Dear [FIRSTNAME],

We launced back in November an express certificate on RBS, CITI and ING. The conditions where 3% coupon is paid when the underlyings are trading above 90%. Today we can see that ING and RBS are trading above these levels.

The only stock that is still trading below the 90% coupon trigger level is Citibank. Citibank would need increase about 13% to trigger the autocall and coupon payment.

Today this express certificate trades arround 94. The next coupon observation date would be 23/03/2010 and if the underlyings are trading above the coupon trigger level the express certificate will redeem at 112%. This would mean you earn 18%.