This note is an investment solution that is 100% capital protected and can deliver a positive return up to 24% linked to the performance of the Gold Spot (XAU). This investment has a term of 36 Months.

If the Gold Spot closes below the Up & Out Barrier (124%), the investor will receive the nominal back plus 100% of the upside performance of the underlying.

Otherwise, if the Gold Spot closes above the Up & Out Barrier, the note will be reimbursed at 106%.

If the Gold Spot closes below the initial investment price, the note will return 100% of the investment principal.