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Main Risks

  • You should reach a decision to invest in the Notes after carefully considering, with your advisors, the suitability of the Notes in light of your investment objectives and the specific information set out in the applicable Preliminary Final Terms and the Prospectus.
  • An investment in the Notes is subject to the credit risk of the Issuer. If the Issuer cannot make a payment when due, you could lose up to your entire investment. The actual or perceived creditworthiness of the Issuer may affect the market value of the Notes.
  • The Notes do not pay interest. You may receive less at maturity than you could have earned on ordinary interest bearing-debt securities. If the final Index level has not increased or has declined, as compared to the initial level, on the Final Observation Date, you will only receive the principal amount at maturity, subject to the credit risk of the Issuer.
  • The Index does not necessarily include securities that have experienced price increases in the past. No assurance can be given that the stock selection criteria for the Index will result in any Premium Paid at Maturity or that the Index will perform well or outperform any alternative investment that might be constructed from the Index Components.
  • The yield that you will receive on your Notes may be less than the return you could earn on other investments of comparable maturity.
  • As a holder of the Notes, you will not be entitled to receive any dividend payments or other distributions on the Index Components, nor will you have voting rights or any other rights that holders of the Index Components may have.
  • Investing in the Notes is not the same as investing in the securities comprising the Index.
  • Many economic and market factors will impact the value of the Notes in addition to the performance of the Index. The value of the Notes may be less than the issue price or the amount expected at maturity. Investors must hold the Notes to maturity to receive the Final Redemption Amount from the Issuer.
  • The policies of the Index Sponsor and changes that affect the Index or the Index Components, including the discontinuation of the Index, could affect the amount payable on the Notes, and their market value.
  • The Index has limited actual historical information. Historical levels of the Index should not be taken as an indication of the future levels of the Index during the term of the Notes.
  • The strategy underlying the Index may not be successful.
  • Hedging transactions may affect the return on, and market value of the Notes.
  • The Index components may be highly concentrated in one or more countries or regions, industries or economic sectors.
  • The Notes will not be listed on any securities exchange and may not have an active trading market. Even if there is a secondary market, it may not provide enough liquidity to allow you to trade or sell the Notes.
  • The Notes will not be registered under the Securities Act of 1933, as amended, or the securities laws of any state.
  • The Index’s volatility control mechanism may result in a lower Index Level and the actual volatility of the Index may not equal the target volatility. The built-in volatility control mechanism allows the Index to dynamically adjust the exposure to the Base Index and cash component, depending on the volatility environment. However, the volatility control mechanism might limit overall performance of the Index in rising equity markets and may provide imperfect, limited protection in falling equity markets, particularly against sudden, large equity losses. No assurance can be given that the Index methodology will achieve its target volatility goals or that the Index will outperform any alternative investment.