A structured certificate (not capital protected) that is linked to a market index as an underlying. The certificate offers the investor to the right to participate in the performance of the underlying index from the lowest closing level of the index observed in the lookback period, while concurrently taking advantage of a conditional downside protection as long as the index does not close below a predefined barrier level over the period marked by the initial reference date (excluded) and the final reference date (included).

If the underlying closes below the barrier level over the defined period, the conditional protection will cease to exist immediately and redemption will take place at maturity in an amount equal the value of the index.

The downside potential of the certificate is reflected in the fact that the lower the price or level of the underlying index at maturity, the greater the loss. In extreme cases, this may result in the loss of the capital (principal) in whole (if the final reference level of the underlying on the valuation date is zero).