ABN Equity Structured Products Manual

Equity Structured

Products Manual

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Equity Structured products have been very popular with private investors in recent years as they offer multiple pay-offs based on equity underlyings. The appeal of these products lies in their ability to deliver customised returns forinvestors. Structured Products can be customised to investors needs and requirements using a variety of equityunderlyings from recognised benchmark indices, customised indices, baskets of stocks to single stock underlyings.

This manual highlights the range of structured equity products and is intended to provide private wealth managersand private investors with an overview of the different range of equity structured products that are available.

Equity structured products are flexible by nature enabling a product to be tailored to specific investment objectivesand requirements. Investors will be able to determine which equity structured product is suitable to meet theirinvestment objectives and risk appetite. Additionally the building blocks used to create each structured product areincluded in this manual.

ABN AMRO has won numerous awards for structured products and can assist investors not only with creation ofequity structured products but also secondary market servicing. ABN AMRO has a team dedicated to the purchaseand re-sale of structured products. Prices, trade details and product updates for structured products can be found onwww.abnamromarkets.com.

Key Advantages of Equity Structured Products

Highly Customised: Structured equity products can betailored to investors’ diverse requirements and can createrisk return profiles that would normally be inaccessibleto the private investor.

Enhanced Yield: Structured equity products allowinvestors to achieve higher returns on their investments,by expressing a view and accepting certain risks, thanthey would receive with traditional products.

Convenience: Structured equity products allowinvestors to create risk-return pay-offs in one structurethat can be difficult or expensive to create in traditionalmarkets.

Introduction

This Equity Structured Products Manual ("Manual") is designed to help distributors of financial products identify an investment approach andproduct range that could generally suit their clients. The Manual is intended as a summary only and the information contained therein is notintended to be exhaustive. The information provided is for general consideration only and the Manual in no way constitutes investment advice or a recommendation from ABN AMRO Bank N.V. Distributors should ensure that investors are fully aware of the risks involved in the purchase of investment products and should comply with all prevailing law. This material is for information purposes only and is not intended as an offer orsolicitation with respect to the purchase or sale of any particular security. Past performance is not a guarantee of future performance. For furtherdisclaimer information please see page 39 of this Manual.

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Equity Structured Products 4

Theme-Based Products 6

Notes: Building Block 8

Performance Tracking Certificates 10

Leveraged Certificates (also known as MINIs or Turbo’s) 12

Warrants 16

Capital Protection Notes (CPN) 20

Reverse Exchangeable (REX) 22

Discount Certificates 24

Bonus Certificates 26

Airbag Certificates 28

Double-Up Certificates 30

Outperformance Certificates 32

Autocallable Notes 34

Look-back Notes 36

Disclaimer 38

Contacts 39

Table of Contents

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What is a Structured Product?

Structured products are financial instruments designedto meet specific investor requirements. They are“packaged” products, comprised of elements, such as options and bonds. Structured products can offerexposure to a range of underlyings, such as globalequities, commodities, funds including hedge funds, or indices. ABN AMRO also offers structured productslinked to interest rates, credit, foreign exchange andinflation. They can be tailored to incorporate a wealth of features, such as capital protection and leverage.

What are the uses of Structured Products?

Structured products are highly versatile and can beconstructed with features that may help investors toachieve a specific goal profiting from their market viewor a projected scenario. By taking a specific view andaccepting a certain level of risk, an above market returncan be achieved. Risks that an investor wishes to avoidcan be incorporated and offset in the structure. Forexample, investors can be protected from the downsideof an underlying, interest rate risk, credit risk or currencyrisk.

Structured Products can be used to facilitate bullish(rising market), stagnant (range bound) as well asbearish (falling market) views.

Who uses Structured Products?

Structured Products can be attractive to most investorsdue to capital protection features, fixed returns, accessto exotic markets and in some cases favourable taxtreatment. Potential clients may be private investors,asset managers, private banks, corporate clients, insurancecompanies or pension funds. For any additional information,please contact your local sales representative.

What kind of Structured Productscan we offer?

Structured Products can be categorised within thefollowing general categories to suit investors and theirrisk appetite:

Performance Tracking Structures are intended formedium to longer term investors who want to invest in a specific market, sector, theme or underlying.

Capital Protection Structures suit risk averse investors.The investor can benefit from various degrees of protectionand gain exposure to a wide range of underlying assets.

Leverage Structures have a high risk-return profile, andoffer self-directed active investors accelerated exposureto an underlying asset.

Yield Enhancement Structures may be desirable toinvestors when markets are stable or range bound. Theyield potential can be above market, however the capitalmay be at risk.

Actively Managed Structures utilize the expertise ofan active manager taking decisions with the aim ofincreasing returns.

Equity Structured Products

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Fees

There are two ways to purchase Structured Products,namely:

Purchase via Subscription: The product is not yet live,but in subscription and investors might be subject toupfront fees.

Purchase via Secondary Market: Investors canpurchase Structured Products via exchanges or productproviders and generally will be subject to a bid/offerspread.

Some products may be subject to a trailer management/protection fee which is charged over the life of theproduct.

Some products may be subject to Early RedemptionFees.

Structured Product forms

ABN AMRO is a leading issuer of Structured Productsfor institutions and private investors and has wonnumerous awards.

There is a wide range of ABN AMRO StructuredProducts and Products are regularly issued and can betailored to an investor’s specific investment objective orview.

Structured Products are usually in the form of“Certificates”, “Warrants” or “Notes”:

Certificates are financial instruments that track theperformance of an underlying asset. Certificates oftentrack underlying assets equally (less fees) but can alsoinclude leverage (gearing) to increase exposure to theunderlying.

Warrants are exchange traded products, and can beeither call or put options. They provide the holder theright to purchase (call) or sell (put) a specific amount of an underlying asset at a predetermined price, at aspecific date (expiry date). Warrants can be traded dailyvia the exchange until the expiry date.

Notes generally provide both a level of capitalprotection and exposure to a wide range of underlyingassets, such as equities, commodities, currencies andFixed Income.

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Commodities

Over the past years commodity prices have grownsignificantly to the extent that the oil price reached overUSD 135 per barrel during 2008. Other commoditiessuch as gold, silver and copper have also witnessedstrong growth. To enable investors to profit from thesedevelopments ABN AMRO has regularly launchedcommodity products such as:

RICI Products

The RICI® Index is a commodity index, created by thelegendary Jim Rogers, which aims to “reflect the costsof our daily life and survival”. It is comprised of agriculturalproducts, cattle, energy, industrial and precious metals.A RICI® Enhanced Index version has also been created.ABN AMRO has launched Certificates, Actively ManagedCertificates, Capital Protected Notes and CPPI Notes onthe index.

Energy/Oil/New Energy

ABN AMRO has issued a wide range of StructuredProducts linked to various energy sectors. Examples areoil, solar energy and wind energy. Many investors areconcerned with their level of exposure to oil and otherfossil fuels, and consequently ABN AMRO has launchedproducts which provide an alternative to traditionalenergy investments and give investors the opportunityto participate in current developments in renewableenergy.

Water

Water demand is growing significantly due to increasingglobal population, agriculture and industrialisation. It is life’s most valuable commodity and will have to betreasured and managed efficiently, as if it were oil orgold. Investment in water is essential to combat thesignificant threat of scarcity. ABN AMRO has establisheda number of Structured Products around this theme. In association with Standard & Poor’s®, ABN AMROcreated a Water Index comprised of leading waterrelated companies.

ABN AMRO Alpha Indices

ABN AMRO Alpha Indices are revolutionary investmentstrategies of investing in underlying indices using aproven strategy which has up to 80 years of successfulbacktests. The strategy is to only invest in the market atcertain times, such as at the month-end and before publicholidays which historically have had higher returns.

Currently ABN AMRO Alpha Index open-end Certificatescover most of the world's major stock indices, including:

S&P 500® Index

DJ EURO STOXX 50® Index

Nikkei 225 Index

DAX® Index

FTSE 100® Index

Alpha Indices are all managed by Standard & Poor's®.

Products based on investment themes often prove attractive to investors. Over the past years, ABN AMRO has launched a wide variety of themed products based on a wide variety of investment themes. On the themesABN AMRO has issued different types of Structured Products. Some of the themes are:

Theme-Based Products

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Islamic Investor Products

ABN AMRO has launched Islamic Investor Products (“IIP”)to enable investors to participate in the performance ofmulti-asset class Shariah compliant underlying references.IIPs are endorsed by ABN AMRO’s Shariah Advisory Boardand are issued from the same platform as all other ABNAMRO Structured Products, providing total asset coverage.

ABN AMRO Africa Indices

Over the past years Africa has developed and is havingan increasingly significant role in the global economy.The North profits mainly from the developed trade andtourism and has been closely linked to the economiesin Europe and Middle East. South Africa is by far thecontinent’s wealthiest state, mainly because of its gold.The African continent has huge commodity reserveswhich remain largely untapped. Consequently ABN AMROhas issued some structures linked to this continent.

ABN AMRO Emerging Market Indices

The Emerging Market countries are characterised by aspectacular economic growth – and most of them maykeep their dynamic momentum for the next years. Someeconomic researches suggest that the current six largestworld economies - the US, Japan, the UK, Germany, Italyand France - could be overtaken, in terms of GDP, by thelargest emerging countries Brazil, Russia, China and India(BRIC countries) within 40 years. To enable investors toprofit from these developments ABN AMRO has regularlylaunched products on Emerging Markets such as BRIC,Next 7 or Eastern Europe countries.

ABN AMRO Awards

ABN AMRO has been awarded and recognised as oneof the major Derivatives houses in different countries.

The Netherlands

Gouden Tak Awards 2008

Best IssuerBest WebsitePublic ChoiceBest ProductBest Risk/Return ProfileMost Original Product

Benelux

Structured Products Europe

Awards 2007

Best in Benelux

Germany

Zertifikate Journal Awards

2007

Best Index Certificates IssuerBest Guaranteed Certificates Issuer

Switzerland

Swiss Derivatives Awards

2008

Participation Products

Italy

Certificate Journal Awards 2008

Best Issuer of Leverage ProductsCertificate Journal Special AwardBest Innovative UnderlyingCertificate of the Year

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Notes usually contain a fixed-income element, often in the form of a zero coupon bond, and an option or a future thatprovides the investor with exposure to an underlying asset. The choice of option or future is a crucial determinant forthe behaviour of the note.

Zero-Coupon Bond

Zero-Coupon Bonds are bonds that do not receivecoupon payments over their term. In order to compensatefor the lack of coupon payments they are purchased ata discount and their value increases to 100 at maturity.Thus, in a capital protected structure, if the underlyingoption expires worthless the investor will receive theinitial investment at maturity as the value of the Zero-Coupon Bond will have reached 100.

This means that during the life of a structure an increasein interest rates will decrease the value of the Zero-Coupon Bond and so of the Note. This makes CapitalProtected Notes sensitive to interest rate movements.

Options

Options give the right, but not the obligation, to buy(call) or sell (put) a given underlying at a predefinedStrike Price on a fixed date in the future.

Three different types of option contracts exist:

Standard Options: traded on derivatives exchanges,fixed specifications, no counterparty risk.

OTC Options: agreement between two parties, user-defined specifications, counterparty risk.

Warrants: issued by banks, traded on ordinaryexchanges, issuer risk.

At maturity, the value of an option is always thedifference between the strike and the value of theunderlying. The main option categories are describednext.

Example

Call Option gives the investor the right to purchase theunderlying at a certain price at a certain date. Suitablefor expressing a bullish view.

Put Option gives the investor the right to sell theunderlying at a certain price at a certain date. Suitablefor expressing a bearish view.

Exotic Options can have different features: barrier,laggard underlying, knock-in, knock-out, best of, or manyother variants.

In order to relate options to the price of the underlyingat any given time, options are classified as in-the-money, out-of-the-money or at-the-money.

Most Popular Styles

European-style Options can only be exercised on aspecified date (exercise date) prior to its expiration.

American-style Options can be exercised by theholder at any time between the purchase date and theexpiration date.

Asian-style Options payoff depends on the averagevalue of the underlying over a specified period.

The price of an option is affected by the price of theunderlying, the strike, the time remaining for the optionto be exercised, the volatility of the underlying, interestrates and dividends (if the underlying pays out anydividends at all).

Notes: Building Block

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Certificates

Certificates track the performance of an underlyingasset after fees. ABN AMRO Certificates usually haveno fixed maturity and as such are often referred to as“Open End Certificates”.

They are suitable for investors who want to benefitfrom the performance of a certain asset class such asequities, commodities, currencies, or fixed income forexample. Investors can easily purchase or sell listedcertificates and can determine the timing of the exit as they would with a fund or single stock.

ABN AMRO offers a large number of Open EndCertificates based on a wide range of underlying assets.This gives investors the opportunity to invest in theassets of their choice.

Types of Open End Certificates

Certificates usually replicate the performance of anunderlying reference on a 1:1 basis (before fees). The priceof a Certificate therefore corresponds to the value of theunderlying reference, after taking account of the conversionratio and deduction of any fees payable. Transparency,simplicity and low costs are features of Certificates.

Certain Certificates known as Quantos protect investorsfrom exchange rate risks if the underlying asset is tradedin a currency that differs to that of the Certificate.

To obtain currency protection investors will be charged orreceive Quanto fees. Depending on the currency pair, theQuanto fee can be positive or negative. If the interest differentialis in the investor’s favour, the Quanto fee will be addedon a daily basis to the Certificate value, and vice versa.

Price of the Underlying

is equal to the Strike Price


is below the Strike Price


is above the Strike Price

Call Put

in-the-money out-of-the-money

at-the-money at-the-money

out-of-the-money in-the-money

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Description

ABNAMROMARKETS currently offer certificates onsingle stocks, indices, sectors, themes, commodities,interest rates, currencies, actively managed funds and is constantly expanding the underlying range. The investment performance of these certificates willbe the same (minus fees) as the performance of theunderlying asset. Performance Tracking Products areintended for medium to longer-term investors.

Some certificates issued on international underlyingscarry currency risk. To resolve this, an investor canpurchase Quanto Certificates that are designed toreduce this currency risk by enabling the investor toparticipate in international markets in their own currencywhile avoiding currency fluctuations (see explanation forfurther details on Quantos in “Notes: Building Block”).

Advantages

Availability, Flexibility and Convenience: Easy accessto a large variety of investment alternatives. Smalldenominations, low transaction costs and tranparentfees facilitate investor participation in the world markets.

Transparency: Certificate prices are transparent, theymove in tandem with the underlying asset (beforeaccounting for fees).

Liquidity: ABN AMRO is committed to maintaining a two-way secondary market throughout the life of aCertificate. Additionally, many Certificates are listed and can be traded on different exchanges.

Performance Tracking Certificates

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Selecting the Right Product

Certificates are suitable for investors who:

Expect a rise in the price of the underlying asset (i.e.single stock, index, commodity or currency)

Want to have medium to long-term exposure to aparticular market or sector

Want to participate in the price movement of themarket by investing in small denominations

Want to get an easy access to a large range of underlyings

Want to take advantage of the flexibility and lowtransaction costs associated with these products

Risks

The risk related to investing in ABN AMRO Certificates iscomparable to a direct investment in the underlying. If theunderlying decreases, the value of the Certificate decreases.In the worst case, the investor can lose their entire investment.

Example - Quanto Certificates

Assumptions

Comparison between an S&P 500® Index directinvestment (assume an investor could buy the S&P500® Index) and an S&P 500® Index Quanto Certificate.

The investor is based in Europe and has EUR 1,000 to invest.

Example - Performance Tracking Certificates (non Quanto)

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Price

Number of units per EUR 1,000

S&P 500® Index goes up by

20%

What happens in EUR terms

when USD/EUR exchange rate

changes to USD 1.60 per EUR?

S&P 500® Index Certificate Open-end Certificate on

S&P 500® Index (in EUR Quanto)

USD 1,000 EUR 1,000

1.5 as USD/EUR exchange rate is USD 1.50 per EUR 1

20% profit in USD terms, 20% profit in EUR termsunclear what happens in EUR terms

Profit changes to 12.5% due to currency loss Profit remains at 20%

Price behaviour: markets up

Price behaviour: markets down

Transparency

Secondary market

Easy access

Transaction costs

Simplicity of trade

Underlying Certificate

Up UpDown Down

Yes Yes

Not all underlyings are accessible to private clients Yes (through stock exchanges)

Depends on underlying content (e.g. to buy the Very simple (e.g. one investment in the S&P 500®

S&P 500® Index, the client needs to buy 500 Index Certificate can buy all the 500 shares of theindividual shares) S&P 500® Index

Can be very high (see example above) Low

May be low and can be difficult to oversee High (only one price)(see example above)

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Description

Leveraged certificates are suitable for investors who havea directional view on a specific Underlying and wish to monetise their view, whilst ensuring they know themaximum possible loss on the position (the “Stop-Loss”).

Leveraged Long certificates are developed to benefitinvestors with a bullish view on the price of the Underlying,whereas Leveraged Short certificates benefit those witha bearish view on the price of the Underlying.

Due to the leveraged nature of leveraged certificates, theproducts are mainly suitable for experienced investors.

Advantages

Leveraged earnings potential

Certainty about maximum loss (equal to premium)

No volatility element in the price of a LeveragedCertificate

High pricing transparency

No margin requirements

Access to many underlyings in different asset classes(shares, indices, bonds, FX, commodities) and differentregions

Built-in stop-loss

Leveraged Certificates (also known as MINIs or Turbo’s)

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Basics

The investor investing in a leveraged certificate receivesthe full increase or decrease in the price of the underlying,but only finances part of the underlying, the rest is financedby ABN AMRO (this creates the leverage). The level ofthe leverage shows the larger price variation of theleveraged certificate in comparison to the underlying. Forexample, if an index moves by 1%, a leveraged certificatewith a leverage of 5 will move by 5%. Likewise, a leveragedcertificate with a leverage of 10 would have moved by10%. The higher the leverage, the more sensitive theleveraged certificate is for price movements of theunderlying. This works for both increases and decreases,so a drop of 1% with a leverage of 10 would result in a 10% loss for the leveraged certificate. However, theinvestor cannot lose more than the initial investmentwhen purchasing the leveraged certificate.

Financing Level

An investor who buys a leveraged certificate onlyfinances part of the underlying, the rest is financed byABN AMRO. The part financed by ABN AMRO is calledthe financing level. When buying a leveraged certificatelong, the investor will pay interest on the financinglevel. When buying a leveraged certificate short, theinvestor will, in general, receive interest dependent onthe overnight interest rates and the type of underlying.The interest paid or received will change the financinglevel on a daily basis. Also, possible dividends paid byunderlying securities will affect the financing level. Forleveraged certificates that reference bonds or commodities,the underlying is a futures contract. Rolling into a newfutures contract can also affect the financing level.

Stop Loss

Leveraged Certificates are open-ended (no maturitydate). However they do have a stop-loss level, whichcan trigger redemption. This Stop-Loss level is put inplace to ensure that the investor cannot lose more thanthe price initially paid for the Leveraged Certificate.If the price of the underlying hits or breaches the Stop-Loss level, the Leveraged Certificate will terminate andthe investor will receive the difference, if any, betweenthe termination value (as calculated by ABN AMRO) andthe financing level multiplied by the entitlement andadjusted for exchange rates. This termination value willalways be greater than or equal to the financing level,so the investor will always receive an amount greaterthan or equal to 0.

On a monthly basis, the stop-loss levels are reset tomatch the then prevailing financing level, plus (in caseof a leveraged certificate long) or minus (in case of aleveraged certificate short) the stop loss premium. This is unique to the underlying and dependent on itsliquidity and volatility. Rolling of futures and dividendpayments can also trigger adjustments to the Stop-Losslevel.

Leveraged Certificate Valuation

The theoretical value of a leveraged Certificate is thedifference between the price of the underlying and the financing level, multiplied by the entitlement (the“amount” of underlying an investor partially buys whenbuying one leveraged Certificate) and adjusted by theapplicable FX-rate (in case the currency of the underlyingis different from that of the leveraged Certificate).

For example, when the price of a share is EUR 25, thefinancing level is EUR 20 and the entitlement is 1, theprice of the leveraged Certificate is (25 - 20) x 1 = EUR 5.

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For underlyings that are trading at a high level (e.g. theDow Jones) or a low level (e.g. EUR/USD exchange-rate), the entitlement will not be equal to one, to avoidhaving very high or low prices of the leveraged Certificateitself. An entitlement of 0.01 for instance means that aninvestor who buys one leveraged Certificate effectivelybuys exposure to 1% of the difference between theprice and the financing level for the underlying.

Assumptions

Dow Jones level: 12,000EUR/USD: 1.50Financing level: 13,000

The value of a EUR-denominated Leveraged CertificateShort with an entitlement of 0.01 will now be: (13,000 – 12,000)/1,5 x 0,01 = EUR 6.67.

Risks

Leveraged Certificates are by definition highly leveragedinvestments, where buyers risk losing their entire investedcapital. A stop-loss event will result in the position beingunwound and the investor receiving the residual value,which is dependent on market circumstances and couldbe zero. If used for hedging, a stop-loss may result inthe hedged portfolio becoming unhedged.

Example - MINI-Long Certificate

Assumptions

Comparison between a MINI-Long Certificate and anOpen-ended Certificate to show the leverage effect.

XYZ share stands at 3,650.

Assumptions

Comparison between a MINI-Long Certificate and anOpen-ended Certificate.

XYZ share increases to 3,800.

(financing level change due to handling cost is not takeninto consideration in this example).

Product price

Leverage

XYZ Open-ended Certificate XYZ MINI-Long Certificate

Financing Level = 3,000EUR 3,650 Premium = 3,650 - 3,000= 650

MINI-Long Certificate price = EUR 650

1 (no leverage) 5.62 x (3,650/650)

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Example - MINI-Short Certificate

Assumptions

Comparison between a MINI-Short Certificate and anOpen-ended Certificate to show the leverage effect.

XYZ share stands at 3,500.

As financing costs will be added to the Financing Level, the investor only pays the financing cost for the period theproduct is held.

Product price

Price increase

Performance

XYZ Open-ended Certificate XYZ MINI-Long Certificate


MINI-Long Certificate price = EUR 800

EUR 150 EUR 150

4.11% 23.08% (150/650)

Assumptions

Comparison between a MINI-Short Certificate and anOpen-ended Certificate.

XYZ share decreases to 3,250.

Product price

Leverage

XYZ Open-ended Certificate XYZ MINI-Short Certificate


MINI-Short Certificate price = EUR 500No interest premium

1 (no leverage) 7 x (3,500/500)

Product price

Price increase

Performance

XYZ Open-ended Certificate XYZ MINI-Short Certificate


MINI-Short Certificate price = EUR 750

EUR 250 EUR 250

7.14% 50% (250/500)

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Description

Warrants are certificates issued by ABN AMRO thatgive the investor the option to buy or sell a certainamount of an underlying at a specific price before or on a predetermined date.

Call Warrants enable investors to profit from risingmarket prices. Put Warrants enable investors to profitfrom falling market prices. Warrants are typically issuedon shares, baskets of shares, commodities, foreignexchange, indices and bonds.

Advantages

High yield potential

Small initial investment

Risk limited to a moderate initial investment

Opportunity to hedge an existing portfolio

Warrants

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Price Behaviour

The market value of the Warrant at expiry shouldtypically equal its intrinsic value. Generally, the value ofa Call Warrant will increase as the price of the underlyingsecurity increases and the value of a Put Warrant willincrease as the price of the underlying security decreases,all the other factors remaining constant.

Warrants are classified as American style if they can be exercised at any time during the life of the Warrant,or European style if they can only be exercised on theexpiry date.

Value Components

The price of a Warrant is made up of two components -the intrinsic value and the time value of the Warrant. Theintrinsic value is the amount by which a Warrant is inthe money. The intrinsic value of a Warrant is calculatedin the following manner:

Intrinsic Value for a Call Warrant

Underlying security’s price - Strike price of Warrant(Cannot be negative)

Intrinsic Value for a Put Warrant

Strike price of Warrant - Underlying security’s price(Cannot be negative)

The time value is generally the difference between theprice of the Warrant and its intrinsic value. If the Warranthas no intrinsic value, then the price of the Warrant isequal to the Warrant’s time value.

Parameters

The following two main variables determine the value ofa Warrant:

Time to Maturity: the longer this time, the higher thetime value

Volatility: the measure calculating the price movementof the underlying. The higher the volatility, the higherthe time value

Risks

Warrants are highly leveraged investments, which meansthat buyers risk losing their entire invested capital. Investorsshould be aware that the price of Warrants can be volatileand that they experience time decay throughout theirlifespan. The rate of this decay accelerates for Warrantsnear expiry and they can expire worthless. In the worstcase, the investor can lose their entire investment.

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Example - Call Warrant

An investor assumes that the share XYZ will increase invalue. He can either buy the share or a Call Warrant.

Assumptions

XYZ share price is EUR 10.

A Call Warrant on share XYZ with a Strike price of EUR10 will cost the investor EUR 1.50.

Intrinsic value is EUR 0 and time value is EUR 1.50.

Scenario 1

At maturity the share price of XYZ is EUR 15.

In this case the investor will exercise his Call Warrant. Hewill buy the share at the Strike price of EUR 10 and make again of EUR 5 for a cost of EUR 1.50. In terms of return on investment (ROI), the EUR 1.50 paidfor the Warrant gives the investor a gain of 233% (gain ofEUR 3.50 relative to a EUR 1.50 investment). If the investorhad purchased the share instead of the Call Warrant, hewould have made a profit of EUR 5. The ROI frompurchasing the underlying shares would only have been50% (gain of EUR 5 relative to a EUR 10 investment).

Scenario 2


In this case, the holder of the Warrant will not exercise hisCall Warrant. He will make a loss limited to the Warrantprice, EUR 1.50. If he had purchased a share instead of buying a Warrant, hewould have incurred a loss of EUR 5.

Scenario 3


In this case, the holder of the Warrant will not exercise hisCall Warrant. He will make a loss limited to the Warrantprice, EUR 1.50. If he had purchased a share instead of buying a Warrant, hewould have incurred a loss of EUR 1.

Example - Put Warrant

An investor expects that the share XYZ will decrease invalue. He can either sell the share or buy a Put Warrant.

Assumptions

XYZ share price is EUR 10.

A Put Warrant on share XYZ with a Strike price of EUR10 will cost the investor EUR 1.50.

Scenario 1


In this case, the investor will have the right to sell a share atEUR 10 resulting in a gain of EUR 3. In ROI terms (EUR 1.50for the Warrant) the investor would have made a gain of100%. If he had short sold a share instead of buying the Warrant,he would have made a gain of EUR 3.

Scenario 2


In this case, the holder of the Warrant will not exercise his Put Warrant. He will make a loss limited to the Warrantprice, EUR 1.50. If he had short sold a share instead of buying a Warrant, hewould have incurred a loss of EUR 5.

Scenario 3


In this case, the holder of the Warrant will not exercise his Put Warrant. He will make a loss limited to the Warrantprice, EUR 1.50.If he had short sold a share instead of buying a Warrant, hewould have incurred a loss of EUR 1.

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Comparison between MINI Certificates and Warrants

Underlying goes down

Underlying goes up

Time decay

Price is volatility depending

Stop-loss before maturity

Secondary-markets

MINI-Long Certificate MINI-Short Certificate Call Warrants Put Warrants

Value goes down Value goes up Value goes down Value goes up

Value goes up Value goes down Value goes up Value goes down

No No Yes Yes

No No Yes Yes

Possible Possible No No

Yes Yes Yes Yes

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Description

These products protect a portion of the invested capital.Capital protected products offer a defensive investmentand are a suitable way to invest in financial marketswith little or no capital risk.

Advantages

Capital (partially or fully) protected at maturity

Higher potential return than fixed income investments

Participation possible in a broad range of underlyings

Choice of Capital Protection Levels

100% of your invested capital

Less than 100% (in this case investors will generally geta higher participation rate)

Greater than 100% (in this case investors will generallyget a lower participation rate)

Choice of Participation Type

Participation can vary according to the structurefeatures, such as maturity or level of capital protection

Different payoffs are available, such as capped upside toincrease the participation

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Capital Protection Notes (CPN)

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Structure Components

Long Zero Coupon Bond

Long Call Option (Strike at Strike price), multiplied byparticipation level

Risks

On the secondary market, the price of the CapitalProtected Note fluctuates in relation to severalparameters, such as the price of the underlying, thevolatility level of the underlying and the level of interestrates. Investors should be aware that the capitalprotection only applies at maturity.

Example - Capital Protection Note

Assumptions

XYZ share price is EUR 10. Strike price is EUR 10.Capital Protection is 100%.Participation level on the upside is 80%.

Scenario 1

XYZ share is above Strike price at maturity, for exampleEUR 15 (meaning a EUR 5 increase).The investor will receive EUR 10 + (80% x EUR 5) =EUR 14.

Scenario 2

XYZ share is below Strike price at maturity, for exampleEUR 7.The investor is fully protected and will receive EUR 10.

Additional Features

To optimise the structure, a worst-of feature can beadded, to increase the participation in the upside of theunderlying or increase the protection level. In that case,the price considered for the payoff calculation is theone of the worst performing underlying, within thebasket of underlyings.

Another way to increase the participation on the upsideor the protection level is the use of Asian options. Insteadof considering the level of the underlying at maturity(for the final price), the final level is taken as an averageof the underlying level at multiple dates over theproduct’s life.

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UnderlyingCapital Protected Note Payoff (with 80% Participation)

Final Level in %

22

Description

Reverse Exchangeables are securities that pay abovemarket coupons. In return for this coupon, there is noguarantee that investors will recover the full amount ofinvested capital. At maturity, the price of the underlyingis compared to the price set at the time of issue (knownas the Strike price, usually 100% of the underlying price).

Advantages

During the life of the investment investors receive acoupon higher than the risk free rate at issue

The high coupon(s) received may offset potential capitallosses if the underlying asset price falls slightly belowthe reference price

Price Behaviour

The price of the Reverse Exchangeable rises as theunderlying asset price rises. The higher the price of theunderlying, the greater the chance that investors willreceive the full amount of invested capital at maturity.Similar to ordinary bonds, as interest rates fall, the priceof the Reverse Exchangeable will rise by varying degrees,depending on time to maturity. There are two ways ofsettlement for a Reverse Exchangeable: cash or physicalsettlement at maturity.

In addition to the coupon, Reverse Exchangeables offertwo possible payouts at maturity:

If the price of the underlying share is above or equal tothe Strike price, an amount corresponding to 100% ofthe nominal amount.

If the price of the underlying is below the Strike price,the investor suffers a loss, receiving units of theunderlying (equal to nominal amount over Strike price)or a (below Par) cash settlement.

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Reverse Exchangeable (REX)

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Short Put (Strike at Strike price)

Risks

If at maturity the underlying fixes below the Strikeprice, redemption will be below Par. In the worst case,the investor can lose their entire investment (but will bepaid the coupon in any case).

Example - Reverse Exchangeable

Assumptions

Comparison between a direct investment and ReverseExchangeable.

XYZ share price at the beginning of the trade is EUR 10.

The Reverse Exchangeable has a coupon of 10%. Maturity of 1 year. Strike price of EUR 10.

Additional Features

To obtain a certain level of protection in case of a fallingunderlying, a barrier option can be used. In that case, in addition to the coupon, the investor fully recoverstheir initial investment if the underlying price is abovethe barrier. The barrier can me monitored continuously,during the whole life of the structure (American style) or at maturity only (European style).

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Scenario 1

Scenario 2

Scenario 3

Scenario 4

Price at maturity Direct investment in XYZ share Reverse Exchangeable on XYZ share

EUR 12 Profit of 20% Profit of 10% (coupon)

EUR 10.8 Profit of 8% Profit of 10% (coupon)

EUR 9 Loss of 10% Profit/loss of 0 (10% loss on share price10% profit from coupon)

EUR 7 Loss of 30% Loss of 20% (30% loss on share10% profit from coupon)

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UnderlyingReverse Exchangeable PayoffGain

Final Level in %0 50 100 150 200

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2+ 10% Coupon

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Description

Discount Certificates enable investors to purchase an instrument at a discount. Their gain is capped at a certain level. Discount certificates are particularlyconvenient in a neutral or slightly bullish/bearish market.

Advantages

The ability to acquire an instrument at a discountcompared to the underlying assets’ market price

Discount received can offset potential losses if theunderlying asset price slightly declines

Short term structure

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Discount Certificates

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Price Behaviour

When Discount Certificates are purchased, investorsacquire an underlying instrument at a discount andagree on a cap on the potential profit (Cap level). If the price of the underlying is above the Cap level atexpiry, investors receive a cash amount correspondingto the Cap level. By limiting the upside potential of theinvestment, the instrument can be offered at a discountcompared to the underlying assets’ market price.

Discount Certificates offer two possible payouts atmaturity:

Underlying price is equal to or larger than the Cap levelInvestors receive a cash amount equal to Cap level atmaturity.

Underlying price is smaller than the Cap level.Investors receive a cash amount equal to the underlyingprice at maturity.



Short Put (Strike at 100% of Initial Level)

Risks

If at maturity the underlying fixes below the Strikeprice, redemption will be below Par. In the worst case,the investor can lose their entire investment.

Example - Discount Certificate

Assumptions

Comparison between a direct investment and DiscountCertificate.

XYZ share price is EUR 10.Strike price is EUR 8.50. Cap level is EUR 10.

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Scenario 1

Scenario 2

Scenario 3

Price at maturity Direct investment in XYZ share Discount Certificate

EUR 12 Profit of 20% Profit of 17.65% (Cap level is EUR 10)

EUR 9 Loss of 10% Profit of 5.88%

EUR 7 Loss of 30% Loss of 17.65%

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UnderlyingDiscount Certificate PayoffDiscount

Final Level in %0 50 85 100 150 200

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15% Discount

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Description

Bonus Certificates are suitable for investors who want a certain level of security and target high returns. Abonus will be paid as long as the underlying price doesnot fall below a Barrier level.

The Bonus level and the Barrier level are defined on theissue date. The Bonus level is set above the initial priceand the Barrier level is set below.

The barrier can apply continuously, during the whole lifeof the structure (American style) or at maturity only(European style). If the Barrier level is not breached,investors will receive at maturity the greater of theBonus level or underlying price. If the Barrier level isbreached, the investors have an ordinary certificate thatpays out the price of the underlying at maturity.

Advantages

Bonus payments - above average returns if theunderlying is stagnant or falls slightly

Reduced risk - bonus is paid even when the underlyingprice falls to a certain level

Unlimited profit opportunity. 100% participation if theunderlying rises above the Bonus level

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Bonus Certificates

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Price Behaviour

Bonus Certificates offer the following three possiblepayouts at maturity (description given for an Americanbarrier):

Underlying price has never breached the Barrier leveland is above the Bonus level.Investors receive a cash payment equal to the final levelof the underlying.

Underlying price has never breached the Barrier levelbut is below the Bonus level.Investors receive an amount equal to the Bonus level.

Underlying price has at least once breached the Barrierlevel.Investors receive the final level of the underlying andthe bonus mechanism will no longer be active.


Long Underlying (excluding dividends)

Long Knock-Out Put Option (Strike at 100% + Bonuslevel, Knock Out at Barrier level)

Risks

The Bonus Certificate converts into a normal certificatewhen the Barrier level is breached. In that case, the riskrelated to investing in the Bonus Certificate is comparableto a direct investment in the underlying. If the underlyingdecreases, the value of the Certificate decreases. In theworst case, the investor can lose their entire investment.

Example - Bonus Certificate

Assumptions

XYZ share price is EUR 10.Barrier level is EUR 8 and monitored continuously(American style).Bonus level is EUR 13. Strike price is EUR 10.

Scenario 1

During the life of the XYZ share, the price of theunderlying has not breached the Barrier level and atmaturity the share trades at EUR 16. The investor will receive EUR 16.

Scenario 2

Barrier level is not breached and XYZ share tradesbelow Bonus level, let's assume at EUR 9. The investor will receive EUR 13, which is the Bonuslevel.

Scenario 3

Barrier level has been breached, the investor willreceive the value of the XYZ share at maturity, e.g. EUR 9 in scenario 2, or EUR 16 in scenario 1.

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30% Profit

Strike+Bonus

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UnderlyingBonus Certificate Payoff (equal to underlying if barrier is breached)

Final Level in %

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Description

Airbag Certificates are sometimes referred to as partialprotected products. Instead of providing 100% capitalprotection, an Airbag Certificate only protects against a certain percentage of a downward movement in theunderlying price. Investors are not guaranteed anyredemption for the invested capital. As a result, AirbagCertificates offer a much higher participation in theincrease of the price of the underlying than a CapitalProtected Note. At maturity Investors receive aminimum of 100% of invested capital if the underlyingprice is higher than the Airbag level, otherwise they areexposed to a loss in capital.

Advantages

Initial decrease in the price of the underlying will notreduce the redemption value of the certificate atmaturity, as long as the barrier is not breached.

Higher participation on the increase of the underlying,compared to a Capital Protected Note (due to apotential downside risk of the underlying).

The value of the Airbag will stay above the value of theunderlying (dividends excluded) if the underlying fallsbelow the Airbag level, at a level equal to (100% dividedby Airbag level) x underlying level.

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Airbag Certificates

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Long Call Option (Strike at 100% of Initial Level),multiplied by the participation level

Short (100%/Airbag Level) Put Option (Strike at Airbaglevel) i.e. the investor is short a leveraged put at theairbag level

Risks

If at maturity the underlying fixes below the Airbaglevel, redemption will be below Par. In the worst case,the investor can lose their entire investment.

Example - Airbag Certificate

Assumptions

XYZ share price is EUR 10. Airbag level is EUR 6. Strike price is EUR 10.Participation level on the upside is 100%.

Scenario 1

At maturity, XYZ share price is EUR 16.The investor will receive EUR 16.

Scenario 2

At maturity, XYZ share price trades below Strike price,for example EUR 7. The investor will still be protected and receive EUR 10.

Scenario 3

At maturity, XYZ share price trades below Aibag level,for example EUR 5. The investor will receive (Strike price / Airbag level) xFinal price = (10/6) x EUR 5 = EUR 8.33.

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UnderlyingAirbag Certificate Payoff

Final Level in %

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Description

Double-up Certificates provide exposure to a certainunderlying asset (stock or index) and offer a 200% returnrate on the capital appreciation up to a certain level.These Certificates could be attractive for investors withmoderate positive market expectations. The maximumpayout of this product is twice the difference betweenthe Cap level and Strike price. On the other hand,investors are not guaranteed any protection for theinvested capital in the event the price of the underlyingdecreases. In such an event, the payoff is similar to adirect investment in the underlying (excluding dividends).

Advantages

Double participation in the underlying price increase,until Cap level

Same risk as investing in the underlying in case ofdecreasing price (excluding dividends)

Suitable for investors with moderate bullish marketviews

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Double-up Certificates

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Price Behaviour

Double-up Certificates offer investors the possibility ofearning twice as much compared to an investment inthe underlying (excluding dividends). However, it shouldbe noted that this double earning is capped at a certainlevel (Cap level).

Double-up Certificates offer the following three possiblepayouts at maturity:

Underlying price is equal or larger than the Cap level.The investor receives twice the difference between Caplevel and Strike price, in addition to the initial investment.This scenario is the maximum payout of this product.

Underlying price is between Strike price and Cap level.The investor receives twice the difference betweenunderlying price and Strike price, in addition to the initialinvestment.

Underlying price is equal or smaller than the Strike price.The investors receives the underlying, or a cash amountequal to the value of the underlying at maturity.



Long Call Option (Strike at 100% of Initial Level)

Short 200% out-of-the-money Call Options (Strike atCap level)

Risks

The risk related to investing in Double-up Certificates iscomparable to a direct investment in the underlying. Ifthe underlying decreases, the value of the Certificatedecreases. In the worst case, the investor can lose theirentire investment.

Example - Double-up Certificate

Assumptions

XYZ share price is EUR 10. Cap level is EUR 12.Strike price is EUR 10.

Scenario 1

XYZ share is above the Cap level, for example EUR 16.The investor will receive 2 times the difference betweenStrike price and Cap level (EUR 4) plus the value ofStrike price, which equals EUR 14 (maximum payoff).

Scenario 2

XYZ share is between the Strike price and the Caplevel, for example EUR 11.Payoff will be EUR 12, corresponding to a double up ofthe EUR 1 increase.

Scenario 3

XYZ share is below the Strike price, for example EUR 9.The investor will receive one share with value EUR 9, orEUR 9 in cash, depending on the terms that were fixedat the launch of the structure.

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Level

150

100

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Double Up

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in %

UnderlyingDouble Up Certificate Payoff

Final Level in %

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Description

Outperformance certificates allow investors toparticipate in the increase of the underlying with a high level of participation and without any cap. Investorsreceive more than 100% participation in the increase of the underlying. On the other hand, investors are notguaranteed any protection for the invested capital in theevent the price of the underlying decreases. In such anevent, the payoff is similar to a direct investment in theunderlying (excluding dividends).

Advantages

The investor will be able to outperform the underlying ina rising market

Maximum gain is unlimited

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Outperformance Certificates

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Price Behaviour

Outperformance Certificates offer investors thepossibility of an unlimited upside and higherparticipation level compared to investing in theunderlying itself. However it should be noted that in theevent the underlying falls the investor may suffer a losswhich can be as much as the entire investment.

Outperformance Certificates offer the following twopossible payouts at maturity:

Underlying price is higher than the Strike price.The investor outperforms the underlying and receivesthe initial investment + a participation in the increase ofthe underlying which is above 100%.

Underlying price is below the Strike price.The investor suffers a loss and receives the Final levelof the underlying.



Long Call Option (Strike at Outperformance Level)

Risks

The risk related to investing in OutperfomanceCertificates is comparable to a direct investment in theunderlying. If the underlying decreases, the value of theCertificate decreases. In the worst case, the investorcan lose their entire investment.

Example - Outperformance Certificate

Assumptions

XYZ share price is EUR 10. Strike price is EUR 10.Participation level is 140%.

Scenario 1

XYZ share has increased to EUR 15.The investor outperforms the underlying and will receiveEUR 10 x (100% + 140% x ([EUR 15 / EUR 10] - 1)) = EUR 17.

Scenario 2

XYZ share has fallen and is below the Strike price, sayat EUR 8.The investor makes a loss and the payoff will be EUR 8(same in this case as with a direct investment in theunderlying, excluding dividends).

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UnderlyingOutperformance Certificate Payoff

Final Level in %

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Description

Autocallable notes have a potential high yield and a variabletenor. The note is redeemed early if the underlying is at acertain level on pre-set valuation dates. This feature enablesthe investor to potentially achieve a very attractive yield. Ifa coupon is not paid for a specific year, it comes in additionto the potential coupon for the following year. At maturity,if the Note is below the Strike price but has not breachedthe Barrier level, the Note is redeemed at 100%. However ifthe underlying price falls below the Barrier level (monitoringis continuous for an American barrier, and only at maturityfor a European barrier), the investor may suffer a losswhich can be equivalent to the entire investment.

Advantages

Potential early redemption with a high yield realisedover a short tenor

Potential high coupon with memory mechanism

Protection at maturity up to a certain level

Price Behaviour

AutoCallable Notes offer the following possible redemptionpayouts (based on a 3-Year AutoCallable Note):

Year 1: If the underlying level is equal to or above the Strikeprice, the structure is redeemed and the investor receives100% of the initial investment AND 1 x YY% Coupon.Otherwise, the structure continues and the coupon isaccumulated for the following year.

Year 2: If the underlying level is equal to or greater thanthe Strike price in year 2, but was below the Strike price inyear 1, the structure is redeemed and the investor receives100% of the initial investment AND 2 x YY% Coupon.Otherwise, if the underlying level is below the Strikeprice for year 1 and year 2 the structure continues againand the coupon is accumulated for the following year.

Autocallable Notes

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35

Year 3a: If the underlying level is equal to or greater than theStrike price, but was below the Strike price in Year 1 andYear 2, the structure is redeemed and the investor receives100% of the initial investment AND 3 x YY% Coupon.

Year 3b: If the underlying level is above the Barrier level(during the whole life of the structure if the barrier isAmerican, at maturity only if the barrier is European),the investor fully recovers their capital.

Year 3c: If the underlying level is below Barrier level(during the whole life of the structure if the barrier isAmerican, at maturity only if the barrier is European),the investor suffers a loss and receives the Final priceof the underlying (capped at 100% of the Initial price) in shares or in cash, depending on the terms that werefixed at the launch of the structure.


Long Zero Coupon Bonds with different maturities(corresponding to the periods)

Long Digitals

Short Knock-In Put Option (Strike at Strike price, knock-in at Barrier level)

Risks

If the structure is not redeemed early and if the Barrierlevel is breached by the underlying, the risk related toinvesting in the Autocallable Notes is comparable to adirect investment in the underlying. If the underlyingdecreases, the value of the Certificate decreases. In theworst case, the investor can lose their entire investment.

Example - AutoCallable Note

Assumptions

3-year AutoCallable Note on the XYZ share.XYZ share price is EUR 100. Strike price is EUR 100.Coupon is 10% x Number of yearsBarrier level is 80%.

Scenario 1

At the end of year 1, underlying level is EUR 105. The level is above Strike price. The Structure is redeemed early. The investor receives EUR 100 + EUR 10 x 1 = EUR 110.

Scenario 2

At the end of year 1, underlying level is EUR 85. No early redemption occurs for this year. At the end of year 2, underlying is EUR 100.The Structure is redeemed early. The investor receives EUR 100 + EUR 10 x 2 = EUR 120.

Scenario 3

Underlying level is below Strike price at the end of year1 and year 2 (no early redemption). The Final price is EUR 85.The investor benefits from the protection and receivestheir entire capital back = EUR 100.

Scenario 4

Underlying level is below Strike price at the end of year1 and year 2 (no early redemption). The Final price is EUR 75.The Final level is below the Barrier level, so the protectionis no longer available. The investor suffers a loss and receivesone share with value EUR 75, or EUR 75 in cash, dependingon the terms agreed at the launch of the structure.

Additional Features

Auto-callability can be as well semi-annual, quarterly ormonthly. A worst of feature can be added to enhancethe coupon.

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36

Description

Look-back structures enable an investor to “look back”over a designated period of time (for example onemonth) and set the Strike price at the lowest closingprice of this period. The return will consequently beimproved by comparing the Final price to a potentiallylower Initial level. Look-back structures also offerprotection on the invested capital (up to 100%).

Advantages

Look-back feature allowing to strike at a potential lowerlevel

A certain level of capital protection at maturity, up to100%

Look-back Notes

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Price Behaviour

The Look-back feature fixes the Strike price at thelowest price of the underlying over a specific period oftime. For example, if the period is set at 30 days andthe underlying has closing prices ranging between EUR70 and EUR 120, the Strike price is EUR 70. This can beat the investor’s advantage, for example if the underlyingis currently trading at EUR 100, the option is already in-the-money by EUR 30, and thus the Look-back featuremay optimise the structures return. Investors should beaware that the capital protection only applies at maturity.

Look-back Notes offer the following two possiblepayouts at maturity:

Final price is higher than Strike price.The investor receives the initial investment + aparticipation in the increase compared to the Strikeprice.

Final Price is below Strike price.The investor receives the capital protection level (up to100% of invested capital).



Long Variable Strike Call Option (Strike at Strike price)

Risks

The price of the Look-Back Note fluctuates in relation toseveral parameters, such as the price of the underlying,the volatility level of the underlying and the level ofinterest rates. Investors should be aware that thecapital protection only applies at maturity.

Example - Look-back Note

Assumptions

3-year Look-back Note on XYZ share.30-day lowest/Strike price is EUR 85.Initial level is EUR 100.Capital Protection is 100%.Participation level is 80%.

Scenario 1

XYZ share has increased to EUR 120.The investor will receive EUR 100 x [100% + 80% x([EUR 120 / EUR 85] – 1 )] = EUR 133.

Scenario 2

XYZ share has fallen and is below the Initial level buthigher than the Strike price, say at EUR 95. The investor will receives EUR 100 x [100% + 80% x([EUR 95 / EUR 85] – 1)] = EUR 109.4., compared to aEUR 5 loss in case of a direct investment in theunderlying.

Scenario 3

XYZ share has fallen to EUR 70 and is below the Strikeprice. The investor is fully protected and receives their initialinvestment (EUR 100).

Additional Features

The Look-back mechanism can also be used in a differentway, using the highest level of the underlying instead of the lowest, to determine the Final price (instead ofInitial level). The return will consequently be improvedby comparing a higher Final level to the Initial level.

The Look-back mechanism can also be used in anotherway, using the highest level of the underlying to fix theStrike price, instead of the lowest. This will improve theparticipation level on the upside.

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Disclaimer

39

Contacts

Sales

Benelux

Elvera Siemons +31 20 383 6886

China

Andrew Chiang +852 2700 5112

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Andrea Sozzi Sabatini +44 207 678 6581

Hong Kong

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Latin America & Portugal

Luis dos Santos +44 207 678 7605

Middle East

Ruggiero Lomonaco +44 207 678 4729

Nordics

Michael Nelskyla +44 207 085 2641

North America

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Herve Rietzler +44 207 678 3598

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UK

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Products

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Pieter-Reinier Maat +44 207 678 2994Laurence Black +44 207 678 0656Vincenzo Catanese +44 207 678 9668Maarten de Widt +44 207 678 7466Wenjing Zhong +44 207 678 7289Michael Benhamou +44 207 678 1393Gurpreet Kharaud +44 207 678 7824Christian Probst +44 207 678 4827

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Rob Soentken +31 20 383 6518

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Samuel Ng +852 2700 5522

New York

Dawn Evans +1 212 409 6934

For further information on ABN AMRO products:

www.abnamromarkets.comUK Branch ABN AMRO Bank N.V.+44 20 7678 7667 250 Bishopsgate

London EC2M 4AA

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Documents

ABN Equity Structured Products Manual