Market expectation:

• Rising underlying
• Rising volatility
• Sharply falling underlying possible

Characteristics:

• Minimum redemption at expiry equivalent to the capital protection
• Capital protection is defined as a percentage of the nominal (e.g. 100%)
• Capital protection refers to the nominal only, and not to the purchase price
• Value of the product may fall below its capital protection during the lifetime
• Participation in underlying price increase above the strike

Market expectation

• Rising underlying
• Rising volatility
• Sharply falling underlying possible

Characteristics:

• Minimum redemption at expiry equivalent to the capital protection
• Capital protection is defined as a percentage of the nominal (e.g. 100%)
• Capital protection refers to the nominal only, and not to the purchase price
• Value of the product may fall below its capital protection during the lifetime
• Participation in underlying price increase above the strike (conversion price)
• Coupon payment possible

Market expectation

• Rising underlying
• Sharply falling underlying possible
• Underlying is not going to touch or go above the barrier during product lifetime

Characteristics

• Minimum redemption at expiry equivalent to the capital protection
• Capital protection is defined as a percentage of the nominal (e.g. 100%)
• Capital protection refers to the nominal only, and not to the purchase price
• Value of the product may fall below its capital protection during the lifetime
• Participation in underlying price increase above the strike up to the barrier
• Possibility of rebate payment once barrier is breached
• Limited profit potential

Market expectation

• Rising underlying
• Sharply falling underlying possible

Characteristics

• Minimum redemption at expiry equivalent to the capital protection
• Capital protection is defined as a percentage of the nominal (e.g. 100%)
• Capital protection refers to the nominal only, and not to the purchase price
• Value of the product may fall below its capital protection during the lifetime
• The coupon amount is dependent on the development of the underlying
• Periodic coupon payment is expected
• Limited profit opportunity

Market expectation:

• Underlying moving sideways or slightly rising
• Falling volatility

Characteristics:

• Should the underlying close below the strike on expiry, the underlying and/or a cash amount is redeemed
• Discount Certificates enable investors to acquire the underlying at a lower price
• Corresponds to a buy-write-strategy
• Reduced risk compared to a direct investment into the underlying
• With higher risk levels multiple underlyings (Worst-of) allow for higher discounts
• Limited profit opportunity (Cap)

Market expectation

• Underlying moving sideways or slightly rising
• Falling volatility
• Underlying will not breach barrier during product lifetime

Characteristics:

• The maximum redemption amount (Cap) is paid out if the barrier is never breached
• Barrier Discount Certificates enable investors to acquire the underlying at a lower price
• Due to the barrier, the probability of maximum redemption is higher; the discount, however, is smaller than for a Discount Certificate
• If the barrier is breached the product changes into a Discount Certificate
• Reduced risk compared to a direct investment into the underlying
• With higher risk levels multiple underlyings (Worst-of) allow for higher discounts or lower barriers
• Limited profit potential (Cap)

Market expectation

• Underlying moving sideways or slightly rising
• Falling volatility

Characteristics

• Should the underlying close below the strike on expiry, the underlying and/or a cash amount is redeemed
• Should the underlying close above the Strike at expiry, the nominal plus the coupon is paid at redemption
• The coupon is paid regardless of the underlying development
• Reduced risk compared to a direct investment into the underlying
• With higher risk levels, multiple underlyings (Worst-of) allow for higher coupons
• Limited profit potential (Cap)

Market expectation

• Underlying moving sideways or slightly rising
• Falling volatility
• Underlying will not breach barrier during product lifetime

Characteristics

• Should the barrier never be breached, the nominal plus coupon is paid at redemption
• Due to the barrier, the probability of maximum redemption is higher; the coupon, however, is smaller than for a
  Reverse Convertible
• If the barrier is breached the product changes into a Reverse Convertible
• The coupon is paid regardless of the underlying development
• Reduced risk compared to a direct investment into the underlying
• With higher risk levels, multiple underlyings (Worst-of) allow for higher coupons or lower barriers
• Limited profit potential (Cap)

Market expectation

• Underlying moving sideways or slightly rising
• Decreasing volatility
• Underlying will not breach barrier during product lifetime

Characteristics

• Should the underlying trade above the Strike on the observation date, an early redemption consisting of nominal plus an additional coupon amount is paid
• Offers the possibility of an early red emption combined with an attractive yield opportunity
• Reduced risk compared to a direct investment into the underlying
• With higher risk levels, multiple underlyings (Worst-of) allow for higher coupons or lower barriers
• Limited profit opportunity (Cap)

Market expectation:

• Rising underlying

Characteristics:

• Participation in development of the underlying
• Reflects underlying price moves 1:1 (adjusted by conversion ratio and any related fees)
• Risk comparable to direct investment in the underlying

Market expectation

• Rising underlying
• Rising volatility

Characteristics:

• Participation in development of the underlying
• Disproportionate participation (outperformance) in positive performance above the strike
• Reflects underlying price moves 1:1 when below the Strike
• Risk comparable to direct investment in the underlying

Market expectation

• Underlying moving sideways or rising
• Underlying will not breach barrier during product lifetime

Characteristics

• Participation in development of the underlying
• Minimum redemption is equal to the nominal provided the barrier has not been breached
• If the barrier is breached the product changes into a Tracker Certificate
• With greater risk multiple underlyings (Worst-of) allow for a higher bonus level or lower barrier
• Reduced risk compared to a direct investment into the underlying

Market expectation

• Rising underlying
• Underlying will not breach barrier during product lifetime

Characteristics

• Participation in development of the underlying
• Disproportionate participation (outperformance) in positive performance above the strike
• Minimum redemption is equal to the nominal provided the barrier has not been breached
• If the barrier is breached the product changes into a Outperformance Certificate
• With greater risk multiple underlyings (Worst-of) allow for a higher bonus level or lower barrier
• Reduced risk compared to a direct investment into the underlying

Market expectation

• Rising or slightly falling underlying
• Underlying will not breach barrier during product lifetime

Characteristics

• Participation in development of the underlying
• Profits possible with rising and falling underlying
• Falling underlying price converts into profit up to the barrier
• Minimum redemption is equal to the nominal provided the barrier has not been breached
• If the barrier is breached the product changes into a Tracker Certificate
• With higher risk levels, multiple underlyings (Worst-of) allow for a higher bonus level or lower barrier
• Reduced risk compared to a direct investment into the underlying

Market expectation:

• Warrant (Call): Rising underlying, rising volatility
• Warrant (Put): Falling underlying, rising volatility

Characteristics:

• Small investment generating a leveraged performance relative to the underlying
• Increased risk of total loss (limited to initial investment)
• Suitable for speculation or hedging
• Daily loss of time value (increases as product expiry approaches)
• Continuous monitoring required

Market expectation

• Spread Warrant (Bull): Rising underlying
• Spread Warrant (Bear): Falling underlying

Characteristics:

• Small investment generating a leveraged performance relative to the underlying
• Increased risk of total loss (limited to initial investment)
• Daily loss of time value (increases as product expiry approaches)
• Continuous monitoring required
• Limited profit potential (Cap)

Market expectation

• Knock-Out (Call): Rising underlying
• Knock-Out (Put): Falling underlying

Characteristics

• Small investment generating a leveraged performance relative to the underlying
• Increased risk of total loss (limited to initial investment)
• Suitable for speculation or hedging
• Continuous monitoring required
• Immediately expires worthless in case the barrier is breached during product lifetime
• Minor influence of volatility and marginal loss of time-value

Market expectation

• Mini-Future (Long): Rising underlying
• Mini-Future (Short): Falling underlying

Characteristics

• Small investment generating a leveraged performance relative to the underlying
• Increased risk of total loss (limited to initial investment)
• Suitable for speculation or hedging
• Continuous monitoring required
• A residual value is redeemed following a Stop-Loss Event
• No influence of volatility

Market expectation

• Long: Rising underlying
• Short: Falling underlying

Characteristics

• Small investment generating a leveraged performance relative to the underlying
• Increased risk of total loss (limited to initial investment)
• A potential stop loss and/or adjustment mechanism prevents the value of the product from becoming negative
• Frequent shifts in direction of the price of the underlying have a negative effect on the product performance
• Resetting on a regular basis ensure a constant leverage
• Continuous monitoring required

Market expectation:

• Rising underlying
• Sharply falling underlying possible
• No credit event of the reference entity

Characteristics:

• There are one or more reference entities underlying the product
• In addition to the credit risk of the issuer, redemption is subject to the solvency (non-occurrence of a credit event) of the reference entity
• Redemption is made at least in the amount of conditional capital protection at maturity, provided that no credit event of the reference entity has occurred
• If a credit event occurs at the reference entity during the life time, the product will be redeemed at an amount corresponding to the credit event
• The product value can fall below conditional capital protection during its lifetime, among other things due to a negative assessment of reference issuer creditworthiness
• Conditional capital protection only applies to the nominal and not the purchase price
• Participation in development of the underlying, provided a reference entity credit event has not occurred
• The product allows higher yield at greater risk

Market expectation

• Underlying moving sideways or slightly rising
• Falling volatility of the underlying
• No credit event of the reference entity

Characteristics:

• There are one or more reference entities underlying the product
• In addition to credit risk, redemption of the product is subject to the solvency (non-occurrence of a credit event) of the reference entity
• If a credit event occurs at the reference entity during the life time, the product will be redeemed at an amount corresponding to the credit event
• The product value can fall during its lifetime, among other things due to a negative assessment of reference entity creditworthiness
• If the underlying is lower than the exercise price upon maturity, the underlying is delivered and/or a cash settlement is made, provided that no credit event of the reference entity has occurred
• If the underlying is higher than the exercise price upon maturity, the nominal is repaid, provided that no credit event of the reference entity has occurred
• Depending on the characteristics of the product, either a coupon or a discount to the underlying can apply
• A coupon is paid out regardless of performance of the underlying, provided that no credit event of the reference entity has occurred
• In addition, the product can feature a barrier
• With greater risk, multiple underlyings (Worst-of) allow for higher coupons, larger discounts, or lower barriers
• Limited Profit Potential (Cap)
• The product allows higher yield at greater risk

Market expectation

• Rising underlying
• No credit event of the reference entity

Characteristics

• There are one or more reference entities underlying the product
• In addition to credit risk, redemption of the product is subject to the solvency (non-occurrence of a credit event) of the reference entity
• If a credit event occurs at the reference entity during the life time, the product will be redeemed at an amount corresponding to the credit event
• The product value can fall during its lifetime, among other things due to a negative assessment of reference entity creditworthiness
• Participation in development of the underlying, provided a reference entity credit event has not occurred
• In addition, the product can feature a barrier
• The product allows higher yield at greater risk