An absolute return barrier note (ARBN) (a structured product) in which the coupon is linked to an underlying security or an index. The note (in essence, a barrier note) guarantees principal protection – payback of face value/ principal amount at maturity– while providing an upside potential depending on the level of the underlying security never sliding outside of a predefined range. In other words, the note pays interest if the price of the underlying does not vary excessively.

This note is designed to contain investors’ downside losses (resulting from downside risk) thanks to its principal protection feature. However, it exposes investors to the default risk of the issuer