Puig Brands S.A./KO/Call [endlos]/MS

This open-ended (call) knock-out warrant with a stop-loss level is linked to Puig Brands 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 11.88. If the underlying breaches the knock-out threshold during the term, the product will be knocked out and will be redeemed immediately, at the residual value. 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 11.2058, adjusted for the multiplier of 0.10. The issuer has the right to terminate the warrant, subject to a specific notice period.