This USD note is an investment in a quarterly autocall structure, with a 6 year maturity linked to a basket of indices (Japan, China, Australia, and the UK). In flat, rising or moderately falling equity markets, investors can receive a return, which accumulates for every quarter the Notes are not autocalled.

Each quarter from Q4, the Notes can redeem early if all of the Underlyings close at or above the Autocall Barrier. The Autocall Barrier decreases by 2.5% every quarter satrting with Q5. On early redemption, the Notes return 100% of the invested capital plus an investment return of 2.5% for every quarter that has passed since the Strike date.

In case there is no early redemption, at maturity:
• An investment return of 160% is paid if all the Underlyings close at or above the final Autocall barrier (75%). If the Autocall barrier is not met, the Notes will return 100% of invested capital as long as none of the Underlyings close below 60% of their initial level. Capital is at risk at maturity if any Underlyings close below the Protection Barrier of 60% of its initial level in which case investors will receive the invested capital decreased by the performance of the worst performing Underlying thus resulting in a partial or total loss of their invested capital.