A variant of the Altiplano protected note which provides a series of annual worst-of knock-out coupons, rather than one at maturity. The note will pay a large coupon if no component stock (in the equity basket) falls, in any of the annual intervals, below a predetermined barrier level. The note will be redeemed at maturity at par value (100%).

Neptune protected notes belong to the class of equity basket products (specifically, worst-of knock-out notes).