The description is very unclear and AVID have made it near impossible to understand what you should buy because they are now thieves who are very disconnected from their customer base :)
Full respect to Thomann's support but they, too, are confused by what this product will give you, understandably.
In my case:
I owned ProTools 11HD (perpetual)
This gave me a new PERPETUAL Ultimate license and 12 months of upgrades.
Despite this being called PERPETUAL, after 12 months you will STILL need to pay to keep your subscription active but because you own a PERPETUAL license, it will be cheaper than if you didn't.
If you don't renew your subscription after 12 months, you can keep using your protools in a perpetual fashion, but are stuck with the last version that was available within your 12 month plan.
To get back on the updates subscription ladder you would need to buy in -again- and AVID have recently removed cheap upgrade paths for owners of perpetual licenses.
This Thomann deal is leftover stock from way back. Save £ loads.
This is the best and cheapest option I've found on the European side of the planet.
Good luck and you're welcome.