Testo del comunicato

Mittente del comunicato : Borsa Italiana

Societa' oggetto dell'Avviso

: XXXXXXX XXXXX & CO.

Oggetto : DomesticMOT: integrazione avviso di inizio negoziazione n. 5388 del 20/03/2008 obbligazioni "XXXXXXX XXXXX"

Testo del comunicato

Si veda allegato.

Disposizioni della Borsa

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Mittente del comunicato : Borsa Italiana

Societa' oggetto dell'Avviso

: XXXXXXX XXXXX & CO.

Oggetto : DomesticMOT: inizio negoziazioni obbligazioni "XXXXXXX XXXXX & CO., INC."

Testo del comunicato

Si veda allegato.

Disposizioni della Borsa

Titolo: “Xxxxxxx Xxxxx 6Y – 4,30% (1Y) + 55%*CMS 10Y Floored at 3,30%” - (Codice ISIN IT0006627563);

“Xxxxxxx Xxxxx 2007/2013 1Y Fixed Rate + 5* CMS 10Y/2Y SPREAD FLOORED AT 3%” (Codice ISIN IT0006623620).

Rating Emittente: Società Long Outlook Data di Rating Term Report

Moody’s A1 Negative 24/10/2007 Standard & Poor’s A+ Negative 24/10/2007 Fitch Ratings A+ Negative 24/10/2007

Oggetto: INIZIO DELLE NEGOZIAZIONI IN BORSA

Data inizio negoziazioni: 26 marzo 2008

Mercato di negoziazione: Borsa - Mercato telematico delle obbligazioni (MOT),

segmento DomesticMOT, “classe titoli di debito in euro ed in valuta diversa dall’euro”

CARATTERISTICHE SALIENTI DEI TITOLI OGGETTO DI QUOTAZIONE

“Xxxxxxx Xxxxx 6Y – 4,30% (1Y) + 55%*CMS 10Y Floored at 3,30%”

Modalità di negoziazione: corso secco

Poiché la determinazione delle cedole, come previsto dall’art. 7 del Regolamento del prestito, avviene il secondo giorno lavorativo antecedente il primo giorno di godimento della cedola stessa, sarà cura dell’operatore inserire i compensi relativi ai contratti da liquidare il primo e il secondo giorno di godimento della nuova cedola dal momento in cui è noto al mercato il tasso della cedola in corso.

N. obbligazioni in

circolazione: 85.000

Valore nominale complessivo

delle obbligazioni in circolazione: 85.000.000 Euro

Interessi: le obbligazioni frutteranno interessi in conformità a quanto specificato all’art. 7 del Regolamento del prestito

Modalità di calcolo dei ratei: ACT/ACT su base periodale Godimento: 30 marzo 2007

Scadenza: 30 marzo 2013 (rimborso alla pari in un’unica soluzione alla scadenza)

Tagli: unico da nominali 1.000 Euro

Codice ISIN: IT0006627563

Codice SIA: 378236

Denominazione breve: XXXXXXX-13_CMS_10Y Importo minimo di

negoziazione: 1.000 Euro

“Xxxxxxx Xxxxx 2007/2013 1Y Fixed Rate + 5* CMS 10Y/2Y SPREAD FLOORED AT 3%”

Modalità di negoziazione: corso secco

N. obbligazioni in

circolazione: 497.000

Valore nominale unitario: 1.000 Euro Valore nominale complessivo

delle obbligazioni in circolazione: 497.000.000 Euro

Interessi: le obbligazioni frutteranno interessi in conformità a quanto specificato all’art. 8 del Regolamento del prestito

Modalità di calcolo dei ratei: ACT/ACT su base periodale Godimento: 6 marzo 2007

Scadenza: 6 marzo 2013 (rimborso alla pari in un’unica soluzione alla scadenza)

Tagli: unico da nominali 1.000 Euro

Codice ISIN: IT0006623620

Codice SIA: 427031

Denominazione breve: XXXXXXX-13_CMS10Y/2Y Importo minimo di

negoziazione: 1.000 Euro

DISPOSIZIONI DELLA BORSA ITALIANA

Dal 26 marzo 2008 le obbligazioni “Xxxxxxx Xxxxx 6Y – 4,30% (1Y) + 55%*CMS 10Y Floored at 3,30%” e “Xxxxxxx Xxxxx 2007-2013 1Y Fixed Rate + 5* CMS 10Y/2Y SPREAD FLOORED AT 3%” verranno iscritte nel Listino Ufficiale, comparto obbligazionario (MOT).

Allegati:

- Fattori di rischio;

- Regolamenti dei prestiti obbligazionari.

Condizioni Definitive

relative alla quotazione di Euro 85.000.000

Obbligazioni «Xxxxxxx Xxxxx 6Y – 4,30% (1Y) +55%*CMS 10Y Floored at 3,30% » con scadenza 30 marzo 2013

di Xxxxxxx Xxxxx & Co., Inc.

Codice ISIN: IT0006627563

ai sensi del Programma

di Obbligazioni "Xxxxxxx Xxxxx & Co., Inc. RATE", "Xxxxxxx Xxxxx & Co., Inc. RATE con Opzioni Plain Vanilla", "Xxxxxxx Xxxxx & Co., Inc. RATE con Opzioni Digitali", "Xxxxxxx Xxxxx & Co., Inc. RATE con Opzioni Lookback, Best of, Worst of, Rainbow o Himalaya", "Xxxxxxx Xxxxx & Co., Inc. RATE con Combinazioni di Opzioni Predefinite"

di cui al relativo Prospetto di Base

Condizioni Definitive depositate presso la CONSOB in data 13 marzo 2008

L'adempimento di pubblicazione delle Condizioni Definitive mediante Avviso Integrativo non comporta alcun giudizio della CONSOB sull'opportunità dell'investimento proposto e sul merito dei dati e delle notizie allo stesso relativi. Le informazioni complete sull'Emittente e sulla Quotazione sono ottenibili solo con la consultazione congiunta del Prospetto di Base e delle Condizioni Definitive. Il Prospetto di Base e le Condizioni Definitive sono a disposizione del pubblico gratuitamente presso la sede sociale dell'Emittente situata in 0 Xxxxx Xxxxxxxxx Xxxxxx, Xxx Xxxx XX, 00000, U.S.A., nonché presso la sede di Xxxxxxx Xxxxx International Bank Limited - Xxxxx Xxxxxx, Xxx Xxxxxx 0, Xxxxxx 00000. Il Prospetto di Base è altresì consultabile sul sito internet dell'Emittente: xxx.xxxxxxxx.xx.xxx e xxx.xx.xx.xxx.

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Le Obbligazioni non sono state e non saranno registrate ai sensi dello United States Securities Act del 1933, così come modificato, o ai sensi di alcuna regolamentazione finanziaria in ciascuno degli stati degli Stati Uniti d'America. Né la Securities and Exchange Commission (la SEC) né altra autorità di vigilanza negli Stati Uniti ha approvato o negato l'approvazione alle Obbligazioni o si è pronunciata sull'accuratezza o inaccuratezza del Prospetto di Base e/o delle Condizioni Definitive. Qualunque soggetto sottoposto alla legislazione fiscale statunitense (United States person) che sia portatore delle Obbligazioni sarà soggetto alle limitazioni previste dalla legislazione fiscale degli Stati Uniti d'America, comprese le limitazioni previste nelle Sezioni 165(j) e 1287(a) dell'Internal Revenue Code.

L'offerta delle Obbligazioni è stata effettuata esclusivamente in Italia e non negli Stati Uniti o nei confronti di alcun cittadino americano o soggetto residente negli Stati Uniti o soggetto passivo d'imposta negli Stati Uniti ed il presente documento non può essere distribuito negli Stati Uniti.

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é-]à[–XX–u 5 ]]+ é- K- -]]-[- k-XX+ à+Z/ –=ZX’ H- ZX- ’ k L[+]x- XX+ é– O’]- s–Zàk=]–K+ é-– é+à=H- ZX–

–Zà+[x+[’ X– H- é–’ ZX- [–è- [–H- ZX+no ’ k S +à=H- ZX+ é– h - / –]X[’ • –+Z- é- x+]–X’ X+ x[- ]]+ NM" &MO –Z é’ X’

zv H’// –+ zii qo ’ ]- / =–X+ é– ’ xx[+K’ • –+Z- à+H=Z–à’ X’ à+Z Z+X’ Zu qi f qTDv é- k zv H’// –+ zii qo’ k &=xxk- H- ZX+ ’ k S +à=H- ZX+ é– h - / –]X[’ • –+Z- é- x+]–X’ X+ x[- ]]+ NM" &MO –Z é’ X’ zz Z+K- Hò[- zii qo’

]- / =–X+ é– ’ xx[+K’ • –+Z- à+H=Z–à’ X’ à+Z Z+X’ Zu qCi Dzqg é- k zC Z+K- Hò[- zii qo –Zàk=]– H- é–’ ZX- [–è- [–H- ZX+ ’ kk’ &- • –+Z- 88 é- k L[+]x- XX+ é– O’]- [- k’ X–K+ ’ k L[+/ [’ HH’ é– Mòòk–/ ’ • –+Z– ’ 29 - [[–kk

1 _Zàì r N+uo 8Zàu h RA5 2o 29 - [[–kk 1 _Zàì r N+uo 8Zàu h RA5 à+Z Mx• –+Z– Plain Vanilla2o 29 - [[–kk 1 _Zàì r N+uo 8Zàu h RA5 à+Z Mx• –+Z– S –/ –X’ k–2o 29 - [[–kk 1 _Zàì r N+uo 8Zàu h RA5 à+Z Mx• –+Z– Lookbacko Best ofo Worst ofo Rainbow + Himalaya2o 29 - [[–kk 1 _Zàì r N+uo 8Zàu h RA5 à+Z N+Hò–Z’ • –+Z–é–Mx• –+Z–L[- é- è–Z–X- 2 é- x+]–X’ X+ x[- ]]+ k’ NM" &MO –Z é’ X’ C è- òò[’ –+ zii To’ ]- / =–X+

é–’ xx[+K’ • –+Z- à+H=Z–à’ X’ à+Z Z+X’ ZuqCCi f ag é- kCg é–à- Hò[- zii qu

1- x[- ]- ZX–N+Zé–• –+Z–S - è–Z–X–K- oà+Z/ –=ZX’ H- ZX- ’ k[-/ +k’ H- ZX+ €=–é–]-/ =–X+ ’ kk- / ’ X+oà+]X–X=–]à+Z+

–kh - / +k’ H- ZX+ é-–A–X+k––Z +// - XX+u

8 X- [H–Z– é– ]- / =–X+ =X–k–•• ’ X– - Z+Z é–[- XX’ H- ZX- é- è–Z–X– ì ’ ZZ+ k+ ]X- ]]+ ]–/ Z–è–à’ X+ ’ XX[–ò=–X+ k+[+ Z- k L[+]x- XX+ é–O’]- u

Si riporta di seguito il paragrafo "Fattori di Rischio" di cui alla Sezione III del Prospetto di Base. Ogni riferimento alle "pertinenti Condizioni Definitive" va inteso come riferito alle presenti Condizioni Definitive.

Nel prendere una decisione di investimento gli investitori sono invitati a valutare gli specifici fattori di rischio relativi all'Emittente, ai settori di attività in cui esso opera, nonché agli strumenti finanziari proposti. I fattori di rischio descritti nelle presenti Condizioni Definitive devono essere letti congiuntamente alle altre informazioni di cui al Prospetto di Base, ivi inclusi gli ulteriori fattori di rischio di cui al Documento di Registrazione e al Supplemento al Documento di Registrazione.

Per ulteriori informazioni relative all'Emittente, gli investitori sono invitati a prendere visione del Documento di Registrazione, del Supplemento al Documento di Registrazione e dei documenti a disposizione del pubblico, nonché inclusi mediante riferimento nel Prospetto di Base, di cui ai Capitoli 8, 13 e 17 del Documento di Registrazione e del relativo Supplemento e alla Sezione III, Capitolo 8 del Prospetto di Base medesimo, ovvero di cui alle Condizioni Definitive.

DESCRIZIONE SINTETICA DELLE CARATTERISTICHE DELLO STRUMENTO FINANZIARIO

8 A–X+k–+// - XX+ é- kL[+]x- XX+ é–O’]- ]+Z+ –]-/ =- ZX–

–n Mòòk–/ ’ • –+Z–h RA5 E

––n Mòòk–/ ’ • –+Z–h RA5 à+Z Mx• –+Z–Plain VanillaE

–––n Mòòk–/ ’ • –+Z–h RA5 à+Z Mx• –+Z–S –/ –X’ k–E

–Xx Xxxx–/ ’ • –+Z–h RA5 à+Z Mx• –+Z–LookbackoBest ofoWorst ofoRainbow + Himalaya;

Xx Xxxx–/ ’ • –+Z–h RA5 à+Z N+Hò–Z’ • –+Z–é–Mx• –+Z–L[- é- è–Z–X- sk- Mòòk–/ ’ • –+Z–é–à=–’ –x=ZX–––o–––- –K k-

Obbligazioni RATE con Opzioni Aggiuntivenu

1 - Mòòk–/ ’• –+Z–é- X- [H–Z’ Z+ k+òòk–/ + x-[ k5 H–XX- ZX- é–[–Hò+[]’ [- ’ kk–ZK- ]X–X+[- =Z K’ k+[- x’[–’ kCii p é- k

; ’ k+[- " +H–Z’ k-u y =’ k+[’ x[- K–]X+ Z- kk- N+Zé–• –+Z– S - è–Z–X–K- k- Mòòk–/ ’ • –+Z– x+]]+Z+ à+[[–]x+Zé- [- ’ / k–

–ZK- ]X–X+[–N- é+k- 0–]]- u

1- Mòòk–/ ’ • –+Z–x[- K- é+Z+ k’ à+[[- ]x+Z]–+Z- é–N- é+k- ; ’ [–’ ò–k–é- X- [H–Z’ X- ]=kk’ ò’]- é–=Z à+- èè–à–- ZX- é–

x’[X- à–x’ • –+Z- s- ]x[- ]]+ –Z K’ k+[- ’]]+k=X+ + x- [à- ZX=’ k- n s–n ’ k h RA5 o s––n ’ k S –èè- [- Z• –’ k- h RA5 o s–––n ’ k

H’]]–H+ K’ k+[- X[’ x–ù h RA5 é- X- [H–Z’ ò–k–’ Zàì - –Z [’ / –+Z- é- kk’ é–K- []’ ]à’ é- Z• ’ é–à–’ ]à=Z+ é–-]]–sBest

of h RA5 nuÈ –Z+kX[- x+]]–ò–k- x[- K- é-[- àì - ’ kK’ k+[- é- kk’ N- é+k’ ; ’ [–’ ò–k- à+[[–]x+]X’ Z- kx-[–+é+ à- é+k’ [-

x[- à- é- ZX- K- Z/ ’ ]+HH’ X+ –k x[+é+XX’ X[’ . –n =Z à+- èè–à–- ZX- é– x’[X- à–x’ • –+Z- ’ k h RA5 +KK- [+ ––n =Z

à+- èè–à–- ZX- é–x’[X- à–x’ • –+Z- ’ kS –èè- [- Z• –’ k- h RA5 s]–K- é’ N’ x–X+k+ f oL’[’/ [’ è+ f uquDnu

L-[ h RA5 ]– –ZX- Zé- . –k X’ ]]+ &{ ’ x ’ ]à’ é- Z• ’ è–]]’ sà+]–éé- XX+ constant maturity swapn ]x- à–è–à’ X+ Z- kk-

x-[X–Z- ZX– N+Zé–• –+Z– S - è–Z–X–K- E +KK- [+ – X’ ]]– –ZX- [ò’ Zà’ [– é- kkR[-’ 5 =[+ s56 h 8OMh n ]x- à–è–à’ X– Z- kk-

x-[X–Z- ZX– N+Zé–• –+Z– S - è–Z–X–K- E +KK- [+ – X’ ]]– London Interbank Offer Rate s1 8OMh n ]x- à–è–à’ X– Z- kk- x-[X–Z- ZX–N+Zé–• –+Z–S - è–Z–X–K- u

1- Mòòk–/ ’ • –+Z– h RA5 à+Z Mx• –+Z– R// –=ZX–K- x[- K- é+Z+o –Z+kX[- o –k x’/ ’ H- ZX+ é– =Z’ + x–ù N- é+k- R// –=ZX–K- - K- ZX=’ k– €=’ k+[’ –k ]+XX+]X’ ZX- ’ òò–’ =Z ’ Zé’ H- ZX+ è’ K+[- K+k- x-[ k–ZK- ]X–X+[- –Z [- k’ • –+Z- ’ k

X–x+ é– Mx• –+Z- + ’ k X–x+ é– N+Hò–Z’ • –+Z- é– Mx• –+Z– L[- é- è–Z–X- u L-[ k’ é- X- [H–Z’ • –+Z- é- kk’ N- é+k’

R// –=ZX–K’ - K- ZX=’ k- –k ]+XX+]X’ ZX- é- kkeMx• –+Z- + é- kk’ N+Hò–Z’ • –+Z- é– Mx• –+Z– L[- é- è–Z–X- x=ò -]]-[-

à+]X–X=–X+ é’ =Z ]–Z/ +k+ L’[’ H- X[+ + é’ =Z L’ Z–- [- o –k à=– ’ Zé’ H- ZX+ ]’ [à à’ kà+k’ X+ ]- à+Zé+ –k X–x+ é– Mx• –+Z- + é- kk’ N+Hò–Z’ • –+Z- é–Mx• –+Z–L[- é- è–Z–X- =X–k–•• ’ X’ u

8Z+kX[- o +K- x[- K–]X+ X- xx- XxXx–• –+Z– S - è–Z–X–K- o k’ N- é+k’ R// –=ZX–K’ x=ò -]]-[- –k [–]=kX’ X+ é- kk’

à+Hò–Z’ • –+Z- X[’ é=- + x–ù Mx• –+Z–o +KK- [+ é- kk’ ]X- ]]’ Mx• –+Z- Z- kk- K’ [–’ ZX– Call - Put, +K- x-[

N+Hò–Z’ • –+Z- é– Mx• –+Z– L[- é- è–Z–X- ]––ZX- Zé- k+x-[’[- à+Z/ –=ZX+ é- kk- Mx• –+Z––Zé–à’ X- à–’ ]à=Z’ ]- à+Zé+

–H- X+é–é–à’ kà+k+ é-]à[–XX–Z- kk’ &- • –+Z- 888oN’ x–X+k+ f oL’[’/ [’ è+ f uquDoZ+Zàì é Z- kk- N+Zé–• –+Z–S - è–Z–X–K-

- é ’ à=–k–ZK- ]X–X+[- é- K- è’ [- [–è- [–H- ZX+ x-[ à+Hx[- Zé- [- –k[- k’ X–K+ è=Z• –+Z’ H- ZX+u 8Z x’[X–à+k’ [- o]–x+]]+Z+ ’ K- [- k- ]- / =- ZX–à+Hò–Z’ • –+Z–.

c kMx• –+Z- Knock-in à+Z keMx•–+Z- Knock-outE

c kMx• –+Z- Cliquet à+Z kMx•–+Z- Worst of + à+Z kMx•–+Z- Best ofu

&– ]- / Z’ k’ o –Z+kX[- o àì - x-[ k’ é- X- [H–Z’ • –+Z- é- kk’ N- é+k’ R// –=ZX–K’ - K- ZX=’ k- x=ò -]]-[- =X–k–•• ’ X’ k’

H+é’ k–Xà Outperformance –k à=– ]+XX+]X’ ZX- è [’ xx[- ]- ZX’ X+ é’ kk’ é–èè- [- Z• ’ X[’ k’ K’ [–’ • –+Z- x- [à- ZX=’ k- é–

é=- L’[’ H- X[–oé–é=- L’ Z–- [–+KK- [+ é–=Z L’[’ H- X[+ - =Z L’ Z–- [- + K–à- K- []’ u

8 ]+XX+]X’ ZX–[- k’ X–K–’ kkeMx• –+Z- + ’ kk’ N+Hò–Z’ • –+Z- é– Mx• –+Z– L[- é- è–Z–X- =X–k–•• ’ X- x-[ k’ é- X- [H–Z’ • –+Z-

é- kk’ N- é+k’ R// –=ZX–K’ - K- ZX=’ k- x+]]+Z+ -]]-[-. ’ • –+Z–o commodityo –Zé–à– é-– x[- ••– ’ k à+Z]=H+o è+Zé–o

&8NR; oX’ ]]–é––ZX- [-]]- oX’ ]]–é–à’ Hò–+oé- [–K’ X–o–Zé–à–- m+ +/ Z–’ kX[+ ]+XX+]X’ ZX- x[- K–]X+ é’ kh - / +k’ H- ZX+

é-– 9 - [à’ X– +[/ ’ Z–•• ’ X– - / - ]X–X– é’ O+[]’ 8X’ k–’ Z’ &uxuRuo à+Hx[- Z]–K+ é– +/ Z– ]=àà- ]]–K’ H+é–è–à’ u 8

]+XX+]X’ ZX–]’ [’ ZZ+ [–k- K’ X––Z K’ k+[- ’]]+k=X+ +KK- [+ ]=kk’ ò’]- é- kk’ K’ [–’ • –+Z- x- [à- ZX=’ k-oà+H- ]x- à–è–à’ X+ Z- kk- x-[X–Z- ZX–N+Zé–• –+Z–S - è–Z–X–K- u

MK- –Zé–à’ X+ Z- kk- N+Zé–• –+Z– S - è–Z–X–K- x=ò -]]-[- x[- K–]X+ =Z 0’ XX+[- é– L’[X- à–x’ • –+Z- àì - x=ò -]]-[-

–Zè- [–+[- ox’[–+ ]=x-[–+[- ’ kCii p uA’ k- 0’ XX+[- é–L’[X- à–x’ • –+Z- x=ò -]]-[- ’ xxk–à’ X+ ’–]-/ =- ZX–k–K- kk–.

–n ’ kK’ k+[- + ’ kk’ performance é- kL’[’ H- X[+ + é- kL’ Z–- [- E- m+

––n ’ k[–]=kX’ X+ è–Z’ k- é- kkMx• –+Z- + é- kk’ N+Hò–Z’ • –+Z- é–Mx• –+Z–L[- é- è–Z–X- –ZX- [-]]’ X’ u

8Z+kX[- +K- –Zé–à’ X+ Z- kk- N+Zé–• –+Z– S - è–Z–X–K- x=ò -]]-[- x[- K–]X+ =Z K’ k+[- H’]]–H+ sCapn - m+ =Z K’ k+[-

H–Z–H+ sFloorn é’ ’ xxk–à’ []– ’ k K’ k+[- é- kk’ performance é- k L’[’ H- X[+ + é- k L’ Z–- [- - m+ ’ k K’ k+[- è–Z’ k- é- kk’ N- é+k’ u

1- Mòòk–/ ’ • –+Z– x+]]+Z+ ’ kX[- ]ì x[- K- é-[- àì - k’ ]+HH’ é- kk- N- é+k- à+[[–]x+]X- é=[’ ZX- k’ K–X’ é- kk-

H- é-]–H- Z+Z x+]]’ ]=x-[’[- =Z’ x- [à- ZX=’ k- é- k ; ’ k+[- " +H–Z’ k- x[- é- X- [H–Z’ X’ Z- kk- x-[X–Z- ZX–

N+Zé–• –+Z–S - è–Z–X–K- sàuéuGlobal Capn +KK- [+ àì - Z+Z x+]]’ -]]-[- –Zè- [–+[- ’ é =Z’ x- [à- ZX=’ k- é- k; ’ k+[-

" +H–Z’ k- x[- é- X- [H–Z’ X’ Z- kk- x-[X–Z- ZX–N+Zé–• –+Z–S - è–Z–X–K- sàuéuGlobal Floornu

MK- x[- K–]X+ Z- kk- x-[X–Z- ZX– N+Zé–• –+Z– S - è–Z–X–K- k- Mòòk–/ ’ • –+Z– x+]]+Z+ -]]-[- [–Hò+[]’ X-

’ ZX–à–x’ X’ H- ZX- s–k Rimborso Anticipaton s–n ’ é +x• –+Z- é- kke5 H–XX- ZX- o+KK- [+ s––n ’ é +x• –+Z- é- k ]–Z/ +k+ Xxxx–/ ’ • –+Z–]X’ o +KK- [+ s–––n ’ k K- [–è–à’ []– é– =Z 5 K- ZX+ é– h –Hò+[]+ RZX–à–x’ X+ s–k Rimborso Anticipato Automaticonu

&–- K–é- Z• –’ –Z x’[X–à+k’ [- àì - o+K- k- Mòòk–/ ’ • –+Z–K- Z/ ’ Z+ [–Hò+[]’ X- ’ ZX–à–x’ X’ H- ZX- ok–ZK- ]X–X+[- x-[é- [à

–ké–[–XX+ ’ kx- [à- x–H- ZX+ é- kk- N- é+k- Z+Z ’ Zà+[’ H’ X=[’ X- ’ kk’ S ’ X’ é- kh –Hò+[]+ RZX–à–x’ X+u

FATTORI DI RISCHIO

&–’ – A–X+k– h RA5 ]–’ – A–X+k– h RA5 à+Z Mx• –+Z– R// –=ZX–K- o+// - XX+ é- k L[+]x- XX+ é– O’]-o]+Z+ ]X[=H- ZX–

é––ZK- ]X–H- ZX+ é- k[–]x’ [H–+ ’ H- é–+ k=Z/ + X- [H–Z- à+Z [–Hò+[]+ é- kà’ x–X’ k- ’ ]à’ é- Z• ’ o]’ kK+ –kà’ ]+ –Z

à=– ]–’ x[- K–]X+ –k h –Hò+[]+ RZX–à–x’ X+o –K– à+Hx[- ]’ k–x+X- ]– é– h –Hò+[]+ RZX–à–x’ X+ R=X+H’ X–à+

sAutocallablenu

0-[H+ [- ]X’ Zé+ –k[–Hò+[]+ é- kà’ x–X’ k- o

- in caso di Xxxxxx RATE gli investitori potrebbero non ricevere alcuna Cedola nel caso in cui non fosse previsto il pagamento di alcuna Cedola Fissa nè una cedola minima (Floor) e l'andamento del RATE fosse non favorevole per l'investitore;

- in caso di titoli RATE con Opzioni Aggiuntive gli investitori potrebbero non ricevere alcuna Cedola nel caso in cui l'andamento del RATE fosse non favorevole per l'investitore e non fosse previsto il pagamento di alcuna Cedola Fissa nè una cedola minima (Floor). Inoltre, l’investitore potrebbe non ricevere neanche la Cedola Aggiuntiva se il Parametro o il Paniere avesse un andamento non favorevole per l'investitore in relazione al tipo di Opzione implicita o di Combinazione di Opzioni Predefinite utilizzate e anche in relazione alla modalità Outperformance.

Nel caso in cui il sottostante della Cedola Aggiuntiva eventuale sia costituito da future su commodity il valore del sottostante potrebbe subire una riduzione a seguito dell'operazione di rinnovo dei contratti future.

1- Mòòk–/ ’ • –+Z–+// - XX+ é- kL[+/ [’ HH’ x[- ]- ZX’ Z+ - k- H- ZX–é–[–]àì –+ àì - / k––ZK- ]X–X+[–é- K+Z+ à+Z]–é- [’ [-

Z- k é- à–é- [- ]- –ZK- ]X–[- Z- kk- ]X- ]]- u 7 k– –ZK- ]X–X+[–o x-[X’ ZX+o ]+Z+ –ZK–X’ X– ’ é - èè- XX=’ [- =Z –ZK- ]X–H- ZX+ –Z X’ k–X–X+k–]+k+ €=’ k+[’ ’ òò–’ Z+ à+Hx[- ]+ k’ k+[+ Z’ X=[’ - –k/ [’ é+ é–[–]àì –+ ]+XX- ]+u

Nel prendere una decisione di investimento, anche in base ai recenti sviluppi dell'attività dell'Emittente, gli investitori sono invitati a valutare gli specifici fattori di rischio relativi all'Emittente, ai settori di attività in cui esso opera, nonché agli strumenti finanziari proposti. I fattori di rischio quivi descritti nel presente Capitolo “fattori di rischio” devono essere letti congiuntamente agli ulteriori fattori di rischio contenuti nel Capitolo 4 del Documento di Registrazione e del Supplemento al Documento di Registrazione, nelle Condizioni Definitive, nonché alle altre informazioni di cui al Prospetto di Base ed alle Condizioni Definitive. I rinvii a capitoli e paragrafi si riferiscono a capitoli e paragrafi della Sezione di cui al Prospetto di Base ovvero del Documento di Registrazione, nonché del relativo Supplemento.

Per ulteriori informazioni relative all'Emittente, gli investitori sono invitati a prendere visione del Documento di Registrazione, del Supplemento al Documento di Registrazione e dei documenti a disposizione del pubblico, nonché inclusi mediante riferimento nel Prospetto di Base, di cui ai Capitoli 8, 13 e 17 del Documento di Registrazione e del relativo Supplemento e alla Sezione III, Capitolo 8, ovvero di cui alle Condizioni Definitive.

1- Mòòk–/ ’ • –+Z– ]X[=XX=[’ X- o Z- kk’ à=– à’ X- / +[–’ ]+Z+ [–à+Hx[- ]- k- Mòòk–/ ’ • –+Z– é– à=– ’ k L[+/ [’ HH’ o

–Zà+[x+[’ Z+ =Z+ ]X[=H- ZX+ +òòk–/ ’ • –+Z’ [–+ X[’ é–• –+Z’ k- - =Z+ + x–ù à+ZX[’ XX–é- [–K’ X–uL- [X’ ZX+ k–ZK- ]X–H- ZX+

–Z =Z X–X+k+ ]X[=XX=[’ X+ –Hxk–à’ k’ à€=–]X+ - m+ k’ K- Zé–X’ oé’ x’[X- é- k]+XX+]à[–XX+[- o’ Zàì - é–=Z+ + x–ù à+ZX[’ XX–

é-[–K’ X–o –k à=– K’ k+[- è é- X- [H–Z’ X+ é’ kk’ Zé’ H- ZX+ é– ]X[=H- ZX– è–Z’ Z• –’ [– - m+ é– x’[’ H- X[– ’ é -]]– à+kk- / ’ X–

s’ • –+Z–ocommodityo–Zé–à– é-– x[- ••–’ kà+Z]=H+oè+Zé–o&8NR; oX’ ]]– é– –ZX- [-]]- oX’ ]]– é– à’ Hò–+oé- [–K’ X–o

–Zé–à– - m+ +/ Z– ’ kX[+ ]+XX+]X’ ZX- x[- K–]X+ é’ kh - / +k’ H- ZX+ é-– 9 - [à’ X– +[/ ’ Z–•• ’ X– - / - ]X–X– é’ O+[]’ 8X’ k–’ Z’

&uxuRuoà+Hx[- Z]–K+ é–+/ Z–]=àà- ]]–K’ H+é–è–à’ nu

S ’ X- k- ]=éé- XX- à’[’ XX- [–]X–àì - o– X–X+k– ]X[=XX=[’ X– ]+Z+ ]X[=H- ZX– à’[’ XX- [–•• ’ X– é’ –ZX[–Z]- à’ à+Hxk- ]]–Xà àì -

[- Zé- é–èè–à–k- k’ k+[+ K’ k=X’ • –+Z- o–Z X- [H–Z–é–[–]àì –+o]–’ ’ kH+H- ZX+ é- kk’ à€=–]X+ ]–’ ]=àà- ]]–K’ H- ZX- u

Le Obbligazioni sono caratterizzate da una rischiosità molto elevata il cui apprezzamento da parte dell'investitore è ostacolato dalla loro complessità. É quindi necessario che l'investitore concluda operazioni aventi ad oggetto tali strumenti solo dopo averne compreso la natura e il grado di esposizione al rischio che esse comportano. L'investitore deve considerare che la complessità delle Obbligazioni può favorire l'esecuzione di operazioni non appropriate.

Si consideri che, in generale, l'investimento nelle Obbligazioni, in quanto obbligazioni di particolare complessità, non è adatto alla generalità degli investitori, pertanto l’investitore dovrà valutare il rischio dell’operazione e l'intermediario dovrà verificare se l'investimento è appropriato per l'investitore ai sensi della normativa vigente.

8Zè’ XX–o k’ HH+ZX’ [- àì - k5 H–XX- ZX- x+X[- òò- à+[[–]x+Zé- [- ’ é =Z –ZK- ]X–X+[- ’ kk’ S ’ X’ é– &à’ é- Z• ’ x[- K–]X’

x+X[- òò- -]]-[- –Zè- [–+[- [–]x- XX+ ’ k [- Zé–H- ZX+ ]= ’ kX[– –ZK- ]X–H- ZX–o –Z €=’ ZX+o ’ x’[–Xà é– é=[’ X’ o X’ k=Z–

–ZK- ]X–H- ZX–o à+Z]–é- [’ X- k- é–K- []- x+]]–ò–k– à’[’ XX- [–]X–àì - é-/ k– ]X- ]]–o x+X[- òò- [+ [-’/ –[- é–K- []’ H- ZX- ’– é–K- []–è’ XX+[–é–H- [à’ X+ –Zèk=- Z• ’ ZX––kk+[+ ’ Zé’ H- ZX+ - é –kk+[+ [- Zé–H- ZX+ - èè- XX–K+u

1- &–Z/ +k- Mèè- [X- Z+Z ]+Z+ [–K+kX- ’ é ’ kà=Z à–XX’ é–Z+ + ]+// - XX+ [- ]–é- ZX- + ]+// - XX+ x’]]–K+ é– –Hx+]X’

Z- / k– &X’ X– 6 Z–X– é RH-[–à’ o –Z N’ Z’ é’ o R=]X[’ k–’ o 7 –’ xx+Z- + –Z €=’ k]–’ ]– ’ kX[+ x’-]- Z- k €=’ k- X’ k– ’ XX– Z+Z

]–’ Z+ à+Z]- ZX–X––Z ’]]- Z• ’ é–]x- à–è–àì - - ]- Z• –+Z–+ ’ =X+[–•• ’ • –+Z–é’ x’[X- é- kk- à+Hx- X- ZX–’ =X+[–Xàu

1- Mòòk–/ ’ • –+Z– +// - XX+ é- k L[+/ [’ HH’ à+Hx+[X’ Z+ / k– - k- H- ZX– é– [–]àì –+ x[+x[– é– X–X+k– +òòk–/ ’ • –+Z’ [–

–Zé–à–•• ’ X– ’ é =Z ]+XX+]X’ ZX- o è- [H’ [- ]X’ Zé+ k’ / ’ [’ Z• –’ é– [–Hò+[]+ ’ ]à’ é- Z• ’ é- k à’ x–X’ k- –ZK- ]X–X+o –k [- Zé–H- ZX+ é-–X–X+k––Z - ]’ H- Z+Z x=ò -]]-[- é- X-[H–Z’ X+ ’ x[–+[–u

Scomposizione ed esemplificazione dei rendimenti

8 A–X+k– h RA5 - é – A–X+k– h RA5 à+Z Mx• –+Z– R// –=ZX–K- ]+Z+ X–X+k– é– é- ò–X+ àì - / ’ [’ ZX–]à+Z+ –k [–Hò+[]+

é- kCii p é- kK’ k+[- Z+H–Z’ k- ’ ]à’ é- Z• ’ u

" - kk- x-[X–Z- ZX–N+Zé–• –+Z–S - è–Z–X–K- ]+Z+ è+[Z–X- X’ ò- kk- - ]- Hxk–è–à’ X–K- é- k[- Zé–H- ZX+ é-–H- é-]–H–]=kk’

ò’]- é– ]à- Z’ [– –x+X- X–à– é– ’ Zé’ H- ZX+ é- k ]+XX+]X’ ZX- u A’ k- [- Zé–H- ZX+ è à+Zè[+ZX’ X+ à+Z –k [- Zé–H- ZX+

- èè- XX–K+o’ kZ- XX+ é- kk- èè- XX+ è–]à’ k- oé–=Z X–X+k+ free risk s- u/ uOALn é–]–H–k’ [- ]à’ é- Z• ’ u

&– x[- à–]’ àì - X’ k– –Zè+[H’ • –+Z– ]+Z+ è+[Z–X- ’ X–X+k+ - ]- Hxk–è–à’ X–K+ Z- kk’ &- • –+Z- 888oé- k L[+]x- XX+ é– O’]- o

’ k N’ x–X+k+ zo L’[’/ [’ è+ zuCzo àì - –Zàk=é- o X[’ k’ kX[+o X’ ò- kk- é– - ]- Hxk–è–à’ • –+Z- –Z –x+X-]– é– [–Hò+[]+ ’ ZX–à–x’ X+u

&– x[- à–]’ –Z+kX[- àì - ’ X–X+k+ - ]- Hxk–è–à’ X–K+ ]+Z+ è+[Z–X- Z- kk’ H- é-]–H’ &- • –+Z- 888oN’ x–X+k+ zoL’[’/ [’ è+

zuCz k- –Zè+[H’ • –+Z– [- k’ X–K- ’ kk’ ]à+Hx+]–• –+Z- é- k x[- •• + é- kk- Mòòk–/ ’ • –+Z–E X’ k– –Zè+[H’ • –+Z– ]+Z+ é–

K+kX’ –Z K+kX’ ]x- à–è–à’ X- ox-[ +/ Z–L[- ]X–X+oZ- kk- x-[X–Z- ZX–N+Zé–• –+Z–S - è–Z–X–K- u

Rk [–/ =’[é+ ]– x[- à–]’ àì - o +K- –Zé–à’ X+ Z- kk- N+Zé–• –+Z– S - è–Z–X–K- o Z- k x[- •• + é-– A–X+k–o ]- x[- K–]X’ k’

è’ à+kXà é–[–Hò+[]+ ’ ZX–à–x’ X+ ’ è’ K+[- é- kk5 H–XX- ZX- - m+ é- kkMòòk–/ ’ • –+Z–]X’ oè à+Hx[- ]’ =Z’ à+HH–]]–+Z-

–Hxk–à–X’ ok’ à=–- ZX–Xào’ Zàì -]]’ +K- x[- K–]X’ Z- kk- x-[X–Z- ZX–N+Zé–• –+Z–S - è–Z–X–K- - ]- à+Zé+ k- H+é’ k–Xà –K–

–Zé–à’ X- ox=ò -]]-[- –Z x’[X- x- [à- x–X’ é’ kk5 H–XX- ZX- - m+ –Z X=XX+ + –Z x’[X- X[’ ]è- [–X’ ’–]+// - XX– –Zà’ [–à’ X– é- k

à+kk+à’ H- ZX+ - m+ é’ m’ é ’ kX[–]+// - XX–x’ [X- à–x’ ZX–’ kk+x- [’ • –+Z- o+K- ]x- à–è–à’ X–Z- kk- N+Zé–• –+Z–S - è–Z–X–K- u

&– ]- / Z’ k’ ’ kX[- ]ì àì - k- à+HH–]]–+Z– –Hxk–à–X- à+]X–X=–]à+Z+ =Z’ à+Hx+Z- ZX- é- k L[-•• + é–

5 H–]]–+Z- mMèè- [X’ é- kk- Mòòk–/ ’ • –+Z– àì - o X=XX’ K–’ o Z+Z x’[X- à–x’ ’ kk’ é- X- [H–Z’ • –+Z- é- k x[- •• + é- kk- Mòòk–/ ’•–+Z––Z ]- é- é–H- [à’ X+ ]- à+Zé’ [–+u

Rischio connesso alle principali caratteristiche delle obbligazioni cui fa riferimento il

Prospetto di Base

Rischio Di Rimborso Anticipato

È x[- K–]X+ àì - k- Mòòk–/ ’ • –+Z–x+]]’ Z+ -]]-[- [–Hò+[]’ X- ’ ZX–à–x’ X’ H- ZX- Z- –]-/ =- ZX–à’ ]–. s–n [–Hò+[]+ ’ ZX–à–x’ X+ ’ é +x• –+Z- é- kk5 H–XX- ZX- E+KK- [+

s––n [–Hò+[]+ ’ ZX–à–x’ X+ ’ é +x• –+Z- é- k]–Z/ +k+ Xxxx–/ ’ • –+Z–]X’ E+KK- [+

s–––n [–Hò+[]+ ’ ZX–à–x’ X+ ’ =X+H’ X–à+ sautocallablenu

&– [’ xx[- ]- ZX’ –Zè–Z- àì - k- Mòòk–/ ’ • –+Z–o ’ ]- à+Zé’ é– €=’ ZX+ ]x- à–è–à’ X+ Z- kk- x-[X–Z- ZX– N+Zé–• –+Z–

S - è–Z–X–K- ox+]]+Z+ é–K+kX’ –Z K+kX’ x[- K- é-[- =Z’ é- kk- X[- –x+X- ]–]+x[’ é-]à[–XX- H’ Z+Z x+]]+Z+ x[- K- é-[- k’ k+[+ à+ZX- Hx+[’ Z-’ x[- ]- Z• ’ u

Xxxxxxx legato alla facoltà di rimborso anticipato dell'Emittente

&– [’ xx[-]- ZX’ à+H- o +K- Z- kk- x-[X–Z- ZX– N+Zé–• –+Z– S - è–Z–X–K- ]–’ x[- K–]X+ –k [–Hò+[]+ ’ ZX–à–x’ X+o

k–ZK-]X–X+[- x-[é-[- òò- –ké–[–XX+ ’ kx- [à- x–H- ZX+ é- kk- N- é+k- Z+Z ’ Zà+[’ à+[[–]x+]X- ’ kk’ S ’ X’ é- kh –Hò+[]+ RZX–à–x’ X+u

In particolare si sottolinea come in caso di rimborso anticipato ad opzione dell'Emittente per i titoli rate con Opzioni Aggiuntive l'investitore perderebbe il diritto all'esercizio di tale opzione implicita e, conseguentemente, al percepimento della Cedola Aggiuntiva Eventuale non ancora corrisposta alla Data del Rimborso Anticipato.

L-[X’ ZX+ –Z à’]+ é–[–Hò+[]+ ’ ZX–à–x’ X+ k–ZK- ]X–X+[- x+X[- òò- K- é-[- é–]’ XX- ]- k- x[+x[–- ’ ]x- XX’ X–K- –Z X- [H–Z– é– [- Zé–H- ZX+ –Z €=’ ZX+ –k [- Zé–H- ZX+ ’ XX- ]+ ’ k H+H- ZX+ é- kk’ ]+XX+]à[–• –+Z- o à’ kà+k’ X+ + –x+X–•• ’ X+ ]=kk’

ò’]- é- kk’ é=[’ X’ +[–/ –Z’ [–’ é-–X–X+k–ox+X[- òò- ]=ò–[- é- kk- K’ [–’ • –+Z––Z é–H–Z=• –+Z- u

1’ x[- ]- Z• ’ é– =Z’ àk’ =]+k’ é– [–Hò+[]+ ’ ZX–à–x’ X+ é-– A–X+k–o +K- x[- K–]X’ Z- kk- x-[X–Z- ZX– N+Zé–• –+Z–

S - è–Z–X–K- ox=ò –Zà–é- [- Z- / ’ X–K’ H- ZX- ’ Zàì - ]=kK’ k+[- é–H- [à’ X+ é-–A–X+k–]X- ]]–u

N– ]– ’ ]x- XX’ àì - k5 H–XX- ZX- x+]]’ [–Hò+[]’ [- ’ ZX–à–x’ X’ H- ZX- – A–X+k– €=’ Zé+ –k à+]X+ x-[ k+XX- Z–H- ZX+ é–

Z=+K– è–Z’ Z• –’ H- ZX– ]–’ –Zè- [–+[- ’ k X’ ]]+ é –ZX- [-]]- H’ X=[’ X+ ]=– A–X+k–u 8Z ]–H–k– à–[à+]X’ Z• - o k–ZK- ]X–X+[-

x+X[- òò- Z+Z -]]-[- –Z / [’ é+ é–[- –ZK- ]X–[- – x[+K- ZX– é- k[–Hò+[]+ +XX- Z- Zé+ =Z [- Zé–H- ZX+ - èè- XX–K+ x’[–’

€=- kk+ ’ xxk–à’ X+ ’– A–X+k– [–Hò+[]’ X–u8 x+X- Z• –’ k– –ZK- ]X–X+[– é- K+Z+ K’ k=X’ [- –k [–]àì –+ é–[- –ZK- ]X–H- ZX+ ’ kk’ k=à- é- kk- ’ kX- [Z’ X–K- é –ZK- ]X–H- ZX+ é–]x+Z–ò–k––Z €=- kH+H- ZX+ ]=kH- [à’ X+u

8k K’ k+[- é- kk+x• –+Z- àì - à+Z]- ZX- ’ kk5 H–XX- ZX- é–[–Hò+[]’ [- ’ ZX–à–x’ X’ H- ZX- – A–X+k– è –Hxk–à–X+ Z- k L[-•• +

é– 5 H–]]–+Z- mMèè- [X’ - o €=’ k+[’ ]–’ –é- ZX–è–à’ ò–k- ’ =X+Z+H’ H- ZX- o è ]x- à–è–à’ X+ Z- kk’ X’ ò- kk’ àì - [–x+[X’ k’

]à+Hx+]–• –+Z- é- kL[-•• + é–5 H–]]–+Z- mMèè- [X’ é- kk- Mòòk–/ ’ • –+Z–Z- kk- x-[X–Z- ZX–N+Zé–• –+Z–S - è–Z–X–K- u

Rischio legato al rimborso anticipato automatico (AUTOCALLABLE)

&– [’ xx[-]- ZX’ à+H- o +K- Z- kk- x-[X–Z- ZX– N+Zé–• –+Z– S - è–Z–X–K- ]–’ x[- K–]X+ –k [–Hò+[]+ ’ ZX–à–x’ X+

’ =X+H’ X–à+ok–ZK-]X–X+[- x-[é-[- òò- –k é–[–XX+ ’ k x- [à- x–H- ZX+ é- kk- N- é+k- Z+Z ’ Zà+[’ à+[[–]x+]X- ’ kk’ S ’ X’

é- kh –Hò+[]+ RZX–à–x’ X+u

In particolare si sottolinea come in caso di rimborso anticipato automatico per i titoli RATE con Opzioni Aggiuntive l'investitore perderebbe il diritto all'esercizio di tale opzione implicita e, conseguentemente, al percepimento della Cedola Aggiuntiva eventuale non ancora corrisposta alla Data del Rimborso Anticipato.

MK- ]x- à–è–à’ X+ Z- kk- x-[X–Z- ZX– N+Zé–• –+Z– S - è–Z–X–K- o]- –k K’ k+[- é- k h RA5 + é- k é–èè- [- Z• –’ k- é-– h RA5

’ kk’ S ’ X’ é– M]]- [K’ • –+Z- é- kh –Hò+[]+ RZX–à–x’ X+ x-[ – A–X+k– +// - XX+ é- k L[+/ [’ HH’ è s–n x’[– + ]=x-[–+[-

+KK- [+ s––n x’[– + –Zè- [–+[- ’ é =Z K’ k+[- ]x- à–è–à’ X+ é– K+kX’ –Z K+kX’ Z- kk- x-[X–Z- ZX– N+Zé–• –+Z– S - è–Z–X–K- o–

A–X+k– ]’[’ ZZ+ [–Hò+[]’ ò–k– ’ ZX–à–x’ X’ H- ZX- H- é–’ ZX- –k x’/ ’ H- ZX+ é- kkRHH+ZX’ [- S +K=X+ ’ A–X+k+ é– h –Hò+[]+ RZX–à–x’ X+ –Zé–à’ X+ Z- kk- H- é-]–H- N+Zé–• –+Z–S - è–Z–X–K- u

MK- ]x- à–è–à’ X+ Z- kk- x-[X–Z- ZX–N+Zé–• –+Z–S - è–Z–X–K- o]- ’ kk’ S ’ X’ é–M]]- [K’ • –+Z- é- kh –Hò+[]+ RZX–à–x’ X+

–k K’ k+[- é- k L’[’ H- X[+ + é- k L’ Z–- [- =X–k–•• ’ ò–k- x-[ –k à’ kà+k+ é- kk- N- é+k- R// –=ZX–K- - K- ZX=’ k– à+Z

[–è- [–H- ZX+ ’– A–X+k– à+Z Mx• –+Z– R// –=ZX–K- è s–n x’[– + ]=x-[–+[- +KK- [+ s––n x’[– + –Zè- [–+[- ’ é =Z K’ k+[-

]x- à–è–à’ X+ é–K+kX’ –Z K+kX’ Z- kk- x-[X–Z- ZX–N+Zé–• –+Z–S - è–Z–X–K- o–A–X+k–]’ [’ ZZ+ [–Hò+[]’ X–’ ZX–à–x’ X’ H- ZX- H- é–’ ZX- –kx’ / ’ H- ZX+ é- kkRHH+ZX’ [- S +K=X+ ’ A–X+k+ é–h –Hò+[]+ RZX–à–x’ X+u

8k K’ k+[- é- kk+x• –+Z- àì - à+Z]- ZX- –k [–Hò+[]+ ’ ZX–à–x’ X+ ’ =X+H’ X–à+ é-– A–X+k– K–- Z- é- X- [H–Z’ X+

+// - XX–K’ H- ZX- o ’ XX[’ K- []+ k=X–k–•• + é– =Z ’ k/ +[–XH+ H’ X- H’ X–à+u 8k K’ k+[- é– X’ k- +x• –+Z- o è à+Hx[- ]+

–Hxk–à–X’ H- ZX- Z- k L[-•• + é– 5 H–]]–+Z- mMèè- [X’ é- kk- Mòòk–/ ’ • –+Z– - o €=’ k+[’ ]–’ –é- ZX–è–à’ ò–k-

’ =X+Z+H’ H- ZX- oè ]x- à–è–à’ X+ Z- kk’ X’ ò- kk’ àì - [–x+[X’ k’ ]à+Hx+]–• –+Z- é- k L[-•• + é– 5 H–]]–+Z- mMèè- [X’ é- k A–X+k+ Z- kk- x-[X–Z- ZX–N+Zé–• –+Z–S - è–Z–X–K- u

1’ x[- ]- Z• ’ é– =Z’ àk’ =]+k’ é– h –Hò+[]+ RZX–à–x’ X+ R=X+H’ X–à+ é-– A–X+k–o’ kk+[àì è x[- K–]X’ Z- kk- x-[X–Z- ZX–

N+Zé–• –+Z–S - è–Z–X–K- ox=ò –Zà–é- [- Z- / ’ X–K’ H- ZX- ’ Zàì - ]=kK’ k+[- é–H- [à’ X+ é-–A–X+k–]X- ]]–u

8Z ]–H–k– à–[à+]X’ Z• - o k–ZK- ]X–X+[- x+X[- òò- Z+Z -]]-[- –Z / [’ é+ é– [- –ZK- ]X–[- – x[+K- ZX– é- k [–Hò+[]+

+XX- Z- Zé+ =Z [- Zé–H- ZX+ - èè- XX–K+ x’[–’ €=- kk+ ’ xxk–à’ X+ ’– A–X+k– [–Hò+[]’ X–u8 x+X- Z• –’ k– –ZK- ]X–X+[– é- K+Z+

K’ k=X’ [- –k[–]àì –+ é–[- –ZK- ]X–H- ZX+ ’ kk’ k=à- é- kk- ’ kX- [Z’ X–K- é –ZK- ]X–H- ZX+ é–]x+Z–ò–k––Z €=- kH+H- ZX+ ]=k H-[à’ X+u

L-[ =kX- [–+[––Zè+[H’ • –+Z–]=kK’ k+[- é- kk’ à+Hx+Z- ZX- +òòk–/ ’ • –+Z’ [–’ - é- kk’ à+Hx+Z- ZX- é-[–K’ X–K’ ]–K- é’

€=’ ZX+ ]x- à–è–à’ X+ Z- kk’ X’ ò- kk’ àì - [–x+[X’ k’ ]à+Hx+]–• –+Z- é- k L[-•• + é– 5 H–]]–+Z- mMèè- [X’ é- kk- Mòòk–/ ’ • –+Z–Z- kk- x-[X–Z- ZX–N+Zé–• –+Z–S - è–Z–X–K- u

RISCHIO GLOBAL CAP

Ove previsto nelle pertinenti Condizioni Definitive le Obbligazioni possono prevedere la presenza di un Global Cap. In tal caso è previsto che la somma delle Cedole corrisposte durante la vita delle medesime non possa superare una percentuale del Valore Nominale predeterminata nelle pertinenti Condizioni Definitive. In particolare una volta raggiunto il Global Cap nessuna ulteriore Cedola viene corrisposta all'investitore. Il raggiungimento del Global Cap determinerà il rimborso anticipato dei Titoli.

Rischio indicizzazione nel caso di Xxxxxx Xxxx

N+Z [–è- [–H- ZX+ ’– A–X+k– h RA5 o+K- Z- kk- x-[X–Z- ZX– N+Zé–• –+Z– S - è–Z–X–K- ]–’ x[- K–]X’ =Z–Zé–à–•• ’ • –+Z- ’ é

=Z ]+k+ X’ ]]+ é– H- [à’ X+ + ’ é =Z –Zà[- H- ZX+ é– X’ k- X’ ]]+ –Hxk–à’ o’ x’[–Xà é– ’ kX[- à+Zé–• –+Z–o =Z H’// –+[-

[- Zé–H- ZX+ ’ ]à’ é- Z• ’ é- k X–X+k+ ]X- ]]+ H- ZX[- =Z é- à[- H- ZX+ é– X’ k- X’ ]]+ –Hxk–à’ o ’ x’[–Xà é– ’ kX[- à+Zé–• –+Z–o=Z H–Z+[- [- Zé–H- ZX+ ’ ]à’ é- Z• ’ é- kA–X+k+ ]X- ]]+u

Rischio derivante dall'applicazione al sottostante di un fattore di partecipazione

N+Z [–è- [–H- ZX+ ’ kk’ N- é+k’ ; ’ [–’ ò–k- é- kk- Mòòk–/ ’ • –+Z–o k5 H–XX- ZX- x=ò ’ xxk–à’ [- ’ k A’ ]]+ x[- ]à- kX+ =Z

è’ XX+[- é– x’[X- à–x’ • –+Z- ’ k è–Z- é– ’ =H- ZX’ [- + é–H–Z=–[- k’ x- [à- ZX=’ k- é– X’ k- A’ ]]+ é’ =X–k–•• ’ []– x-[ k’

é- X- [H–Z’ •–+Z- é- kk- N- é+k- ; ’ [–’ ò–k–u 8Z X’ k ]- Z]+o ]– ]- / Z’ k’ àì - –k è’ XX+[- é– x’[X- à–x’ • –+Z- x=ò -]]-[-

’ Zàì - –Zè- [–+[- ’ kCii p u

N+Z [–è- [–H- ZX+ ’ kk’ N- é+k’ R// –=ZX–K’ - K- ZX=’ k- é–à=–’–A–X+k–h RA5 à+Z Mx• –+Z–R// –=ZX–K- ok5 H–XX- ZX-

x+X[à ’ xxk–à’ [- ’ k K’ k+[- + ’ kk’ performance é- k L’[’ H- X[+ x[- ]à- kX+ + é- k L’ Z–- [- x[- ]à- kX+ =Z è’ XX+[- é–

x’[X- à–x’ • –+Z- ’ kè–Z- é–’ =H- ZX’ [- + é–H–Z=–[- k’ x- [à- ZX=’ k- é–X’ k- L’[’ H- X[+ + L’ Z–- [- é’ =X–k–•• ’ []–x-[ k’

é- X- [H–Z’ • –+Z- é- kk’ N- é+k’ R// –=ZX–K’ u 8Z X’ k ]- Z]+o ]– ]- / Z’ k’ àì - –k è’ XX+[- é– x’[X- à–x’ • –+Z- x=ò -]]-[-

’ Zàì - –Zè- [–+[- ’ kCii p u

8Zè–Z- o ]- Hx[- à+Z [–è- [–H- ZX+ ’– A–X+k– h RA5 à+Z Mx• –+Z– R// –=ZX–K- o è ’ kX[- ]ì x+]]–ò–k- àì - ’ k [–]=kX’ X+

+XX- Z=X+ à+Z –k H- X+é+ é– à’ kà+k+ x[+x[–+ é- kkeMx• –+Z- =X–k–•• ’ X’ + é- kk’ N+Hò–Z’ • –+Z- é– Mx• –+Z– L[- é- è–Z–X- ]–’ ’ xxk–à’ X+ =Z è’ XX+[- é– x’[X- à–x’ • –+Z- u8Z X’ k]- Z]+o]– ]- / Z’ k’ àì - –k è’ XX+[- é– x’[X- à–x’ • –+Z-

x=ò -]]-[- ’ Zàì - –Zè- [–+[- ’ kCii p u

L-[X’ ZX+ Z- k à’]+ –Z à=– ]–’ Z+ x[- K–]X– è’ XX+[– é– x’[X- à–x’ • –+Z- –Zè- [–+[– ’ k Cii p o –k K’ k+[- é- kk’ N- é+k’

; ’ [–’ ò–k- - m+ é- kk’ N- é+k’ R// –=ZX–K’ - K- ZX=’ k- o ]=ò–[à =Z’ [–é=• –+Z- - –Zèk=–[à –Z X’ k- H–]=[’ s[–é+XX’ n ]=k

[- Zé–H- ZX+ é- kk- Mòòk–/ ’ • –+Z–u

Rischio connesso al fatto che il Prospetto di Base non contiene una descrizione completa dei sottostanti cui sono parametrati i Titoli RATE con Opzioni Aggiuntive

L-[ =Z’ é-]à[–• –+Z- é-– ]+XX+]X’ ZX– à=– ]+Z+ x’[’ H- X[’ X– – A–X+k– h RA5 à+Z Mx• –+Z– R// –=ZX–K- ]– [–H’ Zé’

’ kk’ é-]à[–• –+Z- é-–]+XX+]X’ ZX–x[- K–]X’ Z- kk- x-[X–Z- ZX–N+Zé–• –+Z–S - è–Z–X–K- ’ kk’ kk- / ’ X+ Cu

Assenza di informazioni successive all'Offerta e/o Quotazione

1 5 H–XX- ZX- Z+Z è+[Z–[ào ]=àà- ]]–K’ H- ZX- ’ kkMèè- [X’ - m+ y =+X’ • –+Z- o ’ kà=Z’ –Zè+[H’ • –+Z- [- k’ X–K’ H- ZX-

’ kk’ Zé’ H- ZX+ é- k ]+XX+]X’ ZX- +KK- [+ ’ k K’ k+[- é- kk’ à+Hx+Z- ZX- é-[–K’ X–K’ –Hxk–à–X’ é- kk- Mòòk–/ ’ • –+Z– +

à+H=Z€=- ’ kK’ k+[- é–H-[à’ X+ à+[[- ZX- é- kk- Mòòk–/ ’ • –+Z–u

Legislazione in base alla quale gli strumenti finanziari sono stati creati

1 5 H–XX- ZX- è à+]X–X=–X+ ’– ]- Z]– é- kk’ k- // - é- kk+ &X’ X+ é- k S - k’ { ’ [- - ]K+k/ - k’ x[+x[–’ ’ XX–K–Xà x[–Zà–x’ kH- ZX- Z- kk’ à–XXà é–" -{ V+[Yu

1- Mòòk–/ ’ • –+Z–]+Z+ à[-’ X- - é - H-]]- ’ ké–è=+[–é- kk’ h - x=òòk–à’ 8X’ k–’ Z’ oZ- kk’ / –=[–]é–• –+Z- –Zé–à’ X’ Z- kk- x-[X–Z- ZX–N+Zé–• –+Z–S - è–Z–X–K- u

0’ XX+ ]’ kK+ €=’ ZX+ à+Zà- [Z- k’ è+[H’ - – é–[–XX– é-/ k– Mòòk–/ ’ • –+Z–]X– ]à’ X=[- ZX– é’ kkeRàà+[é+ é– R/ - Z• –’ X[’

ke5 H–XX- ZX- - keR/ - ZX- x-[ –kL’ / ’ H- ZX+ é–à=–’ kh - / +k’ H- ZX+ é-–A–X+k–ok- Mòòk–/ ’ • –+Z––Zà+[x+[’ Z+ –é–[–XX–

- – ò- Z- è–à– x[- K–]X– é’ k h - / +k’ H- ZX+ é-– A–X+k–o ]+XX+x+]X+ ’ kk’ k- // - –X’ k–’ Z’ o Z+Zàì é ’– ò- Z- è–à– - ’– é–[–XX–

x[+x[–é- kk’ ]X- ]]’ u

1- à+[X– é- kk+ &X’ X+ é– " -{ V+[Y - k’ à+[X- é- k 6 Z–X- é &X’ X- ] S –]X[–àXà+Z ]- é- Z- k O+[+=/ì +è 9 ’ Zì ’ XX’ Z Z- kk’ à–XXà é–" -{ V+[Yo’ K[’ ZZ+ / –=[–]é–• –+Z- ’ à+Z+]à- [- - é- à–é- [- +/ Z–à+ZX[+K- []–’ o- X[’ Z]–/ - [- +/ Z–k–X-

[-k’ X–K’ ’ kk- Mòòk–/ ’ • –+Z–u1 ’]]+// - XX’ H- ZX+ é- kk5 H–XX- ZX- ’ kk’ / –=[–]é–• –+Z- é- kk- à+[X– é- kk+ &X’ X+ é–" -{

V+[Y Z+Z x+X[à s- Z+Z é+K[à -]]-[- –ZX- ]’ Z- k ]- Z]+ é–n k–H–X’ [- –k é–[–XX+ é– à–’ ]à=Z –ZK- ]X–X+[- é– x[+x+[[-

/ –=é–• –+ x[- ]]+ €=’ k]–’ ]– ’ kX[’ à+[X- + X[–ò=Z’ k- à+Hx- X- ZX- o –Zàk=]+ –k è+[+ é– [- ]–é- Z• ’ + é- k é+H–à–k–+

- k- XX–K+u

Rischio connesso al fatto che il mercato secondario potrebbe essere illiquido e che il prezzo potrebbe essere soggetto a "fluttuazioni" nel corso della vita delle Obbligazioni

Rischio di liquidità

Gli Obbligazionisti potrebbero avere difficoltà a liquidare il loro investimento e potrebbero dover accettare un prezzo inferiore a quello di sottoscrizione, indipendentemente dall'Emittente e dall'ammontare delle Obbligazioni, in considerazione del fatto che le richieste di vendita possano non trovare una tempestiva ed adeguata contropartita.

Pertanto l'Obbligazionista nell'elaborare la propria strategia finanziaria deve avere ben presente che l'orizzonte temporale dell'investimento (definito dalla durata delle Obbligazioni) deve essere in linea con le sue future esigenze di liquidità.

Con riferimento a ciascun Prestito Obbligazionario, l'Emittente indicherà nelle pertinenti Condizioni Definitive se intende richiedere l'ammissione alla quotazione sul Mercato Telematico delle Obbligazioni (MOT). La quotazione ufficiale delle Obbligazioni sul MOT (ove applicabile) è subordinata alla sussistenza dei requisiti di diffusione e di ammontare richiesti dal Regolamento dei Mercati organizzati e gestiti da Borsa Italiana S.p.A. In proposito si veda quanto illustrato alla Sezione III, Capitolo 6, Paragrafo 6.1 del Prospetto di Base. Al riguardo si precisa che Borsa Italiana S.p.A. ha rilasciato il giudizio di ammissibilità alle negoziazioni degli strumenti finanziari di cui al presente Programma presso il MOT, con provvedimento n. 5628 del 14 dicembre 2007. La liquidità del titolo è altresì influenzata dalla circostanza che le Obbligazioni siano o meno offerte esclusivamente ad investitori privati senza che vi sia alcuna offerta ad investitori istituzionali.

Qualora l'Emittente non chieda l'ammissione alla quotazione dei titoli contestualmente all'emissione/offerta, lo stesso si riserva la facoltà - che non costituisce obbligo per l'Emittente - di chiedere in un secondo momento la negoziazione dei Titoli secondo una delle possibilità indicate ai punti sub i) – iii) di cui alla Sezione III, Capitolo 6, Paragrafo 6.1 del Prospetto di Base.

Rischio connesso al fatto che il prezzo delle Obbligazioni, successivamente all'emissione, è influenzato da fattori imprevedibili

&=k x[- •• + é- kk- Mòòk–/ ’ • –+Z– ]=àà- ]]–K’ H- ZX- ’ kk- H–]]–+Z- –Zèk=–]à+Z+ – ]- / =- ZX– è’ XX+[–o k’ H’// –+[ x’[X-

é-–€=’ k–’ ké–è=+[–é- kà+ZX[+kk+ é- kk5 H–XX- ZX- .

• - K- ZX– - à+Z+H–à–o é– Z’ X=[’ H–k–X’ [- o è–Z’ Z• –’ [–o Z+[H’ X–K–o x+k–X–à–o X- [[+[–]X–à– + é– ’ kX[’ Z’ X=[’ àì -

-]-[à–X–Z+ =Z–Zèk=- Z• ’ ]=– H- [à’ X– é-– à’ x–X’ k– –Z / - Z- [- - x’[X–à+k’ [H- ZX- ]=– H- [à’ X– é-– à’ x–X’ k– ’–

€=’ k––kh RA5 - m+ –L’[’ H- X[–]–[–è- [–]à+Z+oàì - x+X[- òò- [+ –Zèk=–[- ]=kk–K- kk+ é-–H- é-]–H–E

• –X’ ]]–é –ZX- [-]]- - é–[- Zé–H- ZX+ ]=kH- [à’ X+E

• k’ é=[’ X’ [- ]–é=’ é- kk- Mòòk–/ ’ • –+Z–è–Z+ ’ ]à’ é- Z• ’ E-

• –krating é- kk5 H–XX- ZX- u

y =-]X’ Z+Z è X=XX’ K–’ =Z’ k–]X’ à+Hxk- X’ é-– è’ XX+[– àì - x+]]+Z+ ’ K- [- –Zà–é- Z• ’ ]=k K’ k+[- é– H- [à’ X+ é- kk-

Mòòk–/ ’ • –+Z–u

y =’ k- à+Z]- / =- Z• ’ é– X’ k– è’ XX+[–o €=’ k+[’ / k– –ZK- ]X–X+[– K- Zé’ Z+ k- Mòòk–/ ’ • –+Z– x[–H’ é- kk’ ]à’ é- Z• ’ o

x+X[- òò- [+ [–à’ K’ [- =Z –Hx+[X+ –Zè- [–+[- ’ k K’ k+[- Z+H–Z’ k- é- kk- Mòòk–/ ’ • –+Z–u È –Hx+]]–ò–k- x[- K- é-[- k’

performance è=X=[’ é- k h RA5 - é- k L’[’ H- X[+ + é- k L’ Z–- [- x[- K–]X– Z- kk- x-[X–Z- ZX– N+Zé–• –+Z– S - è–Z–X–K-

]=kk’ ò’]- é-–[–]x- XX–K–[- Zé–H- ZX–]X+[–à–u8Z+kX[- o€=-]X–è’ XX+[–]+Z+ à+[[- k’ X–X[’ k+[+ –Z H+é+ à+Hxk- ]]+ - é è x+]]–ò–k- àì - –k+[+ - èè- XX–]–à+ZX[+ò–k’ Zà–Z+ + ]–- Zè’ X–•• –Z+ [- à–x[+à’ H- ZX- u

Rischio connesso al fatto che il prezzo di mercato delle Obbligazioni potrebbe avere un andamento molto diverso da quello del RATE e/o dei Parametri

1- Mòòk–/ ’ • –+Z– x+X[- òò- [+ -]]-[- Z- / +• –’ X- ’ k–K- kk– H+kX+ é–K- []– é’ kk’ Zé’ H- ZX+ é- k h RA5 - é-–

L’[’ H- X[–u 1- K’ [–’ • –+Z– é- k k–K- kk+ é– X’ k– ]+XX+]X’ ZX– Z+Z à+Hx+[X’ Z+ Z- à-]]’[–’ H- ZX- =Z’ K’ [–’ • –+Z-

’ Z’ k+/ ’ é- kx[- ••+ é–H- [à’ X+ é- kk- Mòòk–/ ’• –+Z–u

Rischio connesso al fatto che i sottostanti cui sono collegate le Obbligazioni potrebbero essere modificati o non essere più disponibili

1 - N+Zé–• –+Z– S - è–Z–X–K- à+ZX- Z/ +Z+oà+Z [–è-[–H- ZX+ ’ kk- Mòòk–/ ’• –+Z– +// - XX+ é– Mèè-[X’ - m+ y =+X’• –+Z-o

k–Zé–à’• –+Z- é-– à[–X-[– é– é- X-[H–Z’• –+Z- é- k K’ k+[- é- k h RA5 o é- k ]–Z/ +k+ L’[’ H- X[+ + é-– L’[’ H- X[–

à+Hx+Z- ZX– –k L’ Z–-[- o Z- kk–x+X-]– é– - K- ZX– é– X=[ò’ X–K’ é– H- [à’ X+ ’ kk’ m- é’ X’ m- é– +]]-[K’• –+Z- Z+Zàì é é–

- K- ZX–]X[’ +[é–Z’[–àì - [–/ =’[é–Z+ –kh RA5 + –k]–Z/ +k+ L’[’ H- X[+ + –L’[’ H- X[–à+Hx+Z- ZX––kL’ Z–-[- u

A’ k– à[–X-[– é– é- X-[H–Z’• –+Z- ]’[’ ZZ+ –Z +/ Z– à’]+ –Hx[+ZX’ X– ’ k x[–Zà–x–+ é– ò=+Z’ è- é- - é ’ kk’ H–/ k–+[-

x[’]]– é– H- [à’ X+ - ]’[’ ZZ+ K+kX– ’ Z- =X[’ k–••’[- –k x–ù x+]]–ò–k- / k– - èè- XX– é–]X+[]–K– é– X’ k– - K- ZX– s]– K- é’

’ Zàì - k’ &- • –+Z- 888oN’ x–X+k+ f oL’[’/ [’ è+ f uquDoé- kL[+]x- XX+ é–O’]- nu

&–]+XX+k–Z-’ àì - X’ k- - K- ZX–é–X=[ò’ X–K’ ]+Z+ à+ZZ- ]]–’ kk’ ]à- kX’ é-–L’[’ H- X[–=X–k–•• ’ ò–k–x- [ –kà’ kà+k+ é- kk-

N- é+k- R// –=ZX–K- - K- ZX=’ k–uL- [X’ ZX+ k- x-[X–Z- ZX–N+Zé–• –+Z–S - è–Z–X–K- o’ ]- à+Zé’ é-–L’[’ H- X[–é–K+kX’ –Z K+kX’ ]x- à–è–à’ X–ox+]]+Z+ x[- K- é-[- ]x- à–è–à–- K- ZX–é–X=[ò’ X–K’ u

Rischio di mercato e di tasso

8k [–]àì –+ è [’ xx[- ]- ZX’ X+ é’ kk’ x+X- Z• –’ k- K’ [–’ • –+Z- Z- k K’ k+[- é- k A–X+k+ é- X- [H–Z’ X+ é’ K’ [–’ • –+Z– é- kk’

à=[K’ é-– X’ ]]– é– H- [à’ X+ àì - ]+Z+ ’ k+[+ K+kX’ o é- X- [H–Z’ X– é’ Z=H- [+]– è’ XX+[–o ’ k é– è=+[– é- k à+ZX[+kk+

é- kk5 H–XX- ZX- u 8 è’ XX+[– àì - é- X- [H–Z’ Z+ =Z ’ =H- ZX+ Z- k K’ k+[- é- k A–X+k+ ]+Z+o ’ X–X+k+ - ]- Hxk–è–à’ X–K+. =Z

’ =H- ZX+ é- kk’ K+k’ X–k–Xà é-– x’[’ H- X[– é– [–è- [–H- ZX+o =Z’ é–H–Z=• –+Z- é-– X’ ]]– é– H- [à’ X+u 8 è’ XX+[– àì -

é- X- [H–Z’ Z+ =Z’ é–H–Z=• –+Z- Z- kK’ k+[- é- kA–X+k+ ]+Z+o’ X–X+k+ - ]- Hxk–è–à’ X–K+. =Z’ é–H–Z=• –+Z- é- kK’ k+[-

é-–x’[’ H- X[–é–[–è- [–H- ZX+o=Z ’ =H- ZX+ é- kk’ K+k’ X–k–Xà é-–x’[’ H- X[–é–[–è- [–H- ZX+o=Z ’ =H- ZX+ é-–X’ ]]–é–

H-[à’ X+u 1’ à+Hò–Z’ • –+Z- é– X’ k– è’ XX+[– x=ò é- X- [H–Z’ [- =Z - èè- XX+ ]=k K’ k+[- é- k A–X+k+ é–K- []+ é’ €=- kk+

]+x[’ - ]x+]X+ ’ à’ =]’ é- kk’ à+Hx- Z]’ • –+Z- é-/ k– - èè- XX– / - Z- [’ X–u R X–X+k+ - ]- Hxk–è–à’ X–K+o =Z ’ =H- ZX+ é- k

K’ k+[- é-– L’[’ H- X[– é–[–è- [–H- ZX+ ’ òò–Z’ X+ ’ é =Z ’ =H- ZX+ é-– X’ ]]– é– H- [à’ X+ x+X[- òò- é- X- [H–Z’ [- ]–’ =Z ’ =H- ZX+ ]–’ =Z’ é–H–Z=• –+Z- Z- kK’ k+[- é-–A–X+k–u

8Z+kX[- o€=’ k+[’ k- Mòòk–/ ’ • –+Z– x[- K- é’ Z+ –k x’/ ’ H- ZX+ é– =Z’ N- é+k’ ’ X’ ]]+ è–]]+o +xx=[- =Z Floor é- kk’

N- é+k’ ; ’ [–’ ò–k- - m+ é- kk- N- é+k- R// –=ZX–K- à+Z [–è- [–H- ZX+ ’ kk- Mòòk–/ ’ • –+Z– h RA5 à+Z Mx• –+Z–

R// –=ZX–K- o –k K’ k+[- é– H- [à’ X+ é-– A–X+k– x+X[- òò- é–H–Z=–[- é=[’ ZX- k’ K–X’ é-– A–X+k– ]X- ]]– ’ à’ =]’

é- kk’ Zé’ H- ZX+ é-– X’ ]]– é– H- [à’ X+u y =’ k+[’ – X’ ]]– é– H- [à’ X+ ]’ k–]]- [+o –k x[- •• + é-– A–X+k– à+Z N- é+k- ’

A’ ]]+ 0–]]+ + à+Z =Z Floor ]à- Zé- [- òò- o –Z €=’ ZX+ –k H–Z+[ x[- •• + ’ Zé[- òò- ’ [–x’ / ’ [- / k– - K- ZX=’ k–

’ à€=–[- ZX– é- k H–Z+[ X’ ]]+ é– –ZX- [-]]- x[- K–]X+ x-[ X’ k- Mòòk–/ ’ • –+Z- u 1’ ]- Z]–ò–k–Xà é- k x[- •• + é– =Z A–X+k+

à+Z N- é+k- ’ A’ ]]+ 0–]]+ + à+Z =Z Floor ’ kk’ K’ [–’ • –+Z- é-– X’ ]]– é– –ZX- [-]]- é–x- Zé- é’ kk’ K–X’ [- ]–é=’ é- k

A–X+k+ [–]x- XX+ ’ k H+H- ZX+ –Z à=– – X’ ]]– é– –ZX- [-]]- ’ =H- ZX’ Z+u 8k x[- •• + é– =Z A–X+k+ à+Z N- é+k- ’ A’ ]]+

0–]]+ à+Z ]à’ é- Z• ’ ’ H- é–+ c k=Z/ + X- [H–Z- è x–ù - ]x+]X+ ’ k à’ Hò–’ H- ZX+ é-– X’ ]]– ]- –k A–X+k+ Z+Z è

é- X- Z=X+ è–Z+ ’ kk’ ]à’ é- Z• ’ u

Il rendimento delle Obbligazioni potrebbe essere inferiore rispetto al rendimento di un'obbligazione (anche non strutturata) di pari durata

7 k– ’ HH+ZX’ [– àì - k5 H–XX- ZX- x+X[- òò- à+[[–]x+Zé- [- ’ é =Z –ZK- ]X–X+[- é=[’ ZX- k’ K–X’ é- k L[-]X–X+

x+X[- òò- [+ [–]=kX’ [- –Zè- [–+[– [–]x- XX+ ’ k [- Zé–H- ZX+ ]= ’ kX[– –ZK- ]X–H- ZX–u 8k [- Zé–H- ZX+ é- kk- Mòòk–/ ’ • –+Z–

x+X[- òò- -]]-[- –Zè- [–+[- [–]x- XX+ ’ k [- Zé–H- ZX+ +XX- Z=X+ €=’ k+[’ =Z –ZK- ]X–X+[- ’ K- ]]- ’ à€=–]X’ X+

=Z+òòk–/ ’ • –+Z- s’ Zàì - Z+Z ]X[=XX=[’ X’ n é- kk5 H–XX- ZX- sx’[–H- ZX–Z+Z ]=ò+[é–Z’ X’ n ’ K- ZX- x’[–é=[’ X’ u8Zè’ XX–o ’ x’[–Xà é– é=[’ X’ o X’ k– –ZK- ]X–H- ZX–o à+Z]–é- [’ X- k- é–K- []- x+]]–ò–k– à’[’ XX- [–]X–àì - é-/ k– ]X- ]]–o x+X[- òò- [+

[-’ / –[- é–K- []’ H- ZX- ’– é–K- []– è’ XX+[– é– H- [à’ X+ –Zèk=- Z• ’ ZX– –k k+[+ ’ Zé’ H- ZX+ - é –k k+[+ [- Zé–H- ZX+

- èè- XX–K+u

Rischio connesso al regime fiscale

Rischio connesso al fatto che i valori netti relativi al tasso di interesse ed al rendimento delle Obbligazioni sono calcolati sulla base del regime fiscale in vigore alla data delle Condizioni Definitive

8 K’ k+[– k+[é– - Z- XX– [- k’ X–K– ’ k X’ ]]+ é– –ZX- [-]]- - é ’ k [- Zé–H- ZX+ é- kk- Mòòk–/ ’ • –+Z– K- Z/ +Z+ –Zé–à’ X– Z- kk-

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é- kk- H- é-]–H- u

" +Z è x+]]–ò–k- x[- K- é-[- ]- –k [- / –H- è–]à’ k- ]=kk’ ò’]- é- k €=’ k- – K’ k+[– Z- XX– [- k’ X–K– ’ k [- Zé–H- ZX+ - é ’ k

X’ ]]+ é– –ZX- [-]]- é- kk- Mòòk–/ ’ • –+Z–o K–/ - ZX- ’ kk’ é’ X’ é– x=òòk–à’ • –+Z- é- kk- ]x- à–è–àì - N+Zé–• –+Z–

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à’]+ é–H+é–è–àì - o–K’ k+[–Z- XX––Zé–à’ X–à+Z [–è- [–H- ZX+ ’–A–X+k–x+]]’ Z+ é–]à+]X’ []–o’ Zàì - ]- Z]–ò–kH- ZX- oé’

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R X’ k- x[+x+]–X+o k’ &- • –+Z- 888o N’ x–X+k+ f o L’[’/ [’ è+ f uCD é- k L[+]x- XX+ é– O’]- o [–x+[X’ =Z’ ò[- K-

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Xxxxxxx connesso al fatto che l'Emittente non compenserà gli investitori qualora debba dedurre imposte fiscali dai pagamenti relativi alle Obbligazioni ovvero sia necessario dichiarare informazioni sugli investitori o sui pagamenti relativi alle Obbligazioni

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Mòòk–/ ’•–+Z–- é + –[- k’ X–K––ZX- [-]]–ox[- H–- é ’ kX[–è[=XX–u

" +Z K–è à-[X- ••’ àì - –k[- / –H- è–]à’ k- ’ xxk–à’ ò–k- ’ kk’ é’ X’ é–x=òòk–à’ • –+Z- é- kk- N+Zé–• –+Z–S - è–Z–X–K- oZ+Z

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Mòòk–/ ’ • –+Z–u

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’ €=- kk+ à=–’ K[- òò- [+ ’ K=X+ é–[–XX+ €=’ k- x’/ ’ H- ZX+ [- k’ X–K+ ’ kk- Mòòk–/ ’ • –+Z–’ kk- K’ [–- S ’ X- é–L’/ ’ H- ZX+

é- kk- N- é+k- - é ’ kk’ S ’ X’ é– &à’ é- Z• ’ o +KK- [+ ’ kk’ é’ X’ é– h –Hò+[]+ RZX–à–x’ X+o +K- x[- K–]X’ Z- kk-

N+Zé–• –+Z– S - è–Z–X–K- u 1 5 H–XX- ZX- Z+Z è –Z / [’ é+ é– x[- K- é-[- ]- H+é–è–àì - Z+[H’ X–K- €=’ k– €=- kk- ]+x[’

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–Hx+[X– àì - é+K[à X[’ XX- Z- [- u 8Z Z- ]]=Z à’]+ x+X[à -]]-[- é- à–]’ €=’ k]–’ ]– X[’ XX- Z=X’ ’ é–]à[- • –+Z- é- kk5 H–XX- ZX- u

1 5 H–XX- ZX- Z+Z ’ K[à –k é–[–XX+ é– [–Hò+[]’ [- ’ ZX–à–x’ X’ H- ZX- k- Mòòk–/ ’ • –+Z– Z- kke- K- ZX=’ k–Xà é– H+é–è–àì -

’ kk’ Z+[H’ X–K’ è–]à’ k- é-/ k– &X’ X– 6 Z–X– éeRH- [–à’ + é– ’ kX[- / –=[–]é–• –+Z– à+H- é-]à[–XX- ]+x[’ u " - k à’]+ –Z

à=– X’ k- H+é–è–à’ Z+[H’ X–K’ à+Hx+[X– +òòk–/ì – é– à-[X–è–à’ • –+Z- o –é- ZX–è–à’ • –+Z- + é– à+H=Z–à’ • –+Z- é–

–Zè+[H’ • –+Z– é– €=’ k]–’ ]– X–x+o àì - [- Zé’ Z+ Z- à-]]’[–+ –Zè+[H’ [- k5 H–XX- ZX- o – ]=+– ’ / - ZX– –Zà’ [–à’ X– é-–

x’/ ’ H- ZX– + €=’ k]–’ ]– ’ =X+[–Xà / +K- [Z’ X–K’ é- kk’ Z’ • –+Z’ k–Xào [- ]–é- Z• ’ + –é- ZX–Xà é– =Z ]+XX+]à[–XX+[- é–

Mòòk–/ ’ • –+Z–àì - Z+Z ]–’ à–XX’ é–Z+ é-/ k–&X’ X–6 Z–X–éeRH- [–à’ oà–’ ]à=Z –ZK- ]X–X+[- àì - x+]]–- é’ oé–[- XX’ H- ZX-

+ –Zé–[- XX’ H- ZX- o=ZeMòòk–/ ’ • –+Z- –Z è+[H’ é–+òòk–/ ’ • –+Z- ’ kx+[X’ X+[- ox+X[- òò- -]]-[- X- Z=X+ ’ à+H=Z–à’ [-

k- –Zè+[H’ • –+Z–[–àì –- ]X- u8Z+kX[- o€=’ k+[’ ke–ZK- ]X–X+[- Z+Z é+K- ]]- à+Zè+[H’ []–’ X’ k- +òòk–/ +ox+X[à ]=ò–[- k’

é- é=•–+Z- é–=Z –Hx+[X+ ]=–x’/ ’ H- ZX–[- k’ X–K–’ kk- Mòòk–/ ’ • –+Z––Z ]=+ x+]]-]]+u

&–K- é’ k’ &- • –+Z- 888oN’ x–X+k+ f oL’[’/ [’ è+ f uCDé- kL[+]x- XX+ é–O’]- x-[ =kX- [–+[––Zè+[H’ • –+Z–u

Rischio Emittente

Rà€=–]X’ Zé+ k- Mòòk–/ ’ • –+Z–o k–ZK- ]X–X+[- é–K- ZX’ =Z è–Z’ Z• –’ X+[- é- kk5 H–XX- ZX- - é ’ à€=–]–X’ –k é–[–XX+ ’

x- [à- x–[- –ZX- [-]]–o - K- ZX=’ k– x[- H– –Zé–à’ X– Z- kk- N+Zé–• –+Z– S - è–Z–X–K- o Z+Zàì é ’ k [–Hò+[]+ é- k à’ x–X’ k-

–ZK- ]X–X+ ’ kk’ S ’ X’ é– &à’ é- Z• ’ u ]’ kK’ k–x+X- ]– é– - K- ZX=’ k- h –Hò+[]+ RZX–à–x’ X+o +K- x[- K–]X+ Z- kk-

N+Zé–• –+Z– S -è–Z–X–K- u L-[X’ ZX+o Z- k à’]+ –Z à=– k5 H–XX- ZX- Z+Z ]–’ –Z / [’ é+ é– +Z+[’ [- – x[+x[– +òòk–/ì –

[-k’ X–K– ’ X’ k– x’/ ’ H- ZX– - m+ ’ k [–Hò+[]+ é- k à’ x–X’ k- é- k ]=éé- XX+ x[- ]X–X+o X’ k- é–[–XX+ x+X[- òò- -]]-[-

x[- / –=é–à’ X+u

L-[ =kX- [–+[–[–]àì –[- k’ X–K–’ kk5 H–XX- ZX- ]–[–ZK–’ oX[’ ke’ kX[+o’ kN’ x–X+k+ 20’ XX+[–é–h –]àì –+2 é–à=–’ kN’ x–X+k+ f é- kS +à=H- ZX+ é–h - / –]X[’ • –+Z- - é- k&=xxk- H- ZX+ ’ kS +à=H- ZX+ é–h - / –]X[’ • –+Z- u

Rischio connesso alla mancanza di garanzie per le Obbligazioni

1- Mòòk–/ ’ • –+Z–Z+Z ]+Z+ à+x-[X- é’ kk’ / ’ [’ Z• –’ é- k 0+Zé+ 8ZX- [ò’ Zà’ [–+ é– A=X- k’ é-– S - x+]–X–u8k[–Hò+[]+

é- k L[-]X–X+ Mòòk–/ ’ • –+Z’ [–+ - –k x’/ ’ H- ZX+ é-/ k– –ZX- [-]]– Z+Z ]+Z+ ’]]–]X–X– é’ / ’ [’ Z• –- ]x- à–è–àì - xXx ]+Z+

x[- K–]X– –Hx- / Z– [- k’ X–K– ’ kk’ ]]=Z• –+Z- é–/ ’ [’ Z• –- u1- Xxxx–/ ’ • –+Z– é– à=–’ k x[- ]- ZX- L[+]x- XX+ é– O’]- Z+Z

[’ xx[- ]- ZX’ Z+ X–X+k– ]=ò+[é–Z’ X–u L-[X’ ZX+o –Z à’]+ é– ]à–+/ k–H- ZX+o k–€=–é’ • –+Z- o –Z]+kK- Z• ’ +

’]]+// - XX’ H- ZX+ ’ x[+à- é=[- à+Zà+[]=’ k– é- kk5 H–XX- ZX- o –k ]+éé–]è’ à–H- ZX+ é-– é–[–XX– é– à[- é–X+ é-– X–X+k’ [–

é- kk- Mòòk–/ ’ • –+Z– ]’ [à ]=ò+[é–Z’ X+ - ]àk=]–K’ H- ZX- ’ €=- kk+ é-– à[- é–X+[– H=Z–X– é– =Z’ k- / –XX–H’ à’ =]’ é–

x[- k’ • –+Z- - à+Zà+[[- ZX- à+Z €=- kk+ é-/ k–’ kX[–à[- é–X+[–àì –[+/ [’ è’ [–u

&–K- é’ k’ &- • –+Z- 888oN’ x–X+k+ f oL’[’/ [’ è+ f uv é- kL[+]x- XX+ é–O’]- x-[ =kX- [–+[––Zè+[H’ • –+Z–u

Rischio connesso al fatto che le variazioni dei RATING di credito di Xxxxxxx Xxxxx possano influire sul prezzo di mercato delle Obbligazioni

RZàì - ]- Z+Z è x[- K–]X+ àì - K- Z/ ’ Z+ ’ XX[–ò=–X– rating ’ kk- Mòòk–/ ’ • –+Z–o ke5 H–XX- ZX- ì ’ ’ kX[- +òòk–/ ’ • –+Z–o

Z+Z ]=ò+[é–Z’ X- o K’ k=X’ X- o X[’ k- ’ kX[- o é’ X[- x[–H’ [–- ’ / - Z• –- é– rating –ZX- [Z’ • –+Z’ k–. &X’ Zé’ [é r L++[ ]

h ’ X–Z/ &- [K–à- ]o =Z’ é–K–]–+Z- é– 9 à7 [’{ c4 –kk N+Hx’ Z–- ]o 8Zàu sS&Pno 9 ++é_ ] 8ZK- ]X+[] &- [K–à- 8Zàu

sMoody'sno 0–Xàì h ’ X–Z/ ] sFitchnu " -– à’]– –Z à=– k5 H–XX- ZX- ’ òò–’ +òòk–/ ’ • –+Z– Z+Z ]=ò+[é–Z’ X- ’ kk- €=’ k–

]–’ Z+ ]X’ X– ’ XX[–ò=–X– ratingo X’ k– rating Z+Z ]’[’ ZZ+ Z- à-]]’[–’ H- ZX- / k– ]X- ]]– àì - K- [[- òò- [+ ’]]-/ Z’ X– ’ kk- Mòòk–/ ’ • –+Z–u 6 Z rating é– =Z X–X+k+ Z+Z à+]X–X=–]à- =Z –ZK–X+ ’ é ’ à€=–]X’ [- o K- Zé- [- + é- X- Z- [- – X–X+k–o

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’ / - Z• –’ é–ratinguA=XX’ K–’ ox+–àì é –k[- Zé–H- ZX+ é- kk- Mòòk–/ ’ • –+Z–é–x- Zé- é’ =Z’ ]-[–- é–è’ XX+[–- Z+Z ]+k+

é’ kk- à’ x’ à–Xà é- kke5 H–XX- ZX- é– ’]]+kK- [- – x[+x[– –Hx- / Z– è–Z’ Z• –’ [– [–]x- XX+ ’ kk- Mòòk–/ ’ • –+Z–o =Z

H–/ k–+[’ H- ZX+ é-– rating é– à[- é–X+ é- kke5 H–XX- ZX- Z+Z é–H–Z=–[à / k– ’ kX[– [–]àì – é– –ZK- ]X–H- ZX+ [- k’ X–K– ’ kk-

Mòòk–/ ’ • –+Z–u

8 rating é– à[- é–X+ ’ XX[–ò=–X– ’ kke5 H–XX- ZX- à+]X–X=–]à+Z+ =Z’ K’ k=X’ • –+Z- é- kk’ à’ x’ à–Xà é- kk5 H–XX- ZX- é–

’]]+kK- [- – x[+x[– –Hx- / Z– è–Z’ Z• –’ [–o –K– à+Hx[- ]– €=- kk– [- k’ X–K– ’ kk- Mòòk–/ ’ • –+Z–u " - à+Z]- / =- àì - +/ Z–

à’ Hò–’ H- ZX+ - èè- XX–K+ + ’ XX- ]+ é-–ratin/ é–à[- é–X+ ’ XX[–ò=–X–’ kk5 H–XX- ZX- x=ò –Zèk=–[- ]=kx[- •• + é–H- [à’ X+

é- kk- Mòòk–/ ’ • –+Z–u

8 rating é–à[- é–X+ ’ XX[–ò=–X–’ kk5 H–XX- ZX- ’ k H+H- ZX+ é- kk+èè- [X’ m€=+X’ • –+Z- é- kk- Mòòk–/ ’ • –+Z–]+Z+ –Zé–à’ X– Z- kk- x-[X–Z- ZX–N+Zé–• –+Z–S - è–Z–X–K- u

Rischio di conflitto di interessi

Rischio di conflitto di interessi con i Collocatori

1 e’ XX–K–Xà é-– N+kk+à’ X+[– - é- k h - ]x+Z]’ ò–k- é- k N+kk+à’ H- ZX+o –Z €=’ ZX+ ]+// - XX– àì - ’ / –]à+Z+

–]X–X=• –+Z’ kH- ZX- ]= –Zà’ [–à+ é- kke5 H–XX- ZX- - x- [à- x–]à+Z+ à+HH–]]–+Z– –Z [- k’ • –+Z- ’ k ]-[K–• –+ ]K+kX+ - é

’ kk- ]–X+ é- kà+kk+à’ H- ZX+o–Hxk–à’ o–Z / - Z- [’ k- oke- ]–]X- Z• ’ é–=Z x+X- Z• –’ k- à+Zèk–XX+ é––ZX- [-]]–u

Rischio di conflitto di interessi con l'Agente per il Calcolo

1- N+Zé–• –+Z– S - è–Z–X–K- [- k’ X–K- ’ kk’ ]–Z/ +k’ Mèè- [X’ - m+ y =+X’ • –+Z- o x+]]+Z+ –Zé–à’ [- àì - –k [=+k+ é–

R/ - ZX- x-[ –kN’ kà+k+ é- kk- Mòòk–/ ’ • –+Z–]–’ [–à+x- [X+ é’ =Z’ ]+à–- Xà à+ZX[+kk’ X’ é’ o+ à+kk- / ’ X’ ’ kk5 H–XX- ZX- u

1 eR/ - ZX- x-[ –k N’ kà+k+ ì ’ k’ è’ à+kXà é– x[+à- é-[- ’ é =Z’ ]- [–- é– é- X- [H–Z’ • –+Z– àì - –Zèk=–]à+Z+ ]=kk-

Mòòk–/ ’ • –+Z– - àì - x+X[- òò-[+ –Zèk=- Z• ’ [- Z- / ’ X–K’ H- ZX- –k K’ k+[- é- kk- H- é-]–H- à+Hx+[X’ Zé+ =Z’ x+X- Z• –’ k- ]–X=’ • –+Z- é–à+Zèk–XX+ ée–ZX- [-]]–u

Rischio connesso al fatto che l'Emittente o società controllate o collegate allo stesso possano concludere accordi di collaborazione con gli emittenti dei titoli compresi nel Sottostante

1 5 H–XX- ZX- + ]+à–- Xà à+ZX[+kk’ X- + à+kk- / ’ X- ’ kk+ ]X- ]]+ x+]]+Z+ à+kk’ ò+[’[- à+Z / k– - H–XX- ZX– é-– X–X+k–

à+Hx[- ]– Z- k ]+XX+]X’ ZX- o ’ é - ]- Hx–+ - [+/ ’ Zé+ x[- ]X–X– ’ X’ k– ]+à–- Xà + –ZK- ]X- Zé+K– é- k à’ x–X’ k- o +KK- [+

+èè[- Zé+ k+[+ ]-[K–• – é– à+Z]=k- Z• ’ uA’ k– ]-[K–• – x+X[- òò- [+ à+Hx[- Zé- [- ]-[K–• – é– à+Z]=k- Z• ’ –Z H’ X- [–’ é–

è=]–+Z– - ’ à€=–]–• –+Z–u A’ k– ’ XX–K–Xà x+]]+Z+ é’[- k=+/ + ’ =Z à+Zèk–XX+ X[’ / k– +òòk–/ì – é- kk5 H–XX- ZX- + é- kk-

]+à–- Xà à+ZX[+kk’ X- + à+kk- / ’ X- ’ kk+ ]X- ]]+ - / k– –ZX- [-]]– é-/ k– –ZK- ]X–X+[– x+[X’ X+[– é- kk- Mòòk–/ ’ • –+Z–u8Z+kX[- o

ke5 H–XX- ZX- + =Z’ + x–ù ]+à–- Xà à+ZX[+kk’ X- + à+kk- / ’ X- ’ kk+ ]X- ]]+ x+]]+Z+ ’ K- [- x=òòk–à’ X+ +xx=[- x+]]+Z+

x=òòk–à’ [- –Z è=X=[+ ]X=é– - [–à- [àì - [- k’ X–K’ H- ZX- ’ é ’ kà=Z– + ’ X=XX– / k– - H–XX- ZX– é-– X–X+k– à+Hx[- ]– Z- k

]+XX+]X’ ZX- u A=XX- €=-]X- ’ XX–K–Xà ]K+kX- é’ kke5 H–XX- ZX- + ]+à–- Xà à+ZX[+kk’ X- + à+kk- / ’ X- ’ kk+ ]X- ]]+ x+]]+Z+

–Zèk=–[- ]=kk–K- kk+ é- k]+XX+]X’ ZX- - ox-[X’ ZX+o]=k[- Zé–H- ZX+ é- kk- Mòòk–/ ’ • –+Z–u

Rischio relativo alle attività di copertura sulle Obbligazioni

R– è–Z– é- kk’ à+x-[X=[’ é- kk’ x[+x[–’ - ]x+]–• –+Z- à+Z [–è- [–H- ZX+ ’ kk- Mòòk–/ ’ • –+Z–o k5 H–XX- ZX- + ]+à–- Xà

à+ZX[+kk’ X- + à+kk- / ’ X- ’ kk+ ]X- ]]+ x+]]+Z+ à+Zàk=é- [- à+ZX[’ XX–é–à+x- [X=[’ –Z [- k’ • –+Z- ’ kk- Mòòk–/ ’ • –+Z–u1-

ò’ Zàì - + ]+à–- Xà è–Z’ Z• –’ [–- à+Z à=– k5 H–XX- ZX- + ]+à–- Xà à+ZX[+kk’ X- + à+kk- / ’ X- ’ kk+ ]X- ]]+ x+]]+Z+

à+Zàk=é- [- X’ k– à+ZX[’ XX– é– à+x-[X=[’ x+]]+Z+ à+–Zà–é- [- + -]]-[- ]- k- • –+Z’ X– é’ k h - ]x+Z]’ ò–k- é- k

N+kk+à’ H- ZX+ +KK- [+ é’ k N+kk+à’ X+[- u R– ]- Z]– é-/ k– ’ àà+[é– X[’ k- x’[X–o x=ò -]]-[- x[- K–]X+ àì - –k

h - ]x+Z]’ ò–k- é- k N+kk+à’ H- ZX+ +KK- [+ –k N+kk+à’ X+[- é- òò’ ]+]X- Z- [- – à+]X– - K- ZX=’ kH- ZX- é-[–K’ ZX– é’ kk’

à’ Zà- kk’ • –+Z- sX+X’ k- + x’[• –’ k- n é– X’ k– à+ZX[’ XX– €=’ k+[’ ke–Hx+[X+ à+Hxk- ]]–K+ é-/ k– ]X- ]]– [–]=kX’ ]]-

]=x-[–+[- ’ kke–Hx+[X+ Z+H–Z’ k- - èè- XX–K’ H- ZX- à+kk+à’ X+u 8Z X’ k ]- Z]+ –k h - ]x+Z]’ ò–k- é- k N+kk+à’ H- ZX+

+KK- [+ –k N+kk+à’ X+[- ]– X[+K- [’ ZZ+ –Z =Z’ ]–X=’ • –+Z- é– à+Zèk–XX+ é– –ZX- [-]]– –Z €=’ ZX+o ’ K[’ ZZ+ –ZX- [-]]- ’ àì - K- Z/ ’ à+kk+à’ X+ k–ZX- [+ ’ HH+ZX’ [- H’]]–H+ é- kx[- ]X–X+u

RISCHIO RELATIVO AL FATTO CHE L'EMITTENTE O SOCIETÀ CONTROLLATE O COLLEGATE ALLO STESSO POSSANO ESSERE ANCHE SPONSOR DEL PARAMETRO

1 5 H–XX- ZX- + ]+à–- Xà à+ZX[+kk’ X- + à+kk- / ’ X- ’ kk+ ]X- ]]+ x+X[- òò- [+ [–à+x[–[- ’ kX[- ]ì –k [=+k+ é– Sponsor é- k

L’[’ H- X[+ à=– ]+Z+ –Zé–à–•• ’ X- k- Mòòk–/ ’ • –+Z–u 8Z X’ k ]- Z]+o / k– –ZX- [-]]– é- kk5 H–XX- ZX- + é- kk- ]+à–- Xà

à+ZX[+kk’ X- + à+kk- / ’ X- ’ kk+ ]X- ]]+ –Z €=’ k–Xà é– Sponsor é- k L’[’ H- X[+o x+X[- òò- [+ -]]-[- –Z à+Zèk–XX+ à+Z

€=- kk–é- –H- é-]–H–]+// - XX––Z [- k’ • –+Z- ’ kk- Mòòk–/ ’ • –+Z–u

Rischio connesso al fatto che l'Emittente o società controllate o collegate allo stesso possano porre in essere operazioni sul sottostante che ne influenzino il valore

1 5 H–XX- ZX- + ]+à–- Xà à+ZX[+kk’ X- + à+kk- / ’ X- ’ kk+ ]X- ]]+ x+]]+Z+ –ZX[’ x[- Zé- [- +x-[’• –+Z– [- k’ X–K- ’ k

]+XX+]X’ ZX- à=– x+]]+Z+ -]]-[- à+ZZ- ]]- k- Mòòk–/ ’ • –+Z– oà+Z x+]]–ò–k- - èè- XX+ x+]–X–K+ + Z- / ’ X–K+ ]=k K’ k+[-

é- k H- é-]–H+ - o à+Z]- / =- ZX- H- ZX- o à+Z - èè- XX+ x+]–X–K+ + Z- / ’ X–K+ ]=k à’ kà+k+ é- kk- N- é+k- R// –=ZX–K-

- K- ZX=’ k––Z à’]+ é–A–X+k–à+Z Mx• –+Z–R// –=ZX–K- u

Rischio di conflitto di interessi relativi alla singola Offerta e/o Quotazione di Titoxx

XxZ [–è- [–H- ZX+ ’ à–’ ]à=Z’ Mèè- [X’ - m+ y =+X’ • –+Z- x+]]+Z+ ]=]]–]X- [- ]–X=’ • –+Z– é– à+Zèk–XX+ é– –ZX- [-]]– é-–

]+// - XX–à+–ZK+kX–Z- kk+x- [’ • –+Z- s- u/ u5 H–XX- ZX- oh - ]x+Z]’ ò–k- é- kN+kk+à’ H- ZX+oN+kk+à’ X+[–oà+ZX[+x’ [X- é–

à+x-[X=[’ o R/ - ZX- x-[ –k N’ kà+k+o Sponsorno €=’ k– ’ X–X+k+ - ]- Hxk–è–à’ X–K+ - Z+Z - ]’ =]X–K+ €=- kk– k- / ’ X– ’ kk’

à–[à+]X’ Z• ’ àì - –kh -]x+Z]’ ò–k- é- k N+kk+à’ H- ZX+ok’ à+ZX[+x’ [X- é– à+x-[X=[’ - m+ keR/ - ZX- x-[ –k N’ kà+k+ ]–’

=Z’ ]+à–- Xà è’ à- ZX- x’[X- é- k7 [=xx+ 9 - [[–kk1 _Zàì +KK- [+ =Z’ ]+à–- Xà x’[X- à–x’ X’ é’ kk5 H–XX- ZX- u

&– ]- / Z’ k’ ’ kX[- ]ì àì - Z- kk- N+Zé–• –+Z– S - è–Z–X–K- K- Z/ +Z+ –Zé–à’ X– / k– - K- ZX=’ k– à+Zèk–XX– é– –ZX- [-]]- [- k’ X–K–

’ kk’ ]–Z/ +k’ Mèè- [X’ - m+ y =+X’ • –+Z- ’ Zàì - =kX- [–+[–[–]x- XX+ ’ €=- kk–é–à=–]+x[’ Z+Z –é- ZX–è–à’ ò–k–’ kk’ é’ X’ é- k L[+]x- XX+ é–O’]- u

Rischi correlati alle caratteristiche delle singole offerte e/o quotazioni effettuate nell’ambito del Programma

1- à’[’ XX- [–]X–àì - é- kk- Mòòk–/ ’ • –+Z–+èè- [X- - m+ €=+X’ X- ’–]- Z]–é- kL[+/ [’ HH’ ]+Z+ –Zé–K–é=’ X- x-[ à–’ ]à=Z

x[- ]X–X+ Z- kk- N+Zé–• –+Z– S - è–Z–X–K- u 8Z +àà’ ]–+Z- é– à–’ ]à=Z’ Mèè- [X’ - m+ y =+X’ • –+Z- o - K- ZX=’ k– =kX- [–+[– -

]x- à–è–à– è’ XX+[– é– [–]àì –+ à+ZZ- ]]– ’ kke–ZK- ]X–H- ZX+ Z- kk- Mòòk–/ ’ • –+Z– ]+Z+ –Zé–à’ X– Z- kk- x-[X–Z- ZX– N+Zé–• –+Z–S -è–Z–X–K- u

Ulteriori fattori di rischio relativi alla specifica quotazione

Rischio connesso al fatto che lo Swap 10Y non compaia sulla pagina isdafix2 di Reuters

" - kk–x+X- ]––Z à=–oZ- kà+[]+ é- kk’ é=[’ X’ é- kk- Mòòk–/ ’ • –+Z–ok+ &{ ’ x Ci V Z+Z à+Hx’ –’ ]=kk’ x’/ –Z’ –]é’ è–}z

é– h - =X- [] s+ ]= ’ kX[’ x’/ –Z’ –Z ]+]X–X=• –+Z- é- kk’ ]X- ]]’ x-[ X’ k- ]-[K–• –+n –ZX+[Z+ ’ kk- +[- CC.ii ’ uHu +[’ é–

0[’ Zà+è+[X- o –k ]- à+Zé+ / –+[Z+ k’ K+[’ X–K+ A’ [/ - Xx[- à- é- ZX- –k x[–H+ / –+[Z+ é– à–’ ]à=Z L-[–+é+ é– 8ZX- [-]]-o

à+H- é- è–Z–X+ ’ k x=ZX+ za s–––no kR/ - ZX- x-[ –k N’ kà+k+ x[+KK- é- [à ’ ]X’ ò–k–[- =Z K’ k+[- ]+]X–X=X–K+ x-[ X’ k-

X’ ]]+ ]- à+Zé+ €=’ ZX+ ]x- à–è–à’ X+ ’ kx=ZX+ zi àì - ]- / =- u

Specifici conflitti di interesse relativi alla specifica Offerta e/o Quotazione

" - kk- K- ]X–é–R/ - ZX- x-[ –kN’ kà+k+ é- kk- Mòòk–/ ’ • –+Z–o9 - [[–kk1 _Zàì 8ZX- [Z’ X–+Z’ ko]+à–- Xà è’ à- ZX- x’[X- é- k

7 [=xx+ 9 - [[–kk 1 _Zàì o ì ’ k’ è’ à+kXà é– x[+à- é-[- ’ é =Z’ ]-[–- é– é- X- [H–Z’ • –+Z– àì - –Zèk=–]à+Z+ ]=kk-

Mòòk–/ ’ • –+Z–u N–ò x+X[- òò- –Zèk=–[- Z- / ’ X–K’ H- ZX- ]=k K’ k+[- é- kk- Mòòk–/ ’ • –+Z– - x+[[- kR/ - ZX- x-[ –k N’ kà+k+ –Z =Z’ ]–X=’ • –+Z- é–à+Zèk–XX+ ée–ZX- [-]]- u

REGOLAMENTO DEL PRESTITO OBBLIGAZIONARIO

«Xxxxxxx Xxxxx 6Y – 4,30% (1Y) +55%*CMS 10Y Floored at 3,30% »

Codice ISIN: IT0006627563

Rk è–Z- é– =Z’ H–/ k–+[- à+Hx[- Z]–+Z- é- kk–ZK- ]X–H- ZX+o ]– [’ àà+H’ Zé’ é– k- // - [- ’ XX- ZX’ H- ZX- kR[X–à+k+ q

s2S ’ X- é– L’/ ’ H- ZX+ é-/ k– 8ZX- [- ]]–2n - kR[X–à+k+ T s2N’ kà+k+ é-/ k– 8ZX- [-]]–2n é- k x[- ]- ZX- h - / +k’ H- ZX+ é- k

L[-]X–X+ Mòòk–/ ’ • –+Z’ [–+uR–]- Z]–é- kk’ [X–à+k+ Cv s2R/ - ZX- x-[ –kL’ / ’ H- ZX+2n é- kx[- ]- ZX- h - / +k’ H- ZX+ é- k

L[-]X–X+ Mòòk–/ ’ • –+Z’ [–+ox- [ R/ - ZX- x-[ –k L’/ ’ H- ZX+ ]– –ZX- Zé- O" L L’[–ò’ ] &- à=[–X–- ] &- [K–à- ]oè–k–’ k- é– 9 –k’ Z+oà+Z ]- é- –Z ; –’ RZ]x- [X+ vozi CzD9 –k’ Z+u

Articolo 1 – Importo, tagli e titoli.

8k x[- ]X–X+ +òòk–/ ’ • –+Z’ [–+ 9 - [[–kk 1 _Zàì aV f oDi p sCVn dvvp t N9 & Ci V 0k++[- é ’ XDoDi p

x-[ =Z –Hx+[X+ x’[–’ 5 =[+ vii H–k–+Z–Z- kk’ Hò–X+ é–

=Z+èè- [X’ x=òòk–à’ –Z 8X’ k–’ skOffertan sà+Hx[- Z]–K+ é- kke–Hx+[X+ é– 5 =[+ f i H–k–+Z– àì - ]’ [à é-]X–Z’ X+

’ kk’ ]]- / Z’ • –+Z- é- kk- Mòòk–/ ’ • –+Z– x[- Z+X’ X- x[–H’

é- kk’ x=òòk–à’ • –+Z- é- kk’ ZZ=Zà–+ é- kk’ àì –=]=[’

’ ZX–à–x’ X’ é- kkMèè- [X’ - é - àà- é- ZX– k’ €=+X’ é– 5 =[+ f ai H–k–+Z–n s–k Prestito Obbligazionario + il Prestitono à+]X–X=–X+ é’ =Z Z=H- [+ H’]]–H+ é– vii uiii +òòk–/ ’ • –+Z– é- k K’ k+[- Z+H–Z’ k- é– 5 =[+ Cuiii à’ é’ =Z’ sk- Obbligazioni +o –Z / - Z- [’ k- o kObbligazionenu

Articolo 2 – Forma.

1- Mòòk–/ ’ • –+Z– ]+Z+ X–X+k– ’ kx+[X’ X+[- o–HH- ]]– Z- k

]–]X- H’ é– / - ]X–+Z- ’ àà- ZX[’ X’ x[- ]]+ 9 +ZX- A–X+k–

&uxuRu à[-’ X– - é - H-]]– ’ k é– è=+[– é-– à+Zè–Z– é- kk’

h - x=òòk–à’ 8X’ k–’ Z’ –Z è+[H’ é–o - [’ xx[- ]- ZX’ X–

–Z–• –’ kH- ZX- é’ o =Z+òòk–/ ’ • –+Z- –Z è+[H’ / k+ò’ k- X- Hx+[’ Z-’ skObbligazione Globale Temporaneanu

1 5 H–XX- ZX- ]– –Hx- / Z’ ’ ]à’ Hò–’ [- kMòòk–/ ’ • –+Z-

7 k+ò’ k- A- Hx+[’ Z-’ à+Z =Z+òòk–/ ’ • –+Z- / k+ò’ k- x-[H’ Z- ZX- skObbligazione Globale Permanente

- o –Z]–- H- ’ kkMòòk–/ ’ • –+Z- 7 k+ò’ k- A- Hx+[’ Z-’ o kObbligazione Globalen - ZX[+ k’ ]=àà- ]]–K’ è[’ k-

]- / =- ZX–é=- é’ X- .

• k’ é’ X’ àì - à’ é- f i / –+[Z– é+x+ k’ é’ X’

]=àà- ]]–K’ X[’ s’ n –kà+Hxk- X’ H- ZX+ é- kà+kk+à’ H- ZX+

é- kk- Mòòk–/ ’ • –+Z– à+]ì à+H- é- X- [H–Z’ X+ é’ N’ x–X’ k–’ &uxuRu sCapitalia + –k Responsabile del CollocamentonE - sòn k’ S ’ X’ é– 5 H–]]–+Z- é- kk- Mòòk–/ ’ • –+Z–E-

• k’ é’ X’ –Z à=–K- [[’ ZZ+ è+[Z–X- ’ kk5 H–XX- ZX- +

’ é =Z ’ / - ZX- é- kk5 H–XX- ZX- k- Z- à-]]’[–-

à-[X–è–à’ • –+Z–è–]à’ k–Cu

C 1 5 H–XX- ZX- Z+Z - èè- XX=- [à ’ kà=Z x’/ ’ H- ZX+ ]–’ x-[ –ZX- [- ]]– ]–’ x-[

’ kX[+ ’ HH+ZX’ [- à+Z [–è- [–H- ZX+ ’ €=’ k]–’ ]– è[’ • –+Z- é- kk+òòk–/ ’ • –+Z-

’ k x+[X’ X+[- –Z è+[H’ / k+ò’ k- X- Hx+[’ Z-’ ’ H- Z+ àì - 9 +ZX- A–X+k–

&uxuRu à+Z]-/ Z– =Z’ à-[X–è–à’ • –+Z- è–]à’ k- à+Z [–è- [–H- ZX+ ’ k X–X+k’ [-

=kX–H+ é- kkeMòòk–/ ’ • –+Z- à=–]–[–è- [–]à- X’ k- è[’ • –+Z- é- kk+òòk–/ ’ • –+Z-

–Z è+[H’ / k+ò’ k- u 8Z+kX[- k5 H–XX- ZX- Z+Z ]à’ Hò–- [à ’ kà=Z’ è[’ • –+Z-

é- kk+òòk–/ ’ • –+Z- ’ k x+[X’ X+[- –Z è+[H’ / k+ò’ k- X- Hx+[’ Z-’ à+Z

=Z+òòk–/ ’ • –+Z- ’ k x+[X’ X+[- –Z è+[H’ x-[H’ Z- ZX- ’ H- Z+ àì - Z+Z

[–à- K’ é’ 9 +ZX- A–X+k– &uxuRu =Z’ à-[X–è–à’ • –+Z- è–]à’ k- à+Z

[–è- [–H- ZX+ ’ k X–X+k’ [- =kX–H+ é- kkeMòòk–/ ’ • –+Z- à=– ]– [–è- [–]à- k’

x+[• –+Z- é’ ]à’ Hò–’ [- u Ré +/ Z– H+é+ –k à-[X–è–à’ X+ è–]à’ k- é- K-

]x- à–è–à’ [- àì - à–’ ]à=Z X–X+k’ [- =kX–H+ é- kkeMòòk–/ ’ • –+Z- . Z+Z è =Z’ United States Person sà+H- é–]-/ =–X+ é- è–Z–X’ nE

Z+Z è =Z’ à+ZX[+kk’ X’ ]X[’ Z–- [’ é– =Z’ –]X–X=• –+Z- è–Z’ Z• –’ [–’

]X’ X=Z–X- Z]- àì - ’ à€=–]X’ x-[ x[+x[–+ à+ZX+ + x-[ [–K- Zé-[- o + Z+Z è

=Z’ United States Person àì - ì ’ ’ à€=–]X’ X+ k- Mòòk–/ ’ • –+Z– ’ XX[’ K- []+

=Z’ é–€=-]X- –]X–X=• –+Z–è–Z’ Z• –’ [–- - àì - é- X–- Z- k- Mòòk–/ ’ • –+Z–x- [ –k

X[’ H–X- é– X’ k- –]X–X=• –+Z- è–Z’ Z• –’ [–’ ’ kk’ é’ X’ é– à- [X–è–à’ • –+Z- u 8Z

€=-]X– à’]–o k–]X–X=• –+Z- è–Z’ Z• –’ [–’ é- K- è+[Z–[- =Z’ à-[X–è–à’ • –+Z-

’ kk5 H–XX- ZX- + ’ k à+kk+à’ X+[- é- kk- Mòòk–/ ’ • –+Z– àì - k- ì ’ K- Zé=X+ k-

]X- ]]- àì - ]x- à–è–àì – àì - X’ k- –]X–X=• –+Z- è–Z’ Z• –’ [–’ ]– –Hx- / Z’ ’ é

’ é- Hx–- [- ’– [- €=–]–X– é- kk’ &- • –+Z- CavsGnsDn sRno sOno + sNn é- kkInternal Revenue Code é- k CgTao à+H- H+é–è–à’ X+

]=àà-]]–K’ H- ZX- - é-–[-/ +k’ H- ZX–é- kk+ United States TreasuryE+

è =Z –]X–X=• –+Z- è–Z’ Z• –’ [–’ àì - é- X–- Z- à+Z k+ ]à+x+ é– [–K- Zé-[-

é=[’ ZX- –k x-[–+é+ –Z à=– ]– ’ xxk–à’ Z+ k- [- ]X[–• –+Z– à+]ì à+H- é- è–Z–X+

Z-– [- / +k’ H- ZX– é- kk+ United States Treasury ’ kk- &- • –+Z– CuCaDc vsànszns–nsS nsqnu 6 Z –]X–X=• –+Z- è–Z’ Z• –’ [–’ é– €=-]X+ / - Z-[- sé-]à[–XX’

+ H- Z+ Z-– x[- à- é- ZX– é=- x=ZX–n é- K- à-[X–è–à’ [- àì - Z+Z ì ’

’ à€=–]X’ X+ k- Mòòk–/ ’ • –+Z– à+Z k’ è–Z’ k–Xà é– [–K- Zé-[k- é–[- XX’ H- ZX- +

–Zé–[- XX’ H- ZX- ’ =Z’ United States Person + ’ é =Z’ x-[]+Z’ ’ kke–ZX- [Z+

é-/ k–&X’ X–6 Z–X–+ é-–[- k’ X–K–x+]]- é–H- ZX–u

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à+Z]-/ Z’ é– €=’ k]–K+/ k–’ ’ HH+ZX’ [- + x[+x[–- Xà à+Z [–è- [–H- ZX+ ’ kk’

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=Z’ è[’ • –+Z- é- kk+òòk–/ ’ • –+Z- ’ k x+[X’ X+[- –Z è+[H’ / k+ò’ k- x-[H’ Z- ZX-

+ –Z =Z’ +òòk–/ ’ • –+Z- –Z €=’ k]–K+/ k–’ è+[H’ o’ H- Z+ àì - k5 H–XX- ZX- + =Z ’ / - ZX- é- kk5 H–XX- ZX- ’ òò–’ [–à- K=X+ k’ Z- à-]]’[–’ à-[X–è–à’ • –+Z- è–]à’ k- u

8 [- €=–]–X– ]x- à–è–à– - k- [- ]X[–• –+Z– –Hx+]X– é’ kk- k- // – - é’– [- / +k’ H- ZX–

è- é-[’ k–é- / k–&X’ X–6 Z–X––Z H’ X- [–’ è–]à’ k- ]+Z+ ’ xxk–à’ ò–k–’ / k–]X[=H- ZX– è–Z’ Z• –’ [–’ kx+[X’ X+[- u

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1 - ]x[-]]–+Z- United States Person à+Hx[- Zé-.

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=Z’ ]+à–- Xà + ’ é =Z’ x’[XZ- []ì –x ’– è–Z– é- kk- Z+[H’ X–K- è- é-[’ k–

]X’ X=Z–X- Z]– –Z H’ X- [–’ é– X’ ]]’• –+Z- ]=k [- éé–X+o àì - ]–’ à+]X–X=–X’ +

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8 x+[X’ X+[– é- kk- Mòòk–/ ’ • –+Z– s/ k– Obbligazionistin x+X[’ ZZ+ [–àì –- é-[- ’ k+[+ é–]à[- • –+Z- o é– ]+]X–X=–[- o

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€=+X’ Z- kkMòòk–/ ’ • –+Z- 7 k+ò’ k- L-[H’ Z- ZX- à+Z

+òòk–/ ’ • –+Z– è–]–àì - é- è–Z–X–K- ’ k x+[X’ X+[- à+Z +

]- Z• ’ à- é+k- ’ kk- / ’ X- sk- Obbligazioni Definitiveno H- é–’ ZX- x[-’ KK–]+ ]à[–XX+ Z+X–è–à’ X+ ’ kk5 H–XX- ZX-

-m+ ’ kkR/ - ZX- x-[ –k L’/ ’ H- ZX+ sà+H- –Z ]- / =–X+

é- è–Z–X+no è–ZX’ ZX+àì é k- Mòòk–/ ’ • –+Z– ]’ [’ ZZ+

–HH- ]]- Z- k ]–]X- H’ é– / - ]X–+Z- ’ àà- ZX[’ X’ x[- ]]+

9 +ZX- A–X+k– &uxuRu s–Z è+[H’ é– Mòòk–/ ’ • –+Z-

7 k+ò’ k- nox-[ –k X[’ H–X- é-/ k– –ZX- [H- é–’ [–’ =X+[–•• ’ X–

–X’ k–’ Z– - é - ]X- [– ’ é-[- ZX– ’ 9 +ZX- A–X+k– &uxuRu

’ kH- Z+ ai / –+[Z–x[–H’ é- kk’ ]+]X–X=• –+Z- u

7 k– Mòòk–/ ’ • –+Z–]X– Z+Z é+K[’ ZZ+ à+[[–]x+Zé- [-

’ kk5 H–XX- ZX- ’ kà=Z –Hx+[X+ x-[ X’ k- ]+]X–X=• –+Z- o

]’ kK+ - K- ZX=’ k– à+HH–]]–+Z– + à+[[–]x- XX–K– é–

€=’ k]–K+/ k–’ Z’ X=[’ -K- ZX=’ kH- ZX- [–àì –- ]X– ’ / k–

Mòòk–/ ’ • –+Z–]X– é’– é- x+]–X’ [– +é –ZX- [H- é–’ [– é-–

€=’ k–kMòòk–/ ’ • –+Z–]X’ ]–]–’ ’ KK’ k]+ x-[ x[+à- é-[- ’

X’ k- ]+]X–X=• –+Z- + ’ kk’ x[- ]- ZX’ • –+Z- é- kk’ –Zé–à’ X’ à+H=Z–à’ • –+Z- u

8Z +/ Z– à’]+ k- Mòòk–/ ’ • –+Z– Z+Z x+]]+Z+ -]]-[-

]à’ Hò–’ X- à+Z X–X+k–Z+H–Z’ X–K–u

1’ ]- / =- ZX- k- / - Zé’ ’ xxk–à’ ò–k- - ]àk=]–K’ H- ZX- ’ kk- 2United States Persons2 ]’[à ’ xx+]X’ ]=kk- Mòòk–/ ’ • –+Z–.

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]–’ x+[X’ X[–à- é- kk- Mòòk–/ ’ • –+Z– ]’ [à ]+// - XX’ ’ kk-

k–H–X’ • –+Z– x[- K–]X- é’ kk’ k- / –]k’ • –+Z- è–]à’ k- é-/ k–

&X’ X– 6 Z–X– é RH-[–à’ o à+Hx[- ]- k- k–H–X’ • –+Z–

x[- K–]X- Z- kk- &- • –+Z– CavsGn - CzTqs’ n é- kkInternal Revenue Code2u

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é- kk- Mòòk–/ ’ • –+Z–o à+Z ’ kà=Z- - àà- • –+Z–o Z+Z

=Z x’ X[–H+Z–+ – à=– [- éé–X– ]–’ Z+ ’]]+// - XX’ X– ’ kk- Z+[H’ X–K- è–]à’ k–

è- é-[’ k– é-/ k– &X’ X– 6 Z–X– –Z H’ X- [–’ é– X’ ]]’• –+Z- ]=k [- éé–X+ ]- Z•’ à+Z]–é- [’ • –+Z- [–]x- XX+ ’ kk’ è+ZX- é–x[+K- Z–- Z•’ E+

=Z trust ]- =Z X[–ò=Z’ k- é-/ k– &X’ X– 6 Z–X– è ’ =X+[–•• ’ X+ ’ - ]-[à–X’ [- k’

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+ x–ù United States Person ì ’ k’ =X+[–Xà é– à+ZX[+kk’ [- X=XX- k- é- à–]–+Z–

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[- / +k’ H- ZX’ • –+Z–é- kk+ United States Treasuryu

M/ Z– [–è- [–H- ZX+ ’ / k– &X’ X– 6 Z–X– ]– –ZX- Zé- è’ XX+ ’ / k– &X’ X– 6 Z–X–

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/ –=[–]é–• –+Z- é-/ k–&X’ X–6 Z–X–é RH-[–à’ u

]’ [’ ZZ+ k- / –XX–H’ X– ’ é- é=[[- €=’ k]–’ ]– x-[é–X’ ]=kk-

Mòòk–/ ’ • –+Z–- Z+Z ]’[’ ZZ+ k- / –XX–H’ X–’ kX[’ XX’ H- ZX+

[-k’ X–K+ ’ kk- xk=]K’ k- Z• - x-[ +/ Z– / =’ é’/ Z+ ]= +/ Z–

K- Zé–X’ oX[’ ]è- [–H- ZX+o+ x’/ ’ H- ZX+ é- kà’ x–X’ k- à+Z

[–è- [–H- ZX+ ’ kk- Mòòk–/ ’ • –+Z–u

1- Mòòk–/ ’ • –+Z– ]+Z+ ]+// - XX- ’– [- €=–]–X– è–]à’ k–

é-/ k– &X’ X– 6 Z–X– à+]ì à+H- é- è–Z–X– Z- – [- / +k’ H- ZX–

é- kk+ United States Treasury ’ kk- &- • –+Z– CuCaDc vsànszns–nsS nsqn - oé=[’ ZX- –k L-[–+é+ é– S –K–- X+oZ+Z x+X[’ ZZ+ -]]-[- +èè- [X- o K- Zé=X- + à+Z]- / Z’ X- Z- / k–

&X’ X– 6 Z–X– + Z- – [- k’ X–K– x+]]- é–H- ZX– + ’ =Z’ U.S.

Personuz

Articolo 3 – Legittimazione e Circolazione –

Ranking delle Obbligazioni.

0–Z+ ’ €=’ Zé+ k- Mòòk–/ ’ • –+Z– ]’[’ ZZ+ –HH- ]]- Z- k

]–]X- H’ é– / - ]X–+Z- ’ àà- ZX[’ X’ x[- ]]+ 9 +ZX- A–X+k–

&uxuRu s–Z è+[H’ é– Mòòk–/ ’ • –+Z- S - è–Z–X–K’ + –Z

è+[H’ é– Mòòk–/ ’ • –+Z- 7 k+ò’ k- no +/ Z– +x-[’• –+Z-

’ K- ZX- ’ é +// - XX+ k- Mòòk–/ ’ • –+Z– s–K– –Zàk=]– –

X[’ ]è- [–H- ZX– - à+]X–X=• –+Z- é– K–Zà+k–n Z+Zàì é k-]- [à–• –+ é-–[- k’ X–K–é–[–XX–x’ X[–H+Z–’ k–x+X[à -]]-[-

- èè- XX=’ X’ - ]àk=]–K’ H- ZX- x-[ –k X[’ H–X- é–

–ZX- [H- é–’ [– è–Z’ Z• –’ [–o –X’ k–’ Z– +é - ]X- [–o ’ é-[- ZX– ’ k

]–]X- H’ é– / - ]X–+Z- ’ àà- ZX[’ X’ x[- ]]+ 9 +ZX- A–X+k–

&uxuRu

" - kà’]+ é–Mòòk–/ ’ • –+Z–S - è–Z–X–K- Z+Z –HH- ]]- Z- k

]–]X- H’ é– / - ]X–+Z- ’ àà- ZX[’ X’ x[- ]]+ 9 +ZX- A–X+k–

&uxuRuo k5 H–XX- ZX- - kR/ - ZX- x-[ –k L’/ ’ H- ZX+

sà+H- –Z ]- / =–X+ é- è–Z–X+no ]’ kK+ é–K- []’

é–]x+]–• –+Z- Z+[H’ X–K’ é– K+kX’ –Z K+kX’ ’ xxk–à’ ò–k-o

à+Z]–é- [- [’ ZZ+ - X[’ XX- [’ ZZ+ –k x+[X’ X+[- é– €=’ k]–’ ]–

Mòòk–/ ’ • –+Z- s–Zé–x- Zé- ZX- H- ZX- é’ kk’ à–[à+]X’ Z• ’

àì - -]]’ ]–’ + H- Z+ ]à’ é=X’ o+ àì - ]–’ ]X’ X’ - èè- XX=’ X’

–Z [- k’ • –+Z- ’ kk’ ]X- ]]’ €=’ k]–K+/ k–’ à+H=Z–à’ • –+Z- +

’ ZZ+X’ • –+Z- –Z- [- ZX- k’ X–X+k’ [–Xào ]H’[[–H- ZX+ +

z 8k h - ]x+Z]’ ò–k- é- k N+kk+à’ H- ZX+o –k N+kk+à’ X+[- o - à–’ ]à=Z

]+XX+]à[–XX+[- + ]=àà-]]–K+ ’ à€=–[- ZX- é- kk- Mòòk–/ ’ • –+Z– Z+Z x+X[’ ZZ+

+èè[–[- o K- Zé-[- + à+Z]-/ Z’[- k- Mòòk–/ ’ • –+Z– Z-/ k– &X’ X– 6 Z–X–

éeRH-[–à’ + ’ o + x-[ à+ZX+ + ’ ò- Z- è–à–+ é–o =Z’ United States Person sà+H- é- è–Z–X’ Z- kk’ Z+X’ znosCn –Z Z-]]=Z H+H- ZX+ é- kà+kk+à’ H- ZX+o- szn è–ZX’ ZX+àì é Z+Z ]–’ Z+ X[’ ]à+[]– f i / –+[Z– é– à’ k- Zé’[–+ é’ kk’ S ’ X’ é–

5 H–]]–+Z- é- kk- Mòòk–/ ’ • –+Z– sX’ k- x-[–+é+ è é- è–Z–X+ –k Periodo di

Divietonu " - k à’]+ –Z à=– k5 H–XX- ZX- - H- XX’ X[’ Zàì - ]=àà-]]–K- é–

Mòòk–/ ’ • –+Z– é- kk’ H- é-]–H’ ]- [–- é=[’ ZX- k–Z–• –’ k- x-[–+é+ é–

[- ]X[–• –+Z- é– f i / –+[Z– ’ xxk–à’ ò–k- ’ kk- Mòòk–/ ’ • –+Z– –Z à–[à+k’ • –+Z- é–

=Z’ é’ X’ ]- [–- oX’ k- x-[–+é+ é– f i / –+[Z– ]’[à - ]X- ]+ é– =kX- [–+[– f i / –+[Z–

’ x’[X–[- é’ kk’ é’ X’ ]=àà-]]–K- X[’ k–Z–• –+ é- kL-[–+é+ é–Mèè- [X’ - k’ S ’ X’ é– 5 H–]]–+Z- é– X’ k– X[’ Zàì - ’// –=ZX–K- u 8Z+kX[- o Z- k à’]+ –Z à=–

k5 H–XX- ZX- - H- XX’ X[’ Zàì - ]=àà-]]–K- é– Mòòk–/ ’ • –+Z– é- kk’ H- é-]–H’

]- [–- é+x+ k–Z–• –’ k- x-[–+é+ é–[-]X[–• –+Z- é–f i / –+[Z–o=Z Z=+K+ x-[–+é+

é– [- ]X[–• –+Z- ]’[à ’ xxk–à’ X+ ’ X’ k– ]=àà-]]–K- - H–]]–+Z– é– Mòòk–/ ’ • –+Z–

H- ZX[- x-[ k- Mòòk–/ ’ • –+Z– –Z–• –’ kH- ZX- - H-]]- K’ [[à k–Z–• –’ k- x-[–+é+

é– [- ]X[–• –+Z- u 8Z ]- / =–X+ ’ k X- [H–Z- é- k Z=+K+ x-[–+é+ é– [- ]X[–• –+Z- o k-

Mòòk–/ ’ • –+Z– ]=àà-]]–K’ H- ZX- - H-]]- ]’ [’ ZZ+ è=Z/ –ò–k– - è+[H-[’ ZZ+

=Z’ =Z–à’ ]- [–- à+Z k- Mòòk–/ ’ • –+Z––Z à–[à+k’ • –+Z- u

è=[X+n à+H- –k X–X+k’ [- é- kk’ ]X- ]]’ k- / –XX–H’ X+

’ kk- ]- [à–• –+ é-– é–[–XX– [’ xx[- ]- ZX’ X–

é’ kkMòòk–/ ’ • –+Z- u 1’ X–X+k’ [–Xà / –=[–é–à’ é- kk-

Mòòk–/ ’ • –+Z– S - è–Z–X–K- oZ+Z –HH- ]]- Z- k]–]X- H’ é–

/ - ]X–+Z- ’ àà- ZX[’ X’ x[- ]]+ 9 +ZX- A–X+k– &uxuRuo ]–

X[’ ]è- [–[à à+Z k’ ]- Hxk–à- à+Z]- / Z’ u

1- Mòòk–/ ’ • –+Z– [’ xx[- ]- ZX’ Z+ =Z’ è+[H’ é–

–Zé- ò–X’ H- ZX+ Z+Z / ’ [’ ZX–X’ é- kk5 H–XX- ZX- o –Z

€=’ ZX+ –k[–Hò+[]+ é- kk- Mòòk–/ ’ • –+Z–- –kx’ / ’ H- ZX+

é- kk- N- é+k- sà+H- é– ]- / =–X+ é- è–Z–X- n Z+Z ]+Z+ ’]]–]X–X– é’ / ’ [’ Z• –- ]x- à–è–àì - Zé ]+Z+ x[- K–]X–

–Hx- / Z– [- k’ X–K– ’ kk’ ’]]=Z• –+Z- é– / ’ [’ Z• –- è–Z’ k–••’ X- ’ kò=+Z - ]–X+ é- kL[-]X–X+u

8 é–[–XX– –Z- [- ZX– k- Mòòk–/ ’ • –+Z– ]+Z+ x’[–H- ZX–

+[é–Z’ X– [–]x- XX+ ’ é ’ kX[– é- ò–X– àì –[+/ [’ è’ [– s–u- u Z+Z

/ ’ [’ ZX–X– - Z+Z x[–K–k- / –’ X–n é- kk5 H–XX- ZX- / –à à+ZX[’ XX–+ è=X=[–u

8k à[- é–X+ é-/ k– Mòòk–/ ’ • –+Z–]X– K- []+ k5 H–XX- ZX-

K- [[à ]+éé–]è’ XX+ pari passu à+Z / k– ’ kX[– é- ò–X– Z+Z

/ ’ [’ ZX–X–- Z+Z x[–K–k- / –’ X–é- kk5 H–XX- ZX- u

Articolo 4 – Prezzo e Data di Emissione.

1- Mòòk–/ ’ • –+Z–]+Z+ - H-]]- ’ kk’ x’[–oK’ k- ’ é–[- ’ k

x[- ••+ é– 5 =[+ Cuiii s–k Prezzo di Emissionen x-[

+/ Z– Xxxx–/ ’ • –+Z- é– x’[– K’ k+[- Z+H–Z’ k- –k Di H’[• + zii q sk’ Data di Emissionenu

5 è’ XX’ ]’ kK’ k’ x+]]–ò–k–Xà é–x[- K- é-[- =kX- [–+[–é’ X- é–- H–]]–+Z- u

Articolo 5 – Durata e godimento.

1’ é=[’ X’ é- k L[-]X–X+ Mòòk–/ ’ • –+Z’ [–+ è é– ]-– ’ ZZ–o

’ x’[X–[- é’ kDi H’[• + zii q sk’ Data di Godimenton

- è–Z+ ’ k Di H’[• + zi CD s–Zàk=]+n sk’ Data di Scadenzanu

Articolo 6 – Agente per il Calcolo.

1 e’ / - ZX- x-[ –k à’ kà+k+ ]’ [à 9 - [[–kk 1 _Zàì 8ZX- [Z’ X–+Z’ kskAgente per il Calcolo + MLInu

y =’ k+[’ k’ S ’ X’ é– L’/ ’ H- ZX+ Z+Z à+–Zà–é’ à+Z =Z

7 –+[Z+ 1’ K+[’ X–K+ ARh 7 5 A sà+H- é– ]- / =–X+

é- è–Z–X+n - Xxxxxxx –k x’/ ’ H- ZX+ K- [[à - èè- XX=’ X+ –k x[–H+ 7 –+[Z+ 1’ K+[’ X–K+ ARh 7 5 A - London

]=àà- ]]–K+o ]- Z• ’ àì - ke–ZK- ]X–X+[- ’ òò–’ é–[–XX+ ’ é

–ZX- [-]]–’// –=ZX–K–u

Articolo 8 – Calcolo degli Interessiu

1- Mòòk–/ ’ • –+Z– H’ X=[’ Z+ =Z’ à- é+k’ ’ ZZ=’ k- è–]]’

sk’ Cedola Fissan - à–Z€=- à- é+k- ’ ZZ=’ k– K’ [–’ ò–k– sk- Cedole Variabili - ]–Z/ +k’ [H- ZX- k’ Cedola Variabilenu

1’ N- é+k’ 0–]]’ è x’/ ’ ò–k- –k Di H’[• + zii T - é è

x’[– ’ k f oDi p o €=–Zé– 5 =[+ f Doii x-[ à’ é’ =Z’

Mòòk–/ ’ • –+Z- é- k K’ k+[- Z+H–Z’ k- =Z–X’ [–+ é– 5 =[+

Cuiii u

1- N- é+k- ; ’ [–’ ò–k– ]+Z+ x’/ ’ ò–k– [–]x- XX–K’ H- ZX- –Z

é’ X’ Di H’[• + zii go €=’ ZX+ ’ kk’ x[–H’ N- é+k’

; ’ [–’ ò–k- o –Z é’ X’ Di H’[• + zi Ci €=’ ZX+ ’ kk’

]- à+Zé’ N- é+k’ ; ’ [–’ ò–k- o –Z é’ X’ Di H’[• + zi CC

€=’ ZX+ ’ kk’ X- [•’ N- é+k’ ; ’ [–’ ò–k- o–Z é’ X’ Di H’[• +

zi Cz €=’ ZX+ ’ kk’ €=’[X’ N- é+k’ ; ’ [–’ ò–k- - –Z é’ X’

Di H’[• + zi CD €=’ ZX+ ’ kk’ €=–ZX’ à- é+k’ K’ [–’ ò–k- u

N–’ ]à=Z’ N- é+k’ ; ’ [–’ ò–k- o x-[ à’ é’ =Z’

Mòòk–/ ’ • –+Z- é- k K’ k+[- Z+H–Z’ k- é– 5 =[+ Cuiii o è

x’[– ’ k x[+é+XX+ è[’ s–n –k K’ k+[- Z+H–Z’ k-

é- kkeMòòk–/ ’ • –+Z- sVNn - s––n –k H’ // –+[- è[’ sRn DoDi p - sOn vvp –k X’ ]]+ Swap Ci V s–k Tasso di Riferimento). 1’ éé+K- X’ k- x- [à- ZX=’ k- é- kA’ ]]+ é–

h –è- [–H- ZX+ è+]]- –Zè- [–+[- ’ k DoDi p o k’ [- k’ X–K’

N- é+k’ ; ’ [–’ ò–k- ]’ [à €=–Zé– x’[– ’ k DoDi p o +KK- [+ 5 =[+ DDoii x-[ à’ é’ =Z’ Mòòk–/ ’ • –+Z- é- k K’ k+[- Z+H–Z’ k- é–5 =[+ Cuiii u

1- Mòòk–/ ’ • –+Z– / ’ [’ ZX–]à+Z+ –Zè’ XX– =Z’ N- é+k’

; ’ [–’ ò–k- H–Z–H’ é- k DoDi p é- k K’ k+[- Z+H–Z’ k-

]+XX+]à[–XX+o +KK- [+ 5 =[+ DDoii x-[ à’ é’ =Z’

Mòòk–/ ’ • –+Z- é- kK’ k+[- Z+H–Z’ k- é–5 =[+ Cuiii u

&- / Z’ X’ H- ZX- –Z è+[H=k- o ke–Hx+[X+ é– à–’ ]à=Z’

N- é+k’ ; ’ [–’ ò–k- è à+]ì à’ kà+k’ X+.

Articolo 7 – Date di Pagamento degli Interessiu

1- Mòòk–/ ’ • –+Z– è[=XX- [’ ZZ+ –ZX- [-]]– ’ ZZ=’ k– s/ k–

Interessi + Cedolen àì - ]’ [’ ZZ+ à+[[–]x+]X– –k Di H’[• + zii To Di H’[• + zii go Di H’[• + zi Ci o Di H’[• + zi CCo Di H’[• + zi Cz - Di H’[• + zi CD sà–’ ]à=Z’ =Z’ Data di Pagamentonu

Ci = Max {F L

é+K- .

F B DoDi

PB vvp E

P &CSwap Ci Yi H}

SwapCi Xx

è –k K’ k+[- é- k X’ ]]+ Swap Ci V 5 =[+

Rkk’ S ’ X’ é– &à’ é- Z• ’ o k- Mòòk–/ ’ • –+Z– ]’ [’ ZZ+

[–Hò+[]’ X- –Z =Z=Z–à’ ]+k=• –+Z- u 8k [–Hò+[]+ ]’ [à

€=+X’ X+ ]= ò’]- Euribor - [–k- K’ X+ ’ kk- +[- CC.ii ’ uHusFrankfurt Timen é- k]- à+Zé+ / –+[Z+ k’ K+[’ X–K+ sTARGET n ’ ZX- à- é- ZX- k’ S ’ X’ é–8Z–• –+ é- kL-[–+é+

é– 8ZX- [-]]- –c-]–H+ s– B zo Do f o vo an ]=kk’ x’/ –Z’

h - =X- [] 8&S R08%z s+ ]= ’ kX[’ x’/ –Z’ –Z ]+]X–X=• –+Z-

é- kk’ ]X- ]]’ x-[ X’ k- ]-[K–• –+nE

Periodo di Interesse –Zé–à’ –k x-[–+é+ àì - –Z–• –’ –k Di H’[• + s–Zàk=]+n é– à–’ ]à=Z ’ ZZ+ - X- [H–Z’ –k Di

H’[• + s-]àk=]+n é- kk’ ZZ+ ]=àà- ]]–K+o ’ x’[X–[- é’ k

Di H’[• + zii q - ]–Z+ ’ kk’ é’ X’ é– ]à’ é- Z• ’ é- kk-

Mòòk–/ ’ • –+Z–u R X–X+k+ - ]- Hxk–è–à’ X–K+o –k x[–H+

L-[–+é+ é– 8ZX- [-]]- –Z–• –’ –k Di H’[• + zii q

s–Zàk=]+n - X- [H–Z’ –k Di H’[• + xxx X s- ]àk=]+n -

ke=kX–H+ L-[–+é+ é– 8ZX- [-]]- –Z–• –’ –kDi H’[• + zi Cz

s–Zàk=]+n - X- [H–Z’ –kDi H’[• + zi CDs-]àk=]+nE

Xxxxxx Xxxxxxxxxx –Zé–à’ =Z / –+[Z+ àì - ]–’ =Z 7 –+[Z+ 1’ K+[’ X–K+ ARh 7 5 Au

Xxxxxx Xxxxxxxxxx TARGET –Zé–à’ €=’ k]–’ ]–

/ –+[Z+ é–K- []+ é’ k]’ ò’ X+ - é’ kk’ é+H- Z–à’ Z- k€=’ k-

–k Trans European Automated Real Time Gross Settlement Express Transfer sARh 7 5 An &_]X- H è ’ x-[X+ x-[ k’ ]=’ Z+[H’ k- +x-[’ X–K–Xàu

7 k– –ZX- [-]]– –Z [- k’ • –+Z- ’ kk- N- é+k- ]’[’ ZZ+

à’ kà+k’ X– ]- à+Zé+ k’ à+ZK- Z• –+Z- Actual/Actual c 8N9 R unadjustedu

Actual/Actual - ICMA –Zé–à’ .

s’ n +K- –k L-[–+é+ é– 8ZX- [-]]- è =/ =’ k- + x–ù

ò[- K- é- k x-[–+é+ [- / +k’ [- é=[’ ZX- –k €=’ k- à’ é- o –k

Z=H- [+ [-’ k- é– / –+[Z– à+Hx[- ]– Z- k L-[–+é+ é–

8ZX- [-]]- é–K–]+ –k Z=H- [+ é– / –+[Z– à+Hx[- ]– –Z X’ k- x-[–+é+ [- / +k’ [- E-

sòn +K- –k L-[–+é+ é– 8ZX- [-]]- ]–’ x–ù k=Z/ + é- k

x-[–+é+ [- / +k’ [- ok’ ]+HH’ X[’ .

s–n –k Z=H- [+ [-’ k- é– / –+[Z– à+Hx[- ]– –Z X’ k-

L-[–+é+ é– 8ZX- [-]]- àì - à’ é+Z+ Z- kx-[–+é+ [- / +k’ [-

–Z à=–-]]+ à+H–Zà–’ é–K–]+ –k Z=H- [+ [-’ k- é–/ –+[Z– à+Hx[- ]+ –Z X’ k- x-[–+é+ [- / +k’ [- E-

s––n –k Z=H- [+ é– / –+[Z– –Z X’ k- L-[–+é+ é–

8ZX- [-]]- àì - à’ é+Z+ Z- k]=àà- ]]–K+ x-[–+é+ [- / +k’ [-

é–K–]+ x-[ –k Z=H- [+ é– / –+[Z– [-’ k– à+Hx[- ]– –Z X’ k-

x-[–+é+ [- / +k’ [- u

Articolo 9 –Rimborso a scadenza.

- èè- XX=’ X+ ’ kk’ x’[– sCii p é- k K’ k+[- Z+H–Z’ k- n -

]- Z• ’ ’ kà=Z’ é- é=• –+Z- x-[ ]x-]- u 1- Mòòk–/ ’ • –+Z– à-]]-[’ ZZ+ é–-]]-[- è[=XX–è- [- é’ kk’ é’ X’ ]X’ ò–k–X’ x-[

–k [–Hò+[]+u " +Z è x[- K–]X’ k’ è’ à+kXà é– [–Hò+[]+

’ ZX–à–x’ X+o Zé –Z à’ x+ ’ kke5 H–XX- ZX- Zé –Z à’ x+ ’ / k– Mòòk–/ ’ • –+Z–]X–u

Articolo 10 – Modalità di pagamento.

(a) 0–Z+ ’ €=’ Zé+ k- Mòòk–/ ’ • –+Z– ]’ [’ ZZ+

[’ xx[- ]- ZX’ X- é’ kkMòòk–/ ’ • –+Z- 7 k+ò’ k- o –k

x’/ ’ H- ZX+ é-/ k– 8ZX- [-]]–- é –k [–Hò+[]+ é- kà’ x–X’ k-

K- [[’ ZZ+ - èè- XX=’ X– é’ kk5 H–XX- ZX- sè- [H+ [- ]X’ Zé+

€=’ ZX+ ]X’ ò–k–X+ é–]-/ =–X+n ]+k+ é–- X[+ x[- ]- ZX’ • –+Z-

+ à+Z]- / Z’ é- kk- N- é+k- + é- kkMòòk–/ ’ • –+Z-

7 k+ò’ k- o ’ ]- à+Zé’ é-– à’]–o x[- ]]+ k=èè–à–+

]x- à–è–à’ X+ é- kkR/ - ZX- x-[ –k L’/ ’ H- ZX+ sà+H- –Z

]- / =–X+ é- è–Z–X+n ’ k é– è=+[– é-/ k– &X’ X– 6 Z–X–

é RH-[–à’ u 1 R/ - ZX- x-[ –k L’/ ’ H- ZX+ sà+H- –Z

]- / =–X+ é- è–Z–X+n x[+KK- é- [à ’ é ’ ZZ+X’ [- –k

x’/ ’ H- ZX+ ]=kkMòòk–/ ’ • –+Z- 7 k+ò’ k- o ’ X’ k è–Z-

x[- ]- ZX’ X’ + à+Z]- / Z’ X’ o é–]X–Z/ =- Zé+ é– K+kX’ –Z

K+kX’ ]- €=-]X+ ]–’ ]X’ X+ à+[[–]x+]X+ ’ X–X+k+ é–

à’ x–X’ k- + ’ X–X+k+ é– –ZX- [-]]–o - X’ k- ’ ZZ+X’ • –+Z-

[’ xx[- ]- ZX- [à x[+K’ –Zà+Zè=X’ ò–k- é- kk’ KK- Z=X+

x’/ ’ H- ZX+ à=–-]]’ ]–[–è- [–]à- u

(b) N–’ ]à=Z x’/ ’ H- ZX+ é+K=X+ H- ZX[- k- Mòòk–/ ’ • –+Z– ]+Z+ [’ xx[- ]- ZX’ X- é’ kkMòòk–/ ’ • –+Z- 7 k+ò’ k- A- Hx+[’ Z-’ x+X[à -]]-[- - èè- XX=’ X+ ]+kX’ ZX+ x[- K–’ x[- ]- ZX’ • –+Z- é- kk’ à-[X–è–à’ • –+Z- 3 àì - ’ XX- ]X– àì - –k X–X+k’ [- + – X–X+k’ [– é- kk- Mòòk–/ ’ • –+Z– s–n Z+Z

]–’ Z+ United States PersonsE s––n Z+Z ]–’ Z+ à+ZX[+kk’ X- ]X[’ Z–- [- é– =Z’ –]X–X=• –+Z- è–Z’ Z• –’ [–’

]X’ X=Z–X- Z]- àì - ’ à€=–]X’ x-[ x[+x[–+ à+ZX+ + x-[

[–K- Zé- [- o + Z+Z ]–’ Z+ United States Persons àì - ì ’ ZZ+ ’ à€=–]X’ X+ k- Mòòk–/ ’ • –+Z– ’ XX[’ K- []+ =Z’ é–

€=-]X- –]X–X=• –+Z– è–Z’ Z• –’ [–- - àì - é- X- Z/ +Z+ k-

Mòòk–/ ’ • –+Z– x-[ –k X[’ H–X- é– X’ k- –]X–X=• –+Z-

è–Z’ Z• –’ [–’ ’ kk’ é’ X’ é– à-[X–è–à’ • –+Z- u 8Z €=-]X– à’]–o

k–]X–X=• –+Z- è–Z’ Z• –’ [–’ é- K- è+[Z–[- =Z’

à-[X–è–à’ • –+Z- ’ kk5 H–XX- ZX- + ’ k à+kk+à’ X+[- é- kk-

Mòòk–/ ’ • –+Z– àì - k- ì ’ K- Zé=X+ k- ]X- ]]- àì -

]x- à–è–àì – àì - X’ k- –]X–X=• –+Z- è–Z’ Z• –’ [–’ ]– –Hx- / Z’

’ é ’ é- Hx–- [- ’–[- €=–]–X–é- kk’ &- • –+Z- CavsGnsDn sRno sOno + sNn é- kkInternal Revenue Code é- k CgTao à+H- H+é–è–à’ X+ ]=àà-]]–K’ H- ZX- - é-– [- k’ X–K–

[- / +k’ H- ZX– é- kk+ United States TreasuryE + s–––n

]+Z+ –]X–X=• –+Z– è–Z’ Z• –’ [–- àì - é- X- Z/ +Z+ à+Z k+

]à+x+ é– [–K- Zé- [- é=[’ ZX- –k x-[–+é+ –Z à=– ]–

D &–K- é’ k’ Z+X’ Cu

’ xxk–à’ Z+ k- [- ]X[–• –+Z– à+]ì à+H- é- è–Z–X+ Z- –

[- / +k’ H- ZX– é- kk+ United States Treasury ’ kk- &- • –+Z– CuCaDcvsànszns–nsS nsqnE è- [H+ [- ]X’ Zé+ àì -

=Z–]X–X=• –+Z- è–Z’ Z• –’ [–’ é- k X–x+ é-]à[–XX+ Z- kk’

àk’ =]+k’ s–––n àì - x[- à- é- sàì - ]–’ [–à+Hx[- ]’ +

H- Z+ Z- – X–x– é-]à[–XX– Z- kk- x[- à- é- ZX– àk’ =]+k- s–n -

s––nn é- K- à-[X–è–à’ [- àì - Z+Z ì ’ ’ à€=–]X’ X+ k-

Mòòk–/ ’ • –+Z– à+Z k’ è–Z’ k–Xà é– [–K- Zé- [k-

é–[- XX’ H- ZX- + –Zé–[- XX’ H- ZX- ’ =Z’ United States

Person + ’ é =Z’ x-[]+Z’ ’ kk–ZX- [Z+ é-/ k– &X’ X– 6 Z–X–

+ é-–[- k’ X–K–x+]]- é–H- ZX–uf

sàn 8k x’/ ’ H- ZX+ é-/ k– 8ZX- [-]]– - é –k [–Hò+[]+

é- k à’ x–X’ k- x-[ k- Mòòk–/ ’ • –+Z– S - è–Z–X–K- ]’ [’ ZZ+

à+[[–]x+]X– sè- [H+ [- ]X’ Zé+ €=’ ZX+ ]X’ ò–k–X+ é–

]- / =–X+n ]+k+ é–- X[+ x[- ]- ZX’ • –+Z- + à+Z]- / Z’ é- kk-

N- é+k- + é- kk- Mòòk–/ ’ • –+Z– S - è–Z–X–K- o ’ ]- à+Zé’

é-–à’]–ox[- ]]+ k=èè–à–+ ]x- à–è–à’ X+ é- kkR/ - ZX- x-[ –k L’/ ’ H- ZX+ sà+H- –Z ]- / =–X+ é- è–Z–X+n ’ k é– è=+[–

é-/ k– &X’ X– 6 Z–X– é RH-[–à’ u N–’ ]à=Z’ Mòòk–/ ’ • –+Z-

S - è–Z–X–K’ é- K- -]]-[- x[- ]- ZX’ X’ x-[ –k x’/ ’ H- ZX+

=Z–X’ H- ZX- ’ X=XX- k- N- é+k- Z+Z ]à’ é=X- x-[X–Z- ZX–

’ kk’ ]X- ]]’ Ek’ HH+ZX’ [- é- kk- N- é+k- Z+Z ]à’ é=X- -

Z+Z x[- ]- ZX’ X- x-[ –k x’/ ’ H- ZX+ K- [[à

à+[[–]x+Zé- ZX- H- ZX- é- X[’ XX+ é’ kk’ ]+HH’ é+K=X’

x-[ –kx’ / ’ H- ZX+u

sén N–’ ]à=Z x+[X’ X+[- é- kkMòòk–/ ’ • –+Z- 7 k+ò’ k-

+KK- [+ é- kk- Mòòk–/ ’ • –+Z– S - è–Z–X–K- o ’ ]- à+Zé’ é-–

à’]–o è k=Z–à+ ]+// - XX+ k- / –XX–H’ X+ ’ [–à- K- [- –k

x’/ ’ H- ZX+ [- k’ X–K+ ’ kk- x[+x[–- Mòòk–/ ’ • –+Z– -

k5 H–XX- ZX- ]’ [à k–ò- [’ X+ - ]àk=]–K’ H- ZX- à+Z

[–è- [–H- ZX+ ’ kk- ]+HH- à+[[–]x+]X- ’ o +KK- [+ é–- X[+

+[é–Z- é–o X’ k- ]+// - XX+u 0–ZX’ ZX+àì é k- Mòòk–/ ’ • –+Z–

]’[’ ZZ+ [’ xx[- ]- ZX’ X- é’ kkMòòk–/ ’ • –+Z- 7 k+ò’ k- +

é’ kk- Mòòk–/ ’ • –+Z– S - è–Z–X–K- o ’ àà- ZX[’ X- x[- ]]+ 9 +ZX- A–X+k–o +/ Z– ]+// - XX+o àì - ]- à+Zé+ k- [- / –]X[’ • –+Z– é– 9 +ZX- A–X+k– [–]=kX– k- / –XX–H’ X+ ’–

x’/ ’ H- ZX–o é- K- [–K+k/ - []– - ]àk=]–K’ H- ZX- ’ / k–

–ZX- [H- é–’ [– ’ =X+[–•• ’ X– –X’ k–’ Z– - é - ]X- [– ’ é-[- ZX– ’ k

]–]X- H’ é– / - ]X–+Z- ’ àà- ZX[’ X’ ]X- ]]’ o ’ k è–Z- é–

+XX- Z- [- –k K- []’ H- ZX+ é- kk’ €=+X’ é– x[+x[–’

x-[X–Z- Z• ’ é-/ k– 8ZX- [-]]– - m+ é- k [–Hò+[]+ é- k

f 1 - ]x[-]]–+Z- United States Person =X–k–•• ’ X’ –Z €=-]X+ R[X–à+k+ CC à+Hx[- Zé- sCn +/ Z– à–XX’ é–Z+ + [- ]–é- ZX- é-/ k– &X’ X– 6 Z–X–o szn =Z’

]+à–- Xà + partnership sà+Hx[- ]’ +/ Z– - ZX–Xà à+Z]–é- [’ X’ ’ kk’ ]X[- / =’ é–

=Z’ ]+à–- Xà + é– =Z’ partnership ’– è–Z– é- kk- Z+[H’ X–K- è- é-[’ k–

]X’ X=Z–X- Z]– –Z H’ X- [–’ é– X’ ]]’• –+Z- ]=k[- éé–X+noà+]X–X=–X’ + +[/ ’ Z–•• ’ X’

Z-/ k– &X’ X– 6 Z–X–]- à+Zé+ k- k- // – è- é-[’ k– é-/ k– &X’ X– 6 Z–X– + é– =Z+ é-/ k–

]X’ X– Z- k S –]X[- XX+ é– N+k=Hò–’ o sDn =Z x’ X[–H+Z–+ –k à=– [- éé–X+ ]–’

’]]+// - XX’ X+ ’ kk- Z+[H’ X–K- è–]à’ k– è- é-[’ k– ]X’ X=Z–X- Z]–o

–Zé–x- Zé- ZX- H- ZX- é’ kk’ è+ZX- é– x[+K- Z–- Z•’ E + sf n =Z trust ]- =Z X[–ò=Z’ k- é-/ k– &X’ X– 6 Z–X– è ’ =X+[–•• ’ X+ ’ - ]-[à–X’ [- k’ ]=x-[K–]–+Z-

x[–H’ [–’ é- kk’ HH–Z–]X[’ • –+Z- é- k ]=éé- XX+ trust + ]- =Z’ + x–ù United

States Person ì ’ k’ =X+[–Xà é– à+ZX[+kk’ [- X=XX- k- é- à–]–+Z– ]+]X’ Z• –’ k– é- k

trust ]X- ]]+u

à’ x–X’ k- àì - k5 H–XX- ZX- ì ’ x’/ ’ X+ ’ kkMòòk–/ ’ • –+Z–]X’

+ é–- X[+ ]=+ +[é–Z- u " -]]=Z’ x-[]+Z’ é–K- []’ é’ k

x+[X’ X+[- é- kkMòòk–/ ’ • –+Z- 7 k+ò’ k- ’ K[à ’ kà=Z’

x[- X- ]’ Z- – à+Zè[+ZX– é- kk5 H–XX- ZX- –Z [- k’ • –+Z- ’

€=’ k]–’ ]– x’/ ’ H- ZX+ é+K=X+ ]=kkMòòk–/ ’ • –+Z- 7 k+ò’ k- u

Articolo 11 – Eventi inerenti il Tasso di Riferimento.

y =’ k+[’ k+ Swap Ci V Z+Z à+Hx’ –’ ]=kk’ x’/ –Z’ 8&S R08%z é– h - =X- [] s+ ]= ’ kX[’ x’/ –Z’ –Z

]+]X–X=• –+Z- +KK- [+ ]= ’ kX[’ x’/ –Z’ ’ xxk–à’ ò–k- n ’ kk-

+[- CC +[’ é– 0[’ Zà+è+[X- é- kk’ S ’ X’ é– S - X-[H–Z’ • –+Z- é– à–’ ]à=Z L-[–+é+ é– 8ZX- [-]]- o

kR/ - ZX- x-[ –k N’ kà+k+ x+X[à ]X’ ò–k–[- =Z K’ k+[-

]+]X–X=X–K+ x-[ X’ k- X’ ]]+ Z+Z é–]x+Z–ò–k- o H- é–’ ZX-

[–àì –- ]X’ ’ à–Z€=- x[–H’ [– +x-[’ X+[– ]- k- • –+Z’ X– é’ kk+

]X- ]]+ é– è+[Z–[- X’ k- X’ ]]+o ]=kk’ ò’]- é-– ]- / =- ZX–

à[–X- [–. s–n ]- ’ kH- Z+ X[- €=+X’ • –+Z– K- Z/ +Z+ è+[Z–X- o

–k X’ ]]+ x-[ –k L-[–+é+ é– 8ZX- [-]]- ]’ [à k’ H- é–’ ’ [–XH- X–à’ é- kk- €=+X’ • –+Z–o - k–H–Z’ Zé+ k’

€=+X’ • –+Z- x–ù - k- K’ X’ s+o Z- k à’]+ é– =/ =’/ k–’ Z• ’ o

=Z’ é- kk- x–ù - k- K’ X- n - k’ €=+X’ • –+Z- x–ù ò’]]’ s+o

Z- kà’]+ é–=/ =’/ k–’ Z• ’ o=Z’ é- kk- x–ù ò’]]- n - s––n ]-

K- Z/ +Z+ è+[Z–X- H- Z+ é– X[- €=+X’ • –+Z–o –k X’ ]]+ x-[

–k L-[–+é+ é– 8ZX- [-]]- ]’ [à é- X- [H–Z’ X+ à+Z

[’ / –+Z- K+k- é–]à[- • –+Z- é’ kkR/ - ZX- x-[ –kN’ kà+k+o–k

€=’ k- é+K[à ’ / –[- ]- à+Zé+ ò=+Z’ è- é- - [’ / –+Z- K+k-

]- Z]+ à+HH-[à–’ k- u

Articolo 12 – Termini di prescrizioneu

8 é–[–XX– é-/ k– Mòòk–/ ’ • –+Z–]X– ]– x[- ]à[–K+Z+o x-[

€=’ ZX+ à+Zà- [Z- / k– 8ZX- [-]]–o é- à+[]– v ’ ZZ– é’ kk’

S ’ X’ é– L’/ ’ H- ZX+ - o x-[ €=’ ZX+ à+Zà- [Z- –k

[–Hò+[]+oé- à+[]–Ci ’ ZZ–é’ kk’ S ’ X’ é–&à’ é- Z• ’ u

Articolo 13 – Servizio del Prestito.

8k x’/ ’ H- ZX+ é-/ k– 8ZX- [-]]– - –k [–Hò+[]+ é- k

à’ x–X’ k- é- kk- Mòòk–/ ’ • –+Z– ’ KK- [[’ ZZ+ H- é–’ ZX- ’ àà[- é–X+ + ò+Z–è–à+ ]= =Z à+ZX+ é- Z+H–Z’ X+ –Z 5 =[+ s+ €=’ k]–’ ]– ’ kX[+ à+ZX+ ]=k €=’ k- –Hx+[X– –Z 5 =[+ x+]]’ Z+ -]]-[- ’ àà[- é–X’ X– + X[’ ]è- [–X–n –Zé–à’ X+ é’ k

ò- Z- è–à–’ [–+o- x+X[à -]]-[- - èè- XX=’ X+ x-[ –kX[’ H–X- é–

]+// - XX– –Zà’ [–à’ X– ’ X’ k- ]à+x+ é’ kk5 H–XX- ZX-

skAgente per il Pagamentoo à+H- é– ]- / =–X+ é- è–Z–X+n àì - o è–ZX’ ZX+àì é k- Mòòk–/ ’ • –+Z– s]–’ –Z

è+[H’ é– Xxxx–/ ’ • –+Z- 7 k+ò’ k- ]–’ –Z è+[H’ é–

Mòòk–/ ’ • –+Z- S - è–Z–X–K’ n ]–’ Z+ ’ àà- ZX[’ X- x[- ]]+ 9 +ZX- A–X+k– &uxuRuo K– x[+KK- é-[’ ZZ+

-]àk=]–K’ H- ZX- x-[ –k X[’ H–X- é-/ k– –ZX- [H- é–’ [–

’ =X+[–•• ’ X– –X’ k–’ Z– - é - ]X- [– ’ é-[- ZX– ’ k ]–]X- H’ é–

/ - ]X–+Z- ’ àà- ZX[’ X’ x[- ]]+ 9 +ZX- A–X+k–&uxuRu

1 5 H–XX- ZX- Z+Z - èè- XX=- [à ’ kà=Z x’/ ’ H- ZX+ é- kk-

N- é+k- + x-[ ’ kX[+ ’ HH+ZX’ [- à+Z [–è- [–H- ZX+ ’ kk-

Mòòk–/ ’ • –+Z–’ H- Z+ àì - - è–Z+ ’ àì - k5 H–XX- ZX- Z+Z

’ òò–’ [–à- K=X+ k’ à-[X–è–à’ • –+Z- è–]à’ k- vu8Z +/ Z– à’]+

X=XX– x’/ ’ H- ZX– é- kk- N- é+k- - é– à’ x–X’ k- ]’ [’ ZZ+

- èè- XX=’ X– ]+k’ H- ZX- ’ ké– è=+[– é-/ k– &X’ X– 6 Z–X– - é-– [-k’ X–K–x+]]- é–H- ZX–u

Articolo 14 – Quotazioneu

" +Z ’ xx- Z’ ’]]+kX- k- è+[H’ k–Xà x[- K–]X- é’ kk’

Z+[H’ X–K’ K–/ - ZX- o k5 H–XX- ZX- [–àì –- é- [à

k’ HH–]]–+Z- ’ €=+X’ • –+Z- ]=k 9 - [à’ X+ A- k- H’ X–à+

é- kk- Mòòk–/ ’ • –+Z– +[/ ’ Z–•• ’ X+ - / - ]X–X+ é’ O+[]’ 8X’ k–’ Z’ &uxuRusMOTn é- kk- Mòòk–/ ’•–+Z–u

Articolo 15 – Agente per il Pagamentou

R– è–Z– é- k x[- ]- ZX- h - / +k’ H- ZX+ é- k L[-]X–X+

Mòòk–/ ’ • –+Z’ [–+ - é-– x’/ ’ H- ZX– é+K=X– ’ / k–

Mòòk–/ ’ • –+Z–]X–o x-[ R/ - ZX- x-[ –k L’/ ’ H- ZX+ ]–

–ZX- Zé- O" L L’[–ò’ ] &- à=[–X–- ] &- [K–à- ]o è–k–’ k- é– 9 –k’ Z+oà+Z ]- é- –Z ; –’ RZ]x- [X+ vozi CzD9 –k’ Z+u

Articolo 16 – Regime fiscaleu

&+Z+ ’ à’[–à+ é- kkMòòk–/ ’ • –+Z–]X’ k- –Hx+]X- - k-

X’ ]]- o x[- ]- ZX– - è=X=[- o àì - x-[ k- // - à+kx–]à’ Z+ k-

Mòòk–/ ’ • –+Z– - é + – [- k’ X–K– –ZX- [-]]–o x[- H– - é ’ kX[–

è[=XX– - Z+Z è x[- K–]X’ k’ à+[[- ]x+Z]–+Z- ’ / k–

Mòòk–/ ’ • –+Z–]X– é–’ kà=Z’ ]+HH’ ’// –=ZX–K’ K+kX’ –Z

€=’ kàì - H+é+ ’ à+Hx- Z]’ [- - K- ZX=’ k– [–é=• –+Z– é-–

x’/ ’ H- ZX–[- k’ X–K–’ kk- Mòòk–/ ’ • –+Z–u

• h - éé–X– é– à’ x–X’ k- . ’ / k– –ZX- [-]]–- é ’ / k–’ kX[– è[=XX–

é- kk- Mòòk–/ ’ • –+Z– è ’ xxk–à’ ò–k- c Z- kk- –x+X- ]– - Z- –

H+é– - X- [H–Z– x[- K–]X– é’ k S - à[- X+ 1-/ –]k’ X–K+ C

Rx[–k- Cggao Zu zDgo à+H- ]=àà-]]–K’ H- ZX- H+é–è–à’ X+ - é –ZX- / [’ X+ c k–Hx+]X’ ]+]X–X=X–K’ é- kk-

–Hx+]X- ]=–[- éé–X– Z- kk’ H–]=[’ é- k Czovi p u8 [- éé–X–

é– à’ x–X’ k- ]+Z+ é- X- [H–Z’ X– –Z ò’]- ’ kk’ [X–à+k+ f v

à+HH’ C é- kS uLuh uzz é–à- Hò[- CgTaoZugCqoà+H-

]=àà- ]]–K’ H- ZX- H+é–è–à’ X+ - é –ZX- / [’ X+ s–kA6 8h nu

• A’ ]]’• –+Z- é- kk- xk=]K’ k- Z• - . k- xk=]K’ k- Z• - o àì -

Z+Z à+]X–X=–]à+Z+ [- éé–X–é–à’ x–X’ k- oé–K- []- é’ €=- kk-

à+Z]- / =–X- Z- kk- ]- [à–• –+ é– –Hx[- ]- à+HH- [à–’ k–o

[-’ k–•• ’ X- H- é–’ ZX- à-]]–+Z- ’ X–X+k+ +Z- [+]+ +KK- [+

[–Hò+[]+ é- kk- Mòòk–/ ’ • –+Z– s’ [X–à+k+ aq é- k A6 8h

v &–K- é’ k’ Z+X’ Cu

à+H- ]=àà- ]]–K’ H- ZX- H+é–è–à’ X+ - é –ZX- / [’ X+n ]+Z+

]+// - XX- ’ é –Hx+]X’ ]+]X–X=X–K’ é- kk- –Hx+]X- ]=–

[- éé–X– à+Z k’ k–€=+X’ é- k Czovi p u 1- xk=]K’ k- Z• - - H–Z=]K’ k- Z• - ]+Z+ é- X- [H–Z’ X- ]- à+Zé+ – à[–X- [–

]X’ ò–k–X– é’ kk’ [X–à+k+ aT é- k A6 8h à+H-

]=àà- ]]–K’ H- ZX- H+é–è–à’ X+ - é –ZX- / [’ X+ - ]- à+Zé+ k-

é–]x+]–• –+Z–é–à=–’ kk’ [X–à+k+ v - é-–[-/ –H–+x• –+Z’ k–

é– à=– ’ kk’ [X–à+k+ a s[–]x’ [H–+ ’ HH–Z–]X[’ X+n -

’ kk’ [X–à+k+ q s[–]x’ [H–+ / - ]X–X+n é- k S - à[- X+ 1-/ –]k’ X–K+ f aCmgqu

" -]]=Z x’/ ’ H- ZX+ [- k’ X–K+ ’ kk- Mòòk–/ ’ • –+Z– è

]+// - XX+ ’ [–X- Z=X’ ’ kk’ è+ZX- + ’ é ’ kX[- –Hx+]X-

è- é-[’ k– Z- / k– &X’ X– 6 Z–X– ]- / k– –ZK- ]X–X+[– Z+Z ]+Z+ à–XX’ é–Z–]X’ X=Z–X- Z]–u

y =’ k+[’ é=[’ ZX- k’ K–X’ é- kk- Mòòk–/ ’ • –+Z–o €=’ k-

à+Z]- / =- Z• ’ é– H+é–è–àì - ’ kk’ Z+[H’ X–K’ ’ xxk–à’ ò–k- o

– x’/ ’ H- ZX– [- k’ X–K– ’ kk- Mòòk–/ ’ • –+Z– ]–’ Z+

’]]+// - XX’ X– ’ [–X- Z=X’ ’ kk’ è+ZX- + ’ kX[+ X–x+ é–

–Hx+]X’ o à+ZX[–ò=X+ + +Z- [- / +K- [Z’ X–K+o Z- / k– &X’ X– 6 Z–X– + –Z €=’ k]–’ ]– ’ kX[’ / –=[–]é–• –+Z- o + é’ x’[X- é–

€=’ k]–’ ]–[- k’ X–K’ - ZX–Xà x+k–X–à’ + ’ =X+[–Xà X[–ò=X’ [–’ - o é– à+Z]- / =- Z• ’ o k5 H–XX- ZX- é- òò’ X[’ XX- Z- [- X’ k-

–Hx+]X’ o +Z- [- + à+ZX[–ò=X+ é’– x’/ ’ H- ZX– ’ / k–

–ZK- ]X–X+[––Z- [- ZX–’ kk- Mòòk–/ ’ • –+Z–o€=- ]X–- èè- XX=- [à

é- XX– x’/ ’ H- ZX– –Z- [- ZX– ’ kk- Mòòk–/ ’ • –+Z– ]+k+ é+x+

’ K- [- X[’ XX- Z=X+ / k– –Hx+[X– à+[[–]x+Zé- ZX–o - Z+Z

à+[[–]x+Zé- [à ’ / k– –ZK- ]X–X+[– ’ kà=Z –Hx+[X+ ’// –=ZX–K+ ’ à+Hx- Z]’ • –+Z- u

8k 7 +K- [Z+ 8X’ k–’ Z+ x+X[- òò- -]]-[- ’ =X+[–•• ’ X+o ’

]- / =–X+ é- kk’ xx[+K’ • –+Z- é- kx[+/ - XX+ é–x- // - x- x- / ’ x XXXxx[- xxx xx Zu Cqazo ’ XX=’ kH- ZX- –Z à+[]+ é–

-]’ H- –Z L’[k’ H- ZX+o ’ é –ZX[+é=[[- =Z’ [–X- Z=X’ à+Z

’ k–€=+X’ =Z–à’ x’[– ’ k zi x-[ à- ZX+o ]=– [- éé–X– é– à’ x–X’ k- - ]=– [- éé–X– é–K- []– é– Z’ X=[’ è–Z’ Z• –’ [–’ o ’

x[- ]à–Zé- [- é’ kk’ Z’ X=[’ é- k X–X+k+ - é’ kk’ è+ZX- é- k

[- éé–X+u A’ k- H+é–è–à’ x+X[- òò- –Zà–é- [- ]=k [- / –H-

è–]à’ k- ’ é +// –K–/ - ZX- é- kk- ]X- ]]- Mòòk–/ ’•–+Z–u

Articolo 17 – Assemblea degli Obbligazionisti.

7 k– Xxxx–/ ’ • –+Z–]X– ’ àà+Z]- ZX+Z+ ]–Z é +[’ ’

€=’ k]–’ ]– H+é–è–à’ é- kk- Mòòk–/ ’ • –+Z– K+kX’ ’ é

- k–H–Z’ [- - [[+[– H’ Z–è- ]X– - +/ Z– ’ kX[’ ’ Hò–/ =–Xà

è+[H’ k- + é– Z’ X=[’ X- àZ–à’ o’ à+Z]- ZX–[- =Z=kX- [–+[-

- H–]]–+Z- é– Xxxx–/ ’ • –+Z– - ’ +/ Z– ’ kX[’ H+é–è–à’

[–X- Z=X’ Z- à-]]’[–’ +é +xx+[X=Z’ é’ kk5 H–XX- ZX- o

x=[àì é Z+Z x-// –+[’ X–K’ é-/ k– –ZX- [-]]– é-/ k– Mòòk–/ ’ • –+Z–]X–u

1 ’]]- Hòk-’ é-/ k– Xxxx–/ ’ • –+Z–]X– è à+Hx- X- ZX- ’

é- k–ò- [’ [- ]=kk- H+é–è–àì - é- k x[- ]- ZX- h - / +k’ H- ZX+

é- k L[-]X–X+ Mòòk–/ ’ • –+Z’ [–+oé- kk’ àà+[é+ é–’/ - Z• –’

à+Zàk=]+ X[’ k5 H–XX- ZX- - kR/ - ZX- x-[ –k L’/ ’ H- ZX+

skAccordo di Agenzian - é-– é–[–XX– é-/ k– Mòòk–/ ’ • –+Z–]X–u A’ k– H+é–è–àì - x+]]+Z+ -]]-[-

- èè- XX=’ X- ’ Zàì - H- é–’ ZX- à+Z]- Z]+ ]à[–XX+ é-/ k–

Mòòk–/ ’ • –+Z–]X– [’ xx[- ]- ZX’ ZX– ’ kH- Z+ k’ H- Xà é- k

K’ k+[- Z+H–Z’ k- é- kk- Mòòk–/ ’ • –+Z––Z à–[à+k’ • –+Z- u

1 ’]]- Hòk-’ é-/ k– Xxxx–/ ’ • –+Z–]X– è [- / +k’ X’

Z- kkRàà+[é+ é– R/ - Z• –’ sH-]]+ ’ é–]x+]–• –+Z- o Z+Z ’ xx- Z’ à+Zàk=]+o ]=k ]–X+ é- kk5 H–XX- ZX-

{{{ u-€=–X_x[+é=àX]uHkuà+Hnu 1 ’]]- Hòk-’ è

à+ZK+à’ X’ –Z €=’ k]–’ ]– H+H- ZX+ ]= –Z–• –’ X–K’

é- kkR/ - ZX- x-[ –k L’/ ’ H- ZX+o +KK- [+ ]= [–àì –- ]X’

é- kk5 H–XX- ZX- + é– X’ ZX– Mòòk–/ ’ • –+Z–]X–

[’ xx[- ]- ZX’ ZX– ’ kH- Z+ –k Ci p é- k K’ k+[- Z+H–Z’ k-

é- kk- Mòòk–/ ’ • –+Z––Z à–[à+k’ • –+Z- u

1 ’ KK–]+ é– à+ZK+à’ • –+Z- o à+ZX- Z- ZX- k–Zé–à’ • –+Z-

é- k/ –+[Z+ - k=+/ + é– à+ZK+à’ • –+Z- sà+H=Z€=- Z- kk’ à–XXà é– " -{ V+[Y + é– 1 +Zé[’ n - é- kk+[é–Z- é- k

/ –+[Z+oé+K[à -]]-[- à+H=Z–à’ X+ ’ / k–Mòòk–/ ’ • –+Z–]X–

Z- k [–]x- XX+ é- kkR[X–à+k+ zi é- k x[- ]- ZX-

h - / +k’ H- ZX+ é- k L[-]X–X+ Mòòk–/ ’ • –+Z’ [–+o à+Z =Z

x[-’ KK–]+ é–’ kH- Z+ zC / –+[Z–u

8k quorum à+]X–X=X–K+ è [’ xx[- ]- ZX’ X+ é’ X’ ZX– Mòòk–/ ’ • –+Z–]X– àì - [’ xx[- ]- ZX’ Z+ k’ H’// –+[’ Z• ’

é- k K’ k+[- Z+H–Z’ k- é- kk- Mòòk–/ ’ • –+Z– –Z

à–[à+k’ •–+Z- - o –Z +/ Z– à+ZK+à’ • –+Z- ]=àà- ]]–K’ o é’

X’ ZX– Xxxx–/ ’ • –+Z–]X– àì - [’ xx[- ]- ZX’ Z+ –k zvp é- k

K’ k+[- Z+H–Z’ k- é- kk- Mòòk–/ ’ • –+Z––Z à–[à+k’ • –+Z- u

N–’ ]à=Z’ ’]]- Hòk-’ o ’ Zàì - –Z ]- à+Zé’

à+ZK+à’ • –+Z- o é- k–ò- [’ à+Z –k K+X+ è’ K+[- K+k- é– X’ ZX– Mòòk–/ ’ • –+Z–]X– [’ xx[- ]- ZX’ ZX– k’ H’// –+[’ Z• ’

é- k K’ k+[- Z+H–Z’ k- é- kk- Mòòk–/ ’ • –+Z– –Z à–[à+k’ • –+Z- x[- ]- ZX– –Z ’]]- Hòk-’ o è- [H+ [- ]X’ Zé+

àì - X’ k– é- k–ò- [- é+K[’ ZZ+ -]]-[- ’ xx[+K’ X- ’ kH- Z+

é’ k zvp é- k K’ k+[- Z+H–Z’ k- é- kk- Mòòk–/ ’ • –+Z– –Z

à–[à+k’ • –+Z- u A=XX’ K–’ o –Z Z- ]]=Z à’]+o ]- Z• ’ –k

à+Z]- Z]+ é–X=XX–/ k–Mòòk–/ ’ • –+Z–]X––ZX- [-]]’ X–ox+X[à

-]]-[- s–n H+é–è–à’ X’ k’ S ’ X’ é– &à’ é- Z• ’ o + k’ S ’ X’

é– L’/ ’ H- ZX+o + [–é+XX+ + - k–H–Z’ X+ k’ HH+ZX’ [- é- k à’ x–X’ k- é’ [–Hò+[]’ [- Es––n [–é+XX+ k’ HH+ZX’ [- é-/ k–

–ZX- [-]]–o + H+é–è–à’ X’ k’ S ’ X’ é– L’/ ’ H- ZX+ é-/ k–

–ZX- [-]]–o + –k H- X+é+ é– à’ kà+k+ é- k X’ ]]+ é–

–ZX- [-]]- E s–––n [–é+XX’ k’ x- [à- ZX=’ k- é- k K’ k+[-

Z+H–Z’ k- é- kk- Mòòk–/ ’ • –+Z– à–[à+k’ ZX– Z- à-]]’[–’

x-[ =Z’ H+é–è–à’ é- kh - / +k’ H- ZX+ + é- kkRàà+[é+ é–

R/ - Z• –’ +KK- [+ x-[ k’ é+• –+Z- é– =Z’ é- k–ò- [’

é- kk’ ]]- Hòk-’ é-/ k–Xxxx–/ ’ • –+Z–]X–u

y =’ k]–’ ]– H+é–è–à’ é- k h - / +k’ H- ZX+ + é- kkRàà+[é+

é– R/ - Z• –’ o+ à+H=Z€=- ’ XX–Z- ZX- ’ kk- Mòòk–/ ’ • –+Z–o

]’ [à é- è–Z–X–K’ - K–Zà+k’ ZX- x-[ X=XX– / k–

Mòòk–/ ’ • –+Z–]X–o’ Zàì - ]=àà- ]]–K–é- X- ZX+[–u

Articolo 18 – Legge applicabileu

1 5 H–XX- ZX- è à+]X–X=–X+ ’– ]- Z]– é- kk’ k- // - é- kk+

&X’ X+ é- k S - k’ { ’ [- - ]K+k/ - k’ x[+x[–’ ’ XX–K–Xà

x[–Zà–x’ kH- ZX- Z- kk’ à–XXà é–" -{ V+[Yu

1- Mòòk–/ ’ • –+Z– ]+Z+ à[-’ X- - é - H-]]- ’ k é– è=+[–

é-– à+Zè–Z– é- kk’ h - x=òòk–à’ 8X’ k–’ Z’ o –Z x’[X–à+k’ [-

]’[’ ZZ+ - H-]]- –Z 7 - [H’ Z–’ + Z- k h - / Z+ 6 Z–X+u 8k

k=+/ + é- è–Z–X–K+ é–- H–]]–+Z- é- kk- Mòòk–/ ’ • –+Z–]’ [à à+H=Z–à’ X+ à+Z k’ KK–]+ à+Z à=– K- [[à à+H=Z–à’ X+ ke’ HH+ZX’ [- Z+H–Z’ k- à+Hxk- ]]–K+ é- k L[-]X–X+

Mòòk–/ ’ • –+Z’ [–+u

1- é–]x+]–• –+Z– à+ZX- Z=X- Z- k x[- ]- ZX- h - / +k’ H- ZX+

é- k L[-]X–X+ Mòòk–/ ’ • –+Z’ [–+ ]+Z+ [- / +k’ X- é’ kk’

k- // - –X’ k–’ Z’ u

Articolo 19 – Foro competenteu

8k x[- ]- ZX- ’ [X–à+k+ ]–’ xxk–à’ ]+k+ ’ kk- à’ =]- [- k’ X–K-

’ kk- Mòòk–/ ’ • –+Z– x[+H+]]- é’ o - Z- – à+Zè[+ZX– é–o k5 H–XX- ZX- u

1- à+[X– é- kk+ &X’ X+ é– " -{ V+[Y - k’ à+[X- é- k

United States District à+Z ]- é- Z- k Borough of Manhattan Z- kk’ à–XXà é– " -{ V+[Yo ’ K[’ ZZ+

/ –=[–]é–• –+Z- ’ à+Z+]à- [- - é- à–é- [- +/ Z–

à+ZX[+K- []–’ o - X[’ Z]–/ - [- +/ Z– k–X- [- k’ X–K’ ’ kk- Mòòk–/ ’ • –+Z–u 1 ’]]+// - XX’ H- ZX+ é- kk5 H–XX- ZX- ’ kk’

/ –=[–]é–• –+Z- é- kk- à+[X– é- kk+ &X’ X+ é– " -{ V+[Y

Z+Z x+X[à s- Z+Z é+K[à -]]-[- –ZX- ]’ Z- k ]- Z]+ é–n

k–H–X’ [- –k é–[–XX+ é– à–’ ]à=Z –ZK- ]X–X+[- é– x[+x+[[-

/ –=é–• –+ x[- ]]+ €=’ k]–’ ]– ’ kX[’ à+[X- + X[–ò=Z’ k-

à+Hx- X- ZX- o –Zàk=]+ –k è+[+ é– [- ]–é- Z• ’ + é- k é+H–à–k–+ - k- XX–K+u

Articolo 20 – Varie.

A=XX- k- à+H=Z–à’ • –+Z– ’ / k– Xxxx–/ ’ • –+Z–]X– ]’[’ ZZ+

K’ k–é’ H- ZX- - èè- XX=’ X- é’ kke5 H–XX- ZX- o ]’ kK+ é–K- []’

é–]x+]–• –+Z- Z+[H’ X–K’ ’ xxk–à’ ò–k- o H- é–’ ZX- ’ KK–]+ é’ x=òòk–à’ [- ]= =Z €=+X–é–’ Z+ ’ é–èè=]–+Z- Z’ •–+Z’ k- u

1- à+H=Z–à’ • –+Z– X[’ ]H-]]- é’/ k– Mòòk–/ ’ • –+Z–]X–

é+K[’ ZZ+ -]]-[- è+[H=k’ X- x-[ –]à[–XX+ - é- x+]–X’ X- o x[- ]]+ kR/ - ZX- x-[ –k L’/ ’ H- ZX+u 0–Z+ ’ €=’ Zé+ k- Mòòk–/ ’ • –+Z– ]’ [’ ZZ+ –HH- ]]- x[- ]]+ –k ]–]X- H’ é–

/ - ]X–+Z- ’ àà- ZX[’ X’ x[- ]]+ 9 +ZX- A–X+k– &uxuRu s]–’

–Z è+[H’ é– Xxxx–/ ’ • –+Z- 7 k+ò’ k- ]–’ S - è–Z–X–K’ n k-

à+H=Z–à’ • –+Z– x+X[’ ZZ+ -]]-[- - èè- XX=’ X- x-[ –k

X[’ H–X- é– 9 +ZX- A–X+k– &uxuRu - é-/ k– –ZX- [H- é–’ [–

’ =X+[–•• ’ X– –X’ k–’ Z– + - ]X- [– ’ é-[- ZX– ’ k ]–]X- H’ é–

/ - ]X–+Z- ’ àà- ZX[’ X’ x[- ]]+ 9 +ZX- A–X+k– &uxuRu

]X- ]]’ o àì - x[+KK- é-[’ ZZ+ ’ k+[+ K+kX’ ’ kk’

X[’ ]H–]]–+Z- ’ / k– Xxxx–/ ’ • –+Z–]X–. =Z’ X’ k-

à+H=Z–à’ • –+Z- ]’ [à à+Z]–é- [’ X’ é’ X’ ’ / k–

Mòòk–/ ’ • –+Z–]X– Z- k ]- XX–H+ / –+[Z+ –Z à=– é- XX’

à+H=Z–à’ • –+Z- è ]X’ X’ X[’ ]H-]]’ ’ 9 +ZX- A–X+k–

&uxuRuE –Z+kX[- +K- k- Mòòk–/ ’ • –+Z– ]–’ Z+ €=+X’ X- x[- ]]+ ’ kX[+ H- [à’ X+ [- / +k’ H- ZX’ X+ - k- [- / +k- é–X’ k-

H-[à’ X+ k+ [–àì –- é’ Z+o k- à+H=Z–à’ • –+Z– ]’ [’ ZZ+

’ kX[- ]ì - èè- XX=’ X- –Z à+Zè+[H–Xà ’ kk- [- / +k- é– X’ k-

H-[à’ X+ [- / +k’ H- ZX’ X+u

y =’ k+[’ k’ ]à’ é- Z• ’ é– x’/ ’ H- ZX+ é– =Z €=’ k]–’ ]–

–Hx+[X+ é+K=X+ ’– ]- Z]– é- k x[- ]- ZX- L[-]X–X+

Mòòk–/ ’•–+Z’ [–+ H’ X=[’ ]]- –Z =Z / –+[Z+ àì - Z+Z è =Z 7 –+[Z+ 1’ K+[’ X–K+ ARh 7 5 A - Xxxxxxx X’ k- x’/ ’ H- ZX+ K- [[à - ]- / =–X+ –k x[–H+ 7 –+[Z+ 1’ K+[’ X–K+ ARh 7 5 A - London –HH- é–’ X’ H- ZX- ]=àà- ]]–K+o

]- Z• ’ àì - à–ò à+Hx+[X– k’ ]x- XX’ Z• ’ é– ’ kà=Z –Hx+[X+ ’// –=ZX–K+ ’ / k–Mòòk–/ ’ • –+Z–]X–u

8k x+]]-]]+ é- kk- Mòòk–/ ’ • –+Z– à+Hx+[X’ k’ x–- Z’

à+Z+]à- Z• ’ - ’ àà- XX’ • –+Z- é– X=XX- k- à+Zé–• –+Z–

è–]]’ X- Z- k x[- ]- ZX- h - / +k’ H- ZX+ é- k L[-]X–X+

Mòòk–/ ’ • –+Z’ [–+u

1- Mòòk–/ ’ • –+Z– Z+Z ]+Z+ à+x-[X- é’ kk’ / ’ [’ Z• –’ é- k

0+Zé+ 8ZX- [ò’ Zà’ [–+ é–A=X- k’ é-–S - x+]–X–u

1- Mòòk–/ ’ • –+Z– Z+Z ]+Z+ ]X’ X- - Z+Z ]’[’ ZZ+

[- / –]X[’ X- ’– ]- Z]– é- kk+ United States Securities Act é- k CgDDo à+]ì à+H- H+é–è–à’ X+o + ’– ]- Z]– é– ’ kà=Z’ [- / +k’ H- ZX’ • –+Z- è–Z’ Z• –’ [–’ –Z à–’ ]à=Z+ é-/ k– ]X’ X–

é-/ k– &X’ X– 6 Z–X– é RH-[–à’ u " é k’ Securities and

Exchange Commission Zé ’ kX[’ ’ =X+[–Xà é– K–/ –k’ Z• ’

]X’ X=Z–X- Z]- ì ’ ’ xx[+K’ X+ + Z- / ’ X+ k’ xx[+K’ • –+Z-

’ kk- Mòòk–/ ’ • –+Z–+ ]–è x[+Z=Zà–’ X’ ]=kk’ àà=[’ X- ••’ +

–Z’ àà=[’ X- ••’ é- kx[- ]- ZX- h - / +k’ H- ZX+u

y =’ k=Z€=- ]+// -XX+ ]+XX+x+]X+ ’ kk’ k- / –]k’ • –+Z-

è–]à’ k- é-/ k– &X’ X– 6 Z–X– é RH-[–à’ àì - ]–’ =Z

x+[X’ X+[- é- kk- Mòòk–/ ’ • –+Z– ]’ [à ]+// - XX+ ’ kk-

k–H–X’ • –+Z– x[- K–]X- é’ kk’ k- / –]k’ • –+Z- è–]à’ k- é-/ k–

&X’ X– 6 Z–X– é RH-[–à’ o à+Hx[- ]- k- k–H–X’ • –+Z–

x[- K–]X- Z- kk- &- • –+Z– CavsGn - CzTq s’ n é- kkInternal Revenue Codeu

L'AGENTE PER IL CALCOLO NON DA ALCUNA GARANZIA IN MERITO ALL'ACCURATEZZA E COMPLETEZZA DELLO SWAP 10Y E/O DELLO SWAP 2Y COME PUBBLICATI E NON È RESPONSABILE PER EVENTUALI ERRORI O OMISSIONI DEI TASSI DI RIFERIMENTO E DEI DATI IN ESSI INCLUSI NÉ È RESPONSABILE PER EVENTUALI INTERRUZIONI NELLA PUBBLICAZIONE DELLO SWAP 10Y E/O DELLO SWAP 2Y. L'AGENTE PER IL CALCOLO NON HA ALCUNA OBBLIGAZIONE E NON ASSUME ALCUNA RESPONSABILITÀ NEI CONFRONTI DEI SOTTOSCRITTORI E SUCCESSIVI ACQUIRENTI DELLE OBBLIGAZIONI O DI QUALSIASI ALTRO TERZO PER QUANTO RIGUARDA LE OBBLIGAZIONI E PER QUALSIASI DANNO DIRETTO O INDIRETTO CHE GLI OBBLIGAZIONISTI OD ALTRI TERZI POSSANO SUBIRE AD ESITO OD IN CONNESSIONE CON LA SOTTOSCRIZIONE, DETENZIONE, POSSESSO E TRASFERIMENTO DELLE OBBLIGAZIONI.

Condizioni Definitive

relative alla quotazione di Euro 497.000.000

Obbligazioni "Xxxxxxx Xxxxx 2007/20013 1Y Fixed Rate + 5* CMS 10Y/2Y Spread Floored at 3%"

con scadenza 6 marzo 2013 di Xxxxxxx Xxxxx & Co., Inc. Codice ISIN: IT0006623620

ai sensi del Programma

di Obbligazioni "Xxxxxxx Xxxxx & Co., Inc. RATE", "Xxxxxxx Xxxxx & Co., Inc. RATE con Opzioni Plain Vanilla", "Xxxxxxx Xxxxx & Co., Inc. RATE con Opzioni Digitali", "Xxxxxxx Xxxxx & Co., Inc. RATE con Opzioni Lookback, Best of, Worst of, Rainbow o Himalaya", "Xxxxxxx Xxxxx & Co., Inc. RATE con Combinazioni di Opzioni Predefinite"di cui al relativo Prospetto di Base

Condizioni Definitive depositate presso la CONSOB in data 13 marzo 2008

L'adempimento di pubblicazione delle Condizioni Definitive mediante Avviso Integrativo non comporta alcun giudizio della CONSOB sull'opportunità dell'investimento proposto e sul merito dei dati e delle notizie allo stesso relativi. Le informazioni complete sull'Emittente sulla Quotazione sono ottenibili solo con la consultazione congiunta del Prospetto di Base e delle Condizioni Definitive. Il Prospetto di Base e le Condizioni Definitive sono a disposizione del pubblico gratuitamente presso la sede sociale dell'Emittente situata in 0 Xxxxx Xxxxxxxxx Xxxxxx, Xxx Xxxx XX, 00000, U.S.A., nonché presso la sede di Xxxxxxx Xxxxx International Bank Limited - Xxxxx Xxxxxx, Xxx Xxxxxx 0, Xxxxxx 00000. Il Prospetto di Base è altresì consultabile sul sito internet dell'Emittente: xxx.xxxxxxxx.xx.xxx e xxx.xx.xx.xxx.

* * *

Le Obbligazioni non sono state e non saranno registrate ai sensi dello United States Securities Act del 1933, così come modificato, o ai sensi di alcuna regolamentazione finanziaria in ciascuno degli stati degli Stati Uniti d'America. Né la Securities and Exchange Commission (la SEC) né altra autorità di vigilanza negli Stati Uniti ha approvato o negato l'approvazione alle Obbligazioni o si è pronunciata sull'accuratezza o inaccuratezza del Prospetto di Base e/o delle Condizioni Definitive. Qualunque soggetto sottoposto alla legislazione fiscale statunitense (United States person) che sia portatore delle Obbligazioni sarà soggetto alle limitazioni previste dalla legislazione fiscale degli Stati Uniti d'America, comprese le limitazioni previste nelle Sezioni 165(j) e 1287(a) dell'Internal Revenue Code.

L'offerta delle Obbligazioni è stata effettuata esclusivamente in Italia e non negli Stati Uniti o nei confronti di alcun cittadino americano o soggetto residente negli Stati Uniti o soggetto passivo d'imposta negli Stati Uniti ed il presente documento non può essere distribuito negli Stati Uniti.

* * *

8k x[- ]- ZX- é+à=H- ZX+ à+]X–X=–]à- k- N+Zé–• –+Z– S - è–Z–X–K- [- k’ X–K- ’ kk’ €=+X’ •–+Z- é-– A–X+k– é–]-/ =–X+

é-]à[–XX–u 5 ]]+ é- K- -]]-[- k- XX+ à+Z/ –=ZX’ H- ZX- ’ k L[+]x- XX+ é– O’]- s–Zàk=]–K+ é-– é+à=H- ZX–

–Zà+[x+[’ X– H- é–’ ZX- [–è- [–H- ZX+no ’ k S +à=H- ZX+ é– h - / –]X[’ • –+Z- é- x+]–X’ X+ x[- ]]+ NM" &MO –Z é’ X’

zv H’// –+ zii qo ’ ]- / =–X+ é– ’ xx[+K’ • –+Z- à+H=Z–à’ X’ à+Z Z+X’ Zu qi f qTDv é- k zv H’ // –+ zii qo’ k &=xxk- H- ZX+ ’ k S +à=H- ZX+ é– h - / –]X[’ • –+Z- é- x+]–X’ X+ x[- ]]+ NM" &MO –Z é’ X’ zz Z+K- Hò[- zii qo’

é–’ xx[+K’ • –+Z- à+H=Z–à’ X’ à+Z Z+X’ ZuqCCi f ag é- kCg é–à- Hò[- zii qu

1- x[- ]- ZX–N+Zé–• –+Z–S - è–Z–X–K- oà+Z/ –=ZX’ H- ZX- ’ k[-/ +k’ H- ZX+ €=–é–]-/ =–X+ ’ kk- / ’ X+oà+]X–X=–]à+Z+

–kh - / +k’ H- ZX+ é-–A–X+k––Z +// - XX+u

DESCRIZIONE SINTETICA DELLE CARATTERISTICHE DELLO STRUMENTO FINANZIARIO

8 A–X+k–+/ / - XX+ é- kL[+]x- XX+ é–O’]- ]+Z+ –]-/ =- ZX–

–n Mòòk–/ ’ • –+Z–h RA5 E

––n Mòòk–/ ’ • –+Z–h RA5 à+Z Mx• –+Z–Plain VanillaE

–––n Mòòk–/ ’ • –+Z–h RA5 à+Z Mx• –+Z–S –/ –X’ k–E

–Xx Xxxx–/ ’ • –+Z–h RA5 à+Z Mx• –+Z–LookbackoBest ofoWorst ofoRainbow + Himalaya;

Xx Xxxx–/ ’ • –+Z–h RA5 à+Z N+Hò–Z’ • –+Z–é–Mx• –+Z–L[- é- è–Z–X- sk- Mòòk–/ ’ • –+Z–é–à=–’ –x=ZX–––o–––- –K k-

Obbligazioni RATE con Opzioni Aggiuntivenu

1 - Mòòk–/ ’• –+Z–é- X- [H–Z’ Z+ k+òòk–/ + x-[ k5 H–XX- ZX- é–[–Hò+[]’ [- ’ kk–ZK- ]X–X+[- =Z K’ k+[- x’[–’ kCii p é- k

; ’ k+[- " +H–Z’ k- u y =’ k+[’ x[- K–]X+ Z- kk- N+Zé–• –+Z– S - è–Z–X–K- k- Mòòk–/ ’ • –+Z– x+]]+Z+ à+[[–]x+Zé- [- ’ / k–

–ZK- ]X–X+[–N- é+k- 0–]]- u

1- Mòòk–/ ’ • –+Z–x[- K- é+Z+ k’ à+[[- ]x+Z]–+Z- é–N- é+k- ; ’ [–’ ò–k–é- X- [H–Z’ X- ]=kk’ ò’]- é–=Z à+- èè–à–- ZX- é–

x’[X- à–x’ • –+Z- s- ]x[- ]]+ –Z K’ k+[- ’]]+k=X+ + x- [à- ZX=’ k- n s–n ’ k h RA5 o s––n ’ k S –èè- [- Z• –’ k- h RA5 o s–––n ’ k

H’]]–H+ K’ k+[- X[’ x–ù h RA5 é- X- [H–Z’ ò–k–’ Zàì - –Z [’ / –+Z- é- kk’ é–K- []’ ]à’ é- Z• ’ é–à–’ ]à=Z+ é–-]]–sBest

of h RA5 nuÈ –Z+kX[- x+]]–ò–k- x[- K- é-[- àì - ’ kK’ k+[- é- kk’ N- é+k’ ; ’ [–’ ò–k- à+[[–]x+]X’ Z- kx-[–+é+ à- é+k’ [-

x[- à- é- ZX- K- Z/ ’ ]+HH’ X+ –k x[+é+XX’ X[’ . –n =Z à+- èè–à–- ZX- é– x’[X- à–x’ • –+Z- ’ k h RA5 +KK- [+ ––n =Z

à+- èè–à–- ZX- é–x’[X- à–x’ • –+Z- ’ kS –èè- [- Z• –’ k- h RA5 s]–K- é’ N’ x–X+k+ f oL’[’/ [’ è+ f uquDnu

L-[ h RA5 ]– –ZX- Zé- . –k X’ ]]+ &{ ’ x ’ ]à’ é- Z• ’ è–]]’ sà+]–éé- XX+ constant maturity swapn ]x- à–è–à’ X+ Z- kk-

x-[X–Z- ZX– N+Zé–• –+Z– S - è–Z–X–K- E +KK- [+ – X’ ]]– –ZX- [ò’ Zà’ [– é- kkR[-’ 5 =[+ s56 h 8OMh n ]x- à–è–à’ X– Z- kk-

X–x+ é– Mx• –+Z- + ’ k X–x+ é– N+Hò–Z’ • –+Z- é– Mx• –+Z– L[- é- è–Z–X- u L-[ k’ é- X- [H–Z’ • –+Z- é- kk’ N- é+k’

R// –=ZX–K’ - K- ZX=’ k- –k ]+XX+]X’ ZX- é- kkeMx• –+Z- + é- kk’ N+Hò–Z’ • –+Z- é– Mx• –+Z– L[- é- è–Z–X- x=ò -]]-[-

8Z+kX[- o +K- x[- K–]X+ Z- kk- N+Zé–• –+Z– S - è–Z–X–K- o k’ N- é+k’ R// –=ZX–K’ x=ò -]]-[- –k [–]=kX’ X+ é- kk’

à+Hò–Z’ • –+Z- X[’ é=- + x–ù Mx• –+Z–o +KK- [+ é- kk’ ]X- ]]’ Mx• –+Z- Z- kk- K’ [–’ ZX– Call - Put, +K- x-[

N+Hò–Z’ • –+Z- é– Mx• –+Z– L[- é- è–Z–X- ]––ZX- Zé- k+x-[’[- à+Z/ –=ZX+ é- kk- Mx• –+Z––Zé–à’ X- à–’ ]à=Z’ ]- à+Zé+

–H- X+é–é–à’ kà+k+ é-]à[–XX–Z- kk’ &- • –+Z- 888oN’ x–X+k+ f oL’[’/ [’ è+ f uquDoZ+Zàì é Z- kk- N+Zé–• –+Z–S - è–Z–X–K-

c kMx• –+Z- Knock-in à+Z keMx•–+Z- Knock-outE

c kMx• –+Z- Cliquet à+Z kMx•–+Z- Worst of + à+Z kMx•–+Z- Best ofu

&– ]- / Z’ k’ o –Z+kX[- o àì - x-[ k’ é- X- [H–Z’ • –+Z- é- kk’ N- é+k’ R// –=ZX–K’ - K- ZX=’ k- x=ò -]]-[- =X–k–•• ’ X’ k’

H+é’ k–Xà Outperformance –k à=– ]+XX+]X’ ZX- è [’ xx[- ]- ZX’ X+ é’ kk’ é–èè- [- Z• ’ X[’ k’ K’ [–’ • –+Z- x- [à- ZX=’ k- é–

é=- L’[’ H- X[–oé–é=- L’ Z–- [–+KK- [+ é–=Z L’[’ H- X[+ - =Z L’ Z–- [- + K–à- K- []’ u

8 ]+XX+]X’ ZX–[- k’ X–K–’ kkeMx• –+Z- + ’ kk’ N+Hò–Z’ • –+Z- é– Mx• –+Z– L[- é- è–Z–X- =X–k–•• ’ X- x-[ k’ é- X- [H–Z’ • –+Z-

é- kk’ N- é+k’ R// –=ZX–K’ - K- ZX=’ k- x+]]+Z+ - ]]-[-. ’ • –+Z–o commodityo –Zé–à– é-– x[- ••– ’ k à+Z]=H+o è+Zé–o

&8NR; oX’ ]]–é––ZX- [-]]- oX’ ]]–é–à’ Hò–+oé- [–K’ X–o–Zé–à–- m+ +/ Z–’ kX[+ ]+XX+]X’ ZX- x[- K–]X+ é’ kh - / +k’ H- ZX+

é-– 9 - [à’ X– +[/ ’ Z–•• ’ X– - / - ]X–X– é’ O+[]’ 8X’ k–’ Z’ &uxuRuo à+Hx[- Z]–K+ é– +/ Z– ]=àà- ]]–K’ H+é–è–à’ u 8

MK- –Zé–à’ X+ Z- kk- N+Zé–• –+Z– S - è–Z–X–K- x=ò -]]-[- x[- K–]X+ =Z 0’ XX+[- é– L’[X- à–x’ • –+Z- àì - x=ò -]]-[-

–Zè- [–+[- ox’[–+ ]=x-[–+[- ’ kCii p uA’ k- 0’ XX+[- é–L’[X- à–x’ • –+Z- x=ò -]]-[- ’ xxk–à’ X+ ’–]-/ =- ZX–k–K- kk–.

–n ’ kK’ k+[- + ’ kk’ performance é- kL’[’ H- X[+ + é- kL’ Z–- [- E- m+

––n ’ k[–]=kX’ X+ è–Z’ k- é- kkMx• –+Z- + é- kk’ N+Hò–Z’ • –+Z- é–Mx• –+Z–L[- é- è–Z–X- –ZX- [-]]’ X’ u

8Z+kX[- +K- –Zé–à’ X+ Z- kk- N+Zé–• –+Z– S - è–Z–X–K- x=ò -]]-[- x[- K–]X+ =Z K’ k+[- H’]]–H+ sCapn - m+ =Z K’ k+[-

H–Z–H+ sFloorn é’ ’ xxk–à’ []– ’ k K’ k+[- é- kk’ performance é- k L’[’ H- X[+ + é- k L’ Z–- [- - m+ ’ k K’ k+[- è–Z’ k- é- kk’ N- é+k’ u

1- Mòòk–/ ’ • –+Z– x+]]+Z+ ’ kX[- ]ì x[- K- é-[- àì - k’ ]+HH’ é- kk- N- é+k- à+[[–]x+]X- é=[’ ZX- k’ K–X’ é- kk-

H- é-]–H- Z+Z x+]]’ ]=x-[’[- =Z’ x- [à- ZX=’ k- é- k ; ’ k+[- " +H–Z’ k- x[- é- X- [H–Z’ X’ Z- kk- x-[X–Z- ZX–

N+Zé–• –+Z–S - è–Z–X–K- sàuéuGlobal Capn +KK- [+ àì - Z+Z x+]]’ -]]-[- –Zè- [–+[- ’ é =Z’ x- [à- ZX=’ k- é- k; ’ k+[-

" +H–Z’ k- x[- é- X- [H–Z’ X’ Z- kk- x-[X–Z- ZX–N+Zé–• –+Z–S - è–Z–X–K- sàuéuGlobal Floornu

MK- x[- K–]X+ Z- kk- x-[X–Z- ZX– N+Zé–• –+Z– S - è–Z–X–K- k- Mòòk–/ ’ • –+Z– x+]]+Z+ -]]-[- [–Hò+[]’ X-

&–- K–é- Z• –’ –Z x’[X–à+k’ [- àì - o+K- k- Mòòk–/ ’ • –+Z–K- Z/ ’ Z+ [–Hò+[]’ X- ’ ZX–à–x’ X’ H- ZX- ok–ZK- ]X–X+[- x-[é- [à

–ké–[–XX+ ’ kx- [à- x–H- ZX+ é- kk- N- é+k- Z+Z ’ Zà+[’ H’ X=[’ X- ’ kk’ S ’ X’ é- kh –Hò+[]+ RZX–à–x’ X+u

FATTORI DI RISCHIO

&–’ – A–X+k– h RA5 ]–’ – A–X+k– h RA5 à+Z Mx• –+Z– R// –=ZX–K- o+// - XX+ é- k L[+]x-XX+ é– O’]- o]+Z+ ]X[=H- ZX–

é––ZK- ]X–H- ZX+ é- k[–]x’ [H–+ ’ H- é–+ k=Z/ + X- [H–Z- à+Z [–Hò+[]+ é- kà’ x–X’ k- ’ ]à’ é- Z• ’ o]’ kK+ –kà’ ]+ –Z

à=– ]–’ x[- K–]X+ –k h –Hò+[]+ RZX–à–x’ X+o –K– à+Hx[- ]’ k–x+X- ]– é– h –Hò+[]+ RZX–à–x’ X+ R=X+H’ X–à+

sAutocallablenu

0-[H+ [- ]X’ Zé+ –k[–Hò+[]+ é- kà’ x–X’ k- o

- in caso di Xxxxxx RATE gli investitori potrebbero non ricevere alcuna Cedola nel caso in cui non fosse previsto il pagamento di alcuna Cedola Fissa nè una cedola minima (Floor) e l'andamento del RATE fosse non favorevole per l'investitore;

- in caso di titoli RATE con Opzioni Aggiuntive gli investitori potrebbero non ricevere alcuna Cedola nel caso in cui l'andamento del RATE fosse non favorevole per l'investitore e non fosse previsto il pagamento di alcuna Cedola Fissa nè una cedola minima (Floor). Inoltre, l’investitore potrebbe non ricevere neanche la Cedola Aggiuntiva se il Parametro o il Paniere avesse un andamento non favorevole per l'investitore in relazione al tipo di Opzione implicita o di Combinazione di Opzioni Predefinite utilizzate e anche in relazione alla modalità Outperformance.

Nel caso in cui il sottostante della Cedola Aggiuntiva eventuale sia costituito da future su commodity il valore del sottostante potrebbe subire una riduzione a seguito dell'operazione di rinnovo dei contratti future.

1- Mòòk–/ ’ • –+Z–+// - XX+ é- kL[+/ [’ HH’ x[- ]- ZX’ Z+ - k- H- ZX–é–[–]àì –+ àì - / k––ZK- ]X–X+[–é- K+Z+ à+Z]–é- [’ [-

Nel prendere una decisione di investimento, anche in base ai recenti sviluppi dell'attività dell'Emittente, gli investitori sono invitati a valutare gli specifici fattori di rischio relativi all'Emittente, ai settori di attività in cui esso opera, nonché agli strumenti finanziari proposti. I fattori di rischio quivi descritti nel presente Capitolo “fattori di rischio” devono essere letti congiuntamente agli ulteriori fattori di rischio contenuti nel Capitolo 4 del Documento di Registrazione e del Supplemento al Documento di Registrazione, nelle Condizioni Definitive, nonché alle altre informazioni di cui al Prospetto di Base ed alle Condizioni Definitive. I rinvii a capitoli e paragrafi si riferiscono a capitoli e paragrafi della Sezione di cui al Prospetto di Base ovvero del Documento di Registrazione, nonché del relativo Supplemento.

Per ulteriori informazioni relative all'Emittente, gli investitori sono invitati a prendere visione del Documento di Registrazione, del Supplemento al Documento di Registrazione e dei documenti a disposizione del pubblico, nonché inclusi mediante riferimento nel Prospetto di Base, di cui ai Capitoli 8, 13 e 17 del Documento di Registrazione e del relativo Supplemento e alla Sezione III, Capitolo 8, ovvero di cui alle Condizioni Definitive.

1- Mòòk–/ ’ • –+Z– ]X[=XX=[’ X- o Z- kk’ à=– à’ X- / +[–’ ]+Z+ [–à+Hx[- ]- k- Mòòk–/ ’ • –+Z– é– à=– ’ k L[+/ [’ HH’ o

–Zà+[x+[’ Z+ =Z+ ]X[=H- ZX+ +òòk–/ ’ • –+Z’ [–+ X[’ é–• –+Z’ k- - =Z+ + x–ù à+ZX[’ XX–é- [–K’ X–uL- [X’ ZX+ k–ZK- ]X–H- ZX+

–Z =Z X–X+k+ ]X[=XX=[’ X+ –Hxk–à’ k’ à€=–]X+ - m+ k’ K- Zé–X’ oé’ x’[X- é- k]+XX+]à[–XX+[- o’ Zàì - é–=Z+ + x–ù à+ZX[’ XX–

é-[–K’ X–o –k à=– K’ k+[- è é- X- [H–Z’ X+ é’ kk’ Zé’ H- ZX+ é– ]X[=H- ZX– è–Z’ Z• –’ [– - m+ é– x’[’ H- X[– ’ é -]]– à+kk- / ’ X–

s’ • –+Z–ocommodityo–Zé–à– é-– x[- ••–’ kà+Z]=H+oè+Zé–o&8NR; oX’ ]]– é– –ZX- [-]]- oX’ ]]– é– à’ Hò–+oé- [–K’ X–o

–Zé–à– - m+ +/ Z– ’ kX[+ ]+XX+]X’ ZX- x[- K–]X+ é’ kh - / +k’ H- ZX+ é-– 9 - [à’ X– +[/ ’ Z–•• ’ X– - / - ]X–X– é’ O+[]’ 8X’ k–’ Z’

&uxuRuoà+Hx[- Z]–K+ é–+/ Z–]=àà- ]]–K’ H+é–è–à’ nu

S ’ X- k- ]=éé- XX- à’[’ XX- [–]X–àì - o– X–X+k– ]X[=XX=[’ X– ]+Z+ ]X[=H- ZX– à’[’ XX- [–•• ’ X– é’ –ZX[–Z]- à’ à+Hxk- ]]–Xà àì -

[- Zé- é–èè–à–k- k’ k+[+ K’ k=X’ • –+Z- o–Z X- [H–Z–é–[–]àì –+o]–’ ’ kH+H- ZX+ é- kk’ à€=–]X+ ]–’ ]=àà- ]]–K’ H- ZX- u

Le Obbligazioni sono caratterizzate da una rischiosità molto elevata il cui apprezzamento da parte dell'investitore è ostacolato dalla loro complessità. É quindi necessario che l'investitore concluda operazioni aventi ad oggetto tali strumenti solo dopo averne compreso la natura e il grado di esposizione al rischio che esse comportano. L'investitore deve considerare che la complessità delle Obbligazioni può favorire l'esecuzione di operazioni non appropriate.

Si consideri che, in generale, l'investimento nelle Obbligazioni, in quanto obbligazioni di particolare complessità, non è adatto alla generalità degli investitori, pertanto l’investitore dovrà valutare il rischio dell’operazione e l'intermediario dovrà verificare se l'investimento è appropriato per l'investitore ai sensi della normativa vigente.

8Zè’ XX–o k’ HH+ZX’ [- àì - k5 H–XX- ZX- x+X[- òò- à+[[–]x+Zé- [- ’ é =Z –ZK- ]X–X+[- ’ kk’ S ’ X’ é– &à’ é- Z• ’ x[- K–]X’

x+X[- òò- -]]-[- –Zè- [–+[- [–]x- XX+ ’ k [- Zé–H- ZX+ ]= ’ kX[– –ZK- ]X–H- ZX–o –Z €=’ ZX+o ’ x’[–Xà é– é=[’ X’ o X’ k=Z–

1- &–Z/ +k- Mèè- [X- Z+Z ]+Z+ [–K+kX- ’ é ’ kà=Z à–XX’ é–Z+ + ]+// - XX+ [- ]–é- ZX- + ]+// - XX+ x’]]–K+ é– –Hx+]X’

Z- / k– &X’ X– 6 Z–X– é RH-[–à’ o –Z N’ Z’ é’ o R=]X[’ k–’ o 7 –’ xx+Z- + –Z €=’ k]–’ ]– ’ kX[+ x’-]- Z- k €=’ k- X’ k– ’ XX– Z+Z

]–’ Z+ à+Z]- ZX–X––Z ’]]- Z• ’ é–]x- à–è–àì - - ]- Z• –+Z–+ ’ =X+[–••’ • –+Z–é’ x’[X- é- kk- à+Hx- X- ZX–’ =X+[–Xàu

1- Mòòk–/ ’ • –+Z– +// - XX+ é- k L[+/ [’ HH’ à+Hx+[X’ Z+ / k– - k- H- ZX– é– [–]àì –+ x[+x[– é– X–X+k– +òòk–/ ’ • –+Z’ [–

Scomposizione ed esemplificazione dei rendimenti

8 A–X+k– h RA5 - é – A–X+k– h RA5 à+Z Mx• –+Z– R// –=ZX–K- ]+Z+ X–X+k– é– é- ò–X+ àì - / ’ [’ ZX–]à+Z+ –k [–Hò+[]+

é- kCii p é- kK’ k+[- Z+H–Z’ k- ’ ]à’ é- Z•’ u

" - kk- x-[X–Z- ZX–N+Zé–• –+Z–S - è–Z–X–K- ]+Z+ è+[Z–X- X’ ò- kk- - ]- Hxk–è–à’ X–K- é- k[- Zé–H- ZX+ é-–H- é-]–H–]=kk’

ò’]- é– ]à- Z’ [– –x+X- X–à– é– ’ Zé’ H- ZX+ é- k ]+XX+]X’ ZX- u A’ k- [- Zé–H- ZX+ è à+Zè[+ZX’ X+ à+Z –k [- Zé–H- ZX+

- èè- XX–K+o’ kZ- XX+ é- kk- èè- XX+ è–]à’ k- oé–=Z X–X+k+ free risk s- u/ uOALn é–]–H–k’ [- ]à’ é- Z• ’ u

&– x[- à–]’ àì - X’ k– –Zè+[H’ • –+Z– ]+Z+ è+[Z–X- ’ X–X+k+ - ]- Hxk–è–à’ X–K+ Z- kk’ &- • –+Z- 888oé- k L[+]x- XX+ é– O’]- o

’ k N’ x–X+k+ zo L’[’/ [’ è+ zuCzo àì - –Zàk=é- o X[’ k’ kX[+o X’ ò- kk- é– - ]- Hxk–è–à’ • –+Z- –Z –x+X- ]– é– [–Hò+[]+ ’ ZX–à–x’ X+u

&– x[- à–]’ –Z+kX[- àì - ’ X–X+k+ - ]- Hxk–è–à’ X–K+ ]+Z+ è+[Z–X- Z- kk’ H- é-]–H’ &- • –+Z- 888oN’ x–X+k+ zoL’[’/ [’ è+

zuCz k- –Zè+[H’ • –+Z– [- k’ X–K- ’ kk’ ]à+Hx+]–• –+Z- é- k x[- •• + é- kk- Mòòk–/ ’ • –+Z–E X’ k– –Zè+[H’ • –+Z– ]+Z+ é–

K+kX’ –Z K+kX’ ]x- à–è–à’ X- ox-[ +/ Z–L[- ]X–X+oZ- kk- x-[X–Z- ZX–N+Zé–• –+Z–S - è–Z–X–K- u

Rk [–/ =’[é+ ]– x[- à–]’ àì - o +K- –Zé–à’ X+ Z- kk- N+Zé–• –+Z– S - è–Z–X–K- o Z- k x[- •• + é-– A–X+k–o ]- x[- K–]X’ k’

è’ à+kXà é–[–Hò+[]+ ’ ZX–à–x’ X+ ’ è’ K+[- é- kk5 H–XX- ZX- - m+ é- kkMòòk–/ ’ • –+Z–]X’ oè à+Hx[- ]’ =Z’ à+HH–]]–+Z-

–Hxk–à–X’ ok’ à=–- ZX–Xào’ Zàì -]]’ +K- x[- K–]X’ Z- kk- x-[X–Z- ZX–N+Zé–• –+Z–S - è–Z–X–K- - ]- à+Zé+ k- H+é’ k–Xà –K–

–Zé–à’ X- ox=ò -]]-[- –Z x’[X- x- [à- x–X’ é’ kk5 H–XX- ZX- - m+ –Z X=XX+ + –Z x’[X- X[’ ]è- [–X’ ’–]+// - XX– –Zà’ [–à’ X– é- k

à+kk+à’ H- ZX+ - m+ é’ m’ é ’ kX[–]+// - XX–x’ [X- à–x’ ZX–’ kk+x- [’ • –+Z- o+K- ]x- à–è–à’ X–Z- kk- N+Zé–• –+Z–S - è–Z–X–K- u

&– ]- / Z’ k’ ’ kX[- ]ì àì - k- à+HH–]]–+Z– –Hxk–à–X- à+]X–X=–]à+Z+ =Z’ à+Hx+Z- ZX- é- k L[-•• + é–

Rischio connesso alle principali caratteristiche delle obbligazioni cui fa riferimento il

Prospetto di Base

Rischio Di Rimborso Anticipato

s––n [–Hò+[]+ ’ ZX–à–x’ X+ ’ é +x• –+Z- é- k]–Z/ +k+ Xxxx–/ ’ • –+Z–]X’ E+KK- [+

s–––n [–Hò+[]+ ’ ZX–à–x’ X+ ’ =X+H’ X–à+ sautocallablenu

&– [’ xx[- ]- ZX’ –Zè–Z- àì - k- Mòòk–/ ’ • –+Z–o ’ ]- à+Zé’ é– €=’ ZX+ ]x- à–è–à’ X+ Z- kk- x-[X–Z- ZX– N+Zé–• –+Z–

S - è–Z–X–K- ox+]]+Z+ é–K+kX’ –Z K+kX’ x[- K- é-[- =Z’ é- kk- X[- –x+X- ]–]+x[’ é-]à[–XX- H’ Z+Z x+]]+Z+ x[- K- é-[- k’ k+[+ à+ZX- Hx+[’ Z-’ x[- ]- Z• ’ u

Xxxxxxx legato alla facoltà di rimborso anticipato dell'Emittente

&– [’ xx[-]- ZX’ à+H- o +K- Z- kk- x-[X–Z- ZX– N+Zé–• –+Z– S - è–Z–X–K- ]–’ x[- K–]X+ –k [–Hò+[]+ ’ ZX–à–x’ X+o

k–ZK-]X–X+[- x-[é-[- òò- –ké–[–XX+ ’ kx- [à- x–H- ZX+ é- kk- N- é+k- Z+Z ’ Zà+[’ à+[[–]x+]X- ’ kk’ S ’ X’ é- kh –Hò+[]+ RZX–à–x’ X+u

ò’]- é- kk’ é=[’ X’ +[–/ –Z’ [–’ é-–X–X+k–ox+X[- òò- ]=ò–[- é- kk- K’ [–’ • –+Z––Z é–H–Z=• –+Z- u

1’ x[- ]- Z• ’ é– =Z’ àk’ =]+k’ é– [–Hò+[]+ ’ ZX–à–x’ X+ é-– A–X+k–o +K- x[- K–]X’ Z- kk- x-[X–Z- ZX– N+Zé–• –+Z–

S - è–Z–X–K- ox=ò –Zà–é- [- Z- / ’ X–K’ H- ZX- ’ Zàì - ]=kK’ k+[- é–H- [à’ X+ é-–A–X+k–]X- ]]–u

N– ]– ’ ]x- XX’ àì - k5 H–XX- ZX- x+]]’ [–Hò+[]’ [- ’ ZX–à–x’ X’ H- ZX- – A–X+k– €=’ Zé+ –k à+]X+ x-[ k+XX- Z–H- ZX+ é–

Z=+K– è–Z’ Z• –’ H- ZX– ]–’ –Zè-[–+[- ’ k X’ ]]+ é –ZX- [-]]- H’ X=[’ X+ ]=– A–X+k–u 8Z ]–H–k– à–[à+]X’ Z• - o k–ZK- ]X–X+[-

x+X[- òò- Z+Z -]]-[- –Z / [’ é+ é–[- –ZK- ]X–[- – x[+K- ZX– é- k[–Hò+[]+ +XX- Z- Zé+ =Z [- Zé–H- ZX+ - èè- XX–K+ x’[–’

8k K’ k+[- é- kk+x• –+Z- àì - à+Z]- ZX- ’ kk5 H–XX- ZX- é–[–Hò+[]’ [- ’ ZX–à–x’ X’ H- ZX- – A–X+k– è –Hxk–à–X+ Z- k L[-•• +

é– 5 H–]]–+Z-mMèè- [X’ - o €=’ k+[’ ]–’ –é- ZX–è–à’ ò–k- ’ =X+Z+H’ H- ZX- o è ]x- à–è–à’ X+ Z- kk’ X’ ò- kk’ àì - [–x+[X’ k’

]à+Hx+]–• –+Z- é- kL[-•• + é–5 H–]]–+Z- mMèè- [X’ é- kk- Mòòk–/ ’ • –+Z–Z- kk- x-[X–Z- ZX–N+Zé–• –+Z–S - è–Z–X–K- u

Rischio legato al rimborso anticipato automatico (AUTOCALLABLE)

&– [’ xx[-]- ZX’ à+H- o +K- Z- kk- x-[X–Z- ZX– N+Zé–• –+Z– S - è–Z–X–K- ]–’ x[- K–]X+ –k [–Hò+[]+ ’ ZX–à–x’ X+

’ =X+H’ X–à+ok–ZK-]X–X+[- x-[é-[- òò- –k é–[–XX+ ’ k x- [à- x–H- ZX+ é- kk- N- é+k- Z+Z ’ Zà+[’ à+[[–]x+]X- ’ kk’ S ’ X’

é- kh –Hò+[]+ RZX–à–x’ X+u

MK- ]x- à–è–à’ X+ Z- kk- x-[X–Z- ZX– N+Zé–• –+Z– S - è–Z–X–K- o]- –k K’ k+[- é- k h RA5 + é- k é–èè- [- Z• –’ k- é-– h RA5

’ kk’ S ’ X’ é– M]]- [K’ • –+Z- é- kh –Hò+[]+ RZX–à–x’ X+ x-[ – A–X+k– +// - XX+ é- k L[+/ [’ HH’ è s–n x’[– + ]=x-[–+[-

+KK- [+ s––n x’[– + –Zè- [–+[- ’ é =Z K’ k+[- ]x- à–è–à’ X+ é– K+kX’ –Z K+kX’ Z- kk- x-[X–Z- ZX– N+Zé–• –+Z– S - è–Z–X–K- o–

MK- ]x- à–è–à’ X+ Z- kk- x-[X–Z- ZX–N+Zé–• –+Z–S - è–Z–X–K- o]- ’ kk’ S ’ X’ é–M]]- [K’ • –+Z- é- kh –Hò+[]+ RZX–à–x’ X+

–k K’ k+[- é- k L’[’ H- X[+ + é- k L’ Z–- [- =X–k–•• ’ ò–k- x-[ –k à’ kà+k+ é- kk- N- é+k- R// –=ZX–K- - K- ZX=’ k– à+Z

[–è-[–H- ZX+ ’– A–X+k– à+Z Mx• –+Z– R// –=ZX–K- è s–n x’[– + ]=x-[–+[- +KK- [+ s––n x’[– + –Zè- [–+[- ’ é =Z K’ k+[-

8k K’ k+[- é- kk+x• –+Z- àì - à+Z]- ZX- –k [–Hò+[]+ ’ ZX–à–x’ X+ ’ =X+H’ X–à+ é-– A–X+k– K–- Z- é- X- [H–Z’ X+

+// - XX–K’ H- ZX- o ’ XX[’ K- []+ k=X–k–•• + é– =Z ’ k/ +[–XH+ H’ X- H’ X–à+u 8k K’ k+[- é– X’ k- +x• –+Z- o è à+Hx[- ]+

–Hxk–à–X’ H- ZX- Z- k L[-•• + é– 5 H–]]–+Z- mMèè- [X’ é- kk- Mòòk–/ ’ • –+Z– - o €=’ k+[’ ]–’ –é- ZX–è–à’ ò–k-

1’ x[- ]- Z• ’ é–=Z’ àk’ =]+k’ é– h –Hò+[]+ RZX–à–x’ X+ R=X+H’ X–à+ é-– A–X+k–o’ kk+[àì è x[- K–]X’ Z- kk- x-[X–Z- ZX–

N+Zé–• –+Z–S - è–Z–X–K- ox=ò –Zà–é- [- Z- / ’ X–K’ H- ZX- ’ Zàì - ]=kK’ k+[- é–H- [à’ X+ é-–A–X+k–]X- ]]–u

8Z ]–H–k– à–[à+]X’ Z• - o k–ZK- ]X–X+[- x+X[- òò- Z+Z -]]-[- –Z / [’ é+ é– [- –ZK- ]X–[- – x[+K- ZX– é- k [–Hò+[]+

+XX- Z- Zé+ =Z [- Zé–H- ZX+ - èè- XX–K+ x’[–’ €=- kk+ ’ xxk–à’ X+ ’– A–X+k– [–Hò+[]’ X–u8 x+X- Z• –’ k– –ZK- ]X–X+[– é- K+Z+

K’ k=X’ [- –k[–]àì –+ é–[- –ZK- ]X–H- ZX+ ’ kk’ k=à- é- kk- ’ kX- [Z’ X–K- é –ZK- ]X–H- ZX+ é–]x+Z–ò–k––Z €=- kH+H- ZX+ ]=k H-[à’ X+u

L-[ =kX- [–+[––Zè+[H’ • –+Z–]=kK’ k+[- é- kk’ à+Hx+Z- ZX- +òòk–/ ’ • –+Z’ [–’ - é- kk’ à+Hx+Z- ZX- é-[–K’ X–K’ ]–K- é’

RISCHIO GLOBAL CAP

Ove previsto nelle pertinenti Condizioni Definitive le Obbligazioni possono prevedere la presenza di un Global Cap. In tal caso è previsto che la somma delle Cedole corrisposte durante la vita delle medesime non possa superare una percentuale del Valore Nominale predeterminata nelle pertinenti Condizioni Definitive. In particolare una volta raggiunto il Global Cap nessuna ulteriore Cedola viene corrisposta all'investitore. Il raggiungimento del Global Cap determinerà il rimborso anticipato dei Titoli.

Rischio indicizzazione nel caso di Xxxxxx Xxxx

N+Z [–è- [–H- ZX+ ’– A–X+k– h RA5 o+K- Z- kk- x-[X–Z- ZX– N+Zé–• –+Z– S - è–Z–X–K- ]–’ x[- K–]X’ =Z–Zé–à–•• ’ • –+Z- ’ é

=Z ]+k+ X’ ]]+ é– H- [à’ X+ + ’ é =Z –Zà[- H- ZX+ é– X’ k- X’ ]]+ –Hxk–à’ o’ x’[–Xà é– ’ kX[- à+Zé–• –+Z–o =Z H’// –+[-

Rischio derivante dall'applicazione al sottostante di un fattore di partecipazione

N+Z [–è- [–H- ZX+ ’ kk’ N- é+k’ ; ’ [–’ ò–k- é- kk- Mòòk–/ ’ • –+Z–o k5 H–XX- ZX- x=ò ’ xxk–à’ [- ’ k A’ ]]+ x[- ]à- kX+ =Z

è’ XX+[- é– x’[X- à–x’ • –+Z- ’ k è–Z- é– ’ =H- ZX’ [- + é–H–Z=–[- k’ x- [à- ZX=’ k- é– X’ k- A’ ]]+ é’ =X–k–•• ’ []– x-[ k’

é- X- [H–Z’ • –+Z- é- kk- N- é+k- ; ’ [–’ ò–k–u 8Z X’ k ]- Z]+o ]– ]- / Z’ k’ àì - –k è’ XX+[- é– x’[X- à–x’ • –+Z- x=ò -]]-[-

’ Zàì - –Zè- [–+[- ’ kCii p u

N+Z [–è- [–H- ZX+ ’ kk’ N- é+k’ R// –=ZX–K’ - K- ZX=’ k- é–à=–’–A–X+k–h RA5 à+Z Mx• –+Z–R// –=ZX–K- ok5 H–XX- ZX-

x+X[à ’ xxk–à’ [- ’ k K’ k+[- + ’ kk’ performance é- k L’[’ H- X[+ x[- ]à- kX+ + é- k L’ Z–- [- x[- ]à- kX+ =Z è’ XX+[- é–

x’[X- à–x’ • –+Z- ’ kè–Z- é–’ =H- ZX’ [- + é–H–Z=–[- k’ x- [à- ZX=’ k- é–X’ k- L’[’ H- X[+ + L’ Z–- [- é’ =X–k–•• ’ []–x-[ k’

é- X- [H–Z’ • –+Z- é- kk’ N- é+k’ R// –=ZX–K’ u 8Z X’ k ]- Z]+o ]– ]- / Z’ k’ àì - –k è’ XX+[- é– x’[X- à–x’ • –+Z- x=ò -]]-[-

’ Zàì - –Zè- [–+[- ’ kCii p u

8Zè–Z- o ]- Hx[- à+Z [–è- [–H- ZX+ ’– A–X+k– h RA5 à+Z Mx• –+Z– R// –=ZX–K- o è ’ kX[- ]ì x+]]–ò–k- àì - ’ k [–]=kX’ X+

x=ò -]]-[- ’ Zàì - –Zè- [–+[- ’ kCii p u

L-[X’ ZX+ Z- k à’]+ –Z à=– ]–’ Z+ x[- K–]X– è’ XX+[– é– x’[X- à–x’ • –+Z- –Zè- [–+[– ’ k Cii p o –k K’ k+[- é- kk’ N- é+k’

; ’ [–’ ò–k- - m+ é- kk’ N- é+k’ R// –=ZX–K’ - K- ZX=’ k- o ]=ò–[à =Z’ [–é=• –+Z- - –Zèk=–[à –Z X’ k- H–]=[’ s[–é+XX’ n ]=k

[- Zé–H- ZX+ é- kk- Mòòk–/ ’ • –+Z–u

Rischio connesso al fatto che il Prospetto di Base non contiene una descrizione completa dei sottostanti cui sono parametrati i Titoli RATE con Opzioni Aggiuntive

L-[ =Z’ é-]à[–• –+Z- é-– ]+XX+]X’ ZX– à=– ]+Z+ x’[’ H- X[’ X– – A–X+k– h RA5 à+Z Mx• –+Z– R// –=ZX–K- ]– [–H’ Zé’

’ kk’ é-]à[–• –+Z- é-–]+XX+]X’ ZX–x[- K–]X’ Z- kk- x-[X–Z- ZX–N+Zé–• –+Z–S - è–Z–X–K- ’ kk’ kk- / ’ X+ Cu

Assenza di informazioni successive all'Offerta e/o Quotazione

1 5 H–XX- ZX- Z+Z è+[Z–[ào ]=àà- ]]–K’ H- ZX- ’ kkMèè- [X’ - m+ y =+X’ • –+Z- o ’ kà=Z’ –Zè+[H’ • –+Z- [- k’ X–K’ H- ZX-

’ kk’ Zé’ H- ZX+ é- k ]+XX+]X’ ZX- +KK- [+ ’ k K’ k+[- é- kk’ à+Hx+Z- ZX- é-[–K’ X–K’ –Hxk–à–X’ é- kk- Mòòk–/ ’ • –+Z– +

à+H=Z€=- ’ kK’ k+[- é–H-[à’ X+ à+[[- ZX- é- kk- Mòòk–/ ’ • –+Z–u

Legislazione in base alla quale gli strumenti finanziari sono stati creati

0’ XX+ ]’ kK+ €=’ ZX+ à+Zà- [Z- k’ è+[H’ - – é–[–XX– é-/ k– Mòòk–/ ’ • –+Z–]X– ]à’ X=[- ZX– é’ kkeRàà+[é+ é– R/ - Z• –’ X[’

ke5 H–XX- ZX- - keR/ - ZX- x-[ –kL’ / ’ H- ZX+ é–à=–’ kh - / +k’ H- ZX+ é-–A–X+k–ok- Mòòk–/ ’ • –+Z––Zà+[x+[’ Z+ –é–[–XX–

- – ò- Z- è–à– x[- K–]X– é’ k h - / +k’ H- ZX+ é-– A–X+k–o ]+XX+x+]X+ ’ kk’ k- // - –X’ k–’ Z’ oZ+Zàì é ’ – ò- Z- è–à– - ’– é–[–XX–

x[+x[–é- kk’ ]X- ]]’ u

[-k’ X–K’ ’ kk- Mòòk–/ ’ • –+Z–u1 ’]]+// - XX’ H- ZX+ é- kk5 H–XX- ZX- ’ kk’ / –=[–]é–• –+Z- é- kk- à+[X– é- kk+ &X’ X+ é–" -{

V+[Y Z+Z x+X[à s- Z+Z é+K[à -]]-[- –ZX- ]’ Z- k ]- Z]+ é–n k–H–X’ [- –k é–[–XX+ é– à–’ ]à=Z –ZK- ]X–X+[- é– x[+x+[[-

/ –=é–• –+ x[- ]]+ €=’ k]–’ ]– ’ kX[’ à+[X- + X[–ò=Z’ k- à+Hx- X- ZX- o –Zàk=]+ –k è+[+ é– [- ]–é- Z• ’ + é- k é+H–à–k–+

- k- XX–K+u

Rischio connesso al fatto che il mercato secondario potrebbe essere illiquido e che il prezzo potrebbe essere soggetto a "fluttuazioni" nel corso della vita delle Obbligazioni

Rischio di liquidità

Gli Obbligazionisti potrebbero avere difficoltà a liquidare il loro investimento e potrebbero dover accettare un prezzo inferiore a quello di sottoscrizione, indipendentemente dall'Emittente e dall'ammontare delle Obbligazioni, in considerazione del fatto che le richieste di vendita possano non trovare una tempestiva ed adeguata contropartita.

Pertanto l'Obbligazionista nell'elaborare la propria strategia finanziaria deve avere ben presente che l'orizzonte temporale dell'investimento (definito dalla durata delle Obbligazioni) deve essere in linea con le sue future esigenze di liquidità.

Con riferimento a ciascun Prestito Obbligazionario, l'Emittente indicherà nelle pertinenti Condizioni Definitive se intende richiedere l'ammissione alla quotazione sul Mercato Telematico delle Obbligazioni (MOT). La quotazione ufficiale delle Obbligazioni sul MOT (ove applicabile) è subordinata alla sussistenza dei requisiti di diffusione e di ammontare richiesti dal Regolamento dei Mercati organizzati e gestiti da Borsa Italiana S.p.A. In proposito si veda quanto illustrato alla Sezione III, Capitolo 6, Paragrafo 6.1 del Prospetto di Base. Al riguardo si precisa che Borsa Italiana S.p.A. ha rilasciato il giudizio di ammissibilità alle negoziazioni degli strumenti finanziari di cui al presente Programma presso il MOT, con provvedimento n. 5628 del 14 dicembre 2007. La liquidità del titolo è altresì influenzata dalla circostanza che le Obbligazioni siano o meno offerte esclusivamente ad investitori privati senza che vi sia alcuna offerta ad investitori istituzionali.

Qualora l'Emittente non chieda l'ammissione alla quotazione dei titoli contestualmente all'emissione/offerta, lo stesso si riserva la facoltà - che non costituisce obbligo per l'Emittente - di chiedere in un secondo momento la negoziazione dei Titoli secondo una delle possibilità indicate ai punti sub i) – iii) di cui alla Sezione III, Capitolo 6, Paragrafo 6.1 del Prospetto di Base.

Rischio connesso al fatto che il prezzo delle Obbligazioni, successivamente all'emissione, è influenzato da fattori imprevedibili

&=k x[- •• + é- kk- Mòòk–/ ’ • –+Z– ]=àà- ]]–K’ H- ZX- ’ kk- H–]]–+Z- –Zèk=–]à+Z+ – ]- / =- ZX– è’ XX+[–o k’ H’// –+[ x’[X-

é-–€=’ k–’ ké–è=+[–é- kà+ZX[+kk+ é- kk5 H–XX- ZX- .

• - K- ZX– - à+Z+H–à–o é– Z’ X=[’ H–k–X’ [- o è–Z’ Z• –’ [–o Z+[H’ X–K–o x+k–X–à–o X- [[+[–]X–à– + é– ’ kX[’ Z’ X=[’ àì -

-]-[à–X–Z+ =Z–Zèk=- Z• ’ ]=– H- [à’ X– é-– à’ x–X’ k– –Z / - Z- [- - x’[X–à+k’ [H- ZX- ]=– H- [à’ X– é-– à’ x–X’ k– ’–

€=’ k––kh RA5 - m+ –L’[’ H- X[–]–[–è- [–]à+Z+oàì - x+X[-òò- [+ –Zèk=–[- ]=kk–K- kk+ é-–H- é-]–H–E

• –X’ ]]–é –ZX- [-]]- - é–[- Zé–H- ZX+ ]=kH- [à’ X+E

• k’ é=[’ X’ [- ]–é=’ é- kk- Mòòk–/ ’ • –+Z–è–Z+ ’ ]à’ é- Z• ’ E-

• –krating é- kk5 H–XX- ZX- u

y =-]X’ Z+Z è X=XX’ K–’ =Z’ k–]X’ à+Hxk- X’ é-– è’ XX+[– àì - x+]]+Z+ ’ K- [- –Zà–é- Z• ’ ]=kK’ k+[- é– H- [à’ X+ é- kk-

Mòòk–/ ’ • –+Z–u

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x+X[- òò- [+ [–à’ K’ [- =Z –Hx+[X+ –Zè- [–+[- ’ k K’ k+[- Z+H–Z’ k- é- kk- Mòòk–/ ’ • –+Z–u È –Hx+]]–ò–k- x[- K- é-[- k’

performance è=X=[’ é- k h RA5 - é- k L’[’ H- X[+ + é- k L’ Z–- [- x[- K–]X– Z- kk- x-[X–Z- ZX– N+Zé–• –+Z– S - è–Z–X–K-

Rischio connesso al fatto che il prezzo di mercato delle Obbligazioni potrebbe avere un andamento molto diverso da quello del RATE e/o dei Parametri

1- Mòòk–/ ’ • –+Z– x+X[- òò- [+ -]]-[- Z- / +• –’ X- ’ k–K- kk– H+kX+ é–K-[]– é’ kk’ Zé’ H- ZX+ é- k h RA5 - é-–

L’[’ H- X[–u 1- K’ [–’ • –+Z– é- k k–K- kk+ é– X’ k– ]+XX+]X’ ZX– Z+Z à+Hx+[X’ Z+ Z- à-]]’[–’ H- ZX- =Z’ K’ [–’ • –+Z-

’ Z’ k+/ ’ é- kx[- ••+ é–H- [à’ X+ é- kk- Mòòk–/ ’• –+Z–u

Rischio connesso al fatto che i sottostanti cui sono collegate le Obbligazioni potrebbero essere modificati o non essere più disponibili

1 - N+Zé–• –+Z– S - è–Z–X–K- à+ZX- Z/ +Z+oà+Z [–è-[–H- ZX+ ’ kk- Mòòk–/ ’• –+Z– +// - XX+ é– Mèè-[X’ - m+ y =+X’• –+Z-o

k–Zé–à’• –+Z- é-– à[–X-[– é– é- X-[H–Z’• –+Z- é- k K’ k+[- é- k h RA5 o é- k ]–Z/ +k+ L’[’ H- X[+ + é-– L’[’ H- X[–

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- K- ZX–]X[’ +[é–Z’[–àì - [–/ =’[é–Z+ –kh RA5 + –k]–Z/ +k+ L’[’ H- X[+ + –L’[’ H- X[–à+Hx+Z- ZX––kL’ Z–-[- u

A’ k– à[–X-[– é– é- X-[H–Z’• –+Z- ]’[’ ZZ+ –Z +/ Z– à’]+ –Hx[+ZX’ X– ’ k x[–Zà–x–+ é– ò=+Z’ è- é- - é ’ kk’ H–/ k–+[-

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’ Zàì - k’ &- • –+Z- 888oN’ x–X+k+ f oL’[’/ [’ è+ f uquDoé- kL[+]x- XX+ é–O’]- nu

&–]+XX+k–Z-’ àì - X’ k- - K- ZX–é–X=[ò’ X–K’ ]+Z+ à+ZZ- ]]–’ kk’ ]à- kX’ é-–L’[’ H- X[–=X–k–•• ’ ò–k–x- [ –kà’ kà+k+ é- kk-

Rischio di mercato e di tasso

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à=[K’ é-– X’ ]]– é– H- [à’ X+ àì - ]+Z+ ’ k+[+ K+kX’ o é- X- [H–Z’ X– é’ Z=H- [+]– è’ XX+[–o ’ k é– è=+[– é- k à+ZX[+kk+

é- kk5 H–XX- ZX- u 8 è’ XX+[– àì - é- X- [H–Z’ Z+ =Z ’ =H- ZX+ Z- k K’ k+[- é- k A–X+k+ ]+Z+o ’ X–X+k+ - ]- Hxk–è–à’ X–K+. =Z

’ =H- ZX+ é- kk’ K+k’ X–k–Xà é-– x’[’ H- X[– é– [–è- [–H- ZX+o =Z’ é–H–Z=• –+Z- é-– X’ ]]– é– H- [à’ X+u 8 è’ XX+[– àì -

é- X- [H–Z’ Z+ =Z’ é–H–Z=• –+Z- Z- kK’ k+[- é- kA–X+k+ ]+Z+o’ X–X+k+ - ]- Hxk–è–à’ X–K+. =Z’ é–H–Z=• –+Z- é- kK’ k+[-

é-–x’[’ H- X[–é–[–è- [–H- ZX+o=Z ’ =H- ZX+ é- kk’ K+k’ X–k–Xà é-–x’[’ H- X[–é–[–è- [–H- ZX+o=Z ’ =H- ZX+ é-–X’ ]]–é–

H-[à’ X+u 1’ à+Hò–Z’ • –+Z- é– X’ k– è’ XX+[– x=ò é- X- [H–Z’ [- =Z - èè- XX+ ]=k K’ k+[- é- k A–X+k+ é–K- []+ é’ €=- kk+

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8Z+kX[- o€=’ k+[’ k- Mòòk–/ ’ • –+Z– x[- K- é’ Z+ –k x’/ ’ H- ZX+ é– =Z’ N- é+k’ ’ X’ ]]+ è–]]+o +xx=[- =Z Floor é- kk’

N- é+k’ ; ’ [–’ ò–k- - m+ é- kk- N- é+k- R// –=ZX–K- à+Z [–è- [–H- ZX+ ’ kk- Mòòk–/ ’ • –+Z– h RA5 à+Z Mx• –+Z–

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é- kk’ Zé’ H- ZX+ é-– X’ ]]– é– H- [à’ X+u y =’ k+[’ – X’ ]]– é– H- [à’ X+ ]’ k–]]- [+o –k x[- •• + é-– A–X+k– à+Z N- é+k- ’

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’ à€=–[- ZX– é- k H–Z+[ X’ ]]+ é– –ZX- [-]]- x[- K–]X+ x-[ X’ k- Mòòk–/ ’ • –+Z- u 1’ ]- Z]–ò–k–Xà é- k x[- •• + é– =Z A–X+k+

à+Z N- é+k- ’ A’ ]]+ 0–]]+ + à+Z =Z Floor ’ kk’ K’ [–’ • –+Z- é-– X’ ]]– é– –ZX- [-]]- é–x- Zé- é’ kk’ K–X’ [- ]–é=’ é- k

A–X+k+ [–]x- XX+ ’ k H+H- ZX+ –Z à=– – X’ ]]– é– –ZX- [-]]- ’ =H- ZX’ Z+u 8k x[- •• + é– =Z A–X+k+ à+Z N- é+k- ’ A’ ]]+

0–]]+ à+Z ]à’ é- Z• ’ ’ H- é–+ c k=Z/ + X- [H–Z- è x–ù - ]x+]X+ ’ k à’ Hò–’ H- ZX+ é-– X’ ]]– ]- –k A–X+k+ Z+Z è

é- X- Z=X+ è–Z+ ’ kk’ ]à’ é- Z• ’ u

Il rendimento delle Obbligazioni potrebbe essere inferiore rispetto al rendimento di un'obbligazione (anche non strutturata) di pari durata

7 k– ’ HH+ZX’ [– àì - k5 H–XX- ZX- x+X[- òò- à+[[–]x+Zé- [- ’ é =Z –ZK- ]X–X+[- é=[’ ZX- k’ K–X’ é- k L[-]X–X+

x+X[- òò- [+ [–]=kX’ [- –Zè- [–+[– [–]x- XX+ ’ k [- Zé–H- ZX+ ]= ’ kX[– –ZK- ]X–H- ZX–u 8k [- Zé–H- ZX+ é- kk- Mòòk–/ ’ • –+Z–

x+X[- òò- -]]-[- –Zè- [–+[- [–]x- XX+ ’ k [- Zé–H- ZX+ +XX- Z=X+ €=’ k+[’ =Z –ZK- ]X–X+[- ’ K- ]]- ’ à€=–]X’ X+

[-’ / –[- é–K- []’ H- ZX- ’– é–K- []– è’ XX+[– é– H- [à’ X+ –Zèk=- Z• ’ ZX– –k k+[+ ’ Zé’ H- ZX+ - é –k k+[+ [- Zé–H- ZX+

- èè- XX–K+u

Rischio connesso al regime fiscale

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é- kk- H- é-]–H- u

" +Z è x+]]–ò–k- x[- K- é-[- ]- –k [- / –H- è–]à’ k- ]=kk’ ò’]- é- k €=’ k- – K’ k+[– Z- XX– [- k’ X–K– ’ k [- Zé–H- ZX+ - é ’ k

X’ ]]+ é– –ZX- [-]]- é- kk- Mòòk–/ ’ • –+Z–o K–/ - ZX- ’ kk’ é’ X’ é– x=òòk–à’ • –+Z- é- kk- ]x- à–è–àì - N+Zé–• –+Z–

S - è–Z–X–K- ox+X[à ]=ò–[- - K- ZX=’ k– H+é–è–àì - é=[’ ZX- k’ K–X’ é- kk- Mòòk–/ ’ • –+Z– Zé x=ò -]]-[- - ]àk=]+ àì - o–Z

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R X’ k- x[+x+]–X+o k’ &- • –+Z- 888o N’ x–X+k+ f o L’[’/ [’ è+ f uCD é- k L[+]x- XX+ é– O’]- o [–x+[X’ =Z’ ò[- K-

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Mòòk–/ ’•–+Z–- é + –[- k’ X–K––ZX- [-]]–ox[- H–- é ’ kX[–è[=XX–u

" +Z K–è à-[X- ••’ àì - –k[- / –H- è–]à’ k- ’ xxk–à’ ò–k- ’ kk’ é’ X’ é–x=òòk–à’ • –+Z- é- kk- N+Zé–• –+Z–S - è–Z–X–K- oZ+Z

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Mòòk–/ ’ • –+Z–u

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[–è- [–H- ZX+ - [–à+[[’ Z+ x’[X–à+k’ [– [- €=–]–X– ]X’ ò–k–X– é’ kk’ ]X- ]]’ k- / –]k’ • –+Z- ]X’ X=Z–X- Z]- n Z- ]]=Z x’/ ’ H- ZX+

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Z- / k– &X’ X– 6 Z–X– éeRH- [–à’ ]- / k– –ZK- ]X–X+[– Z+Z ]+Z+ à–XX’ é–Z– ]X’ X=Z–X- Z]–uA=XX’ K–’ o€=’ k+[’ é=[’ ZX- k’ K–X’

é- kk- Mòòk–/ ’ • –+Z–o €=’ k- à+Z]- / =- Z• ’ é– H+é–è–àì - ’ kk’ Z+[H’ X–K’ ’ xxk–à’ ò–k- o – x’/ ’ H- ZX– [- k’ X–K– ’ kk-

Mòòk–/ ’ • –+Z– ]–’ Z+ ’]]+// - XX’ X– ’ [–X- Z=X’ ’ kk’ è+ZX- + ’ kX[+ X–x+ é– –Hx+]X’ oà+ZX[–ò=X+ + +Z- [- / +K- [Z’ X–K+o

’ =X+[–Xà è–]à’ k- - oé–à+Z]- / =- Z• ’ ok5 H–XX- ZX- é- òò’ X[’ XX- Z- [- X’ k- –Hx+]X’ o+Z- [- + à+ZX[–ò=X+ é’–x’/ ’ H- ZX–

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S – à+Z]- / =- Z• ’ o€=’ k+[’ X’ k– X[’ XX- Z=X- ]–[- Zé’ Z+ Z- à-]]’[–- o/ k– –ZK- ]X–X+[–[–à- K- [’ ZZ+ =Z –Hx+[X+ –Zè- [–+[-

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é- kk- N- é+k- - é ’ kk’ S ’ X’ é– &à’ é- Z• ’ o +KK- [+ ’ kk’ é’ X’ é– h –Hò+[]+ RZX–à–x’ X+o +K- x[- K–]X’ Z- kk-

N+Zé–• –+Z– S - è–Z–X–K- u 1 5 H–XX- ZX- Z+Z è –Z / [’ é+ é– x[- K- é-[- ]- H+é–è–àì - Z+[H’ X–K- €=’ k– €=- kk- ]+x[’

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1 5 H–XX- ZX- Z+Z ’ K[à –k é–[–XX+ é– [–Hò+[]’ [- ’ ZX–à–x’ X’ H- ZX- k- Mòòk–/ ’ • –+Z– Z- kke- K- ZX=’ k–Xà é– H+é–è–àì -

’ kk’ Z+[H’ X–K’ è–]à’ k- é-/ k– &X’ X– 6 Z–X– éeRH- [–à’ + é– ’ kX[- / –=[–]é–• –+Z– à+H- é-]à[–XX- ]+x[’ u " - k à’]+ –Z

à=– X’ k- H+é–è–à’ Z+[H’ X–K’ à+Hx+[X– +òòk–/ì – é– à-[X–è–à’ • –+Z- o –é- ZX–è–à’ • –+Z- + é– à+H=Z–à’ • –+Z- é–

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+ –Zé–[- XX’ H- ZX- o=ZeMòòk–/ ’ • –+Z- –Z è+[H’ é–+òòk–/ ’ • –+Z- ’ kx+[X’ X+[- ox+X[- òò- -]]-[- X- Z=X+ ’ à+H=Z–à’ [-

k- –Zè+[H’ • –+Z–[–àì –- ]X- u8Z+kX[- o€=’ k+[’ ke–ZK- ]X–X+[- Z+Z é+K- ]]- à+Zè+[H’ []–’ X’ k- +òòk–/ +ox+X[à ]=ò–[- k’

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&–K- é’ k’ &- • –+Z- 888oN’ x–X+k+ f oL’[’/ [’ è+ f uCDé- kL[+]x- XX+ é–O’]- x-[ =kX- [–+[––Zè+[H’ • –+Z–u

Rischio Emittente

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x- [à- x–[- –ZX- [-]]–o - K- ZX=’ k– x[- H– –Zé–à’ X– Z- kk- N+Zé–• –+Z– S - è–Z–X–K- o Z+Zàì é ’ k [–Hò+[]+ é- k à’ x–X’ k-

–ZK- ]X–X+ ’ kk’ S ’ X’ é– &à’ é- Z• ’ u ]’ kK’ k–x+X- ]– é– - K- ZX=’ k- h –Hò+[]+ RZX–à–x’ X+o +K- x[- K–]X+ X- xx-

XxXx–• –+Z– S - è–Z–X–K- u L-[X’ ZX+o Z- k à’]+ –Z à=– k5 H–XX- ZX- Z+Z ]–’ –Z / [’ é+ é– +Z+[’ [- – x[+x[– +òòk–/ì –

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x[- / –=é–à’ X+u

Rischio connesso alla mancanza di garanzie per le Obbligazioni

1- Mòòk–/ ’ • –+Z– Z+Z ]+Z+ à+x-[X- é’ kk’ / ’ [’ Z• –’ é- k 0+Zé+ 8ZX- [ò’ Zà’ [–+ é– A=X- k’ é-– S - x+]–X–u8k[–Hò+[]+

é- k L[-]X–X+ Mòòk–/ ’ • –+Z’ [–+ - –k x’/ ’ H- ZX+ é-/ k– –ZX- [-]]– Z+Z ]+Z+ ’]]–]X–X– é’ / ’ [’ Z• –- ]x- à–è–àì - xXx ]+Z+

x[- K–]X– –Hx- / Z– [- k’ X–K– ’ kk’ ]]=Z• –+Z- é–/ ’ [’ Z• –- u1- Xxxx–/ ’ • –+Z– é– à=–’ k x[- ]- ZX- L[+]x- XX+ é– O’]- Z+Z

[’ xx[- ]- ZX’ Z+ X–X+k– ]=ò+[é–Z’ X–u L-[X’ ZX+o –Z à’]+ é– ]à–+/ k–H- ZX+o k–€=–é’ • –+Z- o –Z]+kK- Z• ’ +

’]]+// - XX’ H- ZX+ ’ x[+à- é=[- à+Zà+[]=’ k– é- kk5 H–XX- ZX- o –k ]+éé–]è’ à–H- ZX+ é-– é–[–XX– é– à[- é–X+ é-– X–X+k’ [–

é- kk- Mòòk–/ ’ • –+Z– ]’ [à ]=ò+[é–Z’ X+ - ]àk=]–K’ H- ZX- ’ €=- kk+ é-– à[- é–X+[– H=Z–X– é– =Z’ k- / –XX–H’ à’ =]’ é–

x[- k’ • –+Z- - à+Zà+[[- ZX- à+Z €=- kk+ é-/ k–’ kX[–à[- é–X+[–àì –[+/ [’ è’ [–u

&–K- é’ k’ &- • –+Z- 888oN’ x–X+k+ f oL’[’/ [’ è+ f uv é- kL[+]x- XX+ é–O’]- x-[ =kX- [–+[––Zè+[H’ • –+Z–u

Rischio connesso al fatto che le variazioni dei RATING di credito di Xxxxxxx Xxxxx possano influire sul prezzo di mercato delle Obbligazioni

RZàì - ]- Z+Z è x[- K–]X+ àì - K- Z/ ’ Z+ ’ XX[–ò=–X– rating ’ kk- Mòòk–/ ’ • –+Z–o ke5 H–XX- ZX- ì ’ ’ kX[- +òòk–/ ’ • –+Z–o

Z+Z ]=ò+[é–Z’ X- o K’ k=X’ X- o X[’ k- ’ kX[- o é’ X[- x[–H’ [–- ’ / - Z• –- é– rating –ZX- [Z’ • –+Z’ k–. &X’ Zé’ [é r L++[ ]

h ’ X–Z/ &- [K–à- ]o =Z’ é–K–]–+Z- é– 9 à7 [’{ c4 –kk N+Hx’ Z–- ]o 8Zàu sS&Pno 9 ++é_ ] 8ZK- ]X+[] &- [K–à- 8Zàu

sMoody'sno 0–Xàì h ’ X–Z/ ] sFitchnu " -– à’]– –Z à=– k5 H–XX- ZX- ’ òò–’ +òòk–/ ’ • –+Z– Z+Z ]=ò+[é–Z’ X- ’ kk- €=’ k–

–Zàk=]- k- Mòòk–/ ’ • –+Z–o- x=ò -]]-[- ]+]x-]+ + H+é–è–à’ X+ + à’ Zà- kk’ X+ –Z €=’ k=Z€=- H+H- ZX+ é’ kk’ [- k’ X–K’

’ / - Z• –’ é–ratinguA=XX’ K–’ ox+–àì é –k[- Zé–H- ZX+ é- kk- Mòòk–/ ’ • –+Z–é–x- Zé- é’ =Z’ ]-[–- é–è’ XX+[–- Z+Z ]+k+

é’ kk- à’ x’ à–Xà é- kke5 H–XX- ZX- é– ’]]+kK- [- – x[+x[– –Hx- / Z– è–Z’ Z• –’ [– [–]x- XX+ ’ kk- Mòòk–/ ’ • –+Z–o =Z

H–/ k–+[’ H- ZX+ é-– rating é– à[- é–X+ é- kke5 H–XX- ZX- Z+Z é–H–Z=–[à / k– ’ kX[– [–]àì – é– –ZK- ]X–H- ZX+ [- k’ X–K– ’ kk-

Mòòk–/ ’ • –+Z–u

8 rating é– à[- é–X+ ’ XX[–ò=–X– ’ kke5 H–XX- ZX- à+]X–X=–]à+Z+ =Z’ K’ k=X’ • –+Z- é- kk’ à’ x’ à–Xà é- kk5 H–XX- ZX- é–

’]]+kK- [- – x[+x[– –Hx- / Z– è–Z’ Z• –’ [–o –K– à+Hx[- ]– €=- kk– [- k’ X–K– ’ kk- Mòòk–/ ’ • –+Z–u " - à+Z]- / =- àì - +/ Z–

à’ Hò–’ H- ZX+ - èè- XX–K+ + ’ XX- ]+ é-–ratin/ é–à[- é–X+ ’ XX[–ò=–X–’ kk5 H–XX- ZX- x=ò –Zèk=–[- ]=kx[- •• + é–H- [à’ X+

é- kk- Mòòk–/ ’ • –+Z–u

Rischio di conflitto di interessi

Rischio di conflitto di interessi con i Collocatori

1 e’ XX–K–Xà é-– N+kk+à’ X+[– - é- k h - ]x+Z]’ ò–k- é- k N+kk+à’ H- ZX+o –Z €=’ ZX+ ]+// - XX– àì - ’ / –]à+Z+

–]X–X=• –+Z’ kH- ZX- ]= –Zà’ [–à+ é- kke5 H–XX- ZX- - x- [à- x–]à+Z+ à+HH–]]–+Z– –Z [- k’ • –+Z- ’ k ]-[K–• –+ ]K+kX+ - é

’ kk- ]–X+ é- kà+kk+à’ H- ZX+o–Hxk–à’ o–Z / - Z- [’ k- oke- ]–]X- Z• ’ é–=Z x+X- Z• –’ k- à+Zèk–XX+ é––ZX- [-]]–u

Rischio di conflitto di interessi con l'Agente per il Calcolo

1- N+Zé–• –+Z– S - è–Z–X–K- [- k’ X–K- ’ kk’ ]–Z/ +k’ Mèè- [X’ - m+ y =+X’ • –+Z- o x+]]+Z+ –Zé–à’ [- àì - –k [=+k+ é–

R/ - ZX- x-[ –kN’ kà+k+ é- kk- Mòòk–/ ’ • –+Z–]–’ [–à+x- [X+ é’ =Z’ ]+à–- Xà à+ZX[+kk’ X’ é’ o+ à+kk- / ’ X’ ’ kk5 H–XX- ZX- u

1 eR/ - ZX- x-[ –k N’ kà+k+ ì ’ k’ è’ à+kXà é– x[+à- é-[- ’ é =Z’ ]- [–- é– é- X- [H–Z’ • –+Z– àì - –Zèk=–]à+Z+ ]=kk-

Mòòk–/ ’ • –+Z– - àì - x+X[- òò- [+ –Zèk=- Z• ’ [- Z- / ’ X–K’ H- ZX- –k K’ k+[- é- kk- H- é-]–H- à+Hx+[X’ Zé+ =Z’ x+X- Z• –’ k- ]–X=’ • –+Z- é–à+Zèk–XX+ ée–ZX- [-]]–u

Rischio connesso al fatto che l'Emittente o società controllate o collegate allo stesso possano concludere accordi di collaborazione con gli emittenti dei titoli compresi nel Sottostante

1 5 H–XX- ZX- + ]+à–- Xà à+ZX[+kk’ X- + à+kk- / ’ X- ’ kk+ ]X- ]]+ x+]]+Z+ à+kk’ ò+[’[- à+Z / k– - H–XX- ZX– é-– X–X+k–

à+Hx[- ]– Z- k ]+XX+]X’ ZX- o ’ é - ]- Hx–+ - [+/ ’ Zé+ x[- ]X–X– ’ X’ k– ]+à–- Xà + –ZK- ]X- Zé+K– é- k à’ x–X’ k- o +KK- [+

+èè[- Zé+ k+[+ ]-[K–• – é– à+Z]=k- Z• ’ uA’ k– ]-[K–• – x+X[- òò- [+ à+Hx[- Zé- [- ]-[K–• – é– à+Z]=k- Z• ’ –Z H’ X- [–’ é–

è=]–+Z– - ’ à€=–]–• –+Z–u A’ k– ’ XX–K–Xà x+]]+Z+ é’[- k=+/ + ’ =Z à+Zèk–XX+ X[’ / k– +òòk–/ì – é- kk5 H–XX- ZX- + é- kk-

]+à–- Xà à+ZX[+kk’ X- + à+kk- / ’ X- ’ kk+ ]X- ]]+ - / k– –ZX- [-]]– é-/ k– –ZK- ]X–X+[– x+[X’ X+[– é- kk- Mòòk–/ ’ • –+Z–u8Z+kX[- o

ke5 H–XX- ZX- + =Z’ + x–ù ]+à–- Xà à+ZX[+kk’ X- + à+kk- / ’ X- ’ kk+ ]X- ]]+ x+]]+Z+ ’ K- [- x=òòk–à’ X+ +xx=[- x+]]+Z+

x=òòk–à’ [- –Z è=X=[+ ]X=é– - [–à- [àì - [- k’ X–K’ H- ZX- ’ é ’ kà=Z– + ’ X=XX– / k– - H–XX- ZX– é-– X–X+k– à+Hx[- ]– Z- k

]+XX+]X’ ZX- u A=XX- €=-]X- ’ XX–K–Xà ]K+kX- é’ kke5 H–XX- ZX- + ]+à–- Xà à+ZX[+kk’ X- + à+kk- / ’ X- ’ kk+ ]X- ]]+ x+]]+Z+

–Zèk=–[- ]=kk–K- kk+ é- k]+XX+]X’ ZX- - ox-[X’ ZX+o]=k[- Zé–H- ZX+ é- kk- Mòòk–/ ’ • –+Z–u

Rischio relativo alle attività di copertura sulle Obbligazioni

R– è–Z– é- kk’ à+x-[X=[’ é- kk’ x[+x[–’ - ]x+]–• –+Z- à+Z [–è- [–H- ZX+ ’ kk- Mòòk–/ ’ • –+Z–o k5 H–XX- ZX- + ]+à–- Xà

à+ZX[+kk’ X- + à+kk- / ’ X- ’ kk+ ]X- ]]+ x+]]+Z+ à+Zàk=é- [- à+ZX[’ XX–é–à+x- [X=[’ –Z [- k’ • –+Z- ’ kk- Mòòk–/ ’ • –+Z–u1-

ò’ Zàì - + ]+à–- Xà è–Z’ Z• –’ [–- à+Z à=– k5 H–XX- ZX- + ]+à–- Xà à+ZX[+kk’ X- + à+kk- / ’ X- ’ kk+ ]X- ]]+ x+]]+Z+

à+Zàk=é- [- X’ k– à+ZX[’ XX– é– à+x-[X=[’ x+]]+Z+ à+–Zà–é- [- + -]]-[- ]- k- • –+Z’ X– é’ k h - ]x+Z]’ ò–k- é- k

N+kk+à’ H- ZX+ +KK- [+ é’ k N+kk+à’ X+[- u R– ]- Z]– é-/ k– ’ àà+[é– X[’ k- x’[X–o x=ò -]]-[- x[- K–]X+ àì - –k

h - ]x+Z]’ ò–k- é- k N+kk+à’ H- ZX+ +KK- [+ –k N+kk+à’ X+[- é- òò’ ]+]X- Z- [- – à+]X– - K- ZX=’ kH- ZX- é-[–K’ ZX– é’ kk’

à’ Zà- kk’ • –+Z- sX+X’ k- + x’[• –’ k- n é– X’ k– à+ZX[’ XX– €=’ k+[’ ke–Hx+[X+ à+Hxk- ]]–K+ é-/ k– ]X- ]]– [–]=kX’ ]]-

]=x-[–+[- ’ kke–Hx+[X+ Z+H–Z’ k- - èè- XX–K’ H- ZX- à+kk+à’ X+u 8Z X’ k ]- Z]+ –k h - ]x+Z]’ ò–k- é- k N+kk+à’ H- ZX+

RISCHIO RELATIVO AL FATTO CHE L'EMITTENTE O SOCIETÀ CONTROLLATE O COLLEGATE ALLO STESSO POSSANO ESSERE ANCHE SPONSOR DEL PARAMETRO

1 5 H–XX- ZX- + ]+à–- Xà à+ZX[+kk’ X- + à+kk- / ’ X- ’ kk+ ]X- ]]+ x+X[- òò- [+ [–à+x[–[- ’ kX[- ]ì –k [=+k+ é– Sponsor é- k

L’[’ H- X[+ à=– ]+Z+ –Zé–à–•• ’ X- k- Mòòk–/ ’ • –+Z–u 8Z X’ k ]- Z]+o / k– –ZX- [-]]– é- kk5 H–XX- ZX- + é- kk- ]+à–- Xà

à+ZX[+kk’ X- + à+kk- / ’ X- ’ kk+ ]X- ]]+ –Z €=’ k–Xà é– Sponsor é- k L’[’ H- X[+o x+X[- òò- [+ -]]-[- –Z à+Zèk–XX+ à+Z

€=- kk–é- –H- é-]–H–]+// - XX––Z [- k’ • –+Z- ’ kk- Mòòk–/ ’ • –+Z–u

Rischio connesso al fatto che l'Emittente o società controllate o collegate allo stesso possano porre in essere operazioni sul sottostante che ne influenzino il valore

1 5 H–XX- ZX- + ]+à–- Xà à+ZX[+kk’ X- + à+kk- / ’ X- ’ kk+ ]X- ]]+ x+]]+Z+ –ZX[’ x[- Zé- [- +x-[’• –+Z– [- k’ X–K- ’ k

]+XX+]X’ ZX- à=– x+]]+Z+ -]]-[- à+ZZ- ]]- k- Mòòk–/ ’ • –+Z– oà+Z x+]]–ò–k- - èè- XX+ x+]–X–K+ + Z- / ’ X–K+ ]=k K’ k+[-

é- k H- é-]–H+ - o à+Z]- / =- ZX- H- ZX- o à+Z - èè- XX+ x+]–X–K+ + Z- / ’ X–K+ ]=k à’ kà+k+ é- kk- N- é+k- R// –=ZX–K-

- K- ZX=’ k––Z à’]+ é–A–X+k–à+Z Mx• –+Z–R// –=ZX–K- u

Rischio di conflitto di interessi relativi alla singola Offerta e/o Quotazione di Xxxxxx

N+Z [–è- [–H- ZX+ ’ à–’ ]à=Z’ Mèè- [X’ - m+ y =+X’ • –+Z- x+]]+Z+ ]=]]–]X- [- ]–X=’ • –+Z– é–à+Zèk–XX+ é– –ZX- [-]]– é-–

]+// - XX–à+–ZK+kX–Z- kk+x- [’ • –+Z- s- u/ u5 H–XX- ZX- oh - ]x+Z]’ ò–k- é- kN+kk+à’ H- ZX+oN+kk+à’ X+[–oà+ZX[+x’ [X- é–

à+x-[X=[’ o R/ - ZX- x-[ –k N’ kà+k+o Sponsorno €=’ k– ’ X–X+k+ - ]- Hxk–è–à’ X–K+ - Z+Z - ]’ =]X–K+ €=- kk– k- / ’ X– ’ kk’

à–[à+]X’ Z• ’ àì - –kh - ]x+Z]’ ò–k- é- k N+kk+à’ H- ZX+ok’ à+ZX[+x’ [X- é– à+x-[X=[’ - m+ keR/ - ZX- x-[ –k N’ kà+k+ ]–’

=Z’ ]+à–- Xà è’ à- ZX- x’[X- é- k7 [=xx+ 9 - [[–kk1 _Zàì +KK- [+ =Z’ ]+à–- Xà x’[X- à–x’ X’ é’ kk5 H–XX- ZX- u

&– ]- / Z’ k’ ’ kX[- ]ì àì - Z- kk- N+Zé–• –+Z– S - è–Z–X–K- K- Z/ +Z+ –Zé–à’ X– / k– - K- ZX=’ k– à+Zèk–XX– é– –ZX- [-]]- [- k’ X–K–

Rischi correlati alle caratteristiche delle singole offerte e/o quotazioni effettuate nell’ambito del Programma

1- à’[’ XX- [–]X–àì - é- kk- Mòòk–/ ’ • –+Z–+èè- [X- - m+ €=+X’ X- ’–]- Z]–é- kL[+/ [’ HH’ ]+Z+ –Zé–K–é=’ X- x-[ à–’ ]à=Z

x[- ]X–X+ Z- kk- N+Zé–• –+Z– S - è–Z–X–K- u 8Z +àà’ ]–+Z- é– à–’ ]à=Z’ Mèè- [X’ - m+ y =+X’ • –+Z- o - K- ZX=’ k– =kX- [–+[– -

Ulteriori fattori di rischio relativi alla specifica quotazione

Rischio connesso al fatto che lo Swap 10Y e/o lo Swap 2Y non compaiano sulla pagina isdafix2 di Reuters

" - kk–x+X- ]– –Z à=–o Z- k à+[]+ é- kk’ é=[’ X’ é- kk- Mòòk–/ ’ • –+Z–o k+ &{ ’ x Ci V -m+ k+ &{ ’ x zV Z+Z à+Hx’ –’ Z+

]=kk’ x’/ –Z’ 8]é’ è–}z é– h - =X- [] s+ ]= ’ kX[’ x’/ –Z’ –Z ]+]X–X=• –+Z- é- kk’ ]X- ]]’ x-[ X’ k- ]-[K–• –+n –ZX+[Z+ ’ kk-

+[- CC.ii ’ uHu+[’ é–0[’ Zà+è+[X- o–k€=–ZX+ 7 –+[Z+ 1 ’ K+[’ X–K+ sTarget - Milannx[- à- é- ZX- –kx[–H+ / –+[Z+ é–

à–’ ]à=Z L-[–+é+ é–8ZX-[- ]]- oà+H- é- è–Z–X+ ’ kx=ZX+ za s–––nokR/ - ZX- x-[ –kN’ kà+k+ x[+KK- é- [à ’ ]X’ ò–k–[- =Z

K’ k+[- ]+]X–X=X–K+ x-[ X’ k–X’ ]]–]- à+Zé+ €=’ ZX+ ]x- à–è–à’ X+ ’ kx=ZX+ zi àì - ]- / =- u

Specifici conflitti di interesse relativi alla specifica Offerta e/o Quotazione

" - kk- K- ]X–é–R/ - ZX- x-[ –kN’ kà+k+ é- kk- Mòòk–/ ’ • –+Z–o9 - [[–kk1 _Zàì 8ZX- [Z’ X–+Z’ ko]+à–- Xà è’ à- ZX- x’[X- é- k

7 [=xx+ 9 - [[–kk 1 _Zàì o ì ’ k’ è’ à+kXà é– x[+à- é-[- ’ é =Z’ ]-[–- é– é- X- [H–Z’ • –+Z– àì - –Zèk=–]à+Z+ ]=kk-

REGOLAMENTO DEL PRESTITO OBBLIGAZIONARIO

«Xxxxxxx Xxxxx 2007/2013 1Y Fixed Rate + 5* CMS 10Y/2Y SPREAD FLOORED AT 3%» Codice ISIN: IT0006623620

Rk è–Z- é– =Z’ H–/ k–+[- à+Hx[- Z]–+Z- é- kk–ZK- ]X–H- ZX+o ]– [’ àà+H’ Zé’ é– k- // - [- ’ XX- ZX’ H- ZX-

kR[X–à+k+ q s2S ’ X- é– L’/ ’ H- ZX+ é-/ k– 8ZX- [-]]–2n - kR[X–à+k+ T s2N’ kà+k+ é-/ k– 8ZX- [-]]–2n é- k

x[- ]- ZX- h - / +k’ H- ZX+ é- k L[-]X–X+ Mòòk–/ ’ • –+Z’ [–+u R– ]- Z]– é- kk’ [X–à+k+ Cv s2R/ - ZX- x-[ –k

L’/ ’ H- ZX+2n é- k x[- ]- ZX- h - / +k’ H- ZX+ é- k L[-]X–X+ Mòòk–/ ’ • –+Z’ [–+o x-[ R/ - ZX- x-[ –k L’/ ’ H- ZX+ ]–

–ZX- Zé- O" L L’[–ò’ ] &- à=[–X–- ] &- [K–à- ]oè–k–’ k- é–9 –k’ Z+oà+Z ]- é- –Z ; –’ RZ]x- [X+ vozi CzD9 –k’ Z+u

Articolo 1 – Importo, tagli e titoli.

8k x[- ]X–X+ +òòk–/ ’ • –+Z’ [–+ 9 - [[–kk 1 _Zàì zii qmzi CD CV 0–}- é h ’ X- d vt N9 & Ci VmzV &Lh 5 RS 01 MMh 5 S RA Dp - H-]]+ é’

9 - [[–kk1 _Zàì r N+uo8ZàuskEmittenten x-[ =Z

–Hx+[X+ x’[–’ 5 =[+ vii H–k–+Z– sà+Hx[- Z]–K+

é- kk–Hx+[X+ é– 5 =[+ f i H–k–+Z– àì - ]’ [à é-]X–Z’ X+ ’ kk’ ]]- / Z’ • –+Z- é- kk- Mòòk–/ ’ • –+Z–

x[- Z+X’ X- x[–H’ é- kk’ àì –=]=[’ ’ ZX–à–x’ X’

é- kkMèè- [X’ +KK- [+ k=kX–H+ / –+[Z+ é- kkMèè- [X’

- é - àà- é- ZX– k’ €=+X’ é– 5 =[+ f ai H–k–+Z–n s–k Prestito Obbligazionario + –k Prestiton Z- kk’ Hò–X+ é– =Z+èè- [X’ x=òòk–à’ –Z 8X’ k–’ skOffertano à+]X–X=–X+ é’ =Z Z=H- [+ H’]]–H+ é–vii uiii +òòk–/ ’ • –+Z–é- kK’ k+[- Z+H–Z’ k- é– 5 =[+ Cuiii à’ é’ =Z’ sk- Obbligazioni +o –Z

/ - Z- [’ k- okObbligazionenu

Articolo 2 – Forma.

1- Mòòk–/ ’ • –+Z– ]+Z+ X–X+k– ’ k x+[X’ X+[- o

–HH- ]]– Z- k ]–]X- H’ é– / - ]X–+Z- ’ àà- ZX[’ X’

x[- ]]+ 9 +ZX- A–X+k– &uxuRu à[-’ X– - é - H-]]– ’ k

é–è=+[–é- –à+Zè–Z–é- kk’ h - x=òòk–à’ 8X’ k–’ Z’ –Z

è+[H’ é–o - [’ xx[- ]- ZX’ X– –Z–• –’ kH- ZX- é’ o

=Z+òòk–/ ’ • –+Z- –Z è+[H’ / k+ò’ k- X- Hx+[’ Z-’

skObbligazione Globale Temporaneanu

1 5 H–XX- ZX- ]– –Hx- / Z’ ’ ]à’ Hò–’ [-

kMòòk–/ ’ • –+Z- 7 k+ò’ k- A- Hx+[’ Z-’ à+Z

=Z+òòk–/ ’ • –+Z- / k+ò’ k- x-[H’ Z- ZX- skObbligazione Globale Permanente -o

–Z]–- H- ’ kkMòòk–/ ’ • –+Z- 7 k+ò’ k- A- Hx+[’ Z-’ o kObbligazione Globalen - ZX[+ k’ ]=àà- ]]–K’ è[’ k- ]- / =- ZX–é=- é’ X- .

• k’ é’ X’ àì - à’ é- f i / –+[Z– é+x+ k’ é’ X’

]=àà- ]]–K’ X[’ s’ n –k à+Hxk- X’ H- ZX+ é- k

à+kk+à’ H- ZX+ é- kk- Mòòk–/ ’ • –+Z– à+]ì à+H- é- X- [H–Z’ X+ é’ N’ x–X’ k–’ &uxuRu

• sCapitalia + –k Responsabile del CollocamentonE- sòn k’ S ’ X’ é–5 H–]]–+Z- é- kk- Mòòk–/ ’ • –+Z–E-

• k’ é’ X’ –Z à=–K- [[’ ZZ+ è+[Z–X- ’ kk5 H–XX- ZX-

+ ’ é =Z ’ / - ZX- é- kk5 H–XX- ZX- k- Z- à-]]’[–-

à-[X–è–à’ • –+Z–è–]à’ k–1u

1 5 H–XX- ZX- Z+Z - èè- XX=- [à ’ kà=Z x’/ ’ H- ZX+ ]–’ x-[ –ZX- [- ]]–

]–’ x-[ ’ kX[+ ’ HH+ZX’ [- à+Z [–è- [–H- ZX+ ’ €=’ k]–’ ]– è[’ • –+Z-

é- kk+òòk–/ ’ • –+Z- ’ k x+[X’ X+[- –Z è+[H’ / k+ò’ k- X- Hx+[’ Z-’ ’

H- Z+ àì - 9 +ZX- A–X+k– &uxuRu à+Z]-/ Z– =Z’ à-[X–è–à’ • –+Z-

è–]à’ k- à+Z [–è- [–H- ZX+ ’ kX–X+k’ [- =kX–H+ é- kkeMòòk–/ ’ • –+Z- à=–]–

[–è- [–]à- X’ k- è[’ • –+Z- é- kk+òòk–/ ’ • –+Z- –Z è+[H’ / k+ò’ k- u 8Z+kX[-

k5 H–XX- ZX- Z+Z ]à’ Hò–- [à ’ kà=Z’ è[’ • –+Z- é- kk+òòk–/ ’ • –+Z- ’ k

x+[X’ X+[- –Z è+[H’ / k+ò’ k- X- Hx+[’ Z-’ à+Z =Z+òòk–/ ’ • –+Z- ’ k

x+[X’ X+[- –Z è+[H’ x-[H’ Z- ZX- ’ H- Z+ àì - Z+Z [–à- K’ é’ 9 +ZX-

A–X+k– &uxuRu=Z’ à-[X–è–à’ • –+Z- è–]à’ k- à+Z [–è- [–H- ZX+ ’ k X–X+k’ [-

=kX–H+ é- kkeMòòk–/ ’ • –+Z- à=– ]– [–è- [–]à- k’ x+[• –+Z- é’

]à’ Hò–’ [- u Ré +/ Z– H+é+ –k à-[X–è–à’ X+ è–]à’ k- é- K- ]x- à–è–à’ [- àì - à–’ ]à=Z X–X+k’ [- =kX–H+ é- kkeMòòk–/ ’ • –+Z- .

Z+Z è =Z’ 6 Z–X- é &X’ X- ] L-[]+Z sà+H- é–]-/ =–X+ é- è–Z–X’ nE

Z+Z è =Z’ à+ZX[+kk’ X’ ]X[’ Z–- [’ é– =Z’ –]X–X=• –+Z- è–Z’ Z• –’ [–’

]X’ X=Z–X- Z]- àì - ’ à€=–]X’ x-[ x[+x[–+ à+ZX+ + x-[ [–K- Zé-[- o+ Z+Z è =Z’ 6 Z–X- é &X’ X- ] L-[]+Z àì - ì ’ ’ à€=–]X’ X+ k- Mòòk–/ ’ • –+Z– ’ XX[’ K- []+ =Z’ é– €=-]X- –]X–X=• –+Z– è–Z’ Z• –’ [–- -

àì - é- X–- Z- k- Mòòk–/ ’ • –+Z– x-[ –k X[’ H–X- é– X’ k- –]X–X=• –+Z-

è–Z’ Z• –’ [–’ ’ kk’ é’ X’ é– à-[X–è–à’ • –+Z- u 8Z €=-]X– à’]–o

k–]X–X=• –+Z- è–Z’ Z• –’ [–’ é- K- è+[Z–[- =Z’ à-[X–è–à’ • –+Z-

’ kk5 H–XX- ZX- + ’ k à+kk+à’ X+[- é- kk- Mòòk–/ ’ • –+Z– àì - k- ì ’ K- Zé=X+ k- ]X- ]]- àì - ]x- à–è–àì – àì - X’ k- –]X–X=• –+Z- è–Z’ Z• –’ [–’

]– –Hx- / Z’ ’ é ’ é- Hx–- [- ’– [- €=–]–X– é- kk’ &- • –+Z- CavsGnsDn sRno sOno + sNn é- kk8ZX- [Z’ k h - K- Z=- N+é- é- k CgTao à+H- H+é–è–à’ X+ ]=àà-]]–K’ H- ZX- - é-– [- / +k’ H- ZX– é- kk+ 6 Z–X- é &X’ X- ] A[-’]=[_E+

è =Z –]X–X=• –+Z- è–Z’ Z• –’ [–’ àì - é- X–- Z- à+Z k+ ]à+x+ é– [–K- Zé-[- é=[’ ZX- –k x-[–+é+ –Z à=– ]– ’ xxk–à’ Z+ k- [- ]X[–• –+Z– à+]ì à+H- é- è–Z–X+ Z-– [- / +k’ H- ZX– é- kk+ 6 Z–X- é &X’ X- ]

A[-’]=[_ ’ kk- &- • –+Z– CuCaDcvsànszns–nsS nsqnu 6 Z –]X–X=• –+Z- è–Z’ Z• –’ [–’ é– €=-]X+ / - Z-[- sé-]à[–XX’ + H- Z+ Z-– x[- à- é- ZX– é=- x=ZX–n é- K- à-[X–è–à’ [- àì - Z+Z ì ’ ’ à€=–]X’ X+ k-

Mòòk–/ ’ • –+Z– à+Z k’ è–Z’ k–Xà é– [–K- Zé-[k- é–[- XX’ H- ZX- +

–Zé–[- XX’ H- ZX- ’ =Z’ 6 Z–X- é &X’ X- ] L-[]+Z + ’ é =Z’ x-[]+Z’

’ kke–ZX- [Z+ é-/ k–&X’ X–6 Z–X–+ é-–[- k’ X–K–x+]]- é–H- ZX–u

1’ à-[X–è–à’ • –+Z- è–]à’ k- é+K[à -]]-[- è–[H’ X’ é’ =Z’ x-[]+Z’

é- ò–X’ H- ZX- ’ =X+[–•• ’ X’ - –Z H+é+ ]+éé–]è’ à- ZX- x-[ k5 H–XX- ZX- u

" -]]=Z ]+// - XX+ àì - x+]]–- é’ =Z’ è[’ • –+Z- é– =Z’ +òòk–/ ’ • –+Z-

’ k x+[X’ X+[- –Z è+[H’ / k+ò’ k- X- Hx+[’ Z-’ [–à- K- [à ’ kà=Z

x’/ ’ H- ZX+ + à+Z]-/ Z’ é– €=’ k]–K+/ k–’ ’ HH+ZX’ [- + x[+x[–- Xà

à+Z [–è- [–H- ZX+ ’ kk’ x[+x[–’ è[’ • –+Z- - Z+Z ]’[à ’ =X+[–•• ’ X+ ’

]à’ Hò–’ [- k’ x[+x[–’ è[’ • –+Z- –Z =Z’ è[’ • –+Z- é- kk+òòk–/ ’ • –+Z-

’ k x+[X’ X+[- –Z è+[H’ / k+ò’ k- x-[H’ Z- ZX- + –Z =Z’ +òòk–/ ’ • –+Z-

–Z €=’ k]–K+/ k–’ è+[H’ o ’ H- Z+ àì - k5 H–XX- ZX- + =Z ’ / - ZX- é- kk5 H–XX- ZX- ’ òò–’ [–à- K=X+ k’ Z- à-]]’[–’ à-[X–è–à’ • –+Z- è–]à’ k- u

8 x+[X’ X+[– é- kk- Mòòk–/ ’ • –+Z– s/ k– Obbligazionistin x+X[’ ZZ+ [–àì –- é-[- ’ k+[+ é–]à[- • –+Z- o é– ]+]X–X=–[- o –ZX- / [’ kH- ZX- - Z+Z

–Z H+é+ x’[• –’ k- o k’ x[+x[–’ €=+X’

Z- kkMòòk–/ ’ • –+Z- 7 k+ò’ k- L-[H’ Z- ZX- à+Z

+òòk–/ ’ • –+Z– è–]–àì - é- è–Z–X–K- ’ k x+[X’ X+[- à+Z

+ ]- Z•’ à- é+k- ’ kk- / ’ X- sk- Obbligazioni Definitiveno H- é–’ ZX- x[-’ KK–]+ ]à[–XX+

Z+X–è–à’ X+ ’ kk5 H–XX- ZX- - m+ ’ kkR/ - ZX- x-[ –k

L’/ ’ H- ZX+ sà+H- –Z ]- / =–X+ é- è–Z–X+no è–ZX’ ZX+àì é k- Mòòk–/ ’ • –+Z– ]’[’ ZZ+ –HH- ]]-

Z- k ]–]X- H’ é– / - ]X–+Z- ’ àà- ZX[’ X’ x[- ]]+

9 +ZX- A–X+k– &uxuRus–Z è+[H’ é– Mòòk–/ ’ • –+Z-

7 k+ò’ k- no x-[ –k X[’ H–X- é-/ k– –ZX- [H- é–’ [–

’ =X+[–•• ’ X– –X’ k–’ Z– - é - ]X- [– ’ é-[- ZX– ’ 9 +ZX-

A–X+k– &uxuRu ’ kH- Z+ ai / –+[Z– x[–H’ é- kk’

]+]X–X=• –+Z- u

7 k– Xxxx–/ ’ • –+Z–]X– Z+Z é+K[’ ZZ+ à+[[–]x+Zé- [- ’ kk5 H–XX- ZX- ’ kà=Z –Hx+[X+ x-[

X’ k- ]+]X–X=• –+Z- o ]’ kK+ - K- ZX=’ k– à+HH–]]–+Z–

+ à+[[–]x- XX–K– é– €=’ k]–K+/ k–’ Z’ X=[’

- K- ZX=’ kH- ZX- [–àì –- ]X– ’ / k– Mòòk–/ ’ • –+Z–]X–

é’– é- x+]–X’ [– +é –ZX- [H- é–’ [– é-– €=’ k–

kMòòk–/ ’ • –+Z–]X’ ]–]–’ ’ KK’ k]+ x-[ x[+à- é-[- ’

X’ k- ]+]X–X=• –+Z- + ’ kk’ x[- ]- ZX’ • –+Z- é- kk’

–Zé–à’ X’ à+H=Z–à’ • –+Z- u

8Z +/ Z– à’]+ k- Mòòk–/ ’ • –+Z– Z+Z x+]]+Z+

-]]-[- ]à’ Hò–’ X- à+Z X–X+k–Z+H–Z’ X–K–u

8 [- €=–]–X– ]x- à–è–à– - k- [- ]X[–• –+Z– –Hx+]X– é’ kk- k- // – - é’–

[- / +k’ H- ZX– è- é-[’ k– é-/ k– &X’ X– 6 Z–X– –Z H’ X- [–’ è–]à’ k- ]+Z+

’ xxk–à’ ò–k–’ / k–]X[=H- ZX–è–Z’ Z• –’ [–’ kx+[X’ X+[- u

M/ Z– 6 Z–X- é &X’ X- ] L-[]+Z àì - é- X- Z/ ’ k- Mòòk–/ ’ • –+Z– è

]+// - XX’ ’ kk- k–H–X’ • –+Z– x[- K–]X- é’ kk- Z+[H- ]X’ X=Z–X- Z]– –Z

1’ ]- / =- ZX- k- / - Zé’ ’ xxk–à’ ò–k-

-]àk=]–K’ H- ZX- ’ kk- 2United States Persons2

]’ [à ’ xx+]X’ ]=kk- Mòòk–/ ’ • –+Z–.

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Mòòk–/ ’ • –+Z– ]’ [à ]+// - XX’ ’ kk- k–H–X’ • –+Z–

x[- K–]X- é’ kk’ k- / –]k’ • –+Z- è–]à’ k- é-/ k– &X’ X–

6 Z–X– é RH-[–à’ o à+Hx[- ]- k- k–H–X’ • –+Z–

x[- K–]X- Z- kk- &- • –+Z– CavsGn - CzTqs’ n é- kkInternal Revenue Code2u

1- &- •–+Z– é- kkInternal Revenue Code ]+x[’ [–àì –’ H’ X- x[- K- é+Z+ àì - – x+[X’ X+[–

]X’ X=Z–X- Z]– é- kk- Mòòk–/ ’ • –+Z–o à+Z ’ kà=Z-

- àà- • –+Z–o Z+Z ]’[’ ZZ+ k- / –XX–H’ X– ’ é- é=[[-

€=’ k]–’ ]– x-[é–X’ ]=kk- Mòòk–/ ’ • –+Z– - Z+Z

]’ [’ ZZ+ k- / –XX–H’ X– ’ k X[’ XX’ H- ZX+ [- k’ X–K+ ’ kk-

xk=]K’ k- Z• - x-[ +/ Z– / =’ é’/ Z+ ]= +/ Z–

K- Zé–X’ o X[’ ]è- [–H- ZX+o + x’/ ’ H- ZX+ é- k

à’ x–X’ k- à+Z [–è- [–H- ZX+ ’ kk- Mòòk–/ ’ • –+Z–u

1- Mòòk–/ ’ • –+Z– ]+Z+ ]+// - XX- ’– [- €=–]–X–

è–]à’ k– é-/ k– &X’ X– 6 Z–X– à+]ì à+H- é- è–Z–X– Z- –

[- / +k’ H- ZX– é- kk+ United States Treasury ’ kk- &- • –+Z– CuCaDcvsànszns–nsS nsqn - o é=[’ ZX- –k L-[–+é+ é– S –K–- X+o Z+Z x+X[’ ZZ+ -]]-[-

+èè- [X- o K- Zé=X- + à+Z]- / Z’ X- Z- / k– &X’ X– 6 Z–X–

+ Z- – [- k’ X–K– x+]]- é–H- ZX– + ’ =Z’ U.S.

Personuz

H’ X- [–’ é– X’ ]]’ • –+Z- ]=k [- éé–X+o à+Hx[-]- k- k–H–X’ • –+Z–

x[- K–]X- ’ kk- &- • –+Z– CavsGn - CzTqs’ n é- kk8ZX- [Z’ k h - K- Z=-

N+é- u1 - ]x[-]]–+Z- 6 Z–X- é &X’ X- ] L-[]+Z à+Hx[- Zé-.

+/ Z– à–XX’ é–Z+ + [- ]–é- ZX- é-/ k– &X’ X– 6 Z–X–E =Z’ ]+à–- Xà +

x’[XZ- []ì –xo à+Hx[-]’ +/ Z– - ZX–Xà à+Z]–é- [’ X’ ’ Z’ k+/ ’ ’ =Z’

]+à–- Xà + ’ é =Z’ x’[XZ- []ì –x ’– è–Z– é- kk- Z+[H’ X–K- è- é-[’ k–

]X’ X=Z–X- Z]– –Z H’ X- [–’ é– X’ ]]’• –+Z- ]=k [- éé–X+o àì - ]–’

à+]X–X=–X’ + +[/ ’ Z–•• ’ X’ ]- à+Zé+ k- k- // – é-/ k– &X’ X– 6 Z–X–o é–

à–’ ]à=Z+ ]X’ X+ é-/ k–&X’ X–6 Z–X–+ é- kS –]X[- XX+ é–N+k=Hò–’ E

=Z x’ X[–H+Z–+ – à=– [- éé–X– ]–’ Z+ ’ ]]+// - XX’ X– ’ kk- Z+[H’ X–K-

è–]à’ k– è- é-[’ k– é-/ k– &X’ X– 6 Z–X– –Z H’ X- [–’ é– X’ ]]’• –+Z- ]=k

[- éé–X+ ]- Z•’ à+Z]–é- [’ • –+Z- [–]x- XX+ ’ kk’ è+ZX- é– x[+K- Z–- Z•’ E+

=Z X[=]X ]- =Z X[–ò=Z’ k- é-/ k– &X’ X– 6 Z–X– è ’ =X+[–•• ’ X+ ’

- ]-[à–X’ [- k’ ]=x-[K–]–+Z- x[–H’ [–’ é- kk’ HH–Z–]X[’ • –+Z- é- k

]=éé- XX+ X[=]X+ ]- =Z’ + x–ù 6 Z–X- é &X’ X- ] L-[]+Z ì ’ k’ =X+[–Xà

é– à+ZX[+kk’ [- X=XX- k- é- à–]–+Z– ]+]X’ Z• –’ k– é- k X[=]X]X- ]]+u 8Z

’// –=ZX’ o ’ kà=Z– X[=]Xàì - K- Z–K’ Z+ à+Z]–é- [’ X– 6 Z–X- é &X’ X- ]

L-[]+Z x[–H’ é- kzi ’ / +]X+ Cgga x+]]+Z+ +xX’ [- ]- à+ZX–Z=’ [-

’ -]]-[- à+]ì à’[’ XX- [–•• ’ X– ’– è–Z– x[- K–]X– é’ kk- [- / +k’ H- ZX’ • –+Z–é- kk+ 6 Z–X- é &X’ X- ] A[-’]=[_u

M/ Z– [–è- [–H- ZX+ ’ / k– &X’ X– 6 Z–X– ]– –ZX- Zé- è’ XX+ ’ / k– &X’ X– 6 Z–X–

é RH-[–à’ o à+Hx[- Z]–K– é-/ k– ]X’ X– - é- k S –]X[- XX+ é– N+k=Hò–’ o

–Z]–- H- ’– [- k’ X–K– X- [[–X+[–o x+]]- é–H- ZX– - X=XX- k- ’ kX[- ’ [--

’]]+// - XX’ X- ’ kk’ / –=[–]é–• –+Z- é-/ k–&X’ X–6 Z–X–é RH-[–à’ u

z 8k h - ]x+Z]’ ò–k- é- k N+kk+à’ H- ZX+o –k N+kk+à’ X+[- o - à–’ ]à=Z

]+XX+]à[–XX+[- + ]=àà-]]–K+ ’ à€=–[- ZX- é- kk- Mòòk–/ ’ • –+Z– Z+Z

x+X[’ ZZ+ +èè[–[- o K- Zé-[- + à+Z]-/ Z’[- k- Mòòk–/ ’ • –+Z– Z-/ k–

&X’ X– 6 Z–X– éeRH-[–à’ + ’ o + x-[ à+ZX+ + ’ ò- Z- è–à–+ é–o =Z’

6 Z–X- é &X’ X- ] L-[]+Z sà+H- é- è–Z–X’ Z- kk’ Z+X’ zno sCn –Z Z-]]=Z H+H- ZX+ é- kà+kk+à’ H- ZX+o- szn è–ZX’ ZX+àì é Z+Z ]–’ Z+ X[’ ]à+[]–

f i / –+[Z– é– à’ k- Zé’[–+ é’ kk’ S ’ X’ é– 5 H–]]–+Z- é- kk-

Mòòk–/ ’ • –+Z– sX’ k- x-[–+é+ è é- è–Z–X+ –k L-[–+é+ é– S –K–- X+nu " - k

à’]+ –Z à=–k5 H–XX- ZX- - H- XX’ X[’ Zàì - ]=àà-]]–K- é–Mòòk–/ ’ • –+Z–

é- kk’ H- é-]–H’ ]- [–- é=[’ ZX- k–Z–• –’ k- x-[–+é+ é– [- ]X[–• –+Z- é–

f i / –+[Z– ’ xxk–à’ ò–k- ’ kk- Mòòk–/ ’ • –+Z– –Z à–[à+k’ • –+Z- é– =Z’

é’ X’ ]- [–- o X’ k- x-[–+é+ é– f i / –+[Z– ]’[à - ]X- ]+ é– =kX- [–+[– f i

/ –+[Z– ’ x’[X–[- é’ kk’ é’ X’ ]=àà-]]–K- X[’ k–Z–• –+ é- k L-[–+é+ é–

Mèè- [X’ - k’ S ’ X’ é–5 H–]]–+Z- é–X’ k– X[’ Zàì - ’// –=ZX–K- u8Z+kX[- o

Z- k à’]+ –Z à=– k5 H–XX- ZX- - H- XX’ X[’ Zàì - ]=àà-]]–K- é–

Mòòk–/ ’ • –+Z– é- kk’ H- é-]–H’ ]- [–- é+x+ k–Z–• –’ k- x-[–+é+ é–

[- ]X[–• –+Z- é– f i / –+[Z–o =Z Z=+K+ x-[–+é+ é– [- ]X[–• –+Z- ]’[à

’ xxk–à’ X+ ’ X’ k– ]=àà-]]–K- - H–]]–+Z– é– Mòòk–/ ’ • –+Z– H- ZX[- x-[

x- Xxxx–/ ’ • –+Z– –Z–• –’ kH- ZX- - H-]]- K’ [[à k–Z–• –’ k- x-[–+é+ é–

[- ]X[–• –+Z- u 8Z ]- / =–X+ ’ k X- [H–Z- é- k Z=+K+ x-[–+é+ é– [- ]X[–• –+Z- o k- Mòòk–/ ’ • –+Z– ]=àà-]]–K’ H- ZX- - H-]]- ]’ [’ ZZ+

è=Z/ –ò–k– - è+[H-[’ ZZ+ =Z’ =Z–à’ ]- [–- à+Z k- Mòòk–/ ’ • –+Z– –Z

à–[à+k’ • –+Z- u

Articolo 3 – Legittimazione e Circolazione

– Ranking delle Obbligazioni.

0–Z+ ’ €=’ Zé+ k- Mòòk–/ ’ • –+Z– ]’[’ ZZ+

–HH- ]]- Z- k ]–]X- H’ é– / - ]X–+Z- ’ àà- ZX[’ X’

x[- ]]+ 9 +ZX- A–X+k– &uxuRu s–Z è+[H’ é–

Mòòk–/ ’ • –+Z- S - è–Z–X–K’ + –Z è+[H’ é–

Mòòk–/ ’ • –+Z- 7 k+ò’ k- no +/ Z– +x-[’• –+Z-

’ K- ZX- ’ é +// - XX+ k- Mòòk–/ ’ • –+Z– s–K– –Zàk=]––

X[’ ]è- [–H- ZX– - à+]X–X=• –+Z- é– K–Zà+k–n Z+Zàì é k-]- [à–• –+ é-– [- k’ X–K– é–[–XX– x’ X[–H+Z–’ k– x+X[à

-]]-[- - èè- XX=’ X’ - ]àk=]–K’ H- ZX- x-[ –k X[’ H–X-

é– –ZX- [H- é–’ [– è–Z’ Z• –’ [–o –X’ k–’ Z– +é - ]X- [–o

’ é-[- ZX– ’ k ]–]X- H’ é– / - ]X–+Z- ’ àà- ZX[’ X’

x[- ]]+ 9 +ZX- A–X+k–&uxuRu

" - k à’]+ é– Xxxx–/ ’ • –+Z– S - è–Z–X–K- Z+Z

–HH- ]]- Z- k ]–]X- H’ é– / - ]X–+Z- ’ àà- ZX[’ X’ x[- ]]+ 9 +ZX- A–X+k– &uxuRuo k5 H–XX- ZX- -

kR/ - ZX- x-[ –k L’/ ’ H- ZX+ sà+H- –Z ]- / =–X+ é- è–Z–X+no]’ kK+ é–K- []’ é–]x+]–• –+Z- Z+[H’ X–K’

é– K+kX’ –Z K+kX’ ’ xxk–à’ ò–k- o à+Z]–é- [- [’ ZZ+ -

X[’ XX- [’ ZZ+ –k x+[X’ X+[- é– €=’ k]–’ ]–

Mòòk–/ ’ • –+Z- s–Zé–x- Zé- ZX- H- ZX- é’ kk’

à–[à+]X’ Z• ’ àì - -]]’ ]–’ + H- Z+ ]à’ é=X’ o+ àì -

]–’ ]X’ X’ - èè- XX=’ X’ –Z [- k’ • –+Z- ’ kk’ ]X- ]]’

€=’ k]–K+/ k–’ à+H=Z–à’ • –+Z- + ’ ZZ+X’ • –+Z-

–Z- [-ZX- k’ X–X+k’ [–Xào ]H’ [[–H- ZX+ + è=[X+n

à+H- –k X–X+k’ [- é- kk’ ]X- ]]’ k- / –XX–H’ X+

’ kk- ]- [à–• –+ é-– é–[–XX– [’ xx[- ]- ZX’ X–

é’ kkMòòk–/ ’ • –+Z- u 1’ X–X+k’ [–Xà / –=[–é–à’ é- kk-

Mòòk–/ ’ • –+Z– S - è–Z–X–K- o Z+Z –HH- ]]- Z- k

]–]X- H’ é– / - ]X–+Z- ’ àà- ZX[’ X’ x[- ]]+ 9 +ZX-

A–X+k– &uxuRuo ]– X[’ ]è- [–[à à+Z k’ ]- Hxk–à- à+Z]- / Z’ u

1- Mòòk–/ ’ • –+Z– [’ xx[- ]- ZX’ Z+ =Z’ è+[H’ é–

–Zé- ò–X’ H- ZX+ Z+Z / ’ [’ ZX–X’ é- kk5 H–XX- ZX- o –Z

€=’ ZX+ –k [–Hò+[]+ é- kk- Mòòk–/ ’ • –+Z– - –k

x’/ ’ H- ZX+ é- kk- N- é+k- sà+H- é– ]- / =–X+ é- è–Z–X- n Z+Z ]+Z+ ’]]–]X–X– é’ / ’ [’ Z• –-

]x- à–è–àì - Zé ]+Z+ x[- K–]X– –Hx- / Z– [- k’ X–K–

’ kk’ ’]]=Z• –+Z- é– / ’ [’ Z• –- è–Z’ k–•• ’ X- ’ k ò=+Z

-]–X+ é- kL[-]X–X+u

8 é–[–XX––Z- [- ZX–k- Mòòk–/ ’ • –+Z–]+Z+ x’[–H- ZX–

+[é–Z’ X–[–]x- XX+ ’ é ’ kX[–é- ò–X–àì –[+/ [’ è’ [–s–u- u

Z+Z / ’ [’ ZX–X– - Z+Z x[–K–k- / –’ X–n é- kk5 H–XX- ZX-

/ –à à+ZX[’ XX–+ è=X=[–u

8k à[- é–X+ é-/ k– Mòòk–/ ’ • –+Z–]X– K- []+ k5 H–XX- ZX- K- [[à ]+éé–]è’ XX+ pari passu à+Z / k–

’ kX[– é- ò–X– Z+Z / ’ [’ ZX–X– - Z+Z x[–K–k- / –’ X– é- kk5 H–XX- ZX- u

Articolo 4 – Prezzo e Data di Emissione.

1- Mòòk–/ ’ • –+Z– ]+Z+ - H-]]- ’ kk’ x’[–o K’ k- ’

é–[- ’ k x[- •• + é– 5 =[+ Cuiii s–k Prezzo di Emissionen x-[ +/ Z– Mòòk–/ ’ • –+Z- é– x’[–

K’ k+[- Z+H–Z’ k- –k a H’[• + zii q - –k Di H’[• + zii q sk’ Data di Emissionenu1- Mòòk–/ ’ • –+Z–

- H-]]- –Z é’ X’ Di H’[• + zii q ]’[’ ZZ+

è=Z/ –ò–k– à+Z k- Mòòk–/ ’ • –+Z– - H-]]- –Z é’ X’ a

H’[• + zii q –Z €=’ ZX+ ’ K- ZX– H- é-]–H’ S ’ X’ é–7 +é–H- ZX+u

Articolo 5 Durata e godimento.

1’ é=[’ X’ é- k L[-]X–X+ Mòòk–/ ’ • –+Z’ [–+ è é– ]-–

’ ZZ–o ’ x’[X–[- é’ k a H’[• + zii q sk’ Data di Godimenton - è–Z+ ’ k a H’[• + zi CD s–Zàk=]+n sk’ Data di Scadenzanu

Articolo 6 – Agente per il Calcolo.

1 e’ / - ZX- x-[ –k à’ kà+k+ ]’ [à 9 - [[–kk 1 _Zàì 8ZX- [Z’ X–+Z’ kskAgente per il Calcolo + MLInu

Articolo 7 – Date di Pagamento degli Interessi.

1- Mòòk–/ ’ • –+Z– è[=XX- [’ ZZ+ –ZX- [-]]– ’ ZZ=’ k–

s/ k– Interessi + Cedolen àì - ]’ [’ ZZ+ à+[[–]x+]X– –k a H’[• + zii To a H’[• + zii go a H’[• + zi Ci oa H’[• + zi CCo a H’[• + zi Cz - a H’[• + zi CD sà–’ ]à=Z’ =Z’ Data di Pagamentonu

y =’ k+[’ k’ S ’ X’ é– L’/ ’ H- ZX+ Z+Z à+–Zà–é’ à+Z =Z 7 –+[Z+ 1’ K+[’ X–K+ ARh 7 5 A sà+H- é–

]- / =–X+ é- è–Z–X+no–k x’/ ’ H- ZX+ K- [[à - èè- XX=’ X+

–k x[–H+ 7 –+[Z+ 1’ K+[’ X–K+ ARh 7 5 A

]=àà- ]]–K+o]- Z• ’ àì - ke–ZK- ]X–X+[- ’ òò–’ é–[–XX+ ’ é –ZX- [-]]–’// –=ZX–K–u

Articolo 8 – Calcolo degli Interessi.

1- Mòòk–/ ’ • –+Z– H’ X=[’ Z+ =Z’ à- é+k’ ’ ZZ=’ k-

è–]]’ sk’ Cedola Fissan - à–Z€=- à- é+k- ’ ZZ=’ k–

K’ [–’ ò–k– sk- Cedole Variabili - ]–Z/ +k’ [H- ZX- k’ Cedola Variabilenu

1’ N- é+k’ 0–]]’ è x’/ ’ ò–k- –ka H’[• + zii T - é

è x’[–’ kf oii p o€=–Zé–5 =[+ f i oii x-[ à’ é’ =Z’

Mòòk–/ ’ • –+Z- é- k K’ k+[- Z+H–Z’ k- =Z–X’ [–+ é–

5 =[+ Cuiii u

1- N- é+k- ; ’ [–’ ò–k– ]+Z+ x’/ ’ ò–k–

[–]x- XX–K’ H- ZX- –Z é’ X’ a H’[• + zii go €=’ ZX+

’ kk’ x[–H’ N- é+k’ ; ’ [–’ ò–k- o –Z é’ X’ a H’[• +

zi Ci €=’ ZX+ ’ kk’ ]- à+Zé’ N- é+k’ ; ’ [–’ ò–k- o –Z

é’ X’ a H’[• + zi CC €=’ ZX+ ’ kk’ X- [•’ N- é+k’

; ’ [–’ ò–k- o –Z é’ X’ a H’[• + zi Cz €=’ ZX+ ’ kk’

€=’[X’ N- é+k’ ; ’ [–’ ò–k- - –Z é’ X’ a H’[• +

zi CD €=’ ZX+ ’ kk’ €=–ZX’ à- é+k’ K’ [–’ ò–k- u

N–’ ]à=Z’ N- é+k’ ; ’ [–’ ò–k- o x-[ à’ é’ =Z’

Mòòk–/ ’ • –+Z- é- k K’ k+[- Z+H–Z’ k- é– 5 =[+

Cuiii o è x’[– ’ k x[+é+XX+ è[’ s–n –k K’ k+[-

Z+H–Z’ k- é- kkeMòòk–/ ’ • –+Z- sVNn - s––n –k H’ // –+[- è[’ sRn Doii p - sOn v K+kX- k’ é–èè- [- Z• ’ sk+ Spreadn X[’ k+ &{ ’ x Ci V - k+ &{ ’ x zV s–Tassi di Riferimento - à–’ ]à=Z+ –k Tasso di Riferimentonu1’ éé+K- X’ k- H=kX–xk+ é- kk+ &x[-’ é è+]]- –Zè- [–+[- ’ k Doii p o k’ [-k’ X–K’ N- é+k’ ; ’ [–’ ò–k- ]’ [à €=–Zé– x’[– ’ k

Doii p o +KK- [+ 5 =[+ Di oii x-[ à’ é’ =Z’ Mòòk–/ ’ • –+Z- é- k K’ k+[- Z+H–Z’ k- é– 5 =[+

Cuiii u

1- Mòòk–/ ’ • –+Z– / ’ [’ ZX–]à+Z+ –Zè’ XX– =Z’

N- é+k’ ; ’ [–’ ò–k- H–Z–H’ é- k Doii p é- kK’ k+[-

Z+H–Z’ k- ]+XX+]à[–XX+o +KK- [+ 5 =[+ Di oii x-[

à’ é’ =Z’ Mòòk–/ ’ • –+Z- é- k K’ k+[- Z+H–Z’ k- é– 5 =[+ Cuiii u

&- / Z’ X’ H- ZX- –Z è+[H=k- o ke–Hx+[X+ é–

à–’ ]à=Z’ N- é+k’ ; ’ [–’ ò–k- è à+]ì à’ kà+k’ X+.

h - =X- [] 8&S R08%z s+ ]= ’ kX[’ x’/ –Z’ –Z

]+]X–X=• –+Z- é- kk’ ]X- ]]’ x-[ X’ k- ]-[K–• –+nE

Periodo di Interesse indica –k x-[–+é+ àì -

–Z–• –’ –k a H’[• + s–Zàk=]+n é– à–’ ]à=Z ’ ZZ+ -

X- [H–Z’ –k a H’[• + s- ]àk=]+n é- kk’ ZZ+

]=àà- ]]–K+o ’ x’[X–[- é’ k a H’[• + zii q - ]–Z+

’ kk’ é’ X’ é– ]à’ é- Z• ’ é- kk- Mòòk–/ ’ • –+Z–u R

X–X+k+ - ]- Hxk–è–à’ X–K+o –k x[–H+ L-[–+é+ é–

8ZX- [-]]- –Z–• –’ –k a H’[• + zii q s–Zàk=]+n -

X- [H–Z’ –k a H’[• + zii T s- ]àk=]+n - ke=kX–H+

L-[–+é+ é– 8ZX- [-]]- –Z–• –’ –k a H’[• + zi Cz

s–Zàk=]+n - X- [H–Z’ –ka H’[• + zi CDs- ]àk=]+nE

Giorno Lavorativo indica =Z / –+[Z+ àì - ]–’

=Z 7 –+[Z+ 1’ K+[’ X–K+ ARh 7 5 Au

Xxxxxx Xxxxxxxxxx TARGET –Zé–à’

€=’ k]–’ ]– / –+[Z+ é–K- []+ é’ k ]’ ò’ X+ - é’ kk’

é+H- Z–à’ Z- k €=’ k- –k Trans European Automated Real Time Gross Settlement Express Transfer sARh 7 5 An &_]X- H è ’ x-[X+ x-[ k’ ]=’ Z+[H’ k- +x-[’ X–K–Xàu

Milan business day –Zé–à’ =Z €=’ k]–’ ]– / –+[Z+

–Z à=– k- ò’ Zàì - - – H- [à’ X– é-– à’ Hò–

- èè- XX=’ Z+ x’/ ’ H- ZX– - ]+Z+ ’ x-[X– x-[ k’ Z+[H’ k- +x-[’ X–K–Xà –Z 9 –k’ Z+u

7 k– –ZX- [-]]– –Z [- k’ • –+Z- ’ kk- N- é+k- ]’[’ ZZ+

à’ kà+k’ X– ]- à+Zé+ k’ à+ZK- Z• –+Z-

Ci = Maxj FF Èp EFpÈt sSwapCi Yi

F B Doii

P B vE

Swap zYin“

Actual/Actual c 8N9 R unadjustedu

Actual/Actual - ICMA –Zé–à’ .

s’ n +K- –k L-[–+é+ é– 8ZX- [-]]- è =/ =’ k- + x–ù

ò[- K- é- kx-[–+é+ [- / +k’ [- é=[’ ZX- –k €=’ k-

à’ é- o –k Z=H- [+ [-’ k- é– / –+[Z– à+Hx[- ]–

SwapCi Yi Ci è –k K’ k+[- é- k X’ ]]+ &{ ’ x Ci V 5 =[+ €=+X’ X+ ]= ò’]- 5 =[–ò+[ - [–k- K’ X+ ’ kk-

+[- CC.ii ’ uHu s edSn é- k €=–ZX+

/ –+[Z+ k’ K+[’ X–K+ sARh 7 5 A r 9 –k’ Z ò=]–Z- ]]

é’ _]n ’ ZX- à- é- ZX- k’ S ’ X’ é–8Z–• –+ é- kL-[–+é+

é– 8ZX- [-]]- –c-]–H+ s– B zo Do f o vo an ]=kk’

x’/ –Z’ h - =X- [] 8&S R08%z s+ ]= ’ kX[’ x’/ –Z’ –Z

]+]X–X=• –+Z- é- kk’ ]X- ]]’ x-[ X’ k- ]-[K–• –+nE

SwapzYi è –k K’ k+[- é- k X’ ]]+ &{ ’ x zV 5 =[+

€=+X’ X+ ]= ò’]- 5 =[–ò+[ - [–k- K’ X+ ’ kk- +[- CC.ii ’ uHu s0[’ ZYè=[XA–H- n é- k €=–ZX+ / –+[Z+ k’ K+[’ X–K+ sARh 7 5 A r 9 –k’ Z ò=]–Z- ]] é’ _]n

’ ZX- à- é- ZX- k’ S ’ X’ é– 8Z–• –+ é- k L-[–+é+ é–

8ZX- [-]]- –c- ]–H+ s–B zoDof ovoan ]=kk’ x’/ –Z’

Z- k L-[–+é+ é– 8ZX- [-]]- é–K–]+ –k Z=H- [+

é–/ –+[Z–à+Hx[- ]––Z X’ k- x-[–+é+ [- / +k’ [- E

sòn +K- –k L-[–+é+ é– 8ZX- [-]]- ]–’ x–ù k=Z/ +

é- kx-[–+é+ [- / +k’ [- ok’ ]+HH’ X[’ .

s–n –k Z=H- [+ [-’ k- é– / –+[Z– à+Hx[- ]– –Z

X’ k- L-[–+é+ é– 8ZX- [-]]- àì - à’ é+Z+

Z- k x-[–+é+ [- / +k’ [- –Z à=– -]]+

à+H–Zà–’ é–K–]+ –k Z=H- [+ [-’ k- é–

/ –+[Z– à+Hx[- ]+ –Z X’ k- x-[–+é+ [- / +k’ [- E-

s––n –k Z=H- [+ é– / –+[Z– –Z X’ k- L-[–+é+ é–

8ZX- [-]]- àì - à’ é+Z+ Z- k ]=àà- ]]–K+

x-[–+é+ [- / +k’ [- é–K–]+ x-[ –k Z=H- [+

é–/ –+[Z–[-’ k– à+Hx[- ]––Z X’ k- x-[–+é+

[- / +k’ [- u

Articolo 9 – Rimborso a scadenza.

Rkk’ S ’ X’ é– &à’ é- Z• ’ o k- Mòòk–/ ’ • –+Z–

]’[’ ZZ+ [–Hò+[]’ X- –Z =Z=Z–à’ ]+k=• –+Z- u 8k

[–Hò+[]+ ]’ [à - èè- XX=’ X+ ’ kk’ x’[– sCii p é- k

K’ k+[- Z+H–Z’ k- n - ]- Z• ’ ’ kà=Z’ é- é=• –+Z- x-[

]x-]- u 1- Xxxx–/ ’ • –+Z– à-]]-[’ ZZ+ é– -]]-[-

è[=XX–è- [- é’ kk’ é’ X’ ]X’ ò–k–X’ x-[ –k [–Hò+[]+u " +Z è x[- K–]X’ k’ è’ à+kXà é– [–Hò+[]+ ’ ZX–à–x’ X+o Zé –Z à’ x+ ’ kke5 H–XX- ZX- Zé –Z à’ x+ ’ / k–Mòòk–/ ’ • –+Z–]X–u

Articolo 10 Modalità di pagamento.

(a) 0–Z+ ’ €=’ Zé+ k- Mòòk–/ ’ • –+Z– ]’[’ ZZ+

[’ xx[- ]- ZX’ X- é’ kkMòòk–/ ’ • –+Z- 7 k+ò’ k- o–k

x’/ ’ H- ZX+ é-/ k– 8ZX- [-]]– - é –k [–Hò+[]+

é- k à’ x–X’ k- K- [[’ ZZ+ - èè- XX=’ X–

é’ kk5 H–XX- ZX- sè- [H+ [- ]X’ Zé+ €=’ ZX+

]X’ ò–k–X+ é– ]- / =–X+n ]+k+ é–- X[+

x[- ]- ZX’ • –+Z- + à+Z]- / Z’ é- kk- N- é+k- +

é- kkMòòk–/ ’ • –+Z- 7 k+ò’ k- o ’ ]- à+Zé’ é-–

à’]–o x[- ]]+ k=èè–à–+ ]x- à–è–à’ X+

é- kkR/ - ZX- x-[ –k L’/ ’ H- ZX+ sà+H- –Z

]- / =–X+ é- è–Z–X+n ’ k é– è=+[– é-/ k– &X’ X–

6 Z–X– é RH-[–à’ u 1 R/ - ZX- x-[ –k

L’/ ’ H- ZX+ sà+H- –Z ]- / =–X+ é- è–Z–X+n

x[+KK- é- [à ’ é ’ ZZ+X’ [- –k x’/ ’ H- ZX+

]=kkMòòk–/ ’ • –+Z- 7 k+ò’ k- o ’ X’ k è–Z-

x[- ]- ZX’ X’ + à+Z]- / Z’ X’ o é–]X–Z/ =- Zé+ é–

K+kX’ –Z K+kX’ ]- €=-]X+ ]–’ ]X’ X+

à+[[–]x+]X+ ’ X–X+k+ é– à’ x–X’ k- + ’ X–X+k+ é–

–ZX- [-]]–o - X’ k- ’ ZZ+X’ • –+Z- [’ xx[- ]- ZX- [à x[+K’ –Zà+Zè=X’ ò–k- é- kk’ KK- Z=X+ x’/ ’ H- ZX+ à=–-]]’ ]–[–è- [–]à- u

(b) N–’ ]à=Z x’/ ’ H- ZX+ é+K=X+ H- ZX[- k- Mòòk–/ ’ • –+Z– ]+Z+ [’ xx[- ]- ZX’ X-

Persons àì - ì ’ ZZ+ ’ à€=–]X’ X+ k- Mòòk–/ ’ • –+Z– ’ XX[’ K- []+ =Z’ é– €=-]X-

–]X–X=• –+Z– è–Z’ Z• –’ [–- - àì - é- X- Z/ +Z+ k-

Mòòk–/ ’ • –+Z– x-[ –k X[’ H–X- é– X’ k-

–]X–X=• –+Z- è–Z’ Z• –’ [–’ ’ kk’ é’ X’ é–

à-[X–è–à’ • –+Z- u 8Z €=-]X– à’]–o k–]X–X=• –+Z-

è–Z’ Z• –’ [–’ é- K- è+[Z–[- =Z’ à-[X–è–à’ • –+Z-

’ kk5 H–XX- ZX- + ’ k à+kk+à’ X+[- é- kk-

Mòòk–/ ’ • –+Z– àì - k- ì ’ K- Zé=X+ k- ]X- ]]-

àì - ]x- à–è–àì – àì - X’ k- –]X–X=• –+Z- è–Z’ Z• –’ [–’ ]– –Hx- / Z’ ’ é ’ é- Hx–- [- ’–

[- €=–]–X–é- kk’ &- • –+Z- CavsGnsDn sRnosOno+ sNn é- kkInternal Revenue Code é- k CgTao à+H- H+é–è–à’ X+ ]=àà- ]]–K’ H- ZX- - é-–

[-k’ X–K– [- / +k’ H- ZX– é- kk+ United States TreasuryE + s–––n ]+Z+ –]X–X=• –+Z– è–Z’ Z• –’ [–- àì - é- X- Z/ +Z+ à+Z k+ ]à+x+ é–

[–K- Zé- [- é=[’ ZX- –k x-[–+é+ –Z à=– ]–

’ xxk–à’ Z+ k- [- ]X[–• –+Z– à+]ì à+H- é- è–Z–X+

Z- – [-/ +k’ H- ZX– é- kk+ United States Treasury ’ kk- &- •–+Z– CuCaDc vsànszns–nsS nsqnE è- [H+ [- ]X’ Zé+ àì -

=Z–]X–X=• –+Z- è–Z’ Z• –’ [–’ é- k X–x+ é-]à[–XX+

Z- kk’ àk’ =]+k’ s–––n àì - x[- à- é- sàì - ]–’

[–à+Hx[- ]’ + H- Z+ Z- – X–x– é-]à[–XX– Z- kk-

x[- à- é- ZX– àk’ =]+k- s–n - s––nn é- K-

à-[X–è–à’ [- àì - Z+Z ì ’ ’ à€=–]X’ X+ k-

Mòòk–/ ’ • –+Z– à+Z k’ è–Z’ k–Xà é– [–K- Zé- [k-

é–[- XX’ H- ZX- + –Zé–[- XX’ H- ZX- ’ =Z’ United

States Person + ’ é =Z’ x-[]+Z’ ’ kk–ZX- [Z+ é-/ k– &X’ X– 6 Z–X– + é-– [- k’ X–K– x+]]- é–H- ZX–u4

(c) 8k x’/ ’ H- ZX+ é-/ k– 8ZX- [-]]–- é –k [–Hò+[]+

é- k à’ x–X’ k- x-[ k- Mòòk–/ ’ • –+Z– S - è–Z–X–K-

]’ [’ ZZ+ à+[[–]x+]X–sè- [H+ [- ]X’ Zé+ €=’ ZX+

]X’ ò–k–X+ é– ]- / =–X+n ]+k+ é–- X[+

x[- ]- ZX’ • –+Z- + à+Z]- / Z’ é- kk- N- é+k- +

é- kk- Mòòk–/ ’ • –+Z– S - è–Z–X–K- o ’ ]- à+Zé’

é-– à’]–o x[- ]]+ k=èè–à–+ ]x- à–è–à’ X+ é- kkR/ - ZX- x-[ –k L’/ ’ H- ZX+ sà+H- –Z

é’ kkMòòk–/ ’ • –+Z- 7 k+ò’ k- A- Hx+[’ Z-’

x+X[à -]]-[- - èè- XX=’ X+ ]+kX’ ZX+ x[- K–’

x[- ]- ZX’ • –+Z- é- kk’ à-[X–è–à’ • –+Z- 3 àì -

’ XX- ]X– àì - –k X–X+k’ [- + – X–X+k’ [– é- kk-

Mòòk–/ ’ • –+Z– s–n Z+Z ]–’ Z+ United States PersonsE s––n Z+Z ]–’ Z+ à+ZX[+kk’ X-

]X[’ Z–- [- é– =Z’ –]X–X=• –+Z- è–Z’ Z• –’ [–’

]X’ X=Z–X- Z]- àì - ’ à€=–]X’ x-[ x[+x[–+ à+ZX+

+ x-[ [–K- Zé- [- o+ Z+Z ]–’ Z+ United States

&–K- é’ k’ Z+X’ Cu

1 - ]x[-]]–+Z- United States Person =X–k–•• ’ X’ –Z €=-]X+

R[X–à+k+ CC à+Hx[- Zé- sCn +/ Z– à–XX’ é–Z+ + [- ]–é- ZX- é-/ k– &X’ X–

6 Z–X–o szn =Z’ ]+à–- Xà + partnership sà+Hx[- ]’ +/ Z– - ZX–Xà à+Z]–é- [’ X’ ’ kk’ ]X[- / =’ é– =Z’ ]+à–- Xà + é– =Z’ partnership ’– è–Z– é- kk- Z+[H’ X–K- è- é-[’ k– ]X’ X=Z–X- Z]– –Z H’ X- [–’ é– X’ ]]’• –+Z-

]=k [- éé–X+no à+]X–X=–X’ + +[/ ’ Z–•• ’ X’ Z-/ k– &X’ X– 6 Z–X– ]- à+Zé+ k-

k- // –è- é-[’ k–é- / k–&X’ X–6 Z–X–+ é–=Z+ é-/ k–]X’ X–Z- kS –]X[- XX+ é–

N+k=Hò–’ o sDn =Z x’ X[–H+Z–+ –k à=– [- éé–X+ ]–’ ’]]+// - XX’ X+ ’ kk-

Z+[H’ X–K- è–]à’ k– è- é-[’ k– ]X’ X=Z–X- Z]–o –Zé–x- Zé- ZX- H- ZX- é’ kk’

è+ZX- é– x[+K- Z–- Z•’ E+ sf n =Z trust ]- =Z X[–ò=Z’ k- é-/ k– &X’ X– 6 Z–X– è ’ =X+[–•• ’ X+ ’ - ]-[à–X’ [- k’ ]=x-[K–]–+Z- x[–H’ [–’ é- kk’ HH–Z–]X[’ • –+Z- é- k ]=éé- XX+ X[=]X+ ]- =Z’ + x–ù United

States Person ì ’ k’ =X+[–Xà é– à+ZX[+kk’ [- X=XX- k- é- à–]–+Z–

]+]X’ Z• –’ k–é- ktrust ]X- ]]+u

]- / =–X+ é- è–Z–X+n ’ k é– è=+[– é-/ k– &X’ X–

6 Z–X– é RH-[–à’ u N–’ ]à=Z’ Mòòk–/ ’ • –+Z- S - è–Z–X–K’ é- K- -]]-[- x[- ]- ZX’ X’ x-[ –k x’/ ’ H- ZX+ =Z–X’ H- ZX- ’ X=XX- k- N- é+k-

Z+Z ]à’ é=X- x-[X–Z- ZX– ’ kk’ ]X- ]]’ E

k’ HH+ZX’ [- é- kk- N- é+k- Z+Z ]à’ é=X- -

Z+Z x[- ]- ZX’ X- x-[ –k x’/ ’ H- ZX+ K- [[à

à+[[–]x+Zé- ZX- H- ZX- é- X[’ XX+ é’ kk’ ]+HH’ é+K=X’ x-[ –kx’ / ’ H- ZX+u

(d) N–’ ]à=Z x+[X’ X+[- é- kkMòòk–/ ’ • –+Z-

7 k+ò’ k- +KK- [+ é- kk- Mòòk–/ ’ • –+Z– S - è–Z–X–K- o ’ ]- à+Zé’ é-– à’]–o è k=Z–à+

]+// - XX+ k- / –XX–H’ X+ ’ [–à- K- [- –k

x’/ ’ H- ZX+ [- k’ X–K+ ’ kk- x[+x[–-

Mòòk–/ ’ • –+Z– - k5 H–XX- ZX- ]’ [à k–ò- [’ X+

-]àk=]–K’ H- ZX- à+Z [–è- [–H- ZX+ ’ kk-

]+HH- à+[[–]x+]X- ’ o+KK- [+ é–- X[+ +[é–Z-

é–o X’ k- ]+// - XX+u 0–ZX’ ZX+àì é k- Mòòk–/ ’ • –+Z– ]’ [’ ZZ+ [’ xx[- ]- ZX’ X-

é’ kkMòòk–/ ’ • –+Z- 7 k+ò’ k- + é’ kk- Mòòk–/ ’ • –+Z– S - è–Z–X–K- o ’ àà- ZX[’ X- x[- ]]+ 9 +ZX- A–X+k–o +/ Z– ]+// - XX+o àì - ]- à+Zé+ k- [- / –]X[’ • –+Z– é– 9 +ZX- A–X+k– [–]=kX–

k- / –XX–H’ X+ ’– x’/ ’ H- ZX–o é- K- [–K+k/ - []–

-]àk=]–K’ H- ZX- ’ / k– –ZX- [H- é–’ [–

’ =X+[–•• ’ X– –X’ k–’ Z– - é - ]X- [– ’ é-[- ZX– ’ k

]–]X- H’ é– / - ]X–+Z- ’ àà- ZX[’ X’ ]X- ]]’ o ’ k

è–Z- é– +XX- Z-[- –k K- []’ H- ZX+ é- kk’ €=+X’

é–x[+x[–’ x-[X–Z- Z• ’ é-/ k–8ZX- [-]]–- m+ é- k [–Hò+[]+ é- k à’ x–X’ k- àì - k5 H–XX- ZX- ì ’

x’/ ’ X+ ’ kkMòòk–/ ’ • –+Z–]X’ + é–- X[+ ]=+

+[é–Z- u " -]]=Z’ x-[]+Z’ é–K- []’ é’ k

x+[X’ X+[- é- kkMòòk–/ ’ • –+Z- 7 k+ò’ k- ’ K[à

’ kà=Z’ x[- X- ]’ Z- – à+Zè[+ZX– é- kk5 H–XX- ZX-

–Z [- k’ • –+Z- ’ €=’ k]–’ ]– x’/ ’ H- ZX+ é+K=X+

]=kkMòòk–/ ’ • –+Z- 7 k+ò’ k- u

Articolo 11 – Eventi inerenti i Tassi di Riferimento.

y =’ k+[’ k+ Swap Ci V + k+ Swap zV Z+Z à+Hx’ –’ ]=kk’ x’/ –Z’ 8&S R08%z é– h - =X- [] s+

]= ’ kX[’ x’/ –Z’ –Z ]+]X–X=• –+Z- +KK- [+ ]= ’ kX[’

x’/ –Z’ ’ xxk–à’ ò–k- n ’ kk- +[- CC +[’ é–

0[’ Zà+è+[X- é- kk’ S ’ X’ é– S - X- [H–Z’ • –+Z- é–

à–’ ]à=Z L-[–+é+ é– 8ZX- [-]]- o kR/ - ZX- x-[ –k

N’ kà+k+ x+X[à ]X’ ò–k–[- =Z K’ k+[- ]+]X–X=X–K+ x-[

X’ k- X’ ]]+ Z+Z é–]x+Z–ò–k- oH- é–’ ZX- [–àì –- ]X’ ’

à–Z€=- x[–H’ [– +x-[’ X+[– ]- k- • –+Z’ X– é’ kk+

]X- ]]+ é– è+[Z–[- X’ k- X’ ]]+o ]=kk’ ò’]- é-–

8ZX- [-]]- ]’ [à k’ H- é–’ ’ [–XH- X–à’ é- kk-

€=+X’ • –+Z–o - k–H–Z’ Zé+ k’ €=+X’ • –+Z- x–ù

- k- K’ X’ s+o Z- k à’]+ é– =/ =’/ k–’ Z• ’ o =Z’ é- kk-

x–ù - k- K’ X- n - k’ €=+X’ • –+Z- x–ù ò’]]’ s+o Z- k

à’]+ é– =/ =’/ k–’ Z• ’ o=Z’ é- kk- x–ù ò’]]- n - s––n

]- K- Z/ +Z+ è+[Z–X- H- Z+ é– X[- €=+X’ •–+Z–o –k

X’ ]]+ x-[ –k L-[–+é+ é– 8ZX- [-]]- ]’ [à

é- X- [H–Z’ X+ à+Z [’ / –+Z- K+k- é–]à[- • –+Z-

é’ kkR/ - ZX- x-[ –k N’ kà+k+o–k €=’ k- é+K[à ’ / –[-

]- à+Zé+ ò=+Z’ è- é- - [’ / –+Z- K+k- ]- Z]+

à+HH- [à–’ k- u

Articolo 12 – Termini di prescrizione.

8 é–[–XX– é-/ k– Mòòk–/ ’ • –+Z–]X– ]– x[- ]à[–K+Z+o

x-[ €=’ ZX+ à+Zà- [Z- / k– 8ZX- [-]]–o é- à+[]– v

’ ZZ– é’ kk’ S ’ X’ é– L’/ ’ H- ZX+ - o x-[ €=’ ZX+

à+Zà- [Z- –k [–Hò+[]+o é- à+[]– Ci ’ ZZ– é’ kk’

S ’ X’ é–&à’ é- Z• ’ u

Articolo 13 – Servizio del Prestito.

8k x’/ ’ H- ZX+ é-/ k– 8ZX- [-]]– - –k [–Hò+[]+ é- k

à’ x–X’ k- é- kk- Mòòk–/ ’ • –+Z– ’ KK- [[’ ZZ+

H- é–’ ZX- ’ àà[- é–X+ + ò+Z–è–à+ ]= =Z à+ZX+

é- Z+H–Z’ X+ –Z 5 =[+ s+ €=’ k]–’ ]–’ kX[+ à+ZX+ ]=k

€=’ k- –Hx+[X– –Z 5 =[+ x+]]’ Z+ -]]-[-

’ àà[- é–X’ X– + X[’ ]è- [–X–n –Zé–à’ X+ é’ k

ò- Z- è–à–’ [–+o - x+X[à -]]-[- - èè- XX=’ X+ x-[ –k

X[’ H–X- é– ]+// - XX– –Zà’ [–à’ X– ’ X’ k- ]à+x+

é’ kk5 H–XX- ZX- skAgente per il Pagamentoo à+H- é– ]- / =–X+ é- è–Z–X+n àì - o è–ZX’ ZX+àì é k-

Mòòk–/ ’ • –+Z– s]–’ –Z è+[H’ é– Xxxx–/ ’ • –+Z-

7 k+ò’ k- ]–’ –Z è+[H’ é– Mòòk–/ ’ • –+Z-

S - è–Z–X–K’ n ]–’ Z+ ’ àà- ZX[’ X- x[- ]]+ 9 +ZX-

A–X+k– &uxuRuo K– x[+KK- é-[’ ZZ+

-]àk=]–K’ H- ZX- x-[ –k X[’ H–X- é-/ k–

–ZX- [H- é–’ [– ’ =X+[–•• ’ X– –X’ k–’ Z– - é - ]X- [–

’ é-[- ZX– ’ k ]–]X- H’ é– / - ]X–+Z- ’ àà- ZX[’ X’

x[- ]]+ 9 +ZX- A–X+k–&uxuRu

1 5 H–XX- ZX- Z+Z - èè- XX=- [à ’ kà=Z x’/ ’ H- ZX+ é- kk- N- é+k- + x-[ ’ kX[+ ’ HH+ZX’ [- à+Z

[–è- [–H- ZX+ ’ kk- Mòòk–/ ’ • –+Z– ’ H- Z+ àì - -

è–Z+ ’ àì - k5 H–XX- ZX- Z+Z ’ òò–’ [–à- K=X+ k’

à-[X–è–à’ • –+Z- è–]à’ k- vu 8Z +/ Z– à’]+ X=XX–

x’/ ’ H- ZX– é- kk- N- é+k- - é– à’ x–X’ k- ]’[’ ZZ+

- èè- XX=’ X–]+k’ H- ZX- ’ ké–è=+[–é- / k–&X’ X–6 Z–X–

- é-–[- k’ X–K–x+]]- é–H- ZX–u

]- / =- ZX– à[–X- [–. s–n ]- ’ kH- Z+ X[- €=+X’ • –+Z–

K- Z/ +Z+ è+[Z–X- o –k X’ ]]+ x-[ –k L-[–+é+ é–

v &–K- é’ k’ Z+X’ Cu

Articolo 14 – Quotazione.

" +Z ’ xx- Z’ ’]]+kX- k- è+[H’ k–Xà x[- K–]X- é’ kk’

Z+[H’ X–K’ K–/ - ZX- o k5 H–XX- ZX- [–àì –- é- [à

k’ HH–]]–+Z- ’ €=+X’ • –+Z- ]=k 9 - [à’ X+

A-k- H’ X–à+ é- kk- Mòòk–/ ’ • –+Z– +[/ ’ Z–•• ’ X+ -

/ - ]X–X+ é’ O+[]’ 8X’ k–’ Z’ &uxuRu sMOTn é- kk- Mòòk–/ ’ • –+Z–u

Articolo 15 – Agente per il Pagamento.

R– è–Z– é- k x[- ]- ZX- h - / +k’ H- ZX+ é- k L[-]X–X+

Mòòk–/ ’ • –+Z’ [–+ - é-– x’/ ’ H- ZX– é+K=X– ’ / k–

Mòòk–/ ’ • –+Z–]X–o x-[ R/ - ZX- x-[ –k L’/ ’ H- ZX+

]– –ZX- Zé- O" L L’[–ò’ ] &- à=[–X–- ] &- [K–à- ]o

è–k–’ k- é– 9 –k’ Z+o à+Z ]- é- –Z ; –’ RZ]x- [X+ vo

zi CzD9 –k’ Z+u

Articolo 16 – Regime fiscale.

&+Z+ ’ à’[–à+ é- kkMòòk–/ ’ • –+Z–]X’ k- –Hx+]X- -

k- X’ ]]- o x[- ]- ZX– - è=X=[- o àì - x-[ k- // -

à+kx–]à’ Z+ k- Mòòk–/ ’ • –+Z– - é + – [- k’ X–K–

–ZX- [-]]–o x[- H– - é ’ kX[– è[=XX– - Z+Z è x[- K–]X’

k’ à+[[- ]x+Z]–+Z- ’ / k– Mòòk–/ ’ • –+Z–]X– é–

’ kà=Z’ ]+HH’ ’// –=ZX–K’ K+kX’ –Z €=’ kàì -

H+é+ ’ à+Hx- Z]’ [- - K- ZX=’ k– [–é=• –+Z– é-–

x’/ ’ H- ZX–[- k’ X–K–’ kk- Mòòk–/ ’ • –+Z–u

• h - éé–X– é– à’ x–X’ k- . ’ / k– –ZX- [-]]– - é ’ / k–

’ kX[– è[=XX– é- kk- Mòòk–/ ’ • –+Z– è ’ xxk–à’ ò–k-

c Z- kk- –x+X- ]–- Z- – H+é–- X- [H–Z–x[- K–]X–

é’ k S - à[-X+ 1-/ –]k’ X–K+ C Rx[–k- Cggao Zu

zDgo à+H- ]=àà- ]]–K’ H- ZX- H+é–è–à’ X+ - é

–ZX- / [’ X+ c k–Hx+]X’ ]+]X–X=X–K’ é- kk-

–Hx+]X- ]=– [- éé–X– Z- kk’ H–]=[’ é- k

Czovi p u 8 [- éé–X– é– à’ x–X’ k- ]+Z+ é- X- [H–Z’ X– –Z ò’]- ’ kk’ [X–à+k+ f v à+HH’

C é- k S uLuh u zz é–à- Hò[- CgTao Zu gCqo à+H- ]=àà- ]]–K’ H- ZX- H+é–è–à’ X+ - é

–ZX- / [’ X+ s–kTUIRnu

• A’ ]]’• –+Z- é- kk- xk=]K’ k- Z• - . k-

xk=]K’ k- Z• - o àì - Z+Z à+]X–X=–]à+Z+ [- éé–X–

é– à’ x–X’ k- o é–K- []- é’ €=- kk- à+Z]- / =–X-

Z- kk- ]- [à–• –+ é– –Hx[- ]- à+HH- [à–’ k–o

[-’ k–•• ’ X- H- é–’ ZX- à-]]–+Z- ’ X–X+k+

+Z- [+]+ +KK- [+ [–Hò+[]+ é- kk-

Mòòk–/ ’ • –+Z– s’ [X–à+k+ aq é- k A6 8h à+H-

]=àà- ]]–K’ H- ZX- H+é–è–à’ X+ - é –ZX- / [’ X+n

]+Z+ ]+// - XX- ’ é –Hx+]X’ ]+]X–X=X–K’ é- kk-

–Hx+]X- ]=– [- éé–X– à+Z k’ k–€=+X’ é- k

Czovi p u 1- xk=]K’ k- Z• - - H–Z=]K’ k- Z• -

]+Z+ é- X- [H–Z’ X- ]- à+Zé+ – à[–X- [– ]X’ ò–k–X–

é’ kk’ [X–à+k+ aT é- k A6 8h à+H-

]=àà- ]]–K’ H- ZX- H+é–è–à’ X+ - é –ZX- / [’ X+ -

]- à+Zé+ k- é–]x+]–• –+Z– é– à=–’ kk’ [X–à+k+ v

- é-– [- / –H– +x• –+Z’ k– é– à=– ’ kk’ [X–à+k+ a

s[–]x’ [H–+ ’ HH–Z–]X[’ X+n - ’ kk’ [X–à+k+ q

s[–]x’ [H–+ / - ]X–X+n é- k S - à[- X+ 1-/ –]k’ X–K+

f aCmgqu

" -]]=Z x’/ ’ H- ZX+ [- k’ X–K+ ’ kk- Mòòk–/ ’ • –+Z–è

]+// - XX+ ’ [–X- Z=X’ ’ kk’ è+ZX- + ’ é ’ kX[- –Hx+]X-

è- é-[’ k– Z- / k– &X’ X– 6 Z–X– ]- / k– –ZK- ]X–X+[– Z+Z

]+Z+ à–XX’ é–Z–]X’ X=Z–X- Z]–u

y =’ k+[’ é=[’ ZX- k’ K–X’ é- kk- Mòòk–/ ’ • –+Z–o

€=’ k- à+Z]- / =- Z• ’ é–H+é–è–àì - ’ kk’ Z+[H’ X–K’

’ xxk–à’ ò–k- o – x’/ ’ H- ZX– [- k’ X–K– ’ kk-

Mòòk–/ ’ • –+Z– ]–’ Z+ ’]]+// - XX’ X– ’ [–X- Z=X’ ’ kk’ è+ZX- + ’ kX[+ X–x+ é– –Hx+]X’ o à+ZX[–ò=X+ +

+Z- [- / +K- [Z’ X–K+o Z- / k– &X’ X– 6 Z–X– + –Z

€=’ k]–’ ]– ’ kX[’ / –=[–]é–• –+Z- o + é’ x’[X- é–

€=’ k]–’ ]– [- k’ X–K’ - ZX–Xà x+k–X–à’ + ’ =X+[–Xà

X[–ò=X’ [–’ - oé– à+Z]- / =- Z• ’ ok5 H–XX- ZX- é- òò’

X[’ XX- Z- [- X’ k- –Hx+]X’ o +Z- [- + à+ZX[–ò=X+ é’–

x’/ ’ H- ZX– ’ / k– –ZK- ]X–X+[– –Z- [- ZX– ’ kk-

Mòòk–/ ’ • –+Z–o€=- ]X– - èè- XX=- [à é- XX– x’/ ’ H- ZX–

–Z- [-ZX– ’ kk- Mòòk–/ ’ • –+Z– ]+k+ é+x+ ’ K- [-

X[’ XX- Z=X+ / k– –Hx+[X– à+[[–]x+Zé- ZX–o - Z+Z

à+[[–]x+Zé- [à ’ / k– –ZK- ]X–X+[– ’ kà=Z –Hx+[X+ ’// –=ZX–K+ ’ à+Hx- Z]’ •–+Z- u

Articolo 17 – Assemblea degli Obbligazionisti.

7 k– Xxxx–/ ’ • –+Z–]X– ’ àà+Z]- ZX+Z+ ]–Z é +[’ ’

€=’ k]–’ ]– H+é–è–à’ é- kk- Mòòk–/ ’ • –+Z– K+kX’ ’ é

- k–H–Z’ [- - [[+[– H’ Z–è- ]X– - +/ Z– ’ kX[’ ’ Hò–/ =–Xà è+[H’ k- + é– Z’ X=[’ X- àZ–à’ o ’

à+Z]- ZX–[- =Z=kX- [–+[- - H–]]–+Z- é–

Mòòk–/ ’ • –+Z– - ’ +/ Z– ’ kX[’ H+é–è–à’ [–X- Z=X’

Z- à-]]’[–’ +é +xx+[X=Z’ é’ kk5 H–XX- ZX- ox=[àì é

Z+Z x-// –+[’ X–K’ é-/ k– –ZX- [-]]– é-/ k–

Mòòk–/ ’ • –+Z–]X–u

1 ’]]- Hòk-’ é-/ k– Xxxx–/ ’ • –+Z–]X– è

à+Hx- X- ZX- ’ é- k–ò- [’ [- ]=kk- H+é–è–àì - é- k

x[- ]- ZX- h - / +k’ H- ZX+ é- k L[-]X–X+

Mòòk–/ ’ • –+Z’ [–+o é- kk’ àà+[é+ é– ’ / - Z• –’

à+Zàk=]+ X[’ k5 H–XX- ZX- - kR/ - ZX- x-[ –k

L’/ ’ H- ZX+ skAccordo di Agenzian - é-–é–[–XX– é-/ k– Mòòk–/ ’ • –+Z–]X–u A’ k– H+é–è–àì - x+]]+Z+

-]]-[- - èè- XX=’ X- ’ Zàì - H- é–’ ZX- à+Z]- Z]+

]à[–XX+ é-/ k– Mòòk–/ ’ • –+Z–]X– [’ xx[- ]- ZX’ ZX–

’ kH- Z+ k’ H- Xà é- k K’ k+[- Z+H–Z’ k- é- kk-

Mòòk–/ ’ • –+Z––Z à–[à+k’ • –+Z- u

1 ’]]- Hòk-’ é-/ k– Xxxx–/ ’ • –+Z–]X– è [- / +k’ X’ Z- kkRàà+[é+ é– R/ - Z• –’ sH-]]+ ’

é–]x+]–• –+Z- o Z+Z ’ xx- Z’ à+Zàk=]+o ]=k ]–X+

é- kk5 H–XX- ZX- {{{ u-€=–X_x[+é=àX]uHkuà+Hnu

1 ’]]- Hòk-’ è à+ZK+à’ X’ –Z €=’ k]–’ ]– H+H- ZX+

]= –Z–• –’ X–K’ é- kkR/ - ZX- x-[ –k L’/ ’ H- ZX+o

+KK- [+ ]= [–àì –- ]X’ é- kk5 H–XX- ZX- + é– X’ ZX–

Mòòk–/ ’ • –+Z–]X– [’ xx[- ]- ZX’ ZX– ’ kH- Z+ –k Ci p

é- k K’ k+[- Z+H–Z’ k- é- kk- Mòòk–/ ’ • –+Z– –Z à–[à+k’ • –+Z- u

1 ’ KK–]+ é– à+ZK+à’ • –+Z- o à+ZX- Z- ZX-

k–Zé–à’ • –+Z- é- k / –+[Z+ - k=+/ + é–

à+ZK+à’ • –+Z- sà+H=Z€=- Z- kk’ à–XXà é– " -{

V+[Y + é– 1 +Zé[’ n - é- kk+[é–Z- é- k / –+[Z+o

é+K[à -]]-[- à+H=Z–à’ X+ ’ / k– Mòòk–/ ’ • –+Z–]X–

Z- k [–]x- XX+ é- kkR[X–à+k+ zi é- k x[- ]- ZX-

h - / +k’ H- ZX+ é- kL[-]X–X+ Mòòk–/ ’ • –+Z’ [–+oà+Z

=Z x[-’ KK–]+ é–’ kH- Z+ zC/ –+[Z–u

8k quorum à+]X–X=X–K+ è [’ xx[- ]- ZX’ X+ é’ X’ ZX–

Mòòk–/ ’ • –+Z–]X– àì - [’ xx[- ]- ZX’ Z+ k’

H’ // –+[’ Z• ’ é- k K’ k+[- Z+H–Z’ k- é- kk-

Mòòk–/ ’ • –+Z– –Z à–[à+k’ • –+Z- - o –Z +/ Z–

à+ZK+à’ • –+Z- ]=àà- ]]–K’ o é’ X’ ZX–

Mòòk–/ ’ • –+Z–]X– àì - [’ xx[- ]- ZX’ Z+ –k zvp é- k

K’ k+[- Z+H–Z’ k- é- kk- Mòòk–/ ’ • –+Z– –Z à–[à+k’ • –+Z- u

N–’ ]à=Z’ ’]]- Hòk-’ o ’ Zàì - –Z ]- à+Zé’

à+ZK+à’ • –+Z- o é- k–ò- [’ à+Z –k K+X+ è’ K+[- K+k-

é– X’ ZX– Xxxx–/ ’ • –+Z–]X– [’ xx[- ]- ZX’ ZX– k’

H’ // –+[’ Z•’ é- k K’ k+[- Z+H–Z’ k- é- kk-

Mòòk–/ ’ • –+Z– –Z à–[à+k’ • –+Z- x[- ]- ZX– –Z

’]]- Hòk-’ o è- [H+ [- ]X’ Zé+ àì - X’ k– é- k–ò- [-

é+K[’ ZZ+ -]]-[- ’ xx[+K’ X- ’ kH- Z+ é’ k zvp

é- k K’ k+[- Z+H–Z’ k- é- kk- Mòòk–/ ’ • –+Z– –Z

à–[à+k’ • –+Z- uA=XX’ K–’ o–Z Z- ]]=Z à’]+o]- Z• ’ –k

à+Z]- Z]+ é–X=XX–/ k–Mòòk–/ ’ • –+Z–]X––ZX- [-]]’ X–o

x+X[à -]]-[- s–n H+é–è–à’ X’ k’ S ’ X’ é–

&à’ é- Z• ’ o+ k’ S ’ X’ é– L’/ ’ H- ZX+o + [–é+XX+ +

- k–H–Z’ X+ k’ HH+ZX’ [- é- k à’ x–X’ k- é’

[–Hò+[]’ [- E s––n [–é+XX+ k’ HH+ZX’ [- é-/ k–

–ZX- [-]]–o + H+é–è–à’ X’ k’ S ’ X’ é– L’/ ’ H- ZX+

é-/ k– –ZX- [-]]–o+ –k H- X+é+ é– à’ kà+k+ é- k X’ ]]+

é– –ZX- [-]]- E s–––n [–é+XX’ k’ x- [à- ZX=’ k- é- k

K’ k+[- Z+H–Z’ k- é- kk- Mòòk–/ ’ • –+Z– à–[à+k’ ZX–

Z- à-]]’[–’ x-[ =Z’ H+é–è–à’ é- k h - / +k’ H- ZX+

+ é- kkRàà+[é+ é– R/ - Z• –’ +KK- [+ x-[

k’ é+• –+Z- é– =Z’ é- k–ò- [’ é- kk’ ]]- Hòk-’ é-/ k–

Mòòk–/ ’ • –+Z–]X–u

y =’ k]–’ ]– H+é–è–à’ é- k h - / +k’ H- ZX+ + é- kkRàà+[é+ é–R/ - Z• –’ o+ à+H=Z€=- ’ XX–Z- ZX- ’ kk- Mòòk–/ ’ • –+Z–o ]’ [à é- è–Z–X–K’ - K–Zà+k’ ZX-

x-[ X=XX– / k– Xxxx–/ ’ • –+Z–]X–o ’ Zàì - ]=àà- ]]–K– é- X- ZX+[–u

Articolo 18 – Legge applicabile.

1 5 H–XX- ZX- è à+]X–X=–X+ ’– ]- Z]– é- kk’ k- // -

é- kk+ &X’ X+ é- k S - k’ { ’ [- - ]K+k/ - k’ x[+x[–’

’ XX–K–Xà x[–Zà–x’ kH- ZX- Z- kk’ à–XXà é– " -{ V+[Yu

1- Mòòk–/ ’ • –+Z– ]+Z+ à[-’ X- - é - H-]]- ’ k é–

è=+[– é-– à+Zè–Z– é- kk’ h - x=òòk–à’ 8X’ k–’ Z’ o –Z 7 -[H’ Z–’ u

1- é–]x+]–• –+Z– à+ZX- Z=X- Z- k x[- ]- ZX-

h - / +k’ H- ZX+ é- k L[-]X–X+ Mòòk–/ ’ • –+Z’ [–+

]+Z+ [- / +k’ X- é’ kk’ k- // - –X’ k–’ Z’ u

Articolo 19 – Foro competente.

8k x[- ]- ZX- ’ [X–à+k+ ]– ’ xxk–à’ ]+k+ ’ kk- à’ =]-

[-k’ X–K- ’ kk- Mòòk–/ ’ • –+Z– x[+H+]]- é’ o - Z- – à+Zè[+ZX–é–ok5 H–XX- ZX- u

1- à+[X– é- kk+ &X’ X+ é–" -{ V+[Y- k’ à+[X- é- k

United States District à+Z ]- é- Z- kBorough of Manhattan Z- kk’ à–XXà é– " -{ V+[Yo ’ K[’ ZZ+

/ –=[–]é–• –+Z- ’ à+Z+]à- [- - é- à–é- [- +/ Z–

à+ZX[+K- []–’ o- X[’ Z]–/ - [- +/ Z– k–X- [- k’ X–K’ ’ kk- Mòòk–/ ’ • –+Z–u 1 ’]]+// - XX’ H- ZX+ é- kk5 H–XX- ZX- ’ kk’ / –=[–]é–• –+Z- é- kk- à+[X– é- kk+ &X’ X+ é– " -{ V+[Y Z+Z x+X[à s- Z+Z é+K[à -]]-[- –ZX- ]’ Z- k ]- Z]+ é–n k–H–X’ [- –k

é–[–XX+ é– à–’ ]à=Z –ZK- ]X–X+[- é– x[+x+[[-

/ –=é–• –+ x[- ]]+ €=’ k]–’ ]–’ kX[’ à+[X- + X[–ò=Z’ k-

à+Hx- X- ZX- o –Zàk=]+ –k è+[+ é– [- ]–é- Z• ’ + é- k é+H–à–k–+ - k- XX–K+u

Articolo 20 – Varie.

A=XX- k- à+H=Z–à’ • –+Z– ’ / k– Mòòk–/ ’ • –+Z–]X–

]’[’ ZZ+ K’ k–é’ H- ZX- - èè- XX=’ X- é’ kke5 H–XX- ZX- o

]’ kK+ é–K- []’ é–]x+]–• –+Z- Z+[H’ X–K’

’ xxk–à’ ò–k- o H- é–’ ZX- ’ KK–]+ é’ x=òòk–à’ [- ]=

=Z €=+X–é–’ Z+ ’ é–èè=]–+Z- Z’ • –+Z’ k- u

1- à+H=Z–à’ • –+Z– X[’ ]H-]]- é’/ k–

Mòòk–/ ’ • –+Z–]X– é+K[’ ZZ+ -]]-[- è+[H=k’ X- x-[

–]à[–XX+ - é- x+]–X’ X- o x[- ]]+ kR/ - ZX- x-[ –k

L’/ ’ H- ZX+u 0–Z+ ’ €=’ Zé+ k- Mòòk–/ ’ • –+Z–

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L'AGENTE PER IL CALCOLO NON DA ALCUNA GARANZIA IN MERITO ALL'ACCURATEZZA E COMPLETEZZA DELLO SWAP 10Y E/O DELLO SWAP 2Y COME PUBBLICATI E NON È RESPONSABILE PER EVENTUALI ERRORI O OMISSIONI DEI TASSI DI RIFERIMENTO E DEI DATI IN ESSI INCLUSI NÉ È RESPONSABILE PER EVENTUALI INTERRUZIONI NELLA PUBBLICAZIONE DELLO SWAP 10Y E/O DELLO SWAP 2Y. L'AGENTE PER IL CALCOLO NON HA ALCUNA OBBLIGAZIONE E NON ASSUME ALCUNA RESPONSABILITÀ NEI CONFRONTI DEI SOTTOSCRITTORI E SUCCESSIVI ACQUIRENTI DELLE OBBLIGAZIONI O DI QUALSIASI ALTRO TERZO PER QUANTO RIGUARDA LE OBBLIGAZIONI E PER QUALSIASI DANNO DIRETTO O INDIRETTO CHE GLI OBBLIGAZIONISTI OD ALTRI TERZI POSSANO SUBIRE AD ESITO OD IN CONNESSIONE CON LA SOTTOSCRIZIONE, DETENZIONE, POSSESSO E TRASFERIMENTO DELLE OBBLIGAZIONI.

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