| Market Expectations | 
                            |  | 
                            
                              | • | Buy-turbo warrant: Rising underlying | 
                            |  | 
                            
                              | • | Sell-turbo warrant: Falling underlying | 
                            |  | 
                            | Properties | 
                            |  | 
                            
                              | • | Small investment generating a leveraged performance relative to the underlying | 
                            |  | 
                            
                              | • | Increased risk of total loss (limited to initial investment) | 
                            |  | 
                            
                              | • | Immediately expires worthless in case the barrier is breached during product lifetime | 
                            |  | 
                            
                              | • | Suitable for short term speculation or hedging | 
                            |  | 
                            
                              | • | Small influence of volatility and small loss of time-value | 
                            |  | 
                             
                              | • | Continuous monitoring required |