NAB Income & Investment Solutions. NAB Equity Options.

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1 NAB Income & Investment Solutions. NAB Equity Options.

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3 NAB Equity Options NIIS NAB Equity Options Protect your equity holding Generate income Equity Options are financial instruments that can be tailored to an investor s own financial objectives to provide the option buyer with the right, but not the obligation, to: buy (Call option) or sell (Put option) an agreed quantity of specified stock, at a set price (strike price), within a certain period of time (American style) or at a certain date (European style). Equity Options can be used as share portfolio protection strategies for investors who already hold ASX-listed shares and who are concerned about the downside risk of their holding. Share portfolio protection can be purchased via: Puts (full or partial protection of the investor s share holding against the payment of a premium) or, Collars (full or partial protection with limited potential upside share gains to reduce the cost of protection). Equity Options can also be used to enhance income generated by an existing share portfolio by selling Call options over that holding in return for receiving a premium (strategy also known as covered calls). Call options sold to NAB will be secured against the holding of the shares over which the options are sold. General advice warning Investors considering an Equity Options strategy should have a sound understanding of the workings and risks associated with Equity Options. Investors should also seek professional advice before using Equity Options strategies. Any advice contained in this document has been prepared without taking into account your objectives, financial situation or needs. Before acting on any advice in this document, National Australia Bank Limited recommends that you consider whether it is appropriate for your circumstances. If you are classified as a Retail Client under the Corporations Act and the advice contained in this document relates to Financial Products which NAB has approved for sale to Retail Clients, NAB recommends you consider the Product Disclosure Statement or other disclosure document, available from NAB for Retail Clients, before making any decisions regarding any product. National Australia Bank Limited ABN is the product issuer, unless otherwise specified. Investors should take their own advice on the tax treatment of options.

4 NIIS NAB Equity Options Why use Equity Options? Flexibility to best suit the investors requirements Ability to participate in upside share gains, whilst also providing a level of protection against share price falls at the floor or level chosen by the investor Ability to generate income from an existing share portfolio A method of managing market risk without changing the existing portfolio holdings No margin calls Why invest through NAB? NAB is one of Australia s leading financial institutions with strong credentials Strong brand with a long history of delivering financial services to investors and their advisers Tailored share holding protection strategies over a range of ASX-listed securities available via one PDS, based on terms chosen by the investor How to use Equity Options? The investor selects: a particular ASX-listed security amongst a list of Australia s top companies a preferred term (from 30 days to 5 years) a suitable Exercise Price (or Floor Price and a Cap Price for Collars) Key risks Upfront premium paid to NAB for share portfolio protection may not be recovered from share price movement Potential profits from share price increases will be limited to the Cap Level (applicable to Collar strategies only) Payments may have to be made to NAB for cash settled options Potential loss of underlying security collateral when selling call options or buying Collars if not all payments are made to NAB Corporate actions or market disruption events may lead to an amendment or early termination by NAB Key terms Minimum investment $50,000 Approved shares Who can invest Term Any shares in the ASX100 Individuals, self managed superannuation funds (Puts only), companies, trusts or partnerships 30 days to 5 years What happens at maturity when an investor buys a Put or a Collar? If the underlying share price is at or below the Exercise Price (Floor Price for a Collar), the investor has the right, but not the obligation, to sell the underlying Security at the Exercise Price/Floor Price to NAB (or to receive the cash equivalent to the difference between the Exercise Price/Floor Price and the Market Price) If the underlying share price is above the Exercise Price (above Floor Price and below the Cap Price in the case of a Collar), the Equity Options lapse If the underlying share price is at or above the Cap Price (applicable to Collars only), NAB has the right, but not the obligation, to buy the underlying Security at the Cap Price from the investor (or to receive the cash equivalent to the difference between the Market Price and the Cap Price)

5 NAB Equity Options NIIS A worked example of Equity Options - Puts Background Consider an investor who has gradually accumulated a holding in a given share and who is concerned about the deterioration of the economy and its potential unfavourable impact on the price of that stock. This investor may be reluctant to sell the shares. For instance, a sale would trigger a CGT event with a potential large tax liability. Solution A possible solution to protect that holding against a downside risk is to purchase a Put over this shareholding for a chosen period. The investor will retain full ownership of the shares during that period and may choose an expiry date tailored to its strategy (for example, to capture a particular number of expected dividends and associated franking credits, if entitled). Example of a Put over BHP shares Underlying security BHP shares Number of underlying security 100,000 Trade date 26 April 2013 Expiry date 28 April 2014 Period 367 days Current market price $32.00 Exercise price $28.80 Option premium $200,000 (or $2 per option) Illustration of possible outcomes at maturity

6 NIIS NAB Equity Options A worked example of Equity Options - Collars Background Consider another investor who has gradually accumulated a holding in a given share and who is concerned about the potential downward movement in the price of that stock. This investor believes that the stock price is unlikely to rally strongly in the next 12 months and is prepared to forego some potential upside gains in order to reduce the cost of protecting its share holding against an unforeseen fall in that share price. Solution A possible solution to protect that holding against a downside risk is to buy a Collar. The investor will obtain the same level of protection as a Put at a reduced or nil cost. However, the Cap Price will put a ceiling on potential gains if the underlying share price rallies. The investor can opt for a Physical Settlement or a Cash Settlement before the Exercise Date depending on the underlying security price and its personal tax circumstances. The client will mortgage the underlying shares to NAB as security for its obligations under the option. Example of a Collar over BHP shares Underlying security BHP shares Number of underlying security 100,000 Trade date 26 April 2013 Expiry date 28 April 2014 Period 367 days Current market price $32.00 Cap price $35.20 Floor price $28.80 Option premium $40,000 (or $0.40 per option) Illustration of possible outcomes at maturity

7 NAB Equity Options NIIS Important information This document provides a brief summary of the key features of Equity Options which you may enter into under the PDS and is not a complete description of the options available and reading it is not a substitute for reading the PDS. This document is not a product disclosure statement and it does not contain all of the information that such a product disclosure statement is required to contain. Accordingly any offer of interests received in Australia in connection with this document is void. This document is not an offer to sell, or solicitation of an offer or a recommendation to buy any financial product. By providing this document, NAB does not intend to provide financial advice or any financial recommendations. Before deciding whether to enter into Equity Options, you should carefully read and consider all of the information in the PDS. You should also seek independent financial, legal and tax expert advice before making a decision as to whether or not Equity Options are suitable for you. NAB voluntarily subscribes to the Code of Banking Practice which lays down standards of good banking practice for dealing with small businesses and individuals. A copy of the Code is available on our website at Examples used in this document are hypothetical only and do not reflect the figures for any particular Equity Options National Australia Bank Limited ABN AFSL and Australian Credit Licence

8 How to apply Before investing in NAB Equity Options, it is important that investors read and understand the terms and risks set out in the Product Disclosure Statement (PDS). The PDS is available via your NAB banker, adviser or by calling NAB on To transact Equity Options with NAB, you must complete and return the application form attached to the PDS to NAB National Australia Bank Limited ABN AFSL and Australian Credit Licence A

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