Filed
pursuant to Rule 433
Registration Statement No. 333-140456
TERMS
SUPPLEMENT NO. 60 dated March 5, 2008
To Prospectus Supplement and Prospectus dated
February 5, 2007 and
Product Supplement No. 1 dated April 12, 2007
Relating to the Eksportfinans ASA U.S. Medium-Term Note
Program
Natixis
Securities North America Inc.
Reverse
Convertible Notes
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Issuer:
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Eksportfinans ASA
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Issuer Rating:
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AAA (negative outlook) (Moodys)/AA+ (Standard &
Poors)/AAA (Fitch)
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Specified Currency:
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U.S. dollars
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Agent:
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Natixis Securities North America Inc.
9 West 57th St.
New York, NY 10019
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Agent Acting in the Capacity as:
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Principal
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Coupon Payment Frequency:
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Monthly
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Offerings:
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This terms supplement relates to five separate offerings of
notes, each of which is linked to one, and only one, Reference
Share. You may participate in any or all of the note offerings.
This terms supplement does not, however, allow you to purchase a
note linked to a basket of some or all of the Reference Shares
described below.
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Issue Price:
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100%
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Trade Date:
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March 14, 2008
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Original Issue Date:
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March 19, 2008
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Determination Date:
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For each note offering, the Determination Date will be
September 16, 2008.
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Interest Payment Dates:
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For each note offering, interest is paid monthly in arrears in
six equal payments on each of the following dates:
April 18, 2008; May 19, 2008; June 19, 2008;
July 18, 2008; August 19, 2008 and September 19,
2008.
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Initial Reference Level:
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For each note offering, the reference level of the applicable
Reference Share, as determined by the calculation agent, on the
Trade Date.
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Final Reference Level:
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For each note offering, the closing price of the applicable
Reference Share quoted by the Relevant Exchange, as determined
by the calculation agent, on the Determination Date.
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Redemption Amount:
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The Redemption Amount payable for each note offering on the
Maturity Date in respect of each $1,000.00 face amount will be:
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If the closing price of the applicable Reference
Share quoted by the Relevant Exchange has not been below the
Knock-In Price of that Reference Share on any Trading Day during
the period from the Trade Date up to and including the
Determination Date (the Knock-In Level Trigger), as
determined by the calculation agent in its sole discretion, a
cash payment of $1,000.00 (i.e. 100.00% of the face amount), or
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If the Knock-In Level Trigger has occurred,
(a) a cash payment of $1,000.00 (i.e. 100.00% of the face
amount), if the Final Reference Level of the applicable
Reference Share on the Determination Date is equal to or greater
than the Initial Reference Level of that Reference Share, as
determined by the calculation agent in its sole discretion, or
(b) a number of Reference Shares equal to the Share
Redemption Amount, if the Final Reference Level of that
Reference Share on the Determination Date is less than the
Initial Reference Level of that Reference Share.
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Share Redemption Amount:
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The Share Redemption Amount payable on the Maturity Date,
if applicable, will be the number of Reference Shares per note
that you hold. This amount is equal to the $1,000.00 face amount
of the note divided by the Initial Reference Level of the
applicable Reference Share. You will receive cash in lieu of
fractional shares in an amount equal to the fractional share
amount multiplied by the Final Reference Level of the applicable
Reference Share.
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Denomination/Principal:
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Minimum denominations of $1,000.00 and integral multiples
thereof.
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Calculation Agent:
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Natixis Derivatives Inc. 9 West 57th St., 35th Floor
Attn: General Counsel
Telephone No.: +1 212 891 6137
Facsimile No.: +1 212 891 1922
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You may revoke your offer to purchase the notes at any time
prior to the time at which we accept such offer by notifying the
applicable agent. We reserve the right to change the terms of,
or reject any offer to purchase any of the notes prior to their
issuance. In the event of any changes to the terms of any of the
notes, we will notify you and you will be asked to accept such
changes in connection with your purchase. You may also choose to
reject such changes in which case we may reject your offer to
purchase.
Neither the Securities and Exchange Commission nor any state
securities commission has approved or disapproved of the notes
or passed upon the accuracy or the adequacy of this terms
supplement or the accompanying prospectus supplements and
prospectus. Any representation to the contrary is a criminal
offense.
The notes are not bank deposits and are not insured by the
Federal Deposit Insurance Corporation or any other governmental
agency, nor are they obligations of, or guaranteed by, a
bank.
Eksportfinans ASA has filed a registration statement
(including a prospectus) with the Securities and Exchange
Commission, or SEC, for the offerings to which this terms
supplement relates. Before you invest, you should read the
TS-1
prospectus in that registration statement and the other
documents relating to these offerings that Eksportfinans ASA has
filed with the SEC for more complete information about
Eksportfinans ASA and these offerings. You may get these
documents without cost by visiting EDGAR on the SEC Web site at
www.sec.gov. Alternatively, Eksportfinans ASA, any agent or any
dealer participating in these offerings will arrange to send you
the prospectus, each prospectus supplement, product supplement
no. 1 and this terms supplement if you so request by
calling toll-free
866-369-6147.
TS-2
Additional
Terms Specific to the Notes
You should read this terms supplement together with the
prospectus dated February 5, 2007, as supplemented by the
prospectus supplement dated February 5, 2007 relating to
our medium-term notes of which these notes are a part, and the
more detailed information contained in product supplement
no. 1 dated April 12, 2007. This terms supplement,
together with the documents listed below, contains the terms of
the notes and supersedes all other prior or contemporaneous oral
statements as well as any other written materials including
preliminary or indicative pricing terms, correspondence, trade
ideas, structures for implementation, sample structures,
brochures or other educational materials of ours. You should
carefully consider, among other things, the matters set forth in
Risk factors in the accompanying product supplement
no. 1 and the accompanying prospectus supplement, as the
notes involve risks not associated with conventional debt
securities. We urge you to consult your investment, legal, tax,
accounting and other advisers before you invest in the notes.
You may access these documents on the SEC Web site at
www.sec.gov as follows (or if such address has changed, by
reviewing our filings for the relevant date on the SEC Web site):
http://www.sec.gov/Archives/edgar/data/700978/000115697307000604/u52418e424b2.htm
Our Central Index Key, or CIK, on the SEC Web site is 700978. As
used in this terms supplement, the Company,
we, us, or our refers to
Eksportfinans ASA.
Selected
Risk Considerations
An investment in the notes involves significant risks. Investing
in the notes is not equivalent to investing directly in the
Reference Shares. These risks are explained in more detail in
the Risk factors section, beginning on
page PS-9
of the accompanying product supplement no. 1 and beginning
on
page S-4
of the accompanying prospectus supplement.
Additional
Information
Unless otherwise stated, all information contained herein on the
Reference Shares and on the issuers of the Reference Shares
(each a
Reference Issuer
) is derived from publicly
available sources and is provided for informational purposes
only.
Each of the Reference Shares is registered under the Exchange
Act. Companies with securities registered under the Exchange Act
are required periodically to file certain financial and other
information specified by the SEC. Information provided to or
filed with the SEC can be inspected and copied at the public
reference facilities maintained by the SEC at Room 1580,
100 F Street, NE, Washington, DC 20549 and copies of
such material can be obtained from the Public Reference Section
of the SEC, 100 F Street, NE, Washington, DC 20549, at
prescribed rates. You may obtain information on the operation of
the Public Reference Room by calling
1-800-SEC-0330.
In addition, information provided to or filed with the SEC
electronically can be accessed through a website maintained by
the SEC. The address of the SECs website is www.sec.gov.
In addition, information regarding the Reference Issuers may be
obtained from other sources including, but not limited to, press
releases, newspaper articles and other publicly disseminated
documents. We make no representation or warranty as to the
accuracy or completeness of these reports.
This terms supplement relates only to the notes offered
hereby and does not relate to the Reference Shares. We have
derived all disclosures contained in this terms supplement
regarding the Reference Issuers from the publicly available
documents described in the preceding paragraphs. Neither we nor
the agent nor its affiliates have participated in the
preparation of such documents or made any due diligence inquiry
with respect to any of the Reference Issuers in connection with
the offering of the notes. Neither we nor the agent nor its
affiliates make any representation that such publicly available
documents or any other publicly available information regarding
any of the Reference Issuers are accurate or complete.
Furthermore, we cannot give any assurance that all the events
occurring prior to the date of this terms supplement (including
events that would affect the accuracy or completeness of the
publicly available documents described in the preceding
paragraph) that would affect the trading price of any of the
Reference Shares (and therefore the
TS-3
Initial Reference Level and the Knock-In Level and
Redemption Amount) have been publicly disclosed. Subsequent
disclosure of any such events or the disclosure of or failure to
disclose material future events concerning any of the Reference
Issuers could affect the value you will receive on the Maturity
Date with respect to the notes and therefore the market value of
the notes. Neither we nor any of our affiliates have any
obligation to disclose any information about the Reference
Issuers after the date of this terms supplement.
Neither we nor any of our affiliates makes any representation to
you as to the performance of the Reference Shares. As a
prospective purchaser of notes, you should undertake such
independent investigation of the Reference Issuers as in your
judgment is appropriate to make an informed decision with
respect to an investment in the Reference Shares.
Any historical upward or downward trend in the price of any
of the Reference Shares during any period shown in this terms
supplement is not an indication that the price of those
Reference Shares is more or less likely to increase or decrease
at any time during the term of the notes. You should not take
the historical performance levels as an indication of future
performance of any of the Reference Shares. We cannot assure you
that the future performance of any of the Reference Shares will
result in your receiving the face amount of your notes on the
Maturity Date. The actual performance of any of the Reference
Shares over the life of the notes may bear little relation to
the historical levels shown in this terms supplement.
Hypothetical
Returns on the Notes
The tables of hypothetical returns contained in this terms
supplement set out the total return to the Maturity Date of a
note, based on the assumptions outlined in the introduction to
each respective table of hypothetical returns and several
variables, which include (a) whether the Knock-In
Level Trigger has occurred and (b) several
hypothetical closing prices for the Reference Shares on the
Determination Date or at any time during the life of the notes.
These figures are provided for purposes of illustration only.
They should not be taken as an indication or prediction of
future investment results and are intended merely to illustrate
the effect that various hypothetical Reference Share values
could have on the Redemption Amount, assuming all other
variables remain constant.
The information in the tables of hypothetical returns reflects
hypothetical rates of return on the notes assuming they are
purchased on the Original Issue Date and held to the Maturity
Date. If you sell your notes prior to the Maturity Date, your
return will depend upon the market value of your notes at the
time of sale, which may be affected by a number of factors that
are not reflected in the table below. For a discussion of some
of these factors, see Risk factors beginning on
page PS-9
of the accompanying product supplement no. 1 and beginning
on
page S-4
of the accompanying prospectus supplement.
The tables of hypothetical returns assume no Market Disruption
Event, Adjustment Event or Settlement Disruption Event occurs.
Also, the hypothetical rates of return shown below do not take
into account the effects of applicable taxes. Because of the
U.S. tax treatment applicable to the notes, tax liabilities
could affect the after-tax rate of return on your notes to a
comparatively greater extent than the after-tax return on the
Reference Shares.
The market price of each of the Reference Shares has been
volatile in the past, and their performance cannot be predicted
for any future period. The actual performance of the Reference
Shares over the life of the notes, as well as the
Redemption Amount payable, may bear little relation to the
hypothetical return examples set forth in the tables of
hypothetical returns or to the historical price of the Reference
Shares set forth in this terms supplement.
TS-4
Supplemental
Information Regarding Taxation in the United States
The amount of the stated interest rate on each of the notes that
constitutes interest on the Deposit (as defined in the
accompanying product supplement no. 1) is set forth in
the table below.
Deposit Interest
for each note offering equals 2.88%. The
Put Premium
is the Interest Rate minus the Deposit
Interest.
In addition to potential alternative treatments under current
tax law, it is also possible that the tax law may be changed by
legislative or regulatory action, possibly with retroactive
effect. However, it is not possible to predict whether or when
such action will occur and the effect of such potential changes
is uncertain.
Please refer to Taxation in the United States
beginning on
page PS-16
of the accompanying product supplement no. 1.
Supplemental
Plan of Distribution
The notes are being purchased by Natixis Securities North
America Inc. (the agent) as principal, pursuant to a terms
agreement dated as of the Trade Date between the agent and us.
The agent has agreed to pay our out-of-pocket expenses in
connection with the issuance of the notes.
See Supplemental plan of distribution beginning on
page PS-19
of the accompanying product supplement no. 1.
TS-5
Description
of American International Group, Inc.
ISIN: US0268741073
Relevant Exchange: New York Stock Exchange
According to its publicly available documents, American
International Group, Inc. is a holding company which, through
its subsidiaries, is engaged in a broad range of insurance and
insurance-related activities in the United States and abroad.
Its primary activities include both General Insurance and Life
Insurance & Retirement Services operations. Other
significant activities include Financial Services and Asset
Management. Information provided to or filed with the SEC by
American International Group, Inc. pursuant to the Exchange Act
can be located on the SECs website by reference to SEC
file number 001-08787.
Historical
Performance of American International Group, Inc.
The following table sets forth the published
intra-day
high, low and closing prices of the Reference Shares since
December 31, 2004. We obtained the information in the
tables below from Bloomberg without independent verification
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Period
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High
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Low
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Period End
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2005
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First Quarter
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$
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73.12
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$
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55.41
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$
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55.41
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Second Quarter
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$
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58.48
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$
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50.35
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$
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58.10
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Third Quarter
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$
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62.67
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$
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58.61
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$
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61.96
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Fourth Quarter
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$
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69.10
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$
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61.11
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$
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68.23
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2006
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First Quarter
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$
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70.83
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$
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65.35
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$
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66.09
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Second Quarter
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$
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66.54
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$
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58.67
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$
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59.05
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Third Quarter
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$
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66.48
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$
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57.76
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$
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66.26
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Fourth Quarter
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$
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72.81
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$
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66.30
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$
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71.66
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2007
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First Quarter
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$
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72.15
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$
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66.77
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$
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67.22
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Second Quarter
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$
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72.65
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$
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66.49
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$
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70.03
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Third Quarter
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$
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70.44
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$
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61.64
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$
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67.65
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Fourth Quarter
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$
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70.11
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$
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51.33
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$
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58.30
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2008
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First Quarter (through March 3, 2008)
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$
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59.32
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$
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44.74
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$
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46.69
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TS-6
Table of
Hypothetical Returns of American International Group,
Inc.
The following examples illustrate the rate of return on the
notes for a range of hypothetical Final Reference Levels on the
Determination Date assuming a hypothetical Initial Reference
Level of $46.69 and a hypothetical Knock-In Level of $32.683. In
these examples, the Knock-In Level Trigger never occurs
during the life of the notes. In each example, the
redemption Amount is paid in cash.
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Assumed Closing Price of
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Reference Shares on Determination Date
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Value of Payment at
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6 Monthly Interest
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(American International Group, Inc.)
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Maturity
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Payments
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6 Month Total Return
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$
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%
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Greater than: $46.69
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$
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1,000.00
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$
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76.25
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$
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1,076.25
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7.6250%
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$46.69
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$
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1,000.00
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$
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76.25
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$
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1,076.25
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7.6250%
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$42.02
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$
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1,000.00
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$
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76.25
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$
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1,076.25
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7.6250%
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$37.35
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$
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1,000.00
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$
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76.25
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$
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1,076.25
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7.6250%
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$32.69
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$
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1,000.00
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$
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76.25
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$
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1,076.25
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7.6250%
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In the examples above, the price of the Reference Shares
fluctuates over the term of the notes and closes above the
Knock-In Level on the Determination Date.
The following examples illustrate the rate of return on the
notes for a range of hypothetical Final Reference Levels on the
Determination Date assuming a hypothetical Initial Reference
Level of $46.69 and a hypothetical Knock-In Level of $32.683. In
these examples, the Knock-In Level Trigger occurs during
the life of the notes.
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Assumed Closing Price of
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Reference Shares on Determination Date
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Value of Payment at
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6 Monthly Interest
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(American International Group, Inc.)
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Maturity
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Payments
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6 Month Total Return
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$
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%
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Greater than: $46.69
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$
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1,000.00
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$
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76.25
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$
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1,076.25
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7.625%
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$46.69
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$
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1,000.00
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$
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76.25
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$
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1,076.25
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7.625%
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$42.02
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$
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900.00
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*
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$
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76.25
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$
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976.25
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−2.375%
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$37.35
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$
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800.00
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*
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$
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76.25
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$
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876.25
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−12.375%
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$32.68
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$
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700.00
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*
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$
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76.25
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$
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776.25
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−22.375%
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$22.41
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$
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600.00
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*
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$
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76.25
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$
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676.25
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−32.375%
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$18.68
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$
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500.00
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*
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$
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76.25
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$
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576.25
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−42.375%
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$8.96
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$
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400.00
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*
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$
|
76.25
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$
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476.25
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−52.375%
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$6.72
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$
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300.00
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*
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$
|
76.25
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$
|
376.25
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−62.375%
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$1.79
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$
|
200.00
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*
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$
|
76.25
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$
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276.25
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−72.375%
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$0.90
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$
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100.00
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*
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$
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76.25
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$
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176.25
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−82.375%
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$0.00
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$
|
0.00
|
*
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$
|
76.25
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$
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76.25
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−92.375%
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*Payable in Reference Shares of American International Group,
Inc.
TS-7
Description
of AK Steel Holding Corporation
ISIN: US0015471081
Relevant Exchange: New York Stock Exchange
According to its publicly available documents, AK Steel Holding
Corporation is a producer of flat-rolled carbon, stainless and
electrical steels and tubular products through its wholly-owned
subsidiary, AK Steel Corporation (together with AK Holding
Corporation, the
Company
). The Companys operations
consist of seven steelmaking and finishing plants located in
Indiana, Kentucky, Ohio and Pennsylvania that produce
flat-rolled carbon steels, including premium quality coated,
cold-rolled and hot-rolled products, and specialty stainless and
electrical steels that are sold in slab, hot band, and sheet and
strip form. Information provided to or filed with the SEC by AK
Steel Holding Corporation, pursuant to the Exchange Act can be
located on the SECs website by reference to SEC file
number
001-13696.
Historical
Performance of AK Steel Holding Corporation
The following table sets forth the published
intra-day
high, low and closing prices of the Reference Shares since
December 31, 2004. We obtained the information in the
tables below from Bloomberg without independent verification
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|
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Period
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High
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Low
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Period End
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2005
|
|
|
|
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|
|
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|
|
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First Quarter
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$
|
17.94
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|
|
$
|
10.68
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$
|
11.06
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Second Quarter
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$
|
11.34
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$
|
6.30
|
|
|
$
|
6.41
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Third Quarter
|
|
$
|
9.61
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|
|
$
|
6.43
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|
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$
|
8.57
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Fourth Quarter
|
|
$
|
8.89
|
|
|
$
|
6.45
|
|
|
$
|
7.95
|
|
2006
|
|
|
|
|
|
|
|
|
|
|
|
|
First Quarter
|
|
$
|
15.24
|
|
|
$
|
7.74
|
|
|
$
|
15.00
|
|
Second Quarter
|
|
$
|
15.92
|
|
|
$
|
11.30
|
|
|
$
|
13.83
|
|
Third Quarter
|
|
$
|
14.05
|
|
|
$
|
11.91
|
|
|
$
|
12.14
|
|
Fourth Quarter
|
|
$
|
17.03
|
|
|
$
|
11.80
|
|
|
$
|
16.90
|
|
2007
|
|
|
|
|
|
|
|
|
|
|
|
|
First Quarter
|
|
$
|
23.68
|
|
|
$
|
16.39
|
|
|
$
|
23.39
|
|
Second Quarter
|
|
$
|
38.45
|
|
|
$
|
23.67
|
|
|
$
|
37.37
|
|
Third Quarter
|
|
$
|
44.34
|
|
|
$
|
30.74
|
|
|
$
|
43.95
|
|
Fourth Quarter
|
|
$
|
53.21
|
|
|
$
|
40.17
|
|
|
$
|
46.24
|
|
2008
|
|
|
|
|
|
|
|
|
|
|
|
|
First Quarter (through March 3, 2008)
|
|
$
|
54.75
|
|
|
$
|
35.48
|
|
|
$
|
52.72
|
|
TS-8
Table of
Hypothetical Returns of AK Steel Holding Corporation
The following examples illustrate the rate of return on the
notes for a range of hypothetical Final Reference Levels on the
Determination Date assuming a hypothetical Initial Reference
Level of $52.72 and a hypothetical Knock-In Level of $36.904. In
these examples, the Knock-In Level Trigger never occurs
during the life of the notes. In each example, the
redemption Amount is paid in cash.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assumed Closing Price of
|
|
|
|
|
|
|
Reference Shares on Determination Date
|
|
Value of Payment at
|
|
6 Monthly Interest
|
|
|
(AK Steel Holding Corporation)
|
|
Maturity
|
|
Payments
|
|
6 Month Total Return
|
|
|
|
|
|
|
$
|
|
%
|
|
Greater than: $52.72
|
|
$
|
1,000.00
|
|
|
$
|
87.50
|
|
|
$
|
1,087.50
|
|
|
|
8.7500%
|
|
$52.72
|
|
$
|
1,000.00
|
|
|
$
|
87.50
|
|
|
$
|
1,087.50
|
|
|
|
8.7500%
|
|
$47.45
|
|
$
|
1,000.00
|
|
|
$
|
87.50
|
|
|
$
|
1,087.50
|
|
|
|
8.7500%
|
|
$42.18
|
|
$
|
1,000.00
|
|
|
$
|
87.50
|
|
|
$
|
1,087.50
|
|
|
|
8.7500%
|
|
$36.91
|
|
$
|
1,000.00
|
|
|
$
|
87.50
|
|
|
$
|
1,087.50
|
|
|
|
8.7500%
|
|
In the examples above, the price of the Reference Shares
fluctuates over the term of the notes and closes above the
Knock-In Level on the Determination Date.
The following examples illustrate the rate of return on the
notes for a range of hypothetical Final Reference Levels on the
Determination Date assuming a hypothetical Initial Reference
Level of $52.72 and a hypothetical Knock-In Level of $36.904. In
these examples, the Knock-In Level Trigger occurs during
the life of the notes.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assumed Closing Price of
|
|
|
|
|
|
|
Reference Shares on Determination Date
|
|
Value of Payment at
|
|
6 Monthly Interest
|
|
|
(AK Steel Holding Corporation)
|
|
Maturity
|
|
Payments
|
|
6 Month Total Return
|
|
|
|
|
|
|
$
|
|
%
|
|
Greater than: $52.72
|
|
$
|
1,000.00
|
|
|
$
|
87.50
|
|
|
$
|
1,087.50
|
|
|
|
8.750%
|
|
$52.72
|
|
$
|
1,000.00
|
|
|
$
|
87.50
|
|
|
$
|
1,087.50
|
|
|
|
8.750%
|
|
$47.45
|
|
$
|
900.00
|
*
|
|
$
|
87.50
|
|
|
$
|
987.50
|
|
|
|
−1.250%
|
|
$42.18
|
|
$
|
800.00
|
*
|
|
$
|
87.50
|
|
|
$
|
887.50
|
|
|
|
−11.250%
|
|
$36.90
|
|
$
|
700.00
|
*
|
|
$
|
87.50
|
|
|
$
|
787.50
|
|
|
|
−21.250%
|
|
$25.31
|
|
$
|
600.00
|
*
|
|
$
|
87.50
|
|
|
$
|
687.50
|
|
|
|
−31.250%
|
|
$21.09
|
|
$
|
500.00
|
*
|
|
$
|
87.50
|
|
|
$
|
587.50
|
|
|
|
−41.250%
|
|
$10.12
|
|
$
|
400.00
|
*
|
|
$
|
87.50
|
|
|
$
|
487.50
|
|
|
|
−51.250%
|
|
$7.59
|
|
$
|
300.00
|
*
|
|
$
|
87.50
|
|
|
$
|
387.50
|
|
|
|
−61.250%
|
|
$2.02
|
|
$
|
200.00
|
*
|
|
$
|
87.50
|
|
|
$
|
287.50
|
|
|
|
−71.250%
|
|
$1.01
|
|
$
|
100.00
|
*
|
|
$
|
87.50
|
|
|
$
|
187.50
|
|
|
|
−81.250%
|
|
$0.00
|
|
$
|
0.00
|
*
|
|
$
|
87.50
|
|
|
$
|
87.50
|
|
|
|
−91.250%
|
|
*Payable in Reference Shares of AK Steel Holding Corporation.
TS-9
Description
of Cummins Inc.
ISIN: US2310211063
Relevant Exchange: New York Stock Exchange
According to its publicly available documents, Cummins Inc.
designs, manufactures, distributes and services diesel and
natural gas engines, electric power generation systems and
engine-related component products, including filtration and
exhaust aftertreatment, fuel systems, controls and air handling
systems. Information provided to or filed with the SEC by
Cummins Inc. pursuant to the Exchange Act can be located on the
SECs website by reference to SEC file number
001-04949.
Historical
Performance of Cummins Inc.
The following table sets forth the published
intra-day
high, low and closing prices of the Reference Shares since
December 31, 2004. We obtained the information in the
tables below from Bloomberg without independent verification
|
|
|
|
|
|
|
|
|
|
|
|
|
Period
|
|
High
|
|
Low
|
|
Period End
|
|
2005
|
|
|
|
|
|
|
|
|
|
|
|
|
First Quarter
|
|
$
|
20.58
|
|
|
$
|
17.23
|
|
|
$
|
17.59
|
|
Second Quarter
|
|
$
|
18.88
|
|
|
$
|
15.96
|
|
|
$
|
18.65
|
|
Third Quarter
|
|
$
|
23.31
|
|
|
$
|
18.63
|
|
|
$
|
22.00
|
|
Fourth Quarter
|
|
$
|
22.90
|
|
|
$
|
19.55
|
|
|
$
|
22.43
|
|
2006
|
|
|
|
|
|
|
|
|
|
|
|
|
First Quarter
|
|
$
|
27.33
|
|
|
$
|
22.72
|
|
|
$
|
26.28
|
|
Second Quarter
|
|
$
|
30.56
|
|
|
$
|
25.23
|
|
|
$
|
30.56
|
|
Third Quarter
|
|
$
|
30.99
|
|
|
$
|
27.34
|
|
|
$
|
29.81
|
|
Fourth Quarter
|
|
$
|
34.49
|
|
|
$
|
29.55
|
|
|
$
|
29.55
|
|
2007
|
|
|
|
|
|
|
|
|
|
|
|
|
First Quarter
|
|
$
|
37.55
|
|
|
$
|
28.58
|
|
|
$
|
36.18
|
|
Second Quarter
|
|
$
|
52.00
|
|
|
$
|
36.31
|
|
|
$
|
50.61
|
|
Third Quarter
|
|
$
|
67.26
|
|
|
$
|
52.54
|
|
|
$
|
63.95
|
|
Fourth Quarter
|
|
$
|
70.08
|
|
|
$
|
52.79
|
|
|
$
|
63.69
|
|
2008
|
|
|
|
|
|
|
|
|
|
|
|
|
First Quarter (through March 3, 2008)
|
|
$
|
62.88
|
|
|
$
|
42.62
|
|
|
$
|
51.01
|
|
TS-10
Table of
Hypothetical Returns of Cummins Inc.
The following examples illustrate the rate of return on the
notes for a range of hypothetical Final Reference Levels on the
Determination Date assuming a hypothetical Initial Reference
Level of $51.01 and a hypothetical Knock-In Level of $35.707. In
these examples, the Knock-In Level Trigger never occurs
during the life of the notes. In each example, the
redemption Amount is paid in cash.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assumed Closing Price of
|
|
|
|
|
|
|
Reference Shares on Determination Date
|
|
Value of Payment at
|
|
6 Monthly Interest
|
|
|
(Cummins Inc.)
|
|
Maturity
|
|
Payments
|
|
6 Month Total Return
|
|
|
|
|
|
|
$
|
|
%
|
|
Greater than: $51.01
|
|
$
|
1,000.00
|
|
|
$
|
78.75
|
|
|
$
|
1,078.75
|
|
|
|
7.8750%
|
|
$51.01
|
|
$
|
1,000.00
|
|
|
$
|
78.75
|
|
|
$
|
1,078.75
|
|
|
|
7.8750%
|
|
$45.91
|
|
$
|
1,000.00
|
|
|
$
|
78.75
|
|
|
$
|
1,078.75
|
|
|
|
7.8750%
|
|
$40.81
|
|
$
|
1,000.00
|
|
|
$
|
78.75
|
|
|
$
|
1,078.75
|
|
|
|
7.8750%
|
|
$35.72
|
|
$
|
1,000.00
|
|
|
$
|
78.75
|
|
|
$
|
1,078.75
|
|
|
|
7.8750%
|
|
In the examples above, the price of the Reference Shares
fluctuates over the term of the notes and closes above the
Knock-In Level on the Determination Date.
The following examples illustrate the rate of return on the
notes for a range of hypothetical Final Reference Levels on the
Determination Date assuming a hypothetical Initial Reference
Level of $51.01 and a hypothetical Knock-In Level of $35.707. In
these examples, the Knock-In Level Trigger occurs during
the life of the notes.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assumed Closing Price of
|
|
|
|
|
|
|
Reference Shares on Determination Date
|
|
Value of Payment at
|
|
6 Monthly Interest
|
|
|
(Cummins Inc.)
|
|
Maturity
|
|
Payments
|
|
6 Month Total Return
|
|
|
|
|
|
|
$
|
|
%
|
|
Greater than: $51.01
|
|
$
|
1,000.00
|
|
|
$
|
78.75
|
|
|
$
|
1,078.75
|
|
|
|
7.875%
|
|
$51.01
|
|
$
|
1,000.00
|
|
|
$
|
78.75
|
|
|
$
|
1,078.75
|
|
|
|
7.875%
|
|
$45.91
|
|
$
|
900.00
|
*
|
|
$
|
78.75
|
|
|
$
|
978.75
|
|
|
|
−2.125%
|
|
$40.81
|
|
$
|
800.00
|
*
|
|
$
|
78.75
|
|
|
$
|
878.75
|
|
|
|
−12.125%
|
|
$35.71
|
|
$
|
700.00
|
*
|
|
$
|
78.75
|
|
|
$
|
778.75
|
|
|
|
−22.125%
|
|
$24.48
|
|
$
|
600.00
|
*
|
|
$
|
78.75
|
|
|
$
|
678.75
|
|
|
|
−32.125%
|
|
$20.40
|
|
$
|
500.00
|
*
|
|
$
|
78.75
|
|
|
$
|
578.75
|
|
|
|
−42.125%
|
|
$9.79
|
|
$
|
400.00
|
*
|
|
$
|
78.75
|
|
|
$
|
478.75
|
|
|
|
−52.125%
|
|
$7.35
|
|
$
|
300.00
|
*
|
|
$
|
78.75
|
|
|
$
|
378.75
|
|
|
|
−62.125%
|
|
$1.96
|
|
$
|
200.00
|
*
|
|
$
|
78.75
|
|
|
$
|
278.75
|
|
|
|
−72.125%
|
|
$0.98
|
|
$
|
100.00
|
*
|
|
$
|
78.75
|
|
|
$
|
178.75
|
|
|
|
−82.125%
|
|
$0.00
|
|
$
|
0.00
|
*
|
|
$
|
78.75
|
|
|
$
|
78.75
|
|
|
|
−92.125%
|
|
*Payable in Reference Shares of Cummins Inc.
TS-11
Description
of Freeport-McMoRan Copper & Gold Inc.
ISIN: US35671D8570
Relevant Exchange: New York Stock Exchange
According to its publicly available documents, Freeport-McMoRan
Copper & Gold Inc. is a copper, gold and molybdenum
mining company. Its principal asset is the Grasberg minerals
district in Papua, Indonesia. Information provided to or filed
with the SEC by Freeport-McMoRan Copper & Gold Inc.
pursuant to the Exchange Act can be located on the SECs
website by reference to SEC file number
001-09916.
Historical
Performance of Freeport-McMoRan Copper & Gold
Inc.
The following table sets forth the published intra-day high, low
and closing prices of the Reference Shares since December 31,
2004. We obtained the information in the tables below from
Bloomberg without independent verification
|
|
|
|
|
|
|
|
|
|
|
|
|
Period
|
|
High
|
|
|
Low
|
|
|
Period End
|
|
|
2005
|
|
|
|
|
|
|
|
|
|
|
|
|
First Quarter
|
|
$
|
43.73
|
|
|
$
|
35.28
|
|
|
$
|
39.61
|
|
Second Quarter
|
|
$
|
40.01
|
|
|
$
|
32.06
|
|
|
$
|
37.44
|
|
Third Quarter
|
|
$
|
48.97
|
|
|
$
|
37.93
|
|
|
$
|
48.59
|
|
Fourth Quarter
|
|
$
|
55.36
|
|
|
$
|
45.02
|
|
|
$
|
53.80
|
|
2006
|
|
|
|
|
|
|
|
|
|
|
|
|
First Quarter
|
|
$
|
64.31
|
|
|
$
|
48.35
|
|
|
$
|
59.77
|
|
Second Quarter
|
|
$
|
72.09
|
|
|
$
|
43.75
|
|
|
$
|
55.41
|
|
Third Quarter
|
|
$
|
61.59
|
|
|
$
|
50.50
|
|
|
$
|
53.26
|
|
Fourth Quarter
|
|
$
|
62.87
|
|
|
$
|
49.04
|
|
|
$
|
55.73
|
|
2007
|
|
|
|
|
|
|
|
|
|
|
|
|
First Quarter
|
|
$
|
66.19
|
|
|
$
|
50.49
|
|
|
$
|
66.19
|
|
Second Quarter
|
|
$
|
84.42
|
|
|
$
|
66.73
|
|
|
$
|
82.82
|
|
Third Quarter
|
|
$
|
108.67
|
|
|
$
|
73.07
|
|
|
$
|
104.89
|
|
Fourth Quarter
|
|
$
|
117.86
|
|
|
$
|
89.28
|
|
|
$
|
102.44
|
|
2008
|
|
|
|
|
|
|
|
|
|
|
|
|
First Quarter (through March 3, 2008)
|
|
$
|
106.57
|
|
|
$
|
77.30
|
|
|
$
|
103.45
|
|
TS-12
Table of
Hypothetical Returns of Freeport-McMoRan Copper & Gold
Inc.
The following examples illustrate the rate of return on the
notes for a range of hypothetical Final Reference Levels on the
Determination Date assuming a hypothetical Initial Reference
Level of $103.45 and a hypothetical Knock-In Level of $77.5875.
In these examples, the Knock-In Level Trigger never occurs
during the life of the notes. In each example, the
redemption Amount is paid in cash.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assumed Closing Price of
|
|
|
|
|
|
|
|
|
|
Reference Shares on Determination Date
|
|
Value of Payment at
|
|
|
6 Monthly Interest
|
|
|
|
|
(Freeport-McMoRan Copper & Gold Inc.)
|
|
Maturity
|
|
|
Payments
|
|
|
6 Month Total Return
|
|
|
|
|
|
|
|
|
|
$
|
|
|
%
|
|
|
Greater than: $103.45
|
|
$
|
1,000.00
|
|
|
$
|
85.25
|
|
|
$
|
1,085.25
|
|
|
|
8.5250%
|
|
$103.45
|
|
$
|
1,000.00
|
|
|
$
|
85.25
|
|
|
$
|
1,085.25
|
|
|
|
8.5250%
|
|
$94.83
|
|
$
|
1,000.00
|
|
|
$
|
85.25
|
|
|
$
|
1,085.25
|
|
|
|
8.5250%
|
|
$86.21
|
|
$
|
1,000.00
|
|
|
$
|
85.25
|
|
|
$
|
1,085.25
|
|
|
|
8.5250%
|
|
$77.60
|
|
$
|
1,000.00
|
|
|
$
|
85.25
|
|
|
$
|
1,085.25
|
|
|
|
8.5250%
|
|
In the examples above, the price of the Reference Shares
fluctuates over the term of the notes and closes above the
Knock-In Level on the Determination Date.
The following examples illustrate the rate of return on the
notes for a range of hypothetical Final Reference Levels on the
Determination Date assuming a hypothetical Initial Reference
Level of $103.45 and a hypothetical Knock-In Level of $77.5875.
In these examples, the Knock-In Level Trigger occurs during
the life of the notes.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assumed Closing Price of
|
|
|
|
|
|
|
|
|
|
Reference Shares on Determination Date
|
|
Value of Payment at
|
|
|
6 Monthly Interest
|
|
|
|
|
(Freeport-McMoRan Copper & Gold Inc.)
|
|
Maturity
|
|
|
Payments
|
|
|
6 Month Total Return
|
|
|
|
|
|
|
|
|
|
$
|
|
|
%
|
|
|
Greater than: $103.45
|
|
$
|
1,000.00
|
|
|
$
|
85.25
|
|
|
$
|
1,085.25
|
|
|
|
8.525%
|
|
$103.45
|
|
$
|
1,000.00
|
|
|
$
|
85.25
|
|
|
$
|
1,085.25
|
|
|
|
8.525%
|
|
$93.11
|
|
$
|
900.00
|
*
|
|
$
|
85.25
|
|
|
$
|
985.25
|
|
|
|
−1.475%
|
|
$82.76
|
|
$
|
800.00
|
*
|
|
$
|
85.25
|
|
|
$
|
885.25
|
|
|
|
−11.475%
|
|
$72.42
|
|
$
|
700.00
|
*
|
|
$
|
85.25
|
|
|
$
|
785.25
|
|
|
|
−21.475%
|
|
$49.66
|
|
$
|
600.00
|
*
|
|
$
|
85.25
|
|
|
$
|
685.25
|
|
|
|
−31.475%
|
|
$41.38
|
|
$
|
500.00
|
*
|
|
$
|
85.25
|
|
|
$
|
585.25
|
|
|
|
−41.475%
|
|
$19.86
|
|
$
|
400.00
|
*
|
|
$
|
85.25
|
|
|
$
|
485.25
|
|
|
|
−51.475%
|
|
$14.90
|
|
$
|
300.00
|
*
|
|
$
|
85.25
|
|
|
$
|
385.25
|
|
|
|
−61.475%
|
|
$3.97
|
|
$
|
200.00
|
*
|
|
$
|
85.25
|
|
|
$
|
285.25
|
|
|
|
−71.475%
|
|
$1.99
|
|
$
|
100.00
|
*
|
|
$
|
85.25
|
|
|
$
|
185.25
|
|
|
|
−81.475%
|
|
$0.00
|
|
$
|
0.00
|
*
|
|
$
|
85.25
|
|
|
$
|
85.25
|
|
|
|
−91.475%
|
|
*Payable in Reference Shares of Freeport-McMoRan
Copper & Gold Inc.
TS-13
Description
of VMWare, Inc.
ISIN: US9285634021
Relevant Exchange: New York Stock Exchange
According to its publicly available documents, VMWare, Inc. is a
provider of virtualization solutions from the desktop to the
data center. Its virtualization solutions represents a
pioneering approach to computing that separates the operating
system and application software from the underlying hardware to
achieve significant improvements in efficiency, availability,
flexibility and manageability. Its broad suite of virtualization
solutions addresses a range of IT problems that include
infrastructure optimization, business continuity, software
lifecycle management and desktop management. Information
provided to or filed with the SEC by VMWare, Inc. pursuant to
the Exchange Act can be located on the SECs website by
reference to SEC file number
001-33622.
Historical
Performance of VMWare, Inc.
The following table sets forth the published
intra-day
high, low and closing prices of the Reference Shares since
August 14, 2007. We obtained the information in the tables
below from Bloomberg without independent verification
|
|
|
|
|
|
|
|
|
|
|
|
|
Period
|
|
High
|
|
|
Low
|
|
|
Period End
|
|
|
2007
|
|
|
|
|
|
|
|
|
|
|
|
|
Third Quarter
|
|
$
|
85.00
|
|
|
$
|
29.00
|
|
|
$
|
85.00
|
|
Fourth Quarter
|
|
$
|
124.83
|
|
|
$
|
71.44
|
|
|
$
|
84.99
|
|
2008
|
|
|
|
|
|
|
|
|
|
|
|
|
First Quarter (through March 3, 2008)
|
|
$
|
84.60
|
|
|
$
|
54.87
|
|
|
$
|
55.81
|
|
TS-14
Table of
Hypothetical Returns of VMWare, Inc.
The following examples illustrate the rate of return on the
notes for a range of hypothetical Final Reference Levels on the
Determination Date assuming a hypothetical Initial Reference
Level of $55.81 and a hypothetical Knock-In Level of $36.2765.
In these examples, the Knock-In Level Trigger never occurs
during the life of the notes. In each example, the
redemption Amount is paid in cash.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assumed Closing Price of
|
|
|
|
|
|
|
|
|
|
Reference Shares on Determination Date
|
|
Value of Payment at
|
|
|
6 Monthly Interest
|
|
|
|
|
(VMWare, Inc.)
|
|
Maturity
|
|
|
Payments
|
|
|
6 Month Total Return
|
|
|
|
|
|
|
|
|
|
$
|
|
|
%
|
|
|
Greater than: $55.81
|
|
$
|
1,000.00
|
|
|
$
|
105.50
|
|
|
$
|
1,105.50
|
|
|
|
10.5500%
|
|
$55.81
|
|
$
|
1,000.00
|
|
|
$
|
105.50
|
|
|
$
|
1,105.50
|
|
|
|
10.5500%
|
|
$49.30
|
|
$
|
1,000.00
|
|
|
$
|
105.50
|
|
|
$
|
1,105.50
|
|
|
|
10.5500%
|
|
$42.79
|
|
$
|
1,000.00
|
|
|
$
|
105.50
|
|
|
$
|
1,105.50
|
|
|
|
10.5500%
|
|
$36.29
|
|
$
|
1,000.00
|
|
|
$
|
105.50
|
|
|
$
|
1,105.50
|
|
|
|
10.5500%
|
|
In the examples above, the price of the Reference Shares
fluctuates over the term of the notes and closes above the
Knock-In Level on the Determination Date.
The following examples illustrate the rate of return on the
notes for a range of hypothetical Final Reference Levels on the
Determination Date assuming a hypothetical Initial Reference
Level of $55.81 and a hypothetical Knock-In Level of $36.2765.
In these examples, the Knock-In Level Trigger occurs during
the life of the notes.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assumed Closing Price of
|
|
|
|
|
|
|
|
|
|
Reference Shares on Determination Date
|
|
Value of Payment at
|
|
|
6 Monthly Interest
|
|
|
|
|
(VMWare, Inc.)
|
|
Maturity
|
|
|
Payments
|
|
|
6 Month Total Return
|
|
|
|
|
|
|
|
|
|
$
|
|
|
%
|
|
|
Greater than: $55.81
|
|
$
|
1,000.00
|
|
|
$
|
105.50
|
|
|
$
|
1,105.50
|
|
|
|
10.550%
|
|
$55.81
|
|
$
|
1,000.00
|
|
|
$
|
105.50
|
|
|
$
|
1,105.50
|
|
|
|
10.550%
|
|
$50.23
|
|
$
|
900.00
|
*
|
|
$
|
105.50
|
|
|
$
|
1,005.50
|
|
|
|
0.550%
|
|
$44.65
|
|
$
|
800.00
|
*
|
|
$
|
105.50
|
|
|
$
|
905.50
|
|
|
|
−9.450%
|
|
$39.07
|
|
$
|
700.00
|
*
|
|
$
|
105.50
|
|
|
$
|
805.50
|
|
|
|
−19.450%
|
|
$26.79
|
|
$
|
600.00
|
*
|
|
$
|
105.50
|
|
|
$
|
705.50
|
|
|
|
−29.450%
|
|
$22.32
|
|
$
|
500.00
|
*
|
|
$
|
105.50
|
|
|
$
|
605.50
|
|
|
|
−39.450%
|
|
$10.72
|
|
$
|
400.00
|
*
|
|
$
|
105.50
|
|
|
$
|
505.50
|
|
|
|
−49.450%
|
|
$8.04
|
|
$
|
300.00
|
*
|
|
$
|
105.50
|
|
|
$
|
405.50
|
|
|
|
−59.450%
|
|
$2.14
|
|
$
|
200.00
|
*
|
|
$
|
105.50
|
|
|
$
|
305.50
|
|
|
|
−69.450%
|
|
$1.07
|
|
$
|
100.00
|
*
|
|
$
|
105.50
|
|
|
$
|
205.50
|
|
|
|
−79.450%
|
|
$0.00
|
|
$
|
0.00
|
*
|
|
$
|
105.50
|
|
|
$
|
105.50
|
|
|
|
−89.450%
|
|
*Payable in Reference Shares of VMWare, Inc.
TS-15
Cgm Elks FM Cop & Gold (AMEX:EKF)
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From Jun 2024 to Jul 2024
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