Rottenegg. You may be correct except for some events. Page 11...

Rottenegg. You may be correct except for some events. Page 11 last para says if you are not happy with revised rates, you can exchange. Isn't that how you read it? Also, certain trigger events allow request for payout such as "going private". I am checking with investor relations at BNB because what is said on page 11 and what is in Clause 4.1 Appendix B seem to conflict. In any event, I calculate that you need a 57% per annum return in simple deposit funds to make that investment the same. Sure there is a risk (perhaps less than 50%?) of BNB winding up but my sense is this is the risk/reward is worth it. The notes are better buy than the equity are they not?