| Market Expectations |
 |
| • |
Underlying moving sideways or slightly rising |
 |
| • |
Declining volatility |
 |
| Properties |
 |
| • |
Should the underlying close below the Strike at 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 always paid, irrespective of the development of the underlying |
 |
| • |
Reduced loss potential compared to a direct investment |
 |
| • |
Larger coupons can be achieved at a greater risk if the product is based on multiple underlyings (multi-asset) |
 |
| • |
Any payouts attributable to the underlying are used in favour of the strategy |
 |
| • |
Limited profit potential (Cap) |