible to sell the securities at certain times and that the price achieved may be less than the original investment.

The structure and operations of Morgan Stanley are such that conflicts of interest will occur in relation to the Plan. Morgan Stanley has processes in place to identify these conflicts and ensure that they are properly managed and/or disclosed to individual Planholders. For more information, please refer to the Summary of our Conflicts of Interest Policy contained within the Terms and Conditions of this Plan.

Your money will be invested in securities issued by financial institutions with a credit rating, at the time of publication of this brochure, of A+ or better by Standard & Poor’s or the equivalent rating by Moody’s Investor Services Limited at the time of purchase. These securities will be designed to provide the return for your investment. In the event of these financial institutions going into liquidation or failing to comply with the terms of the securities, you may not receive the anticipated returns on your investment and you may lose all or part of the money you originally invested. The Plan is not a guaranteed investment.

Credit ratings are an independent measure of credit worthiness. They can be applied to financial institutions and are assessed and reviewed by independent companies known as ratings agencies (including Standard and Poor’s and Moody’s Investor Services, amongst others). Credit ratings for financial institutions can go up or down at any point in response to changes in the financial position of the financial institution in question.

The growth returns of the Plan are based on the performance of the IPD UK Annual Capital Growth Index and do not include any return from rental income, as may be the case if you invested directly in commercial property. Accordingly, the return on the Plan may be less than the return from a direct investment in a commercial property portfolio.

The underlying Index is based on valuation data: as such the index may not necessarily reflect actual market prices and it relies on the ability of the index provider to gather property valuations and conduct continuous, close monitoring of such property valuations. The commercial property market is illiquid and complex. The index provider has reserved the right to change the constituents of the index and the methodology used in its calculation. Properties may only be valued on an annual basis for the purposes of calculating the underlying index and as such the level at which the underlying index stands may not be representative of actual market prices in the commercial property market. The impact of price fluctuations in the commercial property market may not immediately be reflected in the underlying index (if at all).

This Index is a reference guide to the UK commercial property market only. It may not be representative of the market as a whole and does not cover residential property. The Final Index Level is based on a single reading of the IPD UK Annual Capital Growth Index, as defined in the Returns At Maturity section on page 3. Any increase or fall in the level of the IPD UK Annual Capital Growth Index at any time or on any date other than its closing level on 31st December 2013 will not be reflected in the determination of the return on the Plan. There can be no assurance that the IPD UK Annual Capital Growth Index level on that date or that the Initial Index level will reflect the then prevailing trend (if any) for the level of the IPD UK Annual Capital Growth Index or the market value of the portfolio of properties used to determine its value.

If you have invested via an ISA and subsequently decide to withdraw, it may not be possible to invest in another ISA of the same type for the same tax year in which you have invested if your cancellation period has expired. If you have invested via an ISA transfer, unless you are able to find another plan manager to transfer your investment to, any favourable tax treatment associated with that ISA holding will be irrevocably lost.

Your circumstances could change, forcing you to withdraw and realise your investment early. If this happens, you may get back less than the amount you originally invested.

The formula under which the return on the Plan is likely to be calculated provides that in certain circumstances calculation of the return may be adjusted to take account of market disruption events interfering with determination of the level of the IPD UK Annual Capital Growth Index. Should this occur, the return on the Plan may be affected and may be more or less than would otherwise have been the case. Similar provisions are also likely to be included to address any charge, modification or failure in respect of the calculation and announcement of the IPD UK Annual Capital Growth Index with similar consequences.

Payments scheduled to be made in respect of the securities in which the Plan will invest your money may be delayed where market disruption events occur (as described above), causing a delay to the availability of published index levels for the IPD UK Annual Capital Growth Index, and potentially therefore delays in the Plan Manager making payments to you. Where necessary in the event that any such payments are delayed, corresponding adjustments will be made to the scheduled dates for payment under the Plan.

MSI plc does not give investment advice. If you are in any doubt about the suitability of this investment, you should contact your independent financial adviser.

Past performance is not necessarily a guide to future performance and should not be used to assess the risks associated with this investment. In recent years the performance of the IPD UK Annual Capital Growth Index has been volatile. There can be no assurance as to the future performance of the IPD UK Annual Capital Growth Index. Before making an investment in the Plan you should consider whether an investment linked to the IPD UK Annual Capital Growth Index is suitable for you.

The levels and basis of taxation and reliefs from taxation can change at any time. The value and availability of any tax relief depends on individual circumstances. The favourable tax treatment of ISAs may not be maintained throughout the term of the ISA and is subject to changes in legislation.

Tax assumptions are based on our understanding of current legislation and practice at the time of print and may be subject to future change.

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