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What are my choices?

Choice 1: Buy Your Shares
Use all your tax-free savings plus bonus to buy M&S shares at £2.92.

You will receive an ordinary share certificate.

The closing date for this choice is six months from your savings end date.

Choice 2: Buy and Sell Your Shares
Use all your tax-free savings plus bonus to buy M&S shares at £2.92 and Equiniti Financial Services Limited will immediately sell all the shares at the current higher price.

The fee for selling the shares will be 1.5% of the transaction value, with a minimum charge of €35.

The date on which the shares are sold and the price they are sold at depends on when your instruction is received by Equiniti.

Your net sale proceeds will be paid to you direct by cheque in euros.

This special service is available for instructions received up to 24 January 2013.

Choice 3: Savings Back
Have all of your tax-free savings plus bonus returned to you by cheque without buying M&S shares at £2.92.

If you change your mind you can still return all of your tax-free savings plus bonus to buy shares at the discounted price of £2.92, before your Sharesave expiry date.


Why should I consider either
Choice 1 – Buy Your Shares or
Choice 2 – Buy and Sell Your Shares?

Since you joined Sharesave the M&S share is significantly above the discounted share price of £2.92, and your total savings and bonus have increased in value. However If you choose Option 1 – Buy Your Shares or Option 2 - Buy and Sell Your Shares, you should be aware that there has been a change in the € Euro / £ Sterling exchange rate since you started saving which means that the maximum number of shares that you will be able to buy will be less than is shown on the enclosed statement. Below is an example which gives you more information on how we will calculate the number of shares you could buy if you were saving €50 each month.

€ Euro / £ Sterling Exchange Rate
- At the start of the scheme in November 2009  €1:£0.8965
- Euro / £ Sterling exchange rate in October 2012  €1:£0.8100

Total Savings and bonus at 1 January 2013* €1,810 = £1,622

Original number of shares this would buy at the discounted price of £2.92** = 555 


Current number of shares this will buy at the discounted price of £2.92* = 502

Current gross value of 502 shares at £3.60*** =  €2,231 = £1,807

So in this example the value of savings of €1,810 would increase by €421 to €2,231 an increase of 23%

*Based on the exchange rate of €1:£0.81.
The actual exchange rate would be calculated when you have made your choice.
 
**Based on the exchange rate on 6 November 2009.
 
***Based on an example share price in October 2012.
The gross value is before any charges that may be payable and deductions that will be made for USC or PRSI.


Equiniti Limited and Equiniti Financial Services Limited are part of the Equiniti group of companies and whose registered offices are Aspect House, Spencer Road, Lancing Business Park, Lancing, West Sussex BN99 6DA. Company share registration, employee scheme and pension administration services are provided through Equiniti Limited, which is registered in England and Wales with No. 6226088. Investment and general insurance services are provided through Equiniti Financial Services Limited, which is registered in England and Wales with no. 6208699 and is authorised and regulated by the UK Financial Services Authority.