*COMPLEXE PRODUCTS N2December, 2014

SYNOPSIS INTRODUCTION TO DERIVATIVES

INTRODUCTION TO DERIVATIVESVANILLA OPTIONSDEFINING THE PRICE OF AN OPTIONDERIVATIVE STRATEGIESCONCLUSION

STRUCTURED PRODUCTS

INTRODUCTIONSTRUCTURED PRODUCT 100% CAPITAL GUARANTEEDSTRUCTURED PRODUCT GROWTHSTRUCTURED PRODUCT INCOMESTRUCTURED PRODUCT - MAIN PARAMETERS EVOLUTIONSTRUCTURED PRODUCT CREDIT LINKED NOTESTRUCTURED PRODUCTS EXPERTIES

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INTRODUCTION TO DERIVATIVESOptions Definition

Unlike a future Contract or a Swap, an option does not in anything oblige the buyer of the contract. Indeed, by buying an option, the investor has the right but not the obligation to exercise his contract. In return for this right, the buyer will pay a premium at the inception of the contract.

There are 2 types of optional contracts :Purchase options (Call)Sale options (Put)

Each one of these contracts is mainly characterized by :a direction (purchase or sale)an underlyinga maturitya strike priceAn exercise type: European or American*

INTRODUCTION TO DERIVATIVESOTC Market vs Listed Market

*PARAMETERS Listed Market Over The Counter (OTC) MarketType Vanilla Option (Call/Put)From standard options vanilla (Call/Put) to more sophisticated mechanisms (Barrier Option, Opal, Autocall Note)Investment Universe Relatively restrictedVery widePrice Parameters Pre-set strike price Flexible strike price (ex : 98, 100, 102)(ex : 98.97, 99.03, 100.28)Investment Horizon Fixed maturity Flexible maturity (July, September, December)(July 11th, December 29th) Mainly on short termFrom short term to very long termSizeMore adapted to amounts lower than More adapted to amounts higher than 1 000 000 EUR or USD1 000 000 EUR or USD

Purchase/ Sale during Low liquidityMore liquidity and flexibility lifetime Transactions are not always possibleregardless of the strike price notably if the strike price is widely out/in the moneyOption Type European, AmericanEuropean, American, Asian, Bermudian

VANILLA OPTIONSBasic Strategies

There are 4 basic strategies on vanilla options:Buy a CallSell a CallBuy a PutSell a Put

Each one of these 4 strategies allows to play a different and accurate market scenario*

VANILLA OPTIONSBuy a Call: Definition

A Call purchase gives the investor the right and not obligationto buy the underlyingat a predefined priceon a predefined date (For European Call)

To have this right, the buyer pays a premium at the set up of the operation

Example : a Call with a 20 EUR Strike and a 6 Month maturity on Carrefour gives the investor the right to: (spot reference of Carrefour share: 18 EUR) buy Carrefourat a price of 20 EURin 6 Months

The buyer pays a premium of 1.50 EUR at the set up of the operation to benefit from this right *

VANILLA OPTIONSBuy a Call: Pay-off at maturity

*Buy a Call (Strike 20 EUR)Underlying spot at maturityProfit & Losses

VANILLA OPTIONSBuy a Call: Break even & leverage effect

Break even:The break even is reached when the final underlying is equal to : Strike price + PremiumBreak even = 20 EUR + 1.50 EUR = 21.50 EUR

Leverage effect:*Final Stock PriceAction PerformanceInvested PremiumOption Pay-offOption Performance18,00 12,00 -33,33%1,50 - -100,00%18,00 18,00 0,00%1,50 - -100,00%18,00 19,00 5,56%1,50 - -100,00%18,00 20,00 11,11%1,50 - -100,00%18,00 21,00 16,67%1,50 1,00 -33,33%18,00 21,50 19,44%1,50 1,50 0,00%18,00 22,00 22,22%1,50 2,00 33,33%18,00 23,00 27,78%1,50 3,00 100,00%18,00 24,00 33,33%1,50 4,00 166,67%Initial Stock Price

VANILLA OPTIONSBuy a Call: The set up

Strategy:Underlying increase (above the Break Even)Risk / Return:Loss limited to the invested premiumUnlimited profitInitial Commitment:Commitment up to the premium paid at the set up of the optionAt maturity:If Cash Settlement: the investor receives the max between: 0 and Final price StrikeIf Physical Settlement: the investor can buy the share at the strike priceQuota lotOTC : usually 1 for 1 (1 Call gives the right to buy 1 share)Listed : usually, a contract corresponds to 10 or 100 Calls*

VANILLA OPTIONSSell a Call: Definition

The sale of a Call exposes the investor tosell the underlyingat a predefined priceon a predefined date (For European Call)

In return for this risk, the seller receives a premium at the set up of the operation

Example : a Call with a 20 EUR strike and a 6 Month maturity on Carrefour exposes the investor to : (spot reference of Carrefour action : 18 EUR) sell Carrefourat a price of 20 EURin 6 Months

The seller receives a premium of 1.50 EUR at the set up of the operation in return for the risk borne*

VANILLA OPTIONSSell a Call: Pay-off at maturity

*Sell a Call (Strike 20 EUR)Underlying spot at maturityProfit & Losses

VANILLA OPTIONSSell a Call: Break even & leverage effect

Break even:The break even is reached when the final underlying is equal to : Strike price + PremiumBreak even = 20 EUR + 1.50 EUR = 21.50 EUR

Leverage effect:The leverage effect can be considered as unlimited for a naked short CallIndeed, this latest one does not require any investment at the set up of the operation and allows to receive a premium

In case of unfavorable evolution, the loss can be much more important than the premium initially receivedThe leverage effect disappears when the Call sold is added to the stock holding (Short Call Covered).*

VANILLA OPTIONSSell a Call: The set up

Strategy:Stability or low increase of the underlying (up to the Break Even)Risk/ Return:Profit limited to the premium receivedUnlimited lossInitial Commitment:Commitment up to the number of shares which can potentially be soldIf sale of 100 Calls OTC, the investor must hold 100 sharesAt maturity:If Cash Settlement: the investor pays the max between : 0 and Final price StrikeIf Physical Settlement: the investor can be constrained to sell the shares at the Strike priceQuota lot:OTC : generally 1 for 1 (1 Call can give the obligation to sell 1 share)Listed : generally, a contract is the equivalent of 10 or 100 Calls*

VANILLA OPTIONSBuy a Put: Definition

The Put purchase gives the investor the right and not the obligationto sell the underlyingat a predefined priceon a predefined date (For European Put)

To have this right, the investor pays a premium at the set up of the operation

Example : a Put with a 16 EUR Strike price and a 6 Month maturity on Carrefour gives the investor the right to: (spot reference of Carrefour action: 18 EUR) sell Carrefourat a price of 16 EURin 6 Months

The buyer pays a premium of 1.75 EUR at the set up of the operation to benefit from this right*

VANILLA OPTIONSBuy a Put: Pay-off at maturity

*Buy a Put (Strike 16 EUR)Underlying spot at maturityProfit & Losses

VANILLA OPTIONSBuy a Put: Break even & leverage effect

Break even:The break even is reached when the final underlying is equal to: Strike price - PrimeBreak even = 16 EUR - 1.75 EUR = 14.25 EUR

Leverage effect:*18,00 11,00 -38,89%1,75 5,00 185,71%18,00 12,00 -33,33%1,75 4,00 128,57%18,00 13,00 -27,78%1,75 3,00 71,43%18,00 14,00 -22,22%1,75 2,00 14,29%18,00 14,75 -18,06%1,75 1,25 -28,57%18,00 16,00 -11,11%1,75 - -100,00%18,00 18,00 0,00%1,75 - -100,00%18,00 20,00 11,11%1,75 - -100,00%18,00 22,00 22,22%1,75 - -100,00%Final Stock PriceAction PerformanceInvested PremiumOption Pay-offOption PerformanceInitial Stock Price

VANILLA OPTIONSBuy a Put: The set up

Strategy:Decrease of the underlying (below the Break Even)Risk / Return:Loss limited to the premium investedUnlimited profitInitial Commitment: Commitment up to the premium paid at the setting up of the operationAt maturity:If Cash Settlement: the investor receives the max between: 0 and Strike Final price If Physical Settlement : the investor can sell the shares at the Strike priceQuota lot:OTC : generally 1 for 1 (1 Put gives the right to sell 1 share)Listed : generally, a contract is equivalent to 10 or 100 Puts*

VANILLA OPTIONSSell a Put: Definition

The sale of a Put exposes the investor to:buy the underlyingat a predefined priceon a predefined date (For European Put)

In return for this risk, the seller receives a premium at the set up of the operation

Example : a Put with a 16 EUR Strike and a 6 Month maturity on Carrefour exposes the investor to : (spot reference of Carrefour action: 18 EUR)buy Carrefourat a price of 16 EURin 6 Months

The seller receives a premium of 1.75 EUR at the set up of the operation in return for the risk borne*

VANILLA OPTIONSSell a Put: Pay-off at maturity

*Sell a Put (Strike 16 EUR)Underlying spot at maturityProfit & Losses

VANILLA OPTIONSSell a Put: Break even & leverage effect

Break Even:The break even is reached when the final underlying is equal to: Strike price - PremiumBreak Even = 16 EUR - 1.75 EUR = 14.25 EUR

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VANILLA OPTIONSSell a Put: The set up

Strategy:Stability or low decrease of the underlying (up to the Break Even)Risk/ Return:Profit limited to the premium receivedUnlimited lossInitial Commitment: Commitment up to the number of shares which can potentially be boughtIf sale of 100 Puts OTC, the investor must hold in nominal : 100 x StrikeAt maturity:If Cash Settlement: the investor pays the max between: 0 and Strike Final priceIf Physical Settlement: the investor can be constrained to buy the shares at the Strike priceQuota lot:OTC: generally 1 for 1 (1 Put can give the obligation to buy 1 share)Listed: generally, a contract is equivalent to 10 or 100 Puts*

VANILLA OPTIONS*Spot of the underlying at maturitySell a Put (Strike 16EUR)Profit/LossesProfit/LossesProfit/LossesProfit/LossesBuy a Call (Strike 20EUR)Spot of the underlying at maturityBUY A CALLBullish strategy: The investor wants a participation to the increase of the underlying during the lifetime of the option.Profit : UnlimitedLoss : Limited to the premium paidCommitment : Premium initially investedSELL A CALLStable or slightly bearish strategy: The investor assesses that the underlying will remain stable or will slightly decrease during the lifetime of the option. Profit:: Limited to the premium receivedLoss : UnlimitedCommitment : Shares which are subjected to the sale of Calls in portfolioBUY A PUTBearish or hedging strategy: the investor wants to hedge a part of his portfolio, or wants to play the decrease of the underlying.Profit: Strike Price Premium paidLoss : limited to the premium paidCommitment: Premium initially investedSELL A PUTStable or slightly bullish strategy : The investor assesses that the underlying will remain stable or will slightly increase during the lifetime of the option. Profit : Limited to the premium receivedLoss : Limited to the Strike Price Premium receivedCommitment: Strike price x number of Puts sold in cash in portfolioSpot of the underlying at maturitySpot of the underlying at maturitySell a Call (Strike 20EUR)Buy a Put (Strike 16EUR)

DEFINING THE PRICE OF AN OPTIONIntroductionThe premium of an option has 2 main characteristics:Intrinsic value (can not be negative) For a Call, it represents the difference between the price of the underlying and the strike priceFor a Put, it represents the difference between the strike price and the price of the underlying

Time valueThe Time Value represents the premium the investor is ready to pay in addition to the Intrinsic Value in the hope of observing before the maturity of this option, its value increase due to a favourable evolution of the underlying Speculative Value

Premium of an Option = Intrinsic Value + Time Value *

CallPrice of the stock Spot > Strike PriceIN THE MONEYPutPrice of the stock Spot < Strike PriceIN THE MONEY

Price of the stock Spot < Strike Price OUT OF THE MONEYPrice of the stock Spot > Strike PriceOUT OF THE MONEY

DEFINING THE PRICE OF AN OPTIONOn which parameters the price of the option will depend?

The price of the option will depend on:

Spot (Price of the underlying)Strike (Strike price)VolatilityDurationInterest RatesDividends*

DEFINING THE PRICE OF AN OPTIONThe Spot (Price of the Underlying)

The price of the option will depend on the price of the underlying:

The evolution of the Spot has an opposite impact on the price of Calls and Puts :when the spot of the underlying increases, the Call value increases when the spot of the underlying increases, the Put value decreases

In addition all things being equal, when the price of the underlying increases,the exercise probability of the Call increases (holding a Call is then more interesting)the exercise probability of the Put decreases (holding a Put is then less interesting)

We are used to measuring the price variation of the option for a variation of the underlying by the Delta.A 0.5 Delta means that the price of the option will increase from 0.5 when the underlying will increase from 1*

DEFINING THE PRICE OF AN OPTIONThe Strike Price

The price of the option will depend on the strike price:

The strike price has an opposite impact on the price of the Calls and the Puts :if the strike price increases, the Call value decreasesif the strike price increases, the Put value increases

In addition all things being equal, when the strike price increases,holding a Call is then less interesting (gives the right to buy the asset at a superior spot)holding a Put is then more interesting (gives the right to sell the asset at a superior spot)*

DEFINING THE PRICE OF AN OPTIONThe Implied Volatility

The price of the option will depend on the implied volatility:

An increase of the implied volatility will have a positive impact both on the price of the Calls and the Puts.This positive relationship is linked to the pay-off asymmetry of the option (value of the option can not be negative). See illustration.

The terms volatility buyer and volatility seller are often used to designate respectively vanilla options buyers and vanilla options sellers.

We are used to measure the price variation of the option for a variation of the volatility by the Vega A 0.10 Vega means the price of the option will increase from 0.10 EUR if the volatility increases by 1%*

DEFINING THE PRICE OF AN OPTIONIllustration: The Implied Volatility

The higher the volatility, the more important is the scope of values the underlying can take (the more important is the volatility, the more the underlying can go up or down)*Volatility spectrumPrice of the ShareNumber of daysVolatility Spectrum 10%Volatility Spectrum 15%

DEFINING THE PRICE OF AN OPTIONThe Duration

The price of the option will depend on the remaining time until the maturity of the option:

Usually (when the underlying does not pay any dividends), an increase of the duration of the option will have a positive impact on the price of the optionOnce again, this positive relationship can be explained by the asymmetry of the option pay-off The more important is the remaining time, the more likely is probability for the underlying to go up or down

We are used to measure the price variation of the option for a variation of the duration by the Theta. A 0.02 Theta means the price of the option will decrease from 0.02 EUR if the time before the maturity decreases from one day.*

DEFINING THE PRICE OF AN OPTIONThe Interest Rates

The price of the option will depend on risk free rate considered for the period:The risk free rate has an opposite impact on the price of Calls and Puts :if the Interest Rate increases, the Call value increasesif the Interest Rate increases, the Put value decreases

Indeed, the interest rates have a positive impact on the forward price of the underlying.

Illustration:Borrowing to buy cash or buying forward must be the same price In case an underlying does not give dividends then: Underlying current price (basis 100) + Interest (in % p.a.) = Forward price of the underlyingIf underlying = 100, interest rate = 4%, what is the forward price of the underlying in 1 year : 100 + 4 = 104*

DEFINING THE PRICE OF AN OPTIONThe Dividends

The price of the option will depend on the dividends distributed by the underlying on the considered period:The Dividend has an opposite impact on the price of Calls and Puts:if the Dividend increases, the Call value decreasesif the Dividend increases, the Put value increases

Indeed, the dividends have a negative impact on the forward price of the underlying.

Illustration:Borrowing to buy cash or buying forward must be the same priceSo: Current price of the underlying (basis 100) + Interest (in % p.a.) Dividends (in % p.a.) = Forward price of the underlyingIf the underlying = 100, interest rate = 4%, dividend = 2 EUR what is the forward price of the underlying in 1 year: 100 + 4 - 2 = 102*

DEFINING THE PRICE OF AN OPTIONThe Interest Rates & the Dividends

Interest rates as well as dividends have an impact on the forward price of a share

Usually:the higher the forward price of a share, the more important is the probability to exercise the Call and the higher is the Call pricethe higher the forward price of a share, the lower the probability to exercise the Put and the lower is the Put price

Very often, to determine if an option is in or out of the money, the Strike Price is compared to the Forward Price.

We will then talk of: At The Money Forward In The Money Forward Out of The Money Forward

An option can therefore be In The Money Spot but Out of The Money Forward etc*

DEFINING THE PRICE OF AN OPTIONIllustration: The Interest Rates & the Dividends

Define if the following option is In The Money Spot and ForwardCall Strike 100, Underlying spot : 104 EUR, 1 Year Interest rate: 2%, Dividends : 10 EUR

In The Money Spot?The Spot price of the underlying is higher than the Call Strike the option is In The Money Spot

In The Money Forward?What is the forward price of the underlying: 104 + 2 10 = 96 EURThe Spot price of the underlying is lower than the Call Strike the option is Out of The Money Forward

The most important element for the investor is to compare the Strike price to the forward price of the underlying*

DEFINING THE PRICE OF AN OPTIONSensitivities

Option (Call and Put) with the following features:Spot (Underlying price) : 100Strike (Strike Price) : 100Volatility : 20%Duration : 1 YearInterest Rate : 1.213%Dividends : 3.80%

Graph analysis:The underlying price vary (all other things being equal)The Time to maturity vary (all other things being equal)*

DEFINING THE PRICE OF AN OPTIONCall Sensitivities: Depending on the Spot fluctuation

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DEFINING THE PRICE OF AN OPTIONCall Sensitivities: Depending on the duration

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DEFINING THE PRICE OF AN OPTIONPrice Sensitivities of the Call

*Depending on the Spot fluctuationDepending on the time

DEFINING THE PRICE OF AN OPTIONPut Sensitivities: Depending on the Spot fluctuation

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DEFINING THE PRICE OF AN OPTIONPut Sensitivities: Depending on the duration

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DEFINING THE PRICE OF AN OPTIONPrice Sensitivities of the Call

*Depending on the Spot fluctuationDepending on the time

DEFINING THE PRICE OF AN OPTIONOptions Sensitivities to "Greeks":

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StrategyDELTATHETAGAMMAVEGALong CALL+-++Long PUT--++Short CALL-+--Short PUT++--

DERIVATIVE STRATEGIES: LONG STRADDLEDefinitionThe purchase of an equal number of puts and calls, with the same strike price and expiration dates

Market expectation: Market neutral / volatility bullish. With the underlying at A and an unknown directional move or increase in volatility is anticipatedProfit: Unlimited for an increase or decrease in the underlyingLoss: Limited to the premium paid in establishing the position. Will be huge if the underlying is at strike A, at expiryBreak-even: Reached if the underlying rises or falls from strike A by the same amount as the premium cost of establishing the position*

DERIVATIVE STRATEGIES: LONG STRADDLESensitivities

Delta: Neutral (assumed at-the-money position), becomes highly positive (negative) for large increases (decreases) in underlying. As a volatility trade, the position would be kept delta neutral with dynamic hedging until it is closed out or is altered to take account of a clear change of market direction.Theta: Value of position will decrease as the options lose time value. Theta may be positive if the position is far in-the-money and/or close to expiry.Vega: Value of position will increase as expected volatility increases.*

DERIVATIVE STRATEGIES: LONG STRADDLEPricing Example: Bloomberg quote (Dec 14):

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DERIVATIVE STRATEGIES: LONG STRADDLEPricing Example: Bloomberg quote (Nov 10)

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DERIVATIVE STRATEGIES: SHORT STRADDLEDefinitionThe sale of an equal number of puts and calls, with the same strike price and expiration dates

Market expectation: Market neutral/volatility bearish. With the underlying at A and a period of low or decreasing volatility is anticipated, and the underlying is not expected to move dramaticallyProfit: Limited to the credit received from establishing the position. Highest if the market settles at ALoss: Unlimited for both an increase or decrease in the underlyingBreak-even: Reached if the underlying rises or falls from strike A by the same amount as the premium received from establishing the position*

DERIVATIVE STRATEGIES: SHORT STRADDLESensitivities

Delta: Neutral (presumed at-the-money position), becomes highly negative (positive) for large increases (decreases) in the underlying. As a volatility trade, the position would be kept delta neutral with dynamic hedging until it is closed out or is altered to take account of a clear change of market direction.Theta: Value of position will increase as the options lose time value. Theta may be negative if the position is far out-of-the-money and/or close to expiry.Vega: Value of position will decrease as expected volatility increases.*

DERIVATIVE STRATEGIES: LONG STRANGLEDefinitionThe purchase of a put option and a call option with the same expiration dates and strike prices which are out of the money

Market expectation: Market neutral / volatility bullish. The holder expects a major movement in the market but is unsure as to its direction. A larger directional move is needed than a straddle in order to yield a profit but if the market stagnates, losses will be lessProfit: The profit potential is unlimited although a substantial directional movement is necessary to yield a profit for both a rise or fall in the underlyingLoss: Occurs if the market is static; limited to the premium paid in establishing the positionBreak-even: Occurs if the market rises above the higher strike price at B by an amount equal to the cost of establishing the position, or if the market falls below the lower strike price at A by the amount equal to the cost of establishing the position*

DERIVATIVE STRATEGIES: LONG STRANGLESensitivities

Delta: Neutral; (presumed at-the-money position), becomes highly positive (negative) for large increases (decreases) in underlying.Theta: Time decay will act against the holder of the position.Vega: The position will increase in value as volatility rises.*

DERIVATIVE STRATEGIES: SHORT BUTTERFLYDefinitionAn options strategy built on four trades at one expiration date and three different strike prices. For call options, one option each at the high and low strike price are sold, and two options at the middle strike price are bought. For put options, the trades are reversed.

Market expectation: Market neutral/volatility bullish. In this case the holder expects a directional move in the underlying, or a rise in implied volatility.Profit: Maximum profit is the net credit received in establishing the position and will occur if there is a sufficient directional move of the underlying, in either direction.Loss: Limited to the difference in strikes between A and B, minus the net credit in establishing the position.Break-even: Reached when the underlying is higher than A or lower than C by the credit received from establishing the position.*

DERIVATIVE STRATEGIES: SHORT BUTTERFLYSensitivities

Delta: Neutral (assumed at-the-money spread). Delta becomes more positive as underlying moves to C, negative as the underlying moves to A.Theta: Time decay will be negligible until the final month of the contract. Decay will act against the holder between underlying levels A and C, being greatest at B. If the underlying moves outside this area, decay will benefit the holder.Vega: Increased volatility will increase the theoretical value of the position. Volatility may have a negative impact if the underlying is below A or above C by a sufficient margin.*

CONCLUSIONVanilla Options and Strategies

Beside these vanilla options, there is an important number of options called Second Generation or Exotic

The philosophy of these exotic options remains the same but the pay-offs profile proposed becomes almost infinity thanks to the provision of new technologies

However, even when facing a very exotic option, to analyse an option, it is advisable to always place oneself in the Investor's position and to analyse the parameters which can influence the price of this option one by one:

If the price of the underlying increases, am I happy? In what measure? If the interest rates decrease, what will be the impact on the price? Am I happy? etc

Answering those questions will enable you to understand the advantages and drawbacks of any one of these options

These options can be treated directly but are often used to build structured products*

SYNOPSIS INTRODUCTION TO DERIVATIVES

INTRODUCTION TO DERIVATIVESVANILLA OPTIONSDEFINING THE PRICE OF AN OPTIONDERIVATIVE STRATEGIESCONCLUSION

STRUCTURED PRODUCTS

INTRODUCTIONSTRUCTURED PRODUCT 100% CAPITAL GUARANTEEDSTRUCTURED PRODUCT GROWTHSTRUCTURED PRODUCT INCOMESTRUCTURED PRODUCT - MAIN PARAMETERS EVOLUTIONSTRUCTURED PRODUCT CREDIT LINKED NOTESTRUCTURED PRODUCTS EXPERTIES*

STRUCTURED PRODUCTS INTRODUCTIONGeneral Context

Institutional and private investors are facing more complex and diverse problematicsThe economic and financial environment is constantly evolvingGlobalization of the economy (interdependent companies)Economic and monetary policies are changingUncertain anticipations

The investors needs are evolvingMultiple market anticipationsVarious demands and objectivesNeed for more and more reactivity and flexibility.

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STRUCTURED PRODUCTS INTRODUCTIONGeneral Context

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STRUCTURED PRODUCTS INTRODUCTIONA Suitable Solution

It is not possible to implement every investment strategy through shares or bonds holding

Structured products offer the advantageTo create flexibility in financial assets managementTo satisfy the objectives set in respect of market constraintsTo bet on a specific market scenario

Different types of strategies can be implementedDirectional strategiesHedging strategiesRisk/Return optimisation strategies

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STRUCTURED PRODUCTS INTRODUCTIONObjectives

Structured products enable to benefit from various market scenarios and can offer multiple benefitsGood potential return even with a static environmentProtection against a market reversal while remaining exposed to the increase of an underlyingIncrease the exposure to the rise of an underlying with a similar risk associated with a traditional holding

*Structured Product Optimise Risk / Return Client Profile

STRUCTURED PRODUCTS INTRODUCTIONDefinition

A structured financial product combines financial investments and derivatives in a single product in the form of a security. The payback value of a structured product follows the development of one or more underlying assets.

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STRUCTURED PRODUCTS INTRODUCTIONHow to set up a structured product?

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SYNOPSIS STRUCTURED PRODUCT INTRODUCTION

STRUCTURED PRODUCT 100% CAPITAL GUARANTEED

STRUCTURED PRODUCT GROWTH

STRUCTURED PRODUCT INCOME

STRUCTURED PRODUCT - MAIN PARAMETERS EVOLUTION

STRUCTURED PRODUCT CREDIT LINKED NOTE

STRUCTURED PRODUCTS EXPERTIES*

STRUCTURED PRODUCTS 100% CAPITAL GUARANTEEDStudy Case Cf Annexe Termsheet

Vontobel Units On The DJ EuroStoxx 50 Capital Protection 100%

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STRUCTURED PRODUCTS 100% CAPITAL GUARANTEEDZERO COUPON BOND

Zero coupon bonds are bonds which do not pay periodic interest payments, or so-called "coupons". Zero coupon bonds are purchased at a discount from their value at maturity.

In case of a decrease of the Interest rates, this will have a positive impact on the valuation of the Zero coupon bond: the curve will shift upward ( )In case of an increase of the Interest rates, this will have a negative impact on the valuation of the Zero coupon bond: the curve will shift downward ( )

*Maturity100%100%75%

STRUCTURED PRODUCTS 100% CAPITAL GUARANTEEDThe Protected Note Example

CharacteristicsProductProtected NoteCapital100% Capital Guaranteed at maturityCurrencyEURMaturity5 YearsUnderlyingEurostoxx 50 IndexParticipation100% at maturity

Redemption at maturityAt maturity the holder of the Protected Note receives the maximum between the two following amounts:100% of the nominalNominal + 100% of the underlying performance

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STRUCTURED PRODUCTS 100% CAPITAL GUARANTEEDThe Protected Note: Pay-Off

*At maturity, if the Underlying performance is negative, the investor will be redeemed at 100% of his invested capital.

At maturity, if the Underlying performance is positive, the investor will be redeemed at 100% of his invested capital plus 100% of the Underlying rise.

Capital Protection ScenarioCapital Gain Scenario 114%100% 128%X Protected NoteUnderlyingUnderlying Level At maturityX 120% 100%X 140%Redemption At Maturity

STRUCTURED PRODUCTS 100% CAPITAL GUARANTEEDThe Protected Note Characteristics

ObjectiveBenefit from a participation on the rise of an underlying while guaranteeing 100% of the capital at maturityReturnBest case: 100% + x% of the underlying performance Worst case: 100%Advantages:Unlimited potential profit Capital guaranteed at maturityNo capDrawbacks:The product should be kept until maturity to fully benefit from the indexation. The resale price before maturity risks being close to the current value of the capital guaranteed and may not reflect market changes.StructureBuy a zero coupon bond 100% Buy 1 Call Strike ATMS*

STRUCTURED PRODUCTS 100% CAPITAL GUARANTEEDThe Protected Note Call Spread Example

CharacteristicsProductProtected Note Call SpreadCapital100% Capital Guaranteed at maturityCurrencyEURMaturity5 YearsUnderlyingEurostoxx 50 IndexParticipation150% at maturityUnderlying Cap+30.00%Max Redemption145.00%

Redemption at maturityAt maturity the holder of the Protected Note receives the maximum between the two following amounts:100% of the nominalNominal + 150% of the underlying performance up to the Cap*

STRUCTURED PRODUCTS 100% CAPITAL GUARANTEEDThe Protected Note Call Spread: Pay-Off

*At maturity, if the Underlying performance is negative, the investor will be redeemed at 100% of his invested capital.

At maturity, if the Underlying performance is positive, the investor will be redeemed at 100% of his invested capital plus 150% of the Underlying rise up to the Cap. (Max gain +45%)

Capital Protection ScenarioCapital Gain Scenario100% 145%X Protected Note Call SpreadUnderlyingUnderlying Level At maturity 100%X 130%Redemption At Maturity

STRUCTURED PRODUCTS 100% CAPITAL GUARANTEEDThe Protected Note Call Spread Characteristics

ObjectiveBenefit from a leveraged participation on the rise of an underlying up to a predefined level while guaranteeing 100% of the capital at maturityReturnBest case: 100% + x% of the underlying capped performance Worst case: 100%Advantages:Strong indexation on the positive performance of the underlyingCapital guaranteed at maturityDrawbacks:The product should be kept until maturity to fully benefit from the leverage. The resale price before maturity risks being close to the current value of the capital guaranteed and may not reflect market changes.CapStructureBuy a zero coupon bond 100% Buy 1.5% Calls Strike ATMS & Sell 1.5% Calls Strike 30% OTMS (Cap) *

STRUCTURED PRODUCTS 100% CAPITAL GUARANTEEDFloored and Capped Floater Note Example

CharacteristicsProductFloored and Capped Floater NoteCapital100% Capital Guaranteed at maturityCurrencyEURMaturity3 YearsBonus PaymentQuarterlyUnderlyingEuribor 3 MonthsFloor Level2% p.aCap Level4% p.a

Bonus SpecificationsAt the end of each quarter, the investor receives a Floating Bonus floored and capped at a predefined level*

STRUCTURED PRODUCTS 100% CAPITAL GUARANTEEDFloored and Capped Floater Note Characteristics

ObjectiveProfit from an alternative solution to a monetary deposit that allows you to receive a guaranteed Floating Bonus floored and capped at a predefined level while guaranteeing 100% of your investment at maturityAdvantages:Benefit from a minimum yield and profit from an interest rate rise up to the CapCapital guaranteed at maturityDrawbacks:The return over the period can be lower than the return of a monetary deposit over the same period.The Bonus is cappedThe investor bears the Issuers credit risk.*

SYNOPSIS STRUCTURED PRODUCT INTRODUCTION

STRUCTURED PRODUCT 100% CAPITAL GUARANTEED

STRUCTURED PRODUCT GROWTH

STRUCTURED PRODUCT INCOME

STRUCTURED PRODUCT - MAIN PARAMETERS EVOLUTION

STRUCTURED PRODUCT CREDIT LINKED NOTE

STRUCTURED PRODUCTS EXPERTIES*

STRUCTURED PRODUCTS GROWTHStudy Case Cf Annexe Termsheet

3.25Y CHF Outperformance Certificate on Nestl S.A.

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STRUCTURED PRODUCTS GROWTHThe Outperformer Example

CharacteristicsProductOutperformerCurrencyEURMaturity1 YearUnderlyingTotalParticipation140%

Redemption at maturityAt maturity, if Total stock performance is positive, the investor will receive 140% of the underlying performance At maturity, if Total stock performance is negative, the investor will receive 100% of the underlying performance

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*STRUCTURED PRODUCTS GROWTHRedemption Scenarios

At maturity, if the Underlying performance is negative, the investor will be redeemed at 100% of his invested capital minus the decrease of the Underlying.At maturity, if the Underlying performance is positive, the investor will be redeemed at 100% of his invested capital plus 140% of the Underlying rise.Capital Gain ScenarioCapital Loss Scenario128%100% 170%X OutperformerUnderlyingUnderlying Level at maturityX 120% 100%X 150%Redemption at maturity

STRUCTURED PRODUCTS GROWTHThe Outperformer Characteristics

ObjectiveOutperform the performance of the underlyingReturnBest case: (100% + x%) of the underlying performance Worst case: receive the underlying at strike priceAdvantages:Unlimited potential profit Strong upside leverageNo capDrawbacks:Capital non guaranteedDividends not receivedStructureBuy a zero coupon bond 100% Buy 1.4 Calls ATMS & Sell 100% Put ATMS*

STRUCTURED PRODUCTS GROWTHStudy Case Cf Annexe Termsheet

TwinWin Voncert DJ EuroStoxx 50

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STRUCTURED PRODUCTS GROWTHThe Twin Win Example

CharacteristicsProductTwin WinCurrencyGBPMaturity2 YearsUnderlyingFTSE 100 IndexParticipation100%Knock-Out Barrier75% (US Style)

Redemption at maturity1st Case: The underlying has never traded at or below 75% of its initial level:The holder is redeemed at 100% of its nominal plus + 100% of the underlying absolute performance2nd Case: The underlying has traded once at or below 75% of its initial level at any time during the whole life of the product.The holder is redeemed at 100% of its nominal plus + 100% of the underlying performance

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*STRUCTURED PRODUCTS GROWTHRedemption Scenarios

Capital Gain ScenarioPossible Loss ScenarioIf the Underlying has never traded at or below the Knock Out Barrier during the whole life of the product. At maturity, you receive: 100% of nominal + 100% of the Underlying absolute performance

If the Underlying has reached at least once the Knock Out Barrier during the whole life of the product. At maturity, you receive: 100% of nominal + 100% of the Underlying performance

100%100%75% 125%X X UnderlyingUnderlying Level At maturityRedemption at maturityX 125%Twin Win Note75%100%100%75% 125%X X UnderlyingUnderlying Level At maturityRedemption at maturityX 125% 75%Twin Win Note

STRUCTURED PRODUCTS GROWTHThe Twin Win Characteristics

ObjectiveBenefit from an absolute performance of the underlying at maturityReturnBest case: Absolute performanceWorst case: Receive the underlying at strike priceAdvantages:Absolute performance at maturity: if the knock-out barrier has never been reached (continuous monitoring)Upside performance at maturity: even if the knock-out barrier has been reached (continuous monitoring)Drawbacks:In case of decrease of the underlying the sensibility to the mark to market will be negative Capital non guaranteedDividends not receivedStructureBuy a zero coupon bond 100% Buy 1 Call Strike ATMS / Buy 1 Puts Strike ATMS D&O 25% OTMS / Sell 1 Put Strike ATMS D&I 25% OTMS *

STRUCTURED PRODUCTS GROWTHThe Airbag Example

CharacteristicsProductAirbagCurrencyEURMaturity5 YearsUnderlyingEurostoxx 50 IndexParticipation200%Barrier50% (EU Barrier)

Redemption at maturityThe product offers 200% of the increase of the index with a capital protection of 100% until a 50% decrease of the index on Final Observation Date.

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*STRUCTURED PRODUCTS GROWTHRedemption ScenariosCapital Gain ScenarioCapital Protection ScenarioCapital Loss Scenario 140%100%50%100%X X Airbag NoteUnderlyingUnderlying Level at maturityX 120% 50%At maturity the Underlying is above its initial strike priceThe investor will receive:100% of nominal + 200% of the Underlying rise

At Maturity the Underlying is below its strike but above the Protection Barrier.The investor will receive;100% of nominal

At Maturity the Underlying is below the Protection Barrier. The investor will receive. Nominal x

Redemption At Maturity

STRUCTURED PRODUCTS GROWTHThe Airbag Characteristics

ObjectiveBenefit from a strong participation on the Underlying rise while protecting 100% of the capital up to a predefined level at maturity.ReturnBest case: Receive the capital plus x% of the Underlying performance Worst case: Receive the cash equivalent to the Underlying performanceAdvantages:Conditional capital protection (European Barrier: Observation only at maturity)Strong leverageNo capDrawbacks:Non capital guaranteed productStructureBuy a zero coupon bond 100% Buy 2 Calls Strike ATMS / Sell 1 Put Strike ATMS D&I 50%*

STRUCTURED PRODUCTS GROWTHThe Airbag ConstructionStep 1: Zero Coupon: 95.32%

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STRUCTURED PRODUCTS GROWTHThe Airbag ConstructionStep 2: Buy 2 ATM Calls => The price is 15.80%

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STRUCTURED PRODUCTS GROWTHThe Airbag ConstructionStep 3: Sell an ATM Put Down & In 50% (EU) => The price is 11.12%

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SYNOPSIS STRUCTURED PRODUCT INTRODUCTION

STRUCTURED PRODUCT 100% CAPITAL GUARANTEED

STRUCTURED PRODUCT GROWTH

STRUCTURED PRODUCT INCOME

STRUCTURED PRODUCT - MAIN PARAMETERS EVOLUTION

STRUCTURED PRODUCT CREDIT LINKED NOTE

STRUCTURED PRODUCTS EXPERTIES*

STRUCTURED PRODUCTS GROWTHStudy Case Cf Annexe Termsheet

15.55% Defender Vonti On Google

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STRUCTURED PRODUCTS INCOMEThe Reverse Convertible Example

CharacteristicsProductReverse ConvertibleCurrencyEURMaturity1 YearUnderlyingEurostoxx 50 IndexBonus9.80%Barrier70% (U.S Barrier)

Redemption at maturityAt maturity, if the Eurostoxx 50 index closes above the Strike Price, the investor receives 100% of the capital invested and the 9.80% guaranteed bonus.At maturity, if the Eurostoxx 50 index closes below the Strike Price and has never reached 70% of the Strike Price during the whole life of the product, the investor receives 100% of the capital invested and the 9.80% guaranteed bonus.At maturity, if the Eurostoxx 50 index stock closes below the Strike Price and has reached 70% of the Strike Price at least one time during the life of the product, the investor receives the 9.80% guaranteed bonus and the initial capital minus the decrease of the Eurostoxx 50 index *

*STRUCTURED PRODUCTS INCOMERedemption ScenariosCapital Gain ScenarioCapital Protection ScenarioCapital Loss ScenarioThe Underlying closes above its initial level.The Investor will receive:

100% of Nominal + BonusThe Underlying closes below its intial level but has never traded below the Protection Barrier.

The Investor will receive:

100% of Nominal + BonusThe Underlying closes below its initial level and has traded below the Protection Barrier during the life of the product.

The Investor will receive:

Nominal x + BonusBarrierUnderlying LevelMaturityStrikeUnderlying LevelMaturityStrikeUnderlying LevelMaturityStrikeBarrierBarrier

STRUCTURED PRODUCTS INCOMEThe Reverse Convertible Characteristics

ObjectiveReceive a high bonus ReturnBest case: 100% + Guaranteed high bonusWorst case: Underlying at strike price + Guaranteed high bonusAdvantages:Guaranteed high bonus Protected capitalShort investment periodDrawbacks:Capital non guaranteedYield limited to the bonusStructureInvest the nominal in a monetary depositSell an ATM Put Down & In (Barrier)*

STRUCTURED PRODUCTS INCOMEThe Reverse Convertible ConstructionInvest the nominal in a monetary depositSell an ATM Put Down & In (Barrier)

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STRUCTURED PRODUCTS GROWTHStudy Case Cf Annexe Termsheet

Express Voncert DJ EuroStoxx 50

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STRUCTURED PRODUCTS GROWTHAuto-Callable Products

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STRUCTURED PRODUCTS INCOMEThe Eagle Note Example

CharacteristicsProductEagle NoteCurrencyUSDMaturity3 Years (Subject to early redemption)UnderlyingBrent Crude OilBonus6% p.aBarrier60% (EU Barrier: observation only at maturity)Observation Annually

MechanismAt pre-defined observation dates, if the Underlying is above its initial level, the investor will benefit from an early redemption at 100% of his nominal investment in addition to the cumulative bonus (bonuses accumulated from previous periods)At Maturity, if the Underlying closes below its initial price but above the Protection Barrier, the investor will receive his nominal investmentOtherwise, at maturity if the Underlying closes below the Protection Barrier, the investor will receive his capital reduced by the decrease of the Underlying*

*STRUCTURED PRODUCTS INCOMERedemption ScenariosCapital Gain Scenario (Early Redemption)Capital Protection ScenarioCapital Loss ScenarioAt the end of Period 1 you do not receive Bonus.At the end of Period 2, you benefit from an early redemption at:

100% of Nominal + Bonus x2At the end of Period 1 & 2 you do not receive Bonus.At maturity, you receive: 100% of NominalAt the end of Period 1 & 2 you do not receive Bonus.

At maturity, you receive:

100% of Nominal x

STRUCTURED PRODUCTS INCOMEThe Eagle Note Characteristics

ObjectiveBenefit from a bonus compounding and the possibility of an early redemptionReturnBest case: 100% + bonus x number of years elapsed (If Spot > Strike)Worst case: Receive the underlying at strike price without bonusAdvantages:Bonus compoundingProtected capitalDrawbacks:Capital non guaranteedYield limited to the bonusBonus non guaranteedStructureBuy a strip of european binary options (bonus) that are cancellable Sell a Put Strike ATM D&I 60% callable*

STRUCTURED PRODUCTS INCOMEThe Eagle Plus: Differences with the Eagle Note

At maturity, if the Spot < Strike but Spot > protection barrier You receive: 100 % of the nominal + (n x Bonus) n being the number of year elapsed from the launch of the product

How does it work?*At maturity, you receive:100% of nominal + Bonus x 3 (years elapsed)

STRUCTURED PRODUCTS INCOMEThe Eagle Best Of: Differences with the Eagle Note

Benefit from the whole upside of the underlying if performance higher than n x coupon

How does it work?*At the end of year 2, you benefit from an early redemption at:

100% of nominal + Max between:

The performance of the underlying Bonus x 2 (years elapsed)

STRUCTURED PRODUCTS INCOMEThe Phoenix Note Example

CharacteristicsProductPhoenix NoteCurrencyEURMaturity18 Months (Subject to early redemption)UnderlyingSchneider ElectricBonus1% Monthly (12% p.a)Barrier Bonus70%Barrier Capital70% (EU Barrier: observation only at maturity)Observation Monthly

MechanismAt the pre-set observation dates, if the Underlying is above the pre-defined Protection Barrier level, the investor will receive a high Bonus. Otherwise no bonus is paidEarly redemption is possible, thus getting your nominal and Bonus, if the Underlying is at or above the Strike price on one of the observation dates (from the 3rd Observation Date)At maturity, if the Underlying closes above the Protection Barrier, you will receive your nominal investment. Otherwise, you will receive the performance of the Underlying (capital loss)*

STRUCTURED PRODUCTS INCOMERedemption Scenarios Scenario 1: Early RedemptionScenario 2: Capital ProtectionScenario 3: Capital LossAt the end of period 1 to 3, you receive: Bonus. At the end of period 4, you do not receive any Bonus.

At the end of period 5, you receive: Bonus

At the end of period 6, you benefit from an early redemption at: Nominal + BonusAt the end of period 1 to 17, you receive: Bonus

At maturity, you receive:Nominal + BonusAt the end of period 1 to 17, you receive: Bonus

At maturity, you receive: Nominal x

STRUCTURED PRODUCTS INCOMEThe Eagle Note Characteristics

ObjectiveBenefit from a high bonus and the possibility of an early redemptionReturnBest case: 100% + bonus received each periodWorst case: Receive the underlying at strike price without bonusAdvantages:Regular income if the condition is fulfilledProtected capitalDrawbacks:Capital non guaranteedYield limited to the bonusBonus non guaranteedStructureBuy a strip of european binary options (bonus) that are cancellable Sell a Put Strike ATM D&I 70% callable*

STRUCTURED PRODUCTS INCOMEThe Phoenix Plus: Differences with the Phoenix Note

Cumulative bonus feature: Missed bonuses can be accumulated to the next period

How does it work?*At the end of period 1, you do not receive any Bonus

At the end of period 2, you receive: Bonus x 2

At the end of period 3, you benefit from an early redemption at:Nominal + Bonus

SYNOPSIS STRUCTURED PRODUCT INTRODUCTION

STRUCTURED PRODUCT 100% CAPITAL GUARANTEED

STRUCTURED PRODUCT GROWTH

STRUCTURED PRODUCT INCOME

STRUCTURED PRODUCT - MAIN PARAMETERS EVOLUTION

STRUCTURED PRODUCT CREDIT LINKED NOTE

STRUCTURED PRODUCTS EXPERTIES*

STRUCTURED PRODUCTS MAIN PARAMETERS EVOLUTIONThe Interest Rates

EUR Interest rates evolution since 2008*EUR Swap Annual 1 YearEUR Swap Annual 5 Years

STRUCTURED PRODUCTS MAIN PARAMETERS EVOLUTIONThe Dividends

Dividend Yield Evolution of the DJ Eurostoxx 50 since 2002*

STRUCTURED PRODUCTS MAIN PARAMETERS EVOLUTIONThe Volatility

Volatility Evolution of the DJ Eurostoxx 50 since 2002 (1 Year Historical Volatility)*

STRUCTURED PRODUCTS MAIN PARAMETERS EVOLUTIONVolatility vs Spot

Volatility Evolution compares to Spot Evolution of the DJ Eurostoxx 50 since 2002*

STRUCTURED PRODUCTS MAIN PARAMETERS EVOLUTIONThe Correlation

Correlation evolution since 2002 (Historical 1 year Correlation for the 50 stocks within the DJ Eurostoxx 50)*

STRUCTURED PRODUCTS MAIN PARAMETERS EVOLUTIONCorrelation vs Spot

Correlation Evolution compares to Spot Evolution of the DJ Eurostoxx 50 since 2000*

STRUCTURED PRODUCTS MAIN PARAMETERS EVOLUTIONCorrelation vs Volatility

Correlation Evolution compares to Volatility Evolution of the DJ Eurostoxx 50 since 2000*

STRUCTURED PRODUCTS MAIN PARAMETERS EVOLUTIONWhich product for which market environment

In a Volatile Market?With low interest rates?Do your selection...*

SYNOPSIS STRUCTURED PRODUCT INTRODUCTION

STRUCTURED PRODUCT 100% CAPITAL GUARANTEED

STRUCTURED PRODUCT GROWTH

STRUCTURED PRODUCT INCOME

STRUCTURED PRODUCT - MAIN PARAMETERS EVOLUTION

STRUCTURED PRODUCT CREDIT LINKED NOTE

STRUCTURED PRODUCTS EXPERTIES*

STRUCTURED PRODUCTS CREDIT LINKED NOTEWhat is a CDS (Credit Default Swap)?

A Credit Default Swap (CDS) allows the isolation and transfer of the credit risk of a company or sovereign (the Reference Entity)A CDS is a bilateral contract between 2 partiesBuyer (of protection)Seller (of protection)PrinciplesThe Buyer pays a premium, in basis points on the notional of the CDS, to the Seller, in exchange for a contingent payment upon a Credit EventCredit Events include Bankruptcy, Failure to Pay and Restructuring of Borrowed Money (bonds or loans) of the Reference Entity for a standard corporate CDSUpon a Credit Event:The Seller of protection pays the Buyer an amount which compensates the Buyer for any loss in value on bonds or loans of the Reference EntityThe CDS market is liquid, standardized, orderly and governed by 2003 ISDA Credit Derivatives Definitions*

STRUCTURED PRODUCTS CREDIT LINKED NOTECredit Default Swap: Mechanism

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STRUCTURED PRODUCTS CREDIT LINKED NOTECredit Event Definition2003 ISDA Credit Derivatives Definition

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STRUCTURED PRODUCTS CREDIT LINKED NOTECDS Market: Liquidity & Transparency

CDS are OTC and are not Exchange traded, however there are several market makers of the indices and single name entitiesQuoted in spread terms (bppa). If the investor wants to exit the position they will realise a gain or loss depending on changes in the spread (MtM effect)Bloomberg generic CDS levels on screen {WCDS }

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STRUCTURED PRODUCTS CREDIT LINKED NOTECDS Market: Example: Lehman Brothers 5Y CDS since 2004

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STRUCTURED PRODUCTS CREDIT LINKED NOTECDS Market: Example: Citigroup 5Y CDS since 2004

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STRUCTURED PRODUCTS CREDIT LINKED NOTECredit Linked Note

CharacteristicsProductCorporate Bonus NoteCurrencyEURMaturity5 YearsIssuerTBDUnderlyingThe following equi-weighted Basket of CDS:Lafarge / Gas Natural / ArcelorMittal / Banco Santander / AlstomBonus5% p.a

Redemption at maturityThe capital is not at risk as long as no Credit Event occurs on any of the 5 relevant corporate names.

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STRUCTURED PRODUCTS CREDIT LINKED NOTECredit Linked Note

Yield MechanismAs long as no Credit Event occurs, each year the investor receives:Nominal x 7.00% x (ACT / 360)As soon as one or several Credit Event occurs, each year the investor receives:Nominal x (1 default) x 7.00% x (ACT / 360)With default = Nbr of Companies affected by a Credit Event / Total Nbr of companies

Redemption MechanismIf there is no Credit Event, the investor receives at maturity:Nominal x 100.00%If there is one or several Credit Event, the investor receives at maturity:Nominal x ((1 default) + (Wi x RRi))With Wi = Company weighting which has suffered from a Credit EventRRi = Company Recovery Rate

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SYNOPSIS STRUCTURED PRODUCT INTRODUCTION

STRUCTURED PRODUCT 100% CAPITAL GUARANTEED

STRUCTURED PRODUCT GROWTH

STRUCTURED PRODUCT INCOME

STRUCTURED PRODUCT - MAIN PARAMETERS EVOLUTION

STRUCTURED PRODUCT CREDIT LINKED NOTE

STRUCTURED PRODUCTS EXPERTIES*

STRUCTURED PRODUCTS EXPERTIESGive us your experties

Analyze the termsheetDescribe the productExplain the ObjectiveHighlight Advantages & Drawbacks

Do you think I should invest in this product? Why?

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