Note
On October 4, 2023, Novartis AG (SW: NOVN) (“NOVN”) completed its separation from Sandoz (SW: SDZ) (“SDZ”), resulting into two independent publicly traded companies. The spin-off was completed by the distribution of one share of SDZ’s common stock for every five shares of NOVN’s common stock held. This extraordinary event triggered an adjustment in accordance with the terms and conditions of the market-linked GICs. As such, the Closing Level on the Issuance Date of the common shares of NOVN was adjusted as of the closing of the markets on October 4, 2023.
On July 18, 2022, GSK PLC (LN: GSK) (“GSK”) separated its consumer healthcare business to form Haleon PLC (LN: HLN) (“Haleon”), an independent listed company. Following the spin-off, GSK completed the consolidation of its share capital, effective by the closing of the markets on the same day. These events triggered Potential Adjustment Events as per the terms and conditions of the market-linked GICs in respect of the common shares of GSK, a Reference Share in the Reference Portfolio of the market-linked GICs. As such, the Initial Value of the common shares of GSK was adjusted for the spin-off as of the opening of the markets on July 18, 2022, followed by an adjustment to reflect the consolidation at the closing of the markets on the same day.