With the certificate 11.75% Austria Reverse Convertible Bond investors obtain an annual fixed interest rate of 11.75%. Whether the nominal value is returned at the end of the term or whether physical delivery of shares is effected depends on the performance of the underlying shares (Erste Group Bank AG, OMV AG and voestalpine AG. In case of physical delivery of shares at the end of term, a predefined number only of the share with the worst performance is delivered. In this case investors are entirely subject to market risk.