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«Disposizioni della Borsa Strumenti finanziari: Equity Protection Certificates linked to 8 Shares Emittente: BAYERISCHE HYPO- UND VEREINSBANK Rating ...»

-- [ Page 1 ] --

SeDeX − INV.

AVVISO n.8269 13 Maggio 2009

CERTIFICATES

:

Mittente del comunicato Borsa Italiana

:

Societa' oggetto BAYERISCHE HYPO− UND VEREINSBANK

dell'Avviso

:

Oggetto Inizio negoziazione Investment Certificates−

classe B (su azioni) "Bayerische Hypo− und

Vereinsbank AG" emessi nell'ambito di un

Programma Testo del comunicato Si veda allegato.

Disposizioni della Borsa Strumenti finanziari: Equity Protection Certificates linked to 8 Shares Emittente: BAYERISCHE HYPO- UND VEREINSBANK Rating Emittente: Società Long Data di rating term report Moody's A1 18/05/2007 Standard & Poor's A+ 10/12/2007 Fitch A 23/11/2007 Oggetto: INIZIO NEGOZIAZIONI IN BORSA Data di inizio negoziazioni: 15/05/2009 Mercato di quotazione: Borsa - Comparto SEDEX “Investment Certificates Classe B” Orari e modalità di negoziazione: Negoziazione continua e l’orario stabilito dall’art.

IA.5.1.6 delle Istruzioni Operatore incaricato ad assolvere Bayerische Hypo- und Vereinsbank AG l’impegno di quotazione: Codice specialist: 4690

CARATTERISTICHE SALIENTI DEI TITOLI OGGETTO DI QUOTAZIONE

Equity Protection Certificates linked to 8 Shares Serie in negoziazione: vedasi scheda riepilogativa delle caratteristiche dei securitised derivatives Quantitativo minimo di vedasi scheda riepilogativa delle caratteristiche dei negoziazione di ciascuna serie: securitised derivatives (colonna “Lotto Neg.”) Impegno giornaliero ad esporre vedasi scheda riepilogativa delle caratteristiche dei prezzi denaro e lettera per securitised derivatives (colonna “N.Lotti M.M.”)

ciascuna serie:

Tipo di liquidazione: monetaria Modalità di esercizio: europeo

DISPOSIZIONI DELLA BORSA ITALIANA

Dal giorno 15/05/2009, gli strumenti finanziari "Equity Protection Certificates linked to 8 Shares" (vedasi scheda riepilogativa delle caratteristiche dei securitised derivatives) verranno inseriti nel Listino Ufficiale, sezione Securitised Derivatives.

Allegati:

- Scheda riepilogativa delle ca

–  –  –

Terms used herein shall be deemed to be defined as such for the purposes of the Terms and Conditions (Certificates) (the "Conditions") set forth in the Prospectus dated 4 March 2009 and the Supplemental Prospectuses dated 23 March 2009 and 31 March 2009 which together constitute a prospectus for the purposes of the Prospectus Directive (Directive 2003/71/EC) (the "Prospectus Directive"). This document constitutes the Final Terms relating to the issue of Certificates described herein for the purposes of Article 5.4 of the Prospectus Directive and must be read in conjunction with such Prospectus as so supplemented.

Full information on the Issuer and the offer of the Certificates is only available on the basis of the combination of these Final Terms, the Prospectus dated 4 March 2009 and the Supplemental Prospectuses dated 23 March 2009 and 31 March 2009. The Prospectus and the Supplemental Prospectuses are available for viewing at the Issuer’s address at MCD1, Arabellastrasse 12, D-81925 Munich and at www.investimenti.unicreditmib.it and copies may be obtained from the Issuer at the above address and at its Milan Branch, at Via Tommaso Grossi 10, 20121 Milan Italy.

PART A - GENERAL INFORMATION

–  –  –

When determining the necessity of an adjustment, the Calculation Agent will take into account the adjustment of the respective Derivatives linked to the Reference Asset actually performed by the Determining Futures Exchange. The Calculation Agent will use reasonable endeavours as to ensure that the economic position of the Certificate Holders remains unchanged to the largest extent possible. Any adjustment will be made by the Calculation Agent taking into account the time to maturity of the Certificates (if applicable) and the latest available price for the Reference Asset. If the Calculation Agent determines that, pursuant to the rules of the Determining Futures Exchange, no adjustments are made to the Dderivatives linked to the Reference Asset, the terms of the Certificates will regularly remain unchanged. The adjusted method to determine the Redemption Amount and the time of its initial application shall be published in accordance with § 13.

(2) Should

- the quotation of the Reference Asset at the Relevant Exchange, or as the case may be, Determining Future Exchange, be finally discontinued and no Substitute Relevant Exchange or Substitute Futures Exchange could be determined, or

- the Calculation Agent come to the conclusion that no reasonable adjustment is possible to account for the relevant measure of the company that has issues the Reference Asset or the relevant third party, the Issuer is entitled to terminate the Certificates early by giving notice pursuant to § 13. In such notice the Cancellation Amount shall be specified. Such termination shall become effective at the time of the announcement pursuant to § 13, or, as the case may be, at the time indicated in the announcement. In that case, the Calculation Agent shall within five Banking Days after the termination determine and publish the reasonable market value of the Certificates (the "Cancellation Amount"). The Cancellation Amount will be paid within five Banking Days after its determination to the Clearing System with the instruction for immediate forwarding to the Certificate Holders.





Provisions §7(1) §7(2) and §7(3) (“Market Disruption”)

shall be read as follows:

(1) If a Market Disruption occurs on the Valuation Date, the Valuation Date will be postponed to the next following Banking Day on which the Market Disruption no longer exists. Any payment date relating to such Valuation Date shall be postponed accordingly if applicable.

(2) Should the Market Disruption continue for more than eight consecutive Banking Days, the Issuer, in its sole and absolute discretion shall determine, or cause the Calculation Agent to determine, the Reference Price. The Reference

–  –  –

Calculation Agent, Paying Agent

33. Principal Paying Agent: Bayerische Hypo- und Vereinsbank AG

34. Additional Paying Agent: (if any) Bayerische Hypo- und Vereinsbank AG, Milan Branch

35. Calculation Agent: Bayerische Hypo- und Vereinsbank AG, Milan Branch Tax provisions

–  –  –

Further provisions

40. Financial Centre or other special provisions Milan

relating to Payment Dates:

41. Details relating to Instalment Notes: Not Applicable amount of each instalment, date on which

each payment is to be made:

42. Redenomination, renominalization and re- Not Applicable

conventioning provisions:

–  –  –

46. If syndicated, names and addresses of Man- Not Applicable agers and underwriting commitments and details of any coordinator for the global offer or parts

thereof:

(i) Date of Agreement:

–  –  –

58. Performance of, and other information con- As specified in Annex II to these Final Terms.

cerning the Reference Asset:

59. Specific Risk Factors relating to the calculation method for the Reference Asset-linked Not Applicable

Redemption Amount or the applicable Reference Asset:

60. Details relating to the performance of the As specified in Annex II to these Final Terms.

Reference Asset and the explanation of the effect on the value of the Instruments

61. Restriction on the free transferability of the None Instruments

62. Operational Information

–  –  –

LISTING AND ADMISSION TO TRADING APPLICATION

These Final Terms comprise the details required to list and have admitted to trading the issue of Notes described herein pursuant to the Euro 50,000,000,000 Debt Issuance Programme of Bayerische Hypo- und Vereinsbank AG.

RESPONSIBILITY

The Issuer accepts responsibility for the information contained in these Final Terms.

The information included in Annex II (Information about the Shares) has been extracted from the relevant Reuters page of the Share issuer and is not necessarily the latest information available. The Issuer confirms that such information has been accurately reproduced and that, so far as it is aware, and is able to ascertain from information published by the Share issuer, no facts have been omitted which would render the reproduced inaccurate or misleading.

Bayerische Hypo- und Vereinsbank AG

–  –  –

A: Bayerische Hypo- und Vereinsbank AG Fax 0049 89 378 15262 Tel 02/8862.2746 - 02/8862.2736 email: indextrading@hvb.de Certificates su ………….. emessi da Bayerische Hypo- und Vereinsbank AG (i “Certificates”) L’intermediario __________________________________________, che detiene in custodia i Certificates per conto della propria clientela, con la presente comunica, in nome proprio e per conto della suddetta propria clientela, la volontà di rinuncia all’esercizio dei diritti garantiti dal Certificates come da indicazione contenuta nei Terms & Conditions dei Certificates.

Codice ISIN dei Certificates per i quali rinuncia, per conto della propria clientela, all’esercizio dei Certificates:

__________________________________________

Numero di Certificates per i quali rinuncia, per conto della propria clientela, all’esercizio dei Certificates a scadenza:

__________________________________________

Il sottoscritto è consapevole che la presente dichiarazione di rinuncia all’esercizio non è valida qualora non siano rispettati i requisiti indicati nei Terms & Conditions dei Certificates. Questo vale anche qualora la dichiarazione non dovesse essere consegnata in tempo utile a Bayerische Hypo- und Vereinsbank AG.

__________________________________________

Luogo Data __________________________________________

Firma (firme) del legale rappresentante dell’intermediario

–  –  –

A: Intermediario _____________

Responsabile ufficio titoli _____________________

Fax _____________________

Tel ______________________

Copia a: Bayerische Hypo- und Vereinsbank AG Fax 0049 89 378 15262 Tel 02/8862.2746 - 02/8862.2736 email: indextrading@hvb.de

La presente dichiarazione, che deve essere compilata a cura del Portatore dei Certificates, ha ad oggetto:

Certificates su ………….. emessi da Bayerische Hypo- und Vereinsbank AG (i “Certificates”) Con la presente comunica la volontà di rinuncia all’esercizio dei diritti garantiti dal Certificates come da indicazione contenuta nei Terms & Conditions dei Certificates.

Codice ISIN dei Certificates per i quali rinuncia all’esercizio dei Certificates a scadenza:

__________________________________________

Numero di Certificates per i quali rinuncia all’esercizio dei Certificates a scadenza:

__________________________________________

Il Portatore di Certificates ___________________________________________________

Cognome e nome o ragione/denominazione sociale __________________________________________

Luogo e Data __________________________________________

Firma (firme) del Portatore

–  –  –

The following is a summary of current Italian law and practise relating to the taxation of the Certificates. Prospective purchasers of the Certificates are advised to consult their own tax advisers concerning the overall tax consequences of their ownership of the Certificates.

The statements herein regarding taxation are based on the laws in force in Italy as at the date of these Final Terms and are subject to any changes in law occurring after such date, which changes could be made on a retroactive basis. The following summary does not purport to be a comprehensive description of all the tax considerations which may be relevant to a decision to subscribe for, purchase, own or dispose of the Certificates and does not purport to deal with the tax consequences applicable to all categories of investors, some of which (such as dealers in securities or commodities) may be subject to special rules.

The following description does not address the applicable taxation in case of exercise by the relevant Issuer of its right of substitution as set out in Condition 9. Legislative Decree No. 344 of 12 December 2003 published in the Italian Official Gazette of 16 December 2003, No. 261 (Ordinary Supplement No. 190), effective as of 1January 2004 introduced the reform of taxation of corporations and of certain financial income amending the Italian Income Taxes Consolidated Code.

In the near future, with the approval of the law proposal No. 1762 of 4 October 2006, currently under discussion in the Parliament, the Italian Government could be authorised to introduce a fixed withholding tax on any capital gains and financial incomes not exceeding 20 per cent, which may impact upon the tax regime of the Certificates.

Italian taxation of the Certificates

The information set out hereafter summarises tax treatment of the purchase, holding, sale and exercise of the Certificates by investors who are individuals resident in Italy, and do not run a commercial enterprise, in accordance with Italian tax legislation. Pursuant to Article 67 of Presidential Decree No. 917 of 22 December 1986 and Legislative Decree No. 461 of 21 November 1997, as subsequently amended, capital gains and other revenues not produced in the course of running commercial enterprises and received by individuals resident in Italy and by certain other subjects (entities, associations and simple non-commercial companies, including no profit

entities) following the sale or the exercise of the Certificates are subject to a 12.5% substitute tax (imposta sostitutiva). The recipient may opt for three different taxation criteria:



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