The certificate BASF Express provides the opportunity for early redemption each year and enables investors to obtain a yield of 8.5% per year of term if the price of the BASF share quotes at or above the annually declining termination level on one of the valuation dates. In case the share price quotes below the respective termination level, the term will be extended by another year - up to a maximum of five years. In the event of a barrier (60% of the starting value) violation at the end of term, the investor is entirely subject to market risk. In this case, a significant loss of capital is possible.