Semiconductor Step-Down Snowball Growth Note

Quarterly autocall after Year 1, with an initial call premium of 50.0% and stepping up by 12.5% each quarter the note remains uncalled.

Example: If the note is called after 15 months, investors receive a 62.5% return.

At Year 1, the worst-performing underlier must be flat or positive for the note to be called.

Example: The note is automatically called after 15 months if the worst-performing underlier is above 93.75% of its initial level.

At maturity, investors receive a 150% return if the worst-performing underlier remains above 50% of its initial level.

At maturity, principal is returned if the worst-performing underlier is not down more than 50%.