London-based GIA JD Farrods has extended the offer period of its latest US Dollar capital protected note to 23 July 2003.

Credit Lyonnais Financial Products (Guernsey) Limited is the issuer of the product, which is called SMART GAIM Note, with Crédit Lyonnais providing 100 per cent capital protection at maturity.

The Notes are linked to the performance of the GAIM Market Neutral Basket. The GAIM Market Neutral Fund Basket will initially be 100 per cent invested in shares of the GAIM Market Neutral Fund.

The allocation of the Basket may vary during the life of the product and the investment in shares of the GAIM Market Neutral Fund may increase or decrease based on the performance of the Fund. The Basket may consist of shares of the GAIM Market Neutral Fund, fixed income instruments and cash to ensure principal protection at maturity.

The GAIM Market Neutral Fund is an index-based fund of hedge funds. The fund invests in approximately 20 of the largest hedge funds within the Equity Market Neutral and Convertible Arbitrage sub-indices of the CSFB-Tremont Hedge Fund Index.

The SMART GAIM Notes have a low correlation to equity and bond markets, and aim to provide a consistent return to investors whatever the prevailing conditions of the financial markets. Minimum investment is £10,000.