Porsche Automobil Holding SE/CapBonus/25/Put/JPM

This certificate is a Capped Reverse Bonus Certificate. The investor benefits from a negative performance of the underlying. The product features a protection level, a reverse level and a cap. If the underlying never trades at or above the protection level during the term of the certificate, the investor receives redemption in the amount of the reverse level less the level of the underlying, times the multiplier at the end of the term; at least the bonus amount, and at most the maximum amount. If the protection level is touched or penetrated, the bonus amount claim will lapse; redemption will be made at the end of the term and amount to the reverse level less the level of the underlying, adjusted for the multiplier, but never exceeding the maximum amount.