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«Disposizioni della Borsa Strumenti finanziari: Bonus CAP Certificates linked to 7 shares Emittente: BAYERISCHE HYPO- UND VEREINSBANK Rating ...»

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The information set out hereafter summarizes 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:

(1) the tax declaration regime (regime della dichiarazione): each capital gain or revenue earned during the year, net of any liabilities and capital losses of the same kind, is specified in the investor’s tax return.

The 12.5% substitute tax will therefore be chargeable on net capital gains realized during any given tax period and paid within the deadline established for paying income taxes. Any surplus of capital losses over capital gains may be offset against capital gains realized in any of the four succeeding tax periods.

The tax declaration regime is compulsory in cases where the subject fails to choose one of the two systems referred to hereafter in points (2) and (3);

(2) the non-discretionary investment portfolio regime (regime del risparmio amministrato): if the investor opts for this regime, the substitute tax is determined and paid at the time of each sale or exercise of the Certificates by the authorized intermediary resident in Italy, with whom the Certificates have been deposited for safekeeping or for administration, on behalf of the Security holder for each capital gain effectively produced. Where a capital loss results from a sale or an exercise of the Certificates, such loss may be deducted from capital gains of the same kind, realized in the same tax period or in the following tax periods up to the fourth. If the safekeeping or administration relationship comes to an end, any capital losses may be deducted - but not beyond the fourth tax period after that in which they occurred - from capital gains produced with respect to the relationship with another intermediary for managing of portfolio. Under non-discretionary investment portfolio regime, the Security holder is not required to declare the capital gains in the annual tax return.

(3) the discretionary investment portfolio regime (regime del risparmio gestito): the prerequisite to adopting this system is that an assets management assignment has been conferred on an authorized intermediary resident in Italy. Under this regime the tax is applied by the authorized intermediary, on behalf of the Security holder, at the end of any given tax period on the increase in value of the managed assets, even if it has not been realized, net of certain financial incomes. Any depreciation of the managed assets accrued at year end may be carried forward against increase in value of the managed assets accrued in any of the four succeeding tax periods. Under the discretionary investment portfolio regime, the Security holder is not required to declare the capital gains in the annual tax return.

Where an Italian resident Security holder is a company or similar commercial entity, or a permanent establishment in the Republic of Italy of foreign commercial entities to which the Certificates are effectively connected, capital gains and other revenues arising from the Certificates will not be subject to imposta sostitutiva, but must be included in the relevant Security holder's income tax return and are therefore subject to Italian corporate tax.

Capital gains realized by non-Italian resident Security holders are not subject to Italian taxation, provided that the Certificates are held outside of Italy.

Atypical securities In accordance with a different interpretation of current tax law there is a remote possibility that the Certificates would be considered as 'atypical' securities pursuant to Article 8 of Law Decree No. 512 of 30 September 1983 as implemented by Law No. 649 of 25 November 1983. In this event, payments relating to Certificates may be subject to an Italian withholding tax, levied at the rate of 27 per cent.

The 27 per cent. withholding tax mentioned above does not apply to payments made to a non-Italian resident Security holder and to an Italian resident Security holder which is (i) a company or similar commercial entity (including the Italian permanent establishment of foreign entities), (ii) a commercial partnership, or (iii) a commercial private or public institution.

EU Savings Directive

Under EC Council Directive 2003/48/EC on the taxation of savings income, Member States are required, from 1st July, 2005, to provide to the tax authorities of another Member State details of payments of interest (or similar income) paid by a person within its jurisdiction to an individual resident in that other Member State. However, or a transitional period, Belgium, Luxembourg and Austria are instead required (unless during that period they elect otherwise) to operate a withholding system in relation to such payments (the ending of such transitional period being dependent upon the conclusion of certain other agreements relating to information exchange with certain other countries). A number of non-EU countries and territories including Switzerland have agreed to adopt similar measures (a withholding system in the case of Switzerland) with effect from the same date.





Implementation in Italy of the EU Savings Directive

Italy has implemented the EU Savings Directive through Legislative Decree No. 84 of 18 April 2005 (Decree No. 84). Under Decree No. 84, subject to a number of important conditions being met, in the case of interest paid starting from 1 July 2005 to individuals which qualify as beneficial owners of the interest payment and are resident for tax purposes in another Member State, Italian paying agents (i.e. banks, società di intermediazione Mobiliare (SIM), fiduciary companies, società di gestione del risparmio (SGR) resident for tax purposes in Italy, Italian permanent establishments of non-Italian resident persons and any other Italian entity paying interest for professional or business reasons) shall not apply the withholding tax and shall report to the Italian Tax Authorities details of the relevant payments and personal information on the individual beneficial owner. Such information is transmitted by the Italian Tax Authorities to the competent foreign tax authorities of the State of residence of the beneficial owner.

[●] Structure of the English Version of the Terms and Conditions (Certificates)

–  –  –

[If necessary, amend columns of [the] Table [1] specifying further details] [Table 2 [•] [Insert table with information on the respective Basket Components and their weighting. Define individual Basket Components as "Basket Component [•]" or "B [•]".

The presentation of information may correspond to the presentation of the Reference Asset in Table 1 (stating e.g.

Issuer/Sponsor and WKN/ISIN/ReutersPage/Bloomberg-Code/Screen Page and Time/Code for other information system.]] §1 (Series, Form of Certificates, Issuance of Additional Certificates) (1) [In case of quotation in units insert:

This series (the "Series") of [insert corresponding name and pay-out description of Certificates, e.g.

Discount, Bonus (including whether option to extend or early call right is applicable)] [as further specified above in [the] Table [1]] (the "Certificates") of Bayerische Hypo- und Vereinsbank AG [(acting through its [•] Branch)] (the "Issuer") will be issued on [•] (the "Issue Date") pursuant to these terms and conditions (the "Terms and Conditions"), [in the Specified Currency shown in [the] Table [1] above] [in [insert Specified Currency]] (the "Specified Currency") [or [if applicable, insert alternative currency]] as [up to] [insert number of Certificates] non-par value Certificates [in the aggregate number specified as the Number of Certificates in [the] above Table [1]].] [In case of quotation in percentage insert:

This series (the "Series") of [insert corresponding name and pay-out description of Certificates, e.g. Discount, Bonus (including whether option to extend or early call right is applicable)] [as further specified in [the] above Table [1]] (the "Certificates") of Bayerische Hypo- und Vereinsbank AG [, acting through its [•] Branch] (the "Issuer") will be issued on [•] (the "Issue Date") pursuant to these terms and conditions (the "Terms and Conditions"), [in the Specified Currency shown in the Table [1] above] [in [insert Specified Currency]] (the "Specified Currency") [or [if applicable, insert alternative currency]] in the aggregate principal amount [of [up to][insert aggregate principal amount]] [specified above as the Aggregate Principal Amount in [the] Table [1]] (the "Aggregate Principal Amount") and divided into [insert number of Certificates] Certificates, each with a principal amount [of [insert Principal Amount per Certificate]] [specified in [the] Table [1] above as the Principal Amount per Certificate] (the "Principal Amount").] In accordance with the Terms and Conditions, the Issuer shall pay for each Certificate to the holder of such Certificate (each a "Certificate Holder"; all holders of Certificates are collectively referred to as "Certificate Holders") the Redemption Amount (§ 4) [or, as the case may be, deliver the quantity of Reference Assets determined in accordance with these Terms and Conditions] [and shall pay [interest] [Additional Amounts] calculated in accordance with the provisions of these Terms and Conditions].

(2) [If Monte Titoli is the relevant clearing system: No physical document of title will be issued to represent the Certificates. On issue, the Certificates will be registered in the books of Monte Titoli S.p.A. ("Monte Titoli", also referred to as the "Clearing System").

The Certificates will be held in bearer form on behalf of the beneficial owners until settlement and cancellation thereof.] [In all other cases: The Certificates issued by the Issuer are evidenced by a permanent global bearer certificate (the "Global Certificate", deposited with [Clearstream Banking AG, Frankfurt am Main]/[a common depositary for Clearstream Banking société anonyme, Luxembourg ("CBL") and Euroclear Bank SA/NV as operator of the Euroclear System ("Euroclear")] [●] ([CBL and Euroclear referred to as] the "Clearing System")]. Certificates are transferable as co-ownership interests in the Global Certificate in accordance with the rules and regulations of the Clearing System. The right to request definitive certificates shall be excluded.] (3) The Issuer reserves the right to issue additional certificates on the same terms tat any time, without approval of the Certificate Holders, in such manner as to consolidate them with these Certificates forming a single fungible series together with the latter. In that event, the term "Certificates" also includes such additionally issued certificates.

[In case of collateralised Certificates insert: In this event the Issuer is obliged to adjust the collateralisation of the Certificates (as described in § 5a).] §2 (Definitions) (1) Within these Terms and Conditions the following terms shall have the following meanings:

"Reference Asset" means [the Reference Asset as described in [the] Table [1].][a basket consisting of [•] [as described in Table 2] (the "Basket").] [With respect to shares as Reference Asset /Basket Component:

[With respect to shares as Basket Components, ["Basket Component" means each of the [shares described in Table 2] [following shares:]] [Basket Component [•] [is][are] the share[s] of the [share issuer] [([WKN: [•]] [ISIN: [•]] [Reuters: [•]] [Bloomberg: [•]])].] [If Basket Components are not specified in Table 2, the previous paragraph will be repeated for each share as Basket Component.] [the share as described in [the] Table [1].]] [With respect to bonds as Reference Asset /Basket Component [With respect to bonds as Basket Components, [a "Basket Component" means each of the [bonds described in Table 2.] [following bonds:]] Basket Component [•] [is][are] bonds issued by [bond issuer] [([WKN: [•]] [ISIN: [•]] [Reuters: [•]] [Bloomberg: [•]])], [maturing on [maturity date]] [having no fixed maturity date] with a denomination of [•].] [If Basket Components are not specified in Table 2, the previous paragraph will be repeated for each bond as Basket Component.]] [the bond described in [the] Table [1].] [With respect to certificates as Reference Asset /Basket Component [With respect to certificates as Basket Components, ["Basket Component" means each of the [certificates described in Table 2.] [following certificates:]] [Basket Component [•] [is] [are]] [the [certificate][certificates]] issued by [Bayerische Hypo- und Vereinsbank AG] [certificate issuer] relating to [certificate underlying[s] [([WKN: [•]] [ISIN: [•]] [Reuters: [•]] [Bloomberg: [•]])].] [If Basket Components are not specified in Table 2, the previous paragraph will be repeated for each certificate as Basket Component.] [the certificate described in [the] Table [1].] [With respect to indices as Reference Asset /Basket Component:

[With respect to indices as Basket Components, ["Basket Component" means each of the [Indices described in Table 2[, the description of which is attached as Appendix].] [following

Indices:]

[Basket Component [•] [is][are]] the [index name] as [calculated and] published by [Index Sponsor name] (the "Index Sponsor") [and as calculated by [name of Index Calculation Agent] (the "Index Calculation Agent")] [([WKN: [•]] [ISIN: [•]] [Reuters: [•]] [Bloomberg: [•]])][the description of which is attached as Appendix].] [If Basket Components are not specified in Table 2, the previous paragraph will be repeated for each index as Basket Component.] [the index described in [the] Table [1] [,the description of which is attached as Appendix] [With respect to commodities as Reference Asset /Basket Component:

[With respect to commodities as Basket Components, ["Basket Component" means each of

the [commodities described in Table 2.] [following commodities:]



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