Investec PLC — Capital/Financing Update 2018

Jan 31, 2018

Notes issued pursuant to these Final Terms are securities to be listed under Listing Rule 19.

31 January 2018

Investec Bank plc Issue of USD 1,500,000 Impala Quad Index 6 year Phoenix Kick Out Notes with Capital at Risk due 2024 under the £2,000,000,000 Impala Bonds Programme

The Base Prospectus referred to below (as completed by these Final Terms) has been prepared on the basis that any offer of Notes in any Member State of the European Economic Area which has implemented the Prospectus Directive (each, a "Relevant Member State") will be made pursuant to an exemption under the Prospectus Directive, as implemented in that Relevant Member State, from the requirement to publish a prospectus for offers of the Notes. Accordingly any person making or intending to make an offer in that Relevant Member State of the Notes may only do so in circumstances in which no obligation arises for the Issuer or any Dealer to publish a prospectus pursuant to Article 3 of the Prospectus Directive or supplement a prospectus pursuant to Article 16 of the Prospectus Directive, in each case, in relation to such offer. Neither the Issuer nor any Dealer has authorised, nor do they authorise, the making of any offer of Notes in any other circumstances. The expression "Prospectus Directive" means Directive 2003/71/EC (as amended by Directive 2008/11/EC, Directive 2010/73/EU and Directive 2008/78/EU) and includes any relevant implementing measures in the Relevant Member State.

Prospective investors considering acquiring any Notes should understand the risks of transactions involving the Notes and should reach an investment decision only after carefully considering the suitability of the Notes in light of their particular circumstances (including without limitation their own financial circumstances and investment objectives and the impact the Notes will have on their overall investment portfolio) and the information contained in this Base Prospectus and the applicable Final Terms. Prospective investors should consider carefully the risk factors set out under "Risk Factors" in the Base Prospectus referred to below.

PART A - CONTRACTUAL TERMS

This document constitutes the Final Terms of the Notes described herein for the purposes of Article 5.4 of the Prospectus Directive and must be read in conjunction with the base prospectus in relation to the £2,000,000,000 Impala Bonds Programme dated 19 July 2017, which together with the supplemental prospectus dated 11 December 2017 constitutes a base prospectus (the "Base Prospectus") for the purposes of Article 5(4) of the Prospectus Directive (Directive 2003/71/EC as amended by Directive 2008/11/EC, Directive 2010/73/EU and Directive 2008/78/EU) (the "Prospectus Directive").

Terms used herein shall be deemed to be defined as such for the purposes of the Conditions, the Terms and the Additional Terms set forth in the Base Prospectus.

Full information on the Issuer and the offer of the Notes is only available on the basis of the combination of these Final Terms and the Base Prospectus. The Base Prospectus is available for viewing at and copies may be obtained from www.investecstructuredproducts.com and during normal working hours from Investec Bank plc, 2 Gresham Street, London EC2V 7QP, and from Deutsche Bank AG, London Branch, Winchester House, 1 Great Winchester Street, London EC2N 2DB. A summary of the offer of the Notes is annexed to these Final Terms.

Investec Bank plc is not responsible for and has no liability in respect of any investment product other than the Notes, including, without any limitation, any investment product which may be backed by, make reference to, or otherwise be in any way linked to the Notes. An investment in any such product is not an investment in the Notes and, accordingly, investors in such products will have no contract with and will have no recourse to Invested Bank plc or any of its affiliates.

1.	Issuer:		Investec Bank plc
2.	(a)	Series Number:	530
	(b)	Tranche Number:	1
3.		Specified Currency:	USD
4.		FX Currency:	Not Applicable
5.		Aggregate Nominal Amount:
	(a)	Series:	USD 1,500,000
	(b)	Tranche:	USD 1,500,000
6.		Issue Price:	100 per cent. of the Aggregate Nominal Amount
7.	(a)	Specified Denominations:	USD1.00
	(b)	Calculation Amount:	USD1.00
	(c)	Indicative Terms Notification Date	Not Applicable
8.	(a)	Issue Date:	1 February 2018
	(b)	Interest Commencement Date:	Not Applicable
9.		Maturity Date:	29 January 2024
10.		Interest Basis:	Index Linked Interest (see Annex 1 (Equity/Index/Dual Underlying Linked Note Provisions) to this Final Terms for further details)
11.		Redemption/Payment Basis:	Index Linked Notes (see Annex 1 (Equity/Index/Dual Underlying Linked Note Provisions) to this Final Terms for

further details)

12.	Change of Interest Basis or Redemption/Payment Basis:		Not Applicable
13.	Call Option:		Not Applicable
14.	Put Option:		Not Applicable
15.	(a)	Security Status:	Unsecured Notes
	(b)	Date of Board approval for issuance of Notes obtained:	Not Applicable
16.		Method of distribution:	Non-syndicated
17.	Redenomination on Euro Event:		Not Applicable
		PROVISIONS RELATING TO INTEREST (IF ANY) PAYABLE
18.		Fixed Rate Note Provisions	Not Applicable

19.	Floating Rate Note Provisions	Not Applicable
20.	Coupon Deferral	Not Applicable
21.	Coupon Step-up	Not Applicable
22.	Zero Coupon Notes	Not Applicable
23.	Interest FX Factor:	Not Applicable

PROVISIONS RELATING TO REDEMPTION

24.	Final Redemption Amount of each Note:	Index Linked Notes (see Annex 1 (Equity/Index/Dual Underlying Linked Note Provisions) to this Final Terms for further details)
	Final Redemption FX Factor:	Not Applicable
25.	Early Redemption Amount:
	Early Redemption Amount(s) per Calculation Amount payable redemption for taxation on reasons or on event of default or other early redemption and/or the method of calculating the	Fair Market Value
	same (if required or if different from that set out in the
	Conditions):
	Early Redemption FX Factor:	Not Applicable
26.	Details relating to Instalment Notes:	Not Applicable
27.	Issuer Call Option	Not Applicable
28.	Noteholder Put Option	Not Applicable

GENERAL PROVISIONS APPLICABLE TO THE NOTES

29.		Form of Notes:	Bearer Notes: Temporary Global Note exchangeable for a Permanent Global Note which is exchangeable for Definitive Notes only upon an Exchange Event
30.		Additional Financial Centre(s) or other special provisions relating to Payment Days:	Not Applicable
31.		Talons for future Coupons or Receipts to be attached to Definitive Notes (and dates on which such Talons mature):	No
DISTRIBUTION
32.	(a)	If syndicated, names and addresses of Managers:	Not Applicable
	(b)	Date of Subscription Agreement:	Not Applicable
33.		If non-syndicated, name and address of relevant Dealer:	Investec Bank plc, 2 Gresham Street, London EC2V 7QP. Invested Bank plc will initially subscribe for up to 30 per cent. of the principal amount of the Tranche as unsold allotment. Investec Bank plc may subsequently place such Notes in the secondary market or such Notes may
			subsequently be repurchased by the Issuer and cancelled.
34.	concession:	Total commission and	Not Applicable
35.		U.S. Selling Restrictions:	Reg. S Compliance Category: 2;
			TEFRAD
36.		Prohibition of Sales to EEA Retail Investors:	Not Applicable
TAXATION

	Taxation:	Condition 7A ( Taxation - No Gross up ) applies
	SECURITY
38.	Security Provisions:	Not Applicable

CREDIT LINKAGE

Credit Linkage 39.

Not Applicable

RESPONSIBILITY

Signed on behalf of the Issuer:

$By:$

Duly authorised

Nuala Lynch
Authorised Signatory

By: .................................... __
...............

Duly authorised

$\ddotsc$

Robert Dale Authorised Signatory Application is expected to be made by the Issuer (or on

its behalf) for the Notes to be admitted to trading on the Regulated Market of the London Stock Exchange with

PART B-OTHER INFORMATION

$\overline{1}$ . LISTING

Official List of the FCA $(a)$ Listing:

$(b)$

Admission to trading:

$\overline{2}$ . RATINGS

Ratings:

The Notes to be issued have not been rated.

INTERESTS OF NATURAL AND LEGAL PERSONS INVOLVED IN THE $\overline{3}$ . ISSUE/OFFER

Save as discussed in the "Subscription and Sale" section of the Base Prospectus, relating to the Issuer's agreement to reimburse the Dealers to certain of their expenses in connection with the update of the Programme and the issue of Notes under the Programme and to indemnify the Dealers against certain liabilities incurred by them in connection therewith, so far as the Issuer is aware, no person involved in the offer of the Notes has an interest material to the offer.

effect from the Issue Date.

$\overline{4}$ . REASONS FOR THE OFFER, ESTIMATED NET PROCEEDS AND TOTAL EXPENSES

• $(a)$ Reasons for the offer: Information not required
• $(b)$ Estimated net proceeds: Information not required
• $(c)$ Estimated total expenses: Information not required

$5.$ PERFORMANCE AND VOLATILITY OF THE UNDERLYING AND OTHER INFORMATION CONCERNING THE UNDERLYING

Information about the past and the further performance of the underlying and its volatility can be found Bloomberg.

The Issuer does not intend to provide post-issuance information.

6. OPERATIONAL INFORMATION

(a)	ISIN Code:	XS1738390498
(b)	SEDOL Code:	Not Applicable
(c)	Common Code:	173839049
(d)	Any clearing system(s) other Euroclear and than. Clearstream, Luxembourg relevant the. and identification number(s):	Not Applicable
(e)	Delivery:	Delivery against payment
(f)	Additional Paying Agent(s) Not Applicable (if any):
(g)	Common Depositary:	Deutsche Bank AG, London Branch

(h)	Calculation Agent:	Invested Bank plc

• is Calculation Agent $(i)$ Yes make to calculations?
• $(ii)$ identify Not Applicable $\operatorname{if}$ not, calculation agent:
• Nordic Paying Agent: $(i)$ Not Applicable
• Italian Paying Agent: $(j)$ Not Applicable

$7.$ TERMS AND CONDITIONS OF THE OFFER

Not Applicable

ANNEX 1
EQUITY/INDEX/DUAL UNDERLYING LINKED NOTE PROVISIONS

1.	Type of Note:	Index Linked Note
2.	Type of Underlying:	Basket of Indices
3.	Physical Settlement	Not Applicable
4.	Redemption Interest and Payment Provisions:
(a)	Return Factor:	Not Applicable
(b)	FX Factors:	Not Applicable
(c)	Kick Out Notes with Capital at Risk Redemption Provisions	Not Applicable
(d)	Kick Out Notes without Capital at Risk Redemption Provisions	Not Applicable
(e)	Phoenix Kick Out Notes with Capital at Risk Redemption Provisions	Applicable
	Interest Amount: (i)	In relation to each Calculation Amount and each Interest Payment Date, an amount equal to 4.30 per cent. of such Calculation Amount
	Constant (ii) Monitoring:	Not Applicable
	(iii) Interest Amount Condition:	European. Worst of provisions apply in relation to the determination of whether the Interest Amount Condition is satisfied.

Interest Payment Date	Interest Valuation Dates	Interest Amount Level (as a percentage of the Initial Index Level)	Interest Observation Start Date	Interest Observation End Date
The date which falls Business Days following the applicable Interest Valuation Date	25 July 2018	80%	Not applicable	Not applicable
The date which falls $\mathcal{L}$ Business Days following the applicable Interest Valuation Date	25 January 2019	80%	Not applicable	Not applicable
The date which falls $\overline{2}$ Business Days	25 July 2019	80%	Not applicable	Not applicable

following the applicable Interest Valuation Date
The date which falls 2 Business Days following the applicable Interest Valuation Date	29 January 2020	80%	Not applicable	Not applicable
The date which falls 2 Business Days following the applicable Interest Valuation Date	27 July 2020	80%	Not applicable	Not applicable
The date which falls 2 Business Days following the applicable Interest Valuation Date	25 January 2021	80%	Not applicable	Not applicable
The date which falls 2 Business Days following the applicable Interest Valuation Date	26 July 2021	80%	Not applicable	Not applicable
The date which falls 2 Business Days following the applicable Interest Valuation Date	25 January 2022	80%	Not applicable	Not applicable
The date which falls 2 Business Days following the applicable Interest Valuation Date	25 July 2022	80%	Not applicable	Not applicable
The date which falls 2 Business Days following the applicable Interest Valuation Date	27 January 2023	80%	Not applicable	Not applicable

The date which	25 July 2023	80%	Not applicable	Not applicable
falls $\overline{2}$ Business Days following the
applicable Interest Valuation Date
The date which falls 2 Business Days	25 January 2024	80%	Not applicable	Not applicable
following the applicable Interest
Valuation Date
(iv)	Interest Amount Averaging:	Not applicable
(v)	Return Threshold:		60 per cent. of the Initial Index Level
(vi)	Digital Return:	100 per cent.
(vii)	Memory Feature Provisions:	Applicable
(viii)	Gearing 1:	Not applicable
Risk Redemption Provisions	Upside Notes with Capital at	Not Applicable
Risk Redemption Provisions	Upside Notes without Capital at	Not Applicable
Geared Provisions	Booster Notes with Capital at Risk Redemption	Not Applicable
at Risk Redemption Provisions	Lock-In Call Notes with Capital	Not Applicable
Provisions	N Barrier (Income) Notes with Capital at Risk Redemption	Not Applicable
Provisions	Range Accrual (Income) Notes with Capital at Risk Redemption	Not Applicable
	Range Accrual Notes (Income)	Not applicable
without Capital at Risk:

$(f)$

$(g)$

$(h)$

$(i)$

$(j)$

$(k)$

$\overline{a}$

$(m)$

• Dual Underlying Kick Out Notes
  with Capital at Risk Redemption
  Provisions $(n)$ Not Applicable
• Dual Underlying Upside Notes
  with Capital at Risk Redemption Not Applicable $(0)$ Provisions

Additional Provisions

Underlying: $(a)$

Basket of Indices

Index	Index Sponsor	Exchange	Weighting
Euro STOXX® 50	STOXX Limited	Multi- Exchange Index	Not Applicable
Hang Seng China Enterprises	HSI Services Limited	Kong Hong Stock Exchange	Not Applicable
S&P/ASX 200 (AS51)	S&P Dow Jones Indices LLC	Australian Securities Exchange	Not Applicable
Russell 2000®	Frank Russell Company	York New Stock Exchange	Not Applicable

• $(b)$ Averaging Dates Market Not Applicable Disruption:
• Additional $(c)$ Events:

$(d)$

Business Day:

Disruption Hedging Disruption and Increased Cost of Hedging

A day on which commercial banks and foreign exchange markets settle payments and are open for general business (including dealing in foreign exchange and foreign currency deposits) in London

• Valuation Time: $(e)$ The time at which the Index Sponsor publishes the closing level of the Index.
• Strike Date: $(f)$ 25 January 2018
• Initial Index Level: The Level on the Strike Date $(g)$
• Initial Averaging: $(h)$ Not Applicable
• $(i)$ Automatic Early Applicable. Worst of provisions apply in relation to a determination of whether an Automatic Early Redemption Redemption: Event has occurred.

Automatic Early Redemption Valuation Date	Automatic Early Redemption Date	Automatic Early Redemption Amount	Automatic Early Redemption Threshold
25 January 2019	The date which falls 2 Business Days following the applicable Automatic Early	100 per of cent. Issue Price	100 per of cent. Initial Index Level

	Redemption Valuation Date
29 January 2020	The date which falls 2 Business Days following the applicable Automatic Early Redemption Valuation Date	100 per of cent. Issue Price	100 per cent. of Initial Index Level
25 January 2021	The date which falls 2 Business Days following the applicable Automatic Early Redemption Valuation Date	100 per cent. of Issue Price	100 per cent. of Initial Index Level
25 January 2022	The date which falls 2 Business Days following the applicable Automatic Early Redemption Valuation Date	100 per of cent. Issue Price	100 per of cent. Initial Index Level
27 January 2023	The date which falls 2 Business Days following the applicable Automatic Early Redemption Valuation Date	100 per cent. of Issue Price	100 per of cent. Initial Index Level

Automatic F
Redemption Averaging: $(j)$

Early Not Applicable

$(k)$ Barrier Condition:

Not Applicable

(1)	Barrier Averaging:	Not Applicable
(m)	Final Index Level:	The Level on the Final Redemption Valuation Date. Worst of provisions apply in relation to the determination of the Final Index Level.
	Redemption (i) Final Valuation Date:	25 January 2024
(n)	Final Averaging:	Not Applicable
(0)	Final Downside Index Level:	Not Applicable
(p)	Downside Final Averaging:	Not Applicable

ANNEX 2

ADDITIONAL PROVISIONS NOT REOUIRED BY THE SECURITIES NOTE RELATING TO THE UNDERLYING

Statements regarding the Reference Entity:

Not Applicable

Statements regarding the S&P/ASX 200 (AS51) Applicable Index:

Standard & Poor's®", "S&P®", are trademarks of Standard & Poor's Financial Services LLC ("S&P"); Dow Jones® is a registered trade mark of Dow Jones trademark Holdings LLC ("Dow Jones"); and these trademarks have been licensed for use by S&P Dow Jones Indices LLC. Standard & Poor's®", "S&P®" are trademarks of S&P and have been licensed for use by S&P Dow Jones Indices LLC and its affiliates and sublicensed for certain purposes by Invested Bank plc. Dow Jones® is a trademark of Dow Jones and have been licensed for use by S&P Dow Jones Indices LLC and its affiliates and sublicensed for certain purposes by Investec Bank plc. The S&P ASX Index to which the Notes referred (for the purpose of this section, the "Index") is a product of S&P Dow Jones Indices LLC and/or Australian Securities Exchange ("ASX") and has been licensed for use by Investec Bank plc. The Notes referencing the Index (for the purpose of this section, the "Products") are not sponsored, endorsed, sold or promoted by S&P Dow Jones Indices LLC, Dow Jones, S&P, any of their respective affiliates (collectively, "S&P Dow Jones Indices") or ASX. Neither S&P Dow Jones Indices nor ASX makes any representation or warranty, express or implied, to the owners of Invested Bank plc's Products or any member of the public regarding the advisability of investing in securities generally or in Invested Bank plc's Products particularly or the ability of the Index to track general market performance. S&P Dow Jones Indices' and ASX's only relationship to Invested Bank plc with respect to the Index is the licensing of the Index and certain trademarks, service marks and/or trade names of S&P Dow Jones Indices and/or ASX. The Index is determined, composed and calculated by S&P Dow Jones Indices and/or ASX without regard to Invested Bank plc or Investec Bank plc's Products. S&P Dow Jones Indices and ASX have no obligation to take the needs of Investec Bank plc or the owners of Investec Bank plc's Products into consideration in determining, composing or calculating the Index. Neither S&P Dow Jones Indices nor ASX are responsible for and have not participated in the determination of the prices, and amount of Investee Bank plc's Products or the timing of the issuance or sale of Invested Bank plc's Products or in the determination or calculation of the equation by which Invested Bank plc's Products is to be calculated. S&P Dow Jones Indices and ASX have no obligation or liability in connection with the administration, marketing or trading of Invested Bank plc's Products There is no assurance that investment products based on the Index will accurately track index performance or provide positive investment returns. S&P Dow Jones Indices LLC is not an investment advisor. Inclusion of a security within the Index is not a recommendation by S&P Dow Jones Indices to buy, sell, or hold such security, nor is it considered to be investment advice.

Statements regarding the EuroSTOXX® Index: Applicable

STOXX and its licensors (the "Licensors") have no relationship to Invested Bank plc other than the licensing of the Euro STOXX® 50 Index and the related trademarks for use in connection with the Notes.

STOXX and its Licensors do not:

• sponsor, endorse, sell or promote the Notes;
• recommend that any person invest in the Notes or any other securities;
• have any responsibility or liability for or make any decisions about the timing, amount or pricing of the Notes;
• have any responsibility or liability for the administration, management or marketing of the Notes;
• consider the needs of the Notes or the owners of the Notes in determining, composing or calculating the Euro STOXX® 50 Index or have any obligation to do so.

STOXX and its Licensors will not have any liability in connection with the Notes. Specifically,

• STOXX and its Licensors do not make any warranty, express or implied and disclaim $\bullet$ any and all warranty about:
• the results to be obtained by the Notes, the owner of the Notes or any other person in connection with the use of the Euro STOXX® 50 Index, and the data included in the Euro STOXX® 50 Index;
• the accuracy or completeness of the Euro STOXX® 50 Index and its data;
• the merchantability and the fitness for a particular purpose or use of the Euro STOXX® 50 Index and its data;
• STOXX and its Licensors will have no liability for any errors, omissions or interruptions in the Euro STOXX® 50 Index or its data; and
• under no circumstances will STOXX or its Licensors be liable for any lost profits or indirect, punitive, special or consequential damages or losses, even if STOXX or its Licensors knows that they might occur.

The licensing agreement between Investec Bank plc and STOXX is solely for their benefit and not for the benefit of the owners of the Notes or any other third parties.

(Source: STOXX)

Statements regarding the Hang Seng China Applicable Enterprises (HSCEI) Index:

"The Hang Seng China Enterprises Index (for the purpose of this section, the "Index") is published and compiled by HSI Services Limited pursuant to a license from Hang Seng Data Services Limited. The mark and name "Hang Seng China Enterprises Index" ("HSCEI") is proprietary to Hang Seng Data Services Limited. HSI Services Limited and Hang Seng Data Services Limited have agreed to the use of. and reference to, the Index by Invested Bank plc in connection with the Notes referencing the Index (for the purpose of this section, the "Product"), BUT NEITHER HSI SERVICES LIMITED NOR HANG SENG DATA SERVICES LIMITED WARRANTS OR REPRESENTS OR GUARANTEES TO ANY BROKER OR HOLDER OF THE PRODUCT OR ANY OTHER PERSON (i) THE ACCURACY OR COMPLETENESS OF THE INDEX AND ITS COMPUTATION OR ANY INFORMATION RELATED THERETO; OR (ii) THE FITNESS OR SUITABILITY FOR ANY PURPOSE OF THE INDEX OR ANY COMPONENT OR DATA COMPRISED IN IT; OR (iii) THE RESULTS WHICH MAY BE OBTAINED BY ANY PERSON FROM THE USE OF THE INDEX OR ANY COMPONENT OR DATA COMPRISED IN IT FOR ANY PURPOSE, AND NO WARRANTY OR REPRESENTATION OR GUARANTEE OF ANY KIND WHATSOEVER RELATING TO THE INDEX IS GIVEN OR MAY BE IMPLIED. The process and basis of computation and compilation of the Index and any of the related formula or formulae, constituent stocks and factors may at any time be changed or altered by HSI Services Limited without notice. TO THE EXTENT PERMITTED BY APPLICABLE LAW, NO RESPONSIBILITY OR LIABILITY IS ACCEPTED BY HSI SERVICES LIMITED OR HANG SENG DATA SERVICES LIMITED (i) IN RESPECT OF THE USE OF AND/OR REFERENCE TO THE INDEX BY INVESTEC BANK PLC IN CONNECTION WITH THE PRODUCT; OR (ii) FOR ANY INACCURACIES, OMISSIONS, MISTAKES OR ERRORS OF HSI SERVICES LIMITED IN THE COMPUTATION OF THE INDEX; OR (iii) FOR ANY INACCURACIES, OMISSIONS, MISTAKES, ERRORS OR INCOMPLETENESS OF ANY INFORMATION USED IN CONNECTION WITH THE COMPUTATION OF THE INDEX WHICH IS SUPPLIED BY ANY OTHER PERSON; OR (iv) FOR ANY ECONOMIC OR OTHER LOSS WHICH MAY BE DIRECTLY OR INDIRECTLY SUSTAINED BY ANY BROKER OR HOLDER OF THE PRODUCT OR ANY OTHER PERSON DEALING WITH THE PRODUCT AS A RESULT OF ANY OF THE AFORESAID, AND NO CLAIMS, ACTIONS OR LEGAL PROCEEDINGS MAY BE BROUGHT AGAINST HSI SERVICES LIMITED AND/OR HANG SENG DATA SERVICES LIMITED in connection with the Product in any manner whatsoever by any broker, holder or other person dealing with the Product. Any broker, holder or other person dealing with the Product does so therefore in full knowledge of this disclaimer and can place no reliance whatsoever on HSI Services Limited and Hang Seng Data Services Limited. For the avoidance of doubt, this disclaimer does not

create any contractual or quasi-contractual relationship between any broker, holder or other person and HSI Services Limited and/or Hang Seng Data Services Limited and must not be construed to have created such relationship."

(Source: Hang Seng Indexes Company Limited and Hang Seng Data Services Limited)

Statements regarding the Russell 2000® Index: Applicable

Frank Russell Company ("Russell") is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell® is a trademark of Frank Russell Company. Neither Russell nor its licensors accept any liability for any errors or omissions in the Russell Indexes and / or Russell ratings or underlying data and no party may rely on any Russell Indexes and / or Russell ratings and / or underlying data contained in this communication. No further distribution of Russell Data is permitted without Russell's express written consent. Russell does not promote, sponsor or endorse the content of this communication.

The Russell 2000® Index (the "Index") is a trademark of Russell and have been licensed for use by Investec Bank plc. The notes are not in any way sponsored, endorsed, sold or promoted by Russell or the London Stock Exchange Group companies ("LSEG") (together the "Licensor Parties") and none of the Licensor Parties make any claim, prediction, warranty or representation whatsoever, expressly or impliedly, either as to (i) the results to be obtained from the use of the Index (upon which the notes are based), (ii) the figure at which the Index is said to stand at any particular time on any particular day or otherwise, or (iii) the suitability of the Index for the purpose to which it is being put in connection with the notes. None of the Licensor Parties have provided or will provide any financial or investment advice or recommendation in relation to the Index to Invested Bank plc or to its clients. The Index is calculated by Russell or its agent. None of the Licensor Parties shall be (a) liable (whether in negligence or otherwise) to any person for any error in the Index or (b) under any obligation to advise any person of any error therein.

SUMMARY

Summaries are made up of disclosure requirements known as "Elements". These elements are numbered in Sections $A - E(A.1 - E.7)$ .

This summary contains all the Elements required to be included in a summary for this type of securities and issuer. Because some Elements
are not required to be addressed, there may be gaps in the numbering sequence of the

Even though an Element may be required to be inserted in the summary because of the type of securities and issuer, it is possible that no
relevant information can be given regarding the Element. In this case, a short descr mention of "Not Applicable".

		Section A – Introduction and Warnings
A.1	Introduction:	This summary must be read as an introduction to this Base Prospectus in relation to the Notes and any decision to invest in the Notes should be based on a consideration of this Base Prospectus, including the documents incorporated by reference herein, and this summary, as a whole.
		Where a claim relating to the information contained in this Base Prospectus is brought before a court in a Member State of the European Economic Area, the claimant may, under the national legislation of the Member State, be required to bear the costs of translating the Base Prospectus before the legal proceedings are initiated.
		Civil liability attaches only to those persons who have tabled the summary including any translation thereof, but only if the summary is misleading, inaccurate or inconsistent when read together with the other parts of this Base Prospectus or it does not provide, when read together with the other parts of this Base Prospectus, key information in order to aid Investors when considering whether to invest in the Notes.
A.2	Consent:	Not applicable. The Issuer does not consent to the use of this Base Prospectus in circumstances where there is no exemption from the obligation under the Prospectus Directive to publish a prospectus as the Notes will not be publicly offered.

	Section B-Issuer
B.1	Legal and commercial name of the Issuer:	The legal name of the issuer is Invested Bank plc (the "Issuer").
B.2	Domicile and legal form of the Issuer:	The Issuer is a public limited company registered in England and Wales under registration number 00489604. The liability of its members is limited.
		The Issuer was incorporated as a private limited company with limited liability on 20 December 1950 under the Companies Act 1948 and registered in England and Wales under registered number 00489604 with the name Edward Bates & Sons Limited. Since then it has undergone changes of name, eventually re- registering under the Companies Act 1985 on 23 January 2009 as a public limited company and is now incorporated under the name Invested Bank plc.
		The Issuer is subject to primary and secondary legislation relating to financial services and banking regulation in the United Kingdom, including, inter alia , the Financial Services and Markets Act 2000, for the purposes of which the Issuer is an authorised person carrying on the business of financial services provision. In addition, as a public limited company, the Issuer is subject to the UK Companies Act 2006.
B.4 b	Trends:	The Issuer, in its unaudited half yearly financial report for the six month period ended 30 September 2017, reported a decrease of 6.9% in operating profit before goodwill and acquired intangibles and after non- controlling interests to £79.285 million (September 2016: £85.160 million). The balance sheet remains strong, supported by sound capital and liquidity ratios. At 30 September 2017, the Issuer had £4.9 billion of cash and near cash to support its activities, representing 43% of its customer deposits. Customer deposits have decreased by less than 0.1% since 31 March 2017 to £11.2 billion at 30 September 2017. The Issuer's loan to deposit ratio was 79.1% as at 30 September 2017 (March 2017: 76.2%). At 30 September 2017, the Issuer's total capital adequacy ratio was 16.0% and its tier 1 ratio was 12.1%. The Issuer's anticipated 'fully loaded' common equity tier 1 ratio and leverage ratio are 12.1% and 8.2%, respectively (where 'fully loaded' is based on Capital Requirements Regulation ("CRR") requirements as fully phased in by 2022). These disclosures incorporate the deduction of foreseeable dividends as required by the CRR and European Banking Authority technical standards. Excluding this deduction, the ratio would be 14bps higher. The credit loss charge as a percentage of average gross core loans and advances has decreased from 0.90% at 31 March 2017 to 0.84%. The Issuer's gearing ratio remains low with total assets to equity decreasing to 9.3 times at 30 September 2017.
B.5	The group:	The Issuer is the main banking subsidiary of Investee plc, which is part of an international banking group with operations in three principal markets: the United Kingdom and Europe, Asia/Australia and South

		Africa. The Issuer also holds certain of the Invested group's UK and Australia based assets and businesses.
B.9	Profit Forecast:	Not applicable.
B.10	Audit. Report Oualifications:	Not applicable. There are no qualifications in the audit reports on the audited, consolidated financial statements of the Issuer and its subsidiary undertakings for the financial years ended 31 March 2017 or 31 March 2016.

Six Months Ended Financial features 30 September 31 March 2017 2016 2017 Operating profit before amortisation of acquired intangibles, non-operating items, taxation and after non-controlling interests $(f000)$ 79,285 85,160 161,057 Earnings attributable to ordinary shareholders (£'000) 62,385 58,711 117,793 Costs to income ratio 77.0% 75.1% 75.9% Total capital resources (including subordinated liabilities) (£'000) 2,601,422 2,571,530 2,559,287 Total shareholders' equity (£'000) 1,994,082 1,946,355 1,979,931 Total assets (£'000) 18,477,936 19,867,188 18,381,414 Net core loans and advances (£'000) 8,872,736 8,268,436 8,598,639 Customer accounts (deposits) (£'000) 11,221,444 12,328,366 11,289,177 Cash and near cash balances (£'000) 4,869,067 6,062,943 4,853,000 Funds under management (£'000) 37.500.000 35,900,000 33,723,000 Capital adequacy ratio 16.0% 16.5% 16.6% Tier 1 ratio 12.1% 11.8% 12.2% There has been no significant change in the financial or trading position of the Issuer and its consolidated subsidiaries since 30 September 2017, being the end of the most recent financial period for which it has published interim financial statements. There has been no material adverse change in the prospects of the Issuer since the financial year ended 31 March 2017, the most recent financial year for which it has published audited financial statements. Recent Events: Not Applicable. There have been no recent events particular to the Issuer which are to a material extent relevant to the evaluation of its solvency. The Issuer's immediate parent undertaking is Investee 1 Limited. The Issuer's ultimate parent undertaking Dependence upon and controlling party is Invested plc. other entities within the Group: The Issuer and its subsidiaries form a UK-based group (the "Group"). The Issuer conducts part of its business through its subsidiaries and is accordingly dependent upon those members of the Group. The Issuer is not dependent on Invested plc. The Issuer's The principal business of the Issuer consists of Wealth & Investment and Specialist Banking. Principal Activities: The Issuer is an international, specialist banking group and asset manager whose principal business involves provision of a diverse range of financial services and products to a select client base in the United Kingdom and Europe and Australia/Asia and certain other countries. As part of its business, the Issuer provides investment management services to private clients, charities, intermediaries, pension schemes and trusts as well as specialist banking services focusing on corporate advisory and investment activities,			September 2016 and the six month period ended 30 September 2017.		audited consolidated financial statements of the Issuer for the years ended 31 March 2016 and 31 March 2017 and the unaudited half yearly financial report of the Issuer for the six month period ended 30		The selected financial information set out below has been extracted without material adjustment from the
			Year Ended
							2016
							146,347
							96,635
							73.3%
							2,440,165
							1,842,856
							18,334,568
							7,781,386
							11,038,164
							5,046,000
							30,100,000
							17.0%
							11.9%
	B.13
	B.14
corporate and institutional banking activities and private banking activities.
The whole of the issued share capital of the Issuer is owned directly by Invested 1 Limited, the ultimate parent undertaking and controlling party of which is Invested plc. Persons:	B.15
The long-term senior debt of the Issuer has a rating of BBB+ as rated by Fitch. This means that Fitch's Credit Ratings: expectation of default risk is currently low and Fitch is of the opinion that the Issuer's capacity for payment of financial commitments is considered adequate, but adverse business or economic conditions are more likely to impair this capacity.	B.16	Controlling
The long-term senior debt of the Issuer has a rating of A2 as rated by Moody's. This means that Moody's is of the opinion that the Issuer is considered upper-medium-grade and is subject to low credit risk.	B.17
The long-term senior debt of the Issuer has a rating of BBB+ as rated by Global Credit Rating. This means that Global Credit Rating is of the opinion that the Issuer has adequate protection factors and is considered
sufficient for prudent investment. However, there is considerable variability in risk during economic cycles).

	Section C - Securities
$\overline{C.1}$	Description of Type and Class of Securities:	Issuance in series: The Notes will be issued in series ("Series") which may comprise one or more tranches ("Tranches") issued on different issue dates. The Notes of each tranche of the same series will all be subject to identical terms, except for the issue dates and/or issue prices of the respective Tranches. The Notes are issued as Series number 530, Tranche number 1. Form of Notes: The applicable Final Terms will specify whether the relevant Notes will be issued in bearer form ("Bearer Notes"), in certificated registered form ("Registered Notes"), in uncertificated registered form (such Notes being recorded on a register as being held in uncertificated book-entry form) ("Uncertificated Registered Notes"), in uncertificated and dematerialised book-entry form Notes cleared through Euroclear Sweden or Euroclear Finland (such Notes being "Nordic Notes"), or uncertificated and dematerialised book-entry form and centralised with Monte Titoli S.p.A., pursuant to Italian Legislative Decree dated 24 February 1998, No. 58, as amended and integrated by subsequent implementing provisions. Registered Notes, Uncertificated Registered Notes, Nordic Notes and Italian Notes will not be exchangeable for other forms of Notes and vice versa. The Notes are Bearer Notes. Security Identification Number(s): The following security identification number(s) will be specified in the Final Terms. ISIN Code: XS1738390498 Common Code: 173839049
C.2	Currency of the Securities Issue:	Currency: Subject to any applicable legal or regulatory restrictions, the Notes may be issued in any currency (the "Specified Currency"). The Specified Currency of the Notes is USD.
C.5	Free Transferability:	The Notes are freely transferable. However, applicable securities laws in certain jurisdictions impose restrictions on the offer and sale of the Notes and accordingly the Issuer and the dealers have agreed restrictions on the offer, sale and delivery of the Notes in the United States, the European Economic Area, Isle of Man, South Africa, Switzerland, Guernsey and Jersey, and such other restrictions as may be required in connection with the offering and sale of a particular Tranche of Notes in order to comply with relevant securities laws.
C.8	Rights The Attaching to the Securities, including Ranking and Limitations to those Rights:	Status: The Notes are unsecured. The Notes will constitute direct, unconditional, unsubordinated unsecured obligations of the Issuer that will rank pari passu among themselves and (save for certain obligations required to be preferred by law) equally with all other unsecured obligations (other than subordinated obligations, if any) of the Issuer from time to time outstanding. Investors investing in unsecured Notes are advised to carefully evaluate the Issuer's credit risk when considering an investment in such Notes. If the Issuer became unable to pay amounts owed to the investor under the unsecured Notes, such investor does not have recourse to the underlying or any other security/collateral and, in a worst case scenario, investors may not receive any payments under the Notes. The Notes are unsecured obligations. They are not deposits and they are not protected under the UK's Financial Services Compensation Scheme or any deposit protection insurance scheme. Denomination: The Notes will be issued in denominations of USD1.00. Taxation: All payments in respect of the Notes will be made without deduction for or on account of
		withholding taxes imposed by the United Kingdom unless such withholding or deduction is required by law. In the event that any such deduction is made, the Issuer will not be required to pay any additional amounts in respect of such withholding or deduction. Governing Law: English law
C.9	Rights The Attaching to the Securities (Continued), Including Information as to Interest, Maturity,	Redemption of the Notes: The Notes cannot be redeemed prior to their stated maturity (other than in specified instalments or upon the occurrence of an automatic early termination event, if applicable, or for taxation reasons or an event of default). Interest: The Notes are interest-bearing. Index Linked Notes - Underlying Linked Interest:
	Yield and the

	Representative of the Holders:	Components relating to the coupon).		The Notes pay an amount of interest linked to an underlying asset (as described in C.10 (Derivative
				Payments of Principal: Payments of principal in respect of Notes will be calculated by reference to an underlying asset (as further described in C.15 (Type of the underlying) (the "Underlying").
		Noteholders.		Noteholder Representative: Deutsche Trustee Company Limited (the "Trustee") has entered into a trust deed with the Issuer in connection with the Programme, under which it has agreed to act as trustee for the
C.10	Derivative Components relating the to			The Underlying-linked interest payments on the Phoenix Kick out Notes with Capital at Risk will depend on the performance of the "Underlying" (as further described in C.15 (Type of the underlying)).
	coupon:	related interest payment date.		An "Interest Amount" of 4.30 per cent. will become payable in respect of each specified period at the end of which the level of the worst performing index in the basket comprising the Underlying is greater than a specified percentage of the initial level of such index (the "Interest Amount Level"). The Interest Amount in respect of each specified period is determined independently and paid to the investor on the
		interest payments.		Any "Missed Interest Amounts" (being Interest Amounts which did not become payable in respect of an interest period because the level of the worst performing index in the basket comprising the Underlying was lower than the Interest Amount Level at the end of such period) will be paid out with any subsequent
C.11	Listing and Trading:	(the "London Stock Exchange").		This document has been approved by the FCA as a base prospectus in compliance with the Prospectus Directive and relevant implementing measures in the United Kingdom for the purpose of giving information with regard to the Notes issued under the Programme described in this Base Prospectus during the period of twelve months after the date hereof. Application has also been made for the Notes to be admitted during the twelve months after the date hereof to listing on the Official List of the FCA and to trading on the regulated market (for the purposes of EU Directive 2004/39/EC (the Markets in Financial Instruments Directive)) (the "Regulated Market") Regulated Market of the London Stock Exchange plc
				Application will be made for the Notes to be admitted to listing on the Official List of the FCA and to trading on the Regulated Market of the London Stock Exchange effective on or around the Issue Date.
C.15	Effect of value of underlying instruments:			The return on the Notes is linked to the performance of an underlying instrument (being the basket of indices specified below (the "Underlying")). The value of the Underlying is used to calculate the redemption price of the Notes and accordingly affects the return (if any) on the Notes:
		Underlying:
		Index		Weighting
		Euro STOXX® 50		Not Applicable
		Hang Seng China Enterprises		Not Applicable
		S&P/ASX 200 (AS51)		Not Applicable
		Russell 2000®		Not Applicable
		Automatic Early Redemption	prior to maturity (the "Automatic Early Redemption Date"):	If on one of the dates specified below (the "Automatic Early Redemption Valuation Date") the performance of the worst performing index in the basket comprising the Underlying is greater than the threshold level, price or value specified (the "Automatic Early Redemption Threshold"), the Notes will be redeemed at the amount specified below (the "Automatic Early Redemption Amount") on a date
		Automatic Early Redemption Valuation Date	Automatic Early Redemption Date	Automatic Early Redemption Amount	Automatic Early Redemption Threshold
		25 January 2019	The date which falls 2 Business Days following the applicable Automatic Early Redemption	100 per cent. of Issue Price	100 per cent. of Initial Index Level

				Valuation Date
			29 January 2020	The date which falls 2 Business Days following the applicable Automatic Early Redemption Valuation Date	100 per cent. of Issue Price	100 per cent. of Initial Index Level
			25 January 2021	The date which falls 2 Business Days following the applicable Automatic Early Redemption Valuation Date	100 per cent. of Issue Price	100 per cent. of Initial Index Level
			25 January 2022	The date which falls 2 Business Days following the applicable Automatic Early Redemption Valuation Date	100 per cent. of Issue Price	100 per cent. of Initial Index Level
			27 January 2023	The date which falls 2 Business Days following the applicable Automatic Early Redemption Valuation Date	100 per cent. of Issue Price	100 per cent. of Initial Index Level
					*Provided that if the Automatic Early Redemption Valuation Date is not a Scheduled Trading Day, the immediately preceding Scheduled Trading Day shall be the Automatic Early Redemption Valuation Date.
C.16	Expiration maturity date:	or		The Maturity Date of the Notes is 29 January 2024.
C.17	Settlement procedure:		The Notes will be cash-settled.
C.18	Return securities:	$\mathbf{0}$ n	Underlying. Capital at Risk		Series 530 are Phoenix Kick Out Notes with Capital at Risk, the return on which are linked to the
			The Notes have capital at risk.	Interest Amounts payable on the Notes
			Components relating to the coupon).		The Notes may pay an amount of interest linked to the Underlying (as described in C.10 (Derivative
				Redemption Amount payable on the Notes:
				performing index in the basket comprising the Underlying.	The Notes are Index Linked Notes, the redemption amount in respect of which is linked to the worst
			shares).		The calculations which are required to be made to calculate the amounts payable in relation to each type of Note will be based on the level, price or value (as applicable) of the relevant Underlying at certain specified times, where the "level" is in respect of an index, a basket of indices, or an inflation index, "price" is in respect of a share (or ETF share) or "value" is in respect of a basket of shares (or ETF
					Redemption provisions in respect of Phoenix Kick Out Notes with Capital at Risk:
			Automatic Early Redemption
				dates, as further described in C.15 ( Effect of value of underlying instruments ).	The Notes may mature early (kick out) on a certain date or dates specified in the Final Terms, depending on the level of the worst performing index in the basket comprising the Underlying on specified valuation
				further described in C.15 ( Effect of value of underlying instruments ).	If the Notes kick out early an investor will receive the relevant Automatic Early Redemption Amount, as
			Final Redemption Amount
					If there has been no kick out, the return on the Notes at maturity will be based on the final level of the Underlying, as described in C.19 (Exercise price or final reference price of the underlying)). In certain

		circumstance this may result in the investor receiving an amount less than their initial investment.
		Scenario A - Digital Return
		If at maturity the final level of the worst performing index in the basket comprising the Underlying (the "Final Level") is greater than or equal to a specified percentage of the initial level of such index (the "Initial Level"), an investor will receive a cash amount equal to their initial investment multiplied by a "Digital Return", being 100 per cent.
		Scenario B - Return of Initial Investment
		Not applicable as no "Barrier Condition" has been specified in relation to the Notes.
		Scenario C - Loss of Investment
		If at maturity the Final Level is less than a specified percentage of the Initial Level, an investor will receive a cash amount equal to their initial investment reduced by a percentage linked to any decline in performance between the Initial Level and the Final Level ("Downside Return 1").
C.19	Exercise price or reference final of the price	The determination of the performance of the Underlying and the redemption price will be carried out by the Calculation Agent, being Invested Bank plc.
	underlying:	The Initial Level will be the closing level of the indices in the basket comprising the Underlying as at the Valuation Time on the Strike Date.
		The level of the Underlying used to determine whether an automatic early redemption event has occurred will be the level of the worst performing index in the basket comprising the Underlying as at the Valuation Time on the relevant automatic early redemption valuation date.
		The Final Level will be the level of the worst performing index in the basket comprising the Underlying as at the Valuation Time on the final redemption valuation date.
C.20	Type of the underlying:	The Notes are linked to an underlying instrument as further described in C.15 (Effect of value of underlying instruments ) (the "Underlying")).

	Section D - Risks
D.2	Risks specific to the issuer:	In relation to Public Offers of the Notes, the Notes are designed for investors who are or have access to a suitably qualified independent financial adviser or who have engaged a suitably qualified discretionary investment manager, in order to understand the characteristics and risks associated with structured financial products.
		The following are the key risks applicable to the Issuer:
		Market risks, business and general macro-economic conditions and fluctuations as well as volatility in the global financial markets could adversely affect the Issuer's business in many ways.
		The Issuer is subject to risks arising from general macro-economic conditions in the countries in which it operates, including in particular the UK, Europe, Asia and Australia, as well as global economic conditions.
		The Issuer is subject to risks concerning customer and counterparty credit quality.
		Credit and counterparty risk is defined as the risk arising from an obligor's (typically a client's or counterparty's) failure to meet the terms of any agreement. Credit and counterparty risk arises when funds are extended, committed, invested, or otherwise exposed through contractual agreements, whether reflected on- or off-balance sheet.
		The Issuer's credit risk arises primarily in relation to its Specialist Banking business, through which it offers products such as private client mortgages and specialised lending to high income professionals and high net worth individuals and a range of lending products to corporate clients, including corporate loans, asset based lending, fund finance, asset finance, acquisition finance, power and infrastructure finance, resource finance and corporate debt securities. Within its Wealth & Investment business, the Issuer is subject to relatively limited settlement risk which can arise due to undertaking transactions in an agency capacity on behalf of clients.
		In accordance with policies overseen by its Central Credit Management department, the Issuer makes provision for specific impairments and calculates the appropriate level of portfolio impairments in relation to the credit and counterparty risk to which it is subject.
		Increased credit and counterparty risk could have a material adverse impact on the Issuer's business, results of operations, financial condition and prospects.
		The Issuer is subject to liquidity risk, which may impair its ability to fund its operations.
		Liquidity risk is the risk that the Issuer has insufficient capacity to fund increases in its assets, or that it is unable to meet its payment obligations as they fall due, without incurring unacceptable losses. This includes repaying depositors and repayments of wholesale debt. This risk is inherent in all banking operations and can be impacted by a range of institution-specific and market-wide events.
		The Issuer may have insufficient capital in the future and may be unable to secure additional financing when it is required.
		The prudential regulatory capital requirements applicable to banks have increased significantly over the last decade, largely in response to the financial crisis that commenced in 2008 but also as a result of continuing work undertaken by regulatory bodies in the financial sector subject to certain global and national mandates. These prudential requirements are likely to increase further in the short term, not least in connection with ongoing implementation issues, and it is possible that further regulatory changes may be implemented in this area in any event.
		If the Issuer fails to meet its minimum regulatory capital or liquidity requirements, it may be subject to administrative actions or sanctions. In addition, a shortage of capital or liquidity could affect the Issuer's ability to pay liabilities as they fall due, pay future dividends and distributions, and could affect the implementation of its business strategy, impacting future growth potential.
D.3	Risks specific to the securities:	Series 530 are Phoenix Kick Out Notes with Capital at Risk, the return on which are linked to the worst performing of the indices comprising the Underlying.
		The following are the key risks applicable to the Notes:
		Capital at Risk: Phoenix Kick Out Notes with Capital at Risk are not capital protected.
		The value of the Notes issuable under the Programme prior to maturity depends on a number of factors including the performance of the worst performing index in the basket comprising the applicable Underlying. A deterioration in the performance of the worst performing index in the basket comprising the Underlying may result in a total or partial loss of the investor's investment in the Notes.

As such Notes are not capital protected, there is no guarantee that the return on such a Note will be greater than or equal to the amount invested in the Notes initially or that an investor's initial investment will be returned. As a result of the performance of the relevant Underlying, an investor may lose all of their initial investment.
Unlike an investor investing in a savings account or similar investment, where an investor may typically expect to receive a low return but suffer little or no loss of their initial investment, an investor investing in Notes which are not capital protected may expect to potentially receive a higher return but may also expect to potentially suffer a total or partial loss of their initial investment.
Unsecured Notes: Investors investing in unsecured Notes (including unsecured Notes which are specified in the applicable Final Terms as Notes "without Capital at Risk") are advised to carefully evaluate the Issuer's credit risk when considering an investment in such Notes. If the Issuer became unable to pay amounts owed to the investor under the unsecured Notes, such investor does not have recourse to the underlying or any other security/collateral and, in a worst case scenario, investors may not receive any payments under the Notes.
Investment Products: The Notes are not deposits and they are not protected under the UK's Financial Services Compensation Scheme or any deposit protection insurance scheme.
Return linked to performance of the relevant Underlying: The return on the Notes is calculated by reference to the performance of the worst performing index in the basket comprising the Underlying. Poor performance of the relevant index could result in investors, at best, forgoing returns that could have been made had they invested in a different product or, at worst, losing some or all of their initial investment.
Downside risk: Since the Notes are not capital protected or only a portion of the capital may be protected, if at maturity the level of the worst performing index in the basket comprising the Underlying is less than a specified level, investors may lose their right to return of all their principal or all of the portion of the principal that is not protected at maturity and may suffer a reduction of their capital in proportion (or a proportion multiplied by a leverage factor) with the decline of the level or price of the worst performing index, in which case investors would be fully exposed (or, in the case of a Note where only a portion of the capital is protected, the portion of capital not protected would be fully exposed) to any downside of the worst performing index during such specified period.
Interest linked to Underlying: The return interest payable on Phoenix Kick Out Notes with Capital at Risk is dependent on the level of the worst performing index in the basket comprising the Underlying at the end of the interest period. Noteholders will be exposed to the risk of a prolonged increase or decline in, or volatility of, the relevant Underlying that causes a negative performance in the Underlying on certain specified dates, which could result in a decrease in the interest payments on the Notes or no interest being payable in relation to the Notes.
Tax: Noteholders will be liable for and/or subject to any taxes, including withholding tax, payable in respect of the Notes.

		Section $E -$ Offer
E.2 b	Reasons for the Offer and Use of Proceeds:	Not Applicable. The use of proceeds is to make a profit and/or hedge risks.
E.3	Terms and Conditions of the Offer:	Not applicable.
E.4	Interests Material to the Issue:	The Issuer may be the Calculation Agent responsible for making determinations and calculations in connection with the Notes and may also be the valuation agent in connection with the reference asset(s). Such determinations and calculations will determine the amounts that are required to be paid by the Issuer to holders of the Notes. Accordingly when the Issuer acts as Calculation Agent, or Valuation Agent its duties as agent (in the interest of holders of the Notes) may conflict with the interest as issuer of the Notes.
E.7	Estimated Expenses:	Not applicable. Expenses in respect of the offer or listing of the Notes are not charged by the Issuer or Dealers to the Investor.