H & M Hennes & Mauritz AB/KO/Put [endlos]/VONT

This open-ended (put) knock-out warrant is linked to H & M Hennes & Mauritz AB, 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 SEK 193.02. 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 strike price of SEK 193.02 and the price of the underlying, adjusted for the multiplier of 1.00. The issuer has the right to terminate the warrant, subject to a specific notice period.