The certificate Europe Express 9 offers an annual opportunity for early redemption, enabling investors to obtain a yield of 6.5% per year if the EURO STOXX 50® Index quotes at or above its starting value at one of the valuation dates. If the index quotes below the starting value, the term extends by another year - up to a maximum of five years. In the event of a barrier violation at the final valuation date, the investor is entirely subject to market risk.