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Galaxy Protected Commodities Plan 4

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					Galaxy Protected Commodities Plan 4
Contents                                               page

Galaxy Protected Commodities Plan 4 – a quick review     2
How does the Plan work?                                  3
The Commodities Portfolio                                3
Why would I want to invest in commodities?               4
How is my Investment Return calculated?                  6
How is the Capital Return calculated?                    6
How is the plan taxed?                                   7
What are the charges?                                    7
Why Meteor?                                              8
Other questions I need to know the answers to            9
What should I consider before investing?                11
Time Line                                               11
How can I invest?                                       12
Additional Information                                  13
Is this product right for me?                           16
Checklist                                               17
How do I invest?                                        18
Some technical terms explained                          19
Terms and Conditions                                    20
Galaxy Protected Commodities Plan 4 –
a quick review
There is little doubt that, as the result of developments that have taken place during
the last 50 years, the world has become ever smaller and the pace of change ever
more rapid. Driven by an expanding global population and increased wealth, the basic
economic fundamentals of supply and demand mean that the need for raw materials
(commodities) will become even greater – as these are finite in amount.

As a result, many market commentators believe we are in the early stages of a period
of sustained growth in both the price of commodities and the attraction of these as
an asset class. It is with this in mind that we are launching the Galaxy Protected
Commodities Plan 4 with the aim of providing investors with the opportunity of
participating in the potential growth in this market.

We appreciate that investors have a varying appetite for risk and returns and
accordingly we are offering two options of the Plan, thereby enabling you to match
your risk and rewards. The Capital Protected Growth Option provides for a minimum
return, at maturity, of 100% of the capital invested, whilst the Protected Super Growth
Option offers a minimum return, at maturity, of 90% of the capital invested to give the
opportunity for greater returns. A brief summary of the two options is as follows:


Capital Protected Option
• A five-year investment
• 100% capital security at maturity
• 125% of any growth in a basket of commodities


Protected Super Growth Option
• A five-year investment
• 90% capital security at maturity
• 160% of any growth in a basket of commodities




                                                              Key Dates
                                                              Offer period – 10th December 2007
                                                              to 8th February 2008
                                                              (ISA/PEP transfers 1st February 2008)
                                                              Start Date – 15th February 2008
                                                              Final Level – 15th February 2013
                                                              Maturity Date – 1st March 2013




                                               2                Meteor Galaxy Protected Commodities Plan 4
          How does the Plan work?
          When you invest in the Plan, we will use your money to acquire, on your behalf, financial instruments
          (‘Securities) which are designed to have the characteristics required to achieve the investment
          objectives of the Plan. The Securities will be issued by a major financial institution, with a current credit
          rating of at least A by Standard & Poor’s, or equivalent credit rating agency. The Plan is designed to
          provide a return based on a basket of eight commodities as set out below (see chart).



                                                      Zinc              Brent Crude




                                         Wheat                                         Copper




                                       Soybeans                                    Corn




                                              Kansas Wheat               Heating Oil



          The Plan is designed to provide diversification through investing in a broad portfolio of commodities.
          At the same time, it also offers a significant uplift over investing directly, as well as offering protection
          at maturity to the original capital invested. To measure the returns we will, at the end of the five years,
          compare the Closing Levels of the constituents of the portfolio (the final levels) with their Opening Levels
          and apply the relevant uplift, depending on whether you have elected to invest in the Capital Protected or
          Protected Super Growth Option.


          The Commodities Portfolio
          The commodities utilised within the portfolio are all base (raw materials) commodities, which should
          benefit from previous under-investment in infrastructure in certain parts of the world, particularly in the
          emerging markets. Details of the individual commodities and the method of measurement are set out
          below:
          • Brent: Official Closing Price per barrel of            • Kansas Wheat: Official Closing Price per bushel
            Brent blend crude oil on the Exchange of the              of Kansas Wheat on the Kansas Exchange of the
            futures contract for delivery in respect of               futures contract for delivery in respect of the first
            the first nearby month                                    nearby month
          • Copper: Official London Metal Exchange                 • Soybeans: Official Closing Price per bushel
            Closing Cash Price per metric tonne                       of Soybeans on the Chicago Exchange of the
          • Corn: Official Closing Price per bushel of Corn          futures contract for delivery in respect of the first
            on the Chicago Exchange of the futures contract           nearby month
            for delivery in respect of the first nearby month       • Wheat: Official Closing Price per bushel of Wheat
          • Heating Oil: Official Closing Price per barrel           on the Chicago Exchange of the futures contract
            of Heating Oil on the Nymex exchange of the               for delivery in respect of the first nearby month
            futures contract for delivery in respect of the         • Zinc: Official London Metal Exchange Closing
            first nearby month                                        Cash Price per metric tonne of Special High
                                                                      Grade Zinc.




Meteor Galaxy Protected Commodities Plan 4                    3
Why would I want to invest in commodities?
In addition to the more obvious factors that                                         prices positive. In addition, historical data
should continue to drive up the price of                                             suggests that market cycles in commodities tend to
commodities, such as supply and demand,                                              be long, often lasting many decades. In light of this
historical data suggests that unlike most other                                      and the fact that market commentators believe
asset classes, commodities are probably one of                                       the current bull run started in 1999, it is believed
the best methods of diversifying an equity or                                        that the market has many years of positive
fixed-income portfolio.                                                              performance ahead.

By way of example, data shows that monthly                                           Market research indicates that despite strong
energy-index returns usually move in the opposite                                    economic growth in China and India, the
direction from traditional asset classes. This                                       penetration of durable goods is still very low
information is, to a large extent, one of the                                        in comparison to more developed economies.
main reasons why many multi- asset portfolio                                         Likewise consumption per head of metals, oils and
managers have, over recent years, made a                                             soft commodities is likely to catch up significantly
strategic allocation into commodities and                                            with the Overseas Economic Cooperation and
continue to do so.                                                                   Development (OECD) countries. In the view of
                                                                                     leading commentators, domestic demand driven
As the world’s major emerging markets, such as                                       by growth in BRIC economies is likely to fuel the
Brazil, Russia, India and China (known as the BRIC                                   global demand for transportation, housing and
economies), expand through huge infrastructure                                       infrastructure projects and thus the demand
projects and growing consumption, so does their                                      for the commodities to supply this growth. This
use of various commodities. It is estimated that                                     transition from export-led to domestic-demand-led
within 30 years there will be more cars on the                                       growth strongly underpins the long-term case for
roads of India and China than the rest of the                                        commodities.
world put together. Combine this with the fact
that China is already the world’s largest importer                                   As well as a growth in infrastructure, there is still
of copper and that Chinese consumption of oil                                        the very real potential of continued growth in the
per head is still only about half that of Brazil (see                                world’s population. In 2005 Asia accounted for
chart below) and not even 10% that of the US,                                        over 60% of the world population with almost
and it starts to become apparent how demand is                                       3.8 billion people, with China and India alone
likely to increase.                                                                  comprising of 20% and 16% respectively. Africa
                                                                                     followed with 840 million people, giving it 12%
Whilst these comments portray a picture of                                           of the world population whilst Europe houses
rapidly expanding use of resources, it should                                        710 million people (11%) and South America
always be acknowledged that a world recession                                        371 million (5.3%). North America, currently the
could bring about lower prices. However, it is                                       world’s biggest user of commodities, is home to
equally true that the developing nations could                                       514 million (8%).The remainder of the population
well compensate for a slowdown in economic                                           lives in Oceania, which amounts to roughly 60
activity in the developed world and thus keep                                        million (9%).


                                                                 Estimated oil consumption (2004)
                                           30
                                                                                                                                  Source: Meteor Research Department
            Barrels per capita per annum




                                           25

                                           20

                                           15

                                           10

                                           5

                                           0
                                                United   Japan   Germany United European   Russia   Brazil   China   India
                                                States                  Kingdom Union


                                                                              4                     Meteor Galaxy Protected Commodities Plan 4
          In summary, all commodity prices are now under pressure as developing nations, in addition to
          increased use of hard commodities such as oil are now increasing their use of soft commodities where
          prices have risen considerably and are expected to continue to rise. These rises are affecting prices at
          the supermarket. The prices of corn, wheat and soybeans, which are used in varying degrees in animal
          foodstuffs, have translated into big rises in the cost of meat, poultry, eggs and dairy products.

          In addition, the very significant move by developed nations to use corn and soybeans to produce
          ethanol and bio diesel fuels has contributed in the price rises of these commodities. As a result of
          farmers moving acreage to these commodities the production of wheat is being curtailed. This, coupled
          with drought conditions in Australia, is leading to higher prices for bread and related products; the price
          of a loaf has risen in 15 years from 50p to £1.20 and much of the rise has occurred in the past 5 years.


                                                                              Historic Performance of commodities in the Portfolio
             £4.50                                                                                                                                                                                                                                                               £4.50
                                          Galaxy Protected Commodities Plan 4 (Protected Super Growth)
             £4.00                                                                                                                                                                                                                                                               £4.00
                                          Galaxy Protected Commodities Plan 4 (Capital Protected)

             £3.50                                                                                                                                                                                                                                                               £3.50

             £3.00                                                                                                                                                                                                                                                               £3.00

             £2.50                                                                                                                                                                                                                                                               £2.50

             £2.00                                                                                                                                                                                                                                                               £2.00

             £1.50                                                                                                                                                                                                                                                               £1.50

             £1.00                                                                                                                                                                                                                                                               £1.00

             £0.50                                                                                                                                                                                                                                                               £0.50

             £0.00                                                                                                                                                                                                                                                               £0.00
                              Jul-94


                                                Jul-95


                                                                  Jul-96


                                                                                    Jul-97


                                                                                                      Jul-98


                                                                                                                        Jul-99


                                                                                                                                          Jul-00


                                                                                                                                                            Jul-01


                                                                                                                                                                              Jul-02


                                                                                                                                                                                                Jul-03


                                                                                                                                                                                                                  Jul-04


                                                                                                                                                                                                                                    Jul-05


                                                                                                                                                                                                                                                      Jul-06


                                                                                                                                                                                                                                                                        Jul-07
                     Jan-94


                                       Jan-95


                                                         Jan-96


                                                                           Jan-97


                                                                                             Jan-98


                                                                                                               Jan-99


                                                                                                                                 Jan-00


                                                                                                                                                   Jan-01


                                                                                                                                                                     Jan-02


                                                                                                                                                                                       Jan-03


                                                                                                                                                                                                         Jan-04


                                                                                                                                                                                                                           Jan-05


                                                                                                                                                                                                                                             Jan-06


                                                                                                                                                                                                                                                               Jan-07




                                                                                                               5-year periods ending on date shown



          The chart above is based on the historic performance of the constituents of the Portfolio and shows
          how it would have performed had it been in existence for all 5-year periods maturing from January
          1994.

          You must remember that past performance should not be used as an indicator of the future, as the
          results shown might have been achieved during investment conditions that might not be repeated. As
          the tables show, the values of these commodities do fall, as well as rise.

          Source for all data: Meteor Research




Meteor Galaxy Protected Commodities Plan 4                                                                                                5
How is my Investment Return calculated?
The Investment Return under this Plan is linked to the performance of a portfolio of eight commodities,
as laid out in the section ‘The Commodities Portfolio’ (see page 3). The growth in the value of the
Portfolio will be measured by comparing the Closing Value of each commodity to its Opening Value,
thereby determining the gain, if any, on each individual commodity. The Portfolio gain will be the sum
of the average of the gains on each individual commodity.

Having calculated the return on the Portfolio, if the result is positive, we will then uplift the return by a
further 25% or 60% depending on whether you have selected the Capital Protected or Protected Super
Growth version of the Plan, giving a total return of either 125% or 160% of any growth in the Portfolio.

The Opening Value of each commodity will be the price at close of trading on 15th February 2008,
or nearest monthly close where appropriate. The Final Value of each commodity will be the closing price
on 15th February 2013 or nearest monthly close where appropriate.

The table below shows examples of overall returns (capital plus growth).


 Investment Performance             Capital Protected Version –             Protected Super Growth
             of Basket                 125% of any growth                Version – 160% of any growth
   £10,000          +90%                       £21,250                                £24,400
   £10,000          +50%                       £16,250                                £18,000
   £10,000          +30%                       £13,750                                £14,800
   £10,000          +15%                       £11,875                                £12,400
   £10,000            0%                       £10,000                                £10,000
   £10,000            -5%                      £10,000                                 £9,500
   £10,000           -25%                      £10,000                                 £9,000
   £10,000           -50%                      £10,000                                 £9,000


How is the Capital Return calculated?
The calculation of the Capital Return at maturity        If the average price of the Portfolio is lower, your
will depend on the option of the Plan you have           capital will be reduced by 1% for each 1% the
chosen, as described below.                              Final Level is lower than the Opening Level, up to a
                                                         maximum reduction of 10%. This means that
Capital Protected Option. You will receive               even if the average prices were to fall dramatically
100% of your original investment. The capital            your minimum Capital Return will still be 90%.
return is not dependent on the movement in
the prices of the Commodities Portfolio.                 Your Capital Return will be paid in addition to
                                                         any investment return on your Plan. In common
Protected Super Growth Option. You will                  with any similar investment the security of your
receive 100% of your original investment as              Plan depends on the security of the Securities
long as the Final Level of the Portfolio is the          issuer. We consider it unlikely that such an
same as, or higher than, the Opening Level of            institution will not meet their obligations.
the Portfolio, i.e., the average price of the            However, if they were unable to do so, you may
Portfolio has not fallen.                                not get back all of your investment.




                                                  6                Meteor Galaxy Protected Commodities Plan 4
          How is the Plan taxed?
          Should you select to invest via a pension fund, it is our understanding
          that the returns will, under current legislation, be free of all tax.

          Should you invest directly it is our understanding that the returns
          will, under current legislation, be subject to Capital Gains Tax (CGT).
          All UK residents have an annual CGT exemption which, for the tax
          year 2007/08, is £9,200. This means that total gains in the tax year in
          which the Plan matures will be added to any other gains for that year
          and provided the total of these is below the exemption level in the
          year of maturity, will be free of CGT. Any gain over this amount will be
          liable for tax.

          Please note that the information contained in this brochure is based
          on our understanding of rates of tax, current legislation, regulations
          and practice, which are likely to change in the future.


          What are the Charges?
          We will buy the Plan Investments at an agreed price that covers all
          of the establishment and administration costs, the fees and expenses
          payable to ourselves and each of the financial institutions involved in
          the provision of the Securities and also the cost of any commission we
          pay to authorised Financial Advisers. The total charges will be up to a
          maximum of 7%. Further information is available on request.




Meteor Galaxy Protected Commodities Plan 4                7
Why Meteor?
Meteor was established with the aim of providing investors, be they
individuals or institutions, and their advisers with financial solutions
designed to meet their specific needs. This can be achieved either
via our standard range of products or bespoke arrangements. Whilst
the make-up of these solutions is not always straightforward, we
aim to make our product terms and literature as clear and easy to
understand as possible. We work closely with many leading financial
institutions around the world, with the objective of bringing our
investors the most competitive and effective terms available. Whilst
we strive to offer value for money and effective investment solutions
we are also aware of the need to provide a friendly and efficient
service.




                                                 8                  Meteor Galaxy Protected Commodities Plan 4
          Other questions I need to know the answers to
          We hope that the preceding pages have helped you to understand what the Plan is and how it works. We
          have set out below answers to some questions you may have in mind. Please read this section carefully,
          along with additional information and the Terms and Conditions that follow. The Terms and Conditions
          explain the terms on which we will administer the Plan.


          What is my commitment?
          To keep your money invested for the five-year term of the Plan.


          What are the Risks involved with investing?
          • The investment return you receive will depend on the movement in the prices of the eight commodities
            described on page 3 and it is possible that you might not receive any investment return at all.
            Please see the ‘How is my Investment Return calculated?’ section and table on page 6.
          • Commodity prices could be volatile and could be affected by changes in interest rates, as well as
            international economic and political developments during the investment term.
          • The Protected Super Growth Option of the Plan 4 is suitable only if you can afford to accept an element
            of risk to your capital. The capital return would be reduced by 1% for each 1% of the average price by
            which the commodities have fallen, to a minimum of 90% of the amount you have invested. Please see
            the ‘How is the Capital Return calculated?’ section on page 6.
          • If your circumstances change and you need to withdraw your investment early we will have to sell your
            Securities back to the Issuer and the value will depend on the price they are prepared to pay. You will
            also have to pay an administration charge.
          • The underlying Securities you purchase will be issued by a major financial institution, which has a current
            credit rating from Standard and Poor’s or a similar rating agency, of at least A, which denotes high
            financial strength. It is unlikely that such an institution would not be able to meet its obligations but you
            must be aware that if it were unable to do so you could lose some or all of
            your investment.
          • If you tell us that you want to cancel your investment after we have bought the Securities you will only
            get back the value of the Securities when we sell them, which is likely to be less than your original
            investment.
          • The values of any tax reliefs will depend on your individual circumstances. You should note that the
            levels and bases of taxation could change in the future.


          How is my money invested?
          Your investment will be used to buy Securities that are designed to provide the capital and investment
          returns explained in the brochure. The terms of the Securities are fixed at outset so there is no ongoing
          investment management. This means that even if commodity prices fell dramatically during the investment
          term, we would not be able to sell the Securities back to the issuer without incurring heavy
          losses that would reflect the price falls, and an additional early encashment penalty.




Meteor Galaxy Protected Commodities Plan 4                 9
What happens to my money prior to the investment date?
Upon receipt of cleared funds, any money received during the offer period will be invested on deposit in
our client account and attract interest at the equivalent annual rate of 4% up until the purchase date of
15th February 2008, at which time the funds will be used to buy additional Securities on your behalf.


How much will any advice cost?
If you receive advice from an Independent Financial Adviser he or she will tell you how much the advice
will cost. Even if you do not receive any advice, we may pay commission to the Independent Financial
Adviser who introduces the business to us. The payment of commission will not affect the returns detailed
in the brochure.


How will you keep me informed?
We will write to you to acknowledge your application within five working days. With the letter we will
send you a summary of your investment and a notice of cancellation.

Shortly after purchase we will send you details of the Securities you have bought. We will send you an
annual statement showing the position on the anniversary of your Plan. You can, however, check the
current indicative price of the Securities at any time by looking at our website www.meteoram.com.


Can I change my mind about investing?
Yes, you can. When we acknowledge your application, we will send you a ‘Notice of Your Right to Change
your Mind’. You have 14 days from the day you receive this to send it back to us. If we receive this after
we have bought the Note for your investment, you may get back less than you invested.


What happens to the Plan if I die?
If you die during the term of the Plan, we will deal with your investment, as instructed by your personal
representatives. We will provide a value as at the date of death and will explain the options available,
which will include re-registering the Note so that the investment can be held to maturity.


Should I see an Independent Financial Adviser?
We believe that it is important that you make sure that this investment is suitable for you. We do not
provide such financial advice or guidance on tax issues and recommend that you do talk to an authorised
Financial Adviser before making your mind up whether to apply.




                                               10                Meteor Galaxy Protected Commodities Plan 4
          What should I consider before investing?
          You need to understand the risks
          There is a risk to capital on the Protected Super Growth Option. If the Final Level of the basket of
          commodities is lower than the Opening Level, your capital will be reduced by 1% for each 1% fall,
          (in respect of the first 10% only). Even if the Final Level is more than 10% lower than the
          Opening Level, you would still receive 90% of the amount you invested.


          You need to be aware that access to your money will be restricted
          You should only invest in the Plan if, at outset, you believe that you will not need to access your capital
          for the five-year investment term. Should you need your money prior to the maturity date, this can be
          obtained but it is unlikely that you will receive back the full amount you originally invested.


          Whether you need an income
          As this Plan is designed for capital appreciation, it is not suitable if you need an income from your
          investment.


          The effect of inflation
          Inflation will reduce the real value of what you receive at the end of the term.


          Whether you have any other savings and investments
          As long as you are prepared to accept the investment risks, you should consider this Plan only as part
          of your Investment Portfolio. You should have savings that you can access immediately and without
          penalty to meet any emergency cash needs during the investment term.



          Time Line
                                                                                                               Maturity Date
                                  Strike Date - 15th February 2008                                             1st March 2013



          Offer Period                                                                                Final Level
          10th December 2007 to                                                                       15th February 2013
          8th February 2008




Meteor Galaxy Protected Commodities Plan 4                           11
How can I invest?
Investment is easy and is available through various forms, these being:


Direct Investment (Minimum £4,000, Maximum £2,000,000)
This Plan may be held directly either as an individual, jointly (in equal proportions), or
on behalf of a child under the age of 18.


Pension Funds (Minimum £4,000, Maximum £2,000,000)
The trustees, subject to the terms of your scheme, can hold this Plan as a permitted
investment within any type of pension arrangement, including a SIPP and SSAS.
(Applications are available from Meteor at www.meteoram.com)


Companies/Charities (Minimum £4,000, Maximum £2,000,000)
This Plan may be held by either a company or charity, subject to relevant articles of
association permitting such an investment. (Applications are available from Meteor at
www.meteoram.com)


Individual Savings Accounts (ISA)
An ISA is a tax-free savings account, which invests in stocks and shares or cash. There
are two different types available.

  • Maxi ISA (Minimum £4,000, Maximum £7,000 per tax year)
    This must include a stocks and shares component and may offer a cash
    component. The maximum investment is £7,000. Of this amount up to £3,000 can
    be in cash. You can only take out one Maxi ISA in each tax year and if you do so
    cannot take out a Mini ISA in the same tax year.
  • Mini ISA (£4,000 per tax year only)
    A Mini ISA invests in either stocks and shares or cash. You can invest in both in
    each tax year and you can take out each Mini ISA with a different provider. The
    maximum investment in cash is £3,000 and in stocks and shares is £4,000. If you
    take out a Mini ISA you cannot take out a Maxi ISA or another Mini ISA of the
    same type in the same tax year.


ISA & PEP Transfers (Minimum £4,000, No Maximum)
You can transfer an existing ISA or PEP investment into this Plan. You can only transfer
to investments of the same type and same component, e.g., you cannot transfer a
Maxi stocks and shares ISA into a Mini Cash ISA.

The Government has announced that with effect from 6 April 2008, the designations
‘maxi’ or ‘mini’ will cease to apply. Cash ISAs may be transferred into stocks and shares
ISAs (but not vice versa). The PEP and ISA regimes will be merged to allow investors to
manage their investments more efficently.




                                                 12                 Meteor Galaxy Protected Commodities Plan 4
          Additional Information
          We are keen, as is the Financial Services Authority (FSA), the watchdog set up by Parliament, that
          you fully understand the fact that this Plan places your capital at risk. As you may lose some or all
          of the money you invest, it is important that you understand and accept these risks and the possible
          consequences. If you don’t want to risk your capital, and are prepared to accept that you may get a
          lower rate of return, then you will need to look at less risky, capital-secure investments – for example, a
          savings account with a bank or building society.

          To try and help you fully understand how capital-at-risk products work in general, set out below is a
          summary produced for the FSA for you to review. Should you need any further information or help once
          you have studied this, then we would be more than happy to assist or please feel free to contact the FSA
          Consumer Helpline on 0845 606 1234 or at www.fsa.gov.uk/consumer


          What are capital-at-risk products?                     • investments linked to the performance of
                                                                   a stockmarket or some other factor such as
          These are usually share-based investments from
                                                                   a collection of shares. These are usually for a
          banking, insurance or investment management
                                                                   fixed number of years (the ‘term’) and can
          firms, and can offer attractive returns. Your
                                                                   be arranged to provide income or growth
          investment could do as well as planned, or maybe
                                                                   or a combination of both.
          better. But if it does not, you could lose some
          or all of the money you put in (your capital).         As an alternative, you could invest directly in:
          Capital-at-risk products usually invest in a variety
          of stockmarket investments such as shares or           • shares, and so benefit from any dividends paid;
          debt securities. Debt securities include corporate     • debt securities, for which you get fixed or
          bonds which are loans to organisations such as           variable interest.
          companies or the government. Products that put
          your capital at risk include:                          The value of direct holdings of shares and other
                                                                 securities can change sharply – down as well as
          • stockmarket based investments. These include         up.
            collective investment schemes (such as open-
            ended investment companies (OEICs) and unit          Depending on its particular terms and conditions,
            trusts) and investment trusts;                       the value of an investment product linked directly
          • investment bonds and funds that invest in debt       or indirectly to the stockmarket may have lesser,
            securities, such as corporate bond funds;            similar or greater risk.




Meteor Galaxy Protected Commodities Plan 4                13
How do different capital-at-risk products             An example of a structured income product is
usually work?                                         one that offers 6% income a year for five years,
                                                      but also states that if the FTSE100 Index falls
• Stockmarket-based investments
                                                      at the end of this period, the capital is reduced
  A wide range of stockmarket-based
                                                      by 2% for each 1% fall in the Index. So if, after
  investments are available. The performance of
                                                      five years, the Index fell by 25%, someone who
  the investments depends on the investment
                                                      invested £5,000 would still have received 6%
  strategy adopted and general stockmarket
                                                      income a year over the five years (a total of
  conditions. The value of stockmarket-based
                                                      £1,500) but the capital would have reduced to
  investments can alter sharply because they are
                                                      £2,500. So you would only get £4,000 from
  linked to the performance of the underlying
                                                      your original investment of £5,000.
  shares or bonds (i.e., what your money is
  actually invested in).
                                                      An example of a structured growth product is
                                                      one that offers 30% growth over five years, but
• Investment bonds and funds that invest              also states that if the FTSE100 Index falls by more
  in debt securities                                  than 20% at the end of this period, then your
  These vary widely and include distribution          capital is reduced by 1% for each 1% fall in the
  bonds, with-profits bonds, unit-linked bonds        Index. So if, after five years, the Index fell by 50%,
  and corporate bond funds. The money                 someone who invested £5,000 would still receive
  you invest is usually put directly into the         30% as growth (£1,500) but the capital would
  stockmarket (in London or overseas) or into         have reduced to £2,500. So you would only get
  fixed, or variable-interest funds.                  £4,000 from your original investment of £5,000.
                                                      What are the main risks involved with
• Investments linked to an Index                      capital-at-risk products?
  or other factor
                                                      • Your capital can fall below the amount you
  With some fixed-term products, repayment of
                                                        put in. This loss may significantly increase if
  the capital to the investor (in full or in part)
                                                        the product structure involves gearing (see
  is linked by a special pre-set formula to the
                                                        opposite); so falls in the Index to which the
  performance of an Index such as the FTSE100
                                                        investment is linked can result in an even
  or maybe a combination of Indices or some
                                                        greater reduction in the capital you invested.
  other factor – such as the performance of a
  collection of shares. We call them ‘structured      • The rate of return advertised might be achieved
  capital-at-risk products’. Some offer a specified     only after a set period – perhaps five years; you
  level of income over a fixed period; while others     may not know until that date how well your
  offer growth that depends on the performance          investment has performed.
  of an Index or other factor (see the examples       • The rate of return you get may depend
  below). These products, and the risks involved,       on specific conditions being met. Even
  can vary widely. For example, some may involve        professionals may not be able to judge
  ‘gearing’ (the use of borrowing that can              accurately how likely that will be.
  increase the amount you get back but will also      • If you take your money out early, you may get
  increase the risks). Others can provide some          less than you put in: for example, there may be
  element of capital protection.                        a penalty to be paid.




                                               14                 Meteor Galaxy Protected Commodities Plan 4
          Points to think about before investing               • How long will my money be tied up?
                                                                 With most investments you should expect to tie
          • What is the difference between a capital-
                                                                 up your money for some time. Some capital-
            at-risk product and a savings account?
                                                                 at-risk products offer returns if you leave your
            When you put your money in a bank or
                                                                 capital with them for a fixed number of years.
            building society savings account, its original
                                                                 Other investments can continue indefinitely.
            value doesn’t change and you also get interest.
            The return will be comparatively low, which
            reflects the fact that you haven’t risked your     • Can I cash in my investment?
            capital. With capital-at-risk products you may       Yes, you can usually cash in. But with some
            get higher returns, but you are putting your         products you have to pay a penalty (known
            capital at risk and may end up with less than        as a redemption penalty) if you cash them in
            you put in.                                          before the maturity date. As a rule, never tie up
                                                                 money you may need in the short or medium
                                                                 term.
          • How do I know which product to choose?
            Consider your financial needs carefully: how
            much – if anything – can you afford to lose?       • If the investment period is fixed, what
            And for how long can you afford to have              happens at the end of it?
            your money tied up? Do your homework:                At the end of a fixed period your investment
            shop around. Don’t just look at headline             will mature and you should get its maturity
            information, check the detail. Capital-at-risk       value. But the maturity value may be reduced
            products are not right for you if you can’t          by charges or a final adjustment if, for example,
            afford to lose money. But if you are willing to      it depends on the value of an index. Depending
            take risks to benefit from potentially higher        on the terms and conditions of the product,
            rewards, there are many products to look at.         you could end up losing some or all of your
                                                                 capital. Also, any income or growth you have
                                                                 received may be subject to tax.
          • What charges do I have to pay for these
            products?
            The charges vary and there may or may not          • Will I get the advertised rate of return?
            be any. If there are charges, make sure you          This depends on the terms and conditions
            understand how they affect the value of your         under which you have invested. Often the
            capital and income. Some funds deduct them           advertised rate merely illustrates what is
            from your initial investment. They may also take     possible, and is no more certain than that.
            charges yearly, usually as a percentage of the
            total value of your ongoing investment.




Meteor Galaxy Protected Commodities Plan 4               15
Is this product right for me?
This Plan is designed for those investors who want to benefit from the potential growth of the
commodities in the Portfolio and, in respect of the Protected Super Growth Option only, are prepared
to accept a degree of risk to their capital in return for the prospect of enhanced returns. Before
investing, however, it is important that you are comfortable with the Plan and the risks that exist in
return for the potential rewards.

You should also be aware that if you do not hold this Plan for the full term, you may not get back
the amount you invested. In addition, please note that as this investment is linked to commodity prices
it is different from depositing money in a building society or bank account. Access to your capital
during the investment term is restricted.

To help you decide if this Plan is right for you, below is a brief list of pros and cons which you
should consider before investing:

Yes, I wish to invest because:                        No, I don’t think I should invest because:
• I am willing to invest for a set period of time,     • I am not prepared to accept any risk of loss
  known as the investment term; (see page 2)             to my capital (only applicable to the Protected
• I am not likely to need access to my money             Super Growth Option); (see page 6)
  during the investment term; (see page 11)            • I may need access to my money before the
• I want the potential to benefit from any rise in       end of the investment term; (see page 11)
  commodity prices but do not want to invest           • I want an income from my investment
  directly in the commodity markets; (see page 6)      • I don’t want to lose the dividend income
• I know that the commodity prices can fall as           that I may get if I invested in shares or other
  well as rise and can be volatile; (see page 4/5)       similar investments
• I understand that although the assets will be        • I don’t want an investment where the returns
  provided by a major investment bank with a             are linked to commodity prices; (see page 3)
  current credit rating from Standard & Poor’s         • I don’t fully understand how the Plan works;
  of at least ‘A’ there is a chance that they may        (see page 3)
  default on the payments due and this means
                                                       • I don’t have any other savings or investments;
  that I may lose some, or all, of my investment,
                                                         (see page 11).
  known as the counterparty risk; (see page 6/9)
• I am prepared, and can afford to accept the
  investment risks; (see page 9)
• I have asked my Financial Adviser to answer
  any questions or queries I had.




                                                 16                 Meteor Galaxy Protected Commodities Plan 4
          Below is a checklist that may help you decide if this Plan is right for you
           ✓ Is it important to keep your capital intact?
           ✓ Remember that this investment is meant to be held for the long term and is not for savings
               you may need quickly.
           ✓ Remember that as this is a capital-at-risk product, it should usually only form part of your total
               portfolio of savings and investments; and the value of such investments (and the income or growth
               from them) may fall as well as rise.
           ✓   Take advice if you are unsure whether or not an investment is right for you.
           ✓   Remember it’s your money, and your decision as to what to do with it.
           ✓   Don’t invest unless you fully understand what you’re investing in.
           ✓   Don’t run a risk you can’t afford.




Meteor Galaxy Protected Commodities Plan 4               17
How do I invest?
You simply complete the appropriate application form. Before you do
this you should have read the brochure thoroughly and made sure
that you do understand the nature of the investment. The Suitability
Considerations on Page 16 will act as a helpful reminder of the
questions you should ask yourself.

Once you are happy that you wish to make the investment, fill in and
sign the application form. Please remember that if you are applying
for an ISA we will need your NI number.

Cheques should be for the full amount you want to invest and be
made payable to ‘Meteor Capital Holdings Limited Client Account’.
If you are sending in a building society, company or scheme cheque
please make sure that it has your name in brackets after this wording.
Your completed application form and cheque should be sent to your
Financial Adviser or directly to us at 68 Lombard Street, London
EC3V 9LJ.




                                               18               Meteor Galaxy Protected Commodities Plan 4
          Complaints
          In the event you should wish to complain at any time about this product, or the service you have
          received then you may do so as summarised in the following terms and conditions. We would,
          however, draw your attention to the fact that the value of investments can shift unpredictably, and can
          fall as well as rise and that such a fall is not usually a valid reason for complaint.


          Some technical terms explained

              Bond                           A form of debt issued by companies and governments to raise
                                             money. It is an agreement under which a sum is repaid to an
                                             investor after an agreed period of time.
              Capital                        The money you invest.
              Collective investment          A way of pooling small contributions from lots of people into
                                             a single investment fund.
              Corporate bond                 Issued by companies when they want to borrow money.
              (also known as fixed
              interest securities)

              Corporate bond funds           Funds that invest in a selection of individual company bonds.
              Debt securities                Another name for a bond (see definition of ‘bond’).
              Distribution bonds             A type of investment bond that provides a regular income.
              Gearing                        The use of borrowing potentially to increase the amount you get
                                             back, but which will also increase the risk.
              Gilts, gilt-edged stock        Bonds issued by the government to help fund its spending.
                                             Gilts are also known as government bonds.
              Investment bonds               Investment bonds are typically lump-sum investments with
                                             insurance companies that have a small amount of life assurance.
              Investment trust               A company quoted on the Stock Exchange, whose sole business
                                             is investing in stocks and shares.
              Open-ended investment          A type of collective investment scheme structured as a company
              company (OEIC)                 in which investors can buy and sell shares. The price of the shares is
                                             based on the value of the investments the company has invested in.
              Rate of return                 The change in the value of your investment taking into account
                                             both income and growth.
              Shares                         A stake or share in a company.
              (also known as equities)

              Unit-linked bond               A type of investment bond (see definition of ‘investment bond’).
              Unit trust                     A type of collective investment scheme set up under trust.
                                             Its portfolio of investments is unitised and investors take a stake
                                             in the fund by buying these units. The price of a unit is based on
                                             the value of the investments the trust has invested in.
              With-profits bond              A type of investment bond (see definition of ‘investment bond’).




Meteor Galaxy Protected Commodities Plan 4                 19
Terms & Conditions
These Terms and Conditions apply to the Galaxy Protected Commodities Plan 4 (“The Plan”).



1. Definitions                                                  e. If we have to cancel or void your ISA under the
                                                                   Regulations, You authorise us to hold your Securities
Application Form – The form that You must complete,
                                                                   outside the ISA as a Direct Investment. In this case
for an ISA, PEP, Direct Investment or an investment by a
                                                                   the Terms and Conditions will continue to apply to
pension fund, company or charity to be opened.
                                                                   your Plan as a Direct Investment. If we have to void
Business Day – any day other than a Saturday, Sunday,              your ISA because You are not eligible to hold it we
bank holiday or other UK public holiday.                           have the right to deduct any costs or expenses we
Direct Investment – any part of the Plan that is not an            have incurred.
ISA or a PEP.                                                   3. How we deal with Securities
ISA – a Mini or Maxi Individual Savings Account set             a. We will be responsible for buying and selling all
up in line with these Terms and Conditions and the                  securities and will carry out transactions on terms
Regulations.                                                        that are at least as favourable as those that we can
Issuer – any issuer of such securities, its affiliates and          set when dealing directly with the market maker.
Directors.                                                      b. We, or our associated companies, may choose and
PEP – a Personal Equity Plan set up in line with these              instruct brokers or dealers (including associated
Terms and Conditions and the Regulations.                           companies) to buy, sell and deal in Securities for your
Plan – ISA, PEP or Direct Investment, as described in the           Plan, or we may do so ourselves as licensed dealers
brochure and made up of securities (investments) and                or brokers.
cash that we handle on your behalf.                             c. We may keep all commissions or profits arising from
Regulations – HM Revenue and Customs Regulations                    those transactions. Your Plan will be debited as soon
for Individual Savings Accounts and/or Personal                     as we buy investments on your behalf. We do not
Equity Plans, as amended from time to time (the                     have to account for any interest earned pending
“Regulations”). If there are any differences between                settlements, i.e., interest we earn on cash we hold
the Regulations and these Terms and Conditions, the                 while we are waiting to pay for Securities we have
Regulations will apply.                                             bought or to pay You for Securities we have sold.
Securities – The underlying qualifying investments of           d. The amount(s) we invest in Securities to be held in
the Plan, arranged to provide the investments and                   your Plan will not exceed the amount of cash and
capital returns set out in the Plan brochure.                       investments placed by You under our control.
Subscription – the amount(s) You pay into your Plan.            e. We will be acting as your agent in arranging to buy,
                                                                    or sell, these Securities. We do not act as agent for
We, us, our – Meteor Capital Holdings Limited                       the Issuer.
(“Meteor”). Meteor is authorised and regulated by the
Financial Services Authority (FSA) and must follow its          f. We may combine your order with orders of other
rules as amended from time to time (“the Rules”). If                clients when processing them. If this results in us
there are any differences between the Rules and these               concluding a number of transactions at different
Terms and Conditions the Rules will apply.                          prices, all clients involved in the transactions will pay
                                                                    or receive the same average price. This could result
You, your – the Plan holder(s) named on the Application             in a less favourable price than if your transaction was
Form.                                                               carried out separately. We take all reasonable steps
2. Your Application                                                 to obtain the best possible result for our customers.
                                                                    We take into account many factors, such as price,
a. Except where otherwise agreed with You we shall treat
                                                                    costs, speed, likelihood of execution and settlement,
   You as a retail client, for the purposes of the FSA rules.
                                                                    size in addition to other consideration relevant to the
b. By signing the Declaration on the Application Form               execution of the order, e.g. market impact. However,
    You confirm that the information You have provided              due to the nature of the investment the purchase
    is accurate and complete and that You have read the             and sale of securities will usually be with the asset
    Plan brochure and any accompanying information                  provider, who will also be the market maker.
    supplied by us relating to this Plan and understand
                                                                g. If, for any reason, we are unable to purchase
    the nature of the investment.
                                                                    securities to fulfil the commitments set out in the
c. You must invest in an ISA with your own cash or by               brochure, your Subscription will be returned to You,
   transferring cash from an existing ISA. You can invest           with any interest accrued to the date of repayment.
   in a PEP by transferring cash from an existing PEP. We
                                                                h. In the event of any issuer becoming unable to meet
   will usually arrange transfers of existing PEPs and ISAs
                                                                    its obligations to repay the amounts due You may
   with the existing PEP or ISA Manager. These Terms
                                                                    not receive the amounts your Plan has been designed
   and Conditions will apply to your PEP or ISA transfer
                                                                    to pay and You could lose some, or all, of your
   as soon as we have received the cash.
                                                                    Subscription.
d. By completing the Application Form, You instruct
                                                                i. You, or someone You nominate, can ask to see all
    us to choose and buy Securities that have been
                                                                   entries in our records relating to your transactions, at
    designed to provide the benefits of the Plan as
                                                                   any time. We will maintain these records for at least
    described in the Plan brochure.
                                                                   six years after the transaction date.




                                                         20                  Meteor Galaxy Protected Commodities Plan 4
          4. Conflicts of Interest                                      e. At maturity, or earlier redemption of the Securities,
          a. We take all reasonable steps to identify conflicts            we will hold the proceeds in the client account,
             of interests between the Company, including our               pending reinvestment of the proceeds in a new Plan
             managers, employees and any person linked directly            with us; or the payment of the proceeds to You, or
             or indirectly to us, and any client of ours, and also         the transfer of the proceeds to a new PEP or ISA
             between clients.                                              Manager.
          b. Our aim is to manage any such conflicts that do arise      f. We will remind You periodically if we hold cash within
             and ensure that all customers are treated fairly.             an ISA or PEP pending reinvestment. If such cash is
                                                                           held for a long period the HM Revenue and Customs
          c. We have:                                                      could void the PEP or ISA status of the investment.
            • Identified instances within its business where such       7. The Plan Investments
              conflicts are likely, or possible;
            • Apportioned responsibility for conflict management        a. You will be the beneficial owner of the Securities and
              to appropriate personnel, and                                of any cash held in the Plan.
            • Formulated a policy to manage these conflicts;            b. We will register the Securities held in your Investment
                                                                           in the name of Meteor Nominees Limited. If
            • Ensured that all personnel are aware of the                  appropriate, these will be held by our custodian,
              Company’s policy on conflicts and are able to                which is currently Fortis Bank (C.I. Limited). We
              identify any potential conflicts and alert senior            are not responsible for the acts or omissions of
              management accordingly;                                      the custodian. Meteor Nominees Limited is a
            • Established a procedure for a regular flow of                totallyowned nontrading subsidiary of Meteor. It
              relevant management information for analysis.                is not authorised under the Financial Services and
              We will regularly review the conflict policy and             Markets Act 2000 and we take responsibility for its
              to ensure that it is, and remains, suitable and              acts and omissions. If We were to become insolvent,
              appropriate our business.                                    You might encounter delays in recovering the cash
                                                                           value of Your Investments, and an increased risk of
          5. Your right to change your mind
                                                                           loss. Any shortfall would be shared by all affected
          a. You have the right to cancel your Plan within 14 days         investors in the Plan on a pro-rata basis.
             of receiving our acceptance letter and a notice of         c. We will hold, or arrange for the safekeeping of, any
             your right to change your mind.                               certificate or other document issued which shows
          b. If we have purchased Securities for your Plan before          title to the Securities. We will not lend documents
              we receive your completed cancellation request the           of title to any other person and money may not be
              amount You will receive may be less than the amount          borrowed on your behalf against the security of these
              of your Subscription, if the price at which we sell the      documents.
              Securities is lower than the price You paid for them.     d. Unless You tell us otherwise, we may, if the
          c. If You cancel a PEP or ISA transfer application and           Regulations allow, make arrangements, when
             do not tell us at that time the name of another Plan          appropriate, to use the voting rights of your
             Manager You want to transfer the investment to we             Securities.
             will turn your investment back into cash and send it       e. About a month before the Plan Investments mature
             to You. This means that the PEP or ISA status of the          we will contact You to explain the various options
             investment will no longer apply.                              available to You at maturity of your Plan.
          6. Cash held                                                  8. Charges
          a. You may invest into the Plan only in line with the         a. The terms on which we will purchase Securities for
             published terms.                                              You will reflect certain charges, fees and expenses.
          b. We hold all money belonging to clients in a                   This will not affect the calculation of returns
             designated client account. This ensures that all              described in the Plan brochure.
             clients’ money is separate from the funds belonging        b. We will not deduct any charges, fees or expenses
             to us. We do not accept any liability for default by          from the Plan as long as it stays in force during the
             any bank or other financial institution holding funds         term of the Plan.
             under these Terms and Conditions. In the event of a
             default on repayment any shortfall in clients monies       c. If You encash your Plan before the maturity date we
             would be apportioned on a pro-rata basis between              will deduct an administration charge of, currently,
             all investors in the Plan.                                    £150.00 plus VAT.
          c. We will pay You interest on your Subscription from         d. If your Plan is a PEP or an ISA and You transfer its
             the date the funds are credited to the client account.        value to another Plan Manager during the term of
             We will calculate interest at a reasonable rate and           the Plan we will deduct an additional transfer charge
             credit it to You if it goes over a certain minimum.           of, currently, £100 plus VAT.
             Interest on new Subscriptions, net of any deduction        e. We reserve the right to increase the charges set out
             for income tax or the flat rate charge, will be               in Conditions 8c & 8d in line with rises in the Retail
             rounded up to the nearest pound.                              Prices Index.
          d. We will use your Subscription and interest added to        9. Taxation
             purchase the Securities to be held in the Plan.
                                                                        a. If your Plan is a PEP or an ISA and You live in the UK,
                                                                           You will not, under current tax rules, have to pay UK
                                                                           Income Tax or UK Capital Gains Tax on the profit from
                                                                           the Plan but any losses on your Plan will be ignored
                                                                           for the purposes of UK Capital Gains Tax.




Meteor Galaxy Protected Commodities Plan 4                       21
b. If your Plan is, or becomes, a Direct Investment you       d. We may end your Plan at any time in writing,
   may, depending on your circumstances, have to pay             by giving You notice. This will not affect any
   tax on any interest, income or dividends you receive          transactions we have already started to carry out.
   and/or on any capital gain from selling the Plan.          e. Once this agreement has ended, we will not carry
c. Where appropriate, we will take tax from interest             out any transactions, except to allow us to pay the
   that is credited to you. If you hold an ISA you should        proceeds of the Securities in accordance with your
   note that a flat-rate charge will be deducted from            instructions.
   any interest earned on your cash balance and we will       13. Death
   also account for this to HM Revenue and Customs.
d. The taxation information in this Condition is based        a. If You die during the term of the Plan we act on the
   on our understanding of current tax legislation,              instructions of your personal representatives.
   regulation and practice. Such tax legislation,             b. We will confirm the value of the Securities as at
   regulation and practice are subject to Government             the date of death and will advise your personal
   legislation and may change in the future.                     representatives of our requirements.
10. Keeping You informed                                      c. If they elect to do so they are able to re-register the
                                                                 ownership of the Plan and hold it to the maturity
a. We will send You an acknowledgement of your                   date.
    Application Form within five working days of receipt.
                                                              d. If your Plan is a PEP or an ISA it will cease to be
b. We will send You an Initial Transaction Statement             exempt from tax from the date of death.
    setting out details of the purchase of Securities for
    your Plan, shortly after they have been purchased.        14. Prevention of money laundering
c. We will give You a report and valuation of your Plan       a. We may carry out electronic checks on your identity
    at yearly intervals, as set out in the brochure.             before we can accept an application from You or
d. You can contact us by telephone, e-mail, fax or letter        prior to selling securities on your behalf. This is so
    for any other information You want on the Plan.              that we can be sure that we are taking instructions
                                                                 only from the correct person. This enables us to
e. We will only be able to provide You with information          comply with the UK Money Laundering Regulations
    over the telephone if You have a telephone password          and the Rules and is for your protection.
    and can confirm this to us.
                                                              b. It might be necessary for us to ask You for, and for
f. If You ask we will send You any information we issue          You to provide, more information as part of this
   to holders of the securities in which You invest. If You      process.
   ask us to we will invite You to vote at meetings. If
   You want to go to meetings in person, we will try to       15. Providing information to the HM Revenue
   arrange this. We have the right to make a reasonable       and Customs
   charge for providing these extra services.                 a. You authorise us to give the HM Revenue and
g. We may provide all information and correspondence             Customs all relevant details of your ISA or PEP, which
    in electronic format via email and/or web services.          they may reasonably ask for at any time.
    We may also offer alternative media for information       b. We will tell You if your ISA or PEP has or will become
    and correspondence from time to time.                        invalid.
11. Transfers                                                 16. Communications and unwanted calls
a. You have the right to transfer your PEP or ISA to          a. We will usually only communicate with and report to
   another PEP or ISA Manager, as appropriate, at any            You in writing.
   time and should advise of this in writing.
                                                              b. You give us permission to communicate by email
b. If You choose to transfer before to the maturity date         or to phone You if we need to do so but only at a
   of the Plan, as defined in the Plan brochure, we will         reasonable hour.
   carry out the sale of the Securities You hold as set out
   in Conditions 12a & 12b. We will deduct from the           17. Corporate and Trustee Planholders
   sale proceeds the charges outlined in Condition 8b         a. If You are a company or corporate trustee You
   & 8c before payment to the new ISA or PEP Manager.            confirm that:
c. You cannot transfer part of the Securities You hold in       • You have the corporate authority to make a
   your Plan.                                                      Subscription.
12. Closing your Plan                                           • By making a Subscription You do not breach any of
a. You may close your Plan at any time by giving us                Your constitutional documents.
   your written instructions. This will not affect any          • You have provided an up-to-date list of signatories.
   transactions we have already started to carry out. We      b. You agree to give us any documents and information
   will sell the securities at the next dealing date and         that we ask for in support of your application.
   issue payment for the net proceeds. We will usually
   carry out this procedure within 28 business days.          c. If You are a trustee You confirm that:
b. The value of your Securities will be dependent on the        • You are an authorised trustee of the relevant trust.
   market price of your holdings at the date of sale. The       • You have the authority and consent to make a
   price will be quoted by the market maker and will               Subscription.
   reflect the limited market in the Securities.                • By making a Subscription You do not breach the
c. Before You close or transfer your Plan prior to                 constituting trust documents.
   maturity You should consider that the Plan is                • You have provided an up to date list of trustees and
   designed to be held for the full investment term.               signatories.




                                                        22                 Meteor Galaxy Protected Commodities Plan 4
          d. You agree to give us any documents and                    21. Governing law
             informationthat we ask for in support of your
                                                                       a. This Agreement will be governed by English law and
             application.
                                                                          will come into force when we receive your signed
          18. Liability                                                   Application Form for a Plan.
          a. We will use reasonable care and skill to carry out        22. Enforcement
             the obligations set out in these Terms and Conditions
             and will be liable to You only for any negligence         a. If any of these Terms is held to be unenforceable
             or deliberate fraud on our part, or that of any              this shall not affect the validity and enforceability
             associated companies or any employees of one or              of the remaining provisions. The unenforceable
             more of those companies, if a Rule or a Regulation           provision will be replaced by an enforceable provision
             is broken. We will not be liable to You or have any          which comes closest to the intention underlying
             responsibility for any loss or damage You suffer as          the unenforceable provision and which is of similar
             a result of any event or circumstance that is not            economic effect.
             reasonably within our control.                            b. If we fail, or choose not to, enforce any provision of
             We will not be liable to You for any act or fraud by         these Terms and Conditions this will not constitute
             any person, firm or company through or with whom             a waiver of our right to subsequently enforce such
             transactions are carried out on our behalf (other than       provision or any other provision of these Terms.
             any bankers, firms, companies or any employees of         c. None of our employees, officers or agents may
             companies who are associated companies).                     verbally alter, modify or waive any provision of these
          b. We will not be liable or have any responsibility of any      Terms and Conditions.
             kind for any loss or damage You suffer as a result of     23. Data Protection statement
             any failure, interruption or delay in carrying out our
             obligations resulting from:                               a. We may hold personal and financial information on
                                                                          computer and manual systems and use this to handle
            • Breakdown or failure of any telecommunications or           and service your investment and to put together
               computer service;                                          statistics for assessment and analysis.
            • Industrial disputes;                                     b. We may make your personal and financial
            • Failure of other people to carry out their                  information available:
               obligations;                                              • To another Associated Companies (as defined in
            • Acts of governments or international authorities;             Section 416 of the Income and Corporation Taxes
            • Any other event or circumstance that is not                   Act 1988) to process this application (we or they
               reasonably within our control.                               may contact You by mail, phone or e-mail with
                                                                            products or services that may interest You);
          c. We maintain insurance cover to indemnify clients
             against (among other things) any of our employees           • To your Financial Adviser by e-mail or other means,
             dishonestly using funds or securities or other                 including a secure internet service;
             qualifying investments.                                     • As we are obliged to under the requirements of any
                                                                            law, regulation or court order that we must follow;
          19. Complaint Handling
                                                                         • To You if You ask and in line with the Data
          You may complain to the Compliance Officer about                  Protection Act 1998.
          any aspect of your dealings with us, at the address
          shown within the Plan brochure. If You ask us to we          24. Amendment to these Terms and Conditions
          will send You written details of how we will deal with       We may vary these Terms and Conditions from time to
          your complaint. If You are not satisfied with the way we     time by giving You at least one months notice of such
          have dealt with your complaint You can complain to the       change.
          Financial Ombudsman Service at South Quay Plaza II,
          183 Marsh Wall, London E14 9SR. Making a complaint
          will not affect your right to take legal action.
          20. Access to the Financial Services
          Compensation Scheme
          a. We are covered by the Financial Services
             Compensation Scheme and You may be entitled to
             compensation from the scheme if we cannot meet
             our obligations. Your entitlement would depend
             on the type of business and the circumstances of
             the claim. Most types of investment business are
             covered for 100% of the first £30,000, and 90% of
             the next £20,000, so the maximum compensation
             is £48,000. You can get more information about
             compensation arrangements from the Financial
             Services Compensation Scheme.
          b. If the performance of the investments does not
             match any illustrated benefits, You will not, for that
             reason alone, be entitled to any compensation under
             the Financial Services Compensation Scheme.




Meteor Galaxy Protected Commodities Plan 4                      23
Galaxy Protected Commodities Plan 4
Transfer Application Form
You need to use a separate application form for each PEP or ISA you want to transfer.
You may photocopy this form for your husband, wife, partner, friend to use, or for further PEP and ISA transfers.

 1. Your details

Title (Mr, Mrs, Miss, Ms):
Surname:
Full first names:                                                                                                             Date of birth:
Permanent
home address:

Postcode:                                                                                                 Country:
Phone number:
E-mail address:
Would you like to receive regular valuations by email?:                                            Monthly                            Half-yearly                           Annually
Do you require a printed annual statement?:                                        Yes                      No
                             Capital Protected:                              Protected Super Growth:

 2. National insurance number

Do you have a National Insurance (NI) number?:                              Yes                    No            If ‘Yes’, you must write it here. You should be able to
find your NI number on a payslip, form P45 or P60, letter from the Inland Revenue, letter from the Benefits Agency, or pension order book.


 3. Password
For security purposes, please provide us with a password so we can give you information over the phone or give you
access to our web-based services.


 4. Have you received financial advice?
We recommend that all customers seek financial advice to help establish whether this investment fits with their
circumstances and financial objectives.
Have you received financial advice relating to this investment?

        Yes, I have received advice from                                                                                                                                  (name of firm)

        No, I haven’t received financial advice.
If you have received advice, please proceed to Section 5. If not, please answer questions overleaf.

                                                                                                    Name of existing PEP or ISA and address of the Plan Manager:
  Existing PEP or ISA transfer request

                             I confirm that I am transferring a: (Please tick one box only)


                                                       Stocks and shares ISA
                                 PEP                   Mini            Maxi
                                                                                                    Plan Manager’s
                                                                                                    phone no:
Title: (Mr, Mrs, Miss, Ms)                                                                          Account no. of
                                                                                                    the PEP or ISA:
Surname:                                                                                            Approximate
Full first names:                                                                                   value (min £7,000):

Date of birth:                                                                                      Existing PEP or ISA Plan Manager instructions
                                                                                                    1. I instruct the Manager of the PEP or ISA shown above to give you any information you
Permanent                                                                                              may need for the plan, sell any PEP or ISA assets and send a cheque for the proceeds
home address:                                                                                          to Meteor Capital Holdings Limited, 68 Lombard Street, London EC3V 9LJ. If there is a
                                                                                                       problem, please contact us on 0845 0091805.
Postcode:                                                                                           2. All dividends, interest, and tax credits arising after the transfer, should be made payable
                                                                                                       to me.
                                                                                                    Signature:

                                                                                                    Date:

Meteor Capital Holdings Limited, 68 Lombard Street, London EC3V 9LJ Tel: 0845 0091805 Fax: 0845 0091815 Web: www.meteoram.com
Authorised and regulated by the Financial Services Authority. FSA No: 459325.
                                                                                              24                       Meteor Galaxy Protected Commodities Plan 4
If you have not taken financial advice please answer the following questions so that we can assess whether the plan is appropriate for you.

1.   Please indicate if you have ever held
     Any investment where the capital and investment returns are variable and are based on the performance the underlying securities ,such as
     equities, commodities, indices, corporate bonds
     A structured product (a fixed term investment such as the one you are applying for)
2.   Do you understand that that the amount of any investment return and the return of capital at maturity will depend
     on the performance of your investment and you may get back less than your original investment at maturity?                          Yes         No
3.   Do you understand that the plan is designed to be held for the full investment term and if you were to cash in early
     the amount you receive would depend on the value of the investment at the date of sale and that this
     value could be less than the amount you invested?                                                                                   Yes         No
4.   Have you re-read the ‘Is the product right for me’ page of the brochure to make sure that you are happy that
     all of the ‘yes’ statements relating to the nature of the investment are appropriate to you?                                        Yes         No


 5. Declaration and authority

1.           I instruct the PEP/ISA Manager to sell my existing PEP/ISA assets in accordance with the PEP/ISA transfer request forms, and transfer the
             amounts realised to Meteor Capital Holdings Limited to invest in the Galaxy Protected Commodities Plan 4.
2.           I authorise the PEP/ISA Manager to hold my cash subscriptions, Plan investments, interest, dividends and any other rights or proceeds in
             respect of those investments and any other cash and to make on my behalf any claims to relief from tax in respect of Plan investments,
             and
             on my written request to transfer or pay to me, as the case may be, Plan investments, interest, dividend rights or other proceeds in
             respect of such investments or any cash.
3.           I declare that the information given in this declaration is true and correct to the best of my knowledge and belief and that I will inform
             the
             PEP/ISA Manager without delay of any change in my circumstances affecting any of the information in this form.
4.           I declare that I have read and understood the brochure and Terms and Conditions and I agree to the Terms and Conditions under which
             my investment will be managed.
I understand that Meteor Capital Holdings Limited does not provide investment advice and confirm that I either do not require such advice or
have received advice on this investment from an independent Financial Adviser as shown above.
Signature:                                                                                   Date:
Note: When you have filled in and signed this application form, please return it to your Financial Adviser or to
Meteor Capital Holdings Limited, 68 Lombard Street, London EC3V 9LJ.


 For Financial Adviser’s use only

Financial Adviser:                                                                 Prevention of money laundering
                                                                                   I can confirm that I have carried out the appropriate identity checks and
                                                                                   attached the ‘Verification of Identity Certificate’. I have enclosed signed
                                                                                   copies of the documentary evidence with this certificate. I have seen the
                                                                                   original documents and any that need a signature were already signed.
FSA number:                                                                        Signed on behalf
Name of adviser:                                                                   of the above:




       Meteor Galaxy Protected Commodities Plan 4                             25
Galaxy Protected Commodities Plan 4
Application Form
For extra applications (for example, for your husband, wife, partner or friend), simply
photocopy this form or download a copy from our website - www.meteoram.com
 1. Your details

Title (Mr, Mrs, Miss, Ms):
Surname:
Full first names:                                                                                   Date of birth:
Permanent
home address:


Postcode:
Country:
Phone number:
E-mail address:
Would you like to receive regular valuations by email?:                    Monthly                   Half-yearly              Annually
Do you require a printed annual statement?:                    Yes             No
For joint applications in direct investments only, please fill in the details of the joint application here.
Title (Mr, Mrs, Miss, Ms):
Surname:
Full first names:                                                                                   Date of birth:
For direct investments only, on behalf of a child (not aged 18 or over), please fill in the childs name here.
Full name:
Date of birth:
 2. National insurance number
Do you have a National Insurance (NI) number?:                 Yes             No
If ‘Yes’, you must write it here. You should be able to find your NI number on a payslip, form P45 or P60,
letter from the Inland Revenue, letter from the Benefits Agency, or pension order book.


 3. Country of residence for tax purposes
Country:
 4. Investment

Direct Investment:                                            £                                                             Protected Super
                                                                                                       Capital Protected:
                                                                                                                                    Growth:
(minimum £4,000, maximum £2,000,000)

                                                                                                                            Protected Super
ISAs for 2007/2008:                                   Mini £                                           Capital Protected:
                                                                                                                                    Growth:
I apply to invest £4,000 Mini Stocks &
                                                                                                                            Protected Super
Shares ISA, or £7,000 in a Maxi ISA                   Maxi £                                           Capital Protected:
                                                                                                                                    Growth:
for the tax year 2007/2008.

If you select a Maxi ISA you cannot also select a Mini Stocks & Shares ISA for the same tax year.

Total Investment:                                             £
Please make your cheque payable to Meteor Capital Holdings Limited Client Account. If you are sending us a building society cheque,
it should be payable to Meteor Capital Holdings Limited Client Account (ref: your name).


 5. Password

For security purposes, please provide us with a password so we can give you
information over the phone or give you access to our web-based services.


Meteor Capital Holdings Limited, 68 Lombard Street, London EC3V 9LJ Tel: 0845 0091805 Fax: 0845 0091815 Web: www.meteoram.com
Authorised and regulated by the Financial Services Authority. FSA No: 459325.
 6. Have you received financial advice?
We recommend that all customers seek financial advice to help establish whether this investment fits with their circumstances and financial objectives.

Have you received financial advice relating to this investment?

     Yes, I have received advice from                                                                                     (name of firm)

     No, I haven’t received financial advice.

If you have received advice, please proceed to Section 7.

If you have not taken financial please answer the following questions so that we can assess whether the plan is appropriate for you.

1.   Please indicate if you have ever held
     Any investment where the capital and investment returns are variable and are based on the performance the underlying securities ,such as
     equities, commodities, indices, corporate bonds
     A structured product (a fixed term investment such as the one you are applying for)
2.   Do you understand that that the amount of any investment return and the return of capital at maturity will depend
     on the performance of your investment and you may get back less than your original investment at maturity?                    Yes         No
3.   Do you understand that the plan is designed to be held for the full investment term and if you were to cash in early
     the amount you receive would depend on the value of the investment at the date of sale and that this
     value could be less than the amount you invested?                                                                             Yes         No
4.   Have you re-read the ‘Is the product right for me’ page of the brochure to make sure that you are happy that
     all of the ‘yes’ statements relating to the nature of the investment are appropriate to you?                                  Yes         No


 7. Declaration and authority
Applicable to Direct Investment Applicants only: I declare I am 18 years of age or over and that I am not, or acting on the behalf of, a
resident of the United States; and that I will not assist any person who is so resident to acquire securities in the Plan. Further I agree to inform you
immediately should I become a resident of the United States. I confirm adherence to the requirements contained in the Terms and Conditions.
Applicable to all ISA Applicants: I declare that: 1. All subscriptions made belong to me; 2. I am 18 years of age or older; 3. If I am applying
to subscribe to a Mini stocks and shares ISA, I have not subscribed and will not subscribe to a Maxi ISA or another stocks and shares Mini ISA in
the same tax year; or if I am applying to subscribe to a Maxi ISA I have not subscribed and will not subscribe to another ISA other than a TESSA
only ISA in the same tax year; 4. I am resident and ordinarily resident in the United Kingdom for tax purposes or, if not so resident, perform duties
which, by virtue of section 132(4) (a) of the Income and Corporation Taxes Act 1998 (Crown employees serving overseas), are treated as being
performed in the United Kingdom, or, am married to a person who performs such duties, and I will inform Meteor Capital Holdings Limited
immediately if I cease to be so resident and ordinarily resident or to perform such duties, or be married to a person who performs such duties;
5. I will inform Meteor Capital Holdings Limited without delay of any change in my circumstances affecting any of the information in this form.
For all Applicants: I authorise Meteor Capital Holdings Limited: 1. to hold my cash subscription, Direct investments, ISA investments,
interest, dividends and other rights or proceeds in respect of those investments and any cash or other proceeds; 2. to make on my behalf any
claims to relief from tax in respect of ISA investments.
I have read and understood the Galaxy Protected Commodities Plan 4 brochure and Terms & Conditions and accept the terms under
which my investments will be managed. I declare that this application form has been completed to the best of my knowledge and
belief. I understand that Meteor Capital Holdings Limited does not provide investment advice and confirm that I either do not
require such advice or have received advice on this investment from an independent Financial Adviser as shown above.

Signature:                                                                   2nd signature:
Date:                                                                        Date:
Note: When you have filled in and signed this application form, please return it to your Financial Adviser
or to Meteor Capital Holdings Limited, 68 Lombard Street, London EC3V 9LJ.
 For Financial Adviser’s use only

Financial Adviser:




FSA number:
Name of adviser:

Prevention of money laundering
I can confirm that I have carried out the appropriate identity checks and attached the ‘Verification of Identity Certificate’.
I have enclosed signed copies of the documentary evidence with this certificate. I have seen the original documents and
any that need a signature were already signed.

Signed on behalf of the above:
                                                                                             Meteor Asset Management Limited
                                                                                             and Meteor Capital Holdings Limited
                                                                                             68 Lombard Street
                                                                                             London EC3V 9LJ

                                                                                             Tel 0845 0091805
Issued by Meteor Asset Management Limited on behalf of Meteor Capital Holdings Limited,
who approved the brochure.                                                                   Fax 0845 0091815
Meteor Asset Management is an Appointed Representative of Meteor Capital Holdings Limited,
                                                                                             Email info@meteoram.com
which is authorised and regulated by the Financial Services Authority. FSA Number 459325.    Web www.meteoram.com

				
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