Step-Down Snowball Growth Note

Quarterly autocall after Year 1, with premium stepping up by 12.5% each quarter (50.0% p.a.) if the note remains uncalled.

The call threshold steps down by 6.25% of initial levels each quarter, increasing the likelihood of early redemption.

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

Example: if the note is called at Year 2 and the worst-performing underlier is at or above 75% of its initial level, investors receive a 100% return.

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