INVESTOR RISK SUMMARY

Principal Risk: Not all structured notes offer 100% principal protection. In some cases investors are exposed to the downside performance of the underlying assets, and therefore they could lose some or all of their initial investment.

Limited Return: Investors in some Structured Notes may never receive more than their initial investment in some notes regardless of how well the underlying asset did throughout the term of the investment. Therefore the return of the notes may be significantly less in comparison than the direct investment in the underlying asset

Liquidity: Structured Notes are not designed to be liquid; they are intended to be held to maturity. While there may be secondary market for Structured Notes, issuers are under no obligation to maintain one. Selling prior to maturity carries with it the risks inherent in factors that can affect marketability, such as volatility of the underlying assets, interest rate swings and developments affecting the underlying securities.

Creditworthiness of the Issuer: The extent to which any principal is protected is subject to the quality of the issuer's credit. Structured Notes are subject to the risk that the issuer might not be able to meet scheduled interest or principal payments. The investor should investigate the creditworthiness of the issuer to evaluate its ability to meet the terms of interest and principal payment.

For certificates of deposit of FDIC-insured banks or savings institutions the investor's principal is protected up to $100,000 per depositor per insured bank. In addition, certain retirement accounts, such as Individual Retirement Accounts, are insured up to $250,000 per depositor, per insured bank. For more information please visit www.FDIC.gov.

Issuer Call: Some Structured Notes are callable by the issuer, meaning the issuer (not the investor) can choose to call in the notes and redeem them before maturity. An early call prior to maturity may put the investor at risk of reinvesting in a lower interest rate environment. The call price is generally par (100% of principal), but in some cases it can be above par ("premium call")

Taxes: For full information regarding the tax consequences of Structured Notes, investors should consult their tax advisor. In the case of 100% Principal Protected Notes, while interest is not paid until maturity or the call date, interest on Principal Protected Notes may be subject to the OID (Original Issue Discount) tax based on the interest rates for similar investments issued at a similar time. For the purpose of reporting tax information, the applicable comparable rate is specified in the disclosures.

This material is not intended as an offer or solicitation for the purchase or sale of any financial instrument and is not intended to provide legal, accounting or tax advice or an investment recommendation. Although the information contained herein is believed to be correct, we make no guarantees, express or implied, as to its completeness or accuracy.

Structured Products are not suitable for all investors. Risks may include loss of principal or the possibility that at expiration the investor will own the reference asset at a depressed price. Structured Products often limit or cap upside participation in the reference asset, particularly if some principal protection is offered or if the security pays an above-market rate of interest. They contain a derivative component whose profit and loss potential emulates an option contract, particularly those where principal invested is at risk from market movements in the reference security. Even though Structured Products pay interest like debt securities, the potential loss of the principal for many such products may make them unsuitable for investors seeking alternatives to conventional debt securities.

Structured Notes are investment vehicles issued as either registered securities, non-registered securities, or as certificates of deposit. Registered securities are filed with the SEC as medium term notes. Non-registered securities are exempt from SEC registration and are typically issued by foreign-based banks via their U.S. branch offices using a 3A2 exemption. Certificates of deposit are insured by the Federal Deposit Insurance Corporation, for current limits, please visit www.FDIC.gov. Certificates of Deposit are not considered securities.

Certain securities discussed in this material are registered with the Securities Exchange Commission (the "SEC") and the issuer of those products has filed a registration statement (including a prospectus, a prospectus supplement and a preliminary pricing supplement) with the SEC. All relevant offering documents including term sheets and prospectuses should be consulted prior to investing in these securities. Certain securities discussed in this material are not registered with the SEC but are issued pursuant to an exemption from registration. Before Investors make any investment, they should read the prospectus supplement and preliminary pricing supplement for registered securities filed with the SEC or the relevant offering documents for non-registered securities for more complete information about such issuer and the securities being offered. Investors should understand characteristics, risks, and rewards of each Structured Note as well as those of the referenced asset before making a decision to invest in the security. Investors should contact their own accounting, tax or legal advisors to review the suitablilty of any investment.