This certificate provides the opportunity for early redemption each year and enables investors to obtain a yield of 9% per year if the price of the Volkswagen preferred share quotes on one of the annual valuation days at or above the annually declining termination level. In case the share price quotes below the respective termination level, the term will be extended by another year up to a maximum of 5 years. If the barrier is violated at the end of the term, the investor is entirely subject to market risk.