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

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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:]

[Basket Component [•] [is][are]] the [name, specifications and relevant price of the commodity] ([Reuters: [•]] [Bloomberg: [•]] [insert code for other information system]) as determined at [Reference Market] (the "Reference Market").] [If Basket Components are not specified in Table 2, the previous paragraph will be repeated for each commodity as Basket Component.] [the commodity described in [the] Table [1].] [With respect to currency exchange rates as Reference Asset /Basket Component:

[With respect to currency exchange rates as Basket Components, ["Basket Component" means each of the [currency exchange rates described in Table 2.] [following currency

exchange rates:]

[Basket Component [•] [is][are]] the [[name and further specifications of the currency exchange rate] [([Reuters: [•]] [Bloomberg: [•]])] as determined by [name of Fixing Sponsor] (the "Fixing Sponsor").] [If Basket Components are not specified in Table 2, the previous paragraph will be repeated for each currency exchange rate as Basket Component.] [the currency exchange rate described in [the] Table [1].] [With respect to fund shares as Reference Asset /Basket Component:

[With respect to fund shares as Basket Components, ["Basket Component" means each of the [fund shares described in Table 2.] [following fund shares:]] [Basket Component [•] [is][are]] [[description of fund shares] [([WKN: [•]] [ISIN: [•]] [Reuters: [•]] [Bloomberg: [•]])] in the [name of fund] (the "Fund") of [name of the Investment Company] (the "Investment Company").] [the fund shares in the fund (the "Fund") of the investment company (the "Investment Company"). [insert description of benchmark]] [If Basket Components are not specified in Table 2, the previous paragraph will be repeated for each fund share as Basket Component.] [the fund share described in [the] Table [1].] [With respect to future contracts as Reference Asset /Basket Component:

[With respect to future contracts as Basket Components, ["Basket Component" means each of the [future contracts described in Table 2.] [following future contracts:]] [Basket Component [•] [is][are]] [Name and specifications of the future contract (including provisions to determine relevant expiry month)] [([Reuters: [•]] [Bloomberg: [•]] [insert code for other information system])] as determined at [Reference Market] (the "Reference Market").] [If Basket Components are not specified in Table 2, the previous paragraph will be repeated for each future contract as Basket Component.] [the future contract described in [the] Table [1].] [With respect to interest rates as Reference Asset /Basket Component:



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