Synthetic Zeros offer the opportunity to receive a pre-defined amount per product (synthetic level) subject to the protection barrier not being breached at the excercise date of the product.
This is a conditionl return with downside protection (of the initial investment) up to 40% on a range of leading UK equities over 2 years.

There are two scenarios on the final exercise date:
         1. Investors will receive a pre-defined amount per product called "synthetic level" provided that, on the exercise date, the price of the underlying equity does not close below a certain predefined level called the "protection barrier". Please note that temporary breaches during the product's life will not affect the exercise payment. This means the redemption value will still equal the predefined synthetic level.
        2. If on the exercise date the protection barrier has been breached, the investor will receive the underlying equity value i.e. its closing prive on the exercise date.

Synthetic Level in GBP

Protection Barrier Level in GBP

34

19

4

2

2.40

1.40

24

15

4.25

2.25

7.75

5

0.70

0.35

7.80

4.50

0.45

0.20

41

24

15

8

2.85

2

1.46

1

1.46

1