A barrier note that provides the holder with a return linked to the performance of one underlying or more with the greater of a fixed or digital payment or the uncapped participation in the appreciation of the underlying/ underlyings on the upside and a contingent buffer on the downside. In case of multiple underlyings, the performance of the lowest performing underlying is linked to.

If the underlying does not fall from its initial level to its level at maturity, the note offers the greater of a fixed payment percentage and an uncapped participation in any possible appreciation of the underlying from its initial level to its level at maturity. Moreover, the note provides a contingent buffer if the underlying has depreciated at maturity, but not to or below its knock-in level. In that case, the holder will be entitled to receive an amount equal to the principal amount. If the level of the underlying at maturity is equal to or less than its knock-in level, a knock-in event will occur and the return will be based on the percentage change of the underlying from its initial level to its level at maturity, and the holder will receive less than 100% of the principal amount or may receive nothing.