With the certificate 4% Europe Bonus 4 investors obtain an annual fixed interest rate of 4% during the four year term. Redemption at the end of the term (July 2020) depends on the performance of the EURO STOXX 50® index: the certificate is redeemed at 100 % (equivalent to EUR 1,000 per nominal value) provided that the index never loses 45% or more of its starting value during the observation period.

If the underlying touches or undercuts the barrier of 55% of the starting value (45 % risk buffer), redemption will be effected according to the performance of the underlying (percent index performance from the starting value to the closing price at the final valuation date). The opportunity for yields is in any case limited by the annual fixed interest rate. Investors do not participate in price increases of the underlying above the starting value.