Termsheet - 2 year certificate on silver

Issuer

Bank XXX

Rating

AA- by S&P

Subscription Period

12 June 2009 - 6 July 2009

Fixing Date

7 July 2009

Issue Date

8 July 2009

Initial Settlement Date

14 July 2009

Issue Price

USD 101

Issue Size

Upto 100,000 certificates

Notional Amount(N)

Issue size * USD 100

Final Valuation Date

7 July 2011

Final Settlement Date

5 Business days following Final Valuation Date

Underlying

Silver

Settlement Currency

USD

Redemption Amount

If Commodity_MIN>=Barrier * Commodity_INITIAL,

Else,

Commodity_INTIAL = The last trading price of underlying on the fixing date
Commodity_FINAL = The last trading price of underlying on the Final valuation date
Commodity_MIN = Minimum value of the underlying from the fixing date to Final valuation date
R = Redemption Amount
Barrier = 50%
P = Participation rate greater than 200% to be decided on the fixing date

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.