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VarietyVontobel investment certifi cates

Structured products

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Contents

Participation 2

Optimizing returns 4

Capital protection 7

Structured products – to understand is to profi t 9

Contacts 10

2

Participation

Your idea

You expect a certain underlying to appreci-ate. You want to participate above-aver-agely in the performance of the underlying by investing in a structured product.

Our solution

VONCERT PLUS

VONCERT PLUS is a replica of the per-formance of the underlying and offers a higher rate of participation through the ex-ercise price. On expiry the investor re-ceives – depending on the product – either the underlying or the cash equivalent of the underlying price at maturity. If the un-derlying closes above the exercise price, the gains generated through the higher participation rate are also paid.

Opportunities

VONCERT PLUS gives investors the oppor-tunity to participate above-averagely in the underlying’s performance.

Risks

The risk of a VONCERT PLUS investment is equal to that of a direct investment.

SSPA designation

Outperformance certifi cate

Your idea

You expect a certain underlying to appreci-ate. You want to participate in the per-formance of the underlying by investing in a structured product with an open end. Dividends are to be reinvested.

Our solution

VONCERT OPEN END PLUS

VONCERT OPEN END PLUS is a replica of the performance of the underlying. The certifi cates are open ended. Dividends are reinvested via a growth factor.

Opportunities

VONCERT OPEN END PLUS gives inves-tors the opportunity to participate in the underlying’s performance.

Risks

The risk of a VONCERT OPEN END PLUS investment is equal to that of a direct in-vestment.

SSPA designation

Tracker certifi cate

Your idea

You expect a certain underlying to appreci-ate, but do not rule out a fall in prices. You want to participate in the performance of the underlying by investing in a structured product and want protection from price losses up to a certain limit.

Our solution

DEFENDER VONCERT

DEFENDER VONCERT is a one-to-one rep-lica of the performance of the underlying. The certifi cate also has a barrier. Two sce-narios are possible on the expiry date:If the underlying does not reach the barrier for the whole duration, the investor is at least paid back the notional. However, if the underlying reaches the barrier, either – depending on the prod-uct – the underlying is physically delivered or the cash equivalent of the underlying price at maturity is paid.

Opportunities

DEFENDER VONCERT gives investors the opportunity to participate in the perform-ance of the underlying while maintaining a certain degree of protection from price losses.

Risks

The risk of an investment in DEFENDER VONCERT is equal to that of a direct in-vestment if the barrier is reached during the term.

SSPA designation

Bonus certifi cate

Your idea

You expect a certain underlying to appreci-ate. You want to participate in the per-formance of the underlying by investing in a structured product.

Our solution

VONCERT

VONCERT is a one-to-one replica of the performance of the underlying. On the expiry date the investor receives the cash equivalent of the underlying price at matu-rity.

Opportunities

VONCERT gives investors the opportunity to participate in the underlying’s perform-ance inexpensively and transparently.

Risks

The risk of a VONCERT investment is equal to that of a direct investment.

SSPA designation

Tracker certifi cate

Profit

Loss

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Barrier

Under

lying

Strike price

3

Your idea

You expect a certain underlying to appreci-ate, but do not rule out a fall in prices. You want to participate in the performance of the underlying by investing in a structured product and want to convert losses into gains up to a certain level.

Our solution

TWIN-WIN VONCERT

TWIN-WIN VONCERT is a one-to-one or overproportional replica of the perform-ance of the underlying. Moreover it con-verts price losses to price gains up to a certain level. Three scenarios are possible on the expiry date: If the underlying closes above the exercise price, the investor participates one-to-one or overproportionally in the performance of the underlying. If the underlying closes below the exercise price and provided the barrier was not reached for the whole duration, price loss-es on the underlying are converted into gains. If the underlying closes below the exercise price and it reached the barrier, the cash equivalent of the underlying price at matu-rity is paid.

Opportunities

TWIN-WIN VONCERT is a one-to-one or overproportional replica of the perform-ance of the underlying. Moreover, price losses are converted into gains on a one-to-one basis up to a certain level.

Risks

The risk of an investment in TWIN-WIN VONCERT is equal to that of a direct in-vestment if the barrier is reached during the term.

SSPA designation

Twin-Win certifi cate

Your idea

You expect a certain underlying basket to appreciate. You want to participate above-averagely in the performance of the un-derlying basket by investing in a structured product with a professional and dynamic strategy.

Our solution

DYNAMIC VONCERT

DYNAMIC VONCERT optimizes the per-formance of the underlying basket through a dynamic investment strategy. The un-derlying basket is periodically reviewed and re-weighted according to mathematic principles.

Opportunities

DYNAMIC VONCERT gives investors the opportunity to participate in the perform-ance of an underlying basket through a professional investment strategy.

Risks

The risk of an investment in DYNAMIC VONCERT lies in a continuous negative performance of the underlying basket.

SSPA designation

Tracker certifi cate

Your idea

You want to invest in the money or bond market by investing in a constant duration and currency structure through a struc-tured product.

Our solution

MONEY MARKET NOTE OPEN END and SWAP NOTE OPEN END

MONEY MARKET NOTE OPEN END and SWAP NOTE OPEN END represent the performance of a total return swap index with a constant reference duration.

Opportunities

MONEY MARKET NOTE OPEN END and SWAP NOTE OPEN END give investors the opportunity to invest in the money or bond market with a constant reference dura-tion.

Risks

Changes in interest rates represent risks related to an investment in MONEY MARKET NOTE OPEN END and SWAP NOTE OPEN END. The note’s price could fall below the issue price.

SSPA designation

Tracker certifi cate

4

Optimizing returns

Your idea

You expect a certain underlying to tend sideways or appreciate moderately. You want to achieve attractive returns by in-vesting in a structured product.

Our solution

VONTI

VONTI offers attractive coupon payments. Two scenarios are possible on the expiry date: If the underlying price closes above the ex-ercise price, the notional is repaid. However, if the underlying closes below the exercise price – depending on the product – the underlying is physically deliv-ered or the cash equivalent of the underly-ing price at maturity is paid. The coupon is paid regardless.

Opportunities

VONTI gives investors the opportunity to achieve attractive returns in a sideways-moving market with the coupon.

Risks

The risk of an investment in VONTI is equal to a direct investment if the underly-ing is below the exercise price at maturity.

SSPA designation

Reverse Convertible

Your idea

You expect a certain underlying to tread water or appreciate slightly, but do not rule out a fall in prices. You want to achieve at-tractive returns by investing in a structured product and want protection from price losses up to a certain level.

Our solution

DEFENDER VONTI

DEFENDER VONTI offers attractive cou-pon payments. The certifi cate also has a barrier. Two scenarios are possible on the expiry date: If the underlying does not reach the barrier for the whole duration, the investor is at least paid back the notional. However, if the underlying reaches the barrier either – depending on the prod-uct – the underlying is physically delivered or the cash equivalent of the underlying price at maturity is paid. The coupon will be paid regardlesss.

Opportunities

DEFENDER VONTI gives investors the op-portunity to achieve attractive returns in sideways-moving markets through a cou-pon and offers protection against price losses up to a certain level.

Risks

The risk of an investment in DEFENDER VONTI is equal to a direct investment if the underlying is below the exercise price at maturity.

SSPA designation

Barrier Reverse Convertible

Your idea

You expect a certain underlying consist-ing of more than one stock to tread water or appreciate slightly, but do not rule out a fall in prices. You want to achieve attractive returns by investing in a structured product and want protection from price losses up to a certain limit.

Our solution

MULTI DEFENDER VONTI

MULTI DEFENDER VONTI offers attractive coupon payments. The certifi cates also have several barriers. Two scenarios are possible on the expiry date: If none of the underlyings reach the barrier for the whole duration or one or several do and the underlyings close below the exer-cise price, the notional is repaid. If one of the underlyings reaches the bar-rier and if at least one closes below the exercise price – depending on the prod-uct – either the underlying with the worst performance is physically delivered or the cash equivalent of the underlying price at maturity is paid. The coupon will be paid regardless.

Opportunities

MULTI DEFENDER VONTI gives investors the opportunity to achieve attractive re-turns in sideways-moving markets through a coupon and offers protection against price losses up to a certain level.

Risks

The risk of an investment in MULTI DE-FENDER VONTI is equal to a direct invest-ment if the barrier is reached and one of the underlyings is below the exercise price at maturity.

SSPA designation

Barrier Reverse Convertible

Your idea

You expect a certain underlying to tread water or appreciate slightly, but do not rule out a fall in prices. You want to achieve higher returns compared to a DEFENDER VONTI and are prepared to take on more risks. You also want protection up to a cer-tain level.

Our solution

LEVERAGE DEFENDER VONTI

LEVERAGE DEFENDER VONTI offers at-tractive coupon payments. The certifi cate also has a barrier. Two scenarios are possi-ble on the expiry date: If the underlying does not reach the barrier for the whole duration, the notional is re-paid. If the underlying reaches the barrier and closes below the exercise price, the capital is paid minus the change in the underlying price between fi nal fi xing and the exercise price in percent multiplied by the lever-age. The coupon will be paid regardless.

Opportunities

LEVERAGE DEFENDER VONTI gives inves-tors the opportunity to achieve attractive returns in sideways-moving markets through a coupon and offers protection against price losses up to a certain level.

Risks

The risk of an investment in LEVERAGE DEFENDER VONTI is equal to a direct in-vestment if the underlying reaches the bar-rier and is below the exercise price at ma-turity.

5

Your idea

You expect a certain underlying to tend sideways or increase moderately. You want to achieve attractive returns through a dis-count to the underlying by investing in a structured product.

Our solution

VONCORE

VONCORE has a discount to the underly-ing. Two scenarios are possible on the ex-piry date: If the underlying closes above the exercise price, a cash equivalent of the cap level is paid. However, if the underlying closes below the exercise price – depending on the product – the underlying is physically deliv-ered or the cash equivalent of the underly-ing price at maturity is paid.

Opportunities

VONCORE gives investors the opportunity to achieve attractive returns in a sideways-moving market through a discount.

Risks

The risk of an investment in VONCORE is equal to a direct investment if the underly-ing is below the exercise price at maturity.

SSPA designation

Discount certifi cate

Your idea

You expect a certain underlying to re-main within a certain range. You want to achieve attractive returns by investing in a structured product.

Our solution

RANGE DEFENDER VONTI

RANGE DEFENDER VONTI has a condi-tional notional repayment plus an attrac-tive coupon. Two scenarios are possible on the expiry date: If the range barriers (lower barrier and/or upper barrier) are never reached, the no-tional is repaid. If the underlying reaches the upper or lower barrier, capital is paid at maturity mi-nus the ratio-adjusted difference between the exercise price and the closing price. Depending on the product, underlyings may be physically delivered. The coupon is paid regardless.

Opportunities

RANGE DEFENDER VONTI gives investors the opportunity to achieve attractive re-turns in a sideways-moving market with the coupon and notional repayment.

Risks

The risk of an investment in RANGE DE-FENDER VONTI is equal to a direct invest-ment provided barriers are reached and the underlying closes outside the range barri-ers.

SSPA designation

Diverse return optimisation

Your idea

You expect a certain underlying to remain within a certain range. You want to achieve higher returns than with a traditional LEVERAGE DEFENDER VONTI by invest-ing in a structured product and are pre-pared to take on a greater risk.

Our solution

LEVERAGE RANGE DEFENDER VONTI

LEVERAGE RANGE DEFENDER VONTI has a conditional notional repayment plus a high coupon. Two scenarios are possible on the expiry date: If the range barriers (lower barrier and/or upper barrier) are never reached, the no-tional is repaid. If the underlying reaches the barrier and closes below the exercise price at maturity, the capital is paid minus the change in the underlying price between fi nal fi xing and the exercise price multiplied by the leverage. If the underlying reaches the barrier and closes above the exercise price at maturity, the capital is paid minus the change in the underlying price between fi nal fi xing and the exercise price multiplied by the leverage. The coupon is paid regardless.

Opportunities

LEVERAGE RANGE DEFENDER VONTI gives investors the opportunity to achieve a high coupon along with a total capital repayment.

Risks

The risk of an investment in LEVERAGE RANGE DEFENDER VONTI is higher than the risk of a direct investment provided at least one barrier is reached.

Your idea

You expect a certain underlying to tread water or appreciate slightly, but do not rule out a fall in prices. You want to achieve at-tractive returns on the underlying through a discount and also have protection from price losses up to a certain level.

Our solution

DEFENDER VONCORE

DEFENDER VONCORE has a discount to the underlying. The certifi cates also have a barrier. Two scenarios are possible on the expiry date: If the underlying never reaches the barrier and if the underlying closes above the ex-ercise price, a cash equivalent of the cap level is paid. However, if the underlying closes below the exercise price – depending on the product – the underlying is physically deliv-ered or the cash equivalent of the underly-ing price at maturity is paid.

Opportunities

DEFENDER VONCORE gives investors the opportunity to achieve attractive returns in sideways-moving markets through a dis-count and offers protection against price losses up to a certain level.

Risks

The risk of an investment in DEFENDER VONCORE is equal to a direct investment if the underlying is below the exercise price at maturity.

SSPA designation

Barrier discount certifi cate

6

Your idea

You expect a certain underlying to tend sideways or increase moderately. You want to achieve optimised returns through a professional and dynamic investment strategy.

Our solution

DYNAMIC VONCORE

DYNAMIC VONCORE has a discount to the underlying. Certifi cates are also open ended.

Opportunities

DYNAMIC VONCORE gives investors the opportunity to achieve attractive returns in a sideways-moving market through a dis-count.

Risks

The risk of a DYNAMIC VONCORE invest-ment is equal to that of a direct invest-ment.

SSPA designation

Diverse return optimisation

Your idea

You expect a certain underlying to tend sideways or increase moderately. You want to achieve higher returns than with a tradi-tional DYNAMIC VONCORE by investing in a structured product and are prepared to take on a greater risk.

Our solution

DYNAMIC LEVERAGEVONCORE

DYNAMIC LEVERAGE VONCORE has a discount to the underlying. The investor participates overproportionally in the per-formance of the underlying (leverage) be-tween the exercise price and the cap. Cer-tifi cates are also open ended.

Opportunities

DYNAMIC LEVERAGE VONCORE gives investors the opportunity to achieve at-tractive returns between the exercise price and the cap in a sideways-moving market through the discount or leverage.

Risks

The risk of an investment in DYNAMIC LEVERAGE VONCORE is higher than with a direct investment.

SSPA designation

Diverse return optimisation

Your idea

You expect a certain underlying to appreci-ate to a certain level. You want to achieve attractive returns by investing in a struc-tured product.

Our solution

VonTT

VonTT participates overproportionally in the performance of the underlying be-tween the exercise price and the cap. Three scenarios are possible on the expiry date: If the underlying closes above the exercise price, a cash equivalent of the cap level is paid. If the underlying closes between the exer-cise price and the cap, the performance between the exercise price and the under-lying price is paid in double. However, if the underlying closes below the exercise price – depending on the product – the underlying is physically de-livered or the cash equivalent of the under-lying price at maturity is paid.

Opportunities

VonTT gives investors the opportunity to participate above-averagely in the under-lying’s performance between the exercise price and the cap.

Risks

The risk of an investment in VonTT is equal to a direct investment if the underlying is below the exercise price at maturity.

SSPA designation

Capped outperformance certifi cate

Your idea

You expect a certain underlying to tend sideways or increase moderately. You want to achieve attractive returns and benefi t from a premature repayment by investing in a structured product.

Our solution

EXPRESS VONCERT

EXPRESS VONCERT offers attractive cou-pon payments. If the underlying closes at or above the exercise price on an observa-tion day, the EXPRESS VONCERT is repaid prematurely. A notional is paid with a cou-pon as defi ned at issue for a certain ob-servation day. If no premature payment is made, the following settlement conditions apply on maturity: If the underlying closes at or above the exercise price, the notional is repaid along with the maximum possible coupon de-fi ned at issue. If the underlying closes between the barri-er price and the exercise price, the notional is repaid without a coupon. If the underlying closes at or below the barrier price, the equivalent of the per-centage of the closing price of the exercise price is paid.

Opportunities

EXPRESS VONCERT gives investors the opportunity to achieve attractive returns with capital protection during sideways-moving markets.

Risks

The risk of an investment in EXPRESS VONCERT is equal to a direct investment if the underlying is below the barrier price at maturity.

SSPA designation

Express certifi cate

7

Capital protection

Your idea

You expect a certain underlying to appreci-ate. You want to participate in the underly-ing price through a structured product and want unconditional capital protection at maturity.

Our solution

UNIT

UNIT offers capital protection at maturity plus participation in the performance of the underlying. A cash equivalent of the underlying price at maturity is paid on ex-piry together with the capital provided the underlying closes above the exercise price.

Opportunities

UNIT gives investors the opportunity to benefi t from both capital protection and the performance of the underlying.

Risks

During the term the price can dip below the capital protection.

SSPA designation

Capital protection product without cap

Your idea

You are looking for an alternative to fi xed-interest investments. The coupon pay-ments depend on the annual fl uctuation of the equity basket.

Our solution

ABSOLUTE INCOME NOTE

ABSOLUTE INCOME NOTE offers capital protection on maturity plus regular coupon payments. Coupon payments are calculat-ed according the lowest absolute perform-ance of all equities in the basket achieved during the last 12 months. This is multi-plied by the fi xed participation. The calcu-lated sum is paid as a coupon if it is higher than the minimum coupon. The minimum coupon corresponds to the highest paid amount and may on no account be below the predefi ned minimum coupon at issue.

Opportunities

ABSOLUTE INCOME NOTE gives inves-tors the opportunity to benefi t from both capital protection and the performance of the underlying through regular coupons.

Risks

During the term the price can dip below the capital protection. Coupon payments are subject to share price risk.

SSPA designation

Capital protection product with cap

Your idea

You are looking for an alternative to fi xed-interest investments. The coupon pay-ments depend on the annual fl uctuation of the equity basket.

Our solution

BONUS INCOME NOTE

BONUS INCOME NOTE offers capital pro-tection on maturity plus regular coupon payments. Coupon payments are calculat-ed according to the average performance of all equities in the basket achieved during the last 12 months. Each stock has a cap which is defi ned at the fi rst fi xing. If the average performance of the equity basket is lower than the minimum coupon since the fi rst fi xing, the minimum coupon is paid. The coupon is calculated on an an-nual basis.

Opportunities

BONUS INCOME NOTE gives investors the opportunity to benefi t from both capi-tal protection and the performance of the equity basket through regular coupons.

Risks

During the term the price can dip below the capital protection. Coupon payments are subject to share price risk.

SSPA designation

Capital protection product with cap

Your idea

You expect a certain underlying to tend sideways or increase moderately. You want to achieve attractive returns but want un-conditional capital protection by investing in a structured product.

Our solution

VONTIFLOOR

VONTIFLOOR offers attractive coupon payments. Two scenarios are possible on the expiry date: If the underlying price closes above the ex-ercise price, the notional is repaid with a coupon. The coupon is paid regardless.If the underlying closes below the exercise price, the cash equivalent of the underly-ing at maturity is paid. Capital losses are limited by a fl oor.

Opportunities

VONTIFLOOR gives investors the oppor-tunity to benefi t from partial capital pro-tection and to participate in the perform-ance of the underlying through a coupon.

Risks

During the term the price can dip below the capital protection. Coupon payments are subject to share price risk.

SSPA designation

Capital protection product with cap

8

Your idea

You are looking for an alternative to fi xed-interest investments with the possibility of participating in the performance of the stock.

Our solution

EXCHANGEABLE NOTE

EXCHANGEABLE NOTE offers 100% capi-tal protection at maturity plus participation in the performance of the underlying. Two scenarios are possible on the expiry date: If the underlying closes below the conver-sion price, the notional is repaid. However, if the underlying closes above the conversion price – depending on the product – the investor can choose between the physical delivery of the underlying or payment of the cash equivalent of the underlying price at maturity.

Opportunities

EXCHANGEABLE NOTE provides both 100% capital protection on maturity as well as the opportunity to participate in the performance of the underlying.

Risks

During the term the price can dip below the capital protection.

SSPA designation

Capital protection product without cap

Your idea

You expect a certain underlying to trade within a certain range and want 100% capital protection on maturity. You want to achieve attractive returns by investing in a structured product.

Our solution

DAILY RANGE ACCRUAL NOTE

DAILY RANGE ACCRUAL NOTE offers 100% capital protection on expiry plus at-tractive coupon payments. The number of days the underlying remains within this range determines the size of the coupon.

Opportunities

DAILY RANGE ACCRUAL NOTE gives in-vestors the opportunity to achieve attrac-tive coupons as well as 100% capital re-payment.

Risks

During the term the price can dip below the capital protection. No interest is accu-mulated for each day the underlying is outside the bandwidth.

SSPA designation

Capital protection product with cap

The majority of these products are based on the scenario of an appre-

ciation of the underlying. Most products are also available in a bear

version for investors anticipating a decline rather than an increase in

the underlying.

The Swiss Structured Products Association (SSPA) was established on

4 April 2006 with the objective of positively infl uencing the overall

conditions for structured products within Switzerland.

9

Structured products – to understand is to profi t

A handbook with professional tips (available in German, French and Italian only).

Info portal with daily updates.

A monthly newsletter with our best ideas.

Not only do we offer the best possible solutions for your investment ideas, we also provide an extensive range of services. You can benefi t from our certifi cates handbook and the monthly DeriNews publication. Order them free of charge at www.derinet.ch.

Order free of charge:

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Or just call us, we will be happy to advise you:

Vontobel Derivative Products, tel. +41 (0)58 283 78 88

Contacts

Advisory Financial Products Zurich

Roger StuderHead of Financial Products

Georg von WattenwylHead of Advisory & Distribution Financial Products

Marina CaviezelAssistant Advisory & Distribution Financial Products

Advisory Financial Products Equity

Francesco GalloSenior Advisor Financial Products

Claudio BraiottaSenior Advisor Financial Products

Philip FarnumSenior Advisor Financial Products

Peter SchranzSenior Advisor Financial Products

Patrick AlbrechtAdvisor Financial Products

10

German-speaking Switzerland

French-speaking Switzerland

Advisory & Distribution Financial Products Suisse Romande

Lionel PilloudHead of Advisory & Distribution Financial Products Suisse Romande

Christophe MagninAdvisory & Distribution Financial Products Suisse Romande

Aude FacchettiAdvisory & Distribution Financial Products Suisse Romande

Christine Vazquez Advisory & Distribution Financial Products Suisse Romande

Advisory Financial Products Rates

Manuel GadientSenior Advisor Financial Products

Thomas MaurerSenior Advisor Financial Products

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www.derinet.ch

Advisory Financial Products Zurich+41 (0)58 283 78 98

Advisory & Distribution Financial Products Suisse Romande+41 (0)22 809 91 91

Advisory Financial Products Ticino+41 (0)58 283 78 50

Legal informationThis publication is for information purposes only and does not represent investment advice or a recom-mendation. It is not intended to replace the expert advice, including that relating to all associated risks, required prior to each purchase decision. Past results must not be regarded as an indication or guarantee of future performance.The relevant prospectuses contain the complete terms and conditions; they provide the only reliable source and are available free of charge from Bank Vontobel AG, Derivative Products, CH-8022 Zurich (tel.: +41 (0)58 283 78 88). Furthermore, we refer you to our “Risks in Securities Trading” brochure, which you can order from us.Structured products are not regarded as collective capital investments within the meaning of the Federal Act on Collective Investment Schemes (KAG) and are therefore not subject to the regulations of the KAG or the supervision of the Swiss Federal Banking Commission (SFBC). The value of structured products may depend not only on the underlying asset’s performance, but also on the issuer’s credit rating. The investor is exposed to the default risk of the issuer/guarantor.This publication and the fi nancial products outlined therein are not intended for persons subject to a jurisdiction which limits or prohibits the sale of fi nancial products or the dissemination of this publica-tion and/or the information contained therein. No responsibility is assumed for the completeness and accuracy of the information provided.

Bank Vontobel AG

Bahnhofstrasse 3, CH-8022 Zurich

Telephone +41 (0)58 283 78 88

Telefax +41 (0)58 283 62 75

www.vontobel.com 02/0

7 EN