Hermes International S.A./KO/Call [endlos]/VONT

This open-ended (call) knock-out warrant is linked to Hermes International S.A., the underlying instrument, and has an unlimited term. This is a leveraged product, where the investor participates disproportionately in the positive and negative performance of the underlying. The product features a knock-out threshold of EUR 1,669.90. If the underlying breaches the knock-out threshold during the term, the product will be knocked out, expiring worthless. The investor has the right to exercise throughout the term of the warrant. Upon exercise, the redemption amount is calculated as the difference between the price of the underlying and the strike price of EUR 1,669.90, adjusted for the multiplier of 0.01. The issuer has the right to terminate the warrant, subject to a specific notice period.