CARACTERIZACIÓN DE LAS ÁREAS Y FUNCION DEL PARQUE

Specified at issue

Parameter Typical value

Cap Near or above the price of the underlying

End of term

The investor receives an amount equal to the price of the underlying, whereby the amount is limited by the cap.

During the term

The value of the Discount Certificate generally develops in the same direction as the underlying, but to a lesser extent. The higher the underlying rises, the smaller the increase in value of the Discount Certificate usually will be. If the price of the underlying rises above the cap, the value of the Discount Certificate may not increase at all further.

Price factor Price will be higher when

Underlying price rises Implicit volatility declines Interest rates decline Remaining term is longer

Reverse Convertible (1220) Specified at issue

Reverse Convertibles usually are issued as par-value securities.

Parameter Typical value

Strike Near the price of the underlying Interest Rate Above the market interest rate

Number of underlyings

The monetary value of this number of underlyings at the issue date is near the

nominal amount of the certificate

End of term

If the price of the underlying is equal to or above the strike, the investor receives the nominal amount. Otherwise the investor either receives a predefined number of underlyings or an amount equal to the monetary value of such number of underlyings. Independent from the underlying’s price the investor receives in any case an interest payment.

During the term

The value of the Reverse Convertible generally develops in the same direction as the underlying, but to a lesser extent. The higher the underlying rises, the smaller the increase in value of the Reverse Convertible usually will be. If the price of the underlying rises above the strike, the value of the Reverse Convertible may not increase at all further.

Price factor Price will be higher when

Underlying price rises Implicit volatility declines Interest rates decline Remaining term is longer

Protected Reverse Convertible (1230) Specified at issue

Protected Reverse Convertibles usually are issued as par-value securities.

Parameter Typical value

Strike Near the price of the underlying Interest Rate Above the market interest rate

Number of underlyings

The monetary value of this number of underlyings at the issue date is near the

denomination of the certificate Barrier (Far) below the strike Barrier observation

period

The whole term

End of term

The investor receives the nominal amount if the price of the underlying is equal to or above the strike or the price of the underlying during the barrier observation period has never touched or fallen below the barrier. Otherwise the investor either receives a predefined number of underlyings or an amount equal to the monetary value of such number of underlyings. Independent from the underlying’s price the investor receives in any case an interest payment.

During the term

The value of the Protected Reverse Convertible generally develops in the same direction as the underlying, but not with the same extent. Especially slightly above the barrier a leverage effect might be present. Near the strike a change in the underlying’s price may cause only a very small change in value of the Protected Reverse Convertible. If the price of the underlying rises above the strike, the value of the Protected Reverse Convertible may not increase at all further.

Price factor Price will be higher when

Underlying price rises Implicit volatility declines Interest rates decline Remaining term is shorter

Capped Outperformance Certificates (1240) Specified at issue

Parameter Typical value

Strike Near the price of the underlying Cap (Far) above the price of the underlying Participation Above 100%

End of term

If the price of the underlying is below or equal to the strike, the investor receives an amount equal to the price of the underlying. Otherwise the investor receives an amount equal to the strike and additionally an amount equal to the participation multiplied with the difference of the price of the underlying and the strike. The additional amount is in any case limited by the participation multiplied with the difference of the cap and the strike.

During the term

The value of the Capped Outperformance Certificate generally develops in the same direction as the underlying, but not with the same extent. Especially slightly above the strike a leverage effect might be present. Near the cap a change in the underlying’s price may cause only a very small change in value of the Capped Outperformance Certificate. If the price of the underlying rises above the cap, the value of the Capped Outperformance Certificate may not increase at all further

Price factor Price will be higher when

Underlying price rises Implicit volatility  rises (generally)

 declines (if underlying’s price is near or above the cap)

Interest rates decline Remaining term  is shorter (generally)

 is longer (if underlying’s price is near the strike)

Capped Bonus Certificates (1250) Specified at issue

Parameter Typical value

Bonus level At or above the price of the underlying Barrier (Far) below the price of the underlying Barrier observation

period

The whole term

Cap At or above the bonus level

End of term

The investor receives an amount equal to the price of the underlying, but at least the bonus level, if the price of the underlying during the barrier observation period has never touched or fallen below the barrier. The amount is in any case limited by the cap.

During the term

The value of the Capped Bonus Certificate generally develops in the same direction as the underlying, but not with the same extent. Especially slightly above the barrier a leverage effect might be present. Near the bonus level or the cap a change in the underlying’s price may cause only a very small change in value of the Capped Bonus Certificate. If the price of the underlying rises above the cap, the value of the Capped Bonus Certificate may not increase at all further.

Price factor Price will be higher when

Underlying price rises Implicit volatility declines Interest rates decline Remaining term is shorter

Express Certificates (1260) Specified at issue

Parameter Typical value

Express valuation date

Evenly distributed dates, including the date of the regular end of term Express valuation

level

Near the price of the underlying

Express redemption date

A few days after each Express valuation date, including the maturity date Express redemption

level

Above the price of the underlying

Barrier (Far) below the price of the underlying Barrier observation

period

The end of the (regular) term

End of term

If at any express valuation date the price of the underlying is at or above the respective express valuation level, the term of the Express Certificate ends and the investor receives on the respective express redemption date an amount equal to the respective express redemption level. The regular end of term is usually also an express valuation date.

On the regular end of term of the Express Certificate the investor receives an amount equal to the price of the underlying, but at least the security level, if the underlying’s price during the barrier observation period has never touched or fallen below the barrier.

During the term

The value of the Express Certificate generally develops in the same direction as the underlying, but not with the same extent. Especially near the barrier or shortly before the next express valuation date and below the respective express valuation level a leverage effect might be present.

Shortly before an express valuation date and above the respective express valuation level a change in the underlyings price may cause only a very small change in value of the Express Certificate. If in such case the price of the underlying continues to rise the value of the Express Certificate may not increase at all further.

Price factor Price will be higher when

Underlying price rises

Implicit volatility  declines (above the barrier)  rises (near or below the barrier) Interest rates  decline (above the barrier)

 rise (near or below the barrier) Remaining term  is shorter (generally)

 is longer (slightly below the barrier)

Capped Reverse Bonus Certificates (1299) Specified at issue

Parameter Typical value

Bonus level At or below the price of the underlying Barrier (Far) above the price of the underlying Barrier observation

period

The whole term

Reverse level Twice the price of the underlying Cap At or below the bonus level

End of term

The investor receives an amount equal to the difference of the reverse level and the price of the underlying. If the underlying’s price during the barrier observation period has never touched or risen above the barrier, the investor receives at least the difference of the reverse level and the bonus level. The amount is in any case limited by the difference of the reverse level and the cap.

During the term

The value of the Capped Reverse Bonus Certificate generally develops in the opposite direction as the underlying, but not with the same extent. Especially slightly below the barrier a leverage effect might be present. Near the bonus level or the cap a change in the underlying’s price may cause only a very small change in value of the Capped Reverse Bonus Certificate. If the price of the underlying falls below the cap, the value of the Capped Reverse Bonus Certificate may not increase at all further.

Price factor Price will be higher when

Underlying price declines Implicit volatility declines Interest rates decline Remaining term is shorter

Capped Twin-Win Certificates (1299) Specified at issue

Parameter Typical value

Strike At or above the price of the underlying Barrier (Far) below the price of the underlying Barrier observation

period

The whole term

Cap At or above the strike

End of term

If the price of the underlying is equal to or above the strike or during the barrier observation period has touched or fallen below the barrier, the investor receives the price of the underlying but maximum the cap. Otherwise the investor receives an amount equal to difference of twice the strike and the price of the underlying.

During the term

Above resp. below the strike the value of the Capped Twin-Win Certificate generally develops in the same resp. opposite direction as the underlying, but not with the same extent. Especially slightly above the barrier a leverage effect might be present. Near the strike or the cap a change in the underlying’s price may cause only a very small change in value of the Capped Twin-Win Certificate. If the price of the underlying rises above the cap, the value of the Capped Twin-Win Certificate may not increase at all further.

Price factor Price will be higher when

Underlying price  rises (above the strike)  declines (below the strike) Implicit volatility  rises (far above the barrier)

 declines (near the barrier) Interest rates  decline (far above the barrier)

 rise (near the barrier)

Remaining term  is shorter (below the strike or far above the strike)

 is longer (near the strike)

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Index/Participation Certificates (1300)

Index/Participations Certificates may be issued either with a fixed term or as open-end securities, whereas the latter is the more common case. If no end of term was fixed, the issuer is entitled to specify one.

End of term

The investor receives an amount equal to the price of the underlying.

During the term

The value of Index/Participation Certificates develops identically with the price of the underlying

Price factor Price will be higher when

Underlying price rises Implicit volatility no effect Interest rates no effect Remaining term no effect

For Index/Participation Certificates, for which a term was fixed at the start of the issue, the following applies:

Price factor Price will be higher when

Underlying price rises Implicit volatility  no effect (generally)

 situation-related (if Quanto) Interest rates situation-related

Remaining term situation-related

Outperformance Certificates (1310) Specified at issue

Parameter Typical value

Strike Near the price of the underlying Participation Above 100%

End of term

If the price of the underlying is equal to or below the strike, the investor receives an amount equal to the price of the underlying. Otherwise the investor receives an amount equal to the strike and additionally an amount equal to the participation multiplied with the difference of the price of the underlying and the strike.

During the term

The value of the Outperformance Certificate generally develops in the same direction as the underlying, but not with the same extent. Especially above the strike a leverage effect might be present.

Price factor Price will be higher when

Underlying price rises Implicit volatility rises (generally) Interest rates decline

Remaining term is longer (if underlying’s price is near the strike)

Bonus Certificates (1320) Specified at issue

Parameter Typical value

Bonus level At or above the price of the underlying Barrier (Far) below the price of the underlying Barrier observation

period

The whole term

End of term

The investor receives an amount equal to the price of the underlying, but a least the bonus level, if the price of the underlying during the barrier observation period has never touched or fallen below the barrier.

The value of the Bonus Certificate generally develops in the same direction as the underlying, but not with the same extent. Especially slightly above the barrier a leverage effect might be present. Near the bonus level a change in the underlying’s price may cause only a very small change in value of the Bonus Certificate.

Price factor Price will be higher when

Underlying price rises Implicit volatility  declines (generally)

 rises (if underlying’s price is above or slightly below the bonus level)

Interest rates decline Remaining term  is shorter (generally)

 is longer (if underlying’s price is above the bonus level)

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Call Warrants (2100) Specified at issue

Parameter Typical value

Strike At, below or above the price of the underlying

End of term

If the warrant is physically settled, the investor has the right to buy the underlying at the strike price. If the warrant is cash settled the investor receives an amount equal to the difference of the price of the underlying and the strike, if the price of the underlying is above the strike; otherwise the investor receives no payment.

During the term

The value of the Call warrant generally develops in the same direction as the underlying, but to a different extent. If the price of the underlying is equal to or below the strike a change in the underling's price may cause only a very small change in value of the warrant. If the price of the underlying is above the strike the absolute change in value of the warrant might be very close to the absolute change in the price of the underlying.

Price factor Price will be higher when

Underlying price rises Implicit volatility rises Interest rates rise Remaining term is longer

Put Warrant (2100) Specified at issue

Parameter Typical value

Strike At, below or above the price of the underlying

End of term

If the warrant is cash settled the investor receives an amount equal to the difference of the strike and the price of the underlying, if the price of the underlying is below the strike; otherwise the investor receives no payment.

During the term

The value of the Put warrant generally develops in the opposite direction as the underlying and with a different extent. If the price of the underlying is above the strike a change in the underling's price may cause only a very small change in value of the warrant. If the price of the underlying is below the strike the absolute change in value of the warrant might be very close to the reverted, absolute change in the price of the underlying.

Price factor Price will be higher when

Underlying price declines Implicit volatility rises Interest rates decline

Remaining term  is longer (near or above the strike)  is shorter (below the strike)

Capped Call Warrant (2110) Specified at issue

Parameter Typical value

Strike At, below or above the price of the underlying

Cap Above the strike

End of term

If the price of the underlying is equal to or below the strike, the investor receives no payment. Otherwise the investor receives an amount equal to the difference of the price of the underlying and the strike, whereas the amount is in any case limited by the difference of the cap and the strike.

During the term

The value of the Capped call warrant generally develops in the same direction as the underlying, but to a different extent. If the price of the underlying is below the strike or above the cap a change in the underling's price may cause only a very small change in value of the warrant. If the price of the underlying is above the strike and below the cap the absolute change in value of the warrant might be very close to the absolute change in the price of the underlying.

Price factor Price will be higher when

Underlying price rises

Implicit volatility  rises (near or below the strike)  declines (near or above the cap) Interest rates  rise (near or below the cap)

 decline (above the cap) Remaining term  is longer (near or below the

strike)

Capped Put Warrant (2110) Specified at issue

Parameter Typical value

Strike At, below or above the price of the underlying

Floor Below the strike

End of term

If the price of the underlying is equal to or above the strike, the investor receives no payment. Otherwise the investor receives an amount equal to the difference of the strike and the price of the underlying, whereas the amount is in any case limited by the difference of the strike and the floor.

During the term

The value of the Capped put warrant generally develops in the opposite direction as the underlying and to a different extent. If the price of the underlying is above the strike or below the floor a change in the underling's price may cause only a very small change in value of the warrant. If the price of the underlying is below the strike and above the floor the absolute change in value of the warrant might be very close to the absolute change in the price of the underlying.

Price factor Price will be higher when

In document Programa Alterno Al Manejo De Residuos Especiales Para Las Heces De Animales Domésticos En Tres Parques Bosa (página 39-50)