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

-- [ Page 1 ] --

SeDeX − INV.

AVVISO n.8273 13 Maggio 2009

CERTIFICATES

:

Mittente del comunicato Borsa Italiana

:

Societa' oggetto BAYERISCHE HYPO− UND VEREINSBANK

dell'Avviso

:

Oggetto Inizio negoziazione Investment Certificates−

classe B (discount su azioni) "Bayerische

Hypo− und Vereinsbank AG" emessi

nell'ambito di un Programma Testo del comunicato Si veda allegato.

Disposizioni della Borsa Strumenti finanziari: Discount Certificates linked to 7 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: 1352

CARATTERISTICHE SALIENTI DEI TITOLI OGGETTO DI QUOTAZIONE

Discount Certificates linked to 7 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 "Discount Certificates linked to 7 shares" (vedasi scheda riepilogativa delle caratteristiche dei securitised derivatives) verranno inseriti nel Listino Ufficiale, sezione Securitised Derivatives.

Allegati:

- Scheda riepilogativa delle caratteristiche dei

–  –  –

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

–  –  –

Further provisions

40. Financial Centre[s] or other special provisions re- Milan

lating to Payment Dates:

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

made:

42. Redenomination, renominalization and reconven- Not Applicable

tioning provisions:

–  –  –

46. If syndicated, names and addresses of Managers Not Applicable

and underwriting commitments and details of any coordinator for the global offer or parts thereof:

–  –  –

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

the Reference Asset:

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

Amount or the applicable Reference Asset:

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

ence Asset and the explanation of the effect on the

value of the Instruments:

61. Restriction on the free transferability of the In- None

struments:

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 - 02/88623311 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 - 02/88623311 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:

(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 realised 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 realised 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);

the non-discretionary investment portfolio regime (regime del risparmio amministrato): if the (2) 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 authorised 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, realised 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 nondiscretionary 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 authorised intermediary resident in Italy. Under this regime the tax is applied by the authorised 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 realised, 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.



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