Renault S.A./OS/Put [20]/MS

This (put) discount warrant is linked to Renault S.A., the underlying instrument, and has a term ending on December 28, 2026. In contrast to a classic warrant on the same underlying, the investor receives a discount. In return, however, he only participates in the negative performance of the underlying up to a cap of EUR 17.50. If, at the end of the term, the price of the underlying is at or below the strike price of EUR 20.00 and at or above the cap, the redemption amount is calculated as the difference between the strike price and the price of the underlying, adjusted for the multiplier of 1.00. As a result of the cap, the maximum repayment amount is EUR 2.50 (strike price less cap multiplied by the multiplier). If the underlying is traded above the strike price, the product will expire worthless.