1-Year Autocallable with 90% Capital Protection and 38.00% p.a. coupon on Silver & Copper in USD

At the 6-Month Observation Date:

• The worst-of performance (i.e., the performance of the underlying asset with the weakest performance) is observed.
• If this worst-performing underlying is above the autocall level, the note will be redeemed early at 100% of the nominal amount plus half of the annual coupon (coupon p.a. / 2).
  At Maturity:
• If the note has not been redeemed early, the redemption amount at maturity will be the higher of:
  the capital protection level (90%), and the worst-of performance.
  Definition of Worst-of Performance
  The worst-of performance is the lowest performance among the underlying assets in the worst-of basket. The performance of each underlying is calculated as the ratio of its final level to its initial level.
• Thus, at maturity, investors receive at least 90% of the nominal amount, while retaining upside participation if the worst-performing underlying has appreciated above the capital protection level = 90%.