Bank Vontobel Europe AG Munich, Germany (The "Offeror") ______

Supplement dated 19 February 2015 pursuant to Section 16 Para. 1 of the German Securities Prospectus Act (Wertpapierprospektgesetz) to the Base Prospectus dated 4 December 2014 for Constant Leverage Certificates as last supplemented by the supplement dated 20 January 2015

______Vontobel Financial Products GmbH Frankfurt am Main, Germany (the "Issuer")

Vontobel Holding AG Zurich, Switzerland (the "Guarantor")

Bank Vontobel Europe AG Munich, Germany (the "Offeror") ______

Right of withdrawal of the investors

According to Section 16 Para. 3 of the German Securities Prospectus Act (Wertpapierpro- spektgesetz) investors, who have already agreed to purchase or subscribe for the securities before this Supplement is published, have the right, exercisable within two working days after the publication of this Supplement, to withdraw their acceptances, provided that the new cir- cumstance or the inaccuracy arose before the final closing of the offer and before delivery of the securities.

The withdrawal has to be sent to the respective seller of the security. If Vontobel Financial Products GmbH is counterparty of the the acquisition, the withdrawal has to be sent to Vonto- bel Financial Products GmbH, Bockenheimer Landstraße 24, 60323 Frankfurt am Main, Federal Republic of Germany.

This Supplement as well as the Base Prospectus and the supplements dated 9 December 2014, 11 December 2014, 14 January 2015 and 20 January 2015 is published on the Issuer's website at https://certificates.vontobel.com. In addition, the supplements and the Base Prospectus will be available at the Issuer for free distribution.

2 SIGNIFICANT NEW CIRCUMSTANCES

The Issuer announces the following changes which have occurred in relation to the already published Base Prospectus dated 4 December 2014 (the "Prospectus"):

The description of "Factor Indices linked to shares, securities representing shares and other dividend-bearing securities" in Section VIII.1 of the Prospectus is incorrect in the following respects:

Reference Instrument List (shares, securities representing shares and other dividend-bearing securities)

a) In the Reference Instrument List, for the Reference Instruments DnB NOR ASA, Statoil ASA and Yara International ASA (1) the Type of share is corrected from "Bearer share" into "Registered share" and (2) the Derivatives Exchange "Nordic Derivatives Exchange" is exchanged by "Oslo Stock Exchange" as new Derivatives Exchange.

b) In the Reference Instrument List 48 Reference Instruments are missing.

Due to the mistakes mentioned above the Prospectus needs to be amended as follows:

3 AMENDMENTS OR ADDITIONS OF THE PROSPECTUS

Section "VIII.1. Factor Indices linked to shares, securities representing shares and other dividend-bearing securities": a) In Subsection "1.2 Reference Instrument List (shares, securities representing shares and other dividend-bearing securities)" the information with regard to the Reference Instruments specified below which are already contained in the Reference Instrument List shall be amended as follows (supplemented parts in the paragraph are stroke through and underlined):

Name Type Currency Company ISIN Bloomberg Reference Ex- Derivatives change Exchange

DnB NOR ASA Bearer share NOK DnB NOR ASA, Stranden 21, 0021 Oslo, Norway NO0010031479 DNB NO Equity Oslo Stock Exchange Nordic Deri- Registered vatives share Exchange Oslo Stock Exchange Statoil ASA Bearer share NOK Statoil ASA, Forusbeen 50, 4035 Stavanger, NO0010096985 STL NO Equity Oslo Stock Exchange Nordic Deri- Registered Norway vatives

share Exchange Oslo Stock Exchange Yara Internati- Bearer share NOK Yara International ASA, Bygdoy alle 2, 0202 NO0010208051 YAR NO Equity Oslo Stock Exchange Nordic Deri- onal ASA Registered Oslo, Norway vatives share Exchange Oslo Stock

Exchange b) In Subsection "1.2 Reference Instrument List (shares, securities representing shares and other dividend-bearing securities)" the following rows shall be added at the end of the table:

Name Type Currency Company ISIN Bloomberg Reference Ex- Derivatives change Exchange Trelleborg AB Registered SEK Trelleborg AB, P O Box 153, Johan Kocksgatan SE0000114837 TRELB SS Equity OMX Nasdaq Stock- OMX Nasdaq share 10, Trelleborg, 231 22, Sweden holm Stockholm Telenor ASA Registered NOK Telenor ASA, Snaroeyveien 30, 1331 Fornebu, NO0010063308 TEL NO Equity Oslo Stock Exchange Oslo Stock share Norway Exchange

4 Royal Caribbean Registered NOK Royal Caribbean Cruises Ltd., 1050 Caribbean LR0008862868 RCL NO Equity Oslo Stock Exchange Oslo Stock Cruises Ltd share Way, Miami, FL 33132, USA Exchange Norsk Hydro Registered NOK Norsk Hydro ASA, Bygdoy Alle 2, 0240 Oslo, NO0005052605 NHY NO Equity Oslo Stock Exchange Oslo Stock ASA share Norway Exchange Gjensidige For- Registered NOK Forsikring ASA, Postboks 700 Sentrum, 0106 NO0010582521 GJF NO Equity Oslo Stock Exchange Oslo Stock sikring ASA share Oslo, Norway Exchange Orkla ASA Registered NOK Orkla ASA, P.O. Box 162, Sarpsborg, 1701, Nor- NO0003733800 ORK NO Equity Oslo Stock Exchange Oslo Stock share way Exchange Schibsted ASA Registered NOK Schibsted ASA, Apotekergaten 10 Box 490 Sent- NO0003028904 SCH NO Equity Oslo Stock Exchange Oslo Stock share rum, Oslo, 0105, Norway Exchange Seadrill Ltd Registered NOK Seadrill Ltd, PO Box HM 1593, Par-la-Ville, BMG7945E1057 SDRL NO Equity Oslo Stock Exchange Oslo Stock share Place, 14 Par-la-Ville Road, Hamilton, HM 08, Exchange Bermuda Marine Harvest Registered NOK Marine Harvest ASA, Stortingsgt 8, Oslo, 0161, NO0003054108 MHG NO Equity Oslo Stock Exchange Oslo Stock ASA share Norway Exchange Subsea 7 SA Registered NOK Subsea 7 Inc, Peregrine Road, Westhill Business LU0075646355 SUBC NO Equity Oslo Stock Exchange Oslo Stock share Park, Aberdeenshire, EB326JL, United Kingdom Exchange TGS Nopec Geo- Registered NOK TGS NOPEC Geophysical Company ASA, Ha- NO0003078800 TGS NO Equity Oslo Stock Exchange Oslo Stock physical Co ASA share galoekkveien 13, Asker, 1383, Norway Exchange DNO ASA Registered NOK DNO ASA, Dokkveien 1, 0250 Oslo, Norway NO0003921009 DNO NO Equity Oslo Stock Exchange Oslo Stock share Exchange Aker Solutions Registered NOK Aker Solutions Holding ASA, Snaroyveien 36, NO0010716582 AKSO NO Equity Oslo Stock Exchange Oslo Stock ASA share 1364 Fornebu, PO Box 169, 1325 Lysaker, Nor- Exchange way Storebrand ASA Registered NOK Storebrand ASA, Filipstad Brygge 1 P.O. Box NO0003053605 STB NO Equity Oslo Stock Exchange Oslo Stock share 1380 Vika, Oslo, 0114, Norway Exchange Petroleum Geo- Registered NOK Petroleum Geo-Services ASA, Strandveien 4 P.O. NO0010199151 PGS NO Equity Oslo Stock Exchange Oslo Stock Services ASA share Box 89, Lysaker, 1326, Norway Exchange Opera Software Registered NOK Opera Software ASA, Gjerdrums vei 19, NO-0484 NO0010040611 OPERA NO Equity Oslo Stock Exchange Oslo Stock ASA share Oslo, Norway Exchange Norwegian Air Registered NOK Norwegian Air Shuttle ASA, Oksenøyveien 3, NO0010196140 NAS NO Equity Oslo Stock Exchange Oslo Stock Shuttle ASA share P.O. Box 115, NO-1330 Fornebu, Norway Exchange Det Norske Registered NOK Det Norske Oljeselskap ASA, Føniks, Munkegata NO0010345853 DETNOR NO Equi- Oslo Stock Exchange Oslo Stock Oljeselskap ASA share 26, 7011 Trondheim, Norway ty Exchange

5 BW LPG Ltd Registered NOK BW LPG Ltd, Clarendon House, 2 Church Street, BMG173841013 BWLPG NO Equity Oslo Stock Exchange Oslo Stock share Hamilton HM 11, Bermuda Exchange REC Silicon ASA Registered NOK REC Silicon ASA, PO Box 63, Lysaker, NO-1324, NO0010112675 REC NO Equity Oslo Stock Exchange Oslo Stock share Norway Exchange Akastor ASA Registered NOK Akastor ASA, Snaroyveien 20, Fornebu, 1364, NO0010215684 AKA NO Equity Oslo Stock Exchange Oslo Stock share Norway Exchange Fred Olsen Registered NOK Fred Olsen Energy ASA, Fred Olsens Gate 2, NO0003089005 FOE NO Equity Oslo Stock Exchange Oslo Stock Energy ASA share 0152 Oslo, Norway Exchange Golden Ocean Registered NOK Golden Ocean Group Ltd, PO Box HM 1593, Par- BMG4032A1045 GOGL NO Equity Oslo Stock Exchange Oslo Stock Group Ltd share la-Ville Place, 14 Par-la-Ville Road, Hamilton Exchange HM 08 Bermuda Stora Enso OYJ Registered EUR Stora Enso OYJ, Kanavaranta 1 P.O. Box 309, FI0009005953 STEAV FH Equity Nasdaq OMX Helsin- Nasdaq OMX share 00101 Helsinki, Finland ki Stockholm Orion Oyj Registered EUR Orion OYJ, Ionintie 1A FI-02200 Espoo, Finland FI0009014369 ORNAV FH Equity Nasdaq OMX Helsin- Nasdaq OMX share ki Stockholm Kesko OYJ Registered EUR Kesko OYJ, Satamakatu 3, 00016 Kesko, Finland FI0009007900 KESAV FH Equity Nasdaq OMX Helsin- Nasdaq OMX share ki Stockholm Nordea Bank AB Registered DKK Nordea Bank AB, Smalandsgatan 17, SE-105 71 SE0000427361 NDA DC Equity Nasdaq OMX Nasdaq OMX share Stockholm, Sweden Copenhagen Stockholm AP Moeller - Registered DKK AP Moller - Maersk A/S, Esplanaden 50, 1098 DK0010244425 MAERSKA DC Nasdaq OMX Nasdaq OMX Maersk A/S share Copenhagen K, Denmark Equity Copenhagen Stockholm AP Moeller - Registered DKK AP Moller - Maersk A/S, Esplanaden 50, 1098 DK0010244508 MAERSKB DC Nasdaq OMX Nasdaq OMX Maersk A/S share Copenhagen K, Denmark Equity Copenhagen Stockholm Danske Bank Registered DKK Danske Bank A/S, 2-12 Holmens Kanal, Copen- DK0010274414 DANSKE DC Equi- Nasdaq OMX Nasdaq OMX A/S share hagen, 1092, Denmark ty Copenhagen Stockholm Coloplast A/S Registered DKK Coloplast A/S, Holtedam 1, Humlebaek, 3050, DK0060448595 COLOB DC Equity Nasdaq OMX Nasdaq OMX share Denmark Copenhagen Stockholm Novozymes A/S Registered DKK Novozymes A/S, Krogshoejvej 36,BAGSVAERD, DK0060336014 NZYMB DC Equity Nasdaq OMX Nasdaq OMX share 2880, Denmark Copenhagen Stockholm Carlsberg A/S Registered DKK Carlsberg A/S, 100 NY Carlsberg Vej, Copenha- DK0010181676 CARLA DC Equity Nasdaq OMX Nasdaq OMX share gen, 1760, Denmark Copenhagen Stockholm Carlsberg A/S Registered DKK Carlsberg A/S, 100 NY Carlsberg Vej, Copenha- DK0010181759 CARLB DC Equity Nasdaq OMX Nasdaq OMX share gen, 1760, Denmark Copenhagen Stockholm Pandora A/S Registered DKK Pandora A/S, Hovedvejen 2, DK-2600 Glostrup, DK0060252690 PNDORA DC Equi- Nasdaq OMX Nasdaq OMX share Denmark ty Copenhagen Stockholm

6 Tryg A/S Registered DKK Tryg A/S, Klausdalsbrovej 601, Ballerup, 2750, DK0060013274 TRYG DC Equity Nasdaq OMX Nasdaq OMX share Denmark Copenhagen Stockholm G4S PLC Registered DKK G4S plc, The Manor, Manor Royal, Crawley, West GB00B01FLG62 GR4SEC DC Equity Nasdaq OMX Nasdaq OMX share Sussex, RH10 9UN, United Kingdom Copenhagen Stockholm TDC A/S Registered DKK TDC A/S, Teglholmsgade 1, 0900 København C, DK0060228559 TDC DC Equity Nasdaq OMX Nasdaq OMX share Denmark Copenhagen Stockholm ISS A/S Registered DKK ISS A/S, Buddingevej 197, Soborg, DK-2860, DK0060542181 ISS DC Equity Nasdaq OMX Nasdaq OMX share Denmark Copenhagen Stockholm Chr Hansen Registered DKK Chr. Hansen A/S, Bøge Allé 10-12, 2970 Hør- DK0060227585 CHR DC Equity Nasdaq OMX Nasdaq OMX Holding A/S share sholm, Denmar Copenhagen Stockholm DSV A/S Registered DKK DSV A/S, Banemarksvej 58, Broendby, DK-2605, DK0060079531 DSV DC Equity Nasdaq OMX Nasdaq OMX share Denmark Copenhagen Stockholm Jyske Bank A/S Registered DKK Jyske Bank A/S, Vestergade 8-16, Silkeborg, DK0010307958 JYSK DC Equity Nasdaq OMX Nasdaq OMX share 8600, Denmark Copenhagen Stockholm William Demant Registered DKK William Demant Holding AS, Kongebakken 9, DK0010268440 WDH DC Equity Nasdaq OMX Nasdaq OMX Holding A/S share 2765 Smoerum, Denmark Copenhagen Stockholm Genmab A/S Registered DKK Genmab A/S, Bredgade 34, 1260 Copenhagen K, DK0010272202 GEN DC Equity Nasdaq OMX Nasdaq OMX share Denmark Copenhagen Stockholm Topdanmark Registered DKK Topdanmark A/S, Borupvang 4, Ballerup, 2750, DK0060477503 TOP DC Equity Nasdaq OMX Nasdaq OMX A/S share Denmark Copenhagen Stockholm Kobenhavns Registered DKK Kobenhavns Lufthavne A/S, Lufthavnsboule- DK0010201102 KBHL DC Equity Nasdaq OMX Nasdaq OMX Lufthavne A/S share varden 6, 2770 Kastrup, Denmark Copenhagen Stockholm H Lundbeck A/S Registered DKK H Lundbeck A/S, Ottiliavej 9, 2500 Valby Co- DK0010287234 LUN DC Equity Nasdaq OMX Nasdaq OMX share penhagen, Denmark Copenhagen Stockholm GN Store Nord Registered DKK GN Store Nord A/S, Lautrupbjerg 7, 2750 Balle- DK0010272632 GN DC Equity Nasdaq OMX Nasdaq OMX A/S share rup, Denmark Copenhagen Stockholm

7 SIGNATURES

Frankfurt am Main, 19 February 2015

______signed by Anja Weiß signed by Markus Schenk Vontobel Financial Products GmbH Vontobel Financial Products GmbH

Frankfurt am Main, 19 February 2015

______signed by Heiko Geiger signed by Nicole Wittmann Bank Vontobel Europe AG Bank Vontobel Europe AG

Zurich, 19 February 2015

______signed by Bruno Kohli signed by Florian Bättig Vontobel Holding AG Vontobel Holding AG

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