Prospectus Supplement for Index Linked Notes
The market value of the Notes may be influenced by unpredictable factors and sales of the Notes in the
secondary market may result in significant losses
Even if a secondary market for the Notes develops and is maintained, it may not provide significant
liquidity or trade at prices advantageous to purchasers of the Notes. Many factors independent of the
Bank's creditworthiness may affect the trading market and market value of the Notes. These factors
include, but are not limited to:
•
the trading price of underlying interests and the degree to which the performance of each
underlying interest correlates to one another;
the volatility of the Index or Indices to which the Notes are linked;
the dividend or distribution rate or any other income or amounts paid, if any, on the underlying
interests (while not paid to holders of the Notes, dividend or distribution payments or any other
income or amounts paid, on the underlying interests may influence the market level of Indices or
options on Indices);
economic, financial, regulatory, political, military, judicial and other events that affect stock
markets generally and which may affect Index levels;
.
the time remaining to the maturity of the Notes;
.
any early redemption (or call) features of the Notes;
•
•
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the level, direction and volatility of interest rates and currency exchange rates;
disruptions of market trading in the underlying interests and related futures markets; and
the quantity and liquidity of the underlying interests.
These factors interrelate in complex ways, and the effect of one factor on the market value of the Notes may
offset or enhance the effect of another factor.
Notes that are designed for specific investment objectives or strategies may have a more limited trading
market and may experience more price volatility. There may be a limited number of buyers for such Notes
and this may affect the price received for such Notes in the secondary market or the ability to sell such
Notes at all.
Transaction costs in any secondary market are expected to be high. The difference between bid and ask
prices for the Notes in any secondary market could be substantial. Sales in the secondary market may be
subject to fees or charges. If holders of Notes wish to sell their Notes before maturity, they may have to do
so at a substantial discount from the issue price and, as a result, may suffer substantial losses. See
"Secondary Market for Notes" in the Prospectus.
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