| Before Trading in Knockout! Warrants Please Note The Following: | 
                                    
                                        
                                            - Ensure you understand the product properly, and have experience in trading derivatives. 
 
                                        
                                            - If you are an inexperienced trader don�t trade Knockout! Warrants. 
 
                                        
                                            - Buy Knockout Calls if you are bullish, buy Knockout Puts if you are bearish.
 
                                        
                                            - Keep in mind that different Knockout! Warrants will have different Knockout Levels.
 
                                        
                                            - With every investment, one needs to have a time horizon. Don�t buy a Knockout Put listed on an index that you feel might fall in the next 3 months, if the Knockout Put expires in 1 month.
 
                                            - Once you have entered the position, keep a close watch of the current index level and your Knockout Level.
 
                                        
                                            - Manage the Knockout Level. If the index approaches the Knockout level, we recommend you exit that Knockout whilst it still has value.
 
                                        
                                            - Please note Standard Bank will not be a seller of the Knockout! Warrants close to the Knockout Level.
 
                                        
                                            - Please note the Knockout Level is set off the spot price of the Top40 Tradeable, but Knockout! Warrants are hedged in the FTSE/JSE Top40 Index Future.
 
                                         
                                    
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                                    | How to Identify a Standard Bank Knockout! Warrant | 
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