Dea Sir,

yes I have experience in structured notes and in fact work in the field that specialises in the design and sale of these notes.

It is my belief that this product category allows participation in asset classes without necessarily exposing the invetsor to the asset specific risk. It also allows for flexibility in the edification of investment paramenters, like amount of capital protection, participation in upward and downward movement etc. around the investors needs, giving teh invetsor an added degree of choice and options.

I am great believer in this typolgy of product.

As you say they are very popular with commodities such as oil, grains, metals etc, at least with our clients. The option in determining the level of protection, the possibility of being able to guarantee a minimum return, the possibility in asprining to levels of return greater than the riskless level of return with virtually no risk are all things of great attraction and of ever increasing popularity.