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«Disposizioni della Borsa Strumenti finanziari: Discount Certificates linked to 2 indices Emittente: BAYERISCHE HYPO- UND VEREINSBANK Rating ...»

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[With respect to [commodities][and][future contracts] as Basket Components the following provisions

shall apply:]

[(1)][(2)] The basis for calculating the Redemption Amount [and][,] [the Additional Amount][,] [and] [the Ratio] [and the Early Redemption Amount] shall be the [commodity] [and] [future contract] specified as the [Reference Asset] [respective Basket Component] considering the method of price determination and the trading conditions applicable on the Reference Market (e.g. in terms of the composition, the quality, the quantity [,] [or] the currency of trading [or the expiry dates]).

[(2)][(3)] If, in the reasonable discretion of the Calculation Agent, the method of price determination or the trading conditions applicable to the [Reference Asset] [respective Basket Component] on the Reference Market are changed in a way that the new relevant method of price determination or the trading conditions applicable on the Reference Market applicable to the [Reference Asset] [respective Basket Component] is, as a result of a change, no longer comparable to the previous relevant method or condition, the Calculation Agent is entitled to adjust the method to determine the Redemption Amount [and][,] [the Additional Amount][,][and] [the Ratio] [and the Early Redemption Amount] to account for such change.

[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][respective Basket Component] 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] [respective Basket Component]. [If the Calculation Agent determines that, pursuant to the rules of the Determining Futures Exchange, no adjustments are made to the Derivatives linked to the [Reference Asset] [respective Basket Component], the terms of the Certificates will regularly remain unchanged.] The method to determine the Redemption Amount [and] [,] [the Additional Amount] [,][and] [the Ratio] [and the Early Redemption Amount] may also be adjusted in case trading in [the Reference Asset] [a Basket Component] is cancelled on the Reference Market. The adjusted method to determine the Redemption Amount[, the Additional Amount] [, the Ratio] [, the Early Redemption Amount] and the time of its initial application shall be published in accordance with § 13.

[(3)][(4)] If trading in [the Reference Asset] [a Basket Component] is at any time cancelled on the Reference Market but is resumed on another market which the Calculation Agent deems suitable in its reasonable discretion (the "Replacement Reference Market"), the Calculation Agent is entitled to stipulate that such Replacement Reference Market should in future be used as the basis for the calculation of the Redemption Amount [and] [,] [the Additional Amount] [,][and] [the Ratio] [and the Early Redemption Amount]. In such case, the Calculation Agent is also entitled to adjust the method or formula to calculate the Redemption Amount [and][,] [the Additional Amount] [,] [and] [the Ratio] [and the Early Redemption Amount] to account for any difference in the method of price determination or the trading conditions applicable to the [Reference Asset] [respective Basket Component] on the Replacement Reference Market, as compared to the methods and conditions applicable on the Reference Market. The Replacement Reference Market and the time that it is first applied shall be published in accordance with § 13. Commencing with the first application of the Replacement Reference Market, any reference to the Reference Market in these Terms and Conditions, depending on the context, refers to the Replacement Reference Market.

[(4)][(5)] Should the Calculation Agent come to the conclusion that no reasonable adjustment is possible to account for the change in the method of price determination or the trading conditions applicable to the [Reference Asset] [respective Basket Component] on the Reference Market or should, in the determination of the Calculation Agent, no Replacement Reference Market be available, the Issuer is entitled to terminate the Certificates early by giving notice pursuant to § 13. Such termination shall become effective at the time of the notice pursuant to § 13. In that case, the Calculation Agent shall within [●] [Banking Day[s]][Calculation Date[s]] before the day of early repayment [after having consulted an independent expert named by the Calculation Agent] 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 or to its order with the instruction for immediate forwarding to the Certificate Holders.] [insert other method to determine adjustments and early termination]] [in case of a fund share as Reference Asset or Basket Component:

[With respect to fund shares as Basket Components the following provisions shall apply:] [(1)][(2)] The basis for calculating the Redemption Amount [and] [,] [the Additional Amount] [,] [and] [the Ratio] [and the Early Redemption Amount] shall be the [Reference Asset] [respective Basket Component] with its rules applicable from time to time, as developed and continued by the Investment Company, as well as the Investment Company’s respective method for calculating, determining, and publishing the net asset value ("NAV") of the [Reference Asset] [respective Basket Component] by the Investment Company. The calculations are based on the NAV of the [Reference Asset] [respective Basket Component] as officially applicable on the [Valuation Date][Observation Date [●]] and as determined and published by the Investment Company, [or, at the discretion of the Calculation Agent, as determined for any [Reference Asset] [Basket Component], the trading of which is permitted at one or more stock exchanges, based on the call price as published on the [Valuation Date][Observation Date [●]] at the Relevant Exchange. Should such Relevant Exchange fail to publish a call price, the Calculation Agent shall be entitled to consult a Substitute Stock Exchange for determination purposes].] [(2)][(3)] The Issuer may postpone payment of the Redemption Amount [and] [,] [the Additional Amount] [,] [and] [the Ratio] [and the Early Redemption Amount]up to [•] [twelve (12)] calendar months after the due date in the event of a delay in the determination of the NAV by the relevant Investment Company or fund administrator. The Calculation Agent may in such case solely to facilitate a partial upfront payment of the Redemption Amount estimate the NAV. Such estimate is based on the last valuation of each component of the [Reference Asset] [respective Basket Component]) notified to the Calculation Agent on or prior to the relevant [Valuation Date][Observation Date]. Certificate Holders are not entitled to interest or any other payments for such delay. ] ([●]) Upon the occurrence of a Fund Event the Calculation Agent shall be entitled to adjust the method for determining the Redemption Amount [and] [,] [the Additional Amount] [,] [and] [the Ratio] [and the Early Redemption Amount] to account for such Fund Event. When determining the necessity of an adjustment, the Calculation Agent will use reasonable endeavors 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 NAV for the [Reference Asset] [respective Basket Component]. The adjusted method to determine the Redemption Amount[, the Additional Amount] [, the Ratio] [the Early Redemption Amount] and the time of its initial application shall be published in accordance with § 13.





[([●]) Upon the occurrence of a Fund Event the Calculation Agent shall, within five Banking Days from the Reference Date, be entitled to adjust the method for determining the Redemption Amount [and] [,] [the Additional Amount] [and the Ratio], to consider such Fund Event. In

case an adjustment is required, the Calculation Agent shall:

(a) replace the affected Fund by its Benchmark. In such case, the performance of the [Reference Asset][respective Basket Component] will be replaced by the respective benchmark from the point of time of the Fund Event plus [2] [●] Banking Days (the "Reference Date"), or (b) adjust, where it considers it necessary to account for the economic effect of the Fund Event, each condition of the Certificate and determine the time of its initial application of the adjustment, or, should the Calculation Agent come to the conclusion that no economically reasonable adjustment is possible, stipulate Early Redemption in accordance with § 6 ([•]). The adjusted method to determine the Redemption Amount[, the Additional Amount] [, the Ratio] [, the Early Redemption Amount] and the time of its initial application shall be published in accordance with § 13.] [([●]) In the event that the NAV of the [Reference Asset] [respective Basket Component] is no longer published by the Investment Company but by another person, company or institution (the "New Investment Company"), the Calculation Agent may determine all values and prices relating to the NAV on the basis of the NAV calculated and published by the New Investment Company. In case of election of a New Investment Company, each and every reference to the Investment Company contained herein shall be deemed, depending on the context, as refering to the New Investment Company.] [[●] Should the Calculation Agent come to the conclusion that no reasonable adjustment is possible to account for the Fund Event or should, in the determination of the Calculation Agent, no New Investment Company be available, the Issuer is entitled to terminate the Certificates early by giving notice pursuant to § 13. Such termination shall become effective at the time of the announcement pursuant to § 13. In that case, the Calculation Agent shall within [●] [Banking Day[s]][Calculation Date[s]] before the day of early repayment [after having consulted an independent expert named by the Calculation Agent] 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.] [([●]) The Issuer undertakes to pay at least [•] per cent. of the amount determined based on the closing price of the Reference Asset within [30][•] Banking Days after the Calculation Date referring to the respective Valuation Date linked to the relevant [Exercise Date] [[or] Call Date] [or Maturity Date] and the remaining amount within another [•] Banking Days to the Clearing System with the instruction for immediate forwarding to the Certificate Holders. The Certificate Holders shall not be entitled to interest for the period between the Valuation Date linked to the relevant [Exercise Date] [[or] Call Date] [or Maturity Date] and the Payment of the Redemption Amount.] [([●]) The Issuer may from time to time limit the exercise of Certificates by the Certificate Holders to [•] per cent. of the Principal Amount of all Certificates outstanding (the "Maximum Redemption Amount"). If the exercise of Certificates by the Certificate Holders on any Exercise Date leads to an excess of the Maximum Redemption Amount, and the Issuer makes use of the right to limit the exercise [by notice pursuant to § 13], the Certificates will be redeemed pro rata taking into account the Maximum Redemption Amount and the exercised Certificates exceeding the Maximum Redemption Amount will be [pari passu] accounted for on the following Exercise Date(s). The redemption of those Certificates will be postponed accordingly.] [([●]) The Payment of any Redemption Amount is always subject to the Issuer having received sufficient funds from the liquidation of the Reference Asset in advance of the due date of the Exercise Amount. If the Issuer has not received such or sufficient funds (due to tax deduction or otherwise), the entitlement to receive the Redemption Amount is limited to the amount actually received by the Issuer.] [insert other method to determine adjustments and early termination]] [in case of a currency exchange rate as Reference Asset or Basket Component:

[With respect to currency exchange rates as Basket Components the following provisions shall apply:] [(1)][(2)] In the event that the [Reference Asset] [respective Basket Component] is no longer determined and published by the Fixing Sponsor but by another person, company or institution (the "Replacement Fixing Sponsor"), the Calculation Agent may determine the Redemption Amount [and] [,] [the Additional Amount] [and] [,] [the Ratio] [and the Early Redemption Amount] on the basis of the [Reference Asset] [respective Basket Component] as calculated and published by the Replacement Fixing Sponsor. In case of election of a Replacement Fixing Sponsor, each and every reference to the Fixing Sponsor in these Terms and Conditions, depending on the context, shall be read as a reference to the Replacement Fixing Sponsor.

[(2)][(3)] Should the Calculation Agent come to the conclusion [, after having consulted an independent expert named by it,], that (a) a replacement for the Fixing Sponsor is not available or (b) due to the occurrence of special circumstances or force majeur (such as catastrophes, war, terror, insurgency, restrictions on payment transaction, entering of the currency used for the calculation into the European Monetary Union and other circumstances having a comparable impact on the [Reference Asset] [respective Basket Component] the reliable determination of the [Reference Asset] [respective Basket Component]] is impossible or impracticable, the Issuer is entitled to terminate the Certificates early by giving notice pursuant to § 13.

Such termination shall become effective at the time of the announcement pursuant to § 13.

In that case, the Calculation Agent shall within [●] [Banking Day[s]][Calculation Date[s]] before the day of early repayment [after having consulted an independent expert named by the Calculation Agent] determine[ and publish] the reasonable market value of the Certificates (the "Cancellation Amount").



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