Market Expectation

You are bullish on both Underlyings. You expect at least one of the Underlyings to close above the Breakeven Level. Further, you do not expect the Underlyings to trade at or below their respective Stop Loss Level.

• The Certificate offers a leveraged and uncapped participation in the performance of the best performing Underlying. 
• If the performance of one of the Underlyings is positive, the performance of the Certificate is also positive, irrespective of the performance of the second Underlying, as long as this trades above its Stop Loss Level.

Redemption

If a Stop Loss Event has occurred: The product will be automatically redeemed and the investor will receive an observed price of the best performing Underlying (“Liquidation Price”) on that day less its Strike Level, divided by its Strike Level, multiplied by the Denomination, and floored at zero:Denomination x Max [0;  (LP_Best – SL_Best) / SL_Best]

If a Stop Loss Event has not occurred:

The investor will receive at the redemption date the final fixing of the best performing Underlying less its Strike Level, divided by its Strike Level, multiplied by the Denomination: Denomination x [(FFL_Best – SL_Best) / SL_Best] 

Where

LP_Best = Liquidation Price of best performing Underlying.

SL_Best = Strike Level of best performing Underlying.

FFL_Best = Final Fixing Level of best performing Underlying.

Key Terms