certificate representing certain securities

the investment specified in article 80 of the Regulated Activities Order (Certificates representing certain securities), which is in summary: a certificate or other instrument which confers contractual or property rights (other than rights consisting of options):

1. (a) in respect of any share, debenture, alternative debenture,112 government and public security or warrant held by a person other than the person on whom the rights are conferred by the certificate or instrument; and
2. (b) the transfer of which may be effected without requiring the consent of that person;

but excluding any certificate or other instrument which confers rights in respect of two or more investments issued by different persons or in respect of two or more different government and public securities issued by the same person. 3