Potential Investment Return: 9.15% return on Investment for each year the Plan runs (paid gross), only payable if the Plan Kicks-Out.

Kick Out Barrier: The Plan will Kick-Out if the respective Closing Level of the Underlying Asset, on any Observation Date, is at or above 100% of its respective Opening Level. In this event an investor will receive their Initial Capital back, plus a Potential Investment Return of 9.15% for each year that the Plan has been in existence. The first Observation Date on which an early maturity could be triggered will be 17 March 2026, three years after the Start Date.

Capital Protection Barrier: 65% of the Opening Level (observed on the Final Observation Date of the Plan only). If on the Final Observation Date the Closing Level of the Underlying Asset is less than 65% of its Opening Level (representing a decline of more than 35% from the Opening Level), your Initial Capital will be lost at a rate of 1% for every 1% that the Final Level of the Underlying Asset is below its Opening Level.

Counterparty Risk: The Counterparty of the Securities is Morgan Stanley & Co International plc. If Morgan Stanley were to fail or become insolvent, you could lose some or all of your investment and any return that may be due, irrespective of the performance of the Underlying Asset

The Causeway Securities FTSE 100 Defensive Step Down Kick-Out Plan – March 2023 is a maximum 7-year investment offering a Potential Investment Return of 7.35% return on Investment for each year the Plan runs (paid gross), only payable if the Plan Kicks-Out.

Kick Out Barrier: The Plan will Kick-Out if the respective Closing Level of the Underlying Asset, on any Observation Date from end of Year 3, is at or above the Kick Out Level. In this event an investor will receive their Initial Capital back, plus a Potential Investment Return of 7.35% for each year that the Plan has been in existence. The first Observation Date on which an early maturity could be triggered will be 17 March 2026, three years after the Start Date.

Capital Protection Barrier: 65% of the Opening Level (observed on the Final Observation Date of the Plan only). If on the Final Observation Date the Closing Level of the Underlying Asset is less than 65% of its Opening Level (representing a decline of more than 35% from the Opening Level), your Initial Capital will be lost at a rate of 1% for every 1% that the Final Level of the Underlying Asset is below its Opening Level.

Counterparty Risk: The Counterparty of the Securities is Morgan Stanley & Co International plc. If Morgan Stanley were to fail or become insolvent, you could lose some or all of your investment and any return that may be due, irrespective of the performance of the Underlying Asset.

The Causeway Securities FTSE 100 Defensive Kick-Out Plan March 2023 is a maximum 6-year investment offering a Potential Investment Return of 7.75% return on Investment for each year the Plan runs (paid gross), only payable if the Plan Kicks-Out.

Kick Out Barrier: The Plan will Kick-Out if the respective Closing Level of the Underlying Asset, on any Observation Date, is at or above 90% of its respective Opening Level. In this event an investor will receive their Initial Capital back, plus a Potential Investment Return of 7.75% for each year that the Plan has been in existence. The first Observation Date on which an early maturity could be triggered will be 17 March 2026, three years after the Start Date.

Capital Protection Barrier: 65% of the Opening Level (observed on the Final Observation Date of the Plan only). If on the Final Observation Date the Closing Level of the Underlying Asset is less than 65% of its Opening Level (representing a decline of more than 35% from the Opening Level), your Initial Capital will be lost at a rate of 1% for every 1% that the Final Level of the Underlying Asset is below its Opening Level.

Counterparty Risk: The Counterparty of the Securities is Morgan Stanley & Co International plc. If Morgan Stanley were to fail or become insolvent, you could lose some or all of your investment and any return that may be due, irrespective of the performance of the Underlying Asset.

The Causeway Securities FTSE 100 Fixed Monthly Income Plan March 2023 is a maximum 5 year investment offering a Potential Return of Fixed income of 0.475% paid monthly (5.7% per annum) over the 5 year term irrespective of the performance of the FTSE 100 Index. The first income payment made to the Plan Administrator will be 2 May 2023 and monthly thereafter.

Capital Protection Barrier: 65% of the Opening Level (observed on the Final Observation Date of the Plan only). If on the Final Observation Date the Closing Level of the Underlying Asset is less than 65% of its Opening Level (representing a decline of more than 35% from the Opening Level), your Initial Capital will be lost at a rate of 1% for every 1% that the Final Level of the Underlying Asset is below its Opening Level.

Counterparty Risk: The Counterparty of the Securities is Morgan Stanley & Co International plc. If Morgan Stanley were to fail or become insolvent, you could lose some or all of your investment and any return that may be due, irrespective of the performance of the Underlying Asset.