Termsheet - 1 year Altiplano on stock basket

Option Buyer

Bank XXX

Option Seller

Bank YYY

Trade date

23rd Nov 2007

Strike date

24rd Nov 2007

Notional amount (N)

USD 8,000,000

Effective date

23rd Nov 2007

Valuation date_i
(i = 1 to 12)

23-Dec-07
23-Jan-08
23-Feb-08
23-Mar-08
23-Apr-08
23-May-08
23-Jun-08
23-Jul-08
23-Aug-08
23-Sep-08
23-Oct-08

23-Nov-08

Maturity

23rd Nov 2008

Underlying Stock_i
(i = 1 to 15)

i	Stock i
1	Stock A
2	Stock B
3	Stock C
4	Stock D
5	Stock E
6	Stock F
7	Stock G
8	Stock H
9	Stock I
10	Stock J
11	Stock K
12	Stock L
13	Stock M
14	Stock N
15	Stock O

Option Premium Payer

Option Buyer

Option Premium

1.2% * N

Option Premium payment date

Trade date + 3 business date

Strike Value V_i(0)

The official closing price of the Stock_i (i = 1,...,15) on Strike Date, as published on the relevant Exchange

Observation Value V_i(t)

The official closing price of the Stocki (i = 1,...,15) on Valuation Date (t = 1,..,15) , as published on the relevant Exchange

Minimum Performance
MinPerf(t)

Minimum Annual
Performance
MinAPerf

Coupon C

C=7.50%

Barrier B

B = 75%

Payoff

If MinAPerf>=B,
(i) C*N
Otherwise,
(i) 0%*N

Payment currency

USD

Disclaimer

Structured transactions are complex and may involve a high risk of loss. Prior to entering into a transaction you should consult with your own legal, regulatory, tax, financial and accounting advisors to the extent you consider it necessary, and make your own investment, hedging and trading decisions (including decisions regarding the suitability of this transaction) based upon your own judgement and advice from those advisers you consider
necessary.

This document is for information purposes only and should not be construed as an offer, recommendation or solicitation to conclude a transaction and should not be treated as giving investment advice. The terms of any investment will be exclusively subject to the detailed provisions, including risk considerations, contained in the Information Memorandum.