| Issuer: | Bank of America
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| Pricing date: | April 25, 2012
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| Maturity date: | April 30, 2032
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| Size: | $20 million
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| Cusip: | 06048WLU2
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| Structure: | U-Step Notes are callable stepped coupon bonds that provide a fixed rate of interest that decreases until April 30, 2028, at which point the rate increases in each remaining subsequent period
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| • "The 'U-Step' structure combines a step-down and a step-up and was an innovative concept." - John Tessar, senior vice-president, head of structured products at JVB Financial Group, LLC.
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| • "The annual coupon begins high, declines each year until it reaches a stated floor, then rises symmetrically over the last several years of the note's maturity. The annual coupon steps form a "U" shape giving the notes their name. We created the U-Step notes to offer investors the higher up front coupons that were previously only available in step-down bonds without the risk of a flat-lining coupons found at the back end of traditional step-down structures." - Tessar
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| • "The rising coupons in the later years could help an investor keep up with a potentially rising interest rate environment. This also has the potential to stabilize the secondary market value of the notes as the investor is protected from 'flat-lining coupons' that are historically problematic in simple step-down bonds and negatively affect the secondary pricing of those notes." - Tessar
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| Seven-year market-linked certificates of deposit linked to the Morningstar Ultimate Stockpickers Target Volatility 7% index due June 28, 2019
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| Issuer: | Bank of the West
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| Pricing date: | June 26, 2012
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| Maturity date: | June 28, 2019
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| Cusip: | 06426XEC0
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| Structure: | Market-linked CDs with a payout at maturity of par plus 100% to 105% of any index gain and par if the index falls below its initial level
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| Underlying: | Morningstar Ultimate Stockpickers Target Volatility 7% Index
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| • "The underlying index is published by Morningstar and is based on the research produced by Morningstar. It was the first use of this index in a structured product. And it was the first use in a structured product of a long-only, active equity index published by a major index provider." - Serge Troyanovsky, managing director, head of retail distribution North America, Structured Solutions Group at BNP Paribas
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| • "Morningstar is widely recognized for providing its research on mutual funds. But in addition to mutual funds, the financial data firm also has well-respected research capabilities on individual equities. The inspiration behind the Morningstar Ultimate Stock Pickers Indices is to combine both the research on mutual funds and the research on the individual equities in a dynamic fashion on an ongoing basis." - Troyanovsky
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| eUnits 2 Year U.S. Market Participation Trust: Upside to cap / buffered downside
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| Trust: | eUnits 2 Year U.S. Market Participation Trust: Upside to Cap / Buffered Downside
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| Investment adviser: | Eaton Vance Management
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| Pricing date: | Jan. 26, 2012
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| Size: | $26.18 million
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| Ticker symbol: | NYSE Amex: ETUA
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| Structure: | New type of exchange-traded structured investment that seeks to enable holders to participate in the returns of a specified benchmark over a defined term, typically up to a cap, while reducing exposure to loss in the event of a decline in the benchmark
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| Underlying: | S&P 500 Composite Stock Price index
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| • "I give Eaton Vance eUNIT my vote. There is a future in these new products. Having done myself something similar a year before with the MERIT (Multi Enhanced Return Investment Trust, High 50 October 2011 Series), I know that putting these structures together is not easy. But it's the new frontier and I applaud their effort in using derivatives in a new format. " - Samson Koo, managing director, head of derivative products at Advisors Asset Management
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| • "AAM did it in 2011 with UITs and Eaton Vance did in in 2012 with a closed-end fund. The more we get to see 1940 Act products using derivatives technology like these, the more investors will understand them. It will require education and acceptance because it's new, but investors will recognize that it's needed. It's a good thing that there are more products in this new frontier." - Koo
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| Deutsche Bank's knock-out notes linked to the EURO STOXX 50 index due March 19, 2014
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| Issuer: | Deutsche Bank AG, London Branch
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| Pricing date: | Sept. 14, 2012
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| Maturity date: | March 19, 2014
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| Size: | $29,639,000
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| Cusip: | 2515A1LR0
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| Structure: | If the index never falls below the 80% knock-out level during the life of the notes, investors at maturity will receive the index return with a contingent minimum return of 7.6%. If the index falls by more than 20% during the life of the notes, investors will receive the index return with full exposure to losses
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| Underlying: | Euro Stoxx 50 index
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| • "Deutsche Bank offered the notes in September within the J.P. Morgan system. It was the second largest deal of the year." - Cary Immesoete, managing director, head of product development and marketing, Customized Investment Solutions at Wells Fargo
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| • "It was a landmark deal not because of the structure but because of the size. It was a very simple, short-term structure. But the size illustrates how sophisticated private banks are comfortable using market-linked investments throughout their systems when they find a well-designed product that meets their needs." - Immesoete
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| UBS AG, London Branch's $946.2 million of 0% Fisher enhanced big cap growth securities due May 28, 2013 linked to the Russell 1000 Growth Index Total Return
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| Issuer: | UBS AG, London Branch
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| Pricing date: | May 16, 2012
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| Maturity date: | May 28, 2013
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| Size: | $946,198,000
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| Cusip: | 90268U176
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| Structure: | Designed to replicate a leveraged, double-long position in the underlying index minus an index adjustment factor, the securities were automatically called if the index dropped below 70% of the initial price. The notes were also putable.
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| Underlying: | Russell 1000 Growth Index Total Return
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| • By far, the top offering of the year in size and the third largest one since 2000, according to data compiled by Prospect News
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