AVVISO n.13375 - Borsa Italiana

Transcription

AVVISO n.13375
Mittente del comunicato
Societa' oggetto
dell'Avviso
Oggetto
Testo del comunicato
Si veda allegato.
Disposizioni della Borsa
16 Luglio 2008
SeDeX − INV.
CERTIFICATES
:
Borsa Italiana
:
Vontobel Financial Products GmbH
:
Inizio delle Negoziazioni Investment
Certificates − classe A "Vontobel Financial
Products GmbH" emessi nell'ambito di un
programma
Strumenti Finanziari:
“Vontobel Sustainable Consumption Total
Return Index Open End Certificates” e
“Vontobel Smart Mobility Total Return Index
Open End Certificates”
Emittente:
Garante:
Bank Vontobel AG
Oggetto:
INIZIO NEGOZIAZIONI IN BORSA
Data di inizio negoziazioni:
18 luglio 2008
Mercato di quotazione:
Borsa - Comparto SeDeX “segmento Investment
Certificates – classe A”
Orari e modalità di negoziazione:
Negoziazione continua e l’orario stabilito dall’art.
IA.5.1.6 delle Istruzioni
Operatore incaricato ad
assolvere l’impegno di quotazione:
Banca Akros S.p.A.
Codice specialist: 1994
CARATTERISTICHE SALIENTI DEI TITOLI OGGETTO DI QUOTAZIONE
“Vontobel Sustainable Consumption Total Return Index Open End Certificates” e
“Vontobel Smart Mobility Total Return Index Open End Certificates”
Quantitativo minimo di
negoziazione di ciascuna serie:
Impegno giornaliero ad esporre
prezzi denaro e lettera
per ciascuna serie:
vedasi scheda riepilogativa delle caratteristiche dei
certificates (colonna “Lotto Neg.”)
vedasi scheda riepilogativa delle caratteristiche dei
certificates (colonna “N.Lotti M.M.”)
Tipo di liquidazione:
monetaria
Modalità di esercizio:
periodico
DISPOSIZIONI DELLA BORSA ITALIANA
Dal giorno 18 luglio 2008 gli Strumenti Finanziari verranno inseriti nel Listino Ufficiale, sezione
Securitised Derivatives.
Allegati:
- Scheda riepilogativa delle caratteristiche dei certificates;
- Final Terms dei certificates;
- Traduzione della Nota di Sintesi.
Serie
Isin
Sigla
SIA
Descrizione
Sottostante
Scadenza
Parità
Ammontare Lotto
N.Lotti MM
1
DE000VTA0AG7 VTA0AG 45383
VTASUSCONOPEN
Vontobel Sustainable
Consumption TR
Index
Open End
0,1
500000
1
50
2
DE000VTA0AF9 VTA0AF 45384
VTASMTMOBOPEN
Vontobel Smart
Mobility TR Index
Open End
0,1
500000
1
30
mercoledì 16 luglio 2008
Pagina 1 di 1
Frankfurt am Main, Germany
(the “Issuer”)
Final Terms No. 7
dated July 15, 2008
pursuant to § 6 Securities Prospectus Act
(Wertpapierprospektgesetz, “WpPG”)
to
Base Prospectus
dated February 20, 2008
for
Open-End Certificates
“Vontobel Sustainable Consumption Total
Return Index”
in each case guaranteed by
Bank Vontobel AG
Zurich, Switzerland
(the “Guarantor”)
CH-Valor
3995978
ISIN
No. of
Issued
Certificate
WKN
s
DE000VTA0AG
up to
7
VTA0AG 500000
Index*/ Currency
Consumption Total Return
Index (Total Return) / EUR
Reference
Ratio
(as Decimal)* Management Fee
0.1
1.60% p.a.
Determination
Agent*
Initial Offering
Price**
Bank Vontobel AG,
Zurich
EUR 71.034
*) Subject to an adjustment pursuant to § 5, a termination pursuant to §§ 3, 5 or a Market Disturbance pursuant to § 7 of the
terms of the Certificates.
**) Based on the Index Value of July 14, 2008; the first trading price as determined by the Market Maker might defer from such
initial offering price.
ii
TABLE OF CONTENTS
Seite
I.
RISK FACTORS ............................................................................................................... 1
1.
Risks relating to the Certificates ................................................................................. 1
1.1
Certificates and their functioning, risk of total loss, currency risk ................................... 1
1.2
Structure of the Certificates............................................................................................. 3
1.3
Purchasing Certificates on borrowed money .................................................................. 3
1.4
Risk-eliminating or risk-reducing transactions ................................................................ 3
1.5
Trading in the Certificates ............................................................................................... 3
1.6
Impact of incidental costs................................................................................................ 5
1.7
Impact of hedging transactions by companies in the Vontobel Group ............................ 5
1.8
Risks in connection with the taxation of Certificates ....................................................... 5
1.9
Adjustments, market disturbances, early termination and clearing................................. 5
1.10 Trade of Certificates........................................................................................................ 6
1.11 Information risk................................................................................................................ 6
2.
Risk factors relating to the Issuer ............................................................................... 6
2.1
Risk of Insolvency ........................................................................................................... 6
2.2
Market Risks ................................................................................................................... 7
2.3 Risks arising out of the possible exercise of rights of withdrawal; Prospectus liability
claims....................................................................................................................................... 7
2.4
Potential conflicts of interest ........................................................................................... 8
3.
Risk factors relating to the Guarantor ........................................................................ 9
3.1
3.2
Risks relating to business operations ............................................................................. 9
3.3
II.
DESCRIPTION OF THE CERTIFICATES ................................................................... 11
1.
Responsible persons.................................................................................................. 11
iii
2.
Risk factors.................................................................................................................. 11
3.
Important information................................................................................................. 11
4.
Information on the Certificates being offered .......................................................... 12
5.
Terms and pre-conditions of the offering................................................................. 13
6.
Listing .......................................................................................................................... 16
7.
Additional Information................................................................................................ 16
8.
Underlying ................................................................................................................... 17
9.
Restrictions on offering and sale .............................................................................. 21
10.
The guarantee.............................................................................................................. 22
III.
TERMS OF THE CERTIFICATES ............................................................................... 25
IV.
TAXATION OF CERTIFICATES.................................................................................. 49
V.
SIGNATURES.............................................................................................................. 52
INFORMATION ABOUT
THE ISSUER AND THE GUARANTOR
PROSPECTUS
PAGE 39 OF BASE
iv
These Final Terms for Open-end Index Certificates contain information concerning the
offered certificates and a repeat of the information to risk factors, description of the
securities and taxation of certificates from the Base Prospectus, dated as of February
20, 2008, for Stock Certificates, Index Certificates, Basket Certificates, Open-End Index
Certificates and Open-End Basket Certificates on various underlyings (Stocks,
Indexes or Baskets of Stocks, Indexes, Commodities, Futures or Exchange Rates)
("Prospectus"), to the extent the issuer deems this necessary to inform the investor
about
the
offering.
v
I.
RISK FACTORS
The Prospectus, dated as of February 20, 2008, these Final Terms and the information
contained herein are by no means a substitute for the indispensable consultation that
investors should arrange with their banks, investment advisors and tax advisors.
Only persons that are fully aware of the risks involved, and are financially capable of
bearing the possible losses associated therewith, should involve in investments of
this kind. Interested investors should, in reaching any decision concerning the
purchase of Certificates, carefully read and take into account the following risk factors
in conjunction with the other information set forth in the Prospectus, dated as of
February 20, 2008, and in these Final Terms. The actual occurrence of the events
described as risks herein, singly or in conjunction with one another, can have a
significant negative impact (even leading to a total loss of the investment) on the value
of the Certificates or on their liquidity in secondary markets. The occurrence of such
events could materially and adversely affect the operations, assets, financial condition
and earnings of the Issuer and the Guarantor. The order in which the individual risk
factors are set forth below is not indicative of any assessment of their relative
probabilities of occurrence or of the relative seriousness or significance of such risks.
1.
Risks relating to the Certificates
1.1
Certificates and their functioning, risk of total loss, currency risk
Certificates are transferable securities and represent, as so-called (German) bearer
debt instruments (Inhaberschuldverschreibungen), the right of each Certificate-holder
to receive payment of a redemption amount. The right to receive payment of the
redemption amount and the precise manner in which this sum shall be calculated are
provided for exclusively and definitively in the terms of the Certificates. Such terms
are governed by German law. The Certificates are redeemed by the Issuer through
payment of the redemption amount.
Investors can participate in the value fluctuations of a particular asset (index) without
the need to acquire such asset (or the various constituents of such basket or index)
directly. Economically, an investment in the Certificates is equivalent to a direct
investment in the underlying (or in the various constituents of the basket or index) it
tracks; however, due to certain characteristics of the Certificates the two forms of
investment are not identical.
In particular, the Certificates’ differentiating
characteristics include their limited or unlimited (open-end Certificates) term, the
payment of the redemption amount and the lack of any right to dividend payments,
subscription rights or special profits, as well as the risk of insolvency of the Issuer and
Guarantor. Other characteristics, specific to each of the various kinds of Certificates,
further differentiate an investment in the Certificates from an investment in the
underlyings they track.
Open-end Certificates are Certificates without a fixed term. They are characterized
by the absence of any fixed time at which automatic payment of the redemption
amount represented by the Certificates is foreseen. That means that payment of the
redemption amount is dependent on the Certificate-holder’s exercising its certificate
right under the Certificate in accordance with the terms thereof or the Issuer’s early
termination of the Certificates. Certificate-holders cannot obtain the redemption
amount without such an exercise or such an early termination. As it is uncertain
whether the Issuer will terminate the Certificates, the Certificate-holder is compelled
of its own accord to exercise its certificate right in compliance with the terms of the
Certificate in order to obtain the redemption amount. An exercise of the certificate
right by a Certificate-holder, or an early termination by the Issuer, is possible with
effect only at certain times of the year set forth in the terms of the Certificates.
1
Moreover, realization of the full market value represented by the Certificates is
possible only by means of resale on an exchange or over the counter.
Certificates are high-risk investment instruments; there is a risk of loss with
respect to the capital invested as well as the incidental transaction costs. To
the extent the value of the underlying drops to zero as of a valuation date,
investors will suffer a total loss. The loss in this event consists in both the
purchase price of the Certificates and incidental costs such as deposit fees and
brokers’ or exchange fees. This risk of total loss exists regardless of the
Issuer’s and the Guarantor’s ability to pay. The Certificates generate no current
income (such as interest or dividends), which might compensate in whole or in
part for any loss in the value of the Certificates. Moreover, investors should be
aware that a management fee of 1.6 % p.a. will be charged by the index
sponsor. The only way to earn a profit on the Certificates is through an
increase in their value. The investor must be aware at anytime that the market
may develop contrary than expected by the investor. The possible loss of the
investor depends on the purchase price paid for the Certificates and will
consist in the difference between the investor’s purchase price and the
redemption amount of the Certificates. In the event of an earlier resale of the
Certificates, the loss will amount to the difference between the investor’s
purchase price and resale price (in each case taking into account the
transaction costs).
When the claim represented by the Certificates is to be calculated, or when the value
of the underlying (or of the constituents of index) is determined with reference to a
currency other than the Certificates’ currency of payment (Euro), potential purchasers
of Certificates should be aware that an investment in the Certificates entails risks
relating to the fluctuation of currency exchange rates, and that the risk of loss is tied
not only to the performance of the underlying, but also to possible adverse changes in
the value of the other currency. Such adverse developments could increase the
Certificate-holders’ risk of loss by diminishing correspondingly the value of the
Certificates or by reducing the redemption amount.
The value of the Certificates throughout their term of existence will be influenced in
particular by the value fluctuations and volatility of the underlying (or index
constituents), the length of the remaining term of the Certificates and by various other
factors:
The Certificates track the price movements of the particular assets (or index
constituents) in each case underlying them and are, therefore, subject to continuous
(sometimes significant) fluctuations. The value of the Certificates is also influenced
by the volatility of the underlying (or index constituents). All factors influencing the
price fluctuations of the underlying (or index constituents) affect the price of the
Certificates. Thus, in general (and disregarding certain differentiating characteristics
and factors relevant to the price formation of the Certificates), the Certificates lose
value when the trading price of the underlying (or index constituents) falls. Further,
fluctuations in currency exchange rates affect the trading price of Certificates whose
underlying is (or basket or index constituents are) not denominated in Euro (currency
risk). The Certificates may therefore lose value even if the trading price of the
underlying remains (or basket or index constituents remain) stable (e.g., when the
value of a relevant currency falls).
Each of the relevant factors, singly or in conjunction with other factors, can impact the
performance of the Certificates in varying and unpredictable degrees. The more
volatile the underlying is (or basket or index constituents are), the larger the
fluctuations in the Certificates’ trading price are. In making any investment decision,
therefore, investors must develop an informed opinion about the probable
2
performance of the underlying, and must understand that previous developments in
the value of an underlying may not be indicative of its future performance.
When indexes are used as underlyings, such indexes may be formulated by the
Vontobel Group or by other corporations. Investors must examine the description of
each relevant index and understand the way in which such index functions. Investors
cannot assume that any given index will be successful; rather, they must form their
own opinions regarding the relevant indexes.
1.2
Structure of the Certificates
The acquisition of any of the Certificates described in the Base Prospectus, dated as
of February 20, 2008 and these Final Terms entitles the investor, in accordance with
the terms of the Certificates, to receive payment of a certain sum of money
(redemption amount), which is determined by reference to the performance of certain
underlyings. The risk of loss includes, in the most extreme case (if the price of the
underlying drops to zero) a total loss of the capital invested and all transaction costs
associated therewith. This risk exists regardless of the Issuer’s and Guarantor’s
ability to pay.
If the Certificates are redeemed through payment of a sum corresponding to the
reference price (closing price) of the underlying, the Certificates will provide an
investor with a positive return only if the reference price (closing price) - adjusted by
any applicable subscription ratio - is higher than the purchase price paid by such
investor for the Certificates. If the reference price (closing price) - adjusted by any
applicable subscription ratio - is not higher than the purchase price paid, the investor
will experience a loss.
There is no guarantee that the Certificates will be repaid at a price equivalent to an
investor’s purchase price, or at any other price. Investors cannot assume that the
trading price or value of the underlying will develop in a direction favourable to them.
1.3
Purchasing Certificates on borrowed money
When Certificates are purchased with credit, an investor must, in the event its
expectations are not fulfilled, not only accept the loss of the price paid for the
Certificates, but also repayment of the loan with interest. The risk of loss is thus
increased considerably. Before purchasing Certificates on credit, an investor should
therefore ensure that it will be in a position to make interest payments and repay the
loan principal on short notice, even in the event of market losses.
1.4
Risk-eliminating or risk-reducing transactions
Investors cannot assume that the value of the Certificates, in the event of a trading
price decrease, will recover prior to the valuation date.
Further, purchasers of Certificates should not assume that they can eliminate or
reduce the risks associated with a purchase of Certificates through the acquisition of
other securities or through making other contractual arrangements during the term of
the Certificates. The extent to which this may be possible in any given case depends
on prevailing market conditions and the relevant terms. Such transactions thus
possibly cannot be made at all, or can be made only at an unfavourable price (i.e.,
one leading to a loss).
1.5
Trading in the Certificates
Certificate-holders can generally sell Certificates, throughout their terms, on an
exchange or over the counter. Bank Vontobel AG or a third party specialist appointed
by the issuer will undertake to participating exchanges (in particular with respect to
the trading of Certificates on the exchange segment SeDeX (Italian Stock Exchange),
3
in accordance with the regulations there in effect from time to time, to post buy and
sell prices for defined volumes of trades or securities (so-called market making).
Such an obligation exists exclusively in relation to the participating exchanges. Third
parties, such as Certificate-holders, cannot raise any claims on such grounds.
Further, the obligation towards the exchanges is automatically suspended under
certain exceptional circumstances, such as technical disturbances in operations,
extraordinary market conditions or the temporary selling out of any issuance.
Certificate-holders should not assume that market participants other than Bank
Vontobel AG or the third party specialist appointed by the issuer will post buy and sell
prices for the Certificates. Market liquidity in the Certificates will not necessarily be
increased by their listing on an exchange. As a rule, price discovery on the
exchanges falls within the spread between posted buy and sell prices, to the extent
available, and exchange orders are generally carried out, directly or indirectly, with
the market maker. Owing to the special structure of Certificates, investors should
expect wider spreads between quoted buy and sell prices for Certificates, in
comparison with stocks. Delays in the posting of trading prices can result from,
among other things, market disturbances and system problems. System problems
refer to, for example, interruptions in telephone service, technical disturbances in the
trading system and power failures.
Market disturbances occur during unusual market situations (for example,
extraordinary movements in the trading price of an underlying, unusual situations in
the home market or unusual events in the price formation of a security viewed as the
underlying), or as a result of serious disturbances in the economic or political
environment (for example, terrorist attacks and crash situations, i.e., a dramatic drop
in stock market prices within a short period of time).
The size of the offering set forth in these Final Terms represents the maximum
amount of offered Certificates; but gives no indication of the actual volume of
Certificates effectively issued and deposited with Clearstream Banking AG at any
given time. This volume depends on market conditions from time to time and can
vary over the term of the Certificates. Investors should be aware that the stated size
of the offering provides no basis for drawing a conclusion with respect to the
securities’ liquidity in the secondary market.
Moreover, investors should be aware that the buy and sell prices quoted by the
market maker for the Certificates, while based on pricing models customary in the
industry, which are used by both the market maker and other traders and which
determine the value of the Certificates with reference to various factors that influence
price, do not necessarily correspond to the value of the Certificates so determined,
but typically differ from such value.
The Certificates are listed for trading in the regulated market of the Italian Stock
Exchange (SeDeX). Even assuming a successful initial listing, there can be no
guarantee that such listing will be maintained continuously. In the event the
Certificates shall not be traded continuously on the relevant exchanges, the purchase
and sale of such Certificates may under certain circumstances be made considerably
more difficult.
The companies in the Vontobel Group (included herein are all consolidated
subsidiaries of Vontobel Holding AG) are moreover authorized, but not obligated, to
buy and sell Certificates at any time, either on an exchange or over the counter.
There is no duty to inform Certificate-holders about such repurchases and sales.
Such purchases and sales can have a positive or negative impact on the trading price
of the Certificates at any given time.
4
1.6
Impact of incidental costs
The profit, if any, on a Certificate will be reduced by the costs and fees associated
with its purchase, its exercise or resale and the negotiation of any hedging
transaction, as well as by any taxes that may accrue. These transaction costs can
lead - particularly in connection with a small order-value - to additional financial
burdens.
In connection with the public offering and distribution of the Certificates, various
companies in the Vontobel Group may pay direct or indirect fees, in varying amounts,
to third parties (such as investment advisors). Such fees are included in the price of
the Certificates.
1.7
Impact of hedging transactions by companies in the Vontobel Group
subsidiaries of Vontobel Holding AG), in the course of their normal business
operations, trade in the underlyings of the Certificates and in derivative products tied
thereto. Further, Vontobel Group companies cover the financial risks associated with
the Certificates through hedging transactions in the underlyings or in derivatives tied
thereto. These activities of the Vontobel Group companies - particularly the hedging
transactions related to the Certificates - may impact the trading prices of the
underlyings and, as a result, the value of the Certificates. In particular, there can be
no guarantee that the acquisition or liquidation of such hedging positions will not
adversely affect the value of the Certificates or the redemption amount to which
Certificate-holders are entitled. This is particularly true with regard to the liquidation
of hedging positions at the end of the term of the Certificates.
In the event of unusual market conditions, in which hedging positions cannot be
acquired at all, or can be acquired only on less favourable terms, the spreads
between buy and sell prices for the Certificates may be increased. To the extent the
Issuer engages in so-called hedging transactions for the purpose of covering
internally the payment obligations arising from its issuance of the Certificates,
investors can make no claim against the Issuer.
1.8
Risks in connection with the taxation of Certificates
The information set forth in the Base Prospectus, dated as of February 20, 2008 and
these Final Terms concerning the taxation of the Certificates reflects the views of the
Issuer based upon the legal situation as of the date of the Base Prospectus. There
cannot, however, be any assurance that the tax authorities or tax courts will not take
a different position. Moreover, the information on taxes contained in the Base
Prospectus, dated as of February 20, 2008 and these Final Terms should not serve
as the sole basis upon which to assess the effects of an investment in the Certificates
from the point of view of taxation; for the individual situation of each investor must
equally be taken into account. The tax information contained in the Base Prospectus,
dated as of February 20, 2008 and these Final Terms should therefore not be viewed
as a form containing the relevant considerations, nor as a form of tax advice, nor as a
form of assurance or guarantee with regard to the occurrence of any particular tax
consequences. As a result, investors should consult with their own personal tax
advisors before making any decision with regard to an investment in the Certificates.
1.9
Adjustments, market disturbances, early termination and clearing
Pursuant to the terms of the Certificates, the Issuer may make adjustments in
response to relevant changes or events affecting the various underlyings. Further,
the Issuer may, under certain circumstances, prematurely terminate the Certificates.
A premature termination of the Certificates may have negative tax impacts for the
5
investor and / or may prohibit the further participation of the investor in favourable
developments of the underlying.
As regards adjustments, market disturbances and a premature termination the Issuer
acts in the fair exercise of its discretion (§§ 315, 317 BGB). In this regard the Issuer is
not bound to measures of and assessments by third parties. The Issuer may,
pursuant to the terms of the Certificates, determine that a market disturbance has
occurred or remains in effect. Such a determination may delay valuation of the
underlying, which may affect the value of the Certificates or delay payment of the
redemption amount.
With regard to settlement, the Issuer is not liable for actions or omissions of any
clearing house.
1.10
Trade of Certificates
Investors should consider that the last trading day is normally four Banking Days
before the valuation date for Certificates with fix term and for open-end Certificates
which will be terminated by the Issuer. The over the counter trading normally ends for
such Certificates at 12.00 MEZ prior to the valuation date.
1.11
Information risk
A risk exists that the investor might make incorrect investment decisions due to
missing, incomplete or false information. False information may be obtained from
unreliable information sources, incorrect interpretation of correct information or on the
grounds of transmission errors. In addition, an information risk might arise from a
multitude or insufficiency of information or as a result of outdated information.
2.
Risk factors relating to the Issuer
2.1
Risk of Insolvency
The Issuer is an issuance vehicle (a company whose primary purpose is to issue
securities), and the securities it issues are currently underwritten exclusively by Bank
Vontobel AG, which also may act as market maker. At the same time, the Issuer
enters into so-called over-the-counter hedging transactions (hedging transactions
specially negotiated between two parties) with other companies in the Vontobel
Group (in particular with Bank Vontobel AG).
In connection herewith, the Issuer is exposed in particular to a risk of default with
respect to the parties with which it has entered into derivative transactions for the
purpose of covering the obligations resulting from issuance of the securities ((turbo-)
warrants, certificates and reverse convertible bonds). Since the Issuer has concluded
such hedging contracts exclusively with companies in the Vontobel Group (included
herein are all consolidated subsidiaries of Vontobel Holding AG), the Issuer is
exposed to a so-called lump-risk, which it would not be exposed to if its selection of
contractual partners were broader. Thus, the insolvency or inability to pay of
companies affiliated with the Issuer could lead directly to the insolvency of the Issuer.
The owner of a security issued by the Issuer can make no claim on the basis of such
hedging contracts.
Investors bear the insolvency risk of the Issuer and the Guarantor. The issuance of
the securities is guaranteed by Bank Vontobel AG. The Certificates are direct and
unsecured obligations of the Issuer, ranking pari passu with respect to each other and
6
with respect to all other unsecured and non-subordinated obligations of the Issuer,
with the exception of those obligations which enjoy inalienable priority by virtue of
law.
There exists a basic risk that the Issuer will be unable to meet its obligations under
the Certificates in whole or in part. Investors should therefore take the creditworthiness of the Issuer into consideration in making any investment decision. The
credit risk is the risk of inability to pay or illiquidity of the Issuer, i.e., a possible
temporary or final inability to satisfy its interest payment and redemption payment
obligations in due time. Issuers with poor credit generally have a higher risk of
insolvency.
Because the Issuer, pursuant to its articles of incorporation, was founded in particular
for the purpose of issuing derivative securities, and pursues no considerable
independent business operations besides this, the Issuer’s liable nominal capital only
amounts to EUR 50,000. By buying the Certificates the investors are therefore
exposed to a significantly higher credit risk than they would be in case of an issuer
with a higher capitalisation. Another increased credit risk for the investor arises in the
case of buying non-guaranteed securities as opposed to guaranteed securities.
Potential prospectus liability claims or effective exertion of rights of withdrawal could
possibly have an adverse effect on the assets, financial conditions and earnings. In
the most extreme case, i.e., in the event of the insolvency of both Issuer and
Guarantor, an investment in the Certificates could result in a total loss of the sum
invested. In this regard, investors should be aware that neither the Issuer nor the
Guarantor is covered by any deposit insurance fund or similar scheme that might
satisfy claims of the Certificate-holders in whole or in part in the event of the
insolvency of the Issuer and Guarantor.
The Issuer does not have credit rating at the moment. Therefore, the investor cannot
compare the Issuer with the liquidity rated companies.
2.2
Market Risks
The transactions of the Issuer and its annual issuing volume are influenced by the
developments on the markets where the Issuer operates its business. A difficult
macroeconomic situation can lead to a lower issuing volume and can negatively
influence the profit situation of the Issuer.
The general development of the market of securities depends in particular on the
development of the capital markets which on their part depend on the general status
of the world economy and the economic and political conditions in the respective
countries (market risk).
2.3
Risks arising out of the possible exercise of rights of withdrawal;
Prospectus liability claims
The Issuer’s corporate purpose is the issuance of securities, which generally involves
the drafting of securities prospectuses. The liquidity and existence of the Issuer could
be endangered, if a number of investors should exercise any rights of withdrawal
pursuant to the Securities Prospectus Act or any other applicable law. Such rights of
withdrawal could, for instance, arise in the event of a publication of supplemental
information pursuant to § 16 of the Securities Prospectus Act or any other applicable
law.
7
Due to the problems of unwinding and the possible losses resulting therefrom, a
significant number of effective exercises of rights of withdrawal by investors could
have a material adverse effect on the Issuer’s assets, financial condition and
earnings.
The same is true for prospectus liability claims, in the event that any prospectus of
the Issuer should contain incorrect or incomplete information material to an investor’s
assessment of the relevant securities.
2.4
Potential conflicts of interest
Conflicts of interest can occur in the companies of the Vontobel Group (included
herein are all consolidated subsidiaries of Vontobel Holding AG). The companies in
the Vontobel Group may, during the term of the Certificates, engage, for their own
account or for the account of a client, in trading transactions that relate directly or
indirectly to the various underlyings. Further, the companies of the Vontobel Group
can act as counterparties to hedging transactions relating to the Issuer’s obligations
under the Certificates. Such trading or hedging transactions could have a negative
effect on the value of the underlyings and therefore on the value of the Certificates.
The Issuer and other companies in the Vontobel Group may also exercise other
functions with respect to the Certificates, such as those of calculation agent, market
maker and / or index sponsor. The exercise of such functions may place the Issuer
or other companies in the Vontobel Group, in a position to value or determine the
constitution of the underlying. These functions could lead to conflicts of interest
among companies in the Vontobel Group or between such companies and investors
with respect to calculation of the trading price of the Certificates and the
determination of other, related factors.
Further, the Issuer or other companies in the Vontobel Group may issue other
derivative instruments tied to any given underlying; the introduction of such products
to the market may have an impact on the value of the Certificates. The Issuer and
other companies in the Vontobel Group may from time to time obtain non-public
information concerning the underlying and are not obligated, provided the conditions
set forth in § 16 of the Securities Prospectus Act (imposing a duty to update a base
prospectus) are not fulfilled, to pass on such information to Certificate-holders. In
addition, companies in the Vontobel Group may release research reports on
underlyings. Such activities may lead to conflicts of interest among companies in the
Vontobel Group or between such companies and investors, and may have a negative
impact on the value of the Certificates.
The subscription price or the initial offering price for the Certificates can include, in
addition to determined issuance surcharges (agios), administrative or other fees, a
surcharge to the original mathematical (fair) value of the Certificates not evident to
the investor. This margin is determined by the Issuer and the Market Maker in their
own discretion, and can be different from surcharges which other issuers levy for
comparable securities.
Bank Vontobel AG or third party specialist appointed by the Issuer can act as the
Market Maker for the Certificates. Through such market making, Bank Vontobel AG or
the appointed third party specialist determine the price of the Certificates themselves.
The prices determined by the Market Maker will usually not correspond with the
prices which would have been established without such market making and in a liquid
market.
The range between the buy and sell prices is determined by the Market Maker,
depending on the supply and demand for the relevant Certificates and specific profitrelated aspects.
8
The prices determined by the Market Maker can thus considerably deviate from the
fair value or the price of the Certificates to be economically expected at the respective
point in time due to the above mentioned factors. Furthermore, the Market Maker can
change the methods it applies to determine the prices, e.g., it can increase or reduce
the range between the buy and sell prices.
3.
Risk factors relating to the Guarantor
3.1
Risk of Insolvency
Investors bear a risk in respect of Guarantor’s insolvency.
In general, there is a risk that the Guarantor cannot or can only partially meet its
obligations from the assumption of the guarantee. In making their investment
decisions, investors should therefore take into account the credit-worthiness of the
Guarantor in addition to that of the Issuer.
In the most extreme case, that is, in the event of the insolvency of both the Issuer and
the Guarantor, an investment in the Certificates of the Issuer could result in a total
loss of the sum invested. In this connection, investors should be aware that neither
the Issuer nor the Guarantor is covered by any deposit insurance fund or similar
scheme that might satisfy claims of the Certificate-holders in whole or in part in the
event of the insolvency of the Issuer and Guarantor.
Currently, the Guarantor has no credit rating. Therefore, the investor cannot compare
the liquidity of the Guarantor with the liquidity of rated companies.
3.2
Risks relating to business operations
Risks to the business operations of the Guarantor can result from general market
risks which can be tied to downward movements in various market prices, including,
for instance, interest rates, exchange rates, stock prices, commodities prices and any
volatility in such prices and can have an adverse effect on the valuation of the
underlyings or derivative financial products. Financial performance of the Guarantor
can also be influenced by liquidity crises, which arise, for example, as a result of cash
outflows occasioned by draw-downs on promised credit, or the impossibility of
obtaining extensions on current liabilities, so that the Guarantor could not meet shortterm financing needs temporarily. The Guarantor is moreover exposed to a credit risk,
since risks of default can arise not only in connection with the business of direct
lending, but also in connection with transactions that involve credit risk, such as overthe-counter derivative transactions (transactions specially negotiated between two
parties), money market transactions and the lending or borrowing of securities.
Finally, operational risks may arise in connection with the Guarantor’s business
operations, and lead to losses from inadequate or non-existent processes or systems,
improper conduct of employees or external events.
3.3
can act as counterparties to hedging transactions relating to the Issuer's obligations
The Issuer, the Guarantor and other companies in the Vontobel Group may also
exercise other functions with respect to the Certificates, such as those of calculation
9
agent, market maker and / or index sponsor. The exercise of such functions may
place the Issuer, the Guarantor or other companies in the Vontobel Group, in a
position to value or determine the constitution of the underlying. These functions
could lead to conflicts of interest among companies in the Vontobel Group or between
such companies and investors with respect to calculation of the trading price of the
Certificates and the determination of other, related factors.
Further, the Issuer, the Guarantor or other companies in the Vontobel Group may
issue other derivative instruments tied to any given underlying; the introduction of
such products to the market may have an impact on the value of the Certificates. The
Issuer, the Guarantor and other companies in the Vontobel Group may from time to
time obtain non-public information concerning the underlying and are not obligated,
provided the conditions set forth in § 16 of the Securities Prospectus Act (imposing a
duty to update a base prospectus) are not fulfilled, to pass on such information to
security-holders. In addition, companies in the Vontobel Group may release research
reports on underlyings. Such activities may lead to conflicts of interest among
companies in the Vontobel Group or between such companies and investors, and
may have a negative impact on the value of the Certificates.
10
II.
DESCRIPTION OF THE CERTIFICATES
1.
Responsible persons
Vontobel Financial Products GmbH, Kaiserstrasse 6, 60311 Frankfurt am Main,
Germany, and Bank Vontobel AG, Gotthardstrasse 43, 8022 Zurich, Switzerland,
assume responsibility for the content of the Base Prospectus, dated as of February
20, 2008 and these Final Terms pursuant to § 5 Par. 4 of the Securities Prospectus
Act and confirm that, to their knowledge, the information contained therein is correct
and omits no material circumstances. Bank Vontobel AG assumes responsibility only
in regard to the guarantee (in the Base Prospectus, dated as of February 20, 2008
and these Final Terms), information about the guarantor (in the Base Prospectus,
dated as of February 20, 2008 and these Final Terms) and statements in the
summary and risk factors of the Base Prospectus, dated as of February 20, 2008 and
of these Final Terms relating to the guarantor (in the Base Prospectus, dated as of
February 20, 2008 and these Final Terms).
2.
Risk factors
A description of the risk factors associated with the Certificates is set forth in chapter I
1 of these Final Terms.
3.
Important information
Interests of natural and legal persons who are participating in this issuance or
this offering
Bank Vontobel AG may, during the term of the Certificates, engage, for its own
indirectly to the various underlyings. Further, Bank Vontobel AG can act as
counterparty to hedging transactions relating to the Issuer’s obligations under the
Certificates. Such trading or hedging transactions can have a positive or a negative
maker and / or index sponsor. The exercise of such functions may place the Issuer,
to the market can have an impact on the value of the Certificates. Such issuances
may take place on the basis of the Base Prospectus, dated as of February 20, 2008,
or on the basis of other prospectuses. The Issuer and other companies in the
Vontobel Group may from time to time obtain non-public information concerning the
underlying and are not obligated, provided the conditions set forth in § 16 of the
Securities Prospectus Act (imposing a duty to update a base prospectus) are not
fulfilled, to pass on such information to Certificate-holders. In addition, companies in
the Vontobel Group may release research reports on underlyings. Such activities may
lead to conflicts of interest among companies in the Vontobel Group or between such
companies and investors, and may have an impact on the value of the Certificates.
11
the Certificates.
The proceeds from the sale of Certificates will be used to finance the general
operations of the Issuer. With the issuance the Issuer pursues the realization of
profits and with the proceeds of the issuance it covers itself against the risks out of
the issuance. No restricted asset account will be created. In particular, the Issuer is
not obligated to invest in the relevant underlyings. To the extent the Issuer engages in
so-called hedging transactions for the purpose of covering internally the payment
obligations arising from its issuance of the Certificates, investors can make no claim
against the Issuer.
4.
Information on the Certificates being offered
How the Certificates work
redemption amount is provided for exclusively and definitively in the terms of the
Certificates. The Final Terms of the offering will stipulate the precise manner of
calculating the redemption amount. Such terms are governed by German law. The
Certificates are redeemed by the Issuer through payment of the redemption amount.
investment in the underlying (or in the various constituents of the index) it tracks;
owing to certain characteristics of the Certificates, however, the two forms of
possible only by means of a resale on an exchange or over the counter.
12
ability to pay.
reference price of the underlying (Index), the Certificates will provide an investor with
a positive return only if the reference price—adjusted by any applicable subscription
ratio—is higher than the purchase price paid by such investor for the Certificates. If
the reference price—adjusted by any applicable reference ratio—is not higher than
the purchase price paid, the investor will experience a loss.
The Base Prospectus, dated as of February 20, 2008 and these Final Terms are
available free of charge either in paper form from the Issuer or for download from
Vontobel´s homepage www.derinet.it.
5.
Terms and pre-conditions of the offering
The Certificates will be issued by Vontobel Financial Products GmbH in the context of
an ongoing offering series, and each issuance will be underwritten by Bank Vontobel
AG, Zurich, Switzerland (shelf offering). Each issuance of Certificates will include a
guarantee by Bank Vontobel AG1. The issuance of the Certificates will take place in
connection with a board resolution of the Issuer’s management.
The price of the Certificates will be determined by Banca Akros, Viale Eginardo 29,
20149 Milan, Italy as market maker, on the day of the commencement of the public
offering (day of initial pricing and corresponding day of issuance). The initial offering
price for each offering will be set forth in Exhibit 1 to the terms of the Certificates
(chapter III). Thereafter, the price of the Certificates will be continuously determined.
The public offering begins on July 18, 2008 (expected first day of trading) and
continues as a shelf offering in principle throughout the terms of the Certificates. The
end of the term of each issue of Certificates will be set forth in Exhibit 1 to the terms
of the Certificates (chapter III). The results of the offering (shelf issuance) are
expected to be made public at the end of term for the Certificates on the following
website: www.derinet.it.
Pursuant to the public offering in Italy, interested investors can purchase the
Certificates through investment firms, banks or financial intermediaries permitted to
conduct financial activities in Italy in accordance with Legislative Decree no. 385 of 1
September 1993, as amended, Legislative Decree no. 58 of 24 February 1998, as
amended, the Consob Regulation no. 16190 of 29 October 2007 - implementing the
provisions on intermediaries of Legislative Decree no. 58 of 24 February 1998, as
amended and any other applicable laws and regulations, on an exchange or over the
counter, starting on the July 18, 2008 (expected first day of trading).
These Final Terms will supplement the Base Prospectus, dated as of February 20,
2008 and will be made available to the public and simultaneously transmitted to
Consob pursuant to articles 6-bis and 9 of the Consob Regulation no. 11971 of 14
May 1999 - implementing the provisions on issuers of Legislative Decree no. 58 of 24
February 1998, as amended.
1
The material agreements and other documents in connection with the guarantee may be inspected at the premises of the Guarantor (Bank
Vontobel AG, Gotthardstrasse 43, 8022 Zurich, Switzerland).
13
Interested investors can obtain price information for the relevant offering from
professional information service providers, from banks and savings and loans
institutions or from the internet site www.derinet.it. Settlement (delivery of the
securities against payment of the appropriate sum) regularly occurs three Banking
Days after signing of the purchase agreement or acquisition of the Certificates on an
exchange or over the counter. The investor is informed about the execution of its
order through notification by its bank or savings bank (as a general rule by a portfolio
statement).
Underwriting of the Certificates will take place in accordance with the terms of the
general underwriting agreement between the Issuer and Bank Vontobel AG,
Gotthardstrasse 43, 8022 Zurich, Switzerland, dated as of 1 April 2005, pursuant to
which the Certificates issued by the Issuer will be initially purchased by Bank
Vontobel AG. Bank Vontobel AG is, like the Issuer, a wholly-owned subsidiary of
Vontobel Holding AG, and is currently the most important fully consolidated
subsidiary of the Vontobel Group.
The Calculation Agent will be Bank Vontobel AG, Gotthardstrasse 43, 8022 Zurich,
Switzerland. The Principal Paying Agent will be Bank Vontobel AG, Zurich,
Switzerland.
The Certificates will be represented by permanent global bearer certificates to be
deposited with Clearstream Banking AG, Neue Börsestrasse 1, 60487 Frankfurt am
Main, Germany. In Italy the circulation of Certificates will be dematerialised and
centralised with Monte Titoli S.p.A, Via Mantegna 6, 20154 Milano, Italy (“Monte
Titoli”), pursuant to the applicable law. The Certificates will be freely transferable by
way of book entries on the accounts registered on the settlement system of Monte
Titoli and, when admitted to listing on Italian Exchange, they may be transferred in
lots at least equal to the Minimum Tradable Lot (as defined by the Listing Rules), or
multiples thereof, as determined by Borsa Italiana S.p.A..
2008, pursuant to § 6 of the Securities Prospectus Act together with § 14 of the
Securities Prospectus Act. Deposit thereof with the German Federal Financial
Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht), and its
corresponding publication, will take place in accordance with the provisions of § 6 of
the Securities Prospectus Act in connection with § 14 of the Securities Prospectus
Act.
Interested investors must comply with the relevant legal provisions in connection with
the offering and sale of Certificates and the distribution of offering documents.
The initial offering price or subscription price as well as the prices of the Certificates
which the Market Maker continuously determines on the secondary market are
composed of various elements. Such elements are the financial-mathematical value
of the Certificates, the margin and possibly other compensations or administrative
fees. If applicable an additional issuance surcharge (agio) is included in the
subscription price. The financial-mathematical value of a Certificate is calculated on
the basis of the price-finding modell applied by the Issuer or Market Maker
respectively, and in addition to the value of the underlying, it also depends on other
variable factors. These factors may include derivative components, expected profits
from the underlyings, interest rates, volatility of the underlyings, remaining terms of
the Certificates and the demand and supply situation for hedging instruments. The
price-finding models are determined by the Issuer or the Market Maker in their own
discretion and can deviate from the price-finding models which other issuers use for
the calculation of comparable securities.
14
The margin is also determined by the Issuer or the Market Maker in their own
discretion, and can deviate from the margins which other issuers levy for comparable
securities. Profit-related aspects, costs of taking the risk and hedging against the risk,
structuring and sale of the securities as well as if required licensing fees are
considered when calculating the margins. The margin can also contain costs and fees
which are paid to third parties in connection with the services rendered when placing
the securities.
15
6.
Listing
Description of the listing in Italy
As to the public offering in Italy, application will be made to list the securities on the
SeDeX market of the Milan Stock Exchange which is a regulated market for the
purposes of Directive 2003/71/EC.
For the listing on the SeDeX the Issuer must file an application with Borsa Italiana
S.p.A. ("Borsa Italiana") related the admittance of the Certificates to the listing.
The admission to listing of each series of Certificates issued from time to time on the
basis of the Prospectus is subject to the filing of a specific listing.
The Certificates admitted to listing may be purchased on the Securitised Derivatives
Exchange market of Borsa Italiana (SeDeX) according to the rules and procedures
set out by Borsa Italiana.
Bank Vontobel AG (or a third party appointed for this purpose) shall undertake to act
as a market maker in relation to the Certificates, for which application will be made for
listing on the SeDeX.
No assurances can be given that such listing and admission to trading will be
approved.
7.
Additional Information
The Issuer does not intend to publish any information after the issuance is completed,
except such information as legal obligations or the terms of the Certificates shall
require to be published as a disclosure in a supra-regional official journal. Disclosures
in Italy, to the extent unconditionally required pursuant to Italian law, shall be
published on the website www.derinet.it.
The Base Prospectus, dated as of February 20, 2008, is being published in
accordance with § 6 of the Securities Prospectus Act in connection with § 14 of the
Securities Prospectus Act and has been approved in this form by the German Federal
Financial Supervisory Authority (“BaFin”). The German Federal Financial Supervisory
Authority has decided in favor of approving the Prospectus following a review of its
completeness, including a review of the coherence and clarity of the information
presented. The German Federal Financial Supervisory Authority has not examined
the Base Prospectus with a view to verifying the accuracy of its content. These Final
Terms will be fixed shortly before commencement of the public offering and will, in
accordance with the provision of § 6 Securities Prospectus Act in connection with §
14 Securities Prospectus Act, be filed with the German Federal Financial Supervisory
Authority and correspondingly published not later than the day of the public offering.
These Final Terms, as well as the Base Prospectus, will be available for download on
the Vontobel homepage at www.derinet.it.
The German Federal Financial
Supervisory Authority will not review these Final Terms. Moreover, copies of the
Base Prospectus and these Final Terms will be available free of charge from the
Issuer. The information included in these Final Terms will replace the place-holders
marked with a [•] and any information bracketed with [ ] in the Base Prospectus, dated
as of February 20, 2008. This shall occur through supplementation of the relevant
information where appropriate. The relevant information had not yet been determined
as of the time of publication of the Base Prospectus.
In the event that the Certificates are admitted to trading on the SeDeX, the Base
Prospectus and any documents incorporated by reference will also be published on
the website of the Italian Stock Exchange (www.borsaitaliana.it). In the event that the
16
Certificates are admitted to trading on the SeDeX, the Final Terms will be also
published on the website of the Milan Stock Exchange (www.borsaitaliana.it). These
documents are also available at the registered office of the Issuer, Kaiserstrasse 6,
60311 Frankfurt am Main, Germany. In the event that the Certificates are admitted to
trading on the SeDeX, any notice to the Certificate-holders shall be deemed to be
valid, if made through the notification systems of Borsa Italiana S.p.A. and in
accordance with the applicable Italian laws and regulations at any time when the
Certificates are admitted to trading on SeDeX and will become effective on the day of
publication on the relevant website or delivery to Borsa Italiana S.p.A. as applicable.
8.
Underlying
Description of the Vontobel Sustainable Consumption Total Return Index
The English translation of the Description of the Vontobel Sustainable
Consumption Total Return Index is for convenience purposes only. The
German language version shall prevail over the English translation.
Index Universum
Index Universe
Das Index Universum, d.h. der Fundus, aus
dem die Titel für den Vontobel Sustainable
Consumption Total Return selektiert werden
können,
besteht
aus
Aktien
von
Unternehmen, die folgenden Kriterien
erfüllen:
The Index Universe, i.e. the pool from which
the components of the Vontobel Sustainable
Consumption Total Return Index may be
selected, contains exclusively shares of
companies, which:
• die
Nachhaltigkeitskriterien
INrate erfüllen
von
• are listed on a stock exchange
• an einer Börse gelistet
• gemäß
INRate
Klassifikation
überwiegend in einem der folgenden
4 Bereiche (Subsektoren) tätig:
(1) Beauty & Fashion,
Communication, (4) Food.
(2)
Living,
• are considered sustainable according to
the INrate sustainability criteria
• pursuant to INRate rating, are active
primarily in one of the following four areas
(sub-sectors):
(3) (1) Beauty & Fashion,
Communication, (4) Food
Index-Composition Advisor
(2)
Living,
(3)
Für die Zusammenstellung des Index The independent Swiss Sustainability Rating
Universums zeichnet die unabhängige Agency INRate is responsible for the
Schweizer
Nachhaltigkeits-Ratingagentur composition of the Index Universe.
INRate verantwortlich.
Titel Selektion
Selection of Components
Ausgehend vom Index Universum ermittelt
die
Bank
Vontobel
AG
die
Marktkapitalisierung
und
die
Gewinnschätzungen
(Earnings-per-Share)
der einzelnen Aktien im letzten Jahr anhand
der Bloomberg-Konsensdaten.
On the basis of the Index Universe, Bank
Vontobel AG determines the market
capitalisation and profit estimate (Earningsper-Share EPS) of each share over the last
year based on the Bloomberg – consensus
data.
Die Titel werden dann aufgrund folgender The components are selected on the basis of
17
Kriterien ausgewählt:
the following criteria:
• Marktkapitalisierung von mindestens
EUR 500 Millionen
• Market capitalisation of no less than
EUR 500 Million
• Pro Subsektor diejenigen fünf
Aktien, welche die höchste relative
Steigerung zwischen letztem Gewinn
je
Aktie
und
aktueller
Gewinnkonsensprognose aufweisen.
• The five shares per sub-sector which
show the highest relative increase
between the last earnings per share
and current earnings consensus
forecast.
Gewichtung: Bei Emission und bei jedem
halbjährigen Index Rebalancing Datum
werden die für den Index ermittelten Aktien
nach folgenden Bestimmungen gewichtet:
Jeder der vier Subsektoren hat ein Gewicht
von 25% des Kurswertes des Index und ist
mit fünf Aktien vertreten, die gleich gewichtet
sind. Jeder der 20 Aktien hat somit bei
Emission und unmittelbar nach dem
halbjährlichen Index Rebalancing Datum eine
Gewichtung von je 5% des jeweiligen
Kurswertes des Index.
Weighting: The shares selected for the index
will be weighted according to the following
terms at the Issue Date and at each half
yearly Index Rebalancing Date: each of the
four sub-sectors is weighted 25% of the
market value of the Index and is represented
by five shares, which are equally weighted.
Each of the 20 shares has at the Issue Date
and immediately after the half yearly Index
Rebalancing Date a weight of 5% of the
relevant market value of the index.
Fortlaufende Indexanpassung
Total Return: Durch die fortlaufende
Indexanpassung wird sichergestellt, dass
Kapitalereignisse
wie
Dividenden,
Bezugsrechte und Aktiensplits, aber auch
Firmenübernahmen
und
Fusionen
im
Vontobel Sustainable Consumption Total
Return Index berücksichtigt werden.
Continuous Index Adjustment
Aktien, die nicht mehr liquide handeln oder
Firmen, die in finanzielle Schwierigkeiten
geraten,
werden
aus
dem
Index
ausgeschlossen. Aktien, die aus einem der
oben
genannten
Gründe
(Illiquidität,
finanzielle Schwierigkeiten, Übernahmen
oder Fusionen) aus dem Index entfernt
werden müssen, werden durch Aktien des
betroffenen Bereichs gemäss den Kriterien
der Titelselektion ersetzt. Als Auswahlliste
dient dabei das Index Universum. Die neue
Aktie wird mit dem Gewicht des zu
ersetzenden
Titels
in
den
Index
aufgenommen.
Non-liquid shares or shares of companies in
financial difficulties will be excluded from the
index. Shares, which must be deleted from
the index for the above mentioned reasons
(illiquidity, financial difficulties, mergers or
acquisitions), will be replaced by shares in
the affected category under the criteria for
selection of components. Selection will be
made on the basis of the Index Universe. The
new shares will be added with the same
weight as the deleted shares.
Regelmäßige Indexanpassung
Regular Index Adjustment
Die
Zusammensetzung
des
Vontobel
Sustainable Consumption Total Return Index
wird halbjährlich überprüft. Die neuen
Indexmitglieder werden eine Woche vor dem
Rebalancing Datum anhand der oben
The composition of the Vontobel Sustainable
Consumption Total Return Index will be
reviewed half yearly. New index components
will be determined on the basis of the above
mentioned criteria one week before the
18
Total Return: Continuous index adjustment
ensures that capital events such as
dividends, subscription rights, and share
splits, as well as mergers and acquisitions,
are reflected accurately in the Vontobel
Sustainable Consumption Total Return Index.
genannten Kriterien ermittelt.
Rebalancing Date.
Die Indexkomponenten werden bei der
halbjährlichen
Indexanpassung
neu
gewichtet, wobei jedes Indexmitglied einen
Gewichtungsfaktor erhält, um ein Gewicht
von 5% im Index zu gewährleisten.
For the half yearly index review the index
components will be newly weighted and
every index component will receive a
weighting factor to guarantee a weight of 5%
in the index.
Die
Umsetzung
der
neuen The new composition will take effect after the
Zusammensetzung findet jeweils nach dem close of the exchange on the third Friday in
Börsenschluss am dritten Freitag in den June and December.
Monaten Juni und Dezember statt.
Indexsponsor/Festlegungsstelle
Index Sponsor/Determination Agent
Bank Vontobel AG, Zürich
Bank Vontobel AG, Zurich
Indexwährung
Index Currency
EUR
EUR
Startzeitpunkt / Anfänglicher Indexstand
Start Date-Base Value
17. Dezember 2007/ EUR 1000,00
December 17, 2008/ EUR 1000.00
Index Rebalancing Datum
Index Rebalancing Date
Halbjährlich, jeweils am dritten Freitag in den Half yearly, on every third Friday of the
Monaten Juni und Dezember (erstmals months June and December (starting
Dezember 2008).
December 2008).
Rebalancing Preis
Rebalancing Price
Die rechnerische Neugewichtung bzw.
Neuzusammensetzung des Index auf der
Grundlage der Indexbeschreibung erfolgt
durch
den
Indexsponsor.
Für
die
rechnerische
Neugewichtung
bzw.
Neuzusammensetzung
werden
die
Bewertungskurse der jeweiligen Aktientitel,
festgestellt an der jeweiligen Börse am
jeweiligen
Index
Rebalancing
Datum,
herangezogen.
Die
Bewertungskurse
entsprechen den jeweiligen Schlusskursen
der
Aktientitel,
die
am
jeweiligen
Börsenhandelstag an der jeweiligen Börse
veröffentlicht werden.
The arithmetical re-weighting or recomposition of the Index on the basis of the
index description shall be done by the Index
Sponsor. For this arithmetical re-weighting or
re-composition the reference price of the
respective shares, determined on the
respective exchange on the respective Index
Rebalancing Date shall be used. The
reference price will correspond with the
respective closing price of the shares as
published on the respective trading day at the
respective exchange.
Einstellung des Index, Kündigungsrecht Discontinuation of the index, right to
des Emittenten der Index Zertifikate
terminate of the issuer of the Index
Certificate
Sollten bei Aktien aus dem Index Universum
aufgrund
von
markttechnischen, Should the shares of the Index Universe be
regulatorischen, steuerlichen oder anderen exposed to such changes due to market
Entwicklungen
derartige
Änderungen technicalities, regulatory, taxation or other
auftreten, dass eine Weiterführung des Index developments that in the discretion of the
nach Ermessen des Indexsponsors nicht Index sponsor continuation of the index
angebracht erscheint, kann der Indexsponsor would be inappropriate , the Index Sponsor
19
die Indexberechnung unter Einhaltung einer
30-tägigen Ankündigungsfrist einstellen oder
vorübergehend aussetzen. In beiden Fällen
hat
der
Emittent
ein
jederzeitiges
Kündigungsrecht
der
Indexzertifikate
(Kündigungsfrist 14 Handelstage).
can under observance of a 30 day notice
period discontinue or defer index calculation
temporarily. In both cases, the issuer has a
right to terminate the Certificates at any time
(notice period of 14 banking days).
Bewertungspreis des Index/Referenzpreis
Index Valuation Price/Reference Price
Der Bewertungspreis des Index entspricht
der
Summe
der
Schlusskurse
der
Indexkomponenten am Bewertungstag, unter
Berücksichtigung der jeweiligen Gewichtung
im Index, ggf. umgerechnet in die
Indexwährung.
The Index Valuation Price shall mean the
sum of closing prices of the Index
Components on the valuation date, taking
into account the respective weighting in the
index, if necessary converted to the Index
Currency.
Berechnung und Veröffentlichung des Calculation and distribution of the index
Index Wertes
value
Der Vontobel Sustainable Consumption Index
Total Return wird vom Index Sponsor alle 15
Sekunden berechnet
und von Reuters
veröffentlicht.
The Vontobel Sustainable Consumption
Index Total Return will be calculated by the
Index Sponsor every 15 seconds and will be
distributed through Reuters.
Aktueller Indexwert
Actual Index Value
EUR 710,34 (am 14. Juli, 2008)
EUR 710.34 (as of July 14, 2008)
Der Index startete am 17. Dezember 2007 The Index has started on December 17, 2007
mit einem Indexwert von EUR 1000,00.
with an Index value of EUR 1000.00.
Informationen über die Wertentwicklung Source of pricing information for the
des Vontobel Sustainable Consumption Vontobel Sustainable Consumption Total
Total Return Index
Return Index
Reuters Code: CH4347129=JVZH
INDEXZUSAMMENSETZUNG AM 23. JUNI 2008
(Fixierungstag (Rebalancing))
Sub-sector
Company
Beauty & Fashion
Avon Products Inc
/
Weight1
NYSE
Bloomber
g Symbol
AVP US
5%
Number of
shares
0.101002
Stockholm Stock
Exchange
ORI SS
5%
0.058530
XETRA
BEI GR
5%
0.048499
Osaka Stock
Exchange
7309 JT
5%
0.076383
Stock Exchange
Oriflame Cosmetics SA
Beiersdorf AG
Shimano Inc
Weight Watchers
International Inc
Food
INDEX COMPOSITION AS OF JUNE 23, 2008
(Fixing Date (Rebalancing))
NYSE
WTW US
5%
0.097420
Green Mountain Coffee
Roasters Inc
NASDAQ GS
GMCR US
5%
0.085161
J Sainsbury PLC
London Stock
SBRY LN
5%
0.570648
20
Exchange
Delhaize Group
Communication
EN Brussels
DELB BB
5%
0.053560
Tesco PLC
London Stock
Exchange
TSCO LN
5%
0.491015
United Natural Foods Inc
NASDAQ GS
UNFI US
5%
0.166708
Seiko Epson Corp
Tokyo Stock
Exchange
6724 JT
5%
0.146782
NYSE
HPQ US
5%
0.080295
Dell Inc
NASDAQ GS
DELL US
5%
0.156097
Sharp Corp
Tokyo Stock
Exchange
6753 JT
5%
0.227384
Hewlett-Packard Co
Living
1
Vodafone Group Plc
London Stock
Exchange
VOD LN
5%
1.279142
eBay Inc
NASDAQ GS
EBAY US
5%
0.131779
Amazon.com Inc
NASDAQ GS
AMZN US
5%
0.045293
Pearson PLC
London Stock
Exchange
PSON LN
5%
0.298638
Herman Miller Inc
NASDAQ GS
MLHR US
5%
0.149887
Pioneer Corp
Tokyo Stock
Exchange
6773 JT
5%
0.428980
Initial weight as for the last rebalancing (June 23, 2008); such weight changes which the prices of the relevant index components.
Weitere Informationen über die vergangene
und
künftige
Wertentwicklung
des
Basiswertes und seiner Volatilität sind auf der
Internetseite www.derinet.it erhältlich. Die
Preise des Basiswertes werden periodisch
während eines Tages aktualisiert.
Additional information concerning the past
and future performance and volatilities of the
underlying is available on the internet site
www.derinet.it. The prices of the underlying
will be updated periodically during the day.
Der
Emittent
übernimmt
für
die
Vollständigkeit und Richtigkeit und für die
fortlaufende Aktualisierung der auf der
angegebenen
Internetseite
enthaltenen
Inhalte keine Gewähr.
The Issuer shall not be liable for the
completeness and accuracy or for the
continuing updating of the content posted on
said internet site.
9.
Restrictions on offering and sale
The Base Prospectus, dated as of February 20, 2008, has been approved in
Germany, and passported in Italy to Consob.
In certain countries, the distribution of the Base Prospectus, dated as of February 20,
2008 and these Final Terms and the offering of securities may be restricted by law.
The Issuer makes no representation as to the lawfulness of the distribution of the
Base Prospectus, dated as of February 20, 2008, or these Final Terms or of any
public offering of the securities outside Italy pursuant to the registration requirements
or other requirements that may be in effect in any such jurisdiction, or pursuant to
valid exceptions therefrom; nor shall the Issuer assume responsibility for making a
distribution of the Base Prospectus, dated as of February 20, 2008 and these Final
Terms, or a public offering of securities permissible in such jurisdiction at any time.
All applicable securities laws and regulations in force must be complied with in any
jurisdiction in which purchases, offers, sales or deliveries of the Certificates are made
or the Base Prospectus, dated as of February 20, 2008 and these Final Terms are
possessed or distributed and any consent, approval or permission required for the
purchase, offer, sale or delivery of the Certificates under the laws and regulations in
force in any jurisdiction to which purchases, offers, sales or deliveries are made will
be complied with.
21
No one is authorized, in connection with the issuance of Certificates, to provide any
information, or make any statement, that is not contained in the Base Prospectus,
dated as of February 20, 2008, or these Final Terms.
10.
The guarantee
The English translation of the guarantee is for convenience purposes only. The
Die Bank Vontobel AG, Zürich, Schweiz (die
"Garantin") garantiert hiermit den Inhabern
(die "Gläubiger") der von der Vontobel
Financial Products GmbH, Frankfurt am
Main, Deutschland (die "Schuldnerin")
gemäss
nachstehender
Anlage
1
ausgegebenen Zertifikate (die "Zertifikate",
welcher
Ausdruck,
soweit
es
der
Zusammenhang erlaubt, eine über die
Zertifikate
ausgestellte
Dauer-InhaberUrkunde
einschliesst),
unbedingt
und
unwiderruflich gemäss Art. 111 OR
(Schweizerisches Obligationenrecht), die
ordnungsgemässe und pünktliche Zahlung
aller gemäss den Bedingungen der Zertifikate
zu zahlenden Beträge, und zwar zu den
nachstehenden Bedingungen:
Bank Vontobel AG, Zurich, Switzerland
("Guarantor"), hereby unconditionally and
irrevocably guarantees, pursuant to Art. 111
OR (Swiss Code of Obligations), to the
holders
("Creditors")
of
Certificates
("Certificates", which term shall include,
insofar as the context shall permit, a
permanent
global
bearer
certificate
evidencing the Certificates) issued by
Vontobel Financial Products GmbH, Frankfurt
am Main, Germany ("Debtor") in accordance
with Exhibit 1 attached below, the orderly and
punctual payment of all amounts due in
accordance with the terms of the Certificates.
The following conditions apply to the
aforesaid guarantee:
1.
Diese
Garantie
stellt
eine 1.
selbständige, unbesicherte und nicht
nachrangige
Verpflichtung
der
Garantin dar, die im gleichen Rang
steht mit allen ihren sonstigen
unbesicherten und nicht nachrangigen
Verpflichtungen,
mit
Ausnahme
solcher, die kraft Gesetzes Vorrang
geniessen.
2.
Sinn und Zweck dieser Garantie ist
es, sicherzustellen, dass unter allen
tatsächlichen
oder
rechtlichen
Umständen und ungeachtet der
Beweggründe, Einwendungen oder
Einreden, derentwegen eine Zahlung
durch die Schuldnerin unterbleiben
mag, und ungeachtet der Wirksamkeit
und
Durchsetzbarkeit
der
Verpflichtungen der Schuldnerin unter
den Zertifikaten die Gläubiger die
zahlbaren
Beträge
zum
Fälligkeitstermin und in der Weise
erhalten, die in den Bedingungen
22
2.
This
guarantee
represents
an
independent, unsecured and nonsubordinated
obligation
of
the
Guarantor, which ranks pari passu
with all other unsecured and nonsubordinated obligations of the
Guarantor, with the exception of those
which enjoy priority by virtue of law.
The meaning and purpose of this
guarantee is to ensure that the
Creditors
shall receive the amounts
payable when
due and in such
manner as the terms of
the Certificates
shall stipulate, regardless
of all factual and
legal circumstances, regardless
of
the
reasons, objections or
exceptions
on
account of which the Debtor shall fail to
made any payment, and regardless of the
validity and enforceability of the Debtor’s
obligations
under the Certificates.
festgesetzt sind.
3.
Die Garantin wird auf erstes
Verlangen der Inhaber und deren
schriftliche Bestätigung, dass ein
Betrag unter den Zertifikaten von der
Schuldnerin nicht fristgerecht bezahlt
wurde, an diese unverzüglich in EUR
alle Beträge zahlen, die erforderlich
sind, um den in Ziffer 2 genannten
Sinn und Zweck dieser Garantie zu
erreichen.
3.
The Guarantor shall, upon the first
demand of the holders and upon their
declaration in writing that an amount
payable under the Certificates was not
paid when due by the Debtor, pay to
such holders without delay in Euro all
amounts
required to fulfil the meaning
and
achieve the purpose set forth in
paragraph 2 above.
4.
Die Garantie bleibt gültig, bis alle
Beträge gemäss Ziffer 3 voll gezahlt
sind, ungeachtet etwaiger von den
Gläubigern der Schuldnerin gewährter
Zugeständnisse.
4.
The guarantee shall remain in effect
until all amounts due pursuant to
paragraph 3 above have been paid in full,
regardless
of any concessions that the
Creditors
shall have granted to the
Debtor.
5.
Solange die Garantin fällig gewordene
Beträge, die von ihr zu zahlen oder zu
liefern sind, nicht voll gezahlt hat, wird
sie im Hinblick auf etwaige Zahlungen,
die sie gemäss der Garantie geleistet
hat, keine Rückgriffsrechte oder
sonstige Rechte, die ihr bezüglich
oder infolge einer solchen Teilzahlung
erwachsen mögen, gegenüber der
Schuldnerin geltend machen.
5.
shall
6.
Mit jeder Zahlung unter dieser
Garantie verringert sich die
Verpflichtung der Garantin
entsprechend.
6.
7.
Diese Garantie stellt eine selbständige
Garantie (und nicht eine Bürgschaft)
gemäss schweizerischem Recht dar.
Alle daraus entstehenden Rechte und
Pflichten unterliegen in jeder Hinsicht
dem Recht der Schweiz.
7.
8.
Für alle Klagen und
Rechtsstreitigkeiten bezüglich der
Garantie sind die ordentlichen
Gerichte des Kantons Zürich
ausschliesslich zuständig.
Gerichtsstand ist Zürich 1.
Vorbehalten bleibt die Einlegung von
Rechtsmitteln beim Schweizerischen
Bundesgericht in Lausanne, dessen
Entscheidung endgültig ist.
8.
During such time as the Guarantor
not have paid in full all outstanding
amounts which it may be obligated to
pay or deliver, the Guarantor shall not
make any recourse claims, or any
other claims, against the Debtor to which it
may be entitled with respect to or as a
result of any partial payments that it
may have made pursuant to the guarantee.
The Guarantor’s obligation shall be
reduced by the amount of any
payment
made under this guarantee.
This
guarantee
represents
an
independent guarantee (and not a
surety (Bürgschaft)) pursuant to Swiss law.
All
rights and duties arising hereunder
shall be governed in all respects by the
laws of
Switzerland.
The ordinary courts of the Canton of
Zurich, Switzerland, shall be the
exclusive
forum for all claims and
litigation
concerning this guarantee.
The competent court shall be Zurich 1.
This provision shall not apply for appeals
made with the Swiss Federal Court in
Lausanne,
Switzerland,
whose
decision is
definitive.
23
Zurich, July 15, 2008
Bank Vontobel AG
24
III.
TERMS OF THE CERTIFICATES
§1
Zertifikatsrecht, Status, Garantie
§1
Certificate Right, Status, Guarantee
(1)
Der Inhaber eines Open End Index- (1)
Zertifikats ("Zertifikat") ist berechtigt,
von der Vontobel Financial Products
GmbH ("Emittent"), nach Maßgabe
dieser Zertifikatsbedingungen, die
Zahlung eines Geldbetrages in EUR
("Abrechnungsbetrag") zu verlangen.
Der Abrechnungsbetrag entspricht
dem am jeweiligen Kündigungstag
bzw. Ausübungstag (jeweils auch ein
"Bewertungstag", wie nachfolgend
definiert)
maßgeblichen
Bewertungskurs (wie nachfolgend
definiert) des jeweiligen Indexes
("Index")
multipliziert
mit
dem
jeweiligen
(als
Dezimalzahl
ausgedrückten)
Bezugsverhältnis
("Bezugsverhältnis")
unter
Berücksichtigung
der
Managementgebühr. Die Formel zur
Berechnung
des
Abrechnungsbetrages lautet:
The holder of an open-end index
certificate ("Certificate") is entitled to
demand from Vontobel Financial
Products
GmbH
("Issuer"),
in
accordance with these terms of the
Certificates, payment of an amount in
Euro ("Redemption Amount"). The
Redemption Amount shall correspond
to the relevant reference price (as
defined below) of the underlying index
("Index"), on the relevant termination
date or exercise date (each also
referred to as a "Valuation Date", as
hereinafter defined), multiplied by the
relevant reference ratio (expressed as
a decimal, the "Reference Ratio"),
taking into account the Management
Fee. The Redemption Amount is
calculated as follows:
t
R = S × (100% - M) × r
wobei:
R:
S:
M:
t:
r:
Abrechnungsbetrag
Schlusskurs des Index am
Bewertungstag
(Kündigungstag oder
Ausübungstag)
Managementgebühr 1,6 % p.a.
pro rata
Anzahl der Jahre seit der
Börseneinführung (18. Juli
2008) der Zertifikate (inklusiv)
und dem Bewertungstag
(exklusiv) (effektiv/effektiv)
Bezugsverhältnis in Dezimal
ausgedrückt
"Bewertungskurs"
ist
der
am
Bewertungstag
von
der
Festlegungsstelle / Indexsponsor
festgestellte
Schlusskurs
des
Basiswertes (Index). Dabei entspricht
ein Indexpunkt einem Betrag von 1,00
der
jeweiligen
Währung.
"Bankarbeitstag" im Sinne dieser
Zertifikatsbedingungen ist ein Tag, an
dem die Geschäftsbanken, Clearing25
R = S × (100% - M)t × r
where:
R:
S:
Redemption Amount
Relevant Reference Price at
the
Valuation
Date
(Termination Date or Exercise
Date)
M:
Management Fee 1.6 % p.a.
pro rata
Number of years between the
Listing date (July 18, 2008 )
(included) and the Valuation
Date (excluded) (actual/actual)
Ratio expressed as a decimal
t:
r:
"Reference Price" shall mean the
closing price of the underlying (Index)
determined by the Determination
Agent / Indexsponsor on the Valuation
Date.
One Index point shall
correspond to the amount of 1.00 in
the relevant currency. A "Banking
Day" means, for purposes of these
terms of the Certificates, any day on
which the commercial banks, clearing
and settlement systems (in particular
the TARGET-System) and Exchanges
in Frankfurt am Main, Germany,
Milan, Italy and Zurich, Switzerland
und
Settlementsysteme
(insbesondere das TARGET-System)
sowie die Börsen in Frankfurt am
Main, Mailand, Italien und Zürich,
Schweiz geöffnet sind. "Börsentag" im
Sinne dieser Zertifikatsbedingungen
ist ein Tag, an welchem von der
Festlegungsstelle / Indexsponsor der
Basiswert (Index) berechnet wird. Die
Indexbeschreibungen sind integraler
Bestandteil dieser Bedingungen.
are open. A "Trading Day" means, for
purposes of these terms of the
Certificates, any day on which the
Determination Agent / Index Sponsor
shall calculate a value for the
underlying (Index). The description of
the Index is integral part of these
terms.
(2)
Die sich bei der Berechnung des (2)
Abrechnungsbetrages
ergebenden
Werte werden kaufmännisch auf volle
Cent auf- bzw. abgerundet.
In
calculating
the
Redemption
Amount, all sums shall be rounded up
or down to the nearest whole cent, in
accordance with standard German
commercial practice.
(3)
Die Zertifikate sind nicht verzinslich (3)
und
berechtigen
nicht
zu
Dividendenzahlungen.
The Certificates shall not bear interest
and shall not entitle to any payment of
dividends.
(4)
Die Angaben zu ISIN, WKN, (4)
Stückzahl,
Index
(Währung),
Bezugsverhältnis (als Dezimalzahl
ausgedrückt),
Managementgebühr,
Festlegungsstelle / Indexsponsor und
anfänglicher Verkaufspreis ergeben
sich aus der als Anlage 1 zu diesen
Zertifikatsbedingungen
beigefügten
Tabelle.
Information concerning the ISIN,
WKN, number of Certificates to be
issued, Index (currency), Reference
Ratio (expressed as a decimal
number),
Management
Fee,
Determination Agent / Indexsponsor
and initial offering price are set forth
in the table attached to these terms of
the Certificates as Exhibit 1.
(5)
Die
Zertifikate
begründen (5)
unmittelbare
und
unbesicherte
Verbindlichkeiten des Emittenten, die
untereinander und mit allen sonstigen
Verbindlichkeiten des Emittenten
gleichrangig sind, ausgenommen
solche Verbindlichkeiten, denen auf
Grund
zwingender
gesetzlicher
Vorschriften Vorrang zukommt.
The Certificates represent direct and
unsecured obligations of the Issuer,
ranking pari passu among one
another and with all other unsecured
and non-subordinated obligations of
the Issuer, with the exception of
obligations with mandatory priority by
virtue of law.
(6)
Die Erfüllung der Verbindlichkeiten (6)
des
Emittenten
unter
diesen
Zertifikatsbedingungen werden von
der Bank Vontobel AG, Zürich,
Schweiz ("Garant") unbedingt und
unwiderruflich
garantiert.
Die
Verpflichtungen des Garanten unter
der Garantie begründen unmittelbare,
unbedingte und nicht besicherte
Verbindlichkeiten des Garanten, die
untereinander gleichrangig sind. Der
Garant wird auf erstes Verlangen der
Zertifikatsinhaber
und
deren
The fulfilment of the Issuer’s
obligations under these terms of the
Certificates shall be unconditionally
and irrevocably guaranteed by Bank
Vontobel AG, Zurich, Switzerland
("Guarantor").
The Guarantor’s
obligations under the guarantee
represent direct, unconditional and
unsecured
obligations
of
the
Guarantor, ranking pari passu. The
Guarantor shall, upon the first
demand of the Certificate-holders and
upon their declaration in writing that
an amount payable under the
26
Betrag unter den Zertifikaten von dem
Emittenten nicht fristgerecht bezahlt
wurde, an diese unverzüglich alle
gemäß den Zertifikatsbedingungen zu
zahlenden Beträge zahlen. Eine
Lieferung von Aktien durch den
Garanten erfolgt nicht. Sämtliche aus
der Garantie entstehenden Rechte
und Pflichten unterliegen in jeder
Hinsicht dem Recht der Schweiz. Für
alle Klagen und Rechtstreitigkeiten
bezüglich der Garantie sind die
ordentlichen Gerichte des Kantons
Zürich
ausschließlich
zuständig.
Gerichtstand ist Zürich 1. Vorbehalten
bleibt die Einlegung von Rechtmitteln
beim Schweizerischen Bundesgericht
in Lausanne, dessen Entscheidung
endgültig ist.
Certificates was not paid when due by
the Issuer, pay to such holders
without delay all amounts payable
pursuant to the terms of the
Certificates. The Guarantor shall not
deliver any shares of stock. All rights
and duties arising under the
guarantee shall be governed in all
respects by the laws of Switzerland.
Zurich shall be the exclusive forum for
all claims and litigation concerning
this guarantee. The venue shall be
Zurich 1. This provision shall not
apply to appeals raised with the Swiss
Federal Court in Lausanne, whose
decision is definitive.
§2
Form, Girosammelverwahrung,
Übertragbarkeit
§2
Form, Depositary Institution and
Transferability
(1)
Die von dem Emittenten begebenen (1)
Zertifikate sind durch eine DauerInhaber-Sammel-Urkunde ("InhaberSammel-Urkunde") verbrieft, die bei
der
Clearstream
Banking
AG
("Clearstream") hinterlegt ist. Die
Inhaber-Sammel-Urkunde trägt die
Unterschrift des Emittenten. Effektive
Urkunden werden nicht ausgegeben.
Ein Anspruch auf Lieferung effektiver
Urkunden ist ausgeschlossen. In
Italien erfolgt eine unverbriefte
Übertragung der Zertifikate, welche
über Monte Titoli S.p.A. („Monte
Titoli“) gemäß der anwendbaren
Regelungen abgewickelt wird.
The Certificates to be issued by the
Issuer shall be represented by a
permanent global bearer certificate
(the “Global Certificate”), which shall
be deposited with Clearstream
Banking AG (“Clearstream”).
The
Global Certificate shall bear the
signature of the Issuer. Individual
physical certificates shall not be
delivered. Any claim to delivery of a
physical certificate shall be excluded.
In Italy the circulation of Certificates
will be dematerialised and centralised
with Monte Titoli S.p.A (“Monte Titoli”),
pursuant to the applicable law.
(2)
Den
Zertifikatsinhabern
stehen (2)
Miteigentumsanteile an der InhaberSammel-Urkunde zu. Die Zertifikate
können in Übereinstimmung mit den
Bestimmungen und Regeln von
Clearstream bzw. Monte Titoli frei
übertragen werden.
The Certificate-holders shall have
proportionate
ownership
rights
(Miteigentumsanteile) in the Global
Certificate. The Certificates may be
freely transferred in accordance with
the
rules
and
conditions
of
Clearstream and Monte Titoli.
(3)
Im Effektengiroverkehr sind die (3)
Zertifikate ausschließlich in Einheiten
von einem Zertifikat oder einem
ganzzahligen
Vielfachen
davon
übertragbar.
The Certificates shall be transferable
in the securities clearing system only
in units of one Certificate or wholenumber multiples thereof.
27
§3
Laufzeit,
Ausübung
des § 3
Zertifikatsrechts,
vorzeitige
Kündigung durch den Emittenten,
Zahlung des Abrechnungsbetrages
Term, Exercise of the Certificate
Right, Early Termination by the
Issuer, Payment of the Redemption
Amount
(1)
Die Laufzeit der Zertifikate ist (1)
unbegrenzt. Das Zertifikatsrecht kann
vom Zertifikatsinhaber, vorbehaltlich
vorheriger Kündigung durch den
Emittenten (gemäß § 3 Abs. 7),
jeweils am halbjährlichen Index
Rebalancing Date
(erstmals im
Dezember 2008) ("Ausübungstag")
ausgeübt werden. Die Ausübung gibt
dem Zertifikatsinhaber das in § 1 Abs.
1 bestimmte Recht auf Zahlung des
Abrechnungsbetrages
durch
den
Emittenten.
The term of the Certificates is
unlimited. Provided that the Issuer
shall not previously have terminated
the Certificates (pursuant to § 3,
paragraph (7)), the Certificate-holder
can exercise the Certificate Right at
any one time on the date of the half
yearly Index Rebalancing Date (for
the first time on December 2008)
("Exercise Date").
Such exercise
shall entitle the Certificate-holder to
demand payment of the Redemption
Amount from the Issuer, as specified
in § 1, paragraph (1).
(2)
Zur
wirksamen
Ausübung
des (2)
Zertifikatsrechts
muss
der
Zertifikatsinhaber
über
seine
handelnde Bank bis spätestens einen
Bankarbeitstag
vor
dem
Ausübungstag (10:00 Uhr MEZ) der
Berechnungsstelle per Fax 0041-58283-5545 die diesen Bedingungen als
Anlage
2
beigefügte
Ausübungserklärung abgeben.
In order to exercise the Certificate
Right effectively, the Certificate-holder
must submit its declaration of
exercise, using the form which is
attached to these terms as Exhibit 2
by facsimile 0041-58-283-5545, via its
transacting bank, to the Calculation
Agent not later than 10:00 a.m. CET
one Banking Day prior to the Exercise
Date.
(3)
Die
Ausübungserklärung
muss (3)
ordnungsgemäß unterzeichnet sein
und hat die folgenden Angaben zu
enthalten:
The declaration of exercise must be
duly signed and include the following
information:
(a)
die
Erklärung
des
Zertifikatsinhabers,
hiermit
sein
Zertifikatsrecht
auszuüben;
(a)
a declaration of the Certificateholder to the effect that it
hereby exercises its Certificate
Right;
(b)
die
Bezeichnung
der
Zertifikate (ISIN) und die
Anzahl der Zertifikate, die
ausgeübt werden;
(b)
an
identification
of
the
Certificates (ISIN) and the
number of Certificates being
exercised; and
(c)
die Abwicklungsinstruktionen
für die handelnde Bank.
(c)
instructions for settlement with
the transacting bank.
(4)
Die Ausübungserklärung bezieht sich (4)
auf
den
jeweils
nächsten
Ausübungstag.
Eine
Ausübungserklärung, die verspätet
eingegangen ist, ist ungültig.
The declaration of exercise shall refer
to the immediately succeeding
Exercise Date.
A declaration of
exercise that is submitted late shall be
invalid.
(5)
Fehlt es an einer der in Abs. 2 und/ (5)
oder
Abs.
3
genannten
In the event any of the conditions set
forth in paragraph (2) or paragraph (3)
28
Voraussetzungen, ist der Emittent
bzw.
die
Berechnungsstelle
berechtigt, die Ausübungserklärung
als unwirksam anzusehen. Der
Emittent bzw. die Berechnungsstelle
wird den Zertifikatsinhaber (über die
handelnde Bank) unverzüglich auf
das Fehlen oder die Unrichtigkeit
erforderlicher Angaben aufmerksam
machen. Bei Verstoß gegen diese
Pflicht haftet der Emittent bzw. die
Berechnungsstelle nur im Falle grober
Fahrlässigkeit.
shall not be met, the Issuer or the
Calculation Agent shall be entitled to
treat the declaration of exercise as
invalid. The Issuer or the Calculation
Agent shall inform the Certificateholder (via its transacting bank)
promptly about the absence or
incorrectness of requisite information.
With respect to a breach of this duty,
the Issuer or the Calculation Agent, as
the case may be, shall be liable only
in the event of gross negligence.
(6)
Die frist- und formgerecht erfolgte (6)
Ausübungserklärung ist verbindlich
und – vorbehaltlich der Regelung des
§ 7 Abs. 1 – unwiderruflich. Nach
Abgabe der Ausübungserklärung ist
eine
weitere
Übertragung
der
Zertifikate unzulässig.
A formally effective and timely
declaration of exercise shall be
binding and - subject to the provisions
of § 7 paragraph (1) - irrevocable. No
further transfer of the Certificates is
permissible following submission of a
declaration of exercise.
(7)
Der Emittent ist berechtigt, die bis (7)
dahin nicht ausgeübten Zertifikate
jederzeit (jeweils ein "Kündigungstag")
zwecks vorzeitiger Rückzahlung zu
kündigen, die Zertifikate gelten dann
als automatisch ausgeübt, ohne dass
der
Zertifikatsinhaber
eine
Ausübungserklärung abgeben muss.
Die
Kündigungserklärung
ist
spätestens einen Monat vor dem
Kündigungstag nach Maßgabe des §
9 bekannt zu machen und gilt mit der
Veröffentlichung als zugegangen. Die
Kündigung gibt dem Zertifikatsinhaber
das in § 1 Abs. 1 bestimmte Recht auf
durch
den
Emittenten.
Der
Zertifikatsinhaber
ist
berechtigt,
entsprechend den Bedingungen für
Notierungen in den von der Borsa
Italiana S.p.A. organisierten und
geführten
Märkten
auf
die
automatische
Ausübung
zu
verzichten. Zum wirksamen Verzicht
auf die automatische Ausübung muss
der Zertifikatsinhaber spätestens um
10:00
Uhr
(MEZ)
einen
Bankarbeitstag
nach
dem
Kündigungstag bzw. spätestens um
10:00 Uhr (MEZ) am Kündigungstag
(im Fall, dass der Basiswert einen
Index enthält, der von der Borsa
Italiana bzw. von Unternehmen
geführt wird, mit deren Borsa Italiana
The Issuer shall be entitled to
terminate, for the purpose of a
premature redemption, all Certificates
that shall not previously have been
exercised at any time (such
termination date is a "Termination
Date") and such Certificates will be
deemed to be automatically exercised
on the Termination Date without the
need of an exercise notice. The
declaration of termination shall be
made public in accordance with the
provisions of § 9 not later than one
month prior to the Termination Date,
and shall be deemed valid at the time
of such publication. A termination
payment of the Redemption Amount
from the Issuer, as specified in § 1,
paragraph (1). The Certificate-holder
shall be entitled to waive the
automatic exercise of the Certificates
pursuant to the Listing Rules of the
markets organized and managed by
Borsa Italiana S.p.A.. In order to
waive
the
automatic
exercise
effectively, the Certificate-holder must
submit its waiver declaration, using
the form which is attached to these
terms as Exhibit 3 by facsimile 004969-297-208-38 to the Issuer no later
than 10.00 a.m. (CET) one Banking
Day following to the Termination Date
or no later than 10.00 a.m. (CET) on
29
spezifische Vereinbarungen getroffen
hat)
dem
Emittenten
seine
Verzichtserklärung in der diesen
Bedingungen
als
Anlage
3
beigefügten Form per Fax 0049-69297-208-38 zukommen lassen. Die
Verzichtserklärung
des
Zertifikatsinhabers ist unwiderruflich.
In diesem Fall erfolgt keine Tilgung
der
Zertifikate
und
der
Zertifikatsinhaber
verzichtet
unwiderruflich
auf
den
Abrechnungsbetrag
sowie
anderweitige Zertifikatsrechte.
the Termination Date in case the
underlying consists of an index
managed by Borsa Italiana or by a
company with which Borsa Italiana
has concluded a specific agreement.
The waiver declaration of the
Certificate-holder will be irrevocable.
In such case, the Certificates will not
be redeemed and the Certificateholders will irrevocably waive the
Redemption Amount or any other
rights under the Certificates.
(8)
Der Emittent wird über die Zahlstelle (8)
für alle von ihm begebenen Zertifikate
am fünften Bankarbeitstag nach dem
Kündigungstag bzw. Ausübungstag
(die
jeweils
auch
als
ein
"Bewertungstag" gelten) den zu
überweisenden Abrechnungsbetrag
der Clearstream bzw. in Italien, der
Monte Titoli zur Weiterleitung per
Gutschrift an die Zertifikatsinhaber zur
Verfügung stellen. Damit wird der
Emittent
von
sämtlichen
Leistungsverpflichtungen frei.
The Issuer shall, via the Paying
Agent, make the Redemption Amount
payable for all Certificates issued by it
available to Clearstream or, in Italy, to
Monte Titoli for forwarding to the
relevant depositary institutions and
crediting to the Certificate-holders on
the fifth Banking Day following the
Exercise Date or Termination Date
(each also referred to as a "Valuation
Date"). The Issuer shall therewith be
discharged of all obligations of
performance.
(9)
Ist der Kündigungstag bzw. der (9)
Ausübungstag (die jeweils auch als
ein "Bewertungstag" gelten) kein
Bankarbeitstag, so beginnt die Frist
aus Abs. (8) bezogen auf die Zahlung
des Abrechnungsbetrages erst am
nächstfolgenden Bankarbeitstag. Der
Zertifikatsinhaber ist nicht berechtigt,
Zinsen
oder
eine
andere
Entschädigung wegen einer solchen
Zahlungsverzögerung zu verlangen.
Sollte
am
Bewertungstag
ein
Bewertungskurs nicht festgestellt und
veröffentlicht
werden,
so
gilt
vorbehaltlich
des
§
7
als
Bewertungskurs der am nächsten
Börsentag festgestellte Schlusskurs.
In the event the Exercise Date or
Termination Date (each also referred
to as a "Valuation Date") shall not be
a Banking Day, the period specified in
paragraph (8) with regard to payment
of the Redemption Amount shall
commence on the next Banking Day.
The Certificate-holders shall not be
entitled to claim interest or any other
compensation on account of such a
delay in payment. If no Reference
Price shall be determined and
published on the Valuation Date, the
closing price determined on the next
Trading Day shall be deemed to be
the Reference Price, subject however
to the provisions of § 7.
(10)
Alle im Zusammenhang mit der (10)
bzw. des Kündigungsbetrages (wie
nachfolgend definiert) gegebenenfalls
anfallenden Steuern und Gebühren
oder sonstigen Abgaben sind vom
Zertifikatsinhaber zu tragen. Der
Emittent bzw. die Zahlstelle sind
berechtigt,
von
dem
Abrechnungsbetrag
bzw.
dem
The Certificate-holder shall bear any
and all fees and taxes or other costs
accruing in connection with payment
of the Redemption Amount or
Termination Amount (as hereinafter
defined). The Issuer or the Paying
Agent, as the case may be, shall be
authorized to withhold any taxes, fees
or costs payable by the Certificateholders from the Redemption Amount
30
Kündigungsbetrag etwaige Steuern,
Gebühren oder Abgaben, die vom
Zertifikatsinhaber zu tragen sind,
einzubehalten.
or Termination Amount.
(11)
Der Abrechnungsbetrag wird von dem (11)
Emittenten
bzw.
der
Berechnungsstelle berechnet und ist,
sofern nicht ein offensichtlicher Irrtum
vorliegt, für die Zertifikatsinhaber
bindend.
The Redemption Amount shall be
calculated by the Issuer or the
Calculation Agent and shall be
binding on the Certificate-holders,
provided no evident error has been
made.
(12)
Die Abwicklung hinsichtlich der (12)
Zertifikate unterliegt sämtlichen, am
Bewertungs-,
Ausübungs-,
Kündigungstag bzw. Fälligkeitstag
geltenden
Gesetzen
und
Verordnungen,
Verwaltungsvorschriften
und
Verfahren. Der Emittent haftet weder
für den Fall, dass er aufgrund dieser
Regelwerke und Verfahren trotz
zumutbarer Anstrengungen nicht in
der
Lage
sein
sollte,
den
Verpflichtungen
nach
den
vorgenannten
Absätzen
nachzukommen, noch für Handlungen
oder
Unterlassungen
von
Abwicklungsstellen aus oder in
Verbindung mit der Erfüllung der
Verpflichtungen
aus
diesen
Zertifikaten.
Settlement of the Certificates shall be
governed by all laws and regulations,
administrative
policies
and
procedures in effect on the Valuation
Date, Exercise Date, Termination
Date or Maturity Date. The Issuer
shall not be liable for the event that
such regulations and procedures shall
render it unable, despite making all
reasonable efforts, to meet the
obligations set forth in the preceding
paragraphs; nor shall it be liable for
the actions or omissions of any
clearing agent in or in connection with
fulfilling the obligations arising under
the Certificates.
(13)
Weder der Emittent, noch die (13)
Berechnungsstelle,
noch
die
Zahlstelle sind verpflichtet, die
Berechtigung der Zertifikatsinhaber zu
überprüfen.
Neither the Issuer nor the Calculation
Agent nor the Paying Agent shall be
obligated to review the authority of
Certificate-holders.
§4
Berechnungsstelle, Zahlstelle
Calculation Agent, Paying Agent
(1)
"Berechnungsstelle" ist die Bank (1)
Vontobel AG, Zürich. Der Emittent ist
jederzeit
berechtigt,
die
Berechnungsstelle durch eine andere
Bank zu ersetzen, eine oder mehrere
zusätzliche Berechnungsstellen zu
bestellen und/oder deren Bestellung
zu widerrufen. Die Berechnungsstelle
handelt
ausschließlich
als
Erfüllungsgehilfin des Emittenten und
hat keinerlei Pflichten gegenüber dem
Zertifikatsinhaber.
Die
Berechnungsstelle ist von
den
Beschränkungen des § 181 BGB und
etwaigen
gleichartigen
Beschränkungen des anwendbaren
§4
31
The "Calculation Agent" shall be Bank
Vontobel AG, Zurich, Switzerland.
The Issuer is authorized at any time to
substitute another bank as Calculation
Agent, to appoint one or more
additional calculation agents and / or
to revoke any such appointment. The
Calculation Agent shall act exclusively
as agent (Erfüllungsgehilfe) of the
Issuer and has no duty whatsoever to
Certificate-holders. The Calculation
Agent is exempt from the restrictions
of § 181 BGB and any similar
restrictions under the applicable law
of
other
countries.
The
implementation of any of the
Rechts anderer Länder befreit.
Sämtliche der in Satz 2 erwähnten
Maßnahmen
werden
nach
§9
bekannt gegeben.
measures described in the second
sentence of this paragraph shall be
made public in accordance with § 9.
(2)
"Hauptzahlstelle"
ist
die
Bank (2)
jederzeit berechtigt, eine Zahlstelle zu
ersetzen,
eine
oder
mehrere
zusätzliche Zahlstellen zu bestellen
und/oder
deren
Bestellung
zu
widerrufen. Eine Zahlstelle handelt
ausschließlich als Erfüllungsgehilfin
des Emittenten und hat keinerlei
Pflichten
gegenüber
dem
Zertifikatsinhaber. Eine Zahlstelle ist
von
den
Beschränkungen
des
§ 181 BGB
und
etwaigen
gleichartigen Beschränkungen des
anwendbaren Rechts anderer Länder
befreit. Sämtliche der in Satz 2
erwähnten Maßnahmen werden nach
§ 9 bekannt gegeben.
The "Principal Paying Agent" shall be
Bank
Vontobel
AG,
Zurich,
Switzerland.
The Issuer is
authorized at any time to replace any
Paying Agent, to appoint one or more
additional Paying Agents and / or to
revoke any such appointment.
A
Paying Agent shall act exclusively as
agent of the Issuer and has no duty
whatsoever to Certificate-holders. A
Paying Agent is exempt from the
restrictions of § 181 BGB and any
similar
restrictions
under
the
applicable law of other countries. The
§5
Anpassungen, Kündigung der
Zertifikate durch den Emittenten
§5
Adjustments, Termination of the
Certificates by the Issuer
(1)
Maßgeblich für die Berechnung des (1)
Abrechnungsbetrages
ist
das
jeweilige Konzept des Basiswertes
(Index),
wie
es
von
der
Festlegungsstelle
veröffentlicht
wurde, sowie die jeweilige Art und
Weise der Berechnung, Feststellung
und Veröffentlichung des Indexes
durch die Festlegungsstelle (auch
wenn künftig Veränderungen in der
Berechnung des Indexes, in der
Zusammensetzung oder Gewichtung
der Kurse und Einzelwerte, auf deren
Grundlage der Index berechnet wird,
oder in der Art und Weise der
Veröffentlichung
oder
sonstige
Veränderungen, Anpassungen oder
andere Maßnahmen vorgenommen
werden, die sich auf die Berechnung
des Indexes auswirken), soweit sich
nicht
aus
den
nachstehenden
Bestimmungen ein anderes ergibt.
Decisive
in
calculating
the
Redemption Amount is the relevant
conception of the underlying (Index),
as it has been published by the
Determination Agent, and the manner
in which such Determination Agent
calculates, determines and publishes
the Index (even if in the future there
shall be changes in the calculation of
the Index, in the composition or
weighting of the constituent rates and
securities underlying the Index or in
the manner in which the Index values
are published, or any other changes,
adjustments or other measures shall
be implemented which impact the
calculation of the Index), unless the
following provisions shall stipulate
otherwise.
(2)
Eine
Anpassung
des (2)
Bezugsverhältnisses
("Ausstattungsmerkmale")
erfolgt
grundsätzlich nicht, es sei denn, dass
nach Auffassung des Emittenten das
In general, no adjustment of the
Reference
Ratio
("Certificate
Characteristics") shall be undertaken,
unless in the Issuer’s opinion the
determinative
conception
and
32
während der Laufzeit maßgebliche
Konzept und die Berechnung des
Indexes infolge einer Veränderung,
Anpassung oder anderen Maßnahme
nicht mehr vergleichbar ist mit dem
am
Tag
des
Angebotsbeginns
maßgeblichen Konzept oder der an
diesem
Tag
maßgeblichen
Berechnung
des
Indexes.
Die
Vergleichbarkeit ist insbesondere
dann nicht mehr gegeben, wenn sich
aufgrund
einer
Veränderung,
trotz gleichbleibender Kurse der im
Index enthaltenen Einzelwerte und
ihrer Gewichtung eine wesentliche
Änderung des Indexes ergibt. Eine
Anpassung
der
Ausstattungsmerkmale kann auch bei
Aufhebung des Indexes und/oder
einer Ersetzung durch ein anderes
Indexkonzept erfolgen.
calculation of the Index during the
term of the Certificates, as a result of
a modification, adjustment or other
measure, is no longer comparable to
the determinative conception or
relevant calculation of the Index as of
the day the offering commenced. In
particular, the Index conception shall
be deemed no longer comparable in
particular when, as a result of a
modification, adjustment or other
measure, the value of the Index shall
change
materially
despite
the
absence of any change in the trading
prices or weighting of the Index
constituents. An adjustment of the
Certificate Characteristics may also
be undertaken in the event of a
termination of the Index and / or its
replacement by a different Index
conception.
(3)
Zum Zweck einer Anpassung kann (3)
der Emittent nach billigem Ermessen
(§§ 315, 317 BGB) und unter
Berücksichtigung der Restlaufzeit der
Zertifikate
und
ihres
letzten
festgestellten Kurses ein angepasstes
Bezugsverhältnis ermitteln, das in
seinem
wirtschaftlichen
Ergebnis
möglichst weitgehend der bisherigen
Regelung entspricht. Der Emittent
wird dann unter Berücksichtigung des
Zeitpunkts
der
Veränderung,
auch den Tag bestimmen, an dem die
angepassten Ausstattungsmerkmale
erstmals zugrunde zu legen sind.
When making any adjustment, the
Issuer may fix an adjusted Reference
Ratio in the fair exercise of its
discretion (§§ 315, 317 BGB), taking
into account the remaining term of the
Certificates and the last trading price
established for them. The Issuer shall
seek to make the adjusted Reference
Ratio correspond as closely as
possible to the previous one from the
standpoint of its economic effect. The
Issuer shall then, taking into account
the time at which the modification,
adjustment or other measure shall
have been introduced, also fix a day
as of which the adjusted Certificate
Characteristics shall go into effect for
the first time.
(4)
Wird der Index nicht mehr von der (4)
Festlegungsstelle, sondern von einer
anderen Person, Gesellschaft oder
Institution, die der Emittent nach
billigem Ermessen (§§ 315, 317 BGB)
für
geeignet
hält
("Ersatzfestlegungsstelle") berechnet
und veröffentlicht, so wird der
Abrechnungsbetrag
auf
der
Grundlage
des
von
der
Ersatzfestlegungsstelle berechneten
und veröffentlichten Index berechnet.
Jede in diesen Zertifikatsbedingungen
enthaltene Bezugnahme auf die
In the event that the Index shall no
longer be calculated and published by
the Determination Agent, but by
another person, corporation or
institution that the Issuer shall deem
suitable ("Replacement Determination
Agent") in the fair exercise of its
discretion (§§ 315, 317 BGB), the
Redemption
Amount
shall
be
calculated on the basis of the Index
as calculated and published by the
Replacement Determination Agent. In
this event, every reference to the
Determination Agent in these terms of
33
Festlegungsstelle gilt, sinngemäß, als
Bezugnahme
auf
die
Ersatzfestlegungsstelle.
the Certificates shall thenceforth be
deemed
a
reference
to
the
Replacement Determination Agent,
mutatis mutandis.
(5)
Wird der Index aufgehoben bzw. (5)
durch ein anderes Indexkonzept
ersetzt,
oder
kann
die
Lizenzvereinbarung zwischen der
Festlegungsstelle
und
dem
Emittenten nicht fortgesetzt werden,
wird der Emittent, ggf. unter
entsprechender
Anpassung
des
Bezugsverhältnisses, bestimmen, ob
und welches andere Indexkonzept
künftig für die Berechnung des
Abrechnungsbetrages zugrunde zu
legen ist.
If the Index shall be terminated or
replaced by another Index conception,
or if the license agreement between
the Issuer and the Determination
Agent shall be discontinued, the
Issuer shall determine whether any
and which other Index conception
shall thenceforth serve as underlying
for calculation of the Redemption
Amount,
by
adjustment
when
necessary of the Reference Ratio.
(6)
Ist nach Ansicht des Emittenten eine (6)
Festlegung
eines
anderen
maßgeblichen Indexkonzepts, aus
welchen Gründen auch immer, nicht
möglich, ist der Emittent berechtigt,
aber nicht verpflichtet, die Zertifikate
vorzeitig durch Bekanntmachung
gemäß § 9 unter Angabe des
nachstehend
definierten
Kündigungsbetrags zu kündigen. Die
Kündigung wird wirksam mit dem
Zeitpunkt
der
Bekanntmachung
gemäß § 9 ("Kündigungstag"). Die
Laufzeit der Zertifikate endet in
diesem Falle vorzeitig. Im Falle einer
Kündigung zahlt der Emittent an jeden
Zertifikatsinhaber innerhalb von fünf
Bankarbeitstagen
nach
dem
Kündigungstag einen Betrag je
Zertifikat ("Kündigungsbetrag"), der
von dem Emittenten bzw. der
Berechnungsstelle
nach
billigem
Ermessen gemäß §§ 315, 317 BGB
als angemessener Marktpreis eines
Zertifikats festgelegt wird. Für die
Zahlung
des
Kündigungsbetrags
gelten ansonsten die Regelungen des
§ 3 entsprechend.
In the event the Issuer shall determine
that substitution of an appropriate new
relevant Index conception is not
possible for whatever reason, the
Issuer shall be authorized, but not
obligated, to terminate the Certificates
prematurely by making a public
announcement in accordance with § 9
that includes the Termination Amount
hereinafter defined. Such termination
shall take effect as of the time of the
public announcement pursuant to § 9
(the "Termination Date"). The term of
the Certificates will in this event end
prematurely.
In the event of a
termination, the Issuer shall pay to
each Certificate-holder, not later than
five Banking Days following the
Termination Date, an amount per
Certificate ("Termination Amount")
that the Issuer or the Calculation
Agent shall deem, in the fair exercise
of its discretion pursuant to §§ 315,
317 BGB, to be the fair market value
of such Certificate. The provisions of
§ 3 shall apply mutatis mutandis to
payment of the Termination Amount.
(7)
Die Anpassungen und Festlegungen (7)
sowie
der
Zeitpunkt
ihres
Inkrafttretens werden durch den
Emittenten nach § 9 bekannt
gemacht.
The Issuer shall publicly announce
any adjustment and determination,
and the time at which they shall take
effect, in accordance with § 9.
(8)
Ergänzend zu den vorgenannten (8)
Bestimmungen gelten die Regelungen
The regulations of the Determination
Agent shall apply in addition to the
34
der Festlegungsstelle.
provisions hereof.
§6
Ersetzung des Emittenten
§6
Substitution of the Issuer
(1)
Der Emittent ist jederzeit berechtigt, (1)
ohne
Zustimmung
der
Zertifikatsinhaber
einen
anderen
Schuldner aus den Zertifikaten
("Neuer Emittent") an seine Stelle zu
setzen, sofern folgende Bedingungen
erfüllt sind
The Issuer shall be authorized at any
time, and without obtaining approval
of the Certificate-holders, to substitute
for itself another debtor as Debtor
under the Certificates (the "New
Issuer"), provided that all the following
conditions are satisfied
(a)
der Neue Emittent durch
Vertrag mit dem Emittenten
alle
Verpflichtungen
des
Emittenten aus oder im
Zusammenhang
mit
den
Zertifikaten übernimmt, und
(a)
the New Issuer shall assume
all obligations of the Issuer
under or in connection with the
Certificates pursuant to an
agreement with the Issuer; and
(b)der
Emittent und der Garant
unbedingt und unwiderruflich
zu
Gunsten
der
Zertifikatsinhaber die Erfüllung
aller
von
dem
Neuen
Emittenten zu übernehmenden
Verpflichtungen
garantiert
haben und
(b)
the Issuer and the Guarantor
shall have unconditionally and
irrevocably guaranteed to the
Certificate-holders
the
fulfilment of all obligations to
be assumed by the New
Issuer; and
(c)
der
Neue
Emittent
alle
notwendigen Genehmigungen
der Behörden des Landes, in
dem er seinen Sitz hat,
erhalten hat.
(c)
the New Issuer shall have
obtained
all
requisite
approvals from the authorities
in the country in which it has
its registered address.
(2)
Im Falle einer solchen Ersetzung gilt (2)
jede in diesen Zertifikatsbedingungen
enthaltene Bezugnahme auf den
Emittenten fortan als Bezugnahme
auf den Neuen Emittenten.
In the event of such a substitution, all
references to the Issuer in these
terms of the Certificates shall be
deemed as reference to the New
Issuer.
(3)
Die Ersetzung ist unverzüglich gemäß (3)
§ 9 bekannt zu machen.
The substitution shall be publicly
announced
without
delay
in
accordance with § 9.
§7
Marktstörung
Market Disturbance
(1)
Wenn
nach
Auffassung
des (1)
Emittenten am Bewertungstag in
Bezug auf die Zertifikate eine
Marktstörung gemäß Absatz (2)
vorliegt, so gilt als Bewertungstag der
nächstfolgende Bankarbeitstag, an
dem
keine
Marktstörung
mehr
vorliegt. Der Emittent wird sich
bemühen, unverzüglich gemäß § 9
§7
35
If the Issuer shall determine that a
Market Disturbance relative to the
Certificates within the meaning of
paragraph (2) has occurred on the
Valuation Date, the next Banking Day
on which no Market Disturbance shall
exist shall be deemed the Valuation
Date. The Issuer shall make efforts to
announce
without
delay
in
(2)
(3)
bekannt zu machen, dass eine
Marktstörung eingetreten ist. Eine
Pflicht zur Mitteilung besteht jedoch
nicht. Wenn die Feststellung aufgrund
der Bestimmungen dieses Absatzes
um fünf Bankarbeitstage verschoben
worden ist und auch an diesem Tag
die Marktstörung fortbesteht, ist für
den
Basiswert
(Index)
ein
"Ersatzpreis" festzustellen.
accordance with § 9 that such a
Market Disturbance has taken place;
but it shall be under no obligation to
make any such announcement. If the
Valuation Date shall be postponed for
five Banking Days pursuant to the
provisions of this paragraph, and the
Market Disturbance shall persist on
such fifth day, an "Alternative Price"
shall be determined for the underlying
(Index).
"Ersatzpreis"
im
Sinne
dieser
Zertifikatsbedingungen ist, soweit
erhältlich,
die
von
der
Festlegungsstelle
oder
der
maßgeblichen Terminbörse ermittelte
Index-Ersatzzahl. Falls eine solche
Index-Ersatzzahl nicht ermittelt wird,
bestimmt der Emittent den Stand des
Indexes, der nach Beurteilung des
Emittenten den an diesem Tag
herrschenden
Marktgegebenheiten
entspricht.
For purposes of these terms of the
Certificates, an "Alternative Price"
shall mean, provided it shall be
available, the Alternative Index Value
(Index-Ersatzzahl) determined by the
Determination Agent or the relevant
Futures Exchange.
If no such
Alternative Index Value shall be
determined,
the
Issuer
shall
determine the value of the Index, such
as it shall deem best corresponds to
the market conditions prevailing on
that day.
Eine "Marktstörung" bedeutet die (2)
vorübergehende Suspendierung oder
wesentliche
Einschränkung
des
Handels
"Market Disturbance" shall mean the
temporary suspension or significant
restriction of trading
(a)
eines
einzelnen
Indexbestandteils
oder
mehrerer
Indexbestandteile;
oder
(a)
of any one or more Index
constituent (s);
(b)
bezogen auf den Index; oder
(b)
the Index itself; or
(c)
in
einem
Terminoder
Optionskontrakt in Bezug auf
den
Index
oder
die
Indexbestandteile,
an
der
maßgeblichen
Terminbörse,
falls solche dort gehandelt
werden.
(c)
in any futures or options
contract on the underlying
Index or Index constituents on
the
relevant
Futures
Exchange, if any such shall be
traded there.
Die genannten Suspendierungen oder (3)
Einschränkungen müssen innerhalb
der letzten 30 Minuten vor der
Berechnung des Bewertungskurses
des Basiswertes (Index) eintreten
bzw. bestehen und nach Auffassung
des Emittenten wesentlich sein. Eine
Einschränkung der Handelszeit oder
der Handelstage gilt nicht als
Marktstörung, wenn sie auf eine
angekündigte
Änderung
der
36
Such suspensions or restrictions must
occur or continue in the last 30
minutes of trading prior to calculation
of the Reference Price of the Index,
and must be deemed significant by
the Issuer. A restriction of the trading
hours or trading days shall not qualify
as a Market Disturbance, if such
restriction shall result from an
announced change in the regular
trading hours announced by the
regelmäßigen Geschäftsstunden der
(Termin-) Börse zurückzuführen ist.
Die durch die (Termin-) Börse
während
eines
Handelstages
auferlegte Handelsbeschränkung zur
Verhinderung
von
Preisveränderungen, die bestimmte
vorgegebene Grenzen überschreiten
würden, gilt dann als Marktstörung,
wenn diese Beschränkung bis zum
Ende der Handelszeit an dem
betreffenden Tag fortdauert. Die in § 5
Abs. (1) beschriebenen Fälle fallen
nicht unter diesen § 7.
(Futures) Exchange. A restriction on
trading imposed by the (Futures)
Exchange in the course of a Trading
Day to prevent price changes that
would exceed certain given thresholds
shall qualify as a Market Disturbance
if (but only if) such restriction shall
remain in effect until the close of
trading on the relevant Trading Day.
The events described in § 5 Par. (1)
shall not qualify as a Market
Disturbance under this § 7.
(4)
der
Festlegungsstelle
und
der
Terminbörse.
Agent and of the Futures Exchange
shall apply in addition to the
provisions hereof.
§8
Aufstockung, Rückkauf von
Zertifikaten
Additional
Issuances
Repurchase of Certificates
(1)
Der Emittent ist berechtigt, jederzeit (1)
weitere
Zertifikate
mit
gleicher
Ausstattung zu begeben, so dass sie
mit den Zertifikaten zusammengefasst
werden, eine einheitliche Emission mit
ihnen bilden und ihre Anzahl erhöhen.
Der Begriff "Zertifikate" umfasst im
Fall einer solchen Aufstockung auch
solche
zusätzlich
begebenen
Zertifikate.
time to issue additional Certificates
with equal terms, such that they shall
be aggregated with, form a unified
issuance with, and increase the
outstanding
number
of,
the
Certificates. The term "Certificates"
shall in the event of any such
additional issuance include the
Certificates thus newly issued.
(2)
Die Gesellschaften der Vontobel- (2)
Gruppe
(hierzu
zählen
alle
konsolidierten Tochtergesellschaften
der Vontobel Holding AG) sind
jederzeit während der Laufzeit der
Zertifikate berechtigt, diese börslich
oder außerbörslich zu kaufen oder zu
verkaufen.
Diese
Gesellschaften
haben keine Verpflichtung, die
Zertifikatsinhaber über einen solchen
Kauf bzw. Verkauf zu unterrichten.
Zurückerworbene Zertifikate können
entwertet, gehalten, weiterveräußert
oder in anderer Weise verwendet
werden.
The companies in the Vontobel Group
(included herein are all consolidated
subsidiaries of Vontobel Holding AG)
are authorized to buy and sell
Certificates at any time during the
term of the Certificates, either on an
Exchange or over the counter. These
companies have no duty to inform
Certificate-holders
about
such
repurchases and sales. Repurchased
Certificates can be annulled, held, resold or otherwise disposed of.
§9
Bekanntmachungen
Announcements
§8
§9
Alle die Zertifikate betreffenden
Bekanntmachungen erfolgen durch
Veröffentlichung in mindestens einem
überregionalen Pflichtblatt derjenigen
37
and
All announcements concerning the
Certificates shall be made by means
of publication in at least one supraregional official journal of those
Börsen, an denen die Zertifikate
notiert sind. Sofern nicht gesetzlich
geregelt
bzw.
in
diesen
nicht
ausdrücklich vorgesehen, dienen
diese Bekanntmachungen nur zur
Information
und
stellen
keine
Wirksamkeitsvoraussetzung dar. Im
Falle der Zulassung der Zertifikate
zum
Handel
an
der
SeDeX
(Italienische Börse Mailand) gelten
sämtliche Bekanntmachungen an die
Zertifikatsinhaber, die über das
Informationssystem der Italienischen
Börse
S.p.A.
gemäß
den
anwendbaren Regeln erfolgen, als an
dem Tag wirksam zugegangen, an
dem die Bekanntmachung auf der
entsprechenden
Homepage
der
Italienischen Börse erfolgt bzw. an die
Italienische Börse übermittelt wird.
Exchanges on which the Certificates
shall be listed for trading. Unless
otherwise expressly stipulated by law
or not expressly provided for in these
terms of the Certificates, all such
public announcements shall serve
only for the purpose of information,
and shall not constitute a precondition to effectiveness. In the event
that the Certificates are admitted to
trading on the SeDeX, any notice to
the Certificate-holders shall be
deemed to be valid, if made through
the notification systems of Borsa
Italiana S.p.A. and in accordance with
the applicable Italian laws and
regulations at any time when the
Certificates are admitted to trading on
SeDeX and will become effective on
the day of publication on the relevant
website or delivery to Borsa Italiana
S.p.A. as applicable.
§ 10
Verschiedenes
§ 10
(1)
Form und Inhalt der Zertifikate sowie (1)
die Rechte und Pflichten des
Emittenten, der Berechnungsstelle,
der
Zahlstelle
und
der
Zertifikatsinhaber bestimmen sich, mit
Ausnahme der Garantie (§ 1 Abs. (6)),
nach dem Recht der Bundesrepublik
Deutschland.
With the exception of the guarantee
(§ 1, Par. (6)), the form and content of
the Certificates and the rights and
obligations of the Issuer, the
Calculation Agent, the Paying Agent
and the Certificate-holders shall be
governed by the law of the Federal
Republic of Germany.
(2)
Erfüllungsort ist Frankfurt am Main.
(2)
Official place of fulfilment shall be
Frankfurt am Main, Germany.
(3)
Gerichtsstand
für
alle (3)
Rechtsstreitigkeiten aus den in diesen
geregelten
Angelegenheiten ist, mit Ausnahme
der Garantie (§ 1 Abs. (6)), soweit
gesetzlich zulässig, Frankfurt am
Main.
The venue for all matters arising from
these terms of the Certificates, with
the exception of the guarantee (§ 1
Par. (6)), shall be, so far as
permissible by law, Frankfurt am
Main, Germany.
(4)
Soweit der Emittent oder die (4)
Berechnungsstelle
nach
diesen
Zertifikatsbedingungen Anpassungen
vornehmen oder nicht vornehmen
sowie sonstige Maßnahmen treffen
oder unterlassen, haften sie nur bei
Verletzung
der
Sorgfaltspflichten
eines ordentlichen Kaufmanns sowie
bei grober Fahrlässigkeit.
Insofar as the Issuer or the
Calculation Agent shall undertake, or
not undertake, adjustments or other
measures pursuant to these terms of
the Certificates, they shall be liable
only in the event of gross negligence
or a breach of the duty of a prudent
businessman.
38
Miscellaneous
(5)
Der Emittent ist berechtigt, in diesen (5)
(i)
offensichtliche
Schreiboder
Rechenfehler
oder
sonstige
offensichtliche Irrtümer sowie (ii)
widersprüchliche oder lückenhafte
Bestimmungen ohne Zustimmung des
Zertifikatsinhabers zu ändern bzw. zu
ergänzen, wobei in den unter (ii)
genannten
Fällen
nur
solche
Änderungen
bzw.
Ergänzungen
zulässig
sind,
die
unter
Berücksichtigung der Interessen des
Emittenten für den Zertifikatsinhaber
zumutbar sind, d.h. die finanzielle
Situation des Zertifikatsinhabers nicht
wesentlich verschlechtern bzw. die
Ausübungsmodalitäten
nicht
wesentlich erschweren. Änderungen
bzw.
Ergänzungen
dieser
werden
unverzüglich gemäß § 9 bekannt
gegeben.
The Issuer shall be authorized to
modify or expand, without obtaining
approval of the Certificate-holders, (i)
obvious
errors
in
language,
calculation or other aspects of these
terms of the Certificates and (ii)
contradictory or incomplete terms
hereof, provided that, in the cases
falling under clause (ii), only such
modifications or expansions shall be
permissible as may fairly be imposed
on the Certificate-holders, taking the
Issuer’s interests into account; i.e.,
such as do not place the Certificateholders in a significantly worse
position
from
an
economic
perspective, and do not make the
process of exercising their rights
under the Certificates significantly
more difficult. All such modifications
and expansions shall be announced
publicly without delay in accordance
with § 9.
(6)
Sollte
eine
Bestimmung
dieser (6)
Zertifikatsbedingungen ganz oder
teilweise unwirksam, unvollständig
oder undurchführbar sein oder werden,
so wird hierdurch die Geltung der
übrigen Bestimmungen nicht berührt.
An die Stelle der unwirksamen,
unvollständigen
oder
undurchführbaren Bestimmung und
zur Schließung der Regelungslücke
soll eine dem Sinn und Zweck dieser
und
den
Interessen
der
Beteiligten
entsprechende Regelung treten.
In the event any provision of these
terms of the Certificates shall or will
become, in whole or in part, invalid,
incomplete or unenforceable, this
shall not affect the validity of the rest
of the provisions.
The invalid,
incomplete or unenforceable provision
shall be replaced, and the resulting
gaps shall be corrected, by a
provision corresponding to the intent
and purpose of these terms of the
Certificates and to the interests of the
parties affected.
(7)
Die Verbreitung des Prospekts (7)
einschließlich
der
und
das
Angebot bzw. der Erwerb der
Zertifikate können in bestimmten
Ländern gesetzlichen Beschränkungen
unterliegen. Ein Angebot bzw. der
Erwerb der Zertifikate ist in jedem
Land nur unter Einhaltung der dort
anwendbaren Vorschriften zulässig.
The distribution of the Base
Prospectus, including these terms of
the Certificates, and the offering or
acquisition of Certificates, may be
subject to legal restrictions in certain
countries. It is permissible to offer or
to acquire Certificates in any country
only in compliance with all legal
provisions applicable in such country.
39
Anlage 1 / Exhibit 1
CH-Valor
ISIN
3995978
DE000VTA0AG7
WKN Stückzahl
VTA0A
G
bis zu
500000
Index*/ Währung
Consumption Total
Return Index (Total
Return) / EUR
Bezugsverhältn
is
(als
Anfänglicher
Dezimalzahl Managementgebü Festlegungsstelle / Verkaufspreis*
ausgedrückt)*
hr
Indexsponsor*
*
0,1
1,60 % p.a.
Bank Vontobel AG,
Zürich
EUR 71,034
*) Angaben vorbehaltlich einer Anpassung gemäß § 5 der Zertifikatsbedingungen, einer Kündigung gemäß §§ 3, 5 der
Zertifikatsbedingungen bzw. einer Marktstörung gemäß § 7 der Zertifikatsbedingungen.
**) Bezogen auf den Indexwert am 14. Juli 2008; der erste von dem Market Maker festgestellte Börsenkurs kann von dem
anfänglichen Verkaufspreis abweichen.
CH-Valor
3995978
ISIN
No. of
Issued
Certificate
s
WKN
DE000VTA0AG
up to
7
VTA0AG 500000
Index*/ Currency
Consumption Total Return
Index (Total Return) / EUR
Reference
Ratio
0.1
1.60% p.a.
Determination
Agent*
Initial Offering
Price**
Bank Vontobel AG,
Zurich
EUR 71.034
40
DICHIARAZIONE DI ESERCIZIO
(La presente dichiarazione deve essere compilata e firmata a cura del portatore dei
Certificates e trasmessa via fax al soggetto sotto indicato)
A:
Bank Vontobel AG
Gotthardstrasse 43
8022 Zurich, Switzerland
Fax: 0041-58-283-5545
Tel: 0041-58-283-71-11
(Calculation Agent)
Certificates su [•] [scad. [•]] emessi da Vontobel Financial Products GmbH
Il sottoscritto portatore
__________________________________________
con la presente esercita in modo irrevocabile i diritti garantiti dai Certificates ai sensi dei
Terms and Conditions dei Certificates.
Codice ISIN dei Certificates oggetto della presente dichiarazione di esercizio:
______________________________________________
Numero di Certificates oggetto della presente dichiarazione di esercizio:
_____________________________________________
*°*°*
Il sottoscritto portatore, in relazione alla presente dichiarazione di esercizio:
(a) dichiara di aver dato disposizione a ________________________ [indicare il nome della
banca presso la quale i Certificates sono depositati] affinché effettui in via irrevocabile
l’addebito dei predetti Certificates sul proprio conto n. ___________________________
presso la suddetta banca e trasferisca tali Certificates sul conto n. 63069 di Intesa
Sanpaolo presso Monte Titoli S.p.A., entro il _________________ [indicare la relativa
data di liquidazione];
(b) richiede di procurare l’accredito del corrispondente Redemption Amount relativo ai
predetti
Certificates
sul
proprio
conto
n.
______________
presso____________________ [estremi completi del conto del portatore] entro il
___________________ [indicare la relativa data di liquidazione], prendendo atto che tale
accredito sarà subordinato alla circostanza che i predetti Certificates siano stati trasferiti
come da precedente lettera (a) entro la data ivi indicata.
41
Il sottoscritto portatore è consapevole che:
1.
con la presente Dichiarazione di Esercizio esercita in modo irrevocabile i Certificates
con le caratteristiche precedentemente descritte secondo le modalità previste nei
Terms and Conditions dei Certificates;
2.
deve adempiere all’obbligo di far pervenire la presente Dichiarazione di Esercizio entro
le ore 10.00 (CET) del giorno lavorativo precedente l’Exercise Date;
3.
qualora la presente Dichiarazione di Esercizio sia inviata successivamente al termine di
cui al punto 2 che precede, questa avrà efficacia rispetto alla Exercise Date
immediatamente successiva.
______________________________________________________
(Luogo e data)
______________________________________________________
(Firma (firme) del portatore dei Certificates)
42
DICHIARAZIONE DI RINUNCIA ALL’ESERCIZIO
A:
Kaiserstrasse 6
60311 Frankfurt am Main, Germany
Fax: 0049-69-297-208-38
Tel: 0049-69-297-208-11
__________________________________________
con la presente comunica la volontà di rinunciare all’esercizio dei diritti garantiti dai
Certificates ai sensi dei Terms and Conditions dei Certificates.
Codice ISIN dei Certificates per i quali rinuncia all’esercizio:
______________________________________________
Numero di Certificates per i quali rinuncia all’esercizio:
_____________________________________________
Il sottoscritto è consapevole che la dichiarazione di rinuncia all’esercizio non sarà efficace
qualora non siano rispettati i termini e le condizioni di rinuncia all’esercizio di cui ai Terms
and Conditions dei Certificates.
Il sottoscritto è, altresì, consapevole che la presente dichiarazione di rinuncia all’esercizio è
irrevocabile e che la comunicazione a Vontobel Financial Products GmbH, comporta la
rinuncia irrevocabile al Redemption Amount.
______________________________________________________
(Luogo e data)
_______________________________________________
43
Description of the Vontobel Sustainable Consumption Total Return Index
The English translation of the Description of the Vontobel Sustainable Consumption
Total Return Index is for convenience purposes only. The German language version
shall prevail over the English translation.
Index Universum
Index Universe
dem die Titel für den Vontobel Sustainable
Consumption Total Return selektiert werden
können,
besteht
aus
Aktien
von
Unternehmen, die folgenden Kriterien
erfüllen:
the components of the Vontobel Sustainable
Consumption Total Return Index may be
selected, contains exclusively shares of
companies, which:
• die
INrate erfüllen
• are considered sustainable according to
the INrate sustainability criteria
von
• are listed on a stock exchange
• gemäß
INRate
Klassifikation
(1) Beauty & Fashion,
Communication, (4) Food.
(2)
Living,
• pursuant to INRate rating, are active
primarily in one of the following four areas
(sub-sectors):
(3) (1) Beauty & Fashion,
Communication, (4) Food
(2)
Living,
(3)
Universums zeichnet die unabhängige Agency INRate is responsible for the
Schweizer
INRate verantwortlich.
Titel Selektion
die
Bank
Vontobel
AG
die
und
die
Gewinnschätzungen
data.
EUR 500 Millionen
EUR 500 Million
• Pro Subsektor diejenigen fünf
Aktien, welche die höchste relative
je
Aktie
und
aktueller
• The five shares per sub-sector which
show the highest relative increase
between the last earnings per share
and current earnings consensus
44
forecast.
halbjährigen Index Rebalancing Datum
mit fünf Aktien vertreten, die gleich gewichtet
halbjährlichen Index Rebalancing Datum eine
Gewichtung von je 5% des jeweiligen
terms at the Issue Date and at each half
yearly Index Rebalancing Date: each of the
four sub-sectors is weighted 25% of the
market value of the Index and is represented
by five shares, which are equally weighted.
Each of the 20 shares has at the Issue Date
and immediately after the half yearly Index
Rebalancing Date a weight of 5% of the
Kapitalereignisse
wie
Dividenden,
Firmenübernahmen
und
Fusionen
im
Vontobel Sustainable Consumption Total
Return Index berücksichtigt werden.
geraten,
werden
aus
dem
Index
oben
genannten
Gründe
(Illiquidität,
ersetzenden
Titels
in
den
Index
aufgenommen.
Die
Zusammensetzung
des
Vontobel
Sustainable Consumption Total Return Index
wird halbjährlich überprüft. Die neuen
Indexmitglieder werden eine Woche vor dem
Rebalancing Datum anhand der oben
genannten Kriterien ermittelt.
The composition of the Vontobel Sustainable
Consumption Total Return Index will be
reviewed half yearly. New index components
will be determined on the basis of the above
Rebalancing Date.
halbjährlichen
Indexanpassung
neu
von 5% im Index zu gewährleisten.
For the half yearly index review the index
weighting factor to guarantee a weight of 5%
in the index.
are reflected accurately in the Vontobel
Sustainable Consumption Total Return Index.
Die
Umsetzung
der
Zusammensetzung findet jeweils nach dem close of the exchange on the third Friday in
45
Börsenschluss am dritten Freitag in den June and December.
Monaten Juni und Dezember statt.
Indexwährung
Index Currency
EUR
EUR
17. Dezember 2007/ EUR 1000,00
December 17, 2007/ EUR 1000.00
Halbjährlich, jeweils am dritten Freitag in den Half yearly, on every third Friday of the
Monaten Juni und Dezember (erstmals months June and December (starting
Dezember 2008).
December 2008).
Rebalancing Preis
Rebalancing Price
durch
den
Indexsponsor.
Für
die
rechnerische
Neugewichtung
bzw.
Neuzusammensetzung
werden
die
jeweiligen
Index
Rebalancing
Datum,
herangezogen.
Die
Bewertungskurse
der
Aktientitel,
die
am
jeweiligen
Certificate
aufgrund
von
Entwicklungen
derartige
angebracht erscheint, kann der Indexsponsor would be inappropriate , the Index Sponsor
die Indexberechnung unter Einhaltung einer can under observance of a 30 day notice
30-tägigen Ankündigungsfrist einstellen oder period discontinue or defer index calculation
vorübergehend aussetzen. In beiden Fällen temporarily. In both cases, the issuer has a
hat
der
Emittent
ein
jederzeitiges right to terminate the Certificates at any time
Kündigungsrecht
der
Indexzertifikate (notice period of 14 banking days).
46
der
Summe
der
Schlusskurse
der
Indexwährung.
Currency.
Index Wertes
value
Der Vontobel Sustainable Consumption Index
Total Return wird vom Index Sponsor alle 15
Sekunden berechnet
und von Reuters
veröffentlicht.
The Vontobel Sustainable Consumption
Index Total Return will be calculated by the
Index Sponsor every 15 seconds and will be
Aktueller Indexwert
Actual Index Value
EUR 710,34 (am 14. Juli, 2008)
EUR 710.34 (as of July 14, 2008)
Der Index startete am 17. Dezember 2007 The Index has started on December 17, 2007
mit einem Indexwert von EUR 1000,00.
with an Index Value of EUR 1000.00.
des Vontobel Sustainable Consumption Vontobel Sustainable Consumption Total
Total Return Index
Return Index
INDEXZUSAMMENSETZUNG AM 23. JUNI2008
(Fixierungstag (Rebalancing))
Sub-sector
Company
Beauty & Fashion
Avon Products Inc
/
Weight1
Number of
shares
AVP US
5%
0.101002
ORI SS
5%
0.058530
XETRA
BEI GR
5%
0.048499
Osaka Stock
Exchange
7309 JT
5%
0.076383
NYSE
WTW US
5%
0.097420
Green Mountain Coffee Roasters
Inc
NASDAQ GS
GMCR US
5%
0.085161
J Sainsbury PLC
London Stock
Exchange
SBRY LN
5%
0.570648
Delhaize Group
EN Brussels
DELB BB
5%
0.053560
Tesco PLC
London Stock
Exchange
TSCO LN
5%
0.491015
United Natural Foods Inc
NASDAQ GS
UNFI US
5%
0.166708
Seiko Epson Corp
Tokyo Stock
Exchange
6724 JT
5%
0.146782
NYSE
HPQ US
5%
0.080295
Dell Inc
NASDAQ GS
DELL US
5%
0.156097
Sharp Corp
Tokyo Stock
Exchange
Shimano Inc
Weight Watchers International Inc
Hewlett-Packard Co
Living
Bloomberg
Symbol
NYSE
Beiersdorf AG
Communication
Stock Exchange
Stockholm Stock
Exchange
Oriflame Cosmetics SA
Food
(Fixing Date (Rebalancing))
6753 JT
5%
0.227384
Vodafone Group Plc
London Stock
Exchange
VOD LN
5%
1.279142
eBay Inc
NASDAQ GS
EBAY US
5%
0.131779
47
1
Amazon.com Inc
NASDAQ GS
AMZN US
5%
0.045293
Pearson PLC
London Stock
Exchange
PSON LN
5%
0.298638
Herman Miller Inc
NASDAQ GS
MLHR US
5%
0.149887
Pioneer Corp
Tokyo Stock
Exchange
6773 JT
5%
0.428980
Initial weight as for the last rebalancing (June 23, 2008); such weight changes which the prices of the relevant index components.
48
IV.
TAXATION OF CERTIFICATES
Taxation in Italy
The following description of the Italian tax regime of the Certificates is drawn up on
the basis of the provisions in force as of the date of the Base Prospectus, dated as of
February 20, 2008. It should be noted that taxation of the Certificates may change as
a result of future changes in the relevant provisions (which may, in some cases, have
retroactive effect), as well as future interpretations of tax authorities and tax courts. In
particular, the Italian Government may in the near future be authorised by Parliament
to amend the tax regime applicable to financial income. Please note that the Base
Prospectus, dated as of February 20, 2008, will not be amended to take into account
such future changes.
The following description involves a non-exhaustive overview of some of the possible
tax consequences of an investment in the Certificates and, therefore, is not a
complete depiction of all information that may be relevant in connection with making
an investment decision with respect to the Certificates. Moreover, this description
does not discuss the unique tax circumstances of the specific investor and cannot,
therefore, serve as the sole basis for judging the tax consequences of an investment
in the Certificates. Please note that this description does not address the case of nonresidents, apart from the case of non–resident companies holding the Certificates
through an Italian permanent establishment.
This overview sets out only general remarks and should not, therefore, be mistaken
for a binding guaranty in an insufficiently defined field, namely that of the tax
treatment of investments in the Certificates. In this regard, it is fair to say that no
specific case law or administrative practice exists on the tax regime of similar
financial instruments.
It is recommended that investors promptly consult with a tax advisor who can take
into consideration the personal situation of the investor in connection with analyzing
the tax consequences and the applicability of the following general principles.
Resident individuals
Please note that it is hereinafter assumed that the individual holds the investment in
the Certificate in his/her capacity of private individual, i.e., as individual not engaged
in entrepreneurial activities.
Since the investor suffers the risk of the total loss of the amount invested and is not
guaranteed with any minimum return, the income from the Certificate, which is
realized upon either the redemption or the sale of the Certificate, qualifies as capital
gain (rather than income from capital) for Italian tax purposes pursuant to Article 67
Presidential decree No. 917 of 22 December 1986 (income tax consolidated act,
hereinafter "ITCA").
Pursuant to Article 68 ITCA, the capital gain is equal to the difference between the
amount received because of redemption or resale of the Certificate and the amount
paid for subscribing (or purchasing) the same Certificate, this latter amount being
increased of any related expenses with the exception of interest expenses.
The capital gain so computed is subject to substitute tax (imposta sostitutiva) at the
12.5 per cent rate and, therefore, is not included in the total taxable income of the
individual subject to progressive tax rates (the income would be included in the total
taxable income, if the individual holds the investment in the framework of an
entrepreneurial activity).
49
Under the tax declaration regime (regime della dichiarazione), which is the default
regime, the 12.5 per cent substitute tax will be chargeable, on a cumulative basis, on
all capital gains, net of incurred capital losses, realized by the individual pursuant to
all redemptions or sales of the Certificates carried out during any given year. The
individual must indicate the overall capital gains realized in any year, net of any
relevant incurred capital loss, in the annual tax return and pay the 12.5 per cent
substitute tax on such gains together with any balance income tax due for such year.
Capital losses in excess of capital gains may be carried forward against capital gains
realized in any of the four following years.
Alternatively to the tax declaration regime, the individual may elect to pay the 12.5 per
cent substitute tax separately on capital gains realized on each redemption or sale of
the Certificates (risparmio amministrato regime). Such separate taxation of capital
gains is allowed subject to (i) the Certificates being deposited with banks, SIMs or
other authorized intermediaries and (ii) an express election of separate taxation being
timely made in writing by the individual. The intermediary is responsible for
accounting for the 12.5 per cent substitute tax in respect of capital gains realized on
each redemption or sale of the Certificates, as well as on capital gains realized as at
revocation of its mandate, net of any incurred capital losses, and is required to pay
the relevant amount to the tax authorities, deducting a corresponding amount from
proceeds to be credited to the individual. Where a particular redemption or sale of the
Certificates results in a capital loss, the intermediary is entitled to deduct such loss
from gains subsequently realized on assets held with the same securities
management in the same year, or in the following years up to the fourth. Under the
risparmio amministrato regime the holder of the Certificates remains anonymous (i.e.,
is not required to declare the capital gains in the annual tax return).
Any capital gains realized by Italian resident individuals that hold the Certificates not
in connection with an entrepreneurial activity and have entrusted the management of
their financial assets, including the Certificates, to an authorized intermediary and
have opted for the so-called risparmio gestito regime will be included in the
computation of the annual increase in value of the managed assets accrued, even if
not realized, at year end, subject to the 12.5 per cent substitute tax, to be paid by the
managing authorized intermediary. Under the risparmio gestito regime, any
depreciation of the managed assets accrued at year end may be carried forward
against the increase in value of the managed assets accrued in any of the four
following years. Under the risparmio gestito regime, the holder of the Certificates is
not required to declare the capital gains realized in the annual tax return.
Nevertheless, it is to be pointed out that, according to a different interpretation of the
law, the income from the Certificates could be considered as income from atypical
securities and therefore subjected to taxation at a rate equal to 27 per cent. This
interpretation is disputable since the regime provided for income from atypical
securities (i.e., securities other than shares, bonds and securities similar to shares
and bonds) may apply only to income that qualifies as income from capital and, given
the fact that the investment in the Certificates may lead to the total loss of the amount
invested, the income from the Certificates should not fall within the notion of income
from capital.
Resident corporate investors
The income realized by resident companies in relation to the Certificates is subject to
corporate income tax at the ordinary corporate of 33 per cent.
The tax regime depends also on whether the Certificate is held for speculative or
hedging purposes. In particular, one of the consequences of being the Certificate held
for hedging assets or liabilities is that any positive or negative item of income
50
connected thereto must be treated according to same provisions concerning those
items of income that derive from valuation or redemption or sale of the hedged assets
and liabilities (Article 112, paragraph 4, ITCA).
Depending on the activity of the resident company, regional tax on productive
activities ("IRAP"), which is levied at the 4.25 per cent rate, may be due pursuant to
the provisions of Legislative decree No. 446 of 15 December 1997.
Italian permanent establishments of non-resident corporate investors
Non-resident companies holding the Certificates through an Italian permanent
establishment are subject to the same tax regime highlighted above with regard to
resident companies.
Inheritance and gift tax
Inheritance and gift tax has been recently re-introduced under Italian tax law by Law
No. 286 of 24 November 2006, as amended by Law No. 296 of 27 December 2006
(Finance Bill 2007). Accordingly, transfers of Certificates by way of donation or gift or
transfers mortis causa are subject to inheritance and gift tax, which applies at
proportional rates ranging from 4 to 8 per cent depending on the relationship between
the transferor and the transferee.
Tax monitoring
Pursuant to Law Decree No. 167 of 28 June 1990, ratified and converted by Law No.
227 of 4 August 1990, as amended, resident individuals that, at the end of the year,
hold investments abroad or who have financial activities abroad must, in certain
circumstances, disclose the aforesaid and related transactions to the tax authorities.
This obligation does not exist in cases where the overall value of the foreign
investments or financial activities at the end of the year, and the overall value of the
transactions carried out during the relevant year, does not exceed Euro 10,000.
EU Directive on the Taxation of Savings Income
Under EC Council Directive 2003/48/EC on the taxation of savings income, each EU
Member State is required, to provide to the tax authorities of another EU Member
State details of payments of interest or other similar income paid by a person within
its jurisdiction to, or collected by such a person for, an individual resident in that other
EU Member State; however, for a transitional period, Austria, Belgium and
Luxembourg may instead apply a withholding system in relation to such payments,
deducting tax at rates rising over time to 35 per cent. Also, a number of non-EU
countries including Switzerland, and certain dependent or associated territories of
certain EU Member States, have adopted similar measures in relation to payments
made by a person within its jurisdiction to, or collected by such a person for, an
individual resident in an EU Member State. In addition, the EU Member States have
entered into reciprocal provision of information or transitional withholding
arrangements with certain of those dependent or associated territories in relation to
payments made by a person in an EU Member State to, or collected by such a
person for, an individual resident in one of those territories.
51
V.
SIGNATURES
Frankfurt am Main, July 15, 2008
__________________________
__
signed by Remigio Luongo
Vontobel Financial Products
GmbH
__________________________
__
signed by Jessica Bornscheuer
GmbH
__________________________
__
signed by Roger Studer
Bank Vontobel AG
__________________________
__
signed by Rémy Matthey
Bank Vontobel AG
52
Frankfurt am Main, Germany
(the “Issuer”)
Final Terms No. 6
dated July 15, 2008
pursuant to § 6 Securities Prospectus Act
(Wertpapierprospektgesetz, “WpPG”)
to
Base Prospectus
dated February 20, 2008
for
Open-End Certificates
“Vontobel Smart Mobility Total Return Index”
in each case guaranteed by
Bank Vontobel AG
Zurich, Switzerland
(the “Guarantor”)
i
CH-Valor
ISIN
WKN
3995977 DE000VTA0AF9 VTA0AF
No. of
Issued
Certificate
s
Index*/ Currency
up to
500000
Vontobel Smart Mobility
Total Return Index (Total
Return) / EUR
Reference
Ratio
0.1
1.60% p.a.
Determination
Agent*
Initial Offering
Price**
Bank Vontobel AG,
Zurich
EUR 98.093
ii
TABLE OF CONTENTS
Seite
I.
RISK FACTORS ............................................................................................................... 1
1.
Risks relating to the Certificates ................................................................................. 1
1.1
Certificates and their functioning, risk of total loss, currency risk ................................... 1
1.2
Structure of the Certificates ............................................................................................ 3
1.3
Purchasing Certificates on borrowed money .................................................................. 3
1.4
Risk-eliminating or risk-reducing transactions ................................................................ 3
1.5
Trading in the Certificates ............................................................................................... 3
1.6
Impact of incidental costs................................................................................................ 5
1.7
Impact of hedging transactions by companies in the Vontobel Group ............................ 5
1.8
Risks in connection with the taxation of Certificates ....................................................... 5
1.9
Adjustments, market disturbances, early termination and clearing................................. 5
1.10 Trade of Certificates........................................................................................................ 6
1.11 Information risk................................................................................................................ 6
2.
Risk factors relating to the Issuer ............................................................................... 6
2.1
2.2
Market Risks ................................................................................................................... 7
2.3 Risks arising out of the possible exercise of rights of withdrawal; Prospectus liability
claims....................................................................................................................................... 7
2.4
3.
Risk factors relating to the Guarantor ........................................................................ 9
3.1
3.2
Risks relating to business operations ............................................................................. 9
3.3
II.
DESCRIPTION OF THE CERTIFICATES ................................................................... 11
1.
Responsible persons.................................................................................................. 11
iii
2.
Risk factors.................................................................................................................. 11
3.
Important information................................................................................................. 11
4.
Information on the Certificates being offered .......................................................... 12
5.
Terms and pre-conditions of the offering................................................................. 13
6.
Listing .......................................................................................................................... 16
7.
Additional Information................................................................................................ 16
8.
Underlying ................................................................................................................... 17
9.
Restrictions on offering and sale .............................................................................. 21
10.
The guarantee.............................................................................................................. 23
III.
TERMS OF THE CERTIFICATES ............................................................................... 25
IV.
TAXATION OF CERTIFICATES.................................................................................. 49
V.
SIGNATURES.............................................................................................................. 52
INFORMATION ABOUT
THE ISSUER AND THE GUARANTOR
PROSPECTUS
PAGE 39 OF BASE
iv
These Final Terms for Open-end Index Certificates contain information concerning the
offered certificates and a repeat of the information to risk factors, description of the
securities and taxation of certificates from the Base Prospectus, dated as of February
20, 2008, for Stock Certificates, Index Certificates, Basket Certificates, Open-End Index
Certificates and Open-End Basket Certificates on various underlyings (Stocks,
Indexes or Baskets of Stocks, Indexes, Commodities, Futures or Exchange Rates)
("Prospectus"), to the extent the issuer deems this necessary to inform the investor
about
the
offering.
v
I.
RISK FACTORS
The Prospectus, dated as of February 20, 2008, these Final Terms and the information
contained herein are by no means a substitute for the indispensable consultation that
investors should arrange with their banks, investment advisors and tax advisors.
Only persons that are fully aware of the risks involved, and are financially capable of
bearing the possible losses associated therewith, should involve in investments of
this kind. Interested investors should, in reaching any decision concerning the
purchase of Certificates, carefully read and take into account the following risk factors
in conjunction with the other information set forth in the Prospectus, dated as of
February 20, 2008, and in these Final Terms. The actual occurrence of the events
described as risks herein, singly or in conjunction with one another, can have a
significant negative impact (even leading to a total loss of the investment) on the value
of the Certificates or on their liquidity in secondary markets. The occurrence of such
events could materially and adversely affect the operations, assets, financial condition
and earnings of the Issuer and the Guarantor. The order in which the individual risk
factors are set forth below is not indicative of any assessment of their relative
probabilities of occurrence or of the relative seriousness or significance of such risks.
1.
Risks relating to the Certificates
1.1
Certificates and their functioning, risk of total loss, currency risk
redemption amount and the precise manner in which this sum shall be calculated are
provided for exclusively and definitively in the terms of the Certificates. Such terms
are governed by German law. The Certificates are redeemed by the Issuer through
payment of the redemption amount.
investment in the underlying (or in the various constituents of the basket or index) it
tracks; however, due to certain characteristics of the Certificates the two forms of
1
possible only by means of resale on an exchange or over the counter.
Certificates are high-risk investment instruments; there is a risk of loss with
respect to the capital invested as well as the incidental transaction costs. To
the extent the value of the underlying drops to zero as of a valuation date,
investors will suffer a total loss. The loss in this event consists in both the
purchase price of the Certificates and incidental costs such as deposit fees and
brokers’ or exchange fees. This risk of total loss exists regardless of the
Issuer’s and the Guarantor’s ability to pay. The Certificates generate no current
income (such as interest or dividends), which might compensate in whole or in
part for any loss in the value of the Certificates. Moreover, investors should be
aware that a management fee of 1.6 % p.a. will be charged by the index
sponsor. The only way to earn a profit on the Certificates is through an
increase in their value. The investor must be aware at anytime that the market
may develop contrary than expected by the investor. The possible loss of the
investor depends on the purchase price paid for the Certificates and will
consist in the difference between the investor’s purchase price and the
redemption amount of the Certificates. In the event of an earlier resale of the
Certificates, the loss will amount to the difference between the investor’s
purchase price and resale price (in each case taking into account the
transaction costs).
When the claim represented by the Certificates is to be calculated, or when the value
of the underlying (or of the constituents of index) is determined with reference to a
currency other than the Certificates’ currency of payment (Euro), potential purchasers
of Certificates should be aware that an investment in the Certificates entails risks
relating to the fluctuation of currency exchange rates, and that the risk of loss is tied
not only to the performance of the underlying, but also to possible adverse changes in
the value of the other currency. Such adverse developments could increase the
Certificate-holders’ risk of loss by diminishing correspondingly the value of the
Certificates or by reducing the redemption amount.
The value of the Certificates throughout their term of existence will be influenced in
particular by the value fluctuations and volatility of the underlying (or index
constituents), the length of the remaining term of the Certificates and by various other
factors:
The Certificates track the price movements of the particular assets (or index
constituents) in each case underlying them and are, therefore, subject to continuous
(sometimes significant) fluctuations. The value of the Certificates is also influenced
by the volatility of the underlying (or index constituents). All factors influencing the
price fluctuations of the underlying (or index constituents) affect the price of the
Certificates. Thus, in general (and disregarding certain differentiating characteristics
and factors relevant to the price formation of the Certificates), the Certificates lose
value when the trading price of the underlying (or index constituents) falls. Further,
fluctuations in currency exchange rates affect the trading price of Certificates whose
underlying is (or basket or index constituents are) not denominated in Euro (currency
risk). The Certificates may therefore lose value even if the trading price of the
underlying remains (or basket or index constituents remain) stable (e.g., when the
value of a relevant currency falls).
Each of the relevant factors, singly or in conjunction with other factors, can impact the
performance of the Certificates in varying and unpredictable degrees. The more
volatile the underlying is (or basket or index constituents are), the larger the
fluctuations in the Certificates’ trading price are. In making any investment decision,
therefore, investors must develop an informed opinion about the probable
2
performance of the underlying, and must understand that previous developments in
the value of an underlying may not be indicative of its future performance.
When indexes are used as underlyings, such indexes may be formulated by the
Vontobel Group or by other corporations. Investors must examine the description of
each relevant index and understand the way in which such index functions. Investors
cannot assume that any given index will be successful; rather, they must form their
own opinions regarding the relevant indexes.
1.2
Structure of the Certificates
ability to pay.
reference price (closing price) of the underlying, the Certificates will provide an
investor with a positive return only if the reference price (closing price) - adjusted by
any applicable subscription ratio - is higher than the purchase price paid by such
investor for the Certificates. If the reference price (closing price) - adjusted by any
applicable subscription ratio - is not higher than the purchase price paid, the investor
will experience a loss.
There is no guarantee that the Certificates will be repaid at a price equivalent to an
investor’s purchase price, or at any other price. Investors cannot assume that the
trading price or value of the underlying will develop in a direction favourable to them.
1.3
Purchasing Certificates on borrowed money
When Certificates are purchased with credit, an investor must, in the event its
expectations are not fulfilled, not only accept the loss of the price paid for the
Certificates, but also repayment of the loan with interest. The risk of loss is thus
increased considerably. Before purchasing Certificates on credit, an investor should
therefore ensure that it will be in a position to make interest payments and repay the
loan principal on short notice, even in the event of market losses.
1.4
Risk-eliminating or risk-reducing transactions
Investors cannot assume that the value of the Certificates, in the event of a trading
price decrease, will recover prior to the valuation date.
Further, purchasers of Certificates should not assume that they can eliminate or
reduce the risks associated with a purchase of Certificates through the acquisition of
other securities or through making other contractual arrangements during the term of
the Certificates. The extent to which this may be possible in any given case depends
on prevailing market conditions and the relevant terms. Such transactions thus
possibly cannot be made at all, or can be made only at an unfavourable price (i.e.,
one leading to a loss).
1.5
Trading in the Certificates
Certificate-holders can generally sell Certificates, throughout their terms, on an
exchange or over the counter. Bank Vontobel AG or a third party specialist appointed
by the issuer will undertake to participating exchanges (in particular with respect to
the trading of Certificates on the exchange segment SeDeX (Italian Stock Exchange),
3
in accordance with the regulations there in effect from time to time, to post buy and
sell prices for defined volumes of trades or securities (so-called market making).
Such an obligation exists exclusively in relation to the participating exchanges. Third
parties, such as Certificate-holders, cannot raise any claims on such grounds.
Further, the obligation towards the exchanges is automatically suspended under
certain exceptional circumstances, such as technical disturbances in operations,
extraordinary market conditions or the temporary selling out of any issuance.
Certificate-holders should not assume that market participants other than Bank
Vontobel AG or the third party specialist appointed by the issuer will post buy and sell
prices for the Certificates. Market liquidity in the Certificates will not necessarily be
increased by their listing on an exchange. As a rule, price discovery on the
exchanges falls within the spread between posted buy and sell prices, to the extent
available, and exchange orders are generally carried out, directly or indirectly, with
the market maker. Owing to the special structure of Certificates, investors should
expect wider spreads between quoted buy and sell prices for Certificates, in
comparison with stocks. Delays in the posting of trading prices can result from,
among other things, market disturbances and system problems. System problems
refer to, for example, interruptions in telephone service, technical disturbances in the
trading system and power failures.
Market disturbances occur during unusual market situations (for example,
extraordinary movements in the trading price of an underlying, unusual situations in
the home market or unusual events in the price formation of a security viewed as the
underlying), or as a result of serious disturbances in the economic or political
environment (for example, terrorist attacks and crash situations, i.e., a dramatic drop
in stock market prices within a short period of time).
The size of the offering set forth in these Final Terms represents the maximum
amount of offered Certificates; but gives no indication of the actual volume of
Certificates effectively issued and deposited with Clearstream Banking AG at any
given time. This volume depends on market conditions from time to time and can
vary over the term of the Certificates. Investors should be aware that the stated size
of the offering provides no basis for drawing a conclusion with respect to the
securities’ liquidity in the secondary market.
Moreover, investors should be aware that the buy and sell prices quoted by the
market maker for the Certificates, while based on pricing models customary in the
industry, which are used by both the market maker and other traders and which
determine the value of the Certificates with reference to various factors that influence
price, do not necessarily correspond to the value of the Certificates so determined,
but typically differ from such value.
The Certificates are listed for trading in the regulated market of the Italian Stock
Exchange (SeDeX). Even assuming a successful initial listing, there can be no
guarantee that such listing will be maintained continuously. In the event the
Certificates shall not be traded continuously on the relevant exchanges, the purchase
and sale of such Certificates may under certain circumstances be made considerably
more difficult.
subsidiaries of Vontobel Holding AG) are moreover authorized, but not obligated, to
buy and sell Certificates at any time, either on an exchange or over the counter.
There is no duty to inform Certificate-holders about such repurchases and sales.
Such purchases and sales can have a positive or negative impact on the trading price
of the Certificates at any given time.
4
1.6
Impact of incidental costs
The profit, if any, on a Certificate will be reduced by the costs and fees associated
with its purchase, its exercise or resale and the negotiation of any hedging
transaction, as well as by any taxes that may accrue. These transaction costs can
lead - particularly in connection with a small order-value - to additional financial
burdens.
the Certificates.
1.7
Impact of hedging transactions by companies in the Vontobel Group
subsidiaries of Vontobel Holding AG), in the course of their normal business
operations, trade in the underlyings of the Certificates and in derivative products tied
thereto. Further, Vontobel Group companies cover the financial risks associated with
the Certificates through hedging transactions in the underlyings or in derivatives tied
thereto. These activities of the Vontobel Group companies - particularly the hedging
transactions related to the Certificates - may impact the trading prices of the
underlyings and, as a result, the value of the Certificates. In particular, there can be
no guarantee that the acquisition or liquidation of such hedging positions will not
adversely affect the value of the Certificates or the redemption amount to which
Certificate-holders are entitled. This is particularly true with regard to the liquidation
of hedging positions at the end of the term of the Certificates.
In the event of unusual market conditions, in which hedging positions cannot be
acquired at all, or can be acquired only on less favourable terms, the spreads
between buy and sell prices for the Certificates may be increased. To the extent the
Issuer engages in so-called hedging transactions for the purpose of covering
internally the payment obligations arising from its issuance of the Certificates,
investors can make no claim against the Issuer.
1.8
Risks in connection with the taxation of Certificates
The information set forth in the Base Prospectus, dated as of February 20, 2008 and
these Final Terms concerning the taxation of the Certificates reflects the views of the
Issuer based upon the legal situation as of the date of the Base Prospectus. There
cannot, however, be any assurance that the tax authorities or tax courts will not take
a different position. Moreover, the information on taxes contained in the Base
Prospectus, dated as of February 20, 2008 and these Final Terms should not serve
as the sole basis upon which to assess the effects of an investment in the Certificates
from the point of view of taxation; for the individual situation of each investor must
equally be taken into account. The tax information contained in the Base Prospectus,
dated as of February 20, 2008 and these Final Terms should therefore not be viewed
as a form containing the relevant considerations, nor as a form of tax advice, nor as a
form of assurance or guarantee with regard to the occurrence of any particular tax
consequences. As a result, investors should consult with their own personal tax
advisors before making any decision with regard to an investment in the Certificates.
1.9
Adjustments, market disturbances, early termination and clearing
Pursuant to the terms of the Certificates, the Issuer may make adjustments in
response to relevant changes or events affecting the various underlyings. Further,
the Issuer may, under certain circumstances, prematurely terminate the Certificates.
A premature termination of the Certificates may have negative tax impacts for the
5
investor and / or may prohibit the further participation of the investor in favourable
developments of the underlying.
As regards adjustments, market disturbances and a premature termination the Issuer
acts in the fair exercise of its discretion (§§ 315, 317 BGB). In this regard the Issuer is
not bound to measures of and assessments by third parties. The Issuer may,
pursuant to the terms of the Certificates, determine that a market disturbance has
occurred or remains in effect. Such a determination may delay valuation of the
underlying, which may affect the value of the Certificates or delay payment of the
redemption amount.
With regard to settlement, the Issuer is not liable for actions or omissions of any
clearing house.
1.10
Trade of Certificates
Investors should consider that the last trading day is normally four Banking Days
before the valuation date for Certificates with fix term and for open-end Certificates
which will be terminated by the Issuer. The over the counter trading normally ends for
such Certificates at 12.00 MEZ prior to the valuation date.
1.11
Information risk
A risk exists that the investor might make incorrect investment decisions due to
missing, incomplete or false information. False information may be obtained from
unreliable information sources, incorrect interpretation of correct information or on the
grounds of transmission errors. In addition, an information risk might arise from a
multitude or insufficiency of information or as a result of outdated information.
2.
Risk factors relating to the Issuer
2.1
Risk of Insolvency
The Issuer is an issuance vehicle (a company whose primary purpose is to issue
securities), and the securities it issues are currently underwritten exclusively by Bank
Vontobel AG, which also may act as market maker. At the same time, the Issuer
enters into so-called over-the-counter hedging transactions (hedging transactions
specially negotiated between two parties) with other companies in the Vontobel
Group (in particular with Bank Vontobel AG).
In connection herewith, the Issuer is exposed in particular to a risk of default with
respect to the parties with which it has entered into derivative transactions for the
purpose of covering the obligations resulting from issuance of the securities ((turbo-)
warrants, certificates and reverse convertible bonds). Since the Issuer has concluded
such hedging contracts exclusively with companies in the Vontobel Group (included
herein are all consolidated subsidiaries of Vontobel Holding AG), the Issuer is
exposed to a so-called lump-risk, which it would not be exposed to if its selection of
contractual partners were broader. Thus, the insolvency or inability to pay of
companies affiliated with the Issuer could lead directly to the insolvency of the Issuer.
The owner of a security issued by the Issuer can make no claim on the basis of such
hedging contracts.
Investors bear the insolvency risk of the Issuer and the Guarantor. The issuance of
the securities is guaranteed by Bank Vontobel AG. The Certificates are direct and
unsecured obligations of the Issuer, ranking pari passu with respect to each other and
6
with respect to all other unsecured and non-subordinated obligations of the Issuer,
with the exception of those obligations which enjoy inalienable priority by virtue of
law.
There exists a basic risk that the Issuer will be unable to meet its obligations under
the Certificates in whole or in part. Investors should therefore take the creditworthiness of the Issuer into consideration in making any investment decision. The
credit risk is the risk of inability to pay or illiquidity of the Issuer, i.e., a possible
temporary or final inability to satisfy its interest payment and redemption payment
obligations in due time. Issuers with poor credit generally have a higher risk of
insolvency.
Because the Issuer, pursuant to its articles of incorporation, was founded in particular
for the purpose of issuing derivative securities, and pursues no considerable
independent business operations besides this, the Issuer’s liable nominal capital only
amounts to EUR 50,000. By buying the Certificates the investors are therefore
exposed to a significantly higher credit risk than they would be in case of an issuer
with a higher capitalisation. Another increased credit risk for the investor arises in the
case of buying non-guaranteed securities as opposed to guaranteed securities.
Potential prospectus liability claims or effective exertion of rights of withdrawal could
possibly have an adverse effect on the assets, financial conditions and earnings. In
the most extreme case, i.e., in the event of the insolvency of both Issuer and
Guarantor, an investment in the Certificates could result in a total loss of the sum
invested. In this regard, investors should be aware that neither the Issuer nor the
Guarantor is covered by any deposit insurance fund or similar scheme that might
satisfy claims of the Certificate-holders in whole or in part in the event of the
insolvency of the Issuer and Guarantor.
The Issuer does not have credit rating at the moment. Therefore, the investor cannot
compare the Issuer with the liquidity rated companies.
2.2
Market Risks
The transactions of the Issuer and its annual issuing volume are influenced by the
developments on the markets where the Issuer operates its business. A difficult
macroeconomic situation can lead to a lower issuing volume and can negatively
influence the profit situation of the Issuer.
The general development of the market of securities depends in particular on the
development of the capital markets which on their part depend on the general status
of the world economy and the economic and political conditions in the respective
countries (market risk).
2.3
Risks arising out of the possible exercise of rights of withdrawal;
Prospectus liability claims
The Issuer’s corporate purpose is the issuance of securities, which generally involves
the drafting of securities prospectuses. The liquidity and existence of the Issuer could
be endangered, if a number of investors should exercise any rights of withdrawal
pursuant to the Securities Prospectus Act or any other applicable law. Such rights of
withdrawal could, for instance, arise in the event of a publication of supplemental
information pursuant to § 16 of the Securities Prospectus Act or any other applicable
law.
7
Due to the problems of unwinding and the possible losses resulting therefrom, a
significant number of effective exercises of rights of withdrawal by investors could
have a material adverse effect on the Issuer’s assets, financial condition and
earnings.
The same is true for prospectus liability claims, in the event that any prospectus of
the Issuer should contain incorrect or incomplete information material to an investor’s
assessment of the relevant securities.
2.4
can act as counterparties to hedging transactions relating to the Issuer’s obligations
maker and / or index sponsor. The exercise of such functions may place the Issuer
to the market may have an impact on the value of the Certificates. The Issuer and
other companies in the Vontobel Group may from time to time obtain non-public
information concerning the underlying and are not obligated, provided the conditions
set forth in § 16 of the Securities Prospectus Act (imposing a duty to update a base
prospectus) are not fulfilled, to pass on such information to Certificate-holders. In
addition, companies in the Vontobel Group may release research reports on
underlyings. Such activities may lead to conflicts of interest among companies in the
Vontobel Group or between such companies and investors, and may have a negative
impact on the value of the Certificates.
The subscription price or the initial offering price for the Certificates can include, in
addition to determined issuance surcharges (agios), administrative or other fees, a
surcharge to the original mathematical (fair) value of the Certificates not evident to
the investor. This margin is determined by the Issuer and the Market Maker in their
own discretion, and can be different from surcharges which other issuers levy for
comparable securities.
Bank Vontobel AG or third party specialist appointed by the Issuer can act as the
Market Maker for the Certificates. Through such market making, Bank Vontobel AG or
the appointed third party specialist determine the price of the Certificates themselves.
The prices determined by the Market Maker will usually not correspond with the
prices which would have been established without such market making and in a liquid
market.
The range between the buy and sell prices is determined by the Market Maker,
depending on the supply and demand for the relevant Certificates and specific profitrelated aspects.
8
The prices determined by the Market Maker can thus considerably deviate from the
fair value or the price of the Certificates to be economically expected at the respective
point in time due to the above mentioned factors. Furthermore, the Market Maker can
change the methods it applies to determine the prices, e.g., it can increase or reduce
the range between the buy and sell prices.
3.
Risk factors relating to the Guarantor
3.1
Risk of Insolvency
Investors bear a risk in respect of Guarantor’s insolvency.
In general, there is a risk that the Guarantor cannot or can only partially meet its
obligations from the assumption of the guarantee. In making their investment
decisions, investors should therefore take into account the credit-worthiness of the
Guarantor in addition to that of the Issuer.
In the most extreme case, that is, in the event of the insolvency of both the Issuer and
the Guarantor, an investment in the Certificates of the Issuer could result in a total
loss of the sum invested. In this connection, investors should be aware that neither
the Issuer nor the Guarantor is covered by any deposit insurance fund or similar
scheme that might satisfy claims of the Certificate-holders in whole or in part in the
event of the insolvency of the Issuer and Guarantor.
Currently, the Guarantor has no credit rating. Therefore, the investor cannot compare
the liquidity of the Guarantor with the liquidity of rated companies.
3.2
Risks relating to business operations
Risks to the business operations of the Guarantor can result from general market
risks which can be tied to downward movements in various market prices, including,
for instance, interest rates, exchange rates, stock prices, commodities prices and any
volatility in such prices and can have an adverse effect on the valuation of the
underlyings or derivative financial products. Financial performance of the Guarantor
can also be influenced by liquidity crises, which arise, for example, as a result of cash
outflows occasioned by draw-downs on promised credit, or the impossibility of
obtaining extensions on current liabilities, so that the Guarantor could not meet shortterm financing needs temporarily. The Guarantor is moreover exposed to a credit risk,
since risks of default can arise not only in connection with the business of direct
lending, but also in connection with transactions that involve credit risk, such as overthe-counter derivative transactions (transactions specially negotiated between two
parties), money market transactions and the lending or borrowing of securities.
Finally, operational risks may arise in connection with the Guarantor’s business
operations, and lead to losses from inadequate or non-existent processes or systems,
improper conduct of employees or external events.
3.3
can act as counterparties to hedging transactions relating to the Issuer's obligations
The Issuer, the Guarantor and other companies in the Vontobel Group may also
exercise other functions with respect to the Certificates, such as those of calculation
9
agent, market maker and / or index sponsor. The exercise of such functions may
place the Issuer, the Guarantor or other companies in the Vontobel Group, in a
position to value or determine the constitution of the underlying. These functions
could lead to conflicts of interest among companies in the Vontobel Group or between
such companies and investors with respect to calculation of the trading price of the
Certificates and the determination of other, related factors.
Further, the Issuer, the Guarantor or other companies in the Vontobel Group may
issue other derivative instruments tied to any given underlying; the introduction of
such products to the market may have an impact on the value of the Certificates. The
Issuer, the Guarantor and other companies in the Vontobel Group may from time to
time obtain non-public information concerning the underlying and are not obligated,
provided the conditions set forth in § 16 of the Securities Prospectus Act (imposing a
duty to update a base prospectus) are not fulfilled, to pass on such information to
security-holders. In addition, companies in the Vontobel Group may release research
reports on underlyings. Such activities may lead to conflicts of interest among
companies in the Vontobel Group or between such companies and investors, and
may have a negative impact on the value of the Certificates.
10
II.
DESCRIPTION OF THE CERTIFICATES
1.
Responsible persons
Vontobel Financial Products GmbH, Kaiserstrasse 6, 60311 Frankfurt am Main,
Germany, and Bank Vontobel AG, Gotthardstrasse 43, 8022 Zurich, Switzerland,
assume responsibility for the content of the Base Prospectus, dated as of February
20, 2008 and these Final Terms pursuant to § 5 Par. 4 of the Securities Prospectus
Act and confirm that, to their knowledge, the information contained therein is correct
and omits no material circumstances. Bank Vontobel AG assumes responsibility only
in regard to the guarantee (in the Base Prospectus, dated as of February 20, 2008
and these Final Terms), information about the guarantor (in the Base Prospectus,
dated as of February 20, 2008 and these Final Terms) and statements in the
summary and risk factors of the Base Prospectus, dated as of February 20, 2008 and
of these Final Terms relating to the guarantor (in the Base Prospectus, dated as of
February 20, 2008 and these Final Terms).
2.
Risk factors
A description of the risk factors associated with the Certificates is set forth in chapter I
1 of these Final Terms.
3.
Important information
Interests of natural and legal persons who are participating in this issuance or
this offering
Bank Vontobel AG may, during the term of the Certificates, engage, for its own
indirectly to the various underlyings. Further, Bank Vontobel AG can act as
counterparty to hedging transactions relating to the Issuer’s obligations under the
Certificates. Such trading or hedging transactions can have a positive or a negative
maker and / or index sponsor. The exercise of such functions may place the Issuer,
to the market can have an impact on the value of the Certificates. Such issuances
may take place on the basis of the Base Prospectus, dated as of February 20, 2008,
or on the basis of other prospectuses. The Issuer and other companies in the
Vontobel Group may from time to time obtain non-public information concerning the
underlying and are not obligated, provided the conditions set forth in § 16 of the
Securities Prospectus Act (imposing a duty to update a base prospectus) are not
fulfilled, to pass on such information to Certificate-holders. In addition, companies in
the Vontobel Group may release research reports on underlyings. Such activities may
lead to conflicts of interest among companies in the Vontobel Group or between such
companies and investors, and may have an impact on the value of the Certificates.
11
the Certificates.
The proceeds from the sale of Certificates will be used to finance the general
operations of the Issuer. With the issuance the Issuer pursues the realization of
profits and with the proceeds of the issuance it covers itself against the risks out of
the issuance. No restricted asset account will be created. In particular, the Issuer is
not obligated to invest in the relevant underlyings. To the extent the Issuer engages in
so-called hedging transactions for the purpose of covering internally the payment
obligations arising from its issuance of the Certificates, investors can make no claim
against the Issuer.
4.
Information on the Certificates being offered
How the Certificates work
redemption amount is provided for exclusively and definitively in the terms of the
Certificates. The Final Terms of the offering will stipulate the precise manner of
calculating the redemption amount. Such terms are governed by German law. The
Certificates are redeemed by the Issuer through payment of the redemption amount.
investment in the underlying (or in the various constituents of the index) it tracks;
owing to certain characteristics of the Certificates, however, the two forms of
possible only by means of a resale on an exchange or over the counter.
12
ability to pay.
reference price of the underlying (Index), the Certificates will provide an investor with
a positive return only if the reference price—adjusted by any applicable subscription
ratio—is higher than the purchase price paid by such investor for the Certificates. If
the reference price—adjusted by any applicable reference ratio—is not higher than
the purchase price paid, the investor will experience a loss.
The Base Prospectus, dated as of February 20, 2008 and these Final Terms are
available free of charge either in paper form from the Issuer or for download from
Vontobel´s homepage www.derinet.it.
5.
Terms and pre-conditions of the offering
The Certificates will be issued by Vontobel Financial Products GmbH in the context of
an ongoing offering series, and each issuance will be underwritten by Bank Vontobel
AG, Zurich, Switzerland (shelf offering). Each issuance of Certificates will include a
guarantee by Bank Vontobel AG1. The issuance of the Certificates will take place in
connection with a board resolution of the Issuer’s management.
The price of the Certificates will be determined by Banca Akros, Viale Eginardo 29,
20149 Milan, Italy as market maker, on the day of the commencement of the public
offering (day of initial pricing and corresponding day of issuance). The initial offering
price for each offering will be set forth in Exhibit 1 to the terms of the Certificates
(chapter III). Thereafter, the price of the Certificates will be continuously determined.
The public offering begins on July 18, 2008 (expected first day of trading) and
continues as a shelf offering in principle throughout the terms of the Certificates. The
end of the term of each issue of Certificates will be set forth in Exhibit 1 to the terms
of the Certificates (chapter III). The results of the offering (shelf issuance) are
expected to be made public at the end of term for the Certificates on the following
website: www.derinet.it.
Pursuant to the public offering in Italy, interested investors can purchase the
Certificates through investment firms, banks or financial intermediaries permitted to
conduct financial activities in Italy in accordance with Legislative Decree no. 385 of 1
September 1993, as amended, Legislative Decree no. 58 of 24 February 1998, as
amended, the Consob Regulation no. 16190 of 29 October 2007 - implementing the
provisions on intermediaries of Legislative Decree no. 58 of 24 February 1998, as
amended and any other applicable laws and regulations, on an exchange or over the
counter, starting on the July 18, 2008 (expected first day of trading).
2008 and will be made available to the public and simultaneously transmitted to
Consob pursuant to articles 6-bis and 9 of the Consob Regulation no. 11971 of 14
May 1999 - implementing the provisions on issuers of Legislative Decree no. 58 of 24
February 1998, as amended.
1
The material agreements and other documents in connection with the guarantee may be inspected at the premises of the Guarantor (Bank
Vontobel AG, Gotthardstrasse 43, 8022 Zurich, Switzerland).
13
Interested investors can obtain price information for the relevant offering from
professional information service providers, from banks and savings and loans
institutions or from the internet site www.derinet.it. Settlement (delivery of the
securities against payment of the appropriate sum) regularly occurs three Banking
Days after signing of the purchase agreement or acquisition of the Certificates on an
exchange or over the counter. The investor is informed about the execution of its
order through notification by its bank or savings bank (as a general rule by a portfolio
statement).
Underwriting of the Certificates will take place in accordance with the terms of the
general underwriting agreement between the Issuer and Bank Vontobel AG,
Gotthardstrasse 43, 8022 Zurich, Switzerland, dated as of 1 April 2005, pursuant to
which the Certificates issued by the Issuer will be initially purchased by Bank
Vontobel AG. Bank Vontobel AG is, like the Issuer, a wholly-owned subsidiary of
Vontobel Holding AG, and is currently the most important fully consolidated
subsidiary of the Vontobel Group.
The Calculation Agent will be Bank Vontobel AG, Gotthardstrasse 43, 8022 Zurich,
Switzerland. The Principal Paying Agent will be Bank Vontobel AG, Zurich,
Switzerland.
The Certificates will be represented by permanent global bearer certificates to be
deposited with Clearstream Banking AG, Neue Börsestrasse 1, 60487 Frankfurt am
Main, Germany. In Italy the circulation of Certificates will be dematerialised and
centralised with Monte Titoli S.p.A, Via Mantegna 6, 20154 Milano, Italy (“Monte
Titoli”), pursuant to the applicable law. The Certificates will be freely transferable by
way of book entries on the accounts registered on the settlement system of Monte
Titoli and, when admitted to listing on Italian Exchange, they may be transferred in
lots at least equal to the Minimum Tradable Lot (as defined by the Listing Rules), or
multiples thereof, as determined by Borsa Italiana S.p.A..
2008, pursuant to § 6 of the Securities Prospectus Act together with § 14 of the
Securities Prospectus Act. Deposit thereof with the German Federal Financial
Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht), and its
corresponding publication, will take place in accordance with the provisions of § 6 of
the Securities Prospectus Act in connection with § 14 of the Securities Prospectus
Act.
Interested investors must comply with the relevant legal provisions in connection with
the offering and sale of Certificates and the distribution of offering documents.
The initial offering price or subscription price as well as the prices of the Certificates
which the Market Maker continuously determines on the secondary market are
composed of various elements. Such elements are the financial-mathematical value
of the Certificates, the margin and possibly other compensations or administrative
fees. If applicable an additional issuance surcharge (agio) is included in the
subscription price. The financial-mathematical value of a Certificate is calculated on
the basis of the price-finding modell applied by the Issuer or Market Maker
respectively, and in addition to the value of the underlying, it also depends on other
variable factors. These factors may include derivative components, expected profits
from the underlyings, interest rates, volatility of the underlyings, remaining terms of
the Certificates and the demand and supply situation for hedging instruments. The
price-finding models are determined by the Issuer or the Market Maker in their own
discretion and can deviate from the price-finding models which other issuers use for
the calculation of comparable securities.
14
The margin is also determined by the Issuer or the Market Maker in their own
discretion, and can deviate from the margins which other issuers levy for comparable
securities. Profit-related aspects, costs of taking the risk and hedging against the risk,
structuring and sale of the securities as well as if required licensing fees are
considered when calculating the margins. The margin can also contain costs and fees
which are paid to third parties in connection with the services rendered when placing
the securities.
15
6.
Listing
Description of the listing in Italy
As to the public offering in Italy, application will be made to list the securities on the
SeDeX market of the Milan Stock Exchange which is a regulated market for the
purposes of Directive 2003/71/EC.
For the listing on the SeDeX the Issuer must file an application with Borsa Italiana
S.p.A. ("Borsa Italiana") related the admittance of the Certificates to the listing.
The admission to listing of each series of Certificates issued from time to time on the
basis of the Prospectus is subject to the filing of a specific listing.
The Certificates admitted to listing may be purchased on the Securitised Derivatives
Exchange market of Borsa Italiana (SeDeX) according to the rules and procedures
set out by Borsa Italiana.
Bank Vontobel AG (or a third party appointed for this purpose) shall undertake to act
as a market maker in relation to the Certificates, for which application will be made for
listing on the SeDeX.
No assurances can be given that such listing and admission to trading will be
approved.
7.
Additional Information
The Issuer does not intend to publish any information after the issuance is completed,
except such information as legal obligations or the terms of the Certificates shall
require to be published as a disclosure in a supra-regional official journal. Disclosures
in Italy, to the extent unconditionally required pursuant to Italian law, shall be
published on the website www.derinet.it.
The Base Prospectus, dated as of February 20, 2008, is being published in
accordance with § 6 of the Securities Prospectus Act in connection with § 14 of the
Securities Prospectus Act and has been approved in this form by the German Federal
Financial Supervisory Authority (“BaFin”). The German Federal Financial Supervisory
Authority has decided in favor of approving the Prospectus following a review of its
completeness, including a review of the coherence and clarity of the information
presented. The German Federal Financial Supervisory Authority has not examined
the Base Prospectus with a view to verifying the accuracy of its content. These Final
Terms will be fixed shortly before commencement of the public offering and will, in
accordance with the provision of § 6 Securities Prospectus Act in connection with §
14 Securities Prospectus Act, be filed with the German Federal Financial Supervisory
Authority and correspondingly published not later than the day of the public offering.
These Final Terms, as well as the Base Prospectus, will be available for download on
the Vontobel homepage at www.derinet.it.
The German Federal Financial
Supervisory Authority will not review these Final Terms. Moreover, copies of the
Base Prospectus and these Final Terms will be available free of charge from the
Issuer. The information included in these Final Terms will replace the place-holders
marked with a [•] and any information bracketed with [ ] in the Base Prospectus, dated
as of February 20, 2008. This shall occur through supplementation of the relevant
information where appropriate. The relevant information had not yet been determined
as of the time of publication of the Base Prospectus.
In the event that the Certificates are admitted to trading on the SeDeX, the Base
Prospectus and any documents incorporated by reference will also be published on
the website of the Italian Stock Exchange (www.borsaitaliana.it). In the event that the
16
Certificates are admitted to trading on the SeDeX, the Final Terms will be also
published on the website of the Milan Stock Exchange (www.borsaitaliana.it). These
documents are also available at the registered office of the Issuer, Kaiserstrasse 6,
60311 Frankfurt am Main, Germany. In the event that the Certificates are admitted to
trading on the SeDeX, any notice to the Certificate-holders shall be deemed to be
valid, if made through the notification systems of Borsa Italiana S.p.A. and in
accordance with the applicable Italian laws and regulations at any time when the
Certificates are admitted to trading on SeDeX and will become effective on the day of
publication on the relevant website or delivery to Borsa Italiana S.p.A. as applicable.
8.
Underlying
Description of the Vontobel Smart Mobility Total Return Index
The English translation of the Description of the Vontobel Smart Mobility Total
Return Index is for convenience purposes only. The German language version
shall prevail over the English translation.
Index Universum
Index Universe
dem die Titel für den Vontobel Smart Mobility
Total Return selektiert werden können,
besteht aus Aktien von Unternehmen, die
zum Zeitpunkt der vierteljährigen Selektion
der für den Index benötigten 16 Aktien die
folgenden Kriterien erfüllen:
the components of the Vontobel Smart
Mobility Total Return Index may be selected,
contains exclusively shares of companies,
which fulfil the following criteria at the
quarterly selection of the 16 shares required
for the index:
• die
INrate erfüllen
von
• gemäß
INrate
Klassifikation
• are
considered
sustainable
according to the INrate sustainability
criteria
• listed on a stock exchange
• pursuant to INrate rating, active
primarily in one of the following four
areas (sub-sectors):
(1)
Innovative
Verkehrslösungen
und
Substitution von Verkehr, (2) Langsam- und
Schiffsverkehr,
(3)
Öffentlicher
Verkehr/Güterverkehr auf Schiene und
Straße,
(4)
Optimierungen
im
Individualverkehr.
(1) Innovative transport solutions and
substitution of traffic, (2) Slow-moving and
shipping transport, (3) Public transport /
transport of goods by rail and road, (4)
Improvement of private transport.
Universums zeichnet die unabhängige Agency INrate is responsible for the
Schweizer
INrate verantwortlich.
Titel Selektion
Ausgehend vom Index Universum ermittelt On the basis of the Index Universe, Bank
die
Bank
Vontobel
AG
die Vontobel AG determines the market
und
die capitalisation and profit estimate (Earnings17
Gewinnschätzungen
(Earnings-per-Share) per-Share EPS) of each share over the last
der einzelnen Aktien im letzten Jahr anhand year based on the Bloomberg – consensus
data.
EUR 500 Millionen
EUR 500 Million
• Pro Subsektor diejenigen vier Aktien,
welche
die
höchste
relative
je
Aktie
und
aktueller
• The four shares per sub-sector
which show the highest relative
increase between the last earnings
per share and current earnings
consensus forecast.
vierteljährigen Index Rebalancing Datum
mit vier Aktien vertreten, die gleich gewichtet
vierteljährlichen Index Rebalancing Datum
eine Gewichtung von je 6.25% des jeweiligen
terms at the Issue Date and at each quarterly
Index Rebalancing Date: each of the four
sub-sectors is weighted 25% of the market
value of the Index and is represented by four
shares, which are equally weighted. Each of
the 16 shares has at the Issue Date and
immediately after the quarterly Index
Rebalancing Date a weight of 6.25% of the
Kapitalereignisse
wie
Dividenden,
Firmenübernahmen
und
Fusionen
im
Vontobel Smart Mobility Total Return Index
berücksichtigt werden.
geraten,
werden
aus
dem
Index
oben
genannten
Gründe
(Illiquidität,
ersetzenden
Titels
in
den
Index
aufgenommen.
are reflected accurately in the Vontobel Smart
Mobility Total Return Index.
Die Zusammensetzung des Vontobel Smart The composition of the Vontobel Smart
18
Mobility Total Return Index wird vierteljährlich
überprüft. Die neuen Indexmitglieder werden
eine Woche vor dem Rebalancing Datum
anhand der oben genannten Kriterien
ermittelt.
Mobility Total Return Index will be reviewed
quarterly. New index components will be
determined on the basis of the above
Rebalancing Date.
vierteljährlichen
Indexanpassung
neu
von 6.25% im Index zu gewährleisten.
For the quarterly index review the index
weighting factor to guarantee a weight of
6.25% in the index.
Die
Umsetzung
der
Zusammensetzung findet jeweils nach dem close of the exchange on the second Friday
Börsenschluss am zweiten Freitag in den in March, June, September and December.
Monaten März, Juni, September und
Dezember statt.
Indexwährung
Index Currency
EUR
EUR
30. Juni 2008/ EUR 1000.00
June 30, 2008/ EUR 1000.00
Vierteljährlich, jeweils am zweiten Freitag in Quarterly, on every second Friday of the
den Monaten März, Juni, September und months March, June, September and
Dezember (erstmals im September 2008).
December (starting September 2008).
Rebalancing Preis
Rebalancing Price
durch
den
Indexsponsor.
Für
die
rechnerische
Neugewichtung
bzw.
Neuzusammensetzung
werden
die
jeweiligen
Index
Rebalancing
Datum,
herangezogen.
Die
Bewertungskurse
der
Aktientitel,
die
am
jeweiligen
Certificate
aufgrund
von
19
regulatorischen, steuerlichen oder anderen
Entwicklungen
derartige
Änderungen
auftreten, dass eine Weiterführung des Index
nach Ermessen des Indexsponsors nicht
angebracht erscheint, kann der Indexsponsor
die Indexberechnung unter Einhaltung einer
30-tägigen Ankündigungsfrist einstellen oder
vorübergehend aussetzen. In beiden Fällen
hat
der
Emittent
ein
jederzeitiges
Kündigungsrecht
der
Indexzertifikate
exposed to such changes due to market
technicalities, regulatory, taxation or other
developments that in the discretion of the
Index sponsor continuation of the index
would be inappropriate, the Index Sponsor
can under observance of a 30 day notice
period discontinue or defer index calculation
temporarily. In both cases, the issuer has a
right to terminate the Certificates at any time
(notice period of 14 banking days).
der
Summe
der
Schlusskurse
der
Indexwährung.
Currency.
Index Wertes
value
Der Vontobel Smart Mobility Index Total
Return wird vom Index Sponsor alle 15
Sekunden berechnet
und von Reuters
veröffentlicht.
The Vontobel Smart Mobility Index Total
Return will be calculated by the Index
Sponsor every 15 seconds and will be
Aktueller Indexwert
Actual Index Value
EUR 980,93 (am 14. Juli, 2008)
EUR 980.93 (as of July 14, 2008)
des Vontobel Smart Mobility Total Return Vontobel Smart Mobility Total Return
Index
Index
(Fixierungstag)
/
Sub-sector
Company (ISIN / Currency)
Innovative transport solutions and
substitution of transport
eBay Inc (US2786421030/ USD)
Deutsche Telekom AG
(DE0005557508/ EUR)
Slow-moving- and shipping transport
(Fixing Date)
Stock Exchange
Bloomberg
Symbol
Weight1
Number of
shares
NASDAQ
EBAY US
6.25%
3.608670
Xetra
DTE GY
6.25%
6.009620
Tandberg ASA (NO0005620856/
NOK)
Oslo Stock
Exchange
TAA NO
6.25%
6.005730
BT Group PLC (GB0030913577/
GBP)
London Stock
Exchange
BT/A LN
6.25%
24.736610
Tokyo Stock
Exchange
7309 JT
6.25%
1.957700
Shimano Inc (JP3358000002/
JPY)
20
Public transport / freight transport on
rail and road
Mitsui OSK Lines Ltd
(JP3362700001/ JPY)
Tokyo Stock
Exchange
9104 JT
6.25%
6.896580
Kawasaki Kisen Kaisha Ltd
(JP3223800008/ JPY)
Tokyo Stock
Exchange
9107 JT
6.25%
10.465920
Neptune Orient Lines Ltd /
Singapore (SG1F90001388/
SGD)
Singapore Stock
Exchange
NOL SP
6.25%
41.550740
Firstgroup Plc (GB0003452173/
GBP)
London Stock
Exchange
FGP LN
6.25%
9.509320
Arriva Plc (GB0002303468/ GBP)
London Stock
Exchange
ARI LN
6.25%
7.218760
Vossloh AG (DE0007667107/
EUR)
National Express Group Plc
(GB0006215205/ GBP)
Improvement in private transport
1
Valeo SA (FR0000130338/ EUR)
Xetra
VOS GY
6.25%
0.754830
London Stock
Exchange
NEX LN
6.25%
5.194170
Euronext
FR FP
6.25%
3.063730
Weg SA (BRWEGEACNOR0/
BRL)
Sao Paulo Stock
Exchange
WEGE3 BZ
6.25%
7.812100
Johnson Controls INC
(US4783661071/ USD)
New York Stock
Exchange
JCI UN
6.25%
3.438810
Roper Industries Inc
(US7766961061/ USD)
New York Stock
Exchange
ROP UN
6.25%
1.497040
Initial weight as for the Fixing Date (June 30, 2008); such weight changes which the prices of the relevant index components.
und
künftige
Wertentwicklung
des
www.derinet.it. The prices of the underlying
will be updated periodically during the day.
Der
Emittent
übernimmt
für
die
angegebenen
Internetseite
enthaltenen
said internet site.
9.
Restrictions on offering and sale
The Base Prospectus, dated as of February 20, 2008, has been approved in
Germany, and passported in Italy to Consob.
In certain countries, the distribution of the Base Prospectus, dated as of February 20,
2008 and these Final Terms and the offering of securities may be restricted by law.
The Issuer makes no representation as to the lawfulness of the distribution of the
Base Prospectus, dated as of February 20, 2008, or these Final Terms or of any
public offering of the securities outside Italy pursuant to the registration requirements
or other requirements that may be in effect in any such jurisdiction, or pursuant to
valid exceptions therefrom; nor shall the Issuer assume responsibility for making a
distribution of the Base Prospectus, dated as of February 20, 2008 and these Final
Terms, or a public offering of securities permissible in such jurisdiction at any time.
All applicable securities laws and regulations in force must be complied with in any
jurisdiction in which purchases, offers, sales or deliveries of the Certificates are made
or the Base Prospectus, dated as of February 20, 2008 and these Final Terms are
possessed or distributed and any consent, approval or permission required for the
purchase, offer, sale or delivery of the Certificates under the laws and regulations in
21
force in any jurisdiction to which purchases, offers, sales or deliveries are made will
be complied with.
No one is authorized, in connection with the issuance of Certificates, to provide any
information, or make any statement, that is not contained in the Base Prospectus,
dated as of February 20, 2008, or these Final Terms.
22
10.
The guarantee
The English translation of the guarantee is for convenience purposes only. The
Die Bank Vontobel AG, Zürich, Schweiz (die
"Garantin") garantiert hiermit den Inhabern
(die "Gläubiger") der von der Vontobel
Financial Products GmbH, Frankfurt am
Main, Deutschland (die "Schuldnerin")
gemäss
nachstehender
Anlage
1
ausgegebenen Zertifikate (die "Zertifikate",
welcher
Ausdruck,
soweit
es
der
Zusammenhang erlaubt, eine über die
Zertifikate
ausgestellte
Dauer-InhaberUrkunde
einschliesst),
unbedingt
und
unwiderruflich gemäss Art. 111 OR
(Schweizerisches Obligationenrecht), die
ordnungsgemässe und pünktliche Zahlung
aller gemäss den Bedingungen der Zertifikate
zu zahlenden Beträge, und zwar zu den
nachstehenden Bedingungen:
Bank Vontobel AG, Zurich, Switzerland
("Guarantor"), hereby unconditionally and
irrevocably guarantees, pursuant to Art. 111
OR (Swiss Code of Obligations), to the
holders
("Creditors")
of
Certificates
("Certificates", which term shall include,
insofar as the context shall permit, a
permanent
global
bearer
certificate
evidencing the Certificates) issued by
Vontobel Financial Products GmbH, Frankfurt
am Main, Germany ("Debtor") in accordance
with Exhibit 1 attached below, the orderly and
punctual payment of all amounts due in
accordance with the terms of the Certificates.
The following conditions apply to the
aforesaid guarantee:
1.
Diese
Garantie
stellt
eine 1.
selbständige, unbesicherte und nicht
nachrangige
Verpflichtung
der
Garantin dar, die im gleichen Rang
steht mit allen ihren sonstigen
Verpflichtungen,
mit
Ausnahme
solcher, die kraft Gesetzes Vorrang
geniessen.
2.
Sinn und Zweck dieser Garantie ist
es, sicherzustellen, dass unter allen
tatsächlichen
oder
rechtlichen
Umständen und ungeachtet der
Beweggründe, Einwendungen oder
Einreden, derentwegen eine Zahlung
durch die Schuldnerin unterbleiben
mag, und ungeachtet der Wirksamkeit
und
Durchsetzbarkeit
der
Verpflichtungen der Schuldnerin unter
den Zertifikaten die Gläubiger die
zahlbaren
Beträge
zum
Fälligkeitstermin und in der Weise
erhalten, die in den Bedingungen
festgesetzt sind.
3.
Die Garantin wird auf erstes 3.
Verlangen der Inhaber und deren
23
This
guarantee
represents
an
independent, unsecured and nonsubordinated
obligation
of
the
Guarantor, which ranks pari passu
with all other unsecured and nonsubordinated obligations of the
Guarantor, with the exception of those
which enjoy priority by virtue of law.
2.
The meaning and purpose of this
guarantee is to ensure that the
Creditors
shall receive the amounts
payable when
due and in such
manner as the terms of
the Certificates
shall stipulate, regardless
of all factual and
legal circumstances, regardless
of
the
reasons, objections or
exceptions
on
account of which the Debtor shall fail to
made any payment, and regardless of the
validity and enforceability of the Debtor’s
obligations
under the Certificates.
The Guarantor shall, upon the first
demand of the holders and upon their
declaration in writing that an amount
Betrag unter den Zertifikaten von der
payable under the Certificates was not
Schuldnerin nicht fristgerecht bezahlt
paid when due by the Debtor, pay to
wurde, an diese unverzüglich in EUR such holders without delay in Euro all
alle Beträge zahlen, die erforderlich amounts
required to fulfil the meaning
sind, um den in Ziffer 2 genannten and
achieve the purpose set forth in
Sinn und Zweck dieser Garantie zu
paragraph 2 above.
erreichen.
4.
Die Garantie bleibt gültig, bis alle
Beträge gemäss Ziffer 3 voll gezahlt
sind, ungeachtet etwaiger von den
Gläubigern der Schuldnerin gewährter
Zugeständnisse.
4.
The guarantee shall remain in effect
until all amounts due pursuant to
paragraph 3 above have been paid in full,
regardless
of any concessions that the
Creditors
shall have granted to the
Debtor.
5.
Solange die Garantin fällig gewordene
Beträge, die von ihr zu zahlen oder zu
liefern sind, nicht voll gezahlt hat, wird
sie im Hinblick auf etwaige Zahlungen,
die sie gemäss der Garantie geleistet
hat, keine Rückgriffsrechte oder
sonstige Rechte, die ihr bezüglich
oder infolge einer solchen Teilzahlung
erwachsen mögen, gegenüber der
Schuldnerin geltend machen.
5.
shall
6.
Mit jeder Zahlung unter dieser 6.
The Guarantor’s obligation shall be
Garantie
verringert
sich
die
reduced by the amount of any
Verpflichtung
der
Garantin payment
made under this guarantee.
entsprechend.
7.
Diese Garantie stellt eine selbständige
Garantie (und nicht eine Bürgschaft)
gemäss schweizerischem Recht dar.
Alle daraus entstehenden Rechte und
Pflichten unterliegen in jeder Hinsicht
dem Recht der Schweiz.
7.
8.
Für alle Klagen und
Rechtsstreitigkeiten bezüglich der
Garantie sind die ordentlichen
Gerichte des Kantons Zürich
ausschliesslich zuständig.
Gerichtsstand ist Zürich 1.
Vorbehalten bleibt die Einlegung von
Rechtsmitteln beim Schweizerischen
Bundesgericht in Lausanne, dessen
Entscheidung endgültig ist.
8.
During such time as the Guarantor
not have paid in full all outstanding
amounts which it may be obligated to
pay or deliver, the Guarantor shall not
make any recourse claims, or any
other claims, against the Debtor to which it
may be entitled with respect to or as a
result of any partial payments that it
may have made pursuant to the guarantee.
This
guarantee
represents
an
independent guarantee (and not a
surety (Bürgschaft)) pursuant to Swiss law.
All
rights and duties arising hereunder
shall be governed in all respects by the
laws of
Switzerland.
Zurich, Switzerland, shall be the
exclusive
forum for all claims and
litigation
concerning this guarantee.
The competent court shall be Zurich 1.
This provision shall not apply for appeals
made with the Swiss Federal Court in
Lausanne,
Switzerland,
whose
decision is
definitive.
Bank Vontobel AG
24
III.
TERMS OF THE CERTIFICATES
§1
Zertifikatsrecht, Status, Garantie
§1
Certificate Right, Status, Guarantee
(1)
Der Inhaber eines Open End Index- (1)
Zertifikats ("Zertifikat") ist berechtigt,
von der Vontobel Financial Products
GmbH ("Emittent"), nach Maßgabe
dieser Zertifikatsbedingungen, die
Zahlung eines Geldbetrages in EUR
("Abrechnungsbetrag") zu verlangen.
Der Abrechnungsbetrag entspricht
dem am jeweiligen Kündigungstag
bzw. Ausübungstag (jeweils auch ein
"Bewertungstag", wie nachfolgend
definiert)
maßgeblichen
Bewertungskurs (wie nachfolgend
definiert) des jeweiligen Indexes
("Index")
multipliziert
mit
dem
jeweiligen
(als
Dezimalzahl
ausgedrückten)
Bezugsverhältnis
("Bezugsverhältnis")
unter
Berücksichtigung
der
Managementgebühr. Die Formel zur
Berechnung
des
Abrechnungsbetrages lautet:
The holder of an open-end index
certificate ("Certificate") is entitled to
demand from Vontobel Financial
Products
GmbH
("Issuer"),
in
accordance with these terms of the
Certificates, payment of an amount in
Euro ("Redemption Amount"). The
Redemption Amount shall correspond
to the relevant reference price (as
defined below) of the underlying index
("Index"), on the relevant termination
date or exercise date (each also
referred to as a "Valuation Date", as
hereinafter defined), multiplied by the
relevant reference ratio (expressed as
a decimal, the "Reference Ratio"),
taking into account the Management
Fee. The Redemption Amount is
calculated as follows:
t
R = S × (100% - M) × r
wobei:
R:
S:
M:
t:
r:
Abrechnungsbetrag
Schlusskurs des Index am
Bewertungstag
(Kündigungstag oder
Ausübungstag)
Managementgebühr 1,6 % p.a.
pro rata
Anzahl der Jahre seit der
Börseneinführung ( 18. Juli
2008) der Zertifikate (inklusiv)
und dem Bewertungstag
(exklusiv) (effektiv/effektiv)
Bezugsverhältnis in Dezimal
ausgedrückt
"Bewertungskurs"
ist
der
am
Bewertungstag
von
der
Festlegungsstelle / Indexsponsor
festgestellte
Schlusskurs
des
Basiswertes (Index). Dabei entspricht
ein Indexpunkt einem Betrag von 1,00
der
jeweiligen
Währung.
"Bankarbeitstag" im Sinne dieser
Zertifikatsbedingungen ist ein Tag, an
dem die Geschäftsbanken, Clearing25
R = S × (100% - M)t × r
where:
R:
S:
Redemption Amount
Relevant Reference Price at
the
Valuation
Date
(Termination Date or Exercise
Date)
M:
Management Fee 1.6 % p.a.
pro rata
Number of years between the
Listing date (July 18, 2008 )
(included) and the Valuation
Date (excluded) (actual/actual)
Ratio expressed as a decimal
t:
r:
"Reference Price" shall mean the
closing price of the underlying (Index)
determined by the Determination
Agent / Indexsponsor on the Valuation
Date.
One Index point shall
correspond to the amount of 1.00 in
the relevant currency. A "Banking
Day" means, for purposes of these
terms of the Certificates, any day on
which the commercial banks, clearing
and settlement systems (in particular
the TARGET-System) and Exchanges
in Frankfurt am Main, Germany,
Milan, Italy and Zurich, Switzerland
und
Settlementsysteme
(insbesondere das TARGET-System)
sowie die Börsen in Frankfurt am
Main, Mailand, Italien und Zürich,
Schweiz geöffnet sind. "Börsentag" im
Sinne dieser Zertifikatsbedingungen
ist ein Tag, an welchem von der
Festlegungsstelle / Indexsponsor der
Basiswert (Index) berechnet wird. Die
Indexbeschreibungen sind integraler
Bestandteil dieser Bedingungen.
are open. A "Trading Day" means, for
purposes of these terms of the
Certificates, any day on which the
Determination Agent / Index Sponsor
shall calculate a value for the
underlying (Index). The description of
the Index is integral part of these
terms.
(2)
Die sich bei der Berechnung des (2)
Abrechnungsbetrages
ergebenden
Werte werden kaufmännisch auf volle
Cent auf- bzw. abgerundet.
In
calculating
the
Redemption
Amount, all sums shall be rounded up
or down to the nearest whole cent, in
accordance with standard German
commercial practice.
(3)
Die Zertifikate sind nicht verzinslich (3)
und
berechtigen
nicht
zu
Dividendenzahlungen.
The Certificates shall not bear interest
and shall not entitle to any payment of
dividends.
(4)
Die Angaben zu ISIN, WKN, (4)
Stückzahl,
Index
(Währung),
Bezugsverhältnis (als Dezimalzahl
ausgedrückt),
Managementgebühr,
Festlegungsstelle / Indexsponsor und
anfänglicher Verkaufspreis ergeben
sich aus der als Anlage 1 zu diesen
beigefügten
Tabelle.
Information concerning the ISIN,
WKN, number of Certificates to be
issued, Index (currency), Reference
Ratio (expressed as a decimal
number),
Management
Fee,
Determination Agent / Indexsponsor
and initial offering price are set forth
in the table attached to these terms of
the Certificates as Exhibit 1.
(5)
Die
Zertifikate
begründen (5)
unmittelbare
und
unbesicherte
Verbindlichkeiten des Emittenten, die
untereinander und mit allen sonstigen
Verbindlichkeiten des Emittenten
gleichrangig sind, ausgenommen
solche Verbindlichkeiten, denen auf
Grund
zwingender
gesetzlicher
Vorschriften Vorrang zukommt.
The Certificates represent direct and
unsecured obligations of the Issuer,
ranking pari passu among one
another and with all other unsecured
and non-subordinated obligations of
the Issuer, with the exception of
obligations with mandatory priority by
virtue of law.
(6)
Die Erfüllung der Verbindlichkeiten (6)
des
Emittenten
unter
diesen
Zertifikatsbedingungen werden von
der Bank Vontobel AG, Zürich,
Schweiz ("Garant") unbedingt und
unwiderruflich
garantiert.
Die
Verpflichtungen des Garanten unter
der Garantie begründen unmittelbare,
unbedingte und nicht besicherte
Verbindlichkeiten des Garanten, die
untereinander gleichrangig sind. Der
Garant wird auf erstes Verlangen der
Zertifikatsinhaber
und
deren
The fulfilment of the Issuer’s
obligations under these terms of the
Certificates shall be unconditionally
and irrevocably guaranteed by Bank
Vontobel AG, Zurich, Switzerland
("Guarantor").
The Guarantor’s
obligations under the guarantee
represent direct, unconditional and
unsecured
obligations
of
the
Guarantor, ranking pari passu. The
Guarantor shall, upon the first
demand of the Certificate-holders and
upon their declaration in writing that
an amount payable under the
26
Betrag unter den Zertifikaten von dem
Emittenten nicht fristgerecht bezahlt
wurde, an diese unverzüglich alle
gemäß den Zertifikatsbedingungen zu
zahlenden Beträge zahlen. Eine
Lieferung von Aktien durch den
Garanten erfolgt nicht. Sämtliche aus
der Garantie entstehenden Rechte
und Pflichten unterliegen in jeder
Hinsicht dem Recht der Schweiz. Für
alle Klagen und Rechtstreitigkeiten
bezüglich der Garantie sind die
ordentlichen Gerichte des Kantons
Zürich
ausschließlich
zuständig.
Gerichtstand ist Zürich 1. Vorbehalten
bleibt die Einlegung von Rechtmitteln
beim Schweizerischen Bundesgericht
in Lausanne, dessen Entscheidung
endgültig ist.
Certificates was not paid when due by
the Issuer, pay to such holders
without delay all amounts payable
pursuant to the terms of the
Certificates. The Guarantor shall not
deliver any shares of stock. All rights
and duties arising under the
guarantee shall be governed in all
respects by the laws of Switzerland.
Zurich shall be the exclusive forum for
all claims and litigation concerning
this guarantee. The venue shall be
Zurich 1. This provision shall not
apply to appeals raised with the Swiss
Federal Court in Lausanne, whose
decision is definitive.
§2
Form, Girosammelverwahrung,
Übertragbarkeit
§2
Form, Depositary Institution and
Transferability
(1)
Die von dem Emittenten begebenen (1)
Zertifikate sind durch eine DauerInhaber-Sammel-Urkunde ("InhaberSammel-Urkunde") verbrieft, die bei
der
Clearstream
Banking
AG
("Clearstream") hinterlegt ist. Die
Inhaber-Sammel-Urkunde trägt die
Unterschrift des Emittenten. Effektive
Urkunden werden nicht ausgegeben.
Ein Anspruch auf Lieferung effektiver
Urkunden ist ausgeschlossen. In
Italien erfolgt eine unverbriefte
Übertragung der Zertifikate, welche
über Monte Titoli S.p.A. („Monte
Titoli“) gemäß der anwendbaren
Regelungen abgewickelt wird.
The Certificates to be issued by the
Issuer shall be represented by a
permanent global bearer certificate
(the “Global Certificate”), which shall
be deposited with Clearstream
Banking AG (“Clearstream”).
The
Global Certificate shall bear the
signature of the Issuer. Individual
physical certificates shall not be
delivered. Any claim to delivery of a
physical certificate shall be excluded.
In Italy the circulation of Certificates
will be dematerialised and centralised
with Monte Titoli S.p.A (“Monte Titoli”),
pursuant to the applicable law.
(2)
Den
Zertifikatsinhabern
stehen (2)
Miteigentumsanteile an der InhaberSammel-Urkunde zu. Die Zertifikate
können in Übereinstimmung mit den
Bestimmungen und Regeln von
Clearstream bzw. Monte Titoli frei
übertragen werden.
The Certificate-holders shall have
proportionate
ownership
rights
(Miteigentumsanteile) in the Global
Certificate. The Certificates may be
freely transferred in accordance with
the
rules
and
conditions
of
Clearstream and Monte Titoli.
(3)
Im Effektengiroverkehr sind die (3)
Zertifikate ausschließlich in Einheiten
von einem Zertifikat oder einem
ganzzahligen
Vielfachen
davon
übertragbar.
The Certificates shall be transferable
in the securities clearing system only
in units of one Certificate or wholenumber multiples thereof.
27
§3
Laufzeit,
Ausübung
des § 3
Zertifikatsrechts,
vorzeitige
Kündigung durch den Emittenten,
Term, Exercise of the Certificate
Right, Early Termination by the
Issuer, Payment of the Redemption
Amount
(1)
Die Laufzeit der Zertifikate ist (1)
unbegrenzt. Das Zertifikatsrecht kann
vom Zertifikatsinhaber, vorbehaltlich
vorheriger Kündigung durch den
Emittenten (gemäß § 3 Abs. 7),
jeweils
zum
vierteljährlichen
Rebalancing Date (erstmals im
September 2008) ("Ausübungstag")
ausgeübt werden. Die Ausübung gibt
dem Zertifikatsinhaber das in § 1 Abs.
1 bestimmte Recht auf Zahlung des
Abrechnungsbetrages
durch
den
Emittenten.
The term of the Certificates is
unlimited. Provided that the Issuer
shall not previously have terminated
the Certificates (pursuant to § 3,
paragraph (7)), the Certificate-holder
can exercise the Certificate Right at
any one time on the date of the
quarterly Index Rebalancing Date (for
the first time on September 2008)
("Exercise Date"). Such exercise shall
entitle
the
Certificate-holder
to
demand payment of the Redemption
Amount from the Issuer, as specified
in § 1, paragraph (1).
(2)
Zur
wirksamen
Ausübung
des (2)
Zertifikatsrechts
muss
der
Zertifikatsinhaber
über
seine
handelnde Bank bis spätestens einen
Bankarbeitstag
vor
dem
Ausübungstag (10:00 Uhr MEZ) der
Berechnungsstelle per Fax 0041-58283-5545 die diesen Bedingungen als
Anlage
2
beigefügte
Ausübungserklärung abgeben.
In order to exercise the Certificate
Right effectively, the Certificate-holder
must submit its declaration of
exercise, using the form which is
attached to these terms as Exhibit 2
by facsimile 0041-58-283-5545, via its
transacting bank, to the Calculation
Agent not later than 10:00 a.m. CET
one Banking Day prior to the Exercise
Date.
(3)
Die
Ausübungserklärung
muss (3)
ordnungsgemäß unterzeichnet sein
und hat die folgenden Angaben zu
enthalten:
The declaration of exercise must be
duly signed and include the following
information:
(a)
die
Erklärung
des
Zertifikatsinhabers,
hiermit
sein
Zertifikatsrecht
auszuüben;
(a)
a declaration of the Certificateholder to the effect that it
hereby exercises its Certificate
Right;
(b)
die
Bezeichnung
der
Zertifikate (ISIN) und die
Anzahl der Zertifikate, die
ausgeübt werden;
(b)
an
identification
of
the
Certificates (ISIN) and the
number of Certificates being
exercised; and
(c)
die Abwicklungsinstruktionen
für die handelnde Bank.
(c)
instructions for settlement with
the transacting bank.
(4)
Die Ausübungserklärung bezieht sich (4)
auf
den
jeweils
nächsten
Ausübungstag.
Eine
Ausübungserklärung, die verspätet
eingegangen ist, ist ungültig.
The declaration of exercise shall refer
to the immediately succeeding
Exercise Date.
A declaration of
exercise that is submitted late shall be
invalid.
(5)
Fehlt es an einer der in Abs. 2 und/ (5)
oder
Abs.
3
genannten
In the event any of the conditions set
forth in paragraph (2) or paragraph (3)
28
Voraussetzungen, ist der Emittent
bzw.
die
Berechnungsstelle
berechtigt, die Ausübungserklärung
als unwirksam anzusehen. Der
Emittent bzw. die Berechnungsstelle
wird den Zertifikatsinhaber (über die
handelnde Bank) unverzüglich auf
das Fehlen oder die Unrichtigkeit
erforderlicher Angaben aufmerksam
machen. Bei Verstoß gegen diese
Pflicht haftet der Emittent bzw. die
Berechnungsstelle nur im Falle grober
Fahrlässigkeit.
shall not be met, the Issuer or the
Calculation Agent shall be entitled to
treat the declaration of exercise as
invalid. The Issuer or the Calculation
Agent shall inform the Certificateholder (via its transacting bank)
promptly about the absence or
incorrectness of requisite information.
With respect to a breach of this duty,
the Issuer or the Calculation Agent, as
the case may be, shall be liable only
in the event of gross negligence.
(6)
Die frist- und formgerecht erfolgte (6)
Ausübungserklärung ist verbindlich
und – vorbehaltlich der Regelung des
§ 7 Abs. 1 – unwiderruflich. Nach
Abgabe der Ausübungserklärung ist
eine
weitere
Übertragung
der
Zertifikate unzulässig.
A formally effective and timely
declaration of exercise shall be
binding and - subject to the provisions
of § 7 paragraph (1) - irrevocable. No
further transfer of the Certificates is
permissible following submission of a
declaration of exercise.
(7)
Der Emittent ist berechtigt, die bis (7)
dahin nicht ausgeübten Zertifikate
jederzeit (jeweils ein "Kündigungstag")
zwecks vorzeitiger Rückzahlung zu
kündigen, die Zertifikate gelten dann
als automatisch ausgeübt, ohne dass
der
Zertifikatsinhaber
eine
Ausübungserklärung abgeben muss.
Die
Kündigungserklärung
ist
spätestens einen Monat vor dem
Kündigungstag nach Maßgabe des §
9 bekannt zu machen und gilt mit der
Veröffentlichung als zugegangen. Die
Kündigung gibt dem Zertifikatsinhaber
das in § 1 Abs. 1 bestimmte Recht auf
durch
den
Emittenten.
Der
Zertifikatsinhaber
ist
berechtigt,
entsprechend den Bedingungen für
Notierungen in den von der Borsa
Italiana S.p.A. organisierten und
geführten
Märkten
auf
die
automatische
Ausübung
zu
verzichten. Zum wirksamen Verzicht
auf die automatische Ausübung muss
der Zertifikatsinhaber spätestens um
10:00
Uhr
(MEZ)
einen
Bankarbeitstag
nach
dem
Kündigungstag bzw. spätestens um
10:00 Uhr (MEZ) am Kündigungstag
(im Fall, dass der Basiswert einen
Index enthält, der von der Borsa
Italiana bzw. von Unternehmen
geführt wird, mit deren Borsa Italiana
The Issuer shall be entitled to
terminate, for the purpose of a
premature redemption, all Certificates
that shall not previously have been
exercised at any time (such
termination date is a "Termination
Date") and such Certificates will be
deemed to be automatically exercised
on the Termination Date without the
need of an exercise notice. The
declaration of termination shall be
made public in accordance with the
provisions of § 9 not later than one
month prior to the Termination Date,
and shall be deemed valid at the time
of such publication. A termination
payment of the Redemption Amount
from the Issuer, as specified in § 1,
paragraph (1). The Certificate-holder
shall be entitled to waive the
automatic exercise of the Certificates
pursuant to the Listing Rules of the
markets organized and managed by
Borsa Italiana S.p.A.. In order to
waive
the
automatic
exercise
effectively, the Certificate-holder must
submit its waiver declaration, using
the form which is attached to these
terms as Exhibit 3 by facsimile 004969-297-208-38 to the Issuer no later
than 10.00 a.m. (CET) one Banking
Day following to the Termination Date
or no later than 10.00 a.m. (CET) on
29
spezifische Vereinbarungen getroffen
hat)
dem
Emittenten
seine
Verzichtserklärung in der diesen
Bedingungen
als
Anlage
3
beigefügten Form per Fax 0049-69297-208-38 zukommen lassen. Die
Verzichtserklärung
des
Zertifikatsinhabers ist unwiderruflich.
In diesem Fall erfolgt keine Tilgung
der
Zertifikate
und
der
Zertifikatsinhaber
verzichtet
unwiderruflich
auf
den
Abrechnungsbetrag
sowie
anderweitige Zertifikatsrechte.
the Termination Date in case the
underlying consists of an index
managed by Borsa Italiana or by a
company with which Borsa Italiana
has concluded a specific agreement.
The waiver declaration of the
Certificate-holder will be irrevocable.
In such case, the Certificates will not
be redeemed and the Certificateholders will irrevocably waive the
Redemption Amount or any other
rights under the Certificates.
(8)
Der Emittent wird über die Zahlstelle (8)
für alle von ihm begebenen Zertifikate
am fünften Bankarbeitstag nach dem
Kündigungstag bzw. Ausübungstag
(die
jeweils
auch
als
ein
"Bewertungstag" gelten) den zu
überweisenden Abrechnungsbetrag
der Clearstream bzw. in Italien, der
Monte Titoli zur Weiterleitung per
Gutschrift an die Zertifikatsinhaber zur
Verfügung stellen. Damit wird der
Emittent
von
sämtlichen
Leistungsverpflichtungen frei.
The Issuer shall, via the Paying
Agent, make the Redemption Amount
payable for all Certificates issued by it
available to Clearstream or, in Italy, to
Monte Titoli for forwarding to the
relevant depositary institutions and
crediting to the Certificate-holders on
the fifth Banking Day following the
Exercise Date or Termination Date
(each also referred to as a "Valuation
Date"). The Issuer shall therewith be
discharged of all obligations of
performance.
(9)
Ist der Kündigungstag bzw. der (9)
Ausübungstag (die jeweils auch als
ein "Bewertungstag" gelten) kein
Bankarbeitstag, so beginnt die Frist
aus Abs. (8) bezogen auf die Zahlung
des Abrechnungsbetrages erst am
nächstfolgenden Bankarbeitstag. Der
Zertifikatsinhaber ist nicht berechtigt,
Zinsen
oder
eine
andere
Entschädigung wegen einer solchen
Zahlungsverzögerung zu verlangen.
Sollte
am
Bewertungstag
ein
Bewertungskurs nicht festgestellt und
veröffentlicht
werden,
so
gilt
vorbehaltlich
des
§
7
als
Bewertungskurs der am nächsten
Börsentag festgestellte Schlusskurs.
In the event the Exercise Date or
Termination Date (each also referred
to as a "Valuation Date") shall not be
a Banking Day, the period specified in
paragraph (8) with regard to payment
of the Redemption Amount shall
commence on the next Banking Day.
The Certificate-holders shall not be
entitled to claim interest or any other
compensation on account of such a
delay in payment. If no Reference
Price shall be determined and
published on the Valuation Date, the
closing price determined on the next
Trading Day shall be deemed to be
the Reference Price, subject however
to the provisions of § 7.
(10)
Alle im Zusammenhang mit der (10)
bzw. des Kündigungsbetrages (wie
nachfolgend definiert) gegebenenfalls
anfallenden Steuern und Gebühren
oder sonstigen Abgaben sind vom
Zertifikatsinhaber zu tragen. Der
Emittent bzw. die Zahlstelle sind
berechtigt,
von
dem
Abrechnungsbetrag
bzw.
dem
The Certificate-holder shall bear any
and all fees and taxes or other costs
accruing in connection with payment
of the Redemption Amount or
Termination Amount (as hereinafter
defined). The Issuer or the Paying
Agent, as the case may be, shall be
authorized to withhold any taxes, fees
or costs payable by the Certificateholders from the Redemption Amount
30
Kündigungsbetrag etwaige Steuern,
Gebühren oder Abgaben, die vom
Zertifikatsinhaber zu tragen sind,
einzubehalten.
or Termination Amount.
(11)
Der Abrechnungsbetrag wird von dem (11)
Emittenten
bzw.
der
Berechnungsstelle berechnet und ist,
sofern nicht ein offensichtlicher Irrtum
vorliegt, für die Zertifikatsinhaber
bindend.
The Redemption Amount shall be
calculated by the Issuer or the
Calculation Agent and shall be
binding on the Certificate-holders,
provided no evident error has been
made.
(12)
Die Abwicklung hinsichtlich der (12)
Zertifikate unterliegt sämtlichen, am
Bewertungs-,
Ausübungs-,
Kündigungstag bzw. Fälligkeitstag
geltenden
Gesetzen
und
Verordnungen,
Verwaltungsvorschriften
und
Verfahren. Der Emittent haftet weder
für den Fall, dass er aufgrund dieser
Regelwerke und Verfahren trotz
zumutbarer Anstrengungen nicht in
der
Lage
sein
sollte,
den
Verpflichtungen
nach
den
vorgenannten
Absätzen
nachzukommen, noch für Handlungen
oder
Unterlassungen
von
Abwicklungsstellen aus oder in
Verbindung mit der Erfüllung der
Verpflichtungen
aus
diesen
Zertifikaten.
Settlement of the Certificates shall be
governed by all laws and regulations,
administrative
policies
and
procedures in effect on the Valuation
Date, Exercise Date, Termination
Date or Maturity Date. The Issuer
shall not be liable for the event that
such regulations and procedures shall
render it unable, despite making all
reasonable efforts, to meet the
obligations set forth in the preceding
paragraphs; nor shall it be liable for
the actions or omissions of any
clearing agent in or in connection with
fulfilling the obligations arising under
the Certificates.
(13)
Weder der Emittent, noch die (13)
Berechnungsstelle,
noch
die
Zahlstelle sind verpflichtet, die
Berechtigung der Zertifikatsinhaber zu
überprüfen.
Neither the Issuer nor the Calculation
Agent nor the Paying Agent shall be
obligated to review the authority of
Certificate-holders.
§4
Berechnungsstelle, Zahlstelle
Calculation Agent, Paying Agent
(1)
"Berechnungsstelle" ist die Bank (1)
jederzeit
berechtigt,
die
Berechnungsstelle durch eine andere
Bank zu ersetzen, eine oder mehrere
zusätzliche Berechnungsstellen zu
bestellen und/oder deren Bestellung
zu widerrufen. Die Berechnungsstelle
handelt
ausschließlich
als
Erfüllungsgehilfin des Emittenten und
hat keinerlei Pflichten gegenüber dem
Zertifikatsinhaber.
Die
Berechnungsstelle ist von
den
Beschränkungen des § 181 BGB und
etwaigen
gleichartigen
Beschränkungen des anwendbaren
§4
31
The "Calculation Agent" shall be Bank
Vontobel AG, Zurich, Switzerland.
The Issuer is authorized at any time to
substitute another bank as Calculation
Agent, to appoint one or more
additional calculation agents and / or
to revoke any such appointment. The
Calculation Agent shall act exclusively
as agent (Erfüllungsgehilfe) of the
Issuer and has no duty whatsoever to
Certificate-holders. The Calculation
Agent is exempt from the restrictions
of § 181 BGB and any similar
restrictions under the applicable law
of
other
countries.
The
Rechts anderer Länder befreit.
Sämtliche der in Satz 2 erwähnten
Maßnahmen
werden
nach
§9
bekannt gegeben.
(2)
"Hauptzahlstelle"
ist
die
Bank (2)
jederzeit berechtigt, eine Zahlstelle zu
ersetzen,
eine
oder
mehrere
zusätzliche Zahlstellen zu bestellen
und/oder
deren
Bestellung
zu
widerrufen. Eine Zahlstelle handelt
ausschließlich als Erfüllungsgehilfin
des Emittenten und hat keinerlei
Pflichten
gegenüber
dem
Zertifikatsinhaber. Eine Zahlstelle ist
von
den
Beschränkungen
des
§ 181 BGB
und
etwaigen
gleichartigen Beschränkungen des
anwendbaren Rechts anderer Länder
befreit. Sämtliche der in Satz 2
erwähnten Maßnahmen werden nach
§ 9 bekannt gegeben.
The "Principal Paying Agent" shall be
Bank
Vontobel
AG,
Zurich,
Switzerland.
The Issuer is
authorized at any time to replace any
Paying Agent, to appoint one or more
additional Paying Agents and / or to
revoke any such appointment.
A
Paying Agent shall act exclusively as
agent of the Issuer and has no duty
whatsoever to Certificate-holders. A
Paying Agent is exempt from the
restrictions of § 181 BGB and any
similar
restrictions
under
the
applicable law of other countries. The
§5
Anpassungen, Kündigung der
Zertifikate durch den Emittenten
§5
Adjustments, Termination of the
Certificates by the Issuer
(1)
Maßgeblich für die Berechnung des (1)
Abrechnungsbetrages
ist
das
jeweilige Konzept des Basiswertes
(Index),
wie
es
von
der
Festlegungsstelle
veröffentlicht
wurde, sowie die jeweilige Art und
Weise der Berechnung, Feststellung
und Veröffentlichung des Indexes
durch die Festlegungsstelle (auch
wenn künftig Veränderungen in der
Berechnung des Indexes, in der
Zusammensetzung oder Gewichtung
der Kurse und Einzelwerte, auf deren
Grundlage der Index berechnet wird,
oder in der Art und Weise der
Veröffentlichung
oder
sonstige
Veränderungen, Anpassungen oder
andere Maßnahmen vorgenommen
werden, die sich auf die Berechnung
des Indexes auswirken), soweit sich
nicht
aus
den
nachstehenden
Bestimmungen ein anderes ergibt.
Decisive
in
calculating
the
Redemption Amount is the relevant
conception of the underlying (Index),
as it has been published by the
Determination Agent, and the manner
in which such Determination Agent
calculates, determines and publishes
the Index (even if in the future there
shall be changes in the calculation of
the Index, in the composition or
weighting of the constituent rates and
securities underlying the Index or in
the manner in which the Index values
are published, or any other changes,
adjustments or other measures shall
be implemented which impact the
calculation of the Index), unless the
following provisions shall stipulate
otherwise.
(2)
Eine
Anpassung
des (2)
Bezugsverhältnisses
("Ausstattungsmerkmale")
erfolgt
grundsätzlich nicht, es sei denn, dass
nach Auffassung des Emittenten das
In general, no adjustment of the
Reference
Ratio
("Certificate
Characteristics") shall be undertaken,
unless in the Issuer’s opinion the
determinative
conception
and
32
während der Laufzeit maßgebliche
Konzept und die Berechnung des
Indexes infolge einer Veränderung,
nicht mehr vergleichbar ist mit dem
am
Tag
des
Angebotsbeginns
maßgeblichen Konzept oder der an
diesem
Tag
maßgeblichen
Berechnung
des
Indexes.
Die
Vergleichbarkeit ist insbesondere
dann nicht mehr gegeben, wenn sich
aufgrund
einer
Veränderung,
trotz gleichbleibender Kurse der im
Index enthaltenen Einzelwerte und
ihrer Gewichtung eine wesentliche
Änderung des Indexes ergibt. Eine
Anpassung
der
Ausstattungsmerkmale kann auch bei
Aufhebung des Indexes und/oder
einer Ersetzung durch ein anderes
Indexkonzept erfolgen.
calculation of the Index during the
term of the Certificates, as a result of
a modification, adjustment or other
measure, is no longer comparable to
the determinative conception or
relevant calculation of the Index as of
the day the offering commenced. In
particular, the Index conception shall
be deemed no longer comparable in
particular when, as a result of a
modification, adjustment or other
measure, the value of the Index shall
change
materially
despite
the
absence of any change in the trading
prices or weighting of the Index
constituents. An adjustment of the
Certificate Characteristics may also
be undertaken in the event of a
termination of the Index and / or its
replacement by a different Index
conception.
(3)
Zum Zweck einer Anpassung kann (3)
der Emittent nach billigem Ermessen
(§§ 315, 317 BGB) und unter
Berücksichtigung der Restlaufzeit der
Zertifikate
und
ihres
letzten
festgestellten Kurses ein angepasstes
Bezugsverhältnis ermitteln, das in
seinem
wirtschaftlichen
Ergebnis
möglichst weitgehend der bisherigen
Regelung entspricht. Der Emittent
wird dann unter Berücksichtigung des
Zeitpunkts
der
Veränderung,
auch den Tag bestimmen, an dem die
angepassten Ausstattungsmerkmale
erstmals zugrunde zu legen sind.
When making any adjustment, the
Issuer may fix an adjusted Reference
Ratio in the fair exercise of its
discretion (§§ 315, 317 BGB), taking
into account the remaining term of the
Certificates and the last trading price
established for them. The Issuer shall
seek to make the adjusted Reference
Ratio correspond as closely as
possible to the previous one from the
standpoint of its economic effect. The
Issuer shall then, taking into account
the time at which the modification,
adjustment or other measure shall
have been introduced, also fix a day
as of which the adjusted Certificate
Characteristics shall go into effect for
the first time.
(4)
Wird der Index nicht mehr von der (4)
Festlegungsstelle, sondern von einer
anderen Person, Gesellschaft oder
Institution, die der Emittent nach
billigem Ermessen (§§ 315, 317 BGB)
für
geeignet
hält
("Ersatzfestlegungsstelle") berechnet
und veröffentlicht, so wird der
Abrechnungsbetrag
auf
der
Grundlage
des
von
der
Ersatzfestlegungsstelle berechneten
und veröffentlichten Index berechnet.
Jede in diesen Zertifikatsbedingungen
enthaltene Bezugnahme auf die
In the event that the Index shall no
longer be calculated and published by
the Determination Agent, but by
another person, corporation or
institution that the Issuer shall deem
suitable ("Replacement Determination
Agent") in the fair exercise of its
discretion (§§ 315, 317 BGB), the
Redemption
Amount
shall
be
calculated on the basis of the Index
as calculated and published by the
Replacement Determination Agent. In
this event, every reference to the
Determination Agent in these terms of
33
Festlegungsstelle gilt, sinngemäß, als
Bezugnahme
auf
die
Ersatzfestlegungsstelle.
the Certificates shall thenceforth be
deemed
a
reference
to
the
Replacement Determination Agent,
mutatis mutandis.
(5)
Wird der Index aufgehoben bzw. (5)
durch ein anderes Indexkonzept
ersetzt,
oder
kann
die
Lizenzvereinbarung zwischen der
Festlegungsstelle
und
dem
Emittenten nicht fortgesetzt werden,
wird der Emittent, ggf. unter
entsprechender
Anpassung
des
Bezugsverhältnisses, bestimmen, ob
und welches andere Indexkonzept
künftig für die Berechnung des
Abrechnungsbetrages zugrunde zu
legen ist.
If the Index shall be terminated or
replaced by another Index conception,
or if the license agreement between
the Issuer and the Determination
Agent shall be discontinued, the
Issuer shall determine whether any
and which other Index conception
shall thenceforth serve as underlying
for calculation of the Redemption
Amount,
by
adjustment
when
necessary of the Reference Ratio.
(6)
Ist nach Ansicht des Emittenten eine (6)
Festlegung
eines
anderen
maßgeblichen Indexkonzepts, aus
welchen Gründen auch immer, nicht
möglich, ist der Emittent berechtigt,
aber nicht verpflichtet, die Zertifikate
vorzeitig durch Bekanntmachung
gemäß § 9 unter Angabe des
nachstehend
definierten
Kündigungsbetrags zu kündigen. Die
Kündigung wird wirksam mit dem
Zeitpunkt
der
Bekanntmachung
gemäß § 9 ("Kündigungstag"). Die
Laufzeit der Zertifikate endet in
diesem Falle vorzeitig. Im Falle einer
Kündigung zahlt der Emittent an jeden
Zertifikatsinhaber innerhalb von fünf
Bankarbeitstagen
nach
dem
Kündigungstag einen Betrag je
Zertifikat ("Kündigungsbetrag"), der
von dem Emittenten bzw. der
Berechnungsstelle
nach
billigem
Ermessen gemäß §§ 315, 317 BGB
als angemessener Marktpreis eines
Zertifikats festgelegt wird. Für die
Zahlung
des
Kündigungsbetrags
gelten ansonsten die Regelungen des
§ 3 entsprechend.
In the event the Issuer shall determine
that substitution of an appropriate new
relevant Index conception is not
possible for whatever reason, the
Issuer shall be authorized, but not
obligated, to terminate the Certificates
prematurely by making a public
announcement in accordance with § 9
that includes the Termination Amount
hereinafter defined. Such termination
shall take effect as of the time of the
public announcement pursuant to § 9
(the "Termination Date"). The term of
the Certificates will in this event end
prematurely.
In the event of a
termination, the Issuer shall pay to
each Certificate-holder, not later than
five Banking Days following the
Termination Date, an amount per
Certificate ("Termination Amount")
that the Issuer or the Calculation
Agent shall deem, in the fair exercise
of its discretion pursuant to §§ 315,
317 BGB, to be the fair market value
of such Certificate. The provisions of
§ 3 shall apply mutatis mutandis to
payment of the Termination Amount.
(7)
Die Anpassungen und Festlegungen (7)
sowie
der
Zeitpunkt
ihres
Inkrafttretens werden durch den
Emittenten nach § 9 bekannt
gemacht.
The Issuer shall publicly announce
any adjustment and determination,
and the time at which they shall take
effect, in accordance with § 9.
(8)
Agent shall apply in addition to the
34
der Festlegungsstelle.
provisions hereof.
§6
Ersetzung des Emittenten
§6
Substitution of the Issuer
(1)
Der Emittent ist jederzeit berechtigt, (1)
ohne
Zustimmung
der
Zertifikatsinhaber
einen
anderen
Schuldner aus den Zertifikaten
("Neuer Emittent") an seine Stelle zu
setzen, sofern folgende Bedingungen
erfüllt sind
time, and without obtaining approval
of the Certificate-holders, to substitute
for itself another debtor as Debtor
under the Certificates (the "New
Issuer"), provided that all the following
conditions are satisfied
(a)
der Neue Emittent durch
Vertrag mit dem Emittenten
alle
Verpflichtungen
des
Emittenten aus oder im
Zusammenhang
mit
den
Zertifikaten übernimmt, und
(a)
the New Issuer shall assume
all obligations of the Issuer
under or in connection with the
Certificates pursuant to an
agreement with the Issuer; and
(b)der
Emittent und der Garant
unbedingt und unwiderruflich
zu
Gunsten
der
Zertifikatsinhaber die Erfüllung
aller
von
dem
Neuen
Emittenten zu übernehmenden
Verpflichtungen
garantiert
haben und
(b)
the Issuer and the Guarantor
shall have unconditionally and
irrevocably guaranteed to the
Certificate-holders
the
fulfilment of all obligations to
be assumed by the New
Issuer; and
(c)
der
Neue
Emittent
alle
notwendigen Genehmigungen
der Behörden des Landes, in
dem er seinen Sitz hat,
erhalten hat.
(c)
the New Issuer shall have
obtained
all
requisite
approvals from the authorities
in the country in which it has
its registered address.
(2)
Im Falle einer solchen Ersetzung gilt (2)
jede in diesen Zertifikatsbedingungen
enthaltene Bezugnahme auf den
Emittenten fortan als Bezugnahme
auf den Neuen Emittenten.
In the event of such a substitution, all
references to the Issuer in these
terms of the Certificates shall be
deemed as reference to the New
Issuer.
(3)
Die Ersetzung ist unverzüglich gemäß (3)
§ 9 bekannt zu machen.
The substitution shall be publicly
announced
without
delay
in
accordance with § 9.
§7
Marktstörung
Market Disturbance
(1)
Wenn
nach
Auffassung
des (1)
Emittenten am Bewertungstag in
Bezug auf die Zertifikate eine
Marktstörung gemäß Absatz (2)
vorliegt, so gilt als Bewertungstag der
nächstfolgende Bankarbeitstag, an
dem
keine
Marktstörung
mehr
vorliegt. Der Emittent wird sich
bemühen, unverzüglich gemäß § 9
§7
35
If the Issuer shall determine that a
Market Disturbance relative to the
Certificates within the meaning of
paragraph (2) has occurred on the
Valuation Date, the next Banking Day
on which no Market Disturbance shall
exist shall be deemed the Valuation
Date. The Issuer shall make efforts to
announce
without
delay
in
(2)
(3)
bekannt zu machen, dass eine
Marktstörung eingetreten ist. Eine
Pflicht zur Mitteilung besteht jedoch
nicht. Wenn die Feststellung aufgrund
der Bestimmungen dieses Absatzes
um fünf Bankarbeitstage verschoben
worden ist und auch an diesem Tag
die Marktstörung fortbesteht, ist für
den
Basiswert
(Index)
ein
"Ersatzpreis" festzustellen.
accordance with § 9 that such a
Market Disturbance has taken place;
but it shall be under no obligation to
make any such announcement. If the
Valuation Date shall be postponed for
five Banking Days pursuant to the
provisions of this paragraph, and the
Market Disturbance shall persist on
such fifth day, an "Alternative Price"
shall be determined for the underlying
(Index).
"Ersatzpreis"
im
Sinne
dieser
Zertifikatsbedingungen ist, soweit
erhältlich,
die
von
der
Festlegungsstelle
oder
der
maßgeblichen Terminbörse ermittelte
Index-Ersatzzahl. Falls eine solche
Index-Ersatzzahl nicht ermittelt wird,
bestimmt der Emittent den Stand des
Indexes, der nach Beurteilung des
Emittenten den an diesem Tag
herrschenden
Marktgegebenheiten
entspricht.
For purposes of these terms of the
Certificates, an "Alternative Price"
shall mean, provided it shall be
available, the Alternative Index Value
(Index-Ersatzzahl) determined by the
Determination Agent or the relevant
Futures Exchange.
If no such
Alternative Index Value shall be
determined,
the
Issuer
shall
determine the value of the Index, such
as it shall deem best corresponds to
the market conditions prevailing on
that day.
Eine "Marktstörung" bedeutet die (2)
vorübergehende Suspendierung oder
wesentliche
Einschränkung
des
Handels
"Market Disturbance" shall mean the
temporary suspension or significant
restriction of trading
(a)
eines
einzelnen
Indexbestandteils
oder
mehrerer
Indexbestandteile;
oder
(a)
of any one or more Index
constituent (s);
(b)
bezogen auf den Index; oder
(b)
the Index itself; or
(c)
in
einem
Terminoder
Optionskontrakt in Bezug auf
den
Index
oder
die
Indexbestandteile,
an
der
maßgeblichen
Terminbörse,
falls solche dort gehandelt
werden.
(c)
in any futures or options
contract on the underlying
Index or Index constituents on
the
relevant
Futures
Exchange, if any such shall be
traded there.
Die genannten Suspendierungen oder (3)
Einschränkungen müssen innerhalb
der letzten 30 Minuten vor der
Berechnung des Bewertungskurses
des Basiswertes (Index) eintreten
bzw. bestehen und nach Auffassung
des Emittenten wesentlich sein. Eine
Einschränkung der Handelszeit oder
der Handelstage gilt nicht als
Marktstörung, wenn sie auf eine
angekündigte
Änderung
der
36
Such suspensions or restrictions must
occur or continue in the last 30
minutes of trading prior to calculation
of the Reference Price of the Index,
and must be deemed significant by
the Issuer. A restriction of the trading
hours or trading days shall not qualify
as a Market Disturbance, if such
restriction shall result from an
announced change in the regular
trading hours announced by the
regelmäßigen Geschäftsstunden der
(Termin-) Börse zurückzuführen ist.
Die durch die (Termin-) Börse
während
eines
Handelstages
auferlegte Handelsbeschränkung zur
Verhinderung
von
Preisveränderungen, die bestimmte
vorgegebene Grenzen überschreiten
würden, gilt dann als Marktstörung,
wenn diese Beschränkung bis zum
Ende der Handelszeit an dem
betreffenden Tag fortdauert. Die in § 5
Abs. (1) beschriebenen Fälle fallen
nicht unter diesen § 7.
(Futures) Exchange. A restriction on
trading imposed by the (Futures)
Exchange in the course of a Trading
Day to prevent price changes that
would exceed certain given thresholds
shall qualify as a Market Disturbance
if (but only if) such restriction shall
remain in effect until the close of
trading on the relevant Trading Day.
The events described in § 5 Par. (1)
shall not qualify as a Market
Disturbance under this § 7.
(4)
der
Festlegungsstelle
und
der
Terminbörse.
Agent and of the Futures Exchange
shall apply in addition to the
provisions hereof.
§8
Aufstockung, Rückkauf von
Zertifikaten
Additional
Issuances
Repurchase of Certificates
(1)
Der Emittent ist berechtigt, jederzeit (1)
weitere
Zertifikate
mit
gleicher
Ausstattung zu begeben, so dass sie
mit den Zertifikaten zusammengefasst
werden, eine einheitliche Emission mit
ihnen bilden und ihre Anzahl erhöhen.
Der Begriff "Zertifikate" umfasst im
Fall einer solchen Aufstockung auch
solche
zusätzlich
begebenen
Zertifikate.
time to issue additional Certificates
with equal terms, such that they shall
be aggregated with, form a unified
issuance with, and increase the
outstanding
number
of,
the
Certificates. The term "Certificates"
shall in the event of any such
additional issuance include the
Certificates thus newly issued.
(2)
Die Gesellschaften der Vontobel- (2)
Gruppe
(hierzu
zählen
alle
konsolidierten Tochtergesellschaften
der Vontobel Holding AG) sind
jederzeit während der Laufzeit der
Zertifikate berechtigt, diese börslich
oder außerbörslich zu kaufen oder zu
verkaufen.
Diese
Gesellschaften
haben keine Verpflichtung, die
Zertifikatsinhaber über einen solchen
Kauf bzw. Verkauf zu unterrichten.
Zurückerworbene Zertifikate können
entwertet, gehalten, weiterveräußert
oder in anderer Weise verwendet
werden.
The companies in the Vontobel Group
(included herein are all consolidated
subsidiaries of Vontobel Holding AG)
are authorized to buy and sell
Certificates at any time during the
term of the Certificates, either on an
Exchange or over the counter. These
companies have no duty to inform
Certificate-holders
about
such
repurchases and sales. Repurchased
Certificates can be annulled, held, resold or otherwise disposed of.
§9
Bekanntmachungen
Announcements
§8
§9
Alle die Zertifikate betreffenden
Bekanntmachungen erfolgen durch
Veröffentlichung in mindestens einem
überregionalen Pflichtblatt derjenigen
37
and
All announcements concerning the
Certificates shall be made by means
of publication in at least one supraregional official journal of those
Börsen, an denen die Zertifikate
notiert sind. Sofern nicht gesetzlich
geregelt
bzw.
in
diesen
nicht
ausdrücklich vorgesehen, dienen
diese Bekanntmachungen nur zur
Information
und
stellen
keine
Wirksamkeitsvoraussetzung dar. Im
Falle der Zulassung der Zertifikate
zum
Handel
an
der
SeDeX
(Italienische Börse Mailand) gelten
sämtliche Bekanntmachungen an die
Zertifikatsinhaber, die über das
Informationssystem der Italienischen
Börse
S.p.A.
gemäß
den
anwendbaren Regeln erfolgen, als an
dem Tag wirksam zugegangen, an
dem die Bekanntmachung auf der
entsprechenden
Homepage
der
Italienischen Börse erfolgt bzw. an die
Italienische Börse übermittelt wird.
Exchanges on which the Certificates
shall be listed for trading. Unless
otherwise expressly stipulated by law
or not expressly provided for in these
terms of the Certificates, all such
public announcements shall serve
only for the purpose of information,
and shall not constitute a precondition to effectiveness. In the event
that the Certificates are admitted to
trading on the SeDeX, any notice to
the Certificate-holders shall be
deemed to be valid, if made through
the notification systems of Borsa
Italiana S.p.A. and in accordance with
the applicable Italian laws and
regulations at any time when the
Certificates are admitted to trading on
SeDeX and will become effective on
the day of publication on the relevant
website or delivery to Borsa Italiana
S.p.A. as applicable.
§ 10
Verschiedenes
§ 10
(1)
Form und Inhalt der Zertifikate sowie (1)
die Rechte und Pflichten des
Emittenten, der Berechnungsstelle,
der
Zahlstelle
und
der
Zertifikatsinhaber bestimmen sich, mit
Ausnahme der Garantie (§ 1 Abs. (6)),
nach dem Recht der Bundesrepublik
Deutschland.
With the exception of the guarantee
(§ 1, Par. (6)), the form and content of
the Certificates and the rights and
obligations of the Issuer, the
Calculation Agent, the Paying Agent
and the Certificate-holders shall be
governed by the law of the Federal
Republic of Germany.
(2)
Erfüllungsort ist Frankfurt am Main.
(2)
Official place of fulfilment shall be
Frankfurt am Main, Germany.
(3)
Gerichtsstand
für
alle (3)
Rechtsstreitigkeiten aus den in diesen
geregelten
Angelegenheiten ist, mit Ausnahme
der Garantie (§ 1 Abs. (6)), soweit
gesetzlich zulässig, Frankfurt am
Main.
The venue for all matters arising from
these terms of the Certificates, with
the exception of the guarantee (§ 1
Par. (6)), shall be, so far as
permissible by law, Frankfurt am
Main, Germany.
(4)
Soweit der Emittent oder die (4)
Berechnungsstelle
nach
diesen
Zertifikatsbedingungen Anpassungen
vornehmen oder nicht vornehmen
sowie sonstige Maßnahmen treffen
oder unterlassen, haften sie nur bei
Verletzung
der
Sorgfaltspflichten
eines ordentlichen Kaufmanns sowie
bei grober Fahrlässigkeit.
Insofar as the Issuer or the
Calculation Agent shall undertake, or
not undertake, adjustments or other
measures pursuant to these terms of
the Certificates, they shall be liable
only in the event of gross negligence
or a breach of the duty of a prudent
businessman.
38
Miscellaneous
(5)
Der Emittent ist berechtigt, in diesen (5)
(i)
offensichtliche
Schreiboder
Rechenfehler
oder
sonstige
offensichtliche Irrtümer sowie (ii)
widersprüchliche oder lückenhafte
Bestimmungen ohne Zustimmung des
Zertifikatsinhabers zu ändern bzw. zu
ergänzen, wobei in den unter (ii)
genannten
Fällen
nur
solche
Änderungen
bzw.
Ergänzungen
zulässig
sind,
die
unter
Berücksichtigung der Interessen des
Emittenten für den Zertifikatsinhaber
zumutbar sind, d.h. die finanzielle
Situation des Zertifikatsinhabers nicht
wesentlich verschlechtern bzw. die
Ausübungsmodalitäten
nicht
wesentlich erschweren. Änderungen
bzw.
Ergänzungen
dieser
werden
unverzüglich gemäß § 9 bekannt
gegeben.
The Issuer shall be authorized to
modify or expand, without obtaining
approval of the Certificate-holders, (i)
obvious
errors
in
language,
calculation or other aspects of these
terms of the Certificates and (ii)
contradictory or incomplete terms
hereof, provided that, in the cases
falling under clause (ii), only such
modifications or expansions shall be
permissible as may fairly be imposed
on the Certificate-holders, taking the
Issuer’s interests into account; i.e.,
such as do not place the Certificateholders in a significantly worse
position
from
an
economic
perspective, and do not make the
process of exercising their rights
under the Certificates significantly
more difficult. All such modifications
and expansions shall be announced
publicly without delay in accordance
with § 9.
(6)
Sollte
eine
Bestimmung
dieser (6)
Zertifikatsbedingungen ganz oder
teilweise unwirksam, unvollständig
oder undurchführbar sein oder werden,
so wird hierdurch die Geltung der
übrigen Bestimmungen nicht berührt.
An die Stelle der unwirksamen,
unvollständigen
oder
undurchführbaren Bestimmung und
zur Schließung der Regelungslücke
soll eine dem Sinn und Zweck dieser
und
den
Interessen
der
Beteiligten
entsprechende Regelung treten.
In the event any provision of these
terms of the Certificates shall or will
become, in whole or in part, invalid,
incomplete or unenforceable, this
shall not affect the validity of the rest
of the provisions.
The invalid,
incomplete or unenforceable provision
shall be replaced, and the resulting
gaps shall be corrected, by a
provision corresponding to the intent
and purpose of these terms of the
Certificates and to the interests of the
parties affected.
(7)
Die Verbreitung des Prospekts (7)
einschließlich
der
und
das
Angebot bzw. der Erwerb der
Zertifikate können in bestimmten
Ländern gesetzlichen Beschränkungen
unterliegen. Ein Angebot bzw. der
Erwerb der Zertifikate ist in jedem
Land nur unter Einhaltung der dort
anwendbaren Vorschriften zulässig.
The distribution of the Base
Prospectus, including these terms of
the Certificates, and the offering or
acquisition of Certificates, may be
subject to legal restrictions in certain
countries. It is permissible to offer or
to acquire Certificates in any country
only in compliance with all legal
provisions applicable in such country.
39
CH-Valor
3995977
ISIN
WKN Stückzahl
bis zu
DE000VTA0AF9 VTA0AF 500000
Index*/ Währung
Vontobel Smart
Mobility Total Return
Index (Total Return) /
EUR
Bezugsverhältn
is
(als
Anfänglicher
Dezimalzahl Managementgebü Festlegungsstelle / Verkaufspreis*
ausgedrückt)*
hr
Indexsponsor*
*
0,1
1,6 % p.a.
Bank Vontobel AG,
Zürich
EUR 98,093
*) Angaben vorbehaltlich einer Anpassung gemäß § 5 der Zertifikatsbedingungen, einer Kündigung gemäß §§ 3, 5 der
Zertifikatsbedingungen bzw. einer Marktstörung gemäß § 7 der Zertifikatsbedingungen.
**) Bezogen auf den Indexwert am 14. Juli 2008; der erste von dem Market Maker festgestellte Börsenkurs kann von dem
anfänglichen Verkaufspreis abweichen.
CH-Valor
3995977
ISIN
No. of
Issued
Certificate
s
WKN
DE000VTA0AF
up to
9
VTA0AF 500000
Index*/ Currency
Vontobel Smart Mobility
Total Return Index (Total
Return) / EUR
Reference
Ratio
0.1
1.60% p.a.
Determination
Agent*
Initial Offering
Price**
Bank Vontobel AG,
Zurich
EUR 98.093
40
DICHIARAZIONE DI ESERCIZIO
A:
Bank Vontobel AG
Gotthardstrasse 43
8022 Zurich, Switzerland
Fax: 0041-58-283-5545
Tel: 0041-58-283-71-11
(Calculation Agent)
__________________________________________
con la presente esercita in modo irrevocabile i diritti garantiti dai Certificates ai sensi dei
Terms and Conditions dei Certificates.
Codice ISIN dei Certificates oggetto della presente dichiarazione di esercizio:
______________________________________________
Numero di Certificates oggetto della presente dichiarazione di esercizio:
_____________________________________________
*°*°*
Il sottoscritto portatore, in relazione alla presente dichiarazione di esercizio:
(a) dichiara di aver dato disposizione a ________________________ [indicare il nome della
banca presso la quale i Certificates sono depositati] affinché effettui in via irrevocabile
l’addebito dei predetti Certificates sul proprio conto n. ___________________________
presso la suddetta banca e trasferisca tali Certificates sul conto n. 63069 di Intesa
Sanpaolo presso Monte Titoli S.p.A., entro il _________________ [indicare la relativa
data di liquidazione];
(b) richiede di procurare l’accredito del corrispondente Redemption Amount relativo ai
predetti
Certificates
sul
proprio
conto
n.
______________
presso____________________ [estremi completi del conto del portatore] entro il
___________________ [indicare la relativa data di liquidazione], prendendo atto che tale
accredito sarà subordinato alla circostanza che i predetti Certificates siano stati trasferiti
come da precedente lettera (a) entro la data ivi indicata.
41
Il sottoscritto portatore è consapevole che:
1.
con la presente Dichiarazione di Esercizio esercita in modo irrevocabile i Certificates
con le caratteristiche precedentemente descritte secondo le modalità previste nei
Terms and Conditions dei Certificates;
2.
deve adempiere all’obbligo di far pervenire la presente Dichiarazione di Esercizio entro
le ore 10.00 (CET) del giorno lavorativo precedente l’Exercise Date;
3.
qualora la presente Dichiarazione di Esercizio sia inviata successivamente al termine di
cui al punto 2 che precede, questa avrà efficacia rispetto alla Exercise Date
immediatamente successiva.
______________________________________________________
(Luogo e data)
______________________________________________________
42
DICHIARAZIONE DI RINUNCIA ALL’ESERCIZIO
A:
Kaiserstrasse 6
60311 Frankfurt am Main, Germany
Fax: 0049-69-297-208-38
Tel: 0049-69-297-208-11
__________________________________________
con la presente comunica la volontà di rinunciare all’esercizio dei diritti garantiti dai
Certificates ai sensi dei Terms and Conditions dei Certificates.
Codice ISIN dei Certificates per i quali rinuncia all’esercizio:
______________________________________________
Numero di Certificates per i quali rinuncia all’esercizio:
_____________________________________________
Il sottoscritto è consapevole che la dichiarazione di rinuncia all’esercizio non sarà efficace
qualora non siano rispettati i termini e le condizioni di rinuncia all’esercizio di cui ai Terms
and Conditions dei Certificates.
Il sottoscritto è, altresì, consapevole che la presente dichiarazione di rinuncia all’esercizio è
irrevocabile e che la comunicazione a Vontobel Financial Products GmbH, comporta la
rinuncia irrevocabile al Redemption Amount.
______________________________________________________
(Luogo e data)
_______________________________________________
43
Description of the Vontobel Smart Mobility Total Return Index
The English translation of the Description of the Vontobel Smart Mobility Total Return
Index is for convenience purposes only. The German language version shall prevail
over the English translation.
Index Universum
Index Universe
dem die Titel für den Vontobel Smart Mobility
Total Return selektiert werden können,
besteht aus Aktien von Unternehmen, die
zum Zeitpunkt der vierteljährigen Selektion
der für den Index benötigten 16 Aktien die
folgenden Kriterien erfüllen:
the components of the Vontobel Smart
Mobility Total Return Index may be selected,
contains exclusively shares of companies,
which fulfil the following criteria at the
quarterly selection of the 16 shares required
for the index:
• die
INrate erfüllen
von
• gemäß
INrate
Klassifikation
• are
considered
sustainable
according to the INrate sustainability
criteria
• listed on a stock exchange
• pursuant to INrate rating, active
primarily in one of the following four
areas (sub-sectors):
(1)
Innovative
Verkehrslösungen
und
Substitution von Verkehr, (2) Langsam- und
Schiffsverkehr,
(3)
Öffentlicher
Verkehr/Güterverkehr auf Schiene und
Straße,
(4)
Optimierungen
im
Individualverkehr.
(1) Innovative transport solutions and
substitution of traffic, (2) Slow-moving and
shipping transport, (3) Public transport /
transport of goods by rail and road, (4)
Improvement of private transport.
Universums zeichnet die unabhängige Agency INrate is responsible for the
Schweizer
INrate verantwortlich.
Titel Selektion
die
Bank
Vontobel
AG
die
und
die
Gewinnschätzungen
data.
44
EUR 500 Millionen
EUR 500 Million
• Pro Subsektor diejenigen vier Aktien,
welche
die
höchste
relative
je
Aktie
und
aktueller
• The four shares per sub-sector
which show the highest relative
increase between the last earnings
per share and current earnings
consensus forecast.
vierteljährigen Index Rebalancing Datum
mit vier Aktien vertreten, die gleich gewichtet
vierteljährlichen Index Rebalancing Datum
eine Gewichtung von je 6.25% des jeweiligen
terms at the Issue Date and at each quarterly
Index Rebalancing Date: each of the four
sub-sectors is weighted 25% of the market
value of the Index and is represented by four
shares, which are equally weighted. Each of
the 16 shares has at the Issue Date and
immediately after the quarterly Index
Rebalancing Date a weight of 6.25% of the
Kapitalereignisse
wie
Dividenden,
Firmenübernahmen
und
Fusionen
im
Vontobel Smart Mobility Total Return Index
berücksichtigt werden.
are reflected accurately in the Vontobel Smart
Mobility Total Return Index.
geraten,
werden
aus
dem
Index
oben
genannten
Gründe
(Illiquidität,
ersetzenden
Titels
in
den
Index
aufgenommen.
Die Zusammensetzung des Vontobel Smart
Mobility Total Return Index wird vierteljährlich
überprüft. Die neuen Indexmitglieder werden
eine Woche vor dem Rebalancing Datum
anhand der oben genannten Kriterien
ermittelt.
The composition of the Vontobel Smart
Mobility Total Return Index will be reviewed
quarterly. New index components will be
determined on the basis of the above
Rebalancing Date.
Die
Indexkomponenten
werden
bei
der For the quarterly index review the index
45
vierteljährlichen
Indexanpassung
neu
von 6.25% im Index zu gewährleisten.
weighting factor to guarantee a weight of
6.25% in the index.
Die
Umsetzung
der
Zusammensetzung findet jeweils nach dem close of the exchange on the second Friday
Börsenschluss am zweiten Freitag in den in March, June, September and December.
Monaten März, Juni, September und
Dezember statt.
Indexwährung
Index Currency
EUR
EUR
30. Juni 2008/ EUR 1000.00
June 30, 2008/ EUR 1000.00
Vierteljährlich, jeweils am zweiten Freitag in Quarterly, on every second Friday of the
den Monaten März, Juni, September und months March, June, September and
Dezember (erstmals September 2008).
December (starting September 2008).
Rebalancing Preis
Rebalancing Price
durch
den
Indexsponsor.
Für
die
rechnerische
Neugewichtung
bzw.
Neuzusammensetzung
werden
die
jeweiligen
Index
Rebalancing
Datum,
herangezogen.
Die
Bewertungskurse
der
Aktientitel,
die
am
jeweiligen
Certificate
aufgrund
von
Entwicklungen
derartige
angebracht erscheint, kann der Indexsponsor would be inappropriate, the Index Sponsor
die Indexberechnung unter Einhaltung einer can under observance of a 30 day notice
30-tägigen Ankündigungsfrist einstellen oder period discontinue or defer index calculation
46
vorübergehend aussetzen. In beiden Fällen temporarily. In both cases, the issuer has a
hat
der
Emittent
ein
jederzeitiges right to terminate the Certificates at any time
Kündigungsrecht
der
Indexzertifikate (notice period of 14 banking days).
der
Summe
der
Schlusskurse
der
Indexwährung.
Currency.
Index Wertes
value
Der Vontobel Smart Mobility Index Total
Return wird vom Index Sponsor alle 15
Sekunden berechnet
und von Reuters
veröffentlicht.
The Vontobel Smart Mobility Index Total
Return will be calculated by the Index
Sponsor every 15 seconds and will be
Aktueller Indexwert
Actual Index Value
EUR 980,93 (am 14. Juli, 2008)
EUR 980.93 (as of July 14, 2008)
des Vontobel Smart Mobility Total Return Vontobel Smart Mobility Total Return
Index
Index
/
(Fixierungstag)
(Fixing Date)
Sub-sector
Company (ISIN / Currency)
Innovative transport solutions and
substitution of transport
eBay Inc (US2786421030/ USD)
Deutsche Telekom AG
(DE0005557508/ EUR)
Slow-moving- and shipping transport
Stock Exchange
Bloomberg
Symbol
Weight1
Number of
shares
NASDAQ
EBAY US
6.25%
3.608670
Xetra
DTE GY
6.25%
6.009620
Tandberg ASA (NO0005620856/
NOK)
Oslo Stock
Exchange
TAA NO
6.25%
6.005730
BT Group PLC (GB0030913577/
GBP)
London Stock
Exchange
BT/A LN
6.25%
24.736610
Shimano Inc (JP3358000002/
JPY)
Tokyo Stock
Exchange
7309 JT
6.25%
1.957700
Mitsui OSK Lines Ltd
(JP3362700001/ JPY)
Tokyo Stock
Exchange
9104 JT
6.25%
6.896580
Kawasaki Kisen Kaisha Ltd
(JP3223800008/ JPY)
Tokyo Stock
Exchange
9107 JT
6.25%
10.465920
Neptune Orient Lines Ltd /
Singapore (SG1F90001388/
Singapore Stock
Exchange
NOL SP
6.25%
41.550740
47
SGD)
Public transport / freight transport on
rail and road
Firstgroup Plc(GB0003452173/
GBP)
London Stock
Exchange
FGP LN
6.25%
9.509320
Arriva Plc (GB0002303468/ GBP)
London Stock
Exchange
ARI LN
6.25%
7.218760
Vossloh AG (DE0007667107/
EUR)
Xetra
VOS GY
6.25%
0.754830
London Stock
Exchange
NEX LN
6.25%
5.194170
Euronext
FR FP
6.25%
3.063730
Weg SA (BRWEGEACNOR0/
BRL)
Sao Paulo Stock
Exchange
WEGE3 BZ
6.25%
7.812100
Johnson Controls INC
(US4783661071/ USD)
New York Stock
Exchange
JCI UN
6.25%
3.438810
Roper Industries Inc
(US7766961061/ USD)
New York Stock
Exchange
ROP UN
6.25%
1.497040
National Express Group Plc
(GB0006215205/ GBP)
Improvement in private transport
1
Valeo SA (FR0000130338/ EUR)
Initial weight as for the Fixing Date (June 30, 2008); such weight changes which the prices of the relevant index components.
und
künftige
Wertentwicklung
des
www.derinet.it. The prices of the underlying will
be updated periodically during the day.
Der
Emittent
übernimmt
für
die
angegebenen
Internetseite
enthaltenen
said internet site.
48
IV.
TAXATION OF CERTIFICATES
Taxation in Italy
The following description of the Italian tax regime of the Certificates is drawn up on
the basis of the provisions in force as of the date of the Base Prospectus, dated as of
February 20, 2008. It should be noted that taxation of the Certificates may change as
a result of future changes in the relevant provisions (which may, in some cases, have
retroactive effect), as well as future interpretations of tax authorities and tax courts. In
particular, the Italian Government may in the near future be authorised by Parliament
to amend the tax regime applicable to financial income. Please note that the Base
Prospectus, dated as of February 20, 2008, will not be amended to take into account
such future changes.
The following description involves a non-exhaustive overview of some of the possible
tax consequences of an investment in the Certificates and, therefore, is not a
complete depiction of all information that may be relevant in connection with making
an investment decision with respect to the Certificates. Moreover, this description
does not discuss the unique tax circumstances of the specific investor and cannot,
therefore, serve as the sole basis for judging the tax consequences of an investment
in the Certificates. Please note that this description does not address the case of nonresidents, apart from the case of non–resident companies holding the Certificates
through an Italian permanent establishment.
This overview sets out only general remarks and should not, therefore, be mistaken
for a binding guaranty in an insufficiently defined field, namely that of the tax
treatment of investments in the Certificates. In this regard, it is fair to say that no
specific case law or administrative practice exists on the tax regime of similar
financial instruments.
It is recommended that investors promptly consult with a tax advisor who can take
into consideration the personal situation of the investor in connection with analyzing
the tax consequences and the applicability of the following general principles.
Resident individuals
Please note that it is hereinafter assumed that the individual holds the investment in
the Certificate in his/her capacity of private individual, i.e., as individual not engaged
in entrepreneurial activities.
Since the investor suffers the risk of the total loss of the amount invested and is not
guaranteed with any minimum return, the income from the Certificate, which is
realized upon either the redemption or the sale of the Certificate, qualifies as capital
gain (rather than income from capital) for Italian tax purposes pursuant to Article 67
Presidential decree No. 917 of 22 December 1986 (income tax consolidated act,
hereinafter "ITCA").
Pursuant to Article 68 ITCA, the capital gain is equal to the difference between the
amount received because of redemption or resale of the Certificate and the amount
paid for subscribing (or purchasing) the same Certificate, this latter amount being
increased of any related expenses with the exception of interest expenses.
The capital gain so computed is subject to substitute tax (imposta sostitutiva) at the
12.5 per cent rate and, therefore, is not included in the total taxable income of the
individual subject to progressive tax rates (the income would be included in the total
taxable income, if the individual holds the investment in the framework of an
entrepreneurial activity).
49
Under the tax declaration regime (regime della dichiarazione), which is the default
regime, the 12.5 per cent substitute tax will be chargeable, on a cumulative basis, on
all capital gains, net of incurred capital losses, realized by the individual pursuant to
all redemptions or sales of the Certificates carried out during any given year. The
individual must indicate the overall capital gains realized in any year, net of any
relevant incurred capital loss, in the annual tax return and pay the 12.5 per cent
substitute tax on such gains together with any balance income tax due for such year.
Capital losses in excess of capital gains may be carried forward against capital gains
realized in any of the four following years.
Alternatively to the tax declaration regime, the individual may elect to pay the 12.5 per
cent substitute tax separately on capital gains realized on each redemption or sale of
the Certificates (risparmio amministrato regime). Such separate taxation of capital
gains is allowed subject to (i) the Certificates being deposited with banks, SIMs or
other authorized intermediaries and (ii) an express election of separate taxation being
timely made in writing by the individual. The intermediary is responsible for
accounting for the 12.5 per cent substitute tax in respect of capital gains realized on
each redemption or sale of the Certificates, as well as on capital gains realized as at
revocation of its mandate, net of any incurred capital losses, and is required to pay
the relevant amount to the tax authorities, deducting a corresponding amount from
proceeds to be credited to the individual. Where a particular redemption or sale of the
Certificates results in a capital loss, the intermediary is entitled to deduct such loss
from gains subsequently realized on assets held with the same securities
management in the same year, or in the following years up to the fourth. Under the
risparmio amministrato regime the holder of the Certificates remains anonymous (i.e.,
is not required to declare the capital gains in the annual tax return).
Any capital gains realized by Italian resident individuals that hold the Certificates not
in connection with an entrepreneurial activity and have entrusted the management of
their financial assets, including the Certificates, to an authorized intermediary and
have opted for the so-called risparmio gestito regime will be included in the
computation of the annual increase in value of the managed assets accrued, even if
not realized, at year end, subject to the 12.5 per cent substitute tax, to be paid by the
managing authorized intermediary. Under the risparmio gestito regime, any
depreciation of the managed assets accrued at year end may be carried forward
against the increase in value of the managed assets accrued in any of the four
following years. Under the risparmio gestito regime, the holder of the Certificates is
not required to declare the capital gains realized in the annual tax return.
Nevertheless, it is to be pointed out that, according to a different interpretation of the
law, the income from the Certificates could be considered as income from atypical
securities and therefore subjected to taxation at a rate equal to 27 per cent. This
interpretation is disputable since the regime provided for income from atypical
securities (i.e., securities other than shares, bonds and securities similar to shares
and bonds) may apply only to income that qualifies as income from capital and, given
the fact that the investment in the Certificates may lead to the total loss of the amount
invested, the income from the Certificates should not fall within the notion of income
from capital.
Resident corporate investors
The income realized by resident companies in relation to the Certificates is subject to
corporate income tax at the ordinary corporate of 33 per cent.
The tax regime depends also on whether the Certificate is held for speculative or
hedging purposes. In particular, one of the consequences of being the Certificate held
for hedging assets or liabilities is that any positive or negative item of income
50
connected thereto must be treated according to same provisions concerning those
items of income that derive from valuation or redemption or sale of the hedged assets
and liabilities (Article 112, paragraph 4, ITCA).
Depending on the activity of the resident company, regional tax on productive
activities ("IRAP"), which is levied at the 4.25 per cent rate, may be due pursuant to
the provisions of Legislative decree No. 446 of 15 December 1997.
Italian permanent establishments of non-resident corporate investors
Non-resident companies holding the Certificates through an Italian permanent
establishment are subject to the same tax regime highlighted above with regard to
resident companies.
Inheritance and gift tax
Inheritance and gift tax has been recently re-introduced under Italian tax law by Law
No. 286 of 24 November 2006, as amended by Law No. 296 of 27 December 2006
(Finance Bill 2007). Accordingly, transfers of Certificates by way of donation or gift or
transfers mortis causa are subject to inheritance and gift tax, which applies at
proportional rates ranging from 4 to 8 per cent depending on the relationship between
the transferor and the transferee.
Tax monitoring
Pursuant to Law Decree No. 167 of 28 June 1990, ratified and converted by Law No.
227 of 4 August 1990, as amended, resident individuals that, at the end of the year,
hold investments abroad or who have financial activities abroad must, in certain
circumstances, disclose the aforesaid and related transactions to the tax authorities.
This obligation does not exist in cases where the overall value of the foreign
investments or financial activities at the end of the year, and the overall value of the
transactions carried out during the relevant year, does not exceed Euro 10,000.
EU Directive on the Taxation of Savings Income
Under EC Council Directive 2003/48/EC on the taxation of savings income, each EU
Member State is required, to provide to the tax authorities of another EU Member
State details of payments of interest or other similar income paid by a person within
its jurisdiction to, or collected by such a person for, an individual resident in that other
EU Member State; however, for a transitional period, Austria, Belgium and
Luxembourg may instead apply a withholding system in relation to such payments,
deducting tax at rates rising over time to 35 per cent. Also, a number of non-EU
countries including Switzerland, and certain dependent or associated territories of
certain EU Member States, have adopted similar measures in relation to payments
made by a person within its jurisdiction to, or collected by such a person for, an
individual resident in an EU Member State. In addition, the EU Member States have
entered into reciprocal provision of information or transitional withholding
arrangements with certain of those dependent or associated territories in relation to
payments made by a person in an EU Member State to, or collected by such a
person for, an individual resident in one of those territories.
51
V.
SIGNATURES
Frankfurt am Main, July 15, 2008
__________________________
__
signed by Remigio Luongo
GmbH
__________________________
__
signed by Jessica Bornscheuer
GmbH
__________________________
__
signed by Roger Studer
Bank Vontobel AG
__________________________
__
signed by Rémy Matthey
Bank Vontobel AG
52
I.
NOTA DI SINTESI
La presente nota di sintesi contiene informazioni selezionate dal prospetto di base
(“Prospetto”) relativamente ai certificates offerti (“Certificates”), a Vontobel
Financial Products GmbH (“Emittente”), a Bank Vontobel AG (“Garante”) e ai
relativi fattori di rischio. Essa rappresenta una introduzione al Prospetto. Va
inoltre evidenziato che le Condizioni Definitive dell’offerta integreranno il
Prospetto, ai sensi del § 6 della Legge sul Prospetto relativo a strumenti finanziari
(Wertpapierprospektgesetz, “WpPG”), congiuntamente al § 14 della Legge sul
Prospetto relativo a strumenti finanziari. Gli investitori dovranno fondare qualsiasi
decisione riguardo a un investimento nei Certificates in base all’analisi dell’intero
Prospetto e delle corrispondenti Condizioni Definitive dell’offerta. Inoltre, sarà
necessario che gli investitori si consultino con le proprie banche, i propri
consulenti finanziari e i propri consulenti fiscali prima di prendere qualsiasi
decisione d’investimento.
Gli investitori sono al corrente del fatto che, nel caso in cui venga promossa
un’azione legale presso un tribunale sulla base delle informazioni contenute nel
Prospetto, l’investitore ricorrente potrebbe, ai sensi delle particolari disposizioni
di legge dei vari stati dell’Area Economica Europea, essere tenuto a sostenere le
spese della traduzione del Prospetto prima dell’inizio del procedimento innanzi al
tribunale.
Gli investitori sono altresì al corrente del fatto che l’Emittente ed il Garante ( in
relazione alle norme applicabili al Garante) possono essere ritenuti responsabili
per le informazioni contenute nella presente Nota di Sintesi (ivi inclusa qualsiasi
traduzione) unicamente nel caso in cui la Nota di Sintesi risulti fuorviante,
imprecisa o incoerente se letta congiuntamente alle altre parti del Prospetto.
1.
Informazioni riguardanti i titoli
Emissione, sottoscrizione ed offerta
I Certificates saranno emessi da Vontobel Financial Products GmbH nel
contesto di una offerta continua in serie, ed ogni emissione sarà sottoscritta
da Bank Vontobel AG, Zurich, Svizzera (shelf offering). Ogni emissione di
Certificates includerà una garanzia rilasciata da Bank Vontobel AG.
Nel caso di offerta pubblica priva di un periodo di sottoscrizione, il prezzo
dei Certificates sarà determinato il giorno di inizio dell’offerta pubblica
(giorno di determinazione del prezzo iniziale e della corrispondente data
di emissione) da Bank Vontobel AG o da un soggetto terzo specialista
nominato dall’Emittente, in qualità di “market maker” (il quale si impegna,
in conformità a determinate condizioni, a proporre prezzi di acquisto e
vendita dei titoli in oggetto). In seguito, il prezzo dei Certificates sarà
soggetto a successive continue modifiche. Il termine dell’offerta pubblica
(shelf offering) e il prezzo iniziale di offerta saranno indicati nelle
Condizioni Definitive della relativa offerta. In caso di offerta dei
Certificates con termine di sottoscrizione, le condizioni di sottoscrizione
applicabili (periodo e prezzo di offerta) saranno stabilite nelle Condizioni
Definitive dell’offerta. L’Emittente (ove richiesto) renderà pubbliche
ulteriori informazioni circa l’emissione da stabilirsi successivamente alla
scadenza del periodo di sottoscrizione al momento di tale scadenza. In
seguito, il prezzo dei Certificates sarà modificato continuamente da Bank
Vontobel AG o da un terzo specialista nominato dall’emittente, in qualità di
“market maker” o, per quanto riguarda i Certificates quotati in Italia, da un
soggetto terzo specialista nominato dall’Emittente.
A decorrere dal termine stabilito nelle Condizioni Definitive della relativa
offerta, gli investitori interessati possono acquistare i Certificates
attraverso banche ovvero istituzioni finanziarie (o in relazione alle offerte
in Italia, attraverso imprese di investimento, banche e intermediari
finanziari abilitati a prestare servizi di investimento in Italia ai sensi del
Decreto Legislativo n. 385 del 1 Settembre 1993, come modificato, dal
Decreto Legislativo n. 58 del 24 Febbraio 1998, come modificato, dal
Regolamento Consob n. 16190 del 29 ottobre 2007 sugli intermediari in
attuazione del Decreto Legislativo n. 58 del 24 Febbraio 1998, come
modificato e qualsiasi altra legge o regolamento applicabile (“Consob” –
Commissione Nazionale per le Società e la Borsa – è l’autorità pubblica
responsabile della disciplina del mercato dei valori mobiliari in Italia)), sui
mercati regolamentati o al di fuori di essi (“over the counter”). Gli
investitori interessati possono ottenere informazioni sui prezzi di offerta
rivolgendosi a fornitori di servizi professionali di informazione, alle
banche o alle istituzioni finanziarie o cliccando sul sito web: www.derinet.it
(o altro sito che sarà specificato nelle Condizioni Definitive). I Certificates
da emettersi ai sensi del Prospetto saranno ammessi alla negoziazione sul
mercato regolamentato della Borsa Valori Italiana (SeDeX) (o in un diverso
mercato). E’ attualmente prassi di mercato che le quotazioni dei
Certificates terminino due giorni prima rispetto al loro giorno di
valutazione.
I Certificates saranno rappresentati da certificati al portatore globali da
depositarsi presso Clearstream Banking AG, Neue Börsenstrasse 1, D60487 Frankfurt am Main, Germania.
In relazione all’offerta pubblica e alla distribuzione dei Certificates,
società del Gruppo Vontobel corrisponderanno commissioni dirette od
indirette, di ammontare variabile. Tali commissioni sono incluse nel prezzo
dei Certificates.
Il prezzo di offerta iniziale ovvero il prezzo di sottoscrizione, così come i
prezzi dei Certificates che il Market Maker determina continuativamente
sul mercato secondario, sono costituiti da vari elementi. Tali elementi sono
il valore matematico-finanziario dei Certificates, il margine e altre
eventuali remunerazioni o commissioni amministrative. Se del caso, il
prezzo di sottoscrizione può includere un onere addizionale di emissione
(agio). Il valore matematico-finanziario dei Certificates è calcolato sulla
base del price-finding model applicato rispettivamente dall’Emittente o dal
Market Maker e in aggiunta al valore del sottostante. Tale valore, tuttavia,
dipende anche da altri fattori variabili. Tali fattori includono componenti
derivative, profitti attesi dai sottostanti, tassi di interesse, volatilità dei
sottostanti, durata residua dei Certificates, nonché andamento della
domanda e dell’offerta relative agli strumenti di copertura (hedging). I
price-finding model sono individuati discrezionalmente dall’Emittente o
dal Market Maker e possono variare rispetto ai price-finding model
utilizzati da altri emittenti per il calcolo relativamente a strumenti finanziari
similari.
Anche il margine viene determinato discrezionalmente dall’Emittente o
dal Market Maker e può variare rispetto ai margini che vengono applicati
da altri emittenti su strumenti finanziari similari. Nel calcolo dei margini
sono tenuti in considerazione gli aspetti correlati ai profitti, i costi correlati
all’assunzione del rischio e alle coperture del rischio, la struttura e la
distribuzione degli strumenti finanziari, così come, se necessari, i costi di
licenza. I margini possono, inoltre, includere i costi e le commissioni
corrisposte a terze parti in relazione ai servizi resi nell’ambito del
collocamento degli strumenti finanziari.
Specifiche informazioni riguardanti i Certificates offerti di volta in volta e le
attività sottostanti (azioni, indici, panieri di azioni, indici, materie prime,
“futures” e tassi di cambio) saranno incluse nelle Condizioni Definitive di
ogni offerta. Il prospetto base e le condizioni finali di ogni offerta sono
disponibili gratuitamente sia in forma cartacea presso l’Emittente sia
nell’homepage di Vontobel sul sito www.derinet.it (o in una diversa
homepage, che verrà indicata nelle Condizioni Definitive).
Come funzionano i Certificates
I Certificates sono titoli trasferibili e rappresentano, in quanto strumenti di
debito al portatore (in tedesco, Inhaberschuldverschreibungen), il diritto di
ogni possessore di un Certificate di ricevere il pagamento di una somma a
titolo di rimborso. Il diritto di ricevere il pagamento di una somma a titolo
di rimborso e l’esatta modalità in cui tale ammontare sarà calcolato sono
esclusivamente e definitivamente stabiliti nelle condizioni dei Certificates.
Le condizioni dei Certificates sono rette dal diritto tedesco. I Certificates
sono liquidati dall’Emittente mediante il pagamento di una somma a titolo
di rimborso.
Gli investitori possono partecipare alle variazioni di valore di una
particolare attività sottostante (azione, indice o paniere di azioni, indici,
materie prime, futures o tassi di cambio) senza la necessità di investire
direttamente nella detta attività sottostante (o i vari elementi costituivi di
tale paniere o indice). Dal punto di vista economico, un investimento nei
Certificates è in linea di principio equivalente ad un investimento diretto
nella attività sottostante ( o nei vari elementi costitutivi del paniere o
indice) di cui seguono l’andamento; a causa di certe caratteristiche dei
Certificates le due forme di investimento non sono identiche. In
particolare, le caratteristiche distintive dei Certificates includono il loro
termine limitato o illimitato (Certificates “open-end”), le modalità di
pagamento delle somme a titolo di rimborso e la mancanza di qualsiasi
diritto al pagamento di un dividendo, o di diritti di opzione o di privilegi
patrimoniali, così come il rischio d’insolvenza dell’Emittente o del
Garante. Altre caratteristiche, specifiche di ognuno dei vari tipi di
Certificates, differenziano ulteriormente un investimento nei Certificates
da un investimento nelle attività sottostanti di cui seguono l’andamento. I
Certificates con termine fisso non possono essere rimborsati prima della
scadenza del loro termine; ma i Certificates possono generalmente essere
comprati e venduti per il loro periodo di durata, sui mercati regolamentati
o al di fuori di essi (“over the counter”).
I Certificates “open-end” sono Certificates privi di un termine fisso. Essi
sono caratterizzati dall’assenza di un termine alla scadenza del quale si
provvede al pagamento di una somma a titolo di rimborso dei Certificates.
Ciò implica che il pagamento di una somma a titolo di rimborso dipende
dall’esercizio da parte del possessore del Certificate del diritto previsto
dal Certificate stesso in accordo con i termini ivi stabiliti o dal riscatto
anticipato dei Certificates da parte dell’Emittente. I possessori dei
Certificates “open-end” non possono ottenere somme a titolo di rimborso
senza tale esercizio o tale riscatto anticipato. Poiché non è certo se
l’Emittente riscatterà i Certificates, il possessore di Certificate è tenuto ad
esercitare di propria iniziativa il relativo diritto in conformità ai termini del
Certificate così da ottenere la somma prevista a titolo di rimborso.
L’esercizio del diritto da parte di un possessore di un Certificate, o il
riscatto anticipato da parte dell’Emittente è possibile solo in certi periodi
dell’anno stabiliti nelle condizioni dei Certificates. Inoltre la realizzazione
del pieno valore di mercato rappresentato dai Certificates è possibile solo
per mezzo di rivendita sui mercati regolamentati o al di fuori di essi (“over
the counter”).
I Certificates descritti nel Prospetto, danno diritto all’investitore, in
conformità alle condizioni dei Certificates, a ricevere il pagamento di una
certa somma di danaro (somma a titolo di rimborso), determinata con
riferimento all’andamento di determinate attività sottostanti. Il rischio di
perdita include, nel caso più estremo (qualora il prezzo del sottostante
scenda fino a zero) una perdita totale del capitale investito ivi compresi i
costi di transazione relativi. Tale rischio sussiste a prescindere dalla
capacità di rimborso da parte dell’Emittente e del Garante.
Qualora i Certificates vengano liquidati mediante il pagamento di una
somma corrispondente al prezzo di riferimento (prezzo di chiusura) della
attività sottostante, i Certificates garantiranno all’investitore un ritorno
positivo solo se il prezzo di riferimento (prezzo di chiusura) – modificato
da qualunque rapporto di sottoscrizione applicabile – sia superiore al
prezzo d’acquisto pagato da tale investitore per acquistare il Certificate.
Qualora il prezzo di riferimento (prezzo di chiusura) - modificato da
qualunque rapporto di sottoscrizione applicabile – non risulti superiore al
prezzo d’acquisto pagato, l’investitore subirà una perdita.
2.
Informazioni riguardanti l’Emittente
L’Emittente è una società a responsabilità limitata (Gesellschaft mit
beschränkter Haftung) di diritto tedesco. La società è stata costituita con la
denominazione sociale di Opal 14. Vermögensverwaltungs GmbH a mezzo
di atto notarile in data 27 febbraio 2004.
La società dormiente Opal 14 non era operativa. In data 6 ottobre 2004
Vontobel Holding AG ha acquisito tutte le azioni in circolazione di Opal 14.
Vermögensverwaltungs GmbH tramite atto notarile. All’assemblea
ordinaria dei soci tenutasi il 6 ottobre 2004 sono state deliberate, inter alia,
il mutamento di denominazione sociale in Vontobel Financial Products
GmbH, la nomina dei nuovi amministratori e un aumento di capitale da
25.000,00 a 50.000,00 Euro. L’Emittente è iscritto presso il registro
commerciale del distretto (Amtsgericht) di Francoforte, Germania, con
numero di iscrizione HRB 58515.
L’indirizzo della sede sociale è Kaiserstrasse 6, 60311 Frankfurt am Main,
Germany, (numero di telefono: 069 92037391). L’Emittente non ha società
controllate.
L’oggetto sociale dell’Emittente, ai sensi del § 2 del suo atto costitutivo
(Satzung), consiste nell’emissione di titoli e strumenti derivati e
nell’esecuzione di operazioni finanziarie e altre attività ancillari alle
predette operazioni finanziarie. Ciò include anche il marketing dei titoli
emessi e delle operazioni finanziarie. Sono escluse tutte le attività che
richiedono un’autorizzazione ai sensi della Legge Bancaria Tedesca
(Gesetz über das Kreditwesen).
La società può altresì svolgere le predette attività, direttamente o
indirettamente, in relazione al proprio oggetto sociale principale. La
società può inoltre costituire, acquisire o vendere società controllate o
sedi secondarie in Germania o all’estero e investire in altre società.
L’Emittente ha iniziato le operazioni in qualità di veicolo emittente (società
il cui scopo principale è quello di emettere titoli) nella primavera del 2005.
La sua prima emissione di titoli (turbo-warrants, certificates, obbligazioni
“reverse convertible”) ha avuto luogo nel mese di aprile del 2005.
Il mercato finanziario tedesco rappresenta attualmente il mercato
principale dell’Emittente.
Le informazioni finanziarie selezionate che seguono sono tratte dai bilanci
di esercizio sottoposti a revisione contabile relativi agli esercizi chiusi il 31
dicembre 2005 e 2006 (in entrambi i casi ai sensi del Codice Commerciale
Tedesco (HGB)):
Bilancio
31 dicembre 2006
31 dicembre 2005
(HGB)
EUR
EUR
(sottoposto a
revisione contabile)
(sottoposto a
revisione contabile)
512.002.057,89
1.018.031,99
0,00
77.487.748,73
465.083,76
748.996,32
510.090.504,05
77.487.748,73
2.000.000,00
2.000.000,00
512.474.870,98
79.441.762,86
Somme
dovute
società affiliate
da
Attività finanziarie
(Attività/attività
correnti)
Saldo bancario
(Attività/attività
correnti)
Passività derivanti da
emissioni
(Passività/
correnti)
passività
Riserve
(Passività
netto )
/patrimonio
Totale di bilancio
Conto Economico
(HGB)
dal 1 gennaio al 31
dicembre 2006
EUR
dal 1 gennaio al 31
dicembre 2005
EUR
Ricavi realizzati e non
realizzati e perdite da
attività di sottoscrizione
(-) 99.444.401,16
(-) 10.019.804,16
Ricavi realizzati e non
realizzati e perdite da
operazioni di copertura
103.123.17,29
11.012.293,06
3.609.258,14
(-) 1.688.844,82
50.553,89
(-) 699.465,15
Altre spese operative
Utile netto di esercizio
(anno
precedente:
perdita
netta
d’esercizio)
Le informazioni finanziarie selezionate che seguono sono tratte dal bilancio
infra annuale non sottoposto a revisione contabile chiuso al 30 settembre
2007 ai sensi del Codice Commerciale Tedesco (HGB)):
Bilancio
30 settembre 2007
31 dicembre 2006
(HGB)
EUR
EUR
(non sottoposto a
revisione
contabile)
(non sottoposto a
revisione
contabile)
Crediti verso banche
10.399.174,47
465.083,76
Somme dovute da società affiliate
(Attività)
389.458.500,70
512.002.057,89
Debiti
relativi
finanziari
389.458.500,70
510.090.504,05
2.000.000,00
2.000.000,00
399.961.462,44
512.474.870,98
(Attività)
a
strumenti
(Attività e passività)
Riserve
(Passività/patrimonio netto)
Totale di bilancio
Conto Economico
(HGB)
dal 1 gennaio al 30 dal 1 gennaio al 30
settembre 2007
settembre 2006
EUR
EUR
Utili derivanti da finanziamenti e
da
operazioni
sul
mercato
monetario
1.563.718,51
2.165.756,91
Utili derivanti da commissioni
2.935.183,20
0,00
(-) 3.074.902,15
(-) 665.251,34
898.414,36
(-) 57.961,44
Spese operative generali
Utile netto di esercizio (anno
precedente:
perdita
netta
d’esercizio)
3.
Informazioni riguardanti il Garante
Il Garante è Bank Vontobel AG, la quale è una società per azioni di diritto
svizzero, fondata nel 1936 come società a responsabilità limitata J.
Vontobel & Co e trasformata in società per azioni nel 1984.
Il Garante è iscritto nel registro commerciale del Cantone di Zurigo,
Svizzera con numero di iscrizione CH-020.3.902.757-5.
L’indirizzo della sede sociale è Bank Vontobel AG, Gotthardstrasse 43,
8022 Zurigo, Svizzera.
Bank Vontobel AG è la più importante società controllata da Vontobel
Holding AG. Essa offre servizi finanziari a livello internazionale in base alla
tradizione di private banking svizzera.
Essa si concentra in particolare sui servizi di Private Banking e di
Investment Banking. Il Private Banking include la gestione di patrimoni per
conto di clienti privati, la consulenza in investimenti, la gestione di
portafogli, l’assistenza complessiva in gestioni patrimoniali dal punto di
vista legale, successorio e fiscale così come il consolidamento di
partecipazioni. L’Investment Banking riguarda sostanzialmente analisi
finanziarie, intermediazione/negoziazione, transazioni di titoli, transazioni
sui mercati finanziari e prodotti derivati.
I principali mercati di riferimento per Bank Vontobel AG sono la Svizzera, i
paesi europei di lingua tedesca, l’Europa Orientale e Centrale.
di esercizio riesposti del Garante chiusi il 31 dicembre 2005 e 2006 (ai
sensi dei principi contabili internazionali IFRS):
Conto Economico
Risultato totale di gestione
Spese Operative
Utile ante imposta
Utile netto
Bilancio
Totale dell’attivo
Patrimonio netto
Crediti verso clienti
Debiti verso clienti
Debiti verso banche
Esercizio
al 31 dicembre 2006
Esercizio
Milioni di Franchi
Svizzeri
al 31 dicembre 2005
Milioni di Franchi
Svizzeri
531,8
335,7
196,1
164,6
378,6
271,9
106,7
89,6
al 31 dicembre 2006
Milioni di Franchi Svizzeri
al 31 dicembre 2005
Milioni di Franchi
Svizzeri
7.115,3
515,8
736,2
1.421,5
1.220,4
943,0
5.533,5
437,4
412,9
1.757,6
1.348,3
669,5
consolidati sottoposti a revisione contabile chiusi il 31 dicembre 2005 e
2006 (ai sensi delle disposizioni contabili svizzere per le banche,
SwissGAAP):
Conto Economico
Spese Operative
Risultato netto di gestione
Utile netto
Bilancio
Totale attività
Totale patrimonio netto
(dopo la distribuzione
degli utili)
Debiti verso clienti su conti
di risparmio e deposito
Debiti verso banche
Esercizio
Esercizio
al 31/12/2006
(sottoposto a revisione
contabile)
al 31/12/2005
contabile)
529,1
324,5
204,6
157,5
381,1
253,9
127,2
92,4
31/12/2006
contabile)
31/12/2005
contabile)
7.432,1
5.550,4
311,8
737,3
254,3
417,6
141,7
1.220,4
1.802,9
272,1
1.563,3
684,1
riesposto e non revisionato del Garante al 30 giugno 2007 (ai sensi dei
principi contabili internazionali IFRS):
Conto economico
Spese operative
Utile ante imposta
Utile netto
Bilancio
Totale attivo di bilancio
Totale partecipazione
azionisti
Crediti verso i clienti
Debiti verso i clienti
Crediti verso le banche
Debiti verso le banche
6 mesi
al 30 giugno 2007
6 mesi
al 30 giugno 2006
Milioni di Franchi
Svizzeri
350,5
215,2
135,3
115,4
251,8
138,7
113,1
92,8
30 Giugno 2007
30 Giugno 2007
Milioni di Franchi
Svizzeri
8.412,6
531,1
6.676,8
444,0
933,2
1.857,4
1.798,1
2.243,8
603,4
1.650,2
1.498,5
1.554,6
del Garante non sottoposto a revisione contabile chiuso il 30 giugno 2007
(ai sensi delle disposizioni contabili svizzere per le banche, SwissGAAP):
Conto economico
Margine di interesse subtotale
Ricavi da compensi e
commissioni subtotale
netto
Altri ricavi subtotale da
attività ordinarie
Spese operative subtotali
Utile operativo netto
Utile netto
30-06-07
30-06-06
1000 CHF
1000 CHF
109.929
67.914
149.218
116.157
3.733
221.209
132.347
104.262
(2.100)
136.852
110.185
87.961
30-06-07
31-12-06
1000 CHF
1000 CHF
Totale attivo di bilancio
Totale ammontare dei
crediti da entità del
Gruppo e azionisti
principali
8.669.624
7.432.115
229.117
97.199
933.985
737.304
Altri debiti verso clienti
Debiti verso banche
1.857.364
1.832.072
2.277.384
1.421.458
1.220.421
1.802.852
Bilancio
4.
Fattori di rischio
Rischi riguardanti i titoli offerti
I Certificates sono strumenti di investimento ad alto rischio. Gli acquirenti
potrebbero perdere l’intero capitale investito (rischio di perdita totale). La
perdita consiste in questo caso, sia nel prezzo di acquisto dei Certificates,
che nei costi accessori quali costi di deposito e costi di intermediazione e
negoziazione. Tale rischio di perdita totale sussiste a prescindere dalla
capacità dell’Emittente e del Garante di far fronte alle proprie
obbligazioni.
I Certificates non generano reddito corrente (come interessi o dividendi)
in grado di compensare in tutto od in parte la perdita di valore dei
Certificates.
Inoltre gli investitori debbono tenere conto che l’Index Sponsor potrà
richiedere il pagamento di spese legate al calcolo dell’indice. L’unico
modo di ottenere un profitto sui Certificates è grazie ad un aumento del
loro valore. L’investitore deve tenere conto del fatto che il mercato
potrebbe avere sviluppi contrari a quelli attesi dall’investitore. La
possibile perdita dell’investitore dipende dal prezzo di acquisto pagato
per i Certificates e consisterà nella differenza tra il prezzo d’acquisto
corrisposto dall’investitore e la somma ottenuta a titolo di rimborso dei
Certificates. In caso di rivendita anticipata dei Certificates, la perdita
ammonterà alla differenza tra il prezzo d’acquisto dell’investitore e il
prezzo di rivendita dei Certificates (tenuto conto in entrambi i casi dei
costi di transazione).
I Certificates con un termine fisso non possono essere rimborsati prima
della scadenza dei relativi termini; ma i Certificates possono generalmente
essere comprati e venduti per tutta la durata del loro termine sui mercati
regolamentati o al di fuori di essi (“over the counter”).
I Certificates “open-end” sono Certificates privi di un termine fisso. Essi
sono caratterizzati dall’assenza di un termine alla scadenza del quale si
provvede al pagamento di una somma a titolo di rimborso dei
Certificates.. Ciò significa che il pagamento della somma prevista a titolo
di rimborso dipende dall’esercizio da parte del possessore del Certificate
dei diritti incorporati nel Certificate in accordo con i termini ivi stabiliti o
dal riscatto anticipato dei Certificates da parte dell’Emittente. I possessori
dei Certificates non possono ottenere somme di rimborso senza tale
esercizio o tale riscatto anticipato. Poiché non è certo se l’Emittente
riscatterà i Certificates, il possessore di Certificate è tenuto ad esercitare
di propria iniziativa il relativo diritto in conformità ai termini dei
Certificates così da ottenere le somme previste a titolo di rimborso.
L’esercizio di tale diritto da parte di un possessore di Certificates, o il
riscatto anticipato da parte dell’Emittente è possibile solo in determinati
periodi dell’anno stabiliti nelle condizioni dei Certificates. Inoltre la
realizzazione del pieno valore di mercato rappresentato dai Certificates è
possibile solo per mezzo di rivendita sui mercati regolamentati o al di fuori
di essi (“over the counter”).
Il valore dei Certificates per tutta la loro durata sarà influenzato in
particolare dalle fluttuazioni di valore e dalla volatilità delle attività
sottostanti (o del paniere o degli elementi costitutivi dell’indice), dalla loro
scadenza e da vari altri fattori.
I Certificates seguono i movimenti di prezzo di particolari attività (o del
paniere o degli elementi costitutivi dell’indice) sottostanti e sono,
pertanto, soggetti a continue (e talvolta significative) fluttuazioni. Il valore
dei Certificates è altresì influenzato dalla volatilità delle attività sottostanti
(o del paniere o degli elementi costitutivi dell’indice). Tutti i fattori che
influenzano le fluttuazioni di prezzo dei sottostanti (o del paniere o degli
elementi costitutivi dell’indice) si ripercuotono sul prezzo dei Certificates.
Perciò, in generale (e senza tener conto di certe caratteristiche distintive e
dei fattori attinenti al prezzo di formazione dei Certificates), i Certificates
perdono valore quando il prezzo di negoziazione dei sottostanti (o del
paniere o degli elementi costitutivi dell’indice) scende. Inoltre le
fluttuazioni nei tassi di cambio delle valute si ripercuotono sul prezzo di
negoziazione di quei Certificates i cui sottostanti (o il cui paniere o i cui
elementi costitutivi dell’indice) non sono espressi in Euro (rischio di
valuta). I Certificates potrebbero pertanto perdere valore anche qualora il
prezzo di negoziazione dei sottostanti (o del paniere o degli elementi
costitutivi dell’indice) rimanga stabile (e.g. qualora il valore di una relativa
valuta scenda).
Ognuno dei fattori rilevanti, singolarmente od unitamente ad altri fattori,
può incidere sull’andamento dei Certificates in maniera variabile ed
imprevedibile. Più volatile è il sottostante (o il paniere o gli elementi
costitutivi dell’indice), più ampie sono le fluttuazioni nel prezzo di
negoziazione dei Certificates. Nel prendere qualsiasi decisione di
investimento, pertanto, gli investitori devono sviluppare un’opinione
informata circa il probabile andamento dei sottostanti, e devono tenere
presente che i precedenti andamenti del valore di un sottostante
potrebbero non essere indicativi del suo futuro andamento.
Un paniere in qualità di sottostante comprenderà gli elementi costitutivi
del paniere stabiliti nelle Condizioni Definitive dell’offerta. Detti sottostanti
potrebbero includere un paniere fisso, i cui elementi costitutivi rimangono
fondamentalmente invariati per la durata del Certificate, ovvero un
paniere variabile, i cui elementi costitutivi variano a seconda di una
procedura definita, ad intervalli regolari, nel corso della durata del
Certificate. Gli elementi costitutivi individuali del paniere potrebbero, in
relazione alle condizioni dei Certificates, essere ponderati in egual misura
o in misura diversa in accordo con determinati fattori predefiniti di
ponderazione. In generale, minore è il fattore di ponderazione (o la
quantità) di un singolo elemento costitutivo del paniere, meno significativo
è l’impatto delle fluttuazioni di prezzo sull’andamento del paniere
considerato nel suo insieme. Il valore di un paniere ad ogni dato periodo è
determinato sulla base dei prezzi di riferimento degli elementi costitutivi
del paniere tenuto conto dei fattori di ponderazione applicabili ad ogni
elemento costitutivo. La composizione del paniere sarà continuamente
modificata, nella misura stabilita dalle condizioni dei Certificates, in base
ad un processo di selezione dinamica. L’Emittente è autorizzato, in
determinate circostanze descritte nelle condizioni dei Certificates, a
modificare la composizione del paniere o i fattori di ponderazione
applicabili ad ognuno degli elementi costitutivi del paniere. L’investitore
deve considerare che i metodi utilizzati per determinare la composizione
di qualunque paniere fisso o per modificare continuamente la
composizione di qualunque paniere dinamico potranno non condurre a
risultati positivi per l’investitore; questi deve anzi formarsi una propria
opinione circa la composizione del relativo paniere.
Qualora gli indici vengano utilizzati come sottostanti, tali indici potrebbero
essere elaborati dal Gruppo Vontobel o da altre società. Gli investitori
devono esaminare la descrizione di ogni indice e comprenderne le
modalità di funzionamento. Gli investitori non possono aspettarsi che ogni
dato indice produca risultati positivi; essi devono anzi formarsi proprie
opinioni in relazione ai relativi indici.
Nel caso in cui hedge fund of funds siano base per gli indici, sussistono
rischi specifici in conseguenza della trasparenza limitata e delle attività
generali degli hedge fund of funds e delle attività nelle quali essi
investono.
Il rischio di perdita aumenta laddove l’acquisizione di Certificates sia
finanziata con denaro preso in prestito. Gli investitori debbono tener conto
che, in caso di discesa dei prezzi di negoziazione dei Certificates, tale
prezzo di negoziazione potrebbe non risalire prima del loro giorno di
valutazione. In certi casi, gli investitori non saranno in grado di assicurarsi
adeguatamente contro i rischi associati ai Certificates. I costi di
intermediazione e gli altri costi di transazione potrebbero costituire un
significativo onere finanziario. In relazione all’offerta pubblica e alla
distribuzione dei Certificates, varie società del Gruppo Vontobel
corrisponderanno commissioni dirette od indirette, di ammontare
variabile, a terzi soggetti (come i consulenti finanziari). Tali commissioni
sono incluse nel prezzo dei Certificates.
Quanto alle pianificate attività di market-making, non esiste nessun
obbligo nei confronti degli investitori in relazione alla quotazione o
all’adeguatezza del livello dei prezzi di acquisto e di vendita. Non è quindi
certo che gli investitori possano vendere i Certificates ad ogni dato
periodo o ad ogni dato prezzo durante il periodo di durata dei Certificates.
Non vi è garanzia che i Certificates, una volta ammessi con successo alla
negoziazione nel mercato regolamentato della Borsa Italiana Valori
(SeDeX) o in altri mercati, rimarranno quotati. Nell’ipotesi in cui i
Certificates non riescano ad essere scambiati regolarmente nei relativi
mercati, l’acquisto e la vendita di detti Certificates potranno risultare
difficoltosi.
Le società del Gruppo Vontobel (ivi incluse tutte le società controllate e
consolidate di Vontobel Holding AG) sono altresì autorizzate, ma non
obbligate, a comprare e vendere i Certificates in qualsiasi momento. Non
sussiste alcun obbligo di informare i possessori di Certificates circa tali
riacquisti e vendite. Le attività di copertura e di negoziazione
dell’Emittente o delle società del Gruppo Vontobel che coinvolgono un
sottostante di un Certificate possono incidere negativamente sul valore dei
Certificates. Nella misura in cui l’Emittente svolga operazioni di copertura
con l’intento di coprire internamente gli obblighi di pagamento derivanti
dall’emissione dei Certificates, gli investitori non avranno titolo ad alcun
risarcimento a carico dell’Emittente. L’Emittente e le altre società del
Gruppo Vontobel possono altresì esercitare altre funzioni in relazione ai
Certificates, come quelle di agente di calcolo, market maker o index
sponsor. L’esercizio di tali funzioni potrebbe porre l’Emittente, o altre
società del Gruppo Vontobel, nella posizione di valutare o determinare la
composizione dei sottostanti. Lo svolgimento di tali attività potrebbe
condurre a conflitti di interesse tra società del Gruppo Vontobel o tra
dette società e gli investitori in relazione al calcolo del prezzo di
negoziazione dei Certificates e alla determinazione di altri fattori collegati.
L’Emittente o le altre società del Gruppo Vontobel potrebbero inoltre
emettere altri strumenti derivati connessi a qualsivoglia sottostante;
l’inserimento di tali prodotti sul mercato può avere un impatto negativo sul
valore dei Certificates. Tali emissioni potrebbero aver luogo sulla base del
presente Prospetto o sulla base di altri prospetti. L’Emittente e le altre
società del Gruppo Vontobel potrebbero di tanto in tanto ottenere
informazioni non pubbliche riguardanti i sottostanti e non sono tenute,
posto che non si verifichino le condizioni stabilite al § 16 della Legge sul
Prospetto relativo a strumenti finanziari (che impone il dovere di
aggiornare un prospetto base), a rivelare dette informazioni ai possessori
dei Certificates. In aggiunta, le società del Gruppo Vontobel possono
produrre ricerche sugli strumenti finanziari sottostanti. Tali attività
potrebbero condurre a conflitti d’interesse tra società del Gruppo
Vontobel o tra dette società e gli investitori e potrebbero avere un impatto
negativo sul valore dei Certificates.
Il prezzo di sottoscrizione ovvero il prezzo iniziale di offerta degli
strumenti finanziari può comprendere, oltre a determinati oneri di
emissione (agios), commissioni amministrative e di altro tipo, nonché un
onere supplementare rispetto al valore matematico originario degli
strumenti finanziari (fair value) che non sono espliciti per gli investitori.
Questo margine è determinato discrezionalmente dall’Emittente o dal
Market Maker e può variare rispetto agli oneri supplementari applicati da
altri emittenti a strumenti finanziari similari.
Bank Vontobel AG ovvero lo specialist eventualmente incaricato
dall’Emittente possono agire in qualità di Market Maker per gli strumenti
finanziari. Attraverso lo svolgimento dell’attività di market making, Bank
Vontobel AG o lo specialist eventualmente incaricato determinano il
prezzo degli strumenti finanziari. Il prezzo determinato dal Market Maker
generalmente non coincide con i prezzi che si sarebbero formati in un
mercato liquido e in assenza dell’attività del Market Maker stesso.
Il range tra prezzo di acquisto e prezzo di vendita è determinato dal
Market Maker a seconda della domanda e dell’offerta per il relativo
strumento finanziario, nonché in base agli specifici aspetti correlati ai
profitti.
In conseguenza dei fattori precedentemente illustrati, pertanto, i prezzi
determinati dal Market Maker possono discostarsi considerevolmente
rispetto al fair value degli strumenti finanziari che, da un punto di vista
economico, sarebbe lecito attendersi in un determinato momento. Inoltre,
il Market Maker può modificare le metodologie utilizzate per la
determinazione dei prezzi (ad es. potrebbe aumentare o diminuire il range
tra i prezzi di acquisto e i prezzi di vendita).
Ai sensi delle condizioni dei Certificates, l’Emittente ha facoltà di
apportare modifiche in relazione a cambiamenti o a eventi che incidano
sui vari sottostanti. Inoltre l’Emittente può, in determinati casi, riscattare
anticipatamente i Certificates. Un riscatto anticipato dei Certificates
potrebbe avere ripercussioni fiscali negative per l’investitore e/o
potrebbe non consentire l’ulteriore partecipazione dell’investitore
nell’andamento positivo del sottostante. In relazione a modifiche, turbative
del mercato e al riscatto anticipato, l’Emittente opera nel corretto esercizio
della propria discrezionalità (§§ 315, 317 Bürgerliches Gesetzbuch (Codice
Civile Tedesco "BGB")). A tal proposito l’Emittente non è vincolato a
misure e valutazioni di soggetti terzi. L’Emittente può decidere, ai sensi
delle condizioni dei Certificates, che una turbativa di mercato si è
verificata o è in corso. Tale decisione potrebbe ritardare la valutazione del
sottostante e ciò potrebbe avere ripercussioni sul valore dei Certificates o
ritardare il pagamento delle somme previste a titolo di rimborso. Per
quanto riguarda la liquidazione, l’Emittente non è responsabile per azioni
od omissioni di qualunque stanza di compensazione.
In aggiunta esiste il rischio che, a causa di informazioni in circolazione
incomplete od inesatte al di fuori dall’influenza dell’Emittente, l’investitore
prenda una decisione errata in relazione all’investimento nei Certificates.
Rischi riguardanti l’Emittente
Gli investitori devono tenere conto che sussiste un rischio di insolvenza in
relazione all’Emittente. Le operazioni dell’Emittente e il relativo volume
annuale di emissioni sono influenzati dagli sviluppi dei mercati nei quali
l’Emittente conduce le proprie attività. Una difficile situazione economica
potrebbe avere come risultato una diminuzione dei volumi di emissione e
potrebbe
influenzare
negativamente
la
situazione
reddituale
dell’Emittente. Lo sviluppo generale del mercato dei titoli dipende in
particolare dallo sviluppo dei mercati finanziari che a loro volta dipendono
dallo stato generale dell’economia mondiale e dalle condizioni
economiche e politiche dei rispettivi paesi (rischio di mercato).
L’Emittente non ha attualmente un “rating”.
La responsabilità da Prospetto o l’esercizio effettivo dei diritti di revoca
potrebbe avere un’impatto negativo sul patrimonio, sui ricavi e sulla
situazione finanziaria dell’Emittente. Nel caso più estremo, i.e. nel caso di
insolvenza sia dell’Emittente sia del Garante, un investimento nei
Certificates potrebbe avere come risultato una perdita totale della somma
investita. A tal proposito gli investitori devono tener conto del fatto che né
l’Emittente né il Garante sono coperti da qualunque fondo di garanzia dei
depositi o da fondi simili che potrebbero soddisfare in tutto o in parte le
richieste di risarcimento dei possessori di Certificates nell’ipotesi di
insolvenza dell’Emittente e del Garante. Inoltre, potrebbero esservi
conflitti di interesse tra società del Gruppo Vontobel (ivi incluse tutte le
società controllate e consolidate di Vontobel Holding AG).
Rischi riguardanti il Garante
Gli investitori devono tenere conto che sussiste un rischio di insolvenza in
relazione al Garante. Nell’operare le loro scelte d’investimento, gli
investitori dovrebbero pertanto tenere in debito conto la solidità
patrimoniale del Garante in aggiunta a quella dell’Emittente. Il Garante
non ha attualmente un “rating”.
Nel caso più estremo, i.e. nel caso di insolvenza sia dell’Emittente sia del
Garante, un investimento nei Certificates potrebbe avere come risultato
una perdita totale della somma investita. A tal proposito gli investitori
devono tener conto del fatto che né l’Emittente né il Garante sono coperti
da qualunque fondo di garanzia di depositi o da fondi simili che
potrebbero soddisfare in tutto o in parte le richieste di risarcimento dei
possessori di Certificate nell’ipotesi di insolvenza dell’Emittente e del
Garante.
L’attività di impresa del Garante è influenzata dalle condizioni attuali del
mercato e dal suo impatto sulle società operative (consolidate) di
Vontobel. Il Garante è soggetto al rischio di mercato, al rischio di liquidità,
al rischio di credito e anche a rischi operativi.
I rischi concernenti l’attività di impresa del Garante possono dipendere da
rischi generali di mercato, i quali possono essere legati a movimenti al
ribasso dei prezzi di mercato inclusi, ad esempio, i tassi di interesse, i tassi
di cambio, i prezzi delle azioni, i prezzi delle materie prime e qualunque
volatilità di detti prezzi e possono avere un effetto sfavorevole sulla
valutazione dei sottostanti o dei prodotti finanziari derivati. L’andamento
finanziario del Garante può essere altresì influenzato da crisi di liquidità
che emergano, ad esempio, a fronte di uscite di cassa occasionate da
ordini di ritiro di fondi , o dall’impossibilità di ottenere un differimento
delle passività attuali tali da far sì che il Garante non sia in grado
temporaneamente di far fronte alle esigenze di finanziamento a breve
termine. Il Garante è inoltre esposto ad un rischio di credito, poiché i
rischi di insolvenza possono nascere non solo in relazione all’attività di
concessione diretta di credito, ma anche in relazione alle operazioni che
comportano esse stesse un rischio di credito, come le operazioni in
derivati sui mercati non regolamentati (“over the counter”) (operazioni
specificamente negoziate tra due parti), operazioni sul mercato monetario
e il prestito di titoli. Infine, i rischi operativi potrebbero nascere in
relazione alle attività del Garante e condurre a perdite per processi o
sistemi inesistenti o inadatti, oppure per condotta impropria di dipendenti
o eventi esterni.

AVVISO n.13375 - Borsa Italiana

Transcription

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