AVVISO n.8842 09 Giugno 2006 SeDeX − PLAIN VANILLA

AVVISO n.8842

09 Giugno 2006

SeDeX − PLAIN VANILLA

Mittente del comunicato : Borsa Italiana

Societa' oggetto dell'Avviso

: UNICREDITO ITALIANO

Oggetto : Inizio negoziazione Covered Warrant Plain Vanilla "Unicredito Italiano" emessi nell'ambito di un Programma

Testo del comunicato

Si veda allegato.

Disposizioni della Borsa

Strumenti finanziari: A) “Covered Warrant su azioni italiane ed estere

con scadenza 01.09.2006, 06.10.2006 e 01.12.2006”

B) “Covered Warrant su indici azionari con scadenza 08.09.2006, 15.09.2006, 08.12.2006 e 15.12.2006”

C) “Covered Warrant sul tasso di cambio eur/usd con scadenza 01.09.2006 e 01.12.2006”

D) “Covered Warrant su materie prime oro e argento e sul contratto future sul petrolio WTI con scadenza 14.09.2006, 15.09.2006, 14.12.2006 e 15.12.2006”

Emittente: Unicredito Italiano S.p.A.

Rating Emittente:	Società di Rating	Long Term	Data Report
	Moody’s	A1	dic 2005
	Standard & Poor’s	A+	13/03/2006
	Fitch	A+	01/12/2005

Oggetto: INIZIO NEGOZIAZIONI IN BORSA

Data di inizio negoziazioni: 13 giugno 2006

Mercato di quotazione: Borsa - Comparto SEDEX, “segmento covered warrant

plain vanilla”

Borsa – Comparto TAH

Orari e modalità di negoziazione: Negoziazione continua e l’orario stabilito dagli artt.

IA.5.1.6 e IA.6.1.9 delle Istruzioni

Operatore incaricato ad

assolvere l’impegno di quotazione: UBM-UniCredit Banca Mobiliare S.p.A.

Codice specialist: 1103

Modalità di liquidazione

dei contratti: liquidazione a contante garantita il terzo giorno di borsa aperta successivo a quello di conclusione dei contratti.

CARATTERISTICHE SALIENTI DEI TITOLI OGGETTO DI QUOTAZIONE

A) “Covered Warrant su azioni italiane ed estere con scadenza 01.09.2006, 06.10.2006 e 01.12.2006”

B) “Covered Warrant su indici azionari con scadenza 08.09.2006, 15.09.2006, 08.12.2006 e 15.12.2006”

C) “Covered Warrant sul tasso di cambio eur/usd con scadenza 01.09.2006 e 01.12.2006”

Quantitativo minimo di

negoziazione di ciascuna serie: vedasi scheda riepilogativa delle caratteristiche dei

covered warrant (colonna “Lotto Neg.”) Controvalore minimo dei blocchi: 150.000 Euro

Impegno giornaliero ad esporre prezzi denaro e lettera

per ciascuna serie: vedasi scheda riepilogativa delle caratteristiche dei covered warrant (colonna “X.Xxxxx M.M.”)

Tipo di liquidazione: monetaria

Modalità di esercizio: americano

CARATTERISTICHE SALIENTI DEI TITOLI OGGETTO DI QUOTAZIONE

D) “Covered Warrant su materie prime oro e argento e sul contratto future sul petrolio WTI con scadenza 14.09.2006, 15.09.2006, 14.12.2006 e 15.12.2006”

Quantitativo minimo di

negoziazione di ciascuna serie: vedasi scheda riepilogativa delle caratteristiche dei

covered warrant (colonna “Lotto Neg.”) Controvalore minimo dei blocchi: 150.000 Euro

Impegno giornaliero ad esporre prezzi denaro e lettera

per ciascuna serie: vedasi scheda riepilogativa delle caratteristiche dei covered warrant (colonna “X.Xxxxx M.M.”)

Tipo di liquidazione: monetaria

Modalità di esercizio: europeo

DISPOSIZIONI DELLA BORSA ITALIANA

Dal giorno 13 giugno 2006, i “Covered Warrant su azioni italiane ed estere con scadenza 01.09.2006, 06.10.2006 e 01.12.2006”, i “Covered Warrant su indici azionari con scadenza 08.09.2006, 15.09.2006, 08.12.2006 e 15.12.2006”, i “Covered Warrant sul tasso di cambio eur/usd con scadenza 01.09.2006 e 01.12.2006” e i “Covered Warrant su materie prime oro e argento e sul contratto future sul petrolio WTI con scadenza 14.09.2006, 15.09.2006, 14.12.2006 e 15.12.2006” verranno inseriti nel Listino Ufficiale, sezione Securitised Derivatives.

Allegati:

- Schede riepilogative delle caratteristiche dei covered warrant;

- Final Terms dei covered warrant;

- Nota di sintesi e Terms and Conditions dei covered warrant.

Serie Isin Sigla SIA Descrizione Sottostante Facoltà Strike Scad. Multiplo Ammontare Lotto Neg. X.Xxxxx MM

1	IT0004070204	U07020	393466	XX XX X0	XX00	XXXXXXXX	Xxxx	9	01/09/2006	0,0	0000000	0000	000
2	IT0004070212	U07021	393467	UC AL C9	DC06	ALLEANZA	Call	9	01/12/2006	0,0	0000000	0000	00
3	IT0004070220	U07022	393468	XX XX X0	XX00	XXXXXXXX	Xxx	9	01/12/2006	0,1	1000000	1000	100
4	IT0004070238	U07023	393469	UC BFI P4	DC06	BANCA FIDEURAM	Put	4	01/12/2006	0,1	1000000	1000	200
5	IT0004070246	U07024	393470	XX XXX X00	XX00	X.XXX.XXXXX	Xxxx	00	00/00/0000	0,1	1000000	1000	50
6	IT0004070253	U07025	393471	XX XXX X00	XX00	XXXXXXX	Call	10	01/09/2006	0,1	1000000	1000	100
7	IT0004070261	U07026	393472	XX XXX X0	XX00	XXXXXXX	Call	9	01/12/2006	0,0	0000000	0000	00
8	IT0004070279	U07027	393473	XX X X00	XX00	FIAT	Call	10	06/10/2006	0,1	1000000	1000	20
9	IT0004070287	U07028	393474	UC MS C8,5	DC06	MEDIASET	Call	8,5	01/12/2006	0,1	1000000	1000	30
10	IT0004070295	U07029	393475	XX XX X00	XX00	XXXXXXXXXX	Xxx	15	01/12/2006	0,1	1000000	1000	50
11	IT0004070303	U07030	393476	UC PC P0,65	DC06	PIRELLI & C.	Put	0,65	01/12/2006	0,1	1000000	1000	500
12	IT0004070311	U76220	393477	XX XX X0,0	XX00	PIRELLI & C.	Call	0,7	01/12/2006	0,1	1000000	1000	400
13	IT0004070329	U07032	393478	UC RCS C4,2	DC06	RCS MEDIAGROUP	Call	4,2	01/12/2006	0,1	1000000	1000	100
14	IT0004070337	U07033	393479	XX XXX X00	XX00	XXXXXX	Call	19	01/09/2006	0,1	1000000	1000	30
15	IT0004070345	U07034	393480	XX XXX X00	XX00	XXXXXX	Call	20	01/12/2006	0,1	1000000	1000	20
16	IT0004070352	U07035	393481	XX XX X0,00	XX00	SEAT P.G.	Call	0,35	01/09/2006	0,1	1000000	1000	500

Serie Isin Sigla SIA Descrizione Sottostante Facoltà Strike Scad. Multiplo Ammontare Lotto Neg. X.Xxxxx MM

17	IT0004070360	U07036	393482	XX XX X0,0	XX00	XXXX X.X.	Xxx	0,3	01/12/2006	0,1	1000000	1000	1000
18	IT0004070378	U07037	393483	UC PG C0,35	DC06	SEAT P.G.	Call	0,35	01/12/2006	0,1	1000000	1000	500
19	IT0004070386	U07038	393484	XX XXX X0,0	XX00	XXXX RETE GAS	Call	3,4	01/09/2006	0,1	1000000	1000	200
20	IT0004070394	U07039	393485	XX XXX X0,0	XX00	XXXX XXXX GAS	Call	3,8	01/12/2006	0,1	1000000	1000	500
21	IT0004070402	U07040	393486	UC TIT C2	ST06	TELECOM ITALIA	Call	2	01/09/2006	0,0	0000000	0000	000
22	IT0004070410	U07041	393487	UC TIT C2,2	ST06	TELECOM ITALIA	Call	2,2	01/09/2006	0,1	1000000	1000	300
23	IT0004070428	U07042	393488	UC TIT P2,2	ST06	TELECOM ITALIA	Put	2,2	01/09/2006	0,1	1000000	1000	300
24	IT0004070436	U07043	393489	UC TIT P2	DC06	TELECOM ITALIA	Put	2	01/12/2006	0,1	1000000	1000	400
25	IT0004070444	U07044	393490	UC TIT C2,1	DC06	TELECOM ITALIA	Call	2,1	01/12/2006	0,1	1000000	1000	150
26	IT0004070451	U07045	393491	UC TIT C2,3	DC06	TELECOM ITALIA	Call	2,3	01/12/2006	0,1	1000000	1000	300
27	IT0004070469	U07046	393492	XX XXXX X0,00	XX00	TELECOM ITALIA RISP.	Call	2,15	01/09/2006	0,1	1000000	1000	500
28	IT0004070477	U07047	393493	UC TITR C1,9	DC06	TELECOM ITALIA RISP.	Call	1,9	01/12/2006	0,1	1000000	1000	200
29	IT0004070485	U07048	393494	UC TITR C2,3	DC06	TELECOM ITALIA RISP.	Call	2,3	01/12/2006	0,1	1000000	1000	500
30	IT0004070493	U07049	393495	XX XXX X0,0	XX00	XXXXXXX	Xxxx	2,5	01/12/2006	0,1	1000000	1000	100
31	IT0004070501	U07050	393496	UC USAAQ C65	DC06	APPLE COMPUTER	Call	65	01/12/2006	0,1	1000000	1000	5

Serie Isin Sigla SIA Descrizione Sottostante Facoltà Strike Scad. Multiplo Ammontare Lotto Neg. X.Xxxxx MM

32	IT0004070519	U07051	393497	UC USAAQ C80	DC06	APPLE COMPUTER	Call	80	01/12/2006	0,1	1000000	1000	20
33	IT0004070527	U07052	393498	UC USCIS C21	DC06	CISCO SYSTEMS	Call	21	01/12/2006	0,1	1000000	1000	30
34	IT0004070535	U07053	393499	UC USCIS C24	DC06	CISCO SYSTEMS	Call	24	01/12/2006	0,1	1000000	1000	100
35	IT0004070543	U07054	393500	XX XXXXX X00	XX00	XXXXXXXX TELEKOM	Call	13	01/09/2006	0,1	1000000	1000	100
36	IT0004070550	U07055	393501	XX XXXXX X00,0	XX00	XXXXXXXX XXXXXXX	Call	12,5	01/12/2006	0,1	1000000	1000	30
37	IT0004070568	U07056	393502	XX XXXXX X00	XX00	XXXXXXXX XXXXXXX	Xxxx	14	01/12/2006	0,1	1000000	1000	100
38	IT0004070576	U07057	393503	XX XXXXX X00	XX00	XXXXX	Xxxx	00	00/00/0000	0,1	1000000	1000	30
39	IT0004070584	U07058	393504	XX XXXXX X00	XX00	XXXXX	Xxxx	00	00/00/0000	0,1	1000000	1000	150
40	IT0004070592	U07059	393505	UC XXXXX X00	XX00	MICROSOFT	Call	24	01/12/2006	0,1	1000000	1000	30
41	IT0004070600	U07060	393506	UC XXXXX X00	XX00	MICROSOFT	Call	28	01/12/2006	0,1	1000000	1000	100
42	IT0004070618	U07061	393507	XX XXX X00	XX00	XXXXXXXXXXXXX ONICS	Put	10	01/09/2006	0,1	1000000	100	5000
43	IT0004070626	U07062	393508	XX XXX X00	XX00	XXXXXXXXXXXXX ONICS	Call	12	01/09/2006	0,1	1000000	100	200
44	IT0004070634	U07063	393509	XX XXX X00	XX00	XXXXXXXXXXXXX ONICS	Put	12	01/09/2006	0,1	1000000	100	800
45	IT0004070642	U07064	393510	XX XXX X0	XX00	XXXXXXXXXXXXX ONICS	Put	9	01/12/2006	0,1	1000000	100	5000

Serie Isin Sigla SIA Descrizione Sottostante Facoltà Strike Scad. Multiplo Ammontare Lotto Neg. X.Xxxxx MM

46	IT0004070659	U07065	393511	XX XXX X00	XX00	XXXXXXXXXXXXX ONICS	Put	11	01/12/2006	0,1	1000000	100	1000
47	IT0004070667	U07066	393512	XX XXX X00	XX00	XXXXXXXXXXXXX ONICS	Call	12	01/12/2006	0,1	1000000	100	200
48	IT0004070675	U07067	393513	XX XXX X00	XX00	XXXXXXXXXXXXX ONICS	Call	13	01/12/2006	0,1	1000000	100	300
49	IT0004070683	U07068	393514	XX XXX X00	XX00	XXXXXXXXXXXXX ONICS	Put	13	01/12/2006	0,1	1000000	100	300
50	IT0004070691	U07069	393515	XX XXX X00	XX00	XXXXXXXXXXXXX ONICS	Call	14	01/12/2006	0,1	1000000	100	400
51	IT0004070709	U07070	393516	UC USYHO C33	DC06	YAHOO!	Call	33	01/12/2006	0,1	1000000	1000	10
52	IT0004070717	U07071	393517	UC USYHO C38	DC06	YAHOO!	Call	38	01/12/2006	0,1	1000000	1000	20

Serie Isin Sigla SIA Descrizione Sottostante Facoltà Strike Scad. Multiplo Ammontare Lotto Neg. X.Xxxxx MM

1	IT0004073208	U07320	393439	XX XX000 X0000 XX00	XXXXXX000	Xxx	1400	15/09/2006	0,001	1000000	100	3000
2	IT0004073216	U07321	393440	UC ND100 C1500 DC06	NASDAQ100	Call	1500	15/12/2006	0,001	1000000	100	200
3	IT0004073224	U07322	393441	XX X000 X00000 XX00	XXXXXX000	Xxx	00000	08/09/2006	0,1	1000000	100	400
4	IT0004073232	U07323	393442	UC N225 C16000 ST06	NIKKEI225	Call	00000	00/09/2006	0,1	1000000	100	100
5	IT0004073240	U07324	393443	UC N225 C16500 DC06	NIKKEI225	Call	00000	00/12/2006	0,1	1000000	100	100
6	IT0004073257	U07325	393444	XX XXXXX X00000 XX00	S&P/MIB	Put	31000	15/09/2006	0,0001	1000000	100	2000
7	IT0004073265	U07326	393445	XX XXXXX X00000 XX00	S&P/MIB	Put	33000	15/09/2006	0,0001	1000000	100	800
8	IT0004073273	U07327	393446	XX XXXXX X00000 XX00	S&P/MIB	Call	00000	00/09/2006	0,0001	1000000	100	100
9	IT0004073281	U07328	393447	XX XXXXX X00000 XX00	S&P/MIB	Put	34000	15/09/2006	0,0001	1000000	100	500
10	IT0004073299	U07329	393448	UC SPMIB C37000 DC06	S&P/MIB	Call	00000	00/12/2006	0,0001	1000000	100	200
11	IT0004073307	U07330	393449	UC SPMIB C38000 DC06	S&P/MIB	Call	00000	00/12/2006	0,0001	1000000	100	300
12	IT0004073315	U07331	393450	UC SPMIB C39000 DC06	S&P/MIB	Call	00000	00/12/2006	0,0001	1000000	100	400
13	IT0004073323	U07332	393451	UC SPMIB C40000 DC06	S&P/MIB	Call	00000	00/12/2006	0,0001	1000000	100	600

Serie Isin Sigla SIA Descrizione Sottostante Facoltà Strike Scad. Multiplo Ammontare Lotto Neg. X.Xxxxx MM

1	IT0004073331	U07333	393452	XX XXXXXX X0,00 XX00	EUR/USD	Put	1,25	01/09/2006	10	1000000	100	300
2	IT0004073349	U07334	393453	XX XXXXXX X0,00 XX00	EUR/USD	Call	1,35	01/09/2006	10	1000000	100	700
3	IT0004073356	U07335	393454	UC EURUSD C1,4 DC06	EUR/USD	Call	1,4	01/12/2006	10	1000000	100	500

Serie Isin Sigla SIA Descrizione Sottostante Facoltà Strike Scad. Multiplo Ammontare Lotto Neg. X.Xxxxx MM

1	IT0004073059	U07305	393314	XX XXXXXX X00	XX00	XXXXXXX	Call	14	15/09/2006	0,1	1000000	100	300
2	IT0004073067	U07306	393317	XX XXXXXX X00	XX00	XXXXXXX	Call	15	15/12/2006	0,1	1000000	100	300
3	IT0004073075	U07307	393325	XX XXXXX0 X00	XX00	FUTURE PETROLIO WTI	Put	70	14/09/2006	0,1	1000000	100	100
						OTT. 06
4	IT0004073083	U07308	393326	XX XXXXX0 X00	XX00	FUTURE PETROLIO WTI	Call	90	14/09/2006	0,1	1000000	100	500
						OTT. 06
5	IT0004073091	U07309	393327	UC FWTIA7 C55	DC06	FUTURE PETROLIO WTI	Call	55	14/12/2006	0,1	1000000	100	20
						GEN. 07
6	IT0004073109	U07310	393330	XX XXXXX0 X00	XX00	FUTURE PETROLIO WTI	Put	55	14/12/2006	0,1	1000000	100	400
						GEN. 07
7	IT0004073117	U07311	393421	UC FWTIA7 C65	DC06	FUTURE PETROLIO WTI	Call	65	14/12/2006	0,1	1000000	100	30
						GEN. 07
8	IT0004073125	U07312	393422	XX XXXXX0 X00	XX00	FUTURE PETROLIO WTI	Put	65	14/12/2006	0,1	1000000	100	150
						GEN. 07
9	IT0004073133	U07313	393423	UC FWTIA7 C75	DC06	FUTURE PETROLIO WTI	Call	75	14/12/2006	0,1	1000000	100	50
						GEN. 07
10	IT0004073141	U07314	393424	XX XXXXX0 X00	XX00	FUTURE PETROLIO WTI	Put	75	14/12/2006	0,1	1000000	100	50
						GEN. 07

Serie Isin Sigla SIA Descrizione Sottostante Facoltà Strike Scad. Multiplo Ammontare Lotto Neg. X.Xxxxx MM

11	IT0004073158	U07315	393425	UC FWTIA7 C85	DC06	FUTURE PETROLIO WTI GEN. 07	Call	85	14/12/2006	0,1	1000000	100	100
12	IT0004073166	U07316	393426	XX XXXXX0 X00	XX00	FUTURE PETROLIO WTI	Call	95	14/12/2006	0,1	1000000	100	300
						GEN. 07
13	IT0004073174	U07317	393427	UC ORO C680	ST06	ORO	Call	680	15/09/2006	0,01	1000000	100	100
14	IT0004073182	U07318	393428	UC ORO C710	ST06	ORO	Call	710	15/09/2006	0,01	1000000	100	100
15	IT0004073190	U07319	393429	UC ORO P650	DC06	ORO	Put	650	15/12/2006	0,01	1000000	100	150

Final Terms dated 30 May 2006

UNICREDITO ITALIANO S.p.A.

(the "Issuer")

Issue of Euro 3,502,800 Warrants linked to Shares under its Warrant and Certificate Programme

This document constitutes the Final Terms relating to the issue of Securities described herein and final terms for the purposes of Article 5.4 of the Prospectus Directive (Directive 2003/71/EC) (the Prospectus Directive).

Terms used herein shall be deemed to be defined as such for the purposes of the Conditions set forth in the Prospectus dated 28 November 2005 and the supplemental Prospectus dated 13 February 2006, the supplemental Prospectus dated 18 April 2006 and the supplemental Prospectus dated 6 June 2006, which together constitute a prospectus for the purposes of the Prospectus Directive. These Final Terms contain the final terms of the Securities described herein and must be read in conjunction with such Prospectus in order to obtain full information on the Issuer and the Securities themselves. Copies of such Prospectus are available free of charge to the public during normal business hours at the registered office of the Issuer and in an electronic form at xxx.xxxxxxxxxx.xx and the website of Borsa Italiana

S.p.A. at xxx.xxxxxxxxxxx.xx .

Save as disclosed in "Offering and Sale", so far as the Issuer is aware, no person involved in the offer of the Securities has an interest material to the offer.

References herein to numbered Conditions are to the Terms and Condition of the Warrants and words and expressions defined in such terms and conditions shall bear the same meaning in these Final Terms, save as where otherwise expressly provided.

The Issuer (the Responsible Person) accepts responsibility for the information contained in these Final Terms. To the best of the knowledge and belief of the Issuer, which has taken all reasonable care to ensure that such is the case, the information contained in these Final Terms is in accordance with the facts and does not omit anything likely to affect the import of such information.

PART A - CONTRACTUAL TERMS

A.1 GENERAL PROVISIONS

1. Issuer: UniCredito Italiano S.p.A.

2. Series Number: The series number of each Series of Warrants is as specified in Annex

3. Tranche: The Tranche of each Series of Warrants is specified in Annex I.

4. Denomination: Not Applicable

5. Consolidation: Not Applicable

6. Type of Securities: (i) The Securities are Warrants.

(ii) The Securities are Share Warrants.

(iii) The Securities relate to shares (the Shares), as specified in Xxxxx X. See also Xxxxx XX for a description of the Shares.

7. Form of Securities: No Warrants in definitive form will be issued in relation to any Series.

No physical document of title will be issued to represent the Warrants of any Series. On issue, the Warrants of each Series will be registered in the books of Monte Titoli. The Warrants of each Series will be held in bearer form on behalf of the beneficial owners until redemption and cancellation thereof.

8. Status of the Securities: Direct, unsubordinated and unsecured.

9. Date Board approval for issuance of Securities obtained:

Not Applicable

10. Admission to trading: (i) Application has been made for the Warrants of each Series to

be admitted to trading on the SeDeX of Borsa Italiana S.p.A.

(ii) UniCredit Banca Mobiliare S.p.A., xxx Xxxxxxx Xxxxxx 00, 00000 Xxxxx (Xxxxx), (the Market Maker) has undertaken to provide liquidity through bid and offer quotes in accordance with the market making rules of Borsa Italiana S.p.A., where the Warrants of each Series are expected to be listed. The obligations of the Market Maker are regulated by the Regulation on regulated markets, and relevant Instructions, of Borsa Italiana S.p.A..

11. Averaging: Not Applicable

12. Number of Securities being issued:

See Annex I in relation to each Series of Warrants.

13. Issue Price: The issue price per Warrant in relation to each Series is the one specified as such in Annex I.

14. Issue Date: 13 June 2006

15. Exchange Business Day: As set out in Condition 3

16. Business Day Centre(s): Milan

17. Valuation Date(s): The date, as determined by the Calculation Agent, is:

(a) in the case of Automatic Exercise:

- with respect to Shares specified in Annex I – Table A, the Business Day immediately preceding the Maturity Date of the Warrants (as defined in Annex I);

- with respect to Shares specified in Annex I – Table B, the Maturity Date (as defined in Annex I);

- with respect to the Stmicroelectronics Share, the Business Day immediately preceding the Maturity Date of the Warrants (as defined in Annex I);

(b) in the case of exercise of the Warrant during the Exercise Period, the relevant Effective Exercise Date (as defined in Annex III).

18. Settlement: Settlement will be by way of cash payment.

Subject as set out in the Conditions (as supplemented and/or amended by these Final Terms), on the Settlement Date, the Issuer will pay the amount to which the Holder is entitled, in the Settlement Currency, in relation to each Series of Warrants (the Cash Settlement Amount).

In relation to each Series of Warrants, the Cash Settlement Amount shall be determined by the Calculation Agent at the Valuation Date as follows:

1. if such Warrants are Call Warrants, Holders will receive in relation to each Warrant, an amount in EUR calculated in accordance with the following formula:

Cash Settlement Amount = [(Settlement Price – Exercise Price) * Parity] / Exchange Rate

Where:

Parity means the amount indicated as such in Annex I in relation to each Series of Warrants and shall only be used in connection with the calculation of the Cash Settlement Amount pursuant this paragraph 18.

2. if such Warrants are Put Warrants, Holders will receive in relation to each Warrant, an amount in EUR calculated in accordance with the following formula:

Cash Settlement Amount = [(Exercise Price – Settlement Price) * Parity] / Exchange Rate

The Cash Settlement Amount will be rounded to the nearest four

decimal places in the relevant Settlement Currency, 0.00005 being rounded upwards.

19. Issuer's option to vary settlement: Not Applicable

20. Exchange Rate: With respect to Shares specified in Annex I – Table B, the applicable

rate of exchange for conversion of any amount into the Settlement Currency for the purposes of determining the Cash Settlement Amount is the European Central Bank Settlement Spot Rate, fixing of the exchange rate of the USD against the EUR at 14:15 CET on the Valuation Date, as published on the Reuters page ECB37.

21. Settlement Currency: The settlement currency for the payment of the Cash Settlement

Amount is EUR.

22. Principal Agent: UniCredito Italiano S.p.A.

23. Calculation Agent: UniCredit Banca Mobiliare S.p.A.

24. Exchange(s): The Exchange is:

- with respect to Shares specified in Annex I – Table A, Borsa Italiana S.p.A.;

- with respect to the Apple Computer Share, the Cisco Systems Share, the Intel Share, the Microsoft Share and the Yahoo! Share, Nasdaq Stock Market Inc.;

- with respect to the Deutsche Telekom Share, Xetra;

- with respect to the Stmicroelectronics Share, Euronext Paris.

25. Exchange(s) and Index Sponsor: Not Applicable

26. Related Exchange(s): The Related Exchange is:

- with respect to Shares specified in Annex I – Table A, IDEM of Borsa Italiana S.p.A.;

- with respect to the Apple Computer Share, the Cisco Systems Share, the Intel Share, the Microsoft Share and the Yahoo! Share, the Chicago Mercantile Exchange;

- with respect to the Deutsche Telekom Share, Eurex Exchange;

- with respect to the Stmicroelectronics Share, Euronext Liffe.

27. Multiplier: Not Applicable

28. Nominal Amount: Not Applicable

29. Relevant Asset(s): Not Applicable

30. Entitlement: Not Applicable

31. Settlement Price: The Settlement Price of the Shares, as determined by the Calculation

Agent, is:

- with respect to Shares specified in Annex I – Table A, the reference price calculated by the relevant Exchange on the Valuation Date and published on Reuters respectively at ALZI.MI (Alleanza), FIBK.MI (Banca Fideuram), BPUN.MI (Banche Pop. Unite), BULG.MI (Bulgari), FIA.MI (Fiat), MS.MI (Mediaset), MDBI.MI (Mediobanca), PECI.MI (Pirelli & C.), RCSM.MI (RCS Mediagroup), SPMI.MI (Saipem), PG.MI (Seat P.G.), SRG.MI (Snam Rete Gas), TLIT.MI (Telecom Italia), TLITn.MI (Telecom Italia Risp.) and TIS.MI (Tiscali).

- with respect to Shares specified in Annex I – Table B, the official closing price calculated by the relevant Exchange on the Valuation Date and published on Reuters respectively at AAPL.OQ (Apple Computer), CSCO.O (Cisco Systems), INTC.OQ (Intel), MSFT.O (Microsoft), STM.MI (Stmicroelectronics) and YHOO.O (Yahoo!);

- with respect to the Deutsche Telekom Share, the official opening price calculated by the relevant Exchange on the Valuation Date and published on Reuters at XXXXx.XX.

32. Disrupted Day: If the Valuation Date is a Disrupted Day, the first succeeding

Scheduled Trading Day that is not a Disrupted Day is deemed to be the Valuation Date, unless each of the eight Scheduled Trading Days immediately following the Scheduled Valuation Date is a Disrupted Day. In that case:

(i) that eight Scheduled Trading Day shall be deemed to be the Valuation Date, notwithstanding the fact that such day is a Disrupted Day; and

(ii) the Calculation Agent shall calculate the Settlement Price in its good faith and absolute discretion, by taking into account the market conditions, a price of the Shares estimated on the basis of last announced prices of the Shares and such other conditions or factors that the Calculation Agent reasonably considers to be relevant.

33. Redemption of underlying of Debt Securities:

Not Applicable

34. Relevant Time: The Relevant Time for the calculation of the Settlement Price of the

Shares is

- with respect to Shares specified in Annex I – Table A, the time specified on the Valuation Date by the relevant Exchange for the purpose of calculating the reference price;

- with respect to Shares specified in Annex I – Table B, the scheduled closing time specified on the Valuation Date by

the relevant Exchange;

- with respect to the Deutsche Telekom Share, the scheduled opening time specified on the Valuation Date by the relevant Exchange.

35. Currency: Not Applicable

36. Additional Disruption Events: Not Applicable

37. Failure to Deliver due to Illiquidity:

Not Applicable

38. Special conditions or other modifications to the Terms and Conditions:

See Xxxxx XXX in relation to each Series of Warrants with respect to the exercise of such Warrants and the provisions of Conditions 4 and 5 shall be amended accordingly.

Condition 13 (“Substitution of Issuer”) shall not apply and shall be replaced by the following:

(1) “The Issuer shall be entitled at any time, without the consent of the Holder, to substitute any company within the UniCredit Group, being UniCredito Italiano S.p.A. and its consolidated subsidiaries, in place of the Issuer (the New Issuer) with respect to all obligations under or in connection with the Warrants, provided that:

(i) the New Issuer assumes all obligations of the Issuer in relation to the Holders under or in connection with the Warrants;

(ii) the New Issuer has obtained all necessary authorisations, if any, by the competent authorities, under which the New Issuer may perform all obligations arising under or in connection with the Warrants and transfer payments to the Paying Agent; and

(iii) the Issuer unconditionally and irrevocably guarantees the obligations of the New Issuer, except in the case where the Issuer is UniCredit Banca Mobiliare S.p.A. and the New Issuer is UniCredito Italiano S.p.A. in which case such guarantee is not required.

(2) In case of any such substitution of the Issuer, any reference in these Conditions to the Issuer shall be construed as a reference to the New Issuer.

(3) The substitution of the Issuer shall be final, binding and conclusive on the Holders and will be notified to the Holders without undue delay in accordance with Condition 10.

any purpose domiciled or resident in, or otherwise connected with, or subject to the jurisdiction of, any particular territory, and no Holder shall be entitled to claim from the Issuer or New Issuer any indemnification or payment in respect of any tax consequence of any such substitution upon such Holder.”

Condition 15 (B) (2) (b) (iii) shall be replaced by the following:

“cancel the Warrants by giving notice to Holders in accordance with Condition 10. If the Warrants are so cancelled the Issuer will pay an amount to each Holder in respect of each Warrant or, if Units are specified in the applicable Final Terms, each Unit, as the case may be, held by him which amount shall be the fair market value of a Warrant or a Unit, as the case may be, taking into account the Merger Event, Tender Offer, De-listing, Nationalisation or Insolvency, as the case may be, as determined by the Calculation Agent in its sole and absolute discretion. Payments will be made in such manner as shall be notified to the Holders in accordance with Condition 10; or”

39. Listing: Application has been made for each Series of Warrants to be listed on the SeDeX of Borsa Italiana S.p.A.

40. Additional Selling Restrictions: Not Applicable

41. Syndication: Not Applicable

42. Additional or Alternative Clearing System:

All the transactions of each Series of Warrants negotiated on the SeDeX of Borsa Italiana S.p.A. will be settled in Monte Titoli.

43. Notice provisions (other than as set out in Condition 10):

All notices to the Holders shall be valid if published by Borsa Italiana S.p.A.. All notices to the Holders shall also be valid if published by the Calculation Agent on the website xxx.xxxxxxxxxx.xx, in which case the notices will be considered valid from the date of publication and, in case of multiple publications, from the date of the first publication.

44. Governing law of the Securities: Italian law

A.2 PROVISIONS RELATING TO WARRANTS

45. Type of Warrants: (i) The Warrants are American Style Warrants.

(ii) The Warrants are Call Warrants and Put Warrants. See Annex I in relation to each Series of Warrants.

(iii) Automatic Exercise applies.

46. Units: Warrants must be exercised in Units. See Annex I in relation to each Series of Warrants.

47. Issue price per Unit: See Annex I in relation to each Series of Warrants.

48. Exercise Price: See Annex I in relation to each Series of Warrants.

49. Exercise Date: Not Applicable

50. Exercise Period: The exercise period in respect of the Warrants is from and including

the Issue Date to and including one Exercise Business Day immediately preceding the Maturity Date (10.00 a.m. Milan Time).

51. Settlement Date: The fifth Business Day following the Valuation Date.

52. Minimum Exercise Number: 1 Unit

53. Maximum Exercise Number: Not Applicable

PART B - OTHER INFORMATION

B.1 DISTRIBUTION:

54. If syndicated, names and addresses of Managers and underwriting commitments:

Not Applicable

55. Date of [Subscription] Agreement:

Not Applicable

56. Stabilising Manager (if any): Not Applicable

57. If non-syndicated, name and address of Manager:

The Warrants of each Series shall be available for trading on Borsa Italiana S.p.A. once the Warrants have been admitted to trading by such exchange.

58. Total commission and concession: Not Applicable

59. Condition of the offer: Not Applicable

B.2 REASONS FOR THE OFFER, ESTIMATED NET PROCEEDS AND TOTAL EXPENSES:

60. (i) Reasons for the offer: See “Use of Proceeds” in the Prospectus.

61. (ii) Estimated net proceeds: Not Applicable

62. (iii) Estimated total expenses: Not Applicable

B.3 OPERATIONAL INFORMATION:

63. ISIN Code: See Annex I in relation to each Series of Warrants. Each Series of Warrants is also identified by the ET Code, as specified in Annex I.

64. Common Code: Not Applicable

65. Any clearing system(s) other than Euroclear Bank S.A./N.V. and Clearstream Banking Société Anonyme and the relevant identification number(s):

The Warrants are held through Monte Titoli in dematerialised form pursuant to Italian Legislative Decree no.213 of 24 June 1998, as subsequently amended and integrated. The Warrants of each Series will at all times be in book-entry form and title to Warrants will be evidenced by book entry in accordance with the provisions of the Italian Legislative Decree no. 213 of 24 June 1998, as subsequently

ISSUER	SHARES	ISIN
Alleanza Assicurazioni S.p.A. - Xxxxx X. Xxxxxx 00, 00000 Xxxxxx	Alleanza	IT0000078193
Banca Fideuram S.p.A. - P.le X. Xxxxxx 31, 00143 Roma	Banca Fideuram	IT0000082963
Banche Popolari Unite - X.xx V. Veneto 8, Bergamo	B. Pop. Unite	IT0003487029
Bulgari S.p.A. - xxx Xxxxxxxxxxx Xxxxxx 00, Xxxx	Bulgari	IT0001119087
Fiat S.p.A. - xxx Xxxxx 000, 00000 Xxxxxx	Fiat	IT0001976403
Mediaset S.p.A. - xxx Xxxxxxxxx 0, Xxxxxx	Mediaset	IT0001063210
Mediobanca S.p.A - Xxxxxxxxx Xxxxxx Xxxxxx 0, 00000 Xxxxxx	Mediobanca	IT0000062957
Xxxxxxx & X. X.x.X. - xxx X. Xxxxx 00, Xxxxxx	Pirelli & C.	IT0000072725
RCS Mediagroup - xxx X. Xxxxxxx 0, Xxxxxx	RCS Mediagroup	IT0003039010
Saipem S.p.A. - Xxx Xxxxxxx xx Xxxxxxxxx, 00, 00000 Xxx Xxxxxx Xxxxxxxx (Xxxxxx)	Saipem	IT0000068525
Seat X.X. X.x.X. - Xxx Xxxxxx 00/0 Xxxxxx	Seat P. G.	IT0003479638
Snam Rete Gas S.p.A. - Piazza Santa Barbara n. 7, 00000 Xxx Xxxxxx Xxxxxxxx (Xxxxxx)	Snam Rete Gas	IT0003153415
Telecom Italia S.p.A. - Piazza degli Affari n. 2, 20123 Milano	Telecom Italia	IT0003497168
	Telecom Italia Risp.	IT0003497176
Xxxxxxx X.x.X. - X.X. 000 Xx 0.000, 00000 Xxxxxxxx	Tiscali	IT0001453924
Xxxxx Xxxxxxxx Xxx. - 0 Xxxxxxxx Xxxx, Xxxxxxxxx, XX 00000 (XXX)	Apple Computer	US0378331005
Cisco Systems Inc. - 000 Xxxx Xxxxxx Xxxxx. Xxx Xxxx, XX 00000-0000 (USA)	Cisco Systems	XX00000X0000
Xxxxxxxx Xxxxxxx XX - Xxxxxxxxx Xxxxx Xxxxx 000, 00000 Xxxx (Xxxxxxx)	Deutsche Telekom	DE0005557508
Intel Inc. - 0000 Xxxxxxx Xxxxxxx Xxxx. Xxxxx Xxxxx, XX 00000 (XXX)	Intel	US4581401001
Microsoft Inc. - One Microsoft Way Redmond, WA 98052-6399 (USA)	Microsoft	US5949181045
Stmicroelectronics - WTC Xxxxxxxx Xxxxxxx, Xxxxxxxx Xxxxxxxxx 000, 0000 XX Xxxxxxxx Xxxxxxx Xxxxxxxxx, Xxx Xxxxxxxxxxx	Stmicroelectronics	NL0000226223
Yahoo! Inc. - 000 Xxxxx Xxxxxx Xxxxxxxxx, XX 00000 (XXX)	Yahoo!	US9843321061

Xxxxx XX Information about the Shares

Each Share underlying the Warrant is listed on the main international Stock Exchanges. The relevant issuers of the Shares are subject to disclosure requirements to both the competent local authorities and the investors.

The prices, historical trend and volatility of all Shares are available at xxx.xxxxxxxxxx.xx. The current prices of all Shares are also published daily on “Il Sole 24 Ore”, on xxx.xxxxxxxxxx.xx and may be requested on any Business Day by calling 000.00.00.00 (call free).

Further information on the Shares are also available on the website of Alleanza Assicurazioni S.p.A. (xxx.xxxxxxxxxxxxxxxxxxxxx.xx), Banca Fideuram S.p.A. (xxx.xxxxxxxxxxxxx.xx), Bance Pop. Unite (xxx.xxxxxxxx.xx), Bulgari S.p.A. (xxx.xxxxxxx.xxx), Fiat S.p.A. (xxx.xxxxxxxxx.xxx), Mediaset

S.p.A. (xxx.xxxxxxxx.xx), Mediobanca S.p.A. (xxx.xxxxxxxxxx.xx), Xxxxxxx & C. S.p.A. (xxx.xxxxxxx.xxx), RCS Mediagroup S.p.A (xxx.xxxxxxxxxxxxx.xx), Saipem S.p.A (xxx.xxxxxx.xx), Seat P.G. (xxx.xxxx.xx), Snam Rete Gas (xxx.xxxxxxxxxxx.xx), Telecom Italia S.p.A. and Telecom Italia Risparmio (xxx.xxxxxxxxxxxxx.xx), Tiscali S.p.A. (xxx.xxxxxxx.xx), Apple Computer Inc. (xxx.xxxxx.xxx), Cisco Systems Inc. (xxx.xxxxx.xxx), Deutsche Telekom AG (xxx.xxxxxxx.xx), Intel Inc. (xxx.xxxxx.xxx), Microsoft Inc. (xxx.xxxxxxxxx.xxx), Stmicroelectronics (xxx.xx.xxx) and Yahoo! Inc. (xxx.xxxxx.xxx).

Annex III Special conditions

For the purpose of paragraphs 18 and 45(iii) of these Final Terms, the exercise of each Series of Warrants is automatic on the Maturity Date. Any Cash Settlement Amount shall be credited, within five Business Days following the Valuation Date, through the Calculation Agent, to the account of the relevant intermediary in Monte Titoli.

The Calculation Agent and the Issuer shall not apply any charge for the automatic exercise of the Warrants. Other taxes, duties and/or expenses, including any applicable depository charges, transaction or exercise charges, stamp duty, stamp duty reserve tax, issue, registration, securities transfer and/or other taxes or duties which may arise in connection with the automatic exercise of the Warrants are in charge of the Holder.

(A) Renouncement Right

The Holder has the right to renounce to the exercise of the relevant Warrants held by it (subject as set out below). In this case a duly completed renouncement notice (a Renouncement Notice) must be delivered by facsimile to the Calculation Agent prior to 10.00 a.m. Milan time on the Maturity Date (with respect to Warrants linked to Shares specified in Annex I – Table A) or on the first Business Day following the Maturity Date (with respect to Warrants linked to Shares specified in Annex I – Table B), at the facsimile number set out in the form of Renouncement Notice attached as Annex IV to these Final Terms.

The Holder must deliver the completed Renouncement Notice to his/her intermediary who will be in charge of sending it by facsimile to the Calculation Agent.

The Calculation Agent and the Issuer shall not apply any charge for the renouncement to the exercise of the Warrants.

Other taxes, duties and/or expenses, including any applicable depository charges, transaction or exercise charges, stamp duty, stamp duty reserve tax, issue, registration, securities transfer and/or other taxes or duties which may arise in connection with the renouncement of any Warrants duties are in charge of the Holder.

In the event that a Holder does not perform its obligations and so deliver, where applicable, a duly completed Renouncement Notice in accordance with the provisions hereof, such Warrants shall be exercised automatically and shall be repaid in the manner set out herein, and the Issuer's obligations in respect of such Warrants shall be discharged and no further liability in respect thereof shall attach to the Issuer.

The number of Warrants specified in the Renouncement Notice must be a multiple of a Unit, otherwise such number of Warrants so specified shall be rounded down to the preceding multiple of Units and the Renouncement Notice shall not be considered valid in respect of the Warrants exceeding such rounded number of Warrants.

The minimum number of Warrants specified in the Renouncement Notice must be equal to one Unit, otherwise the Renouncement Notice shall not be considered valid.

The Calculation Agent will, in its sole and absolute discretion, determine whether the above conditions are satisfactorily met and its determination will be final, conclusive and binding on the Issuer and on the Holders.

The Renouncement Notice is irrevocable.

(B) Exercise Right

The Holder also has the right to exercise the relevant Warrants prior to the Maturity Date. In this case a duly completed voluntary exercise notice (a Voluntary Exercise Notice) must be delivered by facsimile to the Calculation Agent prior to 10.00 a.m. Milan time on any Exercise Business Day during the Exercise Period (the Effective Exercise Date) at the facsimile number set out in the form of Voluntary Exercise Notice attached as Annex V to these Final Terms. The Holder must deliver the completed Voluntary Exercise Notice to its intermediary who will be in charge of transmitting such notice it by facsimile to the Calculation Agent.

If the Voluntary Exercise Notice is delivered after 10.00 a.m. on any Exercise Business Day during the Exercise Period, such Voluntary Exercise Notice will be deemed to have been delivered on the next Exercise Business Day, which Exercise Business Day shall be deemed to be the Effective Exercise Date.

The Warrants specified in the Voluntary Exercise Notice shall be deemed to be validly exercised on the Effective Exercise Date only if, prior to 17.00 p.m. Milan Time of that Effective Exercise Date:

(a) the Warrants specified in the Voluntary Exercise Notice have been credited to the account of 2S Banca, being account nr. 63307 held with Monte Titoli. For this purpose, the Holder must instruct his/her intermediary who will be in charge of requesting the transfer of the Warrants specified accordingly; or

(b) the intermediary has transmitted to the Calculation Agent a confirmation from Monte Titoli declaring that the Warrants specified in the Voluntary Exercise Notice have been transferred to the account of 2S Banca, being account nr. 63307 held with Monte Titoli.

In the event that a Holder does not perform its obligations and so deliver, where applicable, a duly completed Voluntary Exercise Notice in accordance with the provisions hereof, the Voluntary Exercise Notice shall be null and void and the Warrants shall be deemed to be automatically exercised at the Maturity Date (unless previously validly exercised).

If such Voluntary Exercise Notice is subsequently corrected to the satisfaction of the Calculation Agent, it shall be deemed to be a new Voluntary Exercise Notice submitted at the same time such corrected notice is delivered to the Calculation Agent.

Subject as set out above, delivery of a Voluntary Exercise Notice shall constitute an irrevocable election by the relevant Holder to exercise the Warrants specified.

The Calculation Agent and the Issuer shall not apply any charge for the voluntary exercise of the Warrants.

Other taxes, duties and/or expenses, including any applicable depository charges, transaction or exercise charges, stamp duty, stamp duty reserve tax, issue, registration, securities transfer and/or other taxes or duties arising in connection with the voluntary exercise of any Warrants duties are in charge of the Holder.

The number of Warrants specified in the Voluntary Exercise Notice must be a multiple of a Unit, otherwise such number of Warrants so specified shall be rounded down to the preceding multiple of Units and the Voluntary Exercise Notice shall not be considered valid in respect of the Warrants exceeding such rounded number of Warrants.

The minimum number of Warrants specified in the Voluntary Exercise Notice must be equal to one Unit, otherwise the Voluntary Exercise Notice shall not be considered valid.

The Voluntary Exercise Notice is irrevocable.

Annex IV

Renouncement Notice DICHIARAZIONE DI RINUNCIA ALL’ESERCIZIO (FACSIMILE)

(da compilare su carta intestata)

A: UniCredit Banca Mobiliare S.p.A. Fax 02/8862.2666

Tel 02/8862.2746 - 02/8862.2736

Covered warrant su ………… scad. emessi da UniCredito Italiano S.p.A.

L’intermediario

che detiene in custodia i covered warrant per conto della propria clientela

con la presente comunica la volontà di rinuncia all’esercizio dei diritti garantiti dal covered warrant come da indicazione contenuta nel Regolamento dei covered warrant.

Codice ISIN dei covered warrant per i quali rinuncia all’esercizio:

Numero di covered warrant per i quali rinuncia all’esercizio:

Il sottoscritto è consapevole che la dichiarazione di rinuncia all’esercizio non è valida qualora non siano rispettati i requisiti indicati nel Regolamento dei covered warrant. Questo vale anche qualora la dichiarazione non dovesse essere consegnata in tempo utile a UniCredit Banca Mobiliare S.p.A.

Luogo Data

Firma (firme) del legale rappresentante dell’intermediario

Annex V

Voluntary Exercise Notice DICHIARAZIONE DI ESERCIZIO (FACSIMILE)

(da compilare su carta intestata)

A: UniCredit Banca Mobiliare S.p.A. Fax 02/8862.2666

Tel 02/8862.2746 - 02/8862.2736

covered warrant su ………… scad. emessi da UniCredito Italiano S.p.A.

L’intermediario

che detiene in custodia i covered warrant per conto della propria clientela con la presente esercita in modo irrevocabile i diritti garantiti dal covered warrant come da indicazione contenuta nel Regolamento dei covered warrant.

Codice ISIN dei covered warrant da esercitare:

Numero di covered warrant da esercitare:

i covered warrant da esercitare sono stati trasferiti sul conto N. 63307 di 2S Banca presso Monte Titoli S.p.A.;

A - ordina irrevocabilmente a UniCredit Banca Mobiliare S.p.A. di trasmettere l'importo della differenza al seguente conto in Euro intestato a:

Titolare del conto

numero c/c

presso Istituto Bancario – ABI + CAB

B - ordina irrevocabilmente a UniCredit Banca Mobiliare S.p.A. di accreditare l’importo in Euro della differenza tramite stanza di compensazione giornaliera:

intestazione beneficiario

codice SIA

Il sottoscritto è consapevole che:

1. con la presente Dichiarazione di Esercizio esercita in modo irrevocabile i covered warrant con le caratteristiche precedentemente descritte che detiene in custodia per conto della propria clientela secondo le modalità previste nel Regolamento dei covered warrant;

2. nel momento in cui la Dichiarazione di Esercizio è ricevuta dall’Agente di Calcolo, non sarà possibile, per nessuna ragione, richiederne l’annullamento;

3. è esclusa la revoca della Dichiarazione di Esercizio;

4. deve adempiere ai seguenti obblighi: a) far pervenire la presente Dichiarazione di Esercizio entro le ore 10.00 (ora di Milano) del giorno in cui intende esercitare i covered warrant; b) provvedere al trasferimento dei covered warrant in relazione ai quali é inviata la presente Dichiarazione di Esercizio entro le ore 17.00 (ora di Milano) del giorno della richiesta di esercizio sul conto di 2S Banca, presso Monte Titoli S.p.A., n. 63307; c) trasferire i covered warrant in modo da rendere possibile una chiara correlazione alla Dichiarazione D'esercizio.

Luogo Data

Firma (firme) del legale rappresentante dell’intermediario

Final Terms dated 30 May 2006

UNICREDITO ITALIANO S.p.A.

(the "Issuer")

Issue of Euro 1,873,400 Warrants linked to Indices under its Warrant and Certificate Programme

S.p.A. at xxx.xxxxxxxxxxx.xx .

Save as disclosed in "Offering and Sale", so far as the Issuer is aware, no person involved in the offer of the Securities has an interest material to the offer.

PART A - CONTRACTUAL TERMS

A.1 GENERAL PROVISIONS

1. Issuer: UniCredito Italiano S.p.A.

2. Series Number: The series number of each Series of Warrants is as specified in Annex I.

3. Tranche: The Tranche of each Series of Warrants is specified in Annex I.

4. Denomination: Not Applicable

5. Consolidation: Not Applicable

6. Type of Securities: (i) The Securities are Warrants.

(ii) The Securities are Index Warrants.

(iii) The Securities relate to indices (the Index or the Indices), as specified in Annex I. See also Xxxxx XX for a description of the Indices.

7. Form of Securities: No Warrants in definitive form will be issued in relation to any Series. No physical document of title will be issued to represent the Warrants of any Series. On issue, the Warrants of each Series will be registered in the books of Monte Titoli. The Warrants of each Series will be held in bearer form on behalf of the beneficial owners until redemption and cancellation thereof.

8. Status of the Securities: Direct, unsubordinated and unsecured.

9. Date Board approval for issuance of Securities obtained:

Not Applicable

10. Admission to trading: Application has been made for the Warrants of each Series to be

admitted to trading on the SeDeX of Borsa Italiana S.p.A.

UniCredit Banca Mobiliare S.p.A., xxx Xxxxxxx Xxxxxx 00, 00000 Xxxxx (Xxxxx), (the Market Maker) has undertaken to provide liquidity through bid and offer quotes in accordance with the market making rules of Borsa Italiana S.p.A., where the Warrants of each Series are expected to be listed. The obligations of the Market Maker are regulated by the Regulation on regulated markets, and relevant Instructions, of Borsa Italiana S.p.A..

11. Averaging: Not Applicable

12. Number of Securities being issued: See Annex I in relation to each Series of Warrants.

13. Issue Price: The issue price per Warrant in relation to each Series is the one specified as such in Annex I.

14. Issue Date: 13 June 2006

15. Exchange Business Day As set out in Condition 3

16. Business Day Centre(s): Milan

17. Valuation Date(s): The date, as determined by the Calculation Agent, is:

(a) in the case of Automatic Exercise, the Maturity Date of the Warrants (as defined in Annex I);

(b) in the case of exercise of the Warrant during the Exercise Period, one Business Day immediately succeeding the relevant Effective Exercise Date (as defined in Annex III).

18. Settlement: Settlement will be by way of cash payment.

In relation to each Series of Warrants, the Cash Settlement Amount shall be determined by the Calculation Agent at the Valuation Date as follows:

1. if such Warrants are Call Warrants, Holders will receive in relation to each Warrant, an amount in EUR calculated in accordance with the following formula:

Cash Settlement Amount = [(Settlement Price – Exercise Price) * Parity] / Exchange Rate

Where:

2. if such Warrants are Put Warrants, Holders will receive in relation to each Warrant, an amount in EUR calculated in accordance with the following formula:

Cash Settlement Amount = [(Exercise Price – Settlement Price) * Parity]/Exchange Rate

The Cash Settlement Amount will be rounded to the nearest four decimal places in the relevant Settlement Currency, 0.00005 being rounded upwards.

19. Issuer's option to vary settlement: Not Applicable

20. Exchange Rate: The applicable rate of exchange for conversion of any amount into the Settlement Currency for the purposes of determining the Cash Settlement Amount is:

− with respect to the NASDAQ100 Index, the European Central Bank Settlement Spot Rate, fixing of the exchange rate of the USD against the EUR at 14:15 CET on the Valuation Date, as published on the Reuters page ECB37;

− with respect to the NIKKEI225 Index, the European Central Bank Settlement Spot Rate, fixing of the exchange rate of the JPY against the EUR at 14:15 CET on the Valuation Date, as published on the Reuters page ECB37.

21. Settlement Currency: The settlement currency for the payment of the Cash Settlement

Amount is EUR.

22. Principal Agent: UniCredito Italiano S.p.A.

23. Calculation Agent: UniCredit Banca Mobiliare S.p.A.

24. Exchange(s): Not Applicable

25. Exchange(s) and Index Sponsor: The relevant Exchange is:

− with respect to the S&P/MIB Index, Borsa Italiana S.p.A.;

− with respect to the NASDAQ100 Index, Nasdaq Stock Market Inc.;

− with respect to the NIKKEI225 Index, Tokyo Stock Exchange Inc..

The relevant Index Sponsor is:

− with respect to the S&P/MIB Index, Standard and Poor’s Corp.(xxx.xxxxxxxxxxxxxxxx.xxx);

− with respect to the NASDAQ100 Index, Nasdaq Stock Market Inc. (xxx.xxxxxx.xxx);

− with respect to the NIKKEI225 Index, Nihon Keizai Shimbun Inc. (xxx.xxx.xxxxxx.xx.xx\Markets Japan).

26. Related Exchange(s): The Related Exchange is:

− with respect to the S&P/MIB Index, IDEM of Borsa Italiana

S.p.A. (xxx.xxxxxxxxxxx.xx);

− with respect to the NASDAQ100 Index, the Chicago Mercantile Exchange (xxx.xxx.xxx);

− with respect to the NIKKEI225 Index, the Osaka Securities Exchange (xxx.xxx.xx.xx).

27. Multiplier: Not Applicable

28. Nominal Amount: Not Applicable

29. Relevant Asset(s): Not Applicable

30. Entitlement: Not Applicable

31. Settlement Price: In relation to each Series of Warrants, the Settlement Price of the relevant Index, as determined by the Calculation Agent, is:

(a) in the case of Automatic Exercise:

− with respect to the S&P/MIB Index, the official opening price of the Index, as established by the Related Exchange on the Valuation Date at xxx.xxxxxxxxxxx.xx;

− with respect to the NASDAQ100 Index and NIKKEI225 Index, the “special quotation” of each Index, as established by the relevant Related Exchange on the Valuation Date respectively at xxx.xxx.xxx and xxx.xxx.xx.xx;

In case of delisting of the relevant options contracts related to each Index listed on the Related Exchange, at any time between the Issue Date and the Maturity Date (both included) of any Series of Warrants, the Settlement Price will be an official price of the Index calculated by the Index Sponsor on the Valuation Date. The Calculation Agent will notify the Holders of the Settlement Price of the Index used for the purpose of calculating the Cash Settlement Amount.

(b) in the case of exercise of the Warrant during the Exercise Period:

− with respect to the S&P/MIB Index and the NIKKEI225 Index, the official opening price of each Index, as calculated and published by the relevant Index Sponsor on the Valuation Date respectively at xxx.xxxxxxxxxxxxxxxx.xxx . and xxx.xxx.xxxxxx.xx.xx

\Markets Japan;

− with respect to the NASDAQ100 Index, the official

closing price of the Index, as calculated and published by the Index Sponsor on the Valuation Date at xxx.xxxxxx.xxx .

32. Disrupted Day: In relation to each Series of Warrants, if the Valuation Date is a Disrupted Day:

− in the case of Automatic Exercise, the Settlement Price of the relevant Index will be the one established for the same purpose by the relevant Related Exchange on such date and in such manner according to its applicable regulations.

If the relevant Related Exchange does not establish the Settlement Price of the relevant Index within eight Scheduled Trading Days immediately following the Valuation Date:

(i) that eight Scheduled Trading Day shall be deemed to be the Valuation Date, notwithstanding the fact that such day is a Disrupted Day; and

(ii) the Calculation Agent shall calculate the Settlement Price in its good faith and absolute discretion, by taking into account the market conditions, a price of the Index estimated on the basis of last announced prices of the components and such other conditions or factors that the Calculation Agent reasonably considers to be relevant.

− in the case of exercise of the Warrant during the Exercise Period, the first succeeding Scheduled Trading Day that is not a Disrupted Day is deemed to be the Valuation Date, unless each of the eight Scheduled Trading Days immediately following the Valuation Date is a Disrupted Day. In that case:

(i) that eight Scheduled Trading Day shall be deemed to be the Valuation Date, notwithstanding the fact that such day is a Disrupted Day; and

33. Redemption of underlying of Debt Securities:

Not Applicable

34. Relevant Time: In relation to each Series of Warrants, the Relevant Time for the calculation of the Settlement Price of the relevant Index is:

(a) in the case of Automatic Exercise, the relevant scheduled time specified by the Related Exchange on the Valuation Date;

(b) in the case of exercise of the Warrant during the Exercise

Period, the relevant scheduled time specified by the Index Sponsor on the Valuation Date.

35. Currency: Not Applicable

36. Additional Disruption Events: Not Applicable

37. Failure to Deliver due to Illiquidity: Not Applicable

38. Special conditions or other modifications to the Terms and Conditions:

See Xxxxx XXX in relation to each Series of Warrants with respect to the exercise of such Warrants and the provisions of Conditions 4 and 5 shall be amended accordingly.

Condition 13 (“Substitution of Issuer”) shall not apply and shall be replaced by the following:

(i) the New Issuer assumes all obligations of the Issuer in relation to the Holders under or in connection with the Warrants;

(2) In case of any such substitution of the Issuer, any reference in these Conditions to the Issuer shall be construed as a reference to the New Issuer.

(3) The substitution of the Issuer shall be final, binding and conclusive on the Holders and will be notified to the Holders without undue delay in accordance with Condition 10.

(4) In connection with such right of substitution the Issuer shall not be obliged to have regard to the consequences of the exercise of such right for individual Holders resulting from their being for any purpose domiciled or resident in, or otherwise connected with, or subject to the jurisdiction of, any particular territory, and no Holder shall be entitled to claim from the Issuer or New Issuer any indemnification or payment in respect of any tax

consequence of any such substitution upon such Holder.”

The following paragraph shall be added to Condition 15(A)(2)(b) (Modification and Cessation of Calculation of an Index) and numerated as "(ii)" so that the current Condition 15(A)(2)(b)(ii) shall be numerated as Condition 15(A)(2)(b)(iii):

"The Calculation Agent shall determine whether such Index Modification has a diluting or concentrative effect on the value of the Index and, if so, will (i) make the corresponding adjustment, if any, to any one or more of the Entitlement and/or the Exercise Price and/or the Multiplier and/or any of the terms of these Terms and Conditions and/or the applicable Final Terms as the Calculation Agent in its sole and absolute discretion determines appropriate to account for that diluting or concentrative effect and (ii) determine the effective date of that adjustment. The Calculation Agent may, but need not, determine the appropriate adjustment by reference to the adjustment in respect of such Index Adjustment Event made by an options exchange to options on the Index traded on that options exchange; or".

39. Listing: Application has been made for each Series of Warrants to be listed on the SeDeX of Borsa Italiana S.p.A.

40. Additional Selling Restrictions: Not Applicable

41. Syndication: Not Applicable

42. Additional or Alternative Clearing System:

All the transactions of each Series of Warrants negotiated on the SeDeX of Borsa Italiana S.p.A. will be settled in Monte Titoli.

43. Notice provisions (other than as set out in Condition 10):

44. Governing law of the Securities: Italian law

A.2 PROVISIONS RELATING TO WARRANTS

45. Type of Warrants: (iv) The Warrants are American Style Warrants.

(v) The Warrants are Call Warrants and Put Warrants. See Annex I in relation to each Series of Warrants.

(vi) Automatic Exercise applies.

46. Units: Warrants must be exercised in Units. Each Unit consists of 100 Warrants.

47. Issue price per Unit: See Annex I in relation to each Series of Warrants.

48. Exercise Price: See Annex I in relation to each Series of Warrants.

49. Exercise Date: Not Applicable

50. Exercise Period: The exercise period in respect of the Warrants is from and including the Issue Date to and including one Exercise Business Day immediately preceding the Maturity Date (10.00 a.m. Milan Time).

51. Settlement Date: The fifth Business Day following the Valuation Date.

52. Minimum Exercise Number: 1 Unit

53. Maximum Exercise Number: Not Applicable

PART B - OTHER INFORMATION

B.1 DISTRIBUTION:

54. If syndicated, names and addresses of Managers and underwriting commitments:

Not Applicable

55. Date of [Subscription] Agreement: Not Applicable

56. Stabilising Manager (if any): Not Applicable

57. If non-syndicated, name and address of Manager:

The Warrants of each Series shall be available for trading on Borsa Italiana S.p.A. once the Warrants have been admitted to trading by such exchange.

58. Total commission and concession: Not Applicable

59. Condition of the offer: Not Applicable

B.2 REASONS FOR THE OFFER, ESTIMATED NET PROCEEDS AND TOTAL EXPENSES:

60. (i) Reasons for the offer: See “Use of Proceeds” in the Prospectus.

61. (ii) Estimated net proceeds: Not Applicable

62. (iii) Estimated total expenses: Not Applicable

B.3 OPERATIONAL INFORMATION:

63. ISIN Code: See Annex I in relation to each Series of Warrants. Each Series of Warrants is also identified by the ET Code, as specified in Annex I.

64. Common Code: Not Applicable

65. Any clearing system(s) other than Euroclear Bank S.A./N.V. and Clearstream Banking Société Anonyme and the relevant identification number(s):

Annex II Information about the Indices

1. S&P/MIB Index

1.1 Composition

The composition of the Index is available on the website xxx.xxxxxxxxxxxxxxxx.xxx. As of 25 May 2006 the basket of shares composing the Index is the following:

ISIN	Stock Name	Stock Ticker
IT0001233417	AEM SPA	AEM
IT0003918577	Alitalia	AZA
IT0000078193	Alleanza Assicurazioni	AL
IT0000062072	Assicurazioni Generali SpA	G
IT0001137345	Autogrill SpA	AGL
IT0003506190	Autostrade SpA	AUTO
IT0000082963	Banca Fideuram SpA	BFI
IT0000072618	Banca Intesa Spa	BIN
IT0001334587	Banca Monte dei Paschi di Siena SpA	BMPS
IT0000064482	Banca Popolare di Milano Scrl	PMI
IT0003487029	Banche Popolari Unite Scrl	BPU
IT0003262513	Banco Popolare di Verona e Novara	BPVN
IT0001119087	Bulgari SpA	BUL
IT0003121495	Capitalia SpA	CAP
IT0003128367	Enel SpA	ENEL
IT0003132476	ENI SpA	ENI
IT0001423562	Fastweb	FWB
IT0001976403	FIAT Spa	F
IT0003856405	Finmeccanica SpA	FNC
IT0001463071	Fondiaria SAI	FSA
IT0001398541	Gruppo Editoriale L'Espresso SpA	ES
IT0001465159	Italcementi SpA	IT
IT0003990402	Lottomatica SpA	LTO
IT0001479374	Luxottica SPA	LUX
IT0001063210	Mediaset SpA	MS
IT0000062957	Mediobanca SpA	MB
IT0001279501	Mediolanum SpA	MED
IT0001469383	Mondadori (Xxxxxxx) Editore SpA	MN
IT0003826473	Parmalat SpA	PLT
IT0000072725	Pirelli & C. SPA	PC
IT0000062825	RAS - Rinunione Adriatica di Sicurta SpA	R
IT0000068525	Saipem SPA	SPM
IT0001269361	San Paolo-IMI SpA	SPI
IT0003479638	Seat Pagine Gialle SPA	PG
IT0003153415	Snam Rete Gas	SRG
NL0000226223	ST Microelectronics NV (Italy)	STM
IT0003497168	Telecom Italia SPA	TIT
LU0156801721	Tenaris	TEN
IT0003242622	Terna SPA	TRN
IT0000064854	UniCredito Italiano SpA	UC

1.2 Product information

The S&P/MIB, developed by Standard & Poor's and Borsa Italiana, is the benchmark index for the Italian equity markets. Capturing approximately 80% of the domestic market capitalisation and free float, the index is comprised of highly liquid, leading companies across leading economic sectors in Italy.

The index constituent count is currently 40 stocks. The number of S&P/MIB constituents is not fixed. The S&P/MIB Index Committee, composed of members from Borsa Italiana and Standard & Poor’s, is responsible for selecting the constituent companies and monitoring the ongoing composition of the index.

Companies themselves play no role in the selection process and are not consulted regarding their inclusion in any index. The S&P/MIB Index Committee reserves the right to change the number of constituents in the S&P/MIB Index after due analysis and consideration and with ample notice to the market.

1.3 Price dissemination

The Index is calculated by Standard and Poor’s Corp. on any Business Day and the values are published on the Standard and Poor’s website (xxx.xxxxxxxxxxxxxxxx.xxx), on the main info-provider systems such as Reuters (at the page: .SPMIB), on the most accredited financial newspapers (IlSole24Ore, MF) and on the Calculation Agent website xxx.xxxxxxxxxx.xxx and may be requested on any Business Day by calling: 000.00.00.00 (call free).

Historical prices and volatility of the Index will be available on the website xxx.xxxxxxxxxx.xxx in connection with each Security issued under these Final Terms.

1.4 Disclaimer

The Product is not sponsored, endorsed, sold or promoted by Standard & Poor’s, a division of The McGraw-Xxxx Companies, Inc. (“S&P®”) or Borsa Italiana S.p.A. (“BIt”). S&P and BIt make no representation, condition or warranty, express or implied, to the owners of the Product or any member of the public regarding the advisability of investing in securities generally or in the Product particularly or the ability of the S&P/MIB to track general stock market performance. S&P’s only relationship to Licensee is the licensing of certain trademarks and trade names of S&P and the BIt and/or of the S&P/MIB which is determined, composed and calculated by S&P without regard to Licensee or the Product. S&P and BIt have no obligation to take the needs of Licensee or the owners of the Product into consideration in determining, composing or calculating the S&P/MIB. S&P and BIt are not responsible for and have not participated in the determination of the timing of, prices at, or quantities of the Product to be issued or in the determination or calculation of the equation by which the Product is to be converted into cash. S&P and BIt have no obligation or liability in connection with the administration, marketing or trading of the Product.

S&P AND BIt SHALL OBTAIN INFORMATION FOR INCLUSION IN OR FOR USE IN THE CALCULATION OF THE S&P INDEXES FROM SOURCES THAT S&P CONSIDERS RELIABLE, BUT S&P AND BIt ACCEPT NO RESPONSIBILITY FOR, AND SHALL HAVE NO LIABILITY FOR ANY ERRORS, OMISSIONS OR INTERRUPTIONS THEREIN. S&P AND BIt DO NOT GUARANTEE THE ACCURACY AND/OR THE COMPLETENESS OF THE S&P INDEXES OR ANY DATA INCLUDED THEREIN. S&P AND BIt MAKE NO WARRANTY, EXPRESS OR IMPLIED, AS TO THE RESULTS TO BE OBTAINED BY ANY PERSON OR ENTITY FROM THE USE OF THE S&P INDEXES OR ANY DATA INCLUDED THEREIN. S&P AND BIt MAKE NO EXPRESS OR IMPLIED WARRANTIES AND EXPRESSLY DISCLAIM ALL CONDITIONS AND WARRANTIES IMPLIED BY STATUTE, GENERAL LAW OR CUSTOM WITH RESPECT TO THE S&P INDEXES OR ANY DATE INCLUDED THEREIN EXCEPT ANY IMPLIED CONDITION OR WARRANTY THE EXCLUSION OF WHICH WOULD CONTRAVENE ANY STATUTE OR CAUSE ANY PART OF THIS SECTION TO BE VOID.

2. NASDAQ100 Index

2.1 Composition

The composition of the Index is available on the website xxx.xxxxxx.xxx. As of 25 May 2006 the basket of shares composing the Index is the following:

Name	Symbol
ACTIVISION INC NEW	ATVI
ADOBE SYS INC	ADBE
AKAMAI TECHNOLOGIES INC	AKAM
ALTERA CORP	ALTR
AMAZON COM INC	AMZN
AMERICAN PWR CONVERSION CORP	APCC
AMGEN INC	AMGN
AMYLIN PHARMACEUTICALS INC	AMLN
APOLLO GROUP INC	APOL
APPLE COMPUTER INC	AAPL
APPLIED MATLS INC	AMAT
ATI TECHNOLGIES INC	ATYT
AUTODESK INC	ADSK
BEA SYS INC	BEAS
BED BATH & BEYOND INC	BBBY
BIOGEN IDEC INC	BIIB
BIOMET INC	BMET
BROADCOM CORP	BRCM
C D W CORP	CDWC
C H XXXXXXXX WORLDWIDE INC	CHRW
CADENCE DESIGN SYSTEM INC	CDNS
CELGENE CORP	CELG
CHECK POINT SOFTWARE TECH LT	CHKP
CHECKFREE CORP NEW	CKFR
CINTAS CORP	CTAS
CISCO SYS INC	CSCO
CITRIX SYS INC	CTXS
COGNIZANT TECHNOLOGY SOLUTIO	CTSH
COMCAST CORP NEW	CMCSA
COMVERSE TECHNOLOGY INC	CMVT
COSTCO WHSL CORP NEW	COST
DELL INC	DELL
DENTSPLY INTL INC NEW	XRAY
DISCOVERY HOLDING CO	DISCA
EBAY INC	EBAY
ECHOSTAR COMMUNICATIONS NEW	DISH
ELECTRONIC ARTS INC	ERTS
ERICSSON L M TEL CO	ERICY
EXPEDIA INC DEL	EXPE
EXPEDITORS INTL WASH INC	EXPD
EXPRESS SCRIPTS INC	ESRX
FASTENAL CO	FAST
FISERV INC	FISV

FLEXTRONICS INTL LTD	FLEX
GARMIN LTD	GRMN
GENZYME CORP	GENZ
GILEAD SCIENCES INC	GILD
GOOGLE INC	GOOG
IAC INTERACTIVECORP	IACI
INTEL CORP	INTC
INTUIT	INTU
INTUITIVE SURGICAL INC	ISRG
JDS UNIPHASE CORP	JDSU
JOY GLOBAL INC	JOYG
JUNIPER NETWORKS INC	JNPR
XXX-XXXXXX XXXX	XXXX
LAM RESEARCH CORP	LRCX
XXXXX ADVERTISING CO	LAMR
LIBERTY GLOBAL INC	LBTYA
LINCARE HLDGS INC	LNCR
LINEAR TECHNOLOGY CORP	LLTC
MARVELL TECHNOLOGY GROUP LTD	MRVL
MAXIM INTEGRATED PRODS INC	MXIM
MEDIMMUNE INC	MEDI
MICROCHIP TECHNOLOGY INC	MCHP
MICROSOFT CORP	MSFT
MONSTER WORLDWIDE INC	MNST
MILLICOM INTL	MICC
NETWORK APPLIANCE INC	NTAP
NII HLDGS INC	NIHD
NTL INC DEL	NTLI
NVIDIA CORP	NVDA
ORACLE CORP	ORCL
PACCAR INC	PCAR
XXXXXXXXX COMPANIES INC	PDCO
XXXXXXXXX UTI ENERGY INC	PTEN
PAYCHEX INC	PAYX
PETSMART INC	PETM
QUALCOMM INC	QCOM
RED HAT INC	RHAT
RESEARCH IN MOTION LTD	RIMM
XXXX STORES INC	ROST
SANDISK CORP	SNDK
SEARS HLDGS CORP	SHLD
SEPRACOR INC	SEPR
SIGMA XXXXXXX CORP	SIAL
SIRIUS SATELLITE RADIO INC	XXXX
XXXXXXX INC	SPLS
STARBUCKS CORP	SBUX
SUN MICROSYSTEMS INC	SUNW
SYMANTEC CORP	SYMC
TELLABS INC	TLAB
TEVA PHARMACEUTICAL INDS LTD	TEVA

URBAN OUTFITTERS INC	URBN
VERISIGN INC	VRSN
WHOLE FOODS MKT INC	WFMI
XXXX RESORTS LTD	XXXX
XILINX INC	XLNX
XM SATELLITE RADIO HLDGS INC	XMSR
YAHOO INC	YHOO

2.2 Product information

The NASDAQ-100 Index includes 100 of the largest domestic and international non-financial securities listed on The NASDAQ Stock Market based on market capitalization. The Index reflects companies across major industry groups including computer hardware and software, telecommunications, retail/wholesale trade and biotechnology. It does not contain securities of financial companies including investment companies.

Launched in January 1985, the NASDAQ-100 Index represents the largest non-financial domestic and international securities listed on The NASDAQ Stock Market based on market capitalization. The NASDAQ-100 Index is calculated under a modified capitalization-weighted methodology. The methodology is expected to retain in general the economic attributes of capitalization-weighting while providing enhanced diversification. To accomplish this, NASDAQ will review the composition of the NASDAQ-100 Index on a quarterly basis and adjust the weightings of Index components using a proprietary algorithm, if certain pre-established weight distribution requirements are not met.

2.3 Price dissemination

The Index is calculated by Nasdaq Stock Market Inc. on any Business Day and the values are published on the Nasdaq Stock Market website (xxx.xxxxxx.xxx), on the main info-provider systems such as Reuters (at the page:.NDX), on the most accredited financial newspapers (IlSole24Ore, MF) and on the Calculation Agent website xxx.xxxxxxxxxx.xxx and may be requested on any Business Day by calling: 000.00.00.00 (call free).

Historical prices and volatility of the Index will be available on the website xxx.xxxxxxxxxx.xxx in connection with each Security issued under these Final Terms.

2.4 Disclaimer

The Product is not sponsored, endorsed, sold or promoted by The Nasdaq Stock Market, Inc.(including its affiliates) (Nasdaq, with its affiliates, are referred to as the Corporations). The Corporations have not passed on the legality or suitability of, or the accuracy or adequacy of descriptions and disclosures relating to, the Product(s). The Corporations make no representation or warranty, express or implied to the owners of the Product(s) or any member of the public regarding the advisability of investing in securities generally or in the Product(s) particularly, or the ability of the Nasdaq-100 Index® to track general stock market performance. The Corporations' only relationship to UniCredito Italiano is in the licensing of the Nasdaq-100®, Nasdaq-100 Index®, and Nasdaq® trademarks or service marks, and certain trade names of the Corporations and the use of the Nasdaq-100 Index® which is determined, composed and calculated by Nasdaq without regard to Licensee or the Product. Nasdaq has no obligation to take the needs of the Licensee or the owners of the Product(s) into consideration in determining, composing or calculating the Nasdaq-100 Index®. The Corporations are not responsible for and have not participated in the determination of the timing of, prices at, or quantities of the Product to be issued or in the determination or calculation of the equation by which the Product is to be converted into cash. The Corporations have no liability in connection with the administration, marketing or trading of the Product.

The Corporations do not guarantee the accuracy and/or uninterrupted calculation of the Nasdaq-100 index® or any data included therein. The Corporations make no warranty, express or implied, as to results to be obtained by Licensee, owners of the product, or any other person or entity from the use of

the Nasdaq-100 Index® or any data included therein. The Corporations make no express or implied warranties, and expressly disclaim all warranties of merchantability or fitness for a particular purpose or use with respect to the Nasdaq-100 Index® or any data included therein. Without limiting any of the foregoing, in no event shall the Corporations have any liability for any lost profits or special, incidental, punitive, indirect, or consequential damages, even if notified of the possibility of such damages.

3. NIKKEI225 Index

3.1 Composition

The composition of the Index is available on the website xxx.xxx.xxxxxx.xx.xx. As of 25 May 2006 the basket of shares composing the Index is the following:

Stock Code	Company Name
2914	Japan Tobacco Inc.
2502	Asahi Breweries, Ltd.
2503	Kirin Brewery Co., Ltd.
2002	Nisshin Seifun Group Inc.
2282	Nippon Meat Packers, Inc.
2531	Takara Holdings Inc.
2602	The Nisshin Oillio Group, Ltd.
2801	Kikkoman Corp.
2001	Nippon Flour Xxxxx Co., Ltd.
2261	Meiji Dairies Corp.
2202	Meiji Seika Kaisha, Ltd.
2871	Nichirei Corp.
2501	Sapporo Holdings Ltd.
2802	Ajinomoto Co., Inc.
3404	Mitsubishi Rayon Co., Ltd.
3405	Kuraray Co., Ltd.
3101	Toyobo Co., Ltd.
3401	Teijin Ltd.
3103	Unitika, Ltd.
3402	Toray Industries, Inc.
3105	Nisshinbo Industries, Inc.
3864	Mitsubishi Paper Xxxxx, Ltd.
3865	Hokuetsu Paper Xxxxx, Ltd.
3861	Oji Paper Co., Ltd.
3893	Nippon Paper Group, Inc.
4901	Fuji Photo Film Co., Ltd.
4911	Shiseido Co., Ltd.
4063	Shin-Etsu Chemical Co., Ltd.
4452	Kao Corp.

Stock Code	Company Name
6501	Hitachi, Ltd.
6703	Oki Electric Industry Co., Ltd.
6773	Pioneer Corp.
6796	Clarion Co., Ltd.
6674	GS Yuasa Corp.
6503	Mitsubishi Electric Corp.
6504	Fuji Electric Holdings Co., Ltd.
6770	Alps Electric Co., Ltd.
6764	Sanyo Electric Co., Ltd.
6508	Meidensha Corp.
6502	Toshiba Corp.
6952	Casio Computer Co., Ltd.
6954	Fanuc Ltd.
7012	Kawasaki Heavy Industries, Ltd.
7003	Mitsui Engineering & Shipbuilding Co., Ltd.
7267	Honda Motor Co., Ltd.
7203	Toyota Motor Corp.
7269	Suzuki Motor Corp.
7201	Nissan Motor Co., Ltd.
7261	Mazda Motor Corp.
7205	Hino Motors, Ltd.
7270	Fuji Heavy Industries Ltd.
7202	Isuzu Motors, Ltd.
7211	Mitsubishi Motors Corp.
7231	Topy Industries, Ltd.
7731	Nikon Corp.
7752	Ricoh Co., Ltd.
7762	Citizen Watch Co., Ltd.
4543	Terumo Corp.

4042	Tosoh Corp.
4061	Denki Kagaku Kogyo K.K.
4208	Ube Industries, Ltd.
4041	Nippon Soda Co., Ltd.
4045	Toagosei Co., Ltd.
4188	Mitsubishi Chemical Holdings Corp.
4272	Nippon Kayaku Co., Ltd.
4183	Mitsui Chemicals, Inc.
3407	Asahi Kasei Corp.
4004	Showa Denko K.K.
4005	Sumitomo Chemical Co., Ltd.
4021	Nissan Chemical Industries, Ltd.
4502	Takeda Pharmaceutical Co., Ltd.
4568	Daiichi Sankyo Co., Ltd.
4503	Astellas Pharma Inc.
4523	Eisai Co., Ltd.
4506	Dainippon Sumitomo Pharma Co., Ltd.
4519	Chugai Pharmaceutical Co., Ltd.
4151	Kyowa Hakko Kogyo Co., Ltd.
4507	Shionogi & Co., Ltd.
5001	Nippon Oil Corp.
5002	Showa Shell Sekiyu K.K.
5016	Nippon Mining Holdings, Inc.
5108	Bridgestone Corp.
5101	The Yokohama Rubber Co., Ltd.
5201	Asahi Glass Co., Ltd.
3110	Nitto Boseki Co., Ltd.
5301	Tokai Carbon Co., Ltd.
5233	Taiheiyo Cement Corp.
5333	NGK Insulators, Ltd.
5232	Sumitomo Osaka Cement Co., Ltd.
5332	Toto Ltd.
5202	Nippon Sheet Glass Co., Ltd.
5401	Nippon Steel Corp.
5406	Kobe Steel, Ltd.
5405	Sumitomo Metal Industries, Ltd.
5411	JFE Holdings, Inc.
5901	Toyo Seikan Kaisha, Ltd.
5802	Sumitomo Electric Industries, Ltd.
5801	The Furukawa Electric Co., Ltd.

4902	Konica Minolta Holdings, Inc.
7733	Olympus Corp.
7951	Yamaha Corp.
7912	Dai Nippon Printing Co., Ltd.
7911	Toppan Printing Co., Ltd.
1332	Nippon Suisan Kaisha, Ltd.
1605	Inpex Holdings Inc.
1803	Shimizu Corp.
1963	JGC Corp.
1861	Kumagai Gumi Co., Ltd.
1802	Obayashi Corp.
1801	Taisei Corp.
1812	Kajima Corp.
1928	Sekisui House, Ltd.
1721	Comsys Holdings Corp.
1925	Daiwa House Industry Co., Ltd.
8002	Marubeni Corp.
8001	Itochu Corp.
8058	Mitsubishi Corp.
8015	Toyota Tsusho Corp.
2768	Sojitz Corp.
8031	Mitsui & Co., Ltd.
8053	Sumitomo Corp.
9984	Softbank Corp.
8267	Aeon Co., Ltd.
8233	Takashimaya Co., Ltd.
2779	Mitsukoshi, Ltd.
3382	Seven & I Holdings Co., Ltd.
8238	Isetan Co., Ltd.
8252	Marui Co., Ltd.
9983	Fast Retailing Co., Ltd.
8331	The Chiba Bank, Ltd.
8309	Mitsui Trust Holdings, Inc.
8355	The Shizuoka Bank, Ltd.
8306	Mitsubishi UFJ Financial Group, Inc.
8316	Sumitomo Mitsui Financial Group, Inc.
8332	The Bank of Yokohama, Ltd.
8404	Mizuho Trust & Banking Co., Ltd.
8303	Shinsei Bank, Ltd.
8403	The Sumitomo Trust and Banking Co., Ltd.

5701	Nippon Light Metal Co., Ltd.
5711	Mitsubishi Materials Corp.
5715	Furukawa Co., Ltd.
5803	Fujikura Ltd.
5706	Mitsui Mining and Smelting Co., Ltd.
0000	Xxxx Xxxx Xx., Xxx.
0000	Xxxx Mining Co., Ltd.
5713	Sumitomo Metal Mining Co., Ltd.
6473	Jtekt Corp.
6367	Daikin Industries, Ltd.
6301	Komatsu Ltd.
6472	NTN Corp.
6471	NSK Ltd.
6326	Kubota Corp.
6103	Okuma Holdings, Inc.
6302	Sumitomo Heavy Industries, Ltd.
6361	Ebara Corp.
7011	Mitsubishi Heavy Industries, Ltd.
7013	Ishikawajima-Harima Heavy Industries Co., Ltd.
7004	Hitachi Zosen Corp.
5631	The Japan Steel Works, Ltd.
6366	Chiyoda Corp.
7751	Canon Inc.
6971	Kyocera Corp.
6758	Sony Corp.
6902	Denso Corp.
6857	Advantest Corp.
8035	Tokyo Electron Ltd.
6762	TDK Corp.
6841	Yokogawa Electric Corp.
6752	Matsushita Electric Industrial Co., Ltd.
6753	Sharp Corp.
6479	Minebea Co., Ltd.
6767	Mitsumi Electric Co., Ltd.
6701	NEC Corp.
6976	Taiyo Yuden Co., Ltd.
6702	Fujitsu Ltd.
6991	Matsushita Electric Works, Ltd.
9737	CSK Holdings Corp.
9605	Toei Co., Ltd.

8308	Resona Holdings, Inc.
8411	Mizuho Financial Group, Inc.
8601	Daiwa Securities Group Inc.
8603	Nikko Cordial Corp.
8606	Shinko Securities Co., Ltd.
8604	Nomura Holdings, Inc.
8766	Xxxxxx Holdings, Inc.
8752	Mitsui Sumitomo Insurance Co., Ltd.
8795	T&D Holdings, Inc.
8755	Sompo Japan Insurance Inc.
8253	Credit Xxxxxx Xx., Xxx.
0000	XXX Xxxxx Xx., Ltd.
8803	Heiwa Real Estate Co., Ltd.
8802	Mitsubishi Estate Co., Ltd.
8801	Mitsui Fudosan Co., Ltd.
8830	Sumitomo Realty & Development Co., Ltd.
9020	East Japan Railway Co.
9021	West Japan Railway Co.
9008	Keio Corp.
9007	Odakyu Electric Railway Co., Ltd.
9009	Keisei Electric Railway Co., Ltd.
9001	Tobu Railway Co., Ltd.
9005	Tokyu Corp.
9062	Nippon Express Co., Ltd.
9064	Yamato Holdings Co., Ltd.
9101	Nippon Yusen K.K
9107	Kawasaki Kisen Kaisha, Ltd.
9104	Mitsui O.S.K. Lines, Ltd.
9202	All Nippon Airways Co., Ltd.
9205	Japan Airlines Corp.
9301	Mitsubishi Logistics Corp.
9432	Nippon Telegraph And Telephone Corp.
9437	NTT DoCoMo, Inc.
9433	KDDI Corp.
9613	NTT Data Corp.
9502	Chubu Electric Power Co., Inc.
9503	The Kansai Electric Power Co., Inc.
9501	The Tokyo Electric Power Co., Inc.
9531	Tokyo Gas Co., Ltd.
9532	Osaka Gas Co., Ltd.

9681	Tokyo Dome Corp.
4795	Sky Perfect Communications Inc.
4704	Trend Micro Inc.
4689	Yahoo Japan Corp.

4324	Dentsu Inc.
9735	Secom Co., Ltd.
9766	Konami Corp.

3.2 Product Information

The Nikkei Stock Average is Japan's most widely watched index of stock market activity and has been calculated continuously since September 7, 1950.

The current calculation method, called the Dow Xxxxx method, has been used since 1950. The 225 components of the Nikkei Stock Average are among the most actively traded issues on the first section of the TSE. The index reflects the ex-rights-adjusted average stock price.

Since the Nikkei Stock Average is expected to represent the performance of stocks on the first section -

- and by extension the market in general - the mix of components has been rebalanced from time to time to assure that all issues in the index are both highly liquid and representative of Japan's industrial structure.

3.3 Price dissemination

The Index is calculated by Nihon Keizai Shimbun Inc. on any Business Day and the values are published on the Nihon Keizai Shimbun website (xxx.xxx.xxxxxx.xx.xx), on the main info-provider systems such as Reuters (at the page:.N225), on the most accredited financial newspapers (IlSole24Ore, MF) and on the Calculation Agent website xxx.xxxxxxxxxx.xxx and may be requested on any Business Day by calling: 000.00.00.00 (call free).

Historical prices and volatility of the Index will be available on the website xxx.xxxxxxxxxx.xxx in connection with each Security issued under these Final Terms.

Annex III Special conditions

(A) Renouncement Right

The Holder has the right to renounce to the exercise of the relevant Warrants held by it (subject as set out below). In this case a duly completed renouncement notice (a Renouncement Notice) must be delivered by facsimile to the Calculation Agent prior to 10.00 a.m. Milan time on the Maturity Date (with respect to Warrants on S&P/MIB Index) or on the first Business Day following the Maturity Date (with respect to Warrants on NASDAQ100 Index or NIKKEI225 Index), at the facsimile number set out in the form of Renouncement Notice attached as Annex IV to these Final Terms.

The Holder must deliver the completed Renouncement Notice to his/her intermediary who will be in charge of sending it by facsimile to the Calculation Agent.

The Calculation Agent and the Issuer shall not apply any charge for the renouncement to the exercise of the Warrants.

The minimum number of Warrants specified in the Renouncement Notice must be equal to one Unit, otherwise the Renouncement Notice shall not be considered valid.

The Renouncement Notice is irrevocable.

(B) Exercise Right

The Warrants specified in the Voluntary Exercise Notice shall be deemed to be validly exercised on the Effective Exercise Date only if, prior to 17.00 p.m. Milan Time of that Effective Exercise Date:

Subject as set out above, delivery of a Voluntary Exercise Notice shall constitute an irrevocable election by the relevant Holder to exercise the Warrants specified.

The Calculation Agent and the Issuer shall not apply any charge for the voluntary exercise of the Warrants.

Other taxes, duties and/or expenses, including any applicable depository charges, transaction or exercise charges, stamp duty, stamp duty reserve tax, issue, registration, securities transfer and/or other taxes or duties arising in connection with the voluntary exercise of any Warrants duties are in charge of the Holder.

The minimum number of Warrants specified in the Voluntary Exercise Notice must be equal to one Unit, otherwise the Voluntary Exercise Notice shall not be considered valid.

The Voluntary Exercise Notice is irrevocable.

Xxxxx XX Renouncement Notice

DICHIARAZIONE DI RINUNCIA ALL’ESERCIZIO (FACSIMILE)

(da compilare su carta intestata)

A: UniCredit Banca Mobiliare S.p.A. Fax 02/8862.2666

Tel 02/8862.2746 - 02/8862.2736

Covered warrant su ………… scad. emessi da UniCredito Italiano S.p.A.

L’intermediario

che detiene in custodia i covered warrant per conto della propria clientela

con la presente comunica la volontà di rinuncia all’esercizio dei diritti garantiti dal covered warrant come da indicazione contenuta nel Regolamento dei covered warrant.

Codice ISIN dei covered warrant per i quali rinuncia all’esercizio:

Numero di covered warrant per i quali rinuncia all’esercizio:

Luogo Data

Firma (firme) del legale rappresentante dell’intermediario

Annex V Voluntary Exercise Notice

DICHIARAZIONE DI ESERCIZIO (FACSIMILE)

(da compilare su carta intestata)

A: UniCredit Banca Mobiliare S.p.A. Fax 02/8862.2666

Tel 02/8862.2746 - 02/8862.2736

covered warrant su ………… scad. emessi da UniCredito Italiano S.p.A.

L’intermediario

Codice ISIN dei covered warrant da esercitare:

Numero di covered warrant da esercitare:

i covered warrant da esercitare sono stati trasferiti sul conto N. 63307 di 2S Banca presso Monte Titoli S.p.A.;

A - ordina irrevocabilmente a UniCredit Banca Mobiliare S.p.A. di trasmettere l'importo della differenza al seguente conto in Euro intestato a:

Titolare del conto

numero c/c

presso Istituto Bancario – ABI + CAB

B - ordina irrevocabilmente a UniCredit Banca Mobiliare S.p.A. di accreditare l’importo in Euro della differenza tramite stanza di compensazione giornaliera:

intestazione beneficiario

codice SIA

Il sottoscritto è consapevole che:

2. nel momento in cui la Dichiarazione di Esercizio è ricevuta dall’Agente di Calcolo, non sarà possibile, per nessuna ragione, richiederne l’annullamento;

3. è esclusa la revoca della Dichiarazione di Esercizio;

Luogo Data

Firma (firme) del legale rappresentante dell’intermediario

Final Terms dated 30 May 2006

UNICREDITO ITALIANO S.p.A.

(the "Issuer")

Issue of Euro 175,900 Warrants linked to Currency under its Warrant and Certificate Programme

Save as disclosed in "Offering and Sale", so far as the Issuer is aware, no person involved in the offer of the Securities has an interest material to the offer.

PART A - CONTRACTUAL TERMS

A.1 GENERAL PROVISIONS

1. Issuer: UniCredito Italiano S.p.A.

2. Series Number: The series number of each Series of Warrants is as specified in Annex I.

3. Tranche: The Tranche of each Series of Warrants is specified in Annex I.

4. Denomination: Not Applicable

5. Consolidation: Not Applicable

6. Type of Securities: (i) The Securities are Warrants.

(ii) The Securities are Currency Warrants.

(iii) The Securities relate to Currency (the Currency), as specified in Annex I. See also Xxxxx XX for a description of the Currency.

7. Form of Securities: No Warrants in definitive form will be issued in relation to any Series.

8. Status of the Securities: Direct, unsubordinated and unsecured.

9. Date Board approval for issuance of Securities obtained:

Not Applicable

10. Admission to trading: (i) Application has been made for the Warrants of each Series to

be admitted to trading on the SeDeX of Borsa Italiana S.p.A.

(ii) UniCredit Banca Mobiliare S.p.A., xxx Xxxxxxx Xxxxxx 00, 00000 Xxxxx (Xxxxx), (the Market Maker) has undertaken to provide liquidity through bid and offer quotes in accordance with the market making rules of Borsa Italiana S.p.A., where the Warrants of each Series are expected to be listed. The obligations of the Market Maker are regulated by the Regulation on regulated markets, and relevant Instructions, of Borsa Italiana S.p.A..

11. Averaging: Not Applicable

12. Number of Securities being issued: See Annex I in relation to each Series of Warrants.

13. Issue Price: The issue price per Warrant in relation to each Series is the one

specified as such in Annex I.

14. Issue Date: 13 June 2006

15. Exchange Business Day: As set out in Condition 3

16. Business Day Centre(s): Milan

17. Valuation Date(s): The date determined by the Calculation Agent is:

(a) in the case of Automatic Exercise, the Maturity Date of the Warrants (as defined in Annex I);

(b) in the case of exercise of the Warrant during the Exercise Period, one Business Day immediately succeeding the Effective Exercise Date (as defined in Annex III).

18. Settlement: Settlement will be by way of cash payment.

In relation to each Series of Warrants, the Cash Settlement Amount shall be determined by the Calculation Agent at the Valuation Date as follows:

a) if such Warrants are Call Warrants, Holders will receive in relation to each Warrant, an amount in EUR calculated in accordance with the following formula:

Cash Settlement Amount = [(Settlement Price – Exercise Price) * Parity] / Exchange Rate

Where:

Parity means the amount indicated as such in Annex I in relation to each Series of Warrants and shall only be used in connection with the calculation of the Cash Settlement Amount pursuant this paragraph 18.

b) if such Warrants are Put Warrants, Holders will receive in relation to each Warrant, an amount in EUR calculated in accordance with the following formula:

Cash Settlement Amount = [(Exercise Price – Settlement Price) * Parity] / Exchange Rate

The Cash Settlement Amount will be rounded to the nearest four decimal places in the relevant Settlement Currency, 0.00005 being rounded upwards.

19. Issuer's option to vary settlement: Not Applicable

20. Exchange Rate: The applicable rate of exchange for conversion of any amount into the

Settlement Currency for the purposes of determining the Cash Settlement Amount is the Fixing of the EUR/USD on the Valuation Date, as published by the Federal Reserve Bank of New York (10 a.m. of New York) on Reuters at page “1FED”.

21. Settlement Currency: The settlement currency for the payment of the Cash Settlement

Amount is EUR.

22. Principal Agent: UniCredito Italiano S.p.A.

23. Calculation Agent: UniCredit Banca Mobiliare S.p.A.

24. Exchange(s): Not Applicable

25. Exchange(s) and Index Sponsor: Not Applicable

26. Related Exchange(s): Not Applicable

27. Multiplier: Not Applicable

28. Nominal Amount: Not Applicable

29. Relevant Asset(s): Not Applicable

30. Entitlement: Not Applicable

31. Settlement Price: The Settlement Price of the Currency is the Fixing of the EUR/USD,

published by the Federal Reserve Bank of New York (10 a.m. of New York) on the Valuation Date on Reuters at page “1FED”.

32. Disrupted Day: If the Valuation Date is a Disrupted Day, the first succeeding Scheduled Trading Day that is not a Disrupted Day is deemed to be the Valuation Date, unless each of the eight Scheduled Trading Days immediately following the Scheduled Valuation Date is a Disrupted Day. In that case:

(i) that eight Scheduled Trading Day shall be deemed to be the Valuation Date, notwithstanding the fact that such day is a Disrupted Day; and

(ii) the Calculation Agent shall calculate the Settlement Price in its good faith and absolute discretion, by taking into account the market conditions, a price of the Currency estimated on the basis of last announced prices of the Currency and such other conditions or factors that the Calculation Agent reasonably considers to be relevant.

33. Redemption of underlying of Debt Securities:

Not Applicable

34. Relevant Time: The Relevant Time for the calculation of the Settlement Price of the Currency is the scheduled time specified by the Federal Reserve Bank of New York on the Valuation Date.

35. Currency: (i) The Relevant Screen Page is “EUR=”

(ii) The relevant base currency (the Base Currency) is EUR.

(iii) The relevant subject currency (the Subject Currency) is USD.

36. Additional Disruption Events: Not Applicable

37. Failure to Deliver due to Illiquidity: Not Applicable

38. Special conditions or other modifications to the Terms and Conditions:

See Xxxxx XXX in relation to each Series of Warrants with respect to the exercise of such Securities and the provisions of Conditions 4 and 5 shall be amended accordingly.

Condition 13 (“Substitution of Issuer”) shall not apply and shall be replaced by the following:

(i) the New Issuer assumes all obligations of the Issuer in relation to the Holders under or in connection with the Warrants;

(2) In case of any such substitution of the Issuer, any reference in

these Conditions to the Issuer shall be construed as a reference to the New Issuer.

(3) The substitution of the Issuer shall be final, binding and conclusive on the Holders and will be notified to the Holders without undue delay in accordance with Condition 10.

39. Listing: Application has been made for each Series of Warrants to be listed on the SeDeX of Borsa Italiana S.p.A..

40. Additional Selling Restrictions: Not Applicable

41. Syndication: Not Applicable

42. Additional or Alternative Clearing System:

All the transactions of each Series of Warrants negotiated on the SeDeX of Borsa Italiana S.p.A. will be settled in Monte Titoli.

43. Notice provisions (other than as set out in Condition 10):

44. Governing law of the Securities: Italian law

A.2 PROVISIONS RELATING TO WARRANTS

45. Type of Warrants:

(i) The Warrants are American Style Warrants.

(ii) The Warrants are Call Warrants and Put Warrants. See Annex I in relation to each Series of Warrants.

(iii) Automatic Exercise applies.

46. Units: Warrants must be exercised in Units. Each Unit consists of 100 Warrant.

47. Issue price per Unit: See Annex I in relation to each Series of Warrants.

48. Exercise Price: See Annex I in relation to each Series of Warrants.

49. Exercise Date: Not Applicable

51. Settlement Date: The fifth Business Day following the Valuation Date.

52. Minimum Exercise Number: 1 Unit

53. Maximum Exercise Number Not Applicable

PART B - OTHER INFORMATION

B.1 DISTRIBUTION:

54. If syndicated, names and addresses of Managers and underwriting commitments:

Not Applicable

55. Date of [Subscription] Agreement: Not Applicable

56. Stabilising Manager (if any): Not Applicable

57. If non-syndicated, name and address of Manager:

The Warrants of each Series shall be available for trading on Borsa Italiana S.p.A. once the Warrants have been admitted to trading by such exchange.

58. Total commission and concession: Not Applicable

59. Condition of the offer: Not Applicable

B.2 REASONS FOR THE OFFER, ESTIMATED NET PROCEEDS AND TOTAL EXPENSES:

60. (i) Reasons for the offer: See “Use of Proceeds” in the Prospectus.

61. (ii) Estimated net proceeds: Not Applicable

62. (iii) Estimated total expenses: Not Applicable

B.3 OPERATIONAL INFORMATION:

63. ISIN Code: See Annex I in relation to each Series of Warrants. Each Series of Warrants is also identified by the ET Code, as specified in Annex I.

64. Common Code: Not Applicable

65. Any clearing system(s) other than The Warrants are held through Monte Titoli in dematerialised form

Annex II Information about the Currency

The current prices of the Currency are published daily on “Il Sole 24 Ore” and “MF”, on xxx.xxxxxxxxxx.xx and may be requested on any Business Day by calling 000.00.00.00 (call free) and are also available on Reuters page “EUR=”.

The historical prices and official fixings of the Currency are also published on the websites of the Federal Reserve Bank of New York (xxxx://xxx.xx.xxx.xxx/xxxxx.xxxx) and of the European Central Bank (xxx.xxx.xxx).

Annex III Special conditions

(A) Renouncement Right

The Holder has the right to renounce to the exercise of the relevant Warrants held by it (subject as set out below). In this case a duly completed renouncement notice (a Renouncement Notice) must be delivered by facsimile to the Calculation Agent prior to 10.00 a.m. Milan time on the first Business Day following the Maturity Date at the facsimile number set out in the form of Renouncement Notice attached as Annex IV to these Final Terms.

The Holder must deliver the completed Renouncement Notice to his/her intermediary who will be in charge of sending it by facsimile to the Calculation Agent.

The Calculation Agent and the Issuer shall not apply any charge for the renouncement to the exercise of the Warrants.

The minimum number of Warrants specified in the Renouncement Notice must be equal to one Unit, otherwise the Renouncement Notice shall not be considered valid.

The Renouncement Notice is irrevocable.

(B) Exercise Right

The Warrants specified in the Voluntary Exercise Notice shall be deemed to be validly exercised on the Effective Exercise Date only if, prior to 17.00 p.m. Milan Time of that Effective Exercise Date:

Subject as set out above, delivery of a Voluntary Exercise Notice shall constitute an irrevocable election by the relevant Holder to exercise the Warrants specified.

The Calculation Agent and the Issuer shall not apply any charge for the voluntary exercise of the Warrants. Other taxes, duties and/or expenses, including any applicable depository charges, transaction or exercise charges, stamp duty, stamp duty reserve tax, issue, registration, securities transfer and/or other taxes or duties arising in connection with the voluntary exercise of any Warrants duties are in charge of the Holder.

Voluntary Exercise Notice shall not be considered valid in respect of the Warrants exceeding such rounded number of Warrants.

The minimum number of Warrants specified in the Voluntary Exercise Notice must be equal to one Unit, otherwise the Voluntary Exercise Notice shall not be considered valid.

The Voluntary Exercise Notice is irrevocable.

Annex IV

Renouncement Notice

DICHIARAZIONE DI RINUNCIA ALL’ESERCIZIO (FACSIMILE)

(da compilare su carta intestata)

A: UniCredit Banca Mobiliare S.p.A. Fax 02/8862.2666

Tel 02/8862.2746 - 02/8862.2736

Covered warrant su ………… scad. emessi da UniCredito Italiano S.p.A.

L’intermediario

che detiene in custodia i covered warrant per conto della propria clientela

con la presente comunica la volontà di rinuncia all’esercizio dei diritti garantiti dal covered warrant come da indicazione contenuta nel Regolamento dei covered warrant.

Codice ISIN dei covered warrant per i quali rinuncia all’esercizio:

Numero di covered warrant per i quali rinuncia all’esercizio:

Luogo Data

Firma (firme) del legale rappresentante dell’intermediario

Annex V

Voluntary Exercise Notice

DICHIARAZIONE DI ESERCIZIO (FACSIMILE)

(da compilare su carta intestata)

A: UniCredit Banca Mobiliare S.p.A. Fax 02/8862.2666

Tel 02/8862.2746 - 02/8862.2736

covered warrant su ………… scad. emessi da UniCredito Italiano S.p.A.

L’intermediario

Codice ISIN dei covered warrant da esercitare:

Numero di covered warrant da esercitare:

i covered warrant da esercitare sono stati trasferiti sul conto N. 63307 di 2S Banca presso Monte Titoli S.p.A.;

A - ordina irrevocabilmente a UniCredit Banca Mobiliare S.p.A. di trasmettere l'importo della differenza al seguente conto in Euro intestato a:

Titolare del conto

numero c/c

presso Istituto Bancario – ABI + CAB

B - ordina irrevocabilmente a UniCredit Banca Mobiliare S.p.A. di accreditare l’importo in Euro della differenza tramite stanza di compensazione giornaliera:

intestazione beneficiario

codice SIA

Il sottoscritto è consapevole che:

2. nel momento in cui la Dichiarazione di Esercizio è ricevuta dall’Agente di Calcolo, non sarà possibile, per nessuna ragione, richiederne l’annullamento;

3. è esclusa la revoca della Dichiarazione di Esercizio;

4. deve adempiere ai seguenti obblighi: a) far pervenire la presente Dichiarazione di Esercizio entro le ore

10.00 (ora di Milano) del giorno in cui intende esercitare i covered warrant; b) provvedere al trasferimento dei covered warrant in relazione ai quali é inviata la presente Dichiarazione di Esercizio entro le ore 17.00 (ora di Milano) del giorno della richiesta di esercizio sul conto di 2S Banca, presso Monte Titoli S.p.A., n. 63307; c) trasferire i covered warrant in modo da rendere possibile una chiara correlazione alla Dichiarazione D'esercizio.

Luogo Data

Firma (firme) del legale rappresentante dell’intermediario

Final Terms dated 30 May 2006

UNICREDITO ITALIANO S.p.A.

(the "Issuer")

Issue of Euro 5,680,100 Warrants linked to Commodities under its Warrant and Certificate Programme

Terms used herein shall be deemed to be defined as such for the purposes of the Conditions set forth in the Prospectus dated 28 November 2005 and the supplemental Prospectus dated 13 February 2006, the supplemental Prospectus dated 18 April 2006 and the supplemental Prospectus dated 6 June 2006, which together constitute a prospectus for the purposes of the Prospectus Directive. This Final Terms contain the final terms of the Securities described herein and must be read in conjunction with such Prospectus in order to obtain full information on the Issuer and the Securities themselves. Copies of such Prospectus are available free of charge to the public during normal business hours at the registered office of the Issuer and in an electronic form at xxx.xxxxxxxxxx.xx and the website of Borsa Italiana

S.p.A at xxx.xxxxxxxxxxx.xx .

Save as disclosed in "Offering and Sale", so far as the Issuer is aware, no person involved in the offer of the Securities has an interest material to the offer.

References herein to numbered Conditions are to the Terms and Condition of the Warrants and words and expressions defined in such terms and conditions shall bear the same meaning in this Final Terms, save as where otherwise expressly provided.

The Issuer (the Responsible Person) accepts responsibility for the information contained in this Final Terms. To the best of the knowledge and belief of the Issuer, which has taken all reasonable care to ensure that such is the case, the information contained in this Final Terms is in accordance with the facts and does not omit anything likely to affect the import of such information.

PART A - CONTRACTUAL TERMS

A.1 GENERAL PROVISIONS

1. Issuer: UniCredito Italiano S.p.A.

2. Series Number: The series number of each Series of Warrants is as specified in Annex I.

3. Tranche: The Tranche of each Series of Warrants is specified in Annex I.

4. Denomination: Not Applicable

5. Consolidation: Not Applicable

6. Type of Securities: (i) The Securities are Warrants.

(ii) The Securities are Commodities Warrants.

(iii) The Securities relate to Commodities (the Commodities), as specified in Annex I. See also Xxxxx XX for a description of the Commodities.

7. Form of Securities: No Warrants in definitive form will be issued in relation to any Series.

8. Status of the Securities: Direct, unsubordinated and unsecured.

9. Date Board approval for issuance of Securities obtained:

Not Applicable

10. Admission to trading: (i) Application has been made for the Warrants of each Series to

be admitted to trading on the SeDeX of Borsa Italiana S.p.A.

11. Averaging: Not Applicable

12. Number of Securities being issued: See Annex I in relation to each Series of Warrants.

13. Issue Price: The issue price per Warrant in relation to each Series is the one specified as such in Annex I.

14. Issue Date: 13 June 2006

15. Exchange Business Day: Not Applicable

16. Business Day Centre(s): Milan

17. Valuation Date(s): The Maturity Date, as defined in Annex I.

18. Settlement: Settlement will be by way of cash payment.

Subject as set out in the Conditions (as supplemented and/or amended by these Final Terms), on the Settlement Date, the Issuer will pay the amount to which the Holder is entitled in the Settlement Currency in relation to each Warrant (the Cash Settlement Amount).

In relation to each Series of Warrants the Cash Settlement Amount shall be determined by the Calculation Agent at the Valuation Date as follows:

1. if such Warrants are Call Warrants, Holders will receive in relation to each Warrant, an amount in EUR calculated in accordance with the following formula:

Cash Settlement Amount = [(Settlement Price – Exercise Price) * Parity] / Exchange Rate

Where:

2. If such Warrants are Put Warrants, Holders will receive in relation to each Warrant, an amount in EUR calculated in accordance with the following formula:

Cash Settlement Amount = [(Exercise Price – Settlement Price) * Parity] / Exchange Rate

The Cash Settlement Amount will be rounded to the nearest four decimal places in the relevant Settlement Currency, 0.00005 being rounded upwards.

19. Issuer's option to vary settlement: Not Applicable

20. Exchange Rate: The applicable rate of exchange for conversion of any amount into the

Settlement Currency for the purposes of determining the Cash Settlement Amount is the European Central Bank Settlement Spot Rates, fixing of the exchange rate of the USD against the EUR at 14:15 CET on the Valuation Date, as published on the Reuters page ECB37.

21. Settlement Currency: The settlement currency for the payment of the Cash Settlement

Amount is EUR.

22. Principal Agent: UniCredito Italiano S.p.A.

23. Calculation Agent: UniCredit Banca Mobiliare S.p.A.

24. Exchange(s): Not Applicable

25. Exchange(s) and Index Sponsor: Not Applicable

26. Related Exchange(s): Not Applicable

27. Multiplier: Not Applicable

28. Nominal Amount: Not Applicable

29. Relevant Asset(s): Not Applicable

30. Entitlement: Not Applicable

31. Settlement Price: The Settlement Price of the Commodities, as determined by the Calculation Agent, is:

(a) with respect to the Gold Commodity (as defined in Annex II), an amount in USD equal to the London a.m. fixing price for one xxxx ounce of Gold, as calculated by the London Bullion Market Association on the Valuation Date and published on Reuters at “GOFO” (Gold); and

(b) with respect to the Silver Commodity (as defined in Annex II), an amount in USD equal to the London daily fixing price for one xxxx ounce of Silver, as calculated by the London Bullion Market Association on the Valuation Date and published on Reuters at “SIFO “(Silver); and

c) with respect to Oil Future WTI Commodity (as defined in Annex II), an amount in USD equal to the official price Oil Future WTI Commodity, as calculated by the NYMEX Exchange on the Valuation Date and published on Reuters at “CLV6“ and “CLF7”.

32. Disrupted Day: With respect to Gold and Silver Commodity, if the Valuation Date is a Disrupted Day, the Settlement Price of the Gold Commodity and Silver Commodity will be calculated by the Calculation Agent in its good faith and absolute discretion, by taking into account the market conditions, a price of the Gold Commodity and Silver Commodity estimated on the basis of last announced prices of the Gold Commodity and Silver Commodity and such other conditions or factors that the Calculation Agent reasonably considers to be relevant.

With respect to Oil Future WTI Commodity, if the Valuation Date is a Disrupted Day, the Settlement Price of the Oil Future WTI Commodity will be calculated by the NYMEX Exchange on such date and in such manner according to its applicable regulations.

33. Redemption of underlying of Debt Securities:

Not Applicable

34. Relevant Time: The Relevant Time for the calculation of the Settlement Price of the Commodities on the Valuation Date is:

(a) with respect to the Gold Commodity, the 10.30 a.m. GMT for one xxxx ounce of Gold; and

(b) with respect to the Silver Commodity, the 12.00 a.m. GMT for one xxxx ounce of Silver; and

c) with respect to the Oil Future WTI Commodity, the scheduled time specified by the NYMEX Exchange on the Valuation Date.

35. Currency: Not Applicable

36. Additional Disruption Events: Not Applicable

37. Failure to Deliver due to Illiquidity: Not Applicable

38. Special conditions or other modifications to the Terms and Conditions:

See Xxxxx XXX in relation to each Series of Warrants with respect to the exercise of such Warrants and the provisions of Conditions 4 and 5 shall be amended accordingly.

Condition 13 (“Substitution of Issuer”) shall not apply and shall be replaced by the following:

(i) the New Issuer assumes all obligations of the Issuer in relation to the Holders under or in connection with the Warrants;

(2) In case of any such substitution of the Issuer, any reference in these Conditions to the Issuer shall be construed as a reference to the New Issuer.

(3) The substitution of the Issuer shall be final, binding and conclusive on the Holders and will be notified to the Holders without undue delay in accordance with Condition 10.

(4) In connection with such right of substitution, the Issuer shall not be obliged to have regard to the consequences of the exercise of such right for individual Holders resulting from their being for any purpose domiciled or resident in, or otherwise connected with, or subject to the jurisdiction of, any particular territory, and no Holder shall be entitled to claim from the Issuer or New Issuer any indemnification or payment in respect of any tax consequence of any such substitution upon such Holder.”

39. Listing: Application has been made for each Series of Warrants to be listed on the SeDeX of Borsa Italiana S.p.A.

40. Additional Selling Restrictions: Not Applicable

41. Syndication: Not Applicable

42. Additional or Alternative Clearing System:

All the transactions of each Series of Warrants negotiated on the SeDeX of Borsa Italiana S.p.A will be settled in Monte Titoli.

43. Notice provisions (other than as set out in Condition 10):

44. Governing law of the Securities: Italian law

A.2 PROVISIONS RELATING TO WARRANTS

45. Type of Warrants: (i) The Warrants are European Style Warrants.

(ii) The Warrants are Call Warrants and Put Warrants. See Annex I in relation to each Series of Warrants.

(iii) Automatic Exercise applies.

46. Units: Warrants must be exercised in Units. Each Unit consists of 100 Warrants.

47. Issue price per Unit: See Annex I in relation to each Series of Warrants.

48. Exercise Price: See Annex I in relation to each Series of Warrants.

49. Exercise Date: The Maturity Date. See Annex I in relation to each Series of Warrants. If the Maturity Date is not an Exercise Business Day, the Maturity Date shall be the immediately succeeding Exercise Business Day.

50. Exercise Period: Not Applicable

51. Settlement Date: The fifth Business Day following the Valuation Date.

52. Minimum Exercise Number: 1 Unit

53. Maximum Exercise Number: Not Applicable

PART B - OTHER INFORMATION

B.1 DISTRIBUTION:

54. If syndicated, names and addresses of Managers and underwriting commitments:

Not Applicable

55. Date of [Subscription] Agreement: Not Applicable

56. Stabilising Manager (if any): Not Applicable

57. If non-syndicated, name and address of Manager:

The Warrants of each Series shall be available for trading on Borsa Italiana S.p.A. once the Warrants have been admitted to trading by such exchange.

58. Total commission and concession: Not Applicable

59. Condition of the offer: Not Applicable

B.2 REASONS FOR THE OFFER, ESTIMATED NET PROCEEDS AND TOTAL EXPENSES:

60. (i) Reasons for the offer: See “Use of Proceeds” in the Prospectus.

61. (ii) Estimated net proceeds: Not Applicable

62. (iii) Estimated total expenses: Not Applicable

B.3 OPERATIONAL INFORMATION:

63. ISIN Code: See Annex I in relation to each Series of Warrants. Each Series of Warrants is also identified by the ET Code, as specified in Annex I.

64. Common Code: Not Applicable

65. Any clearing system(s) other than Euroclear Bank S.A./N.V. and Clearstream Banking Société Anonyme and the relevant identification number(s):

66. Delivery: Delivery free of payment. The Warrants of each Series shall, in the first instance, be credited to the account of the Issuer with Xxxxx Xxxxxx. Payment is not made in favour of the Issuer contemporaneously with the crediting of Warrants to its account with Monte Titoli.

67. Names and addresses of additional Agent(s) (if any):

UniCredit Banca Mobiliare S.p.A., Xxx Xxxxxxx Xxxxxx, 00, 00000, Xxxxx, Xxxxx, acting as paying agent.

Xxxxx XX

Information about the Commodities

1. GOLD

1.1. General Description of the underlying

The commodity underlying the Warrants may be the London Good Delivery Gold Bullion (the Gold Commodity), as specified in Annex I. The price of the Gold Commodity is quoted in USD per fine xxxx ounce (31.1035 grams) and is available on Reuters page at [GOFO]: the price is fixed twice a day at 10:30 a.m. and 3:00 p.m. by the London Bullion Market Association. The London Bullion Market Association is the OTC market where the Gold Commodity is listed.

1.2 Historical Commodity Price (based on a.m price fixing)

Year

High (USD)

Low (USD)

2001

292.85

256.7

2002

348.5

277.8

2003

417.25

319.75

2004

455.75

373.5

2005

537.5

411.5

January 2006

569.8

520.75

February 2006

571.85

540.50

March 2006

584.00

545.25

April 2006

644.50

583.85

The price of the Gold Commodity on 26 May 2006 was USD 651.60.

Source: xxx.xxxx.xxx.xx and Reuters

1.3 Further Information

The prices, historical trend and volatility of the Gold Commodity are available at xxx.xxxxxxxxxx.xx . The current prices of the Gold Commodity are also published daily on “Il Sole 24 Ore”, on xxx.xxxxxxxxxx.xx and may be requested on any Business Day by calling 000.00.00.00 (call free).

Further information on the Gold Commodity may be obtained from the London Bullion Market Association at the address and website specified below:

The London Bullion Market Association 00 Xxxxxxxxxx Xxxxxx

Xxxxxx XX0X 0XX

Telephone: x00 (0)00 0000 0000

Fax: x00 (0)00 0000 0000

Website: xxx.xxxx.xxx.xx

2. SILVER

2.1 General Description of the underlying

The commodity underlying the Warrants may be the Spot Silver Bullion (the Silver Commodity), as specified in Annex I. The price of the Silver Commodity is quoted in USD per fine xxxx ounce (31.1035 grams) and is available on Reuters page at: [SIFO]: the price is fixed daily at 12 noon by the London Bullion Market Association. The London Bullion Market Association is the OTC market where the Silver Commodity is listed.

2.2 Historical Commodity Price

Year

High (USD)

Low (USD)

2001

0.0000

2002

0.0000

2003

0.0000

2004

8.2900

5.4950

2005

0.0000

January 2006

0.0000

February 2006

0.0000

March 2006

00.0000

0.0000

April 2006

14.3100

11.5850

The price of the Silver Commodity on 26 May 2006 was USD 12.70.

Source: xxx.xxxx.xxx.xx and Reuters

2.3 Further Information

The prices, historical trend and volatility of the Silver Commodity are available at xxx.xxxxxxxxxx.xx . The current prices of the Silver Commodity are also published daily on “Il Sole 24 Ore”, on xxx.xxxxxxxxxx.xx and may be requested on any Business Day by calling 000.00.00.00 (call free).

Further information on the Silver Commodity may be obtained from the London Bullion Market Association at the address and website specified below:

The London Bullion Market Association 00 Xxxxxxxxxx Xxxxxx

Xxxxxx XX0X 0XX

Telephone: x00 (0)00 0000 0000

Fax: x00 (0)00 0000 0000

Website: xxx.xxxx.xxx.xx

3. OIL FUTURE WTI

3.1 General Description of the underlying

Crude oil is the world's most actively traded commodity, and the NYMEX Division light, sweet crude oil futures contract is the world's most liquid forum for crude oil trading, as well as the world's largest- volume futures contract trading on a physical commodity. Because of its excellent liquidity and price transparency, the contract is used as a principal international pricing benchmark. Additional risk management and trading opportunities are offered through options on the futures contract; calendar spread options; crack spread options on the pricing differential of heating oil futures and crude oil futures and gasoline futures and crude oil futures; and average price options. The contract trades in units of 1,000 barrels, and the delivery point is Cushing, Oklahoma, which is also accessible to the international spot markets via pipelines. The contract provides for delivery of several grades of domestic and internationally traded foreign crudes, and serves the diverse needs of the physical market.

3.2 Historical Commodity Price

(i) Oil Future WTI October 2006

Year

High (USD)

Low (USD)

January 2006

70.7

64.04

February 2006

71.2

62.96

March 2006

69.71

64.43

April 2006

77.3

68.88

The price of the Oil Future WTI October 2006 Commodity on 26 May 2006 was USD 73.20.

Source: xxx.xxxx.xxx.xx and Reuters

(ii) Oil Future WTI January 2007

Year

High (USD)

Low (USD)

January 2006

64.37

February 2006

70.1

63.72

March 2006

69.95

April 2006

77.1

69.32

The price of the Oil Future WTI January 2007 Commodity on 26 May 2006 was USD 74.05.

Source: xxx.xxxx.xxx.xx and Reuters

3.3 Further Information

The prices, historical trend and volatility of the Oil Future WTI Commodity are available at xxx.xxxxxxxxxx.xx . The current prices of the Oil Future WTI Commodity are also published daily on xxx.xxxxxxxxxx.xx and may be requested on any Business Day by calling 000.00.00.00 (call free).

Further information on the Oil Future WTI Commodity may be obtained from the NYMEX Exchange at the website xxx.xxxxx.xxx .

Annex III Special conditions

Method of exercise of the Warrants

Each Holder has the right to renounce to the exercise of the relevant Warrants held by it (subject as set out below). In this case a duly completed renouncement notice (a Renouncement Notice) must be delivered by facsimile to the Calculation Agent prior to 10.00 a.m. Milan time on the first Business Day following the Maturity Date, at the facsimile number set out in the form of Renouncement Notice attached as Annex IV to these Final Terms. The Holder must deliver the completed Renouncement Notice to his/her intermediary who will be in charge of transmitting such notice by facsimile to the Calculation Agent.

The Calculation Agent and the Issuer shall not apply any charge for the renouncement to the exercise of the Warrants. Other taxes, duties and/or expenses, including any applicable depository charges, transaction or exercise charges, stamp duty, stamp duty reserve tax, issue, registration, securities transfer and/or other taxes or duties which may arise in connection with the renouncement of any Warrants duties are in charge of the Holder.

In the event that a Holder does not perform its obligations and so deliver, where applicable, a duly completed Renouncement Form in accordance with the provisions hereof, such Warrants shall be exercised automatically and shall be repaid in the manner set out herein and, the Issuer's obligations in respect of such Warrants shall be discharged and no further liability in respect thereof shall attach to the Issuer.

The minimum number of Warrants specified in the Renouncement Notice must be equal to one Unit, otherwise the Renouncement Notice shall not be considered valid.

The Renouncement Notice is irrevocable.

Annex IV

Renouncement Notice

DICHIARAZIONE DI RINUNCIA ALL’ESERCIZIO (FACSIMILE)

(da compilare su carta intestata)

A: UniCredit Banca Mobiliare S.p.A. Fax 02/8862.2666

Tel 02/8862.2746 - 02/8862.2736

Covered warrant su ………… scad. emessi da UniCredito Italiano S.p.A.

L’intermediario

che detiene in custodia i covered warrant per conto della propria clientela

con la presente comunica la volontà di rinuncia all’esercizio dei diritti garantiti dal covered warrant come da indicazione contenuta nel Regolamento dei covered warrant.

Codice ISIN dei covered warrant per i quali rinuncia all’esercizio

Numero di covered warrant per i quali rinuncia all’esercizio:

Luogo Data

Firma (firme) del legale rappresentante dell’intermediario

NOTA DI SINTESI

La presente Nota di Sintesi deve essere letta come introduzione al Prospetto e qualsiasi decisione di investire nei Xxxxxx deve essere presa tenendo in considerazione il Prospetto nel suo complesso, del quale sono parte integrante anche i documenti inseriti tramite riferimento. A seguito dell’attuazione delle relative disposizioni della Direttiva Prospetti in ognuno degli Stati Membri dell’Area Economica Europea, nessuna responsabilità civile potrà essere attribuita alla Persona Responsabile in uno qualsiasi di tali Stati Membri in relazione alla presente Nota di Sintesi, ivi compresa qualsiasi traduzione, salvo risulti fuorviante, imprecisa o contraddittoria rispetto ad altre parti del Prospetto. Qualora venga intrapresa un’azione legale in merito alle informazioni contenute nel Prospetto di fronte alle corti di giustizia di uno degli Stati dell’Area Economica Europea in cui viene intentata tale azione, il ricorrente, prima dell’inizio del procedimento giudiziario, potrebbe dover sostenere i costi della traduzione del Prospetto.

Alcuni dei termini contenuti nella seguente Nota di Sintesi saranno definiti nei restanti documenti che compongono il Prospetto. I termini e le locuzioni riportati nella presente Nota di Sintesi assumeranno il medesimo significato con cui sono intesi nelle “Condizioni dei Warrant” e “Condizioni dei Certificates" nonché nelle restanti sezioni del Prospetto.

Informazioni relative all’Emittente

Emittenti UniCredito Italiano S.p.A. (“UniCredito”) UniCredit Banca Mobiliare S.p.A. (“UBM”)

Descrizione di UniCredito: UniCredito, fondata a Genova con scrittura privata datata 28 aprile

1870 e con durata fino al 31 dicembre 2050, è stata costituita come società per azioni iscritta al Registro delle Imprese di Genova, codice fiscale e partita IVA 00348170101. La sede legale di UniCredito è sita in Xxx Xxxxx 0, 00000 Xxxxxx, mentre la Direzione Centrale è in Xxxxxx Xxxxxxxx, x. 0, 00000 Xxxxxx, telefono n. + 00.00.00000000.

Descrizione di UBM: UBM è stata costituita come società per azioni (o S.p.A.) il 14 luglio

1999 ai sensi della legislazione italiana. La sede legale di UBM, il cui numero di iscrizione al Registro delle Imprese è 12874220150, è sita in Xxx Xxxxxxx Xxxxxx 00, 00000 Xxxxxx, Xxxxxx.

Licenza Bancaria: Ai sensi della legislazione italiana, entrambi gli Emittenti detengono

una licenza bancaria, concessa dalla Banca d’Italia, che li autorizza all’esercizio in Italia di tutte le attività bancarie consentite.

Attività di UniCredito: UniCredito, una società costituita ai sensi della legislazione italiana, è

la capogruppo del Gruppo Bancario UniCredito Italiano, un gruppo che fornisce una serie completa di servizi finanziari, operante nei settori dell’attività bancaria, finanziaria e delle attività collegate in Italia e in otto paesi dell’Europa Orientale e Centrale (il Gruppo).

Attività di UBM: UBM, leader nei mercati dei capitali in Italia, propone servizi

finanziari interbancari a investitori istituzionali e agli intermediari distributori.

Capitalizzazione di UniCredito:

I dati consolidati relativi alla capitalizzazione e all’indebitamento del Gruppo al 31 marzo 2005 sono stati estratti dalla relazione trimestrale

consolidata (non assoggettata a revisione contabile) del Gruppo al 31 marzo 2005 e sono riportati a pagina 133.

Capitalizzazione di UBM: I dati consolidati relativi alla capitalizzazione e all’indebitamento di

UBM al 31 dicembre 2004 sono stati estratti dal bilancio consolidato (assoggettato a revisione contabile) al 31 dicembre 2004 e sono riportati a pagina 148.

Informazioni sul Management di UniCredito:

Il Consiglio d’Amministrazione di UniCredito è responsabile della gestione ordinaria e straordinaria di UniCredito e del Gruppo. Il Consiglio d’Amministrazione ha la facoltà di delegare i propri poteri a uno o più amministratori delegati e di nominare un comitato esecutivo stabilendone ambiti e poteri.

Informazioni sul Management di UBM:

La gestione di UBM è affidata al Consiglio d’Amministrazione. Tutti gli amministratori hanno il proprio ufficio presso la sede di Xxx Xxxxxxx Xxxxxx 00, 00000 Xxxxxx, Xxxxxx.

Informazioni relative al Programma

Descrizione: Programma di emissione di warrants e certificates.

Coordinatore: UBM

Principal Agent: Kredietbank S.A. Luxembourgeoise.

Metodo di emissione: Su base sindacata o non sindacata. I titoli saranno emessi in Serie a

cui corrispondono una o più date di emissione. Ogni Serie può essere emessa in Tranche (ognuna una Tranche) nella stessa data di emissione o in data differente.

Prezzo di emissione: I Titoli saranno emessi al prezzo stabilito dal relativo Emittente e dal

Manager in base alle condizioni di mercato prevalenti. I Xxxxxx potranno essere emessi ad un prezzo di emissione pari al valore nominale o al disaggio o all’aggio ad esso relativi.

Forma dei Titoli: A meno che nelle Condizioni definitive sia indicato che il sistema di

compensazione è Monte Titoli o venga specificato che è previsto un sistema di compensazione che non è Clearstream né Luxembourg, Euroclear o Monte Titoli, ogni emissione di Warrants sarà rappresentata da un Global Warrant ed ogni emissione di Certificates sarà rappresentata da un Global Certificate. Non verrà emesso alcun Warrant o Certificates in forma materializzata.

Tipo di Titoli: Gli Emittenti hanno la facoltà di emettere di volta in volta Titoli di

qualsiasi tipo, tra cui citiamo, a mero titolo esemplificativo, i Xxxxxx su indici, su azioni, di debito, su valute o materie prime. I Titoli rappresentano una forma di strumento finanziario derivato, il cui valore deriva dagli strumenti sottostanti.

Sistemi di compensazione: Monte Titoli, Clearstream, Luxembourg, Euroclear e altri sistemi di

compensazione come concordato con gli Emittenti e il Manager.

Valute: Euro, dollari statunitensi o altra valuta o valute, nell’osservanza delle

disposizioni giuridiche e/o regolamentari e/o imposte dalla Banca centrale applicabili in questo caso.

Scadenze: La data di scadenza dei Titoli sarà concordata dagli Emittenti e dal Manager, in osservanza dei limiti minimi e massimi stabiliti dalle relative norme, regolamenti e direttive.

Denominazione: I Titoli (se del caso) saranno emessi al valore nominale di volta in

volta eventualmente stabilito o consentito dalle normative vigenti in materia o dalle direttive applicabili alla valuta di riferimento.

Periodi e tassi di interesse: I periodi e il tasso di interesse (se del caso) o il suo metodo di calcolo

possono cambiare di volta in volta oppure rimanere costanti per ogni Serie. Tutte le informazioni a questo proposito sono riportate nelle relative Condizioni definitive.

Rimborso: Le Condizioni definitive applicabili specificheranno le condizioni di rimborso e di liquidazione dei Titoli.

Status dei Titoli: I Titoli costituiranno obbligazioni dirette, non subordinate e non

garantite dagli Emittenti.

Regime fiscale: Tutti i pagamenti effettuati dagli Emittenti saranno soggetti a

eventuali imposte, dazi, trattenute o altri oneri che potrebbe essere loro richiesto di effettuare, corrispondere, trattenere o dedurre. Si veda anche "Fattori di Rischio – Direttiva UE sul Risparmio" e "Regime fiscale" di seguito.

Quotazione: È stata avanzata al CSSF la richiesta di approvazione del presente documento sotto forma di due prospetti base. È stata altresì inoltrata richiesta alla Borsa valori di Lussemburgo perché i titoli rientranti nel Programma siano ammessi alla negoziazione sul mercato regolamentato della Borsa valori di Lussemburgo e ivi quotati.

I Titoli possono anche essere quotati o ammessi alla negoziazione, a seconda del caso, su altre o anche su altre borse valori o mercati o possono non essere quotati.

Restrizioni alla Vendita: Esistono restrizioni all’offerta, alla vendita e al trasferimento di

Titoli. Si veda a tal proposito la sezione "Offerta e Vendita".

Legge che governa i Xxxxxx: I Titoli sono governati dalla Legge italiana e dalla Legge inglese

come specificato nelle Condizioni definitive applicabili.

Fattori di Xxxxxxx: Esistono alcuni fattori che potrebbero incidere sulla capacità da parte

dell’Emittente di adempiere ai propri obblighi in relazione ai Xxxxxx

oggetto del programma.

Il 12 giugno 2005, UniCredito e HVB (come qui di seguito definito) hanno deciso di concludere un accordo di fusione nel quale si delineavano i termini di tale operazione che interessava HVB e il Gruppo. Qualora venisse attuata, tale fusione potrebbe avere ripercussioni negative sulle attività del Gruppo ed i relativi risultati. Tali ripercussioni negative potrebbero dipendere da: (i) la capacità di UniCredito di prevedere le proprie esigenze di capitale nonché di

soddisfare i propri obblighi di capitale e stimare i coefficienti Tier I e di capitale totale che dipendono da una serie di supposizioni (tra le quali il numero e il collocamento delle azioni proposte sul mercato in base alle offerte, le negoziazioni e le condizioni di mercato relative alle transazioni di raccolta dei capitali previste da UniCredito allo scopo di finanziare le offerte) che possono non rivelarsi corrette e le divergenze rispetto a tali supposizioni potrebbero portare a risultati di capitale che si discostano sensibilmente dalle attese di UniCredito; e da (ii) il fatto che la proposta acquisizione di HVB richiede l’integrazione e l’unione di management, strategie, procedure, prodotti e servizi, basi clienti e reti di distribuzione diversi allo scopo di delineare una struttura aziendale e di attività del gruppo di recente ampliamento e non si può avere la garanzia che il Gruppo sia in grado di assimilare la struttura, il management e la base clienti di HVB.

Inoltre, durante il 2004 e i primi sei mesi del 2005, UniCredito ha concluso o negoziato numerosi accordi di acquisizione, ivi comprese importanti acquisizioni in Italia e nei paesi dell’Europa allargata e l’integrazione di tali acquisizioni presenta ed implica per il futuro sfide di integrazione, in particolare laddove i sistemi contabili e di informazione sulla gestione differiscono sensibilmente da quelli utilizzati altrove nel Gruppo. Sono significativi anche i rischi connessi alla conduzione di attività nell’Europa allargata: la natura di tali rischi differisce notevolmente da un paese all’altro, ma in generale si tratta di condizioni economiche, di scambio e di mercati borsistici egualmente caratterizzati da volatilità così come, in molti casi, di infrastrutture politiche, finanziarie e giuridiche meno sviluppate.

I risultati del Gruppo sono influenzati dalle condizioni economiche, finanziarie e commerciali generali. Durante i periodi di recessione, può verificarsi una riduzione della richiesta di prodotti di finanziamento e un maggior numero di clienti del Gruppo potrebbe non riuscire ad adempiere ai propri impegni correlati al finanziamento o ad obblighi di altra natura. Gli aumenti dei tassi di interesse potrebbero altresì influenzare la richiesta di mutui e di altri prodotti di finanziamento. Anche le fluttuazioni dei tassi di interesse in Europa e su altri mercati in cui il Gruppo opera ne influenza la performance.

Ai sensi del Regolamento dell’Unione Europea CE 1606/2002, tutte le società quotate in borsa all’interno dell’Unione Europea, compresa UniCredito, sono tenute a redigere i propri bilanci in conformità ai principi IFRS (come di seguito definito), a partire dall’esercizio che si conclude il 31 dicembre 2005. UniCredito non può escludere l’eventualità che il passaggio agli IFRS possa avere un impatto notevole su determinate voci di bilancio e rendere estremamente difficile procedere ad un confronto con il bilancio attuale.

I Titoli.

I Portatori dei Titoli emessi nell’ambito del Programma sono esposti a numerosi rischi connessi ai Titoli, per esempio ai rischi legati alla struttura di un particolare Titolo, al tasso di interesse, di cambio, al valore tempo e ai rischi politici così come ai rischi di mercato legati all’investimento in una determinata base di riferimento.

Per una descrizione più dettagliata dei fattori di rischio, si suggerisce

di consultare le pagine 13 - 22 del presente Prospetto.

Rappresentazione dei Portatori di Xxxxxx:

Sono previste delle modalità con cui i Portatori di Xxxxxx possano essere rappresentati in conformità alla Condizione 9(D).

TERMS AND CONDITIONS OF THE WARRANTS

The following is the text of the Terms and Conditions of the Warrants which, unless Monte Titoli or an alternative clearing system other than Euroclear, Clearstream Luxembourg or Monte Titoli is specified as the relevant clearing system in the applicable Final Terms, will be attached to each Global Warrant (as defined below). The applicable Final Terms in relation to any issue of Warrants may specify other terms and conditions which shall, to the extent so specified or to the extent inconsistent with the following Terms and Conditions, replace or modify the following Terms and Conditions for the purpose of such Warrants. The applicable Final Terms (or the relevant provisions thereof) will be attached to each Global Warrant, unless the applicable Final Terms specify that Monte Titoli is the relevant clearing system or specify that a clearing system other than Clearstream, Luxembourg, Euroclear or Monte Titoli is applicable. References in the Conditions to "Securities" are to the Securities of one Series only, not to all Securities that may be issued under the Programme.

The Warrants will be issued in series (each a Series). The Warrants of each Series being intended to be interchangeable with all other Warrants of that Series. Series means a Tranche or Tranches of Warrants which are (i) expressed to be consolidated and form a single series and (ii) identical in all respects (including as to listing) except for their respective Issue Dates and Issue Prices and a Series may comprise Warrants in more than one denomination. Each Series may be issued in Tranches (each a Tranche) on the same or different issue dates , the terms of which are identical in all respects (including as to listing) save that a Tranche may comprise Warrants in more than one denomination. The specific terms of each Tranche (which will be supplemented, where necessary, with supplemental terms and conditions and, save in respect of the issue date, issue price and nominal amount (where applicable) of the Tranche, will be identical to the terms of other Tranches of the same Series, including as to listing) will be set out in the applicable Final Terms.

Unless the applicable Final Terms specify that Monte Titoli is the relevant clearing system or specify that a clearing system other than Clearstream, Luxembourg, Euroclear or Monte Titoli is applicable, the series of Warrants described in the applicable Final Terms (in so far as it relates to such series of Warrants) (such Warrants being hereinafter referred to as the Warrants which expression, unless the context otherwise requires, shall include the Global Warrants (as defined below) are constituted by a global warrants (the Global Warrants) and are issued by the Issuer specified in the applicable Final Terms and references to the Issuer shall be construed accordingly. If applicable, the Warrants are issued pursuant to an Agency Agreement dated 28 November 2005 (the Agency Agreement) between UniCredito Italiano S.p.A., UniCredit Banca Mobiliare S.p.A. and Kredietbank S.A. Luxembourgeoise as principal agent (the Principal Agent, which expression shall include any successor principal agent and, together with any additional agents, the Agents UniCredit Banca Mobiliare S.p.A. shall undertake the duties of calculation agent (the Calculation Agent) in respect of the Warrants as set out below and in the applicable Final Terms unless another entity is so specified as calculation agent in the applicable Final Terms. The expression Calculation Agent shall, in relation to the relevant Warrants, include such other specified calculation agent.

Unless the applicable Final Terms specify that Monte Titoli is the relevant clearing system or specify that a clearing system other than Clearstream, Luxembourg, Euroclear or Monte Titoli is applicable, the applicable Final Terms for the Warrants is attached to the Global Warrant. No Warrants in definitive form will be issued. Unless the applicable Final Terms specify that Monte Titoli is the relevant clearing system or specify that a clearing system other than Clearstream, Luxembourg, Euroclear or Monte Titoli is applicable, the Global Warrant has been deposited with the Common Depositary common to Clearstream, Luxembourg and Euroclear. If Monte Titoli is specified in the applicable Final Terms as the relevant clearing system, no physical document of title will be issued to represent the Warrants. On issue, the Warrants have been or will be registered in the books of Monte Titoli. The

issue of any Warrants may be cancelled at any time until the Warrants are registered in the books of Monte Titoli.

The applicable Final Terms for the Warrants supplement these Terms and Conditions and may specify or set out in full other terms and conditions which shall, to the extent so specified or set out or to the extent inconsistent with these Terms and Conditions, supplement, replace or modify these Terms and Conditions for the purposes of the Warrants.

References herein to the "applicable Final Terms" are to the Final Terms (in the case of any further warrants issued pursuant to Condition 12 and forming a single series with the Warrants) relating to the Warrants.

Copies of the Agency Agreement (which contains the form of the Final Terms) and the applicable Final Terms may be obtained from the specified office of the Principal Agent, save that if the Warrants are unlisted, the applicable Final Terms will only be obtainable by a Holder and such Holder must produce evidence satisfactory to the Principal Agent as to identity.

Words and expressions defined in the Agency Agreement or used in the applicable Final Terms shall have the same meanings where used in these Terms and Conditions unless the context otherwise requires or unless otherwise stated.

The Holders (as defined in Condition 1(B)) are entitled to the benefit of and are deemed to have notice of and are bound by all the provisions of the Agency Agreement (insofar as they relate to the Warrants) and the applicable Final Terms, which are binding on them.

1. Type, Title and Transfer

(A) Type

The Warrants may be Index Warrants, Share Warrants, Debt Warrants, Currency Warrants, Commodity Warrants or any other or further type of warrants as is specified in the applicable Final Terms. Certain terms which will, unless otherwise varied in the applicable Final Terms, apply to Index Warrants, Share Warrants, Debt Warrants, Currency Warrants or Commodity Warrants are set out in Condition 15.

The applicable Final Terms will indicate whether the Warrants are American style Warrants (the American Style Warrants) or European style Warrants (the European Style Warrants) or such other type as may be specified in the applicable Final Terms, whether automatic exercise (the Automatic Exercise) applies to the Warrants, whether settlement shall be by way of cash payment (the Cash Settled Warrants) or physical delivery (the Physical Delivery Warrants), whether the Warrants are call Warrants (the Call Warrants) or put Warrants (the Put Warrants), or such other type as may be specified in the applicable Final Terms, whether the Warrants may only be exercised in Units and whether averaging (the Averaging) will apply to the Warrants. If Units are specified in the applicable Final Terms, Warrants must be exercised in Units and any Exercise Notice which purports to exercise Warrants in breach of this provision shall be void and of no effect. If Averaging is specified as applying in the applicable Final Terms the applicable Final Terms will state the relevant Averaging Dates and, if an Averaging Date is a Disrupted Day, whether Omission, Postponement or Modified Postponement (each as defined in Condition 3 below) applies.

References in these Terms and Conditions, unless the context otherwise requires, to Cash Settled Warrants shall be deemed to include references to Physical Delivery Warrants, which include an option (as set out in the applicable Final Terms) at the Issuer's election to request cash settlement of such Warrant and where settlement is to be by way of cash payment, and

references in these Terms and Conditions, unless the context otherwise requires, to Physical Delivery Warrants shall be deemed to include references to Cash Settled Warrants which include an option (as set out in the applicable Final Terms) at the Issuer's election to request physical delivery of the relevant underlying asset in settlement of such Warrant and where settlement is to be by way of physical delivery.

Warrants may allow Holders to elect for settlement by way of cash payment or by way of physical delivery or by such other method of settlement as is specified in the applicable Final Terms. Those Warrants where the Holder has elected for cash payment will be Cash Settled Warrants and those Warrants where the Holder has elected for physical delivery will be Physical Delivery Warrants. The rights of a Holder as described in this paragraph may be subject to the Issuer's right to vary settlement as indicated in the applicable Final Terms.

Cash Settled Warrants may provide for one or more Exercise Date(s) and may provide for the Holders to receive a specific amount calculated as specified in the applicable Final Terms on each such Exercise Date, all as specified in the applicable Final Terms. In such an event, the Warrants shall remain outstanding until their Settlement Date.

(B) Title to Warrants

Each person who is for the time being shown in the records of Clearstream, Luxembourg or of Euroclear as the holder of a particular amount of Warrants (in which regard any certificate or other document issued by Clearstream, Luxembourg or Euroclear as to the amount of Warrants standing to the account of any person shall be conclusive and binding for all purposes save in the case of manifest error) shall be treated by the Issuer and the Principal Agent as the holder of such amount of Warrants for all purposes (and the expressions Holder and Holder of Warrants and related expressions shall be construed accordingly). Warrants which are represented by a Global Warrant will be transferable only in accordance with the rules and procedures for the time being of Clearstream, Luxembourg and/or Euroclear, as the case may be.

All transactions (including transfers of Warrants) in the open market or otherwise must be effected through an account at Clearstream, Luxembourg or Euroclear subject to and in accordance with the rules and procedures for the time being of Clearstream, Luxembourg or of Euroclear, as the case may be. Title will pass upon registration of the transfer in the books of either Clearstream, Luxembourg or Euroclear, as the case may be. Transfers of Warrants may not be effected after the exercise of such Warrants pursuant to Condition 5.

Any reference herein to Clearstream, Luxembourg and/or Euroclear shall, whenever the context so permits, be deemed to include a reference to Monte Titoli or any additional or alternative clearing system approved by the Issuer and the Principal Agent from time to time and notified to the Holders in accordance with Condition 10.

2. Status of the Warrants

The Warrants constituted direct, unsubordinated and unsecured obligations of the Issuer and rank equally among themselves and will rank pari passu with all other present and future unsecured and unsubordinated obligations of the Issuer (except as prescribed by law).

3. Definitions

For the purposes of these Terms and Conditions, the following general definitions will apply:

"Actual Exercise Date" means the Exercise Date (in the case of European Style Warrants) or, subject to Condition 6(A)(ii), the date during the Exercise Period on which the Warrant is actually or is deemed exercised or, if Automatic Exercise is specified as applying in the applicable Final Terms, is automatically exercised (in the case of American Style Warrants, as more fully set out in Condition 4(A)(i));

"Affiliate" means in relation to any entity (the First Entity), any entity controlled, directly or indirectly, by the First Entity, any entity that controls, directly or indirectly, the First Entity or any entity directly or indirectly under common control with the First Entity. For these purposes "control" means ownership of a majority of the voting power of an entity;

"Averaging Date" means, in respect of an Actual Exercise Date, each date specified as an Averaging Date in the applicable Final Terms or, if any such date is not a Scheduled Trading Day, the immediately following Scheduled Trading Day unless, in the opinion of the Calculation Agent any such day is a Disrupted Day. If any such day is a Disrupted Day, then:

(a) if "Omission" is specified as applying in the applicable Final Terms, then such date will be deemed not to be an Averaging Date for the purposes of determining the relevant Settlement Price provided that, if through the operation of this provision no Averaging Date would occur in respect of such Actual Exercise Date, then the provisions of the definition of Valuation Date will apply for purposes of determining the relevant level, price or amount on the final Averaging Date with respect to that Actual Exercise Date as if such Averaging Date were a Valuation Date that was a Disrupted Day; or

(b) if "Postponement" is specified as applying in the applicable Final Terms, then the provisions of the definition of Valuation Date will apply for the purposes of determining the relevant level, price or amount on that Averaging Date as if such Averaging Date were a Valuation Date that was a Disrupted Day irrespective of whether, pursuant to such determination, that deferred Averaging Date would fall on a day that already is or is deemed to be an Averaging Date; or

(i) where the Warrants are Index Warrants relating to a single Index or Share Warrants relating to a single Share, the Averaging Date shall be the first succeeding Valid Date (as defined below). If the first succeeding Valid Date has not occurred as of the Valuation Time on the eighth Scheduled Trading Day immediately following the original date that, but for the occurrence of another Averaging Date or Disrupted Day, would have been the final Averaging Date in respect of such Actual Exercise Date, then (A) that eighth Scheduled Trading Day shall be deemed to be the Averaging Date (irrespective of whether that eighth Scheduled Trading Day is already an Averaging Date), and (B) the Calculation Agent shall determine the relevant level or price for that Averaging Date in accordance with sub- paragraph (a)(ii) of the definition of Valuation Date below;

(ii) where the Warrants are Index Warrants relating to a Basket of Indices or Share Warrants relating to a Basket of Shares, the Averaging Date for each Index

or Share not affected by the occurrence of a Disrupted Day shall be the originally designated Averaging Date (the Scheduled Averaging Date) and the Averaging Date for an Index or Share affected by the occurrence of a Disrupted Day shall be the first succeeding Valid Date (as defined below) in relation to such

Index or Share. If the first succeeding Valid Date in relation to such Index or Share has not occurred as of the Valuation Time on the eighth Scheduled Trading Day immediately following the original date that, but for the occurrence of

another Averaging Date or Disrupted Day, would have been the final Averaging Date in respect of such Actual Exercise Date, then (A) that eighth Scheduled Trading Day shall be deemed the Averaging Date (irrespective of whether that eighth Scheduled Trading Day is already an Averaging Date) in respect of such Index or Share, and (B) the Calculation Agent shall determine the relevant level,

price or amount for that Averaging Date in accordance with sub-paragraph (b)(ii)

of the definition of Valuation Date below; and

(iii) where the Warrants are Debt Warrants, Currency Warrants or Commodity Warrants, provisions for determining the Averaging Date in the event of Modified Postponement applying will be set out in the applicable Final

Terms,

for the purposes of these Terms and Conditions, "Valid Date" means a Scheduled Trading Day that is not a Disrupted Day and on which another Averaging Date in relation to the Actual Exercise Date does not or is not deemed to occur;

"Business Day" means (i) a day (other than a Saturday or Sunday) on which commercial banks are open for general business (including dealings in foreign exchange and foreign currency deposits) in the relevant Business Day Centre(s) and Clearstream, Luxembourg and Euroclear are open for business and (ii) for the purposes of making payments in Euro, any day on which the Trans-European Automated Real-Time Gross Settlement Express Transfer (TARGET) System is open;

"Cash Settlement Amount" means, in relation to Cash Settled Warrants, the amount to which the Holder is entitled in the Settlement Currency in relation to each such Warrant or, if Units are specified in the applicable Final Terms, each Unit, as the case may be, as determined by the Calculation Agent pursuant to Condition 4;

"Disrupted Day" means any Scheduled Trading Day on which a relevant Exchange or any Related Exchange fails to open for trading during its regular trading session or on which a Market Disruption Event has occurred;

"Entitlement" means, in relation to a Physical Delivery Warrant or, if Units are specified in the applicable Final Terms, each Unit, as the case may be, the quantity of the Relevant Asset or the Relevant Assets, as the case may be, which a Holder is entitled to receive on the Settlement Date in respect of each such Warrant or Unit, as the case may be, following payment of the Exercise Price (and any other sums payable) rounded down as provided in Condition 4(C)(i), as determined by the Calculation Agent including any documents evidencing such Entitlement;

"Exchange" means:

(a) in respect of Index Warrants and in relation to an Index each exchange or quotation system specified as such for such Index in the applicable Final Terms, any successor to such exchange or quotation system or any substitute exchange or quotation system to which trading in the securities/commodities comprising such Index has temporarily relocated (provided that the Calculation Agent has determined that there is comparable liquidity relative to the securities/commodities comprising such Index on such temporary substitute exchange or quotation system as on the original Exchange); and

(b) in respect of Share Warrants and in relation to a Share, each exchange or quotation system specified as such for such Share in the applicable Final Terms, any successor to such exchange or quotation system or any substitute exchange or quotation system to which trading in the Share has temporarily relocated (provided that the Calculation Agent has determined that there is comparable liquidity relative to such Share on such temporary substitute exchange or quotation system as on the original Exchange);

"Exchange Business Day" means any Scheduled Trading Day on which each Exchange and each Related Exchange are open for trading during their respective regular trading sessions, notwithstanding any such Exchange or Related Exchange closing prior to its Scheduled Closing Time;

"Exercise Business Day" means:

(a) in the case of Cash Settled Warrants, a day that is a Business Day; and

(b) in the case of Physical Delivery Warrants, a day that is a Business Day and a Scheduled Trading Day;

"Related Exchange" means, in respect of Index Warrants and in relation to an Index or in respect of Share Warrants and in relation to a Share, each exchange or quotation system specified as such for such Index or Share in the applicable Final Terms, any successor to such exchange or quotation system or any substitute exchange or quotation system to which trading in futures or options contracts relating to such Index or Share has temporarily relocated (provided that the Calculation Agent has determined that there is comparable liquidity relative to the futures or options contracts relating to such Index or such Share on such temporary substitute exchange or quotation system as on the original Related Exchange), provided that where "All Exchanges" is specified as the Related Exchange in the applicable Final Terms, "Related Exchange" shall mean each exchange or quotation system where trading has a material effect (as determined by the Calculation Agent) on the overall market for futures or options contracts relating to such Index or such Share;

"Relevant Assets" means, in respect of Physical Delivery Warrants, the relevant asset to which the Warrants relate;

"Scheduled Closing Time" means, in respect of an Exchange or Related Exchange and a Scheduled Trading Day, the scheduled weekday closing time of such Exchange or Related Exchange on such Scheduled Trading Day, without regard to after hours or any other trading outside of the regular trading session hours;

"Scheduled Trading Day" means any day on which each Exchange and each Related Exchange are scheduled to be open for trading for their respective regular trading sessions;

"Scheduled Valuation Date" means any original date that, but for the occurrence of an event causing a Disrupted Day, would have been a Valuation Date;

"Settlement Date" means:

(a) in relation to Cash Settled Warrants:

in relation to each Actual Exercise Date, (i) where Averaging is not specified in the applicable Final Terms, the third Business Day following the Valuation Date provided that if the Warrants are Index Warrants relating to a Basket of Indices,

Share Warrants relating to a Basket of Shares, Debt Warrants relating to a Basket of Debt Securities or Commodity Warrants relating to a Basket of Commodities and the occurrence of a Disrupted Day has resulted in a Valuation Date for one or more Indices, Shares, Debt Securities or Commodities, as the case may be, being adjusted as set out in the definition of Valuation Date below, the Settlement Date shall be the third Business Day next following the last occurring Valuation Date in relation to any Index, Share, Debt Security or Commodity, as the case may be, or (ii) where Averaging is specified in the applicable Final Terms, the third Business Day following the last occurring Averaging Date provided that where the Warrants are Index Warrants relating to a Basket of Indices, Share Warrants relating to a Basket of Shares, Debt Warrants relating to a basket of Debt Securities or Commodity Warrants relating to a Basket of Commodities and the occurrence of a Disrupted Day has resulted in an Averaging Date for one or more Indices, Shares, Debt Securities or Commodities, as the case may be, being adjusted as set out in the definition of Averaging Date above, the Settlement Date shall be the third Business Day next following the last occurring Averaging Date in relation to any Index, Share, Debt Security or Commodity, as the case may be, or such other date as is specified in the applicable Supplement; and

(b) in relation to Physical Delivery Warrants:

the date specified as such in the applicable Final Terms;

"Settlement Price" means, in relation to each Cash Settled Warrant or, if Units are specified in the applicable Final Terms, each Unit, as the case may be:

(a) in respect of Index Warrants, subject to Condition 15(A) and as referred to in Valuation Date below or Averaging Date above, as the case may be:

(i) in the case of Index Warrants relating to a Basket of Indices, an amount (which shall be deemed to be a monetary value on the same basis as the Exercise Price) equal to the sum of the values calculated for each Index as the official closing level for each Index as determined by the Calculation Agent or, if so specified in the applicable Final Terms, the level of each Index determined by the Calculation Agent as set out in the applicable Final Terms at the Relevant Time on (A) if Averaging is not specified in the applicable Final Terms, the Valuation Date or (B) if Averaging is specified in the applicable Final Terms, an Averaging Date and, in either case, without regard to any subsequently published correction, multiplied by the relevant Multiplier; and

(ii) in the case of Index Warrants relating to a single Index, an amount (which shall be deemed to be a monetary value on the same basis as the Exercise Price) equal to the official closing level of the Index as determined by the Calculation Agent or, if so specified in the applicable Final Terms, the level of the Index determined by the Calculation Agent as set out in the applicable Final Terms at the Relevant Time on (A) if Averaging is not specified in the applicable Final Terms, the Valuation Date or (B) if Averaging is specified in the applicable Final Terms, an Averaging Date and, in either case, without regard to any subsequently published correction;

(b) in respect of Share Warrants, subject to Condition 15(B) and as referred to in Valuation Date below or Averaging Date above, as the case may be:

(i) in the case of Share Warrants relating to a Basket of Shares, an amount equal to the sum of the values calculated for each Share at the official closing price (or the price at the Relevant Time on the Valuation Date or an Averaging Date, as the case may be, if so specified in the applicable Final Terms) quoted on the relevant Exchange for such Share (as defined in Condition 15(B)) on (A) if Averaging is not specified in the applicable Final Terms, the Valuation Date or (B) if Averaging is specified in the applicable Final Terms, an Averaging Date and, in either case, without regard to any subsequently published correction (or if in the opinion of the Calculation Agent, any such official closing price or the price at the Relevant Time on the Valuation Date or such Averaging Date, as the case may be, if so specified in the applicable Final Terms) cannot be so determined and the Valuation Date or Averaging Date, as the case may be, is not a Disrupted Day, an amount determined by the Calculation Agent to be equal to the arithmetic mean of the closing fair market buying price (or the fair market buying price at the Relevant Time on the Valuation Date or such Averaging Date, as the case may be, if so specified in the applicable Final Terms) and the closing fair market selling price (or the fair market selling price at the Relevant Time on the Valuation Date or such Averaging Date, as the case may be, if so specified in the applicable Final Terms) for the relevant Share whose official closing price (or the price at the Relevant Time on the Valuation Date or such Averaging Date, as the case may be, if so specified in the applicable Final Terms) cannot be determined based, at the Calculation Agent's discretion, either on the arithmetic mean of the foregoing prices or middle market quotations provided to it by two or more financial institutions (as selected by the Calculation Agent) engaged in the trading of the relevant Share or on such other factors as the Calculation Agent shall decide), multiplied by the relevant Multiplier, each such value to be converted, if so specified in the applicable Final Terms, into the Settlement Currency at the Exchange Rate and the sum of such converted amounts to be the Settlement Price, all as determined by or on behalf of the Calculation Agent; and

(ii) in the case of Share Warrants relating to a single Share, an amount equal to the official closing price (or the price at the Relevant Time on the Valuation Date or an Averaging Date, as the case may be, if so specified in the applicable Final Terms) quoted on the relevant Exchange for such Share (as defined in Condition 15(B)) on (A) if Averaging is not specified in the applicable Final Terms, the Valuation Date or (B) if Averaging is specified in the applicable Final Terms, an Averaging Date and, in either case, without regard to any subsequent published correction (or if, in the opinion of the Calculation Agent, any such official closing price or the price at the Relevant Time on the Valuation Date or such Averaging Date, as the case may be, if so specified in the applicable Final Terms) cannot be so determined and the Valuation Date or Averaging Date, as the case may be, is not a Disrupted Day, an amount determined by the Calculation Agent to be equal to the arithmetic mean of the closing fair market buying price (or the fair market buying price at the Relevant Time on the Valuation Date or such Averaging Date, as the case may be, if so specified in the applicable Final Terms) and the closing fair market selling price (or the fair market selling price at the Relevant Time on the Valuation Date or such Averaging Date, as the case may be, if so specified in the applicable Final Terms) for the Share based, at the Calculation Agent's discretion, either on the

arithmetic mean of the foregoing prices or middle market quotations provided to it by two or more financial institutions (as selected by the Calculation Agent) engaged in the trading of the Share or on such other factors as the Calculation Agent shall decide), such amount to be converted, if so specified in the applicable Final Terms, into the Settlement Currency at the Exchange Rate and such converted amount to be the Settlement Price, all as determined by or on behalf of the Calculation Agent;

(i) in the case of Debt Warrants relating to a Basket of Debt Securities, an amount equal to the sum of the values calculated for each Debt Security at the bid price for such Debt Security as determined by or on behalf of the Calculation Agent by reference to the bid price for such Debt Security appearing on the Relevant Screen Page at the Relevant Time on (A) if Averaging is not specified in the applicable Final Terms, the Valuation Date or (B) if Averaging is specified in the applicable Final Terms, an Averaging Date, or if such price is not available, the arithmetic mean of the bid prices for such Debt Security at the Relevant Time on the Valuation Date or such Averaging Date, as the case may be, as received by it from two or more market-makers (as selected by the Calculation Agent) in such Debt Security, such bid prices to be expressed as a percentage of the nominal amount of such Debt Security, multiplied by the relevant Multiplier;

(ii) in the case of Debt Warrants relating to a single Debt Security, an amount equal to the bid price for the Debt Security as determined by or on behalf of the Calculation Agent by reference to the bid price for such Debt Security appearing on the Relevant Screen Page at the Relevant Time on (A) if Averaging is not specified in the applicable Final Terms, the Valuation Date or (B) if Averaging is specified in the applicable Final Terms, an Averaging Date, or if such price is not available, the arithmetic mean of the bid prices for such Debt Security at the Relevant Time on the Valuation Date or such Averaging Date, as the case may be, as received by it from two or more market-makers (as selected by the Calculation Agent) in such Debt Security, such bid prices to be expressed as a percentage of the nominal amount of the Debt Security;

(d) in respect of Currency Warrants:

(i) in the case of Currency Warrants relating to a Basket of Subject Currencies, an amount equal to the sum of the values calculated for each Subject Currency at the spot rate of exchange appearing on the Relevant Screen Page at the Relevant Time on (A) if Averaging is not specified in the applicable Final Terms, the Valuation Date or (B) if Averaging is specified in the applicable Final Terms, an Averaging Date, for the exchange of such Subject Currency into the Base Currency (expressed as the number of units (or part units) of such Base Currency for which one unit of the Subject Currency can be exchanged) or, if such rate is not available, the arithmetic mean (rounded, if necessary, to four decimal places, with 0.00005 being rounded upwards) as determined by or on behalf of the Calculation Agent of the bid and offer Subject Currency/Base Currency exchange rates (expressed as aforesaid) at the Relevant Time on the Valuation Date or such Averaging Date, as the case may be, of two or more leading dealers (as selected by the Calculation

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AVVISO n.8842 09 Giugno 2006 SeDeX − PLAIN VANILLA

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