Counterparty Morgan Stanley & Co International PLC

Maximum term 6 years

Capital protection barrier 50% of Opening Level at the Final Measurement Date

Linked assets Nikkei 225 Index

Identifier XS3302762235

Tax treatment Capital Gains Tax

The plan starts on the Start Date. On a Measurement Date, if the level of the Index is at or above a defined percentage of its Start Level, the plan will end and pay Growth equal to 2.50% of the money invested for every 3 months the plan has been in force. This is called a Kick Out and the barrier levels are called the Kick Out Barriers. The first date this can happen is 21 May 2027. If the plan reaches the End Date, the Index will be measured for the last time. If the End Level of the Index is at or above 80% of its Start Level, the plan will pay Growth equal to 60% of the money invested, otherwise, no Growth will be achieved.

Kick Out Barriers:
100%/100%/100%/100%/100%/95%/95%/95%/95%/90%/90%/90%/90%/85%/85%/85%/85%/80%/80%/80%/80% (measured quarterly after 1 year)

Potential Growth: 2.50% for each quarter in force (10%pa)

Customers will get all their invested money back on a Kick Out; or, at the End Date if the End Level of the Index is at or above 50% of its Start Level. This barrier level is called the Loss Barrier. If the End Level of the Index is below 50% of its Start Level, customers will lose money proportional to the fall in the Index.