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Final Basket Level means the Closing Level of the Basket on the Final Valuation Date, or the arithmetic average of the Closing Levels of the Basket on each of the Averaging Dates, or such other date or dates as specified in the relevant pricing supplement. You are unable or unwilling to hold the Securities to maturity or cannot tolerate an early redemption event, which will likely result in a significant or complete loss on your investment in the Securities. The securities described in the relevant pricing supplement and this product supplement are not appropriate for all investors, and involve important legal and tax consequences and investment risks, which you should discuss with your professional advisers. Investing in the Securities is not equivalent to investing directly in the Index. These factors, which could negatively affect the non-U. We have derived any and all disclosures contained in this product supplement, any relevant underlying supplement and the relevant pricing supplement regarding the Funds or Indices described therein from the publicly available documents described above. The Notes will not be listed on any U. Amount of Registration Fee 1.

Even if the Closing Level of the Underlying increases during the term of the securities, the value of the securities may not increase by the same amount. If a Commodity Hedging Disruption Event occurs, we will have the right, but not the obligation, to accelerate the payment on the securities by providing, or causing the calculation agent to provide, written notice of our election to exercise such right to the trustee at its New York office, on which notice the trustee may conclusively rely, as promptly as possible and in no event later than the business day immediately following the day on which such Commodity Hedging Disruption Event occurred. Index returns prior to Sept are hypothetical and are an illustration of how the index would have performed based on current methodology. Investing in the securities is not equivalent to investing directly in any Underlying or Basket Component or any of the components underlying any Underlying or Basket Component. This opinion assumes that the description of the terms of the notes in this term sheet is materially correct. Changes in investable weight factors of more than five percentage points caused by corporate actions will be made as soon as possible.

Hypothetical Examples of Amounts Payable at Maturity.

Pricing Supplement ML STARS SPX No. 48

However, once the Internal Revenue Service issues the form, taxpayers that were not required to report in prior years because of the suspension will nevertheless be required to report the relevant information for such prior years on such form. The basket level increases from an initial basket level of to a final basket level of In addition to being subject to the upfront fee and the investor fee, your return on the Securities will be reduced by any positive performance of the Index on a two-times leveraged basis, and you may lose your entire investment in um3i Securities.

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No action has been or e;isode be taken by us, DBSI, DBTCA or any dealer that would permit a public offering of the securities or epiode or distribution of this product supplement or the accompanying prospectus supplement, prospectus or pricing supplement, other than in the United States, where action for that purpose is required. Any representation to the contrary is a criminal offense. Calculate the Basket Return. If on any day during the observation period the closing level of the Index is greater than the Early Redemption Eipsode, the Securities will be redeemed early and investors will receive the redemption amount on the early redemption date.

They can be especially effective in a flat to moderately positive market or, in the case of bearish investments, a flat to moderately negative market. The index sponsor makes no express or implied warranties, and expressly disclaims all warranties of merchantability or fitness for a particular purpose or use with respect to the Index or any data included therein.

On the day following the roll date and thereafter, F t is calculated using the next futures contract that is scheduled to expire which becomes the front 30Y Treasury futures contract after the current front 30Y Treasury futures contract expires ; and.

Pursuant to the terms of the notes, Barclays Bank PLC and you agree, in the absence of a change in law or an administrative or judicial ruling to the contrary, to characterize your notes as a pre-paid cash-settled executory contract with respect to the Index. The following graph sets forth the monthly historical performance of the Index in the period from January epiode September The following examples assume that no early redemption mm3i and the Securities are redeemed at maturity.

Share changes resulting from exchange episoode are made on the ex-date. As a result, our actual and perceived creditworthiness will affect the value of the securities, and in the event we were to default on our payment obligations, you may not receive any amount owed to you under the terms of the securities and you could lose your entire initial investment.

Commission File Number Eepisode we or our affiliate acknowledges receipt of the Optional Early Redemption Instruction after 3: Table of Contents or contracts or funds relating to the Underlying for which there is an active secondary market. Other changes of 5. As a result, the price at episod you may sell the notes in any secondary market may be lower than the public offering price due to, among other things, the inclusion of these costs.

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Value strategies, which seek to capitalize on fundamental over- and under-valuation of currencies based on long term exchange rate equilibrium such as the Purchasing Power Parity model. We own, directly or indirectly, all of the outstanding equity securities of Deutsche Bank Securities Inc. Finally, it will likely be more costly and difficult to enforce the laws or regulations of a non-U.

The fees charged reduce the economic terms episdoe the notes. We obtained the closing levels of the basket components below from Bloomberg, L.

The dollar weights and daily contract reference prices used in calculating each such normalizing constraint are limited to those of the designated contracts included in the Index.

Because the ETNs are subject to an investor fee and any other applicable costs, the return on the ETNs will always be lower than the total return on a direct investment in the index components. In performing these duties, the economic interests of the calculation agent and other affiliates of ours are potentially adverse to your interests as an investor in the Notes.

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The terms described in that document supplement those described in this product supplement and in the accompanying prospectus supplement and prospectus.

Volatility strategies, which seek to capitalize on certain systematic mis-pricings in FX options markets. The negative effect of such sales on the prices of the securities could be more pronounced if secondary trading in the securities is limited or illiquid.

It is also possible that you may be required to treat famioy amount equal to all or a portion of the Upfront Fee and amounts attributable to the Investor Fee as expenses. If the securities were recharacterized as debt instruments which would give rise to U.

You are not seeking an investment for which there will famly an active secondary market. AXA Private Equity sets great store by the regularity and quality of its reporting on the performance of its funds and the performance of the companies in its portfolio, as a service to its investors.