To provide this Child Trust Fund, Tesco Personal Finance have teamed up with the Royal Bank of Scotland. The RBS Stakeholder Investment Fund ICVC was created and approved by the Financial Services Authority (FSA) on 24 December 2004.

This Key Features document is valid as of 17th October 2007 and meets the Simplified Prospectus rules set by the FSA.

Its Aims

• To increase the value of the account in a tax efficient way for the benefit of the child.
• The money contributed to the account will be invested principally in a mixed portfolio of UK equities and bonds with the aim of providing long-term capital growth and income (although any income is accumulated into the investment). For more information see "Other important fund information" in this brochure.

What types of Child Trust Fund are available?

There are three types of Child Trust Fund accounts:

Savings accounts: any money you invest will be secure, but you should consider that although the investment will earn interest, it might not grow as much as if it was invested in shares.

Non-Stakeholder accounts: the child's money is used to buy shares in companies. This type of account has the potential to do well in the long term. However, the value of shares can fall as well as rise and you might not get back the value of your original investment. The charges on this type of account are usually set as a percentage of its value.

Stakeholder accounts: these also invest in shares, but the Government has set rules that aim to reduce the risk by spreading it across a variety of investments. Also, they have limited the charges for this type of account to a maximum of 1.5% a year. The charges on the other Child Trust Fund accounts are not limited in this way.

Tesco Personal Finance offers a Stakeholder Child Trust Fund.

Your Commitment

• A Child Trust Fund account can only be opened by using the voucher provided by the Government.
• If you wish to make them, minimum additional contributions are £10.
• The maximum additional investment into the account is up to the value of £1,200 (from the child's birthday in one year, to the day before the child's birthday the next year).
• The Government has said that the money will be locked into the account until the child reaches 18. Only then, will he or she be able to withdraw the money.
• Any contributions made to the Child Trust Fund cannot be returned to the donor.

Risk Factors

• The value of the Child Trust Fund account can go down as well as up. The child may not get back the value of the original investment.
• What the child gets backfrom the investment is not guaranteed. It will depend on investment performance and the charges applied to the account.
• The tax advantages of the Child Trust Fund account may change or be withdrawn.
• For fund risk factors, please read the section in this document entitled 'Other important fund information'.
• Please note that you will not be receiving advice from Tesco Personal Finance about the Child Trust Fund, so you should make sure this product is suitable for your child's future needs.
• Inflation will reduce the buying power of the money in the fund.
• Full details of all the risks mentioned in the Key Features document can be found in the Prospectus. For a copy please see the section titled 'How to contact us'.

Why choose the Tesco Child Trust Fund Stakeholder account?

Tesco Personal Finance have teamed up with Morley Fund Management, who are one of the UK's largest Fund Managers, to provide a Child Trust Fund Stakeholder account. Our Child Trust Fund meets the Government's criteria for the Stakeholder account which:

• has been designed to increase in value over the long-term by investing in stocks and shares or other assets;
• reduces the risks associated with stock market investments bymoving money in the account to lower risk investments from the child's 13th birthday;
• enables additional contributions from £10 per month to a total of £1,200 in any year;
• has an annual management charge of just 1.5% with no up front charges.
• please note, although the Tesco Child Trust Fund meets the Government's standards, it does not mean this account is suitable for you/the child, and is no guarantee of future performance.
• other Child Trust Fund providers may offer investment funds that provide a safer home for your Child Trust Fund investment.
• A typical investor in the Tesco Personal Finance Child Trust Fund would therefore be looking for an account that:
  • invests in shares
  • reduces risk by spreading the investment
  • charges a maximum of 1.5% a year.

What about tax?

• Any growth in the Child Trust Fund account will be free of any UKincome and capital gains tax.
• The levels and basis of, and tax reliefs from, taxation and legislation may change. Tax reliefs referred to are those currently available and their value depends on the circumstances of the individual whom the account is invested for.

Where are the payments invested?

• The money paid into the account goes into an investment company with variable capital (ICVC), called RBS Stakeholder Investment Fund ICVC, which is a collective investment scheme.
• The ICVC is managed by RBS Collective Investment Funds Ltd.
• The Government voucher will be invested no later than 5 business days following receipt.
• Following expiry of the 14 day cancellation period the account will be opened.
• Any additional payments in respect of the account can only be accepted after expiry of the 14 day cancellation period and will then be invested no later than the next business day following receipt.
• To calculate the price you pay for shares in the ICVC, we value the shares at 12 noon each business day.
• From time to time, money may be held that has not been invested in the ICVC. On these rare occasions, interest won't be paid.

What might the child get back?

The child will receive back the value of the account at the age of 18. The amount is not guaranteed. The amount your child gets back will be affected by:

• The amount invested in the account
• Investment performance
• Our charges (see the section titled 'What are the charges?' in this brochure).

What happens if the child dies?

• If the child becomes terminally ill, HM Revenue & Customs will allow withdrawals from the account. Any withdrawals which are in excess of the growth of the account may result in capital erosion.
• In the unfortunate circumstance that the child dies, the money in the account will be paid to the child's personal representatives. The value of the account will form part of the child's estate for inheritance tax.

Can I change my mind?

• You can change your decision to open a Tesco Personal Finance Child Trust Fund by writing to us within 14 days of us receiving the completed application form and voucher (see the section entitled 'How to contact us' in this leaflet for our address).
• If you do change your mind, you can use the voucher to open a Child Trust Fund account with another provider.

How will I know how the account is doing?

• We'll send you a statement each year, at least 30 days before the child's birthday, showing the contributions to the account and its current value.
• However, because of the type of account we offer, this value will change from day to day.
• The latest prices for RBS collective investments are published daily in the Financial Times and the DailyTelegraph.
• You can check the current value of the account by calling our help line on 0845 605 5515.

What are the charges?

• There is an annual charge of 1.5% of the value of the funds you accumulate. If your fund is valued at £250 throughout the year, this means we deduct £3.75 that year. If your fund is valued at £500 throughout the year, this means we deduct £7.50 that year.
• When the account is cashed in, stamp duty reserve tax (SDRT) may be payable on the value of the shares sold back to us. If so, it will be charged to the account. You won't be charged directly for SDRT.

Other important fund information

In addition to the general risk factors at the beginning of this Key Features document, the following illustrates the risk factors associated with the Tesco Personal Finance Child Trust Fund:

Equity investments

Funds that invest in equities can provide the potential for high returns over the medium to long-term, but such returns will be subject to greater rises and falls in the short-term than investing in lower risk assets.

Bonds (gilts)

When funds invest in bonds, the capital and income from a fund will rise and fall due to movements in interest rates.

Delay in withdrawals

On rare occasions dealing in the account may be suspended. If this happens it may delay withdrawals being taken.

Annual charge from capital

We take some or all of the annual management charge from capital. Because of this, the capital may be reduced over time if the account's growth doesn't compensate for it. Also, any capital growth the account produces will be reduced by the charge.

Dilution levy

In certain circumstances we may apply a dilution levy. Please see '15. Charges & Expenses' in the Terms and Conditions contained in this brochure for further details.

Asset Splits

Our Child Trust Fund meets the Government criteria for a Stakeholder account and invests in:

• UKEquities (typically 55%)
• UKFixed interest (gilts only, typically 43%)
• Cash (typically 2%)

What is the past performance of the account?

All performance figures are on a total return basis bid to bid. Past performance is not a guide to future performance. The value of the investment may go down as well as up and the value of the original investment may not be recovered at the end of the term.

Source: Lipper Hindsight

Management of the Fund

There are a number of features involved in the management of the Fund that you should be aware of:

• The Investment objective of the Company is to provide long term capital growth and income. The Company's investment policy is to invest in a mixed portfolio of transferable securities (UK equities and bonds), derivatives (for the purposes of efficient portfolio management), deposits and in units in collective investment schemes.
• The investment policies of these funds do not impose restrictions on the duration or ratings of the bonds in which the fund invests.
• The fund may enter into derivative transactions for the purposes of efficient portfolio management. Transactions can only be entered into to achieve either a reduction of risk, a reduction of cost, or the generation of additional capital or income for the fund with no, or an acceptably low level of, risk.

Total Expense Ratio

• The Total Expense Ratio (TER) shows the annual operating expenses of the account, it does not include transaction expenses. All European Funds highlight the TER to help you compare the annual operating expenses of different schemes.
• As stated under 'What are the charges?', the TER for our Child Trust Fund is 1.5% of the account's value each year.

Portfolio Turnover Rate

The Portfolio Turnover Rate shows the level of dealing in underlying assets. This is in addition to the fees and expenses disclosed within the TER, the fund may incur other costs associated with trading in investments, including but not limited to broker's commissions, stock market levies, purchase and sales taxes. The levels and incidence of such transactions will depend on the particulars of any one transaction and the market it is placed on. Such costs are unavoidable consequences of dealing in investments and are not peculiar to these types of investment funds. The portfolio turnover rate is 20% as at 31st March 2007.

Investment into the RBS Stakeholder Investment Fund ICVC

The last line in the table shows that, over 18 years, the effect of the total charges and expenses could amount to £169. Putting it anotherway, if the growth rate were to be 6% each year, which is in no way guaranteed, this would have the effect of reducing it to 4.4% a year over 10 years.

How to contact us

You can contact us bywriting to us at:

The Tesco Personal Finance Child Trust Fund
Mellon House
Ingrave Road
Brentwood
Essex
CM15 8TG

By phoning us on: 0845 605 5515.
Lines are open Monday to Friday 8.30am-5.30pm.

Text Direct users can contact us on 18001 0845 605 5515.

Calls may be recorded and monitored.

Max call charge from a BT landline is 6p plus up to 2p per minute.

Other information The Child Trust Fund provider is:
Tesco Personal Finance 24 St. Andrew Square Edinburgh EH2 1AF Interpoint Building 22 Haymarket Yards Edinburgh EH12 5BH

The Authorised Corporate Director (ACD) of the ICVC is:
RBS Collective Investment Funds Ltd
24-25 St Andrew Square Edinburgh
EH2 1AF

The Depositary for the ICVC is:
J. P. Morgan Trustee & Depository Company Ltd
125 London Wall
London
EC2Y 5AJ

The Auditor for the ICVC is:
Ernst & Young LLP
10 George Street
Edinburgh
EH2 2DZ

If you require a copy of the full Prospectus, which we provide free of charge, please write to:

RBS Collective Investment Funds Ltd PO Box 249 York YO90 1WZ

How to complain

If you wish to complain about any part of the service you receive, please write to:

Tesco Personal Finance Child Trust Fund
Mellon House
Ingrave Road
Brentwood
Essex
CM15 8TG

Or call us on 0845 605 5515. Lines are open Monday to Friday 8.30am-5.30pm. Calls may be recorded and monitored.

If you are still not satisfied with our response, you can complain to:
Investment Division
Financial Ombudsman Service
South Quay Plaza
183 Marsh Wall
London
E14 9SR

Or call them on 0845 080 1800.

This won't affect your legal rights.

The ICVC is authorised by the Financial Services Authority:

The Financial Services Authority
25 The North Colonnade
Canary Wharf
London
E14 5HS

Terms and Conditions

• These Key Features give a summary of The Tesco Personal Finance Child Trust Fund. They don't include all the definitions, exclusions, terms and conditions.
• The full terms and conditions are given on the following pages.

Law

The law and courts of England will apply in legal disputes.

Compensation

The Financial Services Compensation Scheme covers your fund. It'll cover you if Tesco Personal Finance becomes insolvent and is unable to meet its obligations under this fund.

You'll normally be covered for at least 90% of the value of the account at the time, up to a maximum of £48,000.

Terms and Conditions of the Account

1. Availability

This Account is only available to private customers aged 16 or over. A parent or guardian can open an Account in his or her name for the benefit of a young person under 16 years of age; the parent/guardian will be the Customer for this Agreement.

2. Your Information

Using and Sharing Your Information

Your account is with Tesco Personal Finance. In this section, the Group refers to The Royal Bank of Scotland Group of companies and Tesco refers to Tesco PLC and its subsidiaries.

For information about the Group, visit ww.rbs.com and click on 'About Us'. Alternatively call 0131 556 8555 or Textphone 0845 900 5960.

Your information includes any information we, Tesco or the Group hold now or in the future including details of any dealings with us, Tesco and the Group and information about your transactions.

If you contact us electronically, we may collect your electronic identifier, (e.g. Internet Protocol (IP), address or telephone number) supplied by your service provider.

We, Tesco and Group may use and share your information to help us and them:
assess financial and insurance risks; recover debt; develop customer relationships, services and systems; prevent and detect crime.

We may use and share your information with other members of the Group to help us and them; assess financial and insurance risks; recover debt; prevent and detect crime understand our customers' requirements; develop and test products and services.

From time to time we may change the way we use your information. Where we believe you may not reasonably expect such a change we shall write to you. If you do not object to the change within 60 days, you consent to that change.

If you would like a copy of the information Tesco Personal Finance holds about you, please write to us at the address provided in the next paragraph. A fee may be payable. We may transfer your information to other countries. If we do this we will ensure that anyone to whom we pass it provides an adequate level of protection.

Credit reference agencies

We may obtain information about you from credit reference agencies to verifyyour identity. The agencies will record our enquiries.

Our helpline can provide the names and addresses of the agencies we use if you would like a copy of the information they hold about you. The agencies may charge a fee.

If you need to write to us, our address is:
Tesco Personal Finance,
Freepost SCO 2024/11,
PO Box 10 40 10,
George House,
36 North Hanover Street,
Glasgow,
G1 2YF.

Fraud Prevention Agencies

If false or inaccurate information is provided and fraud identified or suspected, details may be passed to fraud prevention agencies.

Law enforcement agencies may access and use this information.

We and other organisations may also access and use this information to prevent fraud and money laundering, for example when; checking applications for, and managing credit or other facilities and recovering debt; checking insurance proposals and claims; checking details of job applicants and employees.

We, and other organisations that may access and use information recorded by fraud prevention agencies, may do so from other countries. If you would like details of the fraud prevention agencies we use please call our hotline or write to us at Tesco Personal Finance, Freepost, SCO 2024/11, PO Box 10 40 10, George House, 36 North hannover Street, Glasgow, G1 2YF

You appoint us to manage the Account in accordance with the Regulations. We may delegate any of our functions or responsibilities under this agreement provided we are satisfied that the person we delegate to is competent to carry them out.

We are authorised and regulated by the Financial Services Authority (FSA) in the conduct of investment business. The CTF Provider is approved by HM Revenue & Customs as a CTF Provider under the Regulations.

3. Definitions

The following words and expressions, when used in these Terms and Conditions, have the meanings set out opposite them:

Account means a Child Trust Fund provided by the CTF Provider and opened and subscribed to on behalf of the Account Holder in accordance with these Terms and Conditions.

Account Holder means the child named on the application form and voucher.

Account Number means the unique reference number for the Account provided to you by the Administrator.

ACD means RBS Collective Investment Funds Ltd, which is the Authorised Corporate Director of the Company.

Additional Subscription means any cleared additional payments made by Direct Debit, Cheque, Standing Order or Direct Credit into the Account after the Account has opened.

Administrator means Mellon European Fund Services Limited, which provides administration services to the CTF provider. The Administrator's offices are currently at Mellon House, Ingrave Road, Brentwood, Essex CM15 8TG.

Annual Subscription Limit means the maximum amount that can be paid into the Account each year determined by the Regulations and further detailed in the Key Features.

Associate means an associate of RBS Collective Investment Funds Ltd as defined in section 52 of the Companies Act 1989.

Business Day means any day on which we are open for business.

Cancellation Period means a period of 14 days following our receipt of your application at our Administrator's office.

Company means RBS Stakeholder Investment Fund ICVC, an Open Ended Investment Company (OEIC).

CTF and Child Trust Fund means a stakeholder child trust fund as referred to and described in the Regulations.

CTF Provider means Tesco Personal Finance Limited.

Key Features means the document describing the important characteristics of the Investment including the investment aims and associated risks.

OEIC Regulations means the Investment Company with Variable Capital Regulations 2001 as amended or re-enacted from time to time.

Registered Contact means the person with parental responsibility for the Account Holder to whom the Voucher has been issued.

Regulations means the Child Trust Fund Regulations 2004 as amended or re-enacted from time to time and any other applicable regulations and statutes.

Shares means shares in the Company held within the Account.

Statement means a statement of all transactions and holdings taken place in respect of the Account.

Voucher means a CTF voucher issued by HM Revenue & Customs to the Registered Contact made payable to the Tesco Personal Finance Account Holder.

Voucher Number means the unique reference number provided by HM Revenue & Customs in respect of the Account Holder and quoted on the Voucher.

we, us, our means the CTF Provider.

you and your means the Registered Contact.

4. Introduction

1. You should read these Terms and Conditions along with the other information contained in our literature including the Key Features and the application form, which together makes up the agreement between you and us in respect of the Account.
2. You appoint us to manage the Account in accordance with the Regulations. We may delegate any of our functions or responsibilities under this agreement provided we are satisfied that the person we delegate to is competent to carry them out.
3. We are authorised and regulated by the Financial Services Authority (FSA) in the conduct of investment business. The CTF Provider is approved by HM Revenue & Customs as a CTF Provider under the Regulations.

5. Your Application

1. We will open the Account only when we have received a Voucher and a correctly completed application form and the Cancellation Period has expired. We reserve the right to reject an application where all our requirements or the requirements of the Regulations have not been met. OnlyVouchers received at our Administrator's office on or before the expiry date of the Voucher can be accepted.
2. If we cannot accept your application and/or Voucher they will be returned to you with an explanation.
3. Once we have accepted your application we will invest the amount stated on the Voucher no later than 5 Business Days following the expiry of the Cancellation Period and when we are in receipt of monies in respect of the Voucher from HM Revenue & Customs.
4. You will then receive written confirmation detailing the purchase of Shares.

6. Additional Subscriptions

1. Additional Subscriptions can be made into the Account providing the Annual Subscription Limit is not exceeded. The minimum Additional Subscription amount is £10.
2. Additional Subscriptions made by cheque, standing order or direct credit will only be accepted if the Voucher Number or the Account Number is quoted in the payee reference of the payment or on any correspondence attached to the payment.
3. Payments by credit card, debit card or in cash are not accepted.
4. If we cannot accept any Additional Subscriptions because all our requirements or the requirements of the Regulations have not been met, they will be returned to the payee and an explanation of the rejection will be sent to you.
5. If the Account has already been opened then the Additional Subscription will be invested no later than the next Business Day following the receipt of the Additional Subscription by us.
6. You will receive confirmation of the Shares purchased in respect of Additional Subscriptions made by cheque, direct credit, and standing order. For direct debit payments a confirmation will only be issued for the first direct debit payment made, but all payments will be detailed in the Statement sent to you each year.
7. If any Additional Subscription results in the Annual Subscription Limit being exceeded then the full amount of the Additional Subscription will be rejected and returned to you.

7. Valuation points

1. We calculate the value and price of the Shares at 12 noon on every Business Day in accordance with the OEIC Regulationsand the Company's instrument ofincorporation.
2. We will buy Shares for your Account at the price calculated by the ACD (in accordance with 5(a) above) on the dayof the purchase of the Shares.

8. Cash Held

1. Interest will not be paid on any money held by us on your behalf that is not invested in Shares at any time.
2. We reserve the right not to treat any cash balances due to you as client money if they remain unclaimed for a period over 6 years although we will continue to accept and process any valid claims against such money during and after this period.

9. Management of Accounts

1. Accounts may be managed in common with other investments of other Child Trust Fund accounts managed by us and may be aggregated for the purposes of buying and selling Shares.
2. We maymove the Shares or the value of the Shares into less volatile asset classes when the Account Holder attains the age of 13 (or such other age provided for in the Regulations).

10. Transfers

1. You may transfer to us a Child Trust Fund account that is managed by any Child Trust Fund provider, provided the value to be transferred is at least £10. Transfers will only be accepted in the form of payments by cheque from a previous CTF Provider. Once the Child Trust Fund account has been transferred you will be subject to these Terms and Conditions.
2. Any distributions (including tax reclaims) received from a previous Child Trust Fund provider after the transfer to us will be accepted and reinvested in the Account.
3. You may transfer all of the Account to another Child Trust Fund provider who is prepared to accept the transfer. You must provide us with written notice of your wish to transfer the Account. Only the cash value of the Account can be transferred. The new Child Trust Fund provider will have to provide us with your written authority for the transfer before it can take place. We do not make any charge for the transfer. The Account will be transferred to another Child Trust Fund provider on your instructions and within the time stipulated in the Regulations which is currently 30 days.
4. It is not possible to transfer part of the Account.

11. Death

1. The Account will cease to qualify for tax exemption under the Regulations from the date of the Account Holder's death.
2. On the death of the Account Holder legal title in the Shares within the Account will be held by the Account Holder's personal representatives. We will sell the Shares in the Account by the end of the next Business Day following receipt by us of the evidence we require to make payment. The proceeds of any sale will be paid by cheque and this will be posted to the Account Holder's personal representatives within 5 Business Days of the sale. These Terms and Conditions are binding on the Account Holder's personal representatives.

12. Withdrawal

1. It is only possible to make withdrawals from the Account if the Account Holder is terminally ill. You will need to make a claim to HM Revenue & Customs CTF Office and wait for HM Revenue & Customs to inform you and us of their acceptance of this claim before you can make such withdrawals. If HM Revenue & Customs CTF Office accept your claim, you may withdraw some or all of the Account by providing us with written instructions to withdraw. If you are not withdrawing the full amount of the Account, the remaining value of the Account after the withdrawal must be at least £10.
2. We will normally sell the Shares in respect of the Account no later than the next Business Day following receipt of your request to make a withdrawal. The selling price will normally be the one calculated at the next valuation point following our receipt of your instructions at our Administrator's office.
3. Payment of your withdrawal will be made to your chosen UKBank or Building Society account by direct credit or by cheque payable to you, and this will be posted to you within 5 Business Days of the sale of the Shares.

13. Termination

1. The Account will cease to be a Child Trust Fund from the date of the Account Holder's 18th birthday at which time the legal title to the Shares in the Account will be held by the Account Holder absolutely.
2. We reserve the right to terminate your investment by giving 30 days written notice. We are obliged to terminate your investment immediately having given notice if we are of the opinion that it is impossible to administer it in accordance with the Regulations.
3. In the event that we intend to stop acting as a CTF Provider, the investment will be terminated following the giving of 90 days' notice to you. You may then transfer the Account to another Child Trust Fund provider.
4. When your Account is terminated, the Shares in it will be sold. Afterwe have started selling your Shares we will not accept any further instructions from you concerning the Account. The Account will be terminated without prejudice to any transactions already initiated.
5. The Account will be managed in accordance with the Regulations. We will inform you if, by reason of any failure to satisfy the provisions of the Regulations, the Account becomes void under the Regulations, and we may deduct our unpaid charges and any tax liabilities from the Account.

14. Cancellation

You have the right to change your mind and withdraw the application within 14 days after we receive your application at our Administrator's office. If you exercise your right to cancel, the Voucher will be returned to you and any Additional Subscriptions will be repaid.

15. Charges and Expenses

1. The annual management charge is currently 1.5%.
2. When the Company receives investment monies or when investments are withdrawn, we may impose a dilution levy in circumstances where remaining investors might otherwise be adversely affected. Further details of our policy are contained in the prospectus of the Company.
3. We are entitled to charge for our services at the rates and on the terms set out in the Key Features. We reserve the right to increase our charges up to the maximum limits set out in the Company's prospectus by giving 90 days' written notice, and to decrease our charges, either temporarily or permanently, without giving notice.
4. We reserve the right to pay commission to authorised intermediaries including Associates. Such commission will be disclosed in the confirmations of investments supplied to you. This commission is paid out of our charges.

16. Income Accumulation and Tax Reclaims

Any income arising in respect of the Shares held within the Account will automatically accumulate within the fund and is reflected in the price of each Share. Any tax reclaims which are received from HM Revenue & Customs in respect of holdings of accumulation Shares will be reinvested to buy additional Shares. Tax reclaims will be reinvested once we have received monies from HM Revenue & Customs.

17. Taxation of the Individual

Child Trust Fund accounts are not currently subject to personal taxes. All income and capital growth produced by the Account is free of any UK Income and Capital Gains Tax. Neither income nor capital gains need to be declared on your tax return. Although Child Trust Funds are tax-efficient investments for individuals, the underlying funds may have already paid such taxes as income tax, corporation tax or withholding tax where applicable.

18. Ownership/Documentation

1. All Shares held in the Account will be registered in our name or that of our nominee. The Shares held within the Account are beneficially owned by the Account Holder. You are not entitled to sell or dispose of, or transfer any interest in the investments within the Account or use them as security or create any legal charge over them.
2. As Shares held in all accounts will be registered collectively in the same name, the Shares in respect of the Account may not be identifiable by separate certificates or other physical documents of title, and in the event of our default, any shortfall in customer investments may be shared pro rata amongst all customers. Any certificates or other documents of title will not be lent to third parties or used as security for borrowing. They will be held by us or as we direct.
3. We will send you a valuation of the Account each year based on the price calculated by us in accordance with the OEIC Regulations, together with a Statement which will show details of all transactions and holdings since the previous Statement. The Statement will be issued annually at least 30 days prior to the Account Holder's birthday.

19. Company Information and Voting Rights

1. Copies of the Company's annual and half yearly Managers' Reports and Prospectus and any other information issued to Shareholders are available on request and an additional charge may be made for these.
2. If you wish to attend or vote at general meetings of the Company then you should write to us. If you do not exercise your right to vote we may, at our absolute discretion, exercise the voting rights in respect of the Shares in the Account. This paragraph is our voting instruction for the purpose of the Regulations.

20. Potential Conflict of Interest

We are not prevented from providing services under these Terms and Conditions because of any conflict of interest or duties which may rise as a result of us having a material interest in any transaction or any Associate having a material interest.

21. HM Revenue & Customs

The Account complies with HM Revenue & Customs requirements and the Regulations. You authorise us to provide HM Revenue & Customs with relevant information about the Account.

22. Amendment/Transfer

1. We may vary these Terms and Conditions at any time without notice to you where such variation is required by the Board of Inland Revenue or by reason of any amendment to the Regulations or the OEIC Regulations and in any other case we may vary the terms of these Terms and Conditions by giving you 30 days' written notice. The revised Terms and Conditions will not come into effect until expiry of such notice.
2. You agree that we may transfer (subject to any necessary regulatory approval) our rights and obligations under this contract to another company providing we give you not less than 30 days' notice.

23. Liabilities

The value of the Account can go down as well as up and this investment risk is yours. However, we are responsible for any loss incurred as a result of our fraud or wilful neglect.

24. Notices or Requests

1. We will send any notices or other correspondence to the address you have given us in the application form, or to a new permanent residential address provided you have notified us in writing of the change.
2. You should send any notices, instructions, or requests for further information, to us at: Tesco Personal Finance Child Trust Fund, Mellon House, Ingrave Road, Brentwood, Essex CM15 8TG. Telephone 0845 605 5515.
3. Should you telephone us then your call may be monitored/recorded for training purposes.

25. Third Party Rights

Nothing in these Terms and Conditions of this agreement confers or purports to confer on any third party any benefit or any right to enforce any term of these Terms and Conditions.

26. Law and Jurisdiction

1. If these Terms and Conditions conflict with the Regulations then the Regulations will take priority.
2. This document is based on our current understanding of English Law and HM Revenue & Customs practice, both of which may change in the future.
3. These Terms and Conditions will be governed and construed in accordance with English Law.
4. We will notify you if your investment has become, or will become, void as a result of a failure to comply with the Regulations and is therefore terminated.

Tesco Personal Finance plc. Registered in Scotland No. 173199. Registered office: Interpoint Building, 22 Haymarket Yards, Edinburgh EH12 5BH. Financial Services Authority No. 186022. Authorised and regulated by the Financial Services Authority. Stationery code CTF.KF01