Semiconductor Step-Down Snowball Growth Note

• Starting Year 1, the note has quarterly autocall opportunities. Investors earn a 45.0% p.a. return if called at Year 1, with the return increasing by 11.25% each quarter the note remains uncalled. Example: If called after 15 months, the return would be 56.25%.

• At the first autocall observation (Year 1), the note will be called if the worst-performing underlier is at or above its starting level.

• After Year 1, the autocall threshold decreases by 6.25% each quarter, making an early redemption more likely. Example: In month 15, the note will be called if all underliers are at least 93.75% of their initial levels.

• At maturity, investors receive their full principal back as long as the worst-performing underlier has not fallen by more than 50% from its initial level.